A közép-kelet-európai bankfúziók eredményessége (The success of the bank mergers in Central Eastern Europe)

Az elmúlt években a nagy európai bankcsoportok egyre több közép-kelet-európai bankot vásároltak fel. Tanulmányunkban a bankfúziók értékteremtő hatását részvényesi szemmel elemezzük. A közép-kelet-európai régióban tevékenykedő hét legnagyobb bankcsoport 2000 és 2008 közötti akvizíciós tranzakcióit az eseményelemzés módszerével vizsgáljuk. Úgy tűnik, a részvényesek összességében értékelik a bankcsoportok akvizíciós törekvéseit: a fúziók kicsit több mint felében pozitív a kumulált abnormális hozam, és enyhén pozitív az összes esemény abnormális hozamának átlaga is. Számításaink során elsőként az egyes bankcsoportok felvásárlási stratégiáját értékeljük. A felvásárlás bejelentése körüli háromnapos időintervallumot alapul véve, a Raiffeisen és az OTP stratégiája tekinthető a legsikeresebbnek, míg az Erste felvásárlásai a legkevésbé eredményesnek. Ezt követően rávilágítunk arra, hogy eltérő befektetői szándékból ugyan, de mind a legmagasabb, mind a legalacsonyabb értékű ügyletek esetében a pozitív abnormális hozamú fúziók vannak túlsúlyban. Végezetül megállapítjuk, hogy az országhatáron átívelő ügyletek befektetői megítélése nem rosszabb az országhatáron belüli tranzakciókénál. /===/ The big European banking groups have been buying up more and more banks in Central Eastern Europe. The study analyses the value-enhancing effects of the mergers from the shareholder’s angle by examining by occurrence analysis methods the Central East European acquisition transactions of the seven biggest banking groups between 2000 and 2008. The shareholders as a whole seem to appreciate the acquisition activity of the banks: cumulative abnormal yield is positive in over half the mergers and average abnormal yield of all occurrences is mildly positive as well. The authors evaluate first the acquisition strategies of each banking group. Based on a three-day period round the acquisition announcement, Raiffeisen and OTP seem to have the most successful strategies and Erste the least successful. Light is then shed on investment intentions in each case, but mergers with a positive abnormal yield predominate among the highest and the lowest value transactions. Finally, the investor evaluation of cross-border transactions is no worse than for domestic ones.

A siker szerepe és jelentése a vevő-beszállító kapcsolatban (The meaning and role of success in buyer-supplier relationship)

A cikk komplex kvalitatív kutatás eredményeit mutatja be, amelynek célja az volt, hogy feltárja a siker jelentését és szerepét a vevő-beszállító kapcsolatban, s ehhez kapcsolódóan elemezze a siker időbeli viselkedését és az üzleti kapcsolat fejlődésére gyakorolt hatását. A kutatás alapegységét a vevő és beszállító pozícióban levő vállalatok között kialakuló kapcsolatok jelentik, az empirikus vizsgálatok e diadikus kapcsolatok elemzésére összpontosítottak. A kutatás fogalmi kerete megkülönbözteti az üzleti és kapcsolati siker B2B kontextusban értelmezhető tartalmát, ez empirikus vizsgálatok során az utóbbira fókuszálva. A feltáró-fogalomalkotó kutatási célhoz illeszkedően a cikkben ismertetendő kutatási eredmények összehasonlító esettanulmány-feldolgozáson, illetve a megalapozott elmélet segítségével történő szisztematikus tartalomelemzésen nyugszanak. _______ This paper focuses on to introduce the results of an empirical research, which aims to create a conceptual framework on the meaning and role of success in buyer-supplier relationship’s operation and development. Related to this, a further research point is to analyze the time-dimension of success: how success changes and develops over time. The basic elements of this research are the relationships between supplier and buyer business partners, so the empirical study will focus on these dyads. At the theoretical grounding of the paper I highly focused on making a difference between business and relationship success. The introduced research definitely had an exploratory scope. That is why; two qualitative methodologies were applied: the grounded theory and the case study ones.

Cognitive dissonance and the effect of acceptance of methodology, beliefs about religion, religious orientation, and dogmatism on the success of university students in a religious studies course

The problem investigated was negative effects on the ability of a university student to successfully complete a course in religious studies resulting from conflict between the methodologies and objectives of religious studies and the student's system of beliefs. Using Festinger's theory of cognitive dissonance as a theoretical framework, it was hypothesized that completing a course with a high level of success would be negatively affected by (1) failure to accept the methodologies and objectives of religious studies (methodology), (2) holding beliefs about religion that had potential conflicts with the methodologies and objectives (beliefs), (3) extrinsic religiousness, and (4) dogmatism. The causal comparative method was used. The independent variables were measured with four scales employing Likert-type items. An 8-item scale to measure acceptance of the methodologies and objectives of religious studies and a 16-item scale to measure holding of beliefs about religion having potential conflict with the methodologies were developed for this study. These scales together with a 20-item form of Rokeach's Dogmatism Scale and Feagin's 12-item Religious Orientation Scale to measure extrinsic religiousness were administered to 144 undergraduate students enrolled in randomly selected religious studies courses at Florida International University. Level of success was determined by course grade with the 27% of students receiving the highest grades classified as highly successful and the 27% receiving the lowest grades classified as not highly successful. A stepwise discriminant analysis produced a single significant function with methodology and dogmatism as the discriminants. Methodology was the principal discriminating variable. Beliefs and extrinsic religiousness failed to discriminate significantly. It was concluded that failing to accept the methodologies and objectives of religious studies and being highly dogmatic have significant negative effects on a student's success in a religious studies course. Recommendations were made for teaching to diminish these negative effects.

Entering an academic discourse community: A case study of the coping strategies of eleven English as a Second Language students

This case study follows eleven non-English speaking students as they adapt to community college, content courses. The three classes examined are required freshman classes--Humanities, Social Environment, and Individual in Transition. In order to cope with the demands of these classes, students must penetrate the academic discourse community and have effective relationships with their instructors and their peers. The results of the study are based on interviews with eleven non-native speaking (NNS) students and their instructors and on an analysis of student writing assignments, course syllabi, and exams. Three general areas are examined: (a) students' first-language (L$\sb1$) education, (b) the requirements of their content classes, and (c) the affective factors which influence their adaptation process.^ The case of these students reveals that: (1) Students draw on their L$\sb1$ education, especially in terms of content, as they cope with the demands of these content classes. (2) In some areas L$\sb1$ educational experiences interfere with students' ability to adapt. (3) The content classes require students to have well developed reading, writing, oral, and aural skills. (4) Students must use higher level cognitive skills to be successful in content classes. (5) Affective factors play a role in students' success in content classes. The discussion section includes possible implications of this data for college level English as a Second Language courses. ^

Managing conflict in user-oriented development environments: Effects on information systems success

Today, many organizations are turning to new approaches to building and maintaining information systems (I/S) to cope with a highly competitive business environment. Current anecdotal evidence indicates that the approaches being used improve the effectiveness of software development by encouraging active user participation throughout the development process. Unfortunately, very little is known about how the use of such approaches enhances the ability of team members to develop I/S that are responsive to changing business conditions.^ Drawing from predominant theories of organizational conflict, this study develops and tests a model of conflict among members of a development team. The model proposes that development approaches provide the relevant context conditioning the management and resolution of conflict in software development which, in turn, are crucial for the success of the development process.^ Empirical testing of the model was conducted using data collected through a combination of interviews with I/S executives and surveys of team members and business users at nine organizations. Results of path analysis provide support for the model's main prediction that integrative conflict management and distributive conflict management can contribute to I/S success by influencing differently the manifestation and resolution of conflict in software development. Further, analyses of variance indicate that object-oriented development, when compared to rapid and structured development, appears to produce the lowest levels of conflict management, conflict resolution, and I/S success.^ The proposed model and findings suggest academic implications for understanding the effects of different conflict management behaviors on software development outcomes, and practical implications for better managing the software development process, especially in user-oriented development environments. ^

Intuition as it relates to curriculum, instruction, and resulting academic success in elementary school

Regardless of the fact that children learn in significantly different ways, most curriculum and instruction are guided by the idea that sequential organization of the material to be learned is the best and most efficient way of presenting information to children. Children who learn and think intuitively are denied their preference, forced to conform to the sequential nature of the curriculum and instruction. Based on the theory of psychological type, this study sought to identify any relationship between a student's cognitive style of learning, either Sensing or Intuitive, and his/her academic success in elementary school. The Murphy-Meisgeier Type Indicator for Children was used to identify the cognitive style of students in grades two through eight in a small, private, parochial school. Scores on a standardized achievement test and grades were then analyzed to see if there was a relationship of cognitive style to grades and achievement test scores. Also, the researcher investigated whether or not the teacher's cognitive style had any relationship to students' cognitive style and academic achievement. Although none of the results was statistically significant, the achievement test scores indicated that Sensing students score higher in reading, mathematics concepts, and mathematics computation. However, Intuitive students had higher mean grades in reading and language arts, and virtually equal means mathematics concepts and computation. It was also found that all students, both Sensing and Intuitive, had higher mean grades in the classes of Intuitive teachers. ^

Profile of planning: A study of a three-year project on the implementation of collaborative library media programs

The implementation of collaborative planning and teaching models in ten flexibly scheduled elementary and middle school library media centers was studied to determine which factors facilitated the collaborative planning process and to learn what occurs when library media specialists (LMSs) and classroom teachers (CTs) plan together. In this qualitative study, 61 principals, CTs, and LMSs were interviewed on a range of topics including the principal's role, school climate, the value of team planning, the importance of information literacy instruction, and the ideal learning environment. Other data sources were observations, videotapes of planning sessions, and documents. This three-year school reform effort was funded by the Library Power Project to improve library programs, to encourage collaborative planning, and to increase curricular integration of information literacy skills instruction. ^ The findings included a description of typical planning sessions and the identification of several major factors which impacted the success of collaborative planning: the individuals involved, school climate, time for planning, the organization of the school, the facility and collection, and training. Of these factors, the characteristics and actions of the people involved were most critical to the implementation of the innovation. The LMS was the pivotal player and, in the views of CTs, principals, and LMSs themselves, must be knowledgeable about curriculum, the library collection, and instructional design and delivery; must be open and welcoming to CTs and use good interpersonal skills; and must be committed to information literacy instruction and willing to act as a change agent. The support of the principal was vital; in schools with successful programs, the principal served as an advocate for collaborative planning and information literacy instruction, provided financial support for the library program including clerical staff, and arranged for LMSs and CTs to have time during the school day to plan together. ^ CTs involved in positive planning partnerships with LMSs were flexible, were open to change, used a variety of instructional materials, expected students to be actively involved in their own learning, and were willing to team teach with LMSs. Most CTs planning with LMSs made lesson plans in advance and preferred to plan with others. Also, most CTs in this study planned with grade level or departmental groups, which expedited the delivery of information literacy instruction and the effective use of planning time. ^ Implications of the findings of this research project were discussed for individual schools, for school districts, and for colleges and universities training LMSs, CTs, and administrators. Suggestions for additional research were also included. ^

Middle school teachers perspectives on inclusion: A qualitative study

Historically, research has placed considerable emphasis on developing a systematic body of knowledge about education in which little voice has been given to teachers themselves. The critical role that teachers play in this generative process such as reflecting, acting and theorizing upon practices that shape life in the classroom has largely been ignored in favor of technical innovation and organizational procedure. As schools struggle to reform and restructure, an understanding of how teachers interpret their practices in context and how the culture of schools influence, constrain, or encourage these practices become critical aspects of school success or failure. ^ This study examined the perspectives on inclusion of seven middle school teachers as they attempted to include exceptional students in regular classes. The study utilized three forms of data collection: observations were made of participant interactions as they led their everyday school lives; document analysis was used as a means to gain an understanding of programs affecting exceptional students, and interviews were used to give voice to teacher's perceptions regarding inclusion, allowing description in their own words rather than those imposed by an outside inquirer. Data collection and analysis sought to identify emerging themes, categories and patterns, allowing for the creation of substantive theory grounded in empirical data. ^ The key issues that emerged in the study were considered in terms of three general categories. The first, teaching and learning, revealed stark contrasts in opinions regarding the type of human support thought necessary for successful inclusion. Regular educators clung to the traditional notion of solitary teachers directing all class activity, while exceptional educators preferred a more team-oriented approach. The second, school structure, revealed that highly collaborative structures were only partially successful in creating additional conversation between regular and exceptional educators. Collegiality was affected by lack of staff experience with the process as well as its implementation in a top-down fashion. The third, school culture and climate, revealed that regular educators believed the school was prepared for a limited amount of inclusion. Although exceptional educators acknowledged school readiness, they did not believe that inclusion was an important item on the school's reform agenda. ^

A case study of a liberal Jewish day school's middle school transition

The Jacobson Sinai Academy is a Liberal Reform Jewish Day School, in North Miami Beach, Florida. When the Academy was started over 18 years ago it was designed as a K–6 school. This was in keeping with the existing model for Reform day schools at the time and met the needs and desires of the early founders. The philosophy of the school addressed meeting the needs of the individual child as well as the fostering of Judaic values and traditions in an academically nurturing and experiential setting. Upon graduation, students moved from the Academy to a variety of public and private options, all of which served the needs of the families at the time. In recent years, due to numerous factors within the community, parents voiced concerns as to where their children would continue their education during the critical middle school years. As a result of these concerns, and through the efforts of a dedicated group of parents and lay leaders, the decision was made to add an upper school component to the existing elementary configuration. This study is a qualitative case study which chronicles the organizational change effort that was undertaken for this purpose to determine facilitating conditions and impediments leading to the change. The analysis serves to inform others wishing to advance such an undertaking. ^ Results of the study indicated that certain conditions are necessary for the successful implementation of any change effort. The culture of the organization must be acknowledged and is a primary factor to be considered when advancing change. Collaboration with those committed to the enterprise must occur, and this in turn can lead to an agreed upon philosophy which expresses the diversity of needs and values of all of those involved. Resistance, while expected from certain individuals within the organization, can be overcome through the efforts of key players who assume leadership positions that are transformational in nature. Additionally, the rationale for middle schools, and the need for this one in particular, are factors which led to the success of this initiative. ^

A study of leadership behaviors for Breaking Ranks leaders in public secondary schools

This research will investigate what it will take to develop principals who will embrace the recommendations of reform as proposed by National Association of Secondary School Principals (NASSP, 1996) in the Breaking Ranks document. Breaking Ranks is based on the belief that it is within the dynamics of the school culture that principals must gain insight into strategies for improving the schools for which they are held responsible. Given this context, it is important to examine perspectives that are held by principals who lead schools that embrace the concepts of reform as proposed by NASSP, thereby, could be deemed “Breaking Ranks” schools. It is within these schools that the new role of the principal develops. NASSP has identified seven key recommendations for leadership development; “attributes that need nourishing” (p. 12) for the success of school reform. The seven recommendations are included in Breaking Ranks. ^ The purpose of this study is to identify and describe how principals put the seven recommendations into practice as they function in their schools. In addition, this study will gather information on the characteristics, support, skills, and training these principals identify as critical aspects and components of their success. This is a study of principal leadership at four high school sites where “Breaking Ranks” principals have been identified. ^ This research plan will be designed to utilize an inquiry-based process with a panel of experts and four “Breaking Ranks” principals. This study will describe: (1) how a panel of experts identify what they believe needs to be done in order to put the recommendations of the Breaking Ranks document into practice and their identification of principals who are breaking ranks; (2) how identified principals say they have been able to put the recommendations of the Breaking Ranks document into practice; (3) How both groups identify and describe: (a) the characteristics and behaviors of a “Breaking Ranks” principal; (b) the new leadership skills as described by the seven recommendations identified in the Breaking Ranks document; (c) the support necessary in order to meet the recommendations in the Breaking Ranks document; and (d) The training needed in order to become “Breaking Ranks” principals; and (4) how the process of creating “Breaking Ranks” principals can be described by experts who have studied it theoretically and principals who have demonstrated it in their schools. ^

Women graduates' academic resilience and their personal strategies for doctoral success

This study explores women's perceptions of what made them successful doctoral students and what strategies they used to cope and succeed in the academic environment of an off-campus program in South Florida. The study's theoretical framework was built on Bandura's (1997) theory regarding ways self-efficacy influences choices made and effort expended; and Gilligan (1982), Belenky et al. (1986) and other feminists' theories concerning how women learn. ^ The study included data obtained from individual, semi-structured interviews with 10 participants, documents spanning the 10 years of the program and interviews with founding faculty members. For each, academic resilience was built on (a) viewing that working on the degree was personally fulfilling; (b) believing she possessed a strong sense of academic confidence; (c) priding herself on having self discipline; (d) seeing herself as a role model; and (e) being motivated by a personal or career goal. ^ Strategies the participants used to overcome roadblocks included (a) time management—finding time for personal, professional, and academic duties; (b) focus—making the dissertation a priority; (c) collaboration—utilizing both personal and programmatic assistance; (d) and advocacy—acting on their individual needs. ^ Results of the study indicated that the program at the satellite campus provided structural resources that satisfied basic needs and strengthened the students' self-efficacy. This helped them become successful doctoral graduates. The women had personal fortitude and strong self-efficacy to complete the doctoral journey. They understood that their success was primarily based on the support they received from people: families, peers, and their major professors. Participants suggested that successful women students ascertain whether they have time and resources to devote to an extended study, an understanding family, and the resilience to overcome roadblocks along the way. ^

Causal attributions for success or failure by passing and failing students in College Algebra

Success in mathematics has been identified as a predictor of baccalaureate degree completion. Within the coursework of college mathematics, College Algebra has been identified as a high-risk course due to its low success rates. ^ Research in the field of attribution theory and academic achievement suggests a relationship between a student's attributional style and achievement. Theorists and researchers contend that attributions influence individual reactions to success and failure. They also report that individuals use attributions to explain and justify their performance. Studies in mathematics education identify attribution theory as the theoretical orientation most suited to explain academic performance in mathematics. This study focused on the relationship among a high risk course, low success rates, and attribution by examining the difference in the attributions passing and failing students gave for their performance in College Algebra. ^ The methods for the study included a pilot administration of the Causal Dimension Scale (CDSII) which was used to conduct reliability and principal component analyses. Then, students (n = 410) self-reported their performance on an in-class test and attributed their performance along the dimensions of locus of causality, stability, personal controllability, and external controllability. They also provided open-ended attribution statements to explain the cause of their performance. The quantitative data compared the passing and failing groups and their attributions for performance on a test using One-Way ANOVA and Pearson chi square procedures. The open-ended attribution statements were coded in relation to ability, effort, task difficulty, and luck and compared using a Pearson chi square procedure. ^ The results of the quantitative data comparing passing and failing groups and their attributions along the dimensions measured by the CDSII indicated statistical significance in locus of causality, stability, and personal controllability. The results comparing the open-ended attribution statements indicated statistical significance in the categories of effort and task difficulty. ^

The theory of margin as a predictor of success on the National Council Licensure Examination for Registered Nurses

The National Council Licensure Examination for Registered Nurses (NCLEX-RN) is the examination that all graduates of nursing education programs must pass to attain the title of registered nurse. Currently the NCLEX-RN passing rate is at an all-time low (81%) for first-time test takers (NCSBN, 2004); amidst a nationwide shortage of registered nurses (Glabman, 2001). Because of the critical need to supply greater numbers of professional nurses, and the potential accreditation ramifications that low NCLEX-RN passing rates can have on schools of nursing and graduates, this research study tests the effectiveness of a predictor model. This model is based upon the theoretical framework of McClusky's (1959) theory of margin (ToM), with the hope that students found to be at-risk for NCLEX-RN failure can be identified and remediated prior to taking the actual licensure examination. To date no theory based predictor model has been identified that predicts success on the NCLEX-RN. ^ The model was tested using prerequisite course grades, nursing course grades and scores on standardized examinations for the 2003 associate degree nursing graduates at a urban community college (N = 235). Success was determined through the reporting of pass on the NCLEX-RN examination by the Florida Board of Nursing. Point biserial correlations tested model assumptions regarding variable relationships, while logistic regression was used to test the model's predictive power. ^ Correlations among variables were significant and the model accounted for 66% of variance in graduates' success on the NCLEX-RN with 98% prediction accuracy. Although certain prerequisite course grades and nursing course grades were found to be significant to NCLEX-RN success, the overall model was found to be most predictive at the conclusion of the academic program of study. The inclusion of the RN Assessment Examination, taken during the final semester of course work, was the most significant predictor of NCLEX-RN success. Success on the NCLEX-RN allows graduates to work as registered nurses, reflects positively on a school's academic performance record, and supports the appropriateness of the educational program's goals and objectives. The study's findings support potential other uses of McClusky's theory of margin as a predictor of program outcome in other venues of adult education. ^

A case study: Perceptions of the induction process of intern principals in Broward County Public Schools

The case study is a qualitative study of the perceptions of a purposeful sample of intern principal participants in Broward County Public School's 2001-2003 principal leadership induction program through survey, interview and document analysis of their experiences concerning their success or failure in achieving the position of principal. The study focused on constructs of professional and organizational socialization and instructional leadership that research suggests are vital and integrated components of the effective development of aspiring instructional leaders. ^ The findings revealed that purposeful mentoring, a variety of site placement, hands on practical experiences, in addition to the quality of experience measured by the number of years prior experience are positively reported to affect the degrees of success perceived by intern principals. The study validated the interrelatedness of the three constructs professional and organizational socialization and instructional leadership as components that are realized in the development process through formal and informal characteristics of socialization. The data gathered would be of benefit to principal leadership program designers to assist in their understanding of participants' successes and failures that influence individual needs based on their experience as perceived by this group. ^ Implications for further study are the need for better understanding of leadership development, continued reinforcement of best practices such as mentoring, site shadowing and coaching, clarification of the administrator's role, data analysis, curriculum implementation and student achievement. Organizations need to implement a common set of expectations, reasoning, attitudes, and understanding of purpose that guide behaviors. Recommendations are to design leadership induction programs to meet individual strengths and weaknesses not a one-size-fits-all program including a constructive and prescriptive two-way feedback system, select and assign mentors based on their expertise and candidate needs, varied site placements, develop skills to build collaborative relationships, and a standards based monitoring and assessment system to document program mastery and completion. ^

Black middle school students' perceptions of success and their influence on academic performance

The purpose of the study was to investigate the perceptions of success held by Black middle school students in a Miami-Dade County (FL) public school and how these perceptions influence academic performance. The study sought to determine if differences exist among African-American, Haitian-American, and Haitian immigrant subgroups of the Black student population. ^ The study combined qualitative and quantitative methodology in data collection and analysis. The qualitative data consisted of three focus group interviews. Using a semi-structured protocol, questions focused on the student's perceptions of the characteristics of successful people, definitions of success, behaviors associated with achieving success, and peer, family and school support. The quantitative data comprised the responses of 352 Black middle school students to the Inventory of Student Motivation (ISM) developed to measure mastery, performance and social goal orientations. Response similarities and differences were examined using a series of two-way ANOVAs on the success scales by gender and culture. A three-way repeated measures ANOVA was conducted on mastery, performance and social general goal scales by culture and gender. ^ The results of the ISM revealed no statistically significant differences among African-American, Haitian-American, and Haitian students in their mastery, performance or social goal orientations. All three cultural groups scored significantly high on the mastery goal scale. There was a significant effect for gender on the mastery general scale with the females being more concerned with mastery than the males. Qualitative focus group interview results included varying definitions of success. African-American and Haitian-American students defined success in materialistic terms. Haitian students defined success in scholastic achievement terms. All students indicated hard work, persistence and goal setting through completion as important to achieving success. Negative influences included peer pressure, teacher and societal expectations, and classroom environment. Parental reaction to low academic performance varied by culture. ^