Hand Over Hand Prompting in Special Education

Hand Over Hand Prompting in Special Education Inciting is a significant device in showing kids with inabilities, particularly kids with incapacities that essentially impact their capacity to learn useful or fundamental abilities. Provoking occurs over a continuum, from the most intrusive, physical prompts, to the least obtrusive, gestural prompts. What Is Hand Over Hand Prompting? Hand over hand provoking is the most intrusive of all inciting systems. Otherwise called a full physical brief, it can regularly include really doing the movement with the understudy. The individual training the ability puts his hand over the hand of the understudy, and may really control the hand of the youngster. Hand over hand provoking may enable a small kid to figure out how to control a couple of scissor, either normal understudy scissors or uncommon spring scissors. The objective of the educator/expert is to start to blur the hand over hand brief, maybe blending it with a verbal brief as the physical brief is blurred. Now and then the hand over brief can be blurred to a less intrusive brief, for example, a finger tap on the rear of childs hand, to help them to remember the hand arrangement. Case of Hand Over Hand Prompting Emily, a six-year-old with numerous incapacities, requires an extremely elevated level of help to learn fundamental abilities. Her associate, Ms. Ramona, puts her hand over Emilys to give hand over hand support as she figures out how to brush her teeth. Ms. Ramona shapes Emilys hand into a brush grasp and afterward holds that grasp as she moves the sweep to and fro in her mouth.

The Elusive American Dream Essay Example | Topics and Well Written Essays - 750 words

The Elusive American Dream - Essay Example Despite the fact that examiners regarded this play as insignificant in the achievement of racial correspondence since it was discharged before the Civil Rights Movement, ‘A Raisin in the Sun’ is a superb analysis of America’s social relations. Hansberry gives the crowd a practical depiction of the Younger’s destitution. The Younger’s loft is grimy because of tireless cleaning endeavors throughout the years. The Younger’s need to shower the loft week by week so as to fend bugs off. The unremitting cleaning and vacuuming have destroyed the furnishings and floor covering. Hansberry composes that †¦weariness has, actually, won in this room.† Mama and Ruth are disappointed with the diminutiveness of the condo and the congestion. They need to utilize the protection arrangement cash to buy another home, which has been the family’s dream for a long time (Hansberry, 36). Due to congestion, two families need to share a little washroom. Hansberry guarantees that the crowd remembers these family issues by demonstrating Travis, Walter and Beneatha enthusiastically trusting that the restroom will be free while holding discussions. The weights and dissatisfactions of life negatively affect Ruth. Her face is loaded with dissatisfactions and disappointments. She states â€Å"†¦time opportunity used to be life-now its money.† Ruth must keep the family together just as work as a household worker to foot the bills and give family necessities. She performs family unit errands, for example, getting ready breakfast for her child and spouse. Her disappointments estrange her from the world occasions and unrealistic fantasies. She dismisses Walter’s alcohol store venture plan wild (Hansberry 44). Ruth gives her disappointments by detonating and revealing to her significant other ‘Eat your eggs.’ Ruth reacts by disclosing to Walter her dissatisfaction about his absence of new thoughts. She says â€Å"†¦ you don't utter a word new.† Ruth embodies the American work circumstance and morals. She appears to be stifled by the excess and absence of movement of life.â

Peripheral Intimacy in Neil Gaimans THE VIEW FROM THE CHEAP SEATS

Peripheral Intimacy in Neil Gaimans THE VIEW FROM THE CHEAP SEATS A lot has been written about what the Internet has done to memoirs and creative nonfictionâ€"that our hundred and forty character bare-all confessions have both escalated the intimacy of the content and desensitized us to it. Are we hungry for secrets? Do we expect every personal essay to take us back to our slumber party years when we’d sit on our pillows and open up our hearts like the bags of Cheetos we had nearby in great numbers? I can’t speak for the rest of the class here, but I think I do. I do expect those things. I recently experienced this with Neil Gaiman. I bought his first collection of nonfiction, The View from the Cheap Seats, with nothing short of atomic bombs of delight exploding in the New Mexico of my chest. I’m a curious soul, interested in people and obsessed with context. So holding this massive volume of Real Life Neil Gaiman, I was just about over the moon. I cracked it open, ready to stay up past my bedtime to pass Neil the Cheetos and listen as he shared his deepest fears, most embarrassing moments, and secret crushes. As I worked my way through the essays, it became clear this was not going to be that kind of slumber party. Not exactly. The first time I encountered Neil Gaiman, I didn’t know who he was or what he was all about. I was in seventh grade, and head over heels in love with SimCity2000. I’d cheat code the heck out of it because I’m an idiot at most things including city planning, and with my pile of ill-gotten Simoleons I would stack my simulated city with libraries until they outnumbered my residents. I am what I am. I also liked to click on everything I could, because as I said I’m curious. Something special happens when you click on your libraryâ€"you have the option to “ruminate.” It was a big word for me, but I clicked it anyway. And that’s how I learned that “ruminate” is a just another way of saying “read a short essay by Nail Gaiman about the wonder and terror and personalities and anthropomorphic essence of cities.” It was incredible, and I loved it and was kind of shaken by it. But I loved it. I ruminated often. Even before I was a fully bloomed reader, I was a book lover. I know how backward that sounds, believe me. I would ruminate over the white shelf in our basement that held my dad’s science fiction and fantasy collection. I would admire the spines and the covers and wonder what secrets they would tell me if these books and I were sitting on our pillows swapping stories late into the night. But I hesitated to find out; I don’t really know why. There was too much SimCity2000 to play, I suppose. Too many Cheetos to crunch. Neil Gaiman also loves books. (see also: surprise!) He has loved reading and books for pretty much the whole of his life, and most of the essays collected in The View from the Cheap Seats are book-related. Most are introductions, many are speeches, some are interviews and short works of journalism. And as I kept going, as I kept turning the pages, I realized that was I was actually doing was following Neil as he ruminated through the stacks of the SimLibrary central to his career, his character, his everything. He was ruminating. And he was letting us ruminate with him. John Waters gave famous advice about what to do if you accept an invitation upstairs with someone you might want to spend a night with. Let’s assume they do indeed own books, and you do indeed stay the night, and they do indeed get up for a drink of water and you have just enough time to scamper to their shelf and admire the spines and covers of their personal collection. That, my friends, is intimacy; that’s vulnerability. That’s rumination. This changed the way I finished reading this book. I forgave in an instant what at first felt like too much psychic distance for my taste. As he pointed out volumes or pulled them from the metaphysical shelf as we passed together, I took them in my arms lovingly. It’s how I found The Einstein Intersection , The Kryptonite Kid, and many many more. He was giving gifts. In addition to introducing us to the books he loved, Neil Gaiman also introduces us to people living and dead that he loved in various ways. The essays he wrote for Amanda Palmer each admire her differently from different points on their timeline (they’re married now, in case you did not know). His words for Terry Pratchett capture a life from different points on a timeline, too. (He has since passed away, in case you did not know.) All are tender, honest, and celebratory even when weighed down with sadness. I dare you to read “Jack Kirby: King of Comics” and not find yourself on fire for the comic book legend on whose shoulders Neil stood to recreate Sandman. I double dog dare you to read “Hi, by the Way” or its successor and not feel even slightly tipsy by proxy from sexy Spanish wine and the madcap beauty of Neil’s friendship with Tori Amos. I triple dog dare you to read “So Many Ways To Die in Syria Now: May 2014”, for which Neil turns down the volume on his writi ng at the sentence level in order to lift up the voice of the subjectâ€"human beings crying out for help in real-timeâ€"and not feel called to action. He loves these refugees, and hopes we will love them too and will extend a hand in whatever way we can. These essays are all about love, and though the intimacy seems peripheral it’s there in great supply. And maybe there’s wisdom in keeping the intimacy somewhat oblique. In “Waiting for the Man” Gaiman interviews Lou Reed, a personal and creative hero of his. As Reed moves from periphery into plain sightâ€"warts and prickliness and allâ€"Neil has a moment of understanding that this is probably too close for comfort. “I’d been around long enough,” he writes, “to know the person isn’t the art…I went back to being a fan, happy to celebrate the magic without the magician.” My craving for a Neil Gaiman tell-all may never be satisfied. I’m okay with that now. We have his stories, marbled to varying degrees with his beliefs, his fears, his memories, his secret crushes, his not secret crushes, his dreams, and of course of course of course his magic. You can keep your Cheetos. Just pass me more of that instead. Actually who am I kidding, I’ll take some Cheetos, too.

Essay On Hispanic Growth And Growth - 748 Words

Hispanic Growth Strategy Updates †¢ Ramon will start his new role as Business Development ____ in October †¢ Stamford FCU kicked off Hispanic Heritage Month (HHM) with a staff celebration on September 15th. For the duration of HHM, the credit union staff will wear buttons wishing members a Happy Hispanic Heritage Month. †¢ Ramon will begin to build relationships and partnerships with community organizations. Ramon has a background in banking, radio, and comedy. Stamford is confident Ramon’s personality will be well liked by the Hispanic community. †¢ Ramon would like to reach potential Hispanic members at their jobs. Building relationships with local employers will hopefully get his foot in the door. †¢ Stamford has meetings coming up with†¦show more content†¦Stamford currently has a secured credit building product. Stamford will explore the possibility of an unsecured credit building product. †¢ Coopera will share a sample credit building policy from Des Moines Metro Credit Union. †¢ Coopera will draft talking points for Ramon to utilize when he meets with local organizations. †¢ Stamford and Coopera will have an ongoing conversation about product enhancements. Coopera Team Transition Period †¢ Alba’s last week with Coopera was the week of September 25th. She has the opportunity to go back to her native country to spend time with her father. †¢ Miriam de Dios, CEO, will be the primary liaison in the partnership between Stamford and Coopera †¢ Coopera is dedicated to help Stamford enhance and growth their Hispanic growth efforts. Credit Unions and the Rescission of DACA †¢ Stamford is familiar with Deferred Action for Childhood Arrivals (DACA) program. They are aware that the program has been rescinded and is right now with Congress. †¢ It is important to keep discussing this topic for it might affect employees and credit union members. Digital Marketing Opportunities †¢ The Spanish marketing campaigns are surpassing English marketing campaigns in return of investment. †¢ Coopera is partnering with an organization to introduce a new digital marketing tool that will utilize IP addresses to reach the Hispanic market online. Miriam will send Dave and Bo more information about this innovative product. †¢ SherleneShow MoreRelatedPolitics And Its Impact On Hispanics941 Words   |  4 PagesReflection Essay PART 1 1. The presentation topic was to examine the impact of politics on Latino in United States by studying various factors such as- population, citizenship status, geographic location and age. 2. The presentation talked about one of the core issue, which is Politics in this case, that affected Latino in USA. A thorough research was conducted to understand the causes and effects of politics and how it moulded the growth of Latinos in this country. 3. The learning outcome wasRead MoreThe Latino s Impact On Society1003 Words   |  5 PagesPresentation was to examine the past and future of Latino in United States by considering various factors such as- education, population growth, job opportunities, politics, etc. 2. The Presentation Topic- â€Å"Past and Future of Latinos in USA† was focussed on the socio-economic condition of Latinos over the decades. The main areas of research were education, population growth, politics and job opportunities along the time window. A clear distinction was drawn in these areas of research for better understandingRead MoreHow do cultural differences affect breast cancer prevalence, prevention, and treatment in African-American, Hispanic/Latina, and Caucasian women livin883 Words   |  4 Pagesdo cultural differences affect breast cancer prevalence, prevention, and treatment in African-American, Hispanic/Latina, and Caucasian women living in the United States? Over the past decade breast cancer has become one of the most predominant diseases in the United States. Breast cancer starts out as a malignant tumor in the tissues of the breast which is formed from the uncontrolled growth of abnormal breast cells. Breast cancer is the most common cancer in women, but it can also appear in menRead MoreAlbert Kinsey Helped Change The American Public s Preconceptions On Sexuality935 Words   |  4 PagesEssay Question #2 Albert Kinsey helped change the American Public’s preconceptions on sexuality by publishing two bestselling books from 1947 to 1953 on the topic. Titled â€Å"American Sexual Behavior† and â€Å"Sexual Behavior in the Human Female†, these books both confirmed and challenged the generally held beliefs dealing with marriage, sexual gratification, and sexual orientation. Sex was deemed important for a healthy marriage, adultery was frequent and homosexuals weren’t weird anomalies. Hugh HefnerRead MoreThe Sense of Cooperation Between African Americans and Latinos in Politics1151 Words   |  5 Pagesand Latinos has existed for many years and/or decades at the national level in U.S. politics, that this cooperation between these two groups has seen its peak or finest hour and will not be able to survive the current Obama Administration. In this essay I will talk about how African-Americans and Latinos at least in terms of U.S. national politics agree with each other in terms of supporting the same policy agenda and as a result are forming coalitions with each other in order to get these policiesRead MoreEssay Ethnicity and Female Equality: A personal Opinion1529 Words   |  7 Pages Abstract The subject of my essay will be a compilation of facts and opinions on the role of ethnicity and gender on female status in the United States. Equality for females and males is influenced by ones ethnicity, by the media, by stereotypes, and by the myth of equal rights. The research methods that will be used for this essay will be only the personal opinions of the author of this essay. One believes that the findings of this essay will show that ethnicity and media generated stereotypesRead MorePersuasive Essay Outline :Minimum Wage964 Words   |  4 Pages Persuasive Essay Outline :Minimum Wage 1 Intro - I want you to think about your very first job .Were you a Bellhop ,cashier ,bartender ,cooks(fast food ),lifeguard, .Now how about your second job were you a airport worker or child care worker.About how much were youRead MoreSports Are America s Past, Present And Future1204 Words   |  5 PagesDefending Titles Diversely: Persuasive Essay Sports are America’s past, present and future. Most everybody can come together and enjoy sporting events. By saying â€Å"everybody†, that includes all races: white, black, Hispanic, Asian, and so on. Among athletes, what race is represented most predominately in the majority of sports? African Americans. Knowing this, it takes the population back to the 1700 and 1800s when slavery was most prevalent. In that time period, slaves were bred to do difficultRead MoreSocioeconomic Status Of Hispanic Americans Essay1633 Words   |  7 Pagesroughly 50.5 million Hispanics representing about 16 percent of the U.S. population. By 2050, when demographers tell us that there will be no racial or ethnic majority among the general population of the United States, it is projected that the Latino population will double to 30 percent. Consequently, the role of Latinos in shaping our country’s political and economic climate is becoming more significant (Para. 1).This essay will explain some of the social class experiences of Hispanic Americans includingRead More Convicted Felons Should Retain The Right to Vote Essay1613 Words   |  7 Pagespolitical games is most felt in minority communities. Blacks and Hispanics are disproportionally affected by these disenfranchisement laws. Both populations are over represented in our penal system. While the causes are issues for another essay, the end result is that large portions of our minority community’s public and political voices have been silenced. About thirteen percent of Black males and ten percent of Hispanics have been disenfranchised. These communities tend to vote largely

Usurpation of Identity in “The Yellow Wallpaper”

Usurpation of Identity in â€Å"The Yellow Wallpaper† Charlotte Perkins Gilman’s story of a woman who goes mad while fixating on a bizarre wall-covering has been used as an early example of post-partum depression. In the latter part of the 1800’s women were seen as inferior subordinates to men who could not be trusted due to the effect of the female organs on their brains. The narrator is almost certainly a victim of the lack of medical knowledge of the day, while the prevailing attitudes in the medical field of women as childlike and the social pressure of male domination contribute to the narrator’s illness. The husband’s role as spouse and physician enable his benevolent manipulation of the narrator by isolating her and removing her†¦show more content†¦At the time Gilman wrote the story, another main role that a married woman played was that of wife as caretaker of the home. As the narrator is not allowed to do any work, John has brough t his sister Jennie along on their summer retreat. The narrator says of this character â€Å"She is a perfect and enthusiastic housekeeper, and hopes for no better profession† (795) and â€Å"Jennie sees to everything now† (796). During the one visit with outsiders that she is allowed, the main character does nothing to help in the household to take care of the visitors, and this lack of contribution leaves her tired, an indication of a depressed mental state. The narrator has been displaced in her role as caretaker of the home, which removes another aspect of her identity and contributes to the internal void. American society in the late nineteenth century erroneously entertained the idea that women were incapable of rational thought and needed to be taken care of as if they were children. The narrator of â€Å"The Yellow Wallpaper†, suffering from post-partum depression and left to ruminate on her own supposed deficiencies, is forced by these ideas into a situ ation that intensifies her mental illness and creates the opposite of the effect intended by the treatment. The combination of her husband’s dominance as spouse and physician, and the presence of the nanny and sister-in-law, creates a situation in which the narrator is stripped of her roles as mother and wifeShow MoreRelatedManaging Information Technology (7th Edition)239873 Words   |  960 PagesAnalyzing Ethical Problems 576 577 Social Issues 578 Privacy 579 Privacy Problems 579 E-Commerce Privacy Concerns 580 Workplace Privacy 581 Ethics of Invasion of Privacy 582 Laws on Privacy 582 Identity Theft 583 Impact of Identity Theft 584 Laws on Identity Theft 585 Intellectual Property Rights 585 Software Piracy 586 Copyright Protection Patent Protection 586 586 Digital Entertainment Piracy 587 Internet File Sharing 587 Ethical Questions

Personal Recounts- a Day in the Life of Superman Free Essays

A day in the life of Superman I nearly died today . I could not help but toss and turn in bed and think about how horrible my day had been . what would have happened if the Atomic Skull had hit me on my head. We will write a custom essay sample on Personal Recounts- a Day in the Life of Superman or any similar topic only for you Order Now â€Å"Someone help me! † old . Auntie Mary was lost in the jungle. She could not find her way out and was shouting frantically for help. The sun was setting. Auntie Mary was shouting for help because she had now been captured by the notorious Atomic Skull. He was notorious because of his habit of abducting little children and the elderly. Ha ha, now nobody can save you,† laughed the Atomic Skull but he was wrong and I had heard Auntie Mary. The Atomic Skull’s teeth were a disgusting sight to look at and his face was bigger than his body. â€Å" Superman to the rescue,† I was on my way to the spot where Auntie Mary was since he was already near the jungle. I was just flying past the jungle at that time. The jungle was eerie and gloomy and had a lot of trees. No longer than a minute had passed when I arrived at the spot where Auntie Mary was. There was one problem, she and the Atomic Skull were not there anymore. The Atomic Skull had brought her somewhere. I started to look for Auntie Mary. She was nowhere in sight. Then, I heard the rustling of leaves. I turned around and saw that there was a pile of leaves nearby which could have been used to hide behind. I then had an idea. I crept the other way round the tree to the back of the pile of leaves. That was when I saw the creepy Atomic Skull. The Atomic Skull saw me and we began to fight. There was a lot of action as well as blood. The Atomic Skull could feel a punch on his cheek and felt his hand raising up to hit me. He had a scythe in the other hand and had the mean thought of hitting me with it. Auntie Mary could not bear this sight so she turned around. I was wise and had known that earlier so I kicked the scythe out of the Atomic Skulls hand. The Atomic Skull was helpless now he was powerless and could not do anything but ask for forgiveness or so I thought so. Just as I turned around with Auntie Mary, the Atomic Skull, being very nasty, crept towards his scythe and picked it up, aimed it at me. Just as he was about to throw it, I turned around saw what the Atomic Skull was up to. I ducked just in time and gave the Atomic Skull one last kick of mine which was one of the famous style of kicks. The Atomic Skull lay there, groaning in pain as if he had fallen from a tree which was very high and broke a bone or two. â€Å"Better luck next time, Atomic Skull. Always remember that where there is evil ,there is good and where there is you , there is me! Ha ha! † I was smiling to myself because I had just realised that I had spent two hours thinking of what had happened instead of sleeping. â€Å" How silly of me! † he said before he started to snore. How to cite Personal Recounts- a Day in the Life of Superman, Essay examples

The Doctrine Of Soteriology Essay Example For Students

The Doctrine Of Soteriology Essay The Doctrine of Salvation (Soteriology)God provides us with everything we need; we see this in Genesis where he provided Adam everything he needed. Jesus became a man by reincarnation a verse to support this is John 1:14 The word became flesh and made his dwelling among us. We have seen his glory. The glory of the One and Only, who came from the Father, full of grace and truth. Jesus was perfect he did not even yield to the temptations of his nature unlike the people around him. It says in John 14:30 that but the world must learn that I love the Father and that I do exactly what my Father has commanded me. Jesus did not even yield to temptations in his actions. Jesus died for us, his death was a substitute for our deaths, and his death was sufficient in doing so. Though Jesus died he did not stay that way for long. As a matter of fact he was resurrected just like it says in I Corinthians For what I received I passed on to you as of first importance that Christ died for our sins according to scriptures, that he was buried, that he was raised on the third day according to the scriptures. Jesus death covered sin completely. After he was resurrected he ascended to heaven. We will write a custom essay on The Doctrine Of Soteriology specifically for you for only $16.38 $13.9/page Order now As Christians we must admit that we are sinners and that we deserve to die in hell forever. Because of Christ we do not have to suffer that though. We must repent for our sins and must believe that Christ died on the cross for our sins. We must also ask Chris to come and live in our hearts and help us live our lives. We must dedicate everything to Christ and not put anything before him. We must witness to others our life in Christ so that they may also receive Gods gift.God calls us to him in many ways some of them are:1. The Bible: Romans 10:16-17. 2.The Holy Spirit: John 16:7-11. 3. Through men: Romans 10:14-15. 4.Through Providence: Romans 2:4. We turn to God when we repent and show God that we have faith. When you repent you turn away from sin. When you have faith you turn to Jesus and just trust in him without reason or answers.God forgives us no matter how many times we mess up. God still loves us even when we mess up. When we ask for forgiveness we receive the righteousness of Jesus. A scripture to support this is II Corinthians 5:21 God made him who gad no sin to be sin for us so that in him we might become the righteousness of God. God works through the Holy Spirit and in doing so he makes the believer holy in heart and behavior. To become sanctified you must daily die to sin and live everyday for Christ. Sanctification is a process: You must: A. Be sanctified when you are new born in Christ. B. Be righteous throughout your life. C. Final sanctification occurs when Christ ReturnsAll these help you to understand and daily live your life the way Christ would have you to.

Whole Food Market

Whole Food Market Introduction Nadler and Tushman (1980) developed a model of change describing how the components of an organization interact with each other. In essence, they established that there are several key components of an organization including, individuals, tasks, and organizational processes. In addition, it was found that these components affect each other so that a change in one of the aspects affects another one.Advertising We will write a custom assessment sample on Whole Food Market specifically for you for only $16.05 $11/page Learn More Importantly, it is evident that the congruence model discuss the transformation of inputs into the outputs. Inputs could include factors such as competition, finances, and human resources while the outputs include the products as well as the services provided by the organization. This paper will focus on three critical aspects of this congruence models while analyzing the Whole Food Market as an organization. These aspects include outputs at organizational level, the groups identified by the organization during its operations, and key individual functions of the people who might be involved in the process of production. Outputs at Organizational Level In regard to the outputs at the organizational level, Naldler and Tushman (1980) suggested that the products and services provided by the company are the most pertinent aspects. Essentially, Whole Food Market produces food for human consumption in various geographical locations that include United Kingdom and USA among others. In addition, the company sought to produce body care products such as lotions following the rising demand for these products in the modern society. When it comes to the classification of these products, there are three pertinent categories that include organic foods, beverages, as well as body care products in general. The company understands that food should not only sustain physical satisfaction and tastes, but also the health of the consumers. As a result, the management sought to produce organic food since they reduce the risk of ill health among the consumers. This reduction is facilitated by the methods used during the production of the organic foods. For example, organic farmers do not use the pesticides which have been proven to contain harmful chemical that can be taken up by the body. Some of these organic foods include frozen products, pantry staples, snacks, and supplements among others. When it comes to beverages, there are various products, including organic orange juice, rice milk, and coffee among others.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The body care products also form a crucial part of the products provided to the customers by the Whole Food Market. These products include lotions, shampoo, conditioners, and soaps used for cleaning as well as bathing. The performance of these products is presented in terms of financial profitability in order to determine their solvency. However, it is evident that the company does not present the respective profits for each of the products. Instead, it provides the overall profitability margins for the company. Although the margins are generalized, it is obvious that the recorded profits accrue from the sales of the foods, beverages and body care products. Figure 1: The Whole Food Market returns (Pollan, 2008). From the image presented, it is evident that the pertinent aspects used to determine the performance of the products and services include gross, EBIT, operation, EBITDA and net profit margins. Further, the company makes estimates regarding the expected profits in the subsequent years using the data obtained for the previous years. Outputs Group Level Suppliers In accordance to the demand for their products, Whole Food Market has identified suppliers who provide them with raw material for the production of b everages, foods and body care products. Understandably, food and beverages are the most crucial part of their production process. As a result, they have identified local farmers who provide the raw foods that are then used for the production.Advertising We will write a custom assessment sample on Whole Food Market specifically for you for only $16.05 $11/page Learn More When identifying the farmers, they consider the needs of the consumers’ needs in order to determine the appropriate suppliers. In this regard, the company has identified the organic farmers since they need to provide healthy food to the consumers (Mackey Sisodia, 2013). In essence, the selection of these suppliers is based on whether the involved farmers can provide the needed quality in line with sustainable agriculture. Employees In relation to employees, there are both the managerial and technical employees who have been hired to oversee the running of the company and provide the required skills of production respectively. The managers have a responsibility to offer the required leadership and ensuring order in the organization. In addition, they are mandated to recruit the technical employees whereby they are expected to ensure that each of them has the required skills in relation to the field of employment. As a result, the company is capable of maintaining high standard of production and desirable quality of the foods. The performance of these managers is measured according to the performance of their departments. For example, the HR managers are evaluated in accordance to how they coordinate the workers and tap human skills. Failure to incorporate the necessary human resource is termed as underperformance. For the technical employees, their performance is evaluated in accordance to how they adhere to the regulation and standards set by the management. Accordingly, employees who do not abide by these standards and regulations are underperformers. Geograph ical Regions The company recognizes the geographical groups by operating in twelve different locations. In this regard, each of the regions has a president, the administrative team and the people mandated to oversee the store. These geographical groups have been set to decentralize the services and make sure that the company is capable of reaching as many people as possible and make good financial profits. Key Individual Functions There are various individual functions that are identified in the entire organizational setup. The roles of the president are some of the most conspicuous individual functions within the organization’s structure.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More First, the CEO has individual functions since he is the founder of the company. He offers the leadership of the entire company for all the geographical regions in which the company operates. All the presidents report to the chief executive officer regarding the performance of their respective areas. In essence, he is an executive player mandated to make critical decisions such as investments. Second, there are presidents appointed for each of the geographical regions, and mandated to oversee the setting of the annual budget, authorize expenditure, and coordinate the administrative team. The individual function of the president can be considered as a crucial role since the entire chain of command executes the orders and decisions made by this office. In addition, they are the mediators between the executive arms of the company and the employees in the lower levels of operation. Chief Operating officer is another individual function which is set to oversee the daily processes of the c ompany. These operations include the supply of raw materials and distribution among other. The officer is crucial in the chain of command due to the mandate of reporting to the president regarding any unfolding within the organizational processes of production. The organization has incorporated a chief financial officer who advises the president concerning critical decisions. In this regard, the financial officer has the professional knowledge that enables to determine the financial implication of decisions. As a result, the president and CEO must consult with the officer before taking any step so as to evaluate the effects of their decisions before implementation. Another individual function found within the company is executed by the Growth and Development officer. The officer is mandated to develop new products and come up with new ways of manufacturing them. In this regard, the officer must initiate research in order to determine the changing needs to the consumers and hence pro vide the required products. This undertaking ensures that the company expands the market while maintaining the original customers. Conclusion in Terms of Interacting Outputs The individual functions of the CEO, presidents, and the various officers revolve around monitoring the operation of the mentioned groups. As a result, it is evident that there is congruence between the individual functions and the groups. In turn, the groups provide the required raw materials and also offer the needed skills for production of the foods and beverage. Owing to the regulations and standards set by the executive arms, the groups are capable of maintaining the quality of the products. Consequently, the profitability of the products is ensured since the customers get the needed quality. References Mackey, J., Sisodia, R. (2013). Conscious capitalism: liberating the heroic spirit of business. Boston, Mass.: Harvard Business Review Press. Nadler, D., Tushman, M. (1980). A Model for Diagnosing Organiz ational Behavior. Organizational Dynamics, 9(2), 35-51. Pollan, M. (2008). In defense of Whole Food Market: an eaters manifesto. New York: Penguin Press.

How the Netherlands Reclaimed Land From the Sea

How the Netherlands Reclaimed Land From the Sea In 1986, the Netherlands proclaimed the new 12th province of Flevoland but they didnt carve out the province from already existing Dutch land nor did they annex the territory of their neighbors - Germany and Belgium. The Netherlands grew larger with the aid of dikes and polders, making the old Dutch adage While God created the Earth, the Dutch created the Netherlands come true. The Netherlands The independent country of the Netherlands only dates back to 1815, but the area and its people have a much longer history. Located in northern Europe, just northeast of Belgium and west of Germany, the Netherlands contains 280 miles (451 km) of coastline along the North Sea. It also contains the mouths of three important European rivers: the Rhine, Schelde, and Meuse. This translates into a long history of dealing with water and attempts to prevent massive, destructive flooding. The North Sea Floods The Dutch and their ancestors have been working to hold back and reclaim land from the North Sea for over 2000 years. Beginning around 400 BCE, the Frisians were first to settle the Netherlands. It was they who built terpen (an Old Frisian word meaning villages), which were earth mounds upon which they built houses or even entire villages. These terpen were built to protect the villages from flooding. (Although there were once thousands of these, there are about a thousand terpen that still exist in the Netherlands.) Small dikes were also built around this time, usually being rather short (about 27 inches or 70 cm high) and made of natural materials found around the local area. On December 14, 1287, the terpen and dikes that held back the North Sea failed, and water flooded the country. Known as the St. Lucias Flood, this flood killed over 50,000 people and is considered one of the worst floods in history. A result of the massive St. Lucias Flood was the creation of a new bay, called Zuiderzee (South Sea), formed by floodwaters that had inundated a large area of farmland. Pushing Back the North Sea For the next few centuries, the Dutch worked to slowly push back the water of the Zuiderzee, building dikes and creating polders (the term used to describe any piece of land reclaimed from water). Once dikes were built, canals and pumps were used to drain the land and to keep it dry. From the 1200s, windmills were used to pump excess water off the fertile soil becoming an icon of the country in the process. Today, however, most of the windmills have been replaced with electricity- and diesel-driven pumps. Reclaiming the Zuiderzee Then, storms and floods of 1916 provided the impetus for the Dutch to start a major project to reclaim the Zuiderzee. From 1927 to 1932, a 19 mile (30.5 km) long dike called Afsluitdijk (the Closing Dike) was built, turning the Zuiderzee into the IJsselmeer, a freshwater lake. On February 1, 1953, another devastating flood hit the Netherlands. Caused by a combination of a storm over the North Sea and spring tide, waves along the sea wall rose to 15 feet (4.5 m) higher than mean sea level. In some areas, the water peaked above existing dikes and spilled upon unsuspecting, sleeping towns. Just over 1,800 people in the Netherlands died, 72,000 people had to be evacuated, thousands of livestock died, and there was a huge amount of property damage. This devastation prompted the Dutch to pass the Delta Act in 1958, changing the structure and administration of the dikes in the Netherlands. This, in turn, created the collective known as the North Sea Protection Works, which included building a dam and barriers across the sea. There is no wonder that this huge engineering feat is now considered one of the Seven Wonders of the Modern World, according to the American Society of Civil Engineers. Further protective dikes and works were built, beginning to reclaim the land of the IJsselmeer. The new land led to the creation of the new province of Flevoland from what had been sea and water for centuries. Much of the Netherlands Is Below Sea Level Today, approximately 27 percent of the Netherlands is actually below sea level. This area is home to over 60 percent of the countrys population of 15.8 million people. The Netherlands, which is approximately the size of the U.S. states Connecticut and Massachusetts combined, has an approximate average elevation of 36 feet (11 meters). This leaves a huge part of the Netherlands highly susceptible to flooding. Time will tell if the North Sea Protection Works are strong enough to protect it.

The Life Cycle of the Photon Research Paper Example | Topics and Well Written Essays - 1250 words

The Life Cycle of the Photon - Research Paper Example Both at the micro and macroscopic the effects of this force are observable as these photons have zero rest mass that allows interactions at long distances (Newton, 1949). Photons can be best explained through quantum mechanism and they have wave particle duality that means they exhibit properties of particles and waves both. Like for instance a photon can be refracted by the lens and can display wave interference with itself and also perform as particle while its position is measured. Max Planck, In the year 1900 working on the black-body-radiation suggested that energy can only be released in packets in the electromagnetic waves. In 1901 he named these particles energy particles. The quanta was used meaning particles. Later Albert Einstein in 1905 suggested the electromagnetic waves can exist in discrete-wave-packets called light quantum. The word photon was derived from a Greek word for beam. Photon was the term coined by Gilbert Lewis, in 1926 via the light concept in discrete particles form photon had been present around for ages and had been formalized in Newton’s science of optics’ construction. In Physics photon is denoted by a sign ÃŽ ³ derived from the gamma rays whereas in Chemistry it is denoted by hv. The photon is an elementary particle which has no mass. It is impossible that a photon decays on its own although its energy can be created or transferred through interaction with the other particles. They are electrically neutral and rare particles that are similar to their antiphoton and antiparticle. Photons are the spin 1 particles with spin axis which is parallel to travelling direction. This feature allows the polarization of light. Light has properties of particle and wave both. When the light is taken to be as a flow of particles then these particles are known as photons (Bialynicki- Birula, 1994). Each photon carries a distinct energy packet. The beam intensity is dependent upon the photon

RISK MANAGEMENT IN ABN AMRO BANK Essay Example | Topics and Well Written Essays - 1250 words

RISK MANAGEMENT IN ABN AMRO BANK - Essay Example Credit risk on loans is mitigated by reducing loan limits and exposures to companies that are below investment grade (BBB or UCR1 to UCR3-) levels. Limits are imposed on companies operating in industries that have been given an unfavorable economic outlook. In addition to carrying out a stress test on individual portfolios the company has also sought to mitigate credit risk by hedging in the form of credit default swaps (CDS) (ABN AMRO, 2010, p. ). Furthermore, the company carries out an assessment of the value of its collateral portfolio in order to determine how secured its loans are and therefore the extent of their exposure. Credit officers are given the task of monitoring the quality of ABN AMROs loan portfolio on a regular basis (ABN AMRO 2003, p.8). Credit risk is reported in the form of an analysis according to the industry sector in which the loans are made, the type of loans, with an indication of the carrying amount of the loans. An analysis of its credit exposure and thei r currency status is also given (ABN AMRO 2010, p.68-70). According to Bessis (2002, p15-16) and ABN AMRO (2010, p.71) Country risk is the risk that there are crisis related situations in a country. The causes of country risk in ABN AMRO are that funds or goods cannot be transferred from the country as a result of convertibility and transfer restrictions (ABN AMRO 2003, p. 10). ... 10). According to ABN AMRO (2010, p.94-95), interest rate risk is measured by calculating the net interest income (NII); NII-at-Risk; duration of equity; and VaR. The company monitors interest rate risk by noting the development of the NII under different yield curve scenario to determine the NII- at-Risk. Interest rate risk is mitigated by hedging, in the form of interest rate swaps. The company reports interest rate risk by providing a comparative analysis of the percentage NII-at-Risk; duration of equity in terms of years; and VaR banking book between the current and prior year. Currency risk is measured using VaR. It monitored by comparing short and long positions with limits set by the Group Risk Committee (GRC). Currency risk is mitigated with the use of various hedging strategies such as futures. Foreign currency gains and losses are reported in the Income Statement (ABN AMRO 2010, p.95; 2003, p. 14). According to ABN AMRO (2010, p. 83-84), market risk is measured using VaR an d a wide array of stress tests. Risks are controlled by setting limits for each trade desk and by setting counterparty credit exposure limits. ABN AMRO mitigates this risk by diversifying its risks across geographic locations and industries. Market risk is reported using a graph as well as a comparative analysis of the highest, lowest and average VaR of the current and prior year. Liquidity risk is measured using Loan to Debt (LtD) ratio, stable funding over non-liquid assets ratio (SF/NLA) which is an internally developed ratio and survival period (ABN AMRO 2010, p. 87). In order to mitigate liquidity risk ABN AMRO diversifies its currency and geography and maintains a wide investor base (ABN AMRO 2010, p. 87). A

Soccer :: essays research papers

The official soccer rules are called the "Laws of the Game" and are revised annually (usually in July) by FIFA (pronounced "FEE' fuh"), the world soccer governing body, but youth organizations usually adjust the rules to fit children. Typical adjustments are field sizes, game lengths, number of players per team, the number and frequency of substitutions, "offside" is sometimes not called, and slide tackling is sometimes not allowed. Field sizes, ball sizes, length of games & rules vary by age group. The FIFA rules do not require separate teams for girls and boys, but many soccer clubs and associations have separate leagues for boys and girls. Discuss the rule variations with an official of your league. In brief, the "Laws of the Game" are not simple and can be difficult to understand. The official FIFA rules have 17 sections and the rule book is about 70 pages long. There are also an additional 44 pages titled "Questions and Answers". In addition, how to interpret the rules is discussed in referee clinics, special memos, videos for referees, and a guidebook for soccer officials that is over 300 pages long. There is also the problem that the rules use many soccer terms that are not defined in the rules (we try to define all of these terms in the SoccerHelp Dictionary) and there are quirks, such as the fact that terms which are commonly used such as "Hand Ball", "obstruction", and "Linesmen" are not defined in the official rules. Another confusing aspect of the rules is the way "Fouls" are defined; basically, they are defined not only as "Fouls" but also in the rules regarding "Cards". For this reason, to understand "Fouls" you must also read "Cards".

‘Lord of the flies’ – take it out of the classroom

The arrival of Y2K brought none of the social, environmental, or technological catastrophes predicted by the tabloids, but neither did the new millennium bring relief from the persistent impediments to free expression that characterized the twentieth century. Arthur Schlesinger, Jr., reminds us that throughout most of human history, authority, â€Å"fortified by the highest religious and philosophical texts, has righteously invoked censorship to stifle expression.† He cites the Old Testament proscription: â€Å"Tell it not in Gath, publish it not in the streets of Askelon; lest the daughters of the Philistines rejoice, lest the daughters of the uncircumcised triumph.† Schlesinger also offers the injunction of Plato: â€Å"The poet shall compose nothing contrary to the ideas of the lawful, or just, or beautiful, or good, which are allowed in the state; nor shall he be permitted to show his compositions to any private individual until he shall have shown them to the appointed censors and the guardians of the law, and they are satisfied with them.† Introduction Lord of the Flies has been the center of controversy over the years having been resurrected from its status as a cult classic. However, in my opinion this novel represents a lot of possible socially wrong viewpoints and could be the cause for seeding violent, vulgar and anti-social thoughts in school children. It is because of this reason that I propose to restrict it from classrooms in the school system. The issue of banned books has been escalating since Guttenberg introduced the printing press in 1455. Once speech could be printed, it became a commodity, to be controlled and manipulated on the basis of religion, politics, or profit. After Pope Leo X condemned Martin Luther’s Ninety Five Theses in 1517, both Catholics and Protestants began censoring materials that they found dangerous or subversive. Religious censorship quickly led to political censorship when Luther defied the Pope, bringing an immediate response from Emperor Charles V. On May 26, 1521, the emperor issued the Edict of Worms, containing a â€Å"Law of Printing,† which prohibited the printing, sale, possession, reading, or copying of Luther’s works. However, in the United States and England, a social consensus on censorship was emerging that would be far more repressive than overt state or church power. By the 1830s, this new ideology was proclaiming the necessity for propriety, prudence, and sexual restraint. During the remainder of the nineteenth century, private virtue became public virtue, and American and British editors, publishers, writers, and librarians felt obliged to examine every book for crude language or unduly explicit or realistic portrayals of life. In her introduction to the 1984 New York Public Library exhibition on censorship, Ann Ilan Alter said that there may have been more censorship, self-imposed or otherwise, during the nineteenth century in England and the United States than during all the preceding centuries of printed literature. The twentieth century in America has seen the emergence of pressure groups that maintain an uneasy balance in the struggle to interpret our First Amendment rights. The federal government tips that balance in whatever direction the winds blow, and since 1980, those winds have been chilling. Arthur Schlesinger, Jr. notes: â€Å"[T]he struggle between expression and authority is unending. The instinct to suppress discomforting ideas is rooted deep in human nature. It is rooted above all in profound human propensities to faith and fear.† Lord of the Flies – In the Spotlight Lord of the Flies focused attention on the concept of cult literature as a campus phenomenon. Time magazine called it â€Å"Lord of the Campus† and identified it as one in a series of underground literary favorites that were challenging the required reading lists of the traditional humanities curriculum. Up until William Golding's surprise bestseller, it had been common knowledge that students were reading â€Å"unauthorized books,† especially J. D. Salinger The Catcher in the Rye, in spite of (and frequently because of) their condemnation by â€Å"the establishment.† But the existence of a serious sub-literature with an intelligent, dedicated readership flourishing in the midst of the conventional curriculum was something unprecedented on college campuses. During the twenties and thirties, the novels of F. Scott Fitzgerald, Ernest Hemingway, and Thomas Wolfe had quickly been welcomed into the ranks of mainstream, respectable writers and labeled literature. While a few critics might choose to ignore these newcomers, there was nothing particularly subversive about what they wrote. Following the success of The Catcher in the Rye, however, no literary observer could be quite sure that the tastes of young readers could be trusted. After all, there were certain attitudes in Salinger that threatened the established order, and when Golding wrote Lord of the Flies, there was apprehension afoot that young readers might find Jack more interesting than Ralph-as indeed many of them did. Analysis What nervous detractors overlooked was the obvious lesson in this Golding classic: that traits like naked aggression and gratuitous cruelty, selfishness, idolatry, superstition, and a taste for violence are not restricted to any particular nationality or race but are inherent in human nature and inhabit the mentality of every human being. If there was anything subversive about this idea, it was that no longer could evil be considered peculiar to the Japanese or the German character. In fact, those who had recently fought against them had waged war with equal relish. When Golding saw the ecstasy on the faces of his fellow sailors in the North Atlantic as they returned the fire of the enemy or launched an attack he felt the shock of recognition that the beast was within us all, just waiting to break through that fragile veneer we call civilization. What he clearly intended as a reminder to his readers (after all, man's aggressive nature was not a new philosophical position by any means) became for cult readers another weapon to use against those who argued that atrocities such as those committed by the Germans and the Japanese could never be committed by the Allies who had struggled against them. â€Å"We† were good people who treated others with kindness and generosity and fought those who attacked us with the greatest reluctance and the utmost disdain. Even to suggest that we might enjoy the slaughter was to malign the honor and integrity of the Allied forces. Regardless of how his theme was interpreted, however, Golding's thesis had firm mythological precedents. There are many myths underlying Lord of the Flies, but the basic description of reality is of a world inhabited by men of an evil nature restrained only by voluntary adherence to a pragmatic pact of nonaggression. Such a pact passes for civilization, but because it is maintained only through fear, it is constantly threatened by that fear. The defensive fear that keeps one man from his neighbor's throat can also incite him to cut that throat before his own gets cut. Lord of the Flies is a case study in alienation. Gradually, with horrifying inevitability, against a backdrop of paradise, the numbers of those who remember their humanity and still cling to the threads of civilization are reduced until there is but one solitary figure left, and just before the ironic rescue, we see him–become him–as he flees his savage pursuers, the backdrop itself reflecting the degradation of those pursuers as the island of paradise burns and smokes and is reduced to char and ashes. Storyline First we see the whole group splitting and taking sides, but the balance, at least for a while, remains on the side of Ralph. Then slowly but irresistibly, Ralph's supporters are drawn toward the charismatic Jack and his choir, until finally there are only four holding out against them: the twins, Piggy, and Ralph himself. Then the twins are captured and Piggy is killed. Ralph is alone, civilized man alone against the powers of darkness. But we are left with the awful suspicion that he remains â€Å"civilized† only because Jack must have an enemy and Ralph must be that enemy. Excluded forever from Jack's group, Ralph encourages exaggerated sympathy because he is so terribly alone. A victim always seems somehow more civilized than his tormentors. Nevertheless, much of the power of this book derives from the fact that our sympathies can only be with Ralph and that we, therefore, can feel the vulnerability, the awful weakness, of flimsy rationality at the mercy of a world gone mad. There is no place to run, no place to hide, no exit. And rescue is only temporary and perhaps ultimately more horrible than quick and early death. Media treatment of issues about children relies heavily on such simplistic generalizations with children represented as objects of concern or as threats to adult order. The former relies on an idealized view of children as pure, innocent and vulnerable, needing protection or salvation from dangers they can neither identify nor comprehend. The latter, of children drawn innately (unless prevented) towards evil and anarchy, also has deep historical roots (Miller, 1983). It is a portrayal powerfully evoked by William Golding’s (1959) novel, Lord of the Flies. The power of this fictional work is evident in the frequency with which it is given respect and credibility in press accounts of ‘deviant’ children. It evokes an apocalyptic vision of anarchy as being inevitable should children lose the discipline and order of the adult presence. The portrayals of children as ‘innocent victims’ or ‘culpable delinquents’ are no more than alternative placements that the adult world creates into which children are located at different times, in different circumstances. The idea that children are products of nature or nurture leads to media concern as to whether child ‘deviance’ is rooted in a biological predisposition or in an environmental determinism. Children’s meanings and motivations are persistently ignored, as is the position of adults, both familial and professional, as powerful definers of deviant behavior. Consequently, much of the physical and psychological harm inflicted on children by adults is disregarded, while transgressions by children of their set role are the subject of furious condemnation. Original sin is what Golding was writing about a religious concept, we suspect more relevant to the mayhem that occurred at this C of E school in Liverpool than any glib sociological generalization. Children will run wild, viciously wild, unless they are properly supervised. They need parents to give them a stable and ordered home. They need teachers who know how to keep order as well as how to impart knowledge. They need, God help them, practical instruction in the difference between right and wrong. Here was a rhetoric established and developed which was to re-emerge throughout the next decade, particularly following the murder of James Bulger. It invoked Golding’s construct of anarchy inherent in children left to themselves. Thesis – Fallacies and Immoralities Golding seems in many ways to simplify Lord of the Flies in order to make his point as clearly as possible. For example, all developments in the book are entirely predictable, suggesting not only that the course taken by Golding's boys is inevitable, but that violence and brutality are inevitable in all interactions among human beings. Moreover, though Golding's carefully constructed book includes a fairly complex network of literary symbols and devices, all of them tend directly to support the central message. For example, the apparent deus ex machina ending of the book is undercut by the facts that the British are still at war and the adults who arrive to restore order are themselves engaged in a mission of destruction the motivation of which is not fundamentally different from that of the savage hunting frenzies of Jack and his tribe of boys. This parallel presumably suggests that the supposedly â€Å"civilized† adults are really as savage as the primitivized boys, though it could also be taken as a suggestion that the training received by Jack and his â€Å"choir† in military school had already been sufficient to inculcate them with the kind of militaristic values that have led civilization to a cataclysmic war. Indeed, despite the apparent clarity of its message, Golding's fable is flawed on several accounts. For one thing, this island society could never really represent a new start for humanity because it is all male and therefore incapable of perpetuating itself. For another, the boys on the island are not really innocent; they have already been thoroughly socialized by the same society that seems to be destroying itself through warfare. Still, in some ways Lord of the Flies is an exemplary dystopian fiction. In it Golding creates a fictional society distant from the â€Å"real† world, then utilizes the defamiliarizing perspective of that distance to comment upon the shortcomings of our own social reality. However, whereas most dystopian fictions are designed to function as cautionary tales that warn against the development of specific social and political problems, Golding suggests that all human societies are inevitably doomed by the darkness at the heart of humanity itself. Golding's book thus lacks the drive toward positive social and political change that informs the best dystopian fictions. If there is a cautionary element in the book, it would seem to involve a hope that were humans aware of their natural tendencies toward violence they might stand a better chance of keeping those tendencies in check. In this respect, it is important to note that Lord of the Flies really makes two major points. First, and more obvious, is the suggestion that human nature lies at the root of most of the ills that plague society. But the book also suggests that society itself is based on an attempt to deny this fact, thus making matters even worse. Although many critics have complained about the gimmick at the end of the novel — the boys are saved; the officer doesn't â€Å"understand† the violence which has occurred — it is justified because it is another â€Å"appearance.† The officer allows his â€Å"eyes to rest on the trim cruiser in the distance,† but we doubt that he can see it or the water with full knowledge. Lord of the Flies is therefore a novel of faulty vision. Can the boys ever see the elements? Are the elements really there? Is a marriage between elements and consciousness possible? The novel is not about Evil, Innocence, or Free Will; it goes beyond (or under) these abstractions by questioning the very ability to formulate them. Look at any crucial scene. There is an abundance of descriptive details — the elements are â€Å"exaggerated† because they are all that the boys possess — but these details are blurred in one way or another. The result is, paradoxically, a confusing clarity. (Even the â€Å"solid† words the boys use are illusive: Piggy says â€Å"ass-mar† for asthma; Sam and Eric call themselves one name, â€Å"Sam ‘n Eric.†) Here is the first vision of the dead man in the tree: In front of them, only three or four yards away, was a rock-like hump where no rock should be. Ralph could hear a tiny chattering noise coming from somewhere–perhaps from his own mouth. He bound himself together with his will, fused his fear and loathing into a hatred, and stood up. He took two leaden steps forward. Behind them the sliver of moon had drawn clear of the horizon. Before them, something like a great ape was sitting asleep with its head between its knees. Then the wind roared in the forest, there was confusion in the darkness and the creature lifted its head, holding towards them the ruin of a face. Conclusion Golding gives us the short distance, the hulking object. Ralph (and the others) should be able to see. But he cannot. Although he â€Å"binds† himself — becoming more stable — he does not know where the noise comes from or what the â€Å"no-rock† is. His senses cannot rule the elements. He, like the lifted face, is a ruin. V. S. Pritchett claims that Lord of the Flies indicates â€Å"Golding's desire to catch the sensation of things coming into us.† On the contrary, it indicates his need to tell us that â€Å"out there† and â€Å"in here† never marry — not even on an enchanted island. We should not forget that the Lord of the Flies may be only a skull — an object given miraculous life because of faulty vision. It is precisely because of this misguided literary piece and its possibility to lead school children astray with its vague philosophies. Works Cited Carey John, ed. William Golding: the Man and His Books. New York: Farrar, Straus & Giroux, 1987. Devkota Padma Prasad. â€Å"The Darkness Motif in the ‘Primitive' Novels of William Golding.† DAI 51 ( 1990): 860A. Monteith Charles. â€Å"Strangers from Within into ‘Lord of the Flies.'† ( London) Times Literary Supplement ( September 19, 1986): 1030. Tanzman Leo. â€Å"The Murder of Simon in Golding's Lord of the Flies.† Notes on Contemporary Literature ( Nov. 1987): 2-3. Watson George. â€Å"The Coronation of Realism.† The Georgia Review (Spring 1987): 5-16. Golding William. Lord of the Flies. New York: Coward-McCann, 1962.

Persepolis Context Analysis - 908 Words

Persepolis is an autobiographical graphic novel, visually portraying the life of Marjane Satrapi and her experiences growing up in turmoils times. The novel recounts the stages in her life as she grows older, this follows her life going from a child growing up in the new Islamic regime that governed Iran to moving to Austria and France and being a teenager in the western world. Marjanes documentation of her life also allows for an exclusive insight into what life is like a religious and authoritarian rule of one supreme leader, which is quite a difficult concept for the free and democratic West to understand. The historical context of Persepolis is important to understand and interpret the text, as a person from a western nation it might†¦show more content†¦This is also demonstrated fairly early on in the novel where Satrapi states â€Å"Deep down I was very religious but as a family we were very modern and avant-garde†(page 4). This statement was accompanied by an image of Marjane as a young child standing between an image of modern concepts like maths, science, and physics on her left and on the right she is depicted wearing a veil and with some traditional designs behind her. This picture which we are presented with is a perfect demonstration of the conflict between Western modernism and religious traditionalism. On the surface this is a display of Marjanes internal struggle with her identity, choosing between the modern life with her parents with rock music and pop culture or her more nationalistic and religious side of her nation. This is also a representation of Ira n during the revolution, after Mohammad Reza Pahlavi the then Shah of Iran fled the country, there was a void of power left behind and there were two main cultures battling for control, that of the western and modern which was often represented by the younger population of Iran and that of the more traditional and religious side which turned out to be the victor with Ayatollah Khomeini a Shia cleric taking control and becoming the new leader of Iran. This raw display of internal conflict gives the basis to many of her future decisions and the even all though it stays with her for the rest of her life. Persepolis was written by and about the authorShow MoreRelatedMarjane Satrapi s Persepolis Story1487 Words   |  6 PagesMarjane Satrapi’s Persepolis tells the story of her life as a young girl in Iran during the Islamic Revolution. 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Death of a Salesman, by Arthur Miller Essay - 1241 Words

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The venture capital and private equity industry Free Essays

string(130) " rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments\." Journal of Indian Business Research Emerald Article: Venture capital and private equity in India: an analysis of investments and exits Thillai Rajan Annamalai, Ashish Deshmukh Article information: To cite this document: Thillai Rajan Annamalai, Ashish Deshmukh, (2011),†Venture capital and private equity in India: an analysis of investments and exits†, Journal of Indian Business Research, Vol. 3 Iss: 1 pp. 6 – 21 Permanent link to this document: http://dx. We will write a custom essay sample on The venture capital and private equity industry or any similar topic only for you Order Now doi. org/10. 1108/17554191111112442 Downloaded on: 24-09-2012 References: This document contains references to 25 other documents To copy this document: permissions@emeraldinsight. com This document has been downloaded 365 times since 2011. * Users who downloaded this Article also downloaded: * Vedran Vuk, (2008),†Taking advantage of disaster: misrepresentation of housing shortage for political gain†, International Journal of Social Economics, Vol. 35 Iss: 8 pp. 603 – 614 http://dx. doi. org/10. 1108/03068290810889224 Doru Tsaganea, (2011),†Tension reduction by military power equalization: the USA-USSR case†, Kybernetes, Vol. 0 Iss: 5 pp. 778 788 http://dx. doi. org/10. 1108/03684921111142313 Guihe Wang, Ligang Qu, Limin Fan, Tianbiao Yu, Wanshan Wang, (2009),†Web-based system for industry using information and communication technologies†, Kybernetes, Vol. 38 Iss: 3 pp. 533 – 541 http://dx. doi. org/10. 1108/03684920910944254 Access to this document was granted through an Emerald subscription pr ovided by For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www. emeraldinsight. com/authors for more information. About Emerald www. emeraldinsight. com With over forty years’ experience, Emerald Group Publishing is a leading independent publisher of global research with impact in business, society, public policy and education. In total, Emerald publishes over 275 journals and more than 130 book series, as well as an extensive range of online products and services. Emerald is both COUNTER 3 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. *Related content and download information correct at time of download. The current issue and full text archive of this journal is available at www. emeraldinsight. com/1755-4195. htm JIBR 3,1 Venture capital and private equity in India: an analysis of investments and exits 6 Thillai Rajan Annamalai and Ashish Deshmukh Department of Management Studies, Indian Institute of Technology Madras, Chennai, India Abstract Purpose – The venture capital and private equity (VCPE) industry in India has grown signi? cantly in recent years. During ? ve-year period 2004-2008, the industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments. You read "The venture capital and private equity industry" in category "Essay examples" However, academic research on the Indian VCPE industry has been limited. This paper seeks to ? ll the gap in research on the recent trends in the Indian VCPE industry. Design/methodology/approach – Studies on the VCPE transactions have traditionally focused on one of the components of the investment lifecycle, i. e. nvestments, monitoring, or exit. This study is based on analyzing the investment life cycle in its entirety, from the time of investment by the VCPE fund till the time of exit. The analysis was based on a total of 1,912 VCPE transactions involving 1,503 ? rms during the years 20 04-2008. Findings – Most VCPE investments were in late stage ? nancing and took place many years after the incorporation of the investee ? rm. The industry was also characterized by the short duration of the investments. The type of exit was well predicted by the type of industry, ? nancing stage, region of investment, and type of VCPE fund. Originality/value – This paper highlights some of the key areas to ensure sustainable growth of the industry. Early stage funding opportunities should be increased to ensure that there is a strong pipeline of investment opportunities for late stage investors. VCPE investments should be seen as long-term investments and not as â€Å"quick ? ips†. To achieve this, it is important to have a strong domestic VCPE industry which can stay invested in the portfolio company for a longer term. Keywords Venture capital, Equity capital, India, Investments, Financing Paper type Research paper . Growth of the Indian VCPE industry Over the last few years, India has become one of the leading destinations for venture capital and private equity (VCPE) investments. Though the concept of VCPE investment prevailed in the country in one form or another since the 1960s, the growth in the industry was mainly after the economic reforms in 1991. Prior to that, most of the VCPE funding was from p ublic sector ? nancial institutions, and was characterized by low levels of investment activity. In recent years, VCPE commitments and investments in India have grown at a rapid pace. Venture economics data indicate that during the period 1990-1999, India’s ranking was 25th out of 64 and various VCPE funds raised $945. 9 million for investments in India; however, during the next decade, 2000-2009, India’s ranking rose to 13th out of 90 countries and the funds raised $16,682. 5 million for investments in India. Journal of Indian Business Research Vol. 3 No. 1, 2011 pp. 6-21 q Emerald Group Publishing Limited 1755-4195 DOI 10. 1108/17554191111112442 The authors would like to gratefully acknowledge the ? nancial support provided by the Indian Council of Social Sciences Research and IIT Madras for this research. They would also like to acknowledge the support of M. B. Raghupathy and V. Vasupradha for this research. This represents a growth of 1,664 percent over the previous decade. The trend is even more encouraging for the most recent ? ve-year period 2005-2009, during which India’s ranking was 10th out of 77 countries, and various funds raised $15,073. 6 million for VCPE investments in India. Funds raised during 2005-2009, represented a growth rate of 837 percent as compared to funds raised over the previous ? ve-year period 2000-2004. The growth rate in investments made by various VCPE funds has been equally strong. During the ? ve-year period 2004-2008, the industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments[1]. The amount invested by VCPE funds grew from US$ 1. 8 billion in 2004 to US$ 22 billion in 2007 before tapering off to US$ 8. 1 billion in 2008[2]. During the ? ve-year period ending 2008, VCPE investments in India grew from 0. 4 percent of GDP in 2004 to more than 1. 5 percent of GDP in 2008 (Annamalai and Deshmukh, 2009). The rest of the paper is structured as follows: Section 2 indicates the objective of the paper. Section 3 provides details on the data set used for analysis and the sources of data. Section 4, which covers the results and discussion, is divided into six sub-sections. The sub-sections are in the following order: round wise analysis of investments, time of incorporation and ? nancing stage, intervals between funding rounds, investment exits, duration of investment, and a statistical analysis of investment duration and type of exit. Section 5 provides a summary of the paper. 2. Objective of the paper Research on VCPE has not been in tune with the growth seen in the industry. Past research on the Indian VCPE industry can be broadly classi? ed into the following categories: studies that examined the evolution and the current status of the industry (Pandey, 1996, 1998; Verma, 1997; Dossani and Kenney, 2002; Singh et al. , 2005); multi country studies which also included India (Lockett et al. , 1992; Subhash, 2006; Ippolito, 2007); survey studies of VCPE industry practices in India (Mitra, 1997; Vinay Kumar, 2002, 2005; Vinay Kumar and Kaura, 2003; Mishra, 2004); and studies which can be considered as case studies of VCPE investments (Kulkarni and Prusty, 2007). The objectives of this paper are as follows: ? rst, research that has focused on the recent growth phase of the VCPE industry in India has been limited. Most of the papers that have studied the Indian industry were either before the growth phase (pre-2004) or did not cover the growth phase in full, starting from the onset of growth in 2004 until the slowdown in 2008, caused by the global ? nancial crisis. This paper is an attempt to meet the gap in research on the recent trends in the Indian VCPE industry. Second, there have been very limited studies that looked at the lifecycle of investments, i. . from the time of investment in the company until their exit from the investment. There have been several studies that have looked at areas related to investments such as investment decision making, structure of investments, and valuation. Similarly, there have been studies that have looked at topics related to venture exits. However, there have been limited studies that looked at the enti re investment life cycle. The main contribution of this paper is to look at the investment lifecycle in its entirety. Third, this paper aims to highlight some of the lesser known features of the Indian VCPE industry such as the characteristics of the investee ? rm at the time of VCPE investment, the duration of VCPE investments in the ? rm, and the timing and mode of exit by the investors. The objective of this paper is to provide an holistic understanding of the Indian VCPE industry to enable the creation of a policy environment to sustain the growth of the industry. VCPE in India 7 JIBR 3,1 8 3. Data set used and sources This study uses VCPE investment transaction data during the years 2004-2008. The choice for the period of analysis was driven by two considerations. First, it was during this period that the industry witnessed signi? cant growth and India emerged as one of the leading destinations for VCPE investments. Therefore, a detailed study of this industry growth would be of general research interest. Second, the choice of period was also governed by practical considerations. Data on VCPE investments in India before 2004 were not available in a form that can be used for a research study. Therefore, it was decided to begin the starting period of the study at year 2004, the year from which we had access to data. It was felt that a ? ve-year study of transactions would be a reasonable time frame to overcome the yearly ? uctuations. This ? ve-year period also coincided with a full ? nancial cycle in the global ? nancial markets, a period marked by dramatic growth and equally dramatic fall. The data for the study were obtained from multiple sources. To start with, deal data on the various investments and exits were obtained from two database sources: Venture Intelligence India[3] and Asian Venture Capital Journal[4] database. The data from both these databases were combined to form a comprehensive data set. The data set was then suitably checked for data repetition and duplicate data points were removed ? rst. Second, whenever there was a difference in the information given for the same deal, the correctness and accuracy was checked by independent veri? cation from other sources, such as newspaper reports and company web sites. Information that was not available in these databases was then separately sourced from the web sites of the independent companies. Admittedly, with the lack of a strong database on Indian investments, developing such a data set involved a lot of effort. The comprehensive data set that was developed provided various details on the VCPE investments and exits that happened in India during 2004-2008. It consisted of a total of 1,912 VCPE transactions involving 1,503 ? rms during the period 2004-2008. From these 1,503 ? rms, 1,276 ? rms had only investment transactions while another 129 ? rms had only exit transactions during the ? ve-year period. The remaining 98 ? rms had both VCPE investment and exit transactions. To facilitate a more detailed analysis, the investments were classi? ed into ten industry categories and four ? ancing stages based on the lifecycle stage of the investee ? rm and the objectives of the investment. Exits were classi? ed into two categories, namely initial public offer (IPO) and merger and acquisition (M) or trade sale. 4. Results and discussion 4. 1 Round-wise analysis of investments Firms seeking to raise VCPE investments normally receive the investment in multiple rounds (Sahlman, 1990); earlier works have provided several explanations for this trend. Gompers (1995) indicates that the staging of capital infusions allows venture capitalists to gather information and monitor the progress of ? ms, while retaining the option to periodically abandon projects. Admati and P? eiderer (1994) indicate that such an option to abandon is essential because an entrepreneur will almost never quit a failing project as long as others are providing capital and the threat to abandon creates incentives for the entrepreneur to maximize value and meet goals. Neher (1999) indicates that multiple rounds of ? nancing overcome the potential agency con? icts between the entrepreneur and investor as previous rounds create the collateral to support the later rounds. While the stage of ? ancing is determined by the objectives and timing of investment, the round of ? nancing simply indicates the number of instances of VCPE investments in the ? rm. Thus, for example, Round 1 ? nancing is the ?rst instance of the ? rm getting VCPE investment, but it need not be always early stage ? nancing. Depending on the ? rm lifecycle and the objectives of investment, Round 1 ? nancing can happen in any of the four ? nancing stages. Similarly, there could be multiple rounds of investment happening in the same stage. In a particular round of funding, there may be many investors jointly investing in the company. For example, when there is a co-investment by more than one VCPE investor at the same time, it is considered as a single round of investment. By the same token, when the same investor makes investments in the ? rm at different times at different valuations, each investment is considered a separate round of funding. Funding rounds are considered to be different when there has been a substantial time gap from the previous round of ? nancing and/or the investment happens at a different valuation from the previous round of funding. Figure 1 shows the results from the round wise analysis of VCPE investments. The results indicate that 82 percent of the total VCPE investments were in Round 1, i. e. ?rst time VCPE investments in the company. Out of the total amount of investment, follow on investments account for only 18 percent. It can be observed that investments decrease sharply with subsequent funding rounds. One possible reason behind this could be because of the nature of data: most of the investment has happened during the later years of the study period[5], indicating that suf? cient time might not have elapsed for the next round of investment. However, these results indicate the possibility that VCPE investments are happening at a much later stage in the ? rm lifecycle and the ? rm is not in need of an additional funding round for reaching a critical size that is needed for an IPO or for ? nding a buyer. This might also be explained by the grandstanding theory (Gompers, 1996), where VCs are keen to exit more quickly from their investments. Second, this trend can also indicate that the companies that have received the ? rst round might not have been able to achieve a strong enough performance to attract the next round of investment from investors. Further studies are needed to understand this pattern in detail. Table I indicates that the number of rounds of funding received by companies in different industries was 1,912 from a total of 1,503 companies. This indicates that the average number of rounds in a company was 1. 27. As can be seen from Table I, a large majority of the ? rms have received only one round of VCPE investment. This result accompanies the results in Figure 1 well, which indicate that 82 percent of the total Round 3 1,061. 85 (2. 6%) Round 2 5,394. 11 (14%) VCPE in India 9 Round 4 391. 25 (1%) Round 5 170. 6 (0. 4%) Round 1 2,961. 47 (82%) Figure 1. Round-wise VCPE investments (in US$mn) during 2004-2008 JIBR 3,1 Industry 10 Table I. Count of companies for different funding rounds Computer hardware Engineering and construction Financial services Healthcare IT and ITES Manufacturing Non-? nancial services Others Telecom and media Transportation and logistics Grand total Count of companies for different funding rounds 1 2 3 4 5 6 7 36 137 110 92 295 214 133 65 93 51 1,226 5 21 30 19 53 25 12 10 15 8 198 1 6 5 6 12 6 5 3 4 3 51 1 1 3 2 3 3 2 1 1 17 1 2 8 1 1 1 1 2 1 3 1 4 2 2 Total companies 43 167 151 120 364 250 153 9 112 64 1,503 investments were Round 1 investments. Only 13 percent of companies have obtained two rounds of funding, and approximately 5 percent of the total companies that have received VCPE investments during the period have obtained more than two rounds. The proportion of companies that have received the second round of funding in different industries is more or less the same as what we saw for Round 1 investments, except in the ? nancial services category. The phenomenon of some industries being more successful in getting Round 2 investments could not be clearly observed in our analysis. In a way, this is a surprising trend. For example, information technology (IT) and information technology-enabled services (ITES) companies constitute 24 percent of the total number of companies that have received funding, 24 percent of the companies that have received the ? rst round of funding, and 25 percent of the companies that have received more than one round of funding. This indicates that IT and ITES companies, seen as one of the engines of growth in India, have not had higher proportional success than companies in other industries in attracting multiple rounds of funding. The ? nancial services companies constitute 10 percent of the total companies that have received funding, 9 percent of the companies that have received one round of funding, and 15 percent of the companies that have received more than one round of funding. This indicates that ? nancial services companies have a better track record of getting additional investment rounds. The reasons could be numerous – the larger funding requirements created the need for funding to happen in multiple rounds and companies that had obtained the ? st round of funding would have been able to showcase a strong performance track record to attract the subsequent rounds of funding. The industry itself was in an upswing in India during the study period and this might have contributed to investor interest in investing in subsequent rounds. It could also be due to the institutional and regulatory features of private equity (PE) investing in India. For example, funding could be done in multiple rounds bec ause of the procedural issues in foreign investments in certain sectors. Further studies are needed to identify the determinants of funding rounds. One would reasonably expect that multiple rounds of funding would be observed in more capital intensive industries. Among the ten industry categories, engineering and construction and manufacturing sectors are very capital and asset intensive. However, it can be seen that the proportion of companies receiving additional rounds of funding in these sectors is not more than the proportion of companies that have received ? rst-round funding. On the contrary, the proportion of companies receiving additional rounds of funding in manufacturing is less than that of their proportion in Round 1 ? ancing. Several explanations are possible for this trend, which needs to be substantiated with further research. Companies are receiving VCPE funding at a much later stage in the lifecycle and they do not need additional rounds of funding before providing an exit to the investor. It is possible that, because of their asset intensive nature, they are able to get access to debt funding thereby limiting the possibility of additional rounds of VCPE ? nancing. VCPE in India 11 4. 2 Time of incorporation and ? nancing stage It is well known that VC investments happen early in a ? rm’s life. It is during the early stage that companies have limited means to raise money from conventional sources and look to sources like VC for meeting the funding requirements. Table II provides the results from our analysis of the interval between the year of incorporation of the company and the ? nancing stage. The results indicate some interesting trends. Early stage funding should normally happen within the ? rst couple of years after the incorporation of the ? rm. But in our analysis, we ? nd that 17 percent of the ? rms have received their early stage funding as much as ten years after they were incorporated. While the highest frequency of early stage funding can be seen in the one- to three-year category, a large proportion of companies get their early stage funding even until the ? fth year from the time of incorporation. This indicates the disinclination of the VCPE investors in India to make investments in very early stages. A majority of the growth stage investment happens between ? ve and eight years from incorporation. However, the second highest percentage of growth stage funding happens after 15 years after incorporation. While growth stage ? nancing during the ? e- to eight-year period seems reasonable (though it is still more than that which is normally associated with growth ? nancing), growth ? nancing happening after 15 years from incorporation needs to be studied in detail. It could either be a question of willingness or readiness. Either the investors are not willing to invest earlier or the companies are not ready to receive VCPE funding in their early years. The companie s might have explored funding from family, banks, or friends before taking investment from VCPE investors. Financing stage Early Growth Late Pre-IPO Time since incorporation (in years) ,1 20 13. 6% ,3 22 9. 3% 7 2. 3% 7. 7% 1-3 51 34. 7% 3-5 26 11. 0% 15 5. 0% 0 0. 0% 3-5 37 25. 2% 5-8 68 28. 8% 25 8. 3% 6 15. 4% 5-8 13 8. 8% 8-10 36 15. 3% 19 6. 3% 3 7. 7% 8-10 1 0. 7% 10-15 31 13. 1% 61 20. 3% 13 33. 3% Total . 10 25 17. 0% . 15 53 22. 5% 173 57. 7% 14 35. 9% 147 236 300 39 Table II. Number of VCPE deals for different ? nancing stages vs time since incorporation of investee companies JIBR 3,1 12 Analysis of late stage investment deals, as can be expected, show an increasing trend with time from incorporation. However, more than half of the late stage deals that have been studied are seen in companies more than 15 years after their incorporation. This again re-con? rms the earlier ?ndings that VCPE investors have been more inclined to invest in companies that have a longer track record and operating history, and have a suf? cient size. From the perspective of companies that are receiving VCPE funding, such late stage funding, could indicate that these companies might have been part of a larger business group, which provided the ? nancial support in their early years. Further studies need to be done to understand the antecedents of ? rms that receive late stage investment. But one of the most compelling observations which attracts immediate attention is that about 75 percent (541 out of 722[6]) deals are in companies that are more than ? ve years old. Almost 60 percent (429 out of 722) VCPE deal investments are made in ? rms that are eight years old or more. This supports the earlier inferences that VCPE funds in India are more inclined to invest in ? rms that have a track record of performance. While this investment trend might not be very different from that which is seen in other emerging economies such as Brazil (Ribiero and de Carvalho, 2008), it is much more marked in India. Therefore, it is felt that most of the VCPE investments in India are in the nature of PE investments rather than VC investments, which are typically investments made in early stage companies. 4. 3 Intervals between funding rounds Table III presents average time intervals in months between different rounds of PE funding (for Rounds 1-3)[7] across industries. The average time interval across industries between Round 1 and Round 2 funding is 13. 69 months, which is just slightly more than year. The average time interval between Round 2 and Round 3 funding is 10. 1 months, which is less than a year. The median values for the above intervals are 12. 17 and 11. 17 months, respectively. The closeness of the mean to median values indicates that there is no signi? cant skew in the time interval between different funding rounds. Figures 2 and 3 show the distribution of time intervals between rounds. These indicate that the deals are well distributed in the initial periods, with a slightly high er frequency around the mean value, and tapering down in the later periods. Since it takes about three to six months from the date of the ? rst signi? ant meeting with the investors to realize an investment, the low time interval between successive Industry Table III. Average time interval between successive rounds of VCPE funding (in months) R2-R1 R3-R2 Computer hardware Engineering and construction Financial services Healthcare IT and ITES Manufacturing Non-? nancial services Others Telecom and media Transportation and logistics Total 14. 43 17. 13 12. 28 14. 89 15. 64 11. 58 13. 93 8. 46 11. 16 9. 54 13. 69 16. 72 4. 88 7. 44 14. 22 12. 43 10. 14 16. 57 6. 03 15. 23 9. 63 10. 91 VCPE in India 50 45 Number of deals 40 35 30 13 25 20 15 10 5 0 3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 ? 36 Duration (months) Figure 2. Time between Round 2 and Round 1 investments 14 12 Number of deals 10 8 6 4 2 0 ?3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 Duration (months) ? 36 ?na ncing rounds indicates that the top management of the company might be continuously devoting their energies in raising capital. This might not be good for business, as spending more time on raising ? nancing is likely to affect their attention to business operations. Our results also indicate that in the Indian context the pace of ? nancing increases with time. This result is somewhat surprising as, under normal circumstances, the size of funding increases with every additional round of funding and is expected to meet the needs of the company for a longer duration even after accounting for the higher cash burn rates due to the increase in company size. Analysis of time intervals for different industry categories indicates that the engineering and construction sector had the largest time interval between the ? rst and second round of funding. Some explanations, which need to be followed with further research, for this trend include being capital intensive. They raise large sums which Figure 3. Time between Round 3 and Round 2 investments JIBR 3,1 help the companies to sustain the operations for a longer period. They are able to get additional funding from other sources such as debt. Cash ? ows from operations would also contribute towards the ? nancing requirements. However, the time interval between second and third round is the lowest for this sector, which indicates that this could be due to the pre-IPO nature of funding. 14 4. 4 Investment exits Venture exit has been an area where there has been limited research (Gompers and Lerner, 2004). The VCPE investor after a certain period has to exit the investment to recover the same as well as to earn a return on it. The different possible exit routes play a major role in VCPE ? nancing and the likely availability of favorable exit opportunities in lesser time is one of the key criterions used by investors while evaluating investment opportunities. Though there are several exit routes for the VCPE funds such as IPO, secondary sale of shares, M, management buy outs, and liquidation. Exit by IPOs and trade sale through M are the more prevalent methods of exit in Indian VCPE markets. Of the total 252 exit events that were recorded during the ? ve-year period ending 2008, 84 events were IPOs and the remaining 168 were M. Thus, the ratio of exits of IPOs and M is exactly 0. 5, indicating that an exit by M is twice as likely as that by IPO. However, an analysis of this ratio across different industries provides an interesting picture. The ratio is less than 1 for all but two of the industry categories – engineering and construction, and transportation and logistics. Companies in this sector tend to be capital intensive industries with a large asset base and largely dependent on the Indian market. Since companies in this sector are much larger in terms of revenues or assets, it becomes comparatively easier to achieve an exit by means of an IPO. For sectors, that are not so asset intensive, M seem to be a common form of exit for VCPE investors. Computer-hardware, IT and ITES, and healthcare – all traditionally attractive industries for VCPE investments – show a strong inclination towards M exit routes with the ratio of IPO-M exits being less than 0. 4 (Figure 4). The choice of exit route is also in? uenced by the state of the capital markets. The ratio of IPO-M exits in each of the ? e years during the study period is shown in Figure 5. Figure 4. Ratio of exits by IPO to M across industries Co En m gi pu ne te er r-h in g ar an dw d ar co e ns tru Fi na ct io nc n ia ls er vi ce s H ea lth ca IT re an d IT M ES an N uf on ac -fi tu na rin ci g al se rv ic es Te O le Tr th co er an m s sp an or d ta m tio ed n ia an d lo gi tic s 1. 6 1. 4 1. 2 1 0. 8 0. 6 0. 4 0. 2 0 VCPE in India 0. 9 0. 8 0. 7 0. 6 0. 5 0. 4 15 0. 3 0. 2 0. 1 0 2004 2005 2006 2007 2008 Figure 5. Ratio of exits by IPO to M during 2004-2008 While the overall ratio of IPO-M exits is 0. 5 for the ? e-year period ending 2008, the ratio varies in line with the state of the capital markets. The ratio ranges from 0. 3 to 0. 6 for all years, except 2006, when it is signi? cantly high (. 0. 8). This can probably be attributed to the ? ourish in the IPO market in India during 2006. This is consistent with the ? nding that IPOs are more likely to occur when equity values are high (Lerner, 1994). In addition to the type of exit, the capital markets also in? uence the time taken for an investor to exit. The pattern of variation in an average number of rounds for the two exit methods over the years is shown in Figure 6. It can be noted that there are large variations for those companies that provided exits through IPOs. The number of rounds of VCPE funding before the IPOs are lower during the years 2006 and 2007, when the capital markets were active. Such variations could not be seen in those cases where the exits were from M. The number of rounds of funding before an M has been gradually increasing over the years, indicating that the size needed before an exit from an M has also been increasing over the years. But a more interesting inference could be for companies that exit from an M; the circumstances in the capital markets do not have a signi? cant effect. On the other hand, if the conditions are favorable, companies tend to make their IPOs in a shorter period to take advantage of the momentum in the capital markets. This is also supported by the fact that the average numbers of funding rounds are nearly equal for both the exit types during 2006 and 2007. 3. 5 Average number of rounds 3 2. 5 2 IPO 1. 5 Trade sale – M 1 0. 5 0 2004 2005 2006 2007 2008 Figure 6. Average number of funding rounds before exit during the ? ve years JIBR 3,1 16 4. 5 Investment duration The duration of a VCPE investment is de? ned as the interval between the time of investment and exit[8]. It is generally considered that VCPE funds are not short-term investors, and stay invested in the ? rm between three and ? ve years; however, our analysis tells a different story. Table IV provides the investment duration for investments in different ? nancing stages. To make our analysis more accurate, this exercise was done only for those companies for which complete data on both investments and exits were available. A total of 110 transactions in 98 companies were included in this analysis. The main ? nding from Table IV is the overall short-term duration of VCPE investments in India. For 63 percent of the investment transactions, the average investment duration is less than one year. Even in those investments which can be classi? ed as growth stage, 75 percent of the investments have less than two years’ duration. For late stage investments, the proportion of exits within two years increases to 87 percent. Overall, the average duration of investment stands at just 17 months. In comparison, the investment duration for an IPO exit in the USA and Canada is 4. 7 and 5. 86 years, respectively. The investment duration for an exit through the acquisition route for the USA and Canada is 5. 17 and 6. 94 years, respectively, (Cumming and MacIntosh, 2001). For VCPE investments, which are generally considered medium to long-term investments, the observed duration in India is very low, indicating that most of the investments are late stage or pre-IPO types of investments. While Indian VCPE investors would generally indicate that they are long-term investors, the data corroborates that which many entrepreneurs have always felt: that VCPE funds need to be invested in the long term and not focused on quickly exiting from the investment. While these results are interesting, they also suffer from two limitations: the sample size and the ? ve-year time frame for analysis. Further con? rmatory studies that cover a longer time frame with more deals are needed. 4. 6 Statistical analysis of investment duration and type of exit As a part of this study, statistical analysis was done to determine whether any of the variables were able to explain the duration of VCPE investment and the type of exit. For this analysis, Investment duration and type of exit were taken as the dependent variables. Independent variables used in the study were industry, ? ancing stage, region, and type of VCPE fund. Bivariate regressions (Table V) indicate the relative in? uence of each independent variable on the dependent variables. As it can be expected, duration of investment can be best explained by ? nancing stage. The high f-ratio and the Financing stage Early Growth Late Table IV. Duration of VCPE investments Pre-IPO ,1 0 0. 0% 14 48. 3% 35 6 1. 4% 20 90. 9% Duration of investment (in years) 1-2 2-3 3-4 4-5 2 100. 0% 8 27. 6% 15 26. 3% 2 9. 1% 0 0. 0% 6 20. 7% 6 10. 5% 0 0. 0% 0 0. 0% 1 3. 4% 1 1. 8% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% .5 Total 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 2 29 57 22 R S. no. Dependent variable Independent variable(s) 1 2 3 4 5 6 7 8 Duration of Industry investment Financing stage Region Type of VCPE fund Exit mode Industry Stage Region Type of VCPE fund R2 Adjusted R2 SE of the estimate 0. 318 0. 387 0. 159 0. 278 0. 544 0. 429 0. 221 0. 115 0. 101 0. 150 0. 025 0. 077 0. 296 0. 184 0. 049 0. 013 0. 007 0. 118 0. 011 0. 066 0. 212 0. 154 0. 014 0. 001 10. 853 10. 157 10. 876 10. 453 0. 423 0. 439 0. 474 0. 477 ANOVA p-value F-ratio (Sig. ) 0. 938 4. 755 0. 696 6. 952 3. 506 6. 093 1. 389 1. 105 0. 498 0. 004 . 557 0. 010 0. 001 0. 001 0. 252 0. 296 VCPE in India 17 Table V. Results from bivariate regression analysis low p-value indicate the signi? cance of the regression. This can be easily explain ed as those investing in the early stage would remain invested for a longer duration and those investing in late stages would remain invested for a shorter duration. High f-ratio and low p-values are also noted for the bivariate regression that had a type of VCPE fund as the independent variable. In this study, VCPE funds were categorized into two: domestic and foreign. The fact that this has an in? ence supports the argument that domestic VCPE funds stay invested for a longer duration as compared to foreign funds. It was also noted that industry and stage of ? nancing have more in? uence on the exit mode as compared to other variables. These results can also be explained. Some industries could be more suited for exiting with IPOs because of the market bias. Similarly, many of the late stage and pre-IPO investments are made just before the company goes for an IPO. When these investments are being made, the investee company has a clear road map for going for an IPO. Therefore, the exit route in such late stage and pre-IPO investments are more or less clear at the time of the investment itself, unless there is an adverse change in market conditions. We performed a discriminant analysis in SPSS (Table VI) to predict the probable exit route for an investment, given the independent variables. Discriminant analysis Dependent variable (Y), i. e. exit method Original Count % Cross-validatedb Count % Predicted group membershipa 1 (IPO) 2 (M) Total 1 (IPO) 2 (M) 1 (IPO) 2 (M) 49 5 87. 5 17. 2 7 24 12. 5 82. 8 56 29 100. 0 100. 0 1 (IPO) 2 (M) 1 (IPO) 2 (M) 5 6 80. 4 20. 7 11 23 19. 6 79. 3 56 29 100. 0 100. 0 Notes: a85. 9 percent of original grouped cases correctly classi? ed and 80. 0 percent of cross-validated grouped cases correctly classi? ed; bcross-validation is done only for those cases in the analysis; in cross-validation, each case is classi? ed by the functions derived from all cases other than that case Table VI. Results from the discriminant analysis on exit method classi? cation JIBR 3,1 18 is typically used for the prediction of categorical or non-metric variable being classi? ed into two or more mutually exclusive categories. The independent variables used in the discriminant analysis were industry, ? nancing stage, region, and type of VCPE fund. The proportion of cases correctly classi? ed indicates the ef? cacy and relevance of the application of discriminant analysis for predicting the dependent variable, which in this case is the type of exit. Discriminant analysis was done on the investment and exit data for 85 out of 98 companies (for which all necessary details were available). Out of the 85 companies, IPO exits were observed for 56 companies and M for 29 companies. Table VI indicates the results from the discriminant analysis. It can be seen that 49 out of 56 IPO exits and 24 out of 29 M exits were correctly classi? ed, thus leaving an error of 12 out of 85 cases. Overall, 85. 9 percent cases are correctly classi? ed. To augment the validity and reliability of the ? ndings, a cross validation was done. In a cross validation, each case is classi? ed using a discriminant function derived from all cases other than the case being classi? ed. The cross validation results indicate that 45 out of 56 IPO exits were correctly classi? ed and 23 out of 29 M exits were correctly classi? ed. Overall, 80 percent of the cases were correctly classi? d. Both these results points towards the good predictive power of the available data in prediction of exit method choice. The results also indicate that it is possible to predict the type of exit based on the information available at the time of making an investment, i. e. industry, ? nancing stage, region of investment, and type of VCPE fund. This could indicate that investor s are reasonably clear about the type of exit that they might get from a given investment. While the timing of exit might be uncertain, the type of exit seems more or less evident at the time of investment. More research needs to be done to determine whether the variables identi? ed in this paper are a good predictor for exit type or not, even in other markets. 5. Summary The growth and vibrancy in the Indian VCPE industry has attracted global attention. This paper highlights some areas of concern that need to be addressed for the long-term growth in the country. First, there has to be a creation of an ecosystem that encourages early stage investments. It would be such early stage investments that would spur innovation and provide the pipeline for growth and late stage investments. Venture economics data indicate that of the total PE commitments made to India, VC commitments[9] accounted for 90 percent during 1990-1999, 55 percent during 2000-2009, and 51 percent during 2005-2009. This indicates that though there has been an overall growth in funds committed to India, the proportion of VC commitments that primarily fund early stage investments have been gradually decreasing. In the absence of early stage investments, many PE funds would ? nd it dif? cult to ? nd new opportunities for follow on investments. The result would be a funneling of investments in established companies with increasing valuations. In the long run, the industry would fall apart under the burden of such high valuations leading to an exit of investors from India. To prevent this from happening, it is important to ensure that there is adequate early stage investing. Since domestic VCPE investors invest more actively in early stages[10], this points to the need for creating a more stronger and active community of domestic VCPE investors in India. Second, the short duration of VCPE investment does not bode well. A recent World Economic Forum report indicates that PE investors have a long-term ownership bias nd 58 percent of the PE investments are exited more than ? ve years after the initial transaction. So-called â€Å"quick ? ips† (i. e. exits within two years of investment by PE funds) account for only 12 percent of deals and have decreased in the last few years (Lerner and Gurung, 2008). Seen from this perspective, most of the VCPE investments in India could come under the category of â€Å"quick ? ipsâ € . This trend, if it continues, would be a cause of real concern. It is expected that VCPE investors would do a lot of hand holding and participate in value-adding activities in their portfolio companies. However, contributing to the investment in such ways would happen only if the investors remain invested for a long term. Short-term investments deny the portfolio companies the opportunity to leverage the management expertise of the VCPE investors. Since the investment duration is also in? uenced by the source of VCPE funds, there is a strong need to promote the domestic VCPE industry in India[11]. The domestic investors would stay invested for a longer duration and this would give more opportunities to the investor to add value in the portfolio companies. Third, the time intervals between successive funding rounds should increase. Frequently, approaching the investors means that the top management attention gets diverted from the business operations. It would be bene? cial if the entrepreneurs and companies raise capital in such a way that the portfolio company can sustain the operations for at least two years. While they might feel that raising a large round would deprive them the bene? ts of valuation increases if funding is raised in multiple rounds, it would de? nitely help to keep the transaction costs lower. The issues of valuation increases can be addressed by incorporating suitable incentive structures in the shareholders’ agreement. The investors too should support the idea of a larger funding round for the companies and engage in co-investing with other VCPE investors if required. Given the exploratory nature of this study, further research and con? rmatory studies are needed to corroborate the ? ndings of this paper. It is felt that many of the results in this paper are suf? ciently interesting to warrant further studies. Notes 1. Based on Subhash (2006) and PricewaterhouseCoopers Global Private Equity Reports 2004, 2005, 2006, 2007, and 2008. 2. Investment data from the PricewaterhouseCoopers Global Private Equity Reports might not match with that of the funds committed data from venture economics as we feel that many investments might have been made outside of a formal VCPE fund structure. In addition, several funds locally set up in India might not have been captured in the venture economics database. However, both the reports indicate the strong growth in funds committed to various VCPE funds and actual investments made in companies. . Venture Intelligence can be accessed at: www. ventureintelligence. in 4. Asian Venture Capital Journal database can be accessed at: www. avcj. com 5. Out of the 1,503 companies that received funding from VCPE investors, 866 companies, i. e. 58 percent of the companies received their funding during the last two years of the study period. 6. Information on time of incorporatio n was readily available only for 722 out of the 1,503 companies. 7. Since there are very few companies that have received more than three rounds of ? nancing, Round 4 and above have not been included for this analysis. VCPE in India 19 JIBR 3,1 20 8. Strictly speaking, it would dif? cult to determine when the investor actually exited from the investment, either partially or completely. One could ? nd that information by studying the annual reports as well as stock exchange ? lings of the company, which was not done in this study. Exit in this paper is meant to be understood as the time of occurrence of an exit event, which may or may not be the time of actual exit. 9. A distinction can be made between VC and PE commitments. 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(2002), â€Å"Venture capital ? nance in India: practices, perspectives and issues†, Finance India, Vol. 16 No. 1, pp. 247-52. Vinay Kumar, A. (2005), â€Å"Indian VCs’ involvement with investee ? rms: an empirical analysis of board composition, e xpectations and contribution†, ICFAI Journal of Applied Finance, July, pp. 28-39. Vinay Kumar, A. and Kaura, M. N. (2003), â€Å"Venture capitalists’ screening criteria†, Vikalpa, Vol. 28 No. 2, pp. 49-59. About the authors Thillai Rajan Annamalai is an Associate Professor in the Department of Management Studies at IIT Madras. His research interest includes VC, PE, infrastructure, and corporate ? nance. Thillai Rajan Annamalai is the corresponding author and can be contacted at: thillair@iitm. ac. in Ashish Deshmukh was an MBA student at the Department of Management Studies at IIT Madras. To purchase reprints of this article please e-mail: reprints@emeraldinsight. com Or visit our web site for further details: www. emeraldinsight. com/reprints VCPE in India 21 How to cite The venture capital and private equity industry, Essay examples