Listing Requirements Mechanisms Of Offering And Underpricing Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3580 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? In the recent last two decades, IPOs (Initial Public Offering) have many developments in the Global IPO Market. In the global context my study is focused on the; Listing Requirements, Mechanisms of Offering and Underpricing in the global IPO market. In the late 1990s growth of internet froth has also play an explosive role toward the IPOs outperformance globally. LISTING REQUIREMENTS 3.1 BENEFITS AND DRAWBACKS OF LISTING YOUR COMPANY Going public is not an easy task. In deciding whether to seek a listing, a company should consider the alternative financing needs available and the benefits versus the drawbacks of listings. Don’t waste time! Our writers will create an original "Listing Requirements Mechanisms Of Offering And Underpricing Finance Essay" essay for you Create order Benefits There are many advantages that accrue to companies that attain a public listing of their shares. Some of the key considerations and benefits are: Creating a market for the companys shares; Enhancing the status and financial standing of the company; Increasing public awareness and public interest in the company and its products; Providing the company with an opportunity to implement share option schemes for their employees; Accessing to additional fund raising in the future by means of new issues of shares or other securities; Facilitating acquisition opportunities by use of the companys shares; and Offering existing shareholders a ready means of realising their investments. Drawbacks While there are benefits to going public, it also means additional obligations and reporting requirements on the companies and its directors: Increasing accountability to public shareholders Need to maintain dividend and profit growth trends Becoming more vulnerable to an unwelcome takeover Need to observe and adhere strictly to the rules and regulations by governing bodies Increasing costs in complying with higher level of reporting requirements Relinquishing some control of the company following the public offering Suffering a loss of privacy as a result of media interest As the owner or major shareholder of a private company, it is important to outweigh the benefits and costs of listing in the light of the plans and goals that have been set for the company. Discussions with lawyers, independent accountants and other professional advisors will also provide you with better considerations. 3.2 The Current stock exchange listing process A request for a stock exchange listing must be made on the basis of an introduction prospectus whose contents are subject to regulation and which is generally filed a few months (120 days on average according to Schuster (2003)) before the admission date. In general the Investment Bank as called Underwriter is engaged in development of Admission Statement and as in charge of the underwriting and floatation process. Many underwriters or financial institutions submit their proposal to an IPO then the IPO choose the underwriter, this is called beauty contest. The fee for the investment bankers is called gross spread and averages 7% of the issue size (Chen and Ritter (2000)). The lead underwriter makes a syndicate (i.e.) group of bank of several banks and financial institutions. The lead underwriter is primary responsible for the IPO implementation while other member undertake underwriting or placement of functions. To enter into underwriter syndicate individual banks submit their f irms value, issue price and the demand for issuer share as well as the cost of the issue. The lead underwriter select the members after evaluation of firms value, issue price and demand for issuer share as well as the cost of the issue, this selection process is also called beauty contest. In order to compile the IPO prospectus, lawyers, together with the underwriting bank, conduct due carefulness, that is an examination of the company regarding its legal, financial, and commercial aspects. The legal due carefulness includes an examination of the companys major contracts, liabilities, patents and other legal facts. The commercial due carefulness contains an analysis of the issuing companys fields of business, market positions, development strategies, human resources, management, etc. The Financial due carefulness entails financial statements, auditors reports for cases in which audited accounts are required, investment planning etc. While due carefulness is exclusively for intern al use, it serves as a basis for the offering prospectus, which, at the minimum, contains information on the shares to be admitted, general information about the issuer and associated companies, a description of the issuers business activities, a presentation of the issuers net assets, financial position and results of operations. The actual minimum content of the admission document and listing requirements are usually defined by the regulatory body of the primary market and differ from country to country. The next step of the floatation process is to obtain the approval of the admission authority, i.e. the market supervisor or the exchange itself or both. Lastly, the initial pricing and placement of the shares are organised either by the underwriter or in co-ordination with the exchange, depending on the institutional setting. Primary Market The primary market is that part of the capital markets that deals with the issue of new securities. Companies, governments or public sector institutions can obtain funding through the sale of a new stock or bond issue. This is typically done through a syndicate of securities dealers. The process of selling new issues to investors is called underwriting. In the case of a new stock issue, this sale is an initial public offering (IPO). Dealers earn a commission that is built into the price of the security offering, though it can be found in the prospectus. A primary market creates long term instruments through which corporate entities borrow from capital market. Features of primary markets are: This is the market for new long term equity capital. The primary market is the market where the securities are sold for the first time. Therefore it is also called the new issue market (NIM). In a primary issue, the securities are issued by the company directly to investors. The com pany receives the money and issues new security certificates to the investors. Primary issues are used by companies for the purpose of setting up new business or for expanding or modernizing the existing business. The primary market performs the crucial function of facilitating capital formation in the economy. The new issue market does not include certain other sources of new long term external finance, such as loans from financial institutions. Borrowers in the new issue market may be raising capital for converting private capital into public capital; this is known as going public. The financial assets sold can only be redeemed by the original holder. Secondary Market A market in which an investor purchases a security from another investor rather than the issuer, subsequent to the original issuance in the primary market is also called aftermarket. Secondary market refers to the market where trading of already existing securities take place. The secondary market is often referred to as dealer market or an auction market. Examples of an auction market is the stock exchange whereas an OTC or over the counter exemplifies a dealer market. if an individual had purchased bonds or any other investment instruments from the primary market a year back and the individual now wants to avail of the principal amount the bonds may be sold off in secondary market. In the event when the price of the bonds rise, the individual intending to dispose off the bonds needs to do it at a discounted rate. On the other hand, if the prices of bonds increase, the individual selling the shares will be benefited and may sell it at a premium rate. 3.3 A Comparison of Listing Requirements on Across Global Stock Exchanges In principle, every stock exchange have two segment in regulated market and every company has also choice to choose the market according to there size of capital and with the other fulfillment listing requirements on each market (i.e.) Primary, Secondary. On primary market large companies lists its share to become an IPO and on secondary market small and medium sized companies lists its shares. Another New Market is also found on the stock exchanges but this type of market is found in some countries of the world However, a few exchanges make exceptions to this rule. First, the Stockholm stock exchange (OMX, Sweden), the Vienna stock exchange (VSE, Austria) and the Warsaw stock exchange (WSE, Poland) never opened a New Market, and the Swiss exchange (SWX) and Deutsche Bà ¶rse recently closed their New Markets. Second, the LSE and Euronext Amsterdam do not have a specific market segment for the listing of medium and small capitalizations. Now Mian markets of accept all small and med ium size firms for listing it share for primary or secondary market. The choices of listing on main market are more stringent than primary market accordingly listing costs, capitalization requirements and size of firm. New markets are introduced in 1990s for young and growth companies. The Table-1 report the listing requirements of IPOs on all market segments on all of our 15 countries of the world. 3.3.1 Listing Requirements on Primary Market Primary Market is characterized by almost two common listing requirements especially in minimum public offer of share 25% and accounting record history IPOS Minimum capitalization requirement for listing on Primary Market is same in Pakistan PKR 200 million and in Hong Kong HK $ 200 million but in all of other countries, and in India, Bangladesh, Indonesia, Portugal, Italy, United Kingdom, Australia, New Zealand, America, United States, Egypt requirements are differ from each other except Switzerland (SWX) has no requirement for listing primary market.. Public Free Float for an IPO listing on primary is same in nine countries Pakistan, India, Hong Kong, Portugal, Germany, Italy, Switzerland, United Kingdom, New Zealand and in all of other countries Bangladesh, Indonesia, Australia, United States and in Egypt stock exchanges public free float requirement is differ from one another. Finally, the audited accounts requirement on Hong Kong, Portugal, Germany, Italy, Switzerland , United Kingdom, New Zealand Indonesia, Australia, United States and Egypt primary market required 3 prior years financial statements except Pakistan, India, Bangladesh primary market required 5 prior years audited financial statements for list of an IPO. A few of countries primary market not required audited accounts. 3.3.2 Listing Requirements of Secondary Market Secondary or aftermarket listing requirements are less stringent in respect of market capitalization, public offering, free float and provision of financial statements. In most secondary markets market capitalization is about 25% of the minimum market capitalization of main market requirement, some countries markets waived off the entire listing requirement either minimum market capitalization, public issue, public free float and have no prior years profits stability, Hong Kong (HKEX) have no secondary market listing requirements because HKEX perform the both primary and secondary market functions. Finally, An IPOs listing requirement for provision of accounting history is also less stringent than primary market. Pakistan (KSE), India (NSE), Bangladesh (DSE) for secondary market listing requirement is 5 prior years audited accounts, Indonesia, Australia secondary market listing requirement is 3 prior years audited accounts, Portugal (Euronext), Switzerland (SWX), Egypt (EGX) markets 2 prior year audited accounts and Germany and Italy secondary market required 1 prior year audited account but the Italy secondary market requirement is 1 prior year audited accounts along with 2 year financial statements. Some countries markets New Zealand (NZSX), Hong Kong (HKEX), United States (NSYE) and America (AMEX) having no listing requirements but the main market is done both the primary and secondary market functions, once an IPO listed on primary market they have no need to list on secondary market. Table-1 Comparison of listing requirements Global on Exchanges Country Exchange Admission Authority Main Market Parallel Market Pakistan Karachi Stock Exchange (KSE) Securities and Exchange Commission of Pakistan (SECP) minimum paid-up capital is Rs.200 million. Public issue which is subscribed by not less than 500 applications. profitable operational record of at least one year 25 copies of audited annual accounts of the company for the last 5 years and its latest half yearly and quarterly accounts, if any or for a shorter period if five years of the Commencement of business is not completed. Prime standard Same as General Accounting Standards and IFRs. The minimum paid up capital of the company is PKR 10 million. The minimum public offering is PKR 5 million or 25% of the capital, whichever is higher. At the time of listing, the break-up value of the ordinary shares of the company, duly certified by a Chartered Accountant / Auditor shall not be less than its face value. Audited annual accounts of the company for the last 5 years and its latest half yearly and quarterly accounts Prime standard Same as General Accounting Standards and IFRs. India National Stock Exchange (NSE) SEBI a) The paid up equity capital of the applicant shall not be less than Rs. 10 crores and the capitalisation of the applicants equity shall not be less than Rs. 25 crores. Atleast three years track record Audited Account at least prior to 5 years. Prime Standards International Accounting Standards (IASs) and International Financial Reporting (IFRs) Bangla-desh DSE SEC minimum paid-up capital is Taka Twenty million. public issue which is subscribed by not less than 400 applicants. Audited Financial Statements for the last five years Prime Standrad Bangladesh Accounting Standards (BASs) and Bangladesh Financial Reporting. Standards (BFRSs). Prime Standrad Indian Accounting Standards converged with IFRSs minimum paid up capital of Tk. 100 (one hundred) million shall have no accumulated loss commercial operation for at least immediate last five years Audited Financial Statements for the last five years Prime Standrad Bangladesh Accounting Standards (BASs) and Bangladesh Financial Reporting. Standards (BFRSs). Indonesia Indonesia Stock Exchange the company must have at least an amount of Rp 100,000,000,000 (one hundred billion rupiah) as Net Tangible Asset The amount of shares owned by the minority shareholders after public offering is at least 100,000,000 (a hundred million) shares or 35% of paid up capital (depends on which one is smaller) the last three years Financial Reports Prime Standards Indonesian finance accountancy standards convergence (SAK) to International Financial Reporting Standards (IFRS Net Tangible Asset of at least Rp 5,000,000,000 (five billion rupiah). latest financial year of an Audited Financial Statement which covers at least 12 (twelve) months and the latest interim Audited Financial Statement (if any) obtain an Unqualified Opinion . the last three years Financial Reports Indonesian finance accountancy standards convergence (SAK) to International Financial Reporting Standards (IFRS Hong Kong HKEX SGX Securities Futures Commission (SFC) HKSE (sub-sidiary of HKEX) Main Board Minimum Market Capitalisation HK$200 million Market Capitalisation of Public Float HK$50 million Public Float At least 25% of the issuers total issued share capital. Where the issuer has one class of securities or more, the total securities of the issuer held by the public at the time of listing must be at least 25% of the issuers tota l issued share capital. However, the class of securities for which listing is sought must not be less that 15% of the issuers total issued share capital, having an expected market capitalisation at the time of listing of not less than HK$50 million Spread of Shareholders for issuers qualified for listing under: the profit test or the market capitalization / revenue/cashflow test: 300 shareholders the market capitalization / revenue test: 1,000 shareholders trading record period of at least  3 financial years Prime Standard Hong Kong Financial Reporting Standards or International Financial Reporting Standards or US GAAP under some circumstances No Listing Requirements for secondary market Portugal Euronext CMVM Main Market Market capitalisation EUR 2.5 millions Total number of shares 500,000 Number of shares distributed to the public 25% Filed audited accounts over a period of 3 year prior to the date of the listing Second Market Closed in 2005 Market capitalisation EUR 625,000 Number of shares distributed to the public 10% Filed audited accounts over a period of 2 year prior to the date of the listing Germany Deutsche Bà ¶rse Frankfurt Stock Exchange Official Market General Standard Market value EUR 1.25 millions Free float 25% Filed audited accounts over a period of 3 years prior to the date of the listing Financial reporting in accordance with German standards Prime Standard Same as General Standard Financial reporting in accordance with U.S. GAAP and IFRS Regulated Market General Standard Number of shares distributed to the public 10,000 3 years of existence Filed audited accounts over a period of 1 year prior to the date of the listing Financial reporting in accordance with German standards Italy Borsa Italiana CONSOB and Borsa Italiana Borsa (MTA) Blue Chips Market capitalisation EUR 800 millions Number of shares distributed to the public 25% 3 years of accounting records Filed audited accounts over a period of 1 year prior to the date of the listing Ordinary Market capitalisation EUR 20 millions and EUR 800 millions Number of shares distributed to the public 25% 3 years of accounting records Filed audited accounts over a period of 1 year prior to the date of the listing Star Market capitalisation EUR 20 millions and EUR 800 millions Number of shares distributed to the public 35% for newly listed companies (20% for transferred companies) 3 years of accounting records Filed audited accounts over a period of 1 year prior to the date of the listing Mercato Expandi Market capitalisation EUR 1 million Number of shares distributed to the public 10% 2 years of accounting records Filed audited accounts over a period of 1 year prior to the date of the listing Turnover EUR 750,000 Last net earnings EUR 100,000 Financial debt / consolidated gross operating margin 4 Switzer-land Swiss Exchange (SWX) SWX Main Market Capital resources CHF 25 millions No requirement on market capitalisation Number of shares distributed to the public 25% and CHF 25 millions Filed audited accounts over a period of 3 years prior to the date of the listing (possible exceptions) Local Caps Capital resources CHF 2.5 millions No requirement on market value Filed audited accounts over a period of 2 years prior to the date of the listing Number of shares distributed to the public 20% and CHF 5 millions United Kingdom LSE FSA (UKLA) LSE Main market Market value GBP 700,000 Number of shares distributed to the public 25% Filed audited accounts over a period of 3 years ending no later than 6 months prior to the date of the listing Financial reporting in accordance with UK GAAP, U.S. GAAP and IFRS No Secondary market requirement Australia ASX ASIC ASX At least $ 2,000 capital excluding restricted securities and at least 500 holder for these capital The issue or sale price of securities for which entity seeks quotation (except options) at least 20 cent and in case of employees incentives scheme issued or sold less than 20 cent. Profit of the entitys main business for last three financial year must have $1 million, in case of consolidated profit must have exceed $ 400,000 upto admission date for last 12 monts Last three years audited financial statements. There is no need to minimum holders At least $ 10 million net tangible assets Last three years audited financial statements. New zealand NZSX NZSX Securities and exchange commi-ssion New Zealand At least minimum capital $ 5 million At least 500 members of the public or at least 25%. copies of the last five years annual reports Prime Standard Financial reporting according to International Financial Reporting Standards (IFRs) and International Accounting Standards. Secondary market listing requirement are waived off by the New Zealand Stock exchange because both primary and secondary markets are regulated by NZSX. America AMEX Securities and Exchange Commi-ssion SEC And Financial Industry regulatory Authority (FINRA) Market Capitalization N/A Market value of public float $ 3 million Public Float 800/500,000 Shareholders equity $ 4 million Pre-tax income $ 750,000 Operating history N/A United States NYSE SEC And FINRA Market Capitalization $150 million Market Value of Publicly Held Shares $ 45 million Public Round-lot Holders   400 Publicly Held Shares 1,100,000 Prime Standards U.S GAAP used for the Financial Statement. Market Value of Publicly Held Shares Public Round-lot Holders 400 Publicly Held Shares 1,100,000  Ãƒâ€šÃ‚  Ãƒâ€š Egypt The Egyptian Stock Exchange EGX Egyptian Capital Market Authority (ECMA) Official Market The volume of nominal shares presented for public offering should not be less than 30% of the companys total shares. issued capital should not be less than L.E. 20 million or its equivalent paid in total The number of issued shares that need to be listed should not be less than two million shares. The number of subscribers in shares offered for public subscription should not be less than 150 shareholders, even if they are non Egyptians. The net profits before taxes for the last fiscal year preceding the listing application should not be less than 5% of the paid-in capital. Financial Statements for preceding three years. Prime standards International Accounting Standards (IAS) Egyptian Accounting Standards (EAS) Non-official Market Securities presented for public subscription or offering should not be less than 10% of the total of issued securities The number of shares that need to be listed should not be less than 1,000,000 shares The number of shareholders at the securities presented for public or private offering should not be less than fifty Financial Statements at least last 2 years MECHANISMS OF OFFERING 4.1 Introduction There are three common methods of IPOs offering globally 1)- Fixed price offering, 2)- Auction Method, 3)- Book Building Method. The oldest offering method is fixed price offering method then the auction method become popular and now the book building method become most popular globally IPOs. There are many factor that have less benefited for IPOs, under the fixed price offering method investors purchase securities at fixed price offered by the investor, the investor cannot get information about IPO before investing and there are fifty fifty chance of under-subscription or over-subscription of an IPO. Secondly, the auction mechanism for IPO is also look like the fixed price method but the investor cannot get the information before investment in an IPO and it has also fifty fifty chances of under or over-subscription. Under the auction method IPO are less underpriced. Finally, the Book Building method in become popular in late 1990s 4.2 Fixed Price Of fering 4.5 Comparison of other methods and Book Building Methods

The Family Adjustment And Adaptation Response Model

To date, an abundance of research has provided evidence that stressful situations and circumstances in a family are associated with youth behavior problems (Brakefield, Wilson, Donenberg, 2012; Conger et al., 2002; Elkington, Bauermeister, Zimmerman, 2011; Hammack, Richards, Luo, Edlynn, Roy, 2004; Nebbitt, Tirmazi, Lombe, Cryer-Coupet, French, 2014). This association is not only empirically supported, but theoretically supported through the Family Adjustment and Adaptation Response model, which postulates that family demands (i.e. potential stressors placed upon one or more family members) interact with family capabilities (i.e. perceived physical and psychological resources; coping strategies) (Patterson, 1988, 2002). These two†¦show more content†¦These studies have focused only on single or dual stressors, such as risky sexual behavior and substance use by caregivers, substance use and maternal incarceration, or maternal incarceration by itself (Brakefield et al., 20 12; Nebbitt et al., 2014; Ruiz Kopak, 2014). However, research has indicated that the co-occurrence of stressors is more greatly intertwined than has been shown thus far in the literature on parental stress and youth behavior problems. Specifically, potential stressors including mental health problems, a history of detention, and adult substance use, which have been shown to deleteriously impact levels of familial stress, have a high likelihood of co-occurrence (Mukku, Benson, Alam, Richie, Bailey, 2012). Importantly, a recently study analyzing parental stress via a combination of caregiver substance use, mental health problems, and adult incarceration showed that higher parental stress was associated with greater rates of youth delinquency and substance use among African American youth (Voisin et al., 2016). While this an important finding, more research is needed to better illuminate the pathways that mediate direct relationship between parental distress and youth delinquency an d substance use, which is the primary aim of the current study. 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The Powerful Nations of Imperialists Free Essays

Imperialism is the practice by which powerful nations or peoples seek to extend and maintain control or influence over weaker nations or peoples. By the 1800†³s, the Western powers had advantages in this process. They led the world in technological advances, giving them a dominance when conquering other countries. We will write a custom essay sample on The Powerful Nations of Imperialists or any similar topic only for you Order Now The European Imperialists made attempts to conquer China and Japan. In this process, they succeeded by influencing Japan greatly. However, they were not as successful with China. At the end of the eighteenth century, China†s goods were much desired by Britain. However, the Chinese saw Europeans as savages and did not want to trade with them. During trade, there was an imbalance in China†s favor, because the Europeans were forced to buy Chinese goods using silver. The Western Imperialists began to grow opium poppies from in India, and then smuggle them into China. China soon became addicted to the drug and spent most of it†s money on the purchase of it from the Europeans and Americans. This shifted the balance of power to be in Europe†s favor. In the early 1800†³s, Japan had blocked off all trade from other countries. Foreign whaling ships could not even reload or repair their ships in Japan territory. This offended many other countries. In 1852, Matthew Perry was sent to Japan to negotiate open trade. Japan felt threatened by the United States, and gave in to their demands. Japan was frightened by their stipulations, and immediately began to reform. They developed a new education system that was similar to America and Europe†s. They also developed a Western style judiciary system. Japan and China reacted differently to the reforms of Imperialism. When put under pressure, Japan succumbed to the power of Western Imperialist ideas. Conversely, China, resisted for a long time. As a result, Japan had more technology, while China was unenlightened of the new advances. Japan also gained more respect from other countries, that China did not have. In the long run, Japan gained more by yielding to the Historically, states have been motivated to pursue imperialism for a variety of reasons, which may be classified broadly as economic, political, and ideological. The imperialism of China and Japan in the nineteenth century helped shape the way the countries are today. Japan†s culture, education, government, and other issues are based on the influences of America and Europe from years ago. How to cite The Powerful Nations of Imperialists, Papers

Decision-Making Process Paper free essay sample

Decision-Making Process Paper One of the decision l had to make was relocating to the US from London. Before l made the change to move here l had come here a couple of times for a visit and the first time l came here l did not like and couple not wait to go back home but then while l was there and back at work l started missing the fun l had here and the fact that it was a different feeling and a different weather, the store are different life a was a lot different from living on London. When l came here the second time for another visit l then fell in love with the city and l started thinking about l might want to move here and live here as well, l thought about where l was going to stay but that was not a problem, my sister was here and that’s who l stayed with whenever l come over and l had a some to stay if and when l want to come At the end of my visit l start thinking l really don’t want to go back and was starting to miss the city and the way thing are here so on the plan ride back home l made up my mind that l was going to relocate here from London, so when l got home and started making plans to move here started giving my things to some friends, l moved out of where l was staying and moved in with a friend for a couple of months, l was a single man and had no one else to talk to about moving here, but l did talk to my mother about my decision and she said if that’s what l want to do then that’s fine as long as l am happy doing tha t she is happy as well and that was all l needed to hear from the one person that matters the most to me. We will write a custom essay sample on Decision-Making Process Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page My decision process making process was similar to the one Anne Mulcahy made when she took over at Xerox in order for them to remain in business and stop the down slid they were going and make a better decision and get them back on track she had to make some changes she was making good decisions to make the company better and l have to make that decision in order for me to make a different life for me in another country and make a better life for me l was in a place that l was not happy with and need to make a change and that was a big change. My decision would not have been different if l had used the same one I the text because reading the text seems to be the same one l did, we all have to make a change and l made a change for the better and looking back l will not change anything and the decision l made is just like the one Anne Mulcahy made in the text as a manager to make things better and grow as well. Reference Decision-Making Process Paper http://www. academon. com/Business-Plan-Decision-Making-Process/57000 retrieved July 22, 2011 Decision Making http://www. time-management-guide. com/decision-making-skills. html retrieved July 22, 2011

Country Is Morally Superior To City Essays - Virtue,

Country Is Morally Superior To City Traditionally, the country is seen as being morally superior to the city. The city and the country are used, therefore, to symbolise vice and virtue respectively: the youth of Rome...[are] always amenable to any perverse suggestion who could endure this monstrous city...and swallow his wrath? When shall I see that place in the country, when shall I be free to browse among the writers of old...? The moral decrepitude of the city is seen as a symptom of modern degeneration: an age when each pimp of a husband takes gifts from his own wife's lover The inconvenience of city life: Juvenal documents the physical dangers of life in Rome - The cruel city's myriad perils including the badly made accommodation, the danger of mugging and robbery and the constant house fires, although his contrast of this with the country's squalor and isolation suggests that he doesn't feel the country to be the haven that Horace sees it as. Horace's satires concentrate more on the lack of personal freedom and space in the city-hundreds of items of other people's business buzz in my head and jump round my legs This lack of freedom is personified by the 'Pest' of Horace's Satire 1:9. City life is characterised as unhealthy, with the leaden sirocco, which in the tainted Autumn enriches Our Lady of Funerals and heartburn and ulcers, brought on by overeating The pace of life: A major part of the inconvenience of city life seems to be the pace, which Horace finds almost unendurable: I have to barge through the crowd, bruising the slow-movers. and describes allegorically in his tale of the town and country mice - They dashed in fright down the long hall, their fear turning to utter panic when they heard the sound of mastiffs baying A large part of this problem in Juvenal's view is the problem of traffic and, more specifically, of being a pedestrian in Rome: those behind us tread on our heels. Sharp elbows buffet my ribs, poles poke into me; one lout swings a crossbeam down on my skull In contrast, the country is described by Horace in natural, calm terms: A piece of land...with a garden and, near the house, a spring that never fails, and a bit of wood to round it off. Juvenal also gives a rather idyllic description of country life, with its informality and freedom from fashion - Even the magistrates need no better badge of status than a plain white tunic. Cultural life in Rome: Although the city might be expected to be far more culturally active than the country, the Roman Satirists Bibliography Traditionally, the country is seen as being morally superior to the city. The city and the country are used, therefore, to symbolise vice and virtue respectively: the youth of Rome...[are] always amenable to any perverse suggestion who could endure this monstrous city...and swallow his wrath? When shall I see that place in the country, when shall I be free to browse among the writers of old...? The moral decrepitude of the city is seen as a symptom of modern degeneration: an age when each pimp of a husband takes gifts from his own wife's lover The inconvenience of city life: Juvenal documents the physical dangers of life in Rome - The cruel city's myriad perils including the badly made accommodation, the danger of mugging and robbery and the constant house fires, although his contrast of this with the country's squalor and isolation suggests that he doesn't feel the country to be the haven that Horace sees it as. Horace's satires concentrate more on the lack of personal freedom and space in the city-hundreds of items of other people's business buzz in my head and jump round my legs This lack of freedom is personified by the 'Pest' of Horace's Satire 1:9. City life is characterised as unhealthy, with the leaden sirocco, which in the tainted Autumn enriches Our Lady of Funerals and heartburn and ulcers, brought on by overeating The pace of life: A major part of the inconvenience of city life seems to be the pace, which Horace finds almost unendurable: I have to barge through the crowd, bruising the

Fast Foods Main Detrimental Effects

Fast Foods Main Detrimental Effects Nowadays, it became a commonplace tendency with many people in Western countries to become increasingly concerned about the possible consequences of their exposure to fast food. This state of affairs is perfectly explainable, because during the course of recent decades, the effects of a lengthened consumption of fast food on one’s health remained the subject of a number of heated public debates.Advertising We will write a custom essay sample on Fast Foods Main Detrimental Effects specifically for you for only $16.05 $11/page Learn More In this paper, I will aim to substantiate the validity of an idea that people will indeed benefit from paying a closer attention to what they eat, while specifying what may be considered the main detrimental effects of one’s tendency to go about satisfying its hunger in fast food restaurants. As of today, it became obvious to nutritionists that there is a strong link between fast food and obesity. In its turn, th is can be explained by the fact that the traditional fast food items, such as hamburgers and French fries, contain an excessive amount of saturated fats. According to Stender, Dyerberg and Astrup, â€Å"Fast food from major chains in most countries still contains unacceptably high levels of industrially produced trans-fatty acids (IP-TFA). IP-TFA have powerful biological effects and may contribute to increased weight gain and abdominal obesity† (887). Therefore, there nothing particularly odd about the fact that people who overindulge in eating this type of food are very likely to end up becoming overweight – because saturated fats can never be thoroughly digested by one’s liver, they end up being ‘stored’ in different parts of the concerned individual’s body. Consequently, these ‘stored’ fats cause him or her to grow out of shape. The fact that, as it was mentioned earlier, there is a dialectical link between fast food and obesi ty, explains why the visually observable concentration of overweight individuals appears being particularly high in fast food restaurants. What provides people with an irresistible incentive to eat at fast food restaurant is the fact that, despite being rather unhealthy, fast food tastes good. To make things worse, it now became a widespread marketing practice in fast food restaurants to offer customers a choice to ‘supersize’ their meals. This, of course, cannot result in anything else but in facilitating the ‘epidemic of obesity’, which appears to affect more and more Westerners, as time goes on.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Another well-established effect of people’s overindulgence in eating fast food is the fact it substantially increases their susceptibility to heart attacks. The reason for this is quite apparent – fast food contains huge amounts of cholesterol, which in turn has been proven to cause the clogging of blood vessels. According to Freeman, â€Å"Much fast food is deep-fried in partially hydrogenated oils (or trans fats), which lead to high cholesterol rates and heart attacks† (2225). By being exposed to fast food for a prolonged period, people simply cannot avoid accumulating cholesterol in their veins. The fact that, as of today, many fast food chains offer customers a choice to order meals with the reduced amount of cholesterol in them does not seem to be improving the situation. After all, the foremost incentive that motivates people to consider dining at fast food restaurants is that, while being affordable, fast food meals are also rich in protein. This is the reason why the eating of even a single hamburger can well satisfy one’s hunger. Unfortunately, the fast food items’ richness in protein comes hand in hand with their richness in cholesterol. This is the reason why nutritionists strongly advice people to think twice, before they decide to eat at fast food restaurants. Nevertheless, it would be wrong to suggest that the consumption of fast food is being only capable of affecting people’s health directly. Apparently, this consumption is also being capable of producing a number of negative psychological effects on people’s well-being, as well. For example, there is nothing accidental about the fact that many fast food eaters are also known to lead physically inactive lifestyles, while being addicted to watching TV. As it was pointed out by Jeffery and French, â€Å"Energy intake and percentage of energy from fat are positively associated with TV viewing and fast food eating† (278). This phenomenon can be easily explained. After having eaten a particular protein-rich fast food item, people are able to experience almost an instantaneous bellyfulness. In its turn, this causes them to grow sleepy and lazy – henc e, prompting them to choose in favor of watching TV, as the most appropriate pursuit. While indulging in this specific pursuit, however, people amplify the detrimental effects of their poor eating habits, because their physical inactiveness naturally speeds up the process of trans fats and cholesterol being ‘stored’ in their bodies. As a result, they grow progressively unhealthy.Advertising We will write a custom essay sample on Fast Foods Main Detrimental Effects specifically for you for only $16.05 $11/page Learn More There is also another aspect to it – while continuing to inject their organisms with the earlier mentioned harmful substances people become addicted to them. Apparently, people’s exposure to the fast food’s very taste hypertrophies their hedonistic (pleasure-seeking) anxieties, which substantially undermine their ability to face life-challenges in a thoroughly responsible manner. According to Yijun et al., à ¢â‚¬Å"Overeating and obesity may have an acquired drive like drug addiction with respect to motivation and incentive† (133). In other words, it will be appropriate to suggest that people’s prolonged exposure to fast food is being capable of turning them into food-addicts. This is the reason why there is nothing unusual about the sights of individuals ordering multiple hamburgers at fast food restaurants, even though they could well satisfy their hunger with eating only one. Such people’s behavior is nothing but a result of their continually increasing inability to remain in a full control of their animalistic urges. Therefore, it will not be much on an exaggeration, on my part, to suggest that fast food can well prompt its addicts to grow progressively deprived of their basic humanity, while being eventually turned into ‘human-hamburgers’ that can barely walk. I believe that the earlier provided line of argumentation, as to what may be considered fou r detrimental effects of a fast food consumption on people’s health, is being thoroughly consistent with the initial thesis. It is fully understandable, of course, that due to the essence of socio-political dynamics in Western countries, which cause more and more people being unable to afford buying high-quality food, the phenomenon of fast food’s growing popularity is being objectively predetermined. This, however, does not provide them with an excuse to stop paying attention to what they eat, and to grow increasingly addicted to devouring fat-saturated hamburgers and French fries – to say the least. Apparently, in order for individuals to be able to enjoy healthiness, they should not only be in a position to afford buying a high-quality food, but they should also be capable of exercising self-discipline over their hedonistic urges. Bibliography Freeman, Andrea. â€Å"Fast Food: Oppression Through Poor Nutrition.† California  Law Review 95.6 (2007): 22 21-2259. Print. Jeffery, Robert and Simone French. â€Å"Epidemic Obesity in the United States: Are Fast Foods and Television Viewing Contributing?† American Journal of Public Health 88.2 (1998): 277-280. Print.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Stender, Sharon, John Dyerberg and Anthony Astrup. â€Å"Fast Food: Unfriendly and Unhealthy.† International Journal of Obesity 31.6 (2007): 887-890. Print. Yijun, Liu et al. â€Å"Addiction and Obesity: Evidence from Bench to Bedside.†Ã‚  Journal of Psychoactive Drugs 42.2 (2010): 133-145. Print.

Criminal justice system in Australia Essay Example | Topics and Well Written Essays - 2000 words

Criminal justice system in Australia - Essay Example There are various types of criminal justice systems – the adversarial and the inquisitorial are two of the systems more commonly used by various countries and territories. This paper shall focus on Australia and its adversarial system. It shall discuss the thesis: When all is said and done, the current criminal justice system is about as fair and equitable as we can reasonably expect. This paper is to be analysed based on the Australian justice system as it applies its adversarial system as a fair and equitable tool. Discussion The adversarial criminal system is a common law system of carrying out proceedings where the parties, not the judge, have the task of establishing the issues being disputed and of investigating and further advancing the proceedings (Law Reform Commission, 1999). In contrast, the inquisitorial system is the civil code system where the judge has an important responsibility. The term adversary implies â€Å"opposition.† ... The crucial consideration in this system is the fact that the most number of fair resolutions of crimes are likely to occur with both sides being allowed to argue cases effectively before a fair and impartial jury (Schmalleger, 2007). In effect, it is not up to the prosecution or the defence to establish the guilt of a party, it is up to an impartial party hearing the case. As a result, it can be easily deemed that advocates on either side, arguing their side of the issue before an impartial judge can be considered the best means of achieving justice in the criminal justice system (Schmalleger, 2007). In instances however, when the system is seen as a means of seeking fault in a crime, there must be a thorough awareness of the limitations of this system. When all is said and done, the Australian adversarial criminal justice system is about as fair and as effective as can be reasonably expected. The Australian criminal justice system is fair and effective because the main goal of an a dversary system is to â€Å"prevent private justice by retribution† (Law Reform Commission, 2004, p. 24). The aim of this system is to secure procedural fairness within the society, a fairness which provides both sides of the issue a chance to express their side and be given equal protection by the system. The jury system has always been known as the linchpin of the system because in most of the cases, the judges play an active role, and the jury, a passive role (Associated Content, 2006). This is especially crucial for the defendants who are often defended by overworked and underskilled defenders (Associated Content, 2006). The judge plays an active role because the system has to depend on the ability of the advocates who are representing the