Critically analyse how the government debt problems initially faced by Essay

Critically analyse how the government debt problems initially faced by a few relatively small economies could trigger such a wid - Essay Example The issues referring to the economies affected by the crisis shall also be discussed in this paper in order to establish the impact of sovereign debt to the euro financial crisis. This paper is being carried out in order to establish an academic and analytical discussion of the European crisis, linking its causes with its eventual impact on a larger economic region. Body The European crisis significantly impacted on the European financial market. Various elements colluded in order to cause the European crisis, with the crisis more or less unfolding in smaller economies, including Greece, Portugal, and Ireland. The money market was significantly affected by the deterioration in market conditions which started in 2007 (European Central Bank, 2012). The interbank markets are usually subjected to counterparty risk. The collapse of Lehman Brothers in 2008 led to lower confidence in the market, which then caused issues in financial integration (European Central Bank, 2012). Such event trig gered the increase in cross-country dispersion in overnight rates, as well as lower interbank market activity. Although measures to address market tension were implemented by the European Central Bank, the tension re-emerged in 2010 due to pressures in euro government bond markets (European Central Bank, 2012). More remedies were implemented by the ECB which helped improve the money market in the euro area. However, in 2011, more pressures on the euro sovereign bonds caused issues in market integration. Such deterioration also became apparent in the secured financial market. In 2011, the ECB once again introduced remedies to ensure liquidity support for financial institutions (European Central Bank, 2012). Price-based remedies implied deterioration in the integration of the money market, specifically for short maturities. Integration gains which were expected after the bailouts were reversed by the crisis. With longer maturities, the measures of integration seemed to be stable; howe ver in 2011, these measures actually indicated deterioration (Dadush, et.al., 2010). The sovereign bond markets went through significant tension in 2011. During the onset of the financial crisis in 2010, only three smaller countries were severely affected; however, in 2011, the larger countries were soon affected, especially in terms of their bond yields (European Central Bank, 2012). Moreover, market declines in sovereign yields could not be reached with the implementation of fiscal adjustments, as in the case of Ireland. Improvements in the sovereign bond market were evaluated based on simultaneous movements in yields. Europe for the past 2-3 years has been faced with a very serious crisis (European Commission, 2010). The bond market has already been closing to the euro-area countries, and for those who are still open, they are charging high rates of interest for any loans or investments. The increase in bond yields is based on the fact that where investors view more significant r isks associated with their investments in a country’s bonds, they would also likely need higher returns in compensation for such risks (European Commission, 2009). An unfavourable cycle often ensues from this situation as the demand for higher yields would lead to higher costs in borrowing for the country. This causes financial issues

Beauty Myth Essay Example for Free

Beauty Myth Essay The beauty myth, how what others perceive as what beauty is can, will be and has been used against women. Advertising agencies and Hollywood are portraying to young girls and women that youth, beauty and love go together to make a complete and happy existence in life. From reality television shows such as Toddlers and Tiaras, to youth clothing stores such as Justice, and Dove beauty ads geared toward women of all ages the portrayal of having to be pretty is everywhere you look. Toddlers and Tiaras is a reality television show of the behind the scenes events of child beauty pageants. The children on the show are spray tanned, wear makeup, and wear fake hair. And the thing that baffles me most about all of this is that the children are all under the age of 7. I don’t know of anyone that doesn’t remember what happened to Jon Benet who was a child beauty queen but yet there are still hundreds of parents that a dress up their children like little dolls and put them on national television for the world to see. These little kids are being told to be more beautiful or for the boys to be more handsome, and to excel at their looks at such a young age when the focus should be on teaching them fundamentals of life and to love themselves as they are. The picture above is from the show’s website on TLC online. All of the little girls are so beautiful before and look absolutely ridiculous after they are all done up. This type of show has made me shy away from watching anything of TLC because I don’t want to support a company that will exploit children in that way. TLC also has a spinoff of one of the contestants that is too old for the Toddlers and Tiaras show and she has her own show now called Here Comes Honey Boo-Boo. It is yet another show that I will not watch because it makes me angry not only towards the station but also towards the parents of all of these children. On a more personal note, I recently went shopping for my goddaughter who turned 6 years old. I went shopping for clothes for her and she is the first little girl that I have shopped for in the last ten years so it amazed me how hard it was to find clothes for her that seemed age appropriate. A lot of the stores I went to, Justice included, had very few clothes that didn’t resemble those of clothing you would find in the juniors or adult sections also. My goddaughter is a little girl who is a tomboy and she doesn’t like a lot of the clothes that are covered in glitter and words, but she is also getting older and doesn’t always want to wear the t-shirts with cartoon characters on them either. It makes me wonder what little girls clothes will look like when I have children. I would want them to look like little kids, not little kids playing dress up. Advertising agencies aren’t much better than stores, marketing, and television. My recent experiences watching television commercials and ads on you tube led me to the Dove website. There is a link on the website with their social mission, it is: Anxiety about beauty begins at an early age, and can even keep girls from doing what they love. You can change that with a conversation. Reach out to the girl in your life and talk to her about beauty, confidence and self-esteem. There is a lot about this statement that I like, and I would like it all if I had not previously seen Dove ads on you tube and television on the â€Å"evolution of beauty†. In a sixty second ad they change a plain, pretty girl into an exquisitely beautiful one with her hair done and makeup on. The mission statement on the Dove website is great; everything they say in it is spot on for young girls and even young men. But they should state that beauty comes in all forms. So many young people are trying to alter their appearances with makeup and jewelry and various hairstyles and hair colors; they need to also be told that natural is beautiful too. These days you can’t turn on the television or even the radio without hearing and seeing ads for laser hair removal or lasik eye surgery to eliminate glasses, all things that have been made to be seen as unbecoming in the looks department. In the past there was a television reality show called â€Å"The Swan† which was a makeover show where they take a woman or man that is seen as â€Å"ugly† in society and change their appearance so drastically that they are almost unrecognizable to their friends and family. Other reality television shows that I can think of off the top of my head are â€Å"What Not to Wear†, â€Å"Queer Eye for the Straight Guy† and â€Å"Extreme Makeover Weight Loss Edition†. So many shows that basically start with telling people how ugly they are personally or even just the clothes they choose to wear make them ugly. It all reminds me of a quote that I heard a lot growing up and that is â€Å"Beauty lies in the eyes of the beholder†. Just because what I think is pretty someone else may not, does not make it ugly and vice versa.

Multi-disciplinary Care Management in Orthopaedic Ward

Multi-disciplinary Care Management in Orthopaedic Ward The purpose of this assignment is to explore, discuss, and analyse multi-disciplinary care management of a patient admitted to an orthopaedic ward. It will look at how collaboration with other agencies and disciplines takes place. In addition, their role in the rehabilitation and discharge planning. It will conclude if the special needs of the patient were met which will be discussed throughout the assignment. This assignment will contain reference to Gibbs (1988) reflective cycle along with Webb (1992) who agrees it is appropriate and acceptable to write in the first person, when giving a personal opinion. The patient cared for in this assignment was a woman admitted to an orthopaedic ward after falling over in her home, with a possible fractured neck of femur. Fractured neck of femur is the most common traumatic condition requiring admission to orthopaedic wards. It is currently approaching epidemic proportions among older people, especially women (Audit Commission 1995). The names of the staff and hospital will remain anonymous to maintain confidentiality. This is in conjunction with clause 5.1 of the Nursing and Midwifery Councils Code of Professional Conduct (NMC 2002). In addition, a pseudonym of Mrs. H will be used to name the patient. Mrs. H is a fifty-seven year old woman, who has Type II diabetes controlled by tablets and diet. Since she was a child, she was diagnosed as having learning difficulties. A learning difficulty/disability is a significantly reduced ability to understand new or complex information (DOH 2001). Due to social issues, Mrs. H was labelled as a complex discharge from admission. Smith supports this and states discharge planning starts on admission (Smith 2002). Mrs. H was admitted to the ward after an assessment was carried out in the Accident and Emergency Department. Mrs. Hs fracture was confirmed by an x-ray, which identified an extracapsular fracture. The surgical house officer decided to book her for emergency surgery with dynamic hip screws (DHS), which are used to internally fix the fracture. DHS are designed so that the shoulder of the screw presses against the edge of the screw hole and applies pressure at the fracture site (Dandy Edwards 1998). After surgery, Mrs H was transferred onto an elective orthopaedic joint replacement ward where I was placed. The ward follows Ropers model of nursing as well as a care pathway for total hip and knee replacements. These pathways have been defined as a multidisciplinary outline of anticipated care, placed in an appropriate time frame, to help a patient with a specific condition or set of symptoms moving progressively through a clinical experience to a positive outcome (Roberts Reeves 2003). Ropers model of nursing is the most commonly used in the UK, particularly in adult nursing (Kenworthy et al 2002). This model focuses on twelve activities that people engage in to live(Roper et al 1995). It focuses on the client as an individual engaged in the living throughout his or her lifespan, moving from dependence to independence, according to different circumstances. The concepts underlying the model are the progression of a patient along a lifespan, dependence, and independence continuum, the activities of daily living and influencing factors, and lastly individuality (Roper et al 1995). However, the goals of orthopaedic nursing is to return the patient to mobilise fully and weight bear independently, hence, self-caring. Therefore, Kenworthy et al (2002) suggests that when working with patients with learning difficulties, nursing models may need adapting to cater for long-term problems. Kenworthy et al (2002) also suggest that Orems (1985) model of nursing is integrated with Ropers (1995), which is widely used in the fields of rehabilitation and community care. Despite this, this ward adheres only to Ropers (1995) model. When Mrs H initially arrived on the ward, her patterns of activities were assessed, evaluated, and documented by the nurse. The problems identified were used to formulate a plan of care. This involves referrals to other agencies and disciplines. A multidisciplinary approach to rehabilitation and discharge planning is fundamental and includes the following: A named nurse, health care assistant, physiotherapist, radiographer, catering staff, social worker, occupational therapist, dietician, and psycho geriatrician. Other health team members involved in her care were community based health professionals such as her general practitioner who would be involved after discharge. The adult nurse could facilitate health promotion for people with learning difficulties. This could involve a member of the community learning disabilities team, a learning disabilities nurse. The role of the learning disabilities nurse is to liase with hospital administration staff to plan clients care needs on admission and discharge (Simpson 2002). However, there is shortage of learning disabilities nurse in the UK (UFI limited 2000). Nevertheless, the nurse could adhere to the protocol for admission to hospital for adults with learning disabilities, which is being piloted in some hospitals at present (Robson 2000). Therefore, by using Mrs. H as an example of a learning disabilities patient, requiring specialist nursing. The ward could devise its own protocol. Similarly, by looking at the governments white paper for Learning Disabilities (LD) published in March 2001, its aims are to challenge discrimination and improve access to health and a better quality of life for people with LD (DOH 2001). The idea that nurses could discriminate against disabled patients may seem preposterous (Scullion 1996). However, some may play a part in what Miller (1995) calls hospital induced dependency. Biley (1994) suggests that far from being user-friendly, hospitals may be particularly hostile to disabled people. Hannon supports this and points out people with learning disabilities are vulnerable and frightened on admission to hospital (2003). The nurse carried out most nursing interventions, including measurement of blood pressure, pulse, respiration, and temperature. This procedure was carried out every half hour for two hours until Mrs. Hs cardiovascular observations were stable. This was increased to four hourly intervals (NHS Trust 2002). The nurse also monitored her pain score, sedation score, and pain site. She checked all intravenous drips for leakage. Wound dressings were observed for strike through. Mrs. H arrived back on the ward with a patient controlled Analgesia (PCA) pump. It is a method of pain relief, which allows patients to control their own pain by using an electronically operated pump (NHS Trust 1998). By using a pain assessment tool, nurses play a major role in assessing and managing pain (Watt-Watson et al 2001). The administration of prescribed analgesia was offered, and local policies regarding pain relief were implemented (Alexander et al 2000). However, Watt-Watson et al (2002) states many nurses distrust patients self-reporting of their pain, which suggest that they have their own benchmark of what is an accepted level before analgesic is necessary. McCaffrey disputes this and notes pain is what the patient says it is and exists when he or she says it does (McCaffrey Beebee 1989). The nurse would ask Mrs. H if she would like any pain relief and on most occasions, she replied Yes. The Nursing Midwifery Council (NMC) guidelines for mental health and learning di sabilities (MH LD 2002) state it is important to devote as much time as it is necessary to explain issues to clients (nmc.org.uk 2002). This suggests that the nurse should ask if they have any pain and explain it is not always necessary to agree to accept pain relief. The NMC guidelines for MH LD also state people with learning disabilities have a fluctuating state of competence (nmc.org.uk 2002). Due to poor mobility and being a diabetic, Mrs H was at risk of developing pressure sores. Using the hip replacement care pathway as a tool, the nurse and health care assistant turned her every two hours using an immoturn. This is a metal frame to help move the patient, it elevates pressure, ensuring no discomfort or soreness is experienced (NHS 2002). Because older patients are at risk of a deep vein thrombosis following surgery, the use of an anti-coagulant clexane was used (Collins 1999), the nurse encouraged leg and circulatory exercises to be commenced post operatively. Due to a previous low blood haemoglobin, a full blood count was taken, along with urea and electrolytes and liver function tests (Collins 1999). Blood glucose monitoring was carried out and documented at appropriate times. Mrs. Hs consent was not always sought to carry out the blood glucose monitoring procedure. The NMC MH LD guidelines (nmc.org.uk 2002) suggest that certain environments force the learning disab ilities client to feel forced to make certain decisions. They go on to suggest if a person has been appointed as guardian of the client, matters of consent should be discussed with that person (nmc.org.uk 2002). The diabetic nurse was not involved as the nurses on the ward were managing Mrs Hs diabetes through tablets and monitoring of her diet. Using the wards care plan as a tool to reassess Mrs Hs problems, it was evident that by the third day post operatively her dietary intake was poor. Due to this, and the fact Mrs H was a diabetic, a referral to the dietician was made. The dietician advised both the catering staff and the nursing staff what type of diet was appropriate. The nurse would sit with Mrs. H and talk through what was available on the food menu. Mrs. H would deny that she had chosen the meal when it arrived. The NMC MH LD guidelines outline learning disabilities clients may be highly suggestive, thus most likely to agree to choices from those in positions of authority (nmc.org.uk 2002). They also suggest an advocate would promote the clients right to choose and decide for themselves (nmc.org.uk 2002). On the third day after Mrs. H operation, the physiotherapist came to teach her how to use a walking frame, which should progress to walking with two sticks. The physiotherapists play an important part in the patients rehabilitation process by encouraging limb movement (Cuthbertson et al 1999). After mobilising on the stairs with the physiotherapist, a referral to the occupational therapist was made. The role of the occupational therapist was to assess the patient and decide if any aids are needed to help the patient manage safely and independently at home. Both the physiotherapist and occupational therapist agreed that Mrs. H was fit enough to go home. The multidisciplinary team (MDT) recognised the benefit of family centred care and involved Mrs Hs family (Wright Leahey 1994). This resulted in the family expressing concern over the squalid conditions of her home. Mrs. Hs home had not been cleaned for some time; she chose to leave left over food all over the house. This resulted in an infestation of maggots and bluebottles. In addition, the house was poorly maintained, with no heating and hot running water. The main concern expressed by the MDT was hundreds of rubbish bags, which surrounded most of the house, causing blockage of the stairs and doorways. Due to Mrs. Hs learning disability, a cognitive assessment was requested, and carried out by a psycho geriatrician. The nursing admission form contradicts this decision, in which Mrs. H states that she knew why she was in hospital and what her treatment was. However, as mentioned earlier, people with learning disabilities have a fluctuating state of competence (nmc.org.uk 2002). The psycho geriatrician confirmed that Mrs. H did have the capacity to decide where she lived. Nevertheless, Mrs Hs social worker was very concerned about home circumstances. Based on these facts, the ward nurse contacted the community liaison nurse to arrange a case conference. Unfortunately, this was delayed by two weeks due to the social worker taking annual leave. The nursing staff was told that there was no other social worker available to take over this case. T his may be explained by the fact that there is currently a shortage of qualified social workers nationwide (Simpson 2002). Most days, Mrs. H would spend time sitting in her chair and would only mobilise when going to and from the toilet. Over the weekend, Mrs H did not receive any visitors. She then became tired mobilising back from the toilet. She began to shout loudly and insisted she was in pain. As it was visiting time, all the visitors stopped to stare at her. The nurses responded to this by transporting her back to her bed in a wheelchair. This behaviour continued for a couple of days. This prompted an x-ray referral, which confirmed no change. This was recorded on the care pathway as a variance. Any variance from the anticipated care pathway is recorded outlining what occurred differently, why and what was done instead (Onslow 2003). Mrs. H was encouraged to mobilise as much as she could but she would still shout in pain. The NMC guidelines for MH LD (nmc.org.uk 2002), however, suggest a lack of individual stimulation could be the reason and exacerbate the problems associated with some challenging behaviours. Eventually a case conference was arranged. The issues highlighted were although Mrs. H has the help of daily home carers visiting twice a day and belongs to a lunch club, she had a history of falls. Mrs. H was mobilising around the home with a zimmer frame, due to a right fractured neck of femur in 1999. The MDT reached a decision and the aim is to get Mrs. H to agree to a home visit. After careful negotiations with Mrs H and members of the MDT, a home visit took place. The outcome of the home visit was sheltered accommodation would be safer. Pritchard Pritchard (1994) suggests each member of the team demonstrates a clear understanding of his or own functions and recognises a common interest. This common interest was the well being of the patient. Mrs. H was asked to visit the sheltered housing available and asked to make a decision. Mrs. H decided she wanted to go home. The occupational therapist made a list of recommendations, such as rails on her front door, additional help to tend to the coal fire or alternate heating and an electrician to come and fix the light in Mrs. Hs bathroom. Unfortunately, the social worker involved with Mrs. Hs case went on annual leave for a further two weeks. Mrs. H is now still in hospital awaiting her social workers instructions on her discharge. According to the Guardian newspaper, every day across England, about 5,000 people of all ages are unnecessarily stuck in acute hospital beds because no follow up care is available in the community (Waters 2003). This is still happening in spite of in 2003, the government introduced the community care (Delayed Discharges Act). This act, effective from January 2004, stipulates social services departments will be fineable and will have to pay the NHS up to  £120 per day to cover the cost of a blocked bed (Batty 2003). On reflection, (Gibbs 1988) I felt there was evidence of good multi-disciplinary team collaboration. Mrs. H was given good care and emphasis was placed on her rehabilitation and discharge planning. However, on further analysis, utilisation of other agencies/disciplines could have been made. Due to staff shortages, and no alternative social worker being available to be Mrs. Hs advocate, then the community learning disabilities could have been involved. As this was not possible, the nurse as a health facilitator could have made herself and the multidisciplinary team aware of the government white paper, learning disabilities a strategy for the 21st century (DOH 2001). Conversely, one member of the nursing staff could have offered to participate in training courses for the care management of people with learning disabilities (NHS Careers 2000). Overall, the nursing staff implemented good care. Nevertheless, the nursing staff by using Mrs. H as an example of a complex discharge can learn from this. They could put in place policies to deal with other learning disabilities patients. Finally, the NMC (2002) clause 2.4, stipulates that as a registered nurse, you must promote the interests of your clients. This includes helping individuals and groups, including the multidisciplinary team, to gain access to health and social care. More importantly, you must respect the interests of patients irrespective of their ability (NMC 2002) clause 2.2.

Under Pricing of Initial Public Offerings

Under Pricing of Initial Public Offerings Investopedia.com defines initial public offering as the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded. In an IPO, the issuer obtains the assistance of an underwriting firm, which helps it determine what type of security to issue (common or preferred), the best offering price and the time to bring it to market.  [1]   IPO INITIATION AND THE PHASES OF IPO TRANSFORMATION: Any IPO goes through the following stages of transformation: The pre-IPO transformation phase can be considered to be a restructuring phase where a company starts the groundwork toward becoming a publicly-traded company. Furthermore, companies should re-examine their organizational processes and policies and make necessary changes to enhance the companys corporate governance and transparency. Most importantly, the company needs to develop an effective growth and business strategy that can persuade potential investors the company is profitable and can become even more profitable. On average, this phase usually takes around two years to complete. The IPO transaction phase usually takes place right before the shares are sold and involves achieving goals that would enhance the optimal initial valuation of the firm. The key issue with this step is to maximize investor confidence and credibility to ensure that the issue will be successful. The intent of these actions is to prove to potential investors that the company is willing to spend a little extra in order to have the IPO handled promptly and correctly. The post-IPO transaction phase involves the execution of the promises and business strategies the company committed to in the preceding stages. The companies should not strive to meet expectations, but rather, beat their expectations  [2]   The marketing process of going public is marked by what is called road show.  road shows involving Issuers and key managers of the company to potential investors via presentations in major cities and face to face with the target investors (Ritter, 1998).  These presentations focus on business operations, products and services, and management.  The visit aims to assess the expected demand for the shares of the company and serves as a key input in the final determination of the initial price of the shares At the end of the road shows, and just prior to the actual first day of trading (usually days before opening day), directors and underwriters will determine the initial offering price.  This is quite important because once the price is determined there is no scope of increasing it even if there is high demand for it. This is how stocks become underpriced. By the close of the first trading day a huge difference can be seen between the actual price and listed price. The concept of under-pricing is dealt with more detail in the following section. THE CONCEPT OF UNDERPRICING Under-pricing is the difference between the initial offered price of the stock and the price at the closing of the first day of trading (Ibbotson, 1975, Ibbotson, Sindelar and Ritter, 1988 Ritter, 1998). This undervaluation is not unusual for companies to commit.   To illustrate, suppose the initial price of a firm issuing 1 million share is $100/share. This would result in a capital of $100 million for the company when all the shares are sold. Now suppose towards the closing of the day, the share is traded at $150. This would mean that the share was underpriced by 50%. This results in an available profit of $50 million for the initial investors. This phenomenon is seen universally across developed and developing countries. This trend of under-pricing can be seen as going against the concept of market efficiency and may cause distress to firms trying to collect capital for expansion. In this regard much research has been done and much literature has also been written. The theory of efficient markets suggests that the price of newly issued shares will quickly adapt to all relevant available information in the market (Fama, 1970) reflect.  However the constant undervaluation has raised questions about what happens when companies go public.  The decision to go public is one of the largest in corporate finance.  Even developed economies like the US, a number of large companies are not public. This shows that going public is not mandatory for a company but it is a choice. However there is a clear disparity between companies choosing to use the stock market and the companies that do not.  A company basically goes public to either diversify their portfolios or to raise capital to invest in future projects. Some other reasons why a company might opt for going public include overcoming debt, change of controls and to enhance opportunity. WHY ARE IPOs UNDERPRICED A LITERATURE REVIEW There are direct and indirect which are borne by the company when an IPO is issued. The indirect cost is the cost associated with information provision to the stock market and the direct costs are the numerous costs which are associated with fees and charges such as the underwriting fees, legal fees and auditing fees etc. However the most important among these and probably which affects the stock price once it is issued is the dilution associated once the shares start to change hands in the public. Often IPOs are found to be underpriced due to this dilution costs. Moreover the IPOs are often subject to the practice of book building. Book building refers to the process of generating, capturing, and recording investor demand for shares during an IPO (or other securities during their issuance process) in order to support efficient price discovery.  [3]  In the event of an issue going public, the issuer always fixes a price band and allows the investor to quote a price within this price band. The upper limit of this price band is the maximum possible price to be paid for the IPO and hence there is a chance that the issue becomes underpriced in case there is excessive demand for the stock. In this the valuation of the stock often reaches an estimate before the stock transacts in the market. As such there is a chance that the stocks get oversubscribed. A peculiar trend can be seen in case of IPOs. The returns are quite high in the initial period. But over a short period of time this return is normalized or completely minimized and the stock star ts to trade at a value close to its actual issue price. Therefore it may be wrong to assume that the stock is actually underpriced at the time of issue. Several factors can affect its high return which can include a bullish market also. Rock (1986) and Baron (1982) explained this under-pricing through their models. Baron assumed that investment bankers /underwriters possess more information on the demand of the security than the issuer. The issuer has to compensate the underwriter for this superior information set. Rock assumed that there are two groups of investors in the IPO market which are categorized as the informed investor and the uninformed investors. Systematic under-pricing is needed so that the uninformed buyers can earn a normal expected return The price formation process for IPOs may be susceptible to the existence of significant conditional price trends in the short-run aftermarket for several reasons: First the market takes time to adjust to the amount of analysis done on the announced issues and this time can extend over several months. There is a great deal of skepticism around the IPOs because of the scarcity of public information available at the time of initial offering. Thus their true value seems highly uncertain to the public. The initial return of the stock is actually the first reaction of the people and goes on to show how the people assess the stock against the initial offering. Second, the first market price may fail to reflect fully all available information because of the potentially fragmented market for IPOs. The issue size of IPOs is typically small and the underwriters, often facing excess demand, ration new issues to their regular clients, who constitute a small subset of potential investors. Initial trading in the aftermarket serves to disseminate information about the value of IPOs to other investors. While initial upward price movement of underpriced IPOs spreads favorable information, the available supply of shares is restricted because underwriters typically discourage initial subscribers from selling their allotments in the aftermarket. Investors who were unable to obtain their full subscriptions at the offering may seek to buy shares in the aftermarket, resulting in a sequence of daily positive returns. In the case of an overpriced issue, the first market price fails to reflect the available information because of price stabilization by the un derwriting syndicate. The under-pricing can be explained with the help of many hypotheses. These are discussed below: The Risk-Averse-Underwriter hypothesis: In order to mitigate the risks and costs of underwriting the underwriters usually knowingly undervalue the stocks. However the investment bankers readily do their homework and they have a fair idea of the actual value of the stock. Therefore this hypothesis only seems meaningful when there is a scope of book building and not when there is a case of fixed price offerings. Since both book building issues and seasoned equity offerings were historically underpriced, one cannot say that the main motive of under-pricing were the investment bankers desire to averse risk. The Monopsony-Power Hypothesis (Ritter, 1984): The investment banker enjoys monopsony power while analyzing common stocks of small firms. They then ration these to the most influential customers who have maintained good relations in the past. Further reasoning by different analyst suggested that this under pricing can also be targeted at earning excess income in the form of commission and fees. (Ritter, 1984) suggested that the gross under pricing might be result of the monopsony power of the investment bankers in underwriting common stocks of small speculative firms. According to Ritter, the investment bankers intentionally under price the securities and ration them to their large customers who regularly buy a variety of investment services from them. The Speculative-Bubble hypothesis: This hypothesis says that one of the reasons for stock price to boom is due to those investors who could not grab a share during the IPO (because of oversubscribing) and those who speculate that the prices of these stocks will rise in the future. This was typical during the IT boom period. The point to wonder is what determines the true value of the stock. The true valuation and the quality of the IPO can be analyzed by the following: Retained Equity Since firms can determine how much equity they will give out at the time of initial public offering. Since this figure can be obtained in advance therefore it serves as the most relevant and the most researched. Since the pre-IPO ownership of firm is determined and very unlikely to change, this becomes an extremely difficult signal to imitate. It must be noted that any change in such information prior to the IPO can dampen the enthusiasm of the investors and might have significant impact on the value of the stock. Underwriter prestige The market value can be significantly changed due to the prestige attached with the underwriter. Those investment bankers who have a good reputation in the market will signal less uncertainty about the performance and offer value of the IPO. The valuations done by these investment bankers will be considered with less speculation But even in the face of a prestigious investment banker doing the valuation, there is significant chance of under-pricing. These underwriters play with two key constituents in the IPO process. The underwriters representing the firm forms the first and the client base for whom the securities are marketed. The first constituent is the firm whose securities the underwriters represent. The second is the client base to whom the underwriters market the IPO securities. Auditor Reputation The price of the IPO can also be influenced by the auditor reputation. The auditors who are deemed as high quality will be judged with very less speculation and the investors will fairly accept the value of IPO set forth. If the auditor fails to reveal potential negative firm information, then the reputation of these high quality auditors may suffer. In some cases shareholders can also file a lawsuit. Number of Risk Factors The prospectus revealed by the issuer also details the risk factors pertaining to the company. The purpose for this is to let the investors assess the fair value of the IPO and the possible opportunity that might exist in investing in this IPO. Firms with more risk factors can be associated with higher uncertainty. Firms with greater numbers of risk factors are associated with higher uncertainty. Firm Size Larger firm size often has greater resources and more opportunity to survive in extreme situations. Thus the firm size also motivates the price of the IPO. Several studies found that there is a negative correlation between underpricing and firm size. This is consistent with the relation between large firm size and more stability. Thus potential investors trust the IPO price to be close to its fair value when large firms are at stake. Moreover the larger firms also are associated with more prestigious underwriters. Firm Age The more the age of the firm will act as a protection from the risk and this is used in valuing the price of the IPO. This is because the younger firms have less number of published financial data and hence the valuations done for these firms are often subject to uncertainty. Moreover these firms are also not analyzed by financial analyst. Firm age and performance are often related. Offer Price One of the responsibilities of the lead investment bank is to assess the pre market demand for its clients prospective IPO in an effort to set a reasonable price. Thus this initial price might also instigate some amount of under-pricing. Also it has to be known that a very modest price will signal less demand and less value or maybe both. The initial price of an IPO offering may also have value as an indicator of underpricing. In the early stages of an IPO, the lead investment bank is responsible for assessing the premarket demand for its clients prospective IPO in an effort to set the offer price. Presumably, a very modest offer price will signal little demand, little value, or both

clone wars :: essays research papers

Cloning man new friend or gods worst enemy Cloning can mean a couple of different things. In 1993, Dr. Jerry Hall and Dr. Robert Stillman, infertility researchers at George Washington University, successfully split a human zygote into two separate zygotes with the same genetic makeup, essentially the same process that occurs naturally with identical twins. They had created a clone, a second individual with the exact genetic blueprint of the first. Hall and Stillman didn't have the technology to allow their "twins" to survive full term. The birth of Dolly, though, changed all that. Dolly, the cloned lamb, was a very unique kind of twin. Her genetic double was an adult born years earlier. A team headed by Dr. Ian Wilmut, an embryologist at the Rosland Institute in Edinburgh, Scotland, evacuated the genetic material from the ovum of a sheep. When the nucleus from a cell of an adult sheep was electrically fused to the egg, it developed normally into a fetus, and eventually into a lamb. What is remarkable about Dolly is that this is the first time an animal has been cloned from an adult. It is also the first mammal that has no biological father. Dolly is a time-delayed twin. Virtually all of the confusion about the morality of cloning can be clarified once we answer two very basic questions, one factual and one ethical. First, what manner of being does cloning produce? Is it human? Would it have a soul? Second, what are our moral obligations to a clone? Can we use clones to create a race of slaves or as a living warehouse of human parts? Rejuvenation, suggests that it may someday be possible to reverse the aging process because of what we learn from cloning. Human cloning technology could be used to reverse heart attacks. Many scientists believe that they may be able to treat heart attack victims by cloning their healthy heart cells and injecting them into the areas of the heart that have been damaged. Heart disease is the number one killer in the United States and several other industrialized countries. Another reason why cloning is important Is because Its a breakthrough with human stem cells. Embryonic stem cells can be grown to produce organs or tissues to repair or replace damaged ones. Skin for burn victims, brain cells for the brain damaged, spinal cord cells for quadriplegics and paraplegics, hearts, lungs, livers, and kidneys could be produced. clone wars :: essays research papers Cloning man new friend or gods worst enemy Cloning can mean a couple of different things. In 1993, Dr. Jerry Hall and Dr. Robert Stillman, infertility researchers at George Washington University, successfully split a human zygote into two separate zygotes with the same genetic makeup, essentially the same process that occurs naturally with identical twins. They had created a clone, a second individual with the exact genetic blueprint of the first. Hall and Stillman didn't have the technology to allow their "twins" to survive full term. The birth of Dolly, though, changed all that. Dolly, the cloned lamb, was a very unique kind of twin. Her genetic double was an adult born years earlier. A team headed by Dr. Ian Wilmut, an embryologist at the Rosland Institute in Edinburgh, Scotland, evacuated the genetic material from the ovum of a sheep. When the nucleus from a cell of an adult sheep was electrically fused to the egg, it developed normally into a fetus, and eventually into a lamb. What is remarkable about Dolly is that this is the first time an animal has been cloned from an adult. It is also the first mammal that has no biological father. Dolly is a time-delayed twin. Virtually all of the confusion about the morality of cloning can be clarified once we answer two very basic questions, one factual and one ethical. First, what manner of being does cloning produce? Is it human? Would it have a soul? Second, what are our moral obligations to a clone? Can we use clones to create a race of slaves or as a living warehouse of human parts? Rejuvenation, suggests that it may someday be possible to reverse the aging process because of what we learn from cloning. Human cloning technology could be used to reverse heart attacks. Many scientists believe that they may be able to treat heart attack victims by cloning their healthy heart cells and injecting them into the areas of the heart that have been damaged. Heart disease is the number one killer in the United States and several other industrialized countries. Another reason why cloning is important Is because Its a breakthrough with human stem cells. Embryonic stem cells can be grown to produce organs or tissues to repair or replace damaged ones. Skin for burn victims, brain cells for the brain damaged, spinal cord cells for quadriplegics and paraplegics, hearts, lungs, livers, and kidneys could be produced.

A Tale of Two Cities :: Tale Two Cities Essays

Free A Tale of Two Cities Essays  - Sydney Carton and Charles Darney   Ã‚  Ã‚  Ã‚   Sydney Carton and Charles Darney were alike in certain ways but completely different in other ways.   Some of their characteristics were very similar while others were unlike.   Carton was an attorney’s assistant who lived in Paris while Darney was a teacher who lived in London.   They both had intangibles about them that you just couldn’t put your finger on.   These similarities and differences helped develop Dickens’s theme.   Ã‚  Ã‚  Ã‚   Though there were some similarities between Sydney and Charles there were not that many.   The few there were in the book helped Build symmetry.   These two people both had a love for lucie though carton had a hard time expressing it.   These two people had a stunning resemblance in their physical features.   This helped acquit Darney the first time as carton pointed out their resemblance a said no one could tell them apart.   This also helped at the end of the story. These two people are both very smart, even though they don’t know it at times.   They come up with brilliant ideas between them.   These two people may look similar and have a few similar qualities they have many more differences.   Ã‚  Ã‚  Ã‚   The differences between Carton and Darney were overwhelming.   While Carton was a disheveled, insolent, indifferent and rude man, Darney was a handsome, gentle successful, responsible human being.   When carton sees Darney he realizes what he could have done with his life.   Carton realizes he is not good enough for lucie.   Darney is rather flat and predictable, while Carton is exciting throughout the book.   Though Carton is less likeable, he is witty, entertaining and has many levels.   In the end, while Darney stays a very respectable person, Carton digs himself out of dismal, indifferent existence to become the hero of this novel.   These differences between Charles and Sydney supported his themes of resurrection and revolution.   Ã‚  Ã‚  Ã‚   The way Dickens’s used symmetry to develop was quite interesting.   He showed that two things can be similar, but never exactly alike.   He used the symmetry to show revolution, as carton and Darney became more alike as the story went along.   Dickens’s used it also to develop resurrection.   The symmetry symbolized resurrection, as Carton resurrected Darney two times.   The first was in the trial as he convinced the jury not to kill him and proved he was innocent.   The second was when he took Darney's place at the execution because he realized Darney had everything and he had nothing.

Childrens Television Commercials: Analyzing the Representation of Fam

Children's Television Commercials: Analyzing the Representation of Family The assignment requires children’s commercials to be studied to find how these commercials are coded to give meaning to a representation of ‘the family’. However, before this can be tackled the concept of representation must be discussed as well as clarifying what exactly is meant by ‘children’s commercials’. The assignment is open to many interpretations as to what constitutes a children’s commercial. A commercial aimed at children, especially young children, must have an appeal to both child and parent alike, as it is most likely the parent who will be purchasing any of the items desired. There is a crucial interplay within commercials between selling the item to the child whilst also selling the product to the parent. When identifying children’s commercials it is advisable to look beyond the most obvious choice of toys or ‘fun’ food to all the commercials involving ‘the family’ which a child may be exp osed to. Commercials are specifically placed to gain the maximum exposure to the optimum audience for their product, so any commercial shown during children’s viewing time must have some relevance for a child. Another point to be addressed is how is a child defined. In this essay, the definition of a child from the Oxford Dictionary of Current English is taken in a modified form. The definition is a â€Å"young human being below the age of puberty† (1996, 141), but in this essay, because puberty occurs at different stages in different people, a child is taken to be of primary school age. Yet further complexity is added when personal taste is taken into account. A child of five will want very different things than a ten-year-old child, it is hard to judge wh... ...ising children, which is then used to sell the product. Bibliography Bignell, J. (1997) Media Semiotics: An Introduction. Manchester University Press: Manchester. Chandler, D. (2002) Semiotics: the Basics. Routledge: London. Goldman, R. (1998) Reading Ads Socially. Routledge: London. Gunter, B. and McAleer, J. (1997) Children and Television. Routledge: London. Johnston, R.J., Gregory, D., Pratt, G., and Watts, M. (2000) The Dictionary of Human Geography, 4th Edition. Oxford: Blackwell Publishers. Kaufman, G. (1999) The Portrayal of Men’s Family Roles in Television Commercials. [WWW document] http:/www.findarticles.com/cf_0/m2294/1999_Sept/58469479/p1/article. jhtml?term=gender+role+advertising Spivak, G. (1988) ‘Can the Subaltern speak?’ in Nelson, C. and Grossberg, L. (eds) Marxism and the Interpretation of Culture. Macmillan: London. Children's Television Commercials: Analyzing the Representation of Fam Children's Television Commercials: Analyzing the Representation of Family The assignment requires children’s commercials to be studied to find how these commercials are coded to give meaning to a representation of ‘the family’. However, before this can be tackled the concept of representation must be discussed as well as clarifying what exactly is meant by ‘children’s commercials’. The assignment is open to many interpretations as to what constitutes a children’s commercial. A commercial aimed at children, especially young children, must have an appeal to both child and parent alike, as it is most likely the parent who will be purchasing any of the items desired. There is a crucial interplay within commercials between selling the item to the child whilst also selling the product to the parent. When identifying children’s commercials it is advisable to look beyond the most obvious choice of toys or ‘fun’ food to all the commercials involving ‘the family’ which a child may be exp osed to. Commercials are specifically placed to gain the maximum exposure to the optimum audience for their product, so any commercial shown during children’s viewing time must have some relevance for a child. Another point to be addressed is how is a child defined. In this essay, the definition of a child from the Oxford Dictionary of Current English is taken in a modified form. The definition is a â€Å"young human being below the age of puberty† (1996, 141), but in this essay, because puberty occurs at different stages in different people, a child is taken to be of primary school age. Yet further complexity is added when personal taste is taken into account. A child of five will want very different things than a ten-year-old child, it is hard to judge wh... ...ising children, which is then used to sell the product. Bibliography Bignell, J. (1997) Media Semiotics: An Introduction. Manchester University Press: Manchester. Chandler, D. (2002) Semiotics: the Basics. Routledge: London. Goldman, R. (1998) Reading Ads Socially. Routledge: London. Gunter, B. and McAleer, J. (1997) Children and Television. Routledge: London. Johnston, R.J., Gregory, D., Pratt, G., and Watts, M. (2000) The Dictionary of Human Geography, 4th Edition. Oxford: Blackwell Publishers. Kaufman, G. (1999) The Portrayal of Men’s Family Roles in Television Commercials. [WWW document] http:/www.findarticles.com/cf_0/m2294/1999_Sept/58469479/p1/article. jhtml?term=gender+role+advertising Spivak, G. (1988) ‘Can the Subaltern speak?’ in Nelson, C. and Grossberg, L. (eds) Marxism and the Interpretation of Culture. Macmillan: London.