Approaches to Psychology Essay Example for Free

Approaches to Psychology Essay The social world is complex. To try to explain it human psychological actions through one simple theory is a difficult task. Different psychologists and psychological schools have come up with different approaches that attempt to understand human behavior, emotion and motivation. These approaches include the bio-psychological, behavioral, psychoanalytic, humanistic cognitive and socio-cultural schools of thought and action. While these approaches may not be entirely compatible, they do form a basket of tools with which the student of psychology can use to try to understand the psychological make-up of the people he or she encounters. Through the notion of eclecticism, it is possible to take elements from these approaches to come up with an understanding of a given situation. These schools all have their own important voice that reveals important characteristics in varying psychological situations. Biophysical approach: talk about how this approach helps us to understand how the body reacts to psychological events, without an understanding of the brain, nervous, muscle and hormonal systems, you can’t really understand people as part of their environment. Humans are animal systems and the bio-psychological approaches help us understand the human animal, but it fails at more human characteristics such as cognition and problem solving and psychological trauma of childhood Behavioral approach: tell about Skinner; tell how this approach helps us to understand basic human psychology, especially in modern times when the stress is on scientific observation. Behavioral approach helps us understand what can be observed, it helps us to control others by understanding how to get people to do things through rewards, it does not tell us, though about what goes on inside the person and how some people may not react to rewards, or how cultural issues may be more important to people Psychoanalytic approach: tell about Freud and psychoanalysis, this is based on introspection, so it is not very scientific, but it does help people think about their past and the unconscious motivations of their behavior in the present. It also is good because it relies on talking, instead of giving people medication, so it can provide solutions for people. It also is a little simple with the stress on violence and sex. Humanistic approach: talk about Carl Rogers, tell about how it is a positive psychological approach because it focuses on improving people, however, it is weak because some people are so traumatized by an imperfect world and family that they need the help of other approaches to first figure out what the problem is. Cognitive approach: tell about how it is good because it focuses on people using strategies to solve problems, it helps people feel more independent and strong, however, it is weak because it is very narrow and focuses on a very small part of a person’s psychological make-up. Sociocultural approach: tell about how cultural can affect psychology and it is important to understand that different groups are affected by their culture, tell about how IQ testing might be biased and how the sociocultural approach makes us sensitive to this. However, it is bad because it does not help us actually solve problems, only focuses on making us more sensitive. Sensory activities In learning process students faces various challenges. Teachers should try to understand sources of students’ problem and also employ various approaches in helping them. Eg carrying out the following sensory activities may drive this point home. American flag afterimage One may report American flag to have different colors in according to number of times one has seen it and also depending on which occasions one saw this flag. Color reported may not be the correct due to confusion arising from the number of times the flag was seen and occasions in which the flag was seen. This may make it difficult for one to have the real picture about the flag. Mirror writing Mirror writing can also bring confusion to the learner. Such occurrence may occur as a result of problems in the development of the brain or confusion arising from the nervous system. A psychologist should understand such a problem by using the biophysical approach. For instance understanding why a person writes his name as reteP instead of writing it correctly as Peter. Food paragraph When one is asked to write a paragraph about food, his or her culture will greatly determine what message he/she writes. It may entail condemning certain food or praising certain food in which one has been brought up with or which are highly regarded in his/her society. This should help the psychologist to understand how to help the person who is having a problem. Conclusion All these approaches to psychology are interdependent. The need to combine them in dealing with every day challenges is very important. For instance a case of a student that cannot succeed on a written exam but can excel when tested verbally, the teacher need to employ behavioral approach and know such a student has difficulty in written exams. Then a humanistic approach will be relevant so as to understand why the student has problem with a written exam and have a positive attitude to help the student out of such problem. The biophysical approach will call upon the teacher to know the working of such student brains. Does the student have a problem in interpreting instructions in a written exam? Therefore, an all inclusive approach is the best way in solving daily life problems. (William, Glassman, Hadad 2008) An example of an all inclusive approach was employed by Maslov in describing the needs of human beings. He encompassed biological and psychological needs, then safety needs, esteem needs and then self actualization needs. Such approach encompasses biological, human, social cultural and human views. Thus, none of psychological approach can stand on it alone to solve problem facing human beings. Work cited William, G. , Glassman, W Hadad, M Approaches to Psychology. 2008.

Evolution of Investment Banking

Evolution of Investment Banking INTRODUCTION At a very macro level, ‘Investment Banking as term suggests, is concerned with the primary function of assisting the capital market in its function of capital intermediation, i.e., the movement of financial resources from those who have them (the Investors), to those who need to make use of them for generating GDP (the Issuers). Banking and financial institution on the one hand and the capital market on the other are the two broad platforms of institutional that investment for capital flows in economy. Therefore, it could be inferred that investment banks are those institutions that are counterparts of banks in the capital markets in the function of intermediation in the resource allocation. Nevertheless, it would be unfair to conclude so, as that would confine investment banking to very narrow sphere of its activities in the modern world of high finance. Over the decades, backed by evolution and also fuelled by recent technologies developments, an investment banking has transf ormed repeatedly to suit the needs of the finance community and thus become one of the most vibrant and exciting segment of financial services. Investment bankers have always enjoyed celebrity status, but at times, they have paid the price for the price for excessive flamboyance as well. To continue from the above words of John F. Marshall and M.E. Eills, ‘investment banking is what investment banks do . This definition can be explained in the context of how investment banks have evolved in their functionality and how history and regulatory intervention have shaped such an evolution. Much of investment banking in its present form, thus owes its origins to the financial markets in USA, due o which, American investment banks have banks have been leaders in the American and Euro markets as well. Therefore, the term ‘investment banking can arguably be said to be of American origin. Their counterparts in UK were termed as ‘merchants banks since they had confined themselves to capital market intermediation until the US investments banks entered the UK and European markets and extended the scope of such businesses. Investment banks help companies and governments and their agencies to raise money by issuing and selling acquisitions and other types of financial transactions. Investment banks also act as intermediaries in trading for clients. Investment banks differ from stocks, bonds, and mutual funds. However some firms operate as both brokerages and investment banks; this includes some of the best known financial services firms in the world. More commonly used today to characterize what was traditionally termed† investment banking† is â€Å"sells side. This is trading securities for cash or securities (i.e., facilitating transactions, market-making), or the promotion of securities (i.e. underwriting,research, etc.). The buy side constitutes the hedge funds, and the investing public who consume the products and services of the sell-side in order to maximize their return on investment. Many firms have both buy and sell side components. Definition An individual or institution, which acts as an underwriter or agent for corporations and municipalities issuing securities. Most also maintain broker/dealer operations, maintain markets for previously issued securities, and offer advisory services to investors. Investment banks also have a large role in facilitating mergers and acquisitions, private equity placements and corporate restructuring. Unlike traditional banks, investment banks do not accept deposits from and provide loans to individuals. Also called investment banker. Who needs an Investment Bank? Any firm contemplating a significant transaction can benefit from the advice of an investment bank. Although large corporations often have sophisticated finance and corporate development departments provide objectivity, a valuable contact network, allows for efficient use of client personnel, and is vitally interested in seeing the transaction close. Most small to medium sized companies do not have a large in-house staff, and in a financial transaction may be at a disadvantage versus larger competitors. A quality investment banking firm can provide the services required to initiate and execute a major transaction, thereby empowering small to medium sized companies with financial and transaction experience without the addition of permanent overhead, an investment bank provides objectivity, a valuable contact network, allows for efficient use of client personnel, and is vitally interested in seeing the transaction close. Most small to medium sized companies do not have a large in-house staff, and in a financial transaction may be at a disadvantage versus larger competitors. A quality investment-banking firm can provide the services The main activities and units The primary function of an investment bank is buying and selling products both on behalf of the banks clients and also for the bank itself. Banks undertake risk through proprietary trading, done by a special set of traders who do not interface with clients and through Principal Risk, risk undertaken by a trader after he or she buys or sells a product to a client and does not hedge his or her total exposure. Banks seek to maximize profitability for a given amount of risk on their balance sheet An investment bank is split into the so-called Front Office Middle Office and Back Office. The individual activities are described below: Front Office Investment Banking is the traditional aspect of investment banks which involves helping customers raise Corporate Finance (often pronounced corpfin). mutual funds) . Research and Structuring. Sales desks then communicate their clients orders to the appropriate trading desks, which can price and execute trades, or structure new products that fit a specific need. Research is the division which reviews companies and writes reports about their prospects, often with buy or sell ratings. While the research division generates no revenue, its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. In recent years the relationship between investment banking and research has become highly regulated, reducing its importance to the investment bank. Structuring has been a relatively recent division as derivatives have come into play, with highly technical and numerate employees working on creating complex structured products which typically offer much greater margins and returns than underlying cash securities. Middle Office * operational risk and the assurance Middle Offices provide now include measures to address this risk. When this assurance is not in place, market and credit risk analysis can be unreliable and open to deliberate manipulation. Back Office Operations involve data-checking trades that have been conducted, ensuring that they are not erroneous, and transacting the required transfers. While it provides the greatest job security of the divisions within an investment bank, it is a critical part of the bank that involves managing the financial information of the bank and ensures efficient capital markets through the financial reporting function. The staff in these areas are often highly qualified and need to understand in depth the deals and transactions that occur across all the divisions of the bank. New products Investment banking is one of the most global industries and is hence continuously challenged to respond to new developments and innovation in the global financial markets. Throughout the history of investment banking, many have theorized that all investment banking products and services would be copyrighted, they are very often copied quickly by competing banks, pushing down trading margins. For example, OTC contract has to be uniquely structured and could involve complex pay-off and risk profiles. Listed option contracts are traded through major exchanges, such as the CBOE, and are almost as commoditized as general equity securities. In addition, while many products have been commoditized, an increasing amount of profit within investment banks has come from proprietary trading, where size creates a positive network benefit (since the more trades an investment bank does, the more it knows about the market flow, allowing it to theoretically make better trades and pass on better guidance to clients). Potential conflicts of interest may arise between different parts of a bank, creating the potential for financial movements that could be market manipulation. Authorities that regulate investment banking (the Chinese wall which prohibits communication between investment banking on one side and research and equities on the other. Some of the conflicts of interest that can be found in investment banking are listed here: Historically, equity research firms were founded and owned by investment banks. One common practice is for equity analysts to initiate coverage on a company in order to develop relationships that lead to highly profitable investment banking business. In the 1990s, many equity researchers allegedly traded positive stock ratings directly for investment banking business. On the flip side of the coin: companies would threaten to divert investment banking business to competitors unless their stock was rated favorably. Politicians acted to pass laws to criminalize such acts. Increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble Many investment banks also own retail brokerages. Also during the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable. Since investment banks engage heavily in trading for their own account, there is always the temptation or possibility that they might engage in some form of front running. Types of investment banks underwrite (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations on capital markets activities such as mergers and acquisitions Merchant banks were traditionally banks which engaged in trade financing. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike Venture ca pital firms, they tend not to invest in new companies. Investment banks provide four primary types of services: Raising capital, advising in mergers and acquisitions, executing securities sales and trading, and performing general advisory services. Most of the major Wall Street firms are active in each of these categories. Smaller investment banks may specialize in two or three of these categories. Raising Capital An investment bank can assist a firm in raising funds to achieve a variety of objectives, such as to acquire another company, reduce its debt load, expand existing operations, or for specific project financing. Capital can include some combination of debt, common equity, preferred equity, and hybrid securities such as convertible debt or debt with warrants. Although many people associate raising capital with public stock offerings, a great deal of capital is actually raised through private placements with institutions, specialized investment funds, and private individuals. The investment bank will work with the client to structure the transaction to meet specific objectives while being attractive to investors. Mergers and Acquisitions Investment banks often represent firms in mergers, acquisitions, and divestitures. Example projects include the acquisition of a specific firm, the sale of a company or a subsidiary of the company, and assistance in identifying, structuring, and executing a merger or joint venture. In each case, the investment bank should provide a thorough analysis of the entity bought or sold, as well as a valuation range and recommended structure. Sales and Trading These services are primarily relevant only to publicly traded firms, or firms, which plan to go public in the near future. Specific functions include making a market in a stock, placing new offerings, and publishing research reports. General Advisory Services: Advisory services include assignments such as strategic planning, business valuations, assisting in financial restructurings, and providing an opinion as to the fairness of a proposed transaction. Terms Related To Investment Bank Buying and Selling Buying Deciding on the proper time to purchase a security that you would like to add to your holdings can be a daunting task. If the price drops immediately after you buy, it may seem as if you missed out on a better buying opportunity. If the price jumps right before you make your move, you may feel as if you paid too much. As it turns out, you should not let these small fluctuations influence your decision too much. As long as the fundamentals that led you to decide on the purchase have not changed, a few points in either direction should not have a large impact on the long-term value of your investment. Similarly, the fact that an investment has been increasing in value of late is not a sufficient reason for you to purchase it. Momentum can be very fickle, and recent movement is not necessarily an indicator of future movement. Therefore, buying decisions should be based on sound and thorough research geared toward discerning the future value of a security relative to its current price. This analysis will probably not touch upon price movement in the very recent past. As you learn more about investing youll get better at deciding when to buy, but most experts recommend that beginners avoid trying to time the market, and just get in as soon as they can and stay in for the long haul. The proper time to buy a security is quite simply when it is available for less than its actual value. These undervalued securities are actually not as rare as they sound. However, the problem is simply that they are never sure bets. The value of a security includes estimates of the future performance of factors underlying the value of the security. For stocks, these factors include things like earnings growth and market share. Changes can be predicted to a degree, but they are subject to fluctuation due to forces both within and beyond the control of the company. The overall economic climate, changes in the industry or even bad decisions by management can all cause a security poised to ascend in value to become an under performer. Therefore, it is essential to practice your analysis before putting your money into action. Make some mock purchases based on your personal analysis technique and track the results. Not all of your decisions will lead to the results you were expecting, but if most of your choices turn out to be good and there are mitigating factors that you can learn from to explain your missteps, then you may be ready to put your analysis technique and investing strategy into action. At this point, the need to continuously monitor your investments does not disappear. Both under performers and overachievers should be studied carefully to fine-tune your strategy. You should also regularly look at your securities to make sure that the fundamentals for success that led you to buy in the first place are intact. If not, you may need to prepare to cash in and start looking for the next opportunity. One way to avoid the hassles of deciding when to buy altogether is to practice dollar-cost averaging. This strategy advocates investing a fixed dollar amount at regular intervals. The price when you first invest is relatively unimportant (as long as the fundamentals are sound) because you will be purchasing shares at a different price each time you buy. The success of your investment then lies not with short-term fluctuations, but with the long-term movement of the value of the security. Selling: There comes a time when investments must be liquidated and converted back into cash. In a perfect world, selling would only be necessary when investment goals have been reached or time horizons have expired, but, in reality, decisions about selling can be much more difficult. For one thing, it can be just as hard to decide when to sell as it can be to decide when to buy. No one wishes to miss out on gains by selling too soon, but, at the same time, no one wishes to watch an investment peak in value and then begin to decline. Investors often seek to sell investments that have dropped in value in the short-term. However, if conditions have not changed significantly, drops in price may actually represent an opportunity to buy at a better price. If the initial research, which led to the purchase, was sound, a temporary decline does not preclude the success that was originally predicted. Of course, things change, and if the security no longer meets the criteria that led to its purchase, selling may in fact be the best option. Selling may also become necessary if investment goals change over time. You may need to reduce the amount of risk in your portfolio or you may have the opportunity to seek out greater returns. Additionally, a security may have increased in value to the point that it is overvalued. This creates an excellent opportunity to cash in and seek out new undervalued investments. Often you will need to make this type of sale in the course of rebalancing a portfolio necessitated by gains and losses in different areas. Selling can be especially difficult when an under performing stock must be dumped. Some investors let their emotions dictate their actions and hold on to stocks that have fallen in value rather than to sell, thinking that selling at a loss is like admitting that they made a mistake. However, realizing the loss and moving on to better investments is often preferable to continuing to hold onto a loser in the hopes that it will somehow rebound. When considering any sale, you must factor in the costs of the sale itself. Fees and taxes will eat into profits, so they must be subtracted from any increases in value to understand the true impact of the transaction. Capital gains taxes are higher for gains on investments held less than one year, so its often wise to invest for the long term rather than to buy and sell quickly. On the other hand, it can be dangerous to hold an investment longer than you want to, simply to reduce the tax burden. It is essential to remember that just because an investment increases in value after it has been sold does not necessarily mean that it was sold prematurely. Managing risk and diversification are often more important than capitalizing on short-term gains in a particular security. Keeping in mind the initial goals for the investment and adjusting them to fit your present goals will allow you to make smarter decisions about selling. Principles of Investing 1. Start Investing Now We say this not just to discourage procrastination, but because an early start can make all the difference. In general, every six years you wait doubles the required monthly savings to reach the same level of retirement income. Another motivational statistic: If you contributed some amount each month for the next nine years, and then nothing afterwards, or if you contributed nothing for the first nine years, then contributed the same amount each month for the next 41 years, you would have about the same amount. Compounding is a beautiful thing. 2. Know Yourself The right course of action depends on your current situation, your future goals, and your personality. If you dont take a close look at these, and make them explicit, you might be headed in the wrong direction. Current Situation: How healthy are you, financially? Whats your net worth right now? Whats your monthly income? What are your expenses (and where could they be reduced)? How much debt are you carrying? At what rate of interest? How much are you saving? How are you investing it? What are your returns? What are your expenses? Goals: What are your financial goals? How much will you need to achieve them? Are you on the right track? Risk Tolerance: How much risk are you willing and able to accept in pursuit of your objectives? The appropriate level of risk is determined by your personality, age, job security, health, net worth, amount of cash you have to cover emergencies, and the length of your investing horizon. 3. Get Your Financial House In Order Even though investing may be more fun than personal finance, it makes more sense to get started on them in the reverse order. If you dont know where the money goes each month, you shouldnt be thinking about investing yet. Tracking your spending habits is the first step toward improving them. If youre carrying debt at a high rate of interest (especially credit card debt), you should unburden yourself before you begin investing. If you dont know how much you save each month and how much youll need to save to reach your goals, theres no way to know what investments are right for you. If youve transitioned from a debt situation to paycheck-to-paycheck situation to a saving some money every month situation, youre ready to begin investing what you save. You should start by amassing enough to cover three to six months of expenses, and keep this money in a very safe investment like a money market account, so youre prepared in the event of an emergency. Once youve saved up this emergency reserve, you can progress to higher risk (and higher return) investments: bonds for money that you expect to need in the next few years, and stocks or stock mutual funds for the rest. Use dollar cost averaging, by investing about the same amount each month. This is always a good idea, but even more so with the dramatic fluctuations in the market in the past 10 years. Dollar cost averaging will make it easier to stomach the inevitable dips. And remember; never invest in anything you dont understand. 4. Develop A Long Term Plan Now that you know your current situation, goals, and personality, you should have a pretty good idea of what your long-term plan should be. It should detail where the money will go: cars, houses, college, and retirement. It should also detail where the money will come from. Hopefully the numbers will be about the same. Dont try to time the market. Get in and stay in. We dont know what direction the next 10% move will be, but we do know what direction the next100% move will be. Review your plan periodically, and whenever your needs or circumstances change. If you are not confident that your plan makes sense, talk to an investment advisor or someone you trust. 5. Buy Stocks Now that youve got a long term view, you can more safely invest in riskier investments, which the market rewards (in general). This requires patience and discipline, but it increases returns. This approach reduces the entire universe of investment vehicles to two choices: stocks and stock mutual funds. In the long run, theyre the winners: In this century, stocks beat bonds 8 out of 9 decades, and theyre well in the lead again. According to Ibbotsons Stocks, Bonds, Bills and Inflation 1995 Yearbook, here are the average annual returns from 1926 to 1994 (before inflation): Stocks: 10.2% (and small company stocks were 12.1%) Intermediate term treasury bonds: 5.1% 30-day T-bills: 3.7% But is it really worth the additional risk just for a few percentage points? The answer is yes. 10% a year for 20 years is 570%, but 7% a year for 20 years is only 280%. Compounding is Gods gift to long-term planners. If you buy outstanding companies, and hold them through the markets gyrations, you will be rewarded. If you arent good at selecting stocks, select some mutual funds. If you arent good at selecting mutual funds, go with an index fund (like the Vanguard SP 500). 6. Investigate Before You Invest Always do your homework. The more you know, the better off you are. This requires that you keep learning, and pay attention to events that might affect you. Understand personal finance matters that could affect you (for example, proposed tax changes). Understand how each of your investments fits in with the rest of your portfolio and with your overall strategy. Understand the risks associated with each investment. Gather unbiased, objective information. Get a second opinion, a third opinion, etc. Be cautious when evaluating the advice of anyone with a vested interest. If youre going to invest in stocks, learn as much as you can about the companies youre considering. Understand before you invest. Research, research, Read books. Consider joining an investment club or an organization like the American Association of Individual Investors. Experiment with various strategies before you put your own money on the line. Examine historical data or participate in a stock market simulation. Try a momentum portfolio, a technical analysis portfolio, a bottom fisher portfolio, a dividend portfolio, a price/earnings growth portfolio, an intuition portfolio, a mega trends portfolio, and any others you think of. In the process youll find out which ones work best for you. Learn from your own mistakes, and learn from the mistakes of others. If you dont have time for all this work consider mutual funds, especially index funds. 7. Develop the Right Attitude The following personality traits will help you achieve financial success: Discipline: Develop a plan, and stick with it. As you continue to learn, youll become more confident that youre on the right track. Alter your asset allocation based on changes in your personal situation, not because of some short-term market fluctuation. Confidence: Let your intelligence, not your emotions; make your decisions for you. Understand that you will make mistakes and take losses; even the best investors do. Re-evaluate your strategy from time to time, but dont second-guess it. Patience: Dont let your emotions be ruled by todays performance. In most cases, you shouldnt even be watching the day-to-day performance, unless you like to. Also, dont ever feel like its now or never. Dont be pressured into an investment you dont yet understand or feel comfortable with. The following personality traits will hurt your chances of financial success: Fear: If you are unwilling to take any risk, you will be stuck with investments that barely beat inflation. Greed: As an investment class, get rich quick schemes have the worst returns. If your expectations are unrealistically high, youll go for the big scores, which usually dont work. It is generally a good idea to avoid making financial decisions based on emotional factors. 8. Get Help If You Need It The do-it-yourself approach isnt for everyone. If you try it and its not working, or youre afraid to try it at all, or you just dont have the time or desire, theres nothing wrong with seeking professional assistance. If you want others to handle your financial affairs for you, you will nevertheless want to remain involved to some degree, to make sure your money is being spent wisely. Initial Public Offerings Initial Public Offerings (IPOs) are the first time a company sells its stock to the public. Sometimes IPOs are associated with huge first-day gains; other times, when the market is cold, they flop. Its often difficult for an individual investor to realize the huge gains, since in most cases only institutional investors have access to the stock at the offering price. By the time the general public can trade the stock, most of its first-day gains have already been made. However, a savvy and informed investor should still watch the IPO market, because this is the first opportunity to buy these stocks. Reasons for an IPO When a privately held corporation needs to raise additional capital, it can either take on debt or sell partial ownership. If the corporation chooses to sell ownership to the public, it engages in an IPO. Corporations choose to go public instead of issuing debt securities for several reasons. The most common reason is that capital raised through an IPO does not have to be repaid, whereas debt securities such as bonds must be repaid with interest. Despite this apparent benefit, there are also many drawbacks to an IPO. A large drawback to going public is that the current owners of the privately held corporation lose a part of their ownership. Corporations weigh the costs and benefits of an IPO carefully before performing an IPO. Going Public If a corporation decides that it is going to perform an IPO, it will first hire an investment bank to facilitate the sale of its shares to the public. This process is commonly called underwriting; the banks role as the underwriter varies according to the method of underwriting agreed upon, but its primary function remains the same. In accordance with the Securities Act of 1933, the corporation will file a registration statement with the Securities and Exchange Commission (SEC). The registration statement must fully disclose all material information to the SEC, including a description of the corporation, detailed financial statements, biographical information on insiders, and the number of shares owned by each insider. After filing, the corporation must wait for the SEC to investigate the registration statement and approve of the full disclosure. During this period while the SEC investigates the corporations filings, the underwriter will try to increase demand for the corporations stock. Many investment banks will print tombstone advertisements that offer bare-bones information to prospective investors. The underwriter will also issue a preliminary prospectus, or red herring, to potential investors. These red herrings include much of the information contained in the registration statement, but are incomplete and subject to change. An official summary of the corporation, or prospectus, must be issued either before or along with the actual stock offering. After the SEC approves of the corporations full disclosure, the corporation and the underwriter decide on the price and date of the IPO; the IPO is then conducted on the determined date. IPOs are sometimes postponed or even withdrawn in poor market conditions. Performance The aftermarket performance of an IPO is how the stock price behaves after the day of its offering on the secondary market (such as the NYSE or the NASDAQ). Investors can use this information to judge the likelihood that an IPO in a specific industry or from a specific lead underwriter will perform well in the days (or months) following its offering. The first-day gains of some IPOs have made investors all too aware of the money to be had in IPO investing. Unfortunately, for the small individual investor, realizing those much-publicized gains is nearly impossible. The crux of the problem is that individual investors are just too small to get in on the IPO market before the jump. Those large first-day returns are made over the offering price of the stock, at which only large, institutional investors can buy in. The system is one o

Indian Culture And How It Translates to America Essay -- Culture

India is a captivating country full of humble traditions, lively festivals, and honest beliefs. With over 2 billion people, India has a vast array of religions and languages with Hindi being the most popular. The Hindu culture is a culture of love, respect, honoring others and humbling one's own ego so that the inner nature, which is naturally pure and modest, will shine forth (Mailerindia Infotek Limited). Hindi is a kind and peaceful religion. It is only fitting to combine a temperate religion with a humble society of people. Indians were raised to treat their elders with respect and to always be humble to guests. Strangers will great you with the utmost benevolence and friends will invite you into their home and make sure you are treated like royalty. However, once families have decided to immigrate to America, these traditions and customs can become endangered. People of all different religions and races find that America is the best place to immigrate to so they can earn a better education and more money for their hard work. Indians are among the most educated and wealthiest subgroups in America so most don’t have a hard time finding jobs and earning good pay. In a study of the impact of emigration from India, Mihir Desai of Harvard University found that 1 million Indians lived in the United States in 2001 (Gerdes 14). Since 2001, there have been reports that this number has more than doubled though still the majority of all Indians practice Hinduism. Hinduism is the practice of worshipers who continuously strive to be liberated from evil spirits while practicing the worship of deities. Hinduism refers to a vast array of religious movements. Unlike religions â€Å"of the book,† there is no single authoritative text and no re... ... Immigrant Soul.† Writing On The River, Ed. Jessica Portz. Second Edition Boston: McGraw-Hill, 2009. 112. The quote that I chose from this story helped me to prove that all morals and beliefs are endangered when you move into a different environment that you aren’t use to. Rishi. â€Å"The Meaning Of Culture.† Mailerindia.com. Mailerindia Infotek Limited. MAILERINDIA.COM. , n.d., 2 April 2012. . This website gave me a really good quote to use in my essay pertaining to the genuine nature of the Hindi culture. Williams, Amy and DePaul, Amy. â€Å"The Rise Of Arranged Marriage In America.† AlterNet. n.p. 9 August 2008. Web. 3 April 2012. â€Å"The Rise Of Arranged Marriage In America† was an interesting article in which I obtained valid points on how arranged marriages can be beneficial within specific cultures.

Vivid Images of Character and Place in the Opening Chapter To Dickens

Vivid Images of Character and Place in the Opening Chapter To Dickens' Great Expectations The opening chapter to Great Expectations introduces Pip who is the main protagonist in the story. He is an orphan and lives with his sister Mrs Joe Gargery and her husband who is a blacksmith. The story is set in the graveyard in the time of the Industrial Revolution. In the opening chapter we also see Pip being introduced to a convict who is very poor but very rude to the child. The convict threatens Pip and warns him that if he does not get any food for him, he will be in serious trouble. In the opening chapter we see Charles Dickens (the author) use a range of different language techniques that builds the readers minds about the character and the setting of the story. He uses metaphors and describing words as well as the 1st person view from Pip. The first paragraph tells the readers that the main protagonist tells the story. Pip talks about his images of the family and his views when he sees them in their tombstones. Charles Dickens make the readers feel sorry for Pip through his view on them. ' My first fancies regarding what they were like were unreasonably derived from their tombstones.' This quote shows that Pip can only remember his family through death and his childhood life was very sad. Dickens also uses an important metaphor in the same paragraph that also reflects on the sad childhood that Pip had. 'To five little stone lozenges each about one and a half foot long'. This quote causes the readers to feel more sympathised for Pip. This quote also links to the graveyard where the story is set. Before Pip meets ... ...e aware that he is violent as well as an aggressive man. The adjectives that Dickens uses on the convict also makes the readers believe that the character is well suited to being horrible. In the opening chapter Dickens has used a variety of different language devices in order to make this compelling novel. One good example is the use of the extended metaphor in the second paragraph which relates to us feeling sorry for Pip. Colour is another factor to how it is a compelling novel because it is referring to the setting as well as the convict. The exaggeration speech and repetition that the convict uses on pip to show control is also showing the different types of language that has been used. The examples of the different types of language being used has clearly shown that Dickens has made the story enthralling.

Brooks, Gwendolyn Essay -- Essays Papers

Brooks, Gwendolyn Poet, writer. Born June 7, 1917, in Topeka, Kansas. Throughout most of the twentieth century, Gwendolyn Brooks was a lyrical chronicler of the black urban experience in America. In 1950, she became the first African-American poet to win the Pulitzer Prize. Brooks grew up on the South Side of Chicago, Illinois. She began writing poetry as a young girl, and by the age of 16 had begun publishing her poems regularly in The Chicago Defender. She attended the Woodrow Wilson Junior College in Chicago before marrying a fellow writer, Henry L. Blakely, in 1939. The couple lived together in Chicago, divorcing in 1969 but reuniting in 1973. They had two children, Nora Brooks Blakely and Henry Blakely Jr. Brooks earned a good deal of critical attention in 1945 with the publication of her first anthology of poetry, A Street in Bronzeville. (â€Å"Bronzeville† was Brooks’ name for the predominately African-American South Side of Chicago.) Over the next several years, Brooks won a grant from the American Academy of Arts and Letters and several fellowships from the Guggenheim Foundation. She published her second volume of verse, Annie Allen, in 1949. The book, which followed a Bronzeville girl throughout the stages of her life, was written in a loose, experimental form that Brooks called the â€Å"sonnet-ballad.† Annie Allen won the Pulitzer Prize the following year, catapulting Brooks to a whole new level of literary and popular acclaim. A novel, Maud Martha (1953),...

Biology 2160: Test Questions

Question 1 5 out of 5 points The nutrients fall into ______ classes Answer Selected Answer: 3. 6 Correct Answer: 3. 6 †¢Question 2 5 out of 5 points The most energy-rich of the nutrients is: Answer Selected Answer: 2. fat Correct Answer: 2. fat †¢Question 3 5 out of 5 points All of the following nutrients are organic EXCEPT: Answer Selected Answer: 1. minerals Correct Answer: 1. minerals †¢Question 4 0 out of 5 points Effects of physical activity on the body include all of the following EXCEPT: Answer Selected Answer: 5. all of the following are effects of physical activity Correct Answer: 1. decreased bone density Question 5 5 out of 5 points Carbohydrate and protein each contain __ calories in a gram. Answer Selected Answer: 2. 4 Correct Answer: 2. 4 †¢Question 6 5 out of 5 points The abundance of types of foods today has made it: Answer Selected Answer: 1. more difficult to plan a nutritious diet Correct Answer: 1. more difficult to plan a nutritious diet †¢Question 7 5 out of 5 points Your family always has rice available at every meal, just as it has been for every generation. This is an example of ____ of food selection. AnswerSelected Answer: 1. cultural tradition Correct Answer: 1. cultural tradition †¢Question 8 5 out of 5 pointsA study conducted in several countries where a high intake of fish and a low intake of animal fat were correlated with a low rate of breast cancer death is an example of a(n): Answer Selected Answer: 1. epidemiological study Correct Answer: 1. epidemiological study †¢Question 9 0 out of 5 points Scientists have developed a new type of margarine containing plant ingredients they think will lower blood cholesterol levels in people who use the margarine. They want to test this by having some people use the new margarine for a while and then compare their cholesterol levels with those of a group of people who use regular margarine.This is an example of what type of research design? Answer Selected Answer: 4. laboratory study Correct Answer: 3. intervention study †¢Question 10 5 out of 5 points The main purpose of the national research projects, the National Health and Nutrition Examination Surveys (NHANES) and the Continuing Survey of Food Intakes by Individuals (CSFII), is to: Answer Selected Answer: 2. determine what the nutrient and dietary intakes of the population in our country are Correct Answer: 2. determine what the nutrient and dietary intakes of the population in our country are

Supportive Work Culture

Need for supportive work culture – Gaming Industry Ravi Shankar Jayaman Today we have so many video games releasing every week. Most of the video games today bring in as much revenue as a Hollywood movie (reference needed). What was once considered a niche industry, thanks to various technological advancements, is no longer a niche industry. We have video games releasing for different age groups. Like movies, we have different flavours of games. We have dance games, party games, racing games, shooting games etc. Today, there really is a video game for everyone An introduction to video gamesIn 1958, William Higginbotham, a nuclear physicist, created what is now known as the very first video game – ‘Tennis for Two’ (reference). It was a two player tennis game played with two controllers. ‘Tennis for Two’ was meant for a small audience and was never seen as something people could make money from. This particular game was the inspiration to the fir st successful video game ever created ‘Pong’. ‘Pong’ was an arcade game that released in 1972. Pong’s success made people see gaming as a means of business and thus the gaming industry started. Today we have so many video games releasing every week.There are many different game consoles – ones that can be played at home and ones that are portable. We can also play video games on PC, tablets etcfor example (don’t use â€Å"etc† in a paper). Even the mobile phones we use every day can be used to play video games. All these factors have made the gaming industry a multibillion dollar industry. Today the gaming industry is worth more than the music industry and even Hollywood (reference). A new video game that is released today has a good chance to earn as much as a Hollywood movie would. In fact in more than a few cases a successful video game would make more money than most of theRavi Shankar Jayaraman 211586823 Page 1 movies ever w ould. For example, the video game Call of Duty: Black Ops totaled in at $1 billion worldwide within the first 42 days of its release (reference). Video games have always been something that people associated with fun. People see video games as a means of entertainment especially when they are with family and friends. Video games are good stress busters and can help keep people’s minds at ease. Video games are very helpful even in educational institutions. In fact a few gamers were able to break the AIDS enzyme puzzle that has been troubling scientists for decades (reference).All these factors bode well with the booming gaming industry. Video games today can be both fun and educational. History of video game companies Nolan Bushnell and Ted Dabney are credited with establishing the very first video game company (reference). They created Atari Inc. in 1972. In 1972, Video games were relatively unknown. So, it was a very bold move by Bushnell and Dabney to venture into the unkno wn. Atari’s Pong was very successful and thus people started venturing into the video game industry. Today’s gaming companies are very different from the ones in the past.There are people working on video games almost throughout around the clock to meet the various strict deadlines. This is a lot of pressure on the video game developers to get their product out on to the market. We all know that video games are so much fun to play and are a great means of entertainment, but are they as much fun to make? Comment [JBC1]: Be careful of sweeping statements. Some people may not find video games fun. Gamers tend to be young and male. The Ugly side of gaming – Work culture in Video game companies The organizational structure in a video game industry is a network organization.Video game companies are virtual organizations in a network organizational structure. The video game console makers make the consoles and usually let the video game companies make games. There are companies that make Ravi Shankar Jayaraman 211586823 Page 2 exclusive games for only one of the platforms and there are companies that make games for all the platforms available. Irrespective of the kind of video game Company, such is the video game industry these days that every video game company has to be continuously releasing great games.All the companies compete among themselves to attract the ever growing number of people who are buying video games. Working in such a competitive industry can be challenging for anyone. The kind of work people do in the video game industry is not your regular 9 to 5 kind of work. This industry requires people to put in a lot of work hours. Sometimes at a level that is unsustainable and destructive. This could lead to employee burnout. Employee burnouts are quite common in the video game industry. The term crunch time is used pretty extensively in the video game industry.Crunch time can be defined as the point at which a team is failing to meet its deadlines and milestones which could affect the launch of a video game. The complex nature of video games these days makes it tough to predict when one can achieve a milestone or a deadline. During crunch time situations the video game company exerts pressure on its employees to put in more effort. The sad part is that in a few cases people are not paid for this overtime. There was even a lawsuit filed against Electronic Arts because of the company’s push to make employees work for longer hours (reference).Working for so long can not only make an employee tired, but also affect the employee psychologically. The mental stress involved could have a really bad effect on the employee’s health. Aggressive work schedules and strict deadlines are something that leads to mental stress on an employee. The companies can be too demanding at times and may cross the line by making an employee work more than what he/she was/is supposed to. The necessity of proper work culture an d regulations to keep these kinds of adverse working conditions in check is really necessary. Ravi Shankar Jayaraman 211586823Page 3 Team Bondage – The story behind the demise of Team Bondi Team Bondi was an Australian game developer that developed video games for all the video game consoles available in market today. The company was founded by Brendan McNamara, an ex-big gun from Sony, who had had vast experience in making video games (reference). McNamara was very successful with Sony and had made a number of hit games such as The Getaway. So, when McNamara founded Team Bondi in 2003, everyone believed that the company was destined for success. Team Bondi’s first game was announced in 2004 as L.A Noire. Sony had first dibs on this video game and worked out a deal for L. A Noire to be published by Sony. This meant that the game was exclusive for Sony’s Playstation 3. The game was expected to release in 2006-2007. In September 2006 news broke out that Sony has m oved away from the deal of publishing the game. Rockstar took over from Sony and the game was expected to release in 2008. This was the first sign of things not being ‘OK’ with Team Bondi. There were then multiple delays and the game finally released in 2011, seven years after it was announced.The game got rave reviews from critics and gamers alike. It was a commercial hit and everyone thought that Team Bondi was destined for more success. Sadly, in October 2011 news broke out that Team Bondi has closed down. It was not clear why, even after a very successful debut game, would the company close down. All the happenings during the development of L. A Noire were then revealed and the reason behind Team Bondi’s closure became clearer. After the game’s release former staff of Team Bondi came out to reveal the disastrous work conditions while developing L. A Noire.It came to be known that Team Bondi was making its employees work overtime because of crunch. Thes e overtime hours were not accounted for in the pay and there was extensive mental stress on the employees at Team Bondi. The former staff also questioned McNamara’s leadership. The former staff revealed that McNamara was a very angry person and also cited occasions when he shouted at employees. This style of leadership put off many people and many people quit. A Comment [JBC2]: Be explicit to be clear about his position at Sony. Ravi Shankar Jayaraman 211586823 Page 4 ew people were apparently so put off by McNamara’s leadership style that they vowed never to return to game industry again. Even Rockstar, the publisher of L. A Noire, cut ties with Team Bondi citing poor leadership/management skills of McNamara. The disastrous work conditions and leadership style led to the demise of Team Bondi. The story behind EA lawsuits Electronic Arts (EA) are one of the biggest game developers in the world with revenues of over $3 billion (reference). EA are credited with a great r ecord of releasing highly successful video games for over twenty years.In 2004 a blog showed up on the internet by someone named ‘ea_Spouse’. This blog explained how EA treated their employees. The blog highlighted mainly about the work culture followed in EA at that time. The blog said that employees were asked to work extensively for 12-14 hours six days a week and at times even seven days a week. The employees were reportedly given the occasional Saturday evening off for ‘good behaviour’. Employees were reportedly made to work up to 100 hours a week on a few occasions. All these overtime work done by employees were not accounted for.EA did not pay the employees for overtime. This forced the employees to file a lawsuit against EA (reference). The employees of EA successfully won this lawsuit. This particular lawsuit was a revolution of sorts and ensured that people in the gaming industry were paid on an hourly basis. Since this lawsuit hit EA very hard, E A were quick to take some positive steps to ensuring that no such events happen again. EA has taken steps to positively address work-life balance concerns. EA focused on long term planning, employee compensation and communication to improve work-life balance concerns.EA did an overhaul of its Human resource policies to make EA a better place to work in. John Riccitiello was appointed CEO of EA in February 2007 and he ensured that EA were serious about keeping the work culture good within EA. Ravi Shankar Jayaraman 211586823 Page 5 Importance of good work culture In these turbulent economic times, a lot is expected from the employees. An employee maybe required to put in the extra hours to get things done. An employee will be willing to put those extra hours only when the management recognizes the effort put by the employee. An employee will be more ommitted and motivated to his work when the management ensures a good supportive work culture within the organization. A good work cultu re keeps an employee more engaged to his work. A good work culture keeps the employee satisfied. A satisfied employee will in turn bring in more productivity and thus the organization is benefitted. Adding to the reasons above, a few other reasons on how a good supportive work culture helps the organization are listed below: 1. It retains talent: When an employee is satisfied with the work culture in an organization, he or she is very likely to continue working in the organization.When the employee is kept satisfied there is no reason for the employee to move out. 2. It attracts talent: A prospective employee looks at the work culture closely when assessing an organization. An employee usually looks for a change when the work culture in not that great. So, the company with a good work culture will be pretty high on the list for people looking for a change. 3. It creates synergy: A strong supportive work culture brings people together. When people can communicate with each other easi ly, everyone gets to know each other well. This brings the people together.When people communicate with each other well it improves the productivity of the employees. 4. It creates energy: Ravi Shankar Jayaraman 211586823 Page 6 When the culture shows that people are valued by the organization, it creates a lot of good energy in the organization. In such an organization people can express themselves and this creates a lot of positive energy. 5. It changes the view of work The word ‘work’ in itself does not mean anything fun. It means that one has to do certain things. This understanding of the meaning of ‘work’ can be changed if an organization has a good culture.When an organization takes an effort to have a good culture, work would become more fun and an employee would have fun doing it. 6. It makes everyone successful: Everything discussed above helps not only the employee but also the organization. A good work culture keeps an employee more engaged and more motivated to do his or her work. An employee will thus get more productive. This in turn helps the organization. This is a win-win for both employees and organization. In a very demanding industry such as the video game industry we can see how a good work culture helps.In such an industry the company plays a very important role to help keep the employee morale high. When a company follows a good culture, all the points mentioned above become valid. The organization would benefit in the long run. In fact having a good work culture can become a competitive advantage. Comment [JBC4]: A good work culture is more likely or has the potential to engage employees but it’s not a sure thing. Same comment regarding productivity. Comment [JBC3]: Another sweeping statement. Some people find work fun. Importance of employee satisfaction An unhappy employee is very bad for an organization.The employee will not be able to perform his tasks at his or her full potential level. This may in turn affect the quality of the product. So, it is very Ravi Shankar Jayaraman 211586823 Page 7 important to keep an employee satisfied especially in a very chaotic industry such as gaming. A happy and a satisfied employee will always give you a better result. The various factors affecting employee satisfaction are: Comment [JBC5]: Not necessarily. A happy and satisfied employee does not always relate to productivity, for example, they could be happy, satisfied and lazy or poor at their job. . Job Security: This is probably the most important factor affecting employee satisfaction. There is always consistent pressure on employees of a video game company to do well.The video game industry is a hit and miss industry. When a game does well commercially the companies reap benefits but when a game does not do that well the company gets a beating. So, job security is always on top of almost every employee’s mind. When a company can give proper assurances to their employees, the emp loyees are bound to be happy and perform well. 2. Compensation and Benefits: This factor is a no rainer. Everyone wants more money and benefits and the company that gives their employees these benefits and pay are more likely to keep their employees satisfied. 3. Relationship with supervisor: The relationship between an employee and his or her immediate supervisor is very key to understand whether an employee is satisfied or not. The supervisor plays a very important role in keeping an employee satisfied. 4. The work itself: The work itself needs to be fun and engaging for an employee. A company that has a good work culture can ensure that the work is a lot of fun.As long as an employee is happy doing his or her work the employee is satisfied. Ravi Shankar Jayaraman 211586823 Page 8 There is a connection between work culture and employee satisfaction. A very good work culture can keep an employee satisfied. A satisfied employee is a boon to an organization. The productivity of the e mployee improves. This means that the quality of output will be pretty good. Isn’t that what every company wants? The way forward for video game companies There is no denying that the video game industry is a very challenging and demanding industry.There will be times when people will have to put in a lot of hours to get a game ready. These extra hours can be very intimidating for employees. Video game companies can make sure that these extra hours put by employees are not seen as a negative. The onus is on the video game companies to make sure that the work environment is more fun. Good Human resources management and supportive work culture can ensure the workplace to be more fun. The companies will then leave very little for employees to worry about. There are video game companies who have successfully done this. These companies have released great products too.These companies are proof to the fact that there is no tradeoff between good product and work culture/employee sat isfaction. Two such companies are listed below: Insomniac Games: Insomniac games are an independent video game developer located in Burbank, California. They have been making video games ever since 1994 (reference). This company has consistently been ranked as a great place to work in. As recently as October 2011, entrepreneur rates Insomniac as the 16th best place to work in. Entrepreneur has highlighted the workplaces practices at Insomniac games. 2K Studios Australia Ravi Shankar Jayaraman 211586823Page 9 It was initially called irrational games. This is a very small video game company that has been doing well financially and also in maintaining a good work culture at work place. Small studios are very vulnerable in a competitive industry and this studio has survived the competition. They released Bioshock in 2007 and this was the biggest game to release in 2007. The company is widely recognized as one of the most innovative development studios in the world. After looking at all the stories in the video game industry, we can come to a conclusion that video game industry is a pretty unique industry.It is a great mix of technology and entertainment, but at the same time it is a very challenging industry. Playing video games can be so much fun, but the making of video games is almost never as much fun. Aggressive work schedules, strict deadlines and mental stress can make jobs in this industry very demanding. In such an industry good work culture is a necessity. A great supportive work culture can keep an employee satisfied and improve employee productivity. With a good work culture in place the employee can excel and be on top of his or her ‘game’ (no pun intended). Ravi Shankar Jayaraman 211586823Page 10 References David Hinkle. (2011, July 5). Report: Game Industry worth $74 billion in 2011. Retrieved from: http://www. joystiq. com/2011/07/05/report-game-industry-worth-74-billion-in-2011/ Don Reisinger. (2010, December 21). Call of Duty Black O ps hits $1 billion milestone. Retrieved from: http://news. cnet. com/8301-13506_3-20026321-17. html CBC News. (2006, October 19). Video games can reshape education: U. S Scientists. Retrieved from: http://www. cbc. ca/news/technology/story/2006/10/19/videogames-education. html Medical News. (2011, September 20). Gamers crack AIDS puzzle.Retrieved from: http://www. medicalnewstoday. com/articles/234664. php Ea_spouse. (2004, November 10). EA: The Human Story. Retrieved from:http://easpouse. livejournal. com/274. html Simon Carless. (2004, November 11). ‘EA Spouse’ weblog Raises Issues On Game Development Quality Of Life. Retrieved from: http://www. gamasutra. com/php-bin/news_index. php? story=4543 Kristan Reed. (2004, February 20). Team Bondi – The First interview. Retrieved from: http://www. eurogamer. net/articles/i_teambondi Brendan Sinclair. (2006, September 25). Rockstar gets L. A Noire. Retrieved from: http://uk. gamespot. om/ps3/adventure/l-a-noire/news/61 58595/rockstar-gets-la-noire Nathan Brown. (2011, October 5). Team bondi to close. Retrieved from: Ravi Shankar Jayaraman 211586823 Page 11 Comment [JBC6]: All these references needed to be embedded in the paper. http://www. next-gen. biz/news/team-bondi-close Ben Maxwell. (2011, june 27). Former Team Bondi staff reveal troubled LA Noire development. Retrieved from: http://www. next-gen. biz/news/former-team-bondi-staff-reveal-troubled-la-noiredevelopment Nathan Brown. (2011, July 5). Report: Rockstar washes hands of Team Bondi. Retrieved from: http://www. next-gen. iz/news/report-rockstar-washes-hands-team-bondi Curt Feldman. (2004, November 11). Employees readying class-action lawsuit against EA. Retrieved from: http://www. gamespot. com/news/employees-readying-class-action-lawsuit-against-ea6112998 David Jenkins. (2006, April 26). Programmers win EA overtime settlement, EA_Spouse revealed. Retrieved from: http://www. gamasutra. com/php-bin/news_index. php? story=9051 Michael McWh ertor. (2008, April 7). EA employees Now Pleased As Punch To Be Working At EA. Retrieved from: http://kotaku. com/377116/ea-employees-now-pleased-as-punch-to-be-working-at-e