Special Education A Case Study - 690 Words

Special Education Case Study During my time as a special education teacher there were many students who posed challenges when it came to school, but there was one boy who was by far the worst and most challenging case I had ever experienced. The boy was diagnosed with ADHD at a young age. By the time I encountered him in high school, he had used his diagnosis as an excuse to avoid any substantial work. The problem was that at his high school his English teacher saw through his laziness and with the approval of his guardian decided to press the child for better work. I was left with the task of working with him and keeping him on task. The central problem with this student was memory and cognition. Ever since his diagnosis, teachers did not assign the student any literature that was substantially long and so what was once a minor problem became very serious by the time he was in high school. When I tested his reading level, it was at a 4th grade level, which suggested to me that his p revious teachers had simply decided to avoid challenging the student or pressing him to improve. What made this problem even more difficult for the student is that in his mind he had already given up and written himself off as being unable to read literature. This was not an acceptable way of thinking for his English teacher. The purpose of this case was to exercise the students mind and teach him how to focus enough to comprehend literature. This is a daunting enough task with a regularShow MoreRelatedSpecial Education Students Placement and Performance Outcomes on Math Assessments1508 Words   |  7 Pagespassage of the Education for All Handicapped Children Act, now known as the Individuals with Disabilities Act (IDEA). This act required that procedures be enacted that would protect the rights of disabled children and assure that to the extent appropriate handicapped children are educated with children who are not handicapped and that the removal of handicapped children from t he regular educational environment occurs only when the nature or severity of that handicap is such that education in regularRead MoreQuantitative and Qualitative Research Questions and Hypothesis1050 Words   |  5 PagesRevised Problem Statement– Quantitative Study Jung (2007) found that general education teacher’s attitudes toward the integration of students with disabilities reflect a lack of confidence both in their own instructional skills and in the quality of support personnel currently provides. 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However, students with special needs can and often do require a more elaborate team of specialists. The special education team consists of several different people from many different teams. These teams include: the parents; the mental health workers in the school; the mental health workers outside of the school; general education teachers; special education teachers; and special therapists (speech, physical, and occupational). This case study of a high school freshman with autismRead MoreEssay about Minority Students in Special Education Programs 1583 Words   |  7 Pages The special education programs in the United States have been designed to help children with special needs learn easier and fit in better with the education program. Unfortunately, many minority students get caught up in the mix and don’t get the proper attention they deserve. Furthermore, minority students are seriously over-represented in the educational programs. Many minority students are misdiagnosed and put into special education programs when in fact; they do not have a learning disabilityRead MoreTeacher Burnout : Teachers And The Causes828 Words   |  4 Pagesreview study reflected on teacher burnout in special education teachers and the causes. They noted that factors such as depersonalization, lack of accomplishment, and emotional exhaustion are known causes for teacher burnout and sought to review literature to support this view. A systematic search was conducted, which included a multiple gated process such as ancestral searches and electronic and hand searche s. A study that included a quantitative measure of burnout was also reviewed. 23 studies thatRead MoreEvaluation Of A Formal Referral1691 Words   |  7 PagesIdentification: If a parent believes that their child is in need of special education services, a written request must be sent to the Child Study Team and it is treated as a formal referral. School district personnel, such as a child’s teacher, may suspect, through classroom observations, that a child may have a disability and can make a referral to the child study team. Within 20 calendar days of receiving a referral, the complete child study team must hold a meeting with the parent and the student’s teacherRead MoreHow Educators For Students With Children With Learning Disabilities And Their Diverse Learning Needs843 Words   |  4 Pagesdiminished job satisfaction as a teacher. Studies by Custer Panangos (1996) and Harvey (2000) focused on the perceptions of CTE teachers with a specific lens towards confidence and effectiveness of teaching. Each study employed surveys in which CTE teachers and other school-based personnel were involved to include administrators and counselors. CTE teachers were asked to rate themselves in terms of confidence and effectiveness with working with various special populations, while administrators andRead MorePersonal Statement905 Words   |  4 Pages(hons.) Education, Diploma in Teaching PROFESSIONAL GOAL STATEMENTS DEGREE/SPECIALISATION: Ed.D. –SPECIAL EDUCATION PERSONAL/PROFESSIONAL GOALS: A philosopher once wrote that learning is dynamic; and as such graduate school became a natural progression. Having read for a Masters Degree in teaching, this part of the journey translates into me eventually owning and operating a school that will cater for the whole child, with each grade level being equipped with a special education facilitatorRead MoreThe Ethics Of Special Education1062 Words   |  5 PagesIn The Ethics of Special Education, Howe and Miramontes (2014) outline pressing issues facing special education and provide a framework for discussing ethical challenges. The authors present case studies around personal, institutional, and policy issues. Each case includes analyses and explanation by Howe and Miramontes that provide the reader with a more comprehensive understanding of the ethical issues. The intent of Howe and Miramontes (2014) is to raise the level of thinking about ethical

The Rise and Fall of Energy Giant, Enron Essay - 1540 Words

The Rise and fall of energy giant ‘ENRON’ Introduction: The main aim of this essay is to analyse business ethics in the context of the Enron scandal. Enron scandal became notorious for violating ethical standards. There are several business motives involved in the rise and fall of Enron. In today’s world, adopting ethical standards is a must for a company to protect shareholder’s interest. Even though the rules of playing business are obvious, still several companies adopt short cut mechanisms which work way against ethical standards. With that being said, let us take a look at the backdrop of Enron’s bankruptcy. Birth and stardom of Enron ‘Enron’ was an American energy company formed by the merger of two pipeline companies namely,†¦show more content†¦By late 1990’s, Enron was considered as one of the innovative companies around the world. Downfall: Though they were successful initially, their success was short-lived. When the company’s misrepresentation of its income statements and falsifying value of the equity the company shared came into limelight, the downfall begun. The downfall was huge. The company suffered heavy losses and also held liable for heavy debts. By 2001, the company filed for bankruptcy. This scandal shocked the entire nation. Moreover, it destroyed the financial life of several employees depended on the company. Most of them, who lost their job were nearing their retirement age. They lost all the benefits they earned so far then. Later, the company accepted its failure and agreed on the falsified accounts that profits that the profits were actually balanced out by loss and charges that were not recorded. Fall of stocks: The stock price fell from $90 per share to 26 cents per share in short span of two years. Because of this, the company decided to betray its employees, the pensions that these people had disappeared because most of them were invested in Enron stock. The real issue was present in Enron’s profits, as it was making none. Instead the company created the illusion that they were making a profit. When this came under limelight duringShow MoreRelatedEssay on THE FALL OF ENRON727 Words   |  3 PagesThe Fall of Enron The History Enron began as a pipeline company in Houston in 1985. It profited by promising to deliver so many cubic feet to a particular utility or business on a particular day at a market price. That change with the deregulation of electrical power markets, a change due in part to lobbying from senior Enron officials. Under the direction of former Chairman Kenneth L. Lay, Enron expanded into an energy broker, trading electricity and other commodities. 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Case Study on Central Station Hotel- Free-Samples for Students

Question: You are to write a Promotion Campaign reportaddressed to the Management team for approval of a Conceptual Idea and Expenditure. Answer: Introduction: Marketing is one of the most important aspects of business. Marketing also comprises some vital aspects and promotion of the business or product or services is one of them. Every business should give importance on promotion campaign to improve the business performance (Grosbois, 2016). Purpose of this report is to make promotion campaigning for Central Station Hotel of Sydney. Being the marketing manager of this organisation it is the vital responsibility to make the report based on some important aspects. Before making the report it will focus on the organisation and will provide vital information about the firm. After that it will discuss about campaign strategy of the firm along with the target market of the same. The campaign strategy also has some objectives and the report will discuss the same to make the report in an effective way. Market competition Overview of the Organisation: Central Station Hotel has been established in the year 1887, and since then it has undergone huge changes in its business approach and the services it used to provide to the esteemed guests. The name itself signifies the locational aspect of the property as it is strategically situated in the neighbourhood of the new Central Railway Station (Centralstationhotel.com.au, 2017). It is a heritage property having the architecture of the erstwhile era and that of the modern times. The main attraction of the property is its strategic location amidst Central Station, Sydney CBD, Surry Hills, Chinatown and Darling Harbour. Central Station Hotel offers an exquisite view from the balcony of its property, and the property is also known for its excellent hospitality for its esteemed guests. The organisation mostly focuses on guest service which is the core of their business policy. Guests are the centre of their universe, they have some golden rules, and all the staffs and members have to follow these rules to retain the positive reputation of the hotel. They also focus on staff retention along with customer retention, as they believe that experienced staffs are an asset for the business. Campaign Strategy for the Firm: Market competition is very high in the hospitality industry. The trend of tourism has increased in this present world; this is also one of the reasons behind the high level competition in the hospitality sector. In this regard, it is important to focus on a promotional mix of the organisation to gain more customers from the market (Khan, 2014). In this present time, Central Station Hotel is facing the problem of customer retention so that they have to set promotional campaign to address this particular problem. Promotional mix is one of the 4Ps of marketing mix which is concerned about sales promotion, advertising, personal selling, and public relation. In order to increase customer retention, Central Station Hotel has to focus on the public relation. It will increase the trust level of customers on the firm, which is one of the vital aspects of customer retention. Under this promotional strategy, the organisation has to include free publicity (Davari Strutton, 2014). In this regard , Central Station Hotel should use the process of press release to make publicity about their refurbishment and newly renovated rooms, which will increase the level of attraction among both existing and new customers. Existing customers will feel more interested in visiting new rooms of their favourite hotel brand. It will affect positively on retention rate of the customer as it influences them to visit this place again and again. They also have to use the process of advertising to retain old customers. In this process, they have to send direct mail or brochures and catalogues about new facilities of the hotel to existing customers. Target Market: Every promotional campaign is concerned about a specific target market. This promotional campaign also has a target market from which it will attract customers for a revisit. In this present time, Sydney is one of the most favourable tourist spots among both domestic and international tourists (Wong Wickham, 2015). In this regard, the primary target market of this promotional campaigning is those tourists who are willing to visit Sydney for leisure tourism. The strategic location of Central Station Hotel would definitely attract the tourists to stay in there for easy transit. New rooms of the hotel also will provide the facility to enjoy this view privately, so that it will attract young age customers who are willing to spend time together. Based on this concept customers between 25 to 35 years age group is the primary target of this promotional campaign strategy. Sydney also has the reputation as a vital business place of the country, and the factor of globalisation also has increased the importance of this place in the business world (Jakada Gambo, 2014). For this reason business tourists also the target market of this promotional campaign. The hotel has facilities for business tourists they also have mailed to all the existing business tourists who have visited this place as a border. Revisit by existing business tourism also will increase the rate of customer retention. In this segment people between 40 to 55 years old customers are preferable as most of them have to power to take a decision on behalf of their respective organisation with which they are working. Communication Objectives: Promotional campaign of the hotel has selected to overcome the issue about customer retention. This is the vital objective of this promotional strategy. However there are some other objectives on which this strategy will focus (Rinaldi Beeton, 2015). The objectives are as below:- Through this promotional strategy, Central Station Hotel will increase awareness among all the business tourists about their new facilities like Wi-Fi access for all the business tourist. Depending on this promotional campaign the hotel will increase their revenue collection from new rooms by 5% within the end of 2017. They also have the objective to increase the customer retention rate of the hotel by 10% in 2017 by delivering email or catalogues about new facilities for both business tourist and leisure tourists. It will also increase the rate of staff retention as the success of this promotional campaign will increase the reputation of the hotel into the market, and all the people like to work with reputed organisation rather working with unrecognised brands (Telfer Sharpley, 2015). In this way, it will increase the rate of employee retention by 2% at the end of 2017. Market Competition: According to the view of Singal, (2015), market competition in tourism and hospitality industry is very high. It has also observed that factors like geopolitical turmoil, natural disaster and the global economy have affected the trend of tourism and hospitality industry in last decade, However, in this present time, the trend of this industry has increased due to the positive effect of globalisation. Implementation of technology and innovation in tourism and hospitality industry has increased the level of competition. Customers like to have speedy services regarding hotel booking, event booking, and so on, and online presence of hospitality organisations fulfils this demand of customers. Therefore, innovation is important to face market completion. It has observed that implementation of internet technology has increased the positive trend of tourism by 12% during 2011 to 2016, which is also the evidence that competition has increased in the hospitality industry(Sigala, 2017). Market size of tourism industry also has increased by 2% every year from last five years. The major competitors of the industry have faced growth in their business near about 8% (Becerra, et al., 2013). Central Station Hotel is also one of these major competitors of the market. In this regard, this hotel has to focus on their growth strategies to face this growing competition. Effective marketing strategies also have affected on market competition in the hospitality industry. Proper marketing of hotels of Sydney has attracted customers from both domestic and international market; it also has increased the level of competition by increasing the ratio of customers for this industry. Types of Communication Channel: Communication is considered an important aspect of the smooth functioning of the organisation especially when it is dealing with the customers on the first hand. So it is quite necessary for Central Station Hotel to understand the fact that which mode of communication channel would be effective in reaching out to its guests (Robertson, 2012). It would be favourable for the hospitality organisation like Central Station Hotel to communicate with the customers effectively on the likes of Video The video messages have the engagement level of 40-70%, and it is basically about the presentation of the services that the hotel could provide to its potential guests. The videos need to be of a shorter duration to keep intact the interest of the potential customers (Bansal Taylor, 2015). Posters In this regard, the engagement level is in the range of 20-50% as it visually engages the attention of the customers on a particular message. It would be better to communicate through posters when Central Station Hotel runs some exciting offers and promotions (Hollensen, 2011). Newsletters The engagement level is from 10-20% and is used to communicate the mass audience to provide a general information regarding the services provided by Central Station Hotel. Mails The emails serve to be an inexpensive form of communication to address a wider customer segment, and the engagement level could run from 5% to 30%. Table tents The table tents could be provided to the guests visiting Central Station Hotel. These are smaller in size, and there are high chances that the guests could give it a miss owing to their busy schedule and the engagement is also as lower as 5% to 20%. Source: (Pfeffer, et al., 2014) The communication aspect to be made strong, Central Station Hotel need to have shorter duration videos, specific content posters and newsletter to be in place. The message towards the guests should be kept simpler to make it understandable to a wide section of people. But with the passage of time, the organisation needs to look beyond the traditional aspects of the communication channel to that of the emerging trends in the social media (van Osch Coursaris, 2013). It would be very beneficial for Central Station Hotel to reach out to its targeted customer segment through the likes of the blogs, websites and tweets through Twitter, Facebook, LinkedIn and YouTube. It would definitely be an effective communication process as there would be a scope for the customers to communicate with the organisation and in this way, they could learn about the expectations of the guests. This sort of two-way communication would be helpful in collecting the customer feedback which is quite crucial for the purpose of customer relationship management (Keegan Green, 2017). It is because the kind of guests visiting Central Station Hotel is quite efficient with the use of smartphones and seems to be active on the internet and social media platform. So they could be rightly tracked on the social media platform to collect their feedback on the organisation. KPI for the firm: The concept of key performance indicators (KPI) is an integral part of the hospitality industry to measure the elements of accommodation, food and beverage and profitability aspect of the organisation. It is because accommodation is a primary concern in the hospitality industry and is applicable for Central Station Hotel as well to generate maximum revenue for the organisation (Han, et al., 2011). Accordingly, the KPI for Central Station Hotel has been the following: Occupancy rate The occupancy rate in Central Station Hotel serves as the most important metric for the organisation as it enables to measure the proportion of rooms that are being filled by the guests at a given point of time. Occupancy % = Rooms occupied / Rooms available Average daily rate (ADR) It is the simplistic metric to determine the average rate for the occupied rooms (Kandampully, et al., 2015). It apparently examines the performance of the particular organisation though it does not take into account indicates the wholesome performance of the property. Average daily rate = Total room revenue / Total rooms occupied Revenue per Available Room (RevPAR) It is an important metric as it provides an insight how well the hotel property is operating indicating at what extent Central Station Hotel could fill up the available rooms at the average rate. The metric takes account of the empty rooms as well. RevPAR = Total room revenue / Total rooms available Cost per occupied room (CPOR) This particular metric determines the efficiency of the property on the basis of the sold rooms. CPOR takes into consideration the sort of expenses like fixed and variables to ascertain the profitability of each room in the Central Station Hotel property. This particular indicator is being used by the owners and managers of Central Station Hotel to track the efficiency of the property and increasing on its level (Nam, et al., 2011). CPOR = Total gross operating profit / Total rooms available Customer satisfaction It is the most important indicator for which the guests strive for as the customer satisfaction level for Central Station Hotel would imply a sustainable approach (Bansal Taylor, 2015). It would have a significant impact on the property for making favourable changes to suit their requirements. The budget of Campaign: Central Station Hotel has been working on the matter of improving the customer relationship as the customers prove to be the sole bread winning mechanism for the organisation. To implicate the customer relationship program for the purpose of enhancing brand loyalty and retaining the customers. It is seen that Central Station Hotel would take relevance of the social media marketing would be cost efficient (Hollensen, 2011). But the organisation would take the relevance of the press release and promotional materials for the purpose of retaining the customers by Central Station Hotel. Accordingly, a budget worth AUD 20,000 has been affixed to contemplate the marketing objective in favour of the organisation. Conclusion: It is concluded that Central Station Hotel would overtly take the help of the promotional mix of marketing focusing on the aspect of public relations. The retention of customers would play as the most important strategy, and the aspect of direct emails and brochures would be quiet helpful in this process. Sydney would be the target market for the organisation, and they would focus on the age group of 40-55 years of people. The market competition has been at its highest owing to the globalisation aspect, and so the organisation would take help of a competitive communication aspect like that of social media marketing. A promotional budget has been affixed worth AUD 20,000 to implicate the marketing process for gaining a better ground in the competitive market. It is an effort on the part of Central Station Hotel to retain the customers by taking relevance of the customer retention process in the competitive market. References Bansal, H. S. Taylor, S. F., 2015. Beyond service quality and customer satisfaction: investigating additional antecedents of service provider switching intentions. In: Proceedings of the 1999 Academy of Marketing Science (AMS) Annual Conference. London: Springer International Publishing, pp. 75-82. Becerra, M., Santal, J. Silva, R., 2013. Being better vs. being different: Differentiation, competition, and pricing strategies in the Spanish hotel industry. Tourism Management, 34(2), pp. 71-79. Centralstationhotel.com.au, 2017. History of Surry Hills Central Station - Central Station Hotel. [Online] Available at: https://centralstationhotel.com.au/about-us/history [Accessed 25 August 2017]. Davari, A. Strutton, D., 2014. Marketing mix strategies for closing the gap between green consumers' pro-environmental beliefs and behaviors. Journal of Strategic Marketing, 22(7), pp. 563-586. Grosbois, D., 2016. Corporate social responsibility reporting in the cruise tourism industry: A performance evaluation using a new institutional theory based model. Journal of Sustainable Tourism, 24(2), pp. 245-269. Han, H. K., W. Hyun, S., 2011. Switching intention model development: Role of service performances, customer satisfaction, and switching barriers in the hotel industry. International Journal of Hospitality Management, 30(3), pp. 619-629. Hollensen, S., 2011. Global Marketing: A Decision Oriented Approach. 5th ed. London: Pearson Education. Jakada, B. Gambo, M., 2014. A conceptual analysis of market orientation philosophy in the hospitality industry of Nigeria. Journal of marketing and management, 5(1), p. 50. Kandampully, J., Zhang, T. Bilgihan, A., 2015. Customer loyalty: a review and future directions with a special focus on the hospitality industry. International Journal of Contemporary Hospitality Management, 27(3), pp. 379-414. Keegan, W. Green, M., 2017. Global Marketing. 9th ed. London: Pearson Education. Khan, M., 2014. The concept of'marketing mix'and its elements (a conceptual review paper). International journal of information, business and management, 6(2), p. 95. Nam, J., Ekinci, Y. Whyatt, G., 2011. Brand equity, brand loyalty and consumer satisfaction. Annals of Tourism Research, 38(3), pp. 1009-1030. Pfeffer, J., Zorbach, T. Carley, K., 2014. Understanding online firestorms: Negative word-of-mouth dynamics in social media networks. Journal of Marketing Communications, 20(1-2), pp. 117-128. Rinaldi, C. Beeton, S., 2015. Success in place branding: The case of the Tourism Victoria Jigsaw Campaign. Journal of Travel Tourism Marketing, 32(5), pp. 622-638. Robertson, R., 2012. Globalisation or glocalisation?. Journal of International Communication, pp. 191-208. Sigala, M., 2017. Collaborative commerce in tourism: implications for research and industry. Current Issues in Tourism, 20(4), pp. 346-355. Singal, M., 2015. How is the hospitality and tourism industry different? An empirical test of some structural characteristics. International Journal of Hospitality Management, 47(1), pp. 116-119. Telfer, D. Sharpley, R., 2015. Tourism and development in the developing world. 1 ed. London: Routledge. van Osch, W. Coursaris, C., 2013. Organizational social media: A comprehensive framework and research agenda. Hawaii, IEEE. Wong, T. Wickham, M., 2015. An examination of Marriott's entry into the Chinese hospitality industry: A Brand Equity perspective. Tourism Management, 48(2), pp. 439-454.

Photosynthesis and Cellular Respiration lab report Essay Example

Photosynthesis and Cellular Respiration lab report Paper This is an investigation of the effect of the intensity of light (photosynthesis) have on the rate of cellular respiration (measured as the number of oxygen bubbles). We will determine whether or not it is possible to examine the relationship between photosynthesis and cellular respiration under controlled environmental conditions. We will show the effects, reactions, and relationship between photosynthesis and respiration, as well as demonstrate to you how the scientific method works. Hypothesis Upon completion of the investigation we will be able to determine if gas that will be produced with the intensity of light at different wattages. Materials and Methods The following methods were used to calculate the rate of photosynthesis: Measuring the uptake of CO, measuring the production of carbohydrates, and measuring the increase in dry mass. We will also measure the production of 02 the experiment in the experiment. Oxygen can be measured by counting the bubbles evolved from seaweed to measure the amount of gas produced by four different light intensities (25, 50, 75, and 100) measuring each different light intensities times three. Results or Outcome was able to determine the amount of gas produced by the four different light intensities. The more light, the faster the rate of photosynthesis. However, increased rate o photosynthesis only goes to a certain point. We will write a custom essay sample on Photosynthesis and Cellular Respiration lab report specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Photosynthesis and Cellular Respiration lab report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Photosynthesis and Cellular Respiration lab report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer You would think hat the more intense the light the higher the rate, but there us a certain limit. Table 1: Rate of Photosynthesis Measured by the Number of Oxygen Bubbles Light Bulb Trial 1 Trial 2 Trial 3 Average O watts 2 3 25 watts 7 4 5 50 watts 11 100 watts 12 13 Conclusion In conclusion, the outcome of this experiment was what I expected it to be. What I did not expect is when the intensity of light increased the rate of the photosynthesis only went up to a certain point. Assumed the more light the more photosynthesis, this investigation showed me differently.

Jetblue Ipo Pricing Essays

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

Medieval Half-Timbered Construction

Medieval Half-Timbered Construction Half-timbering is a way of constructing wood frame structures with the structural timbers exposed. This medieval method of construction is called timber framing. A half-timbered building wears its wood frame on its sleeve, so to speak. The wooden wall framing - studs, cross beams, and braces - are exposed to the outside, and the spaces between the wooden timbers are filled with plaster, brick, or stone. Originally a common type of building method in the 16th century, half-timbering has become decorative and non-structural in designs for todays homes. A good example of a true half-timbered structure from the 16th century is the Tudor-era manor house known as Little Moreton Hall (c. 1550) in Cheshire, United Kingdom.  In the United States, a Tudor-style home is really a Tudor Revival, which simply takes the look of half-timbering instead of exposing the structural wooden beams on the exterior facade or the interior walls. A well-known example of this effect is the  Nathan G. Moore house in Oak Park, Illinois. It is the house Frank Lloyd Wright hated, although the young architect himself designed this traditional Tudor-influenced American manor home in 1895. Why did Wright hate it? Although Tudor Revival was popular, the house that Wright really wanted to work on was his own original design, an experimental modern home that became known as the Prairie Style. His client, however, wanted a traditionally dignified design of the elite. Tudor Revival styles were extremely popular to a certain upper-middle-class sector of the American population from the late 19th and early 20th centuries. Definition The familiar half-timbered was used informally to mean timber-framed construction in the Middle Ages. For economy, cylindrical logs were cut in half, so one log could be used for two (or more) posts. The shaved side was traditionally on the exterior and everyone knew it to be half the timber. The Dictionary of Architecture and Construction defines half-timbered this way: Descriptive of buildings of the 16th and 17th cent. which were built with strong timber foundations, supports, knees, and studs, and whose walls were filled in with plaster or masonry materials such as brick. Construction Method After 1400 A.D., many European houses were masonry on the first floor and half-timbered on the upper floors. This design was originally pragmatic - not only was the first floor seemingly more protected from bands of marauders but like todays foundations a masonry base could well support tall wooden structures. Its a design model that continues with todays revival styles. In the United States, colonists brought these European building methods with them, but the harsh winters made half-timbered construction impractical. The wood expanded and contracted dramatically, and the plaster and masonry filling between the timbers could not keep out cold drafts. Colonial builders began to cover exterior walls with wood clapboards or masonry. The Look Half-timbering was a popular European construction method toward the end of the Middle Ages and into the reign of the Tudors. What we think of as Tudor architecture often has the half-timbered look. Some authors have chosen the word Elizabethan to describe half-timbered structures. Nevertheless, during the late 1800s, it became fashionable to imitate Medieval building techniques. A Tudor Revival house expressed American success, wealth, and dignity. Timbers were applied to exterior wall surfaces as decoration. False half-timbering became a popular type of ornamentation in many nineteenth and twentieth-century house styles, including Queen Anne, Victorian Stick, Swiss Chalet, Medieval Revival (Tudor Revival), and, occasionally, on modern-day Neotraditional houses and commercial buildings. Examples Until the fairly recent invention of rapid transportation, such as the freight train, buildings were constructed with local materials. In areas of the world that are naturally forested, homes made of wood dominated the landscape. Our word timber comes from Germanic words meaning wood and wood structure. Think of yourself in the middle of a land filled with trees - todays Germany, Scandinavia, Great Britain, Switzerland, the mountainous region of Eastern France - and then think about how you can use those trees to build a house for your family. When you cut down each tree, you may yell Timber! to warn people of its impending fall. When you put them together to make a house, you can stack them up horizontally like a log cabin or you can stack them vertically, like a stockade fence. The third way of using wood to construct a house is to build a primitive hut - use the wood to build a frame and then put insulating materials in between the frame. How much and what kinds of material you use will depend on how harsh the weather is where you are building. Throughout Europe, tourists flock to cities and towns that prospered during the Middle Ages. Within the Old Town areas, original half-timbered architecture has been restored and maintained. In France, for example, towns like Strasbourg near the German border and Troyes, about 100 miles southeast of Paris, have wonderful examples of this medieval design. In Germany, Old Town Quedlinburg and the historic town of Goslar are both UNESCO Heritage Site. Remarkably, Goslar is cited not for its medieval architecture but for its mining and water management practices that date back to the Middle Ages. Perhaps most notable to the American tourist are the English towns of Chester and York, two cities in northern England. Despite their Roman origins, York and Chester have a reputation for being  quintessentially British because of the many half-timbered dwellings. Likewise, Shakespeares birthplace and Anne Hathaways Cottage in Stratford-upon-Avon are well-known half-timbered houses in the United Kingdom. The writer William Shakespeare lived from 1564 until 1616, so many of the buildings associated with the famous playwright are half-timbered styles from the Tudor era. Sources Dictionary of Architecture and Construction, Cyril M. Harris, ed., McGraw-Hill, 1975, p. 241Architecture through the Ages by Professor Talbot Hamlin, FAIA, Putnam, Revised 1953American House Styles: A Concise Guide by John Milnes Baker, AIA, Norton, 1994, p. 100

Letter on the desire to become a college coach Essay

Letter on the desire to become a college coach - Essay Example I have for this reason been following their games and training sessions and I am informed of their potentials, to be exploited, and their weaknesses that should be managed for success in competitions. Besides my personal interest in the college team and my passion for its success, I have extensive and outstanding skills and qualities that meet the college’s expectation of a football coach. I am a trained coach who meets the national coaching standards for a national league team. My experience as a coach also establishes confidence in my performance potentials. Based on my training, I have the capacity to ensure the student’s physical fitness through offering safe training. This guarantees mitigation of the college’s liabilities that would arise from student’s injuries while on sporting duties, either in trainings or in competitions. I have successfully achieved this as a high school coach, a position in which I served for six years. My experience also includes coaching special team’s ‘runningbacks’, wide receivers, tight ends, and offensive coordination. My personal attributes include a firm belief in positive coaching, and respect and discipline among team members. I am also a hard worker who ensures motivation of my team for effective preparations before each game. Further, I am a self-motivated individual, self reliant, positive, a self-starter, energetic, trustworthy, and a team player. My skills and experience, therefore, identify my qualification as the best candidate for this job. This is because my intrinsic motivational features and my long-term passion for the team have already established a commitment towards a high-leveled leadership and management that will not depend on external environmental factors. My successful coaching experience also guarantees success with the college team. Similarly, my leadership potentials will ensure a good relationship between the team and the school