THE MERCHANT OF VENICE Essay Summary Example For Students

THE MERCHANT OF VENICE Essay Summary A monologue from the play by William ShakespeareMOROCCO: Some god direct my judgment! Let me seeI will survey th inscriptions back again.What says this leaden casket?Who chooseth me must give and hazard all he hath. Must give for what? for lead! hazard for lead?This casket threatens; men that hazard allDo it in hope of fair advantages.A golden mind stoops not to shows of dross;Ill then nor give nor hazard aught for lead.What says the silver with her virgin hue?Who chooseth me shall get as much as he deserves.As much as he deserves? Pause there, Morocco,And weigh thy value with an even hand:If thou best rated by thy estimation,Thou dost deserve enough; and yet enoughMay not extend so far as to the lady;And yet to be afeard of my deservingWere but a weak disabling of myself. We will write a custom essay on THE MERCHANT OF VENICE Summary specifically for you for only $16.38 $13.9/page Order now As much as I deserve? Why thats the lady!I do in birth deserve her, and in fortunes,In graces, and in qualities of breeding;But more than these, in love I do deserve.What if I strayed no farther, but chose here?Lets see once more this saying graved in gold:Who chooseth me shall gain what many men desire.Why thats the lady! All the world desires her;From the four corners of the earth they comeTo kiss this shrine, this mortal breathing saint.The Hyrcanian deserts and the vasty wildsOf wide Arabia are as thoroughfares nowFor princes to come view fair Portia. The watery kingdom, whose ambitious headSpits in the face of heaven, is no barTo stop the foreign spirits, but they comeAs oer a brook to see fair Portia.One of these three contains her heavenly picture.Ist like that lead contains her? Twere damnationTo think so base a thought; it were too grossTo rib her cerecloth in the obscure grave.Or shall I think in silver shes immured,Being ten times undervalued to tried gold?O sinful thought! Never so rich a gemWas set in worse than gold. They have in EnglandA coin that bears the figure of an angelStamped in gold but thats insculped upon;But here an angel in a golden bedLies all within. Deliver me the key.Here do I choose, and thrive I as I may!

Press Freedom of Japan Mongolia and North Korea essays

Press Freedom of Japan Mongolia and North Korea essays In the world today, media is presented in many diverse ways. Through radio, television, magazines, books, newspapers, and the Internet, media is everywhere. Freedom of the press and media does not come as easily for some countries of the world as it does for others such as the United States. Japan, Mongolia, and North Korea are examples of how vastly different press freedom can differ between countries. Japan is a small island chain in Eastern Asia. It is located between the North Pacific Ocean and the Sea of Japan, east of the Korean peninsula. The islands include the Bonin Islands, Daitoshoto, Minami-jima, Okinotori-shima, Ryukyu Islands, and Kazan-retto the volcanic islands. A proportional area of Japans total size could be somewhat smaller than California. Japan is entirely surrounded by water and borders no countries (Japan Geography 1996, p.1). The freedom of the press in Japan is considered completely free. Political parties and government organizations do not control the press in Japan, but some unofficial associations between the press and political figures exist (Karlekar Americans, and American occupation began. The American occupation of Japan was a seven-year period in which the Americans restructured the Japanese government. The constitution was rewritten during this time, and communism ended (Costa, 1997, p.1). Japan became a free country and even gave its media freedom of the press. American occupation ended in 1952 and Japan was left to command itself (Penna, 2002, p.1). The size of Japans media structure is massive. They have the biggest newspaper audience in the world (Fujimoto, Kitada, & Scuka, 2001, p. 1). With five national daily newspapers, 65 larger regional papers, over 70,000 books published every year, thousands of weekly and monthly magazines, television, and broadcast radio,...

Corporate finance Essay Example | Topics and Well Written Essays - 3000 words - 2

Corporate finance - Essay Example Last, the third objective is to maintain a dividend payout ratio of 40%. The objective is suitable because it helps prevent agency problems and respond to the investors’ preference to certain earnings (dividends). The cash flow analysis indicates a strong financial position of the company. In addition, the financial plan takes into consideration the shareholders’ interest of wealth maximizing through payment of high dividends. Food for life, a company incorporated in the United Kingdom, operates locally. The company was established 25 years ago and since its establishment, it has been providing services to various customers such as schools, colleges, hospitals, businesses and retirement homes. The company faces strong competition from only one company, the Organic Foods. Its rival company is a much larger and has expanded into various international markets. The establishment of Food-For-Life was made by two young women who currently own 75% of shares, whereas, the other 25% of shares are owned by a venture capital firm. The end of the financial year 2014 is on the horizon and the customary board meeting is expected any time. Among the most critical issues to be discussed during the board meeting are the company’s objectives. The following are the three objectives to be reviewed during the meeting: first, the company wishes to maintain the company’s profit margin of around 24%. Second, the company seeks to uphold the current strong financial position. Last, in order to satisfy the interest of the shareholders, the company is planning to maintain the current dividend payout ratio of 40%. In addition, the company anticipates an increase in the sales levels to  £ 270 million in 2015,  £ 310 million in 2016 and  £ 350 million in 2017. However, the sales growth rate is expected to be zero for the subsequent years. Based on the company’s financial objectives and other

The Great Pro-Democratic Revolutions of the spring of 2011 in Syria Essay

The Great Pro-Democratic Revolutions of the spring of 2011 in Syria - Essay Example Finally, there will be a comparison between the main topic to the ideas of the Makovsky and Ross thesis in addition to a thorough conclusion. There are three basic myths as analyzed by Makovsky and Ross in the book of Myths, Peace, and Illusions: Finding a New Direction for the US in the Middle East. The first myth shows that all issues concerning the Middle Eastern countries are associated with the conflicts between Israel and Palestine. The second myth is the comparison between the engagement and non-engagement of regimes, changes in regimes and their behavior. The final myth discussed by the two authors concerns the question about the democracy promotion. In the first myth, the Arabs claimed that they had a large population in Palestine before the creation of Israel forgetting there was Jewish population as well. The conflict began when Palestine wanted to create their own Jewish State claiming that they owned, but the Zionists rejected their right. It was claimed that Zionist leaders had a legal mandate for the existence of Israel State which was false as recommended by the UN. According to Ross and Makovsky, the old s aying that everything in the Middle East was connected to everything else gives a better roadmap rather than rejecting any connection between Israel and other matters (Ross & Makovsky, 2010). In the second myth, Ross and Makovsky focus on Iran and their satellites, Hamas, and Hezbollah, with Israel. The pattern of conflict between two-states was repeated when Hamas was voted into power in the year 2006. Hamas had accepted the form of the Israel state, although it rejected the two-state solution claiming that it was meant to destroy Israel. After Ismail Haniyeh was being elected in 2006, he said that Hamas had accepted the formation of a Palestinian state, according to 1967 borders.  Ã‚  

My personal Faith journey as a Roman catholic utilizing Fowler's Essay

My personal Faith journey as a Roman catholic utilizing Fowler's Stages of Faith as related to my life - Essay Example For days I believed that I had tainted my soul, for which I needed to beg forgiveness from God. During my childhood days the Church services were very traditional. I still remember that at that time the Mass was said in Latin. I attended the Mass more out of an allegiance to family practices, without really understanding as to what was being said. The Church fascinated me and I listened to the Jesus stories with rapt attention and interest. I very soon realized that there existed different approaches to faith such as the Catholics and the Protestants. However, my grandparents being from Ireland often spoke unfavorably of Protestants. So in a way I preferred to imitate their views regarding religion by holding that there was only one true approach towards faith as espoused by the Roman Catholic Church. I must say I experienced an exposure to different religions not until my teens. Most of my friends were Catholics and we avidly participated in the activities organized by CYO (Catholic Youth Organization). At the age of 13 I felt a strong desire to devote my life to the service of God and humanity. I aspired for a meaningful social identity through selfless service. To learn more, I actively corresponded with the nursing nuns serving in Pennsylvania. During my high school years, I aspired to be a nursing nun after my graduation. This is the time I affiliated to Fowler’s third stage of faith that is Synthetic-Conventional Faith. I felt so happy and confident that I was going to lead a meaningful life, serving the Church and the faithful. My course was almost set when; surprisingly I graduated to Fowler’s fourth stage of Faith, the individuative-projective faith. With the passage of time as I came across people from different faiths, I felt an innate need to question my beliefs. I realized that my focus was quiet narrow, which didn’t allow for understanding and appreciating people who were not Catholics. Somewhere I also started to believe that as God was

Roles and Responsibilities of a PE Teacher

Roles and Responsibilities of a PE Teacher QCA (2007) states that a range of activities is needed to be carried out in schools for pupils to become physically active learning new skills that will help with their personal development. It is important for students to understand skills and decision making and understanding how to improve. It is important to be educated in physical activity at a young age in order to carry on with a healthy life-style. Physical Education is not just important in the curriculum for sport it has social benefits too as working together in different roles prepares pupils for future careers. Secondary Physical Education teachers are at the heart of providing the foundations to deliver a good curriculum due to teaching in their own secondary school and also their partnered primary schools as there is a shortage of specialist PE teachers in primary schools (Green, 2008). The Every Child Matters model states that there are five elements that every child has the right to experience. stay safe, be healthy, enjoy and achieve, make a positive contribution and achieve economic well-being (The Association for Physical Education, 2008) schools throughout the country have a different intake of pupils with different needs whilst critiquing the national curriculum Green (2000) suggests that the National Curriculum does not account for what type of school and which pupils would be in your class therefore planning is highly important of every single PE lesson. Teacher have to be fully inclusive to provide for a wide range of abilities in their class, planning is of the upmost importance to provide a fully inclusive lesson (Block, 2002) Every Child Matters and this should be at the very centre of all planning and at the forefront of every Physical Education teachers minds (The Association for Physical Education, 2008). Planning is paramount and is an important responsibility of any teacher because they must gain an understanding of what will actually occur during a lesson (Macfadyen and Bailey, 2002). However, it is argued that unforeseeable situations arise during physical education lessons therefore a teacher needs to have the skills to think on the spot this is gained through experience (Green, 2008). This statement was supported by Macfadyen (2010) stating that planning in too much depth takes away an important teaching skill of improvisation. It is important to understand that planning provides an inclusive curriculum, without planning and differentiation this would simply not happen (Johnson, 2007). Teachers have to have the skill and be responsible for fully inclusive provision for a wide range of abilities in their class planning is of the upmost importance to provide this; however, it has been suggested that physical education teachers often lack the ability to adapt tasks to include SEN s tudents (Block, 2002). This may be through a lack of experience as only in recent years many pupils with disabilities have been moving into mainstream schools and it is the duty of a PE teacher to provide equal opportunities for all participants (Fitzgerald, 2006 cited Green, 2008:187). This is supported by Lieberman and Huston-Wilson, (2002) who state that 93 percent of SEN children are based in mainstream schools. As teachers of PE we have to plan SEN pupils personnel and equipment. It has become apparent that some teachers in this country are not providing a fully inclusive curriculum with regards to SEN students (Block, 2002). In relation to the increase of SEN students in mainstream schools statistics from National Centre for Educational Statistics (2005) states that in the last 30 years EAL students have increased in our schools by 161% (cited Causton-Theoharis et al., 2008: 382). Many EAL students have different cultures and attitudes toward PE that may prevent them from performing. It is therefore the responsibility of the P.E teacher to plan strategies and use communication skills to include EAL students. Another consideration for all teachers is providing for Gifted and Talented students. First the PE teacher needs the skill to identify a gifted student and then ways in which they can be kept engaged during lessons and promote them to elite sporting success (Bailey Morley, 2010). Even though it is positive that certain students with additional needs are catered for by preplanning there tends to be a negative effect on the majority of students in the class. This is because our attention as a teacher gets focused predominantly on the students with the additional needs (Causton-Theoharis, 2008). Planning and risk assessment co-inside with one another in order provide a safe place to work (Macfadyen, 2010). Physical education teachers show high skills when risk assessment becomes routine practice (Shewry, 2008 cited Whitlam, 2010:173). PE teachers must see an event such as injury and danger before it takes place, furthermore physical education teachers must have the skills to prevent a risk without impeding on the students learning (Whitlam, 2010). When pupils take part in practical Physical Education the environment should be safe to exercise and the activity should be carried out safely (Whitlam, 2010). With relation to the National Curriculum this provides students with the underlying knowledge to carry safe and effective exercise on their own away from the classroom (QCA, 2007). An expected role of all teachers is that they are required to be reflective practitioners and evaluate on their own teaching and the learning of pupils as a means of ensuring the intended outcomes are met (Causton-Theoharis, 2008). In order to develop and deliver a curriculum that allows for all pupils to be included and make progress, it is the responsibility of the teacher to examine the needs of the pupils in their class and to adapt their lessons accordingly (Armour, 2010). The teachers with the most success are those who take it as their responsibility to act upon what happened during their class by using reflective strategies. The characteristics of the pupils could not be blamed such as behaviour due to home-life part by the way in which the teacher handles the class reflecting will improve the learning experience and curriculum delivery (James et al., 2007). Furthermore without reflective practice teacher will not gain experience to get across better teaching of the national curriculum (Keay, 2006). Upon critiquing the National Curriculum, reflection is a very important responsibility of the PE teacher, as the teacher is still a learner. The National Curriculum states that evaluating and improving is a key process (QCA, 2007). All people should be able to analyse, evaluate and improve therefore teachers should demonstrate this to. Assessments are a means of obtaining information to find out what level students have achieved. PE teachers need to have analysis skills such as observation to carry this out (Green, 2008). It is an ongoing and never ending process that PE teacher need to continuously develop throughout their career (Casbon and Spackman, 2005). There are two forms of assessment; summative and formative (Green, 2008). The debate has risen in resent modern day Physical Education arguing that teachers should move away from assessment of learning (summative) to assessment for learning (formative) this is because it gives to students a chance to act to improve (Frapewell, 2010). The role of a PE teacher has no difference from any other subject on the National Curriculum with regards to assessment and of high importance to Physical Education (Green, 2008). Assessment for learning has shown that students are given better direction in knowing how to improve, however, the national curriculum within PE lessons does not cater for SEN pupils as teachers are not skilled enough to grade the pupils with SEN on the attainment target criteria (Smith and Green, 2004). This is supported by Lieberman Houston-Wilson (2002) who state that PE teachers need to get speciaist advice from an adapted PE specalist before grading pupils, this therefore demonstrates a weakness in the national curriculum. Frapwell (2010) demonstrates that one important skill needed for PE teachers is that of feedback which is communicating accurate analysis. Blankenship (2008) states this will ultimately help pupils understand what they need to achieve and how they need to act to achieve the outcome (QCA, 2007). Teachers should encourage peer assessment as the national curriculum states that pupils should be able to analyse performance and identify strengths and weaknesses (QCA, 2007). Therefore it is the role of a PE teacher to provide pupils with the skills necessary for them to peer assess. One theory that suggests positive and negative aspects of peer assessment is the competence motivational theory (Harter, 1981 cited Blankenship, 2008:153) which states that feedback from a peer significantly affects the pupils perceived competence. If the peer praises perceived competence will rise, if the pupil is criticised or ignored perceived competence will full. Due to the advance of modern day technology and its affordability, the national curriculum has introduced ICT in the past ten year (Taylor, 2009). However it is debated that ICT should be a cross-curricular subject taught within other subjects as the 21st century world is dependent on it (Becta, 2003 cited Taylor, 2009:147). The National Curriculum for PE is inclusive of ICT as a way of improving performance (QCA, 2007). The use of ICT is also beneficial for pupils finding a role that best suits them in sport besides performing as well as evaluation of performance (QCA, 2007) this can be done by using player cam. As ICT is part of the National Curriculum, it is stated that PE teachers of modern education need to be ICT literate and have the skills and knowledge to use technology within their Physical Education lessons (Taylor, 2009). It was concluded by Bailey (2001) that ICT is awkward to use in PE lesson without careful planning and therefore the planning will allow for teachers to pick up the skills which they need. As a Physical Education teacher you gain further knowledge by participating in sport yourself to improve skills and be responsible to obtain help from coaches and instructors that are more experienced especially in sports and activities the teacher is weak in and take their knowledge into your physical teaching practice. (Carle, 2010) This can help provide good teaching of the national curriculum as pupils have a chance of experiencing a range of activities giving them a greater chance to see what type of activity best suits them. If the teacher understands the sporting technique then pupils are able to refine their own (QCA, 2007). Teachers however, do not have a full understanding of the subject but must act with the best interests of their students (Armour, 2010). Bailey (2001) takes this idea one step further by stating teachers are forever developing subject knowledge, subject knowledge is not the most important skill having the ability to plan is the key to successful teaching. Whilst delivering and planning for a Physical Education lesson Grossman (1990) suggests teachers need to understand four categories before teaching. They need to have an understanding of the topic, students understanding and performing in PE, how it relates the national curriculum and finally the strategies in which they can deliver the topic. However this was criticised by Green (2008) who stated that gaining experience of the teacher is more important. One important knowledge skill of a PE teacher is health knowledge that is to be able to deliver to pupils within the school setting and applied. This knowledge must be up to date, accurate and not hyped up by the media (Armour, 2010). Schools are the first place that The Government can educate and promote Public Health and Physical Education Curriculum is seen to be an ideal place to start (Allensworth et al. 1997). This is supported by Sallis and McKenzie (1991) stating school physical education is seen as an ideal site for the promotion of regular physical activity. Moreover this is because schools already have a captive audience in the pupils Physical Education teacher have the responsibility to provide free of charge opportunities to educate children in health issues (Fox, 1992). One modern problem the nation faces and is the responsibility of PE teachers to tackle is obesity, physical education teacher can play in the treatment of obesity at school (Ward and Bar-Or, 1986) The primary role of physical education is to develop the need for lifelong physical activity (NASPE, 2004: cited Blankenship, 2008:300). This was supported by Shephard and Trudeau (2000) as they consider the most important goal of PE is the long-term health of students. Health related exercise the area of the curriculum which includes the teaching of knowledge, understanding, physical competence and behavioural skills, this is aimed for pupils to understand and create a desire to carry out a healthy life style and be confident to continue participation in physical activity (Harris, 2000). Health related teaching is now an established and statutory component of the National Curriculum for PE in England this there for states it is a legal responsibility of a PE teacher (Carle, 2000). Furthermore, if teachers have the skills to create a positive impact on their pupil during lessons then life-long participation maybe created (Carle, 2000). The Social Learning theory by Bandura (1978) states that students model the behaviour of their teachers and copy reinforced behaviours social learning theory by Bandura (1978). Role modelling as a PE teacher is seen to be an essential skill for PE teachers to attract pupils to participate in life-long physical activity, this is supported by Hopper (2005) shows that primary school teachers tend to push pupils away from Physical Education however secondary school teachers have the specialist personal qualities to deliver the curriculum. The discussion continues Green (2008) stating that showing their love and passion for sport will attract children to continue sport, this applies to a national curriculum aim. In opposition having a love of the sport is not enough teachers need to gain the respect of the students building confidence, social skills, and self-esteem by role modelling in this way students will be more willing to access the curriculum opportunities (Comer 1988). One problem PE teachers experience is communication and therefore becoming friendly with the pupils this leads to discipline issues rather than positive role modelling (Bailey, 2001). This was supported Larson (2006) stating a number of personal qualities have also been associated with it teacher such as enthusiasm, sense of humour, approachability, patience, impartiality, open-mindedness, empathy, ability to be a good communicator and organiser and also be caring towards pupils. A good way in which PE teachers create inter-personal relationships is through extra-curricular clubs (Bailey, 2001). one responsibility of the PE teacher is to provide extracurricular clubs by providing the opportunity before school at lunchtimes and after-school (Green, 2008) the national curriculum states that people should be given the opportunity to participate in and beyond school (QCA, 2007) Physical Education has a place within schools as it is a way in which social cohesion can be brought about as we see the behaviour of pupils improving within the School and social community (Armour, 2010). Furthermore the study by Green (2000) states that a role of the PE teacher it is to promote the social skills during their lessons. Green (2000) suggests this is an unwritten part of the national curriculum however open to critiquing the national curriculum in our state that social well-being is an important outcome of physical education. To conclude it has come apparent that planning is the fundamentals that underpin all the roles and responsibilities of a PE teacher. However reflection is a key responsibility so teachers are able to plan and improve their delivery of the national curriculum. It has become clear from the research highlighted that the main role of Physical education in the nation curriculum is to provide a healthy life style which pupils can use in their adult life and to promote social well being for pupils to become good citizens.

Brief Encounters :: essays papers

Brief Encounters Brief encounters do seem to be accidental, but I also think that they are part of a plan that nobody understands. Like in the short story "Pen of My Aunt," the man just shows up at her door and she seems to know what to do about it. All the lies just come to her, and that encounter changed him and her for the rest of their lives. She probably saved his life by giving him the names of safehouses down the road a ways. Brief encounters can break down barriers not only between people, but also between people and animals. Maude Martha shows this when she finally traps the mouse in the trap. They seem to be communicating to each other about who won and what to do about it. She sees how the mouse is in acceptance about being caught, and the mouse is supposed to be her enemy. She then feels dirty in the fact that it is helpless and decides to let it go. That shows that a brief encounter like that broke down the wall between Maude Martha and the mouse. There do lie hidden qualities in each of us that a brief encounter will bring out and show to the world. The story that proves this is "The Grains of Paradise." I picked this because Pete Hoyle is in a pepper-eating contest with the Indians and they have all their money on the table that they probably own. Pete knows that he can beat the Indian and also realizes that if they loose, they will become even lower in the town. He gives up when he almost won and this shows that he has compassion for the people who are less fortunate than he is. A brief encounter can change somebody's life forever. This is true in the short story "The Good Samaritan." In this story there is a man who got severely beat and all his money got stolen. Brief Encounters :: essays papers Brief Encounters Brief encounters do seem to be accidental, but I also think that they are part of a plan that nobody understands. Like in the short story "Pen of My Aunt," the man just shows up at her door and she seems to know what to do about it. All the lies just come to her, and that encounter changed him and her for the rest of their lives. She probably saved his life by giving him the names of safehouses down the road a ways. Brief encounters can break down barriers not only between people, but also between people and animals. Maude Martha shows this when she finally traps the mouse in the trap. They seem to be communicating to each other about who won and what to do about it. She sees how the mouse is in acceptance about being caught, and the mouse is supposed to be her enemy. She then feels dirty in the fact that it is helpless and decides to let it go. That shows that a brief encounter like that broke down the wall between Maude Martha and the mouse. There do lie hidden qualities in each of us that a brief encounter will bring out and show to the world. The story that proves this is "The Grains of Paradise." I picked this because Pete Hoyle is in a pepper-eating contest with the Indians and they have all their money on the table that they probably own. Pete knows that he can beat the Indian and also realizes that if they loose, they will become even lower in the town. He gives up when he almost won and this shows that he has compassion for the people who are less fortunate than he is. A brief encounter can change somebody's life forever. This is true in the short story "The Good Samaritan." In this story there is a man who got severely beat and all his money got stolen.

Kite Runner Pomegranate Tree Essay

In Khaled Hosseini’s novel, The Kite Runner, the changing depiction of the pomegranate tree symbolizes the changes in Amir and Hassan’s relationship, and is woven into the novel’s central theme of sin and redemption. Throughout the novel Hosseini depicts Amir’s struggle to redeem himself ever since he witnessed the rape of Hassan and stood by as a silent bystander. Amir and Hassan shared a very close friendship doing everything together yet the loyalty between each other was lopsided. Amir could never match Hassan’s unconditional love and loyalty towards him and this sets up the internal struggle in Amir’s mind, because he was sensitive enough to realize the unfairness of the situation. Hosseini uses the pomegranate tree throughout the book as the backdrop for describing key events that influence Amir and Hassan’s relationship. The first depiction of the tree portrays a safe haven but subtle details in the passage point to the events that unfold later. As children, Amir and Hassan spent many hours under the shade of a pomegranate tree up on a hilltop where Amir would read stories to Hassan. Here the pomegranate tree is a symbol of comfort, a place where he and Hassan could be alone sharing the simple pleasure of storytelling. Amir’s description of the â€Å"shadows of pomegranate leaves dancing† on Hassan’s face depicts the protective aspect of the tree, a sanctuary for the two friends (28). The tree and hill are symbolic of Amir and Hassan’s friendship; the tree is rooted in the hill but as the seasons change both the hill and the tree change and so does their friendship. The mention of seasons foreshadows how over time Amir and Hassan’s friendship will be destroyed, in the same way that the rain had turned the â€Å"iron gate rusty† and caused the â€Å"white stone walls to decay† (27). When Amir and Hassan return to the pomegranate tree after the rape, Amir says to Hassan he will read him a new story as they walk up the hill and a sense of hopefulness is conveyed. Amir points out that the â€Å"grass was still green†. Here the green is symbolic of hope and renewal and it connotes Amir’s effort to fix his damaged relationship with Hassan (91). However, when Amir describes that the green grass atop the hill will soon be â€Å"scorched yellow† it also foreshadows Hassan and Ali’s abrupt departure from Kabul, and the devastating impact this has on Amir and Baba (91). Hosseini’s use of the word scorched connotes an event that happens suddenly and is a premonition of worse things to come. Amir is not able to deal with his memories of their happier days under the tree, and instead of storytelling he decides to provoke Hassan to reproach him for his own inaction when the rape occurred. Amir’s ulterior motives – to provoke Hassan and not tell stories – are revealed when he â€Å"picked up an overripe pomegranate† (92) and throws it at Hassan. The overripe, rotting pomegranate is symbolic of a wound that has been left alone too long, the guilt of Amir not helping Hassan when he was raped. The pomegranate fruit itself represents the complexity of their relationship; it is a fruit with a hard skin that is difficult to peel and inside there are beehive-like segments hiding hundreds of red pulpy seeds. Amir is not able to come to terms with his guilt and tries to avoid Hassan at first, but later when he tries to make amends he realizes that for Hassan it will never be the same. The pomegranate also alludes to the forbidden apple from the Bible, symbol of the original sin, and thus it serves to foreshadow the events that are just about to unfold. As Amir hurls pomegranates at Hassan, he repeatedly calls Hassan a coward, but in reality he is letting out his own frustration in the hopes that Hassan will retaliate. He is trying to cover up his guilt for not intervening when Hassan was raped, almost as if Amir is trying to justify that Hassan is the coward and not himself. Once Amir stops pelting the pomegranates he sees Hassan â€Å"smeared in red like he’d been shot by a firing squad† (93). The imagery here represents how deeply Amir’s actions and words had wounded Hassan. Ironically, it also foreshadows the eventual death of Hassan, later in the novel, when he is shot by a Taliban firing squad. When Amir returns to Afghanistan after receiving Rahim Khan’s letter, he finds Kabul under the Taliban regime totally changed. As Amir walks up the old â€Å"craggy hill† from his past he realizes that nothing is the same (264). The craggy hill now represents the destroyed Afghanistan. Amir describes that while walking up the hill every breath felt â€Å"†¦like inhaling fire† (264). This simile illustrates how much pain walking up the hill causes an lder Amir now, although it was something he did almost every day with Hassan when they were carefree children. When he reaches the pomegranate tree, he recalls Hassan’s letter saying â€Å"the pomegranate tree hadn’t borne fruit in years† (264). The barren tree is symbolic of how their friendship was ruined twenty years ago in the winter of 1975. But when Amir locates the faded carving of his and Hassan’s name on the tree, the fact that â€Å"it was still there† makes the pomegranate tree a symbol of hope once again and shows Amir a way to atone for his sin (264). After so many years and so many struggles their friendship was tattered but upon seeing it, Amir finally resolves to redeem himself for the guilt of betraying Hassan; a betrayal that became a heavy burden on his shoulders for twenty long years through his silence and inaction. The changes of the pomegranate tree depict the changes in Amir and Hassan’s relationship. We first see it as the lush shady tree from Amir’s childhood where he and spent countless hours reading stories. Next it appears as the scene where Amir destroys his friendship with Hassan. And finally, it is at the same but now barren pomegranate tree where Amir returns and locates the fading reminder of his long lost friend. Each conflict in Amir and Hassan’s friendship was always on Amir’s part. It was Amir who stayed silent when Hassan was assaulted, it was Amir who tried to provoke Hassan’s reproach by throwing pomegranates at him, but it was also Amir who made the effort at the end to rescue Hassan’s son and his nephew, Sohrab. Like the faded carving, Amir’s friendship with Hassan had faded but never completely disappeared. Amir made the worst mistake of his life but he still had an opportunity for redemption, and that was by rescuing Sohrab from the Taliban and acknowledging him as his own flesh and blood If he didn’t, he knew he would go to his grave with the guilt of the sin he committed in the winter of 1975. While atonement for one’s sin is the central theme of The Kite Runner, the pomegranate tree is one of the main symbols used by the author to show Amir’s journey for atonement and redemption in the book. Hosseini’s repeated use of the pomegranate tree serves as a useful symbol to understand the evolving relationship of Amir and Hassan.

Jetblue Ipo Pricing Essays

Jetblue Ipo Pricing Essays Jetblue Ipo Pricing Paper Jetblue Ipo Pricing Paper 1. Introduction An initial public offering (IPO) is defined as the first offering of shares by a private company to the public. A share is one of a finite number of equal portions of the capital of a company that entitles the shareholder to a proportion of distributed, non-reinvested profits known as dividends, and to a portion of the value of the company in case of liquidation. Shares can be either voting or non-voting, meaning that the shareholder may have the right to vote on the board of directors and thus the corporate policy (Draho, 2004). The money the private company raises through the issuance of shares is either transferred to the original investors of the company, used to pay-off existing debt, used to finance operating expenses, or, is used to fund future company projects. The ability to conduct an IPO efficiently and effectively encourages entrepreneurship and economic growth through increasing the availability of equity and lowering the cost of equity finance (Kleeburg, 2005). The following report introduces a generic process of an IPO without detailing specifics for an individual country or region. The advantages and disadvantages of choosing an IPO to raise capital is then discussed followed by an examination of the various pricing and allocation techniques that are commonly adopted in the IPO. The final section uses the 2002 IPO of JetBlue as a case study to demonstrate the accuracy and effectiveness of the discussed pricing techniques. 2. The IPO Process Jenkinson and Ljungqvist (2001) define 5 generic steps that are required to be undertaken in the process of raising equity through an IPO: Figure 2. 1 – Five generic steps undertaken in the process of an IPO Each of the 5 steps are briefly discussed in the following section paying particular attention to the role of the investment bank and the pricing and allocation decision. 2. 1. The Choice of Market It is important to note that the act of ‘going public’ has two distinct requirements: Investors who are willing to purchase the shares Exchange regulatory conditions that companies must meet Historically, the first aspect of finding investors has not been of great concern, however, given the increasing levels of integration of global financial markets companies are able to select the market that best suits their requirements. The choice of market is therefore essentially focussed on ensuring that there is enough depth within the market so that the company can raise the amount of equity required and that the company is able to comply with the regulations imposed by the stock exchanges and their regulatory bodies (Jenkinson and Ljungqvist, 2001). . 2. Producing a Prospectus The second stage of an IPO is the preparation and lodgement of a prospectus with the market regulatory authorities. A prospectus sets out the terms of the equity issue and provides information on the financial and management performance of the issuing company. It is used to ensure adequate information is provided so that investors can make an informed investment decision (ASX, 2008). Investment banks ar e usually engaged to assist in the preparation of the prospectus to ensure due diligence has been performed. Due diligence refers to the process of providing reasonable grounds that there is nothing in the prospectus that is misleading, and typically involves reviewing company contracts and tax returns, visiting company offices and facilities and interviewing company and industry personnel (Draho, 2004). This prospectus usually includes either a fixed price for the offer (where a predetermined price has been established) or an initial price range (a first ‘best guess’ on the price) that have been determined by the investment bank. With the latter technique the initial price range is usually modified throughout the remaining stages of the IPO (Brau and Fawcett, 2006). 2. 3. Marketing Having produced a prospectus, the next stage is marketing the issue to investors. This marketing can take place in a variety of forms and usually involves a road show, where the issuing firm and the investment bank conduct presentations to a high concentration of institutional investors. Where the offer price has already been established (i. e. fixed price offering) the main purpose of the marketing stage is to elicit bids from investors. Where an indicative price range has been given, the key purpose is to produce expressions of interest and thus begin the process of book building. Book building encompasses the collating of non-legally binding offers of price and quantity that is used to develop a demand curve and thus a more accurate price range for the subscription (Geddes, 2003). An important aspect that influences the marketin g technique is the role of the investment bank as the underwriter. Underwriting can be in the form of a firm commitment, where the investment bank accepts the risk of the issue by agreeing to purchase any securities that had not been subscribed, or on a best efforts basis, where the investment bank agrees to only use its expertise to sell the securities to the best of their abilities (Jenkinson and Ljungqvist, 2001). 2. 4. Pricing and Allocation Where a fixed priced is initially established, it is typical for either heavy over or under subscription to occur. In these cases, allocation methods such as pro rata allocation, retail investor bias allocation or random allocation are utilised depending on the policies imposed by the market regulators (Jenkinson and Ljungqvist, 2001). Where book building has occurred, if the issue is oversubscribed the allocation is typically based on either a common strike price (where a single price is quoted and allocation is based on the amount of information contained in the bid and/or the investor reputation), or, allocation and pricing starting from the highest bid downward until the issue demand is fully met (Draho, 2004). . 5. After the IPO Once the final pricing and allocation decisions have been made, trading in the shares usually commences within a few days. In some countries it is typical for the investment bank to be involved in a price stabilisation process where the principal purpose is to protect the downward price pressure once trading begins. This process of price stabilisation is usually linked with the granting of an over-allotment option (typically 15% of the total number of shares issued) which have usually been sold during the marketing process (Geddes, 2003). 3. Advantages / Disadvantages of the IPO Decision There are considerable advantages with obtaining equity through the IPO process. There are, however, some drawbacks that also need to be taken into consideration. Table 3. 1 outlines the key advantages and disadvantages as outlined by Fishman (1993). AdvantagesDisadvantages The partners can obtain a true value of the shares they possess in the companyThe market is extremely unpredictable and an unsuccessful IPO can result in a great loss of time as well as money for the company Partners can remove their signatures from the lines of credit and thus, are no longer personally liable to the creditorsThe ownership of the partners is dissolved and they become mere employees who are responsible to the shareholders and Board of Directors The overall financial condition of a company is improved as it brings in non-refundable moneyContinuous dealing with shareholders and the press is a time-consuming process A broader capital base gives the company more access to credit which gives the company an option to venture into new business opportunitiesShareholders judge the performance of the company on the basis of the profits and stock price and may cause managers to overlook the long-term strategic objectives Capital raised in an IPO can be used to pay off debt and t hus reduce the interest costs and enhance the company’s debt to equity ratioThe company needs to make nation-wide presentations about its performance to the interested shareholders, brokers and the investment bankers The value of the stock may see an upward trend thus increasing the initial investors financial wealthThe company’s continued success may bring a lot of close scrutiny by the public When a company goes public, it attracts the attention of the media and financial community thus providing free publicity and helps in creating a better corporate imageLarge amounts of fees and expenses are associated with a public company on a continual basis commissions, advertising costs, securities exchange fees etc. By going public and listing on a stock exchange it can directly foster public reputation in general Table 3. – Advantages and disadvantages of going public through the IPO process 4. IPO Valuation Techniques Deriving a value for an IPO is the critical par t of the process. In both fixed price and book building offers some form of initial price must be determined by the investment bank. The key methods that are used to determine the value of a company and thus the initial IPO price include (Geddes, 2003): Discounting Methods – based on a firms intrinsic value (future cash flows) Comparable Multiples Method: value based on similar publicly traded companies 4. 1. Discounting Methods Theoretically, the price of a share is derived by discounting all future cash flows that accrue to shareholders. These techniques are used throughout industry, however, they do suffer in practical application due to the risk associated with forecasting both revenue and expenses (Draho, 2004). The two most frequently used discounting methods include the discounted free cash flows (DCF) and a residual income model (RIM). 4. 1. 1. Discounted Free Cash Flows Free cash flows are defined as the cash flows from operations after investment in working capital and any capital expenditures. These cash flows are considered more appropriate than accounting earnings which include non cash items such as depreciation that cannot be used to pay shareholders. Cash flows are used to pay dividends and thus capture true value for the investor. These cash flows are then discounted using a risk adjusted rate. The rate is estimated either by using the capital asset pricing model (CAPM) for a 100% equity company or by calculating the weighted average cost of capital of the firm’s debt and equity (Geddes, 2003). 4. 1. 2. Residual Income Model The DCF model requires accounting earnings to be converted to cash flows. This is considered inappropriate as accounting values do not take into consideration the time value of money and may be subject to manipulation by way of accounting methods. The RIM is similar to the DCF method in that both methods use a risk adjusted discount rate. The RIM model, however, utilises the difference between the realised earnings and the expected earnings, where the expected earnings is the cost of equity multiplied by the start of period equity book value (Draho, 2004). 4. 2. Comparable Multiples This is the most common method used by investment banks to value IPO’s. Its fundamental approach is the comparison of ratios of companies that operate in similar businesses that possess the same characteristics of risk, current and future profitability and growth prospects (Geddes, 2003). There are number of ratios that can be used under this method, the most common being: Price/Earnings multiples Price/EBIT Market value/Book value Price/sales The successful application of this method lies in choosing an appropriate comparison company. One method used by practitioners is to select up to 10 company’s operating within the same industry and to use the group’s median multiple to value the issuer. The second and most common method is to select 3-4 companies that are direct competitors within the particular industry to the issuer. The third method is to use multiples of firms that have recently gone public assuming all issuers share common valuation multiples (Jenkinson and Ljungqvist, 2001). Comparable multiples is a popular method to value an IPO due to its simplicity and accuracy (Richardson and Tinaikar 2004). With the use of multiples there is no need to estimate the cost of capital, neither is there a need to depend on forecasted earnings and assumptions of valuation models. The use of multiples is supported by the idea that relevant ratios capture the markets estimate of risk and growth (Zarowin, 1990). 5. JetBlue Pricing Table 5. shows the results of utilising the techniques discussed in the previous section for determining the share price for the 2002 JetBlue IPO (for complete calculations see Appendix 1 and 2). The initial subscription price of the IPO was given by th e investment bank (in this case Morgan Stanley) at $22-$24 and this was revised to $25-$26 during the book building process. MethodShare Price ($) Discounted Cash Flow Free Cash Flows$94. 00 Industry Averages Price / Earnings Multiples$40. 38 Market Value / Book Value$115. 22 Price / EBIT$33. 13 EBIT Multiple Leading$38. 92 Competitor Averages Price / Earnings Multiples$97. 06 Market Value / Book Value$274. 54 Price / EBIT$88. 33 EBIT Multiple Leading$65. 10 Recent IPOs EBIT Multiple Leading$40. 37 Table 5. 1 – Share prices for the JetBlue IPO using the different techniques It should be noted that the JetBlue opening share price, this being the price of the stock at the end of the first day of trading, was $50. 30 demonstrating that the IPO was heavily underpriced. The price peaked in September 2003 at just above $90. 00. JetBlue’s current trading price is approximately $17. 21 (after adjusting its actual price of $5. 10 for the three 3:2 share splits and dividends distributed). This shows that there has been a significant loss since the shares began trading in April 2002 (for historical monthly stock price data see Appendix 3). This could reflect either changing market conditions since the IPO or inadequate pricing techniques used at the time of the IPO. Table 5. 1 demonstrates the wide range of share prices that can be achieved depending on the technique that is adopted. The free cash flows technique utilised Southwest Airlines data, assumptions for the airline industry and cash flows given from JetBlue management (see Appendix 1). This value was quite high but reflects high investor demand which took the share price above $90. 00. Of the comparable multiple techniques, the industry average and recent IPO methods reflect the first day closing price, whereas, the competitor average technique reflects similar results to the discounted cash flow technique. Recognising that the discounted cash flow method utilises data for Southwest Airlines that may not accurately represent JetBlue’s conditions, a sensitivity analysis was conducted (see table 5. 2). The four variables that were examined were the horizontal growth rate, the beta (a measure of company returns relative to market returns), the credit rating and the debt to equity ratio. VariableShare Price ($) Growth Rate Forecasted4%$94. 00 Optimistic5%$133. 44 Conservative3%$64. 18 Beta Forecasted1. 3$94. 00 Optimistic1. 1$149. 74 Conservative1. 5$52. 78 Credit Rating (spread) ForecastedBa (3. 00%)$94. 00 OptimisticBaa (1. 50%)$96. 37 ConservativeB (5. 0%)$90. 90 Debt / Equity Ratio Forecasted5. 0%$94. 00 Optimistic10. 0%$108. 03 Conservative2. 5%$86. 96 Table 5. 2 – Sensitivity analysis of share price for fluctuations in the growth rate, beta and credit spread Changes in the value of beta, the perpetual growth rate and the debt to equity ratio provide considerable variatio n in the calculated share price. Credit rating had little influence over the final value. As the premise of the discounting cash flow method is the forecasting of data, this sensitivity analysis demonstrates that caution should be used when relying on this technique given the uncertainty of forecasting information. 6. Conclusion In conclusion, the initial public offering (IPO) process involves a decision on which market is used to raise the funds, the preparation of a prospectus to meet regulatory conditions, marketing of the issuance to institutional investors and a pricing and allocation decision based on the type of subscription that is being offered (fixed price or book building). The key challenge for both the issuing firm and potential investors is the pricing of the shares. The two key techniques of discounted cash flows and comparable multiples, demonstrate that considerable variation in value can occur depending on the technique used. The reliability and accuracy of forecasted and historical data is also of considerable importance in ensuring accurate pricing. In order to overcome many of the disadvantages of an IPO, accurate pricing is paramount to ensure ongoing investor involvement. To draw any conclusion on the accuracy of techniques from this case study would be inappropriate, however, the complexities of the pricing decision has been quite clearly demonstrated. 7. Reference List Australian Securities Exchange. (2008, February 29). Listing on ASX. Retrieved April 23, 2008, from asx. com. au/professionals/listing/index. htm Brau, J. Fawcett, S. (2006). Initial public offerings: An analysis of theory and practice. The Journal of Finance, 61(1), 399-436. Draho, J. (2004). The IPO Decision: Why and How Companies Go Public. Cheltenham, UK: Edward Elgar Publishing. Fabozzi, F. Modigliani, F. (2003). Capital Markets: Institutions and Instruments (2nd ed. ). New Jersey, Prentice Hall. Fishman, L. (1993). Going public: The pro’s and cons. The Secured Lender. 49(4), 58-60. Geddes, R. (2003). IPO’s and Equity Offerings. Oxford, UK. Butterworth-Heinemann. Jenkinson, T. Ljungqvist, A. (2001). Going Public: The Theory and Evidence on How Companies Raise Equity Finance (2nd ed. ). United States: Oxford University Press Inc. Kleeburg, R. (2005). Initial Public Offering. Ohio, Thomson. Richardson, Gordon D, and Surjit Tinaikar. (2004). Accounting based valuation models: what have we learned? Accounting and Finance, 44(2), 223-255. Zarowin, Paul. 1990. What determines earnings-price ratios: Revisited. Journal of Accounting, Auditing Finance, 5(3), 455-457.

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