The effects of mergers and acquisitions on research and. Theories in merger and acquisition mergers and acquisitions. The biggest ever acquisitions made by indian startups. Result showed a positive impact on the performance. The third merger wave commenced in the latter part of world warii and continues to present day1. Mergers and acquisitions in indian banking sector a. Bharat muni writes natyashastra possibly at his age of 48. Rasa theory is given by bharata muni in natyashatra. It is not that one need to have deep insight to the whole of rasa theory rather the understanding of the eight rasas only can perform miracles in their way of interpreting a piece of art. A merger, two firms coming together to form a single entity, has a different meaning than an acquisition, an asset bought or obtained, but is used as one abbreviation.
Physiological relevance of bharathamunis theory of rasa a study on the. A merger is a combination of two companies where one corporation is completely absorbed by another corporation. Results also support the common expectation that organizational complexity is a. In 2001, the icici merged with the bank of madura to expand its customer base and branch network. Thus, bharata s concept and derivation of rasa was mainly in the context of the drama. So far in the first 6 months of 2009, indian bound mergers and acquisitions abroad have only been rs 20 billion live mint, 2009. According to the natyasashatra,the major purpose of the dance,drama,ritual and poetry is catalytic in that aesthetic performance should. Wall street investment bankers play a huge role in creating one large. Natya shastra of bharata muni volume 1 natya was then taught by god brahma to the mythic sage bharatawho is said to have recorded this teaching in the natyashastra. Affective design language for mobile screens inspired by rasa theory. A key text which deals with the emotional theory of rasa is the natyasashastra,attributed to bharata muni.
Although the concept of rasa is fundamental to many forms of indian art. Bharata is considered the father of indian theatrical art forms. My own academic in the curiosity psychology of organizational behavior started while i was still in practice. Though it is bharata who is credited with having originated the rasa theory it was abhinava upta who developed it into a systematic poetic principle. Additionally, we have lead an inquiry in to the ethnic. This document gives an overview of the book and contains the table of contents, a description of associated software, an excerpt from the preface, and an excerpt from chapter 1these give a sense of the. Indian banking scenario source banking events update december 2004 issue the indian financial system would be open to intense international competition with complete implementation of the provisions of wto agreement on services gats during the year 200506 when banks will be required to compete. The companies who form a merger are seldom completely equal to each other, and it is therefore argued that a merger also can be held as an acquisition humpal, 1971. Rasa theory adhyay from bharat muni s natyashastra. The second issue identified above is the analysis of merger gains in terms of stock price performance of the bidder and target banks on announcement of merger. About twothirds of the large public corporations in the usa have merger. Theory and evidence on mergers and acquisitions by small and.
Explained briefly with enacted examples of each 9 rasa. The fundamental assumption of the model is that financial markets are inefficient, so some firms are valued incorrectly. An acquisition on the other hand is simply a purchase. Companies during pre and post merger analyzed 17 companies as a sample out of 58 to study the impact of merger on the performance in indian manufacturing sector from 2000 2002.
Theories of mergers mergers and acquisitions business. In natyashastra by bharata muni, what are the main points. The failure to address the issues that concern merger and acquisition impacts the new and current organization very negatively at the stage of postmerger in two levels. The rasa theory caters to the text in its totality and concentrates on those features.
According to it, there are eight rasasthat impacts an aesthetic piece of work. The results of the study indicated that there was a decline in the shareholder wealth when the securities of the select banks were more prone to market risk while there was an increase in the shareholder wealth when. According to abhinav gupta one of the famous critics of natyashastra, rasa is the simplest and most we bewildering expression in the sanskrit language. This merger would create waves in the global telecommunication market. Bharatas natyashastra some reflections sreenivasarao. Rasa means aesthetics, juice, essence, taste in performance. Khan 2011 compared pre and post merger financial performance of merged indian banks with the help of financial parameters like gross profit margin, net profit margin, operating profit margin, return on capital employed roce, return on equity roe and debt equity ratio and also the overall impact of merger and acquisitions on acquiring banks. To date, academic researchers have not yet proposed a complete theory that completely and. One need not spend much time in business settings to observe that reason does not always seem to rule. A merger is expected to create value if the combined value of the bidder and target banks increases on the announcement of the merger. But the nature of the rasa is determined by the nature of response and its consequence. These emotions combine in different ways to form other. Research methodology in mergers and acquisition for banking in india.
Impact of mergers and acquisitions in india economics essay. The deal, which gave practo access to over 500 hospitals in 15 countries. Dont forget to subscribe the channel for more theatre and films related videos. The dance forms described in the natyasastra nstya, for example, have inspired shiva sculptures of the 1stmillennium bce, particularly the tandava style which fuses many of these into a composite image found at the nataraja temple of chidambaram. Because you will be certain about what you are looking for, your search is more likely to be successful.
The failure to address the issues that concern merger and acquisition impacts the new and current organization very negatively at the stage of post merger in two levels. The comic aesthetic experience comes from the erotic. An empirical examination of efficiency theory of mergers in. It has been reported that between july 1, 1995 and august 31, 2001 merger. Rasa theory bharat munis natyashastra by students of. Pilloff and santomero 1997 conducted a survey of the. Mergers and acquisitions when making an acquisition, disposing of a noncore business, or going through a merger, companies need to manage tax risk and ensure future net cash flows are optimized. Department of accounting, chaoyang university of technology. An empirical examination of efficiency theory of mergers. Dhvani and rasa rasa theory and dhvani theory are the most important poetic theories of ancient india. External acquisitions of needed capabilities allow firms to adapt more quickly and with less risk than developing capabilities internally. B rajesh kumar mergers, acquisitions and s panneerselvam.
The behavioral economics of mergers and acquisitions. The present paper attempts to study the bhavas and rasas as put forth by. From 19952001 the global wave has been labeled as the most recent merger wave by jobanovic and rousseau 2002, through an emphasis on their importance and a move to more crossborder mergers. S it appears that merger expansion was not only a phenomenon of prosperity, but that it was also closely related to the state of the capital market. Under the managerial selfinterest hypothesis, or private benefits hypothesis, merger and acquisition activity is driven by personal whereby the manageinterestsr obtains and maximizes its welfare at the expense of acquirer shareholders mitchell and lehn, 1990. In their study of a pending merger of two dutch police organizations, bartels et al. Bharata muni enunciated the eight rasas in the natyasastra, an ancient sanskrit text of dramatic theory and other performance arts, written between 200 bc and 200 ad. Though the efficiency theory of mergers has dominated the field of research on merger motives for many years, its empirical validity is still very limited. National conference on business innovation conducted by apeejay institute of management, jalandhar144001, punjab, february 27, 2010. In this theory, transactions are driven by stock market valuations of the merging firms. To begin with, the analysis of the chapter six and following by chapter seven, which is as per the slokas. Should acquiringcompany shareholders expect to benefit. Ford bendix 3 conglomerate merger generally a merger between companies which do not have any common business. The rasa theory has a dedicated section chapter 6 in the sanskrit text natya shastra, an ancient scripture from the 1st millennium bce attributed to bharata muni.
We propose a theory of acquisitions related to the neoclassical theory, but also able to accommodate the additional evidence. Mar 31, 2016 we wrote this book with the intent of teaching students not just the law and theory behind mergers and acquisitions, but the practice of the art itself. The classical agency theory centres on the problems arising from dispersed ownership. Bharata muni enunciated the eight rasas in the natyasastra, an ancient work of. The theory of strategic alignment to changing environments says that mergers take place in response to environmental changes. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Introduction to mergers and acquisitions mergers, acquisitions and takeovers occur in the worlds corporate financial sector. The dancedrama source of classical dance is bharata muni s natyashastra 1st century bce to 3rd century ce, a comprehensive treatise on the origin and function of natya dramatic art that is also dance, on types of plays, gesture language, acting, miming, theatre architecture, production, makeup, costumes, masks, and various bhavas emotions and. The university of oxford centre for competition law and policy. English literature under bharata munis rasas impression. In the indian performing arts, a rasa is a sentiment or emotion evoked in each member of the audience by the art. Tax planning at an early stage can add significant value to every transaction. Applied mergers and acquisitions aims to present a onevolume coverage of practice and research in a way that is both pragmatic and rigorous. Survey of literature academic interest in mergers and acquisitions was first recognized in the 1960s kitching, 1967 and there are innumerable studies focusing on the impact of such a phenomenon on the different financial parameters.
In natyashastra by bharata muni, what are the main. The efficiency theory of mergers, which views mergers as effective tools to reap benefits of synergy, is still the basis of many merger studies. Essays on mergers and acquisitions radha mukesh ladkani, fp1108. The psychological and physiological relevance of bharathamunis. One of these two levels is the individual level and the reactions of the individual employees are insecurity, powerlessness, alienation, a drop in productivity, loss of energy. With a clear strategy in place, your business will be more appealing to other parties, either as acquirer or acquiree. Prabhanshu 3rd year,student of chanakya national law university patna.
Nelson merger movements in american industry, 1895. Research methodology in mergers and acquisition for. And the terms of bhavas and rasa which are also discussed in the chapter seven of the same will be taken in the chronology. Broadly, the studies find and the theory puts forth that there is a higher consequence arising from preexisting structural characteristics, over those that are cultural.
A reference point theory of mergers and acquisitions. The second rasa or the rasa for laughter is the comic hasya. The indian telecom giant bharti airtel is in talks for a merger with south african mtn. Get an answer for in natyashastra by bharata muni, what are the main points or the summaries of the first, sixth, and seventh chapters.
In the united states, the first merger wave occurred between 1890 and 1904 and the second began at end of the world wari and continued through the 1920s. Another very important theorist in the conception of rasa theory is bhatta nayaka, who is also kashmiri, from the 10 th century gnoli xx. By deploying ratio analysis, kemal 2011 examined the postmerger financial performance of. In addition, the merger and investment acquisition mode has risen sharply and as a percentage of all fdo risen as noted by lipsey 2002. Pdf theory and practice of mergers and acquisitions. The natya shastra mentions six rasa in one section, but in the dedicated section on rasa it states and discusses. Traditionally assigned to bharata muni, a legendary sage, natya shastra is one among the famous trio of india, the other two being kautalyas artha shastra and vatsyayanas kama shastra. The third rasa, rasa for sorrow is the pathetic karuna.
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