Knowledge Work and Organization

Knowledge Work and Organization Introduction Many organizations in different sectors are using community of practice and innovation to improve on their productivity. Community of practice and innovation are interrelated in some ways. This study seeks to identify their similarities, differences and the effects each have on the organization. The last part explains the challenges that firms that participate in social networks face.Advertising We will write a custom essay sample on Knowledge Work and Organization specifically for you for only $16.05 $11/page Learn More Communities of Practice From the community’s point of view, communities of practice are groups of people who come together to meet a common goal. In the business perspective, it is a group of self-motivated people who follow laid out procedures and are challenged to train the persons working with them in order to improve their productivity (Wenger 2000, p.45). These communities of practice are responsible for the smooth r unning of the organization. Therefore, they are accountable using their knowledge and skills, are included in the planning of the budget of the organization, and provide the time schedule for the activities carried out in the organization. They have artifacts which are documents, websites and stories and the appointed member maintain them since they are useful in the organization (Kortum Lerner 2000, p.680). According to Fageberg, Mowery and Nelson (2005, p.362), the communities of practice combine three elements in defining competence. They are brought together by understanding the values of their community and every member is accountable to sustain the relationship between them. For a person to be competent in the community of practice, he/she has to be a trusted member and to engage in the activities of the community (Kortum Lerner 2000, p.688). The success of every group depends on the competence and the ability of the leader to engage the whole group in the process of meeting their goal. During the establishment of the community of practice, members should put in mind what will be bringing them together like the events, who will be leading the group, the projects, connectivity and membership. Unlike closed innovation, any person within or outside the organization can be involved in performing duties that will lead to the success of the organization (Robertson, Paul Langlois 1995, p.560). Innovation Innovation involves bringing valuable ideas into the firm. There are different types of innovation, the closed and open innovation. Open innovation is when those ideas come from inside or outside the firm and are meant to benefit the organization as a whole. Most of the people who create these ideas are from outside the firm and sometimes they are hired to educate employees in the organization on how to implement the ideas. Innovation in this case is the methods that organizations choose to use in response to the challenges in the business environment. They involve changing of the traditional practices of the organization to new practices with an aim of improving the productivity of the whole organization.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Innovation includes the introduction of machines and technology that in return requires trained personnel who are ready to apply their knowledge with the help of technology to achieve the objective of the firm (Trott Hartmann 2009, p.720). Open innovation principles states that the external research and development creates more value than the closed innovation. The organizations that use closed innovation believe that they have enough skills required to perform a particular task so they do not require help from outside the company. They believe that if they discover things for themselves, they will be the first to venture into the market. These companies are so self-centered and do n ot allow others to benefit from their ideas. This is totally contrary to what open innovators perceive (Dasgupta 2003, p.320). Innovation involves generation of ideas that are essential for an organization to maintain its position in the market. Therefore, it differs from the community of practice in that the community of practice follows the ideas that the innovators have already generated in operating the organization and maintaining their relationship. Innovation involves education, technology and training in the organization (Chesbrough 2006, p.111). The employees are trained on the use of new technologies in their practices to become competent and add productivity. Community of practice uses the ideas to meet the goals and objectives of the whole organization. Therefore, the community of practice requires innovation in their daily work. However, both innovation and community of practice involve learning and training in the performance (Francis 2000, p.34). Social capital is the ability to find, combine and utilize knowledge and skills of employees within and outside the organization. Just like open innovation, social capital involves employees from outside the individual organization. Social capital encompasses the information flows, exchange of knowledge, community of practice and all other connected networks that bring together stakeholders in an organization. These stakeholders include suppliers, regulators, employees, customers and partners that are all interested in different aspects of the organization. The social capital and community of services are interconnected since both involve innovative practices. The social capital is obtained from employee business networks and the profession.Advertising We will write a custom essay sample on Knowledge Work and Organization specifically for you for only $16.05 $11/page Learn More An organization that is able to apply the social capital is always more productive that the one that has no social capital. Innovation is an essential aspect for the productivity of the firm. â€Å"Social capital provides benefits to both the individual and the group as a whole† (Burt Ronald 1992, p.45). Differences between open innovation and communities of practice Communities of practice are groups of people in organizations who converge, share ideas about performing a duty or meeting a goal and learns how to the duty better to get the best practices. Open innovation on the other hand involves identifying and bringing together internal and external resources and ideas to expand on their innovation strategy with an aim of maintaining the firm’s market position on getting new opportunities (Amina Roberts 2008, p. 359) Open innovation is a cognitive model researching, creating and interpreting innovation practices while the communities of practice are not a cognitive model. Communities are not restricted by the organization’s structure, they involve people a cross the geographical and organizational limits while the open innovation is limited by the structure of the organization and must follow the hierarchy. Similarities of the communities of practice and the open innovation The community of practice must use the technology while still sharing their ideas and learning more about those ideas. Similarly, open innovation involves the use technological practices to bring new ideas in an organization (Amina Roberts 2008, p. 354). Both communities of practice and open innovation involve a group of individuals in an organization and are aimed at improving the performance of the firm (Hardcastle 2011, p.52). The members of both communities of practice and the innovation group are from different professions and are not restricted to one organization but involve internal and external knowledge in the improvement of the firms performance. Communities of practice and open innovation involve the process of learning searching for information ab out how they can create new markets or future opportunities for the organization. Challenges Faced by the Organizations’ Social Networks As discussed earlier, the community of practice, the social capital and the practice-based networks depend so much on innovation. Innovation depends so much on the technology which most of the employees fear since they think that they will lose their jobs. The community of practice may come up with ideas that can cost the organization a lot of money and resources that the organization may not afford. The organization can be forced to borrow or hire the resources, which affect the budget and affect the productivity of the organization. The social groups in the organization require frequent training, which can also be costly to the organization (Francis 2000, p.40). Through innovation, the leaders in the organization may be over possessed with competition giving much pressure to the other employees and reduces their productivity. According to Chesbrough and Melissa (2007, p. 69), the community of practice in many cases asks for higher pay than the others since they have more responsibilities of changing the old practice of the organization to new improved processes. This is a major challenge for the organization. People perceive ideas differently therefore, for an organization to benefit fully from the community of practice and the social capital, the members involved must understand each other’s behavior. This will help them accommodate each other. The organization is responsible for the education and leadership of this individual in understanding each other and enhancing their knowledge (Chesbrough Melissa 2007, p.62). Conclusion Changes in technology around the world have improved the performance of organizations. Firms traditionally used the closed innovation in their research and development but today they have changed to open innovation. Communities of practice are also used in all organizations in all sec tors to develop ideas on increasing the productivity of the firm. However, companies are faced with so many challenges in the process of promoting their social groups. This is because the decision making process is slowed by a number of people whose perspective is different from policy makers but trust, negotiation and consultations bring the ideas together.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More List of References Amina, A and Roberts, J 2008, Knowing in action: Beyond communities of practice, Elsevier B.V, vol , 37, pp, 353–369. Burt, Ronald, S 1992, Structural holes: The social structure of competition, Harvard University Press, London. Chesbrough, H and Melissa M, 2007, Open innovation and strategy appleyard, California Management Review, vol.50, no.1, pp.57-76. Chesbrough, W 2006, Open innovation: the new imperative for creating and profiting from technology, Harvard Business Press, New York. Dasgupta, P 2003, Social capital and economic performance: Analytics, in foundations of social capital, Critical Studies In Economic Institutions, vol.2, no.1, pp.309–39. Fageberg, J, Mowery, D Nelson, R 2005, Oxford handbook of innovation, Oxford University Press, Oxford. Francis, F 2000, The great disruption: Human nature and the reconstruction of social order, Simon and Schuster, New York. Hardcastle, D 2011, Community practice: Theories and skills for social work ers, Oxford University Press, Oxford, Kortum, S and Lerner, J 2000, Assessing the contribution of venture capital to innovation, Journal of Economics, vol.31, no.2, pp.674–692. Robertson, Paul L. and Langlois, R 1995, Innovation, Networks, and Integration, Research Policy, vol. 24, pp.543-562. Trott, P and Hartmann, D 2009, Why Open Innovation is old wine in new bottles, International Journal of Innovation Management, vol.13, no.2, pp.715–736. Wenger, E 2000, Communities of practice and social learning systems, Sage, New York.

Listing Standards of SME stock exchanges

Listing Standards of SME stock exchanges Free Online Research Papers Listing standards of SME stock exchanges The document covers the importance of SME exchanges and discussed the listing standards of some of the famous SME stock exchanges across the world and the future of such exchanges in India Niroop G J PGP/11/097 Contents INTRODUCTION 3 Small and medium enterprise (SME) exchanges 3 AIM London 4 Highlights: 4 Key Criteria for listing 5 Mothers Exchange 6 Listing Criteria 6 Liquidity 6 Growth Enterprise Market – GEM 8 GEM Listing Requirements 8 (I) Financial Requirements: 8 (II) Acceptable Jurisdictions: 8 (III) Accounting Standards: 8 (IV) Suitability for Listing: 9 (V) Operating History and Management: 9 (VI) Minimum Market Capitalisation: 9 (VII) Market Capitalisation of Public Float: 9 (VIII) Public Float: 9 (IX) Spread of Shareholders: 10 (X) Offering Mechanism: 10 (XI) New Issue Price: 10 Listing Process for a listing application 11 JSE Alternative Exchange (AltX) 12 Expected Benefits 12 For companies: 12 For investors: 13 For the South African economy: 13 Extraordinary Support 13 Designated Advisers 13 Listing Requirements 15 Market for Alternative Investment MAI 16 Criteria for listing on MAI 16 NYSE ALTERNEXT 17 MARKET PARTICIPANTS 17 LIQUIDITY PROVIDERS 17 Role of LPs 17 New LP profiles 19 MARKET MAKERS 19 LISTING SPONSORS 21 OBLIGATIONS 21 Conditions for becoming a listing sponsor 22 KOSDAQ 23 Mixed Results 25 1. Good performance 25 2. Bad performance 27 Growth of KOSDAQ 29 LISTING STANDARDS 30 TSX Venture exchange Canada 31 The steps to list on TSX Venture Exchange 31 Filing a prospectus is a five-step process: 32 Listing Requirement 32 Listing Fees 33 Four different methods at TSX Venture Exchange 33 Direct Listing 33 IPO 33 Reverse Take-Over 33 TSX Venture Capital Pool Company Program (CPC) 34 SME Exchange in India 35 REFERENCES 35 INTRODUCTION Small and medium enterprise (SME) exchanges The objective of SME exchanges is to provide a way for smaller companies to raise capital. These companies, due to their smaller sizes, cannot raise capital from larger exchanges. The companies which would want to raise money from SME exchanges would generally range from young, venture capital-backed start-ups to well-established, mature organisations looking to expand. These small and mid-sized firms usually cannot meet the stringent requirements that are necessary for listing on bigger exchanges. SME exchanges are designed specifically for these companies. These exchanges provide a way for the small companies to get listed, and also provide an alternative investment option for the investors, who can buy the equity of smaller businesses. There are numerous reasons why small company would want to get itself listed on an SME exchange. The reasons are essentially the similar to why any company would want to go public. But, the priorities in case of the small firms are different. For example, listing on an exchange creates a heightened public profile of a small company. This is very important for most small companies getting listed on SME exchange, but not as important for a well-established company getting listed on a major exchange. Some of the reasons why a small company wants to get itself listed on an SME exchange include: To provide access to capital for growth To create a market for the company’s shares To place an objective market value on Company’s business To encourage employee commitment by making share schemes more attractive To increase the company’s ability to make acquisitions using quoted shares as currency To create a heightened public profile To enhance status with customers and suppliers There are many SME exchanges around the world. Presently, we do not have such an exchange in India. Examples of some of the popular SME exchanges around the world are – AIM London NYSE Alternext JSE Alternative Exchange South Africa Market for Alternative Investment (MAI) Thailand TSX Venture exchange Canada Mothers (Market of the high-growth and emerging stocks) Japan Gems- Hong Kong KSODAQ Korea AIM London The London Stock Exchange created AIM with the objective to offer smaller companies from any country and any industry sector ? the chance to raise capital on a market with a pragmatic and appropriate approach to regulation. AIM is designed to be a highly flexible public market offering many unique attributes both for companies and investors. Companies do not need a particular financial track record or trading history for getting listed on AIM. There is also no minimum requirement in terms of size or number of shareholders. This more flexible approach reflects the fact that AIM was designed specifically for smaller growing companies, and has helped AIM to become the leading global growth market. Highlights: No minimum size of company No minimum proportion of shares to be in public hands No trading record requirement No prior shareholder approval for the majority of transactions No restrictions on the transferability of the companys shares* No requirement to be incorporated in the United Kingdom Key Criteria for listing 1. An applicant must appoint a nominated adviser and an AIM company must retain a nominated adviser at all times. 2. An applicant must produce an admission document and other supporting documents in specified formats. 3. Where an applicant’s main activity is a business which has not been independent and earning revenue for at least two years, it must ensure that all related parties and applicable employees as at the date of admission agree not to dispose of any interest in its securities for one year from the admission of its securities. 4. Where the applicant is an investing company, a condition of its admission is that it raises a minimum of  £3 million in cash via an equity fundraising on, or immediately before admission. 5. Disclosure of developments that are not public knowledge but likely to cause substantial prize movements. 6. Disclosure of corporate transactions 7. Disclosure of half-yearly financial statements 8. Annual reports 9. Disclosure of other miscellaneous information. Mothers Exchange Mothers (Market of the high-growth and emerging stocks) was established by the Tokyo Stock Exchange on November 11, 1999. The exchange was set up in order to provide venture companies access to funds at an early stage of their development and to provide investors with more diversified investment products. Listing Criteria Liquidity 1. Applicant should make, at the time of listing, public offering of minimum 1,000 trading units of newly issued shares, or a public offering of minimum 1,000 trading units of newly issued shares and previously issued shares, of which minimum 500 trading units should be of newly issued shares. 2. Applicant should secure minimum 300 new shareholders by the initial public offering at the time of listing. 3. A market capitalization of at least JPY 1 billion at the time of listing. 4. Turnover, for the business should be recorded by the day prior to the listing application date. This is because if the business is still being planned or going through a feasibility assessment stage and yet to generate any significant revenue, it is not considered eligible for listing. 5. Financial Statements 6. Applicant is to have contracted, or has agreed to contract, with one of shareholder service agents by the time of application. 7. There should be no restrictions on transfer of stocks. 8. Applicant has agreed, or is to have agreed, to deposit their securities into a central securities depository, Japan Securities Depository Center, Inc. 9. Applicant should be able to disclose their business results appropriately and timely on quarterly basis. ? Figure below compares the listing criteria of Mothers with other sections of the Tokyo Stock exchange. ? Growth Enterprise Market – GEM GEM is an alternative stock market operated by Hong Kong Exchanges and Clearing Limited. It caters to the growth enterprises particularly those emerging ones, i.e. enterprises that have good business ideas and growth potential. Gem offers growth enterprises an avenue to raise capital. It offers investors an alternative of investing in high growth, high risk businesses and provides a fund raising venue and a strong identity to foster the development of technology industries in Hong Kong and the region. Gem promotes the development of venture capital investments. GEM Listing Requirements The following shows some of the basic requirements for listing equity securities on the Exchange. (I) Financial Requirements: A GEM new applicant must have a trading record of at least two financial years comprising: A positive cashflow generated from operating activities in the ordinary and usual course of business of at least HK$20 million in aggregate for the two financial years immediately preceding the issue of the listing document. Market cap of at least HK$100 million at the time of listing. (II) Acceptable Jurisdictions: Chapter 24 of the GEM Listing Rules provide the general framework applicable to all overseas companies seeking a listing on the Exchange. GEM Rule 24.05(1)(b) and the explanatory notes thereto set out the shareholder protection standards that are expected of an overseas company when seeking a primary listing on the Exchange. Applicants incorporated outside Hong Kong and other recognised jurisdictions seeking a primary listing on GEM are assessed on a case-by-case basis and have to demonstrate they are subject to appropriate standards of shareholder protection, which are at least equivalent to those required under Hong Kong law. (III) Accounting Standards: A new applicants accounts must be prepared in accordance with either Hong Kong Financial Reporting Standards or International Financial Reporting Standards. Banking companies must also comply with the Financial Disclosure by Locally Incorporated Authorised Institutions issued by the Hong Kong Monetary Authority. Accounts prepared in accordance with US GAAP are acceptable if the company is listed, or will be simultaneously listed, on either the New York Stock Exchange or the NASDAQ National Market (IV) Suitability for Listing: Both the issuer and its business must, in the opinion of the Exchange, be suitable for listing. An issuer or its group (other than an investment company) whose assets consist wholly or substantially of cash or short-dated securities will not normally be regarded as suitable for listing, except where the issuer or group is solely or mainly engaged in the securities brokerage business. (V) Operating History and Management: A GEM new applicant must have a trading record of at least 2 full financial years with: Substantially the same management throughout the 2 full financial years. Continuity of ownership and control throughout the full financial year immediately preceding the issue of the listing document. Exception: The Exchange may accept a shorter trading record period and waive or vary the ownership and management requirements for newly-formed project companies and natural resources exploitation companies, supported by reasons acceptable to the Exchange. (VI) Minimum Market Capitalisation: The expected market capitalisation of a new applicant at the time of listing must be at least HK$100 million. (VII) Market Capitalisation of Public Float: The expected market capitalisation at the time of listing of the securities of a new applicant which are held by the public must be at least HK$30 million. (VIII) Public Float: At least 25% of the issuers total issued share capital must at all times be held by the public. Where the issuer has one class of securities or more, the total securities of the issuer held by the public at the time of listing must be at least 25% of the issuers total issued share capital. However, the class of securities for which listing is sought must not be less that 15% of the issuers total issued share capital, having an expected market capitalisation at the time of listing of not less than HK$30 million. The Exchange may, at its discretion, accept a lower percentage of between 15% and 25% in the case of issuers with an expected market capitalisation at the time of listing of over HK$10 billion. (IX) Spread of Shareholders: The equity securities in the hands of the public should be held among at least 100 persons. Not more than 50% of the securities in public hands at the time of listing can be beneficially owned by the three largest public shareholders. (X) Offering Mechanism: A new applicant is free to decide on its offering mechanism and may list on our Exchange by way of placing only. (XI) New Issue Price: GEM Listing Rules do not impose conditions on the new issue price. However, new shares cannot be issued at a price below their nominal value. Monetary Value of Equity Securities to be Listed (HK$ million) Initial Listing Fee (HK$) Not exceeding: 100 100,000 100 to1,000 150,000 Over1,000 200,000 Listing Process for a listing application (H stands for the provisional hearing date by the Listing Division) Clear Business Days(Note 1) GEM Requirements H 25 Application for advance booking to the Exchange ? Submit the advance booking form (Appendix 5A to the GEM Listing Rules) with a timetable ? Pay the full amount of the initial listing fee ? Submit the documentary requirements under GEM Listing Rules 12.14, 12.17, 12.22 and 12.23. H Approval/ Rejection : Hearing prior to 1 July 2008 by Listing Committee Hearing date after 1 July 2008 by Listing Division Rejection Discretionary appeal to GEM Listing Committee Approval ? After notification of approval in principle but before the date of issue of the listing document, lodgement of documents with the Exchange pursuant to GEM Listing Rule 12.24 Issue of prospectus ? By no later than 11 a.m. on the intended day of authorisation of the prospectus, lodgement of documents with the Exchange pursuant to GEM Listing Rule 12.25 ? After the issue of the prospectus but before dealings commence, lodgement of documents to the Exchange pursuant to GEM Listing Rules 12.26 and 12.27 Dealings in shares commences JSE Alternative Exchange (AltX) The Alternative Exchange (AltX), a division of the JSE Limited (JSE) is the exciting parallel market focused on good quality small and medium sized high growth companies. The JSE Ltd (â€Å"JSE†) is licensed as an exchange under the Securities Services Act, 2004 and Africa’s premier exchange. It has operated as a market place for the trading of financial products for nearly 120 years. In this time, the JSE has evolved from a traditional floor based equities trading market to a modern securities exchange providing fully electronic trading, clearing and settlement in equities, financial and agricultural derivatives and other associated instruments and has extensive surveillance capabilities. The JSE is also a major provider of financial information. In everything it does, the JSE strives to be a responsible corporate citizen. AltX is designed to appeal to a diverse range of companies in all sectors including: Young and fast-growing businesses including start-ups; Family-owned businesses; Black economic empowerment companies; and Junior mining companies. AltX plays a vital role within the JSE, by providing smaller companies not yet able to list on the JSE Main Board with a clear growth path and access to capital. To be eligible for listing, a company must appoint and retain the services of a registered Designated Adviser. Expected Benefits For companies: Access to long-term investment capital for development of the business; Access to a central trading facility thereby providing liquidity; The ability to realise value through an effective price discovery mechanism; Improved image amongst suppliers, customers, staff and other stakeholders due to the prestige associated with being a listed entity; and The opportunity to use the issue of shares as consideration for an acquisition. For investors: The opportunity to diversify share portfolios by investing in a wide range of high-growth small and medium sized companies; and Increased confidence due to the knowledge that AltX is regulated by the JSE, which provides substantial investor protection. For the South African economy: Grows the economy by providing growth opportunities to small and medium sized companies; and Promotes black economic empowerment in South Africa. Extraordinary Support The AltX Team is committed to the success of the market and strives to provide extraordinary support to all stakeholders. In order to achieve the objectives of exceptional communication, ongoing education, marketing and relationship management with companies, Designated Advisers and the investment community, AltX has created the Knowledge Exchange. Knowledge Exchange initiatives include the partnership between AltX and the Department of Trade and Industry (the dti). The dti supports AltX in the belief that it will help promote black economic empowerment and encourage entrepreneurs in South Africa. Another Knowledge Exchange initiative is the AltX collaboration with the Wits Business School (WBS) and the Institute of Directors (IoD) to provide the Directors Induction Programme (DIP). DIP is a compulsory education programme for all executive and non-executive directors of AltX companies. Designated Advisers The main role of a Designated Adviser is to competently, professionally and impartially advise the applicant company on all its responsibilities during the application process and its responsibilities to maintain its status once listed. The Designated Adviser is the guardian of the listed company’s compliance with the JSE Listings Requirements and other applicable regulation as defined. The Designated Adviser must ensure that: the company complies fully with the applicable JSE and Altx Listings requirements; all relevant documentation required by the Listings Requirements has been submitted; each company brought to the JSE by the DA is suitable for listing; each pre-listing statement is compliant with the Listings Requirements and has been completed accurately and fully, without omissions and/or without misleading or false information; all directors of each company have the necessary expertise and experience, understand the nature of their responsibilities under the Listings Requirements, the Companies Act, the SRP Code and GAAP, are aware of the expectation to prepare and publish all information necessary and that Directors’ declarations need confirmation and verification; all new appointees to the board of directors of the company are fully briefed as to the nature of their responsibilities; all directors complete the Directors Induction Programme within 2 months of their appointment (if newly appointed) or upon confirmation of acceptance on Altx; the directors of each company are timeously informed of any amendment to the Listings Requirements or other regulations; all periodical financial information announcements are reviewed with the directors prior to publication to check accuracy and full disclosure; regular reviews are held of the company’s actual trading performance and financial condition to ensure appropriate disclosure of information to investors; at least one of the DAs attends all company board meetings in an advisory capacity; and all of the approved executives of the DAs attend at least 4 of the 6 annual DA forums hosted by Altx. Listing Requirements The JSE Limited Listings Requirements are published by Lexis Nexis. The table below shows some of the major listing requirements of both the JSE Main Board and AltX. Listing Requirements Main Board AltX Share Capital Rand 25 million Rand 2 million Profit history 3 Years None Pre-tax Profit R8 million N/A Shareholder spread 20% 10% Number of Shareholders 300 100 Sponsor/DA Sponsor Designated Adviser Publication in the press Compulsory Voluntary Number of transaction categories * 2 2 Special Requirements N/A Appoint Financial Directors Annual listing fee 0.04% of average market capitalisation with a minimum of R26334 and a maximum of R121700 (including VAT). R22 000 (including VAT) Education Requirements N/A All directors to attend Directors Induction Programme *Transaction Categories Category 1: Transaction > a50% of market capitalisation Category 2: Transaction < 50% of market capitalization Circular to shareholders Shareholder meeting Shareholder approval Kicks in at 25% for Main Board Announcement on SENS (Stock Exchange News Service) Company website (if applicable) AltX Website Voluntary publication in press Kicks in at 5 to 25% for Main Board Market for Alternative Investment - MAI The Market for Alternative Investment (MAI) was established by the Stock Exchange of Thailand as a fund-raising site for small and medium enterprises with high-potential to growth or newly-established companies with high market value. It is an alternative channel for capital raising. The companies with high-potential to growth and a need for fund raising can get listed on MAI. Criteria for listing on MAI MAI seeks companies with high potential to list on the market. To support investor confidence, MAI requires that companies wishing to list have a record of profitable business before offering shares to the public. Most importantly, firms must demonstrate good corporate governance, transparency and reliability. Some of the major criteria for companies getting listed on MAI are the followings: Factors Listing Criteria Status Is a public limited company or juristic person established by specific law Paid-up Capital > 20 million Baht Distribution of shares to minority shareholders > 300 small shareholders of ordinary shares and the aggregate number of shares > 20% of paid-up capital Definition of minority shareholders : Non-Strategic Shareholders Public Offering The shares must have already been granted by the Office of the Securities and Exchange Commission (SEC) > 15 % of paid-up capital Track Record Track Record > 2 years before filing an application, Net Profit in the latest year > 0 ; or Track Record > 1 year before filing an application , Market Capitalization > 1,000 million Baht Financial Condition Equity > 20 million Baht Conflict of Interest No conflict of interest according to the criteria specified in the Notification of the SEC Corporate Governance and Internal Control There shall be an internal control system according to the criteria specified in the Notification of the SEC Must appoint audit committee > 3 directors with qualification as required by SEC Management Qualifications of the management team have no prohibited characteristics and comply with what are specified by the SEC The scope of authority and duties of audit committee according to the criteria specified in the Notification of SEC Articles of Association The articles of association of the company and the subsidiary company shall consist of the complete stipulations according to the criteria specified in the Notification of the SEC Silent Period Strategic Shareholders* > 55 % of paid-up capital after IPO for 1 year. After the first six months : allow to sell shares a maximum of 25% of total locked up shares. After a year: allow to sell the rest shares Financial Statements and Auditor Financial Statements which posses the features in accordance with the criteria specified in the Notification of the SEC -The auditor of the applicant must be approved by the SEC Financial Advisor Must appoint financial advisor *Definition of Strategic Shareholders Government, state enterprises and government agencies Director, managers and the management including related persons Shareholders holding shares > 5% of paid-up capital including related person Shareholders having an agreement not be sold within the silent period NYSE ALTERNEXT NYSE Alternext is a tailor-made market for small and midsized companies seeking simplified access to the stock market. Its streamlined listing requirements and trading rules are suited to the size and business needs of small and mid-cap firms while ensuring investor transparency. NYSE Alternext was created by Euronext to meet the needs of small and midsized companies seeking simplified access to the stock market. It opened for business on 17 May 2005. NYSE Alternexts streamlined listing requirements and trading rules are suited to the size and business needs of small and mid-cap firms. The rules also ensure investor transparency. Alternext is an exchange-regulated market with a lighter regulatory regime. It is not a regulated market as defined by the Markets in Financial Instruments Directive (MiFID) of 21 April 2004. It is regulated by Euronext through a body of rules applicable to intermediaries and listed companies. MARKET PARTICIPANTS LIQUIDITY PROVIDERS Role of LPs Liquidity Providers (LPs) act as market makers in the Euronext Cash market model’s order-driven system. The role of LPs on Euronext’s market is to: protect against variations in volatility on the market; guarantee transactions at all times at the best price; boost the volume of transactions in the orderbook. In this way the Liquidity Provider is a market specialist for its stocks, and as a result is often the principal point of contact for the issuing company. The Liquidity Provider agreement for equities is combined with a liquidity contract in many cases*. This links the issuing company to a Euronext market member offering a placing, analysis and advisory service, or specializing in initial public offerings (IPOs). Liquidity Providers mainly concentrate on small and mid caps, since listed companies with large market capitalization generate greater liquidity. The criteria for liquidity provision on large-cap stocks are more restrictive and liquidity provider agreements are not permitted for any of the stocks in the Euronext 100 index. When the LP enters into a commercial agreement with Euronext to provide liquidity on any stock or exchange-traded fund (ETF or tracker), it undertakes to quote two-way bid and offer prices with a minimum volume size, gauged either by the number or the value of shares, and within a minimum price range or spread. The warrants market is traded via the dedicated product segment, NextWarrants. In this instance it is mandatory that the issuer of the warrant is also the LP for the launch of the product. The same rules apply for certificates and convertible bonds. The market in trackers, traded on the NextTrack segment of Euronext, requires a minimum one LP to launch any product. These LP contracts are specific for each national market. In the bond market LP contracts are based on the national governing rules which differ according to the method of quotation and the issuer, government or corporate. Furthermore, members can take up the option of being bid-only LPs. Members considering becoming Liquidity Providers must be members of the Euronext country in which they want to provide liquidity, and be authorized to trade in the capacity of either dealer or broker/dealer. New LP profiles The Euronext Cash Market has recently reviewed its Liquidity Provider (LP) policy and will introduce two LP profiles in the near future. This is to better reflect the activity of LPs on the Cash Market. These profiles relate to LPs on equities only. Euronext will communicate the implementation date and schedule in due course. Since the introduction of the harmonized Liquidity Provider concept in 2001, Euronext has observed some changes in the behaviour of active Liquidity Providers, with two distinct types of activity. This has enabled us to establish two distinct types of LP, classified by their activity. Profile 1: â€Å"Corporate Broker† profile In the first category are LPs whose activity is strongly related to that of mid and small caps. These LPs provide listing sponsorship, research and/or promotional services to companies throughout the listing process, in addition to the usual LP trading service once the company has listed. Due to the corporate finance nature of their activity, these LPs will be classified as ‘Corporate Broker profile’ LPs. The profile of this category remains the same as the current LP profile, and Euronext aims to have a maximum of two LPs per equity. Profile 2: â€Å"Dealer profile† The second type of LP consists of LPs that provide quotes on the more liquid equities. These LPs perform hedging and arbitrage activities and are therefore focused on blue chips, foreign shares, and multi-listed equities in the Euronext zone (often equities that function as the underlying for options). These LPs will be called ‘Dealer profile’ LPs, after their style of trading (for own account and without any client involvement). A new Liquidity Provider profile has been developed for these Dealer profile LPs, and these LPs must respect a ‘List of eligible equities for LP activity’, which will be created by Euronext. Dealer profile LPs will have adjusted requirements and trading fees. MARKET MAKERS A market maker is a participant that can trade orders directly for its own account. Market makers must be entities with trading-member status. The role of market markers is to promote market liquidity by continuously displaying indicative bid/ask spreads for minimum quantities of the stocks they have undertaken to follow. This makes it easier to trade blocks of shares, for which investors sometimes have difficulty finding a counterparty in the main market. Market making is a bilateral process involving a market maker and a financial intermediary acting for its client. Market makers undertake to quote indicative bid/ask spreads for a minimum quantity of shares of their choosing during the following time periods at least: 9:00 to 15:30 for auction traded shares 9:00 to 17:30 for continuously traded shares If they wish, market makers can also operate between 7:15 and 9:00 and also from: 15:30 to 19:00 for auction traded shares 17:30 to 19:00 for continuously traded shares LISTING SPONSORS OBLIGATIONS All Alternext-admitted companies must have a listing sponsor. The listing sponsor is a long-term financial partner that helps the company prepare for listing on Alternext and guides it throughout its life on the exchange. It assists the company in meeting its market transparency requirements and fulfilling its other obligations. The presence of the listing sponsor is intended to bolster investor confidence. Listing sponsors commit to: Guiding and helping applicants prepare for listing: ? Provide information about legal and regulatory requirements ? Prepare the information document (either a prospectus approved by the regulator or an offering ? Circular prepared under the joint responsibility of the sponsor and the company) for distribution to potential investors ? Present a full admission dossier to Euronext ? Avoid potential conflicts of interest. The listing sponsor must provide Euronext with written confirmation that the applicant complies with the listing rules. It also certifies that it has performed customary due diligence. Helping the company throughout its listing by undertaking to: ? Ensure, for at least two years, that the companies it sponsors meet their disclosure requirements ? Inform Euronext whenever a company fails to meet its disclosure requirements or, in general, its obligations as a listed company ? Act as Euronexts main point of contact for queries about the companies it sponsors. If a listing sponsor fails to meet its obligations, Euronext can discipline it by: o Issuing a warning, which is posted on the Alternext website o Striking it off the list of Alternext-approved listing sponsors. Conditions for becoming a listing sponsor A listing sponsor is a company acting as an investment services provider, audit firm, legal counsel or corporate finance specialist. Candidate listing sponsors must make a contractual commitment to Euronext and meet all the following criteria: o At least two years experience advising companies in equity finance o Successful completion of equity-related transactions involving the preparation of information documents o Suitably qualified staff The register of listing sponsors will be continually updated and posted on the Alternext website, the official channel for disclosing information about companies listed on this market. KOSDAQ KOSDAQ market has opened on July 1, 1996 to meet both the needs of investors who want high risk-return opportunities and emerging enterprises that have to finance capital for growth. Its function can be stated as follows: (1) to facilitate corporate financing for promising small and medium-sized firms and venture businesses, (2) to provide new exciting investment opportunities for investors, and (3) to help venture capital firms redeem investment capital and set up new investment funds. KOSDAQ is the Korean version of Americas NASDAQ (National Association of Securities Dealers Automated Quotation) System, which is a part of the OTC market. The U.S. OTC market is the largest segment of the U.S. secondary market in terms of the number of issues traded as well as the diversity of quality. While about 2,600 issues are traded on the New York Stock Exchange, almost 6,000 issues are actively traded on the NASDAQ market. As of last March, KOSDAQ market consists of 328 registered companies, of which 261 firms are of small and medium-sized enterprises. Among them, there are 113 venture firms and 8 mutual fund companies. Although it amounts to almost the half of Korea Stock Exchange in terms of the number of listed companies, KOSDAQs total equity market value is as little as 8.5 trillion won, just 5% of KSE. The most serious problem of KOSDAQ market is the lack of liquidity. Currently, the average daily trading volume is less than 1% of that of KSE. However, KOSDAQ market has been on a strong rally since the start of this year on the back of small investors active buying of venture business shares. Stock prices of some venture firms, including telecommunications and Internet-related corporations, are on an upward spiral. While KOSDAQ Index has risen by 75% since the beginning of this year, Venture Index an auxiliary KOSDAQ market index has been up as much as 120%. For example, shareholders of Goldbank Communications, an Internet-related venture firm, have enjoyed incredibly thirtyfold increase in stock price during the five month period, from 960 won early this year to 30,700 won in May. This kind of hot market results from the worldwide phenomenon of crazing for Internet-related shares. The U.S. stock market these days is represented by the strength of Internet-related shares such as Yahoo, Amazon, and so on. For instance, Amazon, the Internet bookstore, has earned as high as 800% increase in stock price during the past one y ear. High stock price is mainly due to the fast growth in annual sales of USD 610 million in 1998, compared to USD 148 million in 1997. But market opinions are divided as for the appropriateness of prices of these venture shares. Some people believe they are over valued, others do not. We have to realize that not all venture businesses are Midas touch. Each year as many as 400 ~ 800 venture firms are newly listed on NASDAQ, but almost the same number of companies are delisted following business failure. It applies to KOSDAQ market as well. Those who consider investing to KOSDAQ stocks should acknowledge that high expected returns are given in reward for high risks taken. On 1 July 2006, Koreas KOSDAQ market modeled after NASDAQ of the United States attains its first decade of operation. Like its sister market in New York, KOSDAQ was created to meet two demands: raising capital for venture firms and small and medium-sized enterprises (SMEs) and providing a new market for investors to put their money into companies with growth potential. KOSDAQ grew on the governments policy to foster the information and technology industry. And the tech-laden market has owed its dramatic growth to years of low interest rate that kept funneling liquidity into the market. Knowing its growth potential, investors rushed to the market, sometimes making blind investment. Speculative trading in turn overheated the market, sending stock prices spiraling upward. Bubbles that formed in the short-lived boom of 2000 have burst, leaving the market in the doldrums ever since. Today, KOSDAQ focuses more on quality growth rather than on quantity expansion. Mixed Results 1. Good performance Over the past decade, KOSDAQ has grown to be the worlds fourth largest secondary stock market in market capitalization, after NASDAQ of the US, JASDAQ of Japan and AIM of the UK. KOSDAQs market capitalization reached 59.9 trillion Won on 23 June 2006, rising 7.8 times from 7.6 trillion Won in the late 1996. Trading volume and value have grown dramatically: in the first six months of 2006, 69.28 billion shares changed hand on the market, or 2,309.3 times larger than the number of shares traded in 1996. The aggregate value of shares traded in the first six months of 2006 reached 234.5 trillion Won, or 195.4 times bigger than that of 1996. As of 23 June 2006, the number of companies listed on the market rose 2.8 times to 929, up from331 in the late 1996. The KOSDAQ market has played a valuable role as the primary provider of capital for SMEs and venture companies. From its opening to May 2006, the tech-focused KOSDAQ supplied a whopping 26.9 trillion Won in capital for SMEs and venture firms through issuance of new stocks and initial public offerings. This role has recently weakened. The amount of fund raised from KOSDAQ market each year peaked at 7.1 trillion Won in 2000. In 2003, this amount fell drastically to 23.9% of the amount of 2000. Certainly, the market has contributed to the growth of listed companies. The combined sales of companies listed on KOSDAQ reached 61.6 trillion Won in 2005, accounting for 7.6% of Koreas GDP. The number of workers they hired grew to 189,595 in 2005, up 2.3 times from the late 1999. Together with the market, the information and technology industry has risen to account for 14.5% of Koreas GDP in the first quarter of 2006. It was four times higher than 3.6% of 1995. 2. Bad performance KOSDAQs volume growth hasnt been followed by quality. To better understand the performance of KOSDAQ-listed companies, Samsung Economic Research Institute has analyzed their sustainable growth rate and multiple of intangible assets. (Sustainable growth rate refers to maximum growth rate that a firm can sustain via business and financial activities while multiple of intangible asset means the value of intangible assets divided by capital.) According to our analysis, sustainable growth rate has fallen more and more in companies listed on the KOSDAQ market. Regardless of their weak performance, stock prices rose sharply in 2005. Most KOSDAQ-listed companies can still grow bigger. In the late 2005, only 52 of the KOSDAQ-listed venture firms had generated more than 100 billion Won in sales. Some companies including the Internet-business NHN Corporation and electronics equipment maker Humax have successfully developed their business lines. Even so, their scale was much smaller than that of successful venture firms in the US. Humaxs equity capital was worth US$380 million in the late 2005, but this was less than a sixtieth of the US food provider Sysco Corporation and a twentieth of the US search engine provider Google. The financial difficulty of smaller companies with sales of less than 10 billion Won was worse than that of bigger companies. Small-scale service venture firms were hit hardest by aggravating growth potential. In 2005, sustainable growth rate of non-venture firms with sales of less than 10 billion Won decreased 31.2% and that of venture companies with sales of less than 10 billion Won fell 58.3%. The service industry had a much lower sustainable growth rate. Venture companies in the service industry with sales of less than 10 billion Won each saw their sustainable growth rate tumble by 62.2% in 2005. The non-venture service firms with sales of less than 10 billion Won each also shed their sustainable growth rate by 42.3% for the year. Nevertheless, the number of small venture firms which have existed for more than 11 years reaches 57, accounting for 70.3% of total number of small venture firms with sales of up to 10 billion Won. It means that weak performance does not necessarily lead to business closedown. Small-scale venture firms have used money raised through initial public offerings as operating funds. From 1998 to 2005, a large-scale venture firm with sales of more than 50 billion Won raised 30.6 billion Won, on average, from the KOSDAQ market. On the other hand, a small-scale venture firm with sales of less than 10 billion Won each raised a whopping 88.7 billion Won from the KOSDAQ exchange. Some small-scale venture firms are reluctant to invest the money raised from the stock market. The amount of facility investment made by non-venture firms from 1998 to 2005 is 2.2 times higher than the money they raised from KOSDAQ during the same period. Venture firms invested a mere 30% of the money they raised from the KOSDAQ market. To sum up, KOSDAQ has been a big help to SMEs and venture businesses that are not qualified to raise capital from the main KOSPI market (KOSPI stands for Korea Stock Price Index). However, its role as the primary provider of capital has weakened and health of the market has aggravated with lots of KOSDAQ-listed businesses suffering from liquidity problems. The share of companies that showed operating deficits in the KOSDAQ-listed venture firms soared from 10.3% in 1999 to 33.8% in 2005. It means that a considerable number of KOSDAQ-listed venture companies survive on the funds raised from the initial public offerings, without generating profits. The market has suffered further setbacks in the wake of a series of scandals related to accounting fraud and other irregularities, which have eroded investors confidence? Growth of KOSDAQ We submit the following four recommendations as a way of helping KOSDAQ achieve its original goal of fostering SMEs and venture businesses. Firstly, the KOSDAQ market operators should have efficient systems in place so as to remove unviable companies from the market. The nations venture business industry can further grow only when the financially troubled companies with little hope for survival are squeezed out of the market. Promoting merger and acquisition (MA) market can be a good solution. If venture capital, government capital and private equity funds flowed into the economy and restructured Koreas industries, they would be a catalyst for troubling companies to go out of the market. Secondly, KOSDAQ must enhance its transparency. If the Financial Supervisory Committee and KOSDAQ Committee closely cooperated, they can restore confidence of investors and prevent market distortion. Transparency is a prerequisite to attracting investment and fostering the stock market. KOSDAQ must also improve its investment environment. In March 2006, it introduced the KRX Research Project that connected research firms and listed companies that wanted to release analytical reports on corporate performance. It must continue this project in order to provide timely information to investors. Thirdly, the market must provide diverse securities products and promote activities of market makers who quote a buy and sell price in financial instruments hoping to make a profit on the turn or the spread between the bid and offer. Market makers can encourage promising SMEs and venture businesses to list on the market and give more convenience to investors. In order to run the new system efficiently, KOSDAQ needs to increase the number of market makers and teach listed companies and investors the concept of market makers. At the same time, it should diversify products and improve transparency of information. Finally, MA business should play a role in driving SMEs and venture businesses. Currently, mistrust of financial information has discouraged investors and institutions from pursuing MAs. Therefore, financial institutions such as banks and securities firms need to provide more accurate information on SMEs. At the same time, KOSDAQ operators should create business environment whereby a venture capital can pursue MA activities without too much hassle. LISTING STANDARDS Category KOSDAQ Market (Non-venture business) KOSDAQ Market (venture business) Equity Capital At least 3 bn Korean Won At least 1.5 bn Korean Won Years of Operation Exempt Capital status No capital impairment No capital impairment Ratio of public offering At least 10% of total issued voting stocks (if minority shareholding is less than 30%, at lest 20% of total issued voting stocks) No. of Minority Shareholders At least 500 owning at least 30% Sales Revenue N/A N/A Return on Equity At least 10% or 2 bn Korean Won At least 5% or 1 bn Korean Won (exempt if certified as venture business with high growth potential and viable technology, and obtained at least Grade A from Credit Guarantee Fund or ETRI) Net Income Must record positive ordinary income in the most immediate fiscal year. Must record positive ordinary income in the most immediate fiscal year (exempt if certified as a venture business with high growth potential and viable technology) TSX Venture exchange Canada Listing on TSX Venture Exchange is an option for emerging companies, providing access to public venture capital to facilitate their growth. Companies listed on TSX Venture Exchange are provided with the opportunity to gain a solid foothold in the public market, with the potential to work towards graduation to the senior exchange and access to larger pools of capital. Whereas listing on Toronto Stock Exchange (TSX) is the right choice for well-managed, growth-oriented companies with strong performance track records. Toronto Stock Exchange is globally recognized as one of North Americas premier stock exchanges, known for its high standards of fairness and innovative approach to trading. The steps to list on TSX Venture Exchange 1. Contact Business Development to set up an advisory meeting. 2. Prepare your internal and external advisory team (management, directors, investment dealer, legal counsel, auditor, IR professional). 3. Prepare your TSX Venture Exchange Listing Application and prospectus. 4. Submit application and supporting documentation. 5. TSX and TSX Venture Exchange review for listing approval. Filing a prospectus is a five-step process: 1. File a preliminary prospectus with TSX Venture, as well as with your home province securities commission and other provincial jurisdictions where securities will be sold. 2. Regulatory authorities review the prospectus and inform your professional advisors of any deficiencies. 3. After all deficiencies are cleared to the satisfaction of the regulators, file an amended prospectus in final form. 4. The securities commission will issue a final receipt as acceptance of the prospectus. 5. This approval allows your company to begin selling securities in the provinces where a final receipt has been issued. Listing Requirement Listing requirements for TSX Venture Exchange are sector and stage of development specific. Listing requirements depend on the basis of Property Requirement, recommended work program, Working Capital and Financial Resources, Net Tangible Assets or Revenue, Sponsorship. And these requirements vary from Sector to Sector. The following division has been made by exchange for listing purpose Mining Oil Gas Diversified Industries (includes Consumer and Industrial Products; Technology; Cleantech; Life Sciences; Research and Development; Communications and Media; Real Estate and Investments; Financial Services; Forest Products; Utilities and Pipelines) Structured Products (Includes Exchange Traded Funds (ETFs) and Closed End Funds) Capital Pool Company Program Listing Fees Original Listing Fees for TSX Venture Exchange range between CDN$5,000 and CDN$30,000, with an annual sustaining fee payable after the first year. There are also additional fees for certain transactions, such as property acquisitions, secondary public offerings and private placements. The details of Fees can be seen in excel attached. Four different methods at TSX Venture Exchange Direct Listing An issuer already listed on another stock exchange may list directly on TSX Venture Exchange if they are able to meet listing standards. As well, these issuers may be eligible for certain exemptions from regulatory and reporting requirements, provided they are listed on a stock exchange recognized by TSX, and if that stock exchange has similar listing requirements as TSX Venture. IPO IPO is normal process that is followed in all exchanges around the world. Reverse Take-Over In a reverse takeover, shareholders of the private company purchase control of the public shell company and then merge it with the private company. The publicly traded corporation is called a shell since all that exists of the original company is its organizational structure. Going public through a reverse takeover allows a privately held company to become publicly held at a lesser cost, and with less stock dilution than through an initial public offering (IPO). TSX Venture Capital Pool Company Program (CPC) The Capital Pool Company (CPC) program is a unique listing vehicle offered exclusively by TSX Venture Exchange. The program is a two-phased process, involving the following steps: Creating the CPC: Three to six individuals with an appropriate combination of business and public company experience put up a minimum of $100,000 in seed capital. These founders incorporate a shell company the Capital Pool Company (CPC) and issue shares in exchange for seed capital at a minimum price between the greater of $0.05 and 50% of the price at which subsequent shares are to be sold via prospectus. The CPC and its advisors prepare a prospectus that outlines managements intention to raise between $200,000 and $1,900,000 by selling CPC shares at typically twice the issuance price of the seed shares, and to use the proceeds to identify and evaluate potential acquisitions. Selling the shares: The CPC files the prospectus with the appropriate securities commission(s), and applies for listing on TSX Venture Exchange. The broker sells the CPC shares, pursuant to the prospectus, to at least 200 arms length shareholders, each of whom buys at least 1,000 shares. No one purchaser can purchase more than 2% of the offering, and no one purchaser together with his, her, or its associates or affiliates can purchase more than 4% of the offering. Once the distribution has been completed and closed, the CPC is listed for trading on TSX Venture Exchange. The symbol includes a .P to identify the company as a CPC. SME Exchange in India Currently, there is no exchange in India exclusively for SMEs. However, the SEBI Board has already given the go-ahead for creation of a separate SME exchange. SEBI is in the consultation process for a separate SME Exchange. However, it is unlikely that the Indian exchange will dilute any standards or relax regulations for SMEs, for protecting investor interest and also the integrity of the markets. Also, it is likely that the exchange will have a minimum ticket size for transactions so that only high networth individuals will be eligible and smaller uninformed investors won’t burn their fingers. REFERENCES highbeam.com/doc/1G1-65518982.html http://english.chosun.com/w21data/html/news/200407/200407290015.html nyse.com/equities/nysealternextequities/1204155563797.html euronext.com/landing/equitiesOP-21363-EN.html euronext.com/editorial/wide/editorial-4350-EN.html euronext.com/editorial/wide/editorial-4475-EN.html http://estock.koscom.co.kr/kosdaq_sise/kosdaq_upjisu.jsp hkgem.com altx.co.za mai.or.th/en Research Papers on Listing Standards of SME stock exchangesAnalysis of Ebay Expanding into AsiaThe Project Managment Office SystemOpen Architechture a white paperIncorporating Risk and Uncertainty Factor in CapitalBionic Assembly System: A New Concept of SelfMarketing of Lifeboy Soap A Unilever ProductPETSTEL analysis of IndiaTwilight of the UAWQuebec and CanadaDefinition of Export Quotas

Leadership in context Essay Example | Topics and Well Written Essays - 3000 words - 1

Leadership in context - Essay Example Also, it will examine various leadership theories and relate them on how the guest speakers apply them in their organizations. Although there is no single style recommended as the best for all leaders some leaders achieve better performance than others depending on prevailing conditions, individual experience and the nature of other workers. According to John Ackerley, a regional manager of a football association he has a responsibility to provide business skills to the small and medium businesses in the region of west midland. Also, he offers them skills to develop the football association and coordinate the Association at the grass root level. His roles involve interacting with other stakeholders from the top to the bottom. For example, he had to share his values with the chair and the general secretary of the football association. He shares the goals of various projects with leaders of different departments and instructs the heads of different departments such as David Clarke, who is the captain of Great Briton blind club squad. Therefore, according to John anyone can be a leader in various ways. He believes that being a leader involves individual commitment to achieving specific goals. In his perception leadership, requires formal training although for general skills. However, experience is the most important determinant of successful leadership because it defines the specific goals and objectives of a leader. Through his work experience as a coach for seven years, John had the opportunity to interact with people from the diverse background. These were people with different races, age, education background, religion, etc. That helped him to learn how to relate well with diverse characteristics hence he would apply interaction skills in his leadership to coordinate the activities of various groups in the football association. The leadership skills are acquired through training and

The importance of entry and to deter entry in case of firms in Essay

The importance of entry and to deter entry in case of firms in different market structures - Essay Example h barriers to entry as it is necessary to prove that in monopoly a firm enjoying a high percentage of market shares can translate it into market power (ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, 2007, p. 1). Both Walmart and Loblaw are engaged in same type of business activities. They will engage themselves in activities that will prevent entry of competitors. If the two competitors compete between themselves they will end up in creating barriers that will not enable themselves to diversify their business. In fact this will not be desirable outcome from the firms’ point of view and consumers’ welfare will get affected (Carlton, 2005, p.9). Strategies used by firms to deter entry The incumbent firm can involve itself in three types of strategies to deter entry. They are: Limit Pricing, Predatory pricing and capacity expansion. The strategy of limit pricing is illegal in many countries. A limit price is a strategy mainly used by the monopolists to deter entry . They used to set a price that would be faced by the entrant on entry into the market until the existing firm did not act to decrease the output. The limit price is generally set at a level which is less than the average cost of production. It can also be set at the level where entry is just not profitable. This discourages the new entrants (Roberts and Milgrom, 1982, p. 444). The second strategy is used by the incumbent by charging a price that is low relative to the price of the other products before the entry takes place. Often it appears that other firms who initially were not in the market of a certain product express their opinion to enter the market. It is the price of the product that influences their decisions. The already existing firms in the market can discourage the new entrants by... The incumbent firm can involve itself in three types of strategies to deter entry. They are Limit Pricing, Predatory pricing and capacity expansion. The strategy of limit pricing is illegal in many countries. A limit price is a strategy mainly used by the monopolists to deter entry. They used to set a price that would be faced by the entrant on entry into the market until the existing firm did not act to decrease the output. The limit price is generally set at a level which is less than the average cost of production. It can also be set at the level where entry is just not profitable. This discourages the new entrants.The second strategy is used by the incumbent by charging a price that is low relative to the price of the other products before the entry takes place. Often it appears that other firms who initially were not in the market of a certain product express their opinion to enter the market. It is the price of the product that influences their decisions. The already existing f irms in the market can discourage the new entrants by charging a low price for the products. Thus the potential entrants can be ignored and their consumer base will not be affected. If the potential entrants find it unsustainable to continue to operate in the market, they tend to move out of the business which provides a wider consumer base for the existing firms. Then the incumbent can raise the prices of the product and exploit the market power.

Importance of Historical Perspectives Essay Example for Free

Importance of Historical Perspectives Essay The organised use of labour or Management as we now call it, is as old as time. However it was only in the 19th century that management and the idea of management thought emerged as an important element of political, economic and social development. I believe that historical perspectives have been critically important to the development of management thought through the centuries. Management ideas have been developed out of social and cultural circumstances, over time the social and cultural circumstances have radically changed and developed but the principle of management and management thought has been slow in keeping up with these developments. From my reading, I would argue that there have been three main phases that have fundamentally shaped management thought since ancient times. These phases are; the early autocratic management approach, the change in management thought following the reformation and thirdly, the new work practices required to support the industrial revolution. From my research, it is evident that major historical events have also had an important role to play in the development of different management styles and structures. In ancient times, management of people was purely autocratic. Many of the work force in these times were slaves. This early practise of management seen in ancient Egypt, continued through to feudal times. It was very effective in supporting some of the great construction projects which ancient Egypt is famous for, such as the building of the pyramids, the irrigation of the Nile and the building of the tombs in the Valley of the Kings. Similarly in ancient China, the building of the Great Wall of China. These great works provide us with evidence of a very organised and autocratic approach to the use of labour and also project management skills . This early autocratic period of management was heavily dominated by cultural values such as; fear of punishment, fear of god, where people had no sense of individual achievement and they could only look forward to a better life after death. This form of management continued through the middle ages and in these non-industrialised circumstances there was no â€Å"no need to develop a formal body of management thought†(Wren Bedeian, 2011: 37) As long as society was dominated by fear and oppression this form of management was sustained. As long as Christianity and the divine right of kings maintained their hold on society, management thought could not evolve and develop. However, these feudal times where religion was invincible and demanded total subservience ere coming to an end. The crusades were a major catalyst for change in these times and by weakening the strength of the catholic church they were the beginning of a cultural rebirth which led to the protestant reformation. With the reformation came the protestant work ethic which I would argue has transcended the history of management and has fundamentally changed work practises opening the door to completely different and new management styles and structures. Prior to this commerce was viewed as an evil that corrupted peoples’ minds and the idea of trade could undermine the obedience demanded by the catholic church. Max Weber in â€Å"the protestant ethic and spirit of capitalism† urges strongly that the spirit of capitalism grew out of Protestantism and the protestant work ethic. (Wren Bedeian, 2011: 26) It is clear that the transformation in attitudes in society due to the reformation brought with it the need for new management structures which would support creativity and competitiveness. These changes did not happen quickly, but they were pivotal in the fundamental shift to the organisation of labour being managed by many people and many different types of people rather than the autocratic few. These new managers began to think about personal gain and had to consider the best ways to achieve these gains. The shift to personal gain was accompanied by the strengthening of national economies in Europe and further afield as new countries and colonies were being discovered and established. The scene was being set for the industrial revolution. Historical perspectives were changing and along with them, new principles in management thought were emerging. Adam Smith was one of the evangelists of management thought during the early stages of the industrial revolution. One of Smith’s new thoughts on management was that the market economy would be se self regulating, that is to say that the market would be ruled by the â€Å"invisible hand†(Wren Bedeian, 2011: 34). His other contribution were his thoughts on the division of labour culminating in the substantial productivity that the use of technology brought to replace human man power. Smith’s principles are fundamental to modern management thought. The industrial revolution brought with it the move from agrarian life to urban living. Production became large scale and the increasing number of factories coming into production demanded more managers who would have to be capable of successfully organising and managing all aspects of these new work places. There is no doubt that historical perspectives have been mportant in bringing about great changes for the better in management thought as evidenced by the evolution of the three phased covered herein. However I would conclude, that despite the advantages of having historical perspectives, society and the management of society does not really learn from these perspectives. I think this is well summarised in Will Durant’s quote in â⠂¬Å"the story of civilization part 1† where he states that â€Å" a nation is born stoic and dies epicurean†(Durant, 1935: 259). There is no clearer example of this than in Ireland today. We have spent centuries struggling against the autocratic management of Irish society both by the catholic church and by British rule. The adversity of these times was eventually replaced by the development of new management structures bringing with them creativity and competiveness. However, as with many developing societies and civilisations, with this development came affluence and opportunism which in turn undermined the integrity of these management structures. Like the Epicureans, poor thought was given to how this would impact tomorrow. So as in Greece and Rome, the lack of long term prudent management and the lack of learning from the historical perspectives on management thought have meant that we have not escaped the Epicurean death blow that has been rendered to Ireland.

Severe Mercy in King Lear :: King Lear essays

Severe Mercy in King Lear      Ã‚  Ã‚  Ã‚   The best thing about King Lear is that the deeper you dig, the more meat you find. It seems straightforward enough, except that every now and then something leaps out of the dialogue that severs the veil of coherent reality to strike sharp blows at the eternal Within. Even with a minimum of thought, few, I think, when considering King Lear, could emerge unshaken. There are shining archetypes of pain and grace and mercy and redemption. And like all truth, Lear abounds with paradox: we love him, we hate him; he is as King, deity; as father, a child. His beginning is noble yet immature, his end is destitute yet sublime. His subjects, all, are antonyms and mirrors. The messages come to us disguised as both story and image. The two are hopelessly bound up with one another, but we shall consider them a little separated in hopes of making some progress through such mvstic mire. The images come as flashes of recognition and intuition. We needn't understand something to be affected by it, for intuition is recognition on the sub-conscious level, which is equally, if not more, important. But unlike the "jolts of glory" that images may bear, the story is gradually grasped, perhaps even long after the performance, when the mind may consolidate and review the witnessed events. On the surface, King Lear is a pagan play, as it is set pre-Christian England. But it has, for all that, no shortage of appeals to deity and interesting speculation. This is, after all, a play set on the brink of eternity and it must make us wonder on the universe in relationship to the characters and ourselves. The first tragedy is that Lear's world is void of revelation. It is simply Man and the awesome silence of the Dead. They are a people with no assurence. We who watch the play with the benefit of a Christian worldview have got to displace ourselves and push our assurances and belief aside, if possible, to let inan inkling of the dispair and horror which must meet each man with no hope. It is not easy to do, and extremely discouraging when we succeed. Asin Beowulf, one of our language's oldest pieces of mythic literature, a man's only assurance of afterlife was living on in the memory of those who remained alive, and the greatest end would be a heroic ballad, a song through which a man may live forever, if forever it were sung.

Mice and Men Essay

John Ernst Steinbeck was born on 27 February 1902, in Salinas, California, USA. The Salinas River is mentioned in the first line of Of Mice and Men. The whole novel is centred on the landscape around Salinas. Steinbeck was the third of four children, of mixed German and Irish descent. His parents owned a considerable amount of land, and his mother was a schoolteacher who encouraged him to read widely. His background was neither rich nor poor, and his parents wanted him to follow a ‘respectable’ career. John Steinbeck wrote the novel called Of Mice and Men. It was published in the depression years of the 1930’s. Steinbeck raises questions in the mind of the reader that the novel would be based on loneliness. The first line read â€Å"A few miles south of Soledad†. This is a clever idea by Steinbeck as â€Å"Soledad† means loneliness in Spanish. John Steinbeck’s family was wealthy, but was interested in the lives of farm labourers. It gave him a inspiration to write books about migrant workers. He could of been a doctor or a teacher but he chose to become an author. John Steinbeck must of met a lot of people like Lennie and George, so he has ideas to write a good book. The historical context of the novel is that its all about the depression years in the 1930’s. It was illegal to be unemployed. People living in the 30’s didn’t have a choice but to go to work. The main characters in this story are George and Lennie. They travel around together, share their minds together, and what ever trouble Lennie gets into, George had to get him out of it. George didn’t like Lennie that much because of all the trouble that he gets into. He didn’t want to stay with Lennie, but his mother told George to look after him. Lennie was always trying to find a good opportunity to go off alone in the hills. George didn’t want that, he liked Lennie as a friend, but Lennie gets into too much trouble. But they always say; ‘You got me, and I got you’. This novel called ‘Of Mice and Men’ was set in a town called ‘Soledad’. It meant ‘Lonely’ in Spanish. The ranch is located in the middle of no where. It’s 4 miles to the town. The characters in this novel are ranch workers who are described as lonely. Ranch work is not long term. All of the workers except for Candy and Crooks are only passing through. When George and Lennie get jobs, the boss is suspicious of them because they look like they’ve known each other from somewhere and are close friends. The other ranch workers see that George is always answering for Lennie. But they cannot understand why they are always together. George says that â€Å"ranch workers are the loneliest people in the world and don’t belong nowhere†. In this paragraph, I’m going to write about Crooks. Crooks is a black guy. He’s not allowed to stay in the bunkhouse with the other ranch hands because he is black. He doesn’t have the same status as the other white workers. Crooks was also excluded because he suffered an injury and so is not as capable as the other ranch hands. His possessions show that he is lonely. Everyone can see that because he loves to read his books but was excluded. Crooks doesn’t like when Lennie tries to talk to him. Crooks get angry every time he tells Lennie to go away from him. But after that, he admits that he is lonely. Lennie will also get lonely and even sick when no one is with him. He needs someone beside him all the time so that he feels supported. For this, he always wants George. In this paragraph, I have looked at the way Crooks treat other people and what his appearance looks like to everyone else. I will now write about Candy. He’s an old man who wants to join up with George and Lennie and get a place where they can live. Candy provides a parallel to George and Lennie in that he relies on his dog – ‘I’m so used to ‘im’ (p.46) – just as George and Lennie are an elevated version of a master/dog relationship. Candy clings to his dog, despite all that logic and common sense dictate. He loves to be with his dog because he had him since he was a puppy. It was the best sheepdog he had ever had. The other workers didn’t realise the relationship between Candy and the dog. It meant nothing to everyone except for Candy. They’ve been together for all of Candy’s life. But now Lennie’s life has ended. Candy cleans out the farm buildings, and shows George and Lennie the bunkhouse. Candy lost his hand whilst working on the farm, and was allowed to stay on in this lowly position as cleaner. Candy soon asks George and Lennie if he can come in with them. George said ‘We weren’t thinking of a third person. Cause we was gonna do it on our own’. George knew that it was owned by old people who might be willing to sell it for $600 or so. Candy confesses he has $350 saved up and asks if he can come in with them. George really begins to believe that his dream might become a reality. He needs to work for another month or two and not spend anything so that they will have the stake to buy the farm. This will be good for Candy because then he can live a happy life and avoid the loneliness in the life of a ranch worker. He’s worked here for so long and wants to change his miserable life and make it peaceful. Candy was moaning that he just let a stranger shoot his dog. By the look of him, he could see that Carlson didn’t like the smell of Candy’s old dog. Carlson asks Slim to give Candy one of the other pups so that the old dog can be shot. Once the dog has been shot, he feels strong pressure because he had him since he was a pup. When George and Lennie were talking about their dream, Candy steps in and instead of being sad, George and Lennie gives pride and gives Candy more confidence. In this paragraph I have explained Candy’s life and the way he lives. I am now going to write about Curley’s wife. She doesn’t like Curley very much and wants to go elsewhere but cannot because of Curley. The other ranch workers avoid Curley’s wife as they know that if they befriend her, they will get into trouble. She also said that she could hang Curley at anytime if she felt like it (Showing that she can be dangerous as well as Lennie). She also visits the bunkhouse a lot, she wanted company, but had to ask where Curley was. On Saturday nights she is left at the ranch alone. When she is left alone at the ranch, she tells everyone about her life and story. It’s very miserable for Curley’s wife. She tells everyone the truth†¦ that she doesn’t really like Curley. Everyone else has names except for her. She has to be called Curley’s wife. That is why she doesn’t appear much in the story. She’s being treated like an object. Slim’s dog name is ‘Loulou’. We have looked at the character of Curley’s wife and how she got on. George and Lennie are different to the other ranch hands. The way they respond to each other shows very close friendship. Lennie always get into trouble and George is there to get him out of it. They share a dream together of working and then getting a lot of money so that they can live comfortably in the place that there going to get. Every time George says ‘We’re gonna get the place’. Lennie gets very excited and says ‘I get to tend the rabbits’. But when George is about to shoot Lennie, he keeps saying this so that Lennie puts his mind fully onto the house in his head and imagining him tend the rabbits, George wanted this because when he looked the other way, there was a time to shoot him. George wanted him to see it as he is talking. It was related to the shooting of Candy’s dog too which gave George more confidence in shooting Lennie. But at the end, it is George who will feel guilty. George often insults Lennie and ‘gives him hell’, but he doesn’t really mean it. Although he often talks about how well off he could be without Lennie he secretly doesn’t want Lennie to leave, and when Lennie offers to do so in the first chapter, George virtually pleads with him to stay. This is because George also depends on Lennie to a certain extent for his unconditional friendship. I didn’t think that Steinbeck would make George shoot Lennie. At first, those two was good friends, I thought they would actually get that bunkhouse. But it ended in a bad way. It made the readers / watchers feel shocked and feel that his life has ended with just one shot. George always gets annoyed of Lennie and Lennie says that he will go up to the hills. George knows that he’s the only one who has to get him out of trouble. But then decides if Lennie’s gone, then he can have total freedom and do anything he wants. At the end, it might of been a mistake to shoot Lennie. The first paragraph tells us about the introduction of John Steinbeck. It tells the readers what is going to happen. The second paragraph describes the setting and ranch workers. It’s the setting of the story and the ranch workers. The third paragraph let’s the readers understand Crooks. It also describes his ethnic group and his rights. The fourth paragraph tells us about Candy. It tells the readers about his loving dog and his dreams towards the ranch. The fifth paragraph also describes Curley’s Wife. The way she acts in the story, and how lonely she is. Finally, the last paragraph tells the readers about the friendship of George and Lennie. It tells us how George and Lennie travel together, live together and the trouble that they get into. It also summarises George and Lennie’s dream. John Steinbeck is trying to say that life in the 1930s in California was lonely. He doesn’t just write it down, because that will just give the point away. He wants the readers to imagine it for themselves.

3 Paragraph Paper About the Novel Night Essay

Ellie weisel was the survior and author of the book Night. Ellie was born September 30,1928 in Sighet, Romania. He led a life representative of many Jewish children. Growing up in a small village in Romania, his world revolved around family, religious study, community and God. Yet his family, community and his innocent faith were destroyed upon the deportation of his village to the concentration camp in Auschwitz in 1944.†Never shall I forget that night, the first night in camp, which has turned my life into one long night, seven times cursed and seven times sealed.† (Elie Wiesel, Night, Ch. 3). Ellie Wiesel survived Auschwitz, Buna, Buchenwald and Gleiwitz. He was let free in 1945 and made his way to Paris and started wrighting his first novel Night. During world war 2 many people were anti-semitism. Anti-semitism means prejudice or hatred of, or discrimination against Jews for reasons connected to their Jewish heritage. Jewish people were blamed for the black pleg. They were also blamed for how bad the economy was. Hitler one of the most famous people during this time was using the jews as a scape-goat to get more votes. A scape-goat is just a group/someone you may put the blame all on.During world war 2 Jewish people were used as scape-goats and at the time of all this if you were German you may have been anti-semitism. One of the most memorable events at this time were The deportation of the jews. The nazis had enough of the jews and were ready to do there † final soulation† every jewish person with either that star david on them or had the letter J on there id was getting deportated to the concentration camps. See more:  The 3 Types of Satire Essay The German authorities used rail systems across the continent to transport, or deport, Jews from their homes, primarily to eastern Europe. German railroad officials used both freight and passenger cars for the deportations. German authorities generally did not give the jews getting deported food or water for the journey, even when they had to wait for days on railroad spurs for other trains to pass. Packed in sealed, suffering from overcrowding, they endured intense heat during the summer and freezing temperatures during the winter. Aside from a bucket, there was no sanitary facility. The stench of urine added to the humiliation and suffering of the deportees. Lacking food and water, many of the deportees died before the trains reached their destinations. Armed police guards accompanied the transports; they had orders to shoot anyone who tried to escape.

Skill Builder #10-2 Example

Skill Builder #10 Skill Builder #10 Skill Builder Skill Builder William Sagner 2. William Sagner is 44, is my coworker, smokes in my presence, he does notunderstand my health situation and the impact his smoking has on my breathing and feelings3. The possible reaction to the situation is a resistance to my concerns due to the lack of a no smoking signs at our workplace and there are no designated positions for smoking. 4. I will explain my health situation to Sagner that makes me breathless when the air is not fresh is affected by smoke as a measure of overcoming his resistance so that he understands me well5. BCF statementI have a problem when you come to my workstation while smoking. Cigarettes smoke makes me nauseous and causes breathing difficulty making me irritated and uncomfortable while you are smoking. Application Describing a conflict in terms of behavior, consequences, and feelings has enabled me to learn that it is important to maintain ownership of the problem, ensuring that we are in agreement of the con flict, and being in a position to agree on a change without affecting relationships (Lussier & Achua, 2004). The other lesson is that there is a need to have skills in requesting a person to aid in problem solving aiding in the reduction of conflict and defensiveness increasing the possibility of reaching an amicable solution. In a BCF statement not making judgments on a person’s behavior, not blaming another party for a wrong, and not threatening the other party of consequences improve conflict resolution are the other lessons from the exercise (Lussier & Achua, 2004). I will use this knowledge in future in presenting conflicts to people under different circumstances in a manner that reduces their defensiveness and augments the chances of conflict resolution. The knowledge will also enable me to understand the benefit of owning up a problem in a conflict situation and will guide me in requesting for assistance in solving a problem in a clear and concise manner without affec ting relationships negatively (Lussier & Achua, 2004). ReferenceLussier, R. N., & Achua, C. F. (2004). Leadership: Theory, application, skill development. Mason, Ohio?: Thomson/South-Western.

Christmas Math Word Problem Worksheets

Christmas Math Word Problem Worksheets Word problems can be perceived as the dreaded bane of your students existence, or they can be a walk in the park. The amount of practice your students have working with word problems affects their confidence level in this area.   Design Christmas word problem worksheets that are suitable for second and third-grade students. The sample questions adhere to math standards for those grades. Most of these word problems focus on number sense.   Heres some simple math for you. If word problems  are applied in real-world scenarios that children enjoy, the likelihood increases that they will find the problems easy to solve. Easy Christmas Math Word Problems In terms of fun word problem scenarios, you can incorporate Christmas  themes into the problems. Most children enjoy the Christmas season, even those who dont celebrate the holiday. Images of jolly snowmen and Rudolph the red-nosed reindeer delight children during this time. Now, pair Christmas-based situations with math word problems to delight young students. Students at a very young age need to practice solving problems when the unknown value is at the beginning, the middle, and the end of the word problem. Using this strategy will help children become better problem-solvers and critical thinkers. Before you assign word problems to your students, make sure that you vary the types of questions. The variety will help create good thinking habits among your students. Second Grade For second grade worksheets, you will note that addition and subtraction problems are the most appropriate. One strategy to help students in the younger grades to think critically is to consider changing where the unknown value is. For instance, look at the following question: For Christmas, you got 12 candy canes in your stocking and 7 from the tree. How many candy canes do you have? Now, look at this transposition of a word problem: You wrapped 17 presents and your brother wrapped 8 presents. How many more presents did you wrap? Third Grade By third grade, your students have started to get comfortable with fractions, multiplication, and division. Try incorporating some of these elements into your third-grade worksheets. For example, your string of Christmas lights has 12 bulbs on it, but 1/4 of the bulbs don’t work. How many bulbs do you have to buy to replace the ones that don’t work? The Value of Words Word problems take math understanding to the next level. By meshing reading comprehension skills with everything already learned in mathematics, your students are becoming critical problem solvers. Real-world scenarios show students why they need to learn math, and how to solve the real problems they will encounter. Help connect these dots for your students. Word problems are an important assessment tool for teachers. If your students are able to comprehend and solve word problems, it shows you that your students are grasping the math being taught to them. Kudos for the guidance you provide. Your hard work is paying off.

Writing assignment Research Paper Example | Topics and Well Written Essays - 500 words - 4

Writing assignment - Research Paper Example If correctly implemented, such decisions would move the organizations to higher levels of performance. However, the organizations continue to lag behind their expected performance mainly because of the failure to implement decisions. Pfeffer and Sutton (2000) explain the main reasons that have maintained a wide gap between knowledge and action. One of the reasons is the tendency by managers to pursue detailed behaviors, practices and techniques that work instead of finding out why such practices are suitable for their organizations in terms of philosophy and the general direction that action should take. Other managers overlook the importance of learning from practice. Putting the best practices into action would require the room to make mistakes during learning. This can be done well if the practices are implemented and important lessons taken from the implementation process. It is also important for managers and policy implementers to recognize that elaborate concepts and plans may not count as much if they are not put into action. Action can be made more efficient if it is grounded on real experience. Moreover, staffs that implement the plans should be inspired to action without fear. This is because fear is known to widen the knowledge-action gap. If the persons operate under fear, they will not be in a position to try something new; neither will they have the freedom to make mistakes which is an important component in the learning process. Managers should, therefore, maintain an environment that encourages stuffs to try something new while at the same time their well-being and dignity is upheld. In determining the level of progress in the implementation process, whatever should be measured is what really matters in the implementation process. The tendency to measure virtually everything is known to widen the gap between knowledge and action. The measurement should be in such a way that it does not only provide what has already been done, but also

Psychology ADULT DEVELOPEMENT Essay Example | Topics and Well Written Essays - 1000 words

Psychology ADULT DEVELOPEMENT - Essay Example Most of the above mentioned spheres are not only influenced by the age an individual but are also influenced by other factors like the genetics and exposure to a particular environment Early adulthood is the period just after adolescence when the individual is in their early stages of maturation. The physical and mental processes are fresh and vibrant with the completion of maturation of the processes that takes a longer time to mature. Mid adulthood is the period marked by the twenties age bracket. This is when the bodily processes are at their optimum and it is closely followed by commencement of degeneration. The last phase is the late adulthood that is often marked by various symptoms of degeneration as the body is wasting away. This article will look keenly into the various processes that the adult of any one particular phase should look forward to in terms of the physical and mental development with time. It will also undertake to give a number of insights into several means that adults may consider in order to ensure that they optimally develop both physically and mentally. People reach the peak of their physical strength and stamina when they are in the twenties age brackets. ... The muscles look sturdy and healthy while the sin glows with youthfulness. Physiological changes often appear in the late adulthood. The strength and the endurance once associated with the youthful body of the individual gradually vanish with the passing of time. The rate at which the neural processes function reduces gradually with the brain experiencing some degree of atrophy (Knox1999p34).A common phenomenon with the digestive system includes the changes in the gastrointestinal tract that often leads to increased frequency in constipation. At the same time, the circulatory and respiratory systems undergo through some form of degeneration which results into inefficiencies in their functioning. Osteoporosis is another condition that comes with old age and is especially pronounced among women. The muscles weaken while the skin experiences a greater degree of dryness and inflexibility. Sensitivity in the five senses decreases while hair loss is experienced. Cognitive changes Cognition during the early and mid adulthood is usually high with the intellectual capability being at its peak. The changes often occur in the elderly phase of adulthood. It is reported that the response speeds decline with the age of an individual. The working memory is also often compromised in this phase thus resulting into problems associated with cognition. This group of adults also often suffer from disorders that eat up on their cognition. These disorders commonly known as dementias are found in approximately 15% of the individuals aged above 65 years (Cavanaugh 2003pp23-24). Behavior change The behavioral patterns found among the early adults reflect the nature of expectations