Chapter 13 discussion questions Essay Example | Topics and Well Written Essays - 750 words

Chapter 13 discussion questions - Essay Example Cases can be used to develop managerial leadership skills such as analytical decision making skills and increased understanding of situations that managers are commonly faced with. This method is good for demonstrating the fact that different people can react to the same situation in a variety of ways and helps trainees understand that there are multiple ways to approach a problem. Large-Scale Simulations allow trainees to analyze a situation and make decisions, however, unlike previous methods; this procedure allows them to experience the consequences of their actions. These simulations combine features of other training methods such as human relations cases, role-playing, in-basket exercise, and group problem solving exercises. They emphasize interpersonal skills, cognitive skills and decision making. The knowledge gained from this exercise can vary from increased individual self-awareness of strengths and weaknesses when working with strangers to reflecting the overall culture and relationships within a company when working with family or coworkers. Overall this method can be very useful in enhancing leadership skills. 2. Effectiveness of training depends on several key factors: clear learning objectives, clear and meaningful content, appropriate sequencing of content, appropriate mix of training methods, opportunity for active practice, relevant and timely feedback, high trainee self-confidence, and appropriate follow-up activities. Clear learning objectives – trainer should not only identify clear learning objectives, but also explain why training will help people improve their leadership effectiveness. Clear and meaningful content – trainer should focus on important things and include lots of examples to â€Å"facilitate comprehension and memorization of material.† Appropriate sequencing of content – should be organized in a way that will help the learning process, process from simple to more complex ideas and there should be a ppropriate intervals for rest between sessions to prevent trainees being overworked. Appropriate mix of training – Methods of training should be customized to compensate for differences in level of skill and knowledge, and should also take into account class size and time available to train Opportunity for active practice – there should be ample opportunity for trainees to practice new skills in order to aid in the remembrance of important points. Relevant and timely feedback – Feedback should be available from several different resources and should be â€Å"accurate, timely and constructive.† Enhancement of trainee self-confidence – trainers should be supportive of all trainees and encourage success and self-confidence. Praise, encouragement, and patience are necessary qualities for the trainer. Appropriate follow-up activities – A couple of options for this portion of training include holding a follow-up session after the training program has been completed or have trainees turn in projects that require them to utilize their recently learned skills. 3. Learning from experience is generally affected by amount of challenge, variety of tasks, and quality of feedback.

IT (information technology) way in reducing time and cost overruns in Research Proposal

IT (information technology) way in reducing time and cost overruns in Malaysia Construction Industry - Research Proposal Example These problems effect to the productivity of construction industry. There are several problems caused by the manpower, quality of productivity and time. There is a lack of trained manpower. In Malaysia many contractors do not have good skills in engineering construction. More ever there is a problem of good management. So as a result mostly constriction projects in Malaysia do not follow the proper timetable. There is a lack of trained manpower in Malaysia so information technology has a great significance in making lives simpler and easier. So Malaysians industry should use Information technology as a weapon against all these problems. Having a good technical skill in construction can produce remarkable results in the output. At the end in the forms of table, it shows that the out after the implementation of information technology in the domain of construction on Malaysia enhanced rapidly and in the future the out put of these construction projects would be much better as compared to today. In the 1980s, the relationship among information technology and the productivity became a source of debate. The amazing improvements in the underlying capabilities of computers proved that now it is nearly impossible to estimate their effectiveness in order to increase productivity in any field. Recent research in the field of information technology is indeed more encouraging. There are several researchers who documented positive effects of information technology in the construction industry as well. Information technology is a key component that plays an important role in order to minimize cost overrun Cost overrun is the common term that can be seen in the in projects of infrastructure, and building. It has been estimated that average cost overrun was 43 percent; nearly 71 percent of projects were over budget, over time, and under scope. So it is very necessary to involve information technology to handle

The Relationship Between Father And Daughter English Literature Essay

The Relationship Between Father And Daughter English Literature Essay In this term paper I will compare two books that I really liked: The lovely bones and The liars club. I decided to write about them, because I believe that both stories are very similar and very well written. I also think that the authors of these books are admirable women who have struggled with life, society and family. For this reason, I consider important to compare the two books. I will start to write about the lovely bones. At the beginning, I did not wan to finish reading the book, because it is a hard story that talks about the raping of a little girl. Therefore, I felt so angry and frustrating. But then I understood that I had to continue reading the book if I wanted to know the meaning of it. The point of view of the lovely bones is first person and it is narrated by Susie Salmon, the girl that was horribly raped and murdered by her neighbor. The entire story is about the grief that the Salmon family is experimenting after Susies death. However, there was a member of the family who suffered the most: Susies father, Jack Salmon. This man loved her daughter so much that when he knew that she was killed, life became a hell for him. As a result, his marriage was very affected and his wife cheated on him. I found a quote that explains the relationship between Susie and her father: His own father had taught him how to build ships in bottles. They were something my mother, sister, and brother couldnt care less about. It was something I adored. The den was full of them. He would call me in whenever he was ready (Sebold, Alice p, 45) Unlike her siblings, Susie enjoyed her fathers hobby. This man loved to build ships in bottles, because his father taught him how to do them. So, he shared this hobby with their children, but the only one who liked and care about it was Susie because she had a very strong relationship with her father. Therefore, when she passed away, his father Jack wanted to die as well. On the other hand, Mary Karr in her book The liars club showed that her relationship with her father was very special and unique. For example, she mentioned that he used to be a very lovely father with her and her sister and that even though he was many years in the war, when he came back home he always wanted to spend time with his family. However, Marys father did not have a good relationship with the rest of the family, because his mother in law did not like him and as a result, his marriage was falling apart. This quote explains the situation he was living: Mother threatened divorce a lot of times, and Daddys response to it was usually a kind of patient eye-rolling. He never spoke of divorce as a n option. If I asked him worried questions about a particularly nasty fight, hed just say I shouldnt talk bad about my mother, as if even suggesting they might split up insulted her somehow (Karr, Mary pa, 35) As we can see, Marys father did not want to get divorce maybe because he wanted to be with her two children. Moreover, he said to Mary that even though he had conflicts with his wife, she had to love her mother no matter what. I think this man showed that he was a good husband and a good father since he always asked Mary to respect her mother. This case is very similar to the conflict that Susies parents had in the book The lovely bones. As we know, when Susie died, all the family struggled with the fact that she was not longer with them. Each of them faced Susies death differently. The father, for example, was obsessed to find the killer, the sister Lindsay did not want to talk about it, the brother was very innocent to realize that her sister had passed away and the mother decided to cheat on her husband to relieve the pain. I said before that Susies father and Marys were similar because both men were married with women that, from my point of view, did not care about their children . Marys mother cared only about herself. She just wanted to have fun and get another husband that is why she went on a trip with his Latin-American boyfriend and left her children. Susies mother did the same thing when she decided to move to another state in order to be alone and deal with her daughters death. THE RELATIONSHIP BETWEEN SIBLINGS I believe that in the two books that I decided to compare, the relationship between siblings is one of the most important topics. In this part of my term paper, I will compare Susies relationship with her brother and sister and Mary Karr relationship with her sister Lecia. Susie Salmon had one brother called Buckley and one sister called Lindsay. The tree of them were very closed and cared very much about each other. There is a quote on the book The lovely bones where Susie says that once she saved her brother life. a three-year-old Buckley had swallowed it. Buckley was choking, his body bucking, and I carried him with Nate trailing into the garage, where my fathers precious Mustang sat. I put Buckley in the back and grabbed and grabbed the keys from the unused terra-cotta pots where my father hid them. I sped all the way to the hospital. if the hadnt been there, the doctor later told my mother you would have lost your little boy (Sebold, Alice p, 93,94) As the quote explains, Susie saved her brother because she loved him very much. She also had the courage to do it since many people would not dare to do what Susie did. Susie loved Buckley so much that she did not think about anything but to safe her little brother. Later in the book, this strong connection is demonstrated when in one of the chapters, Buckley said to his dad that Susie touched his cheek and that he felt that Susie was seeing them from heaven. Susie also got along well with her sister Lindsay. Both girls enjoyed being together, not only because they were sister but also because they were the same age. As a result, when Lindsay knew that her sister was dead, she did not want to talk about this tragic event to anybody. For me, it is very understandable the way that Lindsay felt. Some people like her deal with death like by being quite and reserved. Some others share their feelings in order to release their pain. But what really cares is to remember the people who we love. Now, the author of The liars club also had a good relationship with her sister Lecia. These two girls suffered a lot not only because they had many problems in their home, but also because they have an alcoholic mother and a hysterical grandmother. I found a quote that explains how Mary Karr felt strong because of her sister: Lecia and I both behaved like savages at any opportunity. When she was only twelve, Lecia could beat the dogshit out of any neighbor boy up to the age of fifteen. For my part, I can remember standing behind the drainage ditch in our yard cussing Carol Sharp for bloodying my nose (Karr, Mary pa, 40) In this quote, Mary Karr explains that she used to play pranks with her sister and that thought she had problems in home, she tried to forget them by playing with her Lecia. From my point of view, it is very difficult to live you life normally when you know that your family is hurting each other. For this reason, I admired Mary Karr very much, because she tried to forget all her problems. Unfortunately, when you are a child, all these family conflicts affect you and the only thing that you can do about it is to move on with your life just as Mary Karr did. On the other hand, I also believe that she was conscious about her family problems, but she could not do anything about it. I can not imagine what it feels like to live with a family that is full of traumas and that does not care about you. For example, Mary Karrs grand mother was a bitter woman who did not love their grand children and who lived in the past. That is why Mary Karr did not suffer when her grand mother passed away. I nstead, she felt relieved and free. Susie Salmon also had a special grand mother, but unlike Marys she was a good person who loved their grand children very much. This woman was an alcoholic but she took cared of their grand children while her daughter Abigail decided to move to another state. These two women were so different, but as any human being has flaws. Now, in the next pages of my paper I will talk about the role of the mothers in the two books The lovely bones and The liars club THE ROLE OF A MOTHER IN A FAMILY It is well known that a mother represents many important things in a family. She is the one who takes care of her children, because she has a protective instinct that a father does not have. For this reason, it is unbelievable for me to understand why Susies mother abandoned their children in order to forget her dead daughter. I can understand that it is very painful to lose your daughter, but by abandoning your other children you are not going to resolve anything. Now, I also comprehend that as human beings we need to have our space, because is our right. But when you have a family like Susies mother you also have to think about them. Another thing that also surprised me was that Susies mother cheated on her husband. Even now I can not understand what she did. There is a very good quote that explains Abigails attitude according to Susies point of view: Len kissed her forehead hard and closed his eyes. She took his hand and placed it on her breast. She whispered in his ear. I knew what was happening. Her rage, her loss, her despair. The whole life lost tumbling out in an arc on that roof, clogging up her being. She needed Len to drive the dead daughter out (Sebold, Alice p, 152) This woman desired to forget her daughters death by cheating on her husband. She thought that her pain was going to disappear if she transferred all his sorrow in another person, but I think that is not the correct way to resolve our problems. She could have gone to a therapist or talking to her husband about Susies death. Infidelity is something that I can not comprehend. Unfortunately, Abigails infidelity did not bring Susie back. Instead, this deception caused Abigail more pain and more remorse to her life. At the end of the book, we know that Abigail returned with her family because Jack had a heart attack, but we never knew if she stayed again with them or if she decided to be brave enough in order to tell her husband that she had cheated on him with Len Fenerman. In the book The liars club Mary Karr explained that her mother was always worried about herself, just exactly like Susies mother. You might think that I am judging these women very hard, but I just can not understand why they behaved that way with their children. I mean, when you decide to have children is because you know that you have to take care of them, yet there are some mothers that do the opposite thing. Mary Karrs mother for example, tried to be a good mother, but I feel that she had a very hard background that did not allow her to live her life peacefully. Even Mary Karr recognized that when she finished her book, it was very hard for her mother to read it. At the same time, Mary said that she was very supportive when the book was done. Another thing that it was hard to assimilate for Mary and her sister Lecia was live with their stepfather Hector. He constantly had arguments with Marys mother and they did not have a good relationship. There is a quote that explains this situation: Other nights were occupied with Mother and Hector fighting. The litany of his innate low-lifedness got seared into skull during this time. Hector was a pussy, was her main gripe. Also, he lacked gainful employment, which meant Mother accused him of sponging off her all the time. As this quote explains, Marys stepfather did not support his wife economically. Therefore, Marys mother argued with him and had many conflicts. Plus, he was an alcoholic who was worried more about drinking than about taking care of his wife, his house and his stepdaughters. When I think about the problems that Mary had to deal with, I really felt sorry for her. She was only a child when her parents got divorce and when he had to accept a new father figure. I can see Marys life like a quest. During her childhood, she lived so many bad things that made her stronger, but at the same time made her more vulnerable. In order to conclude this term paper in the next to pages, I will talk about the most difficult topic in both books: raping. The reason why I decided to write about it at the end, was because I want to reflect about how raping can change your life. TWO GIRLS WHO LOST THEIR INNOCENCE The books that I decided to compare in this term paper talk about a very hard topic: raping. In the lovely bones, the main character Susie Salmon was horribly raped and killed bi her neighbor Mr. Harvey. This story is fiction, but the author of it was raped in real life. For that reason, she wrote this book. As we know, Susie Salmon was a fourteen year old girl who had a normal life and who wanted to fell in love for the first time. Unfortunately, all of her dreams were destroyed by a disgusting and despicable man named Mr. Harvey. He took away Susies innocence when he raped her. After this, he decided to kill her so she could not accuse him of anything. But Susie was not dead in a one hundred percent, because her spirit went to heaven. She saw her family and her killer from there. She saw all the pain that Mr. Harvey had caused after he killed her. But she also saw that her family got over her death and moved on. Here is a quote in which Susie explains her raping: Mr. Harvey made me lie still underneath him and listen to the beating of his heart and the beating of mine. How mine skipped like a rabbit, and how thudded, a hammer against cloth. We lay there with our bodies touching, and, as I shook, a powerful knowledge took hold. He had done this thing to me and I had lived. (Sebold, Alice p, 14) The only thing that I can say about this quote is that I can not imagine what this girl felt in that moment. For me, it is very difficult to understand how these criminals can exist. I mean, this man took advantage of a child who was not big or strong enough to defend herself. Killing a person is horrible, but killing a kid who is weak and innocent is the most despicable act in the world. From my point of view, Mr. Harvey was a scum of the earth who did not deserve to be alive, because she also killed other children. All of them were girls that had a life, dreams and hopes for the future. But this killer ruined their lives and left sorrow in their families. Finally, in the book The Liars club Mary Karr narrates that she was raped, when she was a little girl. This event changed her life and her perspective about the world. The quote says: He pulled me off my shorts and underwear and threw them in the corner in a ball, over where I knew there could be spiders. He pushed down his pants and put my hand on his thing, which was unlike any of the boys joke about hot dogs and garden hoses. It was hard as wood and felt big around and felt big around as my arm. He wrapped both my hands around it, and showed me how to slide them up and down (Karr, Mary p, 66) When I read this fragment of the book, I really felt so angry and frustrated. I can to imagine the desperation that Mary Karr experimented. She as Alice Sebold experienced how it felt to be raped and humiliated by a man. But at the same time this horrible experience made them successful and brave. So, my conclusion for this term paper is the following: every person forms his character based on his personal experiences. As a consequence, in life we can follow two paths: the one that is related with hate, vengeance and sadness and the one that is connected with love, success and hopes. I believe that the authors of the books that I compared follow the second path, because they decided to heal their emotional wounds in order to move on. That is a lesson that all human beings should learn. Nobody said that life is easy. Nobody said that life is pink color. However, god made us strong to achieve any objective that we have. He made us intelligent to understand that life is something that id full of bad and good moments. For this reason, these two authors, Alice Sebold and Mari Karr succeed when they decided to tell their stories to the world. They had a lot of pain in their lives, but they also decided to cure their traumas to move on and have a good life.

Essay on the Metamorphosis of Fitzwilliam Darcy in Pride and Prejudice

The Metamorphosis of Fitzwilliam Darcy in Pride and Prejudice    Introduced to Jane Austen's Pride and Prejudice as a good-looking, self-absorbed aristocrat, Fitzwilliam Darcy experiences a change in his personality and character.   Falling in love was what Darcy needed in order to dispose of his existent views on marriage and money.   Although Mr. Darcy was well mannered, he did not know how to treat women with respect, especially those of a lower social status than he.   However, the love of Elizabeth Bennet changed his behavior forever.    Darcy's arrogance shines through at the beginning of the novel in his first appearance at the Meryton ball.   Speaking of Elizabeth Bennet, he so snobbishly set forth that she was, "...tolerable, but not handsome enough to tempt me" (230).   His feelings of superiority to the people of the town lend Mr. Darcy to be judged as a man with a repulsive and atrocious personality.   The women, who had found him dashingly handsome at first appearance, deemed him a man unworthy of marriage because he offered no positive qualities other than wealth and physical attractiveness.   Not only did Darcy refuse a dance with Elizabeth, but he made it apparent that no woman in the room met his standards of a suitable woman stating that, "...there is not another woman in this room, whom it would not be a punishment to me to stand up with" (229).   Mr. Darcy is concerned only with the wealth and social standing of the people in the beginning of the novel and will not even communicate with the p eople of the town as they are lower than him and undeserving of his presence.   However, as the novel continues on, Darcy becomes more and more accepting of the Bennet family, which he had formerly thought of as nothing ... ...ce.   Ed. Donald Gray.   New York: W.W. Norton & Company, 1996. Hennelly, Jr., Mark M. "Pride and Prejudice." Jane Austen: New Perspectives. ed. Janet Todd. New York: Holmes & Meier Publishers, Inc., 1983. Jane Austen Info Page. Henry Churchyard. U of Texas, Austin. 23 Nov. 2000.   Ã‚  Ã‚  Ã‚   <http://www.pemberly.com/janeinfo/janeinfo/html>. Monaghan, David.   Jane Austen Structure and Social Vision.   New York: Barnes & Noble Books, 1980. Poplawski, Paul.   A Jane Austen Encyclopedia.   Westport, Connecticut: Greenwood Press, 1998. Reidhead, Julia, ed. Norton Anthology of English Literature vol. 7, 2nd ed. New York: W.W. Norton & Company, 2000. Ward, David Allen. "Pride and Prejudice." Explicator. 51.1: (1992). Wright, Andrew H. "Feeling and Complexity in Pride and Prejudice." Ed. Donald Gray. New York: W.W. Norton & Company, 1966. 410-420. Essay on the Metamorphosis of Fitzwilliam Darcy in Pride and Prejudice The Metamorphosis of Fitzwilliam Darcy in Pride and Prejudice    Introduced to Jane Austen's Pride and Prejudice as a good-looking, self-absorbed aristocrat, Fitzwilliam Darcy experiences a change in his personality and character.   Falling in love was what Darcy needed in order to dispose of his existent views on marriage and money.   Although Mr. Darcy was well mannered, he did not know how to treat women with respect, especially those of a lower social status than he.   However, the love of Elizabeth Bennet changed his behavior forever.    Darcy's arrogance shines through at the beginning of the novel in his first appearance at the Meryton ball.   Speaking of Elizabeth Bennet, he so snobbishly set forth that she was, "...tolerable, but not handsome enough to tempt me" (230).   His feelings of superiority to the people of the town lend Mr. Darcy to be judged as a man with a repulsive and atrocious personality.   The women, who had found him dashingly handsome at first appearance, deemed him a man unworthy of marriage because he offered no positive qualities other than wealth and physical attractiveness.   Not only did Darcy refuse a dance with Elizabeth, but he made it apparent that no woman in the room met his standards of a suitable woman stating that, "...there is not another woman in this room, whom it would not be a punishment to me to stand up with" (229).   Mr. Darcy is concerned only with the wealth and social standing of the people in the beginning of the novel and will not even communicate with the p eople of the town as they are lower than him and undeserving of his presence.   However, as the novel continues on, Darcy becomes more and more accepting of the Bennet family, which he had formerly thought of as nothing ... ...ce.   Ed. Donald Gray.   New York: W.W. Norton & Company, 1996. Hennelly, Jr., Mark M. "Pride and Prejudice." Jane Austen: New Perspectives. ed. Janet Todd. New York: Holmes & Meier Publishers, Inc., 1983. Jane Austen Info Page. Henry Churchyard. U of Texas, Austin. 23 Nov. 2000.   Ã‚  Ã‚  Ã‚   <http://www.pemberly.com/janeinfo/janeinfo/html>. Monaghan, David.   Jane Austen Structure and Social Vision.   New York: Barnes & Noble Books, 1980. Poplawski, Paul.   A Jane Austen Encyclopedia.   Westport, Connecticut: Greenwood Press, 1998. Reidhead, Julia, ed. Norton Anthology of English Literature vol. 7, 2nd ed. New York: W.W. Norton & Company, 2000. Ward, David Allen. "Pride and Prejudice." Explicator. 51.1: (1992). Wright, Andrew H. "Feeling and Complexity in Pride and Prejudice." Ed. Donald Gray. New York: W.W. Norton & Company, 1966. 410-420.

India of my dreams Essay

Today, India is characterised by communal violence, religious strife, terrorist movements, regional alienation, political chaos, constant economic hick-ups, general corruption, Mafia raj, bomb-culture, etc. The great India of Lord Buddha, Mahavir, Shankaracharya, Swam Vivekananda, Mahatma Gandhi, and Jawaharlal Nehru is on the verge of break-up, unless of course, we put an end to these malaises that are eating into its very fabric. The ills of decadence, hibernation, disharmony and the lethargic existence of the nation must be addressed to, if we want to see a glorious and a vibrant India. I dream of such a glorious and wonderful India in the days to come. India is a multicultural, multi religious, multilingual nation and, hence, in order to maintain peace and harmony, due importance has to be given to the sentiments of each community. However, this secularing and pluralism have come to be subdued by religious fanaticism and communalism. In the name of construction of temples and mosques we do not seem to hesitate even to take the lives of our neighbours. Today, when we should be focusing on the country’s all-round development, our attention is focused in untangling the mess known as the ‘Ayodhya tussle.’ This undue importance given to religion has ruined our national peace, social equilibrium and international standing. Mumbai bomb explosion, Gujarat violence, Godhra incident, continuous Kashmir carnage, etc., speak volumes about how we have managed to turn the land of peace into a land of blood. Therefore, my dream of India is an India where religion would no longer be in national focus, where religion would be put into the backyard meant purely for personal practice. I dream of a day when people in India would live and die for their motherland than for their religion. Today, in India, the gap between the have’s and the have- not’s is ever increasing. Nearly 90% of India’s wealth is in the hands of 10% of people. The current social discrimination based on birth, caste and religion is  breaking the national fabric. In my future India there would be no more concepts such as, Reservation, OBCs, Backward classes, under-privileged, etc. These man-made boundaries of demarcations would be broken down 21st century India would an India where everyone, irrespective of caste, creed, and religion, would have equal opportunities to live and work. In my future India, everyone would have enough to eat and enough to wear. There would be no more deaths use to poverty and starvation. None would die due to paucity of medical facilities. There will be enough jobs for all, education would be work-oriented and everyone would have adequate opportunities for learning. Every village would be connected by roads and by internet. The country’s military expenditure would be minimised and maximum would be spent for social improvements. Green revolution, white revolution and IT revolution, etc. would characterise our land. In my India of 21st century, the present evils characterising the Indian political system of India such as instability, rampant corruption, political scams, misuse of public money, glorification of leaders, horse-trading, criminalisation of politics, manipulation of election process, etc., would be unheard of. My future India would have a political system, where person with dubious character or criminal background can never assume any public office, where election would no longer be based on money power or muscle power but rather totally free and fair. My India of 21st century would be a great India highly esteemed by the other nations of the world. She would be a permanent member of the UN Security Council and her voice would be heard ‘loud and clear’ in the International arena. India’s role as the torchbearer of peace would be highly appreciated. The Kashmir problem would be a thing of the past and she would have peace and friendship with all her neighbours. She would be considered a major Asian  power at par with China and a highly developed nation with a world of IT professionals who are ready to venture out into the unknown frontiers. I do not think that my dream of India is too idealistic or too unrealistic. A day is not far off when I would be fortunate enough to see this glorious India sparkling with the noble ideals of peace, high economic standards, political stability, social harmony, international recognition, etc. Let my country awake from its present slumber and rise up to great heights of glory and prosperity. It would be an India like the India which the great patriot Rabindranath Tagore visualised: â€Å"Where the mind is without fear and the head is held high, where knowledge is free, where the world is not been broken up into fragments by narrow domestic walls†.

Long-term performance of IPOs: Evidence from Singapore Market

Introduction Stock markets are a key part of the capitalistic economic system as they bring together those in need of capital and those with surplus capital to invest. Initial public offerings of companies whose share capital had previously been privately held provides just such an opportunity. The IPO process entails due diligence and pricing by underwriters, after which they underwrite the issue and sell it to investors in the primary market. Following the IPO, the company’s shares trade in the secondary market until the company is shut down or is merged with another company or is acquired. In addition to IPOs, companies which are already public can also participate in capital raising by undertaking secondary stock offerings which investors can use as investment vehicles to increase returns on their portfolios. Traditional finance theory recommends individual investors to adopt a buy-and-hold strategy for investments in the stock market, since they are unable to time the market, and since the efficient market hypothesis suggests that all available information is immediately incorporated in stock prices. A question this raises is whether long-term buy-and-hold a profitable investment strategy in the initial public offerings (IPOs) asset class for individual investorsAccording to the bulk of literature on this subject, the answer is no. However, there are variations in the results depending upon how the comparison index is selected and what market is being studied. Investors may also be able to select a winning portfolio of buy-and-hold IPO investments if they are successfully able to predict what factors lead to strong or weak price performance in the IPO universe. This study attempts to collect previous research on the subject and apply the learning to the Singapore market. One objective wo uld be to identify ex-post which factors led to IPO success. Indirectly, it may help investors reduce risk and earn strong returns while devising ex-ante investment strategies as well. Organization First this study will review the existing literature on the subject and summarize its conclusions. Then it will use the statistical methods used by prominent studies such as Loughran and Ritter (1995) to calculate whether IPOs have underperformed the market in Singapore. The study will also collect what other papers have identified as sources of high performance within the universe of IPOs and see whether these results hold in IPOs in Singapore as well. Some of these factors include high percentage of institutional ownership, venture backing, industry and age of the company at IPO. Problem Statement Equity investors are constantly looking to maximize their risk-adjusted returns by investing in various asset classes in financial markets. The results from the literature lead to the conclusion that a strategy of buy-and-hold investments in IPOs underperforms the market on average. What would be interesting and useful would be to see whether a subset of IPOs can be identified where this result does not hold and where a different version of the strategy can be shown to produce a higher return for investors than the index or benchmark portfolio. Research Objectives The objective of the research is to study performance of Singapore listed IPOs using factors which have been identified in academic literature as having effect on IPO performance, including: percentage of institutional ownership venture backing reputation of the underwriter industry age of the company at IPO legal and institutional environment The ultimate objective is to see whether factors can be identified that lead to recommendation of alternative investment strategies which perform better than buy-and-hold of IPOs for a multiple year holding period. Proposal Structure IPOs listed on the Singapore stock exchange during the five year period of 2000 – 2004 would initially be identified. Subsequently, 3-year, 5-year and 10-year buy-and-hold returns of these portfolios would be calculated and compared to returns over the same period by a stock exchange index such as the Strait Times Index (STI). Another method for comparing results to market could be the selection and composition of a matching portfolio which would be used to compare underperformance or overperformance over the holding period. To create a matching portfolio, a similar sized public company that did not issue equity for five years prior to the IPO date would have to be selected for each IPO company. The return on the matching portfolio would be compared to the return on the IPO portfolio as per Loughran and Ritter (1995). It will be assumed that investors would purchase shares in the secondary market and none of them would be lucky enough to be allocated shares by the underwriter at the offering price. Literature Review Underperformance of IPOs relative to market indices has been studied extensively in academic literature. One series of articles examines the degree of underperformance of IPOs relative to market indices and asks what factors could cause such underperformance. Factors typically examined include size of the IPO, the company’s industry, whether the company is venture backed or not, the degree of institutional holdings, age of the company at IPO, quality of the underwriter and the institutional and legal environment of the company. Another string of literature looks at empirical evidence of underperformance in different markets, including the US, several European countries including Germany (Stehle, Ehrhardt & Przyborowsky, 2000), Switzerland and Greece and several developing Asian markets such as Malaysia, Taiwan and China. Most of these studies take time series data of IPOs during a given period of time. Then they look at nominal buy-and-hold returns over 3 or 5 years, typically without assuming any portfolio rebalancing, though as shown by Brav and Gompers (1997), the results hold even if portfolio rebalancing is introduced. The returns of individual IPOs are compared with results of an industry index such as S&P 500, Nasdaq or NYSE, or with an industry benchmark portfolio (value weighted or equally weighted). The typical pattern of IPO returns that emerges is the following: After a period of strong performance following an IPO, the stock starts to underperform the market index. This period of poor performance lasts for several years. The length of the period of initial strong performance lasts up to several months, depending on whether or not the stock market is in a bullish state. Ritter (1991) examines both underpricing of IPOs and their underperformance. Underpricing is a phenomenon in which investment banks taking a company public, and wanting to manage their own risk, keep offer price low in order to build a strong deal book and to keep market participants incentivized for participation in the offering. This is reflected in the fact that on average there is a 16.4% gain from the offering price to the closing price on the first day. In addition, the author believes the IPOs appear to be overpriced when 3-year IPO returns are compared to 3-year returns for comparable firms matched by size and industry. In a sample of 1526 common stock IPOs between 1975 and 1984, IPOs produced a return of 34.47% and seasoned offerings produced a return of 61.86%, 3-years after going public. Upon careful examination of the sample, the author concludes that the cause of the underperformance are those small IPOs that benefit in the short-run due to optimistic market conditions, but which are not able to establish themselves in the long-run. Loughran and Ritter (1995) find that all issues, both IPO and secondary, offered during 1970 to 1990 produced poor long-term returns for investors. Using a strategy of 5-year buy and hold investing would have produced a result of only 5% per annum for IPOs and 7% per annum for secondary offerings. The authors highlight an important observation for potential underperformance by secondary offerings (SEOs) – most public companies opt for secondary offerings following high return periods in the market; thus their subsequent underperformance may simply be linked to eventual reversion of returns to their long-term averages. In order to judge the performance of secondary offerings, for each issuing firm the study choose a non-issuing matching firm that is similar in size and has not issued equity in the previous 5 years. The authors calculate wealth relatives for each year as the ratio of end-of-period wealth from holding a portfolio of matching firms with the same starting market capitalization. The ratio is below 1 in most years indicating that investors would have been better off investing in buy-and-hold strategy in non-issuing firms. The authors conclude that it is not advisable for investors to invest in shares of companies issuing stock. Instead investors would be able to generate the same return with 44% less capital if they simply invested in similar size non-issuing companies for the same holding period. The results in Loughran and Ritter (1995) do not control for industry since it is often difficult to find matching companies in the industry which also share similar size. According to a study by Spiess and Afflect-Greaves (1995) nearly one-third of the long-run underperformance of secondary offerings comes from industry effect. Another potential explanation for why this happens is offered by Lerner (1994) – firms which are not yet ready to grow cashflows consistently sometimes take advantage of the IPO window during bull markets and other periods of market exuberance, only to then suffer from poor market performance when cashflows do not keep pace with market expectations (Clark, 2002; Ljungqvist, Nanda & Singh, 2006). If long-term IPO returns are infact so dismal, why do investors keep buying IPOs during all market cyclesAn insight into the solution is provided by Field (1995). The author analyzes the impact of the extent of institutional shareholding on long-term IPO performance and concludes that IPO having large holdings by institutions earn significantly higher long-term returns than those with low institutional holdings. Institutional holdings also differ substantially between industries. In fact, the latter category often fails to achieve even the risk-free rate of return available to bondholders. The author concludes that there are groups of IPOs which do not experience poor long-term performance, though they may be identifiable ex-ante. Other authors also identify factors that can lead groups of IPOs to have relatively strong performance. For example, Michaely and Shaw (1994) identify reputation of underwriter as one of the factors that is directly related to IPO return. Brav and Gompers (1997) find that venture backed IPOs outperformed non-venture backed IPOs significantly. The 5-year buy-and-hold return for venture backed IPOs was 44.6% while the equivalent figure for non-venture backed IPOs was 22.5%. These results were calculated based on equally weighting of components in an index, whereas if the index is value weighted then these differences are significantly reduced. The authors believe that their results might have inspired by the fact that venture backed companies tend to be those which are in growth industries and are at an early stage of their development cycle. Such companies are likely to have many good investment opportunities. The authors also find that underperformance resides primarily in small, non -venture backed IPOs. Qualitatively similar results are also provided by Bessler and Seim (2011) who study European venture backed IPOs. Turning to the second string of literature which deals with tests of IPO underperformance in different geographies, it appears that this phenomenon holds in both developed and less developed markets. While, the original hypothesis was formulated for the U.S. market, it holds to various degrees in most markets. Thomadakis, Nounis and Gounopoulous (2012) study performance of 254 IPOs during the 1994 – 2002 period. They find that the period of initial overperformance in Greece lasts longer than it does in western markets. While IPOs outperform the market in the first two years, by the third year underperformance sets in. The authors attribute this to longer ‘hot’ periods in the Greek market than in more developed western markets. In a study on the same subject in Taiwan, Wen and Cao (2013) find that IPOs perform as well as matching reference portfolios in the first year of trading and then start to underperform that portfolio. Drobetz, Kammerman and Walchli (2005) examine the same in the Swiss market. They find that while underperformance holds, it is much weaker than is suggested by equivalent tests from the US market. Chan, Wei and Wang (2001) find practically no underperformance of class A and B shares, though there is significantly higher underpricing of Class A shares compared to other markets. In another study on the Chinese stock market, Chi and Padgett (2002) find strong performance of Chinese Privatization IPOs, which the authors attribute to government ownership, offering size and belonging to the high tech industry. Reference List Ahmad?Zaluki, N. A., Campbell, K., & Goodacre, A. 2007. The long run share price performance of Malaysian initial public offerings (IPOs). Journal of Business Finance & Accounting, 34(1?2), 78-110. Bessler, W., & Seim, M. 2011. European Venture-backed IPOs: An Empirical Analysis. Brav, A., & Gompers, P. A. 1997. Myth or RealityThe Long?Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital?Backed Companies. The Journal of Finance, 52(5), 1791-1821. Chan, K., Wang, J., & Wei, K. C. 2004. Underpricing and long-term performance of IPOs in China. Journal of Corporate Finance, 10(3), 409-430. Chi, J., & Padgett, C. 2005. The performance and long-run characteristics of the Chinese IPO Market. Pacific Economic Review, 10(4), 451-469. Clark, D. T. 2002. A Study of the Relationship Between Firm Age?at?IPO and Aftermarket Stock Performance. Financial Markets, Institutions & Instruments,11(4), 385-400. Drobetz, W., Kammermann, M., & Walchli, U. 2005. Long-Term Performance of Initial Public Offerings: The Evidence for Switzerland. Schmalenbach Business Review, 57, 253-275. Espenlaub, S., Gregory, A., & Tonks, I. 2000. Re?assessing the long?term underperformance of UK Initial Public Offerings. European Financial Management, 6(3), 319-342. Field, L. C. 1995. 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