Under Pricing of Initial Public Offerings

Under Pricing of Initial Public Offerings Investopedia.com defines initial public offering as the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded. In an IPO, the issuer obtains the assistance of an underwriting firm, which helps it determine what type of security to issue (common or preferred), the best offering price and the time to bring it to market.  [1]   IPO INITIATION AND THE PHASES OF IPO TRANSFORMATION: Any IPO goes through the following stages of transformation: The pre-IPO transformation phase can be considered to be a restructuring phase where a company starts the groundwork toward becoming a publicly-traded company. Furthermore, companies should re-examine their organizational processes and policies and make necessary changes to enhance the companys corporate governance and transparency. Most importantly, the company needs to develop an effective growth and business strategy that can persuade potential investors the company is profitable and can become even more profitable. On average, this phase usually takes around two years to complete. The IPO transaction phase usually takes place right before the shares are sold and involves achieving goals that would enhance the optimal initial valuation of the firm. The key issue with this step is to maximize investor confidence and credibility to ensure that the issue will be successful. The intent of these actions is to prove to potential investors that the company is willing to spend a little extra in order to have the IPO handled promptly and correctly. The post-IPO transaction phase involves the execution of the promises and business strategies the company committed to in the preceding stages. The companies should not strive to meet expectations, but rather, beat their expectations  [2]   The marketing process of going public is marked by what is called road show.  road shows involving Issuers and key managers of the company to potential investors via presentations in major cities and face to face with the target investors (Ritter, 1998).  These presentations focus on business operations, products and services, and management.  The visit aims to assess the expected demand for the shares of the company and serves as a key input in the final determination of the initial price of the shares At the end of the road shows, and just prior to the actual first day of trading (usually days before opening day), directors and underwriters will determine the initial offering price.  This is quite important because once the price is determined there is no scope of increasing it even if there is high demand for it. This is how stocks become underpriced. By the close of the first trading day a huge difference can be seen between the actual price and listed price. The concept of under-pricing is dealt with more detail in the following section. THE CONCEPT OF UNDERPRICING Under-pricing is the difference between the initial offered price of the stock and the price at the closing of the first day of trading (Ibbotson, 1975, Ibbotson, Sindelar and Ritter, 1988 Ritter, 1998). This undervaluation is not unusual for companies to commit.   To illustrate, suppose the initial price of a firm issuing 1 million share is $100/share. This would result in a capital of $100 million for the company when all the shares are sold. Now suppose towards the closing of the day, the share is traded at $150. This would mean that the share was underpriced by 50%. This results in an available profit of $50 million for the initial investors. This phenomenon is seen universally across developed and developing countries. This trend of under-pricing can be seen as going against the concept of market efficiency and may cause distress to firms trying to collect capital for expansion. In this regard much research has been done and much literature has also been written. The theory of efficient markets suggests that the price of newly issued shares will quickly adapt to all relevant available information in the market (Fama, 1970) reflect.  However the constant undervaluation has raised questions about what happens when companies go public.  The decision to go public is one of the largest in corporate finance.  Even developed economies like the US, a number of large companies are not public. This shows that going public is not mandatory for a company but it is a choice. However there is a clear disparity between companies choosing to use the stock market and the companies that do not.  A company basically goes public to either diversify their portfolios or to raise capital to invest in future projects. Some other reasons why a company might opt for going public include overcoming debt, change of controls and to enhance opportunity. WHY ARE IPOs UNDERPRICED A LITERATURE REVIEW There are direct and indirect which are borne by the company when an IPO is issued. The indirect cost is the cost associated with information provision to the stock market and the direct costs are the numerous costs which are associated with fees and charges such as the underwriting fees, legal fees and auditing fees etc. However the most important among these and probably which affects the stock price once it is issued is the dilution associated once the shares start to change hands in the public. Often IPOs are found to be underpriced due to this dilution costs. Moreover the IPOs are often subject to the practice of book building. Book building refers to the process of generating, capturing, and recording investor demand for shares during an IPO (or other securities during their issuance process) in order to support efficient price discovery.  [3]  In the event of an issue going public, the issuer always fixes a price band and allows the investor to quote a price within this price band. The upper limit of this price band is the maximum possible price to be paid for the IPO and hence there is a chance that the issue becomes underpriced in case there is excessive demand for the stock. In this the valuation of the stock often reaches an estimate before the stock transacts in the market. As such there is a chance that the stocks get oversubscribed. A peculiar trend can be seen in case of IPOs. The returns are quite high in the initial period. But over a short period of time this return is normalized or completely minimized and the stock star ts to trade at a value close to its actual issue price. Therefore it may be wrong to assume that the stock is actually underpriced at the time of issue. Several factors can affect its high return which can include a bullish market also. Rock (1986) and Baron (1982) explained this under-pricing through their models. Baron assumed that investment bankers /underwriters possess more information on the demand of the security than the issuer. The issuer has to compensate the underwriter for this superior information set. Rock assumed that there are two groups of investors in the IPO market which are categorized as the informed investor and the uninformed investors. Systematic under-pricing is needed so that the uninformed buyers can earn a normal expected return The price formation process for IPOs may be susceptible to the existence of significant conditional price trends in the short-run aftermarket for several reasons: First the market takes time to adjust to the amount of analysis done on the announced issues and this time can extend over several months. There is a great deal of skepticism around the IPOs because of the scarcity of public information available at the time of initial offering. Thus their true value seems highly uncertain to the public. The initial return of the stock is actually the first reaction of the people and goes on to show how the people assess the stock against the initial offering. Second, the first market price may fail to reflect fully all available information because of the potentially fragmented market for IPOs. The issue size of IPOs is typically small and the underwriters, often facing excess demand, ration new issues to their regular clients, who constitute a small subset of potential investors. Initial trading in the aftermarket serves to disseminate information about the value of IPOs to other investors. While initial upward price movement of underpriced IPOs spreads favorable information, the available supply of shares is restricted because underwriters typically discourage initial subscribers from selling their allotments in the aftermarket. Investors who were unable to obtain their full subscriptions at the offering may seek to buy shares in the aftermarket, resulting in a sequence of daily positive returns. In the case of an overpriced issue, the first market price fails to reflect the available information because of price stabilization by the un derwriting syndicate. The under-pricing can be explained with the help of many hypotheses. These are discussed below: The Risk-Averse-Underwriter hypothesis: In order to mitigate the risks and costs of underwriting the underwriters usually knowingly undervalue the stocks. However the investment bankers readily do their homework and they have a fair idea of the actual value of the stock. Therefore this hypothesis only seems meaningful when there is a scope of book building and not when there is a case of fixed price offerings. Since both book building issues and seasoned equity offerings were historically underpriced, one cannot say that the main motive of under-pricing were the investment bankers desire to averse risk. The Monopsony-Power Hypothesis (Ritter, 1984): The investment banker enjoys monopsony power while analyzing common stocks of small firms. They then ration these to the most influential customers who have maintained good relations in the past. Further reasoning by different analyst suggested that this under pricing can also be targeted at earning excess income in the form of commission and fees. (Ritter, 1984) suggested that the gross under pricing might be result of the monopsony power of the investment bankers in underwriting common stocks of small speculative firms. According to Ritter, the investment bankers intentionally under price the securities and ration them to their large customers who regularly buy a variety of investment services from them. The Speculative-Bubble hypothesis: This hypothesis says that one of the reasons for stock price to boom is due to those investors who could not grab a share during the IPO (because of oversubscribing) and those who speculate that the prices of these stocks will rise in the future. This was typical during the IT boom period. The point to wonder is what determines the true value of the stock. The true valuation and the quality of the IPO can be analyzed by the following: Retained Equity Since firms can determine how much equity they will give out at the time of initial public offering. Since this figure can be obtained in advance therefore it serves as the most relevant and the most researched. Since the pre-IPO ownership of firm is determined and very unlikely to change, this becomes an extremely difficult signal to imitate. It must be noted that any change in such information prior to the IPO can dampen the enthusiasm of the investors and might have significant impact on the value of the stock. Underwriter prestige The market value can be significantly changed due to the prestige attached with the underwriter. Those investment bankers who have a good reputation in the market will signal less uncertainty about the performance and offer value of the IPO. The valuations done by these investment bankers will be considered with less speculation But even in the face of a prestigious investment banker doing the valuation, there is significant chance of under-pricing. These underwriters play with two key constituents in the IPO process. The underwriters representing the firm forms the first and the client base for whom the securities are marketed. The first constituent is the firm whose securities the underwriters represent. The second is the client base to whom the underwriters market the IPO securities. Auditor Reputation The price of the IPO can also be influenced by the auditor reputation. The auditors who are deemed as high quality will be judged with very less speculation and the investors will fairly accept the value of IPO set forth. If the auditor fails to reveal potential negative firm information, then the reputation of these high quality auditors may suffer. In some cases shareholders can also file a lawsuit. Number of Risk Factors The prospectus revealed by the issuer also details the risk factors pertaining to the company. The purpose for this is to let the investors assess the fair value of the IPO and the possible opportunity that might exist in investing in this IPO. Firms with more risk factors can be associated with higher uncertainty. Firms with greater numbers of risk factors are associated with higher uncertainty. Firm Size Larger firm size often has greater resources and more opportunity to survive in extreme situations. Thus the firm size also motivates the price of the IPO. Several studies found that there is a negative correlation between underpricing and firm size. This is consistent with the relation between large firm size and more stability. Thus potential investors trust the IPO price to be close to its fair value when large firms are at stake. Moreover the larger firms also are associated with more prestigious underwriters. Firm Age The more the age of the firm will act as a protection from the risk and this is used in valuing the price of the IPO. This is because the younger firms have less number of published financial data and hence the valuations done for these firms are often subject to uncertainty. Moreover these firms are also not analyzed by financial analyst. Firm age and performance are often related. Offer Price One of the responsibilities of the lead investment bank is to assess the pre market demand for its clients prospective IPO in an effort to set a reasonable price. Thus this initial price might also instigate some amount of under-pricing. Also it has to be known that a very modest price will signal less demand and less value or maybe both. The initial price of an IPO offering may also have value as an indicator of underpricing. In the early stages of an IPO, the lead investment bank is responsible for assessing the premarket demand for its clients prospective IPO in an effort to set the offer price. Presumably, a very modest offer price will signal little demand, little value, or both

Child Devlopment Essay

Cognitive Development consists of imagination, sequencing, problem solving and memory, all these are featured in the boy I observed, Aaron King who was the little boy I chose to observe. He is a four year-old preschooler at the above named learning center. I started observing Aaron at the beginning of their circle time. During the circle time, Aaron amongst other fourteen kids in his classroom, sang the popular American Song: â€Å"IF YOU ARE HAPPY AND YOU KNOW IT, CLAP YOUR HANDS†¦. † While singing this song, the children’s voices were up and loud which indicated that they enjoyed singing songs. Aaron’s participation was great, he was so excited about the choruses, clapping & stomping of his feet. All the children in turn repeated and imitated all the actions of the teacher; as she needed the audience and focus of the kids for easy understanding of the wordings including choruses of the song. Aaron standing close to two other kids, a boy and a girl sang the song with seriousness while clapping their hands & stomping their feet at the same time. The teacher taught the Safety signs briefly. The children’s literacy is very high while learning safety signs as they were very interested in the emphasis laid in the safety signs. In order to ensure that the children understood what they were taught, the teacher asked Aaron what a particular sign stood for which he answered correctly. For example, stop sign is signified by a red color while â€Å"no bicycle† sign is signified by a cross on a bicycle, so on and so forth. The teacher taught the kids about â€Å"Me† book which described the parts of the body, however, she asked Aaron to touch his hands, elbows & cheek which he did correctly. After singing the clapping song and some other songs, the teacher changed the activity to coloring books. Meanwhile, Aaron moved from one place to another. He jumped and hopped around the classroom showing excitement. At a time, the teacher had to sit him down â€Å"Aaron sit down and do your coloring†¦ † He sat down to color while another boy watched him doing the coloring. Bryan & Joy who sat together sharing the same table with Aaron were also coloring; they also talked to one another in friendly manner while looking at each other’s work. Aaron was as excited as he was coloring his book. He finished his coloring using nice colors to color different animals indicating that he had a good taste. He also made a ship with legos, I asked him why he made a ship, and he told me that he would like to be an architect. Aaron amongst others was able to write their names and figure out pictures on the paper. For example, the letter Bb for ball and drew a line to join the letter to the picture of ball. He was able to do that for all the alphabetic letters to compliment individual pictures on the paper. Soon, Aaron stood up to go to the library; as he got to the place where the inscription of â€Å"Quiet Zone† was, another boy ran towards him and pushed him together with the book that he just picked – â€Å"Alphabet adventure†. He staggered, but he immediately got control of himself while he looked so surprised that he was pushed without doing anything. He reported the matter to the teacher â€Å"Ms. Patty, Josiah push(ed) me†¦ † then the teacher told Josiah to say sorry to Aaron which he did, then they both hugged one another. Thereafter, he went to sit down quietly in the library corner to read his book. He opened up the book so fast as if he knew where to read, then he stirred at a page that really caught his attention and started reading quietly. In summary, Cognitive Development is a very important outcome of learning for preschoolers as they always have their brain developed through creative arts. This consists of imagination, sequencing, problem solving and memory; all these are featured in the boy I observed. Acting drama is acting another character by putting on the costumes – for example, acting as a professional doctor or a lawyer or a nurse can be an eye opener to the preschoolers on what profession they may aspire to be in the near future; Aaron wants to be an architect, he says he likes to put up beautiful buildings. A good imaginative skill is very important for preschoolers to become smart; similarly, sequencing – doing things in an orderly manner is also a good learning skill. Ultimately, Aaron Kingsland has all these qualities. Child Development 201 A Preschool Language & Literacy Development Observation Child’s Name: Aaron Kingsland (An imaginary name) Date: October 7th, 2011 Time: 9:00am – 11:30am. Observer’s Name: —————————————- Location:Early Creativity Learning Center Classroom LANGUAGE & LITERACY DEVELOPMENT OBSERVATION OF A PRESCHOOLER – 4 YEARS OLD. My observation of language and literacy in a preschool classroom for children of four and five years old was interesting. Aaron Kingsland (four years old) was the preschooler at the above named learning center whom I chose to observe. I started observing Aaron at the beginning of their circle time. The kids in the classroom were seventeen in number – eight girls and nine boys. I observed Aaron in particular in the class for two and half hours from the beginning of the circle time till the end. The primary language used by the teacher was English; Aaron also speaks same language as well as the whole class. Language is said to be a means of communicating ideas, & feelings. There are four basic developmentally appropriate practices and clear language outcomes in the preschool classroom I observed. They are Literacy Development, Intellectual, Physical, Social and Emotional Developments. Literacy is a very important developmental appropriate practice. The four basic skills which young children need are Speaking, Listening, Writing and Reading. These were ultimately displayed by Aaron in the circle time activities performed that morning. During the circle time, Aaron amongst other seventeen kids in his classroom, started to sing the popular American Song: â€Å"IF YOU ARE HAPPY AND YOU KNOW IT, CLAP YOUR HANDS†¦. † If you are happy and you know it, clap your hands†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ } Thrice. If you are happy and you know it, then your face will surely show it †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. } If you are happy and you know it, clap your hands†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ } If you are happy and you know it, stamp your feet †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦} Thrice. If you are happy and you know it, nod your head †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ } Thrice. If you are happy and you know it, do all three †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. } Thrice. While singing this song, the children’s voices were up and loud which indicated that they enjoyed singing songs. Aaron’s participation was great, he was so excited about the choruses, clapping & stomping of his feet. All the children in turn repeated and imitated all the actions of the teacher; as she needed the audience and focus of the kids for easy understanding of the wordings including choruses of the song. Aaron standing close to two other kids, a boy and a girl sang the song with seriousness while clapping their hands & stomping their feet at the same time. The teacher taught the Safety signs briefly. The children’s literacy is very high while learning safety signs as they were very interested in the emphasis laid in the safety signs. In order to ensure that the children understood what they were taught, the teacher asked Aaron what a particular sign stood for which he answered correctly. For example, stop sign is signified by a red color while â€Å"no bicycle† sign is signified by a cross on a bicycle, so on. After singing, the teacher changed the activity to coloring books. Meanwhile, Aaron moved from one place to another. He jumped and hopped around the classroom showing excitement. At a time, the teacher had to sit him down â€Å"Aaron sit down and do your coloring†¦ † He sat down to color while another boy watched him doing the coloring. All the Children talked and cooperated with one another in friendly manner. Bryan & Joy who sat together sharing the same table with Aaron were also coloring; they also talked to one another in friendly manner while looking at each other’s work. Aaron was as excited as he was coloring his book. He finished his coloring using nice colors to color different animals indicating that he had a good taste. Soon, Aaron went to the library and sat close to the place where the inscription of â€Å"Quiet Zone† was hanging. He picked a book – â€Å"Alphabet adventure†. He went to report a boy who pushed him on his way to the library to his teacher, he said†¦ â€Å"Ms. Patty, Josiah push(ed) me†¦ † The teacher took an appropriate action by telling Josiah to say sorry to Aaron and he did, then they both hugged one another. Thereafter, he went to sit down quietly in the library corner to read his book. He opened up the book so fast as if he knew where to read, then he stirred at a page that really caught his attention and started reading quietly and studiously. In summary, Language and Literacy development is the use of words to communicate ideas, listen and comprehend others’ ideas. Reading, talking and expressing what they do and following directions go a long way for preschoolers Through reading, Aaron amongst other peers has book knowledge, comprehension and appreciation of what he read. More importantly, literacy goes a long way in our society and even in the world.

What is Community Corrections Essay example - 1105 Words

Introduction Essentially, community corrections ascribe to the sanctions that are usually imposed on both adults and juveniles convicted by the court of law to reduce frequencies of recidivism. Unlike other forms of sentencing, community corrections can be implemented in a community setting or any other residential setting, apart from the jails (Gendreau Goggin, 1996). Within the past few decades, researchers have been struggling to advance community corrections through the use of effective intervention principles. In fact, these community corrections triggered the â€Å"what works† movement, a movement formalized in 1990. There are four general principles of effective intervention which the movement is currently based on: the risk†¦show more content†¦For instance, individuals with relatively higher likelihood of recidivism should be accorded the greatest treatment dosages and highly intensive intervention programs so as to minimize reoffending. Additionally, membe rs of the society who’re believed to be somewhat susceptible to becoming victims of criminal behavior should be apportioned limited community resources. Lovins et.al (2007) assert that providing low-risk lawbreakers with high intensity correctional programs can result in greater probability of re-offending. While it’s quite evident that the risk principle can be utilized to minimize incidences of recidivism, it works best in community intervention that involve high risk offenders. However, this principle is relatively ineffective when applied on a mixed group; a group of both high risk and low risk delinquents in one correctional facility. The efficiency of this principle is also based on the fact that dosage or intensity of the intervention depends on the offense or rather the risk involved, such as sexual, violence, and domestic misdemeanors. It goes without mentioning that the risk principle is a criminogenic program which often lasts up to 9 months (Duwe, 2013). ii ) The Criminogenic Need Principle Criminogenic needs usually refer to the special or particular needs of offenders in a specific area, for instance, thoseShow MoreRelatedThe Incarceration Of The Correctional System1193 Words   |  5 Pagesor her whole sentence in jail or be sent to jail or prison all together. Some options the judge might decide to use are parole, probation, community correction, and many other forms of sentencing him or her might hand down to an offender. There is always a better solution to the current methods of parole process, probation system, and the community corrections options. 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Community corrections bring several benefits toRead MoreInstitutional and Community Based Corrections798 Words   |  3 Pagesï » ¿ Institutional and Community Based Corrections Institutional Based Corrections Among the forces that have affected corrections in recent years, accreditation and privatization have been among the most influential. The future of corrections will be affected by everything from the national economy and current public opinion to drug-related crime and the aging of prison populations. The trends that will continue to impact corrections are intermediate sentencing alternatives, restorative justice

Physics Of An Empty Cube Box - 1107 Words

Contents Abstract page 3 Introduction page 3 Experimental Method page 4 Procedure page 4 Results page 4 Discussion page 6 Conclusion page 7 References page 7 Abstract With the use of an empty cube box, string, pulley and different weights an experiment was set in order to explain friction. By adding different weights in both box and string it has been recorded the exact weight needed for the box to move. The weights that have been added until the box start moving at a constant velocity were measured. With the use of the acceleration due to gravity (9.81m/s2) the Normal and Frictional Force were calculate. With the use of this experiment some conclusions have been drawn. For instance the main result is that the friction increases if one of the following variables increases: the weight of the box, the size of the box and the weight that is being pulled. Although there are some other factors that affect the friction but they have not been tested in this experiment. For example the surface that the box is places on affects the frictional force that is applied on it. If the material is friction less then fewer weights will be needed to pull the box, on the other hand if the table is rougher then the friction will be greater and more weight will be needed to pull the same box. Introduction Friction is the force that appears when two objects come in contact. There are two types of frictions, the static friction and the sliding friction. The static friction occurs whenShow MoreRelatedEssay On Minecraft1903 Words   |  8 PagesCobblestone on all sides of the block, so you can’t see any sides of the TnT. If done correctly, you’ll have placed nine blocks(3x3 cube), with a hollow center where the TnT resides. If you were to set off this TnT somehow, it would blow up all blocks around it. TnT has a 3x3 explosion radius. Basically: Whatever it touches will be destroyed if it was to be set off within that small box. Blast Resistance So, how do we stop TnT? Cobblestone instead of wood? Its stone, isn’t it? It comes from the ground, andRead MoreBlue Pelican JavaExercise Quiz Test Keysby83928 Words   |  594 PagesWrite code that will cause the variable zxb to be a static state variable. The variable zxb is a double. public static double zxb; 10. Write code that will cause sn to be a constant static class member. The constant sn should be initialized as an empty String. public static final String sn = â€Å"†; 11. What is the significance of the word â€Å"Math† when we use Math.pow(3.2, 4.001)? It’s the name of the class in which we find the pow method, and this causes us to know that pow is a static method. 12. ClassRead MoreInnovators Dna84615 Words   |  339 PagesDo I know how to train people to be more creative and innovative? Some executives respond to the last question by encouraging employees to think outside the box. But thinking outside the box is precisely what employees (and executives) are trying to ï ¬ gure out. We’ve even watched some executives answer the â€Å"How do I think outside the box?† question with another equally generic (and unhelpful) answer, â€Å"Be creative.† If you ï ¬ nd yourself struggling with actionable answers to these questions, readRead MoreLogical Reasoning189930 Words   |  760 PagesThe stone placed in the safe deposit box is an emerald. So, the stone placed in the safe deposit box is green. Here is a very similar argument that is not valid. Can you see why? All emeralds are green. The stone placed in the safe deposit box is green. So, the stone placed in the safe deposit box is an emerald. That last argument has a counterexample. You can imagine a situation where all emeralds are green and the stone placed in the safe deposit box is green jade. That’s a situation whereRead MoreOrganisational Theory230255 Words   |  922 Pages. 10 Chapter 1 Introducing organization theory: what is it, and why does it matter? of our experiences and to guide our actions, but this process is usually tacit because the use of theory remains unnoticed (see the Ideas and perspectives box below). 7. Theories matter because they influence what happens to people; they are used to describe, explain and, equally significantly, justify the things that we do and how we do them. Therefore, we need to be very careful about the theories we useRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesyour body. Let all the energy in your body seep away. Let go of your normal tendency to control your body and mobilize it toward activity. Step 7: With your body completely relaxed, relax your mind. Picture a plain object such as a glass ball, an empty white vase, the moon, or some favorite thing. Don’t analyze it; don’t examine it; just picture it. Concentrate fully on the object for at least three minutes without letting any other thoughts enter your mind. Begin now. Step 8: Now open your eyes