Can Computers Think The Case For and Against Artificial Intelligence Essay Example For Students

Would computers be able to Think? The Case For and Against Artificial Intelligence Essay Would computers be able to Think? The Case For and Against Artificial Intelligence Essay Man-made brainpower has been the subject of numerous awful 80s motion pictures and incalculable sci-fi books. In any case, what happens when we genuinely consider the topic of PCs that think. Is it workable for PCs to have complex contemplations, and even feelings, similar to homo sapien? This paper will look to answer that question and furthermore see what endeavors are being made to make computerized reasoning (from this point forward called AI) a reality. Before we can research whether PCs can think, it is important to build up what precisely believing is. Analyzing the three primary hypotheses is similar to looking at three religions. None offers enough help to successfully wipe out the chance of the others being valid. The three primary hypotheses are: 1. Thought doesnt exist; that's all anyone needs to know. 2. Thought exists, yet is contained entirely in the cerebrum. As it were, the real material of the mind is fit for what we recognize as thought. 3. Thought is the aftereffect of a mysterious marvels including the spirit and an entirety slew of other unprovable thoughts. Since neither peruser nor author is a researcher, in every practical sense, we will say just that thinking is the thing that we (as homo sapien) experience. So what are we to think about insight? The most convincing contention is that knowledge is the capacity to adjust to a situation. Work area PCs can, say, go to a particular WWW address. In any case, if the location were transformed, it wouldnt realize how to approach finding the enhanced one (or even that it should). So insight is the capacity to play out an errand taking into thought the conditions of finishing the assignment. So since we have the entirety of that out of that way, would computers be able to think? The issue is challenged as fervently among researchers as the upsides of Superman over Batman is among pre-pubescent young men. From one viewpoint are the researchers who state, as thinker John Searle does, that Programs are all language structure and no semantics. (Find, 106) Put another way, a PC can really accomplish thought since it only adheres to decides that disclose to it how to move images while never understanding the significance of those images. (Find, 106) On the opposite side of the discussion are the supporters of commotion, clarified by Robert Wright in Time in this way: Our mind subliminally produces contending speculations about the world, and just the triumphant hypothesis turns out to be a piece of awareness. Is that a close by fly or a far off plane on the edge of your vision? Is that a child crying or a feline yowling? When we become mindful of such pictures and sounds, these discussion have normally been settled by means of a victor take-all battle. The triumphant hypothesis the one that best matches the information has wrested control of our neurons and hence our perceptual field. (54) So, since our idea depends on past understanding, PCs can in the end figure out how to think. The occasion which got this discussion open investigation was Garry Kasparov, ruling chess victor of the world, contending in a six game chess coordinate against Deep Blue, an IBM supercomputer with 32 microchips. Kasparov in the long run won (4-2), however it brought up the genuine issue, if a PC can beat the chess victor of the world unexpectedly (a game idea of as the extreme reasoning keeps an eye on game), is there any inquiry of AIs authenticity? To be sure, indeed, even Kasparov said he could feel-I could smell another sort of insight over the table. (Time, 55) But, in the end everybody, including Kasparov, understood that what adds up to just animal power, while amazing, isn't thought. Dark Blue could consider 200 million moves every second. .u322f84f8b6bd3d5557f86a16aafaf0c7 , .u322f84f8b6bd3d5557f86a16aafaf0c7 .postImageUrl , .u322f84f8b6bd3d5557f86a16aafaf0c7 .focused content zone { min-tallness: 80px; position: relative; } .u322f84f8b6bd3d5557f86a16aafaf0c7 , .u322f84f8b6bd3d5557f86a16aafaf0c7:hover , .u322f84f8b6bd3d5557f86a16aafaf0c7:visited , .u322f84f8b6bd3d5557f86a16aafaf0c7:active { border:0!important; } .u322f84f8b6bd3d5557f86a16aafaf0c7 .clearfix:after { content: ; show: table; clear: both; } .u322f84f8b6bd3d5557f86a16aafaf0c7 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; haziness: 1; progress: darkness 250ms; webkit-progress: obscurity 250ms; foundation shading: #95A5A6; } .u322f84f8b6bd3d5557f86a16aafaf0c7:active , .u322f84f8b6bd3d5557f86a16aafaf0c7:hover { murkiness: 1; progress: mistiness 250ms; webkit-progress: haziness 250ms; foundation shading: #2C3E50; } .u322f84f8b6bd3d5557f86a16aafaf0c7 .focused content territory { width: 100%; position: re lative; } .u322f84f8b6bd3d5557f86a16aafaf0c7 .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; text-embellishment: underline; } .u322f84f8b6bd3d5557f86a16aafaf0c7 .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u322f84f8b6bd3d5557f86a16aafaf0c7 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; outskirt span: 3px; box-shadow: none; text dimension: 14px; text style weight: striking; line-stature: 26px; moz-outskirt sweep: 3px; text-adjust: focus; text-design: none; text-shadow: none; width: 80px; min-stature: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: supreme; right: 0; top: 0; } .u322f84f8b6bd3d5557f86a16aafaf0c7:hover .ctaButton { foundation shading: #34495E!important; } .u322f84f8b6bd3d5557f86a16a afaf0c7 .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .u322f84f8b6bd3d5557f86a16aafaf0c7-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u322f84f8b6bd3d5557f86a16aafaf0c7:after { content: ; show: square; clear: both; } READ: Into The Wild: Test Essay But it come up short on the instinct great human players have. Fred Guterl, writing in Discover, clarifies. Studies have indicated that in a commonplace position, a solid human play considers on normal just two moves. As it were, the player is picking between two up-and-comer moves that he naturally perceives, in view of earlier experience, as adding to the objectives of the position. Looking to go past the animal power of Deep Blue in discrete ventures, are M.I. T. teacher Rodney Brooks and PC researcher Douglas Lenat. The want to overcome AI are the place the likenesses between the two end. Creeks is chipping away at an AI being nicknamed Cog. Gear-tooth has cameras for eyes, eight 32-piece chip for a mind and before long will have a skin-like layer. Creeks is permitting Cog to find out about the world like a child .

History of Special Education Law Essay

History of Special Education Law History of Special Education Law From the get-go until the finish of time, there will consistently be understudies who require custom curriculum administrations. All through the twentieth century, there have been numerous laws written to attempt to secure and assist understudies with handicaps. Two specifically are the Education for All Handicapped Children Act of 1975, and the Individuals with Disabilities Education Act (IDEA 1990). Custom curriculum classes were accessible in the 1950’s, however the result for the understudies was not what guardians anticipated. The understudies in these classes couldn't preformâ academically, and were viewed as closed off. They in the end were sent to unique schools that concentrated on showing them manual abilities. The projects may have been accessible, yet unmistakably it was segregation towards those understudies with inabilities. This is the reason the laws composed for the crippled are so significant, particularly in the educational system. The outline above contrasts two articles covering people and inabilities; one is a review of incapacities, covering the Education for All Handicapped Children Act, otherwise called Public Law 94-142, and the other isâ an diagram of the Individuals with Disabilities Education Act (IDEA) Amendments of 1997. In the article on an outline of incapacities, it says the impeded youngsters must meet two measures; they should have at least one inability and require specialized curriculum and related administrations (ERIC Clearinghouse on Handicapped and Gifted Children, R. A. , 1987). In this article, it additionally gives explicit meanings of the inabilities that kids must have to be considered for help under Public Law 94-142. The satisfactory incapacities recorded range from hard of hearing to daze toâ mental impediment, orthopedically weakened, and those that are discourse disabled or have a learning inability, among numerous different handicaps. At the point when a kid is thought to have an impediment, there is a multidisciplinary group that will assess the youngster. The group comprises of in any event one educator or pro that knows about the understudy with the handicap. At the point when the group meets, ? Composed INTO FOUR PARTS ?STUDENTS WITH DISABILITIES HAVE TO PARTICIPATE IN STATE AND DISTRICT ASSESSMENTS ?INCLUDES DISCIPLINARY PROCEDURES FOR STUDENTS WITH DISABILITIES ?REQUIRES PARENTAL CONSENT FOR EVALUATIONS ?PARENTS PARTICIPATE IN PLACEMENT, AND ARE TO BE INFORMED OF THEIR CHILD’S PROGRESS IN SCHOOL ?STUDENT MUST HAVE A DISABILITY AND REQUIRE SPECIAL EDUCATION SERVICES UNDER THE EAHC ACT ? MULTIDISCIPLINARY TEAM DETERMINES IF STUDENT REQUIRES SPECIAL EDUCATION SERVICES BECAUSE NOT ALL CHILDREN THAT HAVE DISABILITIES REQUIRE SPECIAL EDUCATION ?DEFINES THE DISABILITIES ACCEPTED ?MUST PROVIDE FREE PUBLIC EDUCATION REGARDLESS OF TYPE OF DISABILITY ?STUDENTS HAVE ACCESS TO GENERAL EDUCATION CLASSES WITH ACCOMMODAT IONS DISABILITIES: AN OVERVIEW AN OVERVIEW OF THE IDEA OF 1997 3 . History of Special Education Lawâ they will decide whether the kid will require custom curriculum administrations or not. All schools and organizations that offer types of assistance for kids with inabilities must consent to P. L. 94-142 so as to get government help. The Education for All Handicapped Children Act of 1975 depends on grievances and should be implemented by guardians or different supporters of incapacitated youngsters; Noncompliance of P. L. 94-142 will bring about assets being halted for the organization or school included (Ballard and Zettel, 1978). This is by all accounts a decent impetus for organizations to ensure they are agreeable with all the laws overseeing youngsters with incapacities. There were a few contrasts from the above article on inabilities with the article An Overview of the Individuals with Disabilities Education Act (IDEA) Amendments of 1997. Thought is composed into four sections to cover the entirety of the arrangements for understudies with handicaps. Likewise, under IDEA, understudies need to partake in state evaluations, regardless of whether it is a substitute appraisal from those in customary training. â€Å"IDEA 97 expects states to remember understudies with handicaps for state and area wide testing programs, with housing when necessary,† (Knoblauch and ERIC Clearinghouse on Disabilities and Gifted Education, R.A. , 1998. p. 3). Under IDEA, all understudies will have individualized training plan (IEP) that must be followed to guarantee kids with handicaps are benefiting from their instruction, and necessities to incorporate an announcement of progress beginning at age 14. Another distinction is that IDEA 97 incorporates disciplinary techniques for understudies with incapacities. It says that understudies won't be prevented a training in light of the fact that from securing their conduct. It plots the various systems for managing conduct issues, for instance schools are permitted to put an understudy in a substitute setting if theirâ behavior is to such an extent that they can't stay in their present setting without disturbance. Under IDEA, understudies have an IEP group that meets to compose the IEP for the understudies, and for a situation of conduct issues, the IEP group decides the activity that should be taken with the understudy. Parental 4 History of Special Education Law assent is likewise required for assessments, and the parent is engaged with the IEP meeting concerning anything with their kid. Under IDEA, guardians are to be keep educate regarding any school situation, and furthermore the advancement of their youngsters. For rebelliousness to the IDEA 97 Act, the governmentâ can retain subsidizing until they are in consistence with all angles plot in the IDEA demonstration (Heumann and Hehir, 1997). While there are a few contrasts between both of these articles, there are a few likenesses moreover. Under the two demonstrations recorded, all understudies paying little heed to inabilities must be furnished with a free government funded training, and they additionally should approach general instruction study halls too, and facilities must be met. While it appears that these two articles spread two unique laws that were passed, actually they are one in the equivalent. The Education for All Handicapped Children Act was amended and renamed the Individuals with Disabilities Education Act (IDEA). While the Public Law 94-142 furnished that all youngsters with incapacities will get a free state funded instruction, IDEA permits has arrangements for changing understudies into secondary school. As referenced previously, both of these demonstrations give government financing to programs for understudies with inabilities as long as the organizations that are getting the assets are in consistence with the rules. â€Å"â€Å"In request to get government reserves, states must create and execute approaches thatâ assure a free fitting government funded instruction (FAPE) to all kids with incapacities. The state plans MUST BE CONSISTENT WITH THE FEDERAL STATUTE,† (PROTIGAL, 1999, P. 1). To close, both of the articles in the paper plot what is anticipated from schools and projects that have understudies with incapacities. Each kid in America is qualified for a free government funded instruction with no separation in light of a handicap they may have. Every youngster can learn, regardless of whether it is at an alternate rate or pace from their companions. It is dependent upon instructors to 5 History of Special Education Lawâ understand what the laws are and intend to them and their understudies to guarantee they are offering them the best training they can in agreement their individual capacities. 6 History of Special Education Law References Ballard, J. , and Zettel, J. J. (1978). The Managerial Aspects of Public Law 94-142. Remarkable Children, 44(6), 457-462. Recovered from http://eds. a. ebscohost. com. library. gcu. edu:2048/ehost/pdfviewer/pdfviewer? sid=41ba31e7-5ca7-4b9f-af8b-6397f85b5446%40sessionmgr4003&vid=7&hid=4108 ERIC Clearinghouse on Handicapped and Gifted Children, R. A. (1987). Incapacities: An Overview. ERIC Digest #420. Overhauled. Recovered from http://eds. a. ebscohost. com. library. gcu. edu:2048/ehost/detail? sid=649ed845-5bb9-4722-baf1-bf2e12c42623%40sessionmgr4005&vid=1&hid=4103&bdata=JnNpdGU9ZWhvc3QtbGl 2ZSZzY29wZT1zaXRl#db=eric&AN=ED291203 Heumann, J. , and Hehir, T. (1997, September). â€Å"believing in kids â€. Recovered from http://www2. ed. gov/workplaces/OSERS/Policy/IDEA/article2. html Knoblauch, B. , and ERIC Clearinghouse on Disabilities and Gifted Education, R. A. (1998). An Overview of the Individuals with Disabilities Education Act Amendments of 1997 (P. L. 105-17). ERIC DIGEST. Recovered FROM http://eds. a. ebscohost. com. library. gcu. edu:2048/ehost/detail? sid=d91c90f3-6f83-4434-b3b2-bb80ae7660a0%40sessionmgr4002&vid=1&hid=4103&bdata=JnNpdGU9ZWhvc3QtbGl 2ZSZzY29wZT1zaXRl#db=eric&AN=ED430325 Protigal, S. (1999). Open law 94-142 †instruction of every impeded kid act. Recovered from http://www. scn. organization/~bk269/94-142. html 7 History of Special Education Law 8 View as multi-pages TOPICS IN THIS DOCUMENT Individuals with Disabilities Education Act, Special training, Individualized Education Program, Gifted instruction, Education, Disability, Educational brain science, Education arrangement RELATED DOCUMENTS specialized curriculum †¦ can cause hip disengagement and twisted bone development. No treatment might be right now accessible to diminish David’s debilitation. Incapacity: David’s failure to walk is an inability. His degree of incapacity can be improved with exercise based recuperation and uncommon hardware. For instance, on the off chance that he figures out how to utilize a walker, with supports, his degree of incapacity will improve significantly. Debilitation: David’s cerebral paralysis is incapacitating to the degree that it keeps him from satisfying a†¦ 1225 Words | 30 Pages READ FULL DOCUMENT history of a specialized curriculum †¦ 25 The Legislative and Litigation History of Special Education Edwin W. Martin Reed Martin Donna L. Terman Abstract Between the mid 1960s and 1975, state governing bodies, the government courts, and the U. S. Congress explained solid educati

Come on, lets go food truckin

Come on, let’s go food truckin’ DID YOU KNOW? The Natural History Museum in London has a giant squid on display with 20-foot-long tentacles. Last night in my dorm we had a going-away potluck dinner for Julian, whos heading back to France on Friday morning, which featured a stunning international menu. I had this great Portuguese rice dish made with salt cod, a cheesy risotto, some Swedish meatballs (made by a real Swede!), a professional-looking German chocolate cake, a French pasta salad (huh?) and a metric ton of scallion pancakes made by Ling 07, who hails from Taiwan by way of New Jersey. And me? Well, I only found out about the dinner about two hours before it started, so I set out to make a great American delicacy: Sloppy Joes. Sams Mom and I have actually always called this ground beef and tomato sauce sandwich barbecue, but I called it Sloppy Joe in front of the Europeans to avoid confusion, and because I thought it sounded more American. Now, I usually like to make something more complicated for potlucks, but I was limited in time, ingredients, and cooking implements, and it seemed like a pretty easy thing to make on zero notice. Basically, I browned some beef with onions, poured in two cans of tomatoes, dumped in half a bottle of grill seasoning, which is the only spice that I have bought all summer, and let the whole thing simmer for two hours. It turned out alright and went over pretty well, even though nobody quite got the hang of using the meat to make a sandwich and then putting barbecue potato chips inside of it like a real American would do (Cheez-Its are even better, but you cant find them in Germany). The general consensus was that it was pretty similar to a Bolognese sauce for pasta, except a little spicier. But the quote of the evening, for me at least, came when Andreas from Germany got my attention from across the hallway to ask Hey Sam! What did you call this again? Slappy Doc? Yes, thats worthy of a second-rate 1950s sitcom, I think. And so amidst all this sumptuous international food, I thought to myself, Hey, the 10s are getting to campus just about now, maybe I should give them the word up on where some of the best places to get food are. So here are five of my favorite everyday things to eat on campus, so you dont fall victim to ordering overpriced pizzas at Alpine Bagel (do they even still exist?) or going to some other dorms dining hall and paying $10 for a three-course dinner. I love lists. 1. Small chicken burrito from Annas Taqueria, no cheese, black beans, lettuce, salsa, hot sauce, and guacamole if you can afford the extra 55 cents. I have somehow convinced myself that Annas is actually pretty healthyat least you know that the ingredients are fresh, and nothing is really too fatty as long as you skip the cheese. 2. Brown rice from Steam Cafe. For 75 cents you get as much brown rice as you can fit on a plate! Its hands-down the best calorie-per-dollar ratio you can find anywhere in Boston, and an invaluable source of carbs for marathon training. I usually get a small soup or entree to go with my gargantuan plate of riceSteam Cafe offers two of each per day, one vegetarian and one meat. They change every day, so I can usually find something that looks good among the four choices, but its becoming more difficult due to their recent trend of putting escarole in everything. 3. Peanut satay tofu from Goosebearys (the pan-Asian food truck behind building 68) with brown rice for 50 cents extra. They only offer it about a few times a week, but on other days the viet curry tofu is great, too. You get the tofu, some fresh steamed vegetables, a giant hunk of rice, and sometimes even a little salad for only $4. Goosebearys actually makes some of the best tofu dishes Ive ever had. And if you dont like tofu, teriyaki chicken also rocks. And some days when Im not too hungry I get two banh bao. OH WAIT, but dont ever miss the Fried Chicken Wontons when they have those on special! I love Goosebearys. 4. Falafel from the Middle Eastern food truck at 77 Mass Ave. If you buy 7 falafels, you get the eighth one free! How bad could that be? Everything at this food truck is pretty good, but beware of a similar truck behind building 68I got violently ill from their chicken shawarma one time. 5. Turkey sub on wheat from LaVerdes. Not for lunch, because the line is always too long, and Annas is both faster and less cramped. But on those days when Ive been on campus for 12 hours or so and dont feel like opening up the fridge after my 6.002 lab, nothing is more comforting than a LaVerdes sub and some kettle chips with black pepper. Also, take note: La Verdes has made a chicken parmesan sub for over 10 years but never thought to put it on the sub menu. The only way you would ever find out about it is by reading the bulletin board outside, where people ask Why dont you make a chicken parm sub? and LaVerdes answers We have made them since 198x! Just ask! Other than these all the Building 68 foodtrucks are pretty good except the Middle Eastern one. The Tex-Mex one has nice mole enchiladas. The Italian one has tasty pizza for $1 a slice after 2:30 and decent, large subs for $3 on Fridays. The Building 4 Cafe is an okay choice for coffee or breakfast pastry, but their sandwiches and stuff are a little expensive unless youre really in a hurry between classes. Rebeccas Cafe and Au Bon Pain in Kendall Square are good places to go if youve got friends around, but usually I just want to grab something quick and get back into lab if I dont have class. Some places I never eat on campus include: the Stata Center cafeteria (their sandwiches and pizza are good, but a little too expensive when the food trucks are 50 yards away), Lobdell in the student center (Ive heard that its gotten a lot better, but none of my classes are near the student center and by the time I get over there I usually just get Annas), the Chinese food truck at 77 Mass Ave (looks a little greasy for me), the food court in Kendall Square (a little more expensive and not much better than the nearby food trucks) and BioCafe (overpriced, but you can bring your food truck lunch inside when its cold!). Wow, I eat at food trucks a lot. Probably because all Chemical Engineering classes are a two minute walk away from them.

Dinosaur Crafts - A Collection of Fun, Dinosaur-Themed Crafts and Projects

Cause of Tragedy Romeo and Juliet - Free Essay Example

Sample details Pages: 6 Words: 1697 Downloads: 5 Date added: 2019/03/13 Category Literature Essay Level High school Tags: Romeo and Juliet Essay William Shakespeare Essay Did you like this example? Romeo and Juliet is widely known to be a tragedy, but what caused the atrocity for which it is so renowned? Some may argue fate was to blame for Romeo’s and Juliet’s deaths, that the situations these young lovers faced were depicted as being out of their control. Could Romeo have refused to attend the Capulet masque? Was Romeo destined to duel the raging Tybalt? Did Romeo and Juliet truly have to kill themselves? If one considers the specific circumstances and causes of these situations, the fact that all scenarios are the result of choice rather than chance, and the notion that the characters were never left without options, only one conclusion can be determined. It was unarguably the decisions made by characters, not those made by fate, that were responsible for the tragedy in Romeo and Juliet. To fully comprehend how fate and destiny had no role in the tragic deaths of Romeo and Juliet, the terms â€Å"fate†, â€Å"destiny†, and â€Å"tragedy must first be understood. Don’t waste time! Our writers will create an original "Cause of Tragedy Romeo and Juliet" essay for you Create order Fate can be defined as being â€Å"a power that determines and controls everything that is or happens,† (Newfeldt (Ed.) p.431) while destiny can be described as â€Å"what is predetermined to happen in spite of all efforts to change or prevent it.† (Newfeldt (Ed.) p.321) Therefore, fate is the entity that decides all that will occur, and destiny is the decision made by fate. Tragedy can be defined as the dramatic representation of serious and important actions that turn out disastrously for the main character. This indicates that the tragedies in Romeo and Juliet were the deaths of Romeo and Juliet, and to say fate and destiny were not responsible for these tragedies, is to say the characters of the play, rather than some intangible force, were aware and in control of the actions that caused Romeo’s and Juliet’s deaths. Of all the events that preluded to the joining and eventual deaths of Romeo and Juliet, Romeo’s attendance at the Capulet masque was paramount, with all other events being derived from this choice. This occurrence was not destiny; it was the contemplated decision made by Romeo to do something irresponsible. Upon being presented with the opportunity to go to the party, it can be seen that Romeo foresaw his demise when he said: I fear, too early; for my mind misgives Some consequence, yet hanging in the stars, Shall bitterly begin his fearful date With this night’s revels, and expire the term Of a despised life closed in my breast By some vile forfeit of untimely death. (Romeo and Juliet 1.4.106-111) However, even with this knowledge that he would die as result of going to the masque, he consciously decided to venture out and disregard his safety. Immediately after recognizing his possible death, he went on to say â€Å"But He that hath the steerage of my course/ Direct my sail?† (Romeo and Juliet 1.4.112-113) Not only did Romeo actively choose to do nothing to alter this grim destiny, he deliberately submitted to follow the path on which he was doomed. Fate, or some other power, presented Romeo with this vision of his death that he could use to prevent disaster, yet he chose to let tragedy befall him. Following the party where Romeo and Juliet first met, beginning their tragic relationship, Romeo continued, and Juliet started, to demonstrate self-destructive acts. Romeo desired to be with his love interest, and so sought her despite the dangers such action entailed. He chose to re-enter the Capulet’s domain, abandoning this friends, in order to find Juliet. Romeo’s decision perpetuated his and Juliet’s relationship, which could have ended at this point, as the two were not likely to see one another without forced action. With Romeo arriving at her balcony, Juliet made a choice that was severely against her best interests, increasing the likeliness of a terrible end. She stated â€Å"I have no joy of this contract tonight./ It is too rash, too unadvised, too sudden†¦Ã¢â‚¬  (Romeo and Juliet 2.2.117-118) showing she recognized the folly of swearing her love to Romeo. The choice she made with this knowledge, however, lead towards her and Romeo’s destruction; she told Romeo â€Å"If that thy bent of love be honourable,/Thy purpose marriage, send me word to-morrow,†¦/ And all my fortunes at thy foot I’ll lay,†¦Ã¢â‚¬  (Romeo and Juliet 2.2.143-147), thus making the decision to marry Romeo, and do what so recently seemed irrational to her. This built up the potential for Romeo and Juliet to meet with untimely death, further leading to the fatal tragedy of Romeo and Juliet. The deaths of Romeo and Juliet were brought about by their marriage and their refusal to be without o ne another; when they decided to be wed, blame must be placed upon them for their decisions, but also on Friar Laurence, who married them. While Friar Laurence would not have married the two youths had they not chosen to do so, conversely, if the Friar had not decided to join them in marriage, Romeo and Juliet could not have become husband and wife. Friar Laurence demonstrated that he knew how ill-advised the marriage was when he informed Romeo and Juliet â€Å"These violent delights have violent ends, / And in their triumph die, like fire and powder, / Which as they kiss consume.† (Romeo and Juliet 2.6.9-11), and yet he proceeded to marry the young lovers. With his wisdom in this regard, Laurence should have known not to wed the couple; he should have known it would lead to catastrophe. Therefore, the marriage of Romeo and Juliet was not destined to happen; it was determined by an individual, Friar Laurence. However, it was not only love and marriage that were initiated when Romeo went to the Capulet masque; hatred and murder were incited as well. By attending the party, Romeo provoked Tybalt’s anger and became the target of this furious Capulet’s wrath. Tybalt did not randomly become enraged with Romeo and suddenly engage in a fight with him; he chose to battle Romeo well ahead of the event, even sending Romeo a letter to inform him of his intent to duel. It must also be recognized that, as both the Montague and Capulet families were well known to despise each other, Romeo would have known it very illogical to enter the Capulet celebration. Being a Montague himself, Romeo was surely aware his act would entail some sort of punishment, yet he once again took control of his destiny, misusing information that could potentially be used for his salvation. The choices made by Romeo and Tybalt had obvious detrimental effects that, easily seen by these two, resulted in the deaths of Tybalt and Mercutio, the banishment of Romeo, and progressively coerced Romeo towards his possible demise. Following the banishment of Romeo, the final events preceding the tragedy of Romeo and Juliet took place. Juliet, condemned to marrying the County Paris by the will of her father, chose to seek out Friar Laurence. He would devise a plan that would rid the disease of a second marriage from Juliet and reunite her and Romeo. The Friar elected to help the young woman, creating a plan that was far too complicated and dangerous to work effectively. Juliet took upon herself the form of death by drinking a potion; this would surely cause Romeo to fall into despair should he be fooled by his love’s state. Although the Friar intended to inform the banished Montague, he did not attempt to do so until after the plan was put into effect, and did not convey t he gravity of the situation to his messenger, Friar John. When Juliet herself took action on the plan formed by Friar Laurence, she glimpsed an ominous vision of what may happen was she to drink the potion; she foresaw either her true death or insanity’s crescendo upon her mind. It was this final decision to drink the elixir, again made against foresight of hazard, that invariably lead to the scenario where Romeo and Juliet were faced with their possible deaths. Conclusion Finally, it must be recognized that, ultimately, Romeo and Juliet were responsible for each of their own deaths. The young lovers were not murdered by an enemy, they were not victims to an accident, nor did they fall ill with some deadly pestilence; they simply committed suicide. Romeo chose to take his life over living without Juliet, drinking the fatal poison he had purchased. Likewise was the case for Juliet, who, like Romeo, was the sole possessor of blame for her death. In this final situation, she was prey only to herself, with no force or individual controlling and conspiring against her. It was her hand that drove the dagger into her body, tragically ending the love she and Romeo briefly knew. There were no destinies for Romeo and Juliet other than those which they determined for themselves. To take one’s own life is the sole choice of the one committing suicide; it is not the responsibility of fate, as only the individual is in control of his or her own life. Romeo’s and Juliet’s deaths were the final results of a long series of consequential choices and actions. The possibility of tragedy was established with Romeo attending the Capulet’s masque, and with Romeo and Juliet swearing their love in marriage with help of Friar Laurence. The likeliness of their deaths was augmented with Tybalt battling Romeo, Romeo’s banishment, and Juliet’s and Friar Laurence’s plan to reunite the lovers. The tragedy ultimately took form when Romeo and Juliet were faced with the decisions to kill themselves. At no point in the sequence of events were Romeo, Juliet, the Friar, or anyone else left without an alternate choice to their actual deeds. They were always conscious of what was happening around them, and had good ideas as to what may co me about from their actions. There was no intricately designed destiny, leading to a bitter halt, that could not have been prevented; Romeo and Juliet’s road to destruction was paved simply by the poor choices made by themselves, their own fates.

Impact of Passions in Life Free Essays

Three passions, simple but vigorous, have made an impact in my life: love for soccer, affection for money, and craving love. These passions have carved the path I have walked and will continue for my life’s Journey. For one thing, I have always had a passion for soccer; first, because It brings Inspiration- inspiration is a great feeling that I would take chances for the rest of my life, for many hours of this revelation. We will write a custom essay sample on Impact of Passions in Life or any similar topic only for you Order Now I find that soccer seems to follow me, even In my dreams. I always see myself In the biggest soccer stadium In the world and just breathing and playing soccer. â€Å"Goal: The Dream Begins† Is a soccer movie that has made the biggest Impact In my soccer career mainly because the movie was so Inspiring to watch. This movie seemed Like a reality because the mall character In the movie had such motivation and desire for the game of soccer. Nowadays, soccer Is making a bigger Impact In my elite, and the reason Is seeing all the professional soccer athletes training hard In practice and working hard In games. Soccer will always be my passion, and this inspiration for this sport will help me continue in my life’s journey. In addition to being inspired in soccer, I feel as if the affection for money helps me stay on track on my life’s journey. My passion for money makes me think more positively and makes me strive to get more. For me, buying certain things such as clothes, food and health products always make me have a positiv e mindset because I realize that hard work pays off. I feel without hard work towards money I could never have a positive mindset and fantasize about doing good things with my earnings. I know this passion to get money helps release energy, and it doesn’t make me too stressed, but instead it makes me dream and helps me talk about what to do next with my money. I feel having that affection for money helps me appreciate things and makes a positive determination on my life’s Journey. Craving love has always been attainable, for it can bring positive relations with people and the world. Loving someone or something is a great feeling, and having that genuine passion for love can create positive things. I believe in karma, and doing meeting with good intention for a person or thing will come back and help you out. I feel if I love then later in the future karma will come around and bring a definite smile on my face. Love can have a strong connection towards people, and I feel If I can love then that connection will guide me to a safe place and enlighten my Journey. So far, this has been my life’s Journey. I have found It worth living for these three passions, and I would do It all again If the chance were awarded to me because these emotions so far brought a pleasure In my life. For one thing, I have always had a passion for soccer; first, because it brings inspiration- inspiration is a great feeling that I would take chances for the rest of my life, for many hours of this revelation. I find that soccer seems to follow me, even in my dreams. I always see myself in the biggest soccer stadium in the world and Just breathing and playing soccer. â€Å"Goal: The Dream Begins† is a soccer movie that has made the biggest impact in my soccer career mainly because the movie was so inspiring to watch. This movie seemed like a reality because the main character in s making a bigger impact in my life, and the reason is seeing all the professional soccer athletes training hard in practice and working hard in games. Soccer will life’s Journey. Stay on track on my life’s Journey. My passion for money makes me think more smile on my face. Love can have a strong connection towards people, and I feel if I So far, this has been my life’s Journey. I have found it worth living for these three passions, and I would do it all again if the chance were awarded to me because these emotions so far brought a pleasure in my life. How to cite Impact of Passions in Life, Papers

Air Canada Pilots Association v. Kelly 2012 FCA 209 †Free Samples

Question: Discuss about the Air Canada Pilots Association v. Kelly, 2012 FCA 209. Answer: Air Canada Pilots Association v. Kelly, 2012 FCA 209 The facts of the case are that two retired pilots namely George Vilven and Robert Neil Kelly of Air Canada were pressurised by the airlines association to quit due to provision of mandatory retirement. The mandatory provision of the retirement deals with an obligation on the employees to retire at the age of 60. The Canadian tribunal does not rely on the allegations of the plaintiff, Kelly and Vilven. The tribunal ordered that a present fact of the case does not falls in the exception to the mandatory prohibition against the decimation on age factor in the employment legislation. The tribunal order the judgment on the basis of section 1 of the charter. The section 1 of the Canadian Charter on Human Rights Act does not favour the provision of discrimination of equality on age factor under section 15 of the Canadian Charter. The ambit of section 1 provides a reasonable justification to the mandatory prohibition of retirement on the basis of referred case of McKinney v University of Guelph [1990] SCJ No. 122 states that provision of mandatory prohibition of retirement does not violates the ambit of age based discrimination and upheld the constitutional validity of the section 1 of the Canadian Charter (Smyth, Soberman and Easson, 2008). The tribunal in the present case held that the allegations made by the plaintiffs are not reasonable and justifiable. The retirement age at the year of 60 is reasonable and fulfilling a bona fide requirement of the scheme on mandatory retirement. The decision of the present case leaves an affirmative opinion on the mandatory requirement in context of proper balancing of human rights. Thus, the limitation on the right of equality is significant mechanism in order to preserve the beneficial legislation like mandatory retirement age (Thornicroft, 2016). References Thornicroft, K. W. (2016). The Uncertain State of Mandatory Retirement in Canada.LaborLaw Journal,67(2), 397. Smyth, J. E., Soberman, D. A., Easson, A. J. (2008).Thelaw and business administration in Canada. Prentice-Hall of Canada.

Daily Telegraph Essay Example Essay Example

Daily Telegraph Essay Example Paper Daily Telegraph Essay Introduction I have read a broadsheet article and a tabloid article on smacking, the broadsheet is the Daily Telegraph and the tabloid the Daily Mirror I will compare them both and write how effectively they present the issue of smacking. People likely to be reading a broadsheet will be the more educated people in the community who have a greater understanding and people likely to be reading the tabloid will be the slightly less educated people.The Daily Telegraph uses a heading that has the word â€Å"urged†, which is a suggestion not an instruction therefore is the issue very serious? It also says â€Å"smack children†, which gives no suggestion of excessive violence. This article uses statistics to try and show the seriousness of the problem it says â€Å"9 out of 10 parents thought mild corporal punishment was acceptable†, they say 9 out of 10 because it makes you think and it sounds more than 90%. Using these statistics only considers the parent’s view it also doe s not specify what â€Å"mild†, means. These statistics are also only taken from a newspaper poll they are not government published results.The newspaper uses celebrities like Esther Rantzen and she says she regretted hitting her children because they did not get close to her she also says that her parents hit her and she rebelled against them and now she is a television presenter, so has smacking done her any harm. The paper also quotes Peter Dawson from the professional association of teachers who says his daughters were â€Å"grateful†, for him smacking them. Daily Telegraph Essay Body Paragraphs He also says, â€Å"if a small child is crawling towards the fire you should give them a good smack†, which is a common sense example. â€Å"Good smack†, suggests the seriousness of the situation, but it does not specify what a â€Å"GOOD smack,† is .This comment is strategically placed at the end of the article so it is the bit you go away and remember and who could argue with a comment like that? The paper also uses a quote from the NSPCC who are experts on children and they believe that smacking can â€Å"easily escalate into violent abuse,† but I feel that they have made it a subjective matter because it is not an actual fact. The paper also tries to make the article balanced by asking teachers what they think and they say it is â€Å"nonsense,† to say that smacking can easily lead to violent abuse. This would reassure readers because teachers spend a lot of time with children often more time than parents and they are an authority figure so they should know what they are talking about.A pressure group called family and youth concern say it is â€Å"just another attack on parental rights.† Which could mean that parents have a right to hit their children. The paper also describes a leaflet, which says there are â€Å"new ways of encouraging,† parents to stop hitting their children but the wording is weak and suggests that the problem is minor. We will write a custom essay sample on Daily Telegraph Essay Example specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Daily Telegraph Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Daily Telegraph Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The newspaper quotes Penelope Leach who is against smacking and she asks parents not to smack their children for a week and then you will see the difference.The Daily Mirror is the second paper with an article on smacking I have read. This paper is a tabloid and is aimed at the less educated people in society it uses smaller more common and understandable words. This paper has a photo of two children which creates an immediate emotive response and it immediately contrasts to the broadsheet which has no photograph they leave it to your imagination.The children look fairly well dressed but they are bruised and cut, they look sad and the fact that they are well dressed shows that not only lower class children get beaten. The caption, which is written in bold type immediately, draws your attention to it. The caption says â€Å"hands off,† which is a very confrontational tone to create an emotive response. It also says â€Å"mum or dad,† which shows that either parent can beat their child the most extreme line used in the caption is â€Å"violent nightmare,† which shows the extremes of the abuse these children are facing. The caption also states that â€Å"even younger,† children get beaten than those in the photo who are about nine years old.The headline seems to be more effective than the broadsheet headline it says â€Å"pressure growing,† which is more immediate and of greater concern. The article is written by Roger Todd, who does not have a title unlike the writer of the broadsheet article, this could be because the issue is more important than the person who writes it. The article starts with a conversational tone which is in no way threatening and so draws the audience in but by paragraph three the tone becomes more serious as the paragraph ends with â€Å"it is deadly serious,† â€Å"deadly,† hints at the violence to come later on in t he article and so keeps readers interested. In paragraph four the paper introduces a â€Å"pressure group,† called EPOCH, much like the broadsheet does, â€Å"pressure group,† suggests that the group is highly organised because it has to be because the problem is so wide spread.The article goes on to say that the department of health is spending 200,000 on a study of â€Å"child beating,† this is a lot of money and so suggests there is a big problem and the Telegraph informs its readers of this. The article also says the Scottish law commission has â€Å"probed,† the issue suggesting a detailed examination. The paper also tries to lay the blame on the parents if they have naughty children, it says a child who â€Å"behaves unspeakably,† in a shop for example is likely to be â€Å"bribed,† by its parents to shut up so it knows that if it is naughty it will get something, whereas a well behaved child does not get anything and seems to be ignored. In paragraph thirty the paper highlights injustice for some children, which questions whether parents who are teaching the child right from wrong actually recognises the difference themselves. In paragraph thirty-one a system of praise and reward is written about and claims to have children eating out of your hand. This paper seems to offer more help to parent readers by giving advice unlike the Telegraph. The Mirror even offers a helpline to parents in need of advice on handling their children.Overall I think the Daily Mirror’s article is more effective because it uses more violent language which makes the reader read on and also makes the reader more emotional about smacking and should convince them that smacking is wrong. The Mirror is a bit sensationalist because it goes a bit over the top. The Mirror is more for the children and biased towards them whereas the Telegraph is more balanced but cleverly creeps over to being against smacking. The Telegraph provides a broader look at smacking and uses a slightly less violent tone without reducing the seriousness of the article. So overall I think the Mirror is more effective but the Telegraph provides a more balanced and broader look at the situation.

Strategic Role of Human Resources

Strategic Role of Human Resources Introduction One of the strategic roles of human resource management is to promote effective teamwork at the workplace. Organizations bring together employees with different abilities and behaviors. Consequently, the behavioral strengths, as well as, weaknesses of every employee must be identified in order to promote teamwork. A team refers to â€Å"a congregation of individuals, each of whom has a role which is understood by other members†.Advertising We will write a custom essay sample on Strategic Role of Human Resources specifically for you for only $16.05 $11/page Learn More Team members are normally interested in specific roles, and they tend to perform most effectively in roles that are natural to them. Thus, a team is likely to be effective if each member clearly understands his role and the roles of other team members. Team roles refer to â€Å"a tendency to behave, contribute and interrelate with others in a particular way†. This pape r focuses on teamwork at the workplace. It begins with a discussion on my Beblin report, followed by a discussion on effective verses ineffective team combinations. My Beblin Report The report shows that am a strong thinking type, with the ability to evaluate options before selecting the best or the right course of action. The report also shows that I have an independent outlook which facilitates generation of new, as well as, original ideas. Consequently, I should be able to excel in solving complex and difficult problems. According to the report, my operating style closely matches the characteristics of a strategic leader. Finally, the report indicates that I lack the characteristics of a practical organizer. In general, the report indicates that my role is that of a monitor evaluator. I agree with the findings of the report since it is not only fair but also accurate. I do agree with report due to the following reasons. To begin with, I believe in fairness and make decisions base d on logic and assessment of alternative options. In order to evaluate all options, I usually take time before making a decision, especially, if the decision affects the lives of others. My goal has always been to make the right decision in every activity I participate in. For instance, when I was in high school, I had the opportunity to lead the school’s football team. As the team leader, I had to ensure teamwork and cooperation among the players in order to enhance the team’s performance. Leading the team required taking a broad view when solving the problems that faced the players and the team in general. In order to identify the team’s problems, I had to logically observe what was going on in the team. By judging each team member’s ability in a fair manner, I was able to select the best players for every tournament.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Lear n More As the chairperson of the science club in high school, I had to help the club members to make the right decisions. Every year, the club members proposed numerous projects to be undertaken by the club. However, only one project had to be selected and undertaken in each year. The real problem was identifying the right project, especially, when most of them qualified for approval. Additionally, the members whose proposals were rejected became disappointed. By focusing on logic and prudence, I was always able to select the best project. However, some club members considered me to be over critical since all my decisions had to be supported by some logical grounds. Additionally, I was criticized for failing to inspire the club members to be passionate about the club’s activities. When Teams Work Best According to Beblin, a team is characterized with nine team roles. These roles include the plant, monitor evaluator, coordinator, resource investigator, implementers, co mpleter finishers, team workers, shapers and specialist. Each of these team roles is important in ensuring the success of the team. Additionally, each of the team roles has strengths and allowable weaknesses. Consequently, the effectiveness of the team is contingent on its composition in terms of the member’s team roles. An effective and an ineffective team composition can be differentiated as follows. Effective Team Composition A team is considered to be effective if its members have the following capabilities. First, there should be effective leadership in the team (Lafasto and Larsen, 2001, p. 67). Effective leadership creates a collaborative climate that facilitates articulation of the team’s challenges. Effective leadership also enables the team members to build confidence in order to achieve the desired results. Finally, effective leadership enables the team to set priorities and to achieve the desired results. Effective leadership can be achieved if the followin g roles are included in the team. The team must have a coordinator who is seen as a person-oriented leader (Fisher and Semple, 2001, pp. 578-588). Thus, the coordinator should be able to listen and accept the views of other team members. However, he should be courageous to reject inappropriate advice. The role of the coordinator is to ensure that the team’s objectives are achieved. The team must also have a resource investigator. Resource investigators are social and enthusiastic individuals who explore resources outside the team. The number of resource investigators should be informed by the resource needs of the team. Finally, there should be team workers. Team workers have good listening skills and are able to cope with awkward people. They help in conflict resolution and encourage team members to use their skills for the benefit of the team.Advertising We will write a custom essay sample on Strategic Role of Human Resources specifically for you for only $16.05 $ 11/page Learn More Second, an effective team must have problem solving capabilities. In this context, the team members should be able to identify, analyze and find solutions to a problem. Thus, the team should have a plant. The plant is a person with a high IQ and is able to solve challenging problems through original, as well as, creative ideas (Swailes and Bhatty, 2002, pp. 529-536). However, plants tend to have poor communication skills and may also ignore details. Consequently, their role should be complemented by the monitor evaluator. The monitor evaluator has the ability to see the big picture. Additionally, they are able to think critically and develop effective solutions to problems. Finally, problem solving in a team requires a specialist. The specialist has technical skills and knowledge which other members of the team may lack. Specialists are self-starters, dedicated and committed team members. Thus, they can help in solving difficult problems. Third an effective team must have individuals who are ready and able to perform duties or tasks that facilitate achievement of the team’s goals and objectives. In this context, the team should have implementers. Implementers are organized, predictable, disciplined and conscious individuals (Hunter, Fisher and Macrosson, 2002, pp. 14-20). They are also practical, trusting, as well as, tolerant to divergent opinions. Consequently, their role is to transform the ideas and strategies of the group into reality. Since implementers can be slow, they should be supported by completer/ finisher. The completer/ finisher pays attention to detail and sees everything through to the end. They ensure that everything works as planned. However, completer/ finisher tend to worry too much and, thus, they should be supported by a shaper. The shaper is an action-oriented person who challenges or motivates the team members to move forward. While all team roles are important for the success of the team, the roles must be included in the team in a balanced manner. The balance will enable the team to benefit from the strengths of its members and to minimize the weaknesses of its members (Tanco, Jaca and Viles, 2010, pp. 598-610). The best balance can be achieved by including one coordinator or shaper to lead the team. There should be at least one plant to stimulate new ideas for the team. The team should also have one monitor to ensure honesty and clarity. Finally, the team should have many team workers, implementers, as well as, resource investigators. Similarly, there should be one or more completer finisher to ensure the team’s activities are done. Failure to ensure a balance in the team’s composition leads to inefficiencies in the team. Ineffective Team Composition A team is considered to be ineffective if its members can not solve the problems facing the team. Additionally, the team will be ineffective if it lacks sound leadership and the members are not able to transf orm the team’s ideas into reality. Poor composition leads to ineffectiveness in the team in the following ways.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More To begin with, a team with many coordinators may fail to pursue a clear strategy (Park, Henkin and Egley, 2005, pp. 462-479). This is because each leader may have preference for a particular strategy, thereby causing disagreements among the leaders. A team with no coordinator, on the other hand, may lack the focus that is necessary for goal achievement. Failure to include a resource investigator can undermine the performance of the team. A team may not always raise all the resources that it requires to achieve its objectives. Thus, it must have a person who is ready and able to liaise with non-team members in order to access external resources (Castka, Bamber and Shap, 2003, pp. 149-170). A team that is dominated by team workers can also face serious leadership challenges. Team workers are normally indecisive, especially, during crisis moments. Additionally, they are hesitant to do things that might hurt some team members. Consequently, team workers can not be trusted with decision making, especially, if the decision to be made is likely to hurt some team members. Every team requires excellent ideas for it to achieve its mandate. Thus, a team without a plant will face difficulties in developing the ideas or strategies to be pursued by the members (Richard and Stanton, 1999, pp. 652-665). However, having too many plants is detrimental to the team’s success. Bad ideas are likely to emerge if too many plants are allowed into the team. Such bad ideas can conceal the good ones, thereby causing failure in the team. A team with no shaper can also face challenges in achieving its targets, even if it has good ideas. Generally, team members need some one to inspire them to work hard. Such inspirations improve the team’s morale and enhance goal achievement. Thus, without a shaper, the team might lack the drive and direction to achieve its targets and deadlines. Similarly, having too many shapers in the team limits the team’s chances of success (Hemph ill and Macrosson, 2001, pp. 355-364). This is because in-fighting is likely to emerge in the team as each shaper tries to push other team members to achieve their targets. Additionally, shapers can be insensitive to other members of the team. In such circumstances, a team with too many shapers will lack cohesion and trust. Finally, the decisions or choices made by the team are likely to be wrong if there is no monitor/ evaluator to critically assess all available options. However, having too many monitor/ evaluators can slow down the decision-making process since the evaluators might find it difficult to reach a consensus on issues. Conclusion Beblin team roles help organizations to identify the behavioral strengths, as well as, weaknesses of their employees. Beblin team roles assessment model enables organizations to establish effective working relationships and to build high-performing teams. Thus, the role of each member should be known to all team members. According to Beblin, all the nine team roles are important in promoting the effectiveness of the team (Hemphill and Macrosson, 2001, pp. 355-364). However, the nine roles must be included in the team in a balanced manner. Balancing the roles enhances the effectiveness of the team by enabling the members to take advantage of their strengths and to minimize their weaknesses. References Beblin, M., 2010. Management Roles at Work. Butterworth-Heinemann: London. Bessler, G., 2007. Human Resource Management. New York: John Wiley and Sons. Bonham, C. (2009). Teamwork. New York: Cengage Learning. Castka, P., Bamber, C., and Shap, J., 2003. Measuring Teamwork Culture: the use of a Modified EFQM. Journal of Management Development, 22(2), pp. 149-170. Fisher, S., and Semple, J., 2001. Control and Beblins Team Roles. Personnel Review, 30(5), pp. 578-588. Hemphill, D., and Macrosson, W., 2001. Machiavellianism in Beblin Team Roles. Journal of Managerial Psychology, 16(5), pp. 355-364. Hunter, T., Fisher, S., and Mac rosson, W., 2002. Beblins Team Role Theory: For Managers also? Journal of Managerial Psychology, 17(1), pp. 14-20. Ivancevich, J., 2006. Human Resource Management. New York: McGraw-Hill. Lafasto, F., and Larsen, C., 2001. When Teams Work Best. New York: Sage Publications. Lantz, A., 2011. Teamwork on the Line Company off Down the Line. Journal of Workplace Learning, 23(2), pp. 75-96. Park, S., Henkin, A., and Egley, R., 2005. Teacher Team Commitment, Teamwork and Trust: Exploring Associations. Journal of Educational Administration, 43(5), pp. 462-479. Richard, J., and Stanton, N., 1999. Testing Beblins Team Role Theory of Effective Groups. Journal of Management Development, 18(8), pp. 652-665. Swailes, S., and Bhatty, T., 2002. The Beblin Team Role Inventory. Journal of Managerial Psychology, 17(6), pp. 529-536. Tanco, M., Jaca, C., and Viles, E., 2010. Healthcare Teamwork Best Practice: Lessons for Industry. TQM Journal, 23(6), pp. 598-610. West, M., 2012. Effective Teamwork. New Y ork: Routledge.

Parental Perceptions of educational services provided for children Thesis

Parental Perceptions of educational services provided for children with autism - Thesis Example Furthermore the cost of provision of health care is highly expensive. Coupled with the fact that the children with autism tend to display a range of mild to severe social and behavioural disabilities, the inability to access full health care and appropriate educational services could be daunting for the parents. This study aims to evaluate the various difficulties and challenges faced by the parents and their perceptions about the educational services for children with autism in the UAE. This study aims to critically evaluate the parental perceptions of services provided for children with Autism in the UAE. The findings indicate that there is indeed a gap between the need and demand for such services and the availability of the same. Although the government has and continue to implement appropriate measures including introduction of laws that enable children with special educational needs to be accommodated in mainstream schools and provision of funding to parents to enable proper tr eatment for such children, there still is a huge gap between the need for special support services for such children and the availability of the same. Autism spectrum disorder (ASD) refers to a range of complex neurodevelopmental disorders that tend to disrupt social lives of people with Autism severely affects and limits their communication ability, making it difficult for such people to properly communicate and interact with those around them. Such impaired social interaction further causes learning difficulties. Hence children with ASD are likely to fail in executing routine everyday tasks as simple as responding to their own names when called, interpret things or events around them and understand or grasp social cues such as facial expressions, tone of voice etc. (National Institute of Neurological Disorders & Stroke, 2015). The combination of the three critical impairments, which include impaired

Avant-Gardism, Modernism, and the Arts Essay Example | Topics and Well Written Essays - 1250 words

Avant-Gardism, Modernism, and the Arts - Essay Example Avant-gardism was a single important part on the natal of modernism. The existence of avant-garde is regarded by many as a focal point of shying away from the norms of the old societies; transcending from the common practices in art. Many artists, initially poets, adapted the idea of shifting their focus to a different form of artwork by not importing any old conformist ideas. Various innovative lines of attack had converged on putting aside obsolete precepts, knowledge and philosophies and form a new body of knowledge or artistic slant. The idea of avant-garde somehow created a line of separation between ordinary people and the artists who were considered mortal because of the new concept they have introduced to the society. The radical concept of recoiling from the past practices and the birth of Modernism begot sub-categorical new notions: expressionism, impressionism, and symbolism. Modernism is a thought that cropped up during the industrial revolution. Modernism was the manifes tation of the need to adapt to the new developments and ideas of the industrial era, and was conveyed through different art forms: literature, sculpture, paintings, etc. Still unavoidably, there was an act to resists the rapid revolutionary changes in most artworks. This has often been manifested in the visual arts and by the overall favour for the complicated. It was differing from the modernistic inclinations to streamline methods and to abridge ornamental details. Modernism poured in much concentration.

Underpricing in Turkey: a Comparison of the IPO Methods

Underpricing in Turkey: a Comparison of the IPO Methods Abstract This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange (ISE). Using 1993-2005 firm and issue data, we compare the three substantially different IPO methods available in the ISE. One is very similar to the book building mechanism used in the U.S., another is the fixed price offer, and the third one is the sale through the stock exchange method. The empirical analysis reveals significant first day underpricing of 7.01% in fixed price offer, 11.47% in book building mechanism, and 15.68% in sale through the stock exchange method. Finally, we also show that fixed price offers can better control the impact of market information on underpricing than sale through the stock exchange method. 1. Introduction Extensive amount of research from a variety of different markets have documented the presence of first-day underpricing upon the listing of initial public offerings. The evidence is well documented by Loughran, Ritter, and Rydqvist (1994) and Ritter1 (1998), (2003) in many developed and emerging markets. In developed markets, in the absence of restrictions on intra-day price movements, first-day underpricing is observed in broad price bands. However, in emerging markets, in the presence of daily volatility limits, first-day underpricing is observed in narrow price bands. In contrast to the daily price limits, significant positive short run returns are observed in a number of emerging markets and substantial amount of money is â€Å"left on the table by issuers. Besides empirical evidence, most of the theoretical models explaining IPO underpricing are grouped under four broad headings by Ljungqvist (2005), these are (i) information asymmetry between the investors, the issuing firm an d the underwriter, these models assume that one of these parties knows more than the others, (ii) institutional reasons, institutional theories focus on three features of the marketplace: litigation, banks price stabilizing activities once trading starts, and taxes, (iii) control considerations, control theories argue that underpricing helps shape the shareholder base so as to reduce intervention by outside investors once the company is public, (iv) behavioral approaches, behavioral theories assume either the presence of irrational investors who bid up the price of IPO shares beyond true value, or that issuers suffer from behavioral biases causing them to put insufficient pressure on the underwriting banks to have underpricing reduced. These theoretical models almost always end with the conclusion that the average IPO is undervalued at the offer price, where the initial investors, in most cases, benefit from possessing information by receiving allocations of shares in IPOs and earn the largest first-day returns. The expectations of issuing firms, investors and underwriters in IPO pricing are considerably different. In an offering, the issuer generally wants to receive the highest possible price to maximize cash flows to the firm. Investors like to purchase shares at a deep discount so that they can realize positive returns *Baskent University, Faculty of Economics and Administrative Sciences, Baglica Kampusu, Ankara, 06530, Turkey, + 90 (312) 234 10 10 /1728, [emailprotected] 1 Ritter (1998), (2003) provides an update on the compilation of Loughran, Ritter, and Rydqvist (1994) in a short investment period. Underwriters, acting as an intermediary between investors and issuing firms, suffer from a dilemma, if an underwriter determines IPO prices too low, where the foreseen amount of money left on the table will be huge, the issuing firm may withdraw or switch to another underwriter. On the other hand, if an underwriter determines IPO prices relatively high, investors will hesitate to buy new issues, which would result in low commissions and an unwanted effort in aftermarket stabilization activities. Underwriters, however, have an incentive to underprice the shares to ensure that they can sell the offering, and, unsurprisingly, there is extensive evidence that IPOs are, on average, underpriced. Hence, pricing of stocks in IPOs may be the most critical stage of the IPO process. More recently, the literature on IPOs, both theoretical and empirical, focuses on the efficiency mechanisms of the following methods for pricing initial public offerings. At the center of this literature, book building, auctions and fixed price offers differ mainly in price-discovery and share allocation process. Book Building in which the underwriters do road shows and take non-binding orders from Auctions in which the company sets a price range to be used as a non-restrictive guideline for investors, than accepts bids, each specifying a number of shares and a price the investor is willing to pay for them, finally, the market-clearing price set by the investors approximates the real price the shares will command in the market. Fixed Price Offer in which the issue price is set first and than orders are taken from investors who typically pay in advance for part or all of the shares that are ordered. Sale through the Stock Exchange in which the sale is initially conducted in the primary market of the stock exchange by a designated underwriter. Those investors who buy the shares in the primary market must wait until the shares trade in the secondary market in order to sell their shares. The price designated at the time of registration with the securities exchange commissions is set as the opening price. Hybrid Offerings in which the underwriters combine the preceding IPO methods, and design auction/fixed price, auction/book building and book building/fixed price hybrids. For most hybrids, the most common combination is the book building/fixed price offer, where the underwriter uses the book building method to set the price and allocate shares to institutional and foreign investors, and retain the fixed price offer to the domestic retail investors who do not participate in the price-setting process. This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange (ISE). In this regard, we first compare the three IPO methods available in Turkey. One is very similar to the book building mechanism used in the U.S., another is the fixed price offer, and the third one is the sale through the stock exchange method. Then, we estimate a binary probit on the issuers choice between fixed price offer and sale through the stock exchange method, however, because of the declining importance of the book building mechanism in Turkey, we excluded the book build IPO sample from our binary probit estimations. Finally, we determine the factors that are expected to have an effect on the IPO returns. Our results indicate that, the comparison of the two mechanisms yield that for certain values, namely first day underpricing, IPO amount and fractions of equity sold, fixed pric e offer outperforms the sale through the stock exchange method. To the best of our knowledge, this is the first empirical study on the comparison between fixed price offer and sale through the stock exchange method in the IPO literature. The uniqueness of the data and the availability of the sale through the stock exchange method in the ISE make it possible to conduct a study on the comparison between these two methods. The remaining part of this paper is organized in six sections. In the next section, we provide a comparison of the theoretical and empirical research conducted on IPO methods across many countries around the world. In section 3, we describe the three important Turkish IPO market selling procedures. In section 4, we describe the data and the methodology we used in our empirical tests. Section 5 documents the relationship between market conditions and underpricing of IPOs in different time series and the last section concludes. 2. Comparison of the IPO methods in the literature: Theory and Evidence The efficiency of the IPO methods has been the subject of an academic research over a decade, both empirical studies and theoretical models have tried to explain the advantages of one method over another. The argument that is often made in favor of IPO methods is often empirical as well as theoretical. Researchers studying on the efficiency of the IPO methods try to answer the most challenging question, â€Å"Which one of the IPO mechanism is the most efficient?2. However, according to our comprehensive literature research, both empirical studies and theoretical models listed in Table have some mixed answers. 1. Book Building vs. Fixed Price Offer and/or Auctions Comparison of the IPO methods in the literature goes back to Benveniste and Spindt3 (1988), (1989) and Spatt and Srivastava (1991), they suggest that the American bookbuilding procedure is efficient since it encourages investors to reveal their beliefs about the issues value at a cost of initial underpricing. Book building allows investors to collect information about the value of the stock and price the issue more accurately. To compensate the investors who reveal information, underwriter will favor them when allocating shares. However, fixed price mechanism does not utilize any information about realized buyer valuationsin setting the issue price and is generally inefficient. Loughran, Ritter and Rydqvist (1994) present the first international evidence on the short-run and long-run performance of companies going public in many stock markets around the world. They document that the fixed price method is associated with greater underpricing because of the greater probability of the issue failing and the increased uncertainty associated with the longer time delay between offer and issuance time. Chowdhry and Sherman (1996) point out that two features of fixed price offers tend to lead to greater underpricing, relative to the book building method. The first one is the length of the bidding process, as the time gap between the offer and first day market price widens â€Å"price information leakage occurs, the second one is the common requirement that investors pay in advance for their entire order. Benveniste and Busaba (1997), extend Welchs4 (1992), model of information cascades in investment decisions and present a theoretical comparison of the fixed-price and book-building mechanisms. They exhibit that issuers with a greater concern for risk will prefer a fixed-price offer, because book- building might generate higher expected proceeds, and exclusively provides an opportunity to sell additional shares at full value but it also exposes them to higher risk. Ritter (1998) demonstrates that countries that use bookbuilding typically have less underpricing than countries using f ixed-price offerings, more underpricing under fixed-price offering procedures can be attributed to informational cascades. However, Loughran, Ritter and Rydqvist (1994) and Ritter (1998) point out that IPOs with discretionary allocation (Fixed Price Offering and Book-building) are underpriced more than those with non-discretionary allocation (Offer for sale and Auctions), especially in Auctions. Under discretionary allocation, the first day price increase averaged 37% in fixed price offerings, 12% in book building. Under non-discretionary allocation, the first day price increase averaged of 27% in Offer for sale and 9% in Auctions. 2 In terms of controlling the amout and volatility of underpricing, share allocation and pricing. 3 The literature on underpricing in initial public offerings goes back to Logue (1973), Ibbotson (1975), Chalk and Peavy (1987), Miller and Reilly (1987), Ritter (1984), Rock (1986), Allen and Faulhaber (1989), Benveniste and Spindt (1988, 1989), Grinblatt an d Hwang (1989), and Welch (1989). However, the mechanism by which initial issues are sold has largely been ignored until Benveniste and Spindt (1988), (1989). 4 Welch (1992) focuses on the fixed-price procedure used in some non-US countries, and shows that this procedure can cause informational cascades: investors who observe the investment choice made by previous investors can update their beliefs about the value of the issued shares. Sherman (2000), (2002) shows that fixed price offer, can lead to higher underpricing than book building. Contrary to the fixed price offer and the auction method, in book building underwriters discriminate investors in the allocation of shares to establish long-run relationship with intermediates. Book building gives the underwriter greater flexibility in designing a solution that reflects the individual issuers preferences. By controlling investor access to IPO shares, book building controls both the winners curse problem that affects discriminatory auctions and the free rider problem that affects uniform price auctions. Book building also reduces uncertainty for both issuers and investors. In a study that covers 47 countries, Sherman (2002) has found that in all countries in which the bookbuilding mechanism has been introduced, pre-existing auction systems have decreased in popularity or disappeared altogether. Ljungqvist, Jenkinson and Wilhelm (2000) use a unique dataset containing information on 2,051 initial public offerings in 61 stock markets around the world, during the period of 1992-1999. The authors examine the relative direct and indirect costs of offerings carried out by book building and fixed-price methods. They find that, the direct costs of book building are typically twice as large as direct costs for fixed-price offers. Compared to fixed price offerings, book building efforts though more expensive produce far less underpricing. Nevertheless, fixed price offering is still an extremely common method that is not likely to be abandoned by the underwriters completely. Compared to book building efforts, fixed price offering is an efficient, low cost way to distribute shares to retail investors, avoiding the high fixed costs of road shows. Aorsio, Giudici and Paleari (2000), Guidici and Paleari (2001) present an empirical study conducted on the Milan Stock Exchange companies bet ween 1985 and 1999. Authors distinguish between fixed- price offers and open-price offers with bookbuilding and find different underpricing levels and statistically significant determinants. They state that if the offering is preceded by book building, the underpricing is significantly lower (8.32 % vs. 28.33% in fixed-price offerings), this method allows the issuing parties to collect information from the institutions and to signal good news or bad news to retailers through the revision of the prospectus price range. Therefore, the cost of raising private information is reduced and the requested underpricing is lower. The evolution of the placing procedure, from fixed price to book building, has considerably improved the efficiency of Italian IPO market. Biais and Faugeron-Crouzet (2002) analyze and compare the performance of book building, fixed price offering, uniform price auction, internet-based Open IPO mechanism, and an auction like mechanism called the Mise en Vente in France. Conclusions emerging from their analysis are; Fixed price offerings lead to inefficient pricing and winners curse. Dutch auctions can also lead to inefficiencies, to the extent that they are conductive to tacit collusions by investors. The book building and an auction like mechanism Mise en Vente can lead to optimal information elicitation and price discovery. Chahine (2002) investigates the relationship between underpricing and the investors interest prior to and after the IPO day on 305 French issues. Empirical results show that book-built issues have a lower underpricing, on median, but a higher variance level, than the auction-like and fixed-price offerings. Despite the high initial underpricing of some book-built issues, book-building procedure appears to better control the information gathering from investors participating in the offering, and to be a more efficient pricing system than the auction-like procedure. Paney (2004) examines the initial returns, characteristics of issuers and long run performance of Indian IPOs on a sample of 84 Indian IPOs between 1999 and 2002. In terms of initial returns or underpricing, Paney (2004) finds that fixed price offering yields higher initial returns on average, as compared to book building. In terms of issuer characteristics, Paney (2004) finds that fixed price offering are used by issuers of fering large proportion of their capital by raising a small amount of money. In contrast, book building is opted for by issuers, offering small portion of their stocks and mobilizing larger sums of money. Kutsuna and Smith (2004) present an empirical study conducted on the Japanese IPOs between 1995 and 1999. Using a sample of 163 book-built and 321 auctioned IPOs by JASDAQ companies, authors document that average total issue cost, measured as a percent of aftermarket price, was significantly higher in the book-building regime than in the earlier auction regime. However, when results are weighted by issue size, the estimated aggregate costs of auctioning and book building are similar. This outcome favors book building over auctions for two reasons. First, auction-method estimates do not reflect opportunity costs related to underinvestment. Second, issue cost estimates ignore other benefits of the more-accurate pricing that book building affords. Anand (2005) examines the differences between book building and Dutch-auction, and shows that the bookbuilding method of offering securities is superior to the Dutch-auction IPOs. Stated by Anand (2005), while the Dutch-auction may seem to lea d to efficient price discovery based on investor demand, recent transactions suggest that price discovery is not always accurate and that, indeed, underpricing occurs even in the Dutch auction. Further, even if the Dutch auction is more fair than the bookbuilt process in terms of allocating securities, the Dutch auction can lead to less capital market efficiency overall and can therefore be questioned as a basis for promoting this type of offering. Jagannathan and Shermans (2005) research on the efficiency of IPO mechanism show that hybrid bookbuildings5, unlike auctions, have proved effective in many different countries, cultures, time periods, and market conditions. Jagannathan and Sherman (2005) propose a new IPO mechanism that could overcome the problems with standard auctions. A method that retains the advantages of bookbuilding, while modifying it to increase transparency. Although not a direct comparison between book building, auctions and fixed-price offers, Cornelli and Gol dreich6 (2001), (2003) examine a unique data set of international book building allocations and find that the underwriter favors both regular investors and investors that supply information on the value of the issue. Degeorge, Derrien and Womack (2005) have presented empirical evidence from Frances IPO market that underwriters employing the bookbuilding process implicitly committed to providing more favorable coverage to the companies they took public in the aftermarket. Authors find convincing empirical evidence that in addition to placing the IPO shares with investors, underwriters employing book-building implicitly commit to providing more favorable coverage to the companies they take public in the aftermarket. Specifically, analysts, affiliated with the lead underwriter of the offering, issue more favorable recommendations for recent book-built IPOs than for auctioned offerings. 2.2. Fixed Price Offer vs. Book Building and/or Auctions The pricing of Initial Public Offerings (IPOs) in the short-run has been analyzed by several theoretical and empirical studies referring to the major international stock markets. Extensive research has revealed that the fixed-price offering all over the world suffer from IPO underpricing especially in these major markets. However, studies conducted by Busaba and Cheng (2001), Bierbaum and Grimm (2003), Chemmanur and Liu (2003), Hsu and Hung (2005) present some evidence on the efficiency of fixed price offering over book building and auctions. Busaba and Cheng (2001) show that the bookbuilding process elicits much information from informed traders at the IPO stage by promising larger allocation of valuable stocks to investors who truthfully reveal their information, and therefore reduce the impact that such informed traders have in the after- 5 In the hybrid bookbuilding offers, all retail investors are allowed to place orders in a public offer tranche, and all have an equal chance of getting shares. The prices, however, are set by professional investors who are given incentives to attend the road show. Jenkinson and Jones (2004), cast some doubts about the findings of Cornelli and Goldreich (2001) upon the extent of information production during the bookbuilding period. market trading. In contrast, the fixed price method, that does not elicits such private information at the IPO stage, enables informed traders to use such information in the after-market at the expense of the uninformed traders. In this regard, if the underwriter building a book can not successfully target a subset of the informed investors, a simple fixed price strategy that involves allocating the issue to retail investors produces higher proceeds on average. The comparatively high adverse selection problems associated with the fixed-price method will spill over from the IPO stage to the after-market. This in turn means that liquidity will be relatively more important for IPOs carried out via a fixed- price method than via bookbuilding. Authors show that, compared with a fixed-price offering, the bookbuilding process elicits more information from informed traders at the IPO stage, and therefore reduce adverse selection problems in the after-market trading. However, by the same toke n bookbuilding may require larger informational rents to be paid at the IPO stage. This suggests that underpricing should be larger for IPOs carried out via bookbuilding than via a fixed-price method. Bierbaum and Grimm (2003) compare the fixed price and the uniform auction in a game theoretic framework. The comparison of the two mechanisms yields that for certain parameter values, namely a low variance of the asset and, at the same time, a sufficiently high probability of low demand, fixed price method outperforms the auction in terms of revenue. Moreover, the revenue in the fixed price mechanism is typically less volatile than the revenue in the auction. Chemmanur and Liu (2003) model the effect of costly information production on issuers choice of a fixed-price offer or a uniform-price auction with exogenous entry of bidders. Their model predicts that IPO auctions will exhibit a significantly lower mean and variance of underpricing compared to fixed- price offerings. This is due to the fact that the offering price in an IPO auction aggregates the information produced by outsiders to a significant degree, so that this offering price is greater for higher intrinsic-value firms and lower for lower intrinsic-value firms in IPO auctions than in fixed- price offerings. At the same time, there is less information production in IPO auctions compared to fixed-price offerings where the offering price is set by insiders to induce the optimal degree of information production, so that a lower amount of information is reflected in the opening price of the shares listed in the stock market. Thus, Chemmanur and Liu (2003) demonstrated that, in many situations, firms will prefer to go public using fixed-price offerings rather than IPO auctions in equilibrium, since such offerings allow the firm to induce the optimal extent of information production. Hsu and Hung (2005) present an empirical study conducted on the Taiwanese companies between 1996 and 2000. Using a sample of 280 pure fixed-price offers and 84 hybrid auctioned, authors find that, Taiwanese hybrid auctions are associated with less under-pricing and with a lower variance of under-pricing than versus the pure fixed-price offers, but these differences are not statistically different. On the other hand, we find that the market index returns prior to the IPO pricing date have a strong influence on the under-pricing of Taiwanese IPO auctions and of the pure fixed-price offers. Authors provide empirical evidence of how Taiwanese issuers make the choice of IPO method. Taiwanese issuers that float large IPOs, or which have a pricing conflict with underwriters, will likely use a hybrid auction to distribute shares. On the other hand, when the relative risk level of IPO auctions to fixed-price offers has increased, the issuers will likely avoid an IPO auction. Empirical evidenc e also explains why Taiwanese IPO auctions have lost market share to fixed-price offers. Further results reveal that Taiwanese IPO auctions are not associated with less under-pricing and with a lower variance of under-pricing, nor are they better at incorporating recent market information into the IPO price than the pure fixed-price offers. Authors examination on issuers choice of hybrid auctions or fixed-price offers indicates that Taiwanese issuers condition their choice of IPO method not only on firm characteristics, but also on IPO size and on market conditions. This is why Taiwanese issuers prefer a pure fixed-price offer to a hybrid auction are based on market volatility and the pricing conflict. In doing so, under a volatile market where Taiwanese hybrid auctions have become much riskier relative to the pure fixed-price offers, issuers will prefer a pure fixed-price offer to a hybrid auction, resulting in a lower popularity of Taiwanese hybrid auctions. As listed in Table 1, Fixed Price Offering seems to be the less favorable method comparing to Book building and Auction Methods. It is a fact that, the worldwide introduction of book building method during the 90s has promoted efficiency in the major equity markets. However, Sherman (2002) states that stock markets listing few IPOs each year, fixed price offering is still be the optimal method. 2.3. Auctions vs. Book Building and/or Fixed Price Offer Using a sample of 108 French firms marketed on the Second Marchà © between 1984 and 1991, Leleux and Paliard (1995) show that initial returns are significantly higher for firms issuing through the fixed- price procedure than for firms using auction-like procedures. Leleux and Paliard (1995) state that the auction mechanism is associated with less underpricing and thus more efficient, since this procedure is able to incorporate more information from recent market momentum into the pricing of the IPO. Beierlein (2000) compares the book-bu ilding method to two commonly used auction mechanisms, the discriminatory price auction and the uniform price auction in terms of underpricing and the long run performance of IPOs relative to the market. Using data from Japan, Israel and the U.S., author finds evidence that the U.S. book building is less efficient than the auction mechanisms are. Specifically, underpricing is significantly higher in the U.S. than it is in Japan or Israel and bookbuilding appears to incorporate less demand information into the offer price than the auction mechanisms do. Bennouri and Falconieri (2001) suggest that auction mechanisms are the optimal way to sell new shares because auction procedures are more informationally efficient than bookbuilding. Assuming ex ante uncertainty about the firm true value, then auction mechanisms are able to elicit and incorporate more information from the market as well as from investors into the pricing of IPOs. Draho (2001) suggests that underpricing in bookbuilt IPOs is due to the uncertainty about the price on the secondary market rather than about the firm value, as most of the literature assume. Nonetheless, his results indicate auction-like mechanisms as the most efficient ones, since they are open to all investors who are moreover required to submit price-quantity bids. McDonald (2001) examines the efficiency mechanisms of the sealed-bid uniform-price auctions over book building method in a theoretical framework and concludes that the uniform-price auction, due to its generalized Vickrey auction properties, is indeed an efficient auction mechanism especially for the sale of IPOs over the Internet. Biais, Bossaert, and Rochet, (2002) study the optimal IPO mechanism by which the seller can extract private information to maximize the expected net IPO proceeds. They find that the optimal mechanism they characterize is similar to auction-like IPO procedures used in the U.K. and in France. Kaneko and Pettway (2003) examine the Japanese initial returns before and after the introduction of book building, and find that underpricing in book building method is significantly higher than auctions, especially during hot markets. Results suggest that the move from auction-priced to underwriter-priced IPOs using book building in Japan has significantly reduced the wealth of issuing companies while increasing the wealth of underwriter-selected investors. Derrien and Womack (2003), use the French IPO data for the 1992-1998 period and compare the three underwriting/selling mechanisms available on the French market. One is very similar to the book building mechanism used in the United States. Another is a fixed price procedure. The third one is an auction-like procedure. Authors show that the auction procedure is better than the others at controlling underpricing in general as well as the variance of underpricing of the issued shares in â€Å"hot versus â€Å"cold markets. Fixed price offering method is indeed inefficient and leads to greater underpricing compared to IPOs sold through book-building and auctions. However, the main empirical comparison in this paper is between the two main procedures auction and book building. Authors find evidence that during hot markets auctioning is associated with less underpricing than book building. They attribute the result to the auction methods ability to incorporate more information about recent market performance into the offer price. This result provides empirical support for the theoretical work by Biais, Bossaerts, and Rochet (2002) who suggests the auction procedure is optimal. In line with the evidence of Derrien and Womack (2003) that an auction procedure is more efficient in incorporating recent market momentum in the offer price compared to fixed price procedure, Vandemaele (2003) uses the French IPO data for the 1984-1995 period and points out the factors that may influence issue procedure choice. Results indicate that, firms facing relatively high valuation uncertainty are high likely to opt for an auction-like procedure and the likelihood of opting for an auction increases as the investment bank reputation associated with the issue decreases. Although not a direct comparison between auctions, book building and fixed-price offers, studies in Pettway and Kanekos (1996) examination on Japanese auctions, Kandel, Sarig and Wohls, (1999) examination on Israeli auctions, and Liu, Wei and Liaws (2003) examination on Taiwanese auctions seem to suggest that IPO auctions lead to less under-pricing. Biais and Faugeron-Crouzet (2001) show that a uniform price auction can prevent tacit collusion among bidders and can truthfully elicit information from investors in much the same way as book building. Bulow and Klemperer (1998) also show that it can be optimal in an auction to set a price at which there is excess demand. 2.4. Research on IPOs in the Istanbul Stock Exchange (ISE) Firms in Turkey may offer their shares to the public through, book building, fixed price offer and sale through the stock exchange method, however, they are mainly underwritten and sold using the fixed- price offering method; a method which is very common world w ide is becoming much less common, particularly for more active markets. Recent empirical studies, focused mainly on the initial returns and under pricing, condu