The importance of the Capital Market - Free Essay Example

Capital market is like an investment funds such as bonds, equities and mortgages are traded in the market. Then, capital market can be defined as a market of securities or equities or debt, where a company as well as government can raise a long-term fund. The market of money is provided longer than a year. If it is the raising of short term funds, then it will be taking place on other markets that is money market. In this assignment, we are given the title of Asian Market Capital. There are many countries of Asian, so we have chosen few countries to further details on it. There countries include Japan, Indonesia as well as Hong Kong. Among the countries, we have gone further deeper on the country from Japan about their background as well as history. We would further search for the information on the market capital happen in Japan. Moreover, we going to compare the different investor will be having in market capital field. In addition, we will be discussing the advantages and disadvantages of going initial public offering for a firm. The example and details of cases will be further explained in this assignment. Background In this assignment, we will be discussing about the Asians capital market. Among the countries, we choose to go in deep about the capital market in Japan. In Japan, the Japanese venture capital funds managers always to select either direct managerial monitoring or portfolio diversification to manage their firms investment risks (Gorman and Sahlam, 1989). However, in recent years of 2004, JVCs have used a mix of different strategies, including direct managerial monitoring. This change in industry practice provides an opportunity to test the applicability of agency theory in the JVC industry. There will be some background history about market capital happened in Japan in the past years. The graph above shown that the increase of land in Japan has affected the stock price. The price of the land goes to the peak in the year of 1991. However, the peak area for the stocks price is in the year between 1989 and 1990. Moreover, the both prices started to fell when the year of 2000, an d it is affected to both prices of land as well as stocks. This shown that the total loan outstanding and real estate loans outstanding held by all Japanese banks in year 1980 to 2000. From the year 1980 to 1990, the both total of loans and real estate loans increased substantially. When the total loans levelled off in year 1990, the real estate loans is continued to increase until the year 1998. Furthermore, there were a happened that Japan faced problem in the year of 1998 that bank failure resulted from excessive real estate lending. For example, the company of Nippon Credit Bank, there were only 25% real estate loan comprised up of the total loans, and it was failed in 1998.( Kentaro Iwatsubo, 2005) Literature Review There are many countries in Asian, and in this assignment we have choose few countries as comparison. That is Japan, Indonesia, Hong Kong and Vietnam about their countrys capital market. JAPAN The business firms from Japan have relationships with commercial main banks. The main banks may hold the equity interests in their credit clients in turn, including investment banks. We study the impact of the relationships between firms, main banks as well as investment banks in Japans initial public offering (IPO) underwriting market. By issuing firms can choose whether to engage an investment bank that is related, by virtue of sharing the same main bank, or to engage a non-related investment bank. There are one of the literature concerns on the effects of banking relationships on access to credit and the cost of raising capital. First, the banking relationships and access to credit according to Stiglitz and Weiss (1981) observe that market frictions related information asymmetry can restrict the flow of the capital to investments. However, Petersen and Rajan (1994) hypothesize that by producing information about firms and using the information in their decisions can be partia lly solving the problem of market friction to the creditors. There are small effect on the cost of credit if ties with creditors, but the available of credits financing is more for firms with ties. Secondly, there are the concerns about commercial bank integration into investment banking. Based on Rajan (1992) models the borrowers choice between informed bank debt and arms length public debt as an aspect of the firms effort to offset the benefits of the related lenders ongoing monitoring against the lenders bargaining power. If banking relationships yield information advantages, then integration of commercial banking and investment banking may enhance a lenders bargaining power. In addition, a lender that is integrated is faced with a conflict of interest, in that the proceeds of capital market financing may be used inappropriately to extinguish risky bank debt. Thirdly, the concern about choice of organizational structure. It is given the tension between information cost savi ngs and conflict of interest, the structure of banking organizations can be expected to reflect efforts to realize information cost savings while lessen the conflicts. From Kroszner and Rajan (1997), he use pre-Glass-Steagall data to investigate that how integration affects issue of quality and pricing. They have concluded that market pressures induced commercial bank to address conflicts by choosing levels of integration into investment banking thats is separately incorporated affiliates versus integrated investment banking departments. Indonesia According to Fisman, (2001), the valuable resources for many firms are political connections, however, the connections impact firms strategies and their long-run financial performance are only a handful of studies that document (Faccio, 2002; Johnson and Mitton, 2003). The study shows that the consequences of political ties are a particular interest because these ties are often inconsistent with other value-creating business strategies. By taking the benefit at face value, it is difficult to understand why only a minority of companies access foreign capital markets. Domestic opportunities significantly reduce the net benefits of foreign securities for some firms are a core idea. For instance, the firm with political ties often receive low price loan from state-owned banks (Faccio, 2002; Wiwattanakantang et al., 2006), so they do not need to tap into foreign capital markets. It is also possible that global financing imposes extra costs on closely connected firms because the decision to cross-list shares on foreign exchanges often forces firms to adapt to the regulations that govern these markets (Coffee, 2002; Reese and Weisbach, 2002; Siegel, 2005). If only minority of shareholders are better protected abroad, then the foreign securities issue will becoming expensive for controlling owners accustomed to exploiting domestic investors. Equally, the international business press and foreign analysts will only pay attention on the firms with foreign securities (Baker et al., 2002; Lang et al., 2003). However, the political favours that often dubious legality is difficult to be reconciled by the high levels of public scrutiny. Hong Kong Steen, P. Carey (2006) said that the relationship between hot issues markets and under pricing is well documented in IPO literature. Hot issues markets are characterized by a large number of offerings, concentration of new issues in particular industries, preponderance of smaller issues, frequent over subscription and abnormally high initial returns, Ibbotson and Jaffe (1975). Steen, P. Carey (2006) wrote that Hong Kong IPO market given the size and importance of Hong Kong Stock Exchange (HKSE). That is Hong Kong Stock Exchange Market play an important role in the economy in Hong Kong. We can see Hong Kong economy by viewing it stock exchange market; by this we can also know the capital of the country. Several market conditions have been considered in the context of examining initial under pricing within the papers that have been written. Dawson and Hiraki (1985) in their research of the Hong Kong IPO market between 1979 and 1984 note that under pricing appeared to be superior d uring growing markets than declining markets. Steen. P. Carey (2006) state that their study predates the unification of the four Hong Kong stock exchanges in April 1986 into one central exchange (HKSE). McGuinness (1992), find out that the Hong Kong IPO market from year 1980 to 1986 that reports under pricing was completely linked with the state of market giving support to the suggestion of Beatty and Ritter (1986) that under pricing increases during the raising market period and decreases during the diminishing markets. In the stage of under assessment, Asian financial markets suffered one of the most severe and protected reversals of the post war period. Steen, P. Carey (2006). The collision of market situation on IPO under pricing was likely moderated in Hong Kong by the fundamental stability and formation of financial system. Miller (1998 p.277) said that Hong Kong was able to avoid devaluation because it has a monetary and foreign exchange system that is fundamentally differ ent from that of the rest of Southeast Asia. Hong Kong has a exchange board but no central bank, and as Miller show that the resident of Hong Kong have the confidence in the exchange board. An additional resource of potency is that the financial stability and transparency of Hong Kong companies had extensively privileged interest coverage and return on equity than those in other Asian countries. Jaggi (1997) also found out that the performance and strength of Hong Kong companies is consistent because the company used the company information to monitor it. In year 1997 there is a financial crisis occurred in Hong Kong when Hong Kong is beyond dispute. Chowdry and Goyal (2000) propose that the characteristic to define a country that experiences financial crisis will face a huge falling in its traded equity prices. In general, research investigating the impact of market condition on IPO underpricing has a well defined event which is recognized with the conversion from hot to cold. S teen, P. Carey (2006), found out that the year 1997 provides a unique measurement challenge as two significant events affected Hong Kong in that year; the 27 October stock market correction and the political return of Hong Kong to Chinese rule on June 30. When the Hong Kong is tender to Chinese, this historical event has a huge impact on Hong Kong Stock Exchange. The political handover was an exclusive event and many people celebrate for it, it was connected with a period of hesitation and was followed soon after by the October 27 stock market correction. This uncertainty happens because the investor is unsure about the post handover economic and monetary performance of Hong Kong. Sub theory In capital market, there will be variety of investors for a company or firms who are wanted to expand their business. Moreover, there are some of the firms who need the investors not because to expand their business, but also to support their businesses start up. Angel Investor Individual investors who buy equity in small private firms are called angel investors. Mostly, the first round of outside private equity financing is often obtained from angels. These investors included friends or acquaintances of the entrepreneur. The business receives a sizeable equity share for their funds because their capital investment is often large relative to the amount of capital already in place at the firm. Thus, these investors may have substantial influence in the business decisions of the firm. Besides that, angels may also bring expertise to firm that the entrepreneur lacks. There is a difficulty on finding angels since it is a function how well a firm connected the entrepreneur is in the local community. Venture Capital Firms Venture capital is a limited partnership specializes in raising money to invest in the private equity of young firms. Moreover, venture capitalist is defined as a person or investment firms that makes venture investment. Besides that, they are also expected to bring managerial and technical expertise and capital to their investment. Furthermore, venture capital is fascinated to the fresh company with the limited operating history which is too small to raise capital to the public market. This is because they are yet to reach the levels that are able to secure a bank loan as well as debt offering. The differentiation between Angel Investor and Venture Capital There are different between angel investor and venture capital. Angel investors are always the provider of risk capital to the small or private firms. In addition, the providers are not from the intermediary of other company, but they are wealth people. Moreover, angels are always as the second round of financing start-up goes through, before the firm looks for venture capital partnership, but it is after they has exhausted of all their family and friends money. On the other hand, venture capital is the investors who invest their capital to a firm as part of the companys partners. So, the company will be the part of the partnership, and they are allowed to vote and make decision. Then, angels investors are only waiting for the return earns from company to them, and they are never go learn deeper to the company. Furthermore, they are not vote or make decision as part of the firm they had invested. However, the venture investors will be planning and finding the way on how much their investment will earn them the amount of returns. Initial Public Offering (IPO) IPOÂÂ  is an acronym for InitialÂÂ  Public Offering. An IPO is the first sale of shares in a company to the public. When IPO occurs, a company will be listed in Bursa Malaysia, and shares will begin to trade immediately. The IPO market goes in cycles depending upon the appetite of investors for new issues. Often the share price will increase quickly after an IPO, so purchasing shares at the IPO price may be a covetedÂÂ  investmentÂÂ  opportunity. When management says it plans to take a company public, it means that an eventual IPO is planned. A successful IPO can raiseÂÂ  a large amount of capital for the newlyÂÂ  public companyÂÂ  and create substantial wealth for insiders who owned shares prior to the IPO. The differences between public and private is that public company can offer its stock to the public in huge amount, while private company is restricted to only friends and family members. Going public is important for those company which wa nt to raise their capital. There are some pro and cons for going public. The Advantages of an Initial Public Offering (IPO) The public offering increased the company stock and value this is so call increased in capitalization of the business. The stock can be used for various activities for instance: currency for mergers and acquisitions, as stock option to help maintain key personnel, they may also sell their shares in the open market. The company will have the better access to the stock markets for future capital inflow. In general terms, the companys valuation and debt to equity ratio will perk up after going public. Company is able to receive much better terms from lenders. The company which going public is easier to promote compare to the company that are private. We can view the achievement of the public company in Bursa Malaysia and thus it had a higher recognition than private company. This benefit raises the public relation images and identifies the stability of a public company. IPO can provide the company with a chance to implement share options schemes for its workforce. This scheme is competent to enhance employee morale, maintain the loyalty of staff to company, and catch the attention of first rate employees. In long term, this can raise the employees productivity and increase the profitability of a company. The Disadvantages of an Initial Public Offering (IPO) For a company which going public need higher reporting requirements, it means further obligations and reporting requirements as public companies have to fulfill the range of regulatory necessities and meet accepted standards of corporate governance. For example, listed companies need an auditor to audit their account and report the financial statement and publish the annual report in the Bursa Malaysia. As the annual report is going to publish in the Bursa Malaysia annually, the company is said to be losing it privacy. The company needs to disclose the report honestly to the public. They cannot hide any details regarding stock option plans, details of lease agreements, gross profit, net income and its borrowing. The others disadvantages is when a company go public, they have to offer the shares to the public or in other word which means that the business owners will have to share it ownership with other investor, and shareholders can affect the company operations; they can vo ice out their opinion and decisions. Conclusion As a conclusion, each country has different experience about the economic growth and the capital markets. Every country applies different style, for Hong Kong they do not have central bank and for Japan they have many commercial banks that they call as main bank. The capital market of the country can be view by the venture capital in the market or the listed company in the stock exchange market. The listed company in the stock exchange market show that the investment of the public to the achievement of the capital market in the country. It reveals how much wealth the country has and how good was the economics of the country.

Epic Hero in Homers The Odyssey Essay - 951 Words

Epic Hero in Homers The Odyssey With its larger-than-life plot twists, The Odyssey is a classic representation of an epic in literature. With that understood, it is no surprise that the main character of the story helps to define an epic hero. A character must express certain virtues to be considered such. Strength, courage, and nobility are almost prerequisites. Cleverness is an added bonus. Odysseus possesses many characteristics and virtues that make him a true representation of an epic hero. Strength is one characteristic that Odysseus exhibits. One scene that displays this is when Odysseus, disguised as a poor man, bends his old bow. He bent the bow with little difficulty. With his right hand he grasped the string and let it†¦show more content†¦Odysseus spoke to his men before they left to face the deceased prophet, Tiresias. When the men had assembled, I addressed them. Youre probably thinking that were off for our dear native land. Circe, though, has shown us another way Ââ€"we must first go to th e land of the dead to consult the soul of Tiresias, the blind prophet. Poor fellows, they began to weep. 63. Odysseus never wept himself, and felt pity for the others. Oftentimes Odysseus is set with other men who are not half so courageous, such as his crew, to make him stand out. This constant interaction with more inferior beings thrusts Odysseus into the otherworldly epic light. Nobility is yet another characteristic of Odysseus, though it is due more to birth than personal development. His fortune is so great that men come from near and far to court his wife, Penelope, in his absence. Odysseuss nobility is a trait that earns him much of his respect throughout the lands. This is revealed while he is disguised as a pauper in his own house, and thus treated like dirt. In unjustly consuming Odysseuss wealth, the suitors illuminate themselves in a negative light, while Odysseus becomes a victim. As the swineherd said, They are certain the master is dead and are consuming all his wea lth, not just one or two beasts a day! 104. His wealth is the center of the conflict surrounding the suitors, and therefore a central part of the plot. Perhaps Odysseuss most important and evident trait isShow MoreRelatedOdysseus As The Epic Hero In Homers Odyssey1019 Words   |  5 PagesOdysseus as the Epic Hero in Homer’s The Odyssey A style of work often explored in Greek literature is that of the epic. An expansive poem of a wide scope centered on and regarding the wondrous deeds of the main, heroic figure, on whose actions depend the fate of a nation. The definition of an epic can be used to describe The Odyssey by Homer. 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Through The Meadowlands and The Penelopiad, Circe and Penelope showed their strong opini ons of this â€Å"hero† through their own perspectivesRead MoreHistory, Symbolism, and Characters in Homer’s The Odyssey 1118 Words   |  5 Pages In The Odyssey, it takes Odysseus twenty years to make it home from the Trojan War. On his journey home, he runs into many obstacles and creatures that he must overcome. He encounters the sirens, the Cyclops, and others. Each event in this epic poem has a symbolic meaning behind it. Homer writes about the history, symbolism, and the characters in The Odyssey. The Odyssey is about the Greek gods and heroes and their adventures (Makman). Odysseus is the main character, and he is going on a quest

The Development And Assessment Of A Major Public Health...

Describe the development and assessment of a proposed intervention for a major public health problem, including how best to evaluate its effectiveness. Addiction is the term used when a person takes part in an activity, or ingests a substance that gives them pleasure, but then the continuous use of it becomes compulsive and starts interfering with their everyday life. The behaviour of an addict can easily be recognised as it represents confusing human activity. (Shaffer, 1996). These behaviours can include gambling, excessive sexual behaviours, smoking and drug and alcohol abuse. Although it is mainly used to treat depression, Cognitive Behavioural Therapy (CBT) can be used to successfully treat various types of addictions. CBT is a†¦show more content†¦Cognitive therapies generally assume that psychological problems are a result of a faulty thinking process. (Black Bruce, 1989). Emperical evidence has shown CBT as being very effective in treating all types of problems such as depression and anxiety, psychotic disorders and addiction. (McCusker, 2001; Butler et al, 2006; Tolin, 2010). When applied to addiction – and more specifically alcohol and drug addiction – therapists use CBT to help the patient recognise high risk situations and how they can avoid getting themselves into times when they have the urge to drink or take drugs. The therapist then expects the patent to be willing to put in more effort and move towards better health. A major reason for the success of CBT is due to its recovery-orientated, individual-centred attitude which is mainly executed in the context of acute care. CBT is made up of a variety of different approaches such as rational emotive therapy/rational behaviour therapy and dialectic behaviour therapy (Hollon, 1994). These therapies focus on resolving

The Influence of Music - 1881 Words

Introduction to Music GEN1621 Major Writing Assignment The Influence of Music Almaty, 2011 Music gives a soul to the universe, wings to the mind, flight to the imagination, and life to everything. (Plato, 428-348 BC ) Music is inseparable part of our everyday life; we can face it in every corner of our town, on TV commercial, films, radio etc. Music can be understood everywhere, even if you cannot speak the language of other countries, but you move, dance, sing and enjoy the music while listening to it. We may not understand the words of a musical selection but we do understand the beauty of songs. We cannot avoid it and we cannot disclaim that music has an impact on human’s behavior, mood and attitudes. Music can affect us in ways†¦show more content†¦So, the second question of the chart would be: How does music affect consumer behavior? It is a simple fact that most music of today is composed, distributed, sold and bought, performed and listened to for some commercial purposes. One of the main purposes is selling. Nowadays the main concept of this modern world is to make more money, as everybody knows; customers are the main source of the companies’ income, whether you mak e products, goods or service. Moreover, managers and marketers try to attract more consumers by using different tricks. One of them is to influence customers’ behavior by music and sounds. First of all, on an average day, the average person watches an hour and a half of the commercial television stations, of which fifteen minutes will be made up solely of advertisements. Approximately half of all advertisements will have music (Fellows, 1998, para.1). Good music can contribute to the effectiveness of an advertisement by making it more attractive. A good music engages the attention of an audience, evoke emotions and sometimes make audience to dance and sing. Music plays an important role in marketing business, by appealing customers through their emotions, as it was mentioned before. In this case, music should send messages about products’ brand name, shape, and even taste etc. For example, according to Michael Morrison (2009),Show MoreRelatedMusic Influences On The Mus ic1508 Words   |  7 PagesIntroduction Nowadays listening to music is a widespread phenomenon all over the world. People tend to listen to it on a daily basis wherever they are: in a public transport, gym, shop and etc. As well as bringing the relaxation effect, music can help to concentrate better while studying or working or even bring an inspiration. Moreover, according to scientists, our brain tends to react on our favourite music in the same way as it would react on some delicious food or a psychoactive drugRead MoreMusic And Its Influence On Music1590 Words   |  7 PagesIntroduction: Music is a very telling form of expression. 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It will be safe to say that cultivated music carries over into Vernacular music. CultivatedRead MorePopular Music And Its Influence On Music1293 Words   |  6 PagesLastly, I would like to address how popular music controls us to favor popular music. Rather than allowing us to listen to different types of music, such as country music or punk music, popular music conforms us to only listen to the music that is only composed by well-known artists. Popular music restricts us from listening to other songs that are not popular, thus determining what popular music is. First off, what makes popular music popular? The reason to bring this question up is to remind allRead MoreJazz Music And Its Influence On The Music3105 Words   |  13 Pages Jazz music as we know it today has evolved since the early twentieth century. Its’ evolution is due to the influence of many different players who have added their own styles, interpretations and techniques. 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The Origins Of Slavery Was Not Caused By Discrimination

The origins of slavery was not caused because of racism. As rice cultivation expanded in the South, finding white laborers willing to do the arduous work became more difficult. Moreover, white landowners began to feel uneasy about their dependence on a large group of dependent white workers since such workers were difficult to recruit and control. The forcible importation of African workers, and the creation of a system of permanent bonding, was a response to a growing demand for labor. Thus slavery was less a result of racism than of the desire for white landowners to find a reliable and stable workforce. Racism was a result of slavery and was created to justify the treatment of Africans in America and the nature of the slave labor system. 2. The witchcraft controversies were a reflection of the highly religious character of Puritan societies. Belief in witchcraft was not a marginal superstition, rejected by the mainstream. However, it was not engendered from the widespread hysteria. It was actually provoked by a symptom of a persistent set of social and psychological tensions between the poor and the rich. The rich people, including local officials, tried to end the social tensions within a society by charging turbulent poor people who were angry about social and economic grievances. Since Puritan society had little tolerance for independent women, many â€Å"witches† were middle-aged, low- class women who were not securely lodged within a male-dominated family structure.Show MoreRelatedThe American Abolitionists Book Review Essay1214 Words   |  5 Pages Written by Harrold Stanley, American Abolitionists is a book that scrutinizes the movement of abolishing slavery in the United States. It examines the movement from its origin in the 18century in the course of the Civil War and the elimination of slavery in 1856. 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As the former supported the Republican Party and the latter supported the Federal Party, there was a prevalent rivalry between the two candidates (Larson, 2007). With the negative and positive aspects, Larson’s book offers insight into the American system of politics and elections. The author’s begins by observing that political parties were speculated

The Office of Tomorrow Essay Example For Students

The Office of Tomorrow Essay In an increasing number of companies, traditional office space is givingway to community areas and empty chairs as employees work from home, from theircars or from virtually anywhere. Advanced technologies and progressive HRstrategies make these alternative offices possible. Imagine its 2 oclock on a Wednesday afternoon. Inside the dining roomof many nationwide offices, Joe Smith, manager of HR, is downing a sandwich andsoda while wading through phone and E-mail messages. In front of him is acomputerequipped with a fax-modemis plugged into a special port on the diningtable. The contents of his briefcase are spread on the table. As he siftsthrough a stack of paperwork and types responses into the computer, heperiodically picks up a cordless phone and places a call to a colleague orassociate. As he talks, he sometimes wanders across the room. To be sure, this isnt your ordinary corporate environment. Smithdoesnt have a permanent desk or workspace, nor his own telephone. When heenters the ad agencys building, he checks out a portable Macintosh computer anda cordless phone and heads off to whatever nook or cranny he chooses. It mightbe the company library, or a common area under a bright window. It could even bethe dining room or Student Union, which houses punching bags, televisions and apool table. Wherever he goes, a network forwards mail and phone pages to him anda computer routes calls, faxes and E-mail messages to his assigned extension. Hesimply logs onto the firms computer system and accesses his security-protectedfiles. He is not tethered to a specific work area nor forced to function in anypredefined way. Joe Smith spends mornings, and even sometimes an entire day,connected from home via sophisticated voicemail and E-mail systems, as well as apager. His work is process and task-oriented. As long as he gets everything done,thats what counts. Ultimately, his productivity is greater and his job-satisfaction level is higher. And for somebody trying to get in touch with him,its easy. Nobody can tell that Joe might be in his car or sitting at homereading a stack of resumes in his pajamas. The call gets forwarded to himwherever hes working. Youve just entered the vast frontier of the virtual officea universein which leading-edge technology and new concepts redefine work and jobfunctions by enabling employees to work from virtually anywhere. The conceptallows a growing number of companies to change their workplaces in ways neverconsidered just a few years ago. Theyre scrapping assigned desks andconventional office space to create a bold new world where employees telecommute,function on a mobile basis or use satellite offices or communal work areas thatare free of assigned spaces with personal nick nacks. IBM, AT;T, Travelers Corporation, Pacific Bell, Panasonic, AppleComputer and J.C. Penney are among the firms recognizing the virtual-officeconcept. But theyre just a few. The percentage of U.S. companies that havework-at-home programs alone has more than doubled in the past five years, from7% in 1988 to 18% today. In fact, New York-based Link Resources, which trackstelecommuting and virtual-office trends, has found that 7.6 million Americansnow telecommutea figure thats expected to swell to 25 million by the year 2000. And if you add mobile workersthose who use their cars, client offices, hotelsand satellite work areas to get the job donetheres an estimated 1 million morevirtual workers. Both companies and employees are discovering the benefits of virtualarrangements. Businesses that successfully incorporate them are able to slashreal-estate costs and adhere to stringent air-quality regulations by curtailingtraffic and commuters. Theyre also finding that by being flexible, theyre moreresponsive to customers, while retaining key personnel who otherwise might belost to a cross-country move or a newborn baby. And employees who successfullyembrace the concept are better able to manage their work and personal lives. Left for the most part to work on their own terms, theyre often happier, aswell as more creative and productive. Of course, the basic idea of working away from the office is nothing new. But today, high-speed notebook computers, lightning-fast data modems, telephonelines that provide advanced data-transmission capabilities, portable printersand wireless communication are starting a quiet revolution. As a society, weretransforming the way we work and whats possible. Its creating tremendousopportunities, but it also is generating a great deal of stress and difficulty. There are tremendous organizational changes required to make it work. Asmarkets have changedas companies have downsized, streamlined and restructuredmany have been forced to explore new ways to support the work effort. Thevirtual office, or alternative office, is one of the most effective strategiesfor dealing with these changes. Of course, the effect of alternative officing on the HR function isgreat. HR must change the way it hires, evaluates employees and terminates them. It must train an existing work force to fit into a new corporate model. Thereare issues involving benefits, compensation and liability. And, perhaps mostimportantly, theres the enormous challenge of holding the corporate culturetogethereven if employees no longer spend time socializing over the watercooleror in face-to-face meetings. When a company makes a commitment to adopt avirtual-office environmentwhether its shared work-space or basic telecommutingit takes time for people to acclimate and adjust. If HR cant meet the challenge,and employees dont buy in, then the program is destined to fail. Virtual offices break down traditional office walls. Step inside oneand you quickly see how different an environment the concept has created. Goneare the cubicles in which employees used to work. In their place are informalwork carrels and open areas where any employeewhether its the CEO or anadministrative assistantcan set up shop. Teams may assemble and disperse at anygiven spot, and meetings and conferences happen informally wherever itsconvenient. Only a handful of maintenance workers, phone operators and food-services personnel, whose flexibility is limited by their particular jobs,retain any appearance of a private workspace. Equally significant is the fact that on any given hour of any day, asmany as one-third of the salaried work force arent in the office. Some arelikely working at a clients site, others at home or in a hotel room on the road. The feeling is that the employees of Virtual Offices are self-starters. The workenvironment is designed around the concept that ones best thinking isntnecessarily done at a desk or in an office. Sometimes, its done in a conferenceroom with several people. Other times its done on a ski slope or driving to aclients office. Fonders of the concept wanted to eliminate the boundaries aboutwhere people are supposed to think. They wanted to create an environment thatwas stimulating and rich in resources. Employees decide on their own where theywill work each day, and are judged on work produced rather than on hours put inat the office. One company that has jumped headfirst into the virtual-office concept isArmonk, New York-based International Business Machines Midwest division. Theregional business launched a virtual-office work model in the spring of 1993 andexpects 2,500 of its 4,000 employeessalaried staff from sales, marketing,technical and customer service, including managersto be mobile by the beginningof 1995. Its road workers, equipped with IBM Think Pad computers, fax-modems, E-mail, cellular phones and a combination of proprietary and off-the-shelfsoftware, use their cars, client offices and homes as work stations. When theydo need to come into an officeusually once or twice a weekthey log onto acomputer that automatically routes calls and faxes to the desk at which theychoose to sit. Teen sex EssayOther companies have adopted similar checks and balances. They aretraining HR advisers to make accommodations for the individual, but to not makeaccommodations for the persons job responsibilities. IBM provides counseling from behavioral scientists and offers ongoingassistance to those having trouble adapting to the new work model. By closelymonitoring preestablished sales and productivity benchmarks, managers quicklycan determine if theres a problem. So far, only approximately 10% to 15% of itsmobile work force has required counseling, and only a handful of employees havehad to be reassigned. Virtual workers need guidance from HR. Not everyone is suited toworking in a virtual-office environment. Not only must workers who go mobile orwork at home learn to use the technology effectively, but they also must adjusttheir workstyle and lifestyle. The more you get connected, the harder it is todisconnect. At some point, the boundaries between work and personal life blur. Without a good deal of discipline, the situation can create a lot of stress. Managers often fear that employees will not get enough work done if theycant see them. Most veterans of the virtual office, however, maintain that theexact opposite is true. All too often, employees wind up fielding phone calls inthe evening or stacking an extra hour or two on top of an eight-hour day. Notsurprisingly, that can create an array of problems, including burnout, errorsand marital conflict. IBM learned early on that it has to teach employees to remain in controlof the technology and not let it overrun their lives. One of the ways itachieves the goal is to provide its mobile work force with two-line telephones. That way, employees can recognize calls from work, switch the ringer off at theend of the workday and let the voicemail system pick up calls. Another potential problem with which virtual employees must deal ishandling all the distractions that can occur at home. As a result, many firmsprovide workers with specific guidelines for handling work at home. It isexpected that those who work at home will arrange child care or elder care. Andalthough management recognizes there are times when a babysitter falls throughor a problem occurs, if someones surrounded by noisy children, it creates animpression that the individual isnt working or is distracted. Still, most say that problems arent common. The majority of workersadjust and become highly productive in an alternative office environment. Themost important thing for a company to do is lay out guidelines and suggestionsthat help workers adapt. At many firms, including IBM, HR now is providing booklets that cover arange of topics, including time management and family issues. Many companiesalso send out regular mailings that not only provide tips and work strategiesbut also keep employees informed of company events and keep them ingrained inthe corporate culture. This type of correspondence also helps alleviate workers fears ofisolation. IBM goes one step further by providing voluntary outings, such as tothe Indianapolis 500, for its mobile work force. Even without these events,virtual workers isolation fears often are unproven. The level of interaction ina virtual office actually can be heightened and intensified. Because workersarent in the same place every day, they may be exposed to a wider range ofpeople and situations. And that can open their eyes and minds to new ideas andconcepts. However, dismantling the traditional office structure can present otherHR challenges. One of the most serious can be dealing with issues of identityand status. Workers whove toiled for years to earn a corner office suddenly canfind themselves thrown into a universal work pod. Likewise, photographs andother personal items often must disappear as workspace is shared. But solutionsdo exist. For instance, when IBM went mobile, top executives led by example. They immediately cleared out their desks and began plugging in at common workpods. Not surprisingly, one of the most difficult elements in creating avirtual office is dealing with this human side of the equation. The human factorcan send shock waves reverberating through even the most sober organization. This challenge requires HR to become a active business partner. Thatmeans working with other departments, such as real estate, finance andinformation technology. It means creating the tools to make a virtual officework. In some cases, that may require HR to completely rewrite a benefitspackage to include a $500 or $1,000-a-month pay for those working at home. Thatway, the company saves money on real-estate and relocation costs, while theemployee receives an incentive that can be used to furnish a home office. Management also must change the way supervisors evaluate their workers. Managers easily can fall into the trap of thinking that only face-to-faceinteraction is meaningful and may pass over mobile workers for promotions. GreatPlains has gone to great lengths to ensure that its performance-evaluationsystem functions in a virtual environment. The company asks its managers toconduct informal reviews quarterly with telecommuting employees, and formalreviews every six months. By increasing the interaction and discussion, thecompany has eliminated much of the anxiety for employeesand their managerswhile providing a better gauge of performance. In the final analysis, the systemno longer measures good citizenship and attendance, but how much work peopleactually get done and how well they do it. Still, many experts point out that too much reliance on voicemail and E-mail can present problems. Although instantaneous messaging is convenient andefficient, it can overload virtual workers with too much information and notenough substance. Without some human interaction its impossible to buildrelationships and a sense of trust within an organization. Sending workersoffsite can boost productivity, while saving costs. Those who have embraced the virtual office say that its a concept thatworks. At Pacific Bell, which began experimenting with telecommuting during the1984 Summer Olympics in Los Angeles, employees routinely have reported 100%increases in productivity. Equally important: this fits into family andflexibility issues and that they enjoy working for the company more than everbefore. Although the final results arent yet in, IBMs mobile work forcereports a 10% boost in morale and appears to be processing more work, moreefficiently. Whats more, its customers have so far reported highly favorableresults. People are happier and more productive because they can have breakfastwith their family before they go off to client meetings. They can go home andwatch their childs soccer game and then do work in the evening. They no longerare bound by a nine-to-five schedule. The only criterion is that they meetresults. Society is on the frontier of a fundamental change in the way theworkplace is viewed and how work is handled. In the future, it will becomeincreasingly difficult for traditional companies to compete against thoseembracing the virtual office. Companies that embrace the concept are sendingout a loud message. Theyre making it clear that theyre interested in theiremployees welfare, that theyre seeking a competitive edge, and that theyarent afraid to rethink their work force for changing conditions. Those are theingredients for future success. Category: Technology

Know about Best Essay Inflammation

Question: Write an essay on Inflammation. Answer: Inflammation is the process of defending via the immune cells against any foreign particles entering the body system. The hot inflamed toe generally indicates the increased level of uric acid in the body or rheumatoid arthritis. Uric acid is the complex chemical compound which is toxic to the human body. Uric acid is brought to liver where it is broken into simpler compound and excreted out through the urine. Human blood cells has a acceptance level of uric acid, if the level exceeds the acceptance level, it affects human body by its toxic and acidic nature[1]. The hot inflamed toe can be characterized by the enhanced redness, swelling and heated toe joints; these three are the signs or characteristics of inflammation. With the enhancement of uric acid level in blood, the uric acid becomes crystalline. As the crystalline uric acids are problematic for being excreted from the body through urination, this uric acid crystals isdeposited on the joints and tissues surrounding the joints. On other hand, sometimes, these uric acid crystals are brought to kidney and in spite of being excreted out from the body, these remains in kidney as kidney stone[2]. The circulatory system has a major role in this process. The redness, swelling and generation of heat are the signals for the circulatory system indicating that an infection has taken place at that areas. In this context, a number of cytokines and chemokines help in the establishment of inflammation and attract the immune cells, i.e. the neutrophiles and macrophages at the site of inflammation, where these cells engulf the infectious foreign particles and removes from the blood. In the action of the cytokines and chemokines, red blood cells are accumulated in the injured site for beginning the healing process, enhancing the redness. The healing process enhances the flow of tissue fluids with different mediators at the injured area, thereby swelling occurs. In the response of overlapping events of inflammation, leukocyte migration, pain and vigorous reaction of phagocytosis of infectious foreign particles, heat is being generated[3]. In the case of hot inflamed toe, injured tissue initiates the inflammation process, thereby accumulating red blood cells at the surrounding areas, activating circulatory system. Sometimes, aching and burning pain is addressed in toes in response to activity of circulatory system. Then vasodilation occurs, that is the widening of the arterioles for supplying more blood into the injured site, it leads to smooth muscle relaxation and the permeability of endothelial lining of capillaries are widened[4]. It makes the leucocytes migration within the endothelial cells easy and in this way they becomes able to enter into the inflamed tissue, allowing the damaging tissue for generating heat in the local area. The chemical and inflammatory mediators are released into the injured areas and increased blood flow lead to redness and temperature rise. This edema and swelling introduce pain. The pain is introduced by the action of prostaglandin and substance P that are inflammatory mediators. In add ition, the pressure created by the interstitial fluids upon the nerve endings also tends to increase pain[5]. Reference List Al-Homood, Ibrahim A. "Rheumatic conditions in patients with diabetes mellitus."Clinical rheumatology32.5 (2013): 527-533. Bardin, T., and G. Desideri. "How to manage patients with gout."Current medical research and opinion29.sup3 (2013): 17-24. de la Rosa, Martha, and Jean-Luc Girardet. "Compounds, Compositions and Methods for Modulating Uric Acid Levels." U.S. Patent Application No. 13/321,155. Jones, Robert A., and Brian Quilty. "The crystal arthropathies."InnovAiT: Education and inspiration for general practice(2013): 1755738013499319