Why Write Essays?

Why Write Essays? We cover a wide range of subject areas, so you can count on our best essay writing service to help you with assignments for all courses. That won’t happen when you hire the best essay writers online. Try our essay writer service and get a great discount on your first order. You’ll keep getting discounts as part of our loyalty program for all following orders you place. Thinking outside the box pays off with more free time and above-average grades. A personal writer in your academic field will draw up a new essay for you within an hour. 34522 is passionate about writing, with a Master’s in English Literature from Bristol University. She writes full time â€" part time for student writing services and part time on detective stories. A Master’s degree in Classical Civilization from USC and a passionate love of all periods of history makes an excellent writer for academic papers. He loves to spend vacations on archaeological digs. If there are several days available, order a new essay for cheap stress-free. Pay for your paper using any of the available methods, Visa, and MasterCard. A bigger research paper could be ready overnight. If you don’t want to get into writer’s block, then you should hire a pro essay writer to help you out. All writers are open to communicating with you at any time if you have questions or additional instructions. Only expert academic authors, each holding a Master’s or Doctorate degree in a subject field that you need. Give us any topic in any of the 25+ subject fields that we cover, including MBA, History, Literature, Nursing, and Education. It is your task to present your argument in a way that your audience can follow; it is not your audience’s job to launch an investigation to detect the points you are trying to make. Underpinning the structure will be the ‘argument’ your essay is making. Again this may be strong and obvious, or it may be almost invisible, but it needs to be there. In different subject areas, and with different styles of writing, the term ‘argument’ may seem more or less relevant. However, even in those essays that appear to be highly creative, unscientific, or personal, an argument of some kind is being made. If you make your argument hard to follow, so that they need to re-read a paragraph to try to make sense of what you have written, you will cause irritation, and make their job slower. Realistically, it is possible that they may even decide not to make that effort. In the best-case scenario, you would be able to give our essay writing service the deadline of 10 days. That goes to your advantage, since you’ll get the lowest price for the longest deadline. Are you having doubts about ordering papers online? This step will not only get you the best essay writing by the deadline, but will also help with your education. Speaking about writers, it’s also necessary to talk about all the great editors and proofreaders on our team. And so are our papers that are always written using proper grammar, syntax, and punctuation. For all the students having last-minute orders, we guarantee to write your essay in 1 hour if you’re in a rut. Try to start with something intriguing and promising. Questions can be really effective for an introduction. Aim for an introduction that has an explicit relation to the topic/title of your essay, and avoid analyzing the topic in your first paragraph. The best descriptive essays appeal to the reader’s emotions, with a result that is highly evocative. An introduction to academic writing for English Language Learners, focusing on essay development, grammatical correctness, and self-editing. The tutors reading and marking your essays deserve your consideration. They will be reading and marking many, many student essays.

Essay Writer & Essay Writing Service

Essay Writer & Essay Writing Service Don’t plough on regardless â€" a lack of conviction will show in your essay. Return to your plan, and see if you can use similar material but change the emphasis, and perhaps the odd bit of evidence, to produce a different argument. 4) Start to fill out your skeleton with information from your notes, and any extra ideas you might have. If you’re writing a literature essay, it’s CRUCIAL that you include some close analysis of passages to support your argument. Jot down the sentences that link these in to the greater structure. Before teaching, Sarah worked as a freelance writer, newspaper reporter, fact-checker, and an assistant to a literary agent. in Exeter offers both group classes and one-on-one writing coaching sessions to help students through this process. Meeting times will vary, depending on each individual. Showing that students can write, however, does matter. Their stylistic choices matter, their word choice matters, and their authenticity matters. These workshops will help them fine-tune their writing and come away with a strong personal essay. A live online video course for counselors on guiding students through writing a great college personal statement. Sometimes, in the process of writing, you’ll realise that you entirely disagree with two-days-ago you, and you don’t really believe in the argument you’re trying to make. As a good test, I tell my students they should never be more than one sentence away from their thesis. By this, I mean that if, at any point in their essay, they need more than one sentence to connect what they're saying back to their thesis then they are off-track. Your thesis statement is the most important part of your essay. It is the crux of everything and functions as a guide to your entire paper. Here are the seven steps in the essay writing process and ample tools to help you succeed. Plus, in this day and age, there are technological tools to help you with just about anything â€" essay writing is no exception. If you want to succeed in your education, you should master these skills as soon as possible in order to craft brilliant essays. She has 14 years of high school teaching experience, both at private and public high schools. In addition to teaching teenagers, Sarah has run writing workshops for both adults and children. You and I and your teenager will come up with a schedule that works best for everyone. The Word Barn is a great space for writing and sharing ideas. Follow up with a close reading of your entire paper. If you want to write better essays, you will need to understand the criteria teachers use to score them. Most college students turn their attention to the letter grade or percentage score. Many students end the review process at this point. Writing skills are one of the main abilities you’ll develop during your college years, from the first weeks to the very end of your degree programme. To build a house, you follow codes that ensure a basic build quality. A house that meets this standard, won't fall over, let the rain in, or let the heat out. It might only be a bungalow, but at least it will stand. They will write the essay themselves, but the workshop will help them come closer to a finished product about which they will feel proud. This is where your topic is explained, described and argued. Often times, the topic of the essay will be assigned. If this is the case for you, don’t rush off to step number two.

The Basics Of Essay Writing

The Basics Of Essay Writing We guarantee zero plagiarism and individual approach to your task. What you instruct in order specifications will be fulfilled in your texts hands down. Top grades and more free time in the evening are what you receive. We welcome trained, seasoned authors to ensure your composition is top-class. Why write a mediocre paper when you can do the superior one? And this is pretty much what we deliver â€" a classy paper from scratch that brings you a positive grade. In the conclusion you need to summarise the main points and ideas that you presented in your essay. You should draw conclusions from what you have discussed and include a restatement of your thesis statement . We’ll do your research paper in a couple of hours for a pretty good price. Today I'm going to be talking a little bit about guidelines for writing essays. Let a professor see that you’re a student who gets the work done even if the odds aren’t in your favor. You need proper UK essay writers to live up to the educational standards in the UK. First and foremost, your grammar and punctuation have to be purely British. Then have our writers help you prepare authentic compositions that will meet the educational requirements in Great Britain. In search of essay help in the UK, Royal Essays are the number one choice in terms of writing quality and price. All of our writers are qualified to work with students at any study level. Royal quality of writing is available on our site 24/7. Rest assured that we always have a relevant writer free to start working on your task within a matter of minutes. Delegate every unwelcomed assignment to a degree-holding academic author. When the deadline comes, submit your article and call it a day. One good way to conclude a paper is to begin the last paragraph with a statement that reflects on what has been stated and proved, without repeating it exactly. Then you should briefly restate your key points to gently remind the reader how well you proved your thesis. Your conclusion should end with a statement or idea that leaves a strong impression and provokes further thought. You also shouldn’t express your personal opinion anywhere except for the conclusion. The discursive essay introduction is the part of your essay that sets the tone and prepares the readers for the content of your paper. For a reasonable fee, you can have any research paper done within 48 hours or faster. Let us help you deliver a superb paper timely, so your course progress stays on top. Our experts are the best in the country, able to cope with any paper type, topic, difficulty, and urgency. Do you need your essay to be done by tomorrow morning? There should be no new material included in the conclusion; new material needs to be placed in your body paragraphs. You should not repeat the assessment requirements or the marking criteria in your conclusion. The form of your Conclusion, like your introduction, is flexible.

4 Tips For Essay Writing

4 Tips For Essay Writing Careful thought and preparation is the key to presenting successful reports. It is well worth taking some time to think about what you aim to achieve from your efforts and also who the reader may be. All reports should have an introduction, main body, divided into sections, a conclusion and, sometimes, recommendations. Information which is not directly relevant to your discussion but worthy of inclusion for follow-up purposes should be placed in the appendices. If you decide to use a numbering style, please use the Microsoft Word numbering tools, as these will present the numbers in the most suitable manner. Think very carefully before adding decorative features like WordArt, page borders or Clip Art to any piece of academic work. Such additions are unlikely to improve the work, and often serve only as a distraction. Use only white A4 paper and print on both sides. Please think very carefully before numbering headings and paragraphs in reports as these often become confusing and adversely affect presentation. Reports are designed to be selective in information given, and the correct compilation and layout of a report is arguably as important as the material it contains. A final check for grammar and punctuation errors is always time well spent, since grading is influenced by the appropriate use of standard English. The last thing you should do before handing in your essay is to proofread it. It is often useful to let someone else read it and listen to their comments, as well as reading it through out loud to yourself. However, you should make your sources clear at the end of the essay. Single pieces of paper for single points, allocated to group headings later. Spider/pattern â€" Draw a diagram with the subject of the essay written in a central circle or box. Work through the whole resource using the Next buttons at the bottom of the screen. Quotations â€" It is important to show, by the use of speech marks (“t”), when you are quoting what someone else said or wrote. Lengthy quotations are not generally appropriate to the short essay and it is better to quote a reference for the reader to follow up if she/he wishes. Shorter, succinct quotations relating to a particular point can be very effective. Appendices are not usually necessary for an essay. Our resources will help you with everything from reading to note-taking, and time management to exams. The State Department-supported EducationUSA network will also offer facilitated discussions in some locations for students interested in pursuing higher education in the United States. A report is a style of writing that is both systematic and objective in its presentation of information to the reader. They are often used as the basis for further research. Report writing skills are widely used in industry and are therefore well worth acquiring. Any report, regardless of style, is very different from an essay. Or jump to the topic you are interested in by using the menu to the left of the screen. This tutorial will teach you how to effectively structure an essay. Our step-by-step guide will take you through the process, from planning to writing and publishing. University assignments are a big challenge, but we can guide you. Get help with all aspects of your assignment, from research to writing. This partnership is part of the English Education Alliance , a global effort of the U.S. Department of State to address the global demand for 21st century English language skills. Train your employees in the most in-demand topics, with edX for Business. Shorter words are often preferable to longer words, unless there is some specific vocabulary that you need to include to demonstrate your skill. Short to middle length sentences are almost always preferable to longer ones.

Top Essay Writing ✒️

Top Essay Writing âœ'️ All narrative essays have characters, setting, a climax, and most importantly, a plot. The conclusion brings closure of the topic and sums up your overall ideas while providing a final perspective on your topic. Your conclusion should consist of three to five strong sentences. Simply review your main points and provide reinforcement of your thesis.7. Learning how to write an essay is crucial to admissions and scholarship decisions. The last “E” stands for “Explanation” and is used to reiterate how your example ties into the thesis. For example, you might explain that because the first trainer used positive rewards, he saw better results than the trainer who scolded the dog. Therefore, trainers should use positive rewards when potty training a dog. List the criteria of the essay on a separate sheet of paper. Make note of anything that confuses you and ask your professor for clarification. Do not introduce any new ideas or topics to the paper in your conclusion. You may also use this as an opportunity to resolve problems you addressed in your essay or address the implications of your arguments. Immediately beneath the title, begin writing the first paragraph of your title. Insert and center the title of your essay an inch below the top edge of your paper. Add the header to your essay in the right-hand corner half an inch below the top edge of the paper. No matter how great of a writer you are, you are bound to make a few mistakes. I guarantee that you will find more than a few grammar and stylistic mistakes even in this guide. That is why you must check grammar and spelling in your own work. Some key requirements for writing a good essay are ensuring a logical flow of content and smooth transitions but also using compelling evidence taken from trustworthy sources. A lot depends on how captivating/ original your information is, so focusing on content quality is crucial. It covers the title page, basic essay structure, essay outline, your conclusions, citations, etc. Unfortunately, we are not hiring writers now due to low season. An argumentative essay from Bogazici University offers a bit of a dramatic flair, which is important to making a strong argument. Expository essays compare, explore, and discuss problems. While there's a bit of a storytelling element to them, their purpose is greater than that. It's always to explain some integral concept to the reader. When you write a descriptive essay, you want to involve the reader's senses and emotions. You must do this for every page of your paper with the exception of the works cited page. Towards the bottom of your paper, write your name, the course name and number, the instructor’s name, and the due date. Below we have written a step-by-step guide on how make a proper essay format. An essay format is a series of guidelines that determine how your paper should be arranged. Use the “SEE” model as a formula for each example. “S” stands for “statement” and is a reiteration of what you’re trying to prove. The plot is the focus of the story and is usually revealed chronologically, but there are sometimes flash-forwards and flashbacks. If you're looking to write a personal narrative essay, here are some tips to get you started. Narration means you're telling a story from a certain viewpoint, and there is usually a reason for the telling. The first “E” stands for “example” and is the proof that you need to back up what you say in your statement. Provide specific examples to prove your statement. Pick the topic that is most interesting and that has enough clear and convincing examples to prove your point. Write down three to five examples to prove your thesis statement for each topic.

Online Essay Competition On Atma Nirbhar Bharat

Online Essay Competition On Atma Nirbhar Bharat It is packed with information and yet has a creative touch. I did not expect anything this good from an average writing service. The prices are affordable and the quality of writing is inspiring. I'm so glad I managed to turn in my essay by the deadline! Feedback is a great way to get a second opinion on your work and argument. Now that we’ve looked at the basics of how to write an essay, we need to consider the exam essay. It’s one thing to take your time crafting an essay over a couple of hours or days, but an entirely different experience to write one in under 40 minutes. It’s now time to see what that involves and how it differs from the process above. If I’m in a hurry again I will probably give this service another try. The essay I got was not perfect so I asked the writer to make a couple of changes. I’m glad that these revisions are not fee-based. The writer is polite, the support team is always there to give you explanations. I ordered my second essay from this writer, and it is perfect as usual. My friend recommended me this company, I'm glad I used it. Nice essay, I would never write something as good by myself. The typical assignment I have in mind will be an argumentative essay, in which you argue for something, even if just an interpretation of someone an author’s work. Get Feedbackâ€" Seek out feedback on your essays. Ask your teacher, your parents, and those in your study group. That is, you have something you want to communicate or argue for and here is your chance to explain it in detail, support it, and defend it. The introductory paragraph should briefly orient the reader to the topic and provide a conceptual map of the rest of the paper. Although writing an essay is daunting for many people, it can be pretty straight-forward. It should be an appropriate guide for writing at the middle school, high school, and lower college levels. Cope with your assignment on time with the help of our essay service. A team of vetted degree-holders and professional essay writers is here for you. The prices are moderate but I would prefer them to be a bit lower. Just another service that delivers you some mediocre content. Maybe I should have picked another category of writer but I really did not want to pay that much. The thesis (1.) and thematic framework (2.) need only be reworded from the introduction, but your concluding statement (3.) needs to do something new. The final statement needs to explain the connection of your argument to the module and what YOU have taken away from the study of the module. Remember, your conclusion needs to recap your ideas and thesis. You also need to leave a lasting impression on your reader. Conclusion are actually these easiest part of the essay to write. In the last part of our Guide, we looked at how essays work and discussed the structure and planning of an essay. If you haven’t read it, you should go check that out first. In this part, we’ll get into the nitty-gritty of writing the essay and give you some tips for producing Band 6 responses in exam conditions. Thank you for making that extra effort and assisting me with this debatable topic. I was at a loss and the time was running very fast. I will probably turn for your help again any time soon. I keep staring at a blank page and can't write a thing. That is how I usually spend half of a day trying to cope with my essay.

How To Write A Graduate

How To Write A Graduate In these early stages of your thinking you may not be sure which of your ideas you want to follow up and which you will be discarding. So, don’t feel you have to make that decision in your head before you write anything. The middle part of the essay must fulfil the promises made in your introduction, and must support your final conclusions. Failure to meet either or both of these requirements will irritate your reader, and will demonstrate a lack of self-critique and of editing. However, chocolate’s inherent popularity does not equate to it possessing healthy properties, as suggested by the title. The realities of chocolate are more down to earth; a number of these realities will be addressed in this essay. Chocolate has chemical properties that can influence mood and there is possible evidence for some positive impacts of chocolate on cardiovascular health. Yet, such positive attributes are counterbalanced somewhat by the argument that, in some instances, chocolate can be viewed as a drug rather than a food. Moreover, there is the possibility of some correlation between over-consumption of chocolate and obesity. You might wonder how you can include your own voice and still sound academic when you are writing about a subject area in which you have little knowledge. Including your voice does not mean that you should say ‘I think’ or ‘in my opinion’. Since Spanish explorers brought back chocolate from the new world, chocolate consumption has become a worldwide phenomenon. At first, chocolate, a derivative of the cacao bean, was consumed as a drink, only later achieving mass popularity in tablet or bar form. The composers Haydn and Mozart, working in the 18th century, tended to write symphonies to fit reliably and closely within what was called ‘symphonic form’. This set out a pattern for the numbers of movements within the symphony, and for the general structure of writing within each movement. The continued popularity of their work today shows that they clearly managed to achieve plenty of interest and variety within that basic structure. It is the argument, and how you decide to present and back up your argument, that will influence your decision on how to structure your essay. Yet the potential benefits of flavanols in chocolate are currently offset by the high fat/carbohydrate content of most forms of chocolate. Whether chocolate is a food or a drug is also unclear. It can therefore be said that chocolate is not a healthy food, but can be enjoyed as part of a healthy and balanced diet and lifestyle. To write a 1000 word essay, ideally you should allow yourself about 3 weeks. Logically structured body paragraphs which include supporting evidence from academic sources. Include a reference in the text, where the words or ideas appear, and in a reference list at the end of the essay. Obesity and chocolate consumption seemingly have no proven correlations. Another possible positive dimension to chocolate is a correlation with cardiovascular health. Your assignment task may require you to make a recommendation about the suitability of the items you are comparing. Sentences giving further explanation and providing evidence from both the literature and the data, e.g. the case study to support the topic sentence . Examples of this include questions which ask you to discuss, analyse, investigate, explore or review. In an analytical structure you are required to break the topic into its different components and discuss these in separate paragraphs or sections, demonstrating balance where possible. And over-long paragraphs tend to demonstrate that you are not clear about the specific points you are making. Of course, these are general points, and there may be some occasions, or some subject areas, where long paragraphs are appropriate. A different pattern would be to use a paragraph to present and describe an idea/piece of evidence/quote/stage of argument, then to use the subsequent paragraph to explain its relevance. sensible ordering of material, to support and the development of ideas and the development of argument. Instead, you can catch all of your ideas, in no particular order, on a sheet or two of A4. Once they are down there it will be easier for you to start to review them critically and to see where you need to focus your reading and note taking. The need to use such a wide range of academic skills is probably the main reason why the essay format is so popular with tutors as an assignment. Examples of this type of essay include compare, compare and contrast or differentiate questions. In this structure the similarities and/or differences between two or more items, for example, theories or models, are discussed paragraph by paragraph. Before you start, it is important to understand what type of essay you are required to write. The language of the question, especially the directive words, will indicate the type of essay and suggest an appropriate structure to follow in your essay. More information on directive words is contained in the QUT cite|write booklet .

How To Write A Graduate

How To Write A Graduate In these early stages of your thinking you may not be sure which of your ideas you want to follow up and which you will be discarding. So, don’t feel you have to make that decision in your head before you write anything. The middle part of the essay must fulfil the promises made in your introduction, and must support your final conclusions. Failure to meet either or both of these requirements will irritate your reader, and will demonstrate a lack of self-critique and of editing. However, chocolate’s inherent popularity does not equate to it possessing healthy properties, as suggested by the title. The realities of chocolate are more down to earth; a number of these realities will be addressed in this essay. Chocolate has chemical properties that can influence mood and there is possible evidence for some positive impacts of chocolate on cardiovascular health. Yet, such positive attributes are counterbalanced somewhat by the argument that, in some instances, chocolate can be viewed as a drug rather than a food. Moreover, there is the possibility of some correlation between over-consumption of chocolate and obesity. You might wonder how you can include your own voice and still sound academic when you are writing about a subject area in which you have little knowledge. Including your voice does not mean that you should say ‘I think’ or ‘in my opinion’. Since Spanish explorers brought back chocolate from the new world, chocolate consumption has become a worldwide phenomenon. At first, chocolate, a derivative of the cacao bean, was consumed as a drink, only later achieving mass popularity in tablet or bar form. The composers Haydn and Mozart, working in the 18th century, tended to write symphonies to fit reliably and closely within what was called ‘symphonic form’. This set out a pattern for the numbers of movements within the symphony, and for the general structure of writing within each movement. The continued popularity of their work today shows that they clearly managed to achieve plenty of interest and variety within that basic structure. It is the argument, and how you decide to present and back up your argument, that will influence your decision on how to structure your essay. Yet the potential benefits of flavanols in chocolate are currently offset by the high fat/carbohydrate content of most forms of chocolate. Whether chocolate is a food or a drug is also unclear. It can therefore be said that chocolate is not a healthy food, but can be enjoyed as part of a healthy and balanced diet and lifestyle. To write a 1000 word essay, ideally you should allow yourself about 3 weeks. Logically structured body paragraphs which include supporting evidence from academic sources. Include a reference in the text, where the words or ideas appear, and in a reference list at the end of the essay. Obesity and chocolate consumption seemingly have no proven correlations. Another possible positive dimension to chocolate is a correlation with cardiovascular health. Your assignment task may require you to make a recommendation about the suitability of the items you are comparing. Sentences giving further explanation and providing evidence from both the literature and the data, e.g. the case study to support the topic sentence . Examples of this include questions which ask you to discuss, analyse, investigate, explore or review. In an analytical structure you are required to break the topic into its different components and discuss these in separate paragraphs or sections, demonstrating balance where possible. And over-long paragraphs tend to demonstrate that you are not clear about the specific points you are making. Of course, these are general points, and there may be some occasions, or some subject areas, where long paragraphs are appropriate. A different pattern would be to use a paragraph to present and describe an idea/piece of evidence/quote/stage of argument, then to use the subsequent paragraph to explain its relevance. sensible ordering of material, to support and the development of ideas and the development of argument. Instead, you can catch all of your ideas, in no particular order, on a sheet or two of A4. Once they are down there it will be easier for you to start to review them critically and to see where you need to focus your reading and note taking. The need to use such a wide range of academic skills is probably the main reason why the essay format is so popular with tutors as an assignment. Examples of this type of essay include compare, compare and contrast or differentiate questions. In this structure the similarities and/or differences between two or more items, for example, theories or models, are discussed paragraph by paragraph. Before you start, it is important to understand what type of essay you are required to write. The language of the question, especially the directive words, will indicate the type of essay and suggest an appropriate structure to follow in your essay. More information on directive words is contained in the QUT cite|write booklet .

Why Write Essays?

Why Write Essays? If you perform poorly at this, you might as well pack up and go home. Next, think about what you need to prove in order to make that claim. What might be the immediate negative reaction of someone reading your central claim? How can you defend yourself against that response? If the reading list is really short, you’ll need to go beyond it. Look through the reference lists of the papers and books you’ve just read. Mark out a few of the most promising-looking readings. When the assignment says between 6-8 pages, it is better to do 8 than 6. If you can, familiarise yourself with the people who think they’re wrong and awful. Figure out if there are arguments which are unresolved and see if you can make a contribution towards resolving them. You don’t want to get penalised because you didn’t reference your readings properly after you’ve put in all that effort to make sure that your arguments are founded in the literature. For more information, check out thishandouton developing a logical argument. This is really important as it defines the scope of your paper, especially when using broad all-encompassing terms like empowerment, globalization, international community, democracy, etc. Don’t make your opponent look like they have no arguments, or take the weakest version of their argument. Think about the strongest possible response to the claim you’ve put forward, then beat that. If you’re making a claim, you need to tell me why that claim is correct. Think of a potential response to your argument, perhaps from an author you’re arguing against. Ideally you want to be able to split your burdens of proof into a few different points. Start your intro with the central claim of your essay. When you have such limited number of pages, you need space to develop your argument. However, don’t just ramble on and on, repeating the same arguments in different ways to fill-up space. The most important thing to remember after selecting your preferred citation style is that in-text citation must match the work cited list. Citation style also has to be consistent throughout the paper (i.e. you cannot go from APA to MLA). If you use sourcing engines to make your references, always double check their accuracy. It could even affect your chances of getting into a grad program, as it remains on your record, and you are required to give an explanation as to what happened . The point is, good citation is really important. You shouldn’t take the risk of being caught of plagiarism and you should give other academics due credit for their work. Identify some of the future areas for research that your paper opens up. If I’m reading it, I want to know within literally five seconds what you’re trying to convince me of. Ninety nine percent of the structure of your essay is exactly the same as you learned in secondary school. You might think you’re too good for Point, Evidence, Explain. How are you going to relate your argument to the existing literature? Make sure you know their arguments reasonably well and have armed yourself with flexible quotes from their work. Write out that response, then tell me why it doesn’t defeat your argument, or at least why it only mitigates it. This is the stuff that actually makes up your argument. Plagiarism is the most serious academic offence. If you are found guilty of plagiarism you can fail the assignment or the class, or be suspended or expelled from university.

Quality Custom Writing Service, Write My Essay

Quality Custom Writing Service, Write My Essay Not only does this tell the reader what to expect in the paragraphs to come but it also gives them a clearer understanding of what the essay is about. We offer lower prices for orders with a standard and extended deadline. Upload a file with instructions and pick the service package which fits your goals. A fitting writer will start working on your order shortly after. Dear customer, we are so happy that you liked the delivered paper! If you come back to us, you can request the same writer for your order. More than 96% or orders arrive on time or beforehand. Such a turnaround is perhaps the best among all the essay services to date. We respect your deadlines, always ready to walk the extra mile to help you fit in the schedule. If you feel that certain parts of work could use some improvements, then your writer will do it as asked. Reaching out to your writer asking about the custom writing process and discussing the progress so far is absolutely free. So to do so you can start with a quote or a proverb. Another interesting strategy to engage with your reader is to start with a question. It is a creative process so it should not be confined within boundaries. However, there is a basic structure that is generally followed while writing essays. the price was ok considering the urgency of my order. The service package includes topic brainstorm, research, drafting, proofreading, plagiarism check, citation formatting, and revisions. This service helped me submit several papers on time, and I really appreciate it. Their support guys are always friendly and the papers are great every time. they wrote my essay that was due in 10 hours and literally saved my life. For every new customer, we offer 15% off their first order. Use the promo code “first15” at the order page to activate the discount. Every writer responds to the customer’s messages promptly in a lenient and cheerful fashion. Our goal is to make sure you get the exact type of paper you initially wanted! It implies high quality, swift delivery, and full confidentiality. We neither share nor store any sensitive customer data. Payments are processed via secure and time-tested online billing services, as well as Visa and MasterCard if you pay for essay texts by debit/credit card. You have awesome writers that really save people when they are in trouble. Thank you for completing my papers within really short deadlines. I work 6 days a week, and it’s extremely difficult for me to complete all my assignments. A PRO Masters level writer will do your essay in 3-6 hours. There is plenty of scopes to get creative in the introduction of essays. This will ensure that you hook the reader, i.e. draw and keep his attention.

Basic Essay Structure

Basic Essay Structure You can rewrite these to make them easier to understand. A thesaurus is another valuable tool when writing an essay. A thesaurus tells you synonyms, or words that have the same or a similar meaning to the word you look up. It’s important because it can add some volume to your essay and increase the impact of your words. For further details and examples, download the Guide to essay paragraph structure from this page. Use the Guide to essay paragraph structure and the Essay paragraph planner on this page to plan your next essay. For longer essays with distinct sections, you may consider using headed sections as in these guidelines. Doing so may disrupt the flow of the essay, however. As you learn the English language, make a serious effort to practice your grammar and sentence structure. One way to spot improper grammar in your own writing is to read each sentence backwards . This way, you won’t be fooled by how the words sound when you read them in your head. Also, by arguing for the opposite side of your opinion, you will learn which points you need to better address in your essay. You will learn more about the topic, and you will gain more vocabulary words to enrich the essay. Respond directly to the essay question and clearly state what your essay intends to achieve. Introduce and define some of the key concepts discussed in the essay. Don’t go into too much detail in the introduction. Is everything in the correct tense (past, present, future, etc.)? If you’re writing about plurals, are the possessive nouns plural? Does every sentence end with a punctuation mark ? Reading the text backwards make you focus on the rules of grammar instead of the flow of the sentence. So, we decided to share our unusual passions with others. Because we are so committed to reading, researching, learning, and writing, before, while, and after we work on your academic or professional project, you are the one that benefits. An essay plan can help you work out how you will answer the question and which information you will use. Essay plans also help with structuring an essay. The old trick of dealing with your introduction last is common knowledge, but it seems few have really mastered the art of writing an effective opener. Lastly, there are some fantastic online resources that can help improve your writing. For instance,Hemingway Editorcan review your document to find any confusing or wordy sentences. If writing an essay sounds a little bit scary, just think of it as a chance to improve your writing skills. Each main point that you make needs to be linked back to the introduction and the thesis statement. You also be required to devise your argument which is commonly referred to as the thesis statement. The introduction is usually one paragraph 15% of total word length (don't get caught up on numbers). You will then need to find some research based on the topic which can include text books, journal articles, conference papers etc. Summarise your argument and draw on some of the main points discussed in the body of the essay, but not in too much detail. Integrate evidence and examples into your paragraph from your readings to support your point. Do not simply present evidence, but analyse it at each stage, always relating it back to your assignment question. Firstly we explore the planning and preparation required to write a standard essay and then outline the basic essay structure. I have owned and operated L.T.L. Tutoring Central since 1996, providing private tutoring services to students of all ages and skill levels. Read the paper aloud to find errors in sentence structure and word choice and refine it so there is a more natural flow. Use the Deakin Assignment Planner to get a better idea of the time required to complete your essay. Tell your reader how your essay has successfully responded to the essay question. A strong essay is one that covers a lot of content in a succinct (short, to-the-point) way. This process of acting like a reporter will give you valuable quotes, resources and vocabulary to begin the writing process. Once you have a thesis, think about your main topic and find words that relate to it in different ways. Then, branch out your list to words that aren’t as closely related to your main topic.

Writing Tips « Writers Workshop

Writing Tips « Writers Workshop Plan your paper from beginning to end before you start writing; most students usually spend too much time either researching, writing or doing editing. Creating a draft or an outline is important as you essentially create a Work Breakdown Structure. This outline will act as a check so that you know how much time is allotted to each task. We guarantee the maximum quality level of your paper. If you would like to amend the final draft, activate the 14-day revision period from your Personal area with the site. If you are given the topic, you should think about the type of paper that you want to produce. Should it be a general overview of the subject or a specific analysis? If you have not been assigned a topic, you have a little more work to do. However, this opportunity also gives you the advantage to choose a subject that is interesting or relevant to you. Once you have determined the purpose, you will need to do some research on topics that you find intriguing. As a result, you will receive papers that are well-researched, properly cited, and written within academic standards. We are proud that any writer from our writers team can complete the paper at a high level. It may be quite disturbing to decide whether to hire an essay writing company. EssayShark cares about your privacy and confidentiality. citations, and simple, step-by-step guides to writing essays for a number of subjects and topics. To score 75% and above, we offer you an academic paper writer with expertise, credentials, degree, and a strong command of English. Make sure you complete your essays with the conclusion, leave no hanging threads. The body is the meat of your essay sandwiched between the introduction and the conclusion. So the most vital and important content of the essay will be here. It can extend to two or more paragraphs according to the content. The type of essay will depend on what the writer wants to convey to his reader. Follow the instructions that will be shown on your screen, and essay writer will revise the document according to your remarks. Assign free revisions to make a paper even better. Sometimes a conclusion will just mirror the introductory paragraph but make sure the words and syntax are different. A conclusion is also a great place to sum up a story or an argument. You can round up your essay by providing some moral or wrapping up a story. Many teachers and scholarship forms follow different formats, and you must double check instructions to ensure that your essay is in the desired format. Reread your paper and check to see if it makes sense. Make sure that sentence flow is smooth and add phrases to help connect thoughts or ideas. Check your essay for grammar and spelling mistakes. You may have your topic assigned, or you may be given free reign to write on the subject of your choice. After writing your conclusion, you might think that you have completed your essay. Before you consider this a finished work, you must pay attention to all the small details. Your strongest points should be the first and last paragraphs within the body, with the others falling in the middle. Also, make sure that your paragraph order makes sense. If your essay is describing a process, such as how to make a great chocolate cake, make sure that your paragraphs fall in the correct order. Review the instructions for your essay, if applicable. Did you know the word ‘essay’ is derived from a Latin word ‘exagium’, which roughly translates to presenting one’s case? So essays are a short piece of writing representing one’s side of the argument or one’s experiences, stories, etc. So let us learn about types of essays, format, and tips for essay-writing. If your goal is to educate, choose a subject that you have already studied. If your goal is to persuade, choose a subject that you are passionate about. Whatever the mission of the essay, make sure that you are interested in your topic.

Tips For Writing Essay Exams

Tips For Writing Essay Exams We’ll get the nitty-gritty stuff out of the way first. If you search our website, you will find lots of content. There are pages with information about our services , lots of policy pages , and our order page. Furthermore, since we are study nerds, our site has a lot of great content that we are sure you will find interesting. Sadly, it is often the students who can benefit most from higher education who also struggle the most. I have presented video lessons for various organizations and groups and taught individual lessons to students from around the world - often setting up programs specific to their needs. Although this course is not directly related to specific tests or exams, it will prepare learners for any test that requires clear and concise writing. Ron takes a very relaxed approach, providing students with all the tools they need to excel. All the videos have captions that you can view on YouTube. If you cited other sources in your essay, you should include a bibliography or works cited list at the end of your essay. Like the citations, the style used to present the references in this list is determined by the style guide your instructor wants you to use. Because you are learning English, you actually have an advantage. Many native speakers learned improper grammar from the start. It’s difficult to undo the damage caused by a lifetime of writing improperly. In exchange, you correct the writing of someone learning your native language. This friend can edit your essay and point out any repetitive errors. Learning to write in another language can be really difficult, especially when you’re first getting started; daily practice is helpful. For example, you could start a blog, create fun poems or text a friend. So instead of constantly saying, “Add the tomato” and “add the eggs,” a thesaurus will teach you to say things like “whisk in the eggs” or “gently fold in the tomatoes.” See? It sounds a lot better and adds interest to your essay. For example, if you’re writing about cooking, the words “stir” and “add” might come up a lot. Proper grammar is difficult for even the most fluent English speakers. The sad fact is that low-income students are significantly less likely to graduate from college than their wealthier counterparts. What’s even more discouraging is that intelligence and achievement don’t seem to help. A poor student with high SAT scores is less likely to finish college than a student with lower scores who happens to be in a higher income bracket. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. We also participate in other affiliate advertising programs for products and services we believe in. Just noting that you made some mistakes will not help you learn how to avoid them in the future. If you don’t have any friends who are fluent in English, you can uselang-8.com. Lang-8 is a free site where native English speakers will correct your writing. Once you’ve gathered your information, take notes of important dates, numbers, names, etc. so you have all the information you need on hand when you begin writing. You can also print out articles and webpages and highlight the important information to find it easily when you start writing. Think about an important experience, such as your most memorable vacation, and write a story about what happened during that vacation. Learning to write in another language can be really difficult, especially when you’re first getting started. Also, look for sentences that are very closely related to one another. If two sentences seem like the thoughts are connected, you can combine them with a semicolon ( ; ). If you want to write in another language, you need to practice in creative ways every day. Learning a new language is certainly an ambitious task. There are so many small details to learn, and the process takes a lot of time and commitment. Once you and your friend have both reviewed your essay and marked any mistakes, rewrite the whole thing.

Tips For Writing Essay Exams

Tips For Writing Essay Exams We’ll get the nitty-gritty stuff out of the way first. If you search our website, you will find lots of content. There are pages with information about our services , lots of policy pages , and our order page. Furthermore, since we are study nerds, our site has a lot of great content that we are sure you will find interesting. Sadly, it is often the students who can benefit most from higher education who also struggle the most. I have presented video lessons for various organizations and groups and taught individual lessons to students from around the world - often setting up programs specific to their needs. Although this course is not directly related to specific tests or exams, it will prepare learners for any test that requires clear and concise writing. Ron takes a very relaxed approach, providing students with all the tools they need to excel. All the videos have captions that you can view on YouTube. If you cited other sources in your essay, you should include a bibliography or works cited list at the end of your essay. Like the citations, the style used to present the references in this list is determined by the style guide your instructor wants you to use. Because you are learning English, you actually have an advantage. Many native speakers learned improper grammar from the start. It’s difficult to undo the damage caused by a lifetime of writing improperly. In exchange, you correct the writing of someone learning your native language. This friend can edit your essay and point out any repetitive errors. Learning to write in another language can be really difficult, especially when you’re first getting started; daily practice is helpful. For example, you could start a blog, create fun poems or text a friend. So instead of constantly saying, “Add the tomato” and “add the eggs,” a thesaurus will teach you to say things like “whisk in the eggs” or “gently fold in the tomatoes.” See? It sounds a lot better and adds interest to your essay. For example, if you’re writing about cooking, the words “stir” and “add” might come up a lot. Proper grammar is difficult for even the most fluent English speakers. The sad fact is that low-income students are significantly less likely to graduate from college than their wealthier counterparts. What’s even more discouraging is that intelligence and achievement don’t seem to help. A poor student with high SAT scores is less likely to finish college than a student with lower scores who happens to be in a higher income bracket. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. We also participate in other affiliate advertising programs for products and services we believe in. Just noting that you made some mistakes will not help you learn how to avoid them in the future. If you don’t have any friends who are fluent in English, you can uselang-8.com. Lang-8 is a free site where native English speakers will correct your writing. Once you’ve gathered your information, take notes of important dates, numbers, names, etc. so you have all the information you need on hand when you begin writing. You can also print out articles and webpages and highlight the important information to find it easily when you start writing. Think about an important experience, such as your most memorable vacation, and write a story about what happened during that vacation. Learning to write in another language can be really difficult, especially when you’re first getting started. Also, look for sentences that are very closely related to one another. If two sentences seem like the thoughts are connected, you can combine them with a semicolon ( ; ). If you want to write in another language, you need to practice in creative ways every day. Learning a new language is certainly an ambitious task. There are so many small details to learn, and the process takes a lot of time and commitment. Once you and your friend have both reviewed your essay and marked any mistakes, rewrite the whole thing.

Top Essay Writing ✒️

Top Essay Writing âœ'️ Don’t plough on regardless â€" a lack of conviction will show in your essay. Return to your plan, and see if you can use similar material but change the emphasis, and perhaps the odd bit of evidence, to produce a different argument. 5) Fill out your skeleton more and more, until it’s essentially a rough draft in bullet points. Every twist or nuance of your argument should be in there; every introductory and concluding sentence for every paragraph, making it explicit how this paragraph answers your question. 1) Re-read your notes a couple of times, and underline anything you think is particularly important, interesting, or relevant to the area of the topic you want to discuss. The act of writing down the definition will help you remember it, and you could include an example of how the word is used to increase your chances of memorising it for use in essays. Sometimes, in the process of writing, you’ll realise that you entirely disagree with two-days-ago you, and you don’t really believe in the argument you’re trying to make. This section contains links to handouts, chapters, videos and more to help you prepare to write an essay. This list of common academic writing assignments will help you know what to expect from essay-based assessments. This snappy article from ThoughtCo talks about the origins of the essay and different kinds of essays you might be asked to write. Essays are different from other forms of writing; in turn, there are different kinds of essays. It’s about grammatical and pronunciation norms used in intellectual and academic activities. And since your essay is analytical and requires credibility, a formal language is what you need to make it sound so. To make a long story short for you, here go answers to the most frequently asked questions about critical essay writing. Read them if you want your analytical essay to be A-worthy. Once you’ve completed the critical essay outline, it’s time to start writing. Do it quickly , paying attention to all the details from your outline. If you start writing lengthy descriptions of all characters and the plot, stop and double-check if this information helps your analysis. Critical essays are about interpretation and evaluation, not retelling the plot. Once the essay outline is ready, it’s time to write. (Yeap, finally!) Begin with an examination of the work and respond to its central claim. Thus, one needs to keep improving our skills by reading, analyzing and communicating consistently. This article covers sufficient details about an essay. The article has provided you with the necessary understanding of how to structure an essay. It also covered the necessary tips to make the essay more effective. In addition to that, the article acts as a guideline for improving your essay writing skills. This section contains general resources for getting to know the essay and its variants. These resources introduce and define the essay as a genre, and will teach you what to expect from essay-based assessments. Start a vocabulary book â€" you probably have one if you’re learning a foreign language, so why not have one for your native language as well? Buy yourself a nice notepad and use it to collect new words and their meanings. As far as possible, try and organise your thoughts into sections, and see if you can link ideas together. my problem is writing critical essay on a topic not on a book, article or film, I guess I will just have to follow the same layout and format the essay. Yes, essays are many, and it might seem impossible to learn the differences between them and the rules of writing them. All you need to do is identify the purpose of your assigned work and outline it accordingly. Make sure to use a formal language in critical essays. One needs to understand the motive of an essay carefully in order to lay a good impression on the reader with the essay. Essay writing skills are an important asset that helps in conveying one’s thoughts and opinions in a terse manner to the readers. And finally, conclude your critical essay with the emphasis on its most essential insights. They need a paper demonstrating that you’ve read a source, understood its theme, and evaluated the evidence relating to that theme. Critical essays are among the most common types of writing assignments in college. Also known as analytical, a critical essay is about evaluating somebody’s work (a movie, a book, an article, etc.) and proving that your evaluation is correct. To conclude, one can say that essay writing is a skill that is mastered gradually.

Legal Enforcement On Cross Border Mergers And Acquisitions Finance Essay - Free Essay Example

It is the conventional fact that there are wide discrepancies among corporate governance regimes around the globe (La Porta et al., 2000). According to the authors, such differences are mainly expressed in terms of legal protections of outside investors, namely shareholders and creditor. Many literatures have looked at agency cost contracting hypothesis that when a firm with lower shareholder protection are motivated to takeover a firm from the country with better corporate governance controls so that to be able to adapt to the better investors protection regimes (Kuipers et al., 2009). Kuipers et al. (2009) found support for agency cost contrasting hypothesis from evidence of higher returns for foreign targets (worse corporate governance regimes) and low and insignificant abnormal returns for U.S. targets (better corporate governance regimes) and also find acquirers abnormal returns are stronger wither higher shareholder protections. On the other hand, firms with better legal protection of investor rights are motivated to takeover firms with poorer protections. This is known as the positive spillover hypothesis (Martynova and Renneboog, 2008). For example, Wang and Xie (2009) found that total synergy of combined firms will increase when acquirers with higher shareholder protections are taking over targets with poorer shareholder protections. Similar results are confirmed by Bris et al. (2008) that market assigns more values to the acquires who are willing to adopt to better shareholder protection by cross-border MAs. Hence, the main contribution of this research paper is that it will mimic the research of Kuipers et al. (2009) but try to test the reverse sample setting of U.S. acquirers (better corporate governance) and foreign (poorer corporate governance). Not only will the short window study sample period be pushed forward to provide more recent evidence on positive spillover hypothesis, but also to study the long-horizon acquirers performance in order to provide evidence on persistent effect of corporate governance and legal environment on post-MA returns for acquirers. One of the main limitations of this research paper is that there is little representation of firms from emerging markets. As agency costs are more severe in emerging market countries (Demirgà ¼Ãƒ §-Kunt and Maksimovic, 1998), the misrepresentation will lead to biased and inconsistent estimates of regression models. Moreover, we have encounter difficulties when we are trying to gather data for block holder ownership of foreign target. Lins (2003) reveals, cash flow r ights and non-management block holder share ownership are key determinants of firm values. Omitting the key variable of determining the stock returns to both target and acquirers will cast some doubt on our later empirical findings. Indeed, the key assumption of this research procedure is derived from the last limitation that the main determinant of MAs returns to acquirers and targets are corporate governance regimes and legal environments. Moreover, we assume during the 15 years of study, sample firms are free from any impacts of economic cycle. It is an essential assumption because we are not controlling for seasonality during our sampling procedure and for the regression analysis. Although it might provide us with biased and inefficient estimates of the effect of corporate governance and legal environment on abnormal returns of targets and acquirers, the regression results are still arguably robust after including control variables and correcting for heteroscedasticity and Mu lticollinearity. The paper is organised as follows: Chapter 2 summarises the results and conclusions of previous studies on the subject; chapter 3 describes the development of 2 relevant hypotheses for regression analysis; chapter 4 provides detailed descriptions of data and sample selection; chapter 5 sets out both methodology for event studies and regression analysis; chapter 6 presents the results of event studies of U.S. acquirers and foreign targets; chapter 7 presents multivariate regression analysis results of MAs abnormal returns; chapter 8 discusses a range of limitation of this research; chapter 8 concludes the study and provides recommendations for future research. Chapter 2: Literature Review This thesis studies the impact of the legal environment and shareholder, creditor protection for target countries on the returns to foreign target shareholders, US acquirer shareholders. During the 11 years period from 1999 to 2011, there has been a surge of takeover activities with foreign acquirers and U.S. targets. For example, Thomson One Banker reports that total 394843 cases of cross-border MAs worth in total of $31.53 trillion for this 11 years period. After reviewing 22 existing literatures  [1]  from 1974 to 1998, Agrawal and Jaffe (2000) found that while target-firm shareholders in general benefit from positive short-term returns, investors in bidding firms normally experience share price underperformance in the months following acquisition, with negligible overall wealth gains for portfolio holders. In light of the increasing puzzling phenomenon, existing literatures in the field of finance have tried to explain the causes of variation in cross-border acquis itions abnormal returns. One of the traditional explanations is payment method hypothesis. For example, Goergen and Renneboog (2004) tests European domestic and cross-border MA deals, and concludes that means of payment in an offer has an impact on the share price. Moreover, the resource diversity hypothesis examined by Anand et al. (2005), which suggest that targets with access to heterogeneous resource environments provide the acquirer with greater potential for capability enhancement and financial performance.   Furthermore, neoclassical synergy hypothesis suggests that expectation and realisation of synergy gains are important determinant of merger activities and performance. Eun et al. (1996) find support for neoclassical synergy hypothesis using a sample of foreign acquisitions of U.S. firms during the period 1979-1990. In addition, Seth et al., (2000), however, also find that hubris hypothesis is coexisting with the neoclassical synergy hypothesis. They proposed tha t managerial hubris hypothesis is a plausible explanation for these cross-border MA. The hypothesis suggests that managers overestimated targets values and result in paying excess premium for the deals believing their valuations are correct (Roll, 1986). As a result, synergy will be insignificant and even be negative for target and portfolio of targets and acquires. Furthermore, MAs are motivated by firms intention to displace inefficient managements (Roll, 1987). However, Roll argued that firms can displace inefficient managements in a cheaper way, such as through proxy fights. Moreover, Jensen (1987) proposed the free cash flow hypothesis that firms with free cash flows need to either payout the cash as dividends or commit to future capital expenditures. Therefore, Jensen argued that MAs are the easiest way for firms to spend the free cash flows and grow expectedly. Last but not least, there is multinational network hypothesis proposed by Doukas and Travlos (1988), whom states tha t the ability of the firm to take better advantage of the benefits inherent in a multinational network by expanding through foreign direct investment activities. There are plenty of literatures to explain the difference between U.S. acquirer and Foreign targets in terms of investor protection and legal environment We are particularly interested in the valuation impact of legal environment of U.S. acquirers and foreign targets. Legal environments around the globe seem to have great diversity. La Porta et al. (1997) introduced the concept that differences in external corporate governance mechanisms which relate to investor protection against expropriation by insiders, along with the rigor of legal enforcement standards within countries, affects the nature and effectiveness of capital markets around the globe. Moreover, La Porta et al. (1998) identifies 4 tranches of legal origins in the world, namely: common-law, French-civil-law, German-civil-law and Scandinavian-civil-law. The authors show that common-law provides the strongest coverage of investor protections, while French-civil-law has the weakest; and German- and Scandinavian-civil-law locate in the middle. Besides, in a later study, La Porta et al. (2002) argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems. Despite there are handful of corporate scandals in the wake of calling for better corporate governance in the U.S. in early 2000s, its corporate governance structure is still one of the bests in the world. The central of corporate governance is agency problems, in which the most serious issue is expropriation by insiders (Shleifer and Vishny, 1997). Continental Europe and East Asian countries have relatively weaker investor protections due to the fact that block holders are prevalent and expropriation by insider is a severe threat (La Porta et al., 200 2). In other words, the authors conclude that better protection of minority shareholders and in firms with higher cash-flow ownership by the controlling shareholder lead to higher firm valuations. However, Rajan and Zingales (2003) criticised the method of LLSV (1997,1998) using time-invariant factors to explain financial development over time and proposed an interest group theory. That is the state of development of the financial sectors does not change monotonically and cross-countries difference in financial development also change considerably over time. Therefore, these patterns are not fully consistent with structural theories that attribute cross-countries difference in financial development to time-invariant factors, such as a countrys legal origin or culture. Using corporate governance differences to explain MA activities has been centre of many empirical studies. Previous studies focus on country-level corporate governance aspects. For example, Rossi and Volpin (2007 ) find that targets in cross-border MA deals are more frequently from countries with weaker investor protection than their acquirers country, suggesting a convergence in governance standards. Starks and Wei (2004) and Bris and Cabolis (2008) find a higher takeover premium when investor protection in the acquirers country is stronger than in the targets country. Following this path of research of corporate governance and legal environment from LLSV and various researchers, Kuipers et al., (2009) confirms agency costs contracting hypothesis that higher abnormal returns of foreign firms to acquirer U.S. corporations are explained by the adoption of better corporate governance regimes and legal environment. Therefore, it confirms and extends the findings in LLSV (2000, 2002) that shareholder protections in global capital markets are influential in cross-border tender offer MA deals. Similarly, Goergen and Renneboog (2008) introduced the idea that contractual devices, such as cross-bo rder mergers and acquisitions, allow companies to opt into better corporate governance structure hence achieve higher firm value. Gilson (2001) added that the convergence of corporate governance will take the contractual form due to inflexibility of response of international governance institutions to changed business circumstances. Alternatively, Martynova and Renneboog (2008) named the motivation of global corporate governance convergence as bootstrapping hypothesis. Furthermore, one of the questions is waiting to be answered is whether shareholder protections and legal enforcement would still be influential if the cross-border deal settings are reversed with U.S. acquirers and foreign targets, effectively to hold acquirers legal environment constant. Wang and Xie (2009) found that acquisitions of firms with poor corporate governance by firms with better corporate governance generate higher total gains. The authors argued that MA leads to change in control of combined companies and when bidding shareholders rights are greater than targets. The resulting change in controls will lead to improve of corporate governance at the targets and therefore higher synergy post-acquisition. Conversely, there is shareholder-expropriation  hypothesis (Goergen and Renneboog, 2008), which states that better investor protected firms takeover less investor protected firms are motivated by the incentives to opt to less shareholder and creditor protections. Such hypothesis suggests that managers of acquirers have different incentives to their shareholders or creditors, so that shareholder and creditor protections are weaker so that it is consistent with free cash flow hypothesis proposed by Jensen (1987). While plenty of MA performance studies have been conducted for the short event windows (including Kuipers et al., (2009), Bris and Cabolis (2008), Wang and Xie (2009)), Cartwright and Schoenberg (2006) identified mixed conclusions in the field of study of long-run p erformance of acquisitions. For example, Black et al. (2001) find significant negative returns to U.S. acquirers during the 3 and 5 years following cross-border mergers. Gugler et al. (2003) found cross-border acquisitions result in a significant decrease in the market value of the acquiring firm over the five post-acquisition years. Furthermore, Andrà © et al. (2004) found cross-border MAs result in a significant negative abnormal returns for Canadian bidders over 3 years period. However, Agrawal and Jaffe (2000) reviewed 22 literatures studied long horizon performance of post-merger, and found that these papers report uniformly that tender offers generates non-negative abnormal returns while mergers have more negative abnormal returns. Therefore, the research hypothesis of this paper is motivated by the lack of evaluation of long run performance of tender offers of foreign acquirers of U.S. targets and shareholder, creditor protection and legal enforcement mechanism. Such a st udy is valuable because it will provide insights into sustainable value created by security holder and stakeholder protection mechanisms in a reversed context of Kuipers et al. (2009)s studies. Chapter 3: Hypothesis development Hypothesis 1: Positive spillover hypothesis Kuipers et al., (2009) developed supports for their hypothesis of shareholder, creditor protection and legal enforcement standards differences are key determinants of value and volume of foreign acquirer with U.S. targets from period 1982 to 1991. It is inquisitive that whether the reverse data setting will also provide evidence to support this hypothesis. In other words, the settings of foreign targets of US acquirers should also display abnormal returns of target, acquirer and portfolio as a function of such shareholder and creditor protection mechanisms. If it is true then the hypothesis is in support of Kuipers et al., (2009) and verifies that the relationships are robust with reverse condition. Moreover, long-run performance of MAs should be evaluated to test for the persistence of the investor protection and legal enforcement effects. Martynova and Renneboog (2008) demonstrates positive spillover hypothesis of MAs, which state s that in a MA deal, when acquirers have better corporate governance will spillover their corporate governance regulations to targets and total synergies are partly contributed by the difference in corporate governance. Rossi and Volpin (2004) also found support in the case of studying determinants of cross-border MA volumes and conclude that   targets are from countries with poorer investor protection (shareholder and creditor) than their acquirers countries, suggesting that cross-border MAs play a governance role by improving the degree of investor protection within target firms. This is typically seen as a reverse phenomenon of Kuipers et al. (2009)s studies, which they conclude that companies with poorer shareholder protections will take over better protected firms so that lead to higher abnormal returns. Martynova and Renneboog (2008) named it bootstrapping hypothesis, that bidders with poorer corporate governance will choose to improve their shareholder and creditor protections by taking over targets with better corporate governance regulations. Accepting the positive spillover hypothesis in the setting of U.S. acquirers and foreign targets would be consistent as the contractual convergence hypothesis of Kuipers et al. (2009) and Goergen and Renneboog (2008). Therefore, the empirical analysis finds support for positive spillover hypothesis if there is a positive relationship between investor protections and target abnormal returns and negative relationship between investor protection and acquirer abnormal returns. Hypothesis 2: Free cash flow hypothesis Roll (1987) establish a free cash flow theory for mergers and acquisitions. Free cash flow is cash flow in excess of that required to fund all of a firms projects that have positive net present values when discounted at the relevant costs of capital. Such free cash flow must be paid out to shareholders in order to maximize value for shareholders (Roll, 1987). However, distributing the c ash to shareholders reduces the resources controlled by managers. Thus, this can reduce the managers power and potentially subject them to the monitoring by capital markets that occurs when firms must obtain new capital. Therefore, naturally, managers have incentives to expand their firms beyond the size that maximizes shareholder wealth. Growth entrenches managers by acquiring the resources under their control. Moreover, changes in management compensation are often positively related to growth. Empirical support for free cash flow hypothesis can be found in Lang et al. (1991). They find that bidder returns are significantly negatively related to cash flows for bidders with low Tobin q but not for high q bidders. Chapter 4: Data and sample selection Deal data we are intended to collect for the study of abnormal returns of acquisitions as a function of shareholder/creditor protection and legal environment is provided by Thomson One Banker. For U.S. acquirer and foreign targets, we require stock return data on DataStream International  [2]  . For both target and acquirer, we require no missing stock returns during the announcement period as well as long-horizon post-announcement period. Specifically, for the study of reverse effect of Kuipers et al. (2009) hypothesis will need Thompson One Banker deal sample collection from 01/01/1993 to 31/12/2008. The time period is chosen in order to capture the fifth merger wave starting from 1996 to 1998 and the sixth merger wave starting from 2002 to 2008 (Sudarsanam, 2010). The acquirer countries are set to global except U.S. and target country has been restricted to the U.S. Following conditions need to be confined for the data selection. The offers need to be completed with in the time periods specified from 1993 to 2008; Takeovers have to be successful, using Kuipers et al. (2009)s definition we define successful takeover as acquirer gaining 50% or more control of the voting shares of the target firm for the first time; Both bidding and target firms are publically trading; The value of the deal is more than $1 million; All deals have to be tender offers  [3]  ; Exclude industry of Finance (6 digit-Cusip code start with 6) and Utility (6 digit-Cusip code start with 49) as MAs of these industries subject to various regulations and government controls. All deal payment methods have to be equity  [4]  . We then match total of 214 transactions to corresponding stock price time-series data in DataStream International as follows: Individual stock price for acquirers and targets covering the window (-260 days, 10 days) which is used to carry out short-run studies; Individual stock price for acquirers covering the window (-26 0 days, 60 months) which is used to carry out long-run studies; The goal of gathering sufficient sample data would be compromised as there are many newly combined firms are not publically traded. Moreover, the 214 sample size further reduced to 145 bidder firms and 151 target firms after getting rid of wrong DataStream code and no estimation period stock return data. Table 1 below shows the sample collection by target nations. The sample covers 22 countries, totalling 151 target companies: Table 1. Sample collections for foreign targets. Target Nations Total Target numbers Target Nations United Kingdom 54 Canada Sweden 12 Australia Netherlands 5 Switzerland Denmark 4 Taiwan France 3 New Zealand Israel 2 Belgium Finland 1 Greece Chile 1 Hong Kong South Africa 1 Japan Germany 1 Thailand Croatia 1 India South Korea 1 Total Finally, the important part of data collection for cross-sectional regression is referred to La Porta et al. (1998), which argued that the allocation of countries to the legal families strongly influences the design of shareholder protection. A word of caution should be noticed that data collected in the studies for La Porta et al. (1998) is rather outdated and it has become one of the major drawbacks of this work. However, recent papers (e.g., Kuipers et al. (2009)) are still adopting such data set due to the thoroughness of the investigation La Porta et al. (1998) has created. Our sample countries can be grouped into two legal families, namely common law and civil law. La Porta et al. (1998) collected data from 49 countries around the globe and there are 18 countries belong to common law family, while the other 28 countries belong to civil law families  [5]  . La Porta et al. (1997) concludes that countries with poorer investor protection (depending on the legal family) ha ve smaller and narrower capital markets. Table 2 allocates our sample of 151 target firms into the four legal families: Table 2. Sample collections for different Legal Origins. English Common Law Total numbers French Civil Law Total numbers United Kingdom 54 France Canada 35 Netherlands Australia 14 Chile 1 Israel 2 Belgium 2 New Zealand 2 Greece 1 Thailand 1 Total 12 Hong Kong 1 South Africa 1 German Civil Law Total numbers India 1 Switzerland 4 Total 111 Germany 1 Scandinavian Civil Law Total numbers Taiwan 3 Sweden 12 South Korea 1 Denmark 4 Japan 1 Finland 1 Croatia 1 Total 17 Total 11 The detail of data composition is summarised as following: Shareholder protection: Anti-director rights (Investor protection index) which is the sum of the following 5 dummy variables; measures how strongly the law favours shareholders in the voting processes. More specifically, the index is formed by adding 1 when: (1) the country allows shareholders to mail their votes; (2) shareholders are not required to deposit their shares prior to their annual meeting; (3) cumulative voting is allowed; (4) opposed minority mechanism is in place; (5) there is equal or less than 10% of share capital that entitles a shareholders to call for an Emergency Shareholders Meeting. The index ranges from 0 to 5. Proxy by mail measures weather shareholders can vote with ease so that to enhance the protection of their rights. The dummy variable equals to 1 if the regulation exists, 0 otherwise. Shares blocked before meeting identifies which countries companies have required shareholders to lock their share before annual meeting, which is unfavourable to shareholders. We measure t he rule using dummy variable, equals to 1 if such regulation exists in the law, 0 otherwise. Cumulative voting, allow shareholders to exercise their voting rights in collective fashion, so that to give them more power over the board of directors. We measure the rule using dummy variable, equals to 1 if such regulation exists in the law, 0 otherwise. Opposed minority mechanism allows shareholders to reject the major changes to a company, therefore enhances their rights. We measure the rule using dummy variable, equals to 1 if such regulation exists in the law, 0 otherwise. % of share capital to call an Extraordinary Shareholders meeting, the higher the percentage the hard the shareholders to organise a meeting to challenge the management, so that the weaker the shareholder protection. We measure the rule using dummy variable, equals to 1 if such regulation exists in the law, 0 otherwise. Creditor protection: The proxy for creditor protection, which is the sum of the following 4 dummy variables; measures how strongly the law favours creditors. The index is form by adding 1 when: (1) there are restrictions for reorganisation; (2) there is no automatic stay on secured assets; (3) secured creditors get fist paid in events of reorganisation; (4) finally, management will be removed in reorganisations. Restrictions for reorganisation: equal 1 if the reorganization procedure needs creditors consent, 0 otherwise. Automatic stay on secured assets which protects managers as when the company defaults, secured creditor will not be able to possess the remaining assets. We measure the rule using dummy variable, equals to 1 if it allows for auto stay on in the law, 0 otherwise. Secured creditor first paid protects creditors in event of reorganisation, and it is rare that they are not assured the right to collateral during reorganisation. We measure the rule using dummy variable, equals to 1 i f secured creditors are first paid, 0 otherwise. Management stays on after reorganisation will weaken the creditor protection, therefore, the dummy variable equals to 1 if managers are required to stay on and 0 otherwise. Rule of Law measures the relatively narrow difference of legal rules among sample countries. More specifically, two types of law La Porta et al. (1998) have sampled are company laws and reorganisation laws. However, there have been obvious omissions of MAs regulations and rules mainly because these rules come from many sources and can be located within company laws, anti-trust laws and other financial and market regulations. Similarly, by adopting La Porta et al. (1998) s sample set, we are discarding rules imposed by security exchanges, regulations of banking and financial institutions. The proxy variable for rule of law is constructed according to La Porta et al. (1998) using the rule of law index consists of dummy variables for degree of law and order scal e from 0 to 10, with lower values for less tradition for law and order. Judicial Efficiency is an assessment of the efficiency and the integrity of the legal environment. The variable is scaled from 0 to 10, with lower scored means least efficient. Following La Porta et al. (1998), this index is typically interpreted as the investors assessment of general business conditions in a country. Interaction terms are shareholder protection*rule of law and creditor protection*rule of law, which are constructed according to Kuipers et al. (2009). Shareholder protection*rule of law measures the rights that minority shareholders effectively hold after controlling for their enforcement by the legal system. And creditor protection*rule of law: measure the rights that creditors effectively hold in a bankruptcy procedure. We interpret this variable as a proxy for the ease of access to credit markets which is same as Rossi and Volpin (2004). Control variables for control effect regressions are constructed using DataStream International. The list below shows the variables to be constructed, they are mainly set up according to Kuipers et al. (2009) while some others are composed with regard to other literatures on MAs stock returns: Deal-related: MultiBids: Bradley et al. (1988) showed that   competition among bidding firms increases the returns to targets and decreases the returns to acquirers. The dummy variable equals to 1 if more than one bid is made for the target, 0 otherwise. Opposed: Huang and Walkling (1987) provided evidence that abnormal returns earned by target firms at the time of deal announcements are related to degree of resistance. Ryngaert (1988) found that if target firm management is entrenched, opposed offers can lower target shareholder wealth. To categorise an offer as opposed by targets management if DataStream International classifies the deal as hostile takeover. Opposed is a dummy variable equal to one if target management actively opposes the offer. RelSize: Asquith et al. (1983) measures relative size of target to bidder using ratio of target to acquirer total assets. It is well established that larger the target relative to bidder, higher the target returns (Kuipers et al., 2009). At a basic level, the larger the target relative to the bidder, the greater the effect of the acquisition on the bidder, and the more likely a greater market reaction. The variable is the total asset ratio between target and bidder. Firm-specific variables to capture market imperfection and asymmetries. FXIntang: Swenson (1993) found that part of the high premium paid by bidder in foreign takeovers are attributed to higher level of foreign targets intangible assets relative to total assets. Thus, we calculate the variable as proportion of target firm total asset booked as intangible FXqHi: Tobins Q is a proxy variable for managerial talent and ability (Kuipers et al., 2009). On the other hand, researchers (e.g., Lang et al. (1989) and Lang et al. (1991)) have developed a measure of free cash flow using Tobins Q. To include this proxy variable is initiated by Lang et al. (1989) that lower q target shareholders will benefit more than higher q target shareholders. The dummy va riable equal to 1 if targets q is higher than one, 0 otherwise. USqHi: As per Lang et al. (1989) have predicted that shareholders of higher q bidders gain significantly more than the shareholders of lower q bidders. We are intended to use the proxy variable to capture the managerial effect for gains of U.S. bidders. The dummy variable equal to 1 if acquirers q is higher than one, 0 otherwise. Related: Wayne et al. (1993) found evidence that bidders pay slightly higher premium for targets whose operations are closely related to their own. Dummy variable equal to 1 if both target and acquirer are in the same 2-digit SIC classification, 0 otherwise. Chapter 5: Methodology To estimate short window abnormal returns, we employ a standard event study methodology using market model. We use single index market model method due to we can obtain more accurate estimation of normal return of stocks when they have previous trading before the announcement date of MAs. The alternative is the simpler and more straightforward method of market-adjust model. Such method is a crude calculation of abnormal returns as it assumes stocks has no estimation period normal returns (Binder, 1998). Moreover, market model approach is better as they are not limited to sample of acquirers that have only U.S. based American depositary receipt (Servaes and Zenner, 1994), and Eun et al. (1996) has to resort to the naive method of mean-adjusted returns methodology (Kuipers et al., 2009). Estimation period is set to a period of 200 days begins 260 days before and 61 days prior to the announcement day (AD) of the offer. It is worth to note that the date can be different from deal to deal therefore it is not calendar date. 200 days is long enough to provide a reasonable estimate of the normal return, and going back 61 days is sufficient to ensure that the announcement of takeover bid does correlated with estimation of normal return. Then we estimate each stocks abnormal return using market-models estimated standard error during the event period, and cumulative average abnormal returns (CAARs) are found for a range of event window lengths. We are following Kuipers et al. (2009)s methodology of constructing target, acquirer, market-model and abnormal returns. For U.S. acquirers and foreign targets, market model and abnormal returns are constructed using country-specific, equal-weighted market indices provided by DataStream International. At last, Bradley et al. (1988) sets out the way to construct the daily abnormal returns, cumulative abnormal returns and the standardised cumulative returns for portfolio comprises of target and acquirer. Naturally, time -series nature of stock price for individual firm would allow us to use continuous compounded returns as a more appropriate valuation method. One of the benefits of continuous compounded return is that it is more likely to fulfil the strict assumptions of standard parametric statistical tests than discrete return. Formula we are going to use to calculate continuous compounded return is: 5.1 Calculating normal return for estimation period Market-model, a statistical model, is used to estimate normal return, of estimation period. It is popular and also sufficient to be used for short window study: From which, . And is the abnormal returns or prediction error, which needs to be estimated. is a random variable that, by construction, must have an expected value of zero, and is assumed to be uncorrelated with , not autocorrelated and homoskedastic. Calculating cumulative average abnormal returns (CAARs) By controlling for the normal relationship between the stocks return and the market return, resulting in abnormal returns conditional on contemporaneous market returns with a lowest standard error  [6]  : Average Abnormal Returns, AARs is the sample mean: Where t is defined in trading days relative to the event date (e.g. t= -60 means 60 trading days before the event date). Over an interval of two or more trading days beginning with day T1 and ending with T2 within the event period, the cumulative average abnormal returns (CAART1,T2) is the result of the sum of the abnormal returns over the test period (TP): ; In order to infer whether the abnormal return is statistically significant or not, student-t-test would be conducted with hypothesis: Cross-sectional students t-test procedures are adopted from Brown and Warner (1985), and Standard deviation of average abnormal returns (AARt) is: Where there are n different stocks have time series data across different event periods. Cross-section test statistic (under the assumption of cross sectional independence) is: The test statistic is the ratio of the specific event date CAAR to its estimated standard deviation; the standard deviation is estimated from the time-series of AARs. Where T1 and T2 are time period when the event windows start and stop respectively. The statistics distribution follows a students t distribution with n-1 degree of freedom. The null hypothesis states that the difference between the expected return given the deal has been announced, yi, and the expected return in the absence of the event equals to zero. In other words, null hypothesis is there is no evidence of expected abnormal returns for the test period. By rejecting the Null Hypothesis, we can conclude that there is sufficient evidence that to support the existence of abnormal returns for acquire, target or the portfolio. We can set significant level at which one is willing to reject the null hypothesis (also known as the probability of making a Type I error). A typical study (e.g,, Kuipers et al. (2009)) would set significant level at a low value (1% or 5%). It will force us to find strong evidence to reject null hypothesis and therefore lead to less chance of making Type I error. This is desirable, as we know the probability of wrongly rejecting the hull hypothesis, but will have more uncertainty when we fail to reject the null hypothesis. As the availability of Eventus, which abstract data from Compustat/CRSP (U.S.) database, it makes analysis of U.S. Acquirers CARs a lot easier. I have obtained CUSIP code, which is an id entifier of securities assigned to all securities, and used it as ID to abstract CARs and parametric test statistics from Eventus. On the other hand, it is more difficult and cumbersome to carry out event studies for Foreign Targets due to Eventus does not contain non-U.S. security data. In order to carry out the short window event studies, Microsoft Excel is employed to carry out the regression of market model to estimate each individual foreign target. Then using the actual stock continuous returns and equivalent country specific market continuous returns to compute the abnormal returns (ARs) across a range of short run event dates. After calculating all ARs for all 151 foreign target firms, average abnormal returns (AARs) of each event date can be obtained by taking average of the 151 ARs on that specific event date. Finally, cumulative average abnormal returns (CAARs) for specified range of short event windows can be obtained by adding AARs that fall into the range. Long-run acquisition abnormal returns for U.S. acquirers We are constructing the long-horizon event study to test for the market efficiency and persistence of reaction effects. More importantly it is to provide abnormal returns for later regression analysis regarding the relations between long-run abnormal returns and investor protection as well as legal environment. Long-horizon event study is recommended to use a more sophisticated asset-pricing-model. Therefore, we are adopting Andrà © et al. (2004)s methodology of using Fama-French three factor model (FFTFM) (Fama and French, 1993) to estimate the calendar-time portfolio abnormal returns. Furthermore, with respect to the original preferences of Fama and French (1993) , we are adopting CARs as an estimation of abnormal returns rather than average-buy-and-hold abnormal returns. For each calendar month, we calculate the return on a portfolio composed of firms that undertake mergers and acquisitions within the preceding k years (k = 1 to 5) of the calendar month (t =1 to T). We th en estimate the regression using the calendar-time return on this portfolio: The dependent variable of the regression is the monthly excess return of the portfolios (Rp.t Rf.t), which corresponds for a given month, t, to the returns of the portfolio of MAs (Rp.t) less the risk-free rate (the monthly rate of 91-day U.S. Government Treasury bills, Rf,). The independent variables are the excess market return and two zero-abnormal return investment portfolios SMB (size) and HML (book-to-market ratio) which are constructed to mimic systematic risks. We have constructed SMB and HML consistent with Fama and French (1993). ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢p, Sp, hp stand for the factor loadings of the portfolio on each risk factor: the market, SMB and HML. The parameter ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±p in the regression indicates the monthly average abnormal return of our MA sample. A positive ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±p indicates after controlling for market return, size and book-to-market effects, the firm earn s positive abnormal returns. Fama (1998) notes that if the model only partially gives explanation for the expected returns of the MA portfolios, then the value of ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±p will combine the abnormal return due to the event with the unexplained part of the return due to the misspecification of the model. 5.2 Multivariate Analysis Multivariate regressions are estimated to test the relationship between cumulative abnormal returns (independent variable Yi.t) and investor protection and legal environment (dependent variables Xi.t). The simple form of the cross-section multiplicative regression is: Where, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± is the intercept term and is the residual. The dummy variables of investor protection and degree of legal enforcement are adopted from La Porta et al. (1998), and it has been specified in data and sample selection of this study. Multiplicative cross-section regression model has been employed due to there are many dummy variables are used for shareholder and creditor protections as well as for legal enforcement. For example, Brambor et al. (2006) specified the simple form of multiplicative interaction cross-section regression can take the following form: Where X and Z are two qualitative variables can take bivariate values or continuous values. In the model, gives the one unit change i n X on the expected value of Y only when Z=0. In other words, by combining two models into one multiplicative interaction model, we have to interpret the relationship between dependent variable and one of independent variables conditioned by the other interacted independent variables. In this specific model above, measures the effect of unit change in interaction of X and Z on the expected value of Y. Conditional interpretation is paramount if the interaction model becomes more and more complex. Moreover, random errors are treated using Newy-Wests heteroskedasticity consistent efficient covariance, in each case to control for heteroskedasticity effect in panel data. Moreover, multicollinearity is checked by inspecting correlation matrix. 5.2.1 Control effects: Referring to Kuipers et al. (2009), for both the short-run reverse effect study and long-run study, firm-specific and deal-related dependent variables (included in Xi.t in the regression) are included. Therefore, we can examine the robustness of the findings regarding the determinants of target and acquirer abnormal returns in cross-border tender offers as a function of investor protection and legal environments, after controlling for possible endogenous variables. All the control variables have been specified in the data and sample selection part of this paper. And again, the control effects regressions random errors are treated using Newy-Wests heteroskedasticity consistent efficient covariance, in each case to control for heteroskedasticity effect in panel data. Moreover, multicollinearity is checked by inspecting correlation matrix. 5.2.2 Model Building Issues: The goal of multivariate regression study is use the simplest model to provide efficient and unbiased estimations of the complex relationships (Brooks, 2002). In order to test whether the regression model behaves as specified, we are imposing scrutiny checks to ensure the OLS assumptions are fully complied. The OLS assumptions are: The random errors have zero mean: So that the measure of mean of Y is only conditional on X variants. In fact, when there is a constant term included in the regression, this assumption will never be violated (Brooks, 2002). Variance of random errors is constant: This assumption is known as homoscedasticity, that is essential because it ensures each observation is equally reliable, so that the estimates of the regression coefficients are efficient and test for hypothesis concerning the coefficients are unbiased (P.Newbold et al., 2009). Otherwise, if the variance of error terms is not constant, we called it heteroskedasticity, and can be detected us ing White or Breusch-Pagan- Godfrey tests. Random errors are treated using Newy-Wests heteroskedasticity consistent efficient covariance, in each case to control for heteroskedasticity effect in panel data. The random errors are linearly independent of on another: this assumption ensures there are no autocorrelation between the error terms. It is essential because it ensures that mean value of Y depends only on X but not on the error terms. Moreover, it also ensures that the estimates of the regression coefficients are efficient and that tests concerning thesis coefficients are valid (P.Newbold et al., 2009). We can detect violation of this assumption using autocorrelation test of Durbin-Watson, if the test statistic is close to 2, then we will have zero correlation between error terms. No relationship between the random error and corresponding X variables: violation of this assumption will have non-stochastic X variables within the models. This is not desirable because infere nces carried out conditionally on the observed value of an X repressor will be invalid. However, if error terms have zero mean, the OLS estimator is still unbiased (Brooks, 2002). No Multicollinearity: It means there is no correlation between explanatory variables. So that they are orthogonal to one another and adding or removing variables will not cause the values of the coefficients on that other variables to change (Brooks, 2002) We will check for Multicollinearity between all of the control variables by constructing the correlation matrix by the help of Eviews 6. Removing any one of the two variables which have correlations higher than 0.5000 will leave us orthogonal variables in the regression model. Chapter 6: Abnormal returns post MA 6.1 Short-horizon Cumulative Abnormal Returns (CARs) for U.S. acquirers Table 3. U.S. acquirers cumulative abnormal returns (CARs). N=149 CAAR (-10,-1) -0.41% (-5,+5) 0.01% (-1,0) 0.08% (+1,+10) 0.29% The symbols $,*, **, and *** denote statistical significance at the 0.10, 0.05, 0.01 and 0.001 levels, respectively, using a two-tail test. To estimate the abnormal returns, we followed the standard event study procedure using Eventus. First, Market Model is used, as it mentioned before in methodology, to estimate the expected (normal) returns for all securities across the estimation period of (-260, -60) and set minimum estimation period to be 3 days. We then estimate the abnormal returns (ARs) using OLS regression estimations, such that squared standard errors (SSEs) are minimised to present an accurate evaluation. Finally, calculate the Average Abnormal Returns (AARs) for each event window for all sample companies. Therefore, it is palpable to see that Cumulative Average Abnormal Return (CAAR) for each short-horizon event window is the cumulative sum of all AARs within that window. Table 3 re ports the cumulative abnormal returns (CARs) obtained from Eventus for U.S. acquirers for the complete sample over various event windows. To see whether the results indicate any statistical significance, we refer to the parametric test statistics. All cross-section t-test statistics are insignificant indicating CAARs of U.S. acquirers are equal to zero statistically. In terms of economic significance, CAARs for all announcement windows are also insignificant. However, a common trend for all companies is that stock CAARs become less negative as event windows distributed closer to announcement dates and become more negative as event windows cover boarder period relative to announcement dates. However, the overall CARs level is mild and close to zero. The result is consistent with Martynova and Renneboog (2008), that the authors found no significant relation between bidders corporate governance quality and acquirer CARs, therefore supports the positive spillover hypothesis. Table 4. Short-horizon U.S. acquirer cumulative average abnormal returns (CAARs) sort into four legal origins. English Common Law N=105 French Civil Law N=12 German Civil Law N=9 Scandinavian Civil Law N=19 2-tailed CAAR t CAAR t CAAR t CAAR (-10,-1) -0.16% -0.193 -0.73% -0.159 0.55% 0.382 -1.35% (-5,+5) 0.00% -0.001 -0.46% -0.217 2.92% 0.984 0.56% (-1,0) -0.20% -0.372 3.04% 1.694$ -0.45% -0.336 0.22% (+1,+10) 0.55% 0.800 2.07% 0.648 -0.19% -0.094 -0.58% The symbols $,*, **, and *** denote statistical significance at the 0.10, 0.05, 0.01 and 0.001 levels, respectively, using a two-tail test. In table 4, the data from table 3 has been decomposed into four categories of legal origins around the globe. According to La Porta et al. (1998)s methodology, we have sort target countries into the four legal families, namely: English Common Law, French Civil Law, German Civil Law and Scandinavian Civil Law. It is apparent from this table that across the board insignificant t-test statistics apart from announcement window (-1,0) for French (1.694, significant at 10%) with CAAR equals 3.04%, which is economically significant. Despite positive CAARs for French during announcement window (+1,+10) has economically significant value of 2.07% , it is not statistically significant with t-test equals 0.648. Similar results can be found for Germans CAAR of 2.92% during event window (-5,+5) and Scandinavians CAAR of -1.35% for event window (-10,-1). However, small sample sizes for French (12), German (9) and Scandinavian (19) legal origins may explain the insignificant cross-sectional t-tests. We knew from La Porta et al. (1998) that English Common Law environment most excellently covers investor protection, while French Civil Law system performs worse with German and Scandinavian Civil Law locate in the middle. Further analysis from table 4 has confirmed this finding using CAARs of U.S. acquirers. This is demonstrated that that English common law origin MA deals pose the least variations of CAARs among the 4 legal families, while French poses the most variations, with German and Scandinavian locate in the middle. Fur ther to this point, U.S. acquirers with better shareholder and creditor protections takeover firms with worse legal protection of insider expropriation and experience negative or close to zero CAARs during the short-horizon announcement windows. Therefore, the results from table 4 are consistent with empirical results from Moeller and Schlingemann (2005), in which the authors also tested the short horizon CAARs of U.S. acquirers and foreign targets for sample period of 1985 to 1995. They found that bidder returns are positively associated to legal systems with better shareholder rights. This appears to provide a soft support for the positive spillover hypothesis proposed by Martynova and Renneboog (2008), such that bidders corporate governance quality does not lead to higher acquirers CAARs. 6.2 Short-horizon Cumulative Average Abnormal Returns (CAARs) for foreign targets Table 5. Foreign Targets cumulative average abnormal returns (CAARs). N=135 CAAR (-10,-1) 2.93% (-5,+5) 11.15% (-1,0) 5.04% (+1,+10) 4.37% The symbols $,*, **, and *** denote statistical significance at the 0.10, 0.05, 0.01 and 0.001 levels, respectively, using a two-tail test. t (HC) is Heteroskedasticity consistent students t test. Table 5 shows the foreign target CAARs and cross-sectional t-tests obtained from Microsoft Excel using the Eventus methodology for U.S. acquirers. The results show drastic difference compared to U.S. acquirers CAARs, as foreign targets experience both statistically and economically significant CAARs. All 4 event windows display CAARs significant at 0.1% with the most economically significant CAARs of 11.15% occurring in event window (-5, +5). It is also worth to note that 2-day event window of (-1, 0), in which foreign targets experienced 5.04% CAAR with cross-sectional t-statistics equals 7.3612 (significant at 0.1%). The results show in table 5 are similar to the empirical results provided by Martyno va and Renneboog (2008) that the authors have 296 cross-border target samples and report CAAR of 15.61% with t-statistics equals 16.15 and also significant at 0.1%. This is no coincidence, as foreign targets have lower quality of corporate governance, hence, positive spillover of corporate governance will lead to higher synergy for targets shareholders post-MAs. Table 6. Short-horizon foreign targets cumulative average abnormal returns (CAARs) sort into four legal origins. English Common Law N=111 French Civil Law N=12 German Civil Law N=11 Scandinavian Civil Law N=17 2-tailed CAAR t CAAR t CAAR t CAAR (-10,-1) 3.09% 5.0726*** 2.28% 1.6217 1.94% 1.8095$ 2.94% (-5,+5) 10.81% 10.2499*** 9.97% 3.7207** 10.82% 2.5967* 14.49% (-1,0) 4.73% 7.9402*** 4.45% 2.5983* 3.87% 1.1682 8.19% (+1,+10) 4.36% 5.7351*** 4.80% 2.631* 5.83% 2.3226* 3.18% The symbols $,*, **, and *** denote statistical significance at the 0.10, 0.05, 0.01 and 0.001 levels, respectively, using a two-tail test. t (HC) is Heteroskedasticity consistent students t test. Table 6 illustrates the foreign targets CAARs decomposed into the 4 legal origins specified in La Porta et al. (1998). Targets from all legal origins yield positive and statistically significant CAARs. Also, it is apparent from the table that targets from English and Scandinavian legal origins earns higher announcement returns than target companies from French and German legal origins. This finding is consistent with prior empirical study. For example, Martynov a and Renneboog (2008) found that companies of English or Scandinavian legal origin yield the highest CAARs, which are almost 2.5 times higher than the CAARs of target companies of French or German legal origin. However, the comparison between different legal origins may be biased due to limited sample sizes for French, German and Scandinavian legal origins during the 15 years period from 1993 to 2008. Moreover, the results are also complement to the findings of Bris and Cabolis (2008) that target shareholders earn significantly higher abnormal returns (5.52%) than opposite case (-13.41%) and conclude that higher legal protection of legal law of target firms will lead to higher target shareholders abnormal returns. 6.3 Long-horizon Cumulative Average Abnormal Returns (CAARs) for U.S. acquirers There are considerable amount of empirical studies of cross-border MAs are focusing on short-horizon performance of acquirers. One question needs to be answered, however, is whether U.S. acquirers, which have the best corporate governance regimes (Kuipers et al., 2009), will earn significant abnormal returns in the long-horizon. We know that there are mixed views of long-horizon performance of acquirers, due to different determinants are used to explain the abnormal returns of acquirers (Cartwright and Schoenberg, 2006). However, there are still some consistent views in the long run performance of acquirers. For example, Agrawal and Jaffe (2000) review 22 empirical studies and show that through tender offers, in a long run, acquirers earn non-negative abnormal returns. Table 7 Long-horizon. U.S. target, foreign acquirer abnormal returns (ARs) from FF3FM. Holding period N=156 Intercept t (HC) B(p) t (HC) S(p) t (HC) H(p) (+60 days, +3 Years) 0.0024 0.93 1.1245 21.56*** 0.2501 2.19* -0.0902 (+60 days, +4 Years) 0.0012 0.47 1.1614 22.44*** 0.3348 2.97** -0.0463 (+60 days, +5 Years) 0.0012 0.48 1.1834 23.10*** 0.3318 3.00** 0.0033 The symbols $,*, **, and *** denote statistical significance at the 0.10, 0.05, 0.01 and 0.001 levels, respectively, using a two-tail test. t (HC) is Heteroskedasticity consistent students t test. Table 7 shows the regression results of Fama-French-3-factor-model (FF3FM) regression of the portfolio of U.S. acquirers. Intercept is the result for abnormal returns; B(p) is the factor loading of the portfolio for the market risk; S(p) is the factor loading of the portfolio for the risk of size effect, approximated by SMB and lastly, H(p) is the factor loading of the portfolio for the risk of financial distress, approximated by HML. For the sample size of 156, it is apparent from the table that abnormal re turns across three time periods are both economically and statistically insignificant after controlling for market risks, size effect and financial distress risks. Among these three factors, the market risk seems to explain most of the abnormal returns of the portfolio, with heteroskedasticity consistent t-statistics greater than 20 and significant at 0.1% level. On the other hand, size effects are statistically significant at 5% for 3 years period and 1% for both 4 and 5 year periods. In a contrary, there is no statistically significant relationship between portfolios abnormal returns and firm-specific financial distress risks. Table 8. Long-Horizon U.S. acquirer abnormal returns (ARs) sort into four legal origins from FF3FM. English N=109 Intercept (Abnormal Return) t (HC) B(p) t (HC) S(p) t (HC) H(p) (+60days, +3years) 0.0050 1.69* 1.0656 16.90*** 0.2869 2.50** -0.1561 -1.15 (+60days, +4years) 0.0039 1.34$ 1.1226 18.76*** 0.3282 2.76** -0.1168 -0.89 (+60days, +5years) 0.0034 1.19 1.1465 19.63*** 0.3165 2.74** -0.0984 -0.76 French N=12 (+60days, +3years) -0.0102 -1.70* 1.4198 8.93*** -0.2226 -0.94 0.1280 0.61 (+60days, +4years) -0.0134 -2.60** 1.4285 11.85*** -0.1283 -0.58 0.2842 1.44$ (+60days, +5years) -0.0104 -2.07* 1.5107 13.13*** -0.0800 -0.35 0.3954 2.02* German N=11 (+60days, +3years) -0.0031 -0.51 1.1340 8.90*** 0.5304 2.15* 0.6093 3.25*** (+60days, +4years) -0.0033 -0.59 1.0854 8.50*** 0.5962 2.36** 0.6610 3.43*** (+60days, +5years) -0.0024 -0.42 1.0558 7.69*** 0.6432 2.48** 0.6883 3.59*** Scandinavian N=20 (+60days, +3yea rs) -0.0017 -0.39 1.1966 11.83*** 0.2628 1.41$ -0.0469 -0.37 (+60days, +4years) -0.0024 -0.64 1.1519 12.33*** 0.3054 1.76* -0.0047 -0.04 (+60days, +5years) -0.0031 -0.81 1.2159 11.57*** 0.3538 2.10* 0.1308 1.06 The symbols $,*, **, and *** denote statistical significance at the 0.10, 0.05, 0.01 and 0.001 levels, respectively, using a two-tail test. t (HC) is Heteroskedasticity consistent students t test. Table 8 shows the FF3FM regression results of portfolio of U.S. acquirers from table 7, which have been decomposed into the 4 legal origins. Interestingly, acquirers from English common law origin have experienced positive long run abnormal returns. Although the abnormal returns are not economically significant (around 0.5 and 0.3 percent), for period 3 years and 4 years, the abnormal returns are statistically significant at 5% and 10% respectively. In a contrary, French, German and Scandinavian civi l law origin all display negative abnormal returns for the portfolio of U.S. acquirers. Among the tree legal origins, portfolio of U.S. acquirers that took over targets within the French civil law origin displays both economically and statistically significant negative abnormal returns with German and Scandinavian origins display insignificant abnormal returns economically and statistically. More specifically, the long horizon abnormal returns for French origin are ranging from 1.02% to 1.34% and statistically significant at 5% and 1% respectively. It is worth to note that factor loading on market risks are highly positively significant (at 0.1% level) for all legal origins and time periods. While other two risks have moderate explanatory power, except for financial distress risks of German civil law origin. From which are positively significant at 0.1% level. In general, the results from FF3FM of Long horizon portfolio of U.S. acquirers are again consistent with the positive spillover hypothesis, such that, abnormal returns of portfolio for U.S. acquirers positively related to targets shareholder protection for English Common Law origin. The long-horizon empirical results are the extensions to Moeller and Schlingemann (2005), in which the authors tested the short horizon CAARs of U.S. acquirers and foreign targets. They found that bidder returns are positively associated to legal systems with better shareholder rights. The regression study has further confirmed such result in the long run. Chapter 7: Multivariate Regressions 7.1 Regression analysis of CAARs for foreign targets and U.S. Acquirers Table 9. ordinary least-squares regression of CAARs for U.S. acquirers and foreign targets Dependent Variable Foreign Target CAARs N=100 U.S. Acquirer CAARs N=94 ( 1 ) ( 2 ) ( 1 ) Independent Variables Constant 0.1977$ (0.1103) -0.5569*** (0.1711) -0.0752 (0.0548) Rule -0.0052 (0.0106) 0.0965*** (0.0228) 0.0089 (0.0094) Efficiency of Judicial System -0.0020 (0.0133) -0.0263* (0.0130) -0.0012 (0.0093) Shareholder R