Outline and Assess Different Measures of Crime and Deviance

When measuring crime and deviance sociologists use three different means, those are official statistics, self-report studies and victim surveys. These methods of collecting data have both strong points and weak points, but by combining them a possible general picture of crime and deviance could be drawn. The sociological theories have varying perspectives on the usefulness of generating measurable crime statistics and the validity of each method. Firstly official statistics are compiled and then published every 6 months by the Home Office, and are drawn from records kept by the police and other official agencies. But due to the fact that official statistics are only compiled from crime that has been reported leading to someone being charged and convicted of that crime those crimes that go unreported are obviously not included. By use of official statistics we can see trends in crime throughout history, which crime rates are rising and which are falling and from that starting point we can work out the reasons for this change. In my opinion though official statistics may not be able to cover every crime as not all is recorded it can still gives us a starting point when looking for crime trends and the sociological reasons behind that. For example we can see through looking at the downloadable PDF Social Trends 40 that crimes such as theft, vandalism and household crime have increased from last year and through further statistics we can see that gang activity has also increased we can then put two and two together to show us why these crimes are increasing through use of the official statistics. Feminists would argue that crimes that stereotypically affect women (such as domestic abuse or rape) are not covered in these statistics, as the women are too embarrassed or scared to come forward. As a result of this, feminists believe the statistics are not a realistic reflection on domestic or spousal abuse rates as the husbands or boyfriends are not being brought to justice. Similarly Marxists would argue that official statistics are incorrect but the Marxists argue that there wrong due to the fact that the bourgeoisie have manipulated them to create scapegoats. By creating scapegoats of the working classes the bourgeoisie can divide the proletariat making it easier for the capitalists to continue controlling them. Furthermore the under class are more strictly policed than the oppressive ruling class and therefore it looks on statistics that the working class are more prone to crime. This argument, like most of Marxism, is slightly reductionist as not every sociological issue can be so easily simplified to just the bourgeoisie oppressing the proletariat or capitalisms greed. The second method used to measure crime and deviance is a self-report study. A self report study would be a survey which would interview a number of people on their relationship with crime, this would be done through either an opportunity sample or through volunteers and the interview would most likely be structured or semi-structured. The usefulness of a self-report study is that it could reveal what are seen as ‘victimless crimes’ (such as drug use or under age drinking etc. ) or crimes that go unreported. This would then be able to compensate for the official statistics lack of these crimes, and then by combining the two give us a broader picture of crime in the UK. Another advantage of a self report study is that we can not only learn what crimes people commit but also we can see what age, ethnicity or social class there in showing us what members of our society are more likely to commit a certain crime. But by using a self-report study demand characteristics and socially desirable answers come into play. Because in contrast to the official statistics which are gathered from data which can be presumed to be true, self report studies rely on face-to-face interviews which gives people the opportunity to lie or to give an answer which they believe the interviewer will find pleasing. But this method does yield results, for example Bilton was able to show that 50 to 90% of the people he interviewed had committed a crime that could have landed them in court. This use of the self-report study helps us to see how much crime goes unreported or unnoticed and therefore how unrealistic the official crime statistics actually are. Similarly West and Farrington, who also did a self report study but on deviance rather than crime, found that a high percentage of those interviewed had engaged in, what society perceives as, a deviant. For example they found that 90% of interviewees admitted to having travelled on a train without a ticket, also 82% had broken a window of an empty house. But also West and Farmington’s study found that like Biltons the official statistics had missed out all crime – this is obvious as 40% admitted to stolen something from a shop and of that 40% only 8. % had been prosecuted of it. Victim surveys are the opposite to self report studies as instead of being asked about crimes you’ve committed a person is asked whether they have ever been a victim of crime, samples are taken on either a large scale (nationally) or on a small scale (locally). Through victim surveys, especially large ones such as the British Crime Survey, we are able to see any pattern or trends in victi misation that we wouldn’t have been able to see in the previous two methods. Victim surveys can show us if any race, age, social class or genders are more likely to targeted for a specific crime. Jock Young, a New Left Realist, did the first victim survey in Islington, it was able to show that the reason residents feared leaving the house was of the violent gangs committing crime and threatening those who tried to stop it. Victim surveys are able to provide the interviewee without a great deal of confidence as they can remain completely anonymous if they choose, in theory this should eliminate people being too scared or too embarrassed to admit to being a victim of crime. But this is not always the case, some people might find it too hard to admit to even themselves that they’ve been a victim of a crime, especially crimes such as rape or abuse. This altering of the truth is different from that seen sometimes in self-report studies as those lies are usually told to make the interviewee feel better or harder about them self (as nowadays committing crime is seen as ‘cool’ especially among youths). Similarly to official statistics Feminists would argue that lack of women admitting to being victims of sexual or physical abuse is due to the patriarchal society we live in and the male dominance seen throughout it. But victim surveys could be seen as possibly unreliable as, unlike in official statistics, experts do not do the categorization of crimes it is the interviewers themselves who may be skilled sociologists but are not trained specifically in the act of categorizing crime. This means that similar crimes can not be compared with the statistics as there may have been confusion over the classification; thus making it difficult to measure the crime. In my opinion the most logical way in which we should use the measures of crime and deviance is by using all of them together, instead of separately. Through this we will get a broader and clearer picture of crime in the UK as each method covers various holes in the other methods data. For example the official statistics may give us data on the reported crimes there is no way of knowing how many crimes go unreported, but through self-report studies can begin to see a general figure of unreported crimes.

Health and Safety Responsibilities Essay

Outcome 1 – Understand own responsibilities and the responsibilities of others relating to health and safety in the work setting 1 Identify legislation relating to general health and safety in a health or social care environment Legislation relating to general health and safety: relevant, up-to-date legislation from the Health and Safety Commission and Executive (HSC/E), including local, national and European requirements for health and safety in a health and social care work setting eg Health and Safety at Work Act 1974, Management of Health and Safety at Work Regulations 1999, Manual Handling Operations Regulations 1992, Health and Safety (First Aid) Regulations 1981, Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995 (RIDDOR), Control of Substances Hazardous to Health Regulations 2002 (COSHH) 2 Describe the main points of the health and safety policies and procedures agreed with the employer Health and safety policies and procedures: agreed ways of working and approved codes of practice in health and social care settings relating to health and safety; dealing with accidents, injuries and emergency situations eg operating, reporting and recording procedures; first-aid situations eg hygiene procedures, administering basic first aid if trained to do so, reporting and recording procedures; working conditions and the working environment eg moving and handling procedures; use of equipment eg regulations for using mechanical or electrical equipment); health care procedures eg procedures for administering personal care; food handling and preparation eg food hygiene regulations; infection control and dealing with hazardous substances eg procedures for disposing of clinical waste; security and personal safety eg procedures for personal security and safeguarding personal property 3 Outline the main health and safety responsibilities of:- Self : Own responsibilities: the individual duty to take care of own health and safety; understanding and applying relevant legislation and agreed ways  of working; responsibility to undertake relevant training and updating as required; the importance of cooperating with others on health and safety; importance of the correct use of anything provided for individual health, safety or welfare eg protective clothing, specialised equipment; understanding that certain tasks should not be carried out without special training eg use of equipment, first aid, administering medication, health care procedures, food handling and preparation Employer / Manager: Responsibilities of employers and others: the duty of employers to provide information eg about risks to health and safety from working practices, changes that may harm or affect health and safety, how to do the job safely, what is done to protect health and safety, how to get first-aid treatment, what to do in an emergency; the duty of e mployers to provide training to do the job safely, protection such as special clothing, gloves or masks, health checks such as vision testing; the duty of employers to provide HSC/E information ‘Health and safety law: What you should know’, with contact details of people who can help or provide further information; responsibilities of others eg team members, other colleagues, those who use or commission their own health or social-care services, families, carers or advocates. 4. Identify tasks relating to health and safety that should not be carried out without special training Others in work setting : Tasks that should not be carried out without special training: use of equipment, first aid, medication, health-care procedures, food handling and preparation. Explain how to access additional support and information relating to health and safety Outcome 2 – Understand the use of risk assessment in relation to health and safety 1 Explain why it is important to assess health and safety hazards posed by work setting or particular activities Assess health and safety hazards: understanding health, safety and riskassessment for the work environment or particular activities; the  importance of risk assessment for protecting self and individuals from danger or harm; the need to comply with the law; identifying what could cause harm; taking precautions to prevent harm; the importance of minimising accidents, injuries and ill health; reducing the risk of individuals being injured at work; reducing the risk of liability; reducing costs to the organisation 2 Explain how and when to report potential health and safety risks that have been identified Report potential health and safety risks: importance of continuous assessment of risks and regular checking; reporting identified risks immediately; importance of reporting any changes; examine examples of risk-assessment reports, accident report forms and other relevant documentation; importance of written records being clear and accurate, detailing dates, times, simple description of hazard identified and action taken; agreed reporting procedures and lines of communication 3 Explain how risk assessment can help address dilemmas between rights and health and safety concerns Individual rights and health and safety concerns: using risk-assessment procedures, regulations and relevant health and safety legislation to justify compliance for specific procedures or actions eg wearing seat belts in a car to minimise injury, wearing a motorcycle helmet for protection, hand washing and wearing Latex gloves to minimise the spread of infection; understanding that the use of risk-assessment can help to address dilemmas between the human rights of an individual and health and safety concerns; values and principles from ‘Investing for Health’ (2002) Outcome 3 – Understand procedures for responding to accidents and sudden illness 1 Describe different types of accidents and sudden illness that may occur in own work setting Types of accidents and sudden illness: accidents eg slips and trips, falls, needle stick injuries, burns and scalds, injuries from operating machinery or specialised equipment, electrocution, accidental poisoning; sudden illness eg heart attack, diabetic coma, epileptic convulsion 2 Outline the procedures to be followed if an accident or sudden illness should occur Procedures to be followed: ensuring and maintaining safety for individuals concerned and others eg clearing the area, safely moving equipment if possible; remaining calm; sending for help; assessing the individual for injuries; administering basic first aid if necessary and if trained to do so; staying with the injured/sick individual until help arrives; observing and noting any changes in condition; providing a full verbal report to relevant medical staff or others; completing a full written report and relevant documentation eg accident report, incident report; understanding the policies, procedures and agreed ways of working for the work setting Outcome 4 – Be able to reduce the risk of infection 1 Demonstrate the recommended method for hand washing Recommended method for hand washing: follow the Department of Health’s five-step recommended procedure for washing hands (wet hands, apply soap thoroughly, lather and scrub including between the fingers, thumbs and backs of the hands, rinse thoroughly, dry thoroughly using paper towel or air dryer) 2 Demonstrate ways to ensure that own health and hygiene do not pose a risk to others at work. Own health and hygiene: importance of basic personal hygiene measures in reducing the spread of infection eg hand washing after using the toilet or before preparing food, covering the mouth when sneezing or coughing, using disposable tissues, covering any cuts or abrasions with plasters or suitable dressings; importance of staying away from work when affected by illness or infection; getting prompt treatment for illness or infections Outcome 5 – Be able to move and handle equipment and other objects 1 Identify legislation that relates to moving and handling Identify legislation relating to moving and handling: The Health and Safety at Work Act 1974; The Manual Handling Operations Regulations 1992 (as amended in 2002); regulations from the HSC/E covering manual handling risk factors and how injuries can occur 2 Explain principles for moving and handling equipment and other objects safely Safe moving and handling: the key principles of avoid eg the need for hazardous manual handling, assess eg the risk of injury from any hazardous manual handling, reduce eg the risk of injury from hazardous manual handling; the importance of assessment, eg the task, load, working environment and individual capability; reducing the risk of injury eg musculoskeletal disorders: avoiding hazardous manual handling; the importance of correct posture and technique; working in teams: the importance of a coordinated approach and good communication; using mechanical aids where necessary eg a hoist; changing the task or approach where necessary; the importance of following appropriate systems and agreed ways of working; making proper use of equipment provided for safe practice; taking care to ensure that activities do not put others at risk; reporting any potentially hazardous handling activities 3 Move and handle equipment or other objects safely Outcome 6 – Know how to handle hazardous substances and materials 1 Identify hazardous substances and materials that may be found in the work setting Identify hazardous substances and materials: COSHH regulations (2002) include substances that are corrosive eg acid; irritant eg cleaning fluids; toxic eg medicines; highly flammable eg solvents; dangerous to the environment eg chemicals, clinical waste; germs that cause diseases eg Legionnaires’ disease; materials that are harmful eg used needles; potentially infectious eg used dressings; body fluids eg blood, faeces, vomit 2 Describe safe practises for:- Storing hazardous substances Using hazardous substances Disposing of hazardous substances and materials Safe handling of hazardous substances and materials: importance of training; awareness of COSHH regulations; always follow instructions for agreed ways of working; safe storage of hazardous substances and materials – always follow agreed ways of working, policies and procedures eg safe storage of drugs and medicines; stored out of reach; store materials in containers recommended by the manufacturer; importance of clear labelling; containers securely sealed; storing incompatible substances separately; safe usage of hazardous substances and materials; always following agreed ways of working, policies and procedures; avoiding exposure to hazardous substances eg inhaling, contact with the skin or eyes, swallowing or skin puncture; using control measures eg universal precautions for dealing with blood and other body fluids; using protective clothing where necessary eg Latex gloves, masks, aprons; importance of checking with colleagues and completing appropriate records and document ation; safe disposal of hazardous substances and materials: always following agreed ways of working, policies and procedures eg use of clinical waste bags; importance of protecting others eg using a sharps box for used needles; protecting the environment eg disposal of dangerous chemicals; minimising the spread of infection eg disposal of used dressings Outcome 7 – Understand how to promote fire safety in the work setting 1 Describe practises that prevent fires from:- a. Starting b. Spreading Prevent fires from starting and spreading: identifying potential fire hazards in the health and social care workplace; understanding how fires start and spread, (the fire triangle of ignition, fuel and oxygen); preventing fires from starting eg the danger from lit cigarettes, naked flames, hot surfaces, faulty electrical equipment; the importance of regular checks on electrical equipment eg PAT testing; the importance of staff training and vigilance in the workplace; risk-assessment procedures; preventing the spread of fires through safe practices eg storage of flammable materials (waste materials, paper, wood, furnishings, flammable liquids), keeping fire doors shut; the importance of checking smoke detectors regularly 2 Outline emergency procedures to be followed in the event of a fire in the work setting Emergency procedures to be followed: understanding how to raise the alarm if a fire is discovered, eg operating a fire alarm system; agreed procedures for alerting all personnel in the work setting; knowledge of basic fire-fighting procedures eg use of different fire extinguishers, fire blankets or other fire-safety equipment; procedures for evacuation eg using designated routes, not using lifts, closing all doors; special evacuation procedures for very young children and individuals with mobility or other difficulties eg use of an evac-chair; knowledge of evacuation routes and assembly points; agreed procedures for checking on the presence of all personnel in the work setting; the importance of staff training and regular evacuation drills; the importance of maintaining clear evacuation routes at all times eg keeping fire exits and doorways clear, not storing furniture or other equipment in the w ay of evacuation routes, keeping stairwells or designated special evacuation areas clear at all times 3 Explain the importance of maintaining clear evacuation routes at all times Outcome 8- Be able to implement security measures in the work setting 1 Use agreed ways of working for checking the identity of anyone requesting access to:- Premises Information Procedures for checking identity: understanding the agreed ways of working for checking the identity of anyone requesting access to work setting premises eg checking official ID, signing in procedures, allocating visitor  badges, the use of biometric security systems such as fingerprint scanners; understanding the agreed ways of working for checking the identity of anyone requesting access to information in the work setting eg checking official ID, secure password systems for electronic information; understanding the importance of confidentiality relating to information; procedures for dealing with electronic requests for information 2 Implement measures to protect own security and the security of others in the work setting Protecting security: understanding the agreed ways of working for protecting own security and the security of others in the work setting eg knowledge of security systems, alarms, CCTV, gaining access to buildings; understanding special procedures for shift or night-time working; importance of procedures for lone working and ensuring that others are aware of own whereabouts eg signing in and out, agreed procedures for communicating whereabouts, use of special codes or mobile phones; importance of staff training on security and vigilance in the workplace 3 Explain the importance of ensuring that others are aware of own whereabouts Outcome 9 – Know how to manage own stress. 1 Identify common signs and indicators of stress Common signs and symptoms of stress: physical signs and symptoms eg aches and pains, nausea, dizziness, chest pain, rapid heartbeat; emotional signs and symptoms eg moodiness, irritability or short temper, agitation, inability to relax, feeling overwhelmed, sense of loneliness and isolation, depression or general unhappiness; cognitive signs and symptoms eg memory problems, inability to concentrate, poor judgement, constant worrying; behavioural signs and symptoms eg eating more or less, sleeping too much or too little, neglecting responsibilities, using alcohol, cigarettes, or drugs to relax, nervous habits such as nail-biting 2. Identify circumstances that tend to trigger own stress Identifying triggers for stress: work factors eg changes in routine, dealing with difficult situations, pressure to meet targets, interpersonal relationships with individuals and others, expectations from managers,  demands of working unsocial hours, taking on special projects; personal factors eg financial problems, relationship or family problems, major life changes, bereavement, injury or illness 3. Describe ways to manage own stress Managing stress: understanding own coping strategies; relaxation techniques eg massage, yoga, aromatherapy, listening to music; physical activity and exercise eg going for a run, joining a gym; social strategies eg meeting up with friends and family, volunteering or helping with community work; logical strategies eg making lists, prioritising; creative strategies eg music, painting or other artistic pursuits; faith strategies eg religion or other beliefs; the importance of emotional wellbeing and resilience; understanding and recognising individual stressors and taking time out

Facundo Summary Essay

The evil that afflicts Argentina is its size: the vast surrounding desert everywhere. To the south and north the wild-lurk the Indians prepared to attack at any time. This insecurity of life in the Argentine character prints some stoic resignation to violent death, explaining the indifference with which the giving and receiving of death. The inhabited part of the country can be divided into three faces: the dense forest (north), the jungle and the pampas. The Pampa is the image of the sea on earth, waiting to send her to produce. There are numerous navigable rivers republic, but dislikes the son of the Spanish navigation. Thus, the greatest gift to a people is a dead item, untapped. The fruitful is the only river Plate. Buenos Aires is called to be one day the gigantic city of the Americas. She alone is in contact with Europe and exploits the advantages of foreign trade. This monopolistic position of Buenos Aires that although Rose does indeed had wanted to follow the federalism would have been impossible, and would have ended up with the system that holds today: the unit. (â€Å"We, however, wanted the unity of civilization and freedom, and the unit has given us into barbarism and slavery.†) As America is called to be a federation for its wide exposure to the Atlantic, Argentina is set to be unity. The city is the center of civilization Argentina Spanish, European, but the desert nearby.Man City live a civilized life. In the city are the laws, ideas, progress, education, regular government. The countryside and the city represent two separate companies, two people strangers to each other. The man’s campaign to the city hates and hates the educated man. Argentina shares many features with the Asian plains of the Tigris and Euphrates, and the lives of his men are often similar (Arabs and gauchos). Field: Argentina dominated the campaign of brutal force, the authority without limits and responsibilities of charge. This is seen in the executions of the foreman, that do not support claim legitimate authority considered that it  has killed. The people of the field consists of two races: Spanish and Indian (except in Buenos Aires, the black, leaning toward civilization and endowed with talent, is extinct). These races are known for their love of idleness and industrial disability. The American races, the Indians are unable to work hard, and the Spanish race shows the same trend. In the campaign the company disappears completely, only the family remains feudal isolation. Thus, any form of government becomes impossible, no municipality, scope and execution of judicial state violence monopolized. The population is scattered. No public response. Civilization is entirely unworkable and barbarism is normal. Progress is stifled, because there can be no progress without permanent possession of the ground, not the city that unfolds is the man’s industrial capacity and allows you to extend your purchases. In the field of religion is distorted. What happens with religion than with the Spanish language is corrupted. It is a natural religion. The Gauchos are Spanish only by the confusing language and religious notions they possess. Home occupations, cottage industries, are exercised by the woman, she weighs nearly all the work. Education country man: children exercise their forces and are trained for pleasure in handling the bow and the balls and are riders. With puberty and adolescence are the complete independence and unemployment. From childhood are used to kill cattle, which familiarizes them with bloodshed. The horse is an integral part of Argentine fields. Thus, children are gradually acquiring the characteristics of their ancestors: the habit of succeeding in the resistance, to challenge and overcome nature. This promotes a sense of individual importance and superiority in the field man. All Argentineans are aware of their worth as a nation, have some vanity. In conclusion, rural life has unfolded in the gaucho faculty, without stimulating the intellect.His moral character is supported by the habit of triumph over obstacles and nature.Strong, proud, energetic, has no instruction. He is happy in their poverty, because that’s all he knows. The gaucho is not working, food and clothing it is prepared at home, the one and the other was provided by their cattle. Chapter II: Argentine originality and character. The crawler. The trail guide. The gaucho malo. The cantor. The pastoral life is also his poetic side. For example, in the immensity Echeverrà ­a, in the wild, found in the solemn nature of the inspirations for his works, which were then greeted with approval in Europe. The Argentine people are by nature a poet and musician. In the middle are the storm, the omnipresent death, the endless pampas. The gaucho is in this sense, their popular poetry, naive and sloppy. Trivia: when Echeverria resided in the campaign, the gauchos around him with respect. Although it was for them a â€Å"pack†, respected him because he was a poet. The farming village has its own songs, including: the sad (the North) and vidalita (sung issues of the day and war songs). The guitar is the instrument par excellence. Especially notable in the campaign: The crawler, knows to follow the tracks of animals and men. It is a serious character, awareness of knowledge-a science that has popular home and gives him a certain dignity, quiet and mysterious. You can, by all accounts, follow tracks produced long ago. The trail guide, knows every inch of thousands of square miles of plains, forests and mountains. It is oriented based on the signs of nature. It is a surveyor. The map that the generals are, the fate of the army depends on it. It also announces the proximity of the enemy. Know the geographic distances and smaller. They say that General Rosas recognized by the taste of grass every room in the south of Buenos Aires. The bad gaucho: an outlaw is a misanthrope. Justice pursues, in the settlements name is pronounced with respect. Live in rural, isolated society that feeds on the hunt. It is a divorced man in society, outlawed by legislation, a savage white. Poets sing of their exploits around. However, the gaucho is not a bad villain, no t a criminal. Their profession, their science is to steal horses. It has some honor, and credit his word. The singer: Same bard, minstrel of the Middle Ages. It moves between the struggles of cities and the feudalism of the fields. The singer goes to pay in return, singing of the heroes of the pampas fugitives from justice, while mixing the story of his own exploits (often it is also being pursued by law). His poetry is dull, irregular, more sentimental narrative is filled with images of rural life. The singer does the same job of chronic, customs, history, biography, the bard of the Middle Ages. In Argentina are at the  same time two different civilizations on the same ground, without consciousness of each other: that mimics a nascent naive and popular efforts in the Middle Ages, and the other trying to make the last results European civilization. In Argentina, XII and XIX century living together: the first campaign, the second in the cities. Conclusion: reading this book the reader will find the characters typed above, and will reflect the country’s situation in the countryside, its customs and its organization. The bad gaucho Facundo. The singer: La Madrid. The trail guide: Artigas. Foreman carts, â€Å"The Herdsman† (warrior in the service of warlords). Chapter III: Association. The store. Here Sarmiento takes the first chapter and adds the following: In the field need to create a shell company to remedy the normal dissociation. In the shop give and receive news, there attend the parishioners of the surroundings, are armed horse racing, is the cantor. They are gambling and liquor. There fraternize. This accidental association of every day, on repeat, form a partnership, a public assembly without object, without social interest, probe begins to lie the roots of reputations. The gaucho esteem above all physical forces, the skill of horsemanship, and value. It is dedicated, for example, horse riding games. The gaucho knife goes armed, inherited from the Spanish. This is an instrument that serves for all occupations, can not live without it. Play the stabbing, he drew the knife and make your opponent hits him in the face, without killing him. The row is locked by reputation. He has no intention, in principle, to kill. Killing is a â€Å"disgrace.† Juan Manuel Rosas had made his home a kind of asylum for homicides (political paternalism). In this society, then the culture of the spirit is impossible, there is no public good. The gaucho becomes criminal or leader, according to the direction things take. Authorities of the campaign to crack down on ruthless judges are needed even more heartless. These authorities (remember the foremen) are ideas in the people about the power of authority, which later leads to its effects. The judge is obeyed by his fearsome reputation for boldness, his justification is â€Å"so I’m  in charge.† The field commander has more power than the judge and his features are even more terrible. To rule makes use of the men who inspire fear, and this is the dealings of weak governments. When Rose took over the city, wiped out all the commanders who had helped him to ascend, so that disputes the place of power that began to fill. These details given so far about life in the Argentine countryside, with its order, its distinctive partnership approach, have to explain social phenomena a nd the Argentine revolution that erupted in 1810. Previous chapters are often taken in high school. To these must be added: a) Chapter I of the Second part (or chapter 5) on children Quiroga b) the ninth or 13 (Barranca Yaco).See below. Chapter IV: Revolution of 1810. In all the nations of Latin character, object and purpose of revolutions for independence were the same, and born of the same breast: the movement of European ideas. Before the revolution in our country, there were books, ideas, law, education, was a base of organization, backward, feudal, monarchical, yes, but it existed. In the pastoral campaign, freedom, responsibility of power, developments involving the revolutionary movement was alien to their lifestyle. The revolution was useful to the field, both involved a new meeting place higher. Thus, the pastoral joined the agitation and revolutionary impulse. When people come into revolution, two competing interests fighting in principle, conservative and revolutionary, ie, realistic and patriotic. When a party wins, it is subdivided into moderate revolutionaries and visionaries. Then the defeated party was reorganized and succeeded by subdividing their rivals. When a revolution, one of the forces allied with the revolutionary cause, it follows immediately, forming a third entity, and indifferent to each other, this force is removed is heterogeneous. This was the movement led by Artigas. The force holding Artigas in Gauteng is the holding current to the leaders in their provinces and that kept Facundo in the Llanos. Individualism is its essence, the horse his gun and his theater pampa. The montonera appears Artigas, and is  parallel with the African hordes, presents a character of ferocity and spirit brutal terrorist. This is what Rose has become a system of laws applied to a cultured society. Rosas has not invented anything, his talent is plagiarizing their predecessors and make the brutal instincts of the ignorant masses, a coolly thoughtful and coordinated. The run with the butcher knife is an instinct that takes Rosas death to give the Gauchos forms, and to change the legal forms of other learned societies, which he calls America. The guerrilla band is a unique kind of war, which has its antecedent in the Asian peoples, and only in our country can be explained by examining the organization of society where applicable. Artigas was a trail guide, a leader of mass es on horseback, an enemy of civil society and the city, still playing in the figure of Argentine leaders. The war of the revolution in Argentina has been twofold: 1: war of the cities, launched in European culture against the Spanish in order to give greater extension to that culture (patriots influenced by the ideas of independence versus European Spanish royalists). 2: War of the leaders from the cities to escape the civil subject and fight against civilization. (The War of the savages of the campaign led by the warlords and Roses embodied in European culture versus existing cities) First, the triumph over the Spanish cities (the monarchy), but secondly, the campaign is due to the cities. Here is explained the enigma of the revolution in Argentina. With the victory of the leaders of the campaign, all civil manner disappeared in the field and is on track to disappear into the cities. â€Å"†¦ It is finally the central government, unitary, despotic landowner Juan Manuel de Rosas, who digs into the cultured Buenos Aires gaucho’s knife and destroy the work of centuries, civilization, laws and liberty.† (Excerpt from the end of Chapter III illustrates this idea). But Buenos Aires is so powerful elements of European civilization that will eventually educate Rosas, and contain their bloodthirsty and barbaric instincts. In fact, some of their wild characteristics and have been moderating over time. There are four cities that have already been wiped out by the domains of warlords and Roses: Santa Fe, Santiago del Estero, San Luis and La Rioja. All of them had in 1810 with a great economic prosperity, intellectual and cultural life. Produced eminent men, the lights were  widespread. However, the process of barbarism has acted on them to bring them to ruin religious, educational, intellectual, economic and cultural. Sarmiento checks this done through an â€Å"interview† that holds a canon of La Rioja. San Juan (province Sarmiento) is headed for destruction: the educational level is very poor there, opposed to the high level it enjoyed before this process. Conclusion: ignorance and poverty expect the inner cities to give the last gasp devou r their prey, to make field stay. Buenos Aires can be saved for European civilization is so strong there that the brutalities of the government can not be against it. â€Å"Why fight? We fight to return to the cities their own life. â€Å" Part II. Chapter I (or Chapter 5 run number) Children and youth of Juan Facundo Quiroga. The chapter begins with this anecdote: Between the cities of San Luis and San Juan there is a desert called â€Å"journey.†Facundo, forced St. Louis to escape the knife justice issues, was the need to go through it alone. At that time, a man-eater (cannibal) walked hanging around the crossing. While crossing, Facundo heard the roar of the tiger. He climbed up, then a small locust tree.The tiger tracked the gaucho there and began trying to hunt him. He stayed for two hours staring at his prey, his eyes reddened by the blood lust. The gaucho was looking reeling from the glass, fascinated by the look of the animal. His friends managed to get tracks without hope in time and captured the tiger, who then killed him Facundo. â€Å"Then I knew what I was afraid,† said Facundo on this story. He called him â€Å"El Tigre de los Llanos.† Phrenology has demonstrated the relationship between the appearance of men and animals who are similar in character. Facundo Description: It was of short stature and stocky. In broad shoulders and short neck. His head was well formed, very thick hair cover, black and curly. His face was buried in a forest of hair, had a curly black beard that went up cheekbones sharp enough to discover a strong-willed and tough. His eyes caused terror were black, full of fire and was shaded by thick eyebrows.Facundo never looked head always bowed his head and looked  out between the eyebrows, to be feared. His complexion was pale brown. The structure of the head revealed, under this cover jungle, the organization of men born to command. However, as he was born in a given society these characters had to manifest itself in a bloody, terrible and wicked. Facundo was the son of a lowly San Juan, but had made some money with grazing. He went to school where he learned to read and write. In school he was arrogant, aloof and alone, just mingling with colleagues to lead acts of rebellion and to beat them. In the fables of childhood is the germ of the characteristic features of historical character. The memory of the people is full of stories of Quiroga. ‘I slapped his teacher because he hit him with a stick and ran to hide in a vineyard where he spent three days. This will be the leader who later challenge to the whole society. At puberty, kills his first victim: Jorge Peà ±a. The first drop of blood stream that marked its path. – Worked as a laborer in Mendoza for a woman. Exerted influence over other pawns and interceded on their behalf with the patron. Therefore pawns called him â€Å"Father† (political paternalism). At the end of one year called for his salary-sixty pesos, immediately went to a grocery store and played them all on one card, he lost. Leaving there, a judge ordered his book conchavo and left lying in a stabbing. Adult life spent hiding, hunted, playing, working as a laborer and distributing stabbing. -Travel to Buenos Aires and in 1810 he enlisted as a recruit in the militia of Ocampo.Then in the regiment of mounted grenadiers. However, military life involves discipline, order, and he was called to command, a rebel, I wanted to be created only in defiance of civilized society, a career combining bravery and crime, government, and disorganization. Defects and returns to the provinces, on the road kills a game. – Facundo returns to her parents. Like his father does not want to lend money, he sets fire to the roof. Father denounces this act and slaps him. But a year later make peace. Solve-enroll in the montonera Ramirez, scion of Artigas. The governor of St. Louis makes it turn and sends him to jail. There were Spanish prisoners who had been defeated in Chile. These rise up and open the door to the common prisoners to help them in flight. Facundo there escapes killing many men with a male crickets. He claims to have killed fourteen  people. -Later, Facundo quell the uprising succeeds and reconciled society. Facundo is the man of nature who has not learned to curb their passions is the nature of mankind in the pastoral countryside of Argentina. Facundo is primitive barbarism. In their actions show the man-beast, acts to produce terror in their environment. Gained prestige among the common people at the expense of patriotism and devotion meet with terror, using his cunning and credulity of the vulgar. Some thought even that he had supernatural powers. What I had was a certain superiority and knowledge of human nature and value of those means. The men close to Facundo said he had a strong dislike decent men who wanted to frighten rather than instill fear alone, he did understand the henchmen who was seer, who treated the men with whom he was connected as slaves, never had confessed, prayed and heard mass. Chapter II. La Rioja. The field commander. La Rioja is a city lonely, suburbs and withered. Los Llanos is a mountainous area, ravine, an oasis of green paste. The appearance of the province is desolate, the scorching weather, the dry land. La Rioja can be compared to Palestine in its geography and the patriarchal aspect of the peasantry. For example, the pawn must protect the life of his employer. Farmers living primitively barbaric preserving its purity and hostile to the cities. As in the Middle Ages, the city of La Rioja there is the struggle of two powerful families, noble: the Ocampo and Davila. After the success of San Luis, Facundo prestigious and recommended by the government occurs in the plains. Los Ocampo, who were in government, give the title field commander and sergeant major of the militia. Facundo, representing the pastoral element, barbarian, the third entity headed by Artigas, presented in La Rioja, called by one party in the city. Quiroga is a Trojan horse inside the city. While it’s field commander in Los Llanos, an uprising in San Juan, makes the northern provinces to quell worry. Facundo part of it and ignoring the strict orders he had, the focus falls on subversive and overcome them. Thus, Quiroga shows no orders from anyone expected and announced its decision to pull down the government. Quiroga takes La Rioja, overthrowing  the city. The leaves by Davila. However, it tries to conspire against him and capture him. Facundo defeat attempts and murders Araya, the captain who should seize him. The government, then, for the murder of intimate Araya. Quiroga decided to turn the civil war between the city and the plains, between him and the government. Send a group to the Board of Representatives to fulfill its mission: to declare deposed Davila. The other provinces decide to intervene to prevent the confrontation between the government and Facundo. Corvalan (the order of Roses, which appears in Amalia) is the mediator. Talk first with Facundo, who claims to accept peace. Then with Davila who abandons weapons. At that time, easily beating Quiroga government attacks. Before killing him Davila, it opens a wound that Facundo, as a good gaucho, always hidden. After the defeat and murder of Davila, Facundo sends condolences to the widow pays tribute to the dead, showing some nobility. As Quiroga has never been in charge of organized government, appointed as governor of a vulgar Spanish. Thus, Facundo seizes his country, the government traditions disappear, the forms are degraded, since the relief, unemployment and neglect are the supreme values ​​of the gaucho. Enrichment Quiroga: Half the cattle in the province belonged to him. His business was to supply the meat market, a monopoly, as no one dared to compete with him. In a business with foreign merchants, Facundo occurs in the home of a magnate of Buenos Aires with silk stockings, breeches mattress fabric and a poncho ruin. He wanted to humiliate the learned men and show their contempt for foreign men. None dared to laugh at this time. Facundo’s passion for the game embraced hi s public life. Took advantage of his power and fearlessness to take advantage. He played with unlimited funds. This destruction of civil order that Facundo achieved in La Rioja resulted in the migration of people to San Juan, the Plains are now deserts. Chapter III: Sociability. Cà ³rdoba. Buenos Aires (1825). Facundo La Rioja has absolute master. Since there are no lyrics, no opinions, and as no opinions, La Rioja is a war machine. State of the country’s major cities: Cordoba is one of the most beautiful cities on the continent. Until 1829, the  spirit of Cordoba is monastic and ecclesiastical. While the old University of Cordoba has a high level, is almost entirely circumscribed to theology. The spirit of Cordoba was by this time the Middle Ages. Cordoba has been the asylum of the Spanish, so the revolutionary ideas of 1810 were little basis in this province. in short, is a Spanish city by literary and religious education, stationary and hostile to innovation. Buenos Aires: the city is believed a continuation of Europe, its spirit and tendencies.Buenos Aires is a city full of revolutionaries. In just ten years is done here and europificacià ³n desespaà ±olizacià ³n. Buenos Aires is all new, all revolution and movement.Rivadavia, located in the government, brings Europe. Thus, the European influence on Buenos Aires motorized progress and builds the most important institutions of the state. Rivadavia never shed blood, or destroyed property. Roses, however, is a butcher and has consumed the national treasury to support the war that he has on. A Rivadavia fits represented the glory of European civilization. Rivadavia and Rosas are the two extremes of Argentina, which binds to the wild on the pampas and Europe by the Rio de la Plata. Cordoba and Buenos Aires are the two prominent phases of the parties that divided the cities. They represent two parties: conservative and progressive. While feeding on Spain Cordoba, Buenos Aires makes it the most progressive ideas of Europe (Rousseau, Montesquieu). These parties concluded by federal and unitary called. But Argentina is geographically so constituted, that is to be united forever, even if the label of the bottle says otherwise. The Federal party of the cities was a link that linked the party barbarian campaigns. That barbaric force was scattered throughout the republic, divided into provinces. A strong hand was needed to melt it and present it as a single whole. Quiroga was the one who lent his hand. Characteristics of the unit: the unit type worship the Constitution and individual rights. Its religion is coming from the Republic. It follows from one generation reasoning, deductive, enterprising. It has fine manners, gestures, cults, dresses European. Chapter IV. Trials. Actions Tala and Rincon. In 1825, the Buenos Aires government invited the provinces to meet at a  conference to shape a general government. Facundo received this invitation with enthusiasm (something positive Facundo). The first test facundo outside the terms of the province is the action of Tala. In it, his hordes are fighting with the army of General La Madrid. La Madrid was a great man of courage, many stories about his enormous courage around him. It was a kind of poet and harangued his troops with war songs. It is the singer of the first part (chapter II). La Madrid, eager to prepare troops for the war against Brazil overthrows the Tucumà ¡n authorities. Facundo decided to invade Tucumà ¡n by order of Government of Buenos Aires. The winner goes bad gaucho of combat and the Tala flies a flag: a black cloth with a skull and crossbones, the symbol of this spirit of strength pastor, Arabic, Tatar, which will destroy cities and their progress. The flag is red, red, just like you have the federal currency Rosas. The red color on the flag is opposed to Argentina and also to progress. The red is typical of the flags of the Wild: Asian, African and is the color of the chiefs, dictators, absolutism, the executioner of Artigas. This is seen throughout history in many cases. Color is a proscribed by Christian and civilized societies, whose flags shout justice and peace, while the red screams violence, blood and barbarity. It is important to analyze this point because every civilization is expressed in suits and each suit shows a whole system of ideas. The motto appears red roses in 1820 by order of the tyrant, and since then, who does not carry the red tape stifles it, regardless if it is a great man, a girl or a child of a wealthy family. This imposes on terror, thanks to the inability to differentiate themselves and the government. This fear that governments control us barbarians is rooted in our blood is Spanish heritage, and they have suffered for centuries the power of the Inquisition. And overcome Madrid, Facundo opposes the government of Rivadavia. Facundo was not federal, was the field commander, the enemy of bad gaucho civil justice, of order, decent man, sage, coat, of the city. Its mission is to d estroy all this, and that is why we oppose the government of Rivadavia. The government proposes to freedom of worship to attract European immigration and labor. Then, in Cà ³rdoba stands an inquisition.

Summary Assignment Example | Topics and Well Written Essays - 250 words - 50

Summary - Assignment Example King advocated peace by the application of non-violence tactics because he did not want to associate violence to his achievements. He reversed the traditional approach of using militant groups such as black panthers to seek freedom and power. He instead, initiates the spirit of non-violence and diplomacy as an ethical way of solving conflicts. He also advocated non-violent movements such as marches, boycotts, and political and economic organizations as weapons to justice. He rejected the use of violence as a way to end violence claiming that self-defense would distract attention from the actual fight King and Malcolm X’s had different ideas towards the achievement of justice and equality. Both had different opinions on ending the oppression of blacks in America making their platforms oppositional. That was evident in 1963 when Malcolm X regarded a Blackman, who did not possess violent revenge notion against their oppressors as a traitor to the Negro community. Non-violent campaigns introduced by King were a breakthrough to freedom as most of the differences resolved diplomatically by negotiations. Non-violence has succeeded in peace in very many countries

What kind of coping mechanisms employees use under pressure at their Essay

What kind of coping mechanisms employees use under pressure at their job - Essay Example Slovik (2009) said that no one lives without experiencing stress. A study conducted revealed that 70 to 90 percent of the respondents experience stress at the workplace (Stress 2007). It cannot be eliminated since the workers are human beings who are affected by social and environmental factors. An individual might misinterpret another’s action causing emotional stress. It may come from a superior, the customer or even from a subordinate who does not perform according to the corporate standards. Domestic and personal problems can be brought at the workplace that make the worker easily susceptible to stress. Even the physical environment can be a source of stress. Extreme stress, however, is detrimental upon the body, personal relationship and happy life (Slowik 2009). Thus, with the inevitability of stress, the organization has to devise means to meet the problems of stress at the workplace. Even the most efficient worker under stress will perform unsatisfactorily. Poor performance will affect productivity and profitability of the company. Indeed, stress is a serious matter in any organization to take into consideration in its rules and policies. The company has to formulate policies and create a unit that would handle and manage workplace stress and stress-related scenarios. The organisation must also engage a professional with expertise on the subject that would train and inculcate upon the managerial staff on the proper way to manage stress among employees in order not to disrupt the company production and work flow. Stress can result from the demand of the tasks, the demand of the role and the structure of the organization (Khan, Raza, & Ali 2007). It refers to a person’s response to â€Å"stressors in the environment (Khan et al. 2007, p. 2). Selye (1976, cited in Khan et al. 2007) referred to it in the General Adaptation Theory as a response involving biological and physiological aspects. It also refers to

Discussion Essay Example | Topics and Well Written Essays - 250 words - 45

Discussion - Essay Example Therefore, John is intelligent in Mathematics. It can be observed that the difference between the two reasoning can be defined by its falsifiability. Inductive reasoning permits the possibility that the conclusion of the proposed premises can be incorrect in that it is only a probability and could be disproved by solid evidence in the future. Deductive reasoning, in contrary, does not only rely on the soundness of the proposition but also in its validity. When a hypothesis is valid, it is impossible for it to have a false conclusion. It could lack soundness but it will retain its validity. That is why, Karl Popper’s strategy of disconfirmation is better in a sense that it considers hypothesis according to its falsifiability – a quality that every hypothesis is testable and that if something is wrong among and within its premise, it will manifest itself eventually. 2. The condition clearly involves conflict of interest as well as an ethical dilemma: there is a clear ambi valence on the part of Mary on whether to steal or not; to be altruistic or egoistic. One should remember that there is no justification for stealing. Stealing is morally wrong; nevertheless, to die because of starvation is likewise wrong. Hence, a conflict of interest arises. Mary has no choice to stay morally right at all; she is caught in the middle. Since to steal and to die of starvation are both wrong, one can choose to commit one wrong to prevent the other from becoming morally wrong. She should steal food so that his children don’t die of starvation. That way, there is only one wrong

Benthams utilitarian principle Essay Example | Topics and Well Written Essays - 1000 words

Benthams utilitarian principle - Essay Example Based on these theories, societies, along with its member, behaves according to what they thought is applicable and appropriate. Happiness and pleasure against sorrow and pain controls every individual, thus behave according to the amount these opposing nature with the risk of the consequences that their action entails. This utilitarianism principle is what is thought to have governed the world as proposed by Jeremy Bentham. At present, Bentham’s (1781) utilitarian principle is considered as the most appropriate and the most modern among other ethical principles in the society. He regards pain and pleasure as the â€Å"sovereign masters† that control the world. Everyone’s action follows the principle of utility as each person may or may not identify one’s act as one that conforms to the society or not. Experiencing pain and pleasure allows humans to identify the things that they ought to do as well as what they shall do. Being able to identify the actions that are appropriate in the society allows individuals to identify what is right or moral. Furthermore, such actions that are seen to be good and beneficial to a large number of people in the community are then considered to be morally acceptable. On the other hand, when an action is seen to inflict pain and is not pleasing to a majority, it is therefore disapproved and regarded as an immoral act. This idea applies to actions that are considered to be â€Å"for the greater good.† ... Any conduct that that affects a greater number of people in the society should not be implemented and considered unjust. In a given circumstance though, where the conduct affects a small number of people negatively, the community should assume the responsibility of its adverse effects. (role of the government) Right is then associated by the feelings of pleasure, while wrong is associated with pain. These two sensations that every member of the society feels can be quantified, therefore, pleasure in its great amount is deemed best for humanity. Greater pain, on the other hand, is unacceptable in the society, and thus regarded as a violation of the laws set by man and the system that is implementing them. On the other hand, motives play an important role in identifying what is thought to be right and wrong for the community. The principle that is adverse of utility introduces the ideas of asceticism, and sympathy and apathy. Such instances when even an action that offers the least amo unt of happiness or pleasure may be approved by the community. This inverse utilitarian principle recognizes the value of the action even when it does not provide a greater amount of happiness on the condition that it is advantageous for a greater number of people. As Bentham (1781) pointed out, the difference in motives between hope and fear draws down to the same principle that is associated to asceticism. While hope may elicit anticipation for something that is good in the future, fear inhibits a person to do something immoral in order to avoid punishment in the future. Both feelings fall down to preventing the members of the society, no matter which group they belong to,

African American Cultures Research Proposal Example | Topics and Well Written Essays - 250 words

African American Cultures - Research Proposal Example Through the nuance of the Black culture, the African Americans are reminded of their past especially during slavery. The bifurcations in the trajectory remind the black American persons of their past and the conditions that unite them (Anderson, 1977, p.4). The aura of the Black spirituals is also credited for uniting the Blacks. The church also boosted the culture, creativity of the African American Music, in relation to Huggins (2007, p.xiv –xx) and the depictions in African American poems (Graham & Vard, 2011, p.535). Anderson, E. (1977). The Use of the Black Folk Oral Tradition and Other Black Rhetorical and Verbal Strategies in the Teaching of Composition. Retrieved on 2 August, 2012. From: http://www.eric.ed.gov/PDFS/ED145425.pdf Hamlet, J. (2011).Word! The African American Oral Tradition and its Rhetorical Impact on American Popular Culture, 74 (1), p27-31. Retrieved on 2 August, 2012.

The Debate over Physician Assisted Suicide Essay

The Debate over Physician Assisted Suicide - Essay Example Thus, the campaign in Indiana to get PAS legislation on the ballot should focus on these aspects. One should take into account the possible counter-arguments that could be raised by the opponents of PAS. It should be kept in mind that there are strong oppositions from the part of physicians, legal commentators and sociologists as many hold that physician-assisted suicide is nothing but willful killing. The opponents also may argue that it is more significant to protect and preserve human life. Therefore, it is imperative that the campaign for PAS should postulate that such patients who cannot fulfill social responsibilities and societal expectations would cause social instability and as such, Physical Assisted Suicide can be permitted in exceptional cases where the patient leads a miserable life and has no hope for recovery from the deadly disease or illness. This paper seeks to convince the audience/readers that PAS is worthy of being legalized in Indiana and in doing so the paper t hrows light on the specific characterizations of Indiana voters as well. It can be identified that the Indiana voters have remained reluctant towards legalizing PAS in the past. The Indiana Code  §35-42-1-2.5 ‘prohibits assisted suicide’ by law and it has been brought under the general homicide laws (Legal Status of Assisted Suicide/Euthanasia in the United States). However, the emergence of such controversial cases as Terri Schiavo, Barbara Howee, and Nancy Cruzan has prompted many to rethink of legalizing PAS. Terri Schiavo had to remain in ‘persistent vegetative state’ for 15 years until she was permitted for PAS on March 31, 2005; Barbara Howe was totally paralyzed and breathing with a ventilator for many years; and Nancy Cruzan, an auto accident victim, had also to remain in persistent vegetative state for a number of years (Jost 423). Undoubtedly, anyone who has witnessed the sufferings, misfortune, agony and frustration experienced by these patient s as well as their intimate relatives will think in favor of PAS. In this respect, the Oregon's Death with Dignity Act has rightly recognized the personal rights of patients; however, it is quite unfortunate that the Supreme Court ruled that there are no fundamental or constitutional rights that support any arguments in favor of physician-assisted suicide (Park 283). Indiana, too, can follow the example of Oregon if the Indiana voters show empathetic feelings towards the suffering and pathetic persistent vegetative state of many of its brothers and sisters. While PAS is opposed for moral and ethical reasons, it is high time that the Indiana voters realized the factors that favor PAS. One needs to understand that the demand for PAS is strongly rooted in human rights theories and the concept of patient autonomy. PAS can also be regarded as quite ethical and moral as the termination of life occurs at the request of the individual himself when the physician realizes that ‘to conti nue letting this individual live, would be more harmful than dying’ (Center for Bioethics: University of Minnesota 41). Similarly, there are sound arguments that the patients have the right to die with dignity rather than leading a death-like miserable life. In physician-assisted suicide, the choice to end one’s life rests completely on the patient himself or his/her family. The Indiana voters need to have a thorough understanding of the arguments

Minimum Wage affecting the hunger and environmental nutrition Research Paper

Minimum Wage affecting the hunger and environmental nutrition - Research Paper Example Malnutrition, that is, lack of necessary ingredients for growth and development of people has thus been of great importance in many journals. Even with individuals with enough not feel hungry can still suffer malnutrition. In this case, the malnutrition is not just on lack of food but improper balanced diet. Food security, variety coupled with their affordability defines an environmental nutrition standard of a country. Dietary behaviors influence the whole community in a country though individual practices at household level. These dietary patterns are influenced by various factors among them the income of a household. The purchasing power of a household is determined by its income, holding any other factor constant (Mabli et al., 2010). The introduction of minimum wage requirement exposes various households to a threat of limited amount of goods and services. An income for a household is divided into various categories of expenses (Green-Lapierre et al.’ 2012). These expenses include among others recurrent bill payment, Personal hygiene items, allocation for transportation and most importantly food purchases. This part of argument is mostly concerned with influence of the idea of minimum wage on food purchase part of the expense (Barre, Mizier-Barre & Macintyre, 2011). A considerable high income obviously allows households to exercise a greater freedom in partitioning between the expenses and thus allowing for wide scope of choices, such as with food selection (Kirkpatrick & Tarasuk, 2010). Prices of different commodities are very vital in any decision regarding consumption. The ability to buy of a person is a function of the price under consideration. This means that household with low income or who due to the urgency of the other categories of expenses cannot afford high-nutrition foods are forced to resort to cheaper, less healthy foods (Mabli et al. 2010). Nutritious food consumption

Abortion laws should be properly regulated Essay Example for Free

Abortion laws should be properly regulated Essay Pro-Life or Pro-Choice? Abortion is one of the heaviest controversial topics discussed in the American politics. Abortion is the removal of a fetus before it has been born. The opposing sides of the debate each strongly believe that they are right. Pro-Choice believe that it is a woman’s right to choose what to do. Pro-Life are concerned about the life of the unborn child. Resulting of this debate leads to the case of Roe v. Wade in 1973. Roe v. Wade started when a woman in Texas wished to terminate her pregnancy but the laws in Texas didn’t allow abortion except only when the woman needs to be saved. The Court’s decision in this case was the disprove limitations of abortions to women. Somehow women find a reason to have an abortion such as their religious practices, attitudes towards their values and future, their philosophy, and so on. I support that women should be able to have the right to have an abortion in the first trimester. The reason being is because some women would have been raped and they don’t want to have a child who reminds them of a rapist and they can’t cope with that, or they’re not financially stable, or probably because of their religious practices. According to Roe v. Wade case, some of the people had a few reasons why they would want pass the law of prohibiting abortion and to justify it. When they allowed abortion, the abortion mortality rates were high. Another reason was that they wanted to protect prenatal life. They would only abort the fetus when the mother’s life is at stake. Finally, they didn’t want to encourage illegal sexual conduct. That is what the pro-life believes. Pro-choice say that women should have the right to privacy but pro-life tries argue that the constitution doesn’t specifically say any right to privacy. Pro-choice tries to prove that having a baby causes the woman to have a distressful life and future and that can cause some psychological harm. Some of the women will not be financially stable to have a child either due to being young or not having a stable and well-paying job. The debate on abortion is still going on today. In modern politics, our president-elect, Donald Trump, has plans for Roe v. Wade. He wants to appoint a justice who would overturn Roe v. Wade. If it was overturned, a woman’s right to abortion would depend on the state she lives in. Trump said that Roe v. Wade was â€Å"wrongly decided† which means that Trump is pro-life. He wants to prohibit abortion during his presidency. If abortion was prohibited by him, women would still always find a way to abort the fetus but in a harmful and unsafe way such as using a coat hanger or back-alley procedures. In my opinion, all women in every state should have access to abortion but only in the first trimester. I say only in the first trimester because, after that, it is when the fetus will start to develop feelings and organs. If a woman waits until the middle of the third trimester, that is almost fully grown a baby inside the womb who has all the organs, feelings and about to be born, it is basically known as a baby, no longer a fetus. Abortion should be legal for the first trimester. In Roe v. Wade, it helps many women to be able to get an abortion. They’re not trying to encourage people to have sexual interaction and the woman ends up becoming pregnant and take advantage of the system. They are trying to give women access who would be the ones who had been raped, too young, financially unstable, religious practices, health reasons, and so on. Women have a right to privacy which means that other people shouldn’t have to decide that she has to keep the baby. It is her body, her life, her future, her choice. Advocates of abortion may think that is seriously wrong, but women should do what is best for them and their babies. If abortion is to remain legal, it should be regulated and controlled and be a means to enhance the life of the mother and be beneficial to the society.

Platos Republic Essay Example for Free

Platos Republic Essay Socrates describes a perfect city in Plato’s The Republic. Many questions are asked in the book, such as â€Å"What is an ideal city? † Or, â€Å"What is justice? † And, â€Å"Is justice in the city possible? † Socrates tries to find the real meaning of the word justice. He starts with justice within a single person, and then he tries to take that concept and apply it to the city. Then, to figure out the perfect city, he goes back to the single person to find justice there. He shows that the perfect city needs the people in it to be assigned to their place. People who play their role in the city must be people of justice for the city to have justice. For Socrates, his idea of a perfect city has all the needed requirements for the city to exist with harmony. In order to develop the idea for a perfect city, Socrates has to create two versions of his city. In his first version of a city, each person in the city fills a need for the city. They are like gears in a watch, and they must fit perfectly. But a city that runs well like a watch doesn’t make a just city. Socrates brother points out that people need luxuries and entertainment. So the second version of the city needs luxuries. Platos ideal city is really the search for the truth of justice, if Socrates were able to find the relationship between the soul and city in his ideal city then he would have the true meaning of justice. We saw from the reading how he broke down the citys parts and also the soul. According to Plato, Socrates broke down the perfect city into four parts; each part is tied to a specific virtue that he believes will help define justice. The first three virtues are wisdom, courage, and moderation. Wisdom is the whole knowledge, which describes the rulers of the city. The rulers should be the ones who incorporate philosophy and ruling together to rule the city wisely. Courage describes the guardians, whose job was to defend the city from invasion and take new lands for the city. The third virtue of the ideal city was moderation which is the concept of self-control and each person knowing his or her role, also the concept of one man, one job. In The Republic, Plato divides the city into three classes: gold, silver, and brass and iron souls. Each class is designated to have a specific virtue. He believes that wisdom, courage, moderation, and justice combine together to form The Republic. Plato’s four virtues individually do not produce a perfect society. A combination of the four in each citizen is needed to have the ideal society. In Plato’s idea for the perfect â€Å"republic†, he decides that the basis of the city will be on four virtues. The first of them is wisdom. Plato defines wisdom as knowledge of the city as a whole. Of the three classes, the gold souls possess the virtue of wisdom. The gold souls are the only class whose knowledge goes beyond the mere facts to the level of true wisdom. In the Republic, the gold souls would be the philosopher kings, because they have been taught to see the truth of all things. The idea that philosophers should be kings would infuriate the leaders. Socrates threatened their positions and their qualification for being leaders. This is likely why they made false charges against him and killed him, as shown in his Socrates’ Apology.? The second virtue that Plato defines is courage. Courage is the preservation of the opinion produced by law, through education about what things are bad and what things are good. Courage can be found in the silver souls. Plato uses the example that when dyers want to dye wool, they start with the background. They need the right kind of white material, and they have to prepare it carefully; and if they go to this trouble, you cannot bleach the color out. If they do a poor job of it, the cloth quickly becomes washed-out and faded. Plato uses the dying analogy to city how he wishes to train the silver souls. He states that the people will undergo a precise training. Only uplifting music and physical activity will only be allowed. Plato wants a good upbringing to make the right ideas permanent in them, so that the bleach of pleasure, grief, fear, or death, would not wash the true colors from their souls. Once they get to this point of having a clear, firm grasp of what is really dangerous to a man, they knew their only task was to show courage. The silver souls can be compared with the guardians of the city who were not selected to be the leaders. They are also referred to as the auxiliaries. The third virtue in The Republic, is moderation. Plato defines moderation as the kind of harmony between the brass and silver souls. Moderation is the ability to control desires and to be the master of one’s own self. There are two things at work in a man’s heart. One is good, and one is bad. The bad can overwhelm the good. If the people have bad training or keep company with the wrong people, the bad force grows powerful and can overwhelm the good. If the good one controls them, then there is moderation; but if the bad one controls, they are a slave to their own desires. When a city as a whole is moderate, it is in harmony. Moderation is different from wisdom or courage. It is found not just in the gold and silver souls, but as something that runs throughout the city. The kings and the guardians must possess these to be people of justice and to help the city be a city of justice. The brass and iron class were the workers, and they are not held to the same high standard of sacrifice and knowledge that the silver and gold classes are, but as individuals they are required to have the same balance of the three virtues. However, they are stuck in the cave, looking at the forms on the walls. Their role in the city is to not be as enlightened as their leaders.? The fourth virtue comes when the city has a perfect balance of the other three. That is justice. The ideal city described in the Republic is ideal because it relates all essential parts to bring harmony among the different kind of people and the virtues that go hand in hand with to bring about justice. Socrates did have a belief that the person’s sex should not matter when it comes to their role in the perfect city. People were assigned to their roles based on if they fit the role – that is all. Socrates believed that if a woman can do everything a man can do then so be it. She could become a guardian. So, if a woman is fit for a guardian position, she should be a guardian. This belief was ahead of its time by more than 2000 years. Therefore, the question should be asked, â€Å"Is such a city possible, or is it just an ideal that is good to dream about? † My answer would be that it is impossible because it seems that everyone has a specific role to follow depending upon their abilities, both physically and mentally. What Socrates assumed is that with all the justice, people will be content with where they are. People who do not have much always look at the rich and want that kind of life. People on the bottom are always going to want more, which is human nature. This part of human nature will probably never be kept down, no matter how much justice there is in a city. The people of the city will be happy for some time, but the people at the bottom will ask questions about why they’re stuck in the job they have. When one group decides they want more the happiness will be destroyed, because each group will want more and more. The lower groups always want to reach for the top. When we see kids today, they are always striving to become the best and do something out of the ordinary, something that may be out of their class but if determined they can accomplish any feat. I know from my own experience, growing up in India, that big problems occur in a society when we classify everything, because the lower classes want to be higher. This is just basic human nature. Putting Plato and Socrates city to real life, take any country or city. For instance, India is a country that still has a lot of problems with castes. The highest caste was the educated Brahmins and the lowest caste is still called â€Å"Untouchables. † The Brahmins were only to be knowledgeable, or educated, and there were also people who entered the armies or were placed into them. The armies were the guardians of India, protecting the kingdoms and constantly looking for new land to acquire. The lower castes worked as tradesman and farmers. They took care of the basic needs of everyone in the country by producing products for the entire country. When you look at India today, it is changing. In the cities, you see people succeeding no matter what their caste is. Untouchables are getting educated more and they are not held back from getting a job just because they are untouchable, and India is improving without the required placement of people in lifelong roles. What happened? People do not want to be placed in certain roles, even if the role suits them. It is fine if you are the upper class, but the people at the bottom want to achieve success and rise to the top, which breaks down Socrates’s perfect city. No one wants to be content with being at the bottom; everyone wants to be able to try to be at the top. Platos ideal city would only work if people were content with their God-given positions. If there is harmony between the groups, then there is happiness, as we see in the soul and city throughout The Republic. However, in real life people find harmony with themselves when they achieve their goals and live a good life. I agree with that philosophy because I also want to achieve more and I am happy when I achieve my goals. Unfortunately, no one is truly happy though because people will always want more. Video References ? http://www. youtube. com/watch? v=3bVBpLjh13E ? http://www. youtube. com/watch? v=d2afuTvUzBQ.

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