We are ready to represent the best custom paper writing assistance that can cope with any task like colgate palmolive : managing international careers even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like colgate palmolive : managing international careers in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
COLGATE PALMOLIVE MANAGING INTERNATIONAL CAREERS
A) Why does C-P place such importance on expatriate assignments?
As a global company with a presence in 75 countries the expatriates themselves and their assignments become of great importance to the company. The rising share of foreign markets up to two thirds of the total revenue and profit of the company has made the expatriate assignments even more important for the company. The expatriate assignments are important not only for the financial aspect that is effecting the company but for other major reasons to spread the corporate culture and practices around foreign subsidiaries and exposing its managers to international training in order for them to take over higher managerial positions later on in their careers. The expatriate assignments usually deal with new found subsidiaries abroad or launching of new products , the company needs experienced people from its head quarters or other subsidiaries who have knowledge in order to hire and train local employees , introduce the products, techniques, values and culture of the company and adapt them to the methods in the local conditions . The transferring of knowledge and building up of the subsidiary in a foreign environment is not only difficult from the view point of the managers but it is also a very crucial aspect for the companies growth and competitiveness in its business and capturing the market. If an expatriates assignment fails due to some reasons its puts the whole future of c-p in that country in to jeopardy as well as gives the competition a upper hand in that market. Because the expatriates are the driving force of next growth and creating new markets their assignments are of significant importance to the company and this the reason c-p pays such a lot of attention to the expatriate assignments .
B) Are there other, more efficient ways, to transfer knowledge?
Besides using the expatriate program which costs the company approximately million dollars a year .There are some other cost efficient and better ways to transfer the knowledge .Face to face communication is the most effective way of transferring knowledge therefore the company can have informal networking activities amongst managers through joint work in teams task forces both at the regional office level where all the managers from each country in the region would take part and also forming global teams which would In turn pay visits to subsidiaries on a frequent basis all around the world which would help the company transfer knowledge in a better way because face to face interaction between individuals facilitates transfer of knowledge that is experienced based and allows interactive communication, questioning , flexibility and adaptation of policies and strategies. This one on one interaction also creates a sense of belonging in the organization .The emergence of new technology such as the internet , intranet, videoconferencing can also be used by the company in order to link all the subsidiaries and regional offices with the head quarters so that there is a constant flow of information between all the places and each country knows what is going on in the other country, making the whole company a more cohesive one . The current organization structure of c-p needs to be reformulated ,as the current structure has no interaction between regional heads and be changed in to a modified matrix structure such as used by the procter and gamble where the whole work place is in teams with interaction and inputs from regional as well as head quarters .
C) What is the core problem with the expatriate policy?
The core problem with the expatriate policy is that its inability to adapt and ignorance of the changes in the society where dual - career families were becoming the norm rather than an exceptional case here and there. C-P executives had wives who were also pursuing a career and didn’t want to give it up for their husbands assignments overseas. The belief of the management at C-P that only loss of money is the hurdle that determines a dual career family from going on overseas assignment was wrong and they created a policy for spouses assistance and one time payment of $ 7,500 seemed very less to most of them, moreover the women of the new century was in to a job not only for monetary reasons but also to build up a career for herself. The policy seemed to be designed for male managers whose spouses were housewives , if only male managers were considered the consideration for the husbands of any female managers seemed to be lost .Although the policy catered in with help to gain work permits and finding a job a harsh reality remained that the spouses if expatriate managers did not have legal rights to work in half of the countries where the C-P managers were placed. Even the assistance to start up a business for the spouses seemed to be a big failure as the fact remains that more that 50% of new startups tend to die down with in the first year of operations. The places where the spouses were allowed to work they could not find satisfactory jobs as people would not be willing to hire someone who would be leaving in a year or two.
D) Can the program be fixed? How?
Yes the program can be fixed with some changes in the thinking of the management. To rectify the policy and bring it on track to what it was in 18 in not possible with the onset of dual � career families in the society. What can be done is change the expatriate policy from a long haul of -5 years to a shorter periods of 6 -8 months . which would mean that the spouses of the managers would not have to move with them and the this could solve the problem of dual � career problems . Form the management’s perspective the expatriate is regarded as the best man for the job but this perception needs to be changed to a more local one . The management needs to realize that there is local talent available and the right places need to be tapped for the talent and the biggest source of this local talent being the own subsidiary . The company could also be looking at locals studying in good universities and screening them and hiring them and then training them and making a career path for them and later on evaluating them. Their training process and evaluation process should be handled by the expatriates as they are the ones who would know exactly as to what the C-P expects out of the subsidiary. This change in the policy would give C-P a better hold and control over the local markets as the local managers would understand the markets better. Another out come of this policy change would be that C-P would be able to utilize its limited resources of the expatriate managers in a better and much more focused way such that it could be able to send persons to markets where sales were going down or the profit was falling or send expatriates according to the product sales so as to improve a particular product sale in a particular market. This segmentation of the market and the focused attention of expatriates would not only give C-P a better competitive edge but also help the company solve problems at a faster pace and better way . When the managers go to country they are there to train and come back as soon as possible. The shorter periods in each country would also enable the C-P to form global assessment and inspection teams that could go in for a week or two in to countries not performing well or with some problems or some with new launches and have intensive brain storming sessions , training and assess the competitors etc.. this would help the company do what a lone expatriate manager would take three to four years in much lesser time of around a year or so with much lesser cost . The objective of transfer of knowledge could be achieved at a heightened pace and with greater efficiency. This way the company could keep up with its international career development and loose no pride in its expatriate program.
Mind that the sample papers like colgate palmolive : managing international careers presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Thursday, May 31, 2012
Hi how are you?
We are ready to represent the best custom paper writing assistance that can cope with any task like Hi how are you? even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Hi how are you? in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
GROWING UP NATIVE � CAROL GEDDES
Define the following terms
Muskeg - A swamp or bog formed by an accumulation of sphagnum moss, leaves, and decayed matter resembling peat
Aboriginal - First; original; indigenous; primitive; native
Menial - Of or relating to work or a job regarded as servile
Indigenous - Originating and living or occurring naturally in an area or environment
Insidious - Working or spreading harmfully in a subtle or stealthy manner
Holistic - Concerned with wholes rather than analysis or separation into parts
1. The dominant impression Geddes creates of life for children growing up in northern native communities is that there is a great feeling of acceptance and security. It was typical for the community to respond to children.
b. This way of life is greatly dissimilar to the way of life that children in large urban areas grow up in. Children in urban areas tend to live in isolation where there is less security and community collaboration to aid a certain individual or group. The level of acceptance is lower in city like vicinities where cliques are developed and formed to offend those of less social status and power.
. Some of the negative influences the dominant white culture had on native people were unimaginable racism and discrimination. The natives were constantly put down and were not appreciated by their intelligence and ingenuity.
. The function of the conclusion is to allow the reader to recognize the importance of knowing your identity and where you stand in the midst of a multicultural and somewhat racist community. This appears at the end rather than the beginning of the essay because it further stresses upon the thesis, the significance of understanding yourself in a society of racial stereotyping and discrimination.
4. The anecdotes she uses in paragraph 10 tells us that she was very well educated and she strictly followed her cultural rules and customs. The paragraph tells us in addition that the teacher was insensible and ignorant of cultural complexities. Another example of an anecdote that illustrates the clash between the two cultures is paragraph 15 where the non-natives make negative remarks about the aboriginal rights.
Mind that the sample papers like Hi how are you? presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
GROWING UP NATIVE � CAROL GEDDES
Define the following terms
Muskeg - A swamp or bog formed by an accumulation of sphagnum moss, leaves, and decayed matter resembling peat
Aboriginal - First; original; indigenous; primitive; native
Menial - Of or relating to work or a job regarded as servile
Indigenous - Originating and living or occurring naturally in an area or environment
Insidious - Working or spreading harmfully in a subtle or stealthy manner
Holistic - Concerned with wholes rather than analysis or separation into parts
1. The dominant impression Geddes creates of life for children growing up in northern native communities is that there is a great feeling of acceptance and security. It was typical for the community to respond to children.
b. This way of life is greatly dissimilar to the way of life that children in large urban areas grow up in. Children in urban areas tend to live in isolation where there is less security and community collaboration to aid a certain individual or group. The level of acceptance is lower in city like vicinities where cliques are developed and formed to offend those of less social status and power.
. Some of the negative influences the dominant white culture had on native people were unimaginable racism and discrimination. The natives were constantly put down and were not appreciated by their intelligence and ingenuity.
. The function of the conclusion is to allow the reader to recognize the importance of knowing your identity and where you stand in the midst of a multicultural and somewhat racist community. This appears at the end rather than the beginning of the essay because it further stresses upon the thesis, the significance of understanding yourself in a society of racial stereotyping and discrimination.
4. The anecdotes she uses in paragraph 10 tells us that she was very well educated and she strictly followed her cultural rules and customs. The paragraph tells us in addition that the teacher was insensible and ignorant of cultural complexities. Another example of an anecdote that illustrates the clash between the two cultures is paragraph 15 where the non-natives make negative remarks about the aboriginal rights.
Mind that the sample papers like Hi how are you? presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Pompano Beach High
We are ready to represent the best custom paper writing assistance that can cope with any task like Pompano Beach High even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Pompano Beach High in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Why should i be able to go back to pompano beach high school?
Pompano beach high school is a very good school the environment the teaching and the extra curicular activites. This school is the type that makes kids who want to get a proper education would want to go to, I had the oppurtunity to go here and I may have messed it up. During my time at P.B.H.S I have learnt some valuable lessons, it always pays off to do your best all of the time and how important education is in life. During this school year i didnt put my all into it i did the bare minimum to get by and look where it got me kicked out of P.B.H.S. I didnt take my learning seriously and i didnt realize how valuable my education really is. While I was at school my mind was elsewhere i would be thinking about everything but my work and as a result of this my grades were average. I really dont want to be known as a average student I want to be known as a high achiever always trying my best no matter what im doing; everything from playing basketball to studying my Global Studies. If I am not able to attend pompano next year i will end up going to my home school Boyd Anderson. From what i know the environment isnt as good as pompano and neither is the dedication of the teachers. Even though this school isnt as good i will still have to do my best no matter what the situation is. I dont want to leave high school knowing that i didnt do my best. If I am able to attend pompano I will do my very best and whatever it takes to make very good grades. During this time my attitude towards life has changed I take it much more seriously school wise. I know i may not deserve to go back to this school but i know all i need is a second chance to prove myself worthy of being at such a good school.
Myself Adrian Young
Mind that the sample papers like Pompano Beach High presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Why should i be able to go back to pompano beach high school?
Pompano beach high school is a very good school the environment the teaching and the extra curicular activites. This school is the type that makes kids who want to get a proper education would want to go to, I had the oppurtunity to go here and I may have messed it up. During my time at P.B.H.S I have learnt some valuable lessons, it always pays off to do your best all of the time and how important education is in life. During this school year i didnt put my all into it i did the bare minimum to get by and look where it got me kicked out of P.B.H.S. I didnt take my learning seriously and i didnt realize how valuable my education really is. While I was at school my mind was elsewhere i would be thinking about everything but my work and as a result of this my grades were average. I really dont want to be known as a average student I want to be known as a high achiever always trying my best no matter what im doing; everything from playing basketball to studying my Global Studies. If I am not able to attend pompano next year i will end up going to my home school Boyd Anderson. From what i know the environment isnt as good as pompano and neither is the dedication of the teachers. Even though this school isnt as good i will still have to do my best no matter what the situation is. I dont want to leave high school knowing that i didnt do my best. If I am able to attend pompano I will do my very best and whatever it takes to make very good grades. During this time my attitude towards life has changed I take it much more seriously school wise. I know i may not deserve to go back to this school but i know all i need is a second chance to prove myself worthy of being at such a good school.
Myself Adrian Young
Mind that the sample papers like Pompano Beach High presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Oprah Winfrey
We are ready to represent the best custom paper writing assistance that can cope with any task like Oprah Winfrey even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Oprah Winfrey in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Good evening ladies and gentlemen and welcome to our 0th Annual Women’s Conference. Today I am delighted to introduce to you our speaker for this great occasion. Born on January , 154 she was raised by her grandmother on a farm in Mississippi. She graduated from Tennessee State University with a degree in Communications. This actor, TV/radio host, and producer stands as a beacon, not only in the worlds of media and entertainment but also in the larger realm of public discourse. She has won numerous awards for her work in television and film. In 14 she was inducted into the TV Hall of Fame. At the 15 Daytime Emmy Awards, her talk show won its seventh Emmy Award for best talk show and she won an Emmy as best daytime TV host.
At the age of 4, she has a personal fortune estimated at more than half a billion dollars. She owns her own production company, which creates feature films, prime-time TV specials and home videos. An accomplished actress, she won an Academy Award nomination for her role in THE COLOR PURPLE and in her own film BELOVED. She didnt create the talk-show format but the compassion and intimacy she put into it have created a new way for us to talk to one another. Today she will be discussing a law that was signed by President Clinton in 14 that was designed to protect children from abuse. She makes people care because she cares. That is her gift, and will be her legacy, as the changes she has formed in the talk show industry continue to penetrate our culture and shape our lives.
Without further due I am honor to present to you our speaker for the evening Ms. Oprah Winfrey discussing the “Oprah Bill” which is a law designed to protect children from abuse.
Mind that the sample papers like Oprah Winfrey presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Good evening ladies and gentlemen and welcome to our 0th Annual Women’s Conference. Today I am delighted to introduce to you our speaker for this great occasion. Born on January , 154 she was raised by her grandmother on a farm in Mississippi. She graduated from Tennessee State University with a degree in Communications. This actor, TV/radio host, and producer stands as a beacon, not only in the worlds of media and entertainment but also in the larger realm of public discourse. She has won numerous awards for her work in television and film. In 14 she was inducted into the TV Hall of Fame. At the 15 Daytime Emmy Awards, her talk show won its seventh Emmy Award for best talk show and she won an Emmy as best daytime TV host.
At the age of 4, she has a personal fortune estimated at more than half a billion dollars. She owns her own production company, which creates feature films, prime-time TV specials and home videos. An accomplished actress, she won an Academy Award nomination for her role in THE COLOR PURPLE and in her own film BELOVED. She didnt create the talk-show format but the compassion and intimacy she put into it have created a new way for us to talk to one another. Today she will be discussing a law that was signed by President Clinton in 14 that was designed to protect children from abuse. She makes people care because she cares. That is her gift, and will be her legacy, as the changes she has formed in the talk show industry continue to penetrate our culture and shape our lives.
Without further due I am honor to present to you our speaker for the evening Ms. Oprah Winfrey discussing the “Oprah Bill” which is a law designed to protect children from abuse.
Mind that the sample papers like Oprah Winfrey presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
THE ROLE OF ICT
We are ready to represent the best custom paper writing assistance that can cope with any task like THE ROLE OF ICT even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like THE ROLE OF ICT in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
1. ICT systems which are used in airports are for computerised passenger and baggage handling systems. If these were to fail it would prove to be catastrophic, as customers would have to have their flights cancelled or delayed.
If a system in an organisation, such as an insurance company were to have an IT system failure then it would cost them. They would lose custom, as databases of different insurance policies would not be available to sell to the customer.
. Social impacts of introducing computerised information systems into business organisations it would create employment. The reason being because is teleworking were to be introduced, it would create more flexible hours for parents to work. If teleworking was introduced then people who have other commitments, such as picking and dropping off children at school, can do these things and still work at home for an organisation.
nd impact to society
An impact to the business of introducing computerised information systems � such as teleworking, would be that they do not have costs building/office space to pay. As employees would be working from home, office space would not be required, therefore cutting the organisation’s costs.
nd impact to the business
. Teleworking provides many different advantages and disadvantages to the employee and the organisation. The advantages to individuals of teleworking
· Workers can work better in a quiet environment at home rather than in a noisy office. For example, if the office is an open plan layout then the environment will be a lot nosier to work in. However, if they were working from home they may find it very beneficial, as it would be quiet for you to work in.
· Workers enjoy greater flexibility, and can arrange their working hours around other commitments they may have. For example, the employee might have to drop and pick up their children from school. If they are working from home this will be easier to do. If the individual is not working from home, commitments such as picking and dropping off children can be hard as most organisations require the employee to start work at a particular time.
· Travel costs - as there will be little need for the teleworker to commute to and from the office, this will thankfully reduce the expenditure on travelling arrangements, whether it be via car, train, bus or another means of transportation, and especially for those with children.
The disadvantages to the employee
· The lack of socialisation - with so many of the employees working away from the office, and in a confined area, there is little chance to meet new people through their line of work. This is why the people who telework often do not have the chance to socialise. One of the best places for socialisation is in fact the office, here you will meet new people and will manage to make many friends, so when working at home the process of socialisation is smaller, and the less people you will get to know.
· Finding the correct atmosphere to work in - When working at home one of the most essential aspects is to establish an area where you can work efficiently, an area that is quiet and can be set up for your Teleworking needs, i.e. desk and other relevant furniture. A lot of Teleworkers surprisingly have extensions built to their homes so that they can Telework in their own little environment away from all the hassles at home.
· Distractions - although it is correct to find the correct environment in which to work there will still always be distractions. Whether it is people outside your house digging whilst laying new phone lines or your own young children when they return from school. Here it is important to adjust to the environment and make sure that any little distraction does not distract you. There will always be time to see your children, this is why many teleworkers take a couple of hours off of work when their children return from school.
The advantages to the employer
· Employers can recruit people from a much wider geographical area.
· Saves money - with all of the employees teleworking the company has no need for an office, with this in mind there is little need for the company to own and rent an office space. Not only does it saves costs on rent bills but also on provisions, such aspects as desks, chairs, space, heating, car parking space. As well as canteen food, and beverages which are consumed on a daily basis.
The disadvantages to the employer
· Productivity - Although now computers are capable of monitoring how much progress is made whilst teleworking, it still gives a small indication of the actual progress. Employers are concerned with how much progress the employees are actually making. The only way they can keep an eye on them is in the office, as they are not in the office the only way that the employer can monitor employees is by the progress of their work. They can also use this with the indication from the computers to determine who is the most successful of the teleworking employees.
Advantages to society pollution in the environment falls, as there are fewer cars on the road because more employees are working from home.
Disadvantage the NHS bill could increase as employees are exercising less because they are working from home.
4. Professional progression within the ICT industry requires more than just technical skills. Other necessary skills that are required include having good communication skills, good interpersonal skills and a good understanding of the industry, standards and acting as a professional.
· Communication skills are needed so that employers and employees can effectively communicate with each other.
· Interpersonal skills are needed to help and organisation’s progression, as it would help employees to work in a team. If employees have good interpersonal skills it would help teams to work harder and make the organisation more successful.
· A good understanding of an industry is needed so individuals can help the progression by working to improve. Individuals and teams could try and fill niches in the market to progress further.
Mind that the sample papers like THE ROLE OF ICT presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
1. ICT systems which are used in airports are for computerised passenger and baggage handling systems. If these were to fail it would prove to be catastrophic, as customers would have to have their flights cancelled or delayed.
If a system in an organisation, such as an insurance company were to have an IT system failure then it would cost them. They would lose custom, as databases of different insurance policies would not be available to sell to the customer.
. Social impacts of introducing computerised information systems into business organisations it would create employment. The reason being because is teleworking were to be introduced, it would create more flexible hours for parents to work. If teleworking was introduced then people who have other commitments, such as picking and dropping off children at school, can do these things and still work at home for an organisation.
nd impact to society
An impact to the business of introducing computerised information systems � such as teleworking, would be that they do not have costs building/office space to pay. As employees would be working from home, office space would not be required, therefore cutting the organisation’s costs.
nd impact to the business
. Teleworking provides many different advantages and disadvantages to the employee and the organisation. The advantages to individuals of teleworking
· Workers can work better in a quiet environment at home rather than in a noisy office. For example, if the office is an open plan layout then the environment will be a lot nosier to work in. However, if they were working from home they may find it very beneficial, as it would be quiet for you to work in.
· Workers enjoy greater flexibility, and can arrange their working hours around other commitments they may have. For example, the employee might have to drop and pick up their children from school. If they are working from home this will be easier to do. If the individual is not working from home, commitments such as picking and dropping off children can be hard as most organisations require the employee to start work at a particular time.
· Travel costs - as there will be little need for the teleworker to commute to and from the office, this will thankfully reduce the expenditure on travelling arrangements, whether it be via car, train, bus or another means of transportation, and especially for those with children.
The disadvantages to the employee
· The lack of socialisation - with so many of the employees working away from the office, and in a confined area, there is little chance to meet new people through their line of work. This is why the people who telework often do not have the chance to socialise. One of the best places for socialisation is in fact the office, here you will meet new people and will manage to make many friends, so when working at home the process of socialisation is smaller, and the less people you will get to know.
· Finding the correct atmosphere to work in - When working at home one of the most essential aspects is to establish an area where you can work efficiently, an area that is quiet and can be set up for your Teleworking needs, i.e. desk and other relevant furniture. A lot of Teleworkers surprisingly have extensions built to their homes so that they can Telework in their own little environment away from all the hassles at home.
· Distractions - although it is correct to find the correct environment in which to work there will still always be distractions. Whether it is people outside your house digging whilst laying new phone lines or your own young children when they return from school. Here it is important to adjust to the environment and make sure that any little distraction does not distract you. There will always be time to see your children, this is why many teleworkers take a couple of hours off of work when their children return from school.
The advantages to the employer
· Employers can recruit people from a much wider geographical area.
· Saves money - with all of the employees teleworking the company has no need for an office, with this in mind there is little need for the company to own and rent an office space. Not only does it saves costs on rent bills but also on provisions, such aspects as desks, chairs, space, heating, car parking space. As well as canteen food, and beverages which are consumed on a daily basis.
The disadvantages to the employer
· Productivity - Although now computers are capable of monitoring how much progress is made whilst teleworking, it still gives a small indication of the actual progress. Employers are concerned with how much progress the employees are actually making. The only way they can keep an eye on them is in the office, as they are not in the office the only way that the employer can monitor employees is by the progress of their work. They can also use this with the indication from the computers to determine who is the most successful of the teleworking employees.
Advantages to society pollution in the environment falls, as there are fewer cars on the road because more employees are working from home.
Disadvantage the NHS bill could increase as employees are exercising less because they are working from home.
4. Professional progression within the ICT industry requires more than just technical skills. Other necessary skills that are required include having good communication skills, good interpersonal skills and a good understanding of the industry, standards and acting as a professional.
· Communication skills are needed so that employers and employees can effectively communicate with each other.
· Interpersonal skills are needed to help and organisation’s progression, as it would help employees to work in a team. If employees have good interpersonal skills it would help teams to work harder and make the organisation more successful.
· A good understanding of an industry is needed so individuals can help the progression by working to improve. Individuals and teams could try and fill niches in the market to progress further.
Mind that the sample papers like THE ROLE OF ICT presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
divorce
We are ready to represent the best custom paper writing assistance that can cope with any task like divorce even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like divorce in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Studies have found that children who are in elementary school at the time of their parents divorce experience more problems dealing with the divorce than children who are pre-school age (Frost & Pakiz, 10). During the elementary school years, children have a general idea of what divorce is, and some of the changes that will take place in their family. At this age, they also feel especially vulnerable because of the dependency they have on their parents (Brubeck & Beer, 1). The children experience the loss of the relationship between themselves and the now non-residential parent. They also see the absence of the mutual support and respect that their parents once shared.
Children experience and react in different ways to divorce. They experience emotional trauma, such as feelings of loss, suffering, and anger.
Some other effects children encounter are behavioral problems. These include having tantrums, depression, anxiety, withdrawal, poor performance in school, and crying. It has been reported that higher occurrences of aggression have been linked to children whose parents are divorced (Frost & Pakiz, 10; Hartill, 001, Bray, 001). Besides aggression, some other ways children react to divorce is by regression, anti-socialism, sadness, grief, and more extreme suicide. They feel insecure about relationships, and how they should act towards others, especially those of the opposite gender (Hofmann & Zippco, 186).
Experts have observed that children act differently in both emotional and behavioral situations where divorce is involved. One of these situations is the interaction in peer relations. As mentioned above, children are not sure how to socialize and work cooperatively with other children. They feel that since their parents are divorced, they are different from other children.
A second situation is that their dependency on both parents has been altered. Do they have to select which parent they would like to live with? Do they stop depending on the non-residential parent now and more on the parent with whom they reside?
Another situation is the hostility they may now feel towards both of their parents. The child may feel anger towards one of their parents for forcing the other parent to move out and the other for leaving. Who do they turn to?
The fourth situation is withdrawal. These children become passive because of their fear again of being different than other children. They may also not want to interact due to dejection. This feeling may lead to school progress declining and lack of an appetite.
Lastly, children may suffer from depression. With children, depression and low self-esteem seem to appear to be in a negative correlation towards one another. When their self-esteem is high, their depression is low and vice versa. Along with experiencing low self-esteem, children also experience greater anxiety and feelings of distress (Bray, 001; Brubeck & Beer, 1). These feelings make it difficult for children to form friendships or resist from peer-pressures; thus, they isolate themselves.
Children, most of the time, feel that their parents are getting a divorce because of them. This feeling triggers many other emotions and behaviors. Children begin to worry excessively about many different items that are out of their control, such as who will take care of them, and what will happen next. They also fear being left alone (Cowen, Pedro-Carroll, & Alpert-Gillis, 10). These feelings can result in children forming negative habits, such as cigarette and marijuana smoking, drinking alcohol, doing drugs, partaking in sexual relations, and stealing. These habits can lead to juvenile delinquency (Bray, 001; Frost & Pakiz, 10). They may even go to the extreme of planning or attempting to commit suicide.
Another emotion children feel is being rushed into adult roles and responsibilities. This is because one parent is or has moved out as a result of the divorce. For example, the parent with whom the child is residing has to work longer hours to make ends meet financially (Amato 000). Thus, the child or children must help to do some of the parental jobs, such as cleaning the house, babysitting younger siblings, and running errands. As a result of taking on different responsibilities, males and females react in various ways.
Although some effects are the same in both males and females, some effects have a more dominant reaction in one of the genders. For example, females tend to have lower self-esteem, anxiety, and are more depressed than males. They also suffer more emotional trauma (Doherty & Needle, 11; Videon, 00). Females have a difficult time interacting with others, especially those of the opposite gender (Beer, 11). Girls tend to become more sexually promiscuous and resentful towards the parent who has been over-dependent on them (Carlile, 11, Teachman, 001).
On the other hand, males are more likely to have behavioral problems, such as being delinquents, using illegal substances, and having violent tempers. Males react more intensely to the loss of their fathers because boys share a common bond with them. Research has shown that males whose parents divorced achieve lower scores in school.
However, unlike females, males show some positive effects of divorce. Males can develop more of a positive self-concept and have higher levels of social interaction with friends (Frost & Pakiz, 10) Males are also less tense during the period of divorce, but after the divorce is final, they become extremely stressed (Bray, 001; Doherty & Needle, 11).
Although males experience more external effects and females more internal, both have many problems coping with divorce. These problems can be very traumatic; however, some effects only last a short period of time. The most devastating effects occur within the first year following the divorce. Many of these problems disappear after two years (Hofmann & Zippco, 186
In our study, we also found that divorced mothers were rated as more overprotective by their children than nondivorced mothers. It is my experience from working with divorced families that children can fall into the role of a friend for some divorced parents. Divorced parents are under stress from the divorce, have less time to socialize with friends, and they often find it easiest to bond with whoever is around the house. Divorced parents may be tempted to share their daily problems with their children, or seek physical or emotional comfort from their children when they are feeling tired or upset. Although the parents needs for support are real, the friend role places too much strain on children, who are already stressed by the changes in their lives caused by divorce. Research shows that kids who feel responsible for taking care of their divorced parents have more emotional problems.
Much research has concerned itself with the transmission of divorce from one generation to the next. Are children of divorced parents likely to get divorced, too? Evidence suggests that there is a heightened risk for divorce in children of divorce (see Amato, 16, for a review). However, a recent study conducted at UCLA by Wolfinger (17a) has found evidence for a downward trend in divorce transmission over the last 0 years. Specifically, children of divorce are 50% less likely to become divorced now than 0 years ago. Wolfinger suggests that the increased prevalence and acceptance of divorce may account for this trend.
Another interesting finding from Wolfingers research (17b) is that children of divorce appear to marry other children of divorce at a rate greater than chance alone would predict. Furthermore, marriages of two children of divorce are especially likely to end in divorce. Clearly, even if the transmission of divorce has become more moderated as a result of the divorce revolution in the past 0 years, many children of divorce still carry considerable baggage with them into their own marriages which may, under some conditions, lead to a higher risk for divorce.
Mind that the sample papers like divorce presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Studies have found that children who are in elementary school at the time of their parents divorce experience more problems dealing with the divorce than children who are pre-school age (Frost & Pakiz, 10). During the elementary school years, children have a general idea of what divorce is, and some of the changes that will take place in their family. At this age, they also feel especially vulnerable because of the dependency they have on their parents (Brubeck & Beer, 1). The children experience the loss of the relationship between themselves and the now non-residential parent. They also see the absence of the mutual support and respect that their parents once shared.
Children experience and react in different ways to divorce. They experience emotional trauma, such as feelings of loss, suffering, and anger.
Some other effects children encounter are behavioral problems. These include having tantrums, depression, anxiety, withdrawal, poor performance in school, and crying. It has been reported that higher occurrences of aggression have been linked to children whose parents are divorced (Frost & Pakiz, 10; Hartill, 001, Bray, 001). Besides aggression, some other ways children react to divorce is by regression, anti-socialism, sadness, grief, and more extreme suicide. They feel insecure about relationships, and how they should act towards others, especially those of the opposite gender (Hofmann & Zippco, 186).
Experts have observed that children act differently in both emotional and behavioral situations where divorce is involved. One of these situations is the interaction in peer relations. As mentioned above, children are not sure how to socialize and work cooperatively with other children. They feel that since their parents are divorced, they are different from other children.
A second situation is that their dependency on both parents has been altered. Do they have to select which parent they would like to live with? Do they stop depending on the non-residential parent now and more on the parent with whom they reside?
Another situation is the hostility they may now feel towards both of their parents. The child may feel anger towards one of their parents for forcing the other parent to move out and the other for leaving. Who do they turn to?
The fourth situation is withdrawal. These children become passive because of their fear again of being different than other children. They may also not want to interact due to dejection. This feeling may lead to school progress declining and lack of an appetite.
Lastly, children may suffer from depression. With children, depression and low self-esteem seem to appear to be in a negative correlation towards one another. When their self-esteem is high, their depression is low and vice versa. Along with experiencing low self-esteem, children also experience greater anxiety and feelings of distress (Bray, 001; Brubeck & Beer, 1). These feelings make it difficult for children to form friendships or resist from peer-pressures; thus, they isolate themselves.
Children, most of the time, feel that their parents are getting a divorce because of them. This feeling triggers many other emotions and behaviors. Children begin to worry excessively about many different items that are out of their control, such as who will take care of them, and what will happen next. They also fear being left alone (Cowen, Pedro-Carroll, & Alpert-Gillis, 10). These feelings can result in children forming negative habits, such as cigarette and marijuana smoking, drinking alcohol, doing drugs, partaking in sexual relations, and stealing. These habits can lead to juvenile delinquency (Bray, 001; Frost & Pakiz, 10). They may even go to the extreme of planning or attempting to commit suicide.
Another emotion children feel is being rushed into adult roles and responsibilities. This is because one parent is or has moved out as a result of the divorce. For example, the parent with whom the child is residing has to work longer hours to make ends meet financially (Amato 000). Thus, the child or children must help to do some of the parental jobs, such as cleaning the house, babysitting younger siblings, and running errands. As a result of taking on different responsibilities, males and females react in various ways.
Although some effects are the same in both males and females, some effects have a more dominant reaction in one of the genders. For example, females tend to have lower self-esteem, anxiety, and are more depressed than males. They also suffer more emotional trauma (Doherty & Needle, 11; Videon, 00). Females have a difficult time interacting with others, especially those of the opposite gender (Beer, 11). Girls tend to become more sexually promiscuous and resentful towards the parent who has been over-dependent on them (Carlile, 11, Teachman, 001).
On the other hand, males are more likely to have behavioral problems, such as being delinquents, using illegal substances, and having violent tempers. Males react more intensely to the loss of their fathers because boys share a common bond with them. Research has shown that males whose parents divorced achieve lower scores in school.
However, unlike females, males show some positive effects of divorce. Males can develop more of a positive self-concept and have higher levels of social interaction with friends (Frost & Pakiz, 10) Males are also less tense during the period of divorce, but after the divorce is final, they become extremely stressed (Bray, 001; Doherty & Needle, 11).
Although males experience more external effects and females more internal, both have many problems coping with divorce. These problems can be very traumatic; however, some effects only last a short period of time. The most devastating effects occur within the first year following the divorce. Many of these problems disappear after two years (Hofmann & Zippco, 186
In our study, we also found that divorced mothers were rated as more overprotective by their children than nondivorced mothers. It is my experience from working with divorced families that children can fall into the role of a friend for some divorced parents. Divorced parents are under stress from the divorce, have less time to socialize with friends, and they often find it easiest to bond with whoever is around the house. Divorced parents may be tempted to share their daily problems with their children, or seek physical or emotional comfort from their children when they are feeling tired or upset. Although the parents needs for support are real, the friend role places too much strain on children, who are already stressed by the changes in their lives caused by divorce. Research shows that kids who feel responsible for taking care of their divorced parents have more emotional problems.
Much research has concerned itself with the transmission of divorce from one generation to the next. Are children of divorced parents likely to get divorced, too? Evidence suggests that there is a heightened risk for divorce in children of divorce (see Amato, 16, for a review). However, a recent study conducted at UCLA by Wolfinger (17a) has found evidence for a downward trend in divorce transmission over the last 0 years. Specifically, children of divorce are 50% less likely to become divorced now than 0 years ago. Wolfinger suggests that the increased prevalence and acceptance of divorce may account for this trend.
Another interesting finding from Wolfingers research (17b) is that children of divorce appear to marry other children of divorce at a rate greater than chance alone would predict. Furthermore, marriages of two children of divorce are especially likely to end in divorce. Clearly, even if the transmission of divorce has become more moderated as a result of the divorce revolution in the past 0 years, many children of divorce still carry considerable baggage with them into their own marriages which may, under some conditions, lead to a higher risk for divorce.
Mind that the sample papers like divorce presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Thursday, May 17, 2012
Leadership
We are ready to represent the best custom paper writing assistance that can cope with any task like Leadership even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Leadership in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Leadership same as Management?
Some people will think that leader and manager is the same thing, but actually they are exactly different things. Managers are appointed to a position. They have been given formal authority in an organization to ensure tasks and projects are completed. Leaders are able to inspire people to do their personal best, which is often above and beyond what is required in a position. Leaders still have to delegate and motivate to get task done, but the difference is in how that is hone.
Leadership Theories
Various theories have been developed to identify what makes a good leader. The theories have attempted to form some type of method of evaluating a person¡¦s effectiveness as a leader or predicting the potential success of a person as a leader. In here I will search about the trait theories, transactional leadership, behavioral theories and contingency or situational theories.
„� Trait Theories
Trait theory suggests that we evaluate leadership by considering whether an individual possesses certain personality traits, social traits, and physical characteristics. Traits are the distinguishing personal characteristics of a leader, such as intelligence, values, self-confidence, and appearance. Fundamental to this theory was the idea that some people are born with traits that make them natural leaders.
The traits studies that were more successful were those that identified traits often found in greater measure in leaders than in non-leaders. This was not an attempt to predict leadership success, but to look at people already achieving leadership success and identifying common traits found in these people.
Mind that the sample papers like Leadership presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Leadership same as Management?
Some people will think that leader and manager is the same thing, but actually they are exactly different things. Managers are appointed to a position. They have been given formal authority in an organization to ensure tasks and projects are completed. Leaders are able to inspire people to do their personal best, which is often above and beyond what is required in a position. Leaders still have to delegate and motivate to get task done, but the difference is in how that is hone.
Leadership Theories
Various theories have been developed to identify what makes a good leader. The theories have attempted to form some type of method of evaluating a person¡¦s effectiveness as a leader or predicting the potential success of a person as a leader. In here I will search about the trait theories, transactional leadership, behavioral theories and contingency or situational theories.
„� Trait Theories
Trait theory suggests that we evaluate leadership by considering whether an individual possesses certain personality traits, social traits, and physical characteristics. Traits are the distinguishing personal characteristics of a leader, such as intelligence, values, self-confidence, and appearance. Fundamental to this theory was the idea that some people are born with traits that make them natural leaders.
The traits studies that were more successful were those that identified traits often found in greater measure in leaders than in non-leaders. This was not an attempt to predict leadership success, but to look at people already achieving leadership success and identifying common traits found in these people.
Mind that the sample papers like Leadership presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Wednesday, May 16, 2012
Wisdom Teeth Nightmare
We are ready to represent the best custom paper writing assistance that can cope with any task like Wisdom Teeth Nightmare even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Wisdom Teeth Nightmare in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
On the night of July th, I was not a happy person. It was the only night this summer that
I had to go home early to wake up the next morning for my 800 appointment with the oral
surgeon. What made me even more mad is that I had to sit at home and “heal” for the next couple
of days, so I thought. I had no idea of all of the problems I would have for the next month.
I rolled out of bed the next morning around ten til eight, smoked a cigarette, and got in the
car. I did not even change out of my pajamas. As we drove to the appointment, I noticed all of
the cars out. I had not been up this early in over two months, and I tend to forget that the world is
alive at this hour. We got to the hospital and I smoked the last cigarette I was going to be able to
smoke for the next few days. I was happy that I only had to sit in the waiting room for five
minutes before they called me back. I sat in the chair, and the nurse gave me a blanket. She was
sticking the needle in my hand when the young doctor came in. The last thing I remembered is
him saying “I’m about to give you the good drugs now.” I was out like a light.
I woke up in my bed at home in the most excruciating pain I have ever been in. I started
crying, and my mom came to my rescue with 800 mg of Tylenol and two Perkisets. It took about
fifteen minutes for it to kick in and the pain had lessened. She then brought me some mashed
potatoes and applesauce, a meal that I would live off of for the next few days. After I ate, I was
knocked out for the rest of the day. That’s how the first two days were. Every now and then I
would shove gauze in the back of my mouth and go sneak a cigarette, like I was thirteen years old
again. I was told about dry socket, and how that was even more painful than what I was in now. I
could not even imagine having the doctor shoving bits of cotton balls into the raw holes in my
mouth. On the brighter side, I am lucky that I did not get it.
Those first two days were easy compared to the following month I was to go through. I
had a routine take my pain medicine, go to sleep, watch movies, go to sleep. It was Friday
morning that my next problems started. I woke up to go to the bathroom. When I looked in the
mirror I my jaw dropped to the ground. .I looked like a chipmunk with its mouth full of nuts. My
face was so swollen. Naturally, I flipped out and called for my mother. Her jaw dropped as well,
and she immediately called the doctor. They told her that it was normal for a little swelling to occur
on the third or fourth day. My directions were to keep ice on my face and by that afternoon to the
next morning, it should go down. So I did.
The next morning was even worse. I couldn’t even open my eyes; they were swollen shut.
I had not gotten any better. I had gotten worse. To top it off, I was in serious pain. I did what the
doctors had told me again that day and for the next two, but the swelling did not go down.
Looking the way I did, I definitely could not go back to work (waiting tables). Shoney’s tries to
attract customers, not scare them away. I was still trapped at home.
After about a week, the swelling went down, only on the right side of my face. I started to
notice a hard lump on the left side of my jaw, so we went back to the doctor. We learned that I
had a hematoma, a blood clot, on my jaw. I was out of Perkiset, and I was not allowed a refill. I
was stuck with IB Profin. All we could do is wait, so we did.
The hematoma was the start of a lot of problems. It enabled my mouth to open. For the
next month I could only eat flat, or squished up foods. It was a big obstacle to eat. I had to wedge
food past my teeth, and then I could chew. I could only eat from a spoon, slurping it off of it and
trying to get it past my teeth.
I got used to the name calling like chipmunk and chubby-cheeks. Everyone picked on me,
laughing with me, not at me. When I went back to work, my regular customers asked me who I
had gotten in a fight with. I was so tired of having a lump on the side of my face, having kids stare
at me, and not being able to eat normally. I had not eaten a burger or a sandwich in over a month.
There was no adjusting to it.
It was not until I moved to Spartanburg that I was totally healed. That first cheeseburger
was the best thing I had ever eaten in my life. This has been the worst two months of my life. I
learned that this only happens to a small number of people as a result of surgery, which means that
I am just another statistic. Bad things always happen to me.
When I went to sleep on the night of July , I was only mad that I had to stay at my house
for the next few days. I would never have imagined all of the things I had to go through. Getting
my wisdom teeth pulled has been a long and winding journey. This is a story that I will tell my
kids and my grand kids, right before they get their wisdom teeth pulled.
Mind that the sample papers like Wisdom Teeth Nightmare presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
On the night of July th, I was not a happy person. It was the only night this summer that
I had to go home early to wake up the next morning for my 800 appointment with the oral
surgeon. What made me even more mad is that I had to sit at home and “heal” for the next couple
of days, so I thought. I had no idea of all of the problems I would have for the next month.
I rolled out of bed the next morning around ten til eight, smoked a cigarette, and got in the
car. I did not even change out of my pajamas. As we drove to the appointment, I noticed all of
the cars out. I had not been up this early in over two months, and I tend to forget that the world is
alive at this hour. We got to the hospital and I smoked the last cigarette I was going to be able to
smoke for the next few days. I was happy that I only had to sit in the waiting room for five
minutes before they called me back. I sat in the chair, and the nurse gave me a blanket. She was
sticking the needle in my hand when the young doctor came in. The last thing I remembered is
him saying “I’m about to give you the good drugs now.” I was out like a light.
I woke up in my bed at home in the most excruciating pain I have ever been in. I started
crying, and my mom came to my rescue with 800 mg of Tylenol and two Perkisets. It took about
fifteen minutes for it to kick in and the pain had lessened. She then brought me some mashed
potatoes and applesauce, a meal that I would live off of for the next few days. After I ate, I was
knocked out for the rest of the day. That’s how the first two days were. Every now and then I
would shove gauze in the back of my mouth and go sneak a cigarette, like I was thirteen years old
again. I was told about dry socket, and how that was even more painful than what I was in now. I
could not even imagine having the doctor shoving bits of cotton balls into the raw holes in my
mouth. On the brighter side, I am lucky that I did not get it.
Those first two days were easy compared to the following month I was to go through. I
had a routine take my pain medicine, go to sleep, watch movies, go to sleep. It was Friday
morning that my next problems started. I woke up to go to the bathroom. When I looked in the
mirror I my jaw dropped to the ground. .I looked like a chipmunk with its mouth full of nuts. My
face was so swollen. Naturally, I flipped out and called for my mother. Her jaw dropped as well,
and she immediately called the doctor. They told her that it was normal for a little swelling to occur
on the third or fourth day. My directions were to keep ice on my face and by that afternoon to the
next morning, it should go down. So I did.
The next morning was even worse. I couldn’t even open my eyes; they were swollen shut.
I had not gotten any better. I had gotten worse. To top it off, I was in serious pain. I did what the
doctors had told me again that day and for the next two, but the swelling did not go down.
Looking the way I did, I definitely could not go back to work (waiting tables). Shoney’s tries to
attract customers, not scare them away. I was still trapped at home.
After about a week, the swelling went down, only on the right side of my face. I started to
notice a hard lump on the left side of my jaw, so we went back to the doctor. We learned that I
had a hematoma, a blood clot, on my jaw. I was out of Perkiset, and I was not allowed a refill. I
was stuck with IB Profin. All we could do is wait, so we did.
The hematoma was the start of a lot of problems. It enabled my mouth to open. For the
next month I could only eat flat, or squished up foods. It was a big obstacle to eat. I had to wedge
food past my teeth, and then I could chew. I could only eat from a spoon, slurping it off of it and
trying to get it past my teeth.
I got used to the name calling like chipmunk and chubby-cheeks. Everyone picked on me,
laughing with me, not at me. When I went back to work, my regular customers asked me who I
had gotten in a fight with. I was so tired of having a lump on the side of my face, having kids stare
at me, and not being able to eat normally. I had not eaten a burger or a sandwich in over a month.
There was no adjusting to it.
It was not until I moved to Spartanburg that I was totally healed. That first cheeseburger
was the best thing I had ever eaten in my life. This has been the worst two months of my life. I
learned that this only happens to a small number of people as a result of surgery, which means that
I am just another statistic. Bad things always happen to me.
When I went to sleep on the night of July , I was only mad that I had to stay at my house
for the next few days. I would never have imagined all of the things I had to go through. Getting
my wisdom teeth pulled has been a long and winding journey. This is a story that I will tell my
kids and my grand kids, right before they get their wisdom teeth pulled.
Mind that the sample papers like Wisdom Teeth Nightmare presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
As I Lay DyingA Rose for Emily
We are ready to represent the best custom paper writing assistance that can cope with any task like As I Lay DyingA Rose for Emily even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like As I Lay DyingA Rose for Emily in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
William Faulkner
William Faulkner’s, As I Lay Dying and A Rose for Emily, are both short stories about how problematic human beings tear the family apart one way or another, for worse. In both stories Faulkner represents these individuals with a sense of characterization and symbolism. The main characters in both stories are selfish and stubborn, always thinking about themselves, which leads them to unhappiness.
In “A Rose for Emily”, Faulker’s main literature element is the symbolism represented in the story. He compares the Grierson house with Emily Grierson’s change in social standing, physical deterioration and unwillingness to accept changes in her life. In it’s principal the Grierson house is described as “white, decorated with cupolas and spires and scrolled balconies in the heavily lightsome style of the seventies”. This explanation insinuates that the house is not build for function, but also to impress the attention of the townspeople.
Faulkner expresses the content of her character through her actions, physical description and feelings. The reader is aware of the physical decline of both the house and Emily. “No visitor had passed since she ceased giving china-painting lessons eight or ten years earlier”, he characterizes her as attempting to remove herself from society through her actions. Also, “After her father’s death she went out very little; after her sweetheart went away people hardly saw her at all”. The death of her father and the shattered relationship with her sweetheart contributed to her seclusion.
The house is then described as “smelling of dust and disuse”, evidence of Emily’s own aging is given when her voice in similarly said to be “harsh, and rusty, as if from disuse”. The house is then seen as “an eyesore among eyesores”, and Emily is described as a “fallen monument”, which in meaning will be both empty and lifeless. Her shocking appearances with Homer Barron further pointed her reputation in the public eye, perhaps unavoidably the prestige and desirability of the Grierson house, falling along side with Emily’s diminishing name. Lastly, Emily held herself “a little too high” for what she was, the house is represented as “lifting its stubborn and Coquettish decay above the cotton wagons and gasoline pumps”. The gasoline pumps and cotton wagons in this description are unquestionably used to indicate what Emily must surely see as the mostly unimportant and purposeless townspeople.
In “As I Lay Dying”, Faulkner also implies some characterization in the story. In this story every family member has some responsibility for what goes wrong. However, Anse (the husband) is truly the person to blame with his selfishness and laziness. Anse is resentful of the cost of a doctor fpr his dying wife. He thinks its money better spent on false teeth to him “I never sent for you, I take you to witness I never sent for you”, he repeats trying to avoid a doctor’s fee. Before Addie (the wife) dies, she requests to be buried in Jefferson. During his journey to the burial of his wife, he worries about his well being before the familys well being. He only granted his wife’s last request to better his image by getting false teeth.
Anse cared for his wife, but the feelings were overshadowed by his devotion to progress himself. “If I work . . .. I will sweat . . .. and if I sweat, then I will die”, describes his lazy attitude towards life. Anse didn’t care for anyone but himself. At some point Anse plays “to perfection the role of the grief-stricken widower” while he on the sly thinks only of getting another wife and false teeth. With money he has stolen, he finally pays buys some new teeth and a new wife.
In conclusion, we can see Faulkner tries to impersonate these stories with selfish, stubborn people that think of themselves. Also showing the deterioration of two characters and two families.
In “A Rose for Emily” Emily, deteriorates slowly by secluding herself from the outside world, this may have been caused by her father’s death. In “As I Lay Dying”, by thinking of himself Anse destroys his family. He is selfish whenever his needs with those of his family.
Mind that the sample papers like As I Lay DyingA Rose for Emily presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
William Faulkner
William Faulkner’s, As I Lay Dying and A Rose for Emily, are both short stories about how problematic human beings tear the family apart one way or another, for worse. In both stories Faulkner represents these individuals with a sense of characterization and symbolism. The main characters in both stories are selfish and stubborn, always thinking about themselves, which leads them to unhappiness.
In “A Rose for Emily”, Faulker’s main literature element is the symbolism represented in the story. He compares the Grierson house with Emily Grierson’s change in social standing, physical deterioration and unwillingness to accept changes in her life. In it’s principal the Grierson house is described as “white, decorated with cupolas and spires and scrolled balconies in the heavily lightsome style of the seventies”. This explanation insinuates that the house is not build for function, but also to impress the attention of the townspeople.
Faulkner expresses the content of her character through her actions, physical description and feelings. The reader is aware of the physical decline of both the house and Emily. “No visitor had passed since she ceased giving china-painting lessons eight or ten years earlier”, he characterizes her as attempting to remove herself from society through her actions. Also, “After her father’s death she went out very little; after her sweetheart went away people hardly saw her at all”. The death of her father and the shattered relationship with her sweetheart contributed to her seclusion.
The house is then described as “smelling of dust and disuse”, evidence of Emily’s own aging is given when her voice in similarly said to be “harsh, and rusty, as if from disuse”. The house is then seen as “an eyesore among eyesores”, and Emily is described as a “fallen monument”, which in meaning will be both empty and lifeless. Her shocking appearances with Homer Barron further pointed her reputation in the public eye, perhaps unavoidably the prestige and desirability of the Grierson house, falling along side with Emily’s diminishing name. Lastly, Emily held herself “a little too high” for what she was, the house is represented as “lifting its stubborn and Coquettish decay above the cotton wagons and gasoline pumps”. The gasoline pumps and cotton wagons in this description are unquestionably used to indicate what Emily must surely see as the mostly unimportant and purposeless townspeople.
In “As I Lay Dying”, Faulkner also implies some characterization in the story. In this story every family member has some responsibility for what goes wrong. However, Anse (the husband) is truly the person to blame with his selfishness and laziness. Anse is resentful of the cost of a doctor fpr his dying wife. He thinks its money better spent on false teeth to him “I never sent for you, I take you to witness I never sent for you”, he repeats trying to avoid a doctor’s fee. Before Addie (the wife) dies, she requests to be buried in Jefferson. During his journey to the burial of his wife, he worries about his well being before the familys well being. He only granted his wife’s last request to better his image by getting false teeth.
Anse cared for his wife, but the feelings were overshadowed by his devotion to progress himself. “If I work . . .. I will sweat . . .. and if I sweat, then I will die”, describes his lazy attitude towards life. Anse didn’t care for anyone but himself. At some point Anse plays “to perfection the role of the grief-stricken widower” while he on the sly thinks only of getting another wife and false teeth. With money he has stolen, he finally pays buys some new teeth and a new wife.
In conclusion, we can see Faulkner tries to impersonate these stories with selfish, stubborn people that think of themselves. Also showing the deterioration of two characters and two families.
In “A Rose for Emily” Emily, deteriorates slowly by secluding herself from the outside world, this may have been caused by her father’s death. In “As I Lay Dying”, by thinking of himself Anse destroys his family. He is selfish whenever his needs with those of his family.
Mind that the sample papers like As I Lay DyingA Rose for Emily presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Tuesday, May 15, 2012
The Path to Knighthood
We are ready to represent the best custom paper writing assistance that can cope with any task like The Path to Knighthood even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like The Path to Knighthood in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
The Path to Knighthood
In the Middle Ages, being a knight was the most honorable position a man could hold. They were heavily regarded as the most honest, courageous, and brave individuals that one could be. But, one could not just decide to be a knight, and easily become one. There was a very long process involved in becoming a knight, one that took up about fifteen years of a future-knight’s life. If one was born of the right blood, often the son of a current knight, they would become a page at a very young age, before becoming a squire, and finally a knight.
At the young age of only seven years old, one began the training that would lead to knighthood. The training usually took place at a nearby castle, often the castle of his father’s lord. As training for knighthood was a full-time process, the young boy would leave his home to go live here. A boy in this stage of the training was known as a page. Generally this lasted about seven or eight years before graduating to the next level. Being a page, especially towards the beginning, was the less intensive part of the training process, often focusing on manners and etiquette. But, the young pages also engaged in battle training. They would be given rounded off wooden swords with which to practice sword skills, obviously a very important quality of a knight. Another training activity they engaged in was lance practice. One way to train for this was to have a setup with a target on one end of a pendulum, and a dummy on the other end. When the lance struck the target, the page would have to immediately duck to not be hit by the dummy. They were also introduced to hunting and bow and arrow skills. Learning to ride a horse was a very important part of being a page. A knight’s horse was often his most prized possession, during times of battle and during everyday life. Since being able to ride a horse was so important to a knight, they began teaching it early on. The young pages did engage in different types of combat training, but much of his teachings during this time were for social reasons, teaching the pages nobility and proper manners. Pages were sort of like little servants for the Lord and the Lady of the castle at which he was trained. It was his duty to accompany the Lord and Lady. While accompanying the Lord and Lady, he was obligated to fulfill any of their demands. They often had to clean for them, wait on them, and do whatever else they asked. Knights were taught to have a high amount of respect for women, and to always help one in need. This was taught early on by the women of the castle.
After holding the title of a page until the boy is fourteen years old, he then becomes a squire. This was the second and final step before knighthood. This stage lasted for about another seven years, until the boy reached the age of twenty-one. They continued teaching him much of the same things, but the training was more intense than that of being a page, as the boy was much bigger, stronger, and physically capable than he was as a knight. Although pages did do things that helped trained them for battle, such as lancing, sword fighting, and horse riding, they learned much more about battle during the time they were a squire. They now practiced these techniques with real weapons, often against real knights, instead of using things like rounded-off wooden swords and target setups. While a page had to accompany the Lord and Lady of the castle, and fulfill any of their given demands, a squire did the same thing for a knight. Each squire was assigned to a knight. The knight to which he was assigned would personally lead and teach the squire to become a knight. This is the stage during which the boy would learn to wear and take care of his heavy armor. He was required to do things such as clean his knight’s armor from rust. This was done by putting the armor in a barrel of sand, and scrubbing to rub away the rust. This was also when the boy was awarded with his own sword and shield, a necessity in being a knight. The more intense part of being a squire was also involved in being the knight’s personal aid. The reason this could be intense, and often dangerous training is because the squire had to follow the knight to battle, if he was to go. During battle, the squire would continue to be the personal assistant of the knight. If anything happened to his armor or his weapons, the squire’s job would be to promptly bring a replacement piece for the knight. If something happened to the knight’s horse during battle, as well, the squire would give up his for the knight to ride. It was also their duty to take the knight away from the battle field should be injured or even killed. During times of battle, a squire even went as far as actually helping the knight fight, should he be outnumbered, or desperately need the help for any reason. After being a squire for an entire seven years of his life, he was then knighted.
The ceremony involved in becoming a knight was one that young men heavily looked forward to. The ceremony was very elaborate, and the entire thing took up an entire night, and was completed the next morning. To was away his sins, and be clean for the new life of knighthood, the squire would first take a bath in holy water. After doing this, he would stand before the altar and pray, often taking the entire night. The squire would also confess his sins to a priest. The next morning, the knighting ceremony was held. Before an audience of other knights and ladies of the castle, the knight was presented a new lance, sword, shield, and full suit of armor. The lord would then give him the accolade. This was a blow given either to the neck or the shoulder by the lord’s fist, or the flat part of a sword. The lord would say, “In the name of God and St. Michael and St. George, I dub thee knight; be brave and loyal.” The squire was then a full fledged knight, able to uphold all the knightly privileges.
Although it was a very long process to become a knight, taking up almost 15 years of one’s life, it was regarded as well worth it. There was a high amount of respect for anyone who was a knight, and this was not something that could or should have been accomplished in a short period of time. Instead, it is accomplished by making the training be a lifestyle, as is knighthood, rather than a side job.
Mind that the sample papers like The Path to Knighthood presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
The Path to Knighthood
In the Middle Ages, being a knight was the most honorable position a man could hold. They were heavily regarded as the most honest, courageous, and brave individuals that one could be. But, one could not just decide to be a knight, and easily become one. There was a very long process involved in becoming a knight, one that took up about fifteen years of a future-knight’s life. If one was born of the right blood, often the son of a current knight, they would become a page at a very young age, before becoming a squire, and finally a knight.
At the young age of only seven years old, one began the training that would lead to knighthood. The training usually took place at a nearby castle, often the castle of his father’s lord. As training for knighthood was a full-time process, the young boy would leave his home to go live here. A boy in this stage of the training was known as a page. Generally this lasted about seven or eight years before graduating to the next level. Being a page, especially towards the beginning, was the less intensive part of the training process, often focusing on manners and etiquette. But, the young pages also engaged in battle training. They would be given rounded off wooden swords with which to practice sword skills, obviously a very important quality of a knight. Another training activity they engaged in was lance practice. One way to train for this was to have a setup with a target on one end of a pendulum, and a dummy on the other end. When the lance struck the target, the page would have to immediately duck to not be hit by the dummy. They were also introduced to hunting and bow and arrow skills. Learning to ride a horse was a very important part of being a page. A knight’s horse was often his most prized possession, during times of battle and during everyday life. Since being able to ride a horse was so important to a knight, they began teaching it early on. The young pages did engage in different types of combat training, but much of his teachings during this time were for social reasons, teaching the pages nobility and proper manners. Pages were sort of like little servants for the Lord and the Lady of the castle at which he was trained. It was his duty to accompany the Lord and Lady. While accompanying the Lord and Lady, he was obligated to fulfill any of their demands. They often had to clean for them, wait on them, and do whatever else they asked. Knights were taught to have a high amount of respect for women, and to always help one in need. This was taught early on by the women of the castle.
After holding the title of a page until the boy is fourteen years old, he then becomes a squire. This was the second and final step before knighthood. This stage lasted for about another seven years, until the boy reached the age of twenty-one. They continued teaching him much of the same things, but the training was more intense than that of being a page, as the boy was much bigger, stronger, and physically capable than he was as a knight. Although pages did do things that helped trained them for battle, such as lancing, sword fighting, and horse riding, they learned much more about battle during the time they were a squire. They now practiced these techniques with real weapons, often against real knights, instead of using things like rounded-off wooden swords and target setups. While a page had to accompany the Lord and Lady of the castle, and fulfill any of their given demands, a squire did the same thing for a knight. Each squire was assigned to a knight. The knight to which he was assigned would personally lead and teach the squire to become a knight. This is the stage during which the boy would learn to wear and take care of his heavy armor. He was required to do things such as clean his knight’s armor from rust. This was done by putting the armor in a barrel of sand, and scrubbing to rub away the rust. This was also when the boy was awarded with his own sword and shield, a necessity in being a knight. The more intense part of being a squire was also involved in being the knight’s personal aid. The reason this could be intense, and often dangerous training is because the squire had to follow the knight to battle, if he was to go. During battle, the squire would continue to be the personal assistant of the knight. If anything happened to his armor or his weapons, the squire’s job would be to promptly bring a replacement piece for the knight. If something happened to the knight’s horse during battle, as well, the squire would give up his for the knight to ride. It was also their duty to take the knight away from the battle field should be injured or even killed. During times of battle, a squire even went as far as actually helping the knight fight, should he be outnumbered, or desperately need the help for any reason. After being a squire for an entire seven years of his life, he was then knighted.
The ceremony involved in becoming a knight was one that young men heavily looked forward to. The ceremony was very elaborate, and the entire thing took up an entire night, and was completed the next morning. To was away his sins, and be clean for the new life of knighthood, the squire would first take a bath in holy water. After doing this, he would stand before the altar and pray, often taking the entire night. The squire would also confess his sins to a priest. The next morning, the knighting ceremony was held. Before an audience of other knights and ladies of the castle, the knight was presented a new lance, sword, shield, and full suit of armor. The lord would then give him the accolade. This was a blow given either to the neck or the shoulder by the lord’s fist, or the flat part of a sword. The lord would say, “In the name of God and St. Michael and St. George, I dub thee knight; be brave and loyal.” The squire was then a full fledged knight, able to uphold all the knightly privileges.
Although it was a very long process to become a knight, taking up almost 15 years of one’s life, it was regarded as well worth it. There was a high amount of respect for anyone who was a knight, and this was not something that could or should have been accomplished in a short period of time. Instead, it is accomplished by making the training be a lifestyle, as is knighthood, rather than a side job.
Mind that the sample papers like The Path to Knighthood presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Mandy
We are ready to represent the best custom paper writing assistance that can cope with any task like Mandy even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Mandy in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Mandy… My sweet niece, you have been the sunshine in my sky for a short seventeen years now. So beautiful and innocent, you came into this world without the option of being. In your newborn eyes, I could see a hunger for unconditional love. Like a sponge, you absorbed the attention from everyone around you. I can still hear echoes of your cries, releasing the most precious sound of life.
When you were two I would take you overnight as often as your mom and dad would allow. One time… we were on our way to my apartment when you cried out that you had to go pee. Well, being on interstate ninety-three in Hooksett at midnight, there weren’t many bathroom options. So we had to pull over so you could take care of business. It seemed to be the right thing to do, considering the pain you were in and all that. However, it only prolonged your agony. You totally freaked out when I told you what you needed to do. That was the first and only time I had ever been beaten by a two-year old. Needless to say, you didn’t take care of business there off to the side of I-.
Taking you to the fair was quite an experience for me, as well as for those who surrounded us. Uncle Mark and I had this crazy notion that you might actually enjoy the simplest of the rides…the kiddy cars. Dang, were we wrong. As you sat in the small blue convertible, hands clenched to the steering wheel, you held a look of horror on you’re your face. Uncle Mark had the attendant stop the ride so that he could relieve you from your terror. I hope you don’t get upset, but I chuckle whenever I think of the look you held on your face as the ride slowed down. Your teeth were hammered together, lips stretched across your face, hair blown back, and beads of fear shot out of your eyes. Uncle and I felt horrible at the time, but looking back on it now, it seems quite comical. Heck. It’s down right hilarious. Sorry.
Mind that the sample papers like Mandy presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Mandy… My sweet niece, you have been the sunshine in my sky for a short seventeen years now. So beautiful and innocent, you came into this world without the option of being. In your newborn eyes, I could see a hunger for unconditional love. Like a sponge, you absorbed the attention from everyone around you. I can still hear echoes of your cries, releasing the most precious sound of life.
When you were two I would take you overnight as often as your mom and dad would allow. One time… we were on our way to my apartment when you cried out that you had to go pee. Well, being on interstate ninety-three in Hooksett at midnight, there weren’t many bathroom options. So we had to pull over so you could take care of business. It seemed to be the right thing to do, considering the pain you were in and all that. However, it only prolonged your agony. You totally freaked out when I told you what you needed to do. That was the first and only time I had ever been beaten by a two-year old. Needless to say, you didn’t take care of business there off to the side of I-.
Taking you to the fair was quite an experience for me, as well as for those who surrounded us. Uncle Mark and I had this crazy notion that you might actually enjoy the simplest of the rides…the kiddy cars. Dang, were we wrong. As you sat in the small blue convertible, hands clenched to the steering wheel, you held a look of horror on you’re your face. Uncle Mark had the attendant stop the ride so that he could relieve you from your terror. I hope you don’t get upset, but I chuckle whenever I think of the look you held on your face as the ride slowed down. Your teeth were hammered together, lips stretched across your face, hair blown back, and beads of fear shot out of your eyes. Uncle and I felt horrible at the time, but looking back on it now, it seems quite comical. Heck. It’s down right hilarious. Sorry.
Mind that the sample papers like Mandy presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Monday, May 14, 2012
Comparison of Panama IPO Market to Us Market
We are ready to represent the best custom paper writing assistance that can cope with any task like Comparison of Panama IPO Market to Us Market even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Comparison of Panama IPO Market to Us Market in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
INTRODUCTION
This paper has the purpose of presenting the reader with a brief overview of an Initial Public Offering (IPO) performed in the republic of Panama.
The Initial Public Offering process is complex and has significant consequences for a publicly held company.
We will focus in describing the processes of registration and issuance of IPO’s and all the parties involved in the process.
Unfortunately, the securities market in Panama is in a developing phase, evolving towards a more dinamic state that reflects the economic reality, globally as well as domestically.
1. WHAT IS A INITIAL PUBLIC OFFERING OF SECURITIES
The Initial Public Offering is a process whereby an issuer registers its securities at the National Securities of Commission (CNV) and offers them to the public.
An offer or sale made to persons domiciled in the Republic of Panama will be considered to have been made in the Republic of Panama, regardless of whether it was made from the Republic of Panama or from abroad, unless the CNV determines the opposite.
An offer or sale made to persons domiciled outside the Republic of Panama will not be considered to have been an offer in the Republic of Panama even if it was made from the Republic of Panama.
An investment banker recommends and advises a company during the public offering, helps to integrate a working team, must undertake the carrying out of the due diligence, assists in the technical preparation of the registration petition and the prospectus, (generally) signs a subscription contract with the company and maintains a relation with the issuer after the public offering.
. CURRENT LEGISLATION
The Executive Branch enacted Law-Decree No.1 of 8 July 1, which creates the NATIONAL SECURITIES COMMISSION (CNV) and regulates securities trading in the Republic of Panama; it’s been modified by Laws 4 of 000, of 001 and 11 of 00.
The NATIONAL COMMISSION OF SECURITIES was created as an autonomous entity of the State with legal capacity and its own possessions.
In order to guarantee its autonomy, the CNV
· Shall have its own funds separated and independent from those of the Central Government and shall have the right to manage them.
· Shall approve its income and expenses budget, which shall later be included within the general budget of the State. As long as the CNV budget includes funds provided by the State, its budget will be prepared by the Ministry of Economy and Finance as part of the State’s budget.
· Shall select, appoint and dismiss its personnel and set their remuneration, in conformity with the provisions of its internal set of regulations.
. CONVENIENCES OF MAKING A PUBLIC OFFERING
Advantages Obtaining of cash, liquidity for employees and investors alike, access to markets for future financing, tax advantages.
Disadvantages Reduction of the flexibility in corporate affairs, compliance with reporting requirements of the CNV, restrictions in advertising matters, exposure to class action suits, initial and administrative expenses.
4. STEPS FOR THE INITIAL ISSUANCE OF THE INITIAL PUBLIC OFFERING
4.1. The integration of a working team
The team is integrated by
· The team’s administration
· The Board of Directors
· The subscribers (investment bankers)
· The legal advisors of the issuing enterprise
· The legal advisors of the subscribers
· The external auditors of the issuing enterprise
· Others a fiduciary, a registration, payment and transference agent.
4. Due diligence
It’s the process of ensuring that the information contained the registry application is correct, that the document does not omit any information required or necessary to prevent that statements, considered as a whole, are misleading.
It’s a fact-searching process.
In order for a diligence to be satisfactory, it should
· Interview the directors of the entity, exploring all aspects of the company.
· Contact the main clients of the issuer to verify the representations of the administration.
· Inspect the products made by the enterprise or the services it provides.
· Revise the financial statements with the auditors of the company.
· In conformity with jurisprudence, the due diligence varies in terms of the degree of participation of the work team.
4. Registration Petition (prospectus)
An issuer whose securities shall be registered at the CNV shall present to it, through the intervention of a lawyer, a registration petition of such securities, in conformity with the provisions of Title V of the Law-Decree.
This is a document of much importance and the omissions and/or false statements contained in it will generate administrative consequences (fines) and may serve as basis for civil suits.
4..1. Rejection of public offering registration application
The CNV will reject the petition whenever
· The issuer is a registered issuer and is overdue in the presentation of the interim and annual reports due to be filed in conformity with the Law-Decree.
· When either the prospectus, the information or the documentation are incomplete or do not fulfill the requirements established and/or contain any false statements in relation with an important fact or if it omits an important fact.
4... CNV Requirements
Securities registration petitions object of a public offering that requires authorization of the CNV, in conformity with the provisions of Title VI of Law-Decree No. 1 of 8 July 1, must be filed through the intervention of a lawyer, accompanied by the following documents and in compliance with the following requirements
1. Power of attorney;
. Photocopy of the personal identity document (“c�dula”) or passport of the legal representative, directors and officials of the petitioner;
. Certificate of existence and representation of the entity, which shall include the name, date and incorporation data and inscription, duration, term, subscribers, Directors, Officials, Legal Representative, authorized capital, inscribed powers and resident agent of the petitioner, issued by the Public Registry within the thirty days prior to the date of the presentation of the petition. In the case of foreign entities, a certificate of the Public Registry of the foreign country, or the entity that exercises functions similar to those of the Public Registry, issued within the previous sixty days of the presentation of the petition, stating all the information that is required to petitioners incorporated under Panamanian laws, must be included.
4. Copy of the Public Deed that contains the Articles of Incorporation of the petitioner, its amendments and certification of the inscription of such documents.
5. A copy of the Preliminary Informative Prospectus.
6. Resolution of the Board of Directors or the competent governing body of the entity that authorizes the securities public offering, the number of them, their price, including all possible deductions, names of the persons who have power to authenticate, and the details of the offer.
7. Models of the securities that are intended to be sold, if applicable.
8. Audited financial statements, for the last fiscal year, issued by an independent Certified Public Accountant, interim financial statements at the last interim date prior to the date of the petition, duly certified by a Certified Public Accountant.
. A sworn declaration submitted by the Legal Representative of the petitioner, about the compliance with the provisions in relation to the independence of the Certified Public Accountant � as provided in the Accord related to the Form and Contents of the Financial Statements � and the Legal Advisor, as provided by Article 16 of this Accord.
10. Projects of contracts that are part of the registration petition, whose final versions are to be presented, in copies authenticated by a notary, before the notification of the respective Resolution.
11. Opinion of a legal advisor about the securities registration petition, as prescribed by Articles 15 and 16 of the Accord.
1. Payment slips of the corresponding registration fee.
1. Documentation deemed necessary by the CNV for the information and protection of investors.
14. Whenever a statement, report or opinion of an expert person is enclosed, the person’s name, address, credentials and a statement indicating that the opinion is enclosed with the consent of that person, must be included.
15. The petitioner must file with the petition the written opinion of an independent lawyer of law firm about the securities registration petition object of public offer, as for
15.1 The proper incorporation and force of the persons that assume obligations as result of the registration of the securities for public offer, as well as their corporate capacity to celebrate contracts and to fulfill the obligations contracted therein.
15. The validity of the contracts that are integral part of the registration petition and that the rights and obligations included therein are legal, valid and demandable obligations.
15. The validity of contracts when contrasted to the clauses of the Articles of Incorporation, Statutes and Shareholders’ Agreements of the petitioner, or the existing Laws, Decrees and sets of regulations of the Republic of Panama.
15.4 Obligations assumed by the petitioner and the parties of the contracts that are integral part of the registration petition, such as unconditional obligations assumed by such persons, that enjoy the same preference than the other non-guaranteed obligations by the petitioner.
15.5 The lawyer or law firm that issues the opinion referred to in the preceding Article, with respect to the securities registration petition, must be independent from the petitioner. For that effect, a lawyer or law firm, or the Partners of the latter, shall not be considered independent if they are comprised in any of the following
1. Intern legal advisor of the petitioner;
. Director of Official of the petitioner;
. Effective owner of 5% or more of the outstanding stock of the petitioner; and
4. Administrative employee of the petitioner.
The requirements of independence of the legal advisors is limited to the issuance of the opinion required in the previous Article, therefore the petitioner may receive at any moment advisory from a lawyer of law firm that do not fulfill the above requirements, including the presentation of the securities registration petition to the National Securities Commission.
4... Prospectus contents and form
Prospectuses shall include the financial statements and the information about the issuer, its operations, business and securities that the CNV prescribes.
Prospectuses may contain any other additional information that the issuer wishes to include, as long as it is relevant and its inclusion is not forbidden.
The prospectus should be printed in clear and legible copies.
The instructions included in Annex 1, pages 6 to 1, must be followed.
4..4. Use of the prospectus in securities public offering
No issuer or affiliated company of it or offerer may offer securities that shall be registered, if such offer is not made by means of a prospectus authorized by the CNV or a preliminary prospectus presented to the Commission.
The CNV shall prescribe, by accord, the norms applicable to the use and distribution that should be given to the prospectus in relation with public offerings, in conformity with the provisions of the Law-Decree.
4..5. Use of the prospectus in public offerings
The CNV is empowered to establish the norms that will be applicable to the use and distribution of the prospectus.
Likewise, it has power to make exceptions as for the use of the prospectus when such use is not necessary for the protection of the investing public.
Every offer shall be made by means of a prospectus authorized by the CNV and no issuer of affiliated shall offer securities without being previously registered and authorized by the CNV.
4.4 Registration Periods
· Period previous to the registration at the CNV
The CNV provides that the issuer of securities, persons affiliated to such issuer and/or it offerers, may neither offer to purchase, nor purchase, nor offer to sale, nor sale the securities while the resolution has not become effective.
· Period or registration at the CNV
When the petition is presented to the CNV for its approval, the following activities will be permitted, even thought they do not constitute a firm obligation to purchase or sell such securities
Ø The issuer, persons affiliated to it and its subscribers may offer the securities to sales agents.
Ø Likewise, the persons mentioned above may request purchase orders from other persons.
When performing the above mentioned transactions, the trading must be accompanied by a preliminary prospectus, which must comply with all the requirements set forth by the CNV (it must feature in its cover a clear statement indicating that the securities described therein are in the process of being registered and that the information is subject to change).
During that period, information or advertising material may not be distributed, except for those authorized by the CNV.
· Period posterior to registration at the Commission
Whenever the resolution approving the registration of securities in the CNV becomes effective, offers may be made of such securities in any form, as long as they accompanied by a definitive prospectus.
As requirement, every prospectus must be updated by means of a new prospectus or a supplement in the following cases
a. Immediately if during the offering period a fact such as the following takes place
a.1. A statement in the prospectus turns out to be false.
a.. A fact should be divulged in order to make that a statement about an important fact, included in the prospectus, is not deemed misleading or tendentious considering in the circumstances under which it was made.
b. Within the thirty days following the date the issuer files its annual report to the CNV.
The CNV has the power to suspend the use of a prospectus until it is modified in case it finds that it has false information, omits important information which must be divulged, etc.
4.5 Contractual arrangements with the subscriber
Ø The issuer generally holds a subscription contract with the investment banker.
Ø Depending of the type of subscription, the subscriber may incur in the obligation of acquiring the securities offered by the issuer.
Ø The subscription must be made firmly or based in the best efforts.
5. ROLE OF INVESTMENT BANKING IN IPO’S IN PANAMA
· Recommending and advising the enterprise in the public offering
· Helping to integrate the working team
· Procuring the realization of the due diligence
· Assisting in the technical preparation of the registration petition and the prospectus
· Holding the subscription contract with the enterprise
· Maintaining a relation with the issuer after the public offer
6. IPO’s Made in Panama
Among the IPO’s made in Panama we have the following
· IDS Holding Corporation (Sears)
· Tropical Rainforest Resort (Gamboa Hotel)
· Corporación Microfinanciera Nacional
· Equus Entertainment de Panamá (Presidente Remón Racetrack)
· Inversiones Latinoamericanas (Inverlat)
7. Reasons for a company to choose to go public
Some of the reasons for a company to go public are the following
a. Obtaining funds from the public offering of securities. With the funds obtained in this manner a company can increase its working capital, invest in research and development, expand premises and equipment, acquire other companies, etc.
b. Obtaining funds in more favorable terms. Once a market is created, and if the security (share) performs well, the company will be able to offer investors a security with liquidity and with a determinable market value.
c. The company can contemplate the acquisition of other enterprise with its public shares, instead of using cash or acquiring debts with third parties.
d. The enterprise may attract and retain better personnel by means of option plans for the purchase of its own shares by its employees. This is a great incentive to its labor force, thus generating more loyalty to the enterprises. In principle, there will be less labor problems since employees would largely feel part of the enterprise and wish the best for it, since this would also be the best for them.
e. The enterprise gains prestige and more recognition. Clients and suppliers may become shareholders and acquire the goods and services that their company produces.
f. Liquidity is obtained for the owners. Property in a close, non public business is an asset that lacks an immediate market. Once the company goes public, a market is or must be ready at any moment.
g. The company can eliminate existing guarantees, such as personal and/or real guarantees, so avoiding the need of personal sureties by the shareholders.
h. A sensation of financial success, at least of a psychological nature, is reached.
i. Undoubtedly, in our environment the tax advantages constitute a decisive factor. The existence of a special tax treatment for investments in registered securities is justified in the fact that, in this manner, individual resources can reach the productive enterprises that need them. This brings benefits for the country, which strengthens itself with enterprises that generate goods, services and jobs.
Among the disadvantages and/or consequences of making an initial public offering we have the following
ü Reduction of the flexibility in corporate affairs.
ü Starting administrative expenses increase.
ü Compliance with the requirements of reporting to the CNV and those of the stock exchanges where the securities are listed.
ü Restrictions in matters of advertising.
ü Exposure to class action suits.
ü Transparency.
ü The issuer must maintain good relations with the holders of its securities.
ü Sales of securities by persons who control them.
8. The securities market of Panama
The intermediation of securities in Panama dates to many years ago. It could be said that it is as old as the Republic itself, which this year celebrates the centennial of its independence. In its beginnings, this activity was carried out in an informal manner; it lacked mechanisms of organization and it did offer neither the information nor the sufficient transparency to protect the investing public. It was not until July 170 when the National Government enacted Decree No. 47, which was later substituted by Law-Decree No. 1 of 8 July 1, whereby the National Securities Commission was created and the Securities market in the Republic of Panama is regulated.
At the beginning of the 170s, a group of investors made serious and meritorious efforts to establish a stocks exchange, to the point of meeting periodically and publishing reports about the operations performed among them. However, the growth and development of both international banking and the National Banking Center caused, as a result, that both the National Government and the private sector found all the necessary financing in the Banking Market, rendering useless, at the time, the existence of a stocks exchange.
By the early 180s, the high levels of external indebtedness and a poor economic development caused a reduction of financing offers by the international financial system towards the Governments of Latin America. Likewise, the past economic and political crisis Panama underwent during the years 187, 188 and 18 caused that an informal securities market acquired significant importance as means of financial intermediation.
Despite being an informal market, it had great acceptance within the Panamanian community, which made people estimate that it was the appropriate moment for the creation of a stocks exchange in Panama, that complied with the objective of serving as intermediate between the State and the private sector, on one side, and the investors, on the other, for the trading of securities. This way, a formal securities market is created in Panama, divided in a primary market and a secondary market.
Over the years, Panama’s Stock Exchange, along with the trading posts, stock traders and other collaborators of the national securities market have increased their efforts to divulge information on the newspapers about the negotiable securities in our country. However, these efforts are focused on a specific and limited sector; thus preventing a sector of equal or higher purchase power from participating in Panama’s Securities Market.
In addition to this limitation, the lack of knowledge about the matter in a general level, by bank depositors �who are more focused in the banking center as source of income over their savings-, reveal the lack of investing opportunities, thus limiting the development of the Securities Market in Panama and, therefore, the development of the economy in the country.
Panama is currently a country where a large part of the population lives in a situation of poverty; other part of the population generates income only large enough for survival. Because of this, talking about the existence of savings plans that could be turned into investments turns out to be somewhat cynical and cruel, since the savings habits of the average Panamanian is almost nonexistent. As a result, the universe of local investors is quite reduced.
To make things worse, those investors that could invest find themselves skeptical and distrustful, due to recent financial scandals that have weakened the fundamental element for our system to work efficiently trust.
However, despite the fact that we are advancing and we feel we are on the right track, since we have a better legislation than the one we had years back, there’s no doubt that we still have so much to do. Facts, rather than words, are required. Reaching a fine level demands time and is a labor that involves many members of society. It is not a labor to be done isolated from the regulatory entity of the securities market. The private sector, as well as the Government and all of the community must participate.
We must point out that the world economy has received severe blows in recent years, with the Securities Market being one of the most affected, a situation that generates mistrust among investors. The bankruptcies of listed companies in the Exchange, the social and political instability in our country are some of the determining factors in the short- and medium-term development of the securities-trading activity.
External auditors and independent public accountants also play an important role for the system to work efficiently. They must be important allies of the investing public and the CNV. Accountant perform a very important role, since they are, by law, to attest about the veracity of information related to transactions carried out by public companies, as well as the disclosure of their financial situation, with the purpose of facilitating decision-making by the shareholders. In light of new regulations that protect investors, such as the Sarbanes-Oxley Act of 00 of the US, the CNV has taken actions on this subject and issued Accord 7-00, whereby modifications are introduced to certain aspects that regulate registered companies and their auditors and accountants.
Considering the current situation of the country’s economy and the low levels of investments by depositors, it is necessary to awaken interest in the alternative investments represented by the Securities Market. Also, the current crisis of International Banking Centers has surpassed its conditions to the National Banking Center, making attractive other investments alternatives that generate higher profitability for investors. The CNV is performing a titanic task that in many aspects implies a struggle against negative patterns of behavior too embedded in our society. However, with the effort of all, it is a labor that will produce large tangible benefits for the development of the country and its population. This way, we will be contributing to the successful development of this activity that generates new sources of financing for our businesspeople, which in turn produce higher levels of profitability for depositors that choose to invest in Panama’s Securities Market.
. The Panama Stock Exchange
There’s only one stock exchange in Panama, Bolsa de Valores de Panamá, S. A. (Panama Stock Exchange, BVP in Spanish). The BVP is a corporation incorporated under the laws of the Republic of Panama; its shareholding group is integrated by the main banks of the location, including the National Bank of Panama, as well as commercial, insurance and industrial enterprises, businesspersons, professionals and securities agents.
The authorized capital of the BVP is US$1,800,000 divided in 180,000 shares. This level of capitalization is caused in first instance, by the interest of giving participation in the exchange to an ample and diversified number of shareholders and the purpose of setting up an administrative apparatus that could offer an efficient service and a data-processing system with capacity to store and having available and easy-to-access by the public, information about enterprises and entities whose securities are traded in the exchange.
Exchange members must be entities with legal capacity, whose shares must have been issued in nominal manner in favor of natural persons, except in cases of banks or public-holding enterprises. Besides, members of the BVP must follow these requirements
· To devote solely to securities negotiation in an exchange.
· To have a securities agent properly authorized by the BVP of Panama as legal representative or general holder of power of attorney.
· To feature a paid capital no lesser than US$50,000 and being owner of ,500 shares of stock of BVP.
· To possess the necessary professional capacity for this kind of activities.
· To be the beneficiary of a fidelity and compliance policy that the BVP requests.
At all times, members of the BVP are subject to audits and investigations that the BVP decides to carry on, and their rights may not be alienated to third parties without previous authorization by the BVP. This way, the BVP will allow a large participation of all interested parties that comply with the necessary conditions for that.
The BVP is a market where a series of products are traded and where buyers and sellers get in touch; it is a meeting place between two main characters in an economy companies and saving depositors.
The BVP fulfills an essential function in the growth of an economy, since it flows savings towards productive investment. It is a financing instrument for enterprises and of an investments one for saving depositors.
In our country, the goal and objective of the BVP is to gather securities trading companies registered in it in order to perform trading of several classes of securities. Its function is to manage and regulate this process and to receive a commission that will vary depending on the type of instrument traded in its value.
The BVP must watch over the promotion and exchange of securities, both public and private, and that transactions are performed in accordance not only to the Law, but also to strict standards of commercial and professional ethics. It must also provide and maintain, available for the public, financial and commercial information about the enterprises registered in it.
We consider pointing out that the fact that an enterprise is registered in the BVP, does not guarantee that investing in it is secure. The BVP’s responsibility is limited to watch for the existence of a liquid and transparent market for securities quoting. Investors, aware of the inherent risks, are responsible for their decision of buying or selling a share of stock.
10. Comparison between the IPO markets of Panama and the US
In this section we’ll take a gross overview of the similarities and differences of IPO markets in Panama and the United States. These similarities and differences will help us to understand both markets and give us a better perspective of what to expect from these markets in terms of opportunities.
10.1 Similarities
The main reason as to why companies in both markets, Panama and the US, decide to go public is the need to obtain capital. This need to obtain capital in both markets originates from the same reasons, that is, to increase its assets quickly and to expand and to pay debts.
A similarity between both markets is that they are regulated by an entity in charge of regulating, analyzing and watching over the sales of securities to the investing public. In Panama, that entity is the National Securities Commission, while the Securities and Exchange Commission holds those tasks in the United States. Both commissions have the power to create secure environments for investors.
Another similarity between both IPO’s markets is that carrying out that initial shares sales operation is costly, complex and requires too much human effort and capital. In both markets these costs may represent between 15 and 5% of the capital collected by the initial public offering of these securities.
Both IPO regulatory entities demand a heap of information that must be filed to them. They also demand that part of this information must be presented to investors and to the possible investors in a document called prospectus at both markets. The prospect must describe relevant facts about the operations of the company, its financial condition and its administration. In the Anglo-Saxon market, all companies wishing to offer their securities to the public must file form S-1. The prospectus must contain the following information as a minimum for both markets as well
1. The business name
. Properties
. Competitors
4. Identities of their officers and directors, and their compensations
5. Material transactions between the company and its officers and directors
6. Material legal proceedings involving the company or its officers and directors
7. The plan for distributing the securities; and the intended use of the proceeds of the offering.
Registration statements must include also the financial statements, audited by an independent certified public accountant.
Besides the information required expressly by the form, the company must provide any other information deemed necessary to make a complete disclosure and avoid presenting misleading statements. The prospectus must also mention any other prominent risk, for example
1. Lack of business during the company’s history
. Adverse conditions in that particular industry
. Lack of markets for the securities offered
4. Dependence of key personnel within the enterprise
As we can see, all these similarities in the IPO registration process exist because Panamanian legislation is based on American legislation as for regulations for the issuance or securities.
In the American market, after the IPO the company is obliged to comply with the requirements of reporting to the SEC the following information
1. Its operations.
. Its officials, directors and some of its shareholders, including salaries, benefits and transactions between a company and its administration.
. The financial condition of the company, including the financial statements audited by an independent certified public accountant.
4. Its competitive position and material terms of contracts or lease agreements.
This information must also be provided to the CNV by issuers of an IPO in Panama.
Another similarity between both environments is that issuances take approximately the same time to prepare and launch to the market. IPO’s in Panama and the US typically take about to 6 months. Half of the time is spent preparing the requirements for the SEC, while the rest, 4 to 6 months, is used for road shows to market the offering.
A similarity worth mentioning is the role of the investing banker in the cases of initial public offerings. The role of the investment banker is the same in IPO’s markets in both the USA and Panama.
10. Differences
A clear difference between the IPO’s markets in the USA and Panama is that while in the USA any issuance of IPO’s are regulated by federal and state laws, in Panama they are regulated by the country’s national laws, since there are not bounds imposed by the provinces separately.
Another important difference in the IPO’s markets is that in Panama there is only one stock exchange, known as the Bolsa de Valores de Panamá, S. A., whereas there are several stock exchanges in the USA, such as NYSE, AMEX and NASDAQ, where the IPO’s can be traded.
The markets of the IPO’s differ much as for the size of each of them to make the initial offering, since the Panamanian market has a population of merely million people, out of which only 6 to 7% has a savings and investing capacity, whereas in the USA there is a population of million people with a high degree of investing power.
Another difference between both markets is that transactions in the USA can be made on the Internet, while in Panama the technological platform to provide such service does not exist yet.
Another difference about the initial offering in both markets is that there are no restrictions as for the initial price of the securities offering in the Panamanian market, as long as it has fulfilled the requirements of the CNV, whereas certain restrictions in the US market do exist about the initial price.
CONCLUSION
After our research, we can state that not all companies are eligible to go public, since this is a complex and costly decision, which requires legal and financial professional advice, in which accountants and lawyers play a preponderant role.
By making a comparison between the IPO’s in Panama and the United States, we can see that there are more similarities than differences between these two markets.
The larger amount of similarities is caused by the fact that the regulations in Panama are based on the American ones. The few differences we can find exist due to the discrepancies in size and development of each of these markets.
As conclusion, we can say that IPO’s in Panama resemble the worldwide trend of countries in development level, promoting its securities markets with the hope that those efforts can be seen reflected in terms of a more accelerated economic growth.
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INTRODUCTION
This paper has the purpose of presenting the reader with a brief overview of an Initial Public Offering (IPO) performed in the republic of Panama.
The Initial Public Offering process is complex and has significant consequences for a publicly held company.
We will focus in describing the processes of registration and issuance of IPO’s and all the parties involved in the process.
Unfortunately, the securities market in Panama is in a developing phase, evolving towards a more dinamic state that reflects the economic reality, globally as well as domestically.
1. WHAT IS A INITIAL PUBLIC OFFERING OF SECURITIES
The Initial Public Offering is a process whereby an issuer registers its securities at the National Securities of Commission (CNV) and offers them to the public.
An offer or sale made to persons domiciled in the Republic of Panama will be considered to have been made in the Republic of Panama, regardless of whether it was made from the Republic of Panama or from abroad, unless the CNV determines the opposite.
An offer or sale made to persons domiciled outside the Republic of Panama will not be considered to have been an offer in the Republic of Panama even if it was made from the Republic of Panama.
An investment banker recommends and advises a company during the public offering, helps to integrate a working team, must undertake the carrying out of the due diligence, assists in the technical preparation of the registration petition and the prospectus, (generally) signs a subscription contract with the company and maintains a relation with the issuer after the public offering.
. CURRENT LEGISLATION
The Executive Branch enacted Law-Decree No.1 of 8 July 1, which creates the NATIONAL SECURITIES COMMISSION (CNV) and regulates securities trading in the Republic of Panama; it’s been modified by Laws 4 of 000, of 001 and 11 of 00.
The NATIONAL COMMISSION OF SECURITIES was created as an autonomous entity of the State with legal capacity and its own possessions.
In order to guarantee its autonomy, the CNV
· Shall have its own funds separated and independent from those of the Central Government and shall have the right to manage them.
· Shall approve its income and expenses budget, which shall later be included within the general budget of the State. As long as the CNV budget includes funds provided by the State, its budget will be prepared by the Ministry of Economy and Finance as part of the State’s budget.
· Shall select, appoint and dismiss its personnel and set their remuneration, in conformity with the provisions of its internal set of regulations.
. CONVENIENCES OF MAKING A PUBLIC OFFERING
Advantages Obtaining of cash, liquidity for employees and investors alike, access to markets for future financing, tax advantages.
Disadvantages Reduction of the flexibility in corporate affairs, compliance with reporting requirements of the CNV, restrictions in advertising matters, exposure to class action suits, initial and administrative expenses.
4. STEPS FOR THE INITIAL ISSUANCE OF THE INITIAL PUBLIC OFFERING
4.1. The integration of a working team
The team is integrated by
· The team’s administration
· The Board of Directors
· The subscribers (investment bankers)
· The legal advisors of the issuing enterprise
· The legal advisors of the subscribers
· The external auditors of the issuing enterprise
· Others a fiduciary, a registration, payment and transference agent.
4. Due diligence
It’s the process of ensuring that the information contained the registry application is correct, that the document does not omit any information required or necessary to prevent that statements, considered as a whole, are misleading.
It’s a fact-searching process.
In order for a diligence to be satisfactory, it should
· Interview the directors of the entity, exploring all aspects of the company.
· Contact the main clients of the issuer to verify the representations of the administration.
· Inspect the products made by the enterprise or the services it provides.
· Revise the financial statements with the auditors of the company.
· In conformity with jurisprudence, the due diligence varies in terms of the degree of participation of the work team.
4. Registration Petition (prospectus)
An issuer whose securities shall be registered at the CNV shall present to it, through the intervention of a lawyer, a registration petition of such securities, in conformity with the provisions of Title V of the Law-Decree.
This is a document of much importance and the omissions and/or false statements contained in it will generate administrative consequences (fines) and may serve as basis for civil suits.
4..1. Rejection of public offering registration application
The CNV will reject the petition whenever
· The issuer is a registered issuer and is overdue in the presentation of the interim and annual reports due to be filed in conformity with the Law-Decree.
· When either the prospectus, the information or the documentation are incomplete or do not fulfill the requirements established and/or contain any false statements in relation with an important fact or if it omits an important fact.
4... CNV Requirements
Securities registration petitions object of a public offering that requires authorization of the CNV, in conformity with the provisions of Title VI of Law-Decree No. 1 of 8 July 1, must be filed through the intervention of a lawyer, accompanied by the following documents and in compliance with the following requirements
1. Power of attorney;
. Photocopy of the personal identity document (“c�dula”) or passport of the legal representative, directors and officials of the petitioner;
. Certificate of existence and representation of the entity, which shall include the name, date and incorporation data and inscription, duration, term, subscribers, Directors, Officials, Legal Representative, authorized capital, inscribed powers and resident agent of the petitioner, issued by the Public Registry within the thirty days prior to the date of the presentation of the petition. In the case of foreign entities, a certificate of the Public Registry of the foreign country, or the entity that exercises functions similar to those of the Public Registry, issued within the previous sixty days of the presentation of the petition, stating all the information that is required to petitioners incorporated under Panamanian laws, must be included.
4. Copy of the Public Deed that contains the Articles of Incorporation of the petitioner, its amendments and certification of the inscription of such documents.
5. A copy of the Preliminary Informative Prospectus.
6. Resolution of the Board of Directors or the competent governing body of the entity that authorizes the securities public offering, the number of them, their price, including all possible deductions, names of the persons who have power to authenticate, and the details of the offer.
7. Models of the securities that are intended to be sold, if applicable.
8. Audited financial statements, for the last fiscal year, issued by an independent Certified Public Accountant, interim financial statements at the last interim date prior to the date of the petition, duly certified by a Certified Public Accountant.
. A sworn declaration submitted by the Legal Representative of the petitioner, about the compliance with the provisions in relation to the independence of the Certified Public Accountant � as provided in the Accord related to the Form and Contents of the Financial Statements � and the Legal Advisor, as provided by Article 16 of this Accord.
10. Projects of contracts that are part of the registration petition, whose final versions are to be presented, in copies authenticated by a notary, before the notification of the respective Resolution.
11. Opinion of a legal advisor about the securities registration petition, as prescribed by Articles 15 and 16 of the Accord.
1. Payment slips of the corresponding registration fee.
1. Documentation deemed necessary by the CNV for the information and protection of investors.
14. Whenever a statement, report or opinion of an expert person is enclosed, the person’s name, address, credentials and a statement indicating that the opinion is enclosed with the consent of that person, must be included.
15. The petitioner must file with the petition the written opinion of an independent lawyer of law firm about the securities registration petition object of public offer, as for
15.1 The proper incorporation and force of the persons that assume obligations as result of the registration of the securities for public offer, as well as their corporate capacity to celebrate contracts and to fulfill the obligations contracted therein.
15. The validity of the contracts that are integral part of the registration petition and that the rights and obligations included therein are legal, valid and demandable obligations.
15. The validity of contracts when contrasted to the clauses of the Articles of Incorporation, Statutes and Shareholders’ Agreements of the petitioner, or the existing Laws, Decrees and sets of regulations of the Republic of Panama.
15.4 Obligations assumed by the petitioner and the parties of the contracts that are integral part of the registration petition, such as unconditional obligations assumed by such persons, that enjoy the same preference than the other non-guaranteed obligations by the petitioner.
15.5 The lawyer or law firm that issues the opinion referred to in the preceding Article, with respect to the securities registration petition, must be independent from the petitioner. For that effect, a lawyer or law firm, or the Partners of the latter, shall not be considered independent if they are comprised in any of the following
1. Intern legal advisor of the petitioner;
. Director of Official of the petitioner;
. Effective owner of 5% or more of the outstanding stock of the petitioner; and
4. Administrative employee of the petitioner.
The requirements of independence of the legal advisors is limited to the issuance of the opinion required in the previous Article, therefore the petitioner may receive at any moment advisory from a lawyer of law firm that do not fulfill the above requirements, including the presentation of the securities registration petition to the National Securities Commission.
4... Prospectus contents and form
Prospectuses shall include the financial statements and the information about the issuer, its operations, business and securities that the CNV prescribes.
Prospectuses may contain any other additional information that the issuer wishes to include, as long as it is relevant and its inclusion is not forbidden.
The prospectus should be printed in clear and legible copies.
The instructions included in Annex 1, pages 6 to 1, must be followed.
4..4. Use of the prospectus in securities public offering
No issuer or affiliated company of it or offerer may offer securities that shall be registered, if such offer is not made by means of a prospectus authorized by the CNV or a preliminary prospectus presented to the Commission.
The CNV shall prescribe, by accord, the norms applicable to the use and distribution that should be given to the prospectus in relation with public offerings, in conformity with the provisions of the Law-Decree.
4..5. Use of the prospectus in public offerings
The CNV is empowered to establish the norms that will be applicable to the use and distribution of the prospectus.
Likewise, it has power to make exceptions as for the use of the prospectus when such use is not necessary for the protection of the investing public.
Every offer shall be made by means of a prospectus authorized by the CNV and no issuer of affiliated shall offer securities without being previously registered and authorized by the CNV.
4.4 Registration Periods
· Period previous to the registration at the CNV
The CNV provides that the issuer of securities, persons affiliated to such issuer and/or it offerers, may neither offer to purchase, nor purchase, nor offer to sale, nor sale the securities while the resolution has not become effective.
· Period or registration at the CNV
When the petition is presented to the CNV for its approval, the following activities will be permitted, even thought they do not constitute a firm obligation to purchase or sell such securities
Ø The issuer, persons affiliated to it and its subscribers may offer the securities to sales agents.
Ø Likewise, the persons mentioned above may request purchase orders from other persons.
When performing the above mentioned transactions, the trading must be accompanied by a preliminary prospectus, which must comply with all the requirements set forth by the CNV (it must feature in its cover a clear statement indicating that the securities described therein are in the process of being registered and that the information is subject to change).
During that period, information or advertising material may not be distributed, except for those authorized by the CNV.
· Period posterior to registration at the Commission
Whenever the resolution approving the registration of securities in the CNV becomes effective, offers may be made of such securities in any form, as long as they accompanied by a definitive prospectus.
As requirement, every prospectus must be updated by means of a new prospectus or a supplement in the following cases
a. Immediately if during the offering period a fact such as the following takes place
a.1. A statement in the prospectus turns out to be false.
a.. A fact should be divulged in order to make that a statement about an important fact, included in the prospectus, is not deemed misleading or tendentious considering in the circumstances under which it was made.
b. Within the thirty days following the date the issuer files its annual report to the CNV.
The CNV has the power to suspend the use of a prospectus until it is modified in case it finds that it has false information, omits important information which must be divulged, etc.
4.5 Contractual arrangements with the subscriber
Ø The issuer generally holds a subscription contract with the investment banker.
Ø Depending of the type of subscription, the subscriber may incur in the obligation of acquiring the securities offered by the issuer.
Ø The subscription must be made firmly or based in the best efforts.
5. ROLE OF INVESTMENT BANKING IN IPO’S IN PANAMA
· Recommending and advising the enterprise in the public offering
· Helping to integrate the working team
· Procuring the realization of the due diligence
· Assisting in the technical preparation of the registration petition and the prospectus
· Holding the subscription contract with the enterprise
· Maintaining a relation with the issuer after the public offer
6. IPO’s Made in Panama
Among the IPO’s made in Panama we have the following
· IDS Holding Corporation (Sears)
· Tropical Rainforest Resort (Gamboa Hotel)
· Corporación Microfinanciera Nacional
· Equus Entertainment de Panamá (Presidente Remón Racetrack)
· Inversiones Latinoamericanas (Inverlat)
7. Reasons for a company to choose to go public
Some of the reasons for a company to go public are the following
a. Obtaining funds from the public offering of securities. With the funds obtained in this manner a company can increase its working capital, invest in research and development, expand premises and equipment, acquire other companies, etc.
b. Obtaining funds in more favorable terms. Once a market is created, and if the security (share) performs well, the company will be able to offer investors a security with liquidity and with a determinable market value.
c. The company can contemplate the acquisition of other enterprise with its public shares, instead of using cash or acquiring debts with third parties.
d. The enterprise may attract and retain better personnel by means of option plans for the purchase of its own shares by its employees. This is a great incentive to its labor force, thus generating more loyalty to the enterprises. In principle, there will be less labor problems since employees would largely feel part of the enterprise and wish the best for it, since this would also be the best for them.
e. The enterprise gains prestige and more recognition. Clients and suppliers may become shareholders and acquire the goods and services that their company produces.
f. Liquidity is obtained for the owners. Property in a close, non public business is an asset that lacks an immediate market. Once the company goes public, a market is or must be ready at any moment.
g. The company can eliminate existing guarantees, such as personal and/or real guarantees, so avoiding the need of personal sureties by the shareholders.
h. A sensation of financial success, at least of a psychological nature, is reached.
i. Undoubtedly, in our environment the tax advantages constitute a decisive factor. The existence of a special tax treatment for investments in registered securities is justified in the fact that, in this manner, individual resources can reach the productive enterprises that need them. This brings benefits for the country, which strengthens itself with enterprises that generate goods, services and jobs.
Among the disadvantages and/or consequences of making an initial public offering we have the following
ü Reduction of the flexibility in corporate affairs.
ü Starting administrative expenses increase.
ü Compliance with the requirements of reporting to the CNV and those of the stock exchanges where the securities are listed.
ü Restrictions in matters of advertising.
ü Exposure to class action suits.
ü Transparency.
ü The issuer must maintain good relations with the holders of its securities.
ü Sales of securities by persons who control them.
8. The securities market of Panama
The intermediation of securities in Panama dates to many years ago. It could be said that it is as old as the Republic itself, which this year celebrates the centennial of its independence. In its beginnings, this activity was carried out in an informal manner; it lacked mechanisms of organization and it did offer neither the information nor the sufficient transparency to protect the investing public. It was not until July 170 when the National Government enacted Decree No. 47, which was later substituted by Law-Decree No. 1 of 8 July 1, whereby the National Securities Commission was created and the Securities market in the Republic of Panama is regulated.
At the beginning of the 170s, a group of investors made serious and meritorious efforts to establish a stocks exchange, to the point of meeting periodically and publishing reports about the operations performed among them. However, the growth and development of both international banking and the National Banking Center caused, as a result, that both the National Government and the private sector found all the necessary financing in the Banking Market, rendering useless, at the time, the existence of a stocks exchange.
By the early 180s, the high levels of external indebtedness and a poor economic development caused a reduction of financing offers by the international financial system towards the Governments of Latin America. Likewise, the past economic and political crisis Panama underwent during the years 187, 188 and 18 caused that an informal securities market acquired significant importance as means of financial intermediation.
Despite being an informal market, it had great acceptance within the Panamanian community, which made people estimate that it was the appropriate moment for the creation of a stocks exchange in Panama, that complied with the objective of serving as intermediate between the State and the private sector, on one side, and the investors, on the other, for the trading of securities. This way, a formal securities market is created in Panama, divided in a primary market and a secondary market.
Over the years, Panama’s Stock Exchange, along with the trading posts, stock traders and other collaborators of the national securities market have increased their efforts to divulge information on the newspapers about the negotiable securities in our country. However, these efforts are focused on a specific and limited sector; thus preventing a sector of equal or higher purchase power from participating in Panama’s Securities Market.
In addition to this limitation, the lack of knowledge about the matter in a general level, by bank depositors �who are more focused in the banking center as source of income over their savings-, reveal the lack of investing opportunities, thus limiting the development of the Securities Market in Panama and, therefore, the development of the economy in the country.
Panama is currently a country where a large part of the population lives in a situation of poverty; other part of the population generates income only large enough for survival. Because of this, talking about the existence of savings plans that could be turned into investments turns out to be somewhat cynical and cruel, since the savings habits of the average Panamanian is almost nonexistent. As a result, the universe of local investors is quite reduced.
To make things worse, those investors that could invest find themselves skeptical and distrustful, due to recent financial scandals that have weakened the fundamental element for our system to work efficiently trust.
However, despite the fact that we are advancing and we feel we are on the right track, since we have a better legislation than the one we had years back, there’s no doubt that we still have so much to do. Facts, rather than words, are required. Reaching a fine level demands time and is a labor that involves many members of society. It is not a labor to be done isolated from the regulatory entity of the securities market. The private sector, as well as the Government and all of the community must participate.
We must point out that the world economy has received severe blows in recent years, with the Securities Market being one of the most affected, a situation that generates mistrust among investors. The bankruptcies of listed companies in the Exchange, the social and political instability in our country are some of the determining factors in the short- and medium-term development of the securities-trading activity.
External auditors and independent public accountants also play an important role for the system to work efficiently. They must be important allies of the investing public and the CNV. Accountant perform a very important role, since they are, by law, to attest about the veracity of information related to transactions carried out by public companies, as well as the disclosure of their financial situation, with the purpose of facilitating decision-making by the shareholders. In light of new regulations that protect investors, such as the Sarbanes-Oxley Act of 00 of the US, the CNV has taken actions on this subject and issued Accord 7-00, whereby modifications are introduced to certain aspects that regulate registered companies and their auditors and accountants.
Considering the current situation of the country’s economy and the low levels of investments by depositors, it is necessary to awaken interest in the alternative investments represented by the Securities Market. Also, the current crisis of International Banking Centers has surpassed its conditions to the National Banking Center, making attractive other investments alternatives that generate higher profitability for investors. The CNV is performing a titanic task that in many aspects implies a struggle against negative patterns of behavior too embedded in our society. However, with the effort of all, it is a labor that will produce large tangible benefits for the development of the country and its population. This way, we will be contributing to the successful development of this activity that generates new sources of financing for our businesspeople, which in turn produce higher levels of profitability for depositors that choose to invest in Panama’s Securities Market.
. The Panama Stock Exchange
There’s only one stock exchange in Panama, Bolsa de Valores de Panamá, S. A. (Panama Stock Exchange, BVP in Spanish). The BVP is a corporation incorporated under the laws of the Republic of Panama; its shareholding group is integrated by the main banks of the location, including the National Bank of Panama, as well as commercial, insurance and industrial enterprises, businesspersons, professionals and securities agents.
The authorized capital of the BVP is US$1,800,000 divided in 180,000 shares. This level of capitalization is caused in first instance, by the interest of giving participation in the exchange to an ample and diversified number of shareholders and the purpose of setting up an administrative apparatus that could offer an efficient service and a data-processing system with capacity to store and having available and easy-to-access by the public, information about enterprises and entities whose securities are traded in the exchange.
Exchange members must be entities with legal capacity, whose shares must have been issued in nominal manner in favor of natural persons, except in cases of banks or public-holding enterprises. Besides, members of the BVP must follow these requirements
· To devote solely to securities negotiation in an exchange.
· To have a securities agent properly authorized by the BVP of Panama as legal representative or general holder of power of attorney.
· To feature a paid capital no lesser than US$50,000 and being owner of ,500 shares of stock of BVP.
· To possess the necessary professional capacity for this kind of activities.
· To be the beneficiary of a fidelity and compliance policy that the BVP requests.
At all times, members of the BVP are subject to audits and investigations that the BVP decides to carry on, and their rights may not be alienated to third parties without previous authorization by the BVP. This way, the BVP will allow a large participation of all interested parties that comply with the necessary conditions for that.
The BVP is a market where a series of products are traded and where buyers and sellers get in touch; it is a meeting place between two main characters in an economy companies and saving depositors.
The BVP fulfills an essential function in the growth of an economy, since it flows savings towards productive investment. It is a financing instrument for enterprises and of an investments one for saving depositors.
In our country, the goal and objective of the BVP is to gather securities trading companies registered in it in order to perform trading of several classes of securities. Its function is to manage and regulate this process and to receive a commission that will vary depending on the type of instrument traded in its value.
The BVP must watch over the promotion and exchange of securities, both public and private, and that transactions are performed in accordance not only to the Law, but also to strict standards of commercial and professional ethics. It must also provide and maintain, available for the public, financial and commercial information about the enterprises registered in it.
We consider pointing out that the fact that an enterprise is registered in the BVP, does not guarantee that investing in it is secure. The BVP’s responsibility is limited to watch for the existence of a liquid and transparent market for securities quoting. Investors, aware of the inherent risks, are responsible for their decision of buying or selling a share of stock.
10. Comparison between the IPO markets of Panama and the US
In this section we’ll take a gross overview of the similarities and differences of IPO markets in Panama and the United States. These similarities and differences will help us to understand both markets and give us a better perspective of what to expect from these markets in terms of opportunities.
10.1 Similarities
The main reason as to why companies in both markets, Panama and the US, decide to go public is the need to obtain capital. This need to obtain capital in both markets originates from the same reasons, that is, to increase its assets quickly and to expand and to pay debts.
A similarity between both markets is that they are regulated by an entity in charge of regulating, analyzing and watching over the sales of securities to the investing public. In Panama, that entity is the National Securities Commission, while the Securities and Exchange Commission holds those tasks in the United States. Both commissions have the power to create secure environments for investors.
Another similarity between both IPO’s markets is that carrying out that initial shares sales operation is costly, complex and requires too much human effort and capital. In both markets these costs may represent between 15 and 5% of the capital collected by the initial public offering of these securities.
Both IPO regulatory entities demand a heap of information that must be filed to them. They also demand that part of this information must be presented to investors and to the possible investors in a document called prospectus at both markets. The prospect must describe relevant facts about the operations of the company, its financial condition and its administration. In the Anglo-Saxon market, all companies wishing to offer their securities to the public must file form S-1. The prospectus must contain the following information as a minimum for both markets as well
1. The business name
. Properties
. Competitors
4. Identities of their officers and directors, and their compensations
5. Material transactions between the company and its officers and directors
6. Material legal proceedings involving the company or its officers and directors
7. The plan for distributing the securities; and the intended use of the proceeds of the offering.
Registration statements must include also the financial statements, audited by an independent certified public accountant.
Besides the information required expressly by the form, the company must provide any other information deemed necessary to make a complete disclosure and avoid presenting misleading statements. The prospectus must also mention any other prominent risk, for example
1. Lack of business during the company’s history
. Adverse conditions in that particular industry
. Lack of markets for the securities offered
4. Dependence of key personnel within the enterprise
As we can see, all these similarities in the IPO registration process exist because Panamanian legislation is based on American legislation as for regulations for the issuance or securities.
In the American market, after the IPO the company is obliged to comply with the requirements of reporting to the SEC the following information
1. Its operations.
. Its officials, directors and some of its shareholders, including salaries, benefits and transactions between a company and its administration.
. The financial condition of the company, including the financial statements audited by an independent certified public accountant.
4. Its competitive position and material terms of contracts or lease agreements.
This information must also be provided to the CNV by issuers of an IPO in Panama.
Another similarity between both environments is that issuances take approximately the same time to prepare and launch to the market. IPO’s in Panama and the US typically take about to 6 months. Half of the time is spent preparing the requirements for the SEC, while the rest, 4 to 6 months, is used for road shows to market the offering.
A similarity worth mentioning is the role of the investing banker in the cases of initial public offerings. The role of the investment banker is the same in IPO’s markets in both the USA and Panama.
10. Differences
A clear difference between the IPO’s markets in the USA and Panama is that while in the USA any issuance of IPO’s are regulated by federal and state laws, in Panama they are regulated by the country’s national laws, since there are not bounds imposed by the provinces separately.
Another important difference in the IPO’s markets is that in Panama there is only one stock exchange, known as the Bolsa de Valores de Panamá, S. A., whereas there are several stock exchanges in the USA, such as NYSE, AMEX and NASDAQ, where the IPO’s can be traded.
The markets of the IPO’s differ much as for the size of each of them to make the initial offering, since the Panamanian market has a population of merely million people, out of which only 6 to 7% has a savings and investing capacity, whereas in the USA there is a population of million people with a high degree of investing power.
Another difference between both markets is that transactions in the USA can be made on the Internet, while in Panama the technological platform to provide such service does not exist yet.
Another difference about the initial offering in both markets is that there are no restrictions as for the initial price of the securities offering in the Panamanian market, as long as it has fulfilled the requirements of the CNV, whereas certain restrictions in the US market do exist about the initial price.
CONCLUSION
After our research, we can state that not all companies are eligible to go public, since this is a complex and costly decision, which requires legal and financial professional advice, in which accountants and lawyers play a preponderant role.
By making a comparison between the IPO’s in Panama and the United States, we can see that there are more similarities than differences between these two markets.
The larger amount of similarities is caused by the fact that the regulations in Panama are based on the American ones. The few differences we can find exist due to the discrepancies in size and development of each of these markets.
As conclusion, we can say that IPO’s in Panama resemble the worldwide trend of countries in development level, promoting its securities markets with the hope that those efforts can be seen reflected in terms of a more accelerated economic growth.
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