Carpal tunnel syndrome Essay Example for Free

Carpal tunnel syndrome Essay Video games are very popular with children all over the world, they keep kids occupied and entertained. A lot of parents are concerned about how these video games are affecting their children. Are these video games good or bad for our children? Video gaming has both positive and negative effects on children. Video games are not only entertaining but also educational; they create challenges for children to take on in order to proceed to new levels. Video gaming is also very influential with a child. That is why it is very important to monitor children while playing. There are many positive effects to playing video games. Playing a video game is a way to exercise the brain, it helps children develop skills like following directions, problem solving and hand-eye coordination that develop fine motor and spatial skills. Video games contribute a lot to education, like developing reading skills; gamers must read to get instructions, follow storylines, and get information. Gamers also become more determined because, usually they don’t succeed the first time playing a level so they try and try again until they move on to the next level. Games can provide a positive outlet for children to release bottled up frustrations the same way many sports like basketball and football do. Video games allow parents to bond with their children and play together and can be something they share in common. Of course with every good there is a bad. Most of the bad things about video games are usually blamed on the violence that is in them. Children who play more violent video games are more likely to have more aggressive thoughts, feelings, and behaviors. Playing too much video game keeps children indoors and become less social with family and friends. It also causes children to spend less time doing other activities like doing homework or playing sports. Some video games teach children improper morals and are easily confused between reality and fantasy. Excessive gameplay can contribute to poor performance in school and also cause a slew of health issues like obesity, video-induced seizures, postural, muscular and skeletal disorders and carpal tunnel syndrome. Children who are spending too much time playing video games may show signs of impulsive behavior and have attention problems. The effects of video games vary on children depending on the kind of parenting. Children usually imitate what they see in these video games so it’s important for parents to understand their children’s maturity level and what kind of games parents should allow their children to play. We are now living in a sophisticated and high-tech world so video games are essential to the development of children with today’s technology. The point is for parents to understand that playing video games have different effects on different children. The positives of video games definitely outweigh the negatives of video games especially with proper supervision of the children who play these video games.

Risks and Returns of Initial Public Offerings (IPOs)

Risks and Returns of Initial Public Offerings (IPOs) ASSESSMENT OF RISKS AND RETURNS OF INITIAL PUBLIC OFFERINGS (IPOs) ISSUED IN HONG KONG VERSUS CHINA CHAPTER 1 ABSTRACT This dissertation was designed to focus on an assessment of the risks and returns of the initial public offerings (IPOs) issued in Hong Kong versus China. In recent years, Chinas stock market has experienced phenomenal growth with a record of US$62 billion raised in 140 IPOs in 2006, more than that raised in the United States of US$48 billion.1 The growth of Chinas economy continues to fuel the expectations that this trend of strong IPO growth would continue and that Chinese firms would increasingly pursue listings in the Chinese and Hong Kong stock exchanges to tap international investors for their fund raising requirements. A recent example of a Chinese firm doing an IPO was China Railways Construction which issued US$3.1 billion in an IPO in February 2008.2 The key rationale in pursuing this research was that it would give an understanding of the key differences between listings in the Chinese and Hong Kong stock exchanges, particularly in relation to risks and performance (i.e. returns). Based on the statistical analysis of the existing information, there was no marked difference seen in the performance of the IPOs of the mainland Chinese firms in the Hong Kong Exchange versus the performance of the overall exchange (represented by the Hang Seng index). The data availability limited the statistical analysis primarily to the IPO information from the Hong Kong Exchange. The assessment of the risks and performance of the IPOs in the Chinese and Hong Kong stock exchanges led to the following conclusions: (1) Hong Kong is favoured overseas exchange for dual listing of mainland Chinese firms, (2) there is strong uncertainty in listing in the Shanghai Stock Exchange, and (3) interest in China is strong and investors can be tapped through an overseas listing. For the mainland Chinese firms that will be issuing their IPOs, the following are the recommendations resulting from the dissertation: pursue a dual listing, list in the Hong Kong Exchange for the overseas exchange listing, and manage the timing of the IPO. Finally, for further research work, the following are the recommended steps that can be taken to develop the issues in greater detail and address other related concerns: pursue comparison of long-term performance of IPOs, compare the options available for mainland Chinese firms in terms of their IPOs, and assess IPO performance across other factors (such as size of firms, sector of firms, and extent of local versus global breakdown of the business). CHAPTER 2 RESEARCH AIMS AND OBJECTIVES The dissertation had two key research questions which were addressed during the research. These research questions guided the research design and methodology of the dissertation. The two research questions were: 1. How have the firms listing in Chinese and Hong Kong stock exchanges performed since their IPOs, and what risks did these firms face in their listings? 2. How have the IPOs in Chinese and Hong Kong stock exchanges performed compared to each other and also in relation to regional and global competitors? The rest of this section discusses these research questions in greater detail. 2.1 PERFORMANCE SINCE IPO OF CHINESE AND HONG KONG LISTINGS AND RISKS FACED BY FIRMS The dissertation sought to determine the performance since IPO of Chinese and Hong Kong stock exchange listings, and the risks faced by the firms listing in these exchanges. The research aims and objectives for this part of the dissertation focused on the following:  · Assess the performance of the listings in the Chinese and Hong Kong stock exchanges. This assessment focused on how listings have performed in the stock exchanges of Hong Kong and China. This gave an indication of the performance of the stocks which were listed through an IPO, and provided an opportunity to analyse the differences, in terms of performance, in listing between the Chinese and Hong Kong stock exchanges.  · Determine the risks faced by firms pursuing an IPO through the Chinese and Hong Kong stock exchanges. Another objective pursued in this dissertation was determining and understanding the risks that IPOs of firms listing in China and Hong Kong faced. As options have expanded in terms of the location where firms can list in, firms consider various factors in deciding on the best stock exchange for the listing of their IPO to be done. The different options also need to be assessed in terms of the risks that the firms are exposed to by listing in these exchanges. Understand other factors that have affected performance and risks of firms. The recent developments in the financial markets brought on as an impact by the US subprime markets have also affected the performance of recent listings not only in the Chinese and Hong Kong stock exchanges but also in other stock exchanges as well. These factors and the impact these factors have had on the performance of recent IPOs in the Chinese and Hong Kong stock exchanges were also identified and presented in this dissertation.  · Analyse issues using quantitative and qualitative analysis. In pursuing the assessment of the points above, this dissertation pursued both a quantitative and a qualitative approach to ensure that the research methods provided a complementary approach. This was also designed to ensure that the inputs to the analysis had a robust basis with the assessment of performance and risks based off actual quantitative results supported by input from industry practitioners and their observations. 2.2 ASSESSMENT OF IPO PERFORMANCE BETWEEN CHINA AND HONG KONG STOCK EXCHANGES AND VERSUS OTHER STOCK EXCHANGES The assessment of the performance of the IPOs was reviewed by comparing the performance of the IPOs of the Chinese and Hong Kong stock exchanges. In addition, these were also compared versus the performance of IPOs in selected regional and also global stock exchanges to give an indication of the relative performance of the IPOs in these different exchanges. The research aims and objectives of this part of the dissertation were the following:  · Assess objectively the performance of the IPOs in the Chinese and Hong Kong stock exchanges versus selected regional and global stock exchanges. This assessment was conducted using the performance data of selected firms in these exchanges to provide an indication of their relative performances. Thus, the dissertation sought to expand on the initial issue raised on the performance and risks of IPOs between Chinese and Hong Kong stock exchanges. This provided an added viewpoint into how different the performances of the IPOs have been in these exchanges.  · Understand factors and issues affecting the relative performances of the IPOs. With the differences in the performances of IPOs identified in the previous point, the dissertation sought to analyse the factors affecting these differences. This assessment was important as it provided the opportunity to pursue further research of the issues, resulting in increased understanding of factors affecting the performance of the IPOs in these stock exchanges. These two points above were the key research objectives in assessing the performance of the IPOs of the Chinese and Hong Kong stock exchanges versus the IPOs of other selected regional and global stock exchanges. CHAPTER 3 RESEARCH RATIONALE There were several key reasons identified as to the rationale behind pursuing this dissertation. This section discusses the research rationale first from an academic research point of view and then, second, from a personal point of view of the researcher in terms of the benefits achieved in completing the dissertation. From an academic research point of view, the following were the key reasons identified:  · Drive decision for location of IPO for firms listing in stock exchanges: The results of the research could be utilised in forming a decision as to the location of a firms IPO. With greater transparency of the performance and risks in listing in China versus listing in Hong Kong, firms now have further factors to include in building a decision for the location of a firms IPO. This point is particularly relevant for mainland China firms which are looking to tap international overseas investors for their IPO and are considering various options for their action.  · Provide alternative options and thought processes for firms considering their IPOs: The results of the dissertation also provide firms pursuing an IPO in China or Hong Kong further basis for possibly considering other options outside of China or Hong Kong, given the points raised in the findings and analysis section. For example, firms now are not limited only to the thinking pursuing the funding of Chinese firms is best achieved by tapping both the Chinese and Hong Kong stock exchanges for a dual listing as this gives Chinese firms best access to the funding capability of international investors.  · Push stock exchanges to manage more effectively the marketing of their products and services: The dissertation also benefits the Chinese and Hong Kong stock exchanges as this dissertation provides the stock exchanges the basis and the opportunity to revisit their product and service offerings, and ensure that their marketing properly addresses the requirements of Chinese firms in capital markets financing. The review of the Chinese and Hong Kong stock exchanges versus its regional and global peers also provide the stock exchanges an objective assessment of performance levels relative to each other. On a personal level, the dissertation also benefited the research considerably, and also lends further basis to providing a strong rationale for completing the dissertation. The key personal reasons for the researcher in pursuing this dissertation, aside from completing school requirements, include the following:  · Improve knowledge and expertise of researcher. The dissertation was very specific in the research questions addressed and the research issues to be assessed. Thus, the researchers knowledge in these specific academic and business areas were considerably enhanced with the conduct and completion of the dissertation, including the pur suit of in-depth research and the structuring of questions and issues for the dissertation. The understanding of the issues in this dissertation will be very helpful to the researcher as other challenges are faced in an academic and business setting.  · Build project management skills. The dissertation provided the researcher the opportunity to build on project management skills as well given the extent of the period and the different aspects required in completing the dissertation, or project. This skill will be very beneficial to the researcher particularly once this is utilised in the business world where the ability to manage projects, as well as multi-task, is appreciated. The two points above provided further rationale to the pursuit of the completion of this dissertation, and gave the researcher strong reasons for undertaking the dissertation in addition to the given benefit of completing a requirement for school. CHAPTER 4 LITERATURE REVIEW The issue of performance and risks in issuing IPOs in exchanges has been analysed in various research works and there is a relatively comprehensive research work that can form the basis of further research work. For example, assessments of the performance of IPOs of stock exchanges have been done in a number of exchanges already. One research in particular focused on an assessment of the long-term performance of the IPOs of Europes new stock markets.3 The research works focusing on the issue of IPO performance are expected to continue to be of importance to the academic finance community given the debate which goes on relating to the near-term abnormal returns of IPOs and their long-term underperformance. The focus of this dissertation is a comparison and assessment of the performance and risks of IPOs issued in Chinese and Hong Kong stock exchanges. This research differs in other bodies of academic work in that this specific research issue has not been addressed directly. Certainly, the existing literature and academic research provides a preliminary path and approach in resolving the key research questions defined at the beginning of this dissertation paper. In reviewing the related literature on the assessment of risks and performance of IPOs in Chinese and Hong Kong stock exchanges, a number of consistent themes were noted as predominant in the research works. In order to assess the themes which may have contrasting supporting research, these themes are presented below and form the structure for the rest of this section reviewing the related literature:  · Methods for assessment of IPO performance  · Performance of IPOs  · Risk assessment of IPOs  · Period of assessment  · Chinese and Hong Kong IPOs The points above are the key factors discussed in this section. 4.1 METHODS FOR ASSESSMENT OF IPO PERFORMANCE One of the areas that need to be reviewed is the research methodology that previous research works have utilised in pursuing their research. The related literature has shown that the typical method used in analysing the performance largely relies on the use of descriptive statistics. In some occasions, qualitative assessment are included as part of the research methodology in order to gain greater understanding of the performance and the factors affecting the performance of the IPOs. The research mentioned earlier in this section which focused on an assessment of the long-term performance of the IPOs of Europes new stock markets used both qualitative and quantitative assessments as part of the methodology.5 The research approach was a combination of qualitative assessment (to discuss the rationale for the resulting performance) and quantitative analysis (on the IPO performance and which, as expected, was analysed and presented using descriptive statistics). The research work noted in the introduction highlighting the continued debate on the near-term abnormal returns of IPOs and their long-term underperformance was a research piece focused on the returns of IPOs from the Istanbul Stock Exchange. In this research, the performance of the IPOs was assessed utilising descriptive statistics with a comparison of means (z-test: sample for two means) as part of the statistics tool kit utilised. Clearly, the use of descriptive statistics and statistical tests for significance seems to be the preferred method of analysis for these types of research assessments. The dominant use of descriptive statistics also provides confidence that this is the method that would be most logical for the dissertation in the assessment of performance of the IPOs in the stock exchanges. 4.2 PERFORMANCE OF IPOs Another area focused on in this dissertation is the performance of the IPOs in the Chinese and Hong Kong stock exchanges as well as other regional and global stock exchanges. In terms of IPO performance assessment, one research work focused specifically on bank IPOs and their growth. Interestingly, this and the research work mentioned earlier on IPO performance (Europes new stock markets) both found that long-run post-offering returns were poor when compared to various market benchmarks. This finding was supported by another research whose results were from an analysis of 6,000 NASDAQ IPO stocks. Thus, there seems to be a number of research works that have shown the underperformance of IPOs versus other more established stocks or the market benchmarks. A research paper that focused on this underperformance showed that a reason for the underperformance of IPOs was the high expectations which were linked to the IPOs and which affected the prices paid for these offerings. This result is rather ironic as the high expectations given by investors indicate that these investors expected much higher returns from IPOs versus other stocks that these investors could have invested in. A research work with similar findings on the long-term underperformance of IPOs was done on the UK IPOs from the period 1996 to 1999.9 For this research, the long-term underperformance of the IPOs in the study was considerable versus the market performance. A period of three years was used as the long-term period. The research notes that this underperformance has been seen in a large number of countries where the IPO performance was measured over a number of years to assess its performance. The key factors identified in the research as impacting on the long-term performance of the IPOs were: (1) percentage of equity issued as part of the IPO, and (2) degree of multinationality of a firm issuing the IPO. On the first point, the research finding noted that the greater the percentage of the equity issued for the IPO, the greater the probability of underperformance over the long-term. On the latter point, the research finding was that the greater the multinational component of a firm was, the better the expectation for a long-term performance. Further to the research on UK IPOs, another research work on the UK IPOs but focused on the AIM-listed firms versus those on the main board of the London Stock Exchange showed a similar result in terms of long-term underperformance of IPOs. This research work has an additional finding on the cost of equity that is relevant to the risks faced by firms pursuing an IPO. This finding is discussed in greater detail in a later part on the assessment of risks. The research works with an assessment showing poor long-run returns for IPOs is not unanimous though as opposing performance arguments also exist with IPOs being shown to be undervalued and thus provide good, long-run returns even versus the market. However, the reasons that the results are different for this research work is the adjustment done on the valuation of the IPOs which result in the IPO valuation being markedly different from those considered in the other researches which found poor longrun returns for IPOs. This research work utilised an alternative method with adjustments made on the performance of the IPO stocks. The research work on the Istanbul Stock Exchange highlighted a number of reasons for the performance of the IPOs, particularly the abnormal returns shown in the near-term: overvaluation of IPOs by investors and deliberate under-pricing for the IPO which then rewards the informed investors. The long-term underperformance of IPOs is not shared and accepted universally as other research works exist which shows that this is not the case, at least for the particular market and time period considered in these research works. A research on Malaysian IPOs from 1992 to 1996 showed that these IPOs showed particularly strong growth in stock prices over a three-year period from the issuance. This thus negates the concept of long-term underperformance shown by a number of research works. The difference in results could be attributed to a number of factors which could include differences in the parameters of the research factors related to the IPOs such as, for example, the definition of long-term in the assessment (this Malaysian research study utilised a period of three years to define the long-term). Further evidence of long-term performance contrary to other international evidence is that result from a review of IPO performance in Greece from the period 1993 to 1997, which showed that the IPOs performed much better than the market over the long-term and not just in the near-term for the effects of the abnormal near-term returns. In this research work, the definition for long-term performance was again different as the period of one year was taken for this assessment to reflect the long-term performance of the IPOs. The research piece attributes the difference with international evidence to possibly the legal framework, the institutional arrangements, and the degree of development of the capital markets. To further complicate the current thinking on the performance of IPOs, a research work focused on Germany IPOs from 1977 to 1995 showed varying performances over the long-term with some IPOs resulting in considerable underperformance while other IPOs showed excellent long-term performance.15 The focus of the research was not necessarily the determination of the long-term performance of the IPOs and thus could not be considered as inconclusive. The actual focus of the research work was the determination of the action post-IPO and the ability to determine which of the IPOs would perform better over the longer-term. The research finding was that the key predictor of the long-term performance of an IPO was the subsequent financing activity in the equity market with the firms being able to raise additional funds soon after the IPO slated for out-performance versus other firms which failed to generate further funding. Several reasons have been put forth as supporting the underperformance of IPOs in most markets. A research work which looked at French IPOs but focused on the impact of ownership resulted in findings that ownership had an influential and large impact on long-term performance of the IPOs.16 The reason for this was that at some point, usually a typical long-term period such as three to five years, ownership restriction in terms of selling off stakes would have been lifted. Thus, the sell-off of family or block holdings in IPOs after a long-term period impact negatively on the share price and becomes a large reason for the underperformance of IPOs over the long-term. This finding would seem to be applicable to most firms pursuing IPOs as it would be usually the case that a firm issuing an IPO would have large blocks of holdings controlled by very few entities or personalities. 4.3 RISK ASSESSMENT OF IPOs While a number of research works such as those cited earlier have focused only on the performance of the IPOs, other research works have combined the analysis of the risk and rewards related to IPOs, which would be parallel to the focus that this dissertation is geared to do. One, in particular, focused on the risk and return trade-off for IPOs though, admittedly, there was greater focus on how these issuances were riskassessed.A rather focused look on long-run performance showed that industry parameters, timing of IPO, and industry situation all play in the aftermarket returns of IPOs which, in general, are not favourable. One of the risks identified in a research work on AIM-listed IPOs was the resulting cost of equity. A decision factor for the firms considering pursuing an IPO should be the cost of equity and the research finding on the assessment of AIM-listed stocks showed that, potentially, cost of equity is much greater than that expected with the listing on these stock exchanges.Using this as an analogy to the current issue of issuing an IPO between Chinese and Hong Kong stock exchanges, it is possible that this is a risk faced by the mainland Chinese firms in their decision. 4.4 PERIOD OF ASSESSMENT A factor that needs to be made consistent in the assessment of the performance of the IPOs is the period of assessment. The proper time frame could impact on the performance considerably and in viewing this assessment, it would be important to have the proper time frame from which to consider returns. For example, flipping of IPOs impact the pricing of some IPOs post the offering and affect the returns if taken within a short time frame. There is thus a question of the period defined by near-term as well as long-term performance given different periods taken by researchers in conducting their work. Understandably, this could have been driven by the availability of data of the stock prices. In order to have a proper assessment for this dissertation, it would probably be best to utilise the following time periods: one month for near-term performance, and 3 years for consideration of long-term performance. These seem to be the periods that most of the researchers had utilised though it does differ from some of the period conventions used in other researches. 4.5 CHINESE AND HONG KONG IPOs Despite the existence of numerous research work on the assessment of risks and rewards of IPOs across exchanges globally, there have been limited research works which focus on the Chinese and Hong Kong IPOs of recent years. One recent unpublished work touched on under-pricing and the aftermarket liquidity of Hong Kong IPOS, and found that under-pricing was evident in driving liquidity post-IPOs. A more comprehensive published work on Hong Kong IPOs utilised slightly dated figures (IPOs up to 2002) and thus presents a challenge in the findings concluded.22 Another is dated (published in 1998) but does look at the issue of pricing and aftermarket performance of IPOs with results showing large returns accruing in the long-term for IPOs. Other China-related research work focus on performance post-IPO but refer to operating performance of the firms and not the performance of the share price.One research which looked at short-term and long-term IPO performance in China highlighted a number of differences affecting Chinese stocks: stake that the government has in the firm, the size of the firm, and the options available to Chinese investors. Over the next few years, there will continue to be increased interest in the IPOs of firms in mainland China as these firms seek to tap international investors. In turn, international investors are increasingly interested in investing in the mainland Chinese firms given their typical profitable nature (largely owing to monopoly or large market share status) and the presence these firms have in mainland China that international investors find attractive. The pursuit of the IPO by the mainland Chinese firms is partly driven by the need to diversify ownership risk, particularly for the mainland Chinese firms which are predominantly state-owned enterprises (SOEs). Thus, despite extensive related research, there is still scope to pursue this dissertation as it provides further evidence of the risk and reward assessment of IPOs. CHAPTER 5 RESEARCH METHODOLOGY The approach to the dissertation followed an explanatory research approach. This approach was deemed to be the best approach to address the research questions, particularly with the requirement of discovery of insights and ideas. The research approach relied on both extensive primary and secondary research providing a complementary basis for conducting the assessment and analysis of the issues in the research. This section is structured as follows:  · Research analysis and approach. This part describes the overall research approach utilised in this dissertation and the methods of analysing the information retrieved from primary and secondary research methods.  · Primary research. This discusses the primary research undertaken in this dissertation, including the objectives in the methods used.  · Secondary research. This presents the use of secondary research and the complementary approach to the primary research tools.  · Research limitations. In the conduct of the dissertation research, a number of limitations presented itself which impacted on the results of the dissertation. These are explained in this part.  · Ethical considerations. This part goes through the key ethical considerations in the process of completing the dissertation. 5.1 RESEARCH ANALYSIS AND APPROACH The dissertation was conducted using a problem-solving approach. This methodology was used in assessing the quantitative results from the statistical analysis and also in analysing the results of the in-depth interviews, and secondary research. The dissertation utilised a combination of desktop analysis (the statistical analysis and quantitative assessment of the performance of IPOs in various stock exchanges), input from industry practitioners (the qualitative assessment of risks of the IPOs), and desk research (primarily for the secondary research and in providing further support to the results of the statistical analysis and qualitative assessment). The assessment of the performance of the IPOs was conducted using descriptive statistics as these allowed for an objective comparison of the performance (or returns) of the IPOs. Descriptive statistics was also used to show other relevant trends related to the performance of the IPOs from the Chinese and Hong Kong stock exchanges, and also the comparison versus other regional and global stock exchanges. After the assessment and analysis, and with the preliminary results on-hand, the research findings were tested and reviewed in the ‘market through discussions with other stakeholders to ensure that these research findings were sound and logical. The market review also provided feedback and confirmation of the possible research contribution that the dissertation provides. This has been noted as part of the findings and analysis section. 5.2 PRIMARY RESEARCH The key primary research utilised in this dissertation involved interviews with industry practitioners involved in Chinese and Hong Kong IPOs. The objectives in this primary research method were to: (1) understand the key risks for firms pursuing their firms listing in the Chinese and Hong Kong stock exchanges, and (2) determine the perception of the industry practitioners as to the relative performance of IPOs being done in the Chinese and Hong Kong stock exchanges. The interviews were conducted to get an understanding of the key risks that firms are exposed to by pursuing their IPOs in Chinese and Hong Kong stock exchanges. The use of in-depth interviews was selected as the primary research method as this provided an opportunity for the researcher to gain deeper insights into the issues focused on. It was initially planned that in-depth interviews of various stakeholders in the industry would be pursued in order to have a good breadth and depth in understanding the key risks and to get input from a diverse set of stakeholders. However, the research limitations in terms of timing, access to various stakeholders, and leverage of contacts in the Chinese and Hong Kong financial services sectors provided a hindrance to having an extensive list of industry practitioners included in the primary research. Nevertheless, the researcher was still able to have several in-depth interviews and these provided a good indication of the overall viewpoints currently existing in the industry, particularly related to the risks that exist for firms. 5.3 SECONDARY RESEARCH The secondary research for this dissertation involved two key approaches: (1) statistical analysis of stock price performance of selected IPOs in the Chinese and Hong Kong stock exchanges as well as several regional and global stock exchanges, and (2) desk research to understand the viewpoints currently existing on the performance and risks of IPOs in Chinese and Hong Kong stock exchanges. 5.3.1 Statistical Analysis The first secondary research method involved the quantitative data analysis of the performance of the IPOs in the Chinese and Hong Kong stock exchanges. This analysis effectively supported the assessment the performance of the listing in these stock exchanges to determine if there were differences in the performances of IPOs for these exchanges. The objectives in usin Risks and Returns of Initial Public Offerings (IPOs) Risks and Returns of Initial Public Offerings (IPOs) ASSESSMENT OF RISKS AND RETURNS OF INITIAL PUBLIC OFFERINGS (IPOs) ISSUED IN HONG KONG VERSUS CHINA CHAPTER 1 ABSTRACT This dissertation was designed to focus on an assessment of the risks and returns of the initial public offerings (IPOs) issued in Hong Kong versus China. In recent years, Chinas stock market has experienced phenomenal growth with a record of US$62 billion raised in 140 IPOs in 2006, more than that raised in the United States of US$48 billion.1 The growth of Chinas economy continues to fuel the expectations that this trend of strong IPO growth would continue and that Chinese firms would increasingly pursue listings in the Chinese and Hong Kong stock exchanges to tap international investors for their fund raising requirements. A recent example of a Chinese firm doing an IPO was China Railways Construction which issued US$3.1 billion in an IPO in February 2008.2 The key rationale in pursuing this research was that it would give an understanding of the key differences between listings in the Chinese and Hong Kong stock exchanges, particularly in relation to risks and performance (i.e. returns). Based on the statistical analysis of the existing information, there was no marked difference seen in the performance of the IPOs of the mainland Chinese firms in the Hong Kong Exchange versus the performance of the overall exchange (represented by the Hang Seng index). The data availability limited the statistical analysis primarily to the IPO information from the Hong Kong Exchange. The assessment of the risks and performance of the IPOs in the Chinese and Hong Kong stock exchanges led to the following conclusions: (1) Hong Kong is favoured overseas exchange for dual listing of mainland Chinese firms, (2) there is strong uncertainty in listing in the Shanghai Stock Exchange, and (3) interest in China is strong and investors can be tapped through an overseas listing. For the mainland Chinese firms that will be issuing their IPOs, the following are the recommendations resulting from the dissertation: pursue a dual listing, list in the Hong Kong Exchange for the overseas exchange listing, and manage the timing of the IPO. Finally, for further research work, the following are the recommended steps that can be taken to develop the issues in greater detail and address other related concerns: pursue comparison of long-term performance of IPOs, compare the options available for mainland Chinese firms in terms of their IPOs, and assess IPO performance across other factors (such as size of firms, sector of firms, and extent of local versus global breakdown of the business). CHAPTER 2 RESEARCH AIMS AND OBJECTIVES The dissertation had two key research questions which were addressed during the research. These research questions guided the research design and methodology of the dissertation. The two research questions were: 1. How have the firms listing in Chinese and Hong Kong stock exchanges performed since their IPOs, and what risks did these firms face in their listings? 2. How have the IPOs in Chinese and Hong Kong stock exchanges performed compared to each other and also in relation to regional and global competitors? The rest of this section discusses these research questions in greater detail. 2.1 PERFORMANCE SINCE IPO OF CHINESE AND HONG KONG LISTINGS AND RISKS FACED BY FIRMS The dissertation sought to determine the performance since IPO of Chinese and Hong Kong stock exchange listings, and the risks faced by the firms listing in these exchanges. The research aims and objectives for this part of the dissertation focused on the following:  · Assess the performance of the listings in the Chinese and Hong Kong stock exchanges. This assessment focused on how listings have performed in the stock exchanges of Hong Kong and China. This gave an indication of the performance of the stocks which were listed through an IPO, and provided an opportunity to analyse the differences, in terms of performance, in listing between the Chinese and Hong Kong stock exchanges.  · Determine the risks faced by firms pursuing an IPO through the Chinese and Hong Kong stock exchanges. Another objective pursued in this dissertation was determining and understanding the risks that IPOs of firms listing in China and Hong Kong faced. As options have expanded in terms of the location where firms can list in, firms consider various factors in deciding on the best stock exchange for the listing of their IPO to be done. The different options also need to be assessed in terms of the risks that the firms are exposed to by listing in these exchanges. Understand other factors that have affected performance and risks of firms. The recent developments in the financial markets brought on as an impact by the US subprime markets have also affected the performance of recent listings not only in the Chinese and Hong Kong stock exchanges but also in other stock exchanges as well. These factors and the impact these factors have had on the performance of recent IPOs in the Chinese and Hong Kong stock exchanges were also identified and presented in this dissertation.  · Analyse issues using quantitative and qualitative analysis. In pursuing the assessment of the points above, this dissertation pursued both a quantitative and a qualitative approach to ensure that the research methods provided a complementary approach. This was also designed to ensure that the inputs to the analysis had a robust basis with the assessment of performance and risks based off actual quantitative results supported by input from industry practitioners and their observations. 2.2 ASSESSMENT OF IPO PERFORMANCE BETWEEN CHINA AND HONG KONG STOCK EXCHANGES AND VERSUS OTHER STOCK EXCHANGES The assessment of the performance of the IPOs was reviewed by comparing the performance of the IPOs of the Chinese and Hong Kong stock exchanges. In addition, these were also compared versus the performance of IPOs in selected regional and also global stock exchanges to give an indication of the relative performance of the IPOs in these different exchanges. The research aims and objectives of this part of the dissertation were the following:  · Assess objectively the performance of the IPOs in the Chinese and Hong Kong stock exchanges versus selected regional and global stock exchanges. This assessment was conducted using the performance data of selected firms in these exchanges to provide an indication of their relative performances. Thus, the dissertation sought to expand on the initial issue raised on the performance and risks of IPOs between Chinese and Hong Kong stock exchanges. This provided an added viewpoint into how different the performances of the IPOs have been in these exchanges.  · Understand factors and issues affecting the relative performances of the IPOs. With the differences in the performances of IPOs identified in the previous point, the dissertation sought to analyse the factors affecting these differences. This assessment was important as it provided the opportunity to pursue further research of the issues, resulting in increased understanding of factors affecting the performance of the IPOs in these stock exchanges. These two points above were the key research objectives in assessing the performance of the IPOs of the Chinese and Hong Kong stock exchanges versus the IPOs of other selected regional and global stock exchanges. CHAPTER 3 RESEARCH RATIONALE There were several key reasons identified as to the rationale behind pursuing this dissertation. This section discusses the research rationale first from an academic research point of view and then, second, from a personal point of view of the researcher in terms of the benefits achieved in completing the dissertation. From an academic research point of view, the following were the key reasons identified:  · Drive decision for location of IPO for firms listing in stock exchanges: The results of the research could be utilised in forming a decision as to the location of a firms IPO. With greater transparency of the performance and risks in listing in China versus listing in Hong Kong, firms now have further factors to include in building a decision for the location of a firms IPO. This point is particularly relevant for mainland China firms which are looking to tap international overseas investors for their IPO and are considering various options for their action.  · Provide alternative options and thought processes for firms considering their IPOs: The results of the dissertation also provide firms pursuing an IPO in China or Hong Kong further basis for possibly considering other options outside of China or Hong Kong, given the points raised in the findings and analysis section. For example, firms now are not limited only to the thinking pursuing the funding of Chinese firms is best achieved by tapping both the Chinese and Hong Kong stock exchanges for a dual listing as this gives Chinese firms best access to the funding capability of international investors.  · Push stock exchanges to manage more effectively the marketing of their products and services: The dissertation also benefits the Chinese and Hong Kong stock exchanges as this dissertation provides the stock exchanges the basis and the opportunity to revisit their product and service offerings, and ensure that their marketing properly addresses the requirements of Chinese firms in capital markets financing. The review of the Chinese and Hong Kong stock exchanges versus its regional and global peers also provide the stock exchanges an objective assessment of performance levels relative to each other. On a personal level, the dissertation also benefited the research considerably, and also lends further basis to providing a strong rationale for completing the dissertation. The key personal reasons for the researcher in pursuing this dissertation, aside from completing school requirements, include the following:  · Improve knowledge and expertise of researcher. The dissertation was very specific in the research questions addressed and the research issues to be assessed. Thus, the researchers knowledge in these specific academic and business areas were considerably enhanced with the conduct and completion of the dissertation, including the pur suit of in-depth research and the structuring of questions and issues for the dissertation. The understanding of the issues in this dissertation will be very helpful to the researcher as other challenges are faced in an academic and business setting.  · Build project management skills. The dissertation provided the researcher the opportunity to build on project management skills as well given the extent of the period and the different aspects required in completing the dissertation, or project. This skill will be very beneficial to the researcher particularly once this is utilised in the business world where the ability to manage projects, as well as multi-task, is appreciated. The two points above provided further rationale to the pursuit of the completion of this dissertation, and gave the researcher strong reasons for undertaking the dissertation in addition to the given benefit of completing a requirement for school. CHAPTER 4 LITERATURE REVIEW The issue of performance and risks in issuing IPOs in exchanges has been analysed in various research works and there is a relatively comprehensive research work that can form the basis of further research work. For example, assessments of the performance of IPOs of stock exchanges have been done in a number of exchanges already. One research in particular focused on an assessment of the long-term performance of the IPOs of Europes new stock markets.3 The research works focusing on the issue of IPO performance are expected to continue to be of importance to the academic finance community given the debate which goes on relating to the near-term abnormal returns of IPOs and their long-term underperformance. The focus of this dissertation is a comparison and assessment of the performance and risks of IPOs issued in Chinese and Hong Kong stock exchanges. This research differs in other bodies of academic work in that this specific research issue has not been addressed directly. Certainly, the existing literature and academic research provides a preliminary path and approach in resolving the key research questions defined at the beginning of this dissertation paper. In reviewing the related literature on the assessment of risks and performance of IPOs in Chinese and Hong Kong stock exchanges, a number of consistent themes were noted as predominant in the research works. In order to assess the themes which may have contrasting supporting research, these themes are presented below and form the structure for the rest of this section reviewing the related literature:  · Methods for assessment of IPO performance  · Performance of IPOs  · Risk assessment of IPOs  · Period of assessment  · Chinese and Hong Kong IPOs The points above are the key factors discussed in this section. 4.1 METHODS FOR ASSESSMENT OF IPO PERFORMANCE One of the areas that need to be reviewed is the research methodology that previous research works have utilised in pursuing their research. The related literature has shown that the typical method used in analysing the performance largely relies on the use of descriptive statistics. In some occasions, qualitative assessment are included as part of the research methodology in order to gain greater understanding of the performance and the factors affecting the performance of the IPOs. The research mentioned earlier in this section which focused on an assessment of the long-term performance of the IPOs of Europes new stock markets used both qualitative and quantitative assessments as part of the methodology.5 The research approach was a combination of qualitative assessment (to discuss the rationale for the resulting performance) and quantitative analysis (on the IPO performance and which, as expected, was analysed and presented using descriptive statistics). The research work noted in the introduction highlighting the continued debate on the near-term abnormal returns of IPOs and their long-term underperformance was a research piece focused on the returns of IPOs from the Istanbul Stock Exchange. In this research, the performance of the IPOs was assessed utilising descriptive statistics with a comparison of means (z-test: sample for two means) as part of the statistics tool kit utilised. Clearly, the use of descriptive statistics and statistical tests for significance seems to be the preferred method of analysis for these types of research assessments. The dominant use of descriptive statistics also provides confidence that this is the method that would be most logical for the dissertation in the assessment of performance of the IPOs in the stock exchanges. 4.2 PERFORMANCE OF IPOs Another area focused on in this dissertation is the performance of the IPOs in the Chinese and Hong Kong stock exchanges as well as other regional and global stock exchanges. In terms of IPO performance assessment, one research work focused specifically on bank IPOs and their growth. Interestingly, this and the research work mentioned earlier on IPO performance (Europes new stock markets) both found that long-run post-offering returns were poor when compared to various market benchmarks. This finding was supported by another research whose results were from an analysis of 6,000 NASDAQ IPO stocks. Thus, there seems to be a number of research works that have shown the underperformance of IPOs versus other more established stocks or the market benchmarks. A research paper that focused on this underperformance showed that a reason for the underperformance of IPOs was the high expectations which were linked to the IPOs and which affected the prices paid for these offerings. This result is rather ironic as the high expectations given by investors indicate that these investors expected much higher returns from IPOs versus other stocks that these investors could have invested in. A research work with similar findings on the long-term underperformance of IPOs was done on the UK IPOs from the period 1996 to 1999.9 For this research, the long-term underperformance of the IPOs in the study was considerable versus the market performance. A period of three years was used as the long-term period. The research notes that this underperformance has been seen in a large number of countries where the IPO performance was measured over a number of years to assess its performance. The key factors identified in the research as impacting on the long-term performance of the IPOs were: (1) percentage of equity issued as part of the IPO, and (2) degree of multinationality of a firm issuing the IPO. On the first point, the research finding noted that the greater the percentage of the equity issued for the IPO, the greater the probability of underperformance over the long-term. On the latter point, the research finding was that the greater the multinational component of a firm was, the better the expectation for a long-term performance. Further to the research on UK IPOs, another research work on the UK IPOs but focused on the AIM-listed firms versus those on the main board of the London Stock Exchange showed a similar result in terms of long-term underperformance of IPOs. This research work has an additional finding on the cost of equity that is relevant to the risks faced by firms pursuing an IPO. This finding is discussed in greater detail in a later part on the assessment of risks. The research works with an assessment showing poor long-run returns for IPOs is not unanimous though as opposing performance arguments also exist with IPOs being shown to be undervalued and thus provide good, long-run returns even versus the market. However, the reasons that the results are different for this research work is the adjustment done on the valuation of the IPOs which result in the IPO valuation being markedly different from those considered in the other researches which found poor longrun returns for IPOs. This research work utilised an alternative method with adjustments made on the performance of the IPO stocks. The research work on the Istanbul Stock Exchange highlighted a number of reasons for the performance of the IPOs, particularly the abnormal returns shown in the near-term: overvaluation of IPOs by investors and deliberate under-pricing for the IPO which then rewards the informed investors. The long-term underperformance of IPOs is not shared and accepted universally as other research works exist which shows that this is not the case, at least for the particular market and time period considered in these research works. A research on Malaysian IPOs from 1992 to 1996 showed that these IPOs showed particularly strong growth in stock prices over a three-year period from the issuance. This thus negates the concept of long-term underperformance shown by a number of research works. The difference in results could be attributed to a number of factors which could include differences in the parameters of the research factors related to the IPOs such as, for example, the definition of long-term in the assessment (this Malaysian research study utilised a period of three years to define the long-term). Further evidence of long-term performance contrary to other international evidence is that result from a review of IPO performance in Greece from the period 1993 to 1997, which showed that the IPOs performed much better than the market over the long-term and not just in the near-term for the effects of the abnormal near-term returns. In this research work, the definition for long-term performance was again different as the period of one year was taken for this assessment to reflect the long-term performance of the IPOs. The research piece attributes the difference with international evidence to possibly the legal framework, the institutional arrangements, and the degree of development of the capital markets. To further complicate the current thinking on the performance of IPOs, a research work focused on Germany IPOs from 1977 to 1995 showed varying performances over the long-term with some IPOs resulting in considerable underperformance while other IPOs showed excellent long-term performance.15 The focus of the research was not necessarily the determination of the long-term performance of the IPOs and thus could not be considered as inconclusive. The actual focus of the research work was the determination of the action post-IPO and the ability to determine which of the IPOs would perform better over the longer-term. The research finding was that the key predictor of the long-term performance of an IPO was the subsequent financing activity in the equity market with the firms being able to raise additional funds soon after the IPO slated for out-performance versus other firms which failed to generate further funding. Several reasons have been put forth as supporting the underperformance of IPOs in most markets. A research work which looked at French IPOs but focused on the impact of ownership resulted in findings that ownership had an influential and large impact on long-term performance of the IPOs.16 The reason for this was that at some point, usually a typical long-term period such as three to five years, ownership restriction in terms of selling off stakes would have been lifted. Thus, the sell-off of family or block holdings in IPOs after a long-term period impact negatively on the share price and becomes a large reason for the underperformance of IPOs over the long-term. This finding would seem to be applicable to most firms pursuing IPOs as it would be usually the case that a firm issuing an IPO would have large blocks of holdings controlled by very few entities or personalities. 4.3 RISK ASSESSMENT OF IPOs While a number of research works such as those cited earlier have focused only on the performance of the IPOs, other research works have combined the analysis of the risk and rewards related to IPOs, which would be parallel to the focus that this dissertation is geared to do. One, in particular, focused on the risk and return trade-off for IPOs though, admittedly, there was greater focus on how these issuances were riskassessed.A rather focused look on long-run performance showed that industry parameters, timing of IPO, and industry situation all play in the aftermarket returns of IPOs which, in general, are not favourable. One of the risks identified in a research work on AIM-listed IPOs was the resulting cost of equity. A decision factor for the firms considering pursuing an IPO should be the cost of equity and the research finding on the assessment of AIM-listed stocks showed that, potentially, cost of equity is much greater than that expected with the listing on these stock exchanges.Using this as an analogy to the current issue of issuing an IPO between Chinese and Hong Kong stock exchanges, it is possible that this is a risk faced by the mainland Chinese firms in their decision. 4.4 PERIOD OF ASSESSMENT A factor that needs to be made consistent in the assessment of the performance of the IPOs is the period of assessment. The proper time frame could impact on the performance considerably and in viewing this assessment, it would be important to have the proper time frame from which to consider returns. For example, flipping of IPOs impact the pricing of some IPOs post the offering and affect the returns if taken within a short time frame. There is thus a question of the period defined by near-term as well as long-term performance given different periods taken by researchers in conducting their work. Understandably, this could have been driven by the availability of data of the stock prices. In order to have a proper assessment for this dissertation, it would probably be best to utilise the following time periods: one month for near-term performance, and 3 years for consideration of long-term performance. These seem to be the periods that most of the researchers had utilised though it does differ from some of the period conventions used in other researches. 4.5 CHINESE AND HONG KONG IPOs Despite the existence of numerous research work on the assessment of risks and rewards of IPOs across exchanges globally, there have been limited research works which focus on the Chinese and Hong Kong IPOs of recent years. One recent unpublished work touched on under-pricing and the aftermarket liquidity of Hong Kong IPOS, and found that under-pricing was evident in driving liquidity post-IPOs. A more comprehensive published work on Hong Kong IPOs utilised slightly dated figures (IPOs up to 2002) and thus presents a challenge in the findings concluded.22 Another is dated (published in 1998) but does look at the issue of pricing and aftermarket performance of IPOs with results showing large returns accruing in the long-term for IPOs. Other China-related research work focus on performance post-IPO but refer to operating performance of the firms and not the performance of the share price.One research which looked at short-term and long-term IPO performance in China highlighted a number of differences affecting Chinese stocks: stake that the government has in the firm, the size of the firm, and the options available to Chinese investors. Over the next few years, there will continue to be increased interest in the IPOs of firms in mainland China as these firms seek to tap international investors. In turn, international investors are increasingly interested in investing in the mainland Chinese firms given their typical profitable nature (largely owing to monopoly or large market share status) and the presence these firms have in mainland China that international investors find attractive. The pursuit of the IPO by the mainland Chinese firms is partly driven by the need to diversify ownership risk, particularly for the mainland Chinese firms which are predominantly state-owned enterprises (SOEs). Thus, despite extensive related research, there is still scope to pursue this dissertation as it provides further evidence of the risk and reward assessment of IPOs. CHAPTER 5 RESEARCH METHODOLOGY The approach to the dissertation followed an explanatory research approach. This approach was deemed to be the best approach to address the research questions, particularly with the requirement of discovery of insights and ideas. The research approach relied on both extensive primary and secondary research providing a complementary basis for conducting the assessment and analysis of the issues in the research. This section is structured as follows:  · Research analysis and approach. This part describes the overall research approach utilised in this dissertation and the methods of analysing the information retrieved from primary and secondary research methods.  · Primary research. This discusses the primary research undertaken in this dissertation, including the objectives in the methods used.  · Secondary research. This presents the use of secondary research and the complementary approach to the primary research tools.  · Research limitations. In the conduct of the dissertation research, a number of limitations presented itself which impacted on the results of the dissertation. These are explained in this part.  · Ethical considerations. This part goes through the key ethical considerations in the process of completing the dissertation. 5.1 RESEARCH ANALYSIS AND APPROACH The dissertation was conducted using a problem-solving approach. This methodology was used in assessing the quantitative results from the statistical analysis and also in analysing the results of the in-depth interviews, and secondary research. The dissertation utilised a combination of desktop analysis (the statistical analysis and quantitative assessment of the performance of IPOs in various stock exchanges), input from industry practitioners (the qualitative assessment of risks of the IPOs), and desk research (primarily for the secondary research and in providing further support to the results of the statistical analysis and qualitative assessment). The assessment of the performance of the IPOs was conducted using descriptive statistics as these allowed for an objective comparison of the performance (or returns) of the IPOs. Descriptive statistics was also used to show other relevant trends related to the performance of the IPOs from the Chinese and Hong Kong stock exchanges, and also the comparison versus other regional and global stock exchanges. After the assessment and analysis, and with the preliminary results on-hand, the research findings were tested and reviewed in the ‘market through discussions with other stakeholders to ensure that these research findings were sound and logical. The market review also provided feedback and confirmation of the possible research contribution that the dissertation provides. This has been noted as part of the findings and analysis section. 5.2 PRIMARY RESEARCH The key primary research utilised in this dissertation involved interviews with industry practitioners involved in Chinese and Hong Kong IPOs. The objectives in this primary research method were to: (1) understand the key risks for firms pursuing their firms listing in the Chinese and Hong Kong stock exchanges, and (2) determine the perception of the industry practitioners as to the relative performance of IPOs being done in the Chinese and Hong Kong stock exchanges. The interviews were conducted to get an understanding of the key risks that firms are exposed to by pursuing their IPOs in Chinese and Hong Kong stock exchanges. The use of in-depth interviews was selected as the primary research method as this provided an opportunity for the researcher to gain deeper insights into the issues focused on. It was initially planned that in-depth interviews of various stakeholders in the industry would be pursued in order to have a good breadth and depth in understanding the key risks and to get input from a diverse set of stakeholders. However, the research limitations in terms of timing, access to various stakeholders, and leverage of contacts in the Chinese and Hong Kong financial services sectors provided a hindrance to having an extensive list of industry practitioners included in the primary research. Nevertheless, the researcher was still able to have several in-depth interviews and these provided a good indication of the overall viewpoints currently existing in the industry, particularly related to the risks that exist for firms. 5.3 SECONDARY RESEARCH The secondary research for this dissertation involved two key approaches: (1) statistical analysis of stock price performance of selected IPOs in the Chinese and Hong Kong stock exchanges as well as several regional and global stock exchanges, and (2) desk research to understand the viewpoints currently existing on the performance and risks of IPOs in Chinese and Hong Kong stock exchanges. 5.3.1 Statistical Analysis The first secondary research method involved the quantitative data analysis of the performance of the IPOs in the Chinese and Hong Kong stock exchanges. This analysis effectively supported the assessment the performance of the listing in these stock exchanges to determine if there were differences in the performances of IPOs for these exchanges. The objectives in usin

Analysis of Shakespeares The Tempest - Heart Of The Savage :: free essay writer

The Tempest: The Heart Of The Savage Caliban the deformed savage on the island from his first appearance in the play is more animal than human. Prospero first refers to Caliban by calling him a, "tortoise" (1.2.318). This sets the tone for Caliban's character in the play as he is labeled as a semi-beast in the play. But interestingly despite Caliban's deformed body and animal like appearance he possess remarkable eloquence that gives him power. Prospero, a renaissance prince even with his velvety language only equals Caliban in eloquence. In some ways this dichotomy between Caliban's appearance in the play and his remarkable gift for language creates a magical and mysterious atmosphere in the play. It complicates the relationship between Caliban and Prospero for although Prospero claims to own his savage his savage speaks not like one who is owned. Caliban from his first appearance in the play speaks with a remarkable eloquence despite his deformed image, "As wicked dew as e'er my mother brushed/ With raven's feather from unwholsome fen/ Drop on you both!" (1.2.324-326). These lines show how Caliban speaks in the same eloquent tongue that Prospero speaks with. His lines are long and his words are filled with imagery: "wucked dew", "unwholesome fen", "raven's feather". Caliban doesn't in the play ever seem to be at a loss for words when describing his situation. Later in Act 1 Scene 2 Caliban describes how he once the island was his. Caliban acts like a tour guide for the reader describing the water, berries, toads, and beetles of the island. In this passage through language Caliban is able to once again recreate the past when he was not a slave. Caliban despite his position as a slave to Prospero in the physical world in the world of language, Caliban is Prospero's equal. Because of this when staging Caliban's passage we need to re-create this mysterious dynamic between Caliban and Prospero. Caliban must appear like beast more resembling and animal then a human being. But he should also exude a hidden power that befits his eloquent speech. In Act 3 Scene 2 Caliban speaks to Stefano and Trinculo with a magical rhythm that incorporates the images of dreams and air. Because of this when staging this scene Caliban should be a wild looking beast who speaks with a eloquent voice. In addition lights should be focussed on his huddled and animal like figure to give him the semblance of power.

A Woman Mourned By Daughters: An Analysis :: essays research papers

A Woman Mourned By Daughters: An Analysis   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"A Woman Mourned by Daughters†, by Adrienne Rich, is a very descriptive poem in which two women are speaking to their dead mother. There are several parts to this poem starting from the when the mother dies, and moving gradually backward to when the daughters were young girls.   Ã‚  Ã‚  Ã‚  Ã‚  It begins with the daughters sitting in their mothers kitchen, â€Å"mourning† over their mothers death, only they aren't upset or crying (Lines 1-3). They are â€Å"spent† (drained and tired) from all the pressure their mother put on them, before and after she died.   Ã‚  Ã‚  Ã‚  Ã‚  The next section (Lines 4-10) is a description of their dead mother as a persistent presence in their lives. They are so burdened by the power she still carries over them, even though she is no longer living.   Ã‚  Ã‚  Ã‚  Ã‚  They proceed in speaking about her as an elderly woman, weak and frail, â€Å" a straw blown on the bed† (Lines 11-14). The describe her on her death bed. â€Å" Like a corpse pulled from the sea†.   Ã‚  Ã‚  Ã‚  Ã‚  In the fourth section (Lines 15-20) they discuss that what upsets them now that she is gone, isn't the fact that she died, it is all the things that she used to do to them. A knot forms in their throats (â€Å"what rises in our throats like the food you prodded in†) as they think about how they used to be treated.   Ã‚  Ã‚  Ã‚  Ã‚  After the mother dies, the daughters are left with several responsibilities which are discussed in the next section (Lines 22-28). These responsibilities are not ones which the daughters would be happy to take care of. They are so hateful toward their mother and the problems she left are only a burden to them. They feel that they are still being pushed around even after she is dead. Even the thought of taking care of their sick and dying father is thought of as a chore instead of a blessing.   Ã‚  Ã‚  Ã‚  Ã‚  The final section of this poem (Lines 29-33) basically states that if they do something, and it isn't exactly the way their mother would have wished it done, they will be punished. They will feel the guilt from their mother, from beyond the grave, if they do not do things the way she did them, or would

The Growing Threat to Civil Liberties Essay -- Rights Freedom Essays

The Growing Threat To Civil Liberties The United States has long been respected for the principled thoroughness with which it has upheld the right to freedom of speech embodied in the first amendment to the constitution. We owe part of our own freedom of speech to the Americans who have upheld freedom of speech on the Internet against pressure from other countries who are angry that their citizens can call up forms of speech banned at home. The US consistently refuses to sign international agreements that would infringe the purity of its own constitutional guarantees of freedom of speech. It is thus distressing to read in David Bernstein’s excellent book how anti-discrimination laws are being used to undermine civil liberties, such as the freedom of speech, in the very home of liberty itself. The US courts have in the past upheld freedom of speech, even where it might seem to encourage crime or subversion, but they have allowed anti-discrimination laws to over-rule freedom of speech. Once again the drive for equality is revealed as the greatest enemy of individual freedom. One of the most striking examples of this is the substantial numbers of individuals who have been sacked (and also in consequence lost their medical care) because their employer’s lawyers were afraid that remarks that these individuals had made might lead to some other indignant and affronted employee suing the employer for allowing them to be subjected to a ‘hostile work environment’. A member of a legally privileged ‘minority’ might well then be awarded vast damages for some trivial remark. In consequence employers now even snoop on conversations and e-mails between two friendly consenting employees lest they contain a comment which might be unco... ...ights, but she was only awarded one dollar plus her costs. It sums up the priorities of PC AmSoc America. A trivial anti- discrimination claim is worth a million times as much as freedom of speech and expression. David Bernstein is to be congratulated on so clearly, vividly, analytically and accurately showing seriousness of these new threats to free speech and civil liberties in the US. The Cato Institute also deserves credit for publishing the book since in Bernstein’s words ‘authors who take politically incorrect positions . . . face a particularly difficult time finding publishers among leading trade presses’ (p. ix). Cato at least is still the land of the free and the home of the brave. You Can't Say That: The Growing Threat To Civil Liberties From Antidiscrimination Laws Washington, DC: Cato Institute, 180pp., ISBN: 1 930 865 538, $20.00 (hb), 2003

Gender Communication Differences in Traditional Marriage Essay

Men and women communicate differently. Two people of opposite gender joined in marriage have two very different styles of communication to the extent that this problem is sometimes insurmountable. Lack of clear communication between partners in a traditional marriage is often cited as the cause for divorce. What often occurs â€Å"is not a failure to communicate, but a failure to understand communication† (Akin, 2003, 1). Long before technology took over society and created more avenues for communicating with each, men were used to showing support by â€Å"doing things† for the family and women showed their affection through talking (Torrpa, 2002, 1). Women expect their marital relationship to be based on mutual dependence and cooperation while men expect it to be based on independence and competition (Torppa, 2002, 1). Clearly, these two different sets of expectations will have an effect on how the two partners communicate and ultimately, on the strength of the union. According to Ohashi (1993) marriage is a system established on the assumption of a division of labor based on gender-role stereotypes (from Katsurada, Sugihara, 2002, 2). Women traditionally tend to want to â€Å"make everyone happy† while men make decisions based largely on their own personal needs (Torrpa, 2002, 1) – one aspect of marriage that is unchanged for the most part yet responsible for many breaks in communication between the partners. Differences in characteristic gender roles also affect communication between husband and wife. Typically, women are characterized as being the more talkative of the sexes as well as being comfort providers and more secure in showing their emotions. Women are also better at â€Å"reading between the lines† regarding interpersonal issues (Torrpa, 2002, 1). Men, on the other hand, are known for their distinct lack of communication and inability to provide emotional support. Their ability to â€Å"read between the lines† regarding status is more pronounced than in women. With traditional roles in marriage declining and technology taking over, communication is at once both more effective and less available (Morris, 2001, 1) – we have more ways of communicating (e. g. text messaging, Email, etc. ) but we have less time to do so with multiple careers. Both male and female partners tend to see the other as being more controlling of the relationship (Torppa, 2002, 1) and without the ability to communicate effectively, this assumption can be quite damaging to the marriage. This research will explore the varying roles of a man and woman in a traditional marriage relationship, how these roles influence their ability to effectively communicate, and the level of satisfaction each partner feels based on their idea of whether or not they are communicating effectively with each other regarding important issues. According to Torrpa (2002, 1): â€Å"understanding differences is the key to working them out†. B. Hypothesis It is expected that marriage partners with traditional roles (i. e.the husband as breadwinner, the wife in charge f the household) will experience a greater chasm between what is being said and what is meant in that these partners will have communication styles more typical of their gender. It is hypothesized that men will have a very different style of communication than the women in each partnership. C. Participant Selection A minimum of 15 married alumni couples will be identified via public records office and sent a mailed invitation. Commitment may also be obtained via telephone. Respondents to the survey will be offered a gift card from a local merchant. D. Materials 1) Written questionnaire regarding the couple’s marriage 2) Assessment of task completion using a scale model E. Procedure In this study, the married couples will be surveyed regarding their role in the marriage. Each couple will be surveyed individually. A task will be randomly and privately assigned to one of the partners with specific instructions to verbally communicate the specifics of the task to the other partner. Communication style and effectiveness will be measured by the ability of the spouse to complete the task and a post-task survey completed by the spouse that will rank the value of the instructions given on a scale of one to 10. The spousal differences between the style of communication (i. e. non-verbal direction, logic) will be made apparent by the answers to the post-task survey. Analyzing the data with frequency tables is expected to show that the males in the group communicate using logic, while the females will rely more on non-verbal signals they expect their partner to recognize. Potential Risks to Participants There are no potential risks associated with participation in this research study. However, should participants feel the need for counseling services following the survey, they will be directed to the campus counseling center. G. Expected Benefits for Participants and Society Participants in the survey should garner a much better idea of how to communicate more effectively with each other. The hope is that through awareness of communication deficits, the married couples will be able to put this new knowledge to use when needing to communicate about larger and more important issues.

Why Do Managers Plan?

Why do Managers Plan 1 Why do Managers Plan? Management 301 Distance Learning December 07, 2011 Why do Managers Plan 2 Why do Managers Plan? Strategic Planning This seems like a very cut and dry topic to discuss, but there is no single reason that a manager makes plans in the work environment. I will cover several areas in which managers use planning, and why it is an essential part of accomplishing tasks, and how it streamlines processes necessary for an organization to be successful. First, I will discuss strategic planning: strategic planning can also be referred to as â€Å"charting the course† for a business or organization. A central part of strategic management is performance measurement (Public Administration Review, December 2010). Unlike private sector business organizations, many government and public agencies have developed performance measurements without developing strategic plans. I think that this is primarily due to the infrastructure that is set in place in most government or public agencies, and the amount of red-tape that accompanies government ran agencies. Regarding the private sector, I believe that having a strategic plan to guide managers and leaders in the decision making process allows them to identify alternative steps or measures to take in the event that something in the business process changes that they have no direct control over. Managers who develop a strategic plan also are likely to recognize that the end result cannot be their only concern, but they identify milestones that must be met along the ay, or during the process to use as a measurement tool to determine if they are making positive progress or if they need to examine â€Å"glitches† that will delay or have a negative impact on the business process. One tool to measure performance is a â€Å"Balanced Scorecard†. It is grounded in the idea that the measurement Why do Managers Plan 3 of an organization’s performance ought to take into account the processes and resources needed to produce outcomes, as well as the outcomes themselves. In some ways, its emphasis on inputs and outputs is a step back in performance measurement, but that step is designed to help organizations fulfill the results promised. (Public Administration Review, December 2010). I believe that this is a vital step, if not the first step in planning that will help ensure a business or organization has a set path that will enhance their possibilities of success. Knowledge Management in Organizational Planning is the next area that I want to discuss. When people talk about managers making plans for operations or processes in a business or organization it is likely that they are referring to plans that include forecasts. This type of planning is appropriate if the future of or in the business environment is stable; however, this is not always the case with many businesses because they face business environments that are complex and unstable (Knowledge Management in Organizational Planning, January 1987). With this being the case in most business environments today, the leadership of these businesses continue to pursue planning and forecasting tools and technology that will help them when they are developing strategic and organizational plans. Knowledge management might also be referred to as Management Information Systems (MIS). This is a computer program or network that was developed for management and leadership members to use for the purposes of planning and may have examples of past planning events or projects that the current managers can use to aid them in the planning and decision making process. One significant advantage of this type of system is that it can provide historical data that allows good planning to be done from the beginning, and this might improve the probability of success of a project or production process Why do Managers Plan 4 based on the past lessons learned that are taken into consideration when developing the current plan. The MIS was developed to assist managers in gathering information, generating ideas and alternatives and also for analyzing this information and choosing from among the competing alternatives. This MIS is just another tool to emphasize why managers plan. Another area that planning is important for managers is multi-project planning and resource control. This area is also related to the area of enterprise resource planning (ERP). Both of these areas require the use of business planning tools to make the manager’s job of planning for needed materials and resources much easier to manage through the use of technology and computer programs. One of the most challenging aspects of a manager’s job is to ensure that he/she effectively manages projects or production processes without exhausting the organization’s limited resources (Multiproject Planning and Resource Controls, December 2006). When we talk of managers, I think it is important to realize that managers are in all industries including retail, production, manufacturing, and construction to name a few, and the one common link that they all share is planning. Planning is the bedrock or foundation that managers must establish as a starting point no matter the industry which they work. The important parts of planning that are related to multi-project and ERP management are identifying the resources needed to start and sustain work processes to eliminate loss time due to a shortage of resources, and how the ERP system works together with other internal business systems to enhance the planning of management. An example of this could be that the ERP system interfaces the maintenance projects that are being actively worked with the supply or requisitioning process to ensure that needed resources such as materials and tools are being ordered to meet the project or job requirements. The ERP system Why do Managers Plan 5 can be programmed to recognized or identify items needed based on job number or serial numbers related to specific aspects of the job that were identified during the initial planning phase of the job or project. The items that would be ordered due to this planning would be added to what is commonly referred to as a â€Å"pick-list†. This part of the ERP system is known as the interaction between structure and human action and is called the â€Å"duality of structure, which simply means (in this case) the interaction between the ERP system (usually managed by a materials manager), the ordering of resources (between materials manager and vendors), and communication between the project or production manager and the system (actual input into the system) (business benefits from ERP systems, Staehr, 2008). The ERP systems ability to identify this process in only possible due to the initial planning that was performed by the manager in charge of the projects or processes, and communicated and planned with the materials manager to ensure the system was interfaced to the processes. I have actually used an ERP system called SAP, and these types of systems require a lot of training and â€Å"hands on† work because they can be very complex to use. Another extremely important and relevant planning tool that managers can use is the Production Planning Model. This PPM might also be referred to as Material Requirement Planning (MRP). The MRP is a vital tool for managers who work as maintenance managers, production managers, or operations managers. Managers use the MRP to identify the amount of spare parts that need to be either â€Å"on hand† or quickly procured to ensure there is limited or no equipment down-time due to the lack of parts to make needed repairs for process equipment. It is important that managers who work in these types of environments are the not just the process manager, but the planning manager. I make the Why do Managers Plan 6 previous statement because the manager who develops the operational or process plans should use the equipments historical data to identify operational and down-time trends. They should also use Bills of Materials (BOMs) to identify parts that will be more likely to fail due to the amount of use, or are more susceptible to wear from continuous use in the operation or process. This topic is important to discuss because many plants or facilities might have the capability to manufacture parts in their own machine shops, and this can be a cost savings measure as well as a time saving measure. This is why it is important that the planning manager identify this as a possibility or a preference during the planning phase of the job to be performed. Using MRP helps manufactures and managers determine precisely when and how much material to purchase and process based on a time phased analysis of sales orders, production orders, current inventory, and forecasts (Production planning model, April 2009). MRP determines material requirements based on master production and planning schedules which are used in conjunction with one another to ensure an efficient work process. A primary reason that managers use the production planning model is to reduce the levels of parts or goods on hand. In other words, if proper planning is performed prior to starting the job or production process the manager will be able to determine the parts needed/required from start to completion of the process and save inventory costs by only having the required parts on hand with no excess. Once it is determined how much product will be produced it makes it much easier to determine the amount of parts or spare parts that will be needed. When managers are planning for a production run it is important for them to be aware of any future product orders that might follow closely after the production Why do Managers Plan 7 process or run that they are planning for, so they can consider having more spare parts on hand to aid the planning process of the following project or product run. Good communication among the management team is crucial to the overall success in the planning phase of all work processes. The advantage of using the MRP to assist in the planning stage of projects or production processes is that it allows the planning manager to use historical equipment data, and maintenance data to develop a trend analysis and determine the appropriate amount of parts required during a specific production process. In summary, I have used several different examples to emphasize and support why managers plan. I know that some of the examples that I used to illustrate my points might be broad, and even complex with regards to using ERP and MRP as tools to aid in planning, but I feel they were essential elements for me to use to stress that planning is often difficult and requires the use of technology to properly forecast outcomes etcetera. I have worked as a manager in charge of maintenance planning processes in a manufacturing environment, so I know from firsthand experience the importance of planning. I have used a management information system program (SAP Plant Maintenance Module) to integrate and implement plans and procedures, and it can be very time consuming and complex, but if we had not used a system such as this to help develop plans we would not have been able to effectively perform maintenance procedures and the company could have suffered catastrophic equipment failures. I know that we have probably all heard the old saying that â€Å"failing to plan is like planning to fail†, well in the case of â€Å"Why do Managers Plan? I would have to say that I agree with that old Why do Managers Plan 8 saying, and that managers plan to ensure their efforts are successful, and to ensure the success of the organization as a whole. Why do Managers Plan 9 References: Professional Article: Strategic Planning and Balanced Scorecards: Charting the Course to Policy Destination, Edward T. Jennings, Jr. , University of Kentucky. Public Administration Review, dated: December 2010. Professional Article: Knowledge Management in Organizational Planning, Lynda M. Applegate, Tsung Teng Chen, Benn R. Konsynski, and Jay F. Nunamaker, Jr. Twentieth Annual Hawaii International Conference on System Sciences, Honolulu, Dated: January 6-9,1987 Multiproject Planning and Resource Controls for Facility Management, E. William East and Liang Y. Liu, dated: December 2006. Understanding the role of managerial agency in business benefits from ERP systems, Lorraine Staehr, La Trobe University, Dated: 2008. Production planning model with simultaneous production of spare parts, P. Cyplik, L. Hadas, and M. Fertsch, Poznan University of Technology, Poznan, Poland, Dated: April 2009.