Comparison Paragraph

In the short story â€Å"Two Kinds† by Amy Tan, with the use of epiphany and turning points the reader is able to see the protagonist’s growth and change in personality throughout the story. The protagonist, Jing-Mei and her mother emigrated from China to the US, thus the family struggled in adapting to the new culture and lifestyle. Heavily influenced by the opportunities and hopes with a new life in US, Jing-Mei’s mother wanted Jing-Mei to become a prodigy like the other girls on television. Jing-Mei was determined and eager to prove to her mother she was a prodigy, and thereby had full confidence in herself. She believed â€Å"[her] mother and father would adore [her and she’d be] beyond reproach. † (pg4). As Jing-Mei’s mother quizzed Jing-Mei with countless questions and tests, Jing-Mei started getting frustrated by her mother’s disappointments and â€Å"something inside [her] began to die† (pg 5). But at the same time when she stood in front of the mirror â€Å"the girl staring back at [her] was angry, powerful. † (pg 5) and she saw â€Å"what seemed to be [a] prodigy inside of [her]† (pg 5). Jing-Mei’s mother then encouraged Jing-Mei to play piano and perform in a talent show. When Jing-Mei’s turn came, she was confident and thought â€Å"without a doubt, that the prodigy inside of [her] really did exist† (pg 7). However, as she started playing â€Å"[she] was surprised when [she] hit the first wrong note. And then hit another and another† (pg 7). In the end, Jing-Mei’s performance was nothing like she expected she â€Å"felt the shame of [her] mother and father as they sat stiffly through the rest of the show† (pg 7). After the talent show, Jing-Mei’s was devastated and decided she was never going to play piano anymore; she could never be the prodigy or daughter her mother wants her to be. As a consequence Jing-Mei starts to follow her own path, she â€Å"did not believe [that she] could be anything [she] wanted to be, [she] could only be [her]† (pg 9). She blamed most of her misery on her mother. This this significance change in attitude portrays profoundly how turning points in life alters a person’s perspective and persona. Short story â€Å"The Stolen Party† by Liliana Hecker similarly shows how turning points can change in the way a person view things and their initial personality. In â€Å"Stolen Party† the protagonist, Rosaura just like Jing-Mei had full confidence in herself. She believed she was invited to a party as a guest, she firmly declares â€Å"[she’s] been invited because Luciana is [her] friend† (pg 11). However, her mother, who is a maid for Luciana’s family warns Rosaura that Luciana â€Å"is not [her] friend† (pg 11) and that Rosaura is only recognized as the ‘maid’s daughter’. Her mother also advises Rosaura not to go the part because it’s a â€Å"rich people’s party† (pg 11). Rosaura disregards her mother and attends the party anyways. At the party, Rosaura is treated like a guest and asked to participate in the activities, she also received a delightful compliment from the magician. This made Rosaura proud and encouraged. When the party ended, Senora Ines were gaving out pink and blue bags to the the guests at the party. Roasaura expected Senora Ines to also hand her the goodie, but when it was her turn â€Å"Senora Ines didn't look in the pink bag. Nor did she look in the blue bag. Instead she rummaged in her purse. In her hand appeared two bills. † (pg 14). Rosaura has an epiphany, she realizes she wasn’t invited as a guest to the party, but rather as a servant to help out like a â€Å"[Senora Ines’] pet† (pg 14). Just like Jing-Mei, Rosaura’s perspective changes instantly. She suddenly understands what her mother has been trying to teach her and is now well aware of her position and social status, and so she â€Å"instinctively press herself against her mother’s body† (pg 14) for support. This shows the difference in her initial personality. In conclusion, in â€Å"Two Kinds† and â€Å"The Stolen Party† the protagonist’s turning points and epiphanies play a significant role in the altering of their perspective and persona.

Parental Control

Parenting during childhood is about nurturing and taking care of the child’s simple needs. The parent is the one in complete control, when the child becomes an adolescent; they need a feeling of their own independence. The goal is for the adolescent to gradually be treated as an adult individual with an equal balance of power between parent and child(). When a child becomes an adolescent their needs grow to fit their new maturity and environment. They have social developed, in which their psychological needs come into play, competence, relatedness, and autonomy (Kakihara & Tilton-Weaver, 2009). To grow these needs, parent control has to be open and supportive of the adolescent. The authoritarian parent demands for perfection and is unresponsive to the child’s needs. The child may feel neglected and distant from their parent. They may also feel overly pressured to meet the high standards set by the authoritarian parent. Permissive parents are the opposite, as in they have very low standards for achievement and have no rules for order. The parent acts in a laissez-faire manor, in which they allow the child to do as they please, without any discipline or praise for their actions. Typically, children raised by permissive parents fail to mature into adolescence and tend to lack respect for the rules of society (Fite, Stoppelbein, & Greening, 2009). Ultimately, passive parents become more liberal parents resulting from the continual defiance and rebellion that their adolescent children express towards their parenting efforts (Keijsers, Frijins, Branje, & Meeus, 2009). The goal is to be a combination of authoritarian and permissive, which is referred to as an authoritative parent. The authoritative parent is highly supportive, and takes time to explain to the child why they may have been punished for their actions (Fite, Stoppelbein & Greening, 2009). In addition to the authoritarian, authoritative and permissive styles of parenting, each parent also has a particular style of parental control. The two main styles of parental control are behavioral and psychological. The authoritarian parent favors controlling the adolescents’ behavior by setting limits, enforcing rules, in an overbearing way. The other type of control, psychological, is the parent using feelings and emotions to control them without the adolescent realizing. (Keijers, Frijns, Branje, Meeus, 2009). In an act to prevent adolescents from delinquency and following the â€Å"wrong crowd† parents try to seek information from the child without making them feel belittled. For delinquency to be prevented, parent involvement must be present, as well as the adolescent’s willingness to listen. When parents fail to react as a supportive parent, they run the risk of their child reacting in a reckless and careless manor. In a study done by Keijsers, Frijins, Branje, and Meeus (2009), noted that adolescent delinquent activities were stronger in families with high levels of parental support. A significant part of raising an adolescent is trusting the child to confide in them (2009). The way parents track their child at the age of adolescents depends a great deal on the amount of information in which the child discloses. The adolescent has greater control of what they are willing to admit, and the relevancy of it. Parents are often unaware of their child’s social life and after school activities. The less the child is willing to share the more the parent may be forced to believe they’ve been engaging in delinquent activities. In the case that this is true, perhaps the child is fearful of disclosing disappointing information. Peer influence plays a major role in the adolescent’s development. Much of their time is spent with friends during this time of development. Whether or not the parent takes part in controlling who they associate with and what they do depends on the supervision*. The relationships adolescents create are the people they will spend a majority of their time with. These are the friends that will they’ll want to impress, feel accepted by, and eventually become their most influential source of approval (Trucco, Colder, & Wieczorek, 2011). Children linked to a misbehaving group that have trouble following authority are more likely to be the child of a laissez-faire parent. The laissez-faire parent gives their child no means of rules or discipline, so when the child is put in a school like environment they’ll have no respect for the rules or consequences (Trucco, Colder, & Wieczorek, 2011). However, parents who don’t approve of their child’s relationships should first get to know their friends before making judgments. Adolescents hold their friendships very highly, a parent forbidding the child to see their friend may result in backlash of problem behaviors (Kakihara & Tilton-Weaver, 2009). Withhold info References

Chaucer 2 Essay Research Paper The Effects

Chaucer 2 Essay, Research Paper The Effects of Geoffrey Chaucer # 8217 ; s Education on the Canterbury Tales The Medieval period was one of transmutation. The great spiritual pilgrims journeies that occurred effected the class of history. Social set-ups were believed to be ordained by God and were non to be changed ( www.aol/barrons 1 ) . Therefore, Geoffrey Chaucer introduces each of the characters in the prologue of The Canterbury Tales and establishes their function in society. The church hierarchy was thought to be of equal importance ( hypertext transfer protocol: //www.virginia.edu/literature/ chaucer/defense 2 ) . The church in some instances fulfilled the map of an educational system ( hypertext transfer protocol: //virginia.edu/literature/chaucer 2 ) . Both of these rankings by and large dictated the chances available to people. Therefore, instruction was non ever readily available. Alternatively, people relied on life experiences and common sense to steer them. This was no exclusion with author and poet Geoffrey Chaucer. Though he lacked a formal instruction ( hypertext transfer protocol: //www.virginia.edu/literature/chaucer /defense 2 ) , Chaucer rose to a outstanding authorities place ( Anderson 84 ) . In add-on, his literary plants show that he was highly good read ( Williams 1 ) . The effects of Chaucer # 8217 ; s instruction can be seen through his ability to compose work that would appeal to its readers, his use of assorted composing techniques, and his huge cognition of the society in which he lived. McKinley 2 By the terminal of the Middle Ages, a new assurance in the English linguistic communication was evident. Therefore, with this assurance came a higher position for English literature. This was illustrated in 1399 when Henry IV laid claim to the British throne ( Williams 4 ) . He did non execute the ceremonial in Gallic, as had been done in the past, but in English. Geoffrey Chaucer played a major function in set uping the English linguistic communication as a medium capable of the extreme artistic look ( Williams 4 ) . Chaucer wrote in a manner which appealed to his audience. Often called the Father of English poesy ( Anderson 84 ) , Chaucer draws on his ain experiences in the Tales ( www.aol/barrons 1 ) . These experiences frequently colored his work ( http: //www.virginia.edu/literature/chaucer/defense 3 ) . In add-on, his usage of category construction ( hypertext transfer protocol: //www.virginia.edu/ literature/chaucer 2 ) coupled with his clear and concise remarks make the Tales more clear ( Anderson 85 ) . Chaucer besides on occasion touched his work with nicety ( Anderson 85 ) . Chaucer was influenced in several ways throughout his life. Geoffrey Chaucer was born in the early 1340 # 8217 ; s, about 1343, to John Chaucer, a comfortable vino merchandiser ( Williams ix ) . He was a member of the in-between category and learned about human nature while functioning as a royal page ( www.aol/barrons 1 ) . Chaucer draws on all of these experiences throughout The Canterbury Tales. He besides dealt with issues of import to society ( Anderson 84 ) . While doing the unheard of rise from in-between category to authorities functionary, Chaucer dealt with many jobs in the McKinley 3 British authorities. In add-on, he traveled all over the continent on diplomatic missions for the male monarch ( Williams 1 ) . Chaucer # 8217 ; s ability to compose on such a wide base of subjects and characters is derived from his huge work experience. The many # 8220 ; Chaucers # 8221 ; : the soldier, the courtier, the man-of-the-world, the diplomat, all aid in his acute apprehension of human personality and nature. All of these influences can be seen throughout his Hagiographas ( Williams 2 ) . Literary influences on Chaucer include the work of Virgil, Cicero, and Ovid, which were among his favourites, and many of which he read in their original linguistic communications. He besides translated many major texts from Latin and French into English ( Williams 1 ) . An devouring traveller, Chaucer visited Italy in 1373 and 1378. Here he discovered the poesy of Dante and Petrach ( Anderson 85 ) . He was really impressed by the work of these two poets and studied them intensively. The Canterbury Tales use several composing techniques and manners throughout. His work is strewn with allusions and metaphors drawn from medical specialty, music, jurisprudence, star divination and scriptural exegesis ( Williams 1 ) . Geoffrey Chaucer wrote in a clip period where it was non peculiarly stylish to compose serious or dramatic work ( Anderson 84 ) . But, Chaucer was non one to follow a criterion, but to put one. His usage of McKinley 4 antediluvian linguistic communication and deficiency of standard spelling rapidly caught on and became known as Middle English ( hypertext transfer protocol: //www.virginia.edu/ literature/chaucer/defense 3 ) . Besides, due in portion to Chaucer # 8217 ; s authorship, the usage of iambic pentameter became really popular in British literature ( Anderson 85 ) . A dominant metre of 10 syllables and assorted metrical signifiers every bit good as prose can besides be found throughout the Tales ( Anderson 85 ) . Geoffrey Chaucer # 8217 ; s instruction reached far beyond a traditional schoolroom. His legion life experiences formed his instruction. He worked both as a diplomat every bit good as an creative person. It is these two separate environments that, when combined, form Chaucer # 8217 ; s extended background and cognition of his society. As a page in a royal tribunal, Chaucer learned much about the societal system first manus ( Anderson 84 ) . From an early age, he held assorted places in a royal family ( Williams 1 ) . While on a royal assignment in France, he was captured by the Gallic ground forces and ransomed by the male monarch. Though his work took precedency over his authorship, Chaucer # 8217 ; s instruction in a societal scene transcended into his Hagiographas ( Williams 1 ) . One might get down to believe that Chaucer was, as said in modern footings, a work-a-holic. But it was common in the Middle Ages for writers and poets to work both as creative persons and keep a place in the market place. It was non common to specialise as it is today ( Williams 1 ) . On the contrary, composing McKinley 5 and poesy were merely a portion of the larger image of scientific disciplines. This larger image helped adult male with his true perceptual experience of world, and this was the point of Chaucer # 8217 ; s poesy: : # 8221 ; doctrine as the foundation of his art # 8221 ; ( Williams 2 ) . The church besides took a function as an educational establishment ( hypertext transfer protocol: //virginia.edu/literature/chaucer 2 ) . It served as a critical portion of society. Routine church services were held one time every hebdomad ( hypertext transfer protocol: //virginia.edu/literature/chaucer 2 ) . Chaucer # 8217 ; s ability to compose work that would appeal to its readers, his use of assorted composing techniques, and his huge cognition of the society in which he lived are all evident due to his extended instruction. The Canterbury Tales offer an copiousness of cognition of the period every bit good as a window into certain professions ( hypertext transfer protocol: //www.virginia.edu/literature/chaucer 2 ) . While functioning as a historical papers, the Tales blend several degrees of society together ( hypertext transfer protocol: //www.virginia.edu/literature /chaucer/defense 2 ) . It has been commented that # 8220 ; the noticeable thing about them ( the Tales ) is their normalcy # 8221 ; ( Anderson 85 ) .

Hedging Strategy Essay Example | Topics and Well Written Essays - 500 words

Hedging Strategy - Essay Example By considering the Treasury bond futures hedging strategy, he can minimise his risk as it is an effective instrument of risk control and can also enhance his returns. As Treasury bond futures cover up a broad range of maturities from the bonds of long term to short term notes, so it will help Clark to construct trades depending on the disparities in the movements of interest rates alongside the yield curve. There is negative connection between the fluctuations in interest rates and the bond prices. The increase in the interest rates is bad for bonds because when the rate of interest rises, the shareholders or investors in the bond fund prefer to liquidate or settle their shares. Due to this, the finance manager might be compelled to sell its bonds prematurely to raise sufficient cash in order to meet its requests of redemption. This could have a pessimistic effect on the regular price of bond fund (Forbes, 2013). Conversely, a fall in the interest rates results in the increase in the bond prices. This happens because, if rates of interest fall after the purchase of bond, the worth of bond will rise as investors will not be able to purchase a new bond with a high coupon rate. In this situation, the value of bond will be more than the actual value. Consequently, it will be traded at a premium (Bodie et al, 2009). Clark should consider the short term hedging strategy. Investment in the short term bonds is recommended because long term maturities bond would be hit tremendously when there is an increase in the rates of interest. Along with this, he should consider the individual bonds but require being cautious with the issuer’s credit quality. Clark also needs to be sure that the company is monetarily strong and proficient to repay his principle on the maturity of bond. A short term bond is suggested because this will facilitate Clark not to become locked in a low interest rate for an extended period (Forbes, 2013). The reason behind suggesting the

My useful psychology book Essay Example | Topics and Well Written Essays - 500 words

My useful psychology book - Essay Example In relation to this, the paper will be discussed from my perspective, which is how exactly this book has been a helping hand; this includes meditation, how to manage stress and managing myself in time. Meditation has been preferred for one’s peace and healthiness, however this was not included in my normal routine, but introduction of this book has been a very great help as the text introduced and somehow persuaded me to try out meditation. Once I started this exercise, I couldn’t help but notice the positive changes it started to bring in my life. For instance, it reduces tension related problem such as anxiety, joint and muscles issues and headaches. Not only this, the feeling of boundless energy and to be creative, being emotionally stable and feeling unusually happy and healthy are some of the perks of meditating. Moving to the next help that has been extended to me by reading and examining this book is the different ways and procedures through which I can manage stress. The initial step that is needed to be taken to ensure stress management is the very core from which this problem is erupting. If the original reason behind this issue is external that one should try to eliminate this factor, or if tit is internal that one should produce ways to deal with it. Another way to control stress is keep doing what you love such as painting, reading, go for outing, sharing with your parent, sibling or friend, because the more you indulge yourself in your favorite activities, the less you ponder over the issues that generates stress. Interestingly, stress is also sometime caused when you do something which you shouldn’t have done, so sometimes confessing helps too in reducing stress. Likewise, one should always try to look at the bright side or do things the right way. Exploring the third benefit which I have extracted from the book; the initial and the most important thing when managing yourself in time is to set achievable and realistic goal, because if

Correctional Education Essay Example | Topics and Well Written Essays - 3000 words

Correctional Education - Essay Example This assumes that employment is a major contributing factor to criminal activity and recidivism, on the one hand, and that there is a direct correlation between education and employment, on the other. Both theory and empirical studies have affirmed the imperatives of embracing correctional education as a strategy for the reduction of recidivism. Through a critical analysis of both theory, primarily focusing on the works of Chlup, Shobe and Spry, this section of the research will examine the following: how beneficial it is for correctional educators and others (counselors, correctional officers, other prison officials, etc.) to work together to provide a viable learning experience for institutionalized learners, Criminologists and politicians have debated the effectiveness of correctional rehabilitation programs since the mid-1970s when criminal justice scholars and policy makers throughout the United States embraced the conventional wisdom that 'nothing works' (Lipton, Martinson and Wilks, 1975). Programs based around punishment and surveillance grew. They are being embraced even stronger today despite the fact that Martinson later admitted that he was wrong (1979). An ample amount of research exists that suggests that there are successful programs available to reduce future criminality of not only offenders but also of potential offenders. These studies, amongst which we may cite the works of Chlup, Shobe and Spry, argue that prison education programs are representative of the "normalizing" prison programs whose intent is to increase prison safety and to decrease recidivism. The efficacy of these programs, as Chlup (2004; 2006) contends, has been affirmed and re-affirmed through the long history of education in female penitentiaries, versus the male ones, and the significantly lower rates of female versus male recidivism. Education contributes to the reduction of recidivism and, indeed, is correctional in the real sense of the word because, as may be inferred from all of Shobe (2003), Spry (2003) and Chlup's (2004; 2006) studies, it does not simply provide incarcerated adults with the tools requisite for a crime-less life following release but it teaches them what it means to be a member of society and that respect for society is an expression of self-respect and a determinant of the respect which one will evoke from others. Education within the prison context, in other words, is not just about providing the incarcerated with the skills necessary for later employment but is about social rehabilitation and healthy social development. Penitentiaries do not facilitate social rehabilitation. Sykes (1956) highlighted this last more than five decades ago through his identification and

Investor Psychology and Return Predictability Essay

Investor Psychology and Return Predictability - Essay Example To do so, we start with a traditional constant relative risk aversion utility function. This type of utility function is a standard criterion for choices under uncertainty. This function is expanded in a Taylor approximation up to the fourth order. The first two moments correspond to mean and variance. The third and fourth moment correspond to a directional measure of extreme events and to a symmetric measure respectively. A negative third moment indicates that there are more extreme negative realizations than there are positive ones. The fourth moment measures how the tails of the return distribution compare with the tails of the Gaussian distribution. From a technical point of view, in our paper, a numerical optimization takes place where the allocation involves higher moments. More pronounced results expected in the case one consider portfolios of individual stocks. Our findings are the following: a) When an investor may allocate his wealth to the indices and to the risk-free asset, then the weights corresponding to the risky assets are essentially unaffected by the introduction of a concern for the third or fourth moments. c) As the third moment comes to play a role, Asia (except Japan) gets less weighted because it contains large negative returns, whereas the importance of Japan is increased. The strong weighting of Japan comes from the fact that the Japanese returns contain several very large positive outliers generating a positive third moment. The implication of this research is that the traditional utility functions or expansions thereof may not sufficiently weigh realizations of extreme nature. This brings up the question how to adapt a utility function so that more weight is given to extreme realizations. A further question is how the allocation would change in a conditional setting, or with individual stocks rather than with portfolios, since in such circumstances, one may expect that higher moments take larger values than in the present setting. These questions are left for future research. Abstract Investment strategy is the first issue that investors should consider. At the outset, investing is an act of faith, a willingness to postpone present consumption and save for the future. Investing for the long term is central to the achievement of optimal returns by investors. Unfortunately, the principle of investing for the long term-eschewing funds with high turnover portfolios and holding shares in soundly managed funds as investments for a lifetime- is honoured more in the breach than in the observance by most mutual fund managers and shareholders. This proposition for investor's psychology affect the return predictability can be shown to be precisely true in several popular mathematical models of the portfolio decision. If returns are independent over time, then the mean and variance of continuously compounded returns rises in proportion to the horizon: The

Assigment #1 Assignment Example | Topics and Well Written Essays - 1000 words

Assigment #1 - Assignment Example In line with this, I find the English colonists as someone who is more superior as compared to the American Indians. Even though the English colonists acknowledged the fact that the American Indians were highly competitive in terms of their progress in economic activities particularly when it comes to hunting and agriculture, there were quite a lot of situational events wherein the English colonists were treating the American Indians badly. In most cases, the English colonists viewed the American Indians as a group of weak individuals who can be easily manipulated through the use of religious activities. I believe that the familiarity between the captive people and the colonists can be explained with the use of frontiers of inclusion or exclusion. Specifically the English colonists adopted the frontiers of exclusion when they settled in North America. Since frontier of exclusion means that they distance themselves from other culture and race, the English colonists never had the opportunity to become more acquainted with the American Indians (Mancall, 1995, p. 2). For this reasons, the English colonists failed to have a better understanding with regards to the strength and weaknesses of the American Indians. This gives the American Indians the benefit of not being able to become strongly manipulated by the English colonists. The same applied on the part of the American Indians. Because of the use of frontier of exclusion, the American Indians do not clearly know the real reasons why the English colonists chose to colonize their country. In fact, the American Indians were not able to have the opportunity to know more about the English culture. The only thing that the American Indians know is that the English colonists were abusive to their tribe. With regards to this perception, the American Indians became more familiar with the English colonists. The benefits and liabilities behind invading another country is not always clear

A. Critically assess why organisations should implement supportive Essay

A. Critically assess why organisations should implement supportive career management practices - Essay Example With more internal and external pressures to deliver client oriented services, professionals and organizations alike are increasingly pushed either to perform or face the axe of competitive market forces. Both the individual and the organization are all sailing in an expectant climate of taking responsibility for career management and development. Practitioners and researchers are in agreement that effective career management strategies are essential resources for organizational and individual growth prospects. Even though interest in the long-term growth may seem to be a shared objective of both individual employees and their employers, the key to a sustainable success remains the maintenance of sharp skills, which is largely the responsibility of the individual. The adage of ‘working for an employer for a lifetime with career prospects of â€Å"moving up the ladder†Ã¢â‚¬â„¢ seems to be a distant antique memory. In response to the new workplace dynamics, organizational management in the 21st century strives to reward quality services. In this regard, therefore, a working world characterized by globalized outsourcing, reorganization, contract labor, streamlining and downsizing has been adopted to curb escalating costs. As such, those entering the job market can, thus, be expected to have dynamic careers with the ability to serve clients in different organizations during a work life estimated to last for 40–50 years. ... While self-management is an important element of individual independence, it takes a self-activated attitudinal shift to cultivate reliance on oneself from the dictatorial organizational career management systems (Arnold, 1997). Critical self-analysis with a view to discovering inner, hidden talents, unexploited capabilities and career ambitions not only helps the individual to map out a concrete action plan but also creates the impetus towards the realization of one’s own desires (Sturges et al., 2000). Precisely, career self-assessment helps in developing more elaborate ideas on desired goals and how to achieve such aspirations. Contributing to the same subject of career development, Seibert, Kraimer and Crant (2001) are also in agreement that individual career self-management has an immense contributory effect on improving employee outcomes as well as the general success of one’s career. Accordingly, personal initiatives such as career oriented feedback from colleagu es provide a more satisfying level of carrier progress via identification of specific areas that require improvement. Notably, those active in monitoring and managing their career development are more likely to engage in informative career conversations to illuminate paths that better serve to accomplish personal aspirations (Schein, 1993). Indeed, self-assessment through feedback from colleagues informs a deeper understanding of oneself on certain fundamental internal career prospects which, in turn, enhance commitment to a more delivering career. Research into a more satisfying work life indicates that personal careers are most productive when employer’s goals are met (Sturges et al., 2000). Certainly, nothing would be more satisfying than knowing that preset targets

Health Psychology Concepts Essay Example for Free

Health Psychology Concepts Essay In this short speech I will tell you the three most significant concepts that I have learned in a course that I took in health care about health psychology. The three most significant concepts I have learned in this course that I would include in a speech supporting incorporation of health psychology concepts in health care policy are pain management, coping with chronic illness, and stress and its affects on health. The first one that I picked was pain management. The reason that I picked pain management is there is many ways that our body deals with pain and there are many ways to fix the pain. Some people think that alcohol and drugs are a good pain killer, but in fact it does not help the pain at all. There are better way to deal with it but many people have to be trained to do these thing. The next significant concept that I picked was coping with chronic and life-threatening illness. The reason that I picked coping with chronic and life-threatening illness is until I took this class I had no ideal on how to deal with or to expect others to deal with it. The final concept that I picked was stress and its affects on health. The reason that I picked stress and its affects on health is that most people have a lot of stress and they do not know that it is affecting their health or how it is affecting their health. There are many ways that stress can affect some ones health. One of the ways that come right to mind is pain in different parts of your body and there seems to be no reason for it.

Risks and Returns of Initial Public Offerings (IPOs)

Risks and Returns of Initial Public Offerings (IPOs) ASSESSMENT OF RISKS AND RETURNS OF INITIAL PUBLIC OFFERINGS (IPOs) ISSUED IN HONG KONG VERSUS CHINA CHAPTER 1 ABSTRACT This dissertation was designed to focus on an assessment of the risks and returns of the initial public offerings (IPOs) issued in Hong Kong versus China. In recent years, Chinas stock market has experienced phenomenal growth with a record of US$62 billion raised in 140 IPOs in 2006, more than that raised in the United States of US$48 billion.1 The growth of Chinas economy continues to fuel the expectations that this trend of strong IPO growth would continue and that Chinese firms would increasingly pursue listings in the Chinese and Hong Kong stock exchanges to tap international investors for their fund raising requirements. A recent example of a Chinese firm doing an IPO was China Railways Construction which issued US$3.1 billion in an IPO in February 2008.2 The key rationale in pursuing this research was that it would give an understanding of the key differences between listings in the Chinese and Hong Kong stock exchanges, particularly in relation to risks and performance (i.e. returns). Based on the statistical analysis of the existing information, there was no marked difference seen in the performance of the IPOs of the mainland Chinese firms in the Hong Kong Exchange versus the performance of the overall exchange (represented by the Hang Seng index). The data availability limited the statistical analysis primarily to the IPO information from the Hong Kong Exchange. The assessment of the risks and performance of the IPOs in the Chinese and Hong Kong stock exchanges led to the following conclusions: (1) Hong Kong is favoured overseas exchange for dual listing of mainland Chinese firms, (2) there is strong uncertainty in listing in the Shanghai Stock Exchange, and (3) interest in China is strong and investors can be tapped through an overseas listing. For the mainland Chinese firms that will be issuing their IPOs, the following are the recommendations resulting from the dissertation: pursue a dual listing, list in the Hong Kong Exchange for the overseas exchange listing, and manage the timing of the IPO. Finally, for further research work, the following are the recommended steps that can be taken to develop the issues in greater detail and address other related concerns: pursue comparison of long-term performance of IPOs, compare the options available for mainland Chinese firms in terms of their IPOs, and assess IPO performance across other factors (such as size of firms, sector of firms, and extent of local versus global breakdown of the business). CHAPTER 2 RESEARCH AIMS AND OBJECTIVES The dissertation had two key research questions which were addressed during the research. These research questions guided the research design and methodology of the dissertation. The two research questions were: 1. How have the firms listing in Chinese and Hong Kong stock exchanges performed since their IPOs, and what risks did these firms face in their listings? 2. How have the IPOs in Chinese and Hong Kong stock exchanges performed compared to each other and also in relation to regional and global competitors? The rest of this section discusses these research questions in greater detail. 2.1 PERFORMANCE SINCE IPO OF CHINESE AND HONG KONG LISTINGS AND RISKS FACED BY FIRMS The dissertation sought to determine the performance since IPO of Chinese and Hong Kong stock exchange listings, and the risks faced by the firms listing in these exchanges. The research aims and objectives for this part of the dissertation focused on the following:  · Assess the performance of the listings in the Chinese and Hong Kong stock exchanges. This assessment focused on how listings have performed in the stock exchanges of Hong Kong and China. This gave an indication of the performance of the stocks which were listed through an IPO, and provided an opportunity to analyse the differences, in terms of performance, in listing between the Chinese and Hong Kong stock exchanges.  · Determine the risks faced by firms pursuing an IPO through the Chinese and Hong Kong stock exchanges. Another objective pursued in this dissertation was determining and understanding the risks that IPOs of firms listing in China and Hong Kong faced. As options have expanded in terms of the location where firms can list in, firms consider various factors in deciding on the best stock exchange for the listing of their IPO to be done. The different options also need to be assessed in terms of the risks that the firms are exposed to by listing in these exchanges. Understand other factors that have affected performance and risks of firms. The recent developments in the financial markets brought on as an impact by the US subprime markets have also affected the performance of recent listings not only in the Chinese and Hong Kong stock exchanges but also in other stock exchanges as well. These factors and the impact these factors have had on the performance of recent IPOs in the Chinese and Hong Kong stock exchanges were also identified and presented in this dissertation.  · Analyse issues using quantitative and qualitative analysis. In pursuing the assessment of the points above, this dissertation pursued both a quantitative and a qualitative approach to ensure that the research methods provided a complementary approach. This was also designed to ensure that the inputs to the analysis had a robust basis with the assessment of performance and risks based off actual quantitative results supported by input from industry practitioners and their observations. 2.2 ASSESSMENT OF IPO PERFORMANCE BETWEEN CHINA AND HONG KONG STOCK EXCHANGES AND VERSUS OTHER STOCK EXCHANGES The assessment of the performance of the IPOs was reviewed by comparing the performance of the IPOs of the Chinese and Hong Kong stock exchanges. In addition, these were also compared versus the performance of IPOs in selected regional and also global stock exchanges to give an indication of the relative performance of the IPOs in these different exchanges. The research aims and objectives of this part of the dissertation were the following:  · Assess objectively the performance of the IPOs in the Chinese and Hong Kong stock exchanges versus selected regional and global stock exchanges. This assessment was conducted using the performance data of selected firms in these exchanges to provide an indication of their relative performances. Thus, the dissertation sought to expand on the initial issue raised on the performance and risks of IPOs between Chinese and Hong Kong stock exchanges. This provided an added viewpoint into how different the performances of the IPOs have been in these exchanges.  · Understand factors and issues affecting the relative performances of the IPOs. With the differences in the performances of IPOs identified in the previous point, the dissertation sought to analyse the factors affecting these differences. This assessment was important as it provided the opportunity to pursue further research of the issues, resulting in increased understanding of factors affecting the performance of the IPOs in these stock exchanges. These two points above were the key research objectives in assessing the performance of the IPOs of the Chinese and Hong Kong stock exchanges versus the IPOs of other selected regional and global stock exchanges. CHAPTER 3 RESEARCH RATIONALE There were several key reasons identified as to the rationale behind pursuing this dissertation. This section discusses the research rationale first from an academic research point of view and then, second, from a personal point of view of the researcher in terms of the benefits achieved in completing the dissertation. From an academic research point of view, the following were the key reasons identified:  · Drive decision for location of IPO for firms listing in stock exchanges: The results of the research could be utilised in forming a decision as to the location of a firms IPO. With greater transparency of the performance and risks in listing in China versus listing in Hong Kong, firms now have further factors to include in building a decision for the location of a firms IPO. This point is particularly relevant for mainland China firms which are looking to tap international overseas investors for their IPO and are considering various options for their action.  · Provide alternative options and thought processes for firms considering their IPOs: The results of the dissertation also provide firms pursuing an IPO in China or Hong Kong further basis for possibly considering other options outside of China or Hong Kong, given the points raised in the findings and analysis section. For example, firms now are not limited only to the thinking pursuing the funding of Chinese firms is best achieved by tapping both the Chinese and Hong Kong stock exchanges for a dual listing as this gives Chinese firms best access to the funding capability of international investors.  · Push stock exchanges to manage more effectively the marketing of their products and services: The dissertation also benefits the Chinese and Hong Kong stock exchanges as this dissertation provides the stock exchanges the basis and the opportunity to revisit their product and service offerings, and ensure that their marketing properly addresses the requirements of Chinese firms in capital markets financing. The review of the Chinese and Hong Kong stock exchanges versus its regional and global peers also provide the stock exchanges an objective assessment of performance levels relative to each other. On a personal level, the dissertation also benefited the research considerably, and also lends further basis to providing a strong rationale for completing the dissertation. The key personal reasons for the researcher in pursuing this dissertation, aside from completing school requirements, include the following:  · Improve knowledge and expertise of researcher. The dissertation was very specific in the research questions addressed and the research issues to be assessed. Thus, the researchers knowledge in these specific academic and business areas were considerably enhanced with the conduct and completion of the dissertation, including the pur suit of in-depth research and the structuring of questions and issues for the dissertation. The understanding of the issues in this dissertation will be very helpful to the researcher as other challenges are faced in an academic and business setting.  · Build project management skills. The dissertation provided the researcher the opportunity to build on project management skills as well given the extent of the period and the different aspects required in completing the dissertation, or project. This skill will be very beneficial to the researcher particularly once this is utilised in the business world where the ability to manage projects, as well as multi-task, is appreciated. The two points above provided further rationale to the pursuit of the completion of this dissertation, and gave the researcher strong reasons for undertaking the dissertation in addition to the given benefit of completing a requirement for school. CHAPTER 4 LITERATURE REVIEW The issue of performance and risks in issuing IPOs in exchanges has been analysed in various research works and there is a relatively comprehensive research work that can form the basis of further research work. For example, assessments of the performance of IPOs of stock exchanges have been done in a number of exchanges already. One research in particular focused on an assessment of the long-term performance of the IPOs of Europes new stock markets.3 The research works focusing on the issue of IPO performance are expected to continue to be of importance to the academic finance community given the debate which goes on relating to the near-term abnormal returns of IPOs and their long-term underperformance. The focus of this dissertation is a comparison and assessment of the performance and risks of IPOs issued in Chinese and Hong Kong stock exchanges. This research differs in other bodies of academic work in that this specific research issue has not been addressed directly. Certainly, the existing literature and academic research provides a preliminary path and approach in resolving the key research questions defined at the beginning of this dissertation paper. In reviewing the related literature on the assessment of risks and performance of IPOs in Chinese and Hong Kong stock exchanges, a number of consistent themes were noted as predominant in the research works. In order to assess the themes which may have contrasting supporting research, these themes are presented below and form the structure for the rest of this section reviewing the related literature:  · Methods for assessment of IPO performance  · Performance of IPOs  · Risk assessment of IPOs  · Period of assessment  · Chinese and Hong Kong IPOs The points above are the key factors discussed in this section. 4.1 METHODS FOR ASSESSMENT OF IPO PERFORMANCE One of the areas that need to be reviewed is the research methodology that previous research works have utilised in pursuing their research. The related literature has shown that the typical method used in analysing the performance largely relies on the use of descriptive statistics. In some occasions, qualitative assessment are included as part of the research methodology in order to gain greater understanding of the performance and the factors affecting the performance of the IPOs. The research mentioned earlier in this section which focused on an assessment of the long-term performance of the IPOs of Europes new stock markets used both qualitative and quantitative assessments as part of the methodology.5 The research approach was a combination of qualitative assessment (to discuss the rationale for the resulting performance) and quantitative analysis (on the IPO performance and which, as expected, was analysed and presented using descriptive statistics). The research work noted in the introduction highlighting the continued debate on the near-term abnormal returns of IPOs and their long-term underperformance was a research piece focused on the returns of IPOs from the Istanbul Stock Exchange. In this research, the performance of the IPOs was assessed utilising descriptive statistics with a comparison of means (z-test: sample for two means) as part of the statistics tool kit utilised. Clearly, the use of descriptive statistics and statistical tests for significance seems to be the preferred method of analysis for these types of research assessments. The dominant use of descriptive statistics also provides confidence that this is the method that would be most logical for the dissertation in the assessment of performance of the IPOs in the stock exchanges. 4.2 PERFORMANCE OF IPOs Another area focused on in this dissertation is the performance of the IPOs in the Chinese and Hong Kong stock exchanges as well as other regional and global stock exchanges. In terms of IPO performance assessment, one research work focused specifically on bank IPOs and their growth. Interestingly, this and the research work mentioned earlier on IPO performance (Europes new stock markets) both found that long-run post-offering returns were poor when compared to various market benchmarks. This finding was supported by another research whose results were from an analysis of 6,000 NASDAQ IPO stocks. Thus, there seems to be a number of research works that have shown the underperformance of IPOs versus other more established stocks or the market benchmarks. A research paper that focused on this underperformance showed that a reason for the underperformance of IPOs was the high expectations which were linked to the IPOs and which affected the prices paid for these offerings. This result is rather ironic as the high expectations given by investors indicate that these investors expected much higher returns from IPOs versus other stocks that these investors could have invested in. A research work with similar findings on the long-term underperformance of IPOs was done on the UK IPOs from the period 1996 to 1999.9 For this research, the long-term underperformance of the IPOs in the study was considerable versus the market performance. A period of three years was used as the long-term period. The research notes that this underperformance has been seen in a large number of countries where the IPO performance was measured over a number of years to assess its performance. The key factors identified in the research as impacting on the long-term performance of the IPOs were: (1) percentage of equity issued as part of the IPO, and (2) degree of multinationality of a firm issuing the IPO. On the first point, the research finding noted that the greater the percentage of the equity issued for the IPO, the greater the probability of underperformance over the long-term. On the latter point, the research finding was that the greater the multinational component of a firm was, the better the expectation for a long-term performance. Further to the research on UK IPOs, another research work on the UK IPOs but focused on the AIM-listed firms versus those on the main board of the London Stock Exchange showed a similar result in terms of long-term underperformance of IPOs. This research work has an additional finding on the cost of equity that is relevant to the risks faced by firms pursuing an IPO. This finding is discussed in greater detail in a later part on the assessment of risks. The research works with an assessment showing poor long-run returns for IPOs is not unanimous though as opposing performance arguments also exist with IPOs being shown to be undervalued and thus provide good, long-run returns even versus the market. However, the reasons that the results are different for this research work is the adjustment done on the valuation of the IPOs which result in the IPO valuation being markedly different from those considered in the other researches which found poor longrun returns for IPOs. This research work utilised an alternative method with adjustments made on the performance of the IPO stocks. The research work on the Istanbul Stock Exchange highlighted a number of reasons for the performance of the IPOs, particularly the abnormal returns shown in the near-term: overvaluation of IPOs by investors and deliberate under-pricing for the IPO which then rewards the informed investors. The long-term underperformance of IPOs is not shared and accepted universally as other research works exist which shows that this is not the case, at least for the particular market and time period considered in these research works. A research on Malaysian IPOs from 1992 to 1996 showed that these IPOs showed particularly strong growth in stock prices over a three-year period from the issuance. This thus negates the concept of long-term underperformance shown by a number of research works. The difference in results could be attributed to a number of factors which could include differences in the parameters of the research factors related to the IPOs such as, for example, the definition of long-term in the assessment (this Malaysian research study utilised a period of three years to define the long-term). Further evidence of long-term performance contrary to other international evidence is that result from a review of IPO performance in Greece from the period 1993 to 1997, which showed that the IPOs performed much better than the market over the long-term and not just in the near-term for the effects of the abnormal near-term returns. In this research work, the definition for long-term performance was again different as the period of one year was taken for this assessment to reflect the long-term performance of the IPOs. The research piece attributes the difference with international evidence to possibly the legal framework, the institutional arrangements, and the degree of development of the capital markets. To further complicate the current thinking on the performance of IPOs, a research work focused on Germany IPOs from 1977 to 1995 showed varying performances over the long-term with some IPOs resulting in considerable underperformance while other IPOs showed excellent long-term performance.15 The focus of the research was not necessarily the determination of the long-term performance of the IPOs and thus could not be considered as inconclusive. The actual focus of the research work was the determination of the action post-IPO and the ability to determine which of the IPOs would perform better over the longer-term. The research finding was that the key predictor of the long-term performance of an IPO was the subsequent financing activity in the equity market with the firms being able to raise additional funds soon after the IPO slated for out-performance versus other firms which failed to generate further funding. Several reasons have been put forth as supporting the underperformance of IPOs in most markets. A research work which looked at French IPOs but focused on the impact of ownership resulted in findings that ownership had an influential and large impact on long-term performance of the IPOs.16 The reason for this was that at some point, usually a typical long-term period such as three to five years, ownership restriction in terms of selling off stakes would have been lifted. Thus, the sell-off of family or block holdings in IPOs after a long-term period impact negatively on the share price and becomes a large reason for the underperformance of IPOs over the long-term. This finding would seem to be applicable to most firms pursuing IPOs as it would be usually the case that a firm issuing an IPO would have large blocks of holdings controlled by very few entities or personalities. 4.3 RISK ASSESSMENT OF IPOs While a number of research works such as those cited earlier have focused only on the performance of the IPOs, other research works have combined the analysis of the risk and rewards related to IPOs, which would be parallel to the focus that this dissertation is geared to do. One, in particular, focused on the risk and return trade-off for IPOs though, admittedly, there was greater focus on how these issuances were riskassessed.A rather focused look on long-run performance showed that industry parameters, timing of IPO, and industry situation all play in the aftermarket returns of IPOs which, in general, are not favourable. One of the risks identified in a research work on AIM-listed IPOs was the resulting cost of equity. A decision factor for the firms considering pursuing an IPO should be the cost of equity and the research finding on the assessment of AIM-listed stocks showed that, potentially, cost of equity is much greater than that expected with the listing on these stock exchanges.Using this as an analogy to the current issue of issuing an IPO between Chinese and Hong Kong stock exchanges, it is possible that this is a risk faced by the mainland Chinese firms in their decision. 4.4 PERIOD OF ASSESSMENT A factor that needs to be made consistent in the assessment of the performance of the IPOs is the period of assessment. The proper time frame could impact on the performance considerably and in viewing this assessment, it would be important to have the proper time frame from which to consider returns. For example, flipping of IPOs impact the pricing of some IPOs post the offering and affect the returns if taken within a short time frame. There is thus a question of the period defined by near-term as well as long-term performance given different periods taken by researchers in conducting their work. Understandably, this could have been driven by the availability of data of the stock prices. In order to have a proper assessment for this dissertation, it would probably be best to utilise the following time periods: one month for near-term performance, and 3 years for consideration of long-term performance. These seem to be the periods that most of the researchers had utilised though it does differ from some of the period conventions used in other researches. 4.5 CHINESE AND HONG KONG IPOs Despite the existence of numerous research work on the assessment of risks and rewards of IPOs across exchanges globally, there have been limited research works which focus on the Chinese and Hong Kong IPOs of recent years. One recent unpublished work touched on under-pricing and the aftermarket liquidity of Hong Kong IPOS, and found that under-pricing was evident in driving liquidity post-IPOs. A more comprehensive published work on Hong Kong IPOs utilised slightly dated figures (IPOs up to 2002) and thus presents a challenge in the findings concluded.22 Another is dated (published in 1998) but does look at the issue of pricing and aftermarket performance of IPOs with results showing large returns accruing in the long-term for IPOs. Other China-related research work focus on performance post-IPO but refer to operating performance of the firms and not the performance of the share price.One research which looked at short-term and long-term IPO performance in China highlighted a number of differences affecting Chinese stocks: stake that the government has in the firm, the size of the firm, and the options available to Chinese investors. Over the next few years, there will continue to be increased interest in the IPOs of firms in mainland China as these firms seek to tap international investors. In turn, international investors are increasingly interested in investing in the mainland Chinese firms given their typical profitable nature (largely owing to monopoly or large market share status) and the presence these firms have in mainland China that international investors find attractive. The pursuit of the IPO by the mainland Chinese firms is partly driven by the need to diversify ownership risk, particularly for the mainland Chinese firms which are predominantly state-owned enterprises (SOEs). Thus, despite extensive related research, there is still scope to pursue this dissertation as it provides further evidence of the risk and reward assessment of IPOs. CHAPTER 5 RESEARCH METHODOLOGY The approach to the dissertation followed an explanatory research approach. This approach was deemed to be the best approach to address the research questions, particularly with the requirement of discovery of insights and ideas. The research approach relied on both extensive primary and secondary research providing a complementary basis for conducting the assessment and analysis of the issues in the research. This section is structured as follows:  · Research analysis and approach. This part describes the overall research approach utilised in this dissertation and the methods of analysing the information retrieved from primary and secondary research methods.  · Primary research. This discusses the primary research undertaken in this dissertation, including the objectives in the methods used.  · Secondary research. This presents the use of secondary research and the complementary approach to the primary research tools.  · Research limitations. In the conduct of the dissertation research, a number of limitations presented itself which impacted on the results of the dissertation. These are explained in this part.  · Ethical considerations. This part goes through the key ethical considerations in the process of completing the dissertation. 5.1 RESEARCH ANALYSIS AND APPROACH The dissertation was conducted using a problem-solving approach. This methodology was used in assessing the quantitative results from the statistical analysis and also in analysing the results of the in-depth interviews, and secondary research. The dissertation utilised a combination of desktop analysis (the statistical analysis and quantitative assessment of the performance of IPOs in various stock exchanges), input from industry practitioners (the qualitative assessment of risks of the IPOs), and desk research (primarily for the secondary research and in providing further support to the results of the statistical analysis and qualitative assessment). The assessment of the performance of the IPOs was conducted using descriptive statistics as these allowed for an objective comparison of the performance (or returns) of the IPOs. Descriptive statistics was also used to show other relevant trends related to the performance of the IPOs from the Chinese and Hong Kong stock exchanges, and also the comparison versus other regional and global stock exchanges. After the assessment and analysis, and with the preliminary results on-hand, the research findings were tested and reviewed in the ‘market through discussions with other stakeholders to ensure that these research findings were sound and logical. The market review also provided feedback and confirmation of the possible research contribution that the dissertation provides. This has been noted as part of the findings and analysis section. 5.2 PRIMARY RESEARCH The key primary research utilised in this dissertation involved interviews with industry practitioners involved in Chinese and Hong Kong IPOs. The objectives in this primary research method were to: (1) understand the key risks for firms pursuing their firms listing in the Chinese and Hong Kong stock exchanges, and (2) determine the perception of the industry practitioners as to the relative performance of IPOs being done in the Chinese and Hong Kong stock exchanges. The interviews were conducted to get an understanding of the key risks that firms are exposed to by pursuing their IPOs in Chinese and Hong Kong stock exchanges. The use of in-depth interviews was selected as the primary research method as this provided an opportunity for the researcher to gain deeper insights into the issues focused on. It was initially planned that in-depth interviews of various stakeholders in the industry would be pursued in order to have a good breadth and depth in understanding the key risks and to get input from a diverse set of stakeholders. However, the research limitations in terms of timing, access to various stakeholders, and leverage of contacts in the Chinese and Hong Kong financial services sectors provided a hindrance to having an extensive list of industry practitioners included in the primary research. Nevertheless, the researcher was still able to have several in-depth interviews and these provided a good indication of the overall viewpoints currently existing in the industry, particularly related to the risks that exist for firms. 5.3 SECONDARY RESEARCH The secondary research for this dissertation involved two key approaches: (1) statistical analysis of stock price performance of selected IPOs in the Chinese and Hong Kong stock exchanges as well as several regional and global stock exchanges, and (2) desk research to understand the viewpoints currently existing on the performance and risks of IPOs in Chinese and Hong Kong stock exchanges. 5.3.1 Statistical Analysis The first secondary research method involved the quantitative data analysis of the performance of the IPOs in the Chinese and Hong Kong stock exchanges. This analysis effectively supported the assessment the performance of the listing in these stock exchanges to determine if there were differences in the performances of IPOs for these exchanges. The objectives in usin Risks and Returns of Initial Public Offerings (IPOs) Risks and Returns of Initial Public Offerings (IPOs) ASSESSMENT OF RISKS AND RETURNS OF INITIAL PUBLIC OFFERINGS (IPOs) ISSUED IN HONG KONG VERSUS CHINA CHAPTER 1 ABSTRACT This dissertation was designed to focus on an assessment of the risks and returns of the initial public offerings (IPOs) issued in Hong Kong versus China. In recent years, Chinas stock market has experienced phenomenal growth with a record of US$62 billion raised in 140 IPOs in 2006, more than that raised in the United States of US$48 billion.1 The growth of Chinas economy continues to fuel the expectations that this trend of strong IPO growth would continue and that Chinese firms would increasingly pursue listings in the Chinese and Hong Kong stock exchanges to tap international investors for their fund raising requirements. A recent example of a Chinese firm doing an IPO was China Railways Construction which issued US$3.1 billion in an IPO in February 2008.2 The key rationale in pursuing this research was that it would give an understanding of the key differences between listings in the Chinese and Hong Kong stock exchanges, particularly in relation to risks and performance (i.e. returns). Based on the statistical analysis of the existing information, there was no marked difference seen in the performance of the IPOs of the mainland Chinese firms in the Hong Kong Exchange versus the performance of the overall exchange (represented by the Hang Seng index). The data availability limited the statistical analysis primarily to the IPO information from the Hong Kong Exchange. The assessment of the risks and performance of the IPOs in the Chinese and Hong Kong stock exchanges led to the following conclusions: (1) Hong Kong is favoured overseas exchange for dual listing of mainland Chinese firms, (2) there is strong uncertainty in listing in the Shanghai Stock Exchange, and (3) interest in China is strong and investors can be tapped through an overseas listing. For the mainland Chinese firms that will be issuing their IPOs, the following are the recommendations resulting from the dissertation: pursue a dual listing, list in the Hong Kong Exchange for the overseas exchange listing, and manage the timing of the IPO. Finally, for further research work, the following are the recommended steps that can be taken to develop the issues in greater detail and address other related concerns: pursue comparison of long-term performance of IPOs, compare the options available for mainland Chinese firms in terms of their IPOs, and assess IPO performance across other factors (such as size of firms, sector of firms, and extent of local versus global breakdown of the business). CHAPTER 2 RESEARCH AIMS AND OBJECTIVES The dissertation had two key research questions which were addressed during the research. These research questions guided the research design and methodology of the dissertation. The two research questions were: 1. How have the firms listing in Chinese and Hong Kong stock exchanges performed since their IPOs, and what risks did these firms face in their listings? 2. How have the IPOs in Chinese and Hong Kong stock exchanges performed compared to each other and also in relation to regional and global competitors? The rest of this section discusses these research questions in greater detail. 2.1 PERFORMANCE SINCE IPO OF CHINESE AND HONG KONG LISTINGS AND RISKS FACED BY FIRMS The dissertation sought to determine the performance since IPO of Chinese and Hong Kong stock exchange listings, and the risks faced by the firms listing in these exchanges. The research aims and objectives for this part of the dissertation focused on the following:  · Assess the performance of the listings in the Chinese and Hong Kong stock exchanges. This assessment focused on how listings have performed in the stock exchanges of Hong Kong and China. This gave an indication of the performance of the stocks which were listed through an IPO, and provided an opportunity to analyse the differences, in terms of performance, in listing between the Chinese and Hong Kong stock exchanges.  · Determine the risks faced by firms pursuing an IPO through the Chinese and Hong Kong stock exchanges. Another objective pursued in this dissertation was determining and understanding the risks that IPOs of firms listing in China and Hong Kong faced. As options have expanded in terms of the location where firms can list in, firms consider various factors in deciding on the best stock exchange for the listing of their IPO to be done. The different options also need to be assessed in terms of the risks that the firms are exposed to by listing in these exchanges. Understand other factors that have affected performance and risks of firms. The recent developments in the financial markets brought on as an impact by the US subprime markets have also affected the performance of recent listings not only in the Chinese and Hong Kong stock exchanges but also in other stock exchanges as well. These factors and the impact these factors have had on the performance of recent IPOs in the Chinese and Hong Kong stock exchanges were also identified and presented in this dissertation.  · Analyse issues using quantitative and qualitative analysis. In pursuing the assessment of the points above, this dissertation pursued both a quantitative and a qualitative approach to ensure that the research methods provided a complementary approach. This was also designed to ensure that the inputs to the analysis had a robust basis with the assessment of performance and risks based off actual quantitative results supported by input from industry practitioners and their observations. 2.2 ASSESSMENT OF IPO PERFORMANCE BETWEEN CHINA AND HONG KONG STOCK EXCHANGES AND VERSUS OTHER STOCK EXCHANGES The assessment of the performance of the IPOs was reviewed by comparing the performance of the IPOs of the Chinese and Hong Kong stock exchanges. In addition, these were also compared versus the performance of IPOs in selected regional and also global stock exchanges to give an indication of the relative performance of the IPOs in these different exchanges. The research aims and objectives of this part of the dissertation were the following:  · Assess objectively the performance of the IPOs in the Chinese and Hong Kong stock exchanges versus selected regional and global stock exchanges. This assessment was conducted using the performance data of selected firms in these exchanges to provide an indication of their relative performances. Thus, the dissertation sought to expand on the initial issue raised on the performance and risks of IPOs between Chinese and Hong Kong stock exchanges. This provided an added viewpoint into how different the performances of the IPOs have been in these exchanges.  · Understand factors and issues affecting the relative performances of the IPOs. With the differences in the performances of IPOs identified in the previous point, the dissertation sought to analyse the factors affecting these differences. This assessment was important as it provided the opportunity to pursue further research of the issues, resulting in increased understanding of factors affecting the performance of the IPOs in these stock exchanges. These two points above were the key research objectives in assessing the performance of the IPOs of the Chinese and Hong Kong stock exchanges versus the IPOs of other selected regional and global stock exchanges. CHAPTER 3 RESEARCH RATIONALE There were several key reasons identified as to the rationale behind pursuing this dissertation. This section discusses the research rationale first from an academic research point of view and then, second, from a personal point of view of the researcher in terms of the benefits achieved in completing the dissertation. From an academic research point of view, the following were the key reasons identified:  · Drive decision for location of IPO for firms listing in stock exchanges: The results of the research could be utilised in forming a decision as to the location of a firms IPO. With greater transparency of the performance and risks in listing in China versus listing in Hong Kong, firms now have further factors to include in building a decision for the location of a firms IPO. This point is particularly relevant for mainland China firms which are looking to tap international overseas investors for their IPO and are considering various options for their action.  · Provide alternative options and thought processes for firms considering their IPOs: The results of the dissertation also provide firms pursuing an IPO in China or Hong Kong further basis for possibly considering other options outside of China or Hong Kong, given the points raised in the findings and analysis section. For example, firms now are not limited only to the thinking pursuing the funding of Chinese firms is best achieved by tapping both the Chinese and Hong Kong stock exchanges for a dual listing as this gives Chinese firms best access to the funding capability of international investors.  · Push stock exchanges to manage more effectively the marketing of their products and services: The dissertation also benefits the Chinese and Hong Kong stock exchanges as this dissertation provides the stock exchanges the basis and the opportunity to revisit their product and service offerings, and ensure that their marketing properly addresses the requirements of Chinese firms in capital markets financing. The review of the Chinese and Hong Kong stock exchanges versus its regional and global peers also provide the stock exchanges an objective assessment of performance levels relative to each other. On a personal level, the dissertation also benefited the research considerably, and also lends further basis to providing a strong rationale for completing the dissertation. The key personal reasons for the researcher in pursuing this dissertation, aside from completing school requirements, include the following:  · Improve knowledge and expertise of researcher. The dissertation was very specific in the research questions addressed and the research issues to be assessed. Thus, the researchers knowledge in these specific academic and business areas were considerably enhanced with the conduct and completion of the dissertation, including the pur suit of in-depth research and the structuring of questions and issues for the dissertation. The understanding of the issues in this dissertation will be very helpful to the researcher as other challenges are faced in an academic and business setting.  · Build project management skills. The dissertation provided the researcher the opportunity to build on project management skills as well given the extent of the period and the different aspects required in completing the dissertation, or project. This skill will be very beneficial to the researcher particularly once this is utilised in the business world where the ability to manage projects, as well as multi-task, is appreciated. The two points above provided further rationale to the pursuit of the completion of this dissertation, and gave the researcher strong reasons for undertaking the dissertation in addition to the given benefit of completing a requirement for school. CHAPTER 4 LITERATURE REVIEW The issue of performance and risks in issuing IPOs in exchanges has been analysed in various research works and there is a relatively comprehensive research work that can form the basis of further research work. For example, assessments of the performance of IPOs of stock exchanges have been done in a number of exchanges already. One research in particular focused on an assessment of the long-term performance of the IPOs of Europes new stock markets.3 The research works focusing on the issue of IPO performance are expected to continue to be of importance to the academic finance community given the debate which goes on relating to the near-term abnormal returns of IPOs and their long-term underperformance. The focus of this dissertation is a comparison and assessment of the performance and risks of IPOs issued in Chinese and Hong Kong stock exchanges. This research differs in other bodies of academic work in that this specific research issue has not been addressed directly. Certainly, the existing literature and academic research provides a preliminary path and approach in resolving the key research questions defined at the beginning of this dissertation paper. In reviewing the related literature on the assessment of risks and performance of IPOs in Chinese and Hong Kong stock exchanges, a number of consistent themes were noted as predominant in the research works. In order to assess the themes which may have contrasting supporting research, these themes are presented below and form the structure for the rest of this section reviewing the related literature:  · Methods for assessment of IPO performance  · Performance of IPOs  · Risk assessment of IPOs  · Period of assessment  · Chinese and Hong Kong IPOs The points above are the key factors discussed in this section. 4.1 METHODS FOR ASSESSMENT OF IPO PERFORMANCE One of the areas that need to be reviewed is the research methodology that previous research works have utilised in pursuing their research. The related literature has shown that the typical method used in analysing the performance largely relies on the use of descriptive statistics. In some occasions, qualitative assessment are included as part of the research methodology in order to gain greater understanding of the performance and the factors affecting the performance of the IPOs. The research mentioned earlier in this section which focused on an assessment of the long-term performance of the IPOs of Europes new stock markets used both qualitative and quantitative assessments as part of the methodology.5 The research approach was a combination of qualitative assessment (to discuss the rationale for the resulting performance) and quantitative analysis (on the IPO performance and which, as expected, was analysed and presented using descriptive statistics). The research work noted in the introduction highlighting the continued debate on the near-term abnormal returns of IPOs and their long-term underperformance was a research piece focused on the returns of IPOs from the Istanbul Stock Exchange. In this research, the performance of the IPOs was assessed utilising descriptive statistics with a comparison of means (z-test: sample for two means) as part of the statistics tool kit utilised. Clearly, the use of descriptive statistics and statistical tests for significance seems to be the preferred method of analysis for these types of research assessments. The dominant use of descriptive statistics also provides confidence that this is the method that would be most logical for the dissertation in the assessment of performance of the IPOs in the stock exchanges. 4.2 PERFORMANCE OF IPOs Another area focused on in this dissertation is the performance of the IPOs in the Chinese and Hong Kong stock exchanges as well as other regional and global stock exchanges. In terms of IPO performance assessment, one research work focused specifically on bank IPOs and their growth. Interestingly, this and the research work mentioned earlier on IPO performance (Europes new stock markets) both found that long-run post-offering returns were poor when compared to various market benchmarks. This finding was supported by another research whose results were from an analysis of 6,000 NASDAQ IPO stocks. Thus, there seems to be a number of research works that have shown the underperformance of IPOs versus other more established stocks or the market benchmarks. A research paper that focused on this underperformance showed that a reason for the underperformance of IPOs was the high expectations which were linked to the IPOs and which affected the prices paid for these offerings. This result is rather ironic as the high expectations given by investors indicate that these investors expected much higher returns from IPOs versus other stocks that these investors could have invested in. A research work with similar findings on the long-term underperformance of IPOs was done on the UK IPOs from the period 1996 to 1999.9 For this research, the long-term underperformance of the IPOs in the study was considerable versus the market performance. A period of three years was used as the long-term period. The research notes that this underperformance has been seen in a large number of countries where the IPO performance was measured over a number of years to assess its performance. The key factors identified in the research as impacting on the long-term performance of the IPOs were: (1) percentage of equity issued as part of the IPO, and (2) degree of multinationality of a firm issuing the IPO. On the first point, the research finding noted that the greater the percentage of the equity issued for the IPO, the greater the probability of underperformance over the long-term. On the latter point, the research finding was that the greater the multinational component of a firm was, the better the expectation for a long-term performance. Further to the research on UK IPOs, another research work on the UK IPOs but focused on the AIM-listed firms versus those on the main board of the London Stock Exchange showed a similar result in terms of long-term underperformance of IPOs. This research work has an additional finding on the cost of equity that is relevant to the risks faced by firms pursuing an IPO. This finding is discussed in greater detail in a later part on the assessment of risks. The research works with an assessment showing poor long-run returns for IPOs is not unanimous though as opposing performance arguments also exist with IPOs being shown to be undervalued and thus provide good, long-run returns even versus the market. However, the reasons that the results are different for this research work is the adjustment done on the valuation of the IPOs which result in the IPO valuation being markedly different from those considered in the other researches which found poor longrun returns for IPOs. This research work utilised an alternative method with adjustments made on the performance of the IPO stocks. The research work on the Istanbul Stock Exchange highlighted a number of reasons for the performance of the IPOs, particularly the abnormal returns shown in the near-term: overvaluation of IPOs by investors and deliberate under-pricing for the IPO which then rewards the informed investors. The long-term underperformance of IPOs is not shared and accepted universally as other research works exist which shows that this is not the case, at least for the particular market and time period considered in these research works. A research on Malaysian IPOs from 1992 to 1996 showed that these IPOs showed particularly strong growth in stock prices over a three-year period from the issuance. This thus negates the concept of long-term underperformance shown by a number of research works. The difference in results could be attributed to a number of factors which could include differences in the parameters of the research factors related to the IPOs such as, for example, the definition of long-term in the assessment (this Malaysian research study utilised a period of three years to define the long-term). Further evidence of long-term performance contrary to other international evidence is that result from a review of IPO performance in Greece from the period 1993 to 1997, which showed that the IPOs performed much better than the market over the long-term and not just in the near-term for the effects of the abnormal near-term returns. In this research work, the definition for long-term performance was again different as the period of one year was taken for this assessment to reflect the long-term performance of the IPOs. The research piece attributes the difference with international evidence to possibly the legal framework, the institutional arrangements, and the degree of development of the capital markets. To further complicate the current thinking on the performance of IPOs, a research work focused on Germany IPOs from 1977 to 1995 showed varying performances over the long-term with some IPOs resulting in considerable underperformance while other IPOs showed excellent long-term performance.15 The focus of the research was not necessarily the determination of the long-term performance of the IPOs and thus could not be considered as inconclusive. The actual focus of the research work was the determination of the action post-IPO and the ability to determine which of the IPOs would perform better over the longer-term. The research finding was that the key predictor of the long-term performance of an IPO was the subsequent financing activity in the equity market with the firms being able to raise additional funds soon after the IPO slated for out-performance versus other firms which failed to generate further funding. Several reasons have been put forth as supporting the underperformance of IPOs in most markets. A research work which looked at French IPOs but focused on the impact of ownership resulted in findings that ownership had an influential and large impact on long-term performance of the IPOs.16 The reason for this was that at some point, usually a typical long-term period such as three to five years, ownership restriction in terms of selling off stakes would have been lifted. Thus, the sell-off of family or block holdings in IPOs after a long-term period impact negatively on the share price and becomes a large reason for the underperformance of IPOs over the long-term. This finding would seem to be applicable to most firms pursuing IPOs as it would be usually the case that a firm issuing an IPO would have large blocks of holdings controlled by very few entities or personalities. 4.3 RISK ASSESSMENT OF IPOs While a number of research works such as those cited earlier have focused only on the performance of the IPOs, other research works have combined the analysis of the risk and rewards related to IPOs, which would be parallel to the focus that this dissertation is geared to do. One, in particular, focused on the risk and return trade-off for IPOs though, admittedly, there was greater focus on how these issuances were riskassessed.A rather focused look on long-run performance showed that industry parameters, timing of IPO, and industry situation all play in the aftermarket returns of IPOs which, in general, are not favourable. One of the risks identified in a research work on AIM-listed IPOs was the resulting cost of equity. A decision factor for the firms considering pursuing an IPO should be the cost of equity and the research finding on the assessment of AIM-listed stocks showed that, potentially, cost of equity is much greater than that expected with the listing on these stock exchanges.Using this as an analogy to the current issue of issuing an IPO between Chinese and Hong Kong stock exchanges, it is possible that this is a risk faced by the mainland Chinese firms in their decision. 4.4 PERIOD OF ASSESSMENT A factor that needs to be made consistent in the assessment of the performance of the IPOs is the period of assessment. The proper time frame could impact on the performance considerably and in viewing this assessment, it would be important to have the proper time frame from which to consider returns. For example, flipping of IPOs impact the pricing of some IPOs post the offering and affect the returns if taken within a short time frame. There is thus a question of the period defined by near-term as well as long-term performance given different periods taken by researchers in conducting their work. Understandably, this could have been driven by the availability of data of the stock prices. In order to have a proper assessment for this dissertation, it would probably be best to utilise the following time periods: one month for near-term performance, and 3 years for consideration of long-term performance. These seem to be the periods that most of the researchers had utilised though it does differ from some of the period conventions used in other researches. 4.5 CHINESE AND HONG KONG IPOs Despite the existence of numerous research work on the assessment of risks and rewards of IPOs across exchanges globally, there have been limited research works which focus on the Chinese and Hong Kong IPOs of recent years. One recent unpublished work touched on under-pricing and the aftermarket liquidity of Hong Kong IPOS, and found that under-pricing was evident in driving liquidity post-IPOs. A more comprehensive published work on Hong Kong IPOs utilised slightly dated figures (IPOs up to 2002) and thus presents a challenge in the findings concluded.22 Another is dated (published in 1998) but does look at the issue of pricing and aftermarket performance of IPOs with results showing large returns accruing in the long-term for IPOs. Other China-related research work focus on performance post-IPO but refer to operating performance of the firms and not the performance of the share price.One research which looked at short-term and long-term IPO performance in China highlighted a number of differences affecting Chinese stocks: stake that the government has in the firm, the size of the firm, and the options available to Chinese investors. Over the next few years, there will continue to be increased interest in the IPOs of firms in mainland China as these firms seek to tap international investors. In turn, international investors are increasingly interested in investing in the mainland Chinese firms given their typical profitable nature (largely owing to monopoly or large market share status) and the presence these firms have in mainland China that international investors find attractive. The pursuit of the IPO by the mainland Chinese firms is partly driven by the need to diversify ownership risk, particularly for the mainland Chinese firms which are predominantly state-owned enterprises (SOEs). Thus, despite extensive related research, there is still scope to pursue this dissertation as it provides further evidence of the risk and reward assessment of IPOs. CHAPTER 5 RESEARCH METHODOLOGY The approach to the dissertation followed an explanatory research approach. This approach was deemed to be the best approach to address the research questions, particularly with the requirement of discovery of insights and ideas. The research approach relied on both extensive primary and secondary research providing a complementary basis for conducting the assessment and analysis of the issues in the research. This section is structured as follows:  · Research analysis and approach. This part describes the overall research approach utilised in this dissertation and the methods of analysing the information retrieved from primary and secondary research methods.  · Primary research. This discusses the primary research undertaken in this dissertation, including the objectives in the methods used.  · Secondary research. This presents the use of secondary research and the complementary approach to the primary research tools.  · Research limitations. In the conduct of the dissertation research, a number of limitations presented itself which impacted on the results of the dissertation. These are explained in this part.  · Ethical considerations. This part goes through the key ethical considerations in the process of completing the dissertation. 5.1 RESEARCH ANALYSIS AND APPROACH The dissertation was conducted using a problem-solving approach. This methodology was used in assessing the quantitative results from the statistical analysis and also in analysing the results of the in-depth interviews, and secondary research. The dissertation utilised a combination of desktop analysis (the statistical analysis and quantitative assessment of the performance of IPOs in various stock exchanges), input from industry practitioners (the qualitative assessment of risks of the IPOs), and desk research (primarily for the secondary research and in providing further support to the results of the statistical analysis and qualitative assessment). The assessment of the performance of the IPOs was conducted using descriptive statistics as these allowed for an objective comparison of the performance (or returns) of the IPOs. Descriptive statistics was also used to show other relevant trends related to the performance of the IPOs from the Chinese and Hong Kong stock exchanges, and also the comparison versus other regional and global stock exchanges. After the assessment and analysis, and with the preliminary results on-hand, the research findings were tested and reviewed in the ‘market through discussions with other stakeholders to ensure that these research findings were sound and logical. The market review also provided feedback and confirmation of the possible research contribution that the dissertation provides. This has been noted as part of the findings and analysis section. 5.2 PRIMARY RESEARCH The key primary research utilised in this dissertation involved interviews with industry practitioners involved in Chinese and Hong Kong IPOs. The objectives in this primary research method were to: (1) understand the key risks for firms pursuing their firms listing in the Chinese and Hong Kong stock exchanges, and (2) determine the perception of the industry practitioners as to the relative performance of IPOs being done in the Chinese and Hong Kong stock exchanges. The interviews were conducted to get an understanding of the key risks that firms are exposed to by pursuing their IPOs in Chinese and Hong Kong stock exchanges. The use of in-depth interviews was selected as the primary research method as this provided an opportunity for the researcher to gain deeper insights into the issues focused on. It was initially planned that in-depth interviews of various stakeholders in the industry would be pursued in order to have a good breadth and depth in understanding the key risks and to get input from a diverse set of stakeholders. However, the research limitations in terms of timing, access to various stakeholders, and leverage of contacts in the Chinese and Hong Kong financial services sectors provided a hindrance to having an extensive list of industry practitioners included in the primary research. Nevertheless, the researcher was still able to have several in-depth interviews and these provided a good indication of the overall viewpoints currently existing in the industry, particularly related to the risks that exist for firms. 5.3 SECONDARY RESEARCH The secondary research for this dissertation involved two key approaches: (1) statistical analysis of stock price performance of selected IPOs in the Chinese and Hong Kong stock exchanges as well as several regional and global stock exchanges, and (2) desk research to understand the viewpoints currently existing on the performance and risks of IPOs in Chinese and Hong Kong stock exchanges. 5.3.1 Statistical Analysis The first secondary research method involved the quantitative data analysis of the performance of the IPOs in the Chinese and Hong Kong stock exchanges. This analysis effectively supported the assessment the performance of the listing in these stock exchanges to determine if there were differences in the performances of IPOs for these exchanges. The objectives in usin

Ignorance Towards The Black Community in Canada :: essays research papers

Ignorance Towards The Black Community in Canada Canada has been respected for its equality and diversity between it’s races. People refer to it as being the most multicultural diverse countries in the world. Most people think that Canada has no racism like the U.S.A. , however that is not the case at all we have been known to of have racism since the French explorers . We were very bad for racism towards the blacks in the 20th century when our country began going through a very rough time. Canadians need to respect the fact that we did have racism and we are no different from any other country during that time. This country has had racism for a long time .The first recorded instance of against the blacks came when they were taking as slaves by the French explorers. The black community was very discriminated against in the 20th century. These people were hated for no reason besides the colour of their skin and there way of life, However to deal with this they decided the best thing to do was segregate themselves from the white community and live amongst themselves at one end of the city. Due to the strength of the black community they succeeded and continued living a good life, Even though they still faced many hardships in every day life. The blacks faced many hardships and obstacles ranging from the children to the adults. A major area where racism was noticed was in the educational system, as well as in the judicial system were many blacks were persecuted for crimes they didn’t commit due to skin colour. African Americans were refused to be allowed to learn in schools and get the same benefits as white children. The blacks were also banned from churches, bars, and other institutions in Canada. The way they dealt with this was they built there own schools and opened there own bars as well. They did run into a problem with this though not many black people were qualified to teach in the schools, also they got the worst teaching supplies like books, and all around tools needed to make it easier on the students and teachers. The government did nothing to help the blacks achieve a half decent lifestyle. Martin Luther King Jr said â€Å"I have a dream that my four children will one day live in a nation where t hey will not be judged by the colour of their skin but by the content of their character† and the white people made this as difficult as possible for the black community in Canada . Ignorance Towards The Black Community in Canada :: essays research papers Ignorance Towards The Black Community in Canada Canada has been respected for its equality and diversity between it’s races. People refer to it as being the most multicultural diverse countries in the world. Most people think that Canada has no racism like the U.S.A. , however that is not the case at all we have been known to of have racism since the French explorers . We were very bad for racism towards the blacks in the 20th century when our country began going through a very rough time. Canadians need to respect the fact that we did have racism and we are no different from any other country during that time. This country has had racism for a long time .The first recorded instance of against the blacks came when they were taking as slaves by the French explorers. The black community was very discriminated against in the 20th century. These people were hated for no reason besides the colour of their skin and there way of life, However to deal with this they decided the best thing to do was segregate themselves from the white community and live amongst themselves at one end of the city. Due to the strength of the black community they succeeded and continued living a good life, Even though they still faced many hardships in every day life. The blacks faced many hardships and obstacles ranging from the children to the adults. A major area where racism was noticed was in the educational system, as well as in the judicial system were many blacks were persecuted for crimes they didn’t commit due to skin colour. African Americans were refused to be allowed to learn in schools and get the same benefits as white children. The blacks were also banned from churches, bars, and other institutions in Canada. The way they dealt with this was they built there own schools and opened there own bars as well. They did run into a problem with this though not many black people were qualified to teach in the schools, also they got the worst teaching supplies like books, and all around tools needed to make it easier on the students and teachers. The government did nothing to help the blacks achieve a half decent lifestyle. Martin Luther King Jr said â€Å"I have a dream that my four children will one day live in a nation where t hey will not be judged by the colour of their skin but by the content of their character† and the white people made this as difficult as possible for the black community in Canada .