Free Essays on Mary Rowlandson And The Power Of Gods Elect

The Power of God’s Elect Puritan beliefs are very numerous and strong. One of their biggest beliefs was that they were of â€Å"God’s elect.† The Puritans thought of themselves as God’s last test for the perfect secular group. This idea also ties in with what is called unconditional election or predestination. Predestination is the belief that God saves only a certain number of souls, which he chooses, regardless of the faithfulness of the person. A person’s salvation is determined before they are born and cannot be altered by human actions. Puritans believed that they were superior over every other social group in their time. Puritans used the Bible to relate everything that happens to them, good or bad, and used it to justify the current situation. In Mary Rowlandson’s captivity narrative, she uses a plethora of Bible verses and scriptures to show that the Puritans were superior over the Native Americans as well as to show that she was one of God’s elect. Mary thinks of her capture and every detail about it as a trial from God. King Phillip’s War (1675-1676) was brought about by Native Americans who were tired of the English settlers taking their land. The Wampanoag Indians invaded Mary Rowlandson’s hometown of Lancaster in February of 1675 taking twenty-four Puritans hostage. One of these hostages was Mary Rowlandson. Despite seeing most of her family brutally killed by savage Native Americans, Mary is able to find comfort in the Lord, Mary wrote: We had six stout Dogs belonging to our Garrison, but none of them would stir though another time, if an Indian had come to the Door, they were ready to fly upon him, and tear him down. The Lord hereby would make us the more to acknowledge his Hand, and to see that our Help is always in him. (13) When she sees her family, home, and town destroyed by Indians, she sees this as an act of God, not an act by the Indians, â€Å"O the doleful sight that now ... Free Essays on Mary Rowlandson And The Power Of God's Elect Free Essays on Mary Rowlandson And The Power Of God's Elect The Power of God’s Elect Puritan beliefs are very numerous and strong. One of their biggest beliefs was that they were of â€Å"God’s elect.† The Puritans thought of themselves as God’s last test for the perfect secular group. This idea also ties in with what is called unconditional election or predestination. Predestination is the belief that God saves only a certain number of souls, which he chooses, regardless of the faithfulness of the person. A person’s salvation is determined before they are born and cannot be altered by human actions. Puritans believed that they were superior over every other social group in their time. Puritans used the Bible to relate everything that happens to them, good or bad, and used it to justify the current situation. In Mary Rowlandson’s captivity narrative, she uses a plethora of Bible verses and scriptures to show that the Puritans were superior over the Native Americans as well as to show that she was one of God’s elect. Mary thinks of her capture and every detail about it as a trial from God. King Phillip’s War (1675-1676) was brought about by Native Americans who were tired of the English settlers taking their land. The Wampanoag Indians invaded Mary Rowlandson’s hometown of Lancaster in February of 1675 taking twenty-four Puritans hostage. One of these hostages was Mary Rowlandson. Despite seeing most of her family brutally killed by savage Native Americans, Mary is able to find comfort in the Lord, Mary wrote: We had six stout Dogs belonging to our Garrison, but none of them would stir though another time, if an Indian had come to the Door, they were ready to fly upon him, and tear him down. The Lord hereby would make us the more to acknowledge his Hand, and to see that our Help is always in him. (13) When she sees her family, home, and town destroyed by Indians, she sees this as an act of God, not an act by the Indians, â€Å"O the doleful sight that now ...

Free sample - Principles of perception. translation missing

Principles of perception. Principles of perception1. The principle of figure and ground In this principle, the terms figure and ground are used to explain how people use the elements of the scene, which contain a similarity in shape and appearance and group them together as one whole entity. All similar elements (figure) tend to be perceptually contrasted with dissimilar elements (ground) in order to create the impression of a whole (Spelke 1993, p. 1490). For instance, in a picture of a lighthouse with blue horizontal lines, the lighthouse stands out as the figure, while the horizontal blue lines are perceived as the ground (Lohr 2000, p. 49). However, it is not always easy to separate visually the figure from the ground. Sometimes, creative artists may make drawings that illustrate how difficult it is to pick out the figure from the ground on which it is positioned. Psychologists have traditionally been using carefully designed art that plays around with the figure and ground in profoundly fascinating ways (Goldstein 2009, p. 298). In such works of art, the figure and ground appear to interchange. However, nature also provides perceptual intrigues that are difficult to point out without the use of the principle of figure and ground. In most cases, this takes the form of camouflage, whereby the principle facilitates the breakdown of figure and ground. The objective is always to make the figure seem like the ground so much it disappears from view. It is only with immense difficulty that one can separate a chameleon from the green leaf stalk on which it is perched. This is because the figure and ground have been merged together. This principle perfectly explains the tendency by some people in an organization to hide their true attributes mainly through pretense. A prospective employee who perceives his background to constitute an undesirable trait may suppress this negative attribute, by pretending to possess only the attributes that are needed for the job. For instance, they may claim to have associations with renowned professionals in a field for which the employer is seeking a job candidate. Employer may have to request for further information in order to determine whether the employees are telling the truth or not. 2. The principle of similarity, proximity, and continuity The principle of similarity indicates that objects that share visual characteristics like color, shape, texture, size, orientation or value are seen as belonging together. These features make similar objects create varying impressions, even though they are equidistant from those objects that are the odd ones out within the group. For instance, in a groups of small and large circles, the large circles will appear to belong together just because of the similarity in their size. The same thing will apply to the small circles. In terms of proximity, things that are closer together are regarded as belonging together. For instance, when horizontal rows made up of small circles are closer to each other than the vertical columns that they form, they are perceived as two vertical lines. In terms of continuity, it becomes easy to predict the preference for continuous figures. For instance, the image of a black cross is perceived as two crossed lines instead of four lines that meet at the center. The principle of similarity, proximity, and continuity explains the behavior of people within organizations, whereby individuals are judged according to the people they associate with (Ferguson 2004, p. 39). When people adopt mannerisms, habits, memberships in certain clubs and societies, likes, and dislikes that are typical of a given caliber of people, they are automatically classified in the same group with such people. The concept of proximity is used to determine the commonness of purpose among everyone within the organization, despite the various individual differences, personality traits, and personal interests among them. Similarly, the concept of continuity defines the disposition by people in an organization to appreciate success in its entirety without paying attention to personal sacrifices of certain individuals, exceptional transformational leadership qualities of the manager or some unethical behavior among some employees in efforts to achieve the desired outcome. Â   References Ferguson, M 2004, How social perception can automatically influence behavior, Trends in Cognitive Sciences, Vol. 8, No. 1, pp. 33-39. Goldstein, B 2009, Sensation and perception, Penguin Books, New York. Lohr, L 2000, ‘Three Principles of Perception for Instructional Interface Design’, Educational Technology, Vol. 4, No. 1, pp. 45-52. Spelke, E 1993, ‘Gestalt relations and object perception: a developmental study’ Perception, Vol. 22, No. 12, pp. 1483 – 1501.

Social Security Research Paper Assignment Example | Topics and Well Written Essays - 750 words

Social Security Research Paper - Assignment Example The largest generation in the country is the younger one of less than 65 years. This number has been increased by the influx of immigrants which has a high population rate than the natives of the land. These people have a long way to go before they can not only start to enjoy their social security savings but start saving in the fund as well. They however need to be sustained by the government in every way possible. The fact that majority of their parents lack enough money to support them and provide enough for them in terms of provision of the basic services; they need the government to assist them. Majority need to even be paid employment wages and especially during the inflation period when the jobs are no longer available and in fact people are being given early retirements from their employments. The government can only manage to sustain this group of people if it can have a little extra tax and this is possible through using the social security funds of the elderly that do not need them anymore (LeMay, 2007). This policy will not be easy to be implemented because it involves the life savings of this group of people. Some of them started contributing to the fund even before they got to start having their own personal savings and when they lacked enjoying the nice things and luxuries in life simply because they were paying student loans and did not have enough to spare. There are some that had been looking forward to enjoying this money at their retirement. Now that they are rich, they may no longer need the cash but it is still their savings and a representation of how far they have come in life. In order to convince them to part with it, they have to be told to think about it as a form of charity to the needy in society, those who are needy of cheaper and more affordable services and for the sake of their survival. People give to charities to assist and if they consider the money as such, it will be

Zeitgeist of the Twentieth Century - H. R. Giger Essay

Zeitgeist of the Twentieth Century - H. R. Giger - Essay Example Another important point of inspiration in his work is culture, to be more precise – the integration of all cultures into one phenomenon. Art has been a focal point for a variety of cultures since the history of time   new dimension of art. It is an expression of how a race or a group of people perceive themselves in relation with the world around them. In this context, an important premise remains the fact that art is born from within and from influences that come from the outside. This has been studied from the perspective of various art forms, ancient, medieval and modern so as to demonstrate how cultures are capable of affecting art forms and rendering finer detail to the structure. His inspiration has conceptualised the way art has been seen and used since 1985 with the advent of mass media and especially the Internet. This conceptualisation has reached a phase where the influx of ideas related with the use of technology and mass media has grown to such heights where it accommodates a whole new dimension of art.It is said that the way something is built has a large bearing on how it is perceived. In the case of art, the use of mass media has accentuated the play of technology to the extent that the very way that an art form is conceptualised depends on the factors that are a part of the culture surrounding it. Since 1985, the play of mass media has begun on a note that has created the scope to create art beyond what has been seen in the conventional sense.... It is an expression of how a race or a group of people perceive themselves in relation with the world around them. In this context, an important premise remains the fact that art is born from within and from influences that come from the outside. This has been studied from the perspective of various art forms, ancient, medieval and modern so as to demonstrate how cultures are capable of affecting art forms and rendering finer detail to the structure. His inspiration has conceptualised the way art has been seen and used since 1985 with the advent of mass media and especially the Internet. This conceptualisation has reached a phase where the influx of ideas related with the use of technology and mass media has grown to such heights where it accommodates a whole new dimension of art. It is said that the way something is built has a large bearing on how it is perceived. In the case of art, the use of mass media has accentuated the play of technology to the extent that the very way that an art form is conceptualised depends on the factors that are a part of the culture surrounding it. Since 1985, the play of mass media has begun on a note that has created the scope to create art beyond what has been seen in the conventional sense. The rise of technology has been accentuated by the west. Technology has come from the west and is associated with the west. Thus, an important premise here is that most of world sees western culture as an amalgamation of technology along with an ethic that is associated with the same. Communication forms in the form of electronic, print and other media has had a major role in deciding how western culture is perceived to begin with. Thus, art has been accepted in context of these communication forms that dominate the various

IPO Pricing: Underwriter and Litigation Risk Impact

IPO Pricing: Underwriter and Litigation Risk Impact Going to public fund is one of the strategies to company to getting additional fund. Before that, company must publish their share to bursa Malaysia before invite the public to buying their share. But for unlisted company they cannot simply publish their share to public and they must be listed in bursa Malaysia first. With that they must publish their prospectus when the first time they want to issue share to public and this is we called Initial Public Offering (first time going to public). Background In Malaysia history of IPO are begin when Malaysia stock market was establish as the Malaysian stock exchange in 1960. 1n 1973 the Kuala Lumpur Stock Exchange Berhad (KLSEB) and Singapore Stock Exchange (SES) are begin to replace the Malaysia Stock Exchange. In that time number of company that issuing IPO is not more to 500 companies. From 1973 until 2007 the IPO trend is showing quickly publish. In 1973 the number of listed company only 262 and up until 2007, Malaysia stock market have 1028 company. This rapid increase in the number of new listings is attributed to a number of factors, mainly to raise financing for expansion, to reduce the cost of new funds and to reduce the level of leverage (Shamsher et al., 1994). In 1980, the market valuation in Bursa Malaysia is about RM43 billion and reach to a trillion ringgit in year 2007. It happen when many companies are started to going public fund. Apart from that in year 1991 to 2003 the individual retailers have constituted more than 85% of the market player in bursa Malaysia IPO. Compared to the individual retailers group, the institutional investors group is reporting a smaller average at 2.05%. The remaining 6.47% of the market participants is consisting of others. From the 1984 to the 1995 the newly issue of IPO on the main board on KLSE is 173 company. Similar like that, when certain company wants to issuing the IPO, they are requiring by law to allocate 30% for Bumiputra investor. The main objective is to ensure the Bumiputra has own shareholding at least 33% on the entire market share. The pricing of IPO in Malaysia are regulated by Security Commission (SC) and it only take place when ministry of Trade and Finance (MITI) and Foreign Investment Committee (FIC) have giving their consent to the listing. It means the SC has make valuation on company in term of company financial statement and performance to evaluate whether certain company is really valuable to publish on the bursa Malaysia. One of the differential and unique IPO in Malaysia is, major of shareholder and the promoting bank (underwriter) have the choice to provide the profit guarantee not less than 90% on forecast profit on prospectus. Another way, the prospectus of company must be publish in Bahasa or English language and it must submitted to MITI, FIC and SC and the first trading is about in 12 month. The company, is not to seek approval the right issue from the SC during the 12 month they are listing, because actually the time between companies submit prospectus date to the SC for approval right issue to start trading is about 6 month. Recent reforms in Government Linked Companies (GLCs) are expected to improve performance and encourage private investment. More than 40 GLCs are listed, comprising less than 10% of Malaysias GDP. Changes in management, adoption of performance based contracts for management and implementation of key performance indicators (KPIs) are some of the reform that has been underway since April-May 2004. Merger and Aquistion (MA) actively declined in volume terms, due to a lack of very large transaction. Nonetheless, the number of MA transactions has remained stable over the past two years. Singapores Temasek Holdings acquired large minatory positions in Malaysia banking and plantations companies. In the automotive industry, Chery Automotive, a Chinese assembler has announced plans to earmark Malaysia as their regional distribution hub, while Proton reached a deal to assemble Volkswagen Cars and distribute them in Southeast Asia. Proton, Sime Darby and Telecom Malaysia have all announced acquisitions of foreign companies too. 1.2 Problem Statement Initial public offering (IPO) one of the manners to company get additional fund thru equity funding, when certain company wants to increase their operation, but it not sufficient fund of borrowing they can officially going to public fund primary market (when first time company going to public). In other words, this IPO tend use by small growth firm to increase their capital and to issuing new capital. This company must be perfectly evaluating certain cost, i.e. cost of underwriting, attorney fee, cost of management time allocation to the lawsuit, reputation cost and so on. All of these cost potentially become liability for a small company in the first time they issue IPO. The first problems of the research are to identify about the underwriter effect on IPO. Apart from underwriter, second areas on this research will looks on information of the companies, information also can become higher cost for issuer, they will incur cost to encourage information generation prior to the IPO and after the IPO because issuer want giving good impression to customer about their company. But for customer, cost will be incurred when they want searching strong information about certain company profile. Basically, IPO will be determining by investment bank and IPO firm managements to setting up IPO price (offer price spread). This to make comparison, between company offer price (company determine IPO price) and what actual price should be offer by company. On top of that, potential litigation costs are quite significant for firms that have recently gone public. Attorney fees, the costs of management time allocated to the lawsuit, reputation costs, and settlement costs represent an enormous potential liability for a young firm. The last areas we will look on relation between risk and IPO in an aspect of the litigation-risk, where the firms with higher litigation risk will affect their IPO? 1.3 Approach of the Study In research we have two methods, firstly we have quantitative and second the qualitative (Gubra and Lincon, 1994). In our research the quantitative method will be chosen with the purpose of this study because it able to value observation, precise measurement, statistical analysis, data collection is fix/cannot manipulate, variable truth and the most important is the hallmark good quantitative research are reliability and validity of data collection. After data are already collected it will be need to be edited, then data have to be coded and lastly data have to be key in and software programmed used to analyze the data. After data has been analyzed, we can make interpretation to getting conclusion about our research and make recommendation or suggestion to make improvement to Malaysia IPO. The final result also can be use for investor to do decision making about the attraction investment for them. 1.4 Scope of Study The scope of our research is consisting all company listed during 2000 until 2008 in Bursa Malaysia, whereby compasses 8 years in areas of to identity whether the Underwriter, Litigation and Prospectus will influence company pricing of IPO. CHAPTER 2 LITERATURE REVIEW This chapter we examine those factors generally considered to impact IPO performance to assess the extent to offering price is likely to be set and in setting the offering price. It is organized into two sections. The first section presents the historical of IPO and second section given the capital structure, secondary market return, litigation and prospectus in effected the IPO pricing. 2.1 Initial Public Offering Malaysia law define sale of expand authorize share of a company as new issue and the offer of share from the existing shareholder to the public is define as sale of share. The new issue market therefore consists of new issue and the sale of share of private company and government linked company to the public. Regulator approves new issue with elaborate care to ensure public interest is safeguard and the approval process may take up to a year in a large placement. Offering new issue to outsider help to raise finance for expansion and to obtain less costly source of new fund. Some research has been done by Fama 1984, company that listed in the New York market raise capital at a lower cost, the having from which amount to three quarter of one percent compare to unlisted company. Apart from that the investor has purchase of share listed in the secondary market obtain nominal yield, with are lower on average than in the new issue market. This extra return in a new issue market is the insider value factor which make offer price lower thus giving a high return. The over subscription of new issue keep feeding the frenzy for new issue. One study has suggest that the over subscription rate in Malaysia average 46 time (Dawson 1987, Yong 1991). Similar like that the new issues are price by the market at a much higher level than would be the case if (a) the new issue was equally like to be issue in bull or bear market and (b) there is no frenzy in wanting to subscribe to new issue. Because of the frenzy in the new market issue, there is practice pressure during the initial few month, which keep the price artificially high during this early period after listing. At the same thing, one would expect the price in the new issue market to attain normal level after the initi al few month when normal price unfettered by price pressure begin to emerge. For another part the new issue are substantially underprice in the Australian, UK, USA and the developed market. It similar behavior found in Malaysia because the offer price appears to be a deep discount of the initial day for market price. But the extent of underpricing is smaller in the developed market than in the developing market. The research finding on the IPO in the some developed country such as Australia, UK, USA and developing market such as Korea, Malaysia Singapore and other suggest an apparent underpricing of new issue because offer price appear to be a large discount off the initial listing day market prices. Considered again the long run share market return report in all these country, and the reward rate of those allocation new issue are substantially higher than normal rate of return in the secondary market of these country. Therefore, new issue should provide higher reward, which is the source of underpricing. apart from that the investment bankers try to reduce the offer risk and cost of underwriting by underpricing the issue. The present evidence of underpricing may also be due to the uncertainty about the real value of share and the related need to offer compensation to the investor for assuming the risk of the uncertainty. But for recent research has been done (Arif, Prasad, Shamsher and Annu ar 1994) contradict this widely disseminated explanation. Share appears to be issue at their intrinsic value but then price are bid up by an optimistic investment market, which wrongly interpret demand pressure as understanding. While Ross (1984) explain the underpricing of IPO using the idea of information asymmetry between informed and unimformed investor. He suggest that the asymmetry of information between the issuer and their investment banker is less relevant for pricing. 2.2 IPO and Secondary Market Returns Bradley et al (2009) examined IPO secondary market returns on the first day of trading during 1993-2003, and findings important things. First, there are open to close return are much larger than previously documented and potentially exploitable. It was averaging over 2% during the sample period. Second, we found that the market does not reach an equilibrium price until approximately 2 h into trading. Although this average is driven upwards by IPOs during bubble period. Third is that effect is persistent over the entire sample period, considered where they consider several non-mutually exclusive explanations, such as: price support by the lead underwriter, laddering, retail sentiment, and information asymmetry. They also examined the impact of retail sentiment on secondary markets return and found there were a strong positive relationship between the proportion of small trades and open to close returns consistent with the view that retail demand and sentiment can push IPO prices higher. But this argument assumes that these overoptimistic retail investors would ultimately experience a reversal. They also argue that information asymmetry can be in the form of aggregate demand uncertainty, which is unlikely to be resolved until the IPO opens for secondary market trading. 2.3 Company Capital Structure Basically firm has two source of fund, firstly they can use from internal fund and second for external fund. For internal fund they can use additional retain earning and also additional equity of shareholder and for external fund it can be use loan from financial institution and primary debt issue in the debt market. The capital structure theory is inconclusive about which factor determine borrowing level, expect providing the general idea that a firm ability to identify positive net present value investment should determine capital need, and further that a firm capital structure quality also determine the tax shield value from debt. Modigliani and Miller (1958) argue that the capital is not influence by a firm financing mix under the assumption that the capital market is perfect and there is no corporate tax. Average cost of capital will be lowering when market is imperfection and it increase value of the firm subsequent to borrowing. But for (Robicheck and Myer 1966, Hamada 1972) the firm financial risk will be increase when company has make decision to continuously borrowing. For another part if company is have extra debt, the shareholder risk will be higher. It happens because if these companies are going to bankruptcy, the first company obligation action is paying all their debt first. For (Gupta 1982) before company achieves maximum debt, the maximum value of the firm will always be reach first. Company has made decision going to public because they want to increase fund to run the business in big scale. For (Gordon 1990) examined the relationship between a firm financing structure and the company technology. His result has supported the idea that firm with high capital to labor ratio acquire financing to run it business. 2.4 IPO and Litigation risk In our study on litigation, Skinner (1994) finds that the threat of litigation potentially alters firms disclosure behavior, and Krishnan and Krishnan (1997) and Shu (2000) find that this same threat causes auditors to stay away from risky clients. We extend this line of research by documenting another effect of litigation risk, it leads IPO firms to lower their offer price as one form of insurance against future litigation. Tinic (1988) tests the litigation-risk hypothesis by comparing the IPOs prior to and subsequent to the 1933 Securities Act, which substantially increased the legal exposure of IPO issues. Alexander (1991) examines 17 computer-related IPOs in 1983. She finds that securities lawsuits were more likely filed when the dollar amount of the ex post stock price decline was sufficient to support the fixed cost of bringing a case. She also finds little variation among the settlements as a fraction of shareholder losses. Further, consistent with the deterrence effect of IPO, there is evidence that firms that engage in more IPO significantly lower their litigation risks, especially for lawsuits occurring closer to the IPO dates. After controlling for the endogeneity of initial returns and lawsuit probability, both the insurance and deterrence aspects of the litigation-risk. The simultaneous-equation framework used in this study is potentially useful for other settings. 2.5 IPO and Prospectus Information The process of taking a firm public enables firms owners to realize both personal and professional goals. Taking the firm public, for example, enables entrepreneurs who have invested considerable time and resources in building the firm to sell a portion of the firm, thereby providing personal funds as a reward for their efforts and enabling them to diversify their wealth (Rock, 1986). Moreover, the IPO helps entrepreneurs secure funding that allows them to pursue growth opportunities for the firm. As the firm grows, entrepreneurs may find themselves unable to secure increasing capital requirements to fund firm growth. Also, entrepreneurs may seek to avoid covenant-filled commercial loans that hinder their ability to take the risks necessary to pursue firm growth opportunities (Rock, 1986). Investment bankers are responsible for coordinating the stock offering for the IPO firms managers (Benviste and Spindt, 1989). They provide an invaluable source of guidance for IPO firm entrepreneurs and managers, most of whom will have had no prior experience with the complex, often lengthy, process of taking the firm public. In addition to facilitating the IPO process by counseling firms entrepreneurs and managers, investment bankers assume primary responsibility for effectively marketing the firms securities to the investment community. The investment bankers determine the offer price spread, which must be disclosed either in the preliminary prospectus or shortly after filing the registration statement in an amended prospectus. The actual offer price is not determined until the day prior to the stocks offering. This spread and offer price are of central importance to the entrepreneurs taking the firm public, as they determine the amount of funds the IPO firms owners can expect to raise as a function of the stock offering. Given their centrality in the IPO process, it is important to understand those factors that may assist investment bankers in their initial determination of the spread within which they believe the final offer price will be set and, subsequently, the final offer price. The price spread may provide an indication of the level of uncertainty surrounding the IPO. Uncertainty in the IPO context derives largely from the fact that the firm, while it may have an extensive operating history, has not previously operated under public scrutiny. CHAPTER 3 METHODOLOGY This chapter are consist and will be discuss about the purpose of the study, population of study, data collection, independent variable, dependent variable, research modeling and the lastly the data analysis. 3.1 Population of Study The population of our research is consisting all company IPO from 2000 until 2008. We also want to identity whether the Underwriter, Litigation and Prospectus situation will influence the investor to make the investment and how they react to company announcement of IPO in the good economic situation. On top of that, we might look on about company performance before and after the 1997 Malaysia financial crisis on the areas of our study. 3.2 Data Collection To investigate the new IPO issue since 2000 until 2008, which had all the require information for analysis on our research. The public record in various issue of investor digest, daily diary and the company files from Securities Commission (SC) and Bursa Malaysia (BM) were accessed to obtain value for the variable. On top of that, requests for IPO prospectuses were sent to all firms undertaking IPOs in 2000 and 2008 as identified by the SC. 3.3 Independent Variables We rely on three independent variables for hypothesis testing, the first is the Prospectus Information. Founder CEO is a dichotomous variable with zero being a nonfounder CEO and one a founder CEO. CEO retained equity is calculated as the percentage of the IPO firms stock that the CEO will hold following the opening day of trading. These data are reported in the prospectus filing. Board composition is measured as the percentage of independent outside directors serving on the board. Board size is measured as the total number of directors serving on the IPO firms board. Second independent variable is Litigation Risk, as argued earlier, a firm about to make an IPO faces a trade-off in its pricing decisions. A higher offer price increases proceeds from the IPO, but it also raises the expected litigation costs. Two predictions emerge concerning the cross-sectional relations between IPO and inherent litigation risks. First, firms with higher litigation risk purchase more insurance, that is, they their shares by a greater amount (the insurance effect). Second, firms who choose higher levels of insurance incur lower expected litigation costs in the form of reduced probabilities of lawsuits. The third part is underwriting. The underwriter is playing to influence the public confidence about the company. If the company IPO is not over subscribe, the underwriter will be help that company to resell the IPO and maybe buying the IPO behalf of the company. When the company first time to setting the IPO price, it to hart to determine the suitable price because lack of expertise. The simple way to company is making negotiate with the underwriter. The issuer and underwriter is lock to the offer price regardless of the subscription of the market movement. Basically inside the underwriter agreement it conclude the underwritten fee, amount and whether the issue will indemnify the underwriter again all liability, cost and expence incur by the underwriter in relationship to the issue. 3.4 Dependent Variables This variable is computed as the difference between the high and low values in the range of offer prices established by the investment bankers. We calculate this measure as the (stock price at the time of IPO the firms book value)/stock price at the time of IPO. This price reflects the price at which the firms stock will be sold to initial investors on the opening day of trading. A firm litigation risk is also increasing in the volatility of the stock. One way to obtain the expected volatility is to use the standard deviation of prior stock returns. However, this is not feasible for IPO firms. Another alternative is to use the standard deviation of post-IPO returns. However, this is not observable prior to the IPO and may not be in the managers information set at the time of the offering. For (Smith, 1991 and Raghavat 1996) the company that issue the new security in public need the investment banking to become their underwriter in return for a commission comprise management fee, underwriting fee and the lastly the selling concession. The compny also must carefully choose their investment banker to become their underwriter, because the good of underwriter will be able this company increase their IPO price (negotiation and discussion between bank and company). One of the criteria is the underwriter must know the company industry, tern of propose offering, potential conflict of interest relating to the investment banker affiliation with the issuer competitor and the ability to the company provide research support after the offering price. 3.5 Research Modeling DEPENDENT VARIABLE INDEPENDENT VARIABLE Prospectus Information Initial Public Offering Litigation Risk Underwriter E(à ¯?†¢i) = ÃŽÂ ²1 + ÃŽÂ ²2X2 + ÃŽÂ ²3X3 + ÃŽÂ ²Ãƒ ¢Ã¢â‚¬Å¡Ã¢â‚¬Å¾Xà ¢Ã¢â‚¬Å¡Ã¢â‚¬Å¾ + à ¯? ­i. ÃŽÂ ²1 = Intercept, value of à ¯?†¢I when X2, X3, X4, equal to zero (0). ÃŽÂ ²2 = Changing in à ¯?†¢i when X2 change with assumption X3, X4, is constant. ÃŽÂ ²3 = Changing in à ¯?†¢i when X3 change with assumption X2, X4, is constant. ÃŽÂ ²4 = Changing in à ¯?†¢i when X4 change with assumption X2, X3, is constant. X2 = Prospectus information X3 = Underwriter X4 = Litigation risk à ¯? ­i = Yi error in population. The hypotheses are stated below: H0 = 0, mean has no significant relationship. H1 à ¢Ã¢â‚¬ °Ã‚   0, mean has significant relationship. Prospectus information H0 = Prospectus information does not significant relationship to IPO H1 = Prospectus information has significant relationship to IPO Underwriter H0 = Underwriter does not significant relationship to IPO H1 = Underwriter has significant relationship to IPO Litigation risk H0 = Litigation risk does not significant relationship to IPO H1 = Litigation risk has significant relationship to IPO 3.6. Data Analysis The final stage of our methodology is data analysis. When the data already run we will elaborate on the various statistical test and make interpretation of the result. To analysis our research we use SPSS for window software. The data was analyse to identify, examine, compare and interpreted theme and pattern. The analysis has been started after the collection of all the necessary data basically come from secondary data collection. Use of this SPSS software is illustrated which mainly because they are easily available in business settings. In data analyses, we have three objectives, firstly getting a feel for the data, second testing the goodness of the data and lastly testing the hypotheses developed for the research.

Learning Process Essay

â€Å"Learning to write is a complex process, both individual and social, that takes place over time with continued practice and informed guidance,† is a very complex quote. There is so much meaning and context to this one quote, that can really get the writer thinking. As for myself, I agree with this quote quite a lot but still to a certain extent. Everyone has their own mindset, but for me I do agree that learning to write is a complex process, individual and only sometimes social, and definitely does take place over time with continued practice and informed guidance (proof shows that). To start off with ‘learning is a complex process,’ as for this part of the quote I totally agree. At times, I can spend hours, sometimes days, just thinking about how to start my essay, research paper, etc. Then once you finally find your thesis and actually do begin, the complexity still doesn’t end. You have to continue to find more details, analysis, background, and a lot of other things for whatever you might be writing. One example of a complex paper I wrote in this English 10 class would have to be our first essay, â€Å"My Sacred Grounds.† I can clearly remember that it took me forever to start, to find a life experience to talk about and then to have to add details. The whole paper probably took me over a course of three to four days to just write the first draft. For the next part of the quote I only agreed to an extent of..‘learning to write is both individual and social.’ Like I said before, everyone’s writing process depends on themselves, but as for me I feel that most of the writing process is just individual and only social when you need it to be. Such as, when I write, I write without any help and its an all independent process, but then again at the same time its social because I write for my professors, get help from different sets of people at times like peers, the writing center, and sometimes even my professors. Lastly, once again I agree completely with the last part of the quote that learning is a process ‘that takes place over time with continued practice and informed guidance.† To just learn how to write basics it takes us, as students, years to learn. We have to go through elementary, middle, and then finally high school with the basics of learning how to write until finally in college we are slowly let go and taught to continue to learn by ourselves. Even then the learning process never truly ends, especially not for writers, you learn as you write for the rest of your life. Also, just as the quote says we learn with ‘informed guidance’ meaning most of the time someone is there to check our work like our peers or professors. Overall, writing truly is a very complex process and this quote sums it up really well!

The History And Effect Of Media On Presidential Debates

The History and Effect of Media on Presidential Debates Throughout American history, it is clear to point out the United States have elected presidents to stand as the countries’ leader since the birth of the young nation. In most cases, the election is seen as a race between two parties even though there are others on the ballot. The vast majority usually did not know much about the other candidates until the turn of the century. Then, when media and information became easier to access it turned these elections into social media wars putting candidates at each other’s throats. The best example of this is the current election and their unruly debates, but when these debates came about they were not as cutthroat as they are now. Media throughout the years has forever altered the way in which these debates have gone about and how the presidential candidates are perceived. Media has tarnished the way politics and debates are run today from how they began. The first debate took place between Lincoln and Douglas in 1858, which wasn’t even a presidential debate; it was for the Illinois senate seat. That did not matter, those debates became known across the United States. The two men had seven debates in the state of Illinois each of which filled town squares with hoards of people, and even caught the national attention of readers who feasted on the reprints of the debates (Holzer, 2004). The debates were historical which allowed people to have a different way to view politicalShow MoreRelatedThe Woman Card Was Written By Jill Lepore 27 Essay1609 Words   |  7 Pagesinformative. Her articles seem to be relevant to everyone in general, she wants the readers to be informed and make educated opinions. Lepore likes to talk about the past and contrast it to the present. This is a very great way to inform readers of the history and sacrifices women had to go through to get where we are today. 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