Charateristics of the Gifted Learner Essay Example | Topics and Well Written Essays - 1000 words

Charateristics of the Gifted Learner - Essay Example The discourse presented by the National Association for Gifted Children (NAGC) defines gifted students according to one which is stipulated in the Elementary and Secondary Education Act, to wit: â€Å"Students, children, or youth who give evidence of high achievement capability in areas such as intellectual, creative, artistic, or leadership capacity, or in specific academic fields, and who need services and activities not ordinarily provided by the school in order to fully develop those capabilities† (National Association for Gifted Children, 2008, par. 1). With manifested innate and extraordinary talents and skills, these gifted students need academic interventions that would further develop their capabilities to maximum levels. In this regard, the current essay would use two constructive and two non-constructive characteristics of the Gifted Learner from the graphic organizer and provide definitions of the characteristics and a discussion of their impact on instruction. ... Constructive Characteristics Gifted learners have generally manifested characteristics which could be grouped according to: â€Å"(a) the diversity of areas in which performance may be exhibited (e.g., intellectual, creative, artistic, leadership, academic), (b) the comparison with other groups (e.g., those in general education classrooms or of the same age, experience, or environment), and (c) the use of terms that imply a need for development of the gift (e.g., capability and potential)† (Johnsen, 2006, par. 6). From among the constructive characteristics of gifted learners, two would be expounded in the current paper: (1) they may show keen powers of observation and a sense of the significant; they have an eye for important details; and (2) they often have a large storage of information about a variety of topics, which they can recall quickly. Keen powers of observation, the ability to sense the significant details and possessing an eye for important details fall under exem plary intellectual ability. Appendix A shows details of general intellectual abilities of gifted learners which are products of diverse researches from different scholars. From the list enumerated by Johnsen (2006), the following parallels showing keen powers of observation and focus on significant and important details, in addition to their ability to store and recall large amounts of information: Has an extensive and detailed memory, particularly in an area of interest. Is able to identify the important characteristics of new concepts, problems. Has a broad base of knowledge—a large quantity of information. Understands abstract ideas and complex concepts. Observes relationships and sees connections. Works conscientiously and has a high degree of concentration in areas of interest.

Cyberspace and War Essay Example for Free

Cyberspace and War Essay Reading the highly interesting essay entitled â€Å"Navigating the Cyberspaces of Virtual War† presents to us the reasons why movies like The Terminator movie series are no longer works of fiction as written by an over active imagination. The reality is that science and computer technology have reached that point in the evolution of the systems that both the real and imagined reality of everyday lives, problems, and in this case, world wars, can now seamlessly interact and allow human beings to become active participants in the situations without really posing any physical dangers to the themselves. We have to admit that violence is an inborn characteristic of humans regardless of age, gender, and capability. But, man is afraid of the real repercussions stemming from any act of violence. Nobody in his right mind would put his own life on the line if he can find a way around it. This is the problem that presented itself to the public the day that man found a way to involve themselves in virtual war games. It is true that soldiers must be well trained and versed in handling their weapons and be so familiar with their combat zone that they can patrol the area blindfolded. For the military, the applications of virtual war is endless and a fantastic training tool that limit’s the number of casualties in the field. The problem is that the virtual war games were commercialized and sold to the public for home entertainment. The end result of the virtual gaming world was the desensitizing of mankind. Virtual Reality turned into an actual reality for some wherein nobody ever actually got hurt or died. It redefined violence for the participants and made it seem alright to blow each other up because â€Å"It’s just a game†. However, the developers of such games neglected to consider the psychological effect of the game on an ordinary person. A soldier would eventually have to deal with the reality of his virtual training and deal with actual loss of lives from both friendly and enemy fire. For the common man who merely plays the game and does not need to experience the actual loss, it instead gives him a thrill that sometimes pushes him to emulate the game in a real life setting. Early on, I mentioned that the Terminator movie series has now turned into a reality. This is a truth that can be seen because of the way cyberspace and war have turned battles into situations fought by remote control from the comfort of the soldier’s home base using highly intelligent computer systems that are capable of deciding upon what kind of weapons to use depending upon what their sensors data transmits to the onboard computer. But, what if the onboard computer develops a problem that causes the machine to turn upon its remote operators? What if Artificial Intelligence turns into Real Computer Intelligence? Are we prepared for such repercussions? Our computer developers and scientists have turned computers into almost fully independent machines that can function and decide its own actions in times of war. Good for the soldier because he won’t have to risk his life on the battlefront. Bad news for the rest of us because cyberspace is filled with computer hackers who would love to be able to gain the bragging rights to being that one person who took down a whole satellite system or took virtual / cyberspace enabled control of a real online defense system thereby gaining control of the military fighting machines for his own whims. Cyborgs are not that far off in development either. A perfect fighting machine, no feelings or logic, just a follower designed to eliminate the enemy as per preloaded mission objectives. The question is, how prepared are we to unleash such forces into reality? What safeguards are in place within cyberspace to protect us from the potential disasters cyber wars and technological advancements in cyberspace could bring upon mankind? The internet, online war gaming, television, and newspapers all present us with the realities of war while we are still far removed from the actual situation. I believe that if the world is to know any sort of peace, such virtual technologies should be limited to only military applications and not be allowed for commercial purposes. There is no need to feed the violent tendencies of man. Instead, a separate virtual reality should be developed for the common folk where we can practice solving political tensions through discussion and treaties instead. Leave the virtual fighting to those who are trained to really handle such situations. Cyberspace and war do not have to become any sort of reality for mankind simply because all it will bring about is our own self destruction in both virtual and actual reality.

Tour Operators And Their Suppliers

Tour Operators And Their Suppliers In this report I would write about The relationship between the tour operators and their suppliers. I would give some description of Accommodation, Transport, Ground handlers, excursions and activities, Food and crafts. This is related to the topic so I will try describing them as good as possible. I will also write about Tourism and supply chain management, transport to and from destinations and also conclusion. Hopefully would be understandable for other who are interesting in this subject. Body: The power of the tour operator for their sellers has been the focus of great debate in the business in latest years. Sightsee operatives also known as tour operators dispute that the seller is a self-regulating service provider in surplus of whom they do not apply rule. Sometimes, but, it is not easy to decide that the seller is a self-regulating service provider or the tour operators agent. The significance of the division is in the dissimilar costs that run from the changed interactions. Tour operators have usually offered an article in their booklet representing: They do not apply straight rule above the day to day organization of accommodation, airlines, railways and other extras regarding to your vacation. They then are powerless to agree to responsibility for some work or lapse reason by individuals concerned in your vacation activities over which they do not apply straight rule. Though the difference is determined by deliberation of all the conditions and not just by suggestion to the phrasing of the agreement linking them. Exist three key motives for the significance of the difference linking a manager and a self-sufficient service provider: Explicit responsibility: the sightsee operator is vicariously responsible for the work or slips of representative but not individuals of self-sufficient service providers (except in the EU where the Package Travel Directive applies).The responsibility to offer security: the tour operator has a responsibility to obtain sensible concern for the individual protection of workers (e.g. representatives) except for the sellers. Legal duty: rules that inflict explicit responsibility on a way typically detain to responsibility to the work of employees and agents and do not normally inflict responsibility for the work of self-sufficient service providers. http://wftga.org/news/consumer-rights-tourists-international-level-and-role-tourist-guides-john-j-downes(13/03/12) The contribute sequence consist of the sellers of all the supplies and forces which go keen on the liberation of tourism goods to customers. It consist of all sellers of supplies and services which may not be straight agreed by sightsee operatives or by their representatives (including ground handlers) or sellers (including accommodation providers). Tourism contribute chains engage lots of work not only housing, transportation and touring, but also clubbing and cafà ©s, handicraft, groceries production, rubbish clearance, and the transportation that supplies tourism in places. Delivery chains work via trade-to-trade relations, and support chain organization distribute sustainability presentation development next to economic act, by operational to develop the industry procedure of all sellers in the delivery string. Sightsee operatives cover huge power over actions all over the tourism delivery chain, as they point and power the size of tourism, the tourist targets and amenities whic h are second-hand. Sightsee operatives may apply that to assist in advertising universal development in sustainability act as element of first-class industrial training. Within preparation activities for sustainable delivery chains, sightsee operatives and The Travel Foundation have to memorise that exist models of first-class training all over the straight delivery chain of sightsee operatives plus in a selection of travel targets but these are only applied by a few businesses and lots of others may study from them. This will be easiest to apply sustainability needs in housing and very hard in carrying, mainly observable in tour and performance as most helpful to the neighbouring market as this supplies groceries and ability manufacture. Target sustainability efforts will need bigger shareholder organization and if just for this motive will be extra period concentrated to apply. A safe revenue flow, by steady agreements and projected agreement circumstances plus value is top, toget her to ease the essential savings by the sellers, and to make stronger the confidence in the association. Scheme requires period of time for businesses to make understanding and expand relations, and sightsee operatives tend to need a stable and important quantity of actions with a seller or target if they are to do an important donation and wait for transforming in restricted procedures. Three circumstances in the sightsee operative-and seller association are mainly significant for the achieve victory of delivery string plan: long-time organization, reasonable value and a reliable amount of process. Triumphant delivery string relations among businesses and their sellers are developed and applied according to a clear number of steps: To establish a sustainable supply chain policy and management system. To support suppliers in reaching Sustainability Goals, including raising awareness on sustainability issues amongst suppliers and demonstrating why sustainability performance is important To integrate sustainability criteria into suppliers contracts and preferentially agreement suppliers that meet those criteria. Trade advantages from assume fine trainings for tourism delivery string organization consist of preservation of customers, as around they raising presume in charge performance still from individuals not prepared to pay for this; raised income; bargain expenses and better functioning effectiveness, outstanding spirited to consider and react to danger and chance in the stock promote;  · organization of hazard and keep on in front of governmental requests; better workforce act, success of improved employment and workforce maintenance, when happy workforce are an important advantage; defence of the centre resources of the trade (environment and culture); and improved product worth, status and marketplace, defending picture and position, especially for businesses openly quoted on store sell. They advise to the TF offer priority to effort in the housing sub area, especially in relative to middle-sized buildings, and in home groceries manufacture and support, and that the precedence regions for development in every of these sub parts are: Room, ecological act, service circumstances for workforce and stipulation of guidance on sustainability subjects; service prospects for local areas population; ecological transportation in the destination, particularly for organization of hard and fluid harsh environment; linkages with the home market particularly for groceries support, handicrafts and equipment; advertising of publicly and environmentally sustainable tourism parcels and sellers Local food craft producers suppliers: Sustainable manufacture way contains making development and guidance; Class, consistency and supply; and contact to sells. On the source of present delivery string presentation and actions, developments are needed as a right of way in these tourism sub-sectors in all developing countries where tourism takes place. In addition, developments which might be related to transportation, land trainer, tours actions and clubs eating places sub-parts, are drawled. As well they advise the following advantages for act by the TF that will help in advertising delivery string developments: Support TF sightsee operative associates to increase extra precise and methodical data on their actions which supply to better sustainability at the range of aims in their delivery strings, particularly for gathering tourism. Support larger approval and performance by TF members of active models of first-class training in the delivery string, with back-up of their sellers via alertness increasing, guidance and technological support, and apply of precise agreement clause as suitable, to apply fine exercise equipment and principles for their zone, on socio-financial and ecological feature. Support TF sightsee operative associates to collect data regarding sustainability matters at the objectives particularly group tourism targets which they go possibly by founding a regular agendas of data assembly and reassess opening with couple of targets primarily. Persuade TF associates to improve infrastructure with destination shareholders on main sustainability topic and to expand business wi th destination shareholders to build up and understand development to progress sustainability plan. Persuade TF associates to assume and expand client teaching so that their clients are alert of important communal, financial and ecological topics at targets, and of behaviour that they may obtain to develop sustainability during on vacation; and to apply selling to encourage in client-welcoming tongue sellers and vacations that are extra sustainable. This statement reconsiders case of active tourism delivery string plan from number points of the world and at number of places in the delivery string. A delivery string comprises the sellers of all the supplies and services which go into the shipping of tourism goods to customers. It comprise all sellers of supplies and services whether or not they are straight agreed by sightsee operatives or by their representatives. Plus land trainers or sellers and housing supplier. This must as well be mentioned to a few tourism supplies and services are given straight to visitors and are buying by customers plus it must not be onwards that sight see operatives may manipulate their clients in this region as well. The scheme overviewed in this statement pays attention on developed profit to the destination places, customers and the tourism trade. These schemes are determined of four major aims in the tourism delivery string: Accommodation Transport Ground handlers, excursions and activities Food and crafts Also contain a range of many actions from growing the size of home supplies and services old in the tourism area. To run on ecological and socio-educational topics, for example waste organization trainings, service preparation and fighting prohibited figures of tourism. Lots of these ideas were put into training by single or couple of tourism industry, occasionally running in partnership among many places in the delivery string. Tour operators have also integrated several ideas purposed to maintain further sustainable tourism which are being assumed at destination rank. Tourism and supply chain management: The effect of a sightsee operative appear from the effects of every workings of the goods they retail, as well as use of unrefined resources and their giving out and manufacture, as well as effect from move and supply. Acknowledging the sustainability of every tourism merchandise follows disappearing to the unrefined resources from which are made, via sellers, sellers sellers, and etc, going back to source, including guarantying a business assemble sustainability condition in its individual inner function. Tourism, as any previous delivery strings, work through trade-to-trade relations, and delivery string organization may be practical to distribute sustainability presentation development next to economic act, by functioning to develop the selling process of all sellers in the delivery string. One major variation among tourism delivery string and individuals of more areas, like that visitors journey to the merchandise, and the merchandise that they purchase has a mostly high service element in other language, this engage a upper amount of individuals in the instant manufacture of the vacation practice. Very good case of delivery string organization from a different area is the DIY seller, BQ, that has urbanized and applied a main delivery string organization agenda, primary concentrate on ecological effects, and currently fit in public effects on top, for all its 40,000 goods. in turn to consider its in general sustainability as a seller, BQ analysis the sustainability of its goods moving back to the unrefined resources from which they were formed, via sellers, sellers sellers, and etc., going back to basis, also as guaranteeing that BQ gather sustainability norm in its individual inner process. Used for BQ, the principles of merchandise plus service and operational environment are a key element of class and sustainability. Contribute chain organization in all zones, as well as tourism, wrap all pieces of a merchandise life cycle: unprocessed resources, proc essing, producing, supply, selling, client apply and last dumping. In general, the sustainability of a tourism merchandise, result on topics plus the atmosphere and operational environment in top targeted states; security, plus security of clients and employees in distribute all features of a tourism goods; and reserves use and removal, as well as good management, recycle and recover of rubbish supplies, and measures to raise the effectiveness of supplies apply. Tourism delivery strings engage lots of works not only housing, transfer and tours, but also inns and cafà ©s, handiwork, groceries manufacture, waste dumping, and the transportation that ropes tourism in targets. All those type a fraction of the vacation merchandise which is usual by visitors while they buy vacations whether or not the sellers of those works are straight agreed by a sightsee operative. Only like no sightsee operative will offer first class transfer to get clients to a fifth class vacation public house, t he sustainability of a vacation, like class, its up to presentation on all the associates in the tourism delivery string. An additional feature of the tourism delivery string is the performance of clients during on vacation, mostly in relation to performance and what they basis for themselves in tourist target. Sightsee operative are advertising the entire vacation understanding to clients, and is consist of chances to practice a targets home merchandise and activities. Sightsee operatives may cooperate a major task in if suitable suggestion to their clients regarding home merchandises and activities, and in guarantee that home manufacturer and facility supplier include way in to travellers on a cheap price. Lots of sightsee operatives by now provide more data on these features, but there is range to do extra. Transport to from destinations Sightsee functioning contain marketing, buy, deals improvement, promotion and trade, and buys. Land process contain land transfer and tours. A few of the works of tourism merchandisesà ¢Ã¢â€š ¬Ã‚ ¦ sightsee operatives treaty sellers to offer a few of these works straight: others are attain by sellers and their sellers. The entire sellers offering section supplies and services which go under the dispatching of tourism merchandise are element of the delivery string for that good. http://www.thetravelfoundation.org.uk/images/media/5._Tourism_supply_chains.pdf(16/03/12) Conclusion: Finally I would like to say that current relationship between tour operators and their suppliers is strong as this report states and findings I have put down. It also very interesting to me because some of the facts I did not know before. Especially the Accommodation, Transport, Ground handlers, excursions and activities, Food and crafts and Tourism and supply chain management. These sectors of the report explains how strong the relation ships are between the tour operators and their suppliers.

Terror and Protection :: essays research papers fc

Winston Churchill once said â€Å"Never, never, never believe any war will be smooth and easy, or that anyone who embarks on the strange voyage can measure the tides and hurricanes he will encounter. The statesman who yields to war fever must realize that once the signal is given, he is no longer the master of policy but the slave of unforeseeable and uncontrollable events.† Today some people believe that should America just withdraw from all of its military engagements and then terrorism would just disappear. This however is not the answer. While many disagree on foreign policy I wish to discuss domestic protection. An internally strong nation will produce an equally strong outward nation. For this reason I believe many more safety precautions should be instituted to keep us safe not only in the public sector but in the private sector. Today numerous prospective radical targets include skyscrapers, airports and nuclear power plants. Each of these is susceptible in its own manner and as such each can be defended. With added security any potential damage must become no damage. The methods in which this can be done will be outlined in the subsequent paragraphs. Presently the first and most problematic area in security are airports. Last sunday â€Å"A Kentucky woman, carrying a handgun made it past security screeners and almost boarded a plane with the weapon. Airport police were alerted to the situation when the woman realized her mistake and reported it herself† (Kuo). â€Å"Mishaps† such as this cannot be tolerated within airport safety. How do you miss a gun within a passenger’s carry-on luggage? This woman did it with ease by accident; imagine what someone who had meaningly brought a weapon on to a plane could do. Airport security emplyees should be scrupulously certified with competency tests as well as identity verification. To keep another 9-11 from taking place FAA must rigorously curb access to planes, and other facilities in and around airports. The FAA must also meticulously perform more serious background checks. Every passenger’s name should be run in legal and terrorist databases to also prevent any disasters. Every flight, domestic or non domestic should have armed air marshals on it. Initially this was done following September 11th but was phased out due to the cost. If these simple precautions are employed flying will become much safer. Many believe that if a passenger has a through background check it will impede his rights to privacy.

Lemon Lovin’ Life Essay

Introduction The company, Lemon Lovin’ Life, is a lemonade stand that is in the beverage business. Being that it is a popular drink and the low cost of starting a lemonade business, there is competition making it quite competitive in the market. This report outlines the company’s branding strategy, identification of possible new locations, promotional plans, and employee training opportunities. Branding Strategy To create a branding strategy for Lemon Lovin’ Life it will also consists of the marketing mix, namely, product, place, and promotion. Lemon Lovin’ Life has a reasonable size and will be priced competitively. It will be known for its healthy, natural, delicious, and well-known taste. A focus of the drink is to get it to be appreciated not only during the summer months, but rather, the whole year round. Highlighting its health benefits with increase consumer’s interest into the product. If this investment is success, Lemon Lovin’ Life could expand by adding a twist to the lemonade drinks. For instance, a lemonade drink can have a combination of lemon and strawberry, lemon and pineapple but always focusing on lemon as the main flavor. Ideally the lemonade stand will be placed in front of the owner’s house perhaps near a tree for shade. Attracting more consumers, being that they won’t have to stand under the blazing sun. For marketing purposes, flyers and posters will be distributed in various strategic places in the neighborhood along with calling friends and family. Creating a page on Facebook, a Twitter account, and Instagram, among others, will also heavily use social media sites. Opportunities for New Locations Lemon Lovin’ Life’s goal is to reach as many customers as possible in order to address the changing lifestyle choices that mainly aim to have healthy living. The new locations must consider that the target market has access to the lemonade whenever they’d like. This strategy will already tap a number of customers ranging from children, mothers buying for their families, health buffs, and young people who can already make their own purchases (Bovee & Thill, 2013, p. 346). Promotion Plans Usually local residents support new business ventures and Lemon Lovin’ Life has $10,000 to spend for advertising. Considering the product theme various marketing vehicles will be utilized to communicate the message, image, and presence of the business. Bovee & Thill (2013) asserted that there are different ways to promote products, including the use of print media (magazines, local newspapers and student publications) (p. 382), broadcast media (local TV shows, radio programs), hotel guides (Chamber of Commerce newsletters, brochures, flyers), direct mail (subscriber lists, inserts in newspapers, office mail delivery) (p. 374), social media (Facebook, Twitter, Instagram) (p. 382), and others (attendance in charity events, sponsorships, press conferences) (p. 382). Employee Training In hope that the company shall grow, it will be necessary to hire more people in order to help run the lemonade stand. It is also important for the company to invest in training the staff to continue to offer quality lemonade. To do this, the company should always check whether employees are engaged, satisfied, committed, and rooted (Bovee & Thill, 2013, p. 220). Providing employees with job security through a strong salary is the first step. Secondly, provide employees with health insurance and retirement plans that can be extended to their families. Finally, the company must ensure that employees have a clear career path, especially for those who have leadership qualities to allow them to have the feeling that what they are doing is â€Å"worthwhile and satisfying in itself† (Bovee & Thill, 2013, p. 223). When these needs are met, employees are will actually view the job in a different manner. Their attitude toward working there will be a positive one. Conclusion Starting a company is not only about having the money and hiring employees. There are other aspects that should be considered, including the viability of the product, the target market, demographical considerations, the location, and marketing the product. References Bovee, C. L., & Thill, J. V. (2013). Business in action. (6th ed). Upper Saddle River, NJ: Pearson.

Nutrition †Obesity Essay

A large controversy in the field of health and food today is the effects that fast food and industrialized food have on our wellness. The convenience of obtaining food has become the main objective in society, but is it taking a toll on our health? Fast food restaurants such as (but not limited to) McDonald’s and Burger King are a major aspect to how a lot of our generation fills their stomach. Many researchers have been trying to link the increase in obesity to the consumption of industrialized food within the past few decades, but some argue that lack of physical activity has a part in the incline of overweight Americans as well. To get a complete analysis of exactly how our health is being affected by fast food industries, I am researching the following questions: Why is fast food so popular? How does fast food consumption affect adolescent obesity? What health risks are related to fast food consumption? What are other factors that could possibly contribute to the obesity problem? And should fast food be completely omitted from a healthy diet? These questions will be helpful to determine healthy lifestyle choices for families who do not know which way to go when dealing with the issue of industrialized food. Conducting research was a necessity before I could form an opinion about the fast food industry. During a two week period in October 2010, I examined six different sources. These sources include four academic journal articles, one book, and one magazine article. The magazine article by Clare Ulrich hinted on almost all of my questions but did not go into specific detail about each one. One academic journal by Stender, Dyerberg, and Astrup was not very helpful in answering my preliminary questions, but had me posing another question about the ingredients that make fast food so unhealthy. The academic journal article written by Raymond Gozzi Jr. answered some of my questions about why Americans keep going back to their favorite fast food restaurants. An article from the book Food and an academic journal article by Nestle and Young were very helpful in expressing different factors that could be affecting obesity rates. Glassner, Barry. â€Å"Environmental Factors and Genetics Are the Source of Obesity. † Food. Ed. Jan Grover. Detroit: Greenhaven Press, 2008. 158-165. Print. Barry Glassner, a sociology professor at the University of Southern California, discusses his beliefs that obesity is not linked to food consumption in his academic journal article Environmental Factors and Genetics Are the Source of Obesity. Glassner suggests that other factors such as genetics, stress and inactivity are responsible for the obesity epidemic among Americans. The author mentions that there are so many diet fads because no one knows exactly what foods make a person gain weight or if any foods do at all. Glassner includes in his article that genes are the main reason for overweight people. He says that natural selection and natural resistance to obesity are the main factors to weight gain. Then the author links economic stress to the reason Americans are now more overweight. The article says that stress is a major factor to eating habits and since the economy is doing poorly right now, Americans are over eating to aliviate the stress and not staying active due to long work hours. Glassner claims that most fast food bashers try to convince the public that there is a direct link to obesity and fast food consumption, but provide no real evidence to support their thesis. This article helped answer my research questions about other factors that could affect the incline in obesity. Gozzi Jr. , Raymond. â€Å"The Fast Food Franchise as Metaphor. † A Review of General Semantics 53. 3 (1996): 322-325. Print. Raymond, Gozzi Jr. is an Assosiate Professor of the Television-Radio Department at Ithaca College. He wrote the academic journal article, The Fast Food Franchise as Metaphor which states, â€Å"A fast food franchise is an embodied metaphor for the perfect system†¦Ã¢â‚¬  (323). The author believes that people love knowing they will get the same product every time they come back. Gozzi also looks at other business franchises and compares them to human love of predictability. The crash of the fast food era is also mentioned in this article. The author explains that the fast food industry has changed in order to maintain steady business flow by adding salads and breakfast, but he also wonders how long franchises will last in our society. This information was useful to me in answering my question about why fast food is so popular. None of my other information elaborates on Americans wanting fast food because of the familiarity so this article brought a different prospective to my research. Stender, S. , J. Dyerberg, and A. Astrup. â€Å"Fast food: unfriendly and unhealthy. † International Journal of Obesity 31. 6 (2007): 887-890. Print. The academic journal article, â€Å"Fast food: unfriendly and healthy,† by Stender, Dyerberg, and Astrup, looks at the more factual aspect of the effects of fast food consumption. Stender and Dyerberg work together at the Department of Clinical Biochemistry and at the Gentofte Hospital at the University of Copenhagen in Denmark while Astrup also works at the University of Copenhagen for the Department of Human Nutrition and the Centre for Advanced Food Studies. This article examines actual studies of the difference of an American who eats fast food frequently and one who does not. The authors of the article include the fattening and unhealthy contents of industrialized food from the chains McDonald’s and KFC. To finish the article, the authors include a section about some items that are being done to make the fast food industry more consumer friendly such as nutritional labeling on all food products. This article made me consider and answered another question that would be beneficial to my research: What contents in fast food make nutritionists brand is so unhealthy? Americans need to know what to look out for in certain fast foods so we are able to limit or omit the unhealthy aspects from our diets. Ulrich, Clare. â€Å"The Economics of Obesity: Costs, Causes, and Controls. † Human Ecology 33. 3 (2005): 10-13. Print. Clare Ulrich discusses the effects that the fast food industry has on the American population. She begins her article with a heavy statistic that death from obesity, has increased by 33 percent from 1990. Ulrich obtains some of her information about the cost and reasons why people choose fast food from the presentation, â€Å"Economics of obesity,† by John Cawley. The author also uses information from the Surgeon General about the percentage of Americans who are overweight or obese. She also includes the percent of childhood obesity in the United States and some possible reasons that this number has increased since 1950. This article was helpful to me in answering the questions: Why is fast food so popular? How does fast food consumption affect adolescent obesity? What are the health risks are related to fast food consumption? Although this article did give me useful information about my inquiries, it did not go into extensive detail about what keeps Americans hooked on fast food, how obesity effects children, and how fast food is accurately linked to fast food consumption. Wood, Marcia. â€Å"Kids, Fast Food, and Obesity. † Agricultural Research 57. 9 (2009): 20-21. Print. Marcia Woods writes about the results of a study of kid’s meals at fast food restaurants done by pediatrician Jason A. Mendoza in her article Kids, Fast Food, and Obesity. Wood says that Mendoza and his team of researchers from the Children’s National Research Center at Baylor College of Medicine, did an analysis of ten fast food franchises who served kid’s meals. The author says Mendoza found only three percent of the meals met the nutritional set by the National School Lunch Program for children ages five to nine. Wood includes why the meals did not make the grade based on Mendoza’s research. The author says the research is conducted because of the growing numbers of childhood obesity and the increase in meals eaten away from home. Woods concludes her article with potential health consequences from being obese as a child. This article answered my question about the effects of childhood obesity and also my latest question about the content in fast food that makes it deemed unhealthy. Mendoza’s research is very helpful as a credible source that explains why children could be gaining more weight. Young, Lisa R. , and Marion Nestle. â€Å"Portion Sizes and Obesity: Responses of Fast-Food Companies. † Journal of Public Health Policy 28. 2 (2007): 238-248. Print. Portion Sizes and Obesity: Responses of Fast-Food Companies by Lisa R. Young and Marion Nestle discusses the relationship between the rise in portion sizes and weight gain among Americans. The authors believe that food is not specifically the reason for the increased obesity rate, but the much larger portion sizes since 1998. This article examines and compares the sizes of the most popular items sold at fast food restaurants: soft drinks, hamburgers, and French fries. The three fast food franchises chosen for the research were McDonald’s, Wendy’s and Burger King. The data in the article includes a table of portion sizes in the years 1998, 2002 and 2006. The research shows that the portions have increased in almost all areas. Nestle and Young also look at what these fast food franchises have done to reduce portion sizes in response to media pressure. The authors then include data from the original sizes of soda, French fries and hamburgers in 1955 to 2006. Young and Nestle conclude that fast food restaurants have done very little or nothing to reduce portion sizes and promote healthy numbers or caloric intake. The article was useful to answer my questions: What are other factors that could possibly contribute to the obesity problem? And should fast food be completely omitted from a healthy diet? Portion size is a big factor to weight gain with any type of food and the studies showed me that the portions since 1998 and 1955 have drastically changed which could link it to obesity.

Propoganda in Animal Farm essays

Propoganda in Animal Farm essays Propaganda is the use of language for the spreading of ideas or information for the amelioration of a cause. It is used as a manipulative tool that transfigures ones thoughts into those planted by another, ultimately corrupting ones ability to conceive thoughts and reason properly. Throughout George Orwells novella Animal Farm, substantial evidence is given of the types of propaganda used by the pigs, the governing body of the farm. The primary propagandist is Squealer. He is Napoleons spoke person or press agent, because he has a soft, persuasive voice and large happy-looking eyes. Because of his physical attributes, he is believable and the animals invest their trust in him for answers and explanations on the status of the farm. Squealer uses his oratory skills to make the pigs appear as hard-working, Im-on-your-side individuals by the use of slogans, lying, changing history, imparting fear, and other propaganda techniques. Squealer instills fear into the animals by threatening Jones return. This is the most used type of propaganda in the story. The Seven Commandments ban animals from sleeping in beds. Later in the story, the pigs move into the farmhouse and begin sleep in the beds. The animals confront Squealer and express their concern on this matter. Squealer replies, . . . I can tell you, comrades with all the brainwork we do nowadays. You would not rob us of our repose, would you comrades? You would not have us too tired to carry out our duties? Surely none of you wishes to see Jones come back? (Page 80). This causes so much fear in the animals that they disregard their own accounts of the ratification of the Seven Commandments, which they all witness months earlier. They figure that they would rather have the pigs sleeping in beds than have Jones come back, so they reassure Squealer on the point. Nothing is ever mentioned again about the pigs s...

Learn About the Drug Called Bath Salts

Learn About the Drug Called Bath Salts The designer drug called bath salts contains a synthetic cathinone. Usually, this drug is 3, 4-methylenedioxypyrovalerone (MDPV) although sometimes a related drug called mephedrone is used. Less commonly, bath salts contain a synthetic stimulant called methylone. Methylenedioxypyrovalerone (MDPV) is a psychoactive stimulant that acts as a norepinephrine-dopamine reuptake inhibitor (NDRI). Properties and Appearance The chemical formula of pure MDPV is C16H21NO3. The pure hydrochloride salt is a very fine, hydroscopic crystalline powder ranging in color from pure white to yellow-tan. The powder somewhat resembles powdered sugar. It has a tendency to stick to itself and form small clumps. There is a slight odor, which is stronger with colored varieties. Bath Salts Marketing Bath Salts have been marketed as bath salts and labeled not for human consumption, although the packaging often indicates the product is not really intended for use in the bath. Plus, the products tend to be carried by head shops, gas stations, and convenience stores rather than bath and body shops. Increasing public awareness of the product has led to Bath Salts being sold under the guise of jewelry cleaner or iPod screen cleaner. Bath Salts typically are sold as tablets or as a powder. The drug may be swallowed, snorted or injected. Bath Salts Effects MDPV is a stimulant that produces similar effects to those produced by amphetamines, cocaine, and methylphenidate. However, Bath Salts tend not to be a pharmaceutical-grade drug, so other effects and side effects may be observed. Psychological Effects Bath salts are popular because of their desired psychological effects, which are associated with related stimulants, too: EuphoriaIncreased mental alertnessIncreased wakefulnessIncreased energy and motivationMental stimulationIncreased concentrationIncreased sociabilitySexual stimulationEmpathogenic effectsDiminished perception of the need for sleep and food Acute Physiological Effects Effects are dependent on the dose. Overdose may result in rhabdomyolysis, kidney failure, seizures, metabolic acidosis, respiratory failure, liver failure, and death. Typical dose effects may include: Rapid heartbeatElevated blood pressureVasoconstriction (narrowing blood vessels)InsomniaNauseaStomach crampingGrinding teethElevated body temperature (up to 107Â °F - 108Â °F, which may be life-threatening)Dilated pupilsHeadacheKidney painTinnitusDizzinessOverstimulationHyperactivityDifficulty breathingAgitationParanoiaConfusionPsychotic delusionsExtreme anxietySuicidal thoughts/actions Street Names and Brand Names for Bath Salts Red Dove Blue Silk Zoom Bloom Cloud Nine Ocean Snow Lunar Wave Vanilla Sky Ivory Wave White Lightning Scarface Purple Wave Blizzard Stardust Lovey Dovey Snow Leopard Aura Hurricane Charlie MDPV MDPK MTV Maddie Black Rob Super Coke PV Peeve Meph Drone MCAT Meow Meow

Research method critique Essay Example | Topics and Well Written Essays - 2500 words

Research method critique - Essay Example Qualitative as well as quantitative research methodologies are regarded as two distinct approaches that need to interpret differently. In this regard, qualitative research is defined as an approach of exploring various issues, analysing facts, comprehending phenomena and responding to any question. Conversely, quantitative research is based on collecting data by undergoing through numerous statistical reports and other relevant data (Creswell, 2013). According to Nursing & Midwifery Council (NMC) Code of Conduct 2015, nursing research is regarded as the approach of enhancing public protection by ensuring the nurses as well as the midwives to remain fit into the practice in their respective careers. Specially mentioning, the importance of evidence-based practice with reference to NMC Code of Conduct 2015 lay in offering quality treatments as well as care to the patients by accessing valuable information and also considering past evidences or records regarding the above stated context (Nursing Times, 2014). The elements relating to robustness of the research fundamentally entail statement of the phenomenon, literature review, theoretical framework and ethical considerations among others (Ryan & et. al., 2007). Research work in medical field is executed from long course of time. The research work conducted by Lee (2013) focused upon generating greater level of awareness about good hygiene practices amid the nursing students. The research highlighted hands’ decontamination and usage of gloves as the better prevention measure for cross infection (Gray & et. al., 2013). The research work of Lee (2013) reveals about the decision-making procedure, which is used to evaluate the risks involved with nurses and other medical practitioners. Another aspect of Lee’s research is identified to make decisions as to when, where and how infections could be prevented by the nurses

Develop Assignment Example | Topics and Well Written Essays - 500 words

Develop - Assignment Example With the aid of slides, the computer system will also contain instruction handout to be distributed to students in soft copy. Others include The labor mobility training program is included in the circular in the institutional training package. As such, learners already have a slight exposure concerning such a program. Besides, many professionals including human resource personnels perceived such a program as an important element within every organization since it forms the backbone of productivity of the institution (Wankel & DeFillippi, 2003). It is important for the mobility training program to be delivered to learners within the organizational environment. The availability of working environment and infrastructure are considered towards the delivery of such a training program (Wankel & DeFillippi, 2003).The coursework is developed in such a way that all the learning procedures to suite employees from different departments both the staff and the executives in a similar, but distinct training platform. The package developed will allow for scalability and enhance learning from a simple training domain through real life working environment situations. The main focus of the above part of the revision is to provide an assessment and identification of areas within the training program that may require adjustments. For the labor mobility training program, evaluation of the feedback assessment procedure will be used to determine if indeed the students understood the coursework of the study. Simple questions with very brief answers will form part of the assessment. Some of the questions would require a practical effort while others will be moderated in form of multiple choices. After the final integration of the courseware into the training program, it is important to conduct a prototype training test. Such a test will be carried out for the duration of three weeks as planned by the training department. A good number

Comparision between the Transcript of Kansas-Nebraska Act (1854) and Research Paper

Comparision between the Transcript of Kansas-Nebraska Act (1854) and the Transcript of Missouri Compromise (1820) - Research Paper Example The act provided that not anything entailed in this in it shall be interpreted to hamper the United States government from partitioning the territory into two or more partitions in the manner in which the congress shall deem necessary, or inhibit the same government from attaching any portion of the Territory to any other Territory of U.S or State. The act makes further provisions to avoid insinuations that impair the right to property or person in relation to the Indians in the Territory provided the rights shall be not be extinguished by the treaty entered. This usually involves Indians and the United States or any other territory which is not to be included in the jurisdiction or the line of the territory without consent of the Indian tribe. In addition, all territories like that shall be accepted outside the boundaries and make up no section of the Nebraska Territory until the tribe itself signifies its assent to the United States’ President to be included in the Nebraska Territory. ... Section two of Transcript of Kansas-Nebraska Act (1854) states that the authority and power of the executive over and in the Nebraska Territory shall be awarded to the Governor who shall be in that office for at least four years to the point at which his or her successor shall be qualified and appointed, unless the Governor is removed from the office by the United States’ President. The section entails that the Governor remains the commander in chief of the militia and reside within that territory thereof. Such Governors may grant respites and pardons for the offenses against the Territory’s stated laws as well as amnesty for offenses against the United States’ laws up to the point in which the decision of the President is made known. The Governor shall also have all officers appointed to the office commissioned under the laws of the Territory and see to it that the law is executed. On the other hand, section two of Transcript of Missouri Compromise (1820) states that the mentioned state shall include the middle of river Mississippi, the parallel altitude of St. Francisco river, the meridian line cutting through the center of river Kansas mouth where it flows into river Missouri, the intersection of the latitude passing through rapids of Des Moines river, the section of river Des Moines that empties in to the river of Mississippi. This section majorly describes the boundaries in the said state. The section further provides that the state shall have a concomitant jurisdiction on the Mississippi river and any other river that boarders the state provided the rivers forms a universal boundary to the state and some other states formed and bounded by the said state. The section

Education High School Article Example | Topics and Well Written Essays - 750 words

Education High School - Article Example In this respect, education is not imparted by the teacher but should be developed by giving activities which enables students to think. The article stresses that so often, students are given the materials containing the information which they should memorize robbing them of the time to really develop their mental abilities. In essence, the article emphasizes that the role of the teacher is to "elicit from the pupil what is latent" in every human being and this is the rule of reason. Instead of being sausages, it sees pupils as oysters and the teachers duty is for the finest pearls to develop from within. With my current point of view, the article is an eye-opener for me. Having believed all my life that students are empty sausages where education is filled in throughout their lifetime, I must say that reading the article shows learning in a new light. To be honest, it came as a shock because I have always believed that teachers do really have to infuse knowledge that students should absorb. However, a deeper probe makes me realize that in learning, the student take a more active role than the teacher. Thinking things through, I agree with the article that knowledge should not be stuffed but should be elicited from the pupils. As the article stresses, each of us has the latent ability to reason. Every born individual has a functioning mind when he is born and should be developed as he matures. When a child reaches three years old, I have observed from my experience that he can give reasons to defend himself when his behavior is questioned. Even though this behavior is repressed in some societies, the child still learns to reason and defend his actions even to elders. This personal observation makes me realize that yes; each of us has the ability to reason which should be the most important tool in acquiring all the knowledge that through our interaction with the teachers. Eliciting knowledge from the student then calls for a unique way of teaching and learning. In the part of the teacher, eliciting knowledge then becomes much more complicated than just assigning readings and books for the students to read. I believe that Plato has modeled the classic way of bringing out and refining the reasoning skills of an individual through dialectic. In this method, the teacher asks the students probing questions which makes them think and rethink. Having been in the time where Sophists are the influential teachers, this method has been repressed by the society. However, this type of knowledge cultivation produced two of the most influential thinkers that we know today, Socrates and Aristotle serving as a proof that this method works. And I believe that this teaching method can still be applied in today's world. However, I also have concerns with the advancement of technology which now provide more avenues for the students to learn. If technological development can be utilized in such a way that it does not solely present the information that one needs but will nurture a pupil's ability to think and analyze, then it will be most efficient.

Written communication assessment ( 30%) Essay Example | Topics and Well Written Essays - 2000 words

Written communication assessment ( 30%) - Essay Example PSA is considered to be the leading supporter of pharmacists’ rights. It helps influence the attitudes and policies of the government and society through networking, continuing education, coordination, and health promotion activities. The Consumers Health Forum (CHF) speaks in behalf of the health consumers. It is an independent non-governmental organization which helps fashion Australia’s health care system by encouraging the consumers to participate in establishing health policies. The CHF gathers data, opinions, and complaints from the people and brings them to the attention of concerned government officials. Through their actions, government officials can make the necessary adjustments in policies for the good of the public. According to CHF, the general public should be given affordable, safe and quality medicines and health services. They also believe that consumers should have a chance to be involved in the management of their health care. Consumers should also be given access to vital health information in ways they can easily understand. The CHF prioritizes the safety and quality of health care services especially for patients with chronic conditions. The organization members come from different c ommunity and health sectors, including illness-based groups, population groups and other health-interest groups. (â€Å"Our CHF – Who are we?†). Through these various members, they give a voice to the consumer public. In 1928, the Pharmacy Guild of Australia was established. It successfully bonded together a number of pharmacy organizations from various States. It is registered as an employees’ organization and it has about 4500 member pharmacists throughout Australia. The Guild functions as a single entity, not a federation. The Guild involves itself in several areas of health care such as health

Mate Selection Essay Example | Topics and Well Written Essays - 500 words

Mate Selection - Essay Example (Greenberg, et. al., 2011, p. 73) Communication also involves sexual communication. Intimacy also plays a big role in the success of a relationship. An individual who would like to let another person be a part of his or her life for a long period of time will search for someone who can share his or her views on sex. I think an example of this can be found in the movie The Mirror Has Two Faces starring Barbra Streisand as Rose and Jeff Bridges as Gregory. In this movie, Rose is a plain-looking but witty and charming woman who had been single all her life and would like to find a handsome man to marry. Gregory, on the other hand, is a smart and sexually active professor who is trying to find a life-partner who is plain and not sexually attractive. Because sex is always appealing to him, Gregory is usually in a dilemma with sexually attractive partners because he gets easily distracted and loses focus. The two eventually marry but later separate because Rose is dissatisfied with the lack of intimacy in the marriage. Even if they were able to consequently resolve their sexual problem during the movie, their obvious miscommunication was the main reason for their separation. Another example, this time in real-life, is what happened to someone I know. He is American and married a Japanese woman. After having their child, the wife started sleeping in the child’s room more often than sharing her husband’s bed. The couple also did not have sex as often as they did before. After a year, the American husband filed for divorce. Now, he is married to an American woman who enjoys drinking, rock music and sex like he does. He says it is like being married to himself. An example of a successful relationship based on communication is that of the longest married couple in America. John and Ann Betar of Connecticut celebrated their 80th wedding anniversary in November 2012. (Sher, 2013) When

Education High School Article Example | Topics and Well Written Essays - 750 words

Education High School - Article Example In this respect, education is not imparted by the teacher but should be developed by giving activities which enables students to think. The article stresses that so often, students are given the materials containing the information which they should memorize robbing them of the time to really develop their mental abilities. In essence, the article emphasizes that the role of the teacher is to "elicit from the pupil what is latent" in every human being and this is the rule of reason. Instead of being sausages, it sees pupils as oysters and the teachers duty is for the finest pearls to develop from within. With my current point of view, the article is an eye-opener for me. Having believed all my life that students are empty sausages where education is filled in throughout their lifetime, I must say that reading the article shows learning in a new light. To be honest, it came as a shock because I have always believed that teachers do really have to infuse knowledge that students should absorb. However, a deeper probe makes me realize that in learning, the student take a more active role than the teacher. Thinking things through, I agree with the article that knowledge should not be stuffed but should be elicited from the pupils. As the article stresses, each of us has the latent ability to reason. Every born individual has a functioning mind when he is born and should be developed as he matures. When a child reaches three years old, I have observed from my experience that he can give reasons to defend himself when his behavior is questioned. Even though this behavior is repressed in some societies, the child still learns to reason and defend his actions even to elders. This personal observation makes me realize that yes; each of us has the ability to reason which should be the most important tool in acquiring all the knowledge that through our interaction with the teachers. Eliciting knowledge from the student then calls for a unique way of teaching and learning. In the part of the teacher, eliciting knowledge then becomes much more complicated than just assigning readings and books for the students to read. I believe that Plato has modeled the classic way of bringing out and refining the reasoning skills of an individual through dialectic. In this method, the teacher asks the students probing questions which makes them think and rethink. Having been in the time where Sophists are the influential teachers, this method has been repressed by the society. However, this type of knowledge cultivation produced two of the most influential thinkers that we know today, Socrates and Aristotle serving as a proof that this method works. And I believe that this teaching method can still be applied in today's world. However, I also have concerns with the advancement of technology which now provide more avenues for the students to learn. If technological development can be utilized in such a way that it does not solely present the information that one needs but will nurture a pupil's ability to think and analyze, then it will be most efficient.

Mate Selection Essay Example | Topics and Well Written Essays - 500 words

Mate Selection - Essay Example (Greenberg, et. al., 2011, p. 73) Communication also involves sexual communication. Intimacy also plays a big role in the success of a relationship. An individual who would like to let another person be a part of his or her life for a long period of time will search for someone who can share his or her views on sex. I think an example of this can be found in the movie The Mirror Has Two Faces starring Barbra Streisand as Rose and Jeff Bridges as Gregory. In this movie, Rose is a plain-looking but witty and charming woman who had been single all her life and would like to find a handsome man to marry. Gregory, on the other hand, is a smart and sexually active professor who is trying to find a life-partner who is plain and not sexually attractive. Because sex is always appealing to him, Gregory is usually in a dilemma with sexually attractive partners because he gets easily distracted and loses focus. The two eventually marry but later separate because Rose is dissatisfied with the lack of intimacy in the marriage. Even if they were able to consequently resolve their sexual problem during the movie, their obvious miscommunication was the main reason for their separation. Another example, this time in real-life, is what happened to someone I know. He is American and married a Japanese woman. After having their child, the wife started sleeping in the child’s room more often than sharing her husband’s bed. The couple also did not have sex as often as they did before. After a year, the American husband filed for divorce. Now, he is married to an American woman who enjoys drinking, rock music and sex like he does. He says it is like being married to himself. An example of a successful relationship based on communication is that of the longest married couple in America. John and Ann Betar of Connecticut celebrated their 80th wedding anniversary in November 2012. (Sher, 2013) When

Comparison between devised play and Hot Money Essay Example for Free

Comparison between devised play and Hot Money Essay For our second scripted play we had to perform the farcical comedy Hot Money. This comedy is about two unintelligent bank robbers who get lost and end up finding themselves in a rundown manor. The Lord and Butler of the manor arrive home to find a suitcase of money and they both scheme to take it. The play ends with the blowing up of the house and money. My contribution to the performance was as the Butler, Phelps. I contributed to the main farcical comedy of the piece mainly through my actions. I stay in role throughout the piece even when the audience found parts amusing. The main similarity between Zoolander and Hot Money is that they are both comedies and for the purpose of entertaining people. However Hot Money being a farce made the play more extravagant and unlikely situations to happen. It had broad physical humour, and deliberate absurdity and nonsense. An example of this is when the house is blown up with Phelps inside; although the house has blown up I still remain unharmed. Zoolander also contained elements of a farce as it is a parody it imitates another work in order to ridicule, ironically comment on, or poke some affectionate fun at the work itself. For example when Derek Zoolander imitates the stereotypical male model of the 21st century. Hot Money was set in the 1920s however we performed the play as a whole with the characters more stereotypical of peoples views rather than how the characters would have been in the 1920s. This made our play was appropriate for any time period between the 1920s and now. However Zoolander is a modern film set in the 21st century and a parody of male fashion models and the people who work within that industry. There are also similarities in the themes of the plays. For a start both plays contain characters that are essentially making fun of themselves unintentionally. However, one of the differences is that the society of Hot Money ranges from the lower class stereotypical bank robbers to the very upper class Lord of the Manor, with these vastly different worlds of rich and poor both depicted in the play it meant that the audience could be amused by people who are higher up in society than them and people who were also lower down. In contrast, the society of Zoolander is, at its richest level. It contains rich male models, prime ministers and the fashion designer Mugatu. However the richness and upper-class of these characters contrast with their own stupidity and self humiliation. As Hot Money is set in the outskirts of London all the characters within this play are Londoners. The lower class had the cockney accent of 1920s and the upper class characters had an aristocratic accent. In contrast, the society of Zoolander is of the typical Americans as it is set in New York, America. Zoolander being a film has had many retakes and editing, this makes the film seem more polished and perfected than our play, Hot Money. These retakes and editing make the film seem more effective and amusing to watch to an audience. However as we were not able to retake or edit any of our play as it was performed live, this may have affected how effective it was to an audience but on the other hand as it was performed live it may have made the play seem more effective as people prefer to watch things live than on a television screen. There are many differences and similarities in the characters represented in Hot Money and Zoolander. Both contain characters which are comical to an audience, unintelligent and make fun of themselves unintentionally. The stupidity of many characters including Derek Zoolander in Zoolander and Bert in Hot Money are represented by their slow speech and length of time to react to other people and to react to happenings around them. However Zoolander does surprisingly contain sharp witted characters such as Mugatu characterised by there quick come backs and intelligence. Zoolander is very affective to an audience although as it is very over the top not all audiences may find it amusing, this is also true for Hot Money. In conclusion to this essay, I would like to say that I have learnt a lot about the difference between the two different comedies and the difference between a film and a play. At first there seemed to be a big difference between a farcical comedy and a parody but now I can there are many similarities as well.

Risks and Returns of Initial Public Offerings (IPOs)

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