Child Observation Study Essay

1.) Describe the child’s physical appearance. Short and stout, around 2 feet tall, around 25 pounds, thickset arms and legs, and delicate, short wavy hair and a little lovely grin 2.) Give instances of gross engine abilities that you watch. Is it accurate to say that they are age-run of the mill? She strolls, runs, and creeps fine. She doesn’t handle questions well indeed and she prefers shaking them. She needs assistance climbing and she prefers holding tight things. 3.) Give case of fine engine that you watch. It is safe to say that they are age-ordinary? She plays and handles nearly anything she can get her hands on. The mother at that point takes care of her bread and the youngster endeavors to take care of herself however the bread had disintegrated in her grasp. At that point the mother gives her a wind top container of Gatorade and the kid had the option to turn it open and drink from it without spilling. 4.) How does the kid move? Does he/she seem alright with his/her physical capacities? Give models. She pulls on her garments a great deal and the braids on her head. She appears to pick at her shoes as though their a piece too harsh to even think about walking in. the shoes are awkward to such an extent that she runs like a robot. 5.) Does the kid show inclination of â€Å"handedness†? (left/right) She scrawls and arrives at best with her correct hand 6.) Would you assess the kid to be with in normal range for physical/engine advancement in his age gathering? Why or why not? As per â€Å"The gross and fine engine improvement in the initial 2 years† she is precisely in normal scope of her engine abilities. She is fit for playing out all activities on the diagram. Her capacities show that she is a decent visualizer. Social/Emotional Development 1.) How does the kid identify with others? Give model if cooperations with family, companions, educator, ect. The kid responds to the grandmas consider progressively responsive then the moms call. With others the kid id unconcerned. She grins and approaches other kids with interest. 2.) How does the youngster express his/her feelings? Give models. The kid communicates an alarmed face when she realizes something isn't right, for instance, her mom spilled juice on her jeans and the youngster gazed at the meddle with concern. At the point when she isn't permitted to investigate she become miserable and cries however doesn't whine. 3.) How did the youngster convey his/her needs/or needs? She loosens up her hands or focuses towards the item she needs or she will contact her base showing her needs a diaper change. 4.) In what stage is the youngster as indicated by Erikson? How would you know? Statement your content. As indicated by Erikson’s outline the youngster is in the Autonomy versus Shame and uncertainty. From my perception the kid is precisely creating inside that stage. Subjective Development 1.) In what stage is the youngster as indicated by Piaget? How would you know? Give instances of the practices that mirror the child’s psychological development. As indicated by Piagets graph the youngster is creating inside the sensorimotor stage. Precisely enough the kid shows the interest of feeling and tasting things 2.) How does the kid use language? Give instances of the language utilized. Demonstrate such attributes, for example, jargon, sentence structure, non-verbal communication, and Pronunciations. And so on. The kid words are not yet clear however she estimately thinks around 6 words effectively. She can say mom and aba (grandma). She says â€Å" goodbye â€Å" when she needs the sippy cup. She likewise says â€Å"amm† for when she needs food. 3.) How did those around the youngster react to the child’s utilization of language? Was the kid comprehended? Other youngsters don’t get her however come by grinning and snickering. They will battle with her on the off chance that she is removing something that they had first. 4.) Describe in a short sentence of the child’s play, portraying what you watched. How is he/she getting data about the world? When something comes up she takes a gander at the mother or grandma for a reaction. On the off chance that one of them isn’t present the kid will react her own particular manner or simply leave and discover her mom or grandma. Assets: Eisner Pediatric and family clinical focus

Final Exam Essay Questions Example | Topics and Well Written Essays - 1250 words

Last test of the year Questions - Essay Example For instance, a Dominican monk Montesinos condemned the Spanish experts in transit they abused their subjects, particularly the American Natives. This analysis incited the specialists to change portions of the Laws id Burgos. When all is said in done, more analysis of the manner in which colonialists rewarded the locals caused the a disobedience among the congregation heads, who took interests in requesting to be remembered for the state organization. The foundation of the first Catholic Church in Quite a while in 1521 saw the start of a congregation drove governments. This was later trailed by the appearance of Franciscan evangelists in Mexico, where they set up their quality through direct relationship with Catholic Church by building minister schools and emergency clinics. In England, the congregation assumed basic job in foundation of the marriage laws, especially after Henry VIII dissolved his marriage. This was after the standard Catholic Church was seen too inflexible to even think about understanding the people’s needs and wants. For instance, the Catholic Church had attempted to force severe socially acceptable sexual behaviors on conventional individuals (Sherman and Joyce 121). The Catholic Church became disliked, and Church of England began to offer a commendable other option. In spite of the fact that they began with not very many devotees, the Church of England became quicker than foreseen. Despite the fact that there were expanded groan about Catholic headed institutions’ proceeded with customary methods of getting things done, they applied a great deal of specialists over these foundations that spread the training of the majority and foundation of the tip top society with profoundly taught society. In any case, this impact has since melted away as the Catholic Church strived to affirm its own character away from state. This excursion began when Pope Pius XI began cutting connections with the Government of Italy (Sherman and Joyce 173). Today, the majority of the states

World War II and the Holocaust Assignment Example | Topics and Well Written Essays - 500 words

World War II and the Holocaust - Assignment Example ine limitations and conditions put upon them as the repayments and different punishments, the way that Adolf Hitler considered Jews and the Austrians as the principle operator and factor of tenderizing about destruction to Germans in the First World War sow the seeds of malevolence and scorn inside. At first when Adolf Hitler and Nazi gathering came to control, they professed to target reestablishing the pride, respect and intensity of the Germans, yet the endeavor of the Jews under an officially endorsed program of decimation for the sake of Holocaust made devastation and ran counter the at first put forward standards and teachings under the pennant of National Socialist capacity and command they had gotten. Notable just as social elements were fused into the announcement and activities against the Jews. On the notable front, they were being held as the liable party for having achieved disgrace and destruction upon the Germans in the First War, on the social and cultural front, the Jews were being named as the sub-par race that with their quality realized defeat upon different clans and social orders. Considering the Aryans as the better clan drove than the making of the idea of disdain for other people (Blain, 2009, 79). An extreme sentiment of ethnocentric character won. The result and the future possibility were awful to the point that it prompted the express contempt and obliteration of the Jews by the German Nazi gathering. They were to be killed step savvy and the gagging was so finished they their writing, their administrative word related posts, their accomplishments, their character everything was evacuated step insightful. Officially endorsed regulation communities and Gas Cham bers were presented (Breitman, 2013). Assigned posts of Ministry of Propaganda and spread of contempt against Jews were officially settled. Methodologies were being formulated in the early periods of system strengthening; formal activities came to fruition towards the beginning of the Second World War. Before the Second's over World War, the idea of

Market Structure of the Aviation Industry

Market Structure of the Aviation Industry Task # 37424 Financial aspects Presentation The picked portion is the flight section, which is in consistent development. The procedure with advancement in the amount of voyagers and flying machine improvements requires a rising in interests in air terminal and carrier limit. In any case even with these new theories, peak obstructing and the regular impact of avionics remain risky. Air transport is unmistakably a field weighed down with externalities. A substitute progression in the aeronautics part is the tendency to structure associations. Regardless of the way that the composing exhibits that these associations together might be beneficial to voyagers, regardless they require, in some way or another, consent from avionics powers. In the deregulated aeronautics portion, flight controls thus expect an essential part in guaranteeing the masses from extreme fuss and in protecting the buyer against over the top utilization of market power. A market structure delineates the characteristics of a market which can impact the lead of associations besides impact the government assistance of clients. A level of the essential pieces of market structure are recorded underneath: The quantity of firms in the market. The market offer of the greatest firms. The idea of creation costs in the short and since a long time ago run for example the limit of associations to try economies of scale. The level of thing partition for example whatever degree do the associations endeavor to make their things not exactly equivalent to those of fighting firms. The worth and cross worth adaptability of enthusiasm for different things. The number and the power of buyers of the business rule things The turnover of customers this is a proportion of the amount of purchasers who switch providers consistently and it is affected by the nature of brand unwavering quality and the effects of advertising. For example, have you changed your budgetary equalization or your cell phone organization provider in the latest year. One potential instrument the lawmaking body has accessible to it is the cost. For example, the governing body can put a cost on the externality to diminish the negative effect, yet if the explorers are not amazingly unstable to value changes, this methodology will have little effect; the elevated vehicles basically give the charge to the voyagers. The lawmaking body needs information on the value affectability of voyagers in order to have the ability to check the plausible methodology impacts or to shield racket bother game plan. This information is required on differing levels. A lamp fuel charge, for example, must be legitimized in the setting of a worldwide procedure blueprint and requires differing bits of information than a close by commotion charge. The estimation of value adaptabilities in flight can anyway be recognizably irksome, given the various issues concerning data availability on costs, number of explorers, etc. As an alternative, one can use inquire about mix from var ious exploratory examinations grasped elsewhere or beforehand. Using existing examination, one attempts to find typical parts explaining potential differences in for example evaluations of value versatility. Choice settings in air transport demand The value flexibility of the enthusiasm for a decent, regardless of whether a customer decent or a creation input variable, is clearly related to the possible results of replacement for that incredible. A tolerably tremendous number of substitutes will recommend significant expense flexibility, while a nonappearance of substitutes will most likely drive enthusiasm to wind up increasingly unbendable with the objective that the enthusiasm for this thing may get the chance to be inelastic. In the specific occurrence of the enthusiasm for voyager air transport, the structure and separating segments of the intrigue are likely not assorted. An enormous bit of the determinants of value flexibility dont clearly sway value versatility, however rather impact the degree of gracefully of replacement modes and in like manner push their effect in various indirect manners. A fundamental issue in avionics is that various degrees of replacement may be perceived, as Figure 1 shows. As a matter of firs t importance, particular transporters may battle with each other on a similar course, giving a case of intra-modular replacement. By virtue of homogeneous vehicle benefits there will be faultless competition surmising significant expense flexibility. In any case, when organizations of varying quality are offered, the substitutability will be less. Next, on certain market divides, alternative vehicle modes may give adequately equivalent characteristics to be seen as replacement modes. Different factors, essentially of geographic, financial and segment nature, center the openness and the potential accomplishment of alternative modes as a substitute. Obviously geographic parts, for instance, seas, impenetrable mountain goes or even the insignificant partition of a trek, may trap the region or establishment of a given gracefully of adequate replacement modes (Oum, Zhang and Zhang, 1993). Hindrances to section Hindrances to section are the strategies by which potential contenders are blocked. Syndications would then be able to delight in higher advantages in the more expanded term. There are a couple of differing sorts of segment boundary †these are condensed underneath: Licenses: Patents are real property rights to keep the passageway of enemies. They are generally generous for 17-20 years and give the supervisor a select option to shield others from using licensed things, advancements, or approaches. Holders can offer licenses to various associations to make types of their protected thing. Promoting and advertising: Developing client steadfastness by making stamped things can make compelling passageway into the market by new firms considerably progressively expensive. Advancing can moreover cause an outward development of the intrigue twist and make demand less delicate to cost Brand increase: In various business adventures multi-thing firms participating in brand extension can give a deception of competition. This is essential in business sectors, for instance, chemicals, candy parlor and family stock †it is non-value rivalry. Imposing business model, advertise disappointment and government intercession The essential group of proof against an imposing business model is that it can win higher advantages at the expense of allocative capability. The monopolist will hope to think a cost from buyers that is over the cost of benefits used inside creation the thing (Cooper and Maynard, 1971). Likewise more significant expenses suggest that purchasers necessities and requirements are not being satisfied, as the thing is continually under-ate up. Under conditions of imposing business model, purchaser influence has been not completely replaced by creator power (Hooper, 1993). In the two charts above we separate a market where premium is cost inelastic (for example Ped 1). The past is associated with an imposing business model where clients have not many close substitutes to peruse. Right when intrigue is inelastic, the degree of client surplus is high, raising the probability that the monopolist can reduce yield and raise cost above cost thusly working with a higher benefit edge (estimated as the difference in cost and typical cost for each unit). If a restraining infrastructure diminishes yield from the concordance at Q1 to Q2 then it can offer this at a value P2. This outcomes in a trade of client surplus into extra producer overflow. Be that as it may, since cost is right now about the cost of providing extra units, there is lost allocative profitability. This is exhibited in the diagram by the concealed region which isn't traded to the producer, just lost absolutely considering the way that yield is lower than it would by and large be in an engaged market. References Cooper, M.H. what's more, Maynard, A.K.: â€Å"The Price of Air Travel†, Hobart Paper 53, Institute for Economic Affairs, 1971. Hooper, P.: â€Å"The Elasticity of Demand for Travel: A Review†, Research Report, Institute of Transport Studies, Sydney, 1993. Oum, T.H., Zhang, A. what's more, Zhang, Y.:Inter-firm Rivalry and Firm-Specific Price Elasticities in the Deregulated Airline Markets, Journal of Transport Economics and Policy, 1993, vol.27 (2), 171-192.

Life and Crimes of Harry Lavender Essay Essays

Life and Crimes of Harry Lavender Essay Essays Life and Crimes of Harry Lavender Essay Life and Crimes of Harry Lavender Essay The Life and Crimes of Harry Lavender is offense novel about current Australian life. composed with all the uncertainty and good enlightenment of most â€Å"who dun-nits â€Å" . It would appear that offense. what's more, sounds comparable offense. also, sells like offense. in any case, - it’s Literature! Its Opening is a debasement of the class †an inversion of viewpoint as we are tricked into accepting this is your run of the mill male private oculus ( P. I. ) . The capacity inversion †a female in a customary male commanded field ; grown-up females can make everything work powers can make †challenges the generalizations of conventional offense fiction. Reason: ( subjects. concerns. issues boss ideas†¦. ) 1. To comprehend topographic point - Sydney. Marele Day had burned through four mature ages going the universe and when she returned to Sydney perceived its specific intrigue and atmosphere. She got resolved to make a book about it and its specific supplication. a ) Find notices to Sydney. positive and troublesome. * what aspects are accentuated? * In aggregate how does Day show Sydney? * what are the connections with the days of old? * what is implied by the â€Å"facade of Sydney’ ? 2. Corruptness and instinct V fidelity and trust. 3. Outcome of designing - have we gotten dehumanized? Will designing return over from universes? * What is the connection among mankind and designing? 4. Seclusion - Most of the characters are disengaged in some way. * Find whatever number outlines of separation as could be expected under the circumstances. * What generally speaking comment is made about disengagement? * Is there an association among it and building? II. Strategy 1. Day utilizes a cluster of the method of present day twenty-four hours motion pictures †especially the â€Å"black and white† scenes on Harry Lavender. How is he depicted? He is extremely degage and far off. We the crowd get the chance to see and hear what Claudia is non confined to. Be these imbuements from the book Mark Banister was forming? 2. Comment on Claudia Valentine’s Phrasingã ¾ Claudia talks in the method of a hard-chomped experienced Private Investigator ( P. I. ) . trickiness. talkative. strutting. on occasion new ( brassy ) and in some cases lingua in cheek. â€Å"Live quick. dice youthful. what's more, go forward an attractive corpse† ( 22 ) â€Å"I was modifying cars more as often as possible than I changed my underwear† ( 101 ) â€Å"But it’s one â€Å"It’ll be dead terminal in the event that you don’t. Presently move† ( 162 ) Word Play Double entendre ( meaning ) â€Å"It must hold been a works. † â€Å"A lavender works. † ( 126 ) â€Å"Terminal illness† ( 6. 17. 20. â€Å"Alter. ( 141†¦ â€Å"curse. pointer ( 143†¦ chest ( 55. â€Å"waiting for the engineers to give them another rental of life. or then again perhaps simply another rental. † ( 69 ) Humor â€Å"wit† â€Å"I delay for shameless work powers to experience by and debris on their caputs ( 23 ) one of the previous and two of the last mentioned. what's more, the previous is former† her response to Steve sing her marital position. ( 27 ) â€Å"You put it off. Otto. you don’t cognize where it’s been. † â€Å"That’s the issue. † he groaned. it hasn’t been wherever as of late. ( 53 ) cultural analysis â€Å"Divorced? † â€Å"Isn’t everybody? † ( 27 ) â€Å"I had made a mistake securing into an auto with a perceptive policeman† â€Å"You youthful everyday citizens are ever in a scramble. † she said pull offing a grinning. ( 45 ) â€Å"pollution and panpipes ( 54 ) . grown-up females ( 54 ) . quick supplement ( 68 ) à ¾

4 Follow-Up Email Examples after Interview

4 Follow-Up Email Examples after Interview The job application process is a long and complex thing to go through. While it is easy to think it all culminates into that long-awaited job interview, you actually have things to do even after the interview is over. The ball is still in your hand as well and you should consider typing a few emails to take agency in your job hunt.A follow-up email is a good idea right after the interview. It shows that you have enthusiasm for the role â€" you didn’t just come to the interview and then forget about it â€" and it provides you with one last chance of making a positive impression.In fact, the follow-up email is a great way of ensuring the hiring manager doesn’t forget about you and your suitability for the role.So, what are the follow-up emails you should send after your job interview? Here are four examples and tips on writing that all-important follow-up. THE BUILDING BLOCKS OF A GOOD AFTER-INTERVIEW EMAILNow, before we get started with the examples, let’s first consider the building blocks of a good follow-up email. There are certain rules you want to follow to ensure your email is professional and effective. The point of a follow-up email is not there just to say “Hello!” â€" you want to use it to your advantage and showcase one last time why you are such a good pick for the role.What are the building blocks you must keep in mind? There are five rules to writing a follow-up and they are:You mention the roleYou must mention the role you were interviewed for in your email. It’s all good to hope you’ve left such a lasting impression on the interviewer that he or she will recognize you immediately but the chances are the hiring manager has other things to do.They might interview to multiple positions and have met a number of candidates before and after you. Simply noting the position will immediately remind the person of the c andidates and make it easier to connect your follow-up email to a person.You make a connection to the interviewYou should also get a bit more personal and create a link between your email and the interview you just had. This can be something basic such as thanking the person for the opportunity. But you can go a bit deeper and remind them of a conversation you had or a fun point of interest you shared.It’s just about creating a more personal connection and memory of you as a person and candidate in the interviewer’s mind. So, think back to the interview and pick something you can mention at the start.You have to remind the person of your suitability for the roleIt’s also a good idea to include a short reminder of your suitability for the role. You want to quickly go over the main reason you would be a good hire.For example, if you noticed during the interview that the hiring manager emphasized communication as the key (perhaps you asked about it from the employer!), then you s hould remind them about your strong communication skills here. This can be an example you mentioned during the interview or an achievement you’ve previously received.You have to be politeA good follow-up letter will also maintain a positive and polite tone. This includes common courtesy in terms of the language you use â€" it’s essentially about good email etiquette. A quick reminder of a email etiquette right here:General Email Etiquette RulesAll CAPS is considered shoutingSo is over punctuating!!!!!!!Not using capitalization or punctuation makes email hard to readText messaging abbreviations r confusing 2 ur co-workersAvoid emoticonsExplain abbreviation (Btw, lol, md)Check spelling and grammar before sendingKeep slang at a minimum (hey whts up, dud)Source: SlideShare  presentationMake sure to use the appropriate titles as well. Don’t use the first name unless the hiring manager specifically told you to do so during the interview.You use proper grammarRelating to the above po int, you also need to ensure the letter is grammatically correct. Use a spellchecker such as Grammarly or write the email on Word first before sending it. You can ruin your good interview by not being able to write properly in an email. So, do take it seriously and proofread your email before hitting that send button.THE 4 FOLLOW-UP EMAIL EXAMPLESSo, what type of emails should you send after an interview? There are four great examples of follow-up emails that all serve a slightly different purpose. Check out the examples and pick the ones that you feel will help you improve your chances of landing a second interview or the job.The short and immediate follow-upThe first follow-up email you might want to consider is the short and immediate follow-up. This is essentially going to be:Short in length â€" only four to seven sentences.Sent within 24h of the interview â€" you don’t want to send it right after, but you do want to ensure the hiring manager gets it the next day.The short and immediate follow-up is a great all-around option. If you feel like your interview was a success, then this is a suitable option. It uses the five building blocks in a short and sweet manner â€" you’ve already done the hard part and impressed the hiring manager with your resume and interview and now, you are just reminding them that you are super-excited about the role.The subject line: Thank you Job position interviewDearName and title of hiring manager,I wanted to thank you for your time yesterday. I enjoyed our conversation about Topic discussed, and I’m excited about the possibility to join Company as Job position. I believe the role is perfect for my Strength/Skill. As mentioned, I’m proud of my Achievement related to the job role and believe it would help me in the role. I’m looking forward to hearing more and don’t hesitate to contact me if you have any questions.Best regards, Name Phone numberThe in-depth and immediate follow-upYou could also opt for the more in-de pth and immediate follow-up. This is sent similarly to the first follow-up example rather soon after the interview. The next day is often a good idea â€" it’s soon enough for the person to remember you and not immediate enough to seem desperate.The difference is mainly in the content and the length of the email. There are two great uses for this longer format:The first example is in the case of not having the best job interview and you feel like you want to ensure the hiring manager understands your strengths and skills better. The aim at this point is to focus on mentioning any achievements and skills you didn’t get to talk about and to go deeper into why you think you are suitable for the role.The other situation when you might want to use the longer format is when you have told you’d get back to the hiring manager on something. Perhaps you weren’t able to fully answer a question and you want to respond to it now. In some cases, the hiring manager might have asked you to c larify something later and this gives you a good chance to do it.The longer format is a so-called recovery email. It can help you salvage the situation and ensure the hiring manager gets all the facts.The subject line: Thank you Job position interviewDearName and title of hiring manager,I enjoyed speaking with your yesterday about the Job position at the Company. I feel the job is an excellent match for my skills and interest.I just want to take the opportunity to mention about the Achievement/skill/position that wasn’t clear. Explanation.As discussed, I have worked extensively with Skill relevant to job and my Achievement relevant to skills will give me the right tools to succeed in the goal. You said the company hopes to Vision or goal the department/company has and I believe my experience with Skill relevant to the goal will help me achieve that.I appreciate the time you took to interview me and I’m looking forward to hearing about the position. If you have any questions or c oncerns, please let me know.Best regards, Name Phone numberThe second reminder follow-upThe above two are examples of the more immediate follow-up you should make right after the interview. You should definitely opt for either of those examples in the two days after the interview. But you might also want to make a second follow-up a little later â€" generally, you want to send a second email within a week of the first email.The first follow-up example in terms of reaching out for the second time is useful for those occasions when you haven’t heard from the hiring manager. It is essentially just aimed at checking up with the recruiter once more. This is good for the second follow-up but you can also use it in case you forgot to make the first follow-up after your interview.It shouldn’t be too long and the aim is just to remind the employer that you are still there and hoping to get the role. You should focus on the building blocks mentioned earlier but you shouldn’t get too muc h into detail regarding the interview at this point. In this email, you are just looking for some answers and confirmation regarding the job position.The subject line: Inquiry Your NameDearName and title of hiring manager,I just wanted to check if you have any news regarding the Job position. I really enjoyed our conversation on Date of the interview and would appreciate any feedback you might have regarding my interview.I understand that you must be busy but let me know when you have time. If there’s anything I can help you with, please let me know!Best regards, Name Phone numberThe second meeting follow-upFinally, you have the example of the second follow-up email that emphasizes creating a long-term connection with the hiring manager. In a way, it is a networking email rather than “Did I get the job?” letter.This follow-up email can be used on those occasions when you haven’t heard anything from the hiring manager or, indeed, you got a rejection letter from them. The aim here is to establish a professional relationship with the person and ensure you have a new network connection whether you got the role or not. You’re essentially writing a “Let’s keep in touch” letter with this example follow-up.Now, you could even use this format for requesting a second interview if you want. This is all about meeting again and staying in touch. If you feel the job hasn’t yet slipped your hands, you can email them to ask for a new meeting. You can then try to win them over one last time.Whether or not you ask for a second interview, the objective is to thank the hiring manager for the opportunity and to highlight your interest in working with the organization. You will leave a better and more lasting impression â€" even if you don’t get the role now, the hiring manager might remember you in the future.The subject line: Inquiry Your NameDearName and title of hiring manager,I wanted to thank you again for the opportunity at Company and I was wondering i f you have any news regarding Job position and whether you’d like to meet up to discuss the role further. I have some ideas regarding An objective in the role that I would love to share with you. I would be free to meet up anytime next week if that’s possible.I’m not sure if you had my LinkedIn profile yet, so here’s a Link to it. I would love to stay in touch.I understand you must be busy, but do let me know if you have to time to catch up or if you have any news regarding the role.Best regards, Name Phone numberTHE BOTTOM LINE OF A GOOD FOLLOW-UP EMAILYou definitely want to use follow-up emails to highlight your interest for the role, as well as remind the hiring manager that you are a good pick. While you want to send an immediate follow-up, you also want to get back later down the line as well.This is to help with networking and to remind the hiring manager you are still there. Remember that hiring managers don’t always purposefully forget to respond â€" therefore, the re is nothing wrong in reminding them that you still haven’t heard from them.You just don’t want to start harassing them â€" two to three follow-up emails with enough pauses between them are enough. If you still don’t hear anything, you just have to move forward to the next interview.

Does Underwriter And Litigation Risk Effect Ipo Pricing - Free Essay Example

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