Thursday, October 17, 2019
Law of Intellectual Property Essay Example | Topics and Well Written Essays - 2000 words
Law of Intellectual Property - Essay Example The First step is to carry out a search in the Trade Marks Registry data base at http://www.ipo.gov.uk/tmtext or European database at http://tmview.europa.eu/tmview/welcome.html for possible prior conflicting uses of Desir or similar words already registered. The search results are furnished in the annexure 1. Among the 37 items revealed in the search results were also â€Å"Desir†and similar sounding â€Å"Desire â€Å" and â€Å"Dezir†though under different classes. Out of 45 classes of items, perfume was not found. Class 1 was Chemicals. On further search for perfume, results showed that â€Å"perfume†fell under the Nice class 3. And the similar sounding â€Å"desire†has been registered in class Nice 3. The word â€Å"desir†has been registered under Nice class 30 which is for â€Å"foodstuffs†. The question is whether â€Å"desir†is registrable under the above circumstances. There are as many as five sections in the Trade Ma rks Act 1994 under which a trade mark can be refused to be registered. Relevant section for the present purpose is section 5 which states as follows. Section 5 (1) prohibits registration of a trade mark if an identical trade mark has been already registered as goods or service. Section 5 (2) (a) prohibits registration of a trade mark if a similar trade mark has been already registered. ... Section 5 (4) prohibits registration of a trade mark if it could not be registered by any rule of law such as â€Å"law of passing off†. The last section 6 however provides for registration of an already registered trade mark if the proprietor of the earlier trade mark gives his consent to the registration (Legislation.gov.uk, 1994, p. 11). In view of the above provisions, trade mark in the name of â€Å"Desir†may be refused since the name already falls under food stuffs. A similar or identical trademark can be refused as it would cause confusion and the public are likely to mistake it for food stuff. A perfume being mistaken for foodstuff could result in disastrous consequences. Even if the owner of the existing trade mark consents, the registry may in public interest ask the applicant to make changes in the word â€Å"desir†in order to avoid possible future complications. If at all, the applicant gets the approval of the name, olfactory description of the per fume needs to be clarified. The description sought to be registered is â€Å"spice with a touch of citrus lemon†. In this connection, the case law Eden SARL v Office for Harmonisation in the Internal Market ( Trade Marks and Designs ) (OHIM) (2005) says that it can be an absolute ground for refusal if olfactory description cannot be represented graphically as per article 7 (1) (a) of Regulation (EC) No 40/94. The article states that a trade mark if not visually perceivable should at least be capable of being graphically represented by way of clear, precise, easily accessible, intelligible, ,durable, and self contained images, line, and characters. The olfactory description â€Å"smell of ripe straw berries†of the applicant in the above case not has been
Silver and gold Research Paper Example | Topics and Well Written Essays - 2500 words
Silver and gold - Research Paper Example This paper seeks to analyze the historical background of silver and gold, their ancient and modern uses, the manufacturing process, the impact the materials have on the environment, their cultural significance, and future innovations on the usage of the metals. Silver History of Silver The first major silver mines were discovered in Anatolia, which is the modern day Turkey, in 3000 BC. In the 1st Century AD, Spain became a key silver producer due to Roman discoveries. In early 1500s huge silver deposits were found in Bolivia, Peru, and Mexico which enriched the Spanish empire for a period of 300 years. In the period 1500 to 1875 about 1.5 billion ounces of silver were mined in Mexico with a large percentage mined in the 1700s. In the 1700s, silver became the backbone of Spanish Empire and 1 billion ounces was mined in the Veta Madre in Mexico. 1857 saw the state of Nevada adopting Silver mining as a major industry when Comstock Lode was found in Nevada. Nevada became to be known as t he silver state because of the silver mining. From 1857 to 1877, Comstock produced gold and silver of an approximate value of 400 million US dollars which could have been worth about 500 Billion US dollars in the modern days. There was a 50 percent increase in the global yield of Silver between 1900 and 1920. This amounted to about 190 million troy ounces per year and discoveries were made in other countries such as the United States and Canada. From 1921 to present improved techniques has led to separation of Silver from Zinc, copper and lead. This has led to an increase in production of Silver and its usage. Silver was among the first metals known to man. The other metal is gold. The ancient population valued Silver because of its white color, brilliant luster, non-corrodibility nature and it was relatively easy to work with. Today, silver still stands out as one of the most valued metals because of the above properties but several other characteristics have changed the trend of s ilver usage from being merely monetary and decorative metal to being predominantly an industrial metal. Usage of Silver Silver is a soft, malleable and the most ductile among the metals. These properties have led to it being fabricated into personal adornment items and decorative items of various types. Hence, chain necklaces, neck rings, silver bracelets, and other jewelry items were developed as from ancient times. In the later days, silver was used to make decorative things such as handles for swords and daggers and later when approaching the modern times it was fashioned into eating utensils and various tableware items. The industrial usage of silver arose in the 19th and 20th centuries. The following section illustrates the chronological account for the usage of silver. In the 1820s, silver and silver salts became major component for the development of photography. Since the late 1830s, silver has been used in the manufacture of silver-mercury amalgams that are used for restori ng teeth. In the third millennium BC the Egyptians made mirrors of polished silver while â€Å"silvering†of mirrors with metals such as mercury, tin and lead was adopted in Europe before Renaissance period. In 1835, Justus von Liebig invented the process of large scale production of silvered glass through a chemical reduction of silver nitrate compound. In 1840, the process for electroplating of silver was granted a patent and it was the first patent to be granted for electroplating any metal. Alessandro Volta used silver and zinc for making
Wednesday, October 16, 2019
Make up a title Essay Example | Topics and Well Written Essays - 250 words
Make up a title - Essay Example By the wars end, Mexico lost almost half of its territory, the current American Southwest from Texas to California, and the United States emerged as a continental power. Austin was anxious to justify the contract, and bring a good number of families. As many unmarried persons, as well as young men, came to the colony. Austin also suggested the primary concern of them being in pairs, making an individual the head of a particular family.Thus, the two would obtain a family head right, and the family members will increase. The arrangement leads a fortunate result to all concerned. Early 1823, Austin returned to his colony. Then Austin stopped to ascertain the powers held by general captain of the northeastern internal provinces. In addition, to have it defined and structured in the form of Spanish, and Austin was declared to have full administrative powers to administer justice in the colony. Austin made defensive war against the Indians and commanded the militia with the rank of lieutenant colonel. Moreover, Austin was clothed with executive, legislative and judicial powers. In addition, Austin was required to give a report to the states governor, and responsible to the captain-general of the
Tuesday, October 15, 2019
Silver and gold Research Paper Example | Topics and Well Written Essays - 2500 words
Silver and gold - Research Paper Example This paper seeks to analyze the historical background of silver and gold, their ancient and modern uses, the manufacturing process, the impact the materials have on the environment, their cultural significance, and future innovations on the usage of the metals. Silver History of Silver The first major silver mines were discovered in Anatolia, which is the modern day Turkey, in 3000 BC. In the 1st Century AD, Spain became a key silver producer due to Roman discoveries. In early 1500s huge silver deposits were found in Bolivia, Peru, and Mexico which enriched the Spanish empire for a period of 300 years. In the period 1500 to 1875 about 1.5 billion ounces of silver were mined in Mexico with a large percentage mined in the 1700s. In the 1700s, silver became the backbone of Spanish Empire and 1 billion ounces was mined in the Veta Madre in Mexico. 1857 saw the state of Nevada adopting Silver mining as a major industry when Comstock Lode was found in Nevada. Nevada became to be known as t he silver state because of the silver mining. From 1857 to 1877, Comstock produced gold and silver of an approximate value of 400 million US dollars which could have been worth about 500 Billion US dollars in the modern days. There was a 50 percent increase in the global yield of Silver between 1900 and 1920. This amounted to about 190 million troy ounces per year and discoveries were made in other countries such as the United States and Canada. From 1921 to present improved techniques has led to separation of Silver from Zinc, copper and lead. This has led to an increase in production of Silver and its usage. Silver was among the first metals known to man. The other metal is gold. The ancient population valued Silver because of its white color, brilliant luster, non-corrodibility nature and it was relatively easy to work with. Today, silver still stands out as one of the most valued metals because of the above properties but several other characteristics have changed the trend of s ilver usage from being merely monetary and decorative metal to being predominantly an industrial metal. Usage of Silver Silver is a soft, malleable and the most ductile among the metals. These properties have led to it being fabricated into personal adornment items and decorative items of various types. Hence, chain necklaces, neck rings, silver bracelets, and other jewelry items were developed as from ancient times. In the later days, silver was used to make decorative things such as handles for swords and daggers and later when approaching the modern times it was fashioned into eating utensils and various tableware items. The industrial usage of silver arose in the 19th and 20th centuries. The following section illustrates the chronological account for the usage of silver. In the 1820s, silver and silver salts became major component for the development of photography. Since the late 1830s, silver has been used in the manufacture of silver-mercury amalgams that are used for restori ng teeth. In the third millennium BC the Egyptians made mirrors of polished silver while â€Å"silvering†of mirrors with metals such as mercury, tin and lead was adopted in Europe before Renaissance period. In 1835, Justus von Liebig invented the process of large scale production of silvered glass through a chemical reduction of silver nitrate compound. In 1840, the process for electroplating of silver was granted a patent and it was the first patent to be granted for electroplating any metal. Alessandro Volta used silver and zinc for making
The Killing Fields In Cambodia Essay Example for Free
The Killing Fields In Cambodia Essay Introduction: The killing fields mark a tragic time in history; over two million (2,000,000) reported killed while hundreds of thousands of people displaced. The architect of this massacre is Pol Pot who led the communist guerilla group in 1975 and took over the Khmer Rouge (Etcheson 32). Many of the deaths that occurred during this time were because of the executions that were mandated on anyone who opposed the rule of Pol Pot. While many were executed, a large number also died because of the starvation that became rampant during this period.  Reports show that almost every Cambodian family lost at least a single relative during this holocaust (Etcheson 32). This short discourse will attempt to shed more light upon this event by discussing the events that led up to this holocaust as well as identifying several of the factors that may have led to its occurrence. Pol Pot            In order to arrive at a better understanding of the situation, it is important to first take a brief look at the life of the leader who led the Khmer Rouge during this time and initiated what was perhaps one of the most tragic events in human history. Pol Pot was born on May 19, 1925 as Saloth Sar in Kompong Thom province (Kiernan 162). The son of a prosperous farmer that had connections to the royal family, Pol Pot was able to win a government scholarship to study radio electronics in Paris (Kiernan 163). It is during this time that he becomes exposed to the teachings of Marx and soon develops a passion for revolutionary socialism.            In his quest for more enlightenment in the teachings of Marx, he soon finds himself in the company of other young Cambodians who were studying Paris, such as Ieng Sary, Khieu Samphan, Khieu Ponnary and Song Sen (Kiernan 164). They soon after formed what was known as the â€Å"Paris Student Group†and eventually became the leaders of the Khmer Rouge (Kiernan 164). It was with the help of these young students that Pol Pot was able to gain the influence that he did and eventually orchestrate the Killing Fields. In 1953, Pol Pot had his scholarship revoked and was forced to return to Cambodia where he worked for the Kampuchean People’s Revolutionary Party (KPRP) (Kiernan 162). This Cambodian Communist Party was the first step in the plan of Pol Pot. He then used the connections from this party to find work as a teacher where he taught history and geography at a private school in Cambodia (Kiernan 162). The most radical step, however, was when Pol Pot visited China where the â€Å"Cultural Revolution†of Chairman Mao had just been launched. He was taken by the radical change that was occurring in China during this time and thus the seeds for this recreation of Cambodia were planted (Kiernan 262). The continuous revolution concept that Chairman Mao introduces in China is something that deeply inspires Pol Pot and soon after that begins his mission of taking over Cambodia. Hidden in the northeast portion of Cambodia, Pol Pot lives with a hill tribe and realizes that this simple life is the realization of all of the communist ideals that he espouses. Not long after, the Khmer Rouge establishes the Revolutionary Army of Kampuchea (Kiernan 262). Unknown to most, the growth of the Khmer Rouge and the influence that Pol Pot possessed was because of the intervention and support that the United States provided at that time (Chandler 301). In an attempt to attack the Vietnamese communist sanctuaries, former President Richard Nixon and former security adviser, Henry Kissinger, authorized secret and illegal bombing raids on all communist sanctuaries within Cambodia (Chandler 301). The damage that resulted and the failure of the United States in the Vietnam War served to increase the support that the people had for the Khmer Rouge (Chandler 301). This enabled the Khmer Rouge and Pol Pot to win the civil war that was ensuing in Cambodia and eventually take over control of Phnom Penh thus beginning the tragedy that will be known forever as the â€Å"Killing Fields.†The Killing Fields:            It was on April 17, 1975 that Phnom Penh finally fell to the Khmer Rouge group who were led by Pol Pot. Not long after, the residents of the city were forced into the countryside and into concentration camps and labor camps (Becker 365). During the next three years, eight months and twenty days of Pol Pot’s rule, Cambodia endured what was perhaps the its darkest moment in history. It has been estimated that over thirty percent (30%) of the population of Cambodia died from starvation, execution or torture during this period (Becker 365).            â€Å"Year Zero,†as Pol Pot called the day when the Khmer Rouge succeeded in capturing Phnom Penh on April 17, 1975, was the event that led to the death of nearly two million (2,000,000) people (Becker 362). The ruthless program that Pol Pot initiated to â€Å"purify†the Cambodian society of any vestiges of western capitalism, western philosophy, and western influences was all part of his grand design for the country. He desired to create an entirely new Cambodia that was isolated from the rest of the world, much like China was, and totally self-sufficient, similar to the Maoist agrarian states (Becker 365). He enforced this policy by killing anyone who opposed his plans.            The first part of the plan included the expulsion of foreigners and the closing down of any foreign embassies on Cambodian territory. The local currency was abolished and any other capitalist symbols were purged (Etcheson 32). This included the closure of public markets, public and private schools, newspapers, religious practices and even the prohibition on owning any private property. The extremism that marked this reign was never more evident than in the policy of Pol Pot to execute all the members of the previous Lon Nol government, public servants, police, teachers, ethnic Vietnamese, Christian and Muslim clergy, and other members of the middle-class and educated sectors of society (Etcheson 32).            Once this plan was set into place, Pol Pot soon sent the entire population of the country into labor camps. These citizens were stripped of all of their private belongings and sent to what resembled communes where they were forced to do agricultural labor. This led to the so called â€Å"Killing Fields†because of the fact that a number of the people died there due to the very primitive living conditions that were provided (Chandler 211). Families were separated and even the Buddhist monks living in the area were forced to work in these fields. This led to a collapse of society as even children were forced to spy upon adults including their parents.            The situation was so severe that almost all the offenses that were committed during this time were punishable by death. There was no leniency in the enforcement of the policies of Pol Pot. Of the millions of people who were displaced (over Seven Million estimated), over one and a half million (1.5 million) to three million (3 million) people were either worked or starved to death (Etcheson 32). This does not include those who died of disease or executed for the commission of crimes that the Pol Pot regime would not tolerate. The crimes that were punishable under this regime included the death penalty for those who were found to be not working hard enough, those who complained about the primitive living conditions, those who were caught collecting or stealing food for their own personal consumption, those who were found wearing any form of jewelry, those who engaged in any form of sexual relations, those who grieved over the death of their relatives or friends and finally those who expressed any religious sentiments (Becker 387).            There was no judicial process that existed during this time as Pol Pot abolished any of the vestiges of Western influence including the courts of law. This meant that justice was to be served solely by the Khmer Rouge (Chandler 211). All decisions with regard to political and even minor crimes would be initiated by a warning that was sent by the Angkar, which was the government of Cambodia during this time. Those who were unlucky enough to receive two (2) warning were sent for â€Å"re-education,†which meant certain death (Chandler 211). Similar to the secret police in other communist regimes, the suspects were â€Å"encouraged†to confess to the crimes that they were blamed for under the pretense that if they confessed the Angkar would be lenient and â€Å"wipe the slate clean.† All those who were found to have any connections with foreigners were arrested and promptly executed (Chandler 211). The most common targets were the ethnic Vietnamese, ethnic Thai the Christians and the Buddhists. Conclusion:            As the events show, the cause of the genocide in the killing fields was primarily borne from the leadership of Pol Pot. The â€Å"radical†change that Pol Pot envisioned for Cambodia and the intolerant leadership that he possessed led to the deaths of nearly two million (2,000,000) people. It has been argued that the Killing Fields were actually a result of many different historical factors such as the loss of the Americans during the Vietnam War which rallied support around the Khmer Rouge and the aid that the Americans initially lent to the Khmer Rouge. Whatever theories may lie surrounding this event, however, does not alter the fact that this is one of the saddest and darkest moments of human history. The loss of all these lives and the destruction of the lives of many other families who lost their loved ones and everything that they had in this event is something that the world should not soon forget. It takes a million people to create a civilization that will last for centuries but it only takes one person to destroy all of that. Works Cited: Becker, Elizabeth (1998) When The War Was Over: Cambodia And The Khmer Rouge Revolution, Revised Edition PublicAffairs; 1st PublicAffairs ed edition (November 9, 1998) Chandler, David (1993) The Tragedy of Cambodian History: Politics, War, and Revolution since 1945. Yale University Press (September 10, 1993) ISBN-13: 978-0300057522 Chandler, David (2000) Voices from S-21: Terror and History in Pol Pots Secret Prison University of California Press; 1 edition (January 7, 2000) Etcheson, Craig (2005). After the Killing Fields: Lessons from the Cambodia Genocide. Westport: Praeger, 2005. xii + 256 pp. Notes, selected bibliography, ISBN 978-0-275-98513-4. Kiernan, Ben (2004) How Pol Pot Came to Power: Colonialism, Nationalism, and Communism in Cambodia, 1930-1975; Second Edition Yale University Press; 2 edition (August 11, 2004)
Monday, October 14, 2019
Comparison of Different Asian Capital Markets
Comparison of Different Asian Capital Markets Capital market is like an investment funds such as bonds, equities and mortgages are traded in the market. Then, capital market can be defined as a market of securities or equities or debt, where a company as well as government can raise a long-term fund. The market of money is provided longer than a year. If it is the raising of short term funds, then it will be taking place on other markets that is money market. In this assignment, we are given the title of Asian Market Capital. There are many countries of Asian, so we have chosen few countries to further details on it. There countries include Japan, Indonesia as well as Hong Kong. Among the countries, we have gone further deeper on the country from Japan about their background as well as history. We would further search for the information on the market capital happen in Japan. Moreover, we going to compare the different investor will be having in market capital field. In addition, we will be discussing the advantages and disadvantages of going initial public offering for a firm. The example and details of cases will be further explained in this assignment. Background In this assignment, we will be discussing about the Asians capital market. Among the countries, we choose to go in deep about the capital market in Japan. In Japan, the Japanese venture capital funds managers always to select either direct managerial monitoring or portfolio diversification to manage their firms investment risks (Gorman and Sahlam, 1989). However, in recent years of 2004, JVCs have used a mix of different strategies, including direct managerial monitoring. This change in industry practice provides an opportunity to test the applicability of agency theory in the JVC industry. There will be some background history about market capital happened in Japan in the past years. The graph above shown that the increase of land in Japan has affected the stock price. The price of the land goes to the peak in the year of 1991. However, the peak area for the stocks price is in the year between 1989 and 1990. Moreover, the both prices started to fell when the year of 2000, and it is affected to both prices of land as well as stocks. This shown that the total loan outstanding and real estate loans outstanding held by all Japanese banks in year 1980 to 2000. From the year 1980 to 1990, the both total of loans and real estate loans increased substantially. When the total loans levelled off in year 1990, the real estate loans is continued to increase until the year 1998. Furthermore, there were a happened that Japan faced problem in the year of 1998 that bank failure resulted from excessive real estate lending. For example, the company of Nippon Credit Bank, there were only 25% real estate loan comprised up of the total loans, and it was failed in 1998.( Kentaro Iwatsubo, 2005) Literature Review There are many countries in Asian, and in this assignment we have choose few countries as comparison. That is Japan, Indonesia, Hong Kong and Vietnam about their countrys capital market. JAPAN The business firms from Japan have relationships with commercial main banks. The main banks may hold the equity interests in their credit clients in turn, including investment banks. We study the impact of the relationships between firms, main banks as well as investment banks in Japans initial public offering (IPO) underwriting market. By issuing firms can choose whether to engage an investment bank that is related, by virtue of sharing the same main bank, or to engage a non-related investment bank. There are one of the literature concerns on the effects of banking relationships on access to credit and the cost of raising capital. First, the banking relationships and access to credit according to Stiglitz and Weiss (1981) observe that market frictions related information asymmetry can restrict the flow of the capital to investments. However, Petersen and Rajan (1994) hypothesize that by producing information about firms and using the information in their decisions can be partially solving the problem of market friction to the creditors. There are small effect on the cost of credit if ties with creditors, but the available of credits financing is more for firms with ties. Secondly, there are the concerns about commercial bank integration into investment banking. Based on Rajan (1992) models the borrowers choice between informed bank debt and arms length public debt as an aspect of the firms effort to offset the benefits of the related lenders ongoing monitoring against the lenders bargaining power. If banking relationships yield information advantages, then integration of commercial banking and investment banking may enhance a lenders bargaining power. In addition, a lender that is integrated is faced with a conflict of interest, in that the proceeds of capital market financing may be used inappropriately to extinguish risky bank debt. Thirdly, the concern about choice of organizational structure. It is given the tension between information cost savings and conflict of interest, the structure of banking organizations can be expected to reflect efforts to realize information cost savings while lessen the conflicts. From Kroszner and Rajan (1997), he use pre-Glass-Steagall data to investigate that how integration affects issue of quality and pricing. They have concluded that market pressures induced commercial bank to address conflicts by choosing levels of integration into investment banking thats is separately incorporated affiliates versus integrated investment banking departments. Indonesia According to Fisman, (2001), the valuable resources for many firms are political connections, however, the connections impact firms strategies and their long-run financial performance are only a handful of studies that document (Faccio, 2002; Johnson and Mitton, 2003). The study shows that the consequences of political ties are a particular interest because these ties are often inconsistent with other value-creating business strategies. By taking the benefit at face value, it is difficult to understand why only a minority of companies access foreign capital markets. Domestic opportunities significantly reduce the net benefits of foreign securities for some firms are a core idea. For instance, the firm with political ties often receive low price loan from state-owned banks (Faccio, 2002; Wiwattanakantang et al., 2006), so they do not need to tap into foreign capital markets. It is also possible that global financing imposes extra costs on closely connected firms because the decision t o cross-list shares on foreign exchanges often forces firms to adapt to the regulations that govern these markets (Coffee, 2002; Reese and Weisbach, 2002; Siegel, 2005). If only minority of shareholders are better protected abroad, then the foreign securities issue will becoming expensive for controlling owners accustomed to exploiting domestic investors. Equally, the international business press and foreign analysts will only pay attention on the firms with foreign securities (Baker et al., 2002; Lang et al., 2003). However, the political favours that often dubious legality is difficult to be reconciled by the high levels of public scrutiny. Hong Kong Steen, P. Carey (2006) said that the relationship between hot issues markets and under pricing is well documented in IPO literature. Hot issues markets are characterized by a large number of offerings, concentration of new issues in particular industries, preponderance of smaller issues, frequent over subscription and abnormally high initial returns, Ibbotson and Jaffe (1975). Steen, P. Carey (2006) wrote that Hong Kong IPO market given the size and importance of Hong Kong Stock Exchange (HKSE). That is Hong Kong Stock Exchange Market play an important role in the economy in Hong Kong. We can see Hong Kong economy by viewing it stock exchange market; by this we can also know the capital of the country. Several market conditions have been considered in the context of examining initial under pricing within the papers that have been written. Dawson and Hiraki (1985) in their research of the Hong Kong IPO market between 1979 and 1984 note that under pricing appeared to be superior during growing markets than declining markets. Steen. P. Carey (2006) state that their study predates the unification of the four Hong Kong stock exchanges in April 1986 into one central exchange (HKSE). McGuinness (1992), find out that the Hong Kong IPO market from year 1980 to 1986 that reports under pricing was completely linked with the state of market giving support to the sugge stion of Beatty and Ritter (1986) that under pricing increases during the raising market period and decreases during the diminishing markets. In the stage of under assessment, Asian financial markets suffered one of the most severe and protected reversals of the post war period. Steen, P. Carey (2006). The collision of market situation on IPO under pricing was likely moderated in Hong Kong by the fundamental stability and formation of financial system. Miller (1998 p.277) said that Hong Kong was able to avoid devaluation because it has a monetary and foreign exchange system that is fundamentally different from that of the rest of Southeast Asia. Hong Kong has a exchange board but no central bank, and as Miller show that the resident of Hong Kong have the confidence in the exchange board. An additional resource of potency is that the financial stability and transparency of Hong Kong companies had extensively privileged interest coverage and return on equity than those in other Asian countries. Jaggi (1997) also found out that the performance and strength of Hong Kong companies is consistent because the company used the comp any information to monitor it. In year 1997 there is a financial crisis occurred in Hong Kong when Hong Kong is beyond dispute. Chowdry and Goyal (2000) propose that the characteristic to define a country that experiences financial crisis will face a huge falling in its traded equity prices. In general, research investigating the impact of market condition on IPO underpricing has a well defined event which is recognized with the conversion from hot to cold. Steen, P. Carey (2006), found out that the year 1997 provides a unique measurement challenge as two significant events affected Hong Kong in that year; the 27 October stock market correction and the political return of Hong Kong to Chinese rule on June 30. When the Hong Kong is tender to Chinese, this historical event has a huge impact on Hong Kong Stock Exchange. The political handover was an exclusive event and many people celebrate for it, it was connected with a period of hesitation and was followed soon after by the October 27 stock market correction. This uncertainty happens because the investor is unsure about the post handover economic and monetary performance of Hong Kong. Sub theory In capital market, there will be variety of investors for a company or firms who are wanted to expand their business. Moreover, there are some of the firms who need the investors not because to expand their business, but also to support their businesses start up. Angel Investor Individual investors who buy equity in small private firms are called angel investors. Mostly, the first round of outside private equity financing is often obtained from angels. These investors included friends or acquaintances of the entrepreneur. The business receives a sizeable equity share for their funds because their capital investment is often large relative to the amount of capital already in place at the firm. Thus, these investors may have substantial influence in the business decisions of the firm. Besides that, angels may also bring expertise to firm that the entrepreneur lacks. There is a difficulty on finding angels since it is a function how well a firm connected the entrepreneur is in the local community. Venture Capital Firms Venture capital is a limited partnership specializes in raising money to invest in the private equity of young firms. Moreover, venture capitalist is defined as a person or investment firms that makes venture investment. Besides that, they are also expected to bring managerial and technical expertise and capital to their investment. Furthermore, venture capital is fascinated to the fresh company with the limited operating history which is too small to raise capital to the public market. This is because they are yet to reach the levels that are able to secure a bank loan as well as debt offering. The differentiation between Angel Investor and Venture Capital There are different between angel investor and venture capital. Angel investors are always the provider of risk capital to the small or private firms. In addition, the providers are not from the intermediary of other company, but they are wealth people. Moreover, angels are always as the second round of financing start-up goes through, before the firm looks for venture capital partnership, but it is after they has exhausted of all their family and friends money. On the other hand, venture capital is the investors who invest their capital to a firm as part of the companys partners. So, the company will be the part of the partnership, and they are allowed to vote and make decision. Then, angels investors are only waiting for the return earns from company to them, and they are never go learn deeper to the company. Furthermore, they are not vote or make decision as part of the firm they had invested. However, the venture investors will be planning and finding the way on how much their in vestment will earn them the amount of returns. Initial Public Offering (IPO) IPO is an acronym for Initial Public Offering. An IPO is the first sale of shares in a company to the public. When IPO occurs, a company will be listed in Bursa Malaysia, and shares will begin to trade immediately. The IPO market goes in cycles depending upon the appetite of investors for new issues. Often the share price will increase quickly after an IPO, so purchasing shares at the IPO price may be a coveted investment opportunity. When management says it plans to take a company public, it means that an eventual IPO is planned. A successful IPO can raise a large amount of capital for the newly public company and create substantial wealth for insiders who owned shares prior to the IPO. The differences between public and private is that public company can offer its stock to the public in huge amount, while private company is restricted to only friends and family members. Going public is important for those company which want to raise their capital. There are some pro and cons for going public. The Advantages of an Initial Public Offering (IPO) The public offering increased the company stock and value this is so call increased in capitalization of the business. The stock can be used for various activities for instance: currency for mergers and acquisitions, as stock option to help maintain key personnel, they may also sell their shares in the open market. The company will have the better access to the stock markets for future capital inflow. In general terms, the companys valuation and debt to equity ratio will perk up after going public. Company is able to receive much better terms from lenders. The company which going public is easier to promote compare to the company that are private. We can view the achievement of the public company in Bursa Malaysia and thus it had a higher recognition than private company. This benefit raises the public relation images and identifies the stability of a public company. IPO can provide the company with a chance to implement share options schemes for its workforce. This scheme is competent to enhance employee morale, maintain the loyalty of staff to company, and catch the attention of first rate employees. In long term, this can raise the employees productivity and increase the profitability of a company. The Disadvantages of an Initial Public Offering (IPO) For a company which going public need higher reporting requirements, it means further obligations and reporting requirements as public companies have to fulfill the range of regulatory necessities and meet accepted standards of corporate governance. For example, listed companies need an auditor to audit their account and report the financial statement and publish the annual report in the Bursa Malaysia. As the annual report is going to publish in the Bursa Malaysia annually, the company is said to be losing it privacy. The company needs to disclose the report honestly to the public. They cannot hide any details regarding stock option plans, details of lease agreements, gross profit, net income and its borrowing. The others disadvantages is when a company go public, they have to offer the shares to the public or in other word which means that the business owners will have to share it ownership with other investor, and shareholders can affect the company operations; they can voice out their opinion and decisions. Conclusion As a conclusion, each country has different experience about the economic growth and the capital markets. Every country applies different style, for Hong Kong they do not have central bank and for Japan they have many commercial banks that they call as main bank. The capital market of the country can be view by the venture capital in the market or the listed company in the stock exchange market. The listed company in the stock exchange market show that the investment of the public to the achievement of the capital market in the country. It reveals how much wealth the country has and how good was the economics of the country.
Sunday, October 13, 2019
Is College Worth the Money? Essay -- Essays Papers
Is College Worth the Money? Imagine telling a student who just graduated from college that you have wasted four years of hard, stressful and even worse, expensive work. Unfortunately, in this cynical society today, the world isn’t just full of competitors, but it’s full of greedy money-grabbing businesses. The worst businesses aren’t manufacturing or electric companies, but colleges and universities. In Caroline Bird’s essay â€Å"College is a Waste of Time and Money,†she examines how college has been viewed for so long as the best place to send high school grads no matter whether they actually want to go or not. She adds that students don’t realize how much college costs and are wasting their parents time and money, which is especially a horrible thing to waste. Now that the economy is better since September 11th and states have been stabilizing their budget debts, it doesn’t make sense that tuition prices higher than ever for college students. When people think of college, they often think of their education like they had when they were in high school and grammar school. But colleges and universities aren’t schools. They’re all businesses. College isn’t paid for through taxes or government funded. It comes from our pockets. But other countries like Australia, England, Ireland and Germany run their colleges and universities just like a high school. Every person goes to the same college and it’s paid for through their government taxes. A college education is no longer an option, but it’s vital. The competition of getting a decent job is increasing and it’s almost impossible to find a high paying job without a bachelor's degree, which means more money goes to the already rich universities. It’s going to take a long tim... ...college or have dropped out of college who are doing better than people who have their master’s degree. We all know the story of Bill Gates and how he dropped out of Harvard to create Microsoft, one of the richest companies in the world. Of course Bill Gates was too smart for college, but there are a few other names who are doing better than adults with college degrees. Woody Allen was expelled from New York University and City College of New York. Steven Jobs, owner of Apple computers, left Reed College in Portland, Oregon, after only one semester and David Geffen, the founder of Geffen Records, flunked out of University of Texas and Brooklyn College in New York. College does have its good and bad, but the tuition money needs to decrease in both public and private schools. College should be the best time of everybody’s life, but money shouldn’t be a distraction.
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