Darwins Legacy Essay - 1295 Words

Charles Darwin was born in Shrewsbury on February 12, 1809. His father and grandfather, being admired and respected doctors, Charles grew up in a well-educated and freethinking family. At the age of eight, his mother died, leaving Charles and his five siblings with their stern and often overbearing father. A short time later, he was sent to boarding school in Shrewsbury to study Greek and Latin. Outside of class Charles collected beetles and conducted his own chemistry experiments, earning him the nickname â€Å"Gas† around school. Growing bored and indifferent towards his language studies, Charles’ motivation began to slip. His father, seeing his son’s mediocre academic scores, pulled him out of school and hired him as an assistant in his†¦show more content†¦Jumping at the chance, Charles set sail on the Beagle with a phrenologist named FitzRoy, to complete a survey of South America’s coast. During his travels, Charles read a work called â €Å"The Principles of Geology† by British geologist Charles Lyell. In the book, Lyell challenged the religious ideas of earth’s formation and proposed uniformitarianism instead. Lyell believed that land was formed through the physical process of sedimentation, erupting volcanoes, and erosion (Berra 14). This theory struck a chord with Charles and a short while later he would begin to develop his own theories that went against the religious grain. In September of 1832, just south of Buenos Aires, Charles noticed bones embedded within the stones of a rocky cliff and went to work on extracting them. He had discovered a fossilized jawbone and tooth of a Megatherium, or Giant Sloth (Berra 18). The discovery of this fossil started his interest in extinction and often fueled arguments between himself and FitzRoy, a religious man, who said that extinction was quite simply the â€Å"door of the Ark being made too small† (Berra 19). Two years later, Charles would di scover marine deposits that contained pieces of Petrified Forest. He concluded that the area must have once been under the sea and throughout time, uplifted some 7000 feet. His curiosity about the earth’s formation, evolution, and extinction was once again heightened. Throughout his studies and journeys around the world,Show MoreRelatedCharles Darwin: Naturalist and Leader in Science1414 Words   |  6 Pagesto assess Charles Darwin’s influence as a non-positional leader. I will also show a historical analysis, including my reasons for choosing Darwin as my subject, his background, the success and failures of his influence, as well as his legacy. Finally, I will submit my vision of non-positional leadership and mechanisms for leaders to explore their non-positional roles. Charles Darwin’s influence uses some of Gardner’s â€Å"levers† or factors that are at work in the case of Darwin’s scientific theoriesRead MoreCharles Darwin And Darwin s Theory Of Natural Selection1489 Words   |  6 Pagesprovided a significant incentive. Though Darwin’s thesis is not immaculate by any standards he lived a successful life beyond this critical discovery and his legacy exists within his descendants (xii). In spite of being subject to perennial criticism it is essential to scrutinize not only the impact created by Darwin but his life in its complete grandeur. The childhood of Charles Darwin conceals many motives that resulted in his future prosperity. Charles Darwin’s life originated on February 12, 1809Read MoreThe Theory Of Christianity And Christianity1321 Words   |  6 Pagesperspective. Though the Scientific Revolution ended around 1800, one of the biggest shocks to the creationist community did not occur until 1859, when evolutionary biologist and geologist Charles Robert Darwin’s book On the Origin of Species was published. On the Origin of Species was a compilation of Darwin’s observations of species he encountered, famously in the Galapagos Islands, while on a five-year maritime voyage aboard the HMS (Her Majesty’s Ship) Beagle. The HMS Beagle departed from England inRead MoreCharles Darwin s Theory Of Evolution984 Words   |  4 PagesDarwin then turned to the church to become a priest. Becoming a priest was also a field that did not capture Darwin’s interest so he quit and decided that he wanted to become a scientist who studied the history of the natural world. Darwin pursued with school and graduated College with a bachelor’s degree. After Darwin’s graduation a good friend of his named John Henslow was intrigued with Darwin’s desire to travel the world and interests to study life so much that he decided to recommend him to a recentRead MoreDarwin And Darwin s Theory Of Evolution1201 Words   |  5 Pageschanges with genetics so that different structure have offspring’s looks like each other. 3 dissimilar change gives other numbers of offspring’s. Darwin formerly continued to detail on the mechanism of evaluation by implying that in the global conflict Darwin’s theory of evolution varies in that position on three freely documented for life, the environment â€Å"chooses† Those beings who are outstanding for the attempt, and these human being in return, replicate higher than those who are limited capable, henceRead MoreCharles Darwin : Father Of Evolution1582 Words   |  7 Pagesevolution, Charles Darwin changed the course of scientific thinking and his ideas led to research on DNA. Charles Darwin was given the Royal Medal, Wollaston Medal, and Copley Medal. As you can see Charles Darwin early life and his major works shape his legacy. Charles Robert Darwin was born February 12, 1809, in Shrewsbury, England, just northwest of Birmingham. His father, Robert Darwin, was a wealthy doctor; and his mother, Susannah, was the daughter of the pottery magnate Josiah Wedgwood (Lockitch)Read MoreGreat Issues in Western Civilization Essay1142 Words   |  5 Pagesculture, social structures, and relations of production all are influenced by the economic base that a country has. He basically created great issues. There was also Charles Darwin, which completely changed the face of scientific studies. Charles Darwin’s ideas gave good reason for those who wanted to break away from the restraints of society and religion and bring about a more â€Å"scientific† way of society. Darwin thought that a state of higher civilization is produced by the survival of the fittestRead MoreEvolution And Creationism : An Intelligent Design1341 Words   |  6 PagesWilliam A. Dembski, author of the book, Intelligent Design, â€Å"i ntelligent design is three things: a scientific research program that investigates the effects of intelligent causes; an intellectual movement that challenges Darwinism and its naturalistic legacy; and a way of understanding divine action† (13). Intelligent design for this reason traverses empiricism and theism (Dembski, 13). The claims that are given in the movement argue against countless perceptions on the creation of the universe. TheRead MoreThe Evolution Of Pavlov. Southwest State University Essay1477 Words   |  6 Pagesseven. It prevented Pavlov from attending and get home schooled by his father. He entered the theological seminary intending to prepare for priesthood to take after his dad. Pavlov shortly changed his minded after reading about Darwin’s Theory by Charles Darwin. Darwin’s theory is the theory of evolution and it suggest that living things change with time. Darwin is cited to be one of the most significant psychologists who have made a huge impact in the world of psychology and among the world todayRead More The Octopus - Review Essay993 Words   |  4 Pagesnovel and the reality of its characters held the readers’ attention. It is so powerful a book that people had to care about the wheat growers, almost against their wishes. The impact did not end in the early twentieth century, but continues its legacy into the new millenium.The Octopus, depicts the conflict between farmers and the railroad over land and power in California. The conflict between these two is revealed through the perspectives of several different groups, each viewing it their own

The Modern Perceptions of Classical Music Essay example

If you ask the average young adult what comes to mind when they hear the term â€Å"music† they are likely to respond with a fresh singer, band, or genre of â€Å"pop† music. Often times society places their opinion of classical music and popular music on completely different wavelengths of importance in the world. The modern perception of classical vs. popular music has led to a heavily decreasing audience for classical groups and performances, a desire for repetitive and simple melodies, and a negative stigma against classical music’s importance. When music began to become structured as a part of civilization around the 13th century, the only place one could go to hear music was a concert hall or royal palace. This tradition lasted all the way†¦show more content†¦One would be surprised to find a poster of Pyotr Ilyich Tchaikovsky or the New York Philharmonic on a bedroom wall; while a poster of Miley Cyrus naked on construction equipment is perfectly acceptable. In the end, the pandering of the music industry to make music that sells has led to a heavily decreased demand for sophisticated music. Overall, pop music has created a trend and desire for simple, repetitive melodies that please the brain and do not require intricate thought or insight. Look at nearly every pop song and you’ll find an â€Å"I V vi IV† chord progression repeated again and again for three minutes. Why do song writers keep using the same basic idea every time? Because it works and sells. Much of society is not formally trained in music; therefore, they do not recognize the same monotonous melodies, themes, and progressions that are reused over and over again, and presented as the newest hit single. This stagnant revolution of music does not follow the tradition of classical music to become truly new and innovative with each new generation. When Igor Stravinsky premiered his ballet â€Å"The Rite of Spring† not even a century ago, the a udience was so caught off guard by the new world-shattering genres and ideas that they broke into a full blown riot. While extreme, this event caused a new generation of pushing the norms of customary music. The modern popular music equivalent is Beyoncà ©Ã¢â‚¬â„¢s secret albumShow MoreRelatedClassical Music Vs. Contemporary Music1113 Words   |  5 PagesBy universal, they mean that music exists in every culture. However, the meanings and emotions attached to the music are interpreted differently depending on the listener. People will associate different meanings and feelings with a musical performance based on their cultural upbringing and life experience. When we categorize music, we use terms such as â€Å"classical,† â€Å"folk† or â€Å"popular† to distinguish different types of music. 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The piece was the Concerto No.1 in D minor by Johann Sebastian Bach. He was the greatest composer not just because of that piece but also considering music history, his personal story, his popularity during lifetime, the volume of his compositions, the make-up of his music, and familiarityRead MoreThe Impact Of Music On The Music1386 Words   |  6 Pageshow music was seen and li stened to. Before the phonograph, music was played live and performers communicated with audiences expressively, through facial and bodily gestures. The phonograph, as Mark Katz argues in Capturing sound, introduced the phonographic effect—(in)visibility. With recorded music, the performer and the listener were separated; they were oblivious of each other’s physical qualities. For colored artists separating race from music, essentially making race irrelevant in music, becameRead MoreBenchmarking1075 Words   |  5 PagesChapter 1 – Mass Communications: A Critical Approach Culture and the Evolution of Mass Communication * Culture * can be narrowly associated with art – forms of expression such as music or painting that provide enlightenment or insight * can also be viewed as a broader category that includes the entire spectrum of ways that people express themselves at particular historical times * including art, beliefs, customs, games, technologies, traditions, and institutions Read MoreMusic : A Very Short Introduction And Other Sources2227 Words   |  9 Pagesthe classical tradition, to what extent can creativity be introduced within this performance? This ongoing debate will be discussed in my essay with reference to Nicholas Cook’s novel, Music: A Very Short Introduction and other sources. It is interesting that Cook never claims to be able to categorise music. In the Foreword he states that he is attempting to avoid ‘’the basics’ (musical notation, harmony, counterpoint, rhythm or form)’and instead writes about society’s perception of music and howRead MoreIntro to Humanities Essay1729 Words   |  7 PagesGED120 Intro to Humanities Unit 1 writing assignment Question #1: Define classical humanism and illustrate by discussing the construction and decoration of the buildings of the Athenian acropolis. In your answer, refer specifically to the classical orders and the Parthenon’s sculptural decoration.   Humanism is a way of life that revolves around the interests of people. It stresses human worth and building up self-realization. Humanism was developed in Greece and Rome, and is generally dueRead MoreStevie Wonder1180 Words   |  5 Pagesinstruments including, piano, harmonica, and drums. Soon after, he was discovered by Motown Records and was dubbed â€Å"Little Stevie Wonder.† This child prodigy released his first album at age 12. Through his music, Wonder has painted beautiful imagery for us all to enjoy. Stevie Wonder has dedicated his life to music and has become one of the most innovative and talented musicians of a generation. So what makes Stevie wonder so talented? Scientists suggest that the parts of the brain that are normally used forRead MoreJay Chou and his Chinese Pop Style Essay1082 Words   |  5 Pageshis pop songs. These three factors establish his Chou style of music, and influence the works of other musicians in the recent years. The new theme also leads the modern world to think about the best way to fuse Chinese traditional music and western classical music, such that gives a great impression of the scene in poetries. As a pioneer, Jay is the first musician fuse the Chinese traditional style with western classic and pop music successfully, and this unique Chou style influences the futureRead MoreJazz Music: A Progressive Work of Art1163 Words   |  5 PagesJazz music can be likened to a progressive work of art. Throughout its history, Jazz music theory and techniques are continuously advancing and reforming as musicians pursue their interests by seeking new methods of expression. Jazz evolution is perpetual, and can take the form of incorporation of new techniques, adoption of more intricate harmonies and rhythms, or establishment of more elaborate melodies (Gioia). The early 1940s saw an increase in the number of Jazz modernists. As swing music declined

Future Competitive Threats of China and India for Industries free essay sample

Discuss the future competitive threats of China and India for industries in developed countries. The emergence of China as the mass manufacturing pioneer in the world has lead to the concern that China will soon be competing with the industries in the developed nations. India, at the same time, is emerging as the centre of IT enabled services including software development, and poses significant threat to the developed countries in high-skill goods and services. Today, the main competitive threat that China and India pose to the developed nations is their cheap labour. They are able to produce basically anything at a much lower price compare to those in the western developed nations. Therefore, they signify threats to these countries. However, on the future prospects, China and India would acquire competitive threat that is different from what they were before. For instance, the education rate in China and India are both increasing, and they produce about half a million of scientists and engineers a year comparing to mere 60,000 in the US. We will write a custom essay sample on Future Competitive Threats of China and India for Industries or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Therefore, these skilled labours will take over the current low skilled labours in these two countries and further exploit the opportunities that they have, and compete better in the high skill sectors. In addition, many companies from the developed nations have shifted their RD centre to the China and India, therefore, China and India are able to learn and gain experience through these foreign RD centre and excel in innovations in the future. This makes the developed nations to lose their competitive advantage, and signifies competitive threat from China and India.

Fundamentals of Entrepreneurship-Free-Samples-Myassignmenthelp

Question: Discuss about the Fundamentals of Entrepreneurship. Answer: Introduction The report focuses on the innovation of new products and the effectiveness it can create in the market. The entrepreneurial development of a company can be accessed by the level of innovation that an organisation brings in. According to Brjesson, Elmquist and Hooge (2014) uniqueness of a product can help an organisation gain a competitive advantage in the market. In order to understand the potential effects of innovation, the report focuses on innovation of cars. In the modern day, the purchase and utilisation of cars are popular among the people. In order to focus on a particular brand, the report focuses on Volvo. Volvo is a leading car manufacturing company in the world. The description and development of the product are provided along with the potential factors that may hinder the success of the product. In this regard, a market assessment is done in order to understand the viability of the product. About the company Assar Gabrielsson and Gustav Larson founded one of the leading manufacturers of luxury cars, Volvo in 1927. The headquarters of the company is situated in Gothenburg, Sweden. Over the years, the company have managed to build its reputation and compete with other big names in the car manufacturing industry. Some of the major competitors of Volvo include BMW, Mercedes and Audi. It has been seen that Volvo is that certain factors like the level of comfort, capacity, cost and uniqueness of Volvo make it a tough competitor for these brands. It manufactures all types and ranges of vehicles such as trucks, buses, SUVs and luxurious model of car. Apart from this, marine equipment is also manufactured to provide support to people engaged in marine activities. One of the main characteristics of Volvo is that it specialises in making innovative cars. This is an important asset of Volvo as it has been seen that in the past year the profit of the company has dropped. The company employs over 94,0 00 people and as a result, the assets of the company are high (Volvo.com 2017). Hence, innovation can help Volvo to re-establish itself in the market. Description of the product According to Drucker (2014), innovation is an essential technique for the success of a business. One of the most innovative products that Volvo can try to develop is the Vehicle-to-Vehicle communication (V2V). One car can communicate with another car while on the road by using this method. This can help to reduce any road accidents that can occur due to the carelessness of the driver. The devices can be placed inside the car and instead of normal car horn; the car can communicate with another vehicle. For example, in the case of turning a corner if the driver fails to spot an upcoming vehicle, the car can understand it through the sensors installed in it. This can help to make the driver aware of the upcoming danger and avoid any accidents. Thus, the V2V communication can help the transport department to reduce accidents on road. Not only the drivers but also the local people travelling by foot can benefit from it. This innovative technique is long from being famous in the market (Ki rzner 2015). This is mainly because of the possible issues in the development of the product. Ownership and development of the product According to Foley et al. (2013), Ownership includes possessing a brand or company that is owned by an individual. Ownership of a car usually falls under one individual or the dealer. Certain documents are required in order to gain ownership. The documents are legalised by the Government and the purchase or sale of cars required the presentation of these documents. According to Wagner, Ortman and Maxfield (2016), the development of an innovative technique requires skilled expertise and creative thinking. Hence, it is important for every organisation to hire employees skilful enough to help it to achieve its goals. Similarly, in the case of car manufacturing companies, the hiring of engineers is required in order to remain competitive in the innovative market. In the case of Volvo, the innovative technology that the company aims to adopt needs considerable market research. This is because the company needs to understand the ways by which such a development technique needs to be execut ed. Systematic development of the car can help in the proper execution of the manufacturing process. The first thing that the car needs to develop is its sensitivity. The senses are the main factor for the car. Without these, the car cannot function in the intended innovate manner (Kuratko 2016). The use of hi-tech gear is important in order to provide technical advancement in the car. Hence, it is important for every car manufacturer to remain updated and purchase the latest technology in order to gain a competitive edge in the market. In the case of Volvo, the purchase of these technologies can be helpful for the company. Although the company have gone through a major financial loss, the manufacturing of the innovative car can help it to gain profit for the company. However, a proper market analysis is also required in order to achieve the target (Khler et al. 2013). Market assessment of the product In order to launch a product in the market, it is necessary that the managers complete a thorough market research. This can help them to estimate the response that may be given by the people. Storey (2016) stated that the market assessment is one of the important factors that need to be considered by a manager. In order to analyse the market, the managers need to perform an assessment of risk, environmental factors and the internal strength of the organisation. According to Nwankwo, Hamelin and Khaled (2014), based on these things, the cost of marketing a product can be made. The economy also needs to be considered in order to understand the level of success that can be received from the product. The opportunities provided in this regard can help in eliminating any threats from the competitors. Similar market research is applicable in the case of launching an innovating product. In the case of Volvo, the Vehicle-to-Vehicle communication model can be a success to the customers. This is because travelling by road in a safe manner is a part of life requirement of an individual. People involved in the driving of cars can benefit from such a technology because the communication with the car can keep them aware on road. As stated by Aaker and Biel (2013), due to the ability to communicate with every car, the chances of accidents can reduce. Thereby the aim of the Transportation Departments of the countries can be fulfilled. Hence, the political barriers can be less in this regard. However, there may be certain risk factors that may arise due to the launch of the product. One such risk factor is the handing and the maintaining of the car (Johnston Marshall 2016). Due to its expensive nature, the car needs high maintenance. The use of latest technology can cause problems for most people. Hence, due to this, the risk factor of the product is high. Based on these cri teria, the manager of Volvo can set the price of the product. Owing to its cost of manufacture and the use of latest technology, the price of the cars owning this device can be high. This can create opportunities for future growth as wealthy people can afford the car. However, the cause of the environment also needs to be considered before launching the product. With more updated vehicles on road, the chance of pollution may increase. Hence, it is necessary to maintain the emission of pollution from these vehicles. Recommendation After the analysis of the required development of the product, it can be recommended that the managers and manufacturers of Volvo can find out a suitable manner by which they can make the vehicle emit fewer pollutants. This can help in the proper sell of the product. The cost can be brought down so that middle-income people can afford to buy this car. Although Volvo manufactures luxurious items, the reduction in the price of the cars can help customers from every social status to benefit the unique item. An easy to use technology can help to mitigate the risk of machine breakdown and reduce any chances of a product recall. These solutions can help Volvo to launch V2V communication cars successfully. Conclusion Thus, it can be concluded that every business needs to innovate itself in order to maintain its competitive advantage in the market. In the case of Volvo, the development of Vehicle-to Vehicle communication can help it to increase its profitability. However, the risk involved in the marketing of the vehicle is high. This can be mitigated with proper marketing strategies and market evaluation. Thus, the success of this innovative technology can help Volvo as well as the people and other vehicles on the road. This is because the technique can help to reduce accidents on road. The solutions provided can help to increase the market sales of the product. Reference List Aaker, D. A., and Biel, A. 2013.Brand equity advertising: advertising's role in building strong brands. Psychology Press. Brjesson, S., Elmquist, M., and Hooge, S. 2014. The challenges of innovation capability building: Learning from longitudinal studies of innovation efforts at Renault and Volvo Cars.Journal of Engineering and Technology Management,31, pp. 120-140. Drucker, P. 2014.Innovation and entrepreneurship. Routledge. Foley, A., Tyther, B., Calnan, P. and Gallachir, B.., 2013. Impacts of electric vehicle charging under electricity market operations.Applied Energy,101, pp.93-102. Johnston, M. W., Marshall, G. W. 2016.Sales force management: Leadership, innovation, technology. Routledge. Kirzner, I.M., 2015.Competition and entrepreneurship. University of Chicago press. Khler, J., Schade, W., Leduc, G., Wiesenthal, T., Schade, B. and Espinoza, L.T., 2013. Leaving fossil fuels behind? An innovation system analysis of low carbon cars.Journal of Cleaner Production,48, pp.176-186. Kuratko, D.F., 2016.Entrepreneurship: Theory, process, and practice. Cengage Learning. Nwankwo, S., Hamelin, N., and Khaled, M. 2014. Consumer values, motivation and purchase intention for luxury goods.Journal of Retailing and Consumer Services,21(5), pp. 735-744. Storey, D.J. ed., 2016.Entrepreneurship and new firm. Routledge. Volvo.com. (2017).Welcome to Volvo. [online] Available at: https://www.volvo.com/home.html [Accessed 9 Aug. 2017]. Wagner, A., Ortman, S. and Maxfield, R., 2016. From the primordial soup to self-driving cars: standards and their role in natural and technological innovation.Journal of The Royal Society Interface,13(115), p.20151086.

Workforce Diversity and Intercultural Communication an Example by

Workforce Diversity and Intercultural Communication In todays growing business industry, it is of importance that the company is able to compete with other companies within their business range. One major factor for the development of any business is the communication within the business itself. In this case intercultural communication and workforce diversity are two important factors. Intercultural communication deals with the issue of differences in culture in the area of speech and communication while workforce diversity seeks to include people which are considered to be different from those in the main community. Need essay sample on "Workforce Diversity and Intercultural Communication" topic? We will write a custom essay sample specifically for you Proceed Our Customers Usually Tell EssayLab writers: How much do I have to pay someone to write my essay now? Writers suggest: Rely On Our Help In Essay Writing Cheap Essays Not Plagiarized College Papers Online College Essay Writing Service Academic Paper Writing Services Every culture is different and the culture where an individual grows dictates his or her attitudes and understanding, therefore it is important that culture should be considered in order to be able to communicate effectively. Undermining the cultural background may result in misunderstanding and miscommunication. In this case it will be the companys loss because its workers may have problems with each other and may not be able to work efficiently. Undeniably, competence is very important in the business industry, there is a war raging between talented people. Companies are in need of able and competent workers but it is also important to for the company to maintain the workforce. Workforce diversity includes training less competent personnel to be a better worker capable of doing the task that are given to them. It is the companys goal to be able to meet the clients standard and therefore it is important that their workers are capable. Giving appropriate services will help the company not only in terms of production but it will also lift the companys name and credibility that may result in increase of client demanding for their service. It not only benefit the person and the company but the government as well for it is able to change less able persons into a productive individuals that are now tax payers. Truly in our growing economy, workforce diversity and intercultural communication are important aspects that every company should consider in order to maximize the companys performance. References: Friedman H., & Amoo T. .(no date). Workplace diversity: the key to survival and growth. Shinsori.com. 2004. Communicating interculturally. McInnes, R.. 2007. Workforce Diversity: Changing the Way You Do Business. Retrieved August 27, 2007

Alfred Adler essays

Alfred Adler essays Alfred Adler born 1870 and died 1937), was an Austrian psychologist and psychiatrist, born in Vienna, and educated at Vienna University. After leaving the university, he studied and was associated with Sigmund Freud, the founder of psychoanalysis. In 1911 Adler left the orthodox psychoanalytic school to found a neo-Freudian school of psychoanalysis. After 1926 he was a visiting professor at Columbia University, and in 1935 he and his family moved to the United States. In his analysis of individual development, Adler stressed the sense of inferiority, rather than sexual drives, as the motivating force in human life. According to Adler, conscious or subconscious feelings of inferiority (to which he gave the name inferiority complex), combined with compensatory defense mechanisms, are the basic causes of psychopathological behavior. The function of the psychoanalyst, furthermore, is to discover and rationalize such feelings and break down the compensatory, neurotic will for power that they engender in the patient. Adler's works include The Theory and Practice of Individual Psychology (1918) and The Pattern of Life (1930). Alfred Adler studied personality around the time of Sigmund Freud and Carl Jung but developed very different ideas (Cloninger, 1996). Although he changed his theory many times during his lifetime, he always believed people had control over their lives and made choices concerning themselves. He named his theory Individual Psychology because he felt each person was unique and no previous theory applied to all people. Adlers theory is comprised primarily of four aspects: striving towards superiority, the unity of personality, the development of personality, and psychological health, which includes intervention. Motivation of Actions Adler believed the main goal of all people is to move to a better way of life, although he admits the ways to achieve this goal varies among people (Cloninger, 1996). He first use...

DB 1 - History Essay Example | Topics and Well Written Essays - 250 words

DB 1 - History - Essay Example The Enlightenment made the United States to become democratic; people had the right to choose leaders as well as judges to enforce laws. The freedom of choice as a result of the movement also made the citizens of America to become economically viable. The Enlightenment ideas played very significant roles during the American Revolution as well as the War for Independence. Deism for instance enhanced the unification of the citizens of America. This is evidenced by the majority of the populace who not only remained strongly religious, but also supported good work. It is the religion that was enhanced by the movement that holds the citizens of the U.S. together even currently. Liberalism is also one of the Enlightenment ideas that led to the American Revolution as well as War for Independence (May, 1978). This is evidenced by Jefferson’s draft â€Å"Declaration of Independence†. The Enlightenment made the citizens of the U.S. to develop the notion that government authority is not absolute, but a product of the consent of the governed. â€Å"It is liberalism that also supported the parliamentary form of government that protected liberty of expression and movement† (May, 1978). Republicanism is also one of the Enli ghtenment ideas. It advocated a nation to be ruled as a republic and not through hereditary right. Its effect is also evident today; the state’s head in the U.S. are

Does 'free trade' advance or retard development in poor countries Essay

Does 'free trade' advance or retard development in poor countries - Essay Example The following paper evaluates the effectiveness of the free trade policies as far as the betterment of the poor nations is concerned. It analyses the arguments in favor and against of free trade with references of the development of the developing nations or the poor trading partner in the equation. Free trade has become one of the debated topics around the economic world. The terminologies of globalization, free trade, liberalization, socialization are also discussed in this paradigm. Before the actual argument can be established, it is imperative to understand the different terms and concepts that can have an impact on the argument itself. As the name suggests, globalisation refers to strengthening relationship between organisations, governments and individuals across geographical horizons. The term is generally used to regard economic globalisation. Economic globalisation can be explained as: increasing economic activities across the globe, through distribution of products or services by reducing international trade barriers. International trade barriers are placed by countries for various reasons. Some strong reasons could be to stipulate the use of local products, not compromising taxes, fear of rise in un-employments, pressure in maintaining budgets and dilution of long held customs and culture. Trade barriers can be tariff, import quotas, exchange rates, conflicting cultures and export fees etc. A dramatic increase in the process has been witnessed in the last decade. Technology has reduced the communication gaps between geographies. Travelling across national borders has been made easier and as a result doing business internationally has lesser complications in the modern age. The introduction and implementation of International Accounting Standards (IAS’s) and International Financial Reporting Standards (IFRS’s) has made comparisons between organisations appropriate. Comparable and understandable flow of

The Importance of Net Neutrality Term Paper Example | Topics and Well Written Essays - 2000 words

The Importance of Net Neutrality - Term Paper Example Because of the current net neutrality legislations, these intersecting networks are able to send and receive data from one point to the other without additional payments. Devoid of net neutrality, that would not be the case. Network machinists would be able to regulate traï ¬Æ'c further closely and emphasise on making cash out of one another rather than giving reliable amenity. When net neutrality introduces certain challenges for content-providers and final-users, we trust the beneï ¬ ts exceeds those challenges. Net neutrality provides new developers the chance to share their thoughts with the world through not crippling them economically. While the cancellation of net neutrality profits broadband providers, it will bring problems to a lot of value providers. Therefore it could significantly stiï ¬â€še how the internet works, similarly as the economies that depend on its services. The machinery industry is industrializing so fast today; it is futile to say what is most desirabl e for the future. But one thing to be certain of: eliminating net neutrality would change the internet overwhelmingly for a more good or bad (Gross, 2009) Because of the magnitude of these files, such transfers are able to consume a substantial fraction of the internet’s bandwidth. Bit Torrent’s wireless connection guide offers two model downloads which it says will â€Å"max out your internet connection within a few minutes† â€Å"Digital piracy†. Examining one prominent circumstance, the operators of a Swedish website termed as â€Å"The Pirate Bay† were found guilty of copyright desecration when providing a directory of movies and extra files available in the website via Bit Torrent (Patrick & McBride, 2009). In 2007, some of Comcast’s Internet clients encountered challenges when operating with Bit Torrent. The Allied Press investigated and conveyed that Comcast was prying with the Bit Torrent decorum (Svensson, 2007), leading to

Winds of Change: From Vendor Lock-in to the Meta Cloud

Winds of Change: From Vendor Lock-in to the Meta Cloud Introduction: A software requirement specification is a complete explanation of the system that is to be created. Software requirement specification includes non-functional and functional requirements. Use case technique can be used in prepared to identify the functional requirements of the software inventions. Non-functional requirements are requirements which force constraints on the implementation and design. As systems grew more complex, it becomes more apparent that the goal of the entire system can’t be easily included. The software requirement specification consists of two important activities. Problem/Requirement investigation Product Function summary Security is one of the most important points in wireless communication studies because it is an essential challenge since wireless messages are transmitted in the air so there is a chance that hackers can read out the messages and see what all the contents are there in the message. Purpose of Software Requirement Specification: A software requirement specification personifies the requirements of a system IEEE standard and is a organized collection of information. A business analyst (BA), sometimes called system analyst is important for examining the business needs of their clients and for the persons having interest and concern in solving the problems and finding solution for the problems. BA typically performs a communication between the business side of an enterprise and the information technology department. To list the user requirement in a specified manner is the main purpose of software requirement specification. It defines requirements for the software and restrictions needed to this application and document. 4.2 Performance Requirements Portability: It is easy for the user to understand and respond as the Graphical User Interface of this application is user-friendly. Response time: It is the time taken to complete a work by the system by the user is found to be very less. Reliability: This system helps us to deliver the need for queries with high possibility and the functionalities that are available in the application. Scalability: To improve the quality of the product, the system can be extended to combine the changes that are done in the present application. Scalability is meant for the future works that is to be done on the application. 4.3 Functional Requirements: Functional requirements are the statements of services the system should supply, how the system should behave in particular condition and how it behaves to certain inputs. Also the functional requirements define what the system should not do in some cases. The functional requirements is based on the kind of software being evolved, when writing requirements the general approach taken by the organization and the anticipate users of the software. These requirements for a system report what the system should do. The requirements are normally describes in a fairly abstract way when it is exhibited as user requirements. Functional requirements may be exhibited in numerous ways for a software system and it describes the irregularity, its inputs and outputs and functions of system in detail. Some of the typical functional requirements are: 1. Transaction corrections, adjustments, cancellations: Here uploading the data on cloud by data owners are by the transactions which is done online. The end users upload the files to each cloud servers can be downloaded and viewed and these end users have to register to cloud service providers. 2. Authentication: Here the users authentication is required to enter any of the modules implemented in the proposed system and is used to login into the cloud service providers servers. 3. Authorization- functions user is assigned to perform: Here the users are allowed to login by registering and paying into cloud servers if the cloud services are to be used by paying. User has the right to upload the files to respective cloud servers and track the details which are uploaded after logging into the cloud by registering. 4. Audit Tracking: An audit trail which is also called as audit log provides documentary proof of the series of activities that have elaborated at any time a particular operation, procedure or event and is a security-applicable chronological record, set of records, and/or at the end of line and source of records. Scientific research and health care data transactions, financial transactions, or communications by individual people, systems, components, accounts or other entities are the activities in which the audit records typically result from. The procedure that generates an audit trail can enter and administer all actions from all users; a standard user is not authorized to stop or change it and is typically required to always run in a prosperous mode. Additionally, database table with a string or trail file is not reachable to normal users in some cases. The use of a role-based security model in the software is another way of dealing with this issue. When using audit trail functionality, the softwar e is required by many companies and it can also work as a ‘closed system’ or with closed-looped controls. 5. Historical Data: Historical data is the data which is a collection of old records and it should always be present in database. Historical data should not be deleted by the cloud service provider from the database except the data owners are asking to delete the historical data. 4.4 Non-Functional Requirements: Non-functional requirements are the requirements that are often called the qualities of the system. It can be used to form the operation of the system, rather than specific behaviors. Reliability (accuracy), response time and store occupancy are the emergent system properties that non-functional requirements deal with. Alternatively, they may define the constraints on the data representations used in system interfaces and the system capabilities of I/O devices. Non-functional requirements are constraints, quality attributes i.e. it provide the method for designing the fitness and suitability of the product, quality goals, non-behavioral requirements i.e. it achieves its job such as reliability(accuracy) and defines the attributes of the system, efficiency(planning), timing constraints etc.. Non-functional requirements are divided into two main classes: Security and usability are execution qualities. Testability, maintainability, extensibility and scalability are evolution qualities. Some of the non-functional requirements are: Accessibility Accessibility is the one in which a device, service, product or environment is available to many people as possible. Accessibility advantage from some system or organization and it can be observed as the â€Å"ability to access†. The cloud computing system is distributed software so it can be reached from any point of the world through internet without interfering. Availability Availability is the degree to which a system, subsystem, constituent or equipment is in a detailed operable and occurring state at the start of a mission, when the mission is called for as an unknown i.e. a non-specific time. The cloud computing system is distributed software so it can be reached from any point of the world without interference. Reliability Software reliability is the accuracy that has possibility that software will work properly in an identified environment and for a given time. The possibility of failure is calculated by testing a sample of all available input states using the following formula. Probability = Number of failing cases/ Total number of cases under consideration. System Reliability Specification: Hardware reliability Possibility a hardware component fails. Software reliability Possibility a software component will produce an incorrect output Even though a bad result will occur, software can continue to operate in that condition Operator reliability Possibility a system user will make an error Dept. of CSE,STJIT,RANEBENNURPage 1 Underpricing in Turkey: a Comparison of the IPO Methods Underpricing in Turkey: a Comparison of the IPO Methods Abstract This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange (ISE). Using 1993-2005 firm and issue data, we compare the three substantially different IPO methods available in the ISE. One is very similar to the book building mechanism used in the U.S., another is the fixed price offer, and the third one is the sale through the stock exchange method. The empirical analysis reveals significant first day underpricing of 7.01% in fixed price offer, 11.47% in book building mechanism, and 15.68% in sale through the stock exchange method. Finally, we also show that fixed price offers can better control the impact of market information on underpricing than sale through the stock exchange method. 1. Introduction Extensive amount of research from a variety of different markets have documented the presence of first-day underpricing upon the listing of initial public offerings. The evidence is well documented by Loughran, Ritter, and Rydqvist (1994) and Ritter1 (1998), (2003) in many developed and emerging markets. In developed markets, in the absence of restrictions on intra-day price movements, first-day underpricing is observed in broad price bands. However, in emerging markets, in the presence of daily volatility limits, first-day underpricing is observed in narrow price bands. In contrast to the daily price limits, significant positive short run returns are observed in a number of emerging markets and substantial amount of money is â€Å"left on the table by issuers. Besides empirical evidence, most of the theoretical models explaining IPO underpricing are grouped under four broad headings by Ljungqvist (2005), these are (i) information asymmetry between the investors, the issuing firm an d the underwriter, these models assume that one of these parties knows more than the others, (ii) institutional reasons, institutional theories focus on three features of the marketplace: litigation, banks price stabilizing activities once trading starts, and taxes, (iii) control considerations, control theories argue that underpricing helps shape the shareholder base so as to reduce intervention by outside investors once the company is public, (iv) behavioral approaches, behavioral theories assume either the presence of irrational investors who bid up the price of IPO shares beyond true value, or that issuers suffer from behavioral biases causing them to put insufficient pressure on the underwriting banks to have underpricing reduced. These theoretical models almost always end with the conclusion that the average IPO is undervalued at the offer price, where the initial investors, in most cases, benefit from possessing information by receiving allocations of shares in IPOs and earn the largest first-day returns. The expectations of issuing firms, investors and underwriters in IPO pricing are considerably different. In an offering, the issuer generally wants to receive the highest possible price to maximize cash flows to the firm. Investors like to purchase shares at a deep discount so that they can realize positive returns *Baskent University, Faculty of Economics and Administrative Sciences, Baglica Kampusu, Ankara, 06530, Turkey, + 90 (312) 234 10 10 /1728, [emailprotected] 1 Ritter (1998), (2003) provides an update on the compilation of Loughran, Ritter, and Rydqvist (1994) in a short investment period. Underwriters, acting as an intermediary between investors and issuing firms, suffer from a dilemma, if an underwriter determines IPO prices too low, where the foreseen amount of money left on the table will be huge, the issuing firm may withdraw or switch to another underwriter. On the other hand, if an underwriter determines IPO prices relatively high, investors will hesitate to buy new issues, which would result in low commissions and an unwanted effort in aftermarket stabilization activities. Underwriters, however, have an incentive to underprice the shares to ensure that they can sell the offering, and, unsurprisingly, there is extensive evidence that IPOs are, on average, underpriced. Hence, pricing of stocks in IPOs may be the most critical stage of the IPO process. More recently, the literature on IPOs, both theoretical and empirical, focuses on the efficiency mechanisms of the following methods for pricing initial public offerings. At the center of this literature, book building, auctions and fixed price offers differ mainly in price-discovery and share allocation process. Book Building in which the underwriters do road shows and take non-binding orders from Auctions in which the company sets a price range to be used as a non-restrictive guideline for investors, than accepts bids, each specifying a number of shares and a price the investor is willing to pay for them, finally, the market-clearing price set by the investors approximates the real price the shares will command in the market. Fixed Price Offer in which the issue price is set first and than orders are taken from investors who typically pay in advance for part or all of the shares that are ordered. Sale through the Stock Exchange in which the sale is initially conducted in the primary market of the stock exchange by a designated underwriter. Those investors who buy the shares in the primary market must wait until the shares trade in the secondary market in order to sell their shares. The price designated at the time of registration with the securities exchange commissions is set as the opening price. Hybrid Offerings in which the underwriters combine the preceding IPO methods, and design auction/fixed price, auction/book building and book building/fixed price hybrids. For most hybrids, the most common combination is the book building/fixed price offer, where the underwriter uses the book building method to set the price and allocate shares to institutional and foreign investors, and retain the fixed price offer to the domestic retail investors who do not participate in the price-setting process. This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange (ISE). In this regard, we first compare the three IPO methods available in Turkey. One is very similar to the book building mechanism used in the U.S., another is the fixed price offer, and the third one is the sale through the stock exchange method. Then, we estimate a binary probit on the issuers choice between fixed price offer and sale through the stock exchange method, however, because of the declining importance of the book building mechanism in Turkey, we excluded the book build IPO sample from our binary probit estimations. Finally, we determine the factors that are expected to have an effect on the IPO returns. Our results indicate that, the comparison of the two mechanisms yield that for certain values, namely first day underpricing, IPO amount and fractions of equity sold, fixed pric e offer outperforms the sale through the stock exchange method. To the best of our knowledge, this is the first empirical study on the comparison between fixed price offer and sale through the stock exchange method in the IPO literature. The uniqueness of the data and the availability of the sale through the stock exchange method in the ISE make it possible to conduct a study on the comparison between these two methods. The remaining part of this paper is organized in six sections. In the next section, we provide a comparison of the theoretical and empirical research conducted on IPO methods across many countries around the world. In section 3, we describe the three important Turkish IPO market selling procedures. In section 4, we describe the data and the methodology we used in our empirical tests. Section 5 documents the relationship between market conditions and underpricing of IPOs in different time series and the last section concludes. 2. Comparison of the IPO methods in the literature: Theory and Evidence The efficiency of the IPO methods has been the subject of an academic research over a decade, both empirical studies and theoretical models have tried to explain the advantages of one method over another. The argument that is often made in favor of IPO methods is often empirical as well as theoretical. Researchers studying on the efficiency of the IPO methods try to answer the most challenging question, â€Å"Which one of the IPO mechanism is the most efficient?2. However, according to our comprehensive literature research, both empirical studies and theoretical models listed in Table have some mixed answers. 1. Book Building vs. Fixed Price Offer and/or Auctions Comparison of the IPO methods in the literature goes back to Benveniste and Spindt3 (1988), (1989) and Spatt and Srivastava (1991), they suggest that the American bookbuilding procedure is efficient since it encourages investors to reveal their beliefs about the issues value at a cost of initial underpricing. Book building allows investors to collect information about the value of the stock and price the issue more accurately. To compensate the investors who reveal information, underwriter will favor them when allocating shares. However, fixed price mechanism does not utilize any information about realized buyer valuationsin setting the issue price and is generally inefficient. Loughran, Ritter and Rydqvist (1994) present the first international evidence on the short-run and long-run performance of companies going public in many stock markets around the world. They document that the fixed price method is associated with greater underpricing because of the greater probability of the issue failing and the increased uncertainty associated with the longer time delay between offer and issuance time. Chowdhry and Sherman (1996) point out that two features of fixed price offers tend to lead to greater underpricing, relative to the book building method. The first one is the length of the bidding process, as the time gap between the offer and first day market price widens â€Å"price information leakage occurs, the second one is the common requirement that investors pay in advance for their entire order. Benveniste and Busaba (1997), extend Welchs4 (1992), model of information cascades in investment decisions and present a theoretical comparison of the fixed-price and book-building mechanisms. They exhibit that issuers with a greater concern for risk will prefer a fixed-price offer, because book- building might generate higher expected proceeds, and exclusively provides an opportunity to sell additional shares at full value but it also exposes them to higher risk. Ritter (1998) demonstrates that countries that use bookbuilding typically have less underpricing than countries using f ixed-price offerings, more underpricing under fixed-price offering procedures can be attributed to informational cascades. However, Loughran, Ritter and Rydqvist (1994) and Ritter (1998) point out that IPOs with discretionary allocation (Fixed Price Offering and Book-building) are underpriced more than those with non-discretionary allocation (Offer for sale and Auctions), especially in Auctions. Under discretionary allocation, the first day price increase averaged 37% in fixed price offerings, 12% in book building. Under non-discretionary allocation, the first day price increase averaged of 27% in Offer for sale and 9% in Auctions. 2 In terms of controlling the amout and volatility of underpricing, share allocation and pricing. 3 The literature on underpricing in initial public offerings goes back to Logue (1973), Ibbotson (1975), Chalk and Peavy (1987), Miller and Reilly (1987), Ritter (1984), Rock (1986), Allen and Faulhaber (1989), Benveniste and Spindt (1988, 1989), Grinblatt an d Hwang (1989), and Welch (1989). However, the mechanism by which initial issues are sold has largely been ignored until Benveniste and Spindt (1988), (1989). 4 Welch (1992) focuses on the fixed-price procedure used in some non-US countries, and shows that this procedure can cause informational cascades: investors who observe the investment choice made by previous investors can update their beliefs about the value of the issued shares. Sherman (2000), (2002) shows that fixed price offer, can lead to higher underpricing than book building. Contrary to the fixed price offer and the auction method, in book building underwriters discriminate investors in the allocation of shares to establish long-run relationship with intermediates. Book building gives the underwriter greater flexibility in designing a solution that reflects the individual issuers preferences. By controlling investor access to IPO shares, book building controls both the winners curse problem that affects discriminatory auctions and the free rider problem that affects uniform price auctions. Book building also reduces uncertainty for both issuers and investors. In a study that covers 47 countries, Sherman (2002) has found that in all countries in which the bookbuilding mechanism has been introduced, pre-existing auction systems have decreased in popularity or disappeared altogether. Ljungqvist, Jenkinson and Wilhelm (2000) use a unique dataset containing information on 2,051 initial public offerings in 61 stock markets around the world, during the period of 1992-1999. The authors examine the relative direct and indirect costs of offerings carried out by book building and fixed-price methods. They find that, the direct costs of book building are typically twice as large as direct costs for fixed-price offers. Compared to fixed price offerings, book building efforts though more expensive produce far less underpricing. Nevertheless, fixed price offering is still an extremely common method that is not likely to be abandoned by the underwriters completely. Compared to book building efforts, fixed price offering is an efficient, low cost way to distribute shares to retail investors, avoiding the high fixed costs of road shows. Aorsio, Giudici and Paleari (2000), Guidici and Paleari (2001) present an empirical study conducted on the Milan Stock Exchange companies bet ween 1985 and 1999. Authors distinguish between fixed- price offers and open-price offers with bookbuilding and find different underpricing levels and statistically significant determinants. They state that if the offering is preceded by book building, the underpricing is significantly lower (8.32 % vs. 28.33% in fixed-price offerings), this method allows the issuing parties to collect information from the institutions and to signal good news or bad news to retailers through the revision of the prospectus price range. Therefore, the cost of raising private information is reduced and the requested underpricing is lower. The evolution of the placing procedure, from fixed price to book building, has considerably improved the efficiency of Italian IPO market. Biais and Faugeron-Crouzet (2002) analyze and compare the performance of book building, fixed price offering, uniform price auction, internet-based Open IPO mechanism, and an auction like mechanism called the Mise en Vente in France. Conclusions emerging from their analysis are; Fixed price offerings lead to inefficient pricing and winners curse. Dutch auctions can also lead to inefficiencies, to the extent that they are conductive to tacit collusions by investors. The book building and an auction like mechanism Mise en Vente can lead to optimal information elicitation and price discovery. Chahine (2002) investigates the relationship between underpricing and the investors interest prior to and after the IPO day on 305 French issues. Empirical results show that book-built issues have a lower underpricing, on median, but a higher variance level, than the auction-like and fixed-price offerings. Despite the high initial underpricing of some book-built issues, book-building procedure appears to better control the information gathering from investors participating in the offering, and to be a more efficient pricing system than the auction-like procedure. Paney (2004) examines the initial returns, characteristics of issuers and long run performance of Indian IPOs on a sample of 84 Indian IPOs between 1999 and 2002. In terms of initial returns or underpricing, Paney (2004) finds that fixed price offering yields higher initial returns on average, as compared to book building. In terms of issuer characteristics, Paney (2004) finds that fixed price offering are used by issuers of fering large proportion of their capital by raising a small amount of money. In contrast, book building is opted for by issuers, offering small portion of their stocks and mobilizing larger sums of money. Kutsuna and Smith (2004) present an empirical study conducted on the Japanese IPOs between 1995 and 1999. Using a sample of 163 book-built and 321 auctioned IPOs by JASDAQ companies, authors document that average total issue cost, measured as a percent of aftermarket price, was significantly higher in the book-building regime than in the earlier auction regime. However, when results are weighted by issue size, the estimated aggregate costs of auctioning and book building are similar. This outcome favors book building over auctions for two reasons. First, auction-method estimates do not reflect opportunity costs related to underinvestment. Second, issue cost estimates ignore other benefits of the more-accurate pricing that book building affords. Anand (2005) examines the differences between book building and Dutch-auction, and shows that the bookbuilding method of offering securities is superior to the Dutch-auction IPOs. Stated by Anand (2005), while the Dutch-auction may seem to lea d to efficient price discovery based on investor demand, recent transactions suggest that price discovery is not always accurate and that, indeed, underpricing occurs even in the Dutch auction. Further, even if the Dutch auction is more fair than the bookbuilt process in terms of allocating securities, the Dutch auction can lead to less capital market efficiency overall and can therefore be questioned as a basis for promoting this type of offering. Jagannathan and Shermans (2005) research on the efficiency of IPO mechanism show that hybrid bookbuildings5, unlike auctions, have proved effective in many different countries, cultures, time periods, and market conditions. Jagannathan and Sherman (2005) propose a new IPO mechanism that could overcome the problems with standard auctions. A method that retains the advantages of bookbuilding, while modifying it to increase transparency. Although not a direct comparison between book building, auctions and fixed-price offers, Cornelli and Gol dreich6 (2001), (2003) examine a unique data set of international book building allocations and find that the underwriter favors both regular investors and investors that supply information on the value of the issue. Degeorge, Derrien and Womack (2005) have presented empirical evidence from Frances IPO market that underwriters employing the bookbuilding process implicitly committed to providing more favorable coverage to the companies they took public in the aftermarket. Authors find convincing empirical evidence that in addition to placing the IPO shares with investors, underwriters employing book-building implicitly commit to providing more favorable coverage to the companies they take public in the aftermarket. Specifically, analysts, affiliated with the lead underwriter of the offering, issue more favorable recommendations for recent book-built IPOs than for auctioned offerings. 2.2. Fixed Price Offer vs. Book Building and/or Auctions The pricing of Initial Public Offerings (IPOs) in the short-run has been analyzed by several theoretical and empirical studies referring to the major international stock markets. Extensive research has revealed that the fixed-price offering all over the world suffer from IPO underpricing especially in these major markets. However, studies conducted by Busaba and Cheng (2001), Bierbaum and Grimm (2003), Chemmanur and Liu (2003), Hsu and Hung (2005) present some evidence on the efficiency of fixed price offering over book building and auctions. Busaba and Cheng (2001) show that the bookbuilding process elicits much information from informed traders at the IPO stage by promising larger allocation of valuable stocks to investors who truthfully reveal their information, and therefore reduce the impact that such informed traders have in the after- 5 In the hybrid bookbuilding offers, all retail investors are allowed to place orders in a public offer tranche, and all have an equal chance of getting shares. The prices, however, are set by professional investors who are given incentives to attend the road show. Jenkinson and Jones (2004), cast some doubts about the findings of Cornelli and Goldreich (2001) upon the extent of information production during the bookbuilding period. market trading. In contrast, the fixed price method, that does not elicits such private information at the IPO stage, enables informed traders to use such information in the after-market at the expense of the uninformed traders. In this regard, if the underwriter building a book can not successfully target a subset of the informed investors, a simple fixed price strategy that involves allocating the issue to retail investors produces higher proceeds on average. The comparatively high adverse selection problems associated with the fixed-price method will spill over from the IPO stage to the after-market. This in turn means that liquidity will be relatively more important for IPOs carried out via a fixed- price method than via bookbuilding. Authors show that, compared with a fixed-price offering, the bookbuilding process elicits more information from informed traders at the IPO stage, and therefore reduce adverse selection problems in the after-market trading. However, by the same toke n bookbuilding may require larger informational rents to be paid at the IPO stage. This suggests that underpricing should be larger for IPOs carried out via bookbuilding than via a fixed-price method. Bierbaum and Grimm (2003) compare the fixed price and the uniform auction in a game theoretic framework. The comparison of the two mechanisms yields that for certain parameter values, namely a low variance of the asset and, at the same time, a sufficiently high probability of low demand, fixed price method outperforms the auction in terms of revenue. Moreover, the revenue in the fixed price mechanism is typically less volatile than the revenue in the auction. Chemmanur and Liu (2003) model the effect of costly information production on issuers choice of a fixed-price offer or a uniform-price auction with exogenous entry of bidders. Their model predicts that IPO auctions will exhibit a significantly lower mean and variance of underpricing compared to fixed- price offerings. This is due to the fact that the offering price in an IPO auction aggregates the information produced by outsiders to a significant degree, so that this offering price is greater for higher intrinsic-value firms and lower for lower intrinsic-value firms in IPO auctions than in fixed- price offerings. At the same time, there is less information production in IPO auctions compared to fixed-price offerings where the offering price is set by insiders to induce the optimal degree of information production, so that a lower amount of information is reflected in the opening price of the shares listed in the stock market. Thus, Chemmanur and Liu (2003) demonstrated that, in many situations, firms will prefer to go public using fixed-price offerings rather than IPO auctions in equilibrium, since such offerings allow the firm to induce the optimal extent of information production. Hsu and Hung (2005) present an empirical study conducted on the Taiwanese companies between 1996 and 2000. Using a sample of 280 pure fixed-price offers and 84 hybrid auctioned, authors find that, Taiwanese hybrid auctions are associated with less under-pricing and with a lower variance of under-pricing than versus the pure fixed-price offers, but these differences are not statistically different. On the other hand, we find that the market index returns prior to the IPO pricing date have a strong influence on the under-pricing of Taiwanese IPO auctions and of the pure fixed-price offers. Authors provide empirical evidence of how Taiwanese issuers make the choice of IPO method. Taiwanese issuers that float large IPOs, or which have a pricing conflict with underwriters, will likely use a hybrid auction to distribute shares. On the other hand, when the relative risk level of IPO auctions to fixed-price offers has increased, the issuers will likely avoid an IPO auction. Empirical evidenc e also explains why Taiwanese IPO auctions have lost market share to fixed-price offers. Further results reveal that Taiwanese IPO auctions are not associated with less under-pricing and with a lower variance of under-pricing, nor are they better at incorporating recent market information into the IPO price than the pure fixed-price offers. Authors examination on issuers choice of hybrid auctions or fixed-price offers indicates that Taiwanese issuers condition their choice of IPO method not only on firm characteristics, but also on IPO size and on market conditions. This is why Taiwanese issuers prefer a pure fixed-price offer to a hybrid auction are based on market volatility and the pricing conflict. In doing so, under a volatile market where Taiwanese hybrid auctions have become much riskier relative to the pure fixed-price offers, issuers will prefer a pure fixed-price offer to a hybrid auction, resulting in a lower popularity of Taiwanese hybrid auctions. As listed in Table 1, Fixed Price Offering seems to be the less favorable method comparing to Book building and Auction Methods. It is a fact that, the worldwide introduction of book building method during the 90s has promoted efficiency in the major equity markets. However, Sherman (2002) states that stock markets listing few IPOs each year, fixed price offering is still be the optimal method. 2.3. Auctions vs. Book Building and/or Fixed Price Offer Using a sample of 108 French firms marketed on the Second Marchà © between 1984 and 1991, Leleux and Paliard (1995) show that initial returns are significantly higher for firms issuing through the fixed- price procedure than for firms using auction-like procedures. Leleux and Paliard (1995) state that the auction mechanism is associated with less underpricing and thus more efficient, since this procedure is able to incorporate more information from recent market momentum into the pricing of the IPO. Beierlein (2000) compares the book-bu ilding method to two commonly used auction mechanisms, the discriminatory price auction and the uniform price auction in terms of underpricing and the long run performance of IPOs relative to the market. Using data from Japan, Israel and the U.S., author finds evidence that the U.S. book building is less efficient than the auction mechanisms are. Specifically, underpricing is significantly higher in the U.S. than it is in Japan or Israel and bookbuilding appears to incorporate less demand information into the offer price than the auction mechanisms do. Bennouri and Falconieri (2001) suggest that auction mechanisms are the optimal way to sell new shares because auction procedures are more informationally efficient than bookbuilding. Assuming ex ante uncertainty about the firm true value, then auction mechanisms are able to elicit and incorporate more information from the market as well as from investors into the pricing of IPOs. Draho (2001) suggests that underpricing in bookbuilt IPOs is due to the uncertainty about the price on the secondary market rather than about the firm value, as most of the literature assume. Nonetheless, his results indicate auction-like mechanisms as the most efficient ones, since they are open to all investors who are moreover required to submit price-quantity bids. McDonald (2001) examines the efficiency mechanisms of the sealed-bid uniform-price auctions over book building method in a theoretical framework and concludes that the uniform-price auction, due to its generalized Vickrey auction properties, is indeed an efficient auction mechanism especially for the sale of IPOs over the Internet. Biais, Bossaert, and Rochet, (2002) study the optimal IPO mechanism by which the seller can extract private information to maximize the expected net IPO proceeds. They find that the optimal mechanism they characterize is similar to auction-like IPO procedures used in the U.K. and in France. Kaneko and Pettway (2003) examine the Japanese initial returns before and after the introduction of book building, and find that underpricing in book building method is significantly higher than auctions, especially during hot markets. Results suggest that the move from auction-priced to underwriter-priced IPOs using book building in Japan has significantly reduced the wealth of issuing companies while increasing the wealth of underwriter-selected investors. Derrien and Womack (2003), use the French IPO data for the 1992-1998 period and compare the three underwriting/selling mechanisms available on the French market. One is very similar to the book building mechanism used in the United States. Another is a fixed price procedure. The third one is an auction-like procedure. Authors show that the auction procedure is better than the others at controlling underpricing in general as well as the variance of underpricing of the issued shares in â€Å"hot versus â€Å"cold markets. Fixed price offering method is indeed inefficient and leads to greater underpricing compared to IPOs sold through book-building and auctions. However, the main empirical comparison in this paper is between the two main procedures auction and book building. Authors find evidence that during hot markets auctioning is associated with less underpricing than book building. They attribute the result to the auction methods ability to incorporate more information about recent market performance into the offer price. This result provides empirical support for the theoretical work by Biais, Bossaerts, and Rochet (2002) who suggests the auction procedure is optimal. In line with the evidence of Derrien and Womack (2003) that an auction procedure is more efficient in incorporating recent market momentum in the offer price compared to fixed price procedure, Vandemaele (2003) uses the French IPO data for the 1984-1995 period and points out the factors that may influence issue procedure choice. Results indicate that, firms facing relatively high valuation uncertainty are high likely to opt for an auction-like procedure and the likelihood of opting for an auction increases as the investment bank reputation associated with the issue decreases. Although not a direct comparison between auctions, book building and fixed-price offers, studies in Pettway and Kanekos (1996) examination on Japanese auctions, Kandel, Sarig and Wohls, (1999) examination on Israeli auctions, and Liu, Wei and Liaws (2003) examination on Taiwanese auctions seem to suggest that IPO auctions lead to less under-pricing. Biais and Faugeron-Crouzet (2001) show that a uniform price auction can prevent tacit collusion among bidders and can truthfully elicit information from investors in much the same way as book building. Bulow and Klemperer (1998) also show that it can be optimal in an auction to set a price at which there is excess demand. 2.4. Research on IPOs in the Istanbul Stock Exchange (ISE) Firms in Turkey may offer their shares to the public through, book building, fixed price offer and sale through the stock exchange method, however, they are mainly underwritten and sold using the fixed- price offering method; a method which is very common world w ide is becoming much less common, particularly for more active markets. Recent empirical studies, focused mainly on the initial returns and under pricing, condu Email Protocol: SMTP, POP, and MIME Email Protocol: SMTP, POP, and MIME Email protocol governs the interactions between email clients and servers. An Email protocol is a standard method which is used at each end of a communication channel either server side or client side, in order to transmit information properly. User is required to use a mail client to access to the mail server, by using variety of email protocols, the mail client and server can only exchange their information with each other. Three examples of Email protocol are: Simple Mail Transfer Protocol (SMTP) Post Office Protocol(POP) Multipurpose Internet Mail Extensions(MIME) Simple Mail Transfer Protocol(SMTP) Simple Mail Transfer Protocol (SMTP) transmits electronic mail (email) within different hosts in the Department of Defense Internet protocol suite. Email servers and other mail transfer agents use SMTP to send and receive messages, while SMTP usually used by client side’s email application to send messages to the email server for relaying only. For receiving messages, client side would mostly use POP protocol which will be introduced at the next part. Examples of email client that used SMTP to send messages are webmail systems: Hotmail, Gmail and also Outlook, Microsoft Exchange and so on. SMTP listens on TCP protocol well-known port 25. Functions of SMTP: To enable the client side to send email message to a receiver (an email address which already exist), SMTP would perform the following functions: User authentication To verify the sender who is using SMTP server to send an email message has the right to do so. User notification After delivering the message to the destination, SMTP will check whether the message has been successfully delivered. If the message does not delivered successfully, SMTP notifies sender by using an error messages and the message that was not successfully delivered will be delivered back to the sender. Advantages of SMTP: Simplicity SMTP is the simplest way to send an electronic mail between various computers in a particular network. As long as there is a receiver destination and a sender who send the message, the message will be send to the destination. The message will pass through a simple process from SMTP server to an exchange server for the receiver’s computer. Quick Email Delivery As we known SMTP is the simplest way to transmit a message, email messages can be sent quickly and easily by using SMTP. As long as the condition of the mail server is good, the messages that are sent will reach to the recipients as quick as possible. Reliability When the message has failed to deliver, an error message will be sent to inform the sender and the message that failed to deliver will be sent back to the sender. In this case, sender doesn’t have to worry that the message send will failed to delivered, because when the message is failed to delivered, sender can choose to resend the message until the message is finally delivered to the recipient successfully. Limitation of SMTP: Additional administrative overhead Original SMTP identifies clients by using the IP addresses, but it is only available when the email services are provided by the same Internet server provider that supplied the connection. Therefore, an extension named† SMTP-AUTH† is required to verify the senders of the messages. Required to set up security Required expertise Post Office Protocol(POP) Post Office Protocol (POP) is a Internet standard protocol in the application layer which allows email clients to retrieve email messages from a remote mail server. Out of the versions of POP that has been developed, current standard which used in most of the client and server email communication architecture is version 3 of POP also written as POP3. POP3 server listens on TCP protocol well-known port 110. It uses the TCP/IP protocol stack for network connection and works with SMTP for end-to-end email communication. In this case, POP is responsible to â€Å"pull† the messages from the server and SMTP will â€Å"push† the messages to the server. Function of POP: Retrieve message from an ISP and whether to delete or not to delete it on the server, depends on users’ decision. Detect whether new message has arrived but not retrieving it from the server, meaning the messages will be stored at the server until the user choose to retrieve it from the server. To see whether the message is worth retrieving, POP will peek at the few sentences of the message before retrieving it. Advantages of POP: Once the messages have been retrieved to the client computer, it is visible with or without the internet connection including the attachment along with the message. User can choose whether to delete or not to delete the messages that already retrieved from the server. User can choose to save a copy of some of the important messages by choosing not to delete the messages from the POP server. Disadvantages of POP: Occupied a lot of hard disk spaces in computer as the email retrieved from the server are all store into the hard disk storage. Not accessible from other machine. Nowadays, people uses multiple devices to access to one email account, but not with POP, all messages are downloaded into one and only one PC. In order to read that specify message, user can only use the PC which used to download the messages to view it. Messages stored at local disk drive are vulnerable to data loss or even security threats. As those messages stored at local disk are deleted from the server and stored at only one PC at a time, it is more dangerous when the PC suffered virus attack or data corrupted. Multi-purpose Internet Mail Extension(MIME) MIME is an extension which allows users to use the protocol to send different kinds of data files on the Internet, for example: audio file, image file (PNG, GIF, JPEG), video or even application programs. SMTP protocol only handled ASCII text, which means, only ASCII texts can be send through the protocol. Media type of content in email is described by MIME type, some of the examples for MIME types are: Plain text: txt/plain Java applets: application/x-java-applet Adobe PDF documents: application/ pdf Advantages of MIME: Allows mail messages consists not only ASCII text. Old version of Internet email standard allows only ASCII characters messages, messages not exceed 1000 characters and so on. But with MIME, it allows additional fields for mail message by using the MIME headers that describe new types of content and organization for messages. MIME allows mail messages to consist of the following: Multiple objects in a single message. Unlimited length text messages. Other than ASCII characters, it also allows non-English messages. Message that consist multiple types of font. Application specify or even binary files. Audio, Image, Video and other multimedia attachment in the mail message. MIME header can help client PC to search for the suitable application software to open the attachment or file include in the mail messages. Disadvantages of MIME: Some compound formats are considered as an application when they are nor for example â€Å"application/pdf†. Diagrams below show how client and server send and retrieve messages via SMTP and POP protocols, also how the multipurpose internet mail extension works: How to apply the following email protocols (SMTP, POP, MIME) with ASP.NET? One way to apply the mentioned email protocols with asp.net is using System.Net namespaces. It consists of classes that provide simple programming interface for several number of network protocols, compose Email and send it, it also consist of representation of multipurpose internet mail exchange (MIME) headers. Besides, it also can access to network traffic data and peer-to-peer networking function. SMTP Inside System.Net, there is a namespace called System.Net.Mail, it contains classes that we needed which is to send email messages to a simple mail transfer protocol (SMTP) server for it to be delivered. Classes include in this namespaces are for example: an Attachment class which allowed user to add an attachment into the email, MailMessage class represents the email message that can be sent by using the SmtpClient class, while there is also a class which allowed user to send an email by using the SMTP. List of all the classes in System.Net.Mail namespace will be included in Appendix A. To actually send an email using SMTP, we will require these following items: The SMTP host server that we use to send email. A port number, which usually we use port number25. User name and password for authentication purpose. An email address of sender and recipients. The message content. Once we have accessible SMTP server, it is time to send our email message! Firstly we will need to create an empty page which consists of the example coding shown: Next we can choose to send the email to more than one person at a time, by adding email address to the â€Å"To† collection as shown below: After that we can set the name of the sender, this will be shown along with the sender email address to the recipient once the email has been received. For instance, we can do this: Next, we can use the CC and BCC fields in the email messages, for example: Other than that, we can also set priority of an email message, by using one of the method provided in the System.Net.Mail class: POP To log in to a POP server, we need to use System.Net.Sockets namespace. Classes that we can use from the System.Net.Sockets namespace are for example TcpClient and NetworkStream. Firstly, we will need a simple aspx page which consists of several textfields that allow user to enter the username and password. To initiate the connection to POP3 server, we will use the System.Net.Sockets. For example, after user enter their username and password, and then there is a on click event of the button as shown in the following header: Next, we will send the username and password to the server, and the server response will be displayed: If the username and password are valid and successfully verified by the POP server, we will get a response and then start to retrieve a list of messages from the server. We will request for using the LIST command and display each message that we loop through: At last, we need to close the connection to the server. In this case, QUIT command has come to use, and then server response will be display: MIME Similar with implementing SMTP into asp.net, we can use the classes within System.Net.Mail namespace to apply MIME into asp.net. There is one namespace called System.Net.Mime which holds the types that used to represent MIME headers. These types are use along with the types in System.Net.Mail namespace when a SmtpClient class send an email with attachment. Data of MIME is represented by Attachment class which we just mentioned in the System.Net.Mail part. Here are some example of classes included in the System.Net.Mime: For the full list of classes included in System.Net.Mime, please refer to Appendix B.

Religion as Expressed in Art, Music and Literature Essay -- Visual Art

Salvador Dali, born in Spain in 1904, was one of world's most famous Surrealist artists. His work is popular amongst modern society as well as art enthusiasts and often interweaves bizarre and thought-provoking ideas with abstract images, many of these symbolising dreams and fantasies. His paintings explore the connection between reality and fantasy, and he once described his own work as "hand painted dream photographs". His exploration of fantasy and subconscious is pronounced clearly in "The Sacrament of the Lord's Supper", painted in 1955. The painting shows Dali's depiction of The Last Supper. Jesus is centred at the table with his twelve Disciples kneeling devoutly, with heads bowed, in perfect symmetry, as if two groups of six were mirroring each other on either side of Jesus. Above Jesus we see a transparent image of his own body. Dali painted this image to be interpreted by the individual in different ways. It represents both the literal Jesus; about to be betrayed and facing his arrest and crucifixion, and the spiritual Jesus; the belief in God and the faith that is present with Christians. A person with a non religious view would most probably see this as the literal sense of Christ, where as a Christian or otherwise religious person would be more likely to see both the literal and the spiritual representations. In the background, we are able to see a calm lake surrounded by barren hills. A mystical 'aura' of light rests in the centre of the landscape. Again, the interpretation of what this represents lies within the individual. It could merely be part of the beautiful Palestinian landscape, or it could be a holy aura of light emanating from Jesus, to represent his divinity. Dali presents us with a conflict of the literal reality and the religious mysticism, knowing that "only the eye of faith can pierce the veil of understanding". Situated in front of Jesus on the table are a broken loaf of ordinary brown bread and a glass of red wine. The Bible tells us how Jesus gave his disciples the blessed bread and the wine to represent his body and his blood. "This is my body, which is for you. Do this in memory of me" 1 Corinthians 11:24 In this painting, Dali gives us a sense of spirituality. He achieves this using the viewers' imaginary contribution rather than the actual representation of his images. To... ...nterpret it their self and form their own conclusions based on this. There are also a few biblical references to the arts in Christianity. "Speak to one another with psalms, hymns and spiritual songs. Sing and make music in your heart to the Lord" Ephesians 5:19 Additionally, when people are listening to a piece of religious music or to a certain extent viewing a piece of religious art or drama, they can sometimes encounter a numinous experience, similar to that which somebody may feel upon entering a greatly religious building or beautiful place. Many people have experienced this while listening to the 'Hallelujah Chorus' from Handel's 'Messiah'. In my opinion, the arts are one the best ways to express a religious idea, as I strongly believe that some things that can not be described verbally can be spoken through music or art. It seems to me that although conventional methods of worshipping a religion are successful in many ways, the arts can be a more effective way to express religious reasoning and help people to form their own conclusions about religion without encountering bias from people who already have strong religious, or anti-religious, views.

Different types of business information and their sources Essay

Written Written communication involves a selection of words, symbols, letters and numbers. Written communication is used at bmetc to make it possible for tutors to contact parents and students regarding the students’ progress in lessons and around the college; they do this by sending letters to the parents. A letter written to a parent of a student would have been created by a tutor, and then taken to the IT department, here they will check on the student’s attendance and also include this in the letter, and then, finally, it would be taken to the administration department of the campus in order to be sent home to the students’ parents/ guardians. These departments work together to ensure that the letter is sent to the correct address including the correct/ suitable information regarding the appropriate student. Bmetc also use written communication to give hand outs to students as part of their coursework equipment to enable the student to complete the given tasks. Inside the organisation, bmetc will also use written communication to record minutes during a meeting and also give notices to other members of staff regarding the meeting e.g. date and time of the meeting. Reports regarding students’ progress and attendance will be recorded every day throughout the period of 10 working days and will be recorded by a paper-based report. Invoices are given to students regarding the cost of trips that they may be taken on based on the subject that they are studying, the invoices will usually be computer – based but sometimes they are paper-based and written out to give to parents. Verbal Verbal communication is used every day in businesses and in general life. Verbal communication is used to communicate easily with various people in and around the organisation of bmetc. The main part of verbal communication is the face to face contact that takes place whilst using this type of information, commonly known as an easy way of communicating in face-to-face conferences like meetings. The advantage of using verbal communication is that you are able to read the opponents body language which sometimes makes it easier to understand. Verbal communication is used at commonly at bmetc when the tutors and parents of students may have meetings to discuss the student’s attendance and punctuality or other issues that may have been  raised in the college life of the student involved. The information that the tutor is telling the parent of the student is passed on by the student’s tutors to the student’s personal tutor. The idea of having a meeting with the students’ parents is raised with the management of the college (programme manager) who then calls the parent and asks them to a meeting inside of the college. On screen Information may be broadcasted on-screen. This can be displayed as a multimedia, on TV and CD-ROMs that mix text, graphics, animation, audio and video. This is a common way to broadcast important information relating to the students and staff throughout Bmetc. Information on screen is also displayed on the intranet for students to see when they log in to their accounts. The information that is displayed and broadcasted on – screen is created by staff in the IT department who gets the information from various departments including marketing and the college management. If a member of staff has something that they would like to broadcast to students via the on – screen method, e.g. The sports department may want to advertise new activities for the students to participate in, they would have to put together an advertisement and contact the IT department who would then transmit the advertisement on to the screens around the college. Multimedia Multimedia communication involves a selection of graphics, text, symbols and pictures. Using multimedia to convey a set of information can be interactive and also to enable students at Bmetc to have a wider imagination and understanding of the information that is being broadcasted. The students at Bmetc and have have access to their own account on the intranet, this means that they can access; E-mail, Moodle, information about enrolling on to different college courses and news about the college itself. The source of the college website comes from the IT department which allows tutors to put work on the website making it accessible. This means the connection is the IT department and the academic department. Competitive insight Competitive insight is done so that a business can investigate on what its rival businesses are doing to improve their business which will allow you to have new ideas and even have ways to improve it, this is done on screen. If  BMET was to do this they would look to see what new subject’s rival colleges such as Bourneville were coming up with and probably make them available within the college. Not only this but competitor colleges may have looked as government information talking about the lack of jobs and how the unemployment rate has shot up; and because of this the college may set up apprenticeships in order to give opportunities for more people which will also give the college a good name and make them more respectable. The source of information on rival competitors may come from the government who will also show a college table on how they feel colleges are ranked within the west midlands region allowing other colleges to know what is effect and works well. This information will be created by the college in what will possibly be a written report or as a presentation who then pass it on to somewhere to advertise such as a radio station that then produce this information to the general public making them aware of what the college is offering. The connection is between the H.R departments who will make the college itself aware of what will take place and then the administration department will send it off to the radio station.