IPO underpricing Essay Example | Topics and Well Written Essays - 500 words

IPO underpricing - Essay Example Many companies have a tendency of having underpriced IPOs so that potential investors can be attracted into them. Investors find it easier to influence the shares’ price with low offering price as their intention is to obtain the windfall gain in the period of issuing. Low-priced shares generally have a lot of capacity for share increase of price on the basis of market demand forces. As a result, low offering price signifies considerable share underpricing. IPO underpricing has been explained with the offering size of a company for a long time, which is consistent with the ex ante uncertainty theory. This concept reflects in the works of Beatty and Ritter (1986) as well as in McGuinness (1992). Tu and TSE (2006), in their analysis of the Chinese A-share market, state the size of offering as a critical determinant of the IPO underpricing. A company’s offering size is calculated through multiplication of the offer price with the offered number of shares. The equation for this is, size of offering = number of offered shares x price of offering. There is a perception that companies having bigger offerings’ size have superior management and control and are more mature as compared to the companies having smaller offering magnitudes. Bigger companies derive their tendency to underprice their shares from the fact that their information flow is relatively better than that of the smaller companies, that are more influenced by the a symmetry of information. Data used in this project was retrieved from the official website of Shanghai Stock Exchange (available at http://www.sse.com.cn) and also from the GTA Database. Like discussed before, there are five groups of shares in the Chinese stock market. However, it is just the A-share stocks that are completely quoted in Yuan. Many companies have a preference for being included in the Shanghai Stock Exchange instead of the Shenzhen Stock Exchange in spite of

War vietnam-Iraq Essay Example | Topics and Well Written Essays - 750 words

War vietnam-Iraq - Essay Example These two conflicts while located in different regions of the world have a lot in common as well as a lot different. For the Vietnamese however the conflict had been continuous since 1945 when the Viet Minh began a campaign against French troops based in Haiphong. It was not until the Viet Minh attacked Dien Bien Phu and decimated the French forces that the United States started to send political convoys over.1 In 1961 President John F. Kennedy orders support for the South Vietnamese and begins to send military advisors and support personnel. The first official combat mission conducted by the United States against the Vietcong was 12 January 1962 where United States Helicopters were used to fly South Vietnamese to Saigon in an attack. This also marked the beginning of a ten year conflict that resulted in more than 3 million American serving in the war, 58,000 American dead, and over 2000 missing in action.2 The war while officially over in March of 1973, actively carried on until 30 April 1975 and for many veterans is still raging internally. Similar Iraq has been in conflict both internally and with external powers since 1920 and the fall of the Ottoman Empire. The United States did not become directly involved until Iraq invaded Kuwait in 1990. On 9 August 1990 United States troops land in Saudi Arabia and in January 1991 the Persian Gulf conflict began. Between 1991 and 2002 when the United States launched their next full campaign against Iraq, the United States attempted to peacefully end the hostilities but the President Saddam Hussein continues to disobey the regulations and puts Iraq on President Bush’s axis of evil list. On 11 October 2002 the United States congress authorized an attack on Iraq. That next spring on 19 March 2003 President Bush declares war. While as of December 2011 the United States is not actively engaged at war in Iraq, there are still military and political advisors to aid the Iraqi military and government. To date more than 4,400 soldiers have been killed. The Vietnam conflict enlisted those soldiers straight out of high school who thought that their government was right and the war was just.3 It was not until the soldiers hit ground that they realized that corruption, lies, and manipulation were more important than the mission. The mission was to liberate the South Vietnamese against the communist North. The truth was that women, children, and other civilians were being killed in the process. This was the first war that a large number of civilians were killed on a daily basis. Rather the reasons were greed, hatred, or accident, soldiers started to realize that this was not their father’s war. The media while censored was still able to get many of these images back to the United States were the civilian attitude of the war changed. The Iraqi conflict was similar in that many people believed both military and civilian that this was a righteous conflict. Protecting an ethnic group of people from a warlord seemed worthy. As the conflict continued, especially with George W. Bush as President it became clear that this war was not just about cleaning out a bad government but there also ulterior motives. Gas, national resources, and money were all involved in this seemingly straight forward conflict. Soldiers coming home from this conflict are having the same

Industrialization in the USA during the 19th century Essay

Industrialization in the USA during the 19th century - Essay Example This trade led to a surplus of raw materials into the United States causing the need to industrialize the manufacturing industries so that they could meet the external demand for their products. In addition, industrialization took place due to migration of large populations from England to the USA, which marked an influx of labor forces to work on the different sectors in USA. This was then coupled with rural-urban migration of the American population leading to creation of urban settlements that were well planned (Hirschman & Mogford, 2009). Consequently, the skilled and semi-skilled population took to commerce and other urban economic activities, which further saw industrialization take root in the USA. Advancements in transport and technology also saw industrialization take place due to the ability to move bulky goods within a shorter period in the case of transport. In regard to technology, mechanization of certain aspects of production saw industrialization take place due to the ease of manufacturing and processing of certain goods. Altogether, technology and trade were the most significant factors responsible for the industrialization of the USA during the 19th century because trade brought demand and technology eased production. Wizard of Oz The wizard of Oz goes as far as to present numerous angles to which the story of the Wizard of Oz can be translated and even understood by looking at it through different literary forms.

Death Script pertaining to chronic illness Assignment

Death Script pertaining to chronic illness - Assignment Example As I became immersed in my reverie I imagined my husband and my mother at my side when the doctor gave me the dreaded news that I had leukemia. I saw myself not being able to respond at all to what the doctor was telling us. My mother’s silent sniffle seemed distant and unreal and I couldn’t bring myself to see my husband. The news of death shocked me to the extent that I kind of forgot my surroundings and the people I loved so dearly. It’s almost as though that moment was reserved just for me. A hope still lingered at the back of my mind that my physician may be mistaken, that the possibility of finding cure elsewhere would be worth making the effort for. I tried to comfort myself with the thought that I wasn’t the only one dying. After all people die every day, every second even and it’s just a reality check that everyone has to come to terms with (CDC 2009). I suppose I’m better off than a lot of people who die at such a young age having not even started their lives. I tried to rationalize the news of my death by considering the fact that middle aged women are most prone to die if they have leukemia (Emedtv n.d). I comfort myself with the thought that at least I gave birth to five beautiful children and I got to raise them to be good human beings. I got the opportunity to bond with a man who fathered my children and made me feel special in so many ways. Still the agony, the betrayal of life itself and the fear of not knowing what lay ahead of me gave me a sinking feeling, sucking out all my happiness in an instant. As days passed by it felt like I was already dead. My mother was constantly at my side and as much as my husband wanted to be there someone had to stay home to take care of my children and tend to worldly affairs. My mother would try to distract me to take my mind off of my illness but I knew that it was all she could think about too. I wished I could spend

Head Nurse Essay Example for Free

Head Nurse Essay A head nurse has the following important duties and job responsibilities: * Planning and scheduling the work activities of junior nurses in her section. * Making sure that the medical reports and instruments are kept properly and safely. * Ensuring that the patients obey the instructions and advice of the doctors and follow their prescriptions sincerely. * Ensuring that the areas where the patients are admitted are sanitized properly on a regular basis. * Directing the patients to have their meals regularly and receiving feedback from them in case of faulty food items or other issues. * Making her patients relax in case of adversities and major surgeries being performed on them. * Comforting her patients and injecting them with the required medicinal doses as advised by the doctors. * Cleaning the areas that contained medical instruments, medicines and syringes in order to ensure safety for all those who visit these areas. * Sanitizing the rooms where the patients are dressed and changed in order to avoid microbial infections. * Assisting her patients with calling their relatives and helping the old ones move from one place to another. * Walking with the doctors during their routine rounds and check-ups and noting down the directions of the doctor with regard to the health and care of the patients. * Ensuring that she provides all the health care facilities and services to the patients with accordance to the rules, regulations and policies of the state. * Placing demands for new medicines and documenting their amounts properly and ordering fresh stocks of the medicines that have expired. * Ensuring that all the needs and demands of the patients are fulfilled during their stay in their hospitals. * Making sure that the patients are comfortable and feel at home. * Executing all other tasks that need her assistance and patient health care services. * Duties and Responsibilities of a Head Nurse: * Head nurses manage all the administrative duties of the departments which they are assigned to work in * They schedule shifts for the nurses and assign duties to them * They collect work reports from all the nurses regarding their day-to-day activities and maintains a record of them * They present the records collected from all the nurses to the respective doctorswho are handling cases of those patients * They assist and conduct training programs for the nurses who are new and need help * They also solve any issues related to the patients * Head nurses also come in direct contact with the patients and diagnose theirhealth problems * Inventory management is also one of the responsibilities of the head nurses * Head nurses review and supervise the pre-operative settings made by the nurses in the operating room and make sure that they have provided required equipments to the doctors * Head nurses often accompany the doctors when they go on their rounds to check the patients where they present the reports collected by them * They provide necessary help to the doctors such as carrying diagnostic equipments, etc., to the doctors while they are on round for check-up They maintain a log of the entries of the patients in their wards and their health Reports * Head nurses also look for the hygiene in the hospital and in the rooms and make sure that the patients are provided with enough facilities and entertain all types of complaints from the patients *

Causes Of The European Sovereign Debt Crisis Economics Essay

Causes Of The European Sovereign Debt Crisis Economics Essay Europe currently experiences a severe sovereign debt crisis. The debt crisis in some member states of the euro area has raised public uncertainty about the viability of European Economic and Monetary Union (EMU) and the euros future. While the execution of the euro in the year 1999 created many interest in regional monetary integration and even monetary unification in several corners of the world, the present crisis had the opposed effect, even raising expectations of the euro area breaking up. The crisis has illustrated the problems and tensions that will ineluctably arise within a monetary union when imbalances build up and become unbearable. The causes of the European crisis will be further review below. Also, we would describes why the Greece crisis could cause so much havoc to the global economy. CAUSES OF THE EUROPEAN SOVEREIGN DEBT CRISIS European countries had just weathered the 2008-2009 crisis and were set up hopes for recovery. However, on November 2009 George Papandreous newly elected Socialist government in Greece revealed that the predecessor government had lied to the public about the true picture of Greeces public finances, that the budget deficit for 2009 would be 12.7% instead of 4.6% of Gross Domestic Product (GDP), as previously reported. That revelation created a panic atmosphere among lenders or bondholders, as credit agencies lowered their ratings of Greeces sovereign debt, which is the first time in 10 years that Greeces rating falls below the investment grade. The country has then realized itself hardly to borrow or even roll over existing debt except at prohibitively high interest rates. The disclosure of the actual Greek fiscal condition raised serious doubts about the countrys ability to meet its obligation. The following downgrades rating and ever rising interest rates led to an exacerbation of Greeces capital markets access that made it even more difficult and nearly impossible for the government to refinance itself, leading a downward spiral for the Greeks economy. Therefore at that point, the government forced to appeal to its European Union members and IMF for bailout. However, the bailout failed to recover market trust in the Greek economy. In addition, it failed to cease contagion of the crisis to other nations in the euro area. Precisely, the crisis of Greek and the hesitant political response from the other European nations raised issues over the debt condition and the structural and competitiveness problems of the economically weaker periphery member countries of the euro area, named PIIGS (Portugal, Ireland, Italy, Greece, and Spain). As a result, the costs of borrowing for the PIIGS lifted significantly and the cost of insuring sovereign debt against default soared as their creditability to repay the debt have vanished. The crisis also creates awareness of the existing imbalances in the euro area, which form a serious problem. The below are the major causes of the crisis: Banking crisis fuelling sovereign debt crisis and vice versa It is wrong to assume that the European debt crisis is actually caused by thriftless government spending, especially because of the luxurious social security systems. Rather, the origins of the European debt crisis can be traced back to the global financial crisis occurred in 2008-2009, which spilled over into a sovereign debt crisis in various euro area countries in early 2010. In order to offset the rapid falls in output, euro area governments responded with counter-cyclical fiscal policies that lifted fiscal deficits. Then, fiscal positions become worse as the tax revenues fell and transfer payments grew larger due to the increased unemployment rate during the crisis. In many countries, government bailouts of banking systems also contributed to an increase in public debt. Private debt turned to public debt, be it through banking crises or the burst of housing bubbles, leading to the sovereign debt crisis. Between 2007 and 2010, the debt to GDP ratio of the euro area increased from 66.3% to 85.4%. Greece is a unique case in the sense that the Greek debt level had already been relatively high before the crisis, which is 107.7% of GDP in 2007. Greek debt, which has been on a continuous rise since 2003, has arrived at a level of 144.9% of GDP in 2010. Similar to Greece, Italy had a debt level more than 100% of GDP prior to the crisis, but the debt to GDP ratio fell between Italys adoption of the euro in 1999 and 2007. Among the countries in euro area, the most dramatic increase in public debt occurred in Ireland, where the countrys debt problems can be clearly arise to the countrys banking crisis. Ireland did not face a fiscal or debt problem until the year 2008. Accordingly, the Irish debt to GDP ratio fell gradually over this period from 64.3% to 24.9%, with Ireland being one of the EU countries with the least public debt burden. The condition changed in the course of the Irish banking crisis in September 2008 when the European governments and institutions and also the US government guaranteed most liabilities of Irish-owned banks. As a result, the Irish deficit ballooned and the debt to GDP ratio shot up from 24.9% in 2007 to 94.9% in 2010. The ensuing exacerbation of Irelands access to capital markets in the autumn 2010 led it to seek for international financial rescue package by the IMF and the EU of over à ¢Ã¢â‚¬Å¡Ã‚ ¬90 billion in November 2011 to finance its borrowing and bank recapitaliz ation needs. Similar to Ireland, Spain did not face a fiscal or debt problem before 2008. Spains destiny changed when the global financial crisis put a sudden end to the long cycle of high growth that had been accompanied by a construction and real estate boom. When output contracted in 2008, the Spanish housing bubble burst and hence destabilized the entire banking system. Even in Portugal, which had seen a steady rise of its debt to GDP ratio after joining the euro area in 1999, which its debt stood at 49.6% of GDP, which is so far the largest increase of public debt happened during and after the 2008-2009 crises, with debt soaring from 26.6% in 2007 to 94.9% in 2010. Therefore, the sovereign debt crisis has been directly connected to the global financial crisis and the ensuing problems of European countries banking sectors after the bankruptcy of Lehman Brothers. With exacerbating public finances, sovereign risk has increased and deteriorated banks balance sheets. The interdependence between sovereign credit and banking systems has been at the key of the crisis as sovereign debt of euro area countries are held in large quantities by euro area banks. Mispricing of risk and misallocation of capital A key element that led to the crisis was a mispricing of risk by capital markets and an ensuing misallocation of capital in the previous years before the outbreak of the crisis. European monetary unification brought about a convergence of interest rates among euro area members. Spreads of sovereign bonds of the PIIGS over Germany narrowed rapidly in the run up to EMU membership and almost gone once they had become the euro area members. Sovereign risk of all euro area countries, including the PIIGS, was priced more or less the same as German sovereign debt. This is due to the risk of euro area central government bonds was weighted at zero in regulatory capital calculations and because the Euro treated such debt as risk-free collateral when these were offered as collateral for repos and other collateral financing trades. It is now apparent that the availability of cheap credit brought to an unbearable accumulation of private (as in Ireland, Portugal, and Spain) and public (as in Greece and Portugal) debt in todays crisis countries. The decrease in real interest rates in the periphery countries after they join the euro area and the inflowing capital supplied unbearable developments, including excessive credit dynamics and real estate bubbles in Spain and excessive fiscal spending in Greece. It also decreased the tension for economic reform to enhance competitiveness within the monetary union as countries could simply finance their current account deficits through a plenty of capital inflow. Imbalances in the euro area A high level of public debt is not a problem, as long as the government can refinance itself and roll over its debt. This requires public debt and the interest burden to grow slower than the economy and the tax base. This is no longer the case in the PIIGS anymore. Current debt crisis in the PIIGS is hence not merely a debt crisis; it is first and governing a competitiveness and growth crisis that has contributed to structural imbalances within the euro area. The structural imbalances, caused by high current-account deficits of the periphery countries and matching surpluses in core countries, are at the origin of the current problems since a lack of competitiveness impedes the periphery countries chances of growing out of the crisis. Essentially, deficit countries need to become surplus countries to service their debt. However, the fact that the PIIGS are members of a monetary union and hence competitiveness cannot be recovered by means of currency devaluation makes the adjustment much difficult. Lack of trust in European governments crisis responses The crisis is not just an economic disaster, but also a political disaster, arises from erratic responses and pressures among euro area governments, representing surplus and deficit countries with contradictory interests. European leaders were believed that a balance of payments crisis was impossible within a monetary union. Since such a problem was not considered a priori, no crisis resolution mechanism had been taken into account. European policymakers hence faced the challenge of crafting a crisis response in the midst of crisis. The worries of the surplus countries, led by Germany, that an easy bailout of Greece would set a negative precedent and create moral hazard problems with other deficit countries, especially the larger euro area members Italy and Spain. Fears of moral hazard and a transfer union, where deficit countries would have to be financed permanently, made surplus countries also refused to advocate proposals such as those for Eurobonds. The slow negotiation processes between governments, which have needed to safeguard support from their domestic constituencies, have evoked the impression of a European political system was ill-equipped to overcome any financial crisis.

Essay --

Looking at how Nepal’s consumer action is associated with the quest of finding modernity, modernity is an important indicator for changes for the better in the chains of economic, social, political, and even in relation to religious bondage. The definition of modernity lies from the daily demands and possibilities of transformation of social and material context against the deeply rooted cultural and moral values, system of prestige, and notions of propriety within Kathmandu (Liechty, 2003). Modernity help perpetuate its hold over society for those who hold the power. These changes in society can occur in response to people desire to fit into society and not only that. Finding modernization can be seen as a blind pursuit of westernization form rather than their content and values toward Kathmandu. Modernity has many attributes to influence middle-class system in Kathmandu such as that being modern can go beyond just being a self-centered individual. Modernity comes in many att ributes mainly through the process of mind and not through the lifestyles which include the implications of acceptance of diversity, endeavors the change within circumstances of a modern person, and beauty giving rise to one to bear the tyranny of life and energy to bringing desired changes to modernity. Overall, the Nepali quest of modernity has been in struggle in at least three centuries (Lal, 2001). Marx theory on class insist that cultural practice must be located in context of unequal distribution of power and resources between class usually hierarchal society, whereas in Weber theory on class, concern on the role of culture in social lifestyle including education and consumer goods (Liechty, 2003). The concept of Weber’s theory is very important in mi... ...ce or project of something performed by groups of people. The definition of class must go beyond the passive and objective of the meaning of â€Å"what is class† into â€Å"what does the class itself do in relation to cultural practice.† In Kathmandu middle-class society, the cultural process pertains to the practice of carving out the cultural space where that people can act and speak for himself or herself in existence of the established culture. This could be in a form of stories of morality and value, status and honor, consumer practices and goods, media consumptions, and creation of â€Å"modern youth† by class. People produce the cultural space of class when language, goods, ideas, and values are practice everyday (Liechty, 2003). You will be able to see the emergence of class after viewing the vivid ethnographic facts that are repetitively produced in the cultural practice.