Hi-Fi Review Essay Example

Hi-Fi Review Paper Essay on Hi-Fi Here dear readers, tell when an acquaintance with the author begins? When you first hear his name and the eye trained dirty someone reviews, or when he opens the first page of the first (for me) the book? Nick Hornby I know for a long time. It seems even before he appeared on the Russian. But what was this familiarity? So fleeting. Imagine youre at a crowded party, and here in the corner is Nick and I in the other corner, and Im someone whispered in his ear: Here, Nick a very good writer, read And. with this desire, I continued to live life, and left the party. But I said to myself Here, Nick very good writer For a long time I remembered about Hornby (would have such a funny surname), but deliberately did not start to read.. Just I knew once read. There is no need to rush things. One day come We will write a custom essay sample on Hi-Fi Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Hi-Fi Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Hi-Fi Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer As usual sifting through trash at book razvalchikah caught -.. Hi-Fi The novel is not the most respected amateur Hornby, but it was my first night with the author. And I read it easily and quickly (long walks with the stroller with her son dogodovalym promote rapid reading). The novel I am very pleased. Long time since I have read such a simple and sincere write a book about human relationships. Once even born in the head compared with Ulitskaia. (About comparisons more later). The book tells us the story 30letnego man who just broke up with his girlfriend. Sweetheart? Or maybe the love boat on the rocks of life? And in this regard, our hero begins to reflect, to remember all of your love. Why am I so liked the book? Yes, because I learned it myself (oops, another comparison, before I recognize myself in only two books: Hesse Steppenwolf and Camus The Outsider ). Well, all the hair in a hair. Indecisive, lots of stupid questions in the head in relation to the relationship between the sexes. Neuvernnost in themselves and other. Yes, maybe my chtochita tel, you have not been. Youre macho and Superman. But here personally, I no. And so this kind, sincere book (besides, superbly written (and translated!)) Lay down comfortably on the mental shelf reading. Although, it is necessary to read in ten years, when he will 30letnim hero of his novel. What I like and like Hornby. It is for me, something like a lightweight form of Dostoevsky. Dostoevsky-lite version. Why I love Dostoevsky? Eyeballs for an interesting story, for lengthy monologues about the culture, religion, the primary sources of good and evil. Yes Yes Yes. But much more because crucify ten pages in chaotic thinking and emotional Lohmann, he (Dostoevsky) just one or two phrases, a pair of light, seemingly careless strokes, gives the lowdown man. Shows with clarity luminous spotlight you in the eye why the person to do so. Prepares action hero with a sharp scalpel a couple of phrases. And equal virtuosos there is not a lot. Hornby partly the same. All of his books a study of modern Europeans. Or rather, the modern man, coming into contact with Western culture (which is why so many mass-cult). And just a couple of sentences, he shows us ourselves. Subconscious. Ego. Id. How many hours we spent to understand ourselves. And it seems that we do not understand the depth. A Hornby does it with ease, like a 2 * 2 solves. Of course, I would argue. Retorted. It seems like Hornby write easily. Simply describe everyday life. Just describe their internal monologues. But why is not every writer is obtained. And not every reader gets to listen to your internal dialogue. And to understand, why is this gibberish.

Mother-Daughter Relationship in Seventeen Syllables and Everyday Use Essays

Mother-Daughter Relationship in Seventeen Syllables and Everyday Use Essays Mother-Daughter Relationship in Seventeen Syllables and Everyday Use Paper Mother-Daughter Relationship in Seventeen Syllables and Everyday Use Paper In â€Å"Seventeen Syllables†, written by Hisaye Yamamoto, and â€Å"Everyday Use†, written by Alice Walker, the relationship between the mother and the daughter is portrayed. In â€Å"Seventeen Syllables†, the protagonist, Rosie is an American born Japanese (Nisei) who does not understand well about the Japanese culture, whereas her Issei mother, Mrs. Hayashi was born and raised in Japan and married to America. Mrs. Hayashi loves writing haiku, a traditional Japanese poetry, to escape from the reality of her loveless marriage. In â€Å"Everyday Use†, Mama is a traditional Afro-American woman, who receives little education and raised her two daughters by doing ‘man’s job’. Dee instead influenced by the Black Power Movement, tried to trace back her African root. She learned the African culture and changed her name into Wangero. This essay hopes to explore the similarities and differences of the mother-daughter relationship depicted in these two short stories, which is Rosie and Mrs. Hayashi, and Dee and Mama respectively. To start with, one of the similarities is that there is alienation in the two pairs due to cultural differences. In â€Å"Seventeen Syllables†, Rosie represents the American culture and Mrs. Hayashi represents the Japanese culture. Rosie was born and raised in America and English is her mother language; whereas her mother, Mrs. Hayashi ‘had even less English, no French’ as her mother tongue is Japanese. She came to America as a picture bride to deveop a loveless marriage with Rosie’s father and her Japanese culture is deep-rooted. She loves to write haiku, which Rosie fails to understand it. She thinks â€Å"English lay ready on the tongue but Japanese had to be searched for and examined. Due to their difference in cultural background, Rosie finds it difficult to communicate with her mother. She has to ‘pretended to understand the haiku thoroughly and appreciate it no end’ when her mother reads her the haiku she wrote. Therefore, she turns out communicating less with her mother and fakes her mother by â€Å"saying yes yes, even when one meant no, no. â €  This can be seen when Mrs. Hayashi asks Rosie to comment on the haiku she writes, and Rosie replies in a perfunctory way. There is deception from Rosie to Mrs. Hayashi as well. Similarly, there is also alienation between the mother and the daughter, Mama and Dee in â€Å"Everyday Use† due to cultural differences. Mama represents a normal woman in the Afro-American culture; whereas Dee denies her original culture of an Afro- American and learns the African culture due to Black Power Movement. Mama, as a Black American, lives in the rural South of the States and receives little education only. Mama is strong and does quilting at home. Dee, on the other hand, adapts an African culture which she learns from books and her peers. However, this African culture is vague and superficial. This can be seen when she changes her name from Dee to Wangero because she â€Å"couldn’t bear to be named after the people who oppress [her]†, but ‘Wangero’ in fact is a mispelt name of an African language. Due to their differences in cultural beliefs, they have different views and perspectives on things and heritages like quilts and churn. Mama thinks that according to tradition, churn and quilts are for everyday and practical use. But to Wangero, quilts are in fact dead object and should be appreciated as an art work. Their different view on things lead to alienation between the mother and the daughter. Another similarity is that this inter-generational difference both leads to isolation and difficulty in understanding each other in the two stories. In â€Å"Seventeen Syllables†, Rosie, as an Americanized girl, lacks interest in learning and understanding haiku or Japanese culture as a whole. Even when she goes over to see the Hayano family, she and the four sisters discusses the new coat in English and lacks the Japanese manners which is deep-seeded in the Japanese culture. This difference in lifestyle and habits cause her hard to communicate with her traditional Japanese mother. The conflict between Rosie and Mrs. Hayashi mirrors the conflicts between the Issei and Nisei. The Nisei generation, who knows â€Å"formal Japanese by fits and starts†, has totally no interest on the traditional Japanese culture. However, the Issei generation sticks to their original culture and even starts magazines to trace back their life in Japan. As a result, the two generations, the Issei, Mrs. Hayashi and the Nisei, Rosie find it difficult to understand each other. It results in the isolation of the two generation. In â€Å"Everyday Use†, there is also isolation and oppression between the mother-daughter relationship of Mama and Dee. After Dee grows up and receives education, it makes her differ from the rest of the family who only stays in the sub-urban area and receives less or no education. She is exposed to the values of the new world with civil rights and equality, which Mama has totally no idea of what they are. Dee has greater visibility and zero tolerance for equality. Also, Dee has a sense of autonomy and individuality after receiving education. These are the things that Mama has not got in touch with before. Therefore, it leads to them not understanding the action of each other. For example, Dee wants to use the churn top and quilts as artistic uses and she do not understand why they are â€Å"backward enough to put them to everyday use†. Mama however sees the churn top as a kind of heritage which has been used for generation. It is the most appropriated to use it practically. Their difference in interpretation and knowledge of civil rights make Dee isolated herself from Mama and the family. It also leads to difficulty in understanding of another person’s acts. Although there are similarities regarding the mother-daughter relationship in the two set stories, there are also some differences in their relationship. In â€Å"Seventeen Syllables†, Rosie, the Nisei daughter falls victim to the mother’s experience. At that time, Rosie is struggling whether she should accept the love from Jesus or not. When Jesus kisses her, she â€Å"fell for the entirely victim to a helplessness delectable beyond speech†. However, toward the end of the story, her mother reveals her past experience to Rosie. Although Rosie do not want to know the truth which â€Å"would combine with the other violence of the hot afternoon to level her life to the very ground†, Mrs. Hayashi still tells Rosie the story about her and her young lover. She asks Rosie to promise her not to get marry as well as she do not want her daughter to face the same destiny. Rosie is in the dilemma of whether to reject Jesus and follows her mother’s word, or still follows her heart to tell Jesus how she feels. From this, we can see that the daughter falls victim to the mother’s past of whether starting a relationship or not. However, in â€Å"Everyday Use†, it is the mother, Mama who falls victim to the daughter, Dee’s experience instead. Dee, after receiving education, starts to use her knowledge to dominate the family. She gets in touch with others through schooling and education, which Maggie and Mama do not have the chance to do so. However, Mama actually thinks that these new ideas and knowledge that she has never known cause them fear and intimidation instead. It is described by Mama that Dee â€Å"washed us in a river of make-believe and burned us with a lot of knowledge we didn’t necessarily need to know†. Mama even thinks that they are â€Å"trapped† underneath Dee’s voice when she told them the things she learned in school. Dee uses her intellect to intimidate others, such as greeting her mother with a language Mama do not speak. These knowledge has even posted a threat to the simple world Mama and Maggie is living and separated Dee from her family. This divisive power of education leads to her mother falls victim to Dee’s experience. To conclude, there are similarities and differences in the mother-daughter relationship in â€Å"Seventeen Syllables† and â€Å"Everyday Use†. The two pairs, Mama and Dee, and Mrs. Hayashi and Rosie, are both alienated and lack of understanding of each other due to cultural and inter-generational differences. However, the victims in these two relationships are different. In â€Å"Seventeen Syllables†, the daughter struggles from the mother’s experiences; but in â€Å"Everyday Use†, it is the mother instead who struggles from the knowledge the daughter forces to her which she thinks is unnecessary and hard to understand.

Role of Special Interest Groups Paper Essay Example | Topics and Well Written Essays - 1250 words

Role of Special Interest Groups Paper - Essay Example Death penalty is such a big issue that has for a very long time affected formation of policies of most governments because Human Rights Activists are ever against this law because it at times is applied on innocent victims. In 1967 for instance, there were lots of cases revolving around crime in the U.S., which recorded a 16% increase. From this perspective, policies had to be formed to curb the rise in insecurity and for that reason; death penalty was the best option. However, most Human Right Activists still argue that death penalty is no deterrent to crime. While the policy can in one way or the other be an effective tool in reducing crime, there have been frequent complains that prosecutors pass judgment basing on race. Race has been a â€Å"mutant pest† in the U.S., whose eradication remains an uphill task. The U.S. signed three treaties to ensure justice is not administered on racial bias. The U.N. Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment was adopted by the U.N. General Assembly in 1984, International Covenant on Civil and Political Rights (ICCPR) that deters anyone from unconstitutional application of death penalty, and the International Con vention on the Elimination of All Forms of racial Discrimination, which requires administration of justice in accordance to human rights and not on the basis of race. However, in 1992, the Inter-American Commission on Human Rights noticed that the U.S. had breached the treaties when it executed William Andrews in Utah, which indicates that there is racial discrimination in administration of justice. Most empirical research findings indicate that 90% of decisions made in the U.S. judicial system have geared influence by racial disparities (Dieter, 2012 p.27). The U.S. government should consider acting quickly on matters pertaining racial

Ethics Awareness Essay Example | Topics and Well Written Essays - 500 words

Ethics Awareness - Essay Example Personally, this test helped me to become more aware of how different people can approach the same situation in different ways. Identification and alertness of the core beliefs underlying ethical decisions is critical to our ability to communicate our position and to realize the desired result in ethical decision making. Thus, the implication of ethical principles is vital in making reasonable choices. First of all, I have decided to work on understanding the principles and processes that I am currently using for making ethical decisions. I want to spotlight the core beliefs that I currently have, even though I know that there is no right or wrong answers, I still want to be able to see the difference between right and wrong and to make important personal judgment about a matter that will have significant impact on the lives of real people. Even though it is obvious that we have to choose what we consider "right" while making tough decisions, it is of high importance to develop a process that will guide our struggle in making ethical decisions. My personal guide that I am currently working on takes into account a variety of aspects that can potentially affect the immediate decision and its effect on other people. The problem I was confronted with while developing this guide was the uncertainty of what ethics and morals entail. The concept of right vs.

Digital video has made everyone a movie maker - completion Assignment

Digital video has made everyone a movie maker - completion - Assignment Example The majority of these films used a similar digital technology that is associated with photographic cameras. Technology often seems to take over the film industry as it seems prepared to be the next target. As digital picture acquisition proves to get better each day, movies are starting to be shot the digital way. There are various plusses as well as minuses in shooting videos digitally but the process is soon bound to replace many productions of films. The past 30 years has seen progress in technology with tremendous benefits from 80’s camcorder, which     was a cat size to the present ones that are small. The creation of digital cameras and digital filmmaking is quickly  transforming  everything on  filmmaking. Professionals  or  amateurs  who  are observe considerable advancements in  various  elements  of the industry are working hard to make quality productions. In addition to the innovative production advances, various distributions have been attained, as well. The past ten years saw the venue for an independent film being the film festivals together with private screenings (Davenport 2008, p 453). Presently, a person can create a film and have t viewed by many people. Video seems to be the most convincing elements of communication in this era. At the same time, the past five years has seen a gradual shift from analog all the way to digital. The technology has not only enhanced the capability of visual communication media in data distribution. Manipulation of data has led to quality images being distributed as digital videographer plays a crucial role in image manipulation, which has surpassed powerful technological advancements (Davenport, Schisgall, Mohmed & Mirowitz, 2007, p 5) The objects or people in a video in most digital video images might be edited, and at times edited while the image is being broadcasted without

Understanding People With A Intellectual Disability

Understanding People With A Intellectual Disability Intellectual disability is a disability characterized by significant limitations in both intellectual functioning and in adaptive behavior as expressed in conceptual, social and practical adaptive skills before the age of eighteen (Luckasson et al.,2002 p.1). There are three characteristics identifying children with intellectual disabilities; mild, moderate, and severe disabilities. In the mild intellectual disabilities children in second or third grade are not identify until they enter school and formally mental retardation children master academic skills. The second characteristics is moderate intellectual disabilities is where the child experience a delay in development and adaptive functioning during their preschool years. As they get older they could experience health and behavior problems that could be sign of mental retardation. Lastly severe profound intellectual disabilities can cause central nervous system damage at birth in infants and other health impairments (Heikua et a l., 2005). The American Association on Mental Retardation (AARMR) in 1973 incorporated there definition of mental retardation with IDEA as a significant sub average general intellectual functioning existing concurrent within a adaptive behavior and manifest during the developmental period that adversely affects a child educational performance. (34 C.F.R., Sec 3000 9 (b) (5). The American Association of Intellectual and Developmental after many debates based their definition on needed support of intellectual disabilities that covers the same population of individuals who were diagnosed previously with mental retardation in number, kind, level, type, and duration of the disability and the need of people with this disability for individualized services and supports. Furthermore, every individual who is or was eligible for a diagnosis of mental retardation is eligible for a diagnosis of intellectual disability. Schalock, Luckasson, and Shogren (2007 pg. 116) Autism In 1990 IDEAs P.L. 101-476 defines autism as a developmental disability affecting verbal and nonverbal communication and social interaction, generally evident before age three that adversely affects a childs educational performance. Autism is also known as Autism Spectrum Disorders has five subcategories; Autistic Disorder; Aspergers Syndrome; Retts Syndrome; Childhood Disintegrative Disorder; and Pervasive Developmental Disorder. Some common characteristics of children with autism is communication, diagnosis, cannot speak (mute) gestures or gaze to share attention with objects or events (Jones Carr. 2004 p. 13), a child might not be able to stand sounds and intellectual functioning. The cause of autism is still unknown, but in 2007 researchers gave causes of autism as abnormal brain development structure and/or neurochemistry (Akshoomoff, 2000, Hyman Towbin 2007). They know that it is a brain disorder, usually present from birth, which affects the way the brain develops and process information related to language, memory, thinking and the senses. (National Research Council, 2001, p. 11). Severe Disabilities Severe disability has no specific definition that exists. Some are based on IQ scores, mental, emotional or physical abilities. The causes of severe abilities are environment, trauma at birth, delayed language, lack of nurturance or healthcare. Characteristics of severe disability can be positive and display warmth, humor, need life skills, diminishing cognitive functioning that affect thinking, learning, attention, and memory. Many have significant physical, health, and communication needs, significant developmental delays, difficulty in learning, self-care skills and need for repetition to acquire skills. Visual impairment causes deaf-blindness in functional hearing (Baldwin, 1995), communication and social skills. Children with this problem cannot learn because they need to be able to communicate and see in the classroom. Children with deaf-blindness interact with others inappropriately (e.g., hand flapping, finger flicking, head rocking) (Downing Eichinger, 1990, pp.98-99) and e xhibit behavior due to them not being able to communicate. Traumatic Brain Injury Traumatic brain injury is defined by IDEA, 1990 (P.L. 101-476) as an acquired injury to the brain caused by and external physical force, resulting in total or partial functional disability or psychosocial impairment, or both, that adversely affects a childs educational performance. It applies to open or closed head injuries resulting in impairments in one or more areas, such as cognition; language; memory; attention; reasoning; abstract thinking; judgment; problem-solving; sensory, perceptual, and motor abilities; psychosocial behavior; physical functions; information processing, speech. Traumatic brain injury does not apply to brain injuries that are congenital or degenerative, or to brain injuries induced by birth trauma. (20 U.S.C. 1401 [2004], 20 C.F.R. 300.8[c][12]) There are three causes of traumatic brain injury; a open head injury that penetrate the skull due from a bullet or blow to the head. The open head injury can result in specific deficits to sensory functions and behavioral. Then there is the closed head injury within the cranium of the brain that affect nerves, axons cause from a car, fall, or playing sport. Another cause is the shaken baby syndrome is when a baby is violently being shaken and cause brain injury to the baby. Traumatic brain injury is one of the leading causes of death in children and one of the most common causes of acquired disability in children (Lenrow). Deaf Blindness Deaf blindness is a combination of hearing and visual impairments causing such severe communication, develop-mental, and educational problems that a child cannot be accommodated in either a program specifically for the deaf or a program specifically for the blind. The definition that IDEA gives for deaf-blindness is the concomitant hearing and visual impairments, the combination of which causes such severe communication and other developmental and educational needs that they cannot be accommodated in special education programs solely for children with deafness or children with blindness. (20 U.S.C. 1401 [2004], 20 C.F.R.300.8[c][2]) Conclusion Finally, whether its intellectual disabilities, autism, severe disabilities or deaf-blindness, IDEA says a child with a disability with mental retardation, hearing impairments (including deafness), speech or language impairments, visual impairments (including blindness), serious emotional disturbance, orthopedic impairments, autism, traumatic brain injury, other health impairments, or specific learning disabilities; and who, by reason thereof, needs special education and related services. (IDEA Sec. 300.8 Child with a disability)

How does Shakespeare present conflict at the start of Romeo and Juliet Essay

Explain how Shakespeare presents the theme of violence in this part of the play. The first thing to note about this scene is that it takes place right at the start of the play. I think that this scene exists to set up and highlight one of the key conflicts in the play as a whole. It takes place after a serious fight between the Montagues and Capulets. This fight’s prime instigator is Tybalt who when asked by Benvollio to help him keep the peace says: â€Å"What drawn and talk of peace. I hate the word, As I hate hell, all Montagues, and thee: Have at thee, coward!† Clearly then this is a deep seated conflict that is responsible for disturbing the peace in Verona and it is the Prince’s job to restore order in this scene. Therefore right at the start of the scene he calls them ‘profaners’. This is very emotive language and helps to underline the Prince’s contempt for both of the families and their conflict. The audience when they hear language like this will then associate both families as being not being very religious and being opposed to God and His purposes. The contempt that the Prince and the audience is supposed to feel for both of the fighting families is further emphasised in the description of their swords as ‘neighbor-stained steel’. Clearly what the Prince is trying to highlight here is that both families are behaving in a very selfish immature way and are showing an unchristian regard for their neighbours. Therefore violence is shown in this scene as being something that is pointless, stupid and going against God. Following on from this the theme of violence is further emphasised through the Prince’s use of a rhetorical question: â€Å"Will they not hear?† I think that Shakespeare deliberately uses this technique here to demonstrate how unthinking both families are in their hatred for each other. It is clear that the hatred between them runs so deep that they cannot and will not listen to people who are trying to mediate between them and trying to keep the peace. This is further emphasised later on in the line by the Prince describing them as ‘beasts’. I think that Shakespeare deliberately uses this word to help emphasise just how nasty the violence between both families are. A beast is an animal. Therefore, to the Prince, the unthinking violence between them has gone so far as to take away their humanity. Again in the next line Shakespeare has further emphasised the Prince’s dislike and animosity towards both families and even how fed up he is with their constant quarrelling by using the emotive language of: â€Å"your pernicious rage’ This helps to underline that to the Prince it is both families’ actions that are having a harmful effect on his city and that they are gradually being very destructive through their actions. According to the Prince the only thing that will help to cool the men’s emotions down and will stop all the violence is: â€Å"purple fountains issuing from your veins† What the Prince means here is that only by the men’s spilt blood will they calm down. This does not seem like an effective way to keep the peace and helps to show that for some reason violence has become a way of life for the people involved the quarrel. What is the cause of all this violence the audience would naturally ask at this point in the speech? It is clear that, according to the Prince, that the cause of most of the violence is merely an ‘airy word’. The connotations of ‘airy’ are something that is unsubstantial, something that is barely even there. Therefore the portrayal of violence in this part of the play by Shakespeare is of actions that don’t have a cause, that are incre4dibly harmful and don’t seem to be about anything much in particular. Surely then we as the audience will slightly sympathise with the Prince and his role to help keep the peace. This can be seen later on in the play when Tybalt gets into a fight with Mercutio. One of the key moments in the play is when Tybalt says: â€Å"Mercutio thou consort’st with Romeo† This could be seen as being just friendly ‘banter’ however to both families it is seemingly jokey things people say to each other take on huge significance. For me then these ‘airy words’ have a huge impact because the strong sense of pride these characters have and how they are unable to let things slide. I think this helps to underline what I think is the big lesson that Shakespeare is trying to teach us about violence in the play and that is that is that violence is often seen by people who are not taking part or who are innocent bystanders as being pointless and damaging.

How does Shakespeare make Act 1, Scene 1 exciting and dramatic?

Romeo and Juliet is one of Shakespeare's most memorable plays. The play is based on star-crossed lovers with tragedy, violence, love and arguments. The story of Romeo and Juliet is about two lovers that can't be together because their families are enemies, but nothing can't stop them and at the end both of them due in a dramatic way. The main themes are romance, tragedy and conflict. The play is relevant for us because those kinds of things still happen, young people kill them self because of love and in some families, the girls can't be able to pick her own husbands, the females have to do the house work and the males are supposed to bring money home. The play was set in the 14th century. Shakespeare had to face loads of challenges to make the play interesting, also he had to keep on improving, to not get the audience throw the food on stage, if they have done that, then this meant that the play is boring. Theatre in Shakespeare era was a place where rich people could go to rest, and have fun, whereas the poor people would be able to earn money, by selling beer, snacks, or collecting the lost money. Theatre nowadays is a place that must be cultural; you are not allowed to throw food on stage, if you do so you have to leave. In Shakespeare era there weren't any spot lights or CD players which form you could be able to play music, or add sound effect, so Shakespeare had to make scene dramatic and exciting by costumes, voices, words and body language. The servants are the first characters on the stage. They grab the audience's attention because servants are not very important, they are on a bottom shelf in your life, and they are also known as not educated people. Thought that all the best things should only happened to them, but over a time everything has changed. Some people would like seeing servant because they are normally low status, so called groundlings. The rich people might felt weird when they saw someone poor on the stage, because how can someone lower classes than them perform, also they never could expect that. The opening scene begins with just two characters on the stage and soon there where more than ten, fighting fiercely. Shakespeare decision to include a fight at the beginning was clever because he made the play exciting and dangerous; most of the people enjoyed it, because when the beginning is great the rest must be much better. `Nay, as they dare. I will bite my thumb at them which is disgrace to them, if they bare it` this shows that Sampson is planning everything out carefully, and knows what going to make them fight. Sampson and Gregory are very good friends, and it shows that they trust each other, but Sampson is more clever than him, because he is the one that plans everything out. Tybalt and Benvolio have very contrasting characters. Tybalt seems to be angry while Benvolio is calm. ‘Part, fools! ‘ this shows that Benvolio is trying to stop the fight; this also tells as that Benvolio is a peace maker and that he has manners and he is higher status. The explanation mark show's that he is shouting and trying get attention from the fighters. On the other hand, Tybalt says `As I hate hell, all Montagues and thee`. This quote suggests he is angry and want to continue the trouble, so called fight. The audience might enjoy seeing him on stage. He also shows that he like to be everywhere, where trouble begins, he also must be the start of it, or join in, somebody else's trouble. Shakespeare then changes the mood of opening scene from a serious fight to comical rows between husbands and wives. When Lady Capulet says `A crutch, a crutch! Why call you for a sword? ` it may make the audience giggle or laugh because a women is shouting, at her husband and making him feel old and unusable. The scene could be also dramatic, Lord Capulet could go up and hit the women, and show her no respect. The scene is also exciting because in this scene woman is showing no respect to man, which normally is the other way round. This shows the audience that not only men can be in control, and they are the one that should wear pants, which mean to be in control. The males in the audience would have felt ashamed because the other main male character, is not able to join the fight, because of his wife, she didn't let him. Women however would felt joyful because a woman is keeping a man on a short string. As the scene continues, the fight escalates and Shakespeare introduces Prince Escalus to try and stop the violence. The Prince represents a figure of a strong person, which everybody should be scared of. Prince Escalus represent is responsible for everything that happens; he is like a boss or leader to everyone. He is protecting, and making sure everyone is safe when he is around. Shakespeare needs this character to be able to change the mood of the play. In the Elizabethan era everyone enjoyed the fight in the play, because it was difficult to see them on the street. Fights were improving everyone's humor, so Shakespeare had needed a character to stop the fight, and make the audience react differently. The audience could be very angry about stopping something that they had enjoyed. The upper classes may be happy because the violence has stopped, and is not giving anyone such a bad example. The groundling will be upset, because they are not used to see fight with upper class people. The prince speech used language to create a change of mood, `Purple foundations issuing my veins. In this quotation the Prince had used a metaphor, he is trying to compare our veins to foundations, because the blood would never stop going around our body. He is trying to tell everyone that, the anger should stay inside of us, like the blood in veins; Prince is also trying to say that the fight is unneeded. This gives us impression that the Prince is treating everyone equal, he never keeps anyone's side. This language contributes to making Act 1, Scene 1 a dramatic and effective opening, because Prince is changing the mood, he also shows everyone his opinion about fighting. The introduction of Romeo to the opening scene is interesting because we get to learn more about his character before he even appears on stage. From Benvolio and Lord Montague we learn that Romeo is fed up, sad and unhappy. This can make the audience feel curious or annoyed because the main character, start form being very negative about life, while he is rich and can get anything he want. Romeo's conversation with his cousin reveals a lot about his character and grabs the audience's attention. ` Why the, O brawling love, O loving hate` Romeo is talking about love difficulty, why does it have to be so painful. Romeo had used oxymoron's, `loving hate` those two words are opposite of each other, by using language like that he shows the audience that he is very confused about his life. The audience alternatively might think that Romeo is too young to know anything about love problems, and that he is not able to show his emotions. Normally 15 years old boy should have a positive character, and minds full of having fun. Shakespeare adds more elements of drama to the first scene, when Benvolio tells Romeo that he should have another look for good-looking girls. By giving liberty into thine eyes, examine other beauties. ` This could be exacting because Romeo could have an argument with him, about what love really is, and it not about only being beauty. Benvolio had sounded like, he never would understand love, and all he thinks about is girls' beauty, not what she has to offers, inside her. He is not trying to understand Romeo feeling, he is telling him, to try to find someone else, and forget about the other girl. In my conclusion, Act 1 Scene 1 is very exciting and dramatic, it makes the audience want to see more, it also explains the whole play action. Shakespeare successfully had used the first scene to introduce the themes of the play, love, argument, tragedy. Shakespeare also had good introducing of characters, such as Romeo and enemies, Shakespeare engages with a range of audience members, through language, action, humor and romance, for example females would be excited when they will be seeing romance, whereas males would be very excited watching fights. In my opinion the play is great for young people, because it explains how much love can be painful and the confusion about it, like Romeo had with Rosaline. The most dramatic and exciting scene was when Romeo was talking with Benvolio, about Rosaline. I thought that he might even kill himself, Benvolio was replaying in humor way, he really didn't understand what Romeo was saying, Romeo was very negative character, what made everything very dramatic, because nobody could think of what goes around 15 years old boy minds. He could think of death, or of ways to die. Form first scene you get the understanding, about the whole play, it tells you everything step by step.

Concealed weapons in michigan essays

Concealed weapons in michigan essays When applying for a license to carry a concealed firearm, in Michigan you must first submit an application containing two references, a letter from your employer, a set of finger prints, and it must all be notarized. The forms are then taken to the chief of police or township supervisor for their approval who will then forward the forms to the county clerk. Final approval must then be obtained from the Concealed Weapons Licensing Board, who directs the county clerk to determine if all requirements are met. Applicants must be at least 18 years of age, a United States citizen, a resident of Michigan for more than 6 months, have good reason to fear injury to his person or property or other proper reasons, be a suitable person to be so licensed, have no felony convictions within the past 8 years, and have never been adjudges insane unless subsequently restored by court order. The Concealed Weapons Licensing Board determines how long the license will be valid, no longer than 3 years. Most would assume that being a correction officer would be a good reason to fear injury. According to the Board, being a correction officer is not a valid reason. Day after day officers are threatened by people who will someday be free. Many would assume that some of those threats may actually be real, but again the board does not. If I was a corrections officer I would be affraid that I just might run into someone out on the streets someday and that they could hurt me. ...

Listing Standards of SME stock exchanges

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

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