Multicultural Literature Essay

During this semester in Prose class, I have learned many kind of short stories by writers of various background. I also learn how to analyze the text critically, especially about structuralism and culture studies. There are 8 short stories that I have discussed with the class and written in one-page journal response. First, A Short Happy Life of Conat by Mochtar Lubis , Rising Flood by Riem Eng, First Confession by Frank O’Connor, Wings by Catriona McKenzie, Ta-Na-E-Ka by Mary Whitebird, Indian Camp by Ernest Hemingway, Bali by Putu Setia, and Because My Father Always Said He Was the Only Indian Who Saw Jimi Hendrix Play â€Å"The Star-Spangled Banner at Woodstock by Sherman Alexie. Moreover I learned about what Prose is and Intrinsic element of literature, such plot, character, theme, point of view,setting, etc. Then I learn about structuralism in literature, such as binary opposition, the sequence of the event, unequal treatment of time, etc. On the other opportunities I also learn about symbolism, narration, multicultural literature and Indonesian multiculturalism. Because My Father Always Said He Was the Only Indian Who Saw Jimi Hendrix Play â€Å"The Star-Spangled† at Woodstock is a story that does not only focus on Indian people who are marginalized but it contains how the modern Indians life is. In this story, we could find some of multiculturalism. First, from the narrator,Victor’s point of view, he shows the mix culture between traditional Native−American values from his mother and the dependence to American influences from his father. There also some multiculturalisms about the difference treatment towards Indian fathers who leave their children compare to white fathers and how Indians family live such as the difference of Victor’s friend experience about how their parents making love and Victor’s parents who are Indians . In the beginning of the story, the mixture of the culture is shown by Victor’s father. â€Å"During the sixties, my father was the perfect hippie, since all the hippies were trying to be Indians.† There is an irony here that Victor’s father does not like the perfect hippie. He wear bell-bottom, flowered shirt and holds a riffle above his head that represented American, not the hippies. He use red peace symbols splashed across his face and there is a sign â€Å"MAKE LOVE NOT WAR† in his demonstration but he seems does not stand for peace. â€Å"The caption under the photograph read DEMONSTRATION GOES TO WAR FOR PEACE. The editor capitalized on my father’s Native America identity with other headline like ONE WARRIOR AGAINST WAR and PEACEFUL GATHERING TURN INTO NATIVE UPRISING†. Then his obsession with pop music America icon, Jimi hendrix, damage his family relationship and affects the values of his Indian culture. â€Å"Only the good die young,† to his mother replied, â€Å"No, only the crazy people choke to death on their own vomit.† So Victor’s father asked â€Å"Why you talking about my hero that way?† In this case, Victor saw their parents argue just because of different perception of the death of Jimi Hendrix. So indirectly Victor’s father obsession on Jimi Hendrix make him having arguments with his wife. In addition, on page 32 â€Å"A hundred years ago, an Indian marriage was broken easily. The woman or man just packed up all their possessions and left the tipi. There were no arguments, no discussion. Now, Indians fight their way to the end, holding onto the last good thing, because our whole lives have to do with survival.† It also indicates that by â€Å"fighting† stage, an Indian family problem now becomes clear since both wife and husband spill out their feeling and thought that might become the solution of the problem. On the other hand, Victor’s mother still involved with Native−American traditions, such as her dancing. As soon as her husband does not need her when he was sick in a hospital, â€Å"she went back to the life she had created. She traveled to powwows, started to dance again.†. In this case I could see that Victor’s mother as a woman have to make hard decision. Even though she still loves him, she can not follow the lifestyle of the man. Culture will always influence the characteristic of the society. Victor’s father’s dependence on music, alcohol, and other American influence separates him from his wife and son. In addition, when his marriage get worse, Victor’s father does not follow tradition that inspires the Indians about survival or the importance of family . It bring the multicultural further that is about the difference treatment towards Indian fathers who leave their children compare to white fathers. â€Å"On a reservation, Indian men who abandon their children are treated worse than white fathers who do the same thing. It’s because white men have been doing that forever and Indian men just leraned how.† In this matter, we could see that white people who indicate as more individual people, give influence Native-American to leave the children. There is also multiculturalism about how Indians family live such as the difference of Victor’s white friend experience about how their parents making love and Victor’s parents who are Indians. â€Å"Some night I lay awake and listened to my parents’ lovemaking. I know white people keep it quite, pretend they don’t ever make love. My white friends tll me thay can’t even imagine their own parents getting it on.† I think in this occasion, it would be positif knowledge for Indian’s children that their parents still love each other although sometimes they have fight. For the conclusion, we could see that multiculturalism can be the mixture culture between one culture to another. It could give positif affect or even negatif affect. Especially when we look at Victor’s father, the influence of acceptance of white American pop culture with Jimi Hendrix ironically contributes to his family breakup. However, for Victor, an Indian boy these sound of American pop culture (not always Jimi Hendrix but also Roberst Johnson) offer the hope that maybe someday his father will return home. These sounds are an inspiration for this Indian boy to go on. â€Å"Until the sun rose so bright that I knew it was time to go back inside to my mother †. So he knew when the sun comes up and shines brightly.

Philosophy Reflection Essay

This was my first major introduction into the study of philosophy, and I can honestly say that it has had a major impact on my belief system. Many of my views have been changed and my overall view on life is much different than it was five months ago. To me, the two most interesting works were the Tao and The Mind’s I. The Tao describes a really interesting way of life. Of all the philosophies we’ve read, it is the simplest and most beautiful. Instead of scanning for hidden meanings and analyzing all parts of life, Laozi just tells us to live life. Do no more than you have to do, but do everything you have to do. He tells us not to worry about death and just live life. I honestly think very simple and peaceful way of living can bring us much more happiness than we have now in our current society. However, the only way it can be implemented is if everyone follows the Tao, and that is nearly impossible in our current society. We should honestly try to live simpler lives and see the beauty of everyday things. The other work that really impacted me was The Mind’s I. I’m not sure if it qualifies as a single work, but there were several important themes that really interested me and changed some of my views. The section that really interested me the most was the section describing intelligent machines and animals, and their relationship to humans. I had always considered humans superior to animals due to their intelligence and ability to communicate. I never thought too much about the idea of intelligent animals and even machines and their relationship to humans. An intelligent machine or animal that can communicate definitely would be on the same evolutionary level as humans, and thus there could be no way to justify creating an intelligent robotic servant or helper without harkening back to the ideology that prompted slavery. Also, destruction of this machine or animal would be equivalent to murder. However, I still so no moral objection to creating an intelligent robot, as long as we give it its own freedom, just as we would to one of our children. Its may be considered playing God, but if we are his greatest creations, we should have the right to test our limits. Only through a recreation of consciousness done and understood by us can we begin to understand our own consciousness as well as ourselves. I had never really thought about technology in this way and never seriously questioned the origin of my consciousness, so the Mind’s I really forced me to think about life in a different way. Throughout the term, I not only changed and reconsidered many of my views; I discovered things that I subconsciously believed without really thinking about it. My beliefs not only changed, I discovered beliefs that I never knew I had. Some of these views surfaced when reading certain works like The Mysterious Stranger and Nietzsche. Although these two works didn’t change my deep-set views that much, it was interesting to see my instinctual beliefs get challenged. I discovered I was a pretty moderate thinker, but these readings caused many of my views on life to change. However, I still disagreed with many of the views expressed in class discussions with certain works, like the Tao. But then I realized that the Tao is designed to have different meanings to everyone who reads it so they could find their own way of life and thus doesn’t lend itself well to class discussions. I saw that the way philosophy has evolved over the years mirrors the way society has changed throughout history. The older philosophies that we’ve read, like the Tao and Plato’ work, seem to try to tell us how to live our lives to get the most happiness and satisfaction out of it, and how to find the way or see the light. The more modern philosophies seem to disregard the idea of a true path and tell us how to live in the best way, but they don’t guarantee happiness from it. The most interesting pieces for me were a mix of the modern and older philosophies, like Nietzsche and Socrates’ Apology (I guess because he lived in a ancient but modern society). Even though they were completely different and I completely disagreed with one of them, they were much more compelling to me. One important thing that I learned is that I hate reading about something that I agree on, I dislike having my views â€Å"proven†? by another writer and rather read new ideas and opinions. From all the texts read and discussions we’ve had this year, it’s hard to highlight just three things that I learned. One of the most stimulating texts to me was The Circular Ruins. Especially when read right after Is God a Taoist, this simple story made me reconsider all my beliefs on existence and God. Just like the main character was, we are kept in the dark about our condition, where we came from and how we exist. We claim an all-mighty God as our creator, and call ourselves superior beings in his image. However, whose to say that we are not just insignificant nothings, created by another being of no importance. Would that make us less real and important? From this story I learned to stop attaching importance and purpose to everything I do. Maybe there is a reason we don’t know where we come from; perhaps we don’t want to know. Another important lesson came from Reservation Blues. The main characters all had to deal with finding a cultural identity while trying to escape the trap of the white man. The only ones who made it out were the ones who had a strong cultural identity. They knew themselves and identified with their past before they attempted to escape the reservation. Victor and Junior either tried to ignore their past or couldn’t come to terms with their heritage. They tried to escape before they were ready, and couldn’t cope with the failure. The book’s point, despite the suicide and Victor’s destruction, was amazingly positive, it showed that if you come to terms with your past and yourself you can overcome any obstacle set against you, but you must have this understanding or you will destroy yourself. From The Razor’s Edge I learned a lot about the purpose of life from each of the vastly different characters. At first, it seems like the point of the story is that there is a difference between what we want and what makes us happy and fulfilled. Suzanne, Gray and Elliot all got what they wanted yet all seem to live unhappy, unfulfilled lives. Further inspection showed that they all are living the life that they fully wanted and expected to live, and they are perfectly content. Isabel wanted both Larry and high society type of life, and thus is disappointed with her life because she couldn’t have both. Larry didn’t know what he wanted out of life, so he took basically a timeout from the real world, went into seclusion and discovered what he wanted out of life. Now he, knowing full well what he wants, is the most satisfied of all the characters. The lesson to be learned is that happiness is completely relative, and thus you cannot call anyone a failure unless he considers himself one. Also, it’s all right to take some time out of the real world and relax, take a step back and see what you really want to do next. In the end, this class really has changed my views on the best kind of life. I still believe that you need to live the type of life that will make you the happiest and most satisfied, but I don’t think that most people know what type of life that is. If you don’t have a passion, don’t force yourself into any profession. Explore the world and find something that really interests you otherwise you will get forced into a miserable life that you hate. If you have a passion, you have to follow it. You have to come in terms with who you are; understand and remember your past and childhood. We have to examine our lives to discover what we really want, then try to find it. We must simplify our actions, and we have to stop overanalyzing other’s actions and words. We have to lose our ego and sense of shame, and stop caring what people think of you. This is the simplest way to live and live happily, without having to adjust your actions to fit what other people expect from you. We have to stop fearing death and keep on living life in the happiest possible way. This will be the happiest, simplest and best life for everyone.

Department for culture Essay

In the United Kingdom sport is provided throughout many different ways and is funded through government Lottery and private sources. Maria Miller who works through a DCMS select committee will. There are National governing bodies and another type of organisation called â€Å"QUANGOS†. According to BBC (2010) a quango is an organisation that is funded by taxpayers, but not controlled directly by central government. These are run away from the government In order to give a service to the public. This will be across a range of sports and can range from providing funding for teams to building new facilities in the area. Sports England is the organisation that will be written about in this assignment. According to (Sewell 1999:151) â€Å"many SDO’s and deliverers of sport development programmes more prosaically have identified a lack of funding as the major obstacle to achieving equality of opportunity† this view on sport in England has drastically changed. Sports England is in control of the direction that sport is going in England they have the support from the government. â€Å"Local authorities are the single biggest supporter of community sport and currently investing over ? 1bn every year through sport development activities, facilities and supporting local sporting clubs† (Sports England 2012) this shows how Sports England have the financial power in order to make change and back there projects to become successful and bring out result in participation levels. Sport England look to provide opportunity’s through them now recognising over 100 Sporting Organisations. Which consist of Archery GB, UK Athletics, British Cycling, The Football Association and England Netball . They provide support and funding to them in order to deliver sports to their audience. Through backing sporting organisations Sport England believe they will be â€Å"Improving health and community safety, increasing skills, employment and economic growth, and providing new opportunities for children and young people† (Sports England 2012) this aim of Sport England can be achieve from them building facilities in their area and making sure the clubs are provided with a solid financial backing. Sport England focus on increasing sports participation â€Å"Every one of the 4,000 secondary schools in England will be offered a community sport club on its site† (Sport England 2012) through them doing this will be able to have children involved in sport at an early age â€Å"Creating a sporting habit for life† (Sports England 2012) if Sports England can achieve their goal of creating all the facility’s. Then making them available to the schools they will help increase a young nations view on fitness and provide the schools with a chance to help promote this. â€Å"Young People continue to appear to have strong beliefs in the value of activity† (Sports England 2005, Sport in the UK pg. 11) this statement from Sport England provides what they want to achieve. This will be achieved through sports England’s funding to be drafted â€Å"We will invest over ? 450 million in work with national governing bodies of sport (NGBs). Young people (14-25 years old) will benefit from 60% of this investment. † This means that sports England will be investing ? 270 into keeping this age group involved in sports so they don’t stop participating. Sports England use a playground to podium scheme where they use their partners to run there schemes. â€Å"it comes following a consultation of landscaping partners Youth Sport Trust, Paralympics GB , UK Sport and a review of existing programs and initiatives. Athletics, Boccia, Football, Swimming, Table tennis, Wheelchair and basketball† Sport England (2012) these are the sports that Sport England will let other authority’s take Control of their sport and aim towards the goals set by Sport England and will have to aim to achieving them in order to receive funding at later dates. Quangos Definition http://www. bbc. co. uk/news/uk-politics-11405840 [07-12-12] Sports England http://www. sportengland. org/about_us/what_we_do. aspx [07-12-12] http://www. sportengland. org/support__advice/local_government/in_it_for_the_long_run/challenges_and_opportunities. aspx [07-12-12] Leona Trimble, L. etal (2010). Sport in the uk . Great Britain: learning matters ltd. 23. Sport England http://www. sportengland. org/about_us/what_we_do. aspx [07-12-12] Sewell (1999) Sports Development policy, process and practice http://www. sportengland. org/support__advice/playground_to_podium. aspx [ 13-12-12].

International Business Project Essay Example | Topics and Well Written Essays - 1750 words

International Business Project - Essay Example Recommendations are given at the end on the viability of the business opportunity. As this project is on identification of a business opportunity for an American consumer product in a foreign country, it will analyze this opportunity for an American burger chain, The Counter, for its custom-made burgers for the leading emerging market country, India. It will discuss the viability of introducing a yet another burger type, distinct with its unlimited variation range. The Counter’s custom-made burgers are a unique concept in the fast-food chains of burgers because their combination range offered to consumers is quite vast – more than 312,000 – to appease to customers’ taste-buds with their endless range of combinations. The concept is very challenging. The idea itself is innovative in the sense that The Counter dares to give a tryst to new delicacies by experimenting. Their menu offers Build Your Own Burgerâ„ ¢ Sheet, with various Market Selection and Signature Burger/Bowl alternatives in their restaurants (The Counter, 2015). Currently, The Counter is operating from North America, Ireland, and Saudi Arabia, offering various reward points to the member customers on their purchases. Considering the appreciative remarks by the GQ magazine, as â€Å"one of the 20 Hamburgers to eat before you die† and â€Å"Best Burger† on OPRAH ®, The Counter is expanding its outlet numbers all across the U.S. It is the right time that expansion happens further in foreign locations as well of this fast food and quick service restaurant chain (The Counter, 2015). Indian food market although boasts of consumers’ localized tastes but people have a liking for trying brands, and love to taste a range of products at various costs irrespective of the fact they can afford it or not. Most of such people belong to middle class. Incidentally, Indians spend nearly 40 percent of their average household income on food and transportation, while

Leadership in Healthcare Essay Example | Topics and Well Written Essays - 3000 words

Leadership in Healthcare - Essay Example By applying this method to my beliefs and values, and leadership experience in various situations both in working and social environments I have concluded that I exhibit mostly the Adair’s Action-Centred leadership (Adair, 1988), Situational leadership (Hersey, Blanchard and Johnson, 1966), and Charismatic leadership (Bass, 1990). The Action Centered leadership model (Adair, 1988) is based on three overlapping circles: task, individual and group. Thus, the leader, applying this approach is enabled to make the task to be performed and goals to be achieved through fostering the work group and being attentive and reactive to the individual’s needs (Remme, Jones, Heiden, and Bono, 2008). Situational leadership style, developed by Paul and Ken Blanchard (1966) implies that leader’s behavior depends mainly on the readiness of the followers to perform certain task or achieve a goal (McShane and Glinow, 2000). While this leadership style is different from the previous one, I do apply both in my working and social environment. The third leadership style that I have discovered through my behavior is the Charismatic leadership. According to Bass (1990), charismatic leaders exude confidence, inspiration, a sense of purpose, and dominance (Chizoba, 2010). These features can be often observed in my behavior when I am excited about my future plans. While working as a Senior Support Worker I was responsible for providing direct supervision to support staff. Once I was given a task to conduct a marketing research survey on the preferences and needs of current and newly referred individuals. In our research study we had to analyze whether all the needs were satisfied and whether people got enough support. For performing this task I decided to form a group of 5 people in order to conduct a primary research on a given topic. The next day I have circulated by e-mail

Zend is IGN Entertainments Next Generation Platform Essay

Zend is IGN Entertainments Next Generation Platform - Essay Example From this discussion it is clear that it operated with Right Media’s optimization technology predicting where the ads will work best. The Exchange afforded buyers and sellers the opportunity to trade digital media on a common platform in a transparent setting. Because so many buyers and sellers come to view the digital products and transact openly, sellers are able to obtain the best price and buyers are able to gain the best value for their money on each transaction, because of the open auction process. Two years after its initial opening, the Exchange has grown tremendously to the point that it serviced a network of 19,000 advertisers and publishers transacting some 4 to 5 billion ads per day, and processing as much as 100,000 requests per second. This study highlights that the company needed to upgrade its service with a convenient and secure application that will interact with the exchange in post the ads, create the inventory, post bid and ask prices and contract the sale via auction, monitor and document the results, and otherwise assist in all the workings of the exchange. The initial foray of Right Media was to provide a Windows-based desktop application which, however, was unsuccessful in carrying out the desired tasks due to difficulty of maintenance, support issues, and frequent updating which customers resented. The firm therefore set out to find a rich web application that customers may use regardless of which platform they were standardized on, and which allowed for frequent updating without too much disruption. PHP 5 was not new to Right Media; in fact, it had initially employed it in its operations as early as 2004 during the creation of the web application as it had already been the standard in the industry. There were several reasons for this choice.  

How has minimally invasive robotic surgery affected patient care Term Paper

How has minimally invasive robotic surgery affected patient care - Term Paper Example The instruments that the system is made of rotate within the body as it would in the case of the surgeon’s hands allows the surgeon to gain the surgical access. This because of the small size that is approximately one to inches making what would be otherwise impossible for the traditional surgeon possible. The system was mainly designed for the removal of prostate but has in its lasts model been used in bladder and kidney diseases, otolaryngology, abdominal and gynecology. The system is also applied in thoracic, pediatric and cardiac surgery. A long incision is made by the surgeon in the case of the traditional open surgery. This means that the surgeon requires more access to the patient’s anatomy that is actually required to perform an operation at a particular site. This is not the case with the advanced robotic surgery. Rigid manual instruments are the ones used in the case of the traditional minimally invasive surgery (laparoscopic surgery). These instruments pass through small incisions. The patient’s anatomy is observed through s video monitor that is standardized. On the other hand the robotic system does all the operations using a computerized system that require minimal and at some point on human control. The surgeon’s mechanical movement that allows for the 3D vision millimetric precision is done by the Da Vinci Si full HD robotic system. This makes sure that there is even a single hand trembling making it very helpful to the surgeon especially in those operations where precision in critical and makes a lot of difference. In the case of the traditional surgery trembling is common. Based on the above study, it can be concluded the invention of the da Vinci HD surgical system has been a major breakthrough in the field of surgery. Many lives have been saved through this advanced robotic surgery system with surgeons and patients benefiting in equal measures. There

Judiciary Essay Example | Topics and Well Written Essays - 500 words

Judiciary - Essay Example Judicial restraint is the antonym of judicial activism (Ringhand & Collins, 2010). The discussion between judiciary restraint and judicial activism started in the early days of the United States of America and has proceeded to the present. A number of renowned Supreme Court justices such as John Marshall have supported the judicial activism view, the belief that it’s the role of the judges to chart new constitutional grounds as well as make bold policy decisions. Supporters of legal activists are to judicial restraint that supports that the judiciary should leave the policy formulation and decisions making process to the executive and legislative branches (Ringhand & Collins, 2010). For decades, Republican Party leaders have decried judicial activism and championed for judicial restraint. Republican politicians have associated judicial restraint with a commitment to judicial deference, stating that judges who support judicial activism disrespect the will of many people. The debate has continued to warrant close inspection as a result of the deployment of judicial activism by Republic politicians during the Supreme Court confirmation of Judge Sonia Sotomayor as well as in the 2008 presidential elections. The senators were utterly aghast that Sonia’s experience and background might affect her decisions and that she may be an activist. The Sotomayors emphasized that justices make no laws and policies but merely apply those laws that are in existence (Davis, 2009). It is uncontroversial to indicate that only chief Justice Scalia and Justice Roberts Alito and Thomas belong to the number of judges who are in the political circles of Republican. Justice Alito a nd Roberts were nominated by Bush and were considered Republican favorites. The two were however not democrat’s favorites, and President Obama was not ready to vote

Advanced Managerial Accounting - Creat Scorecard Essay

Advanced Managerial Accounting - Creat Scorecard - Essay Example The co-operation leads into an increase in the overall performance of the university. The university must indulge in innovative and inventive processes in order to utilize the available opportunities for improvement. For instance the application of technology in the student management and the learning process is a noble move. The technological application in learning is laudable and it boosts the innovation within the institution. The learning and growth entails the process through which change is adopted in the institution. The change takes the form of new policies, strategies and regulations in the institution. It takes time for the change to be understood and adopted by the institution stakeholders. The balance scorecard tailors all the business activities to organizational vision and mission through a management system. The system enhances the improvement of the internal system of an organization. Additionally, the framework monitors the organizational performance regarding the goals and objectives of the firm. The non-financial variables are also part of the performance framework to create a balanced view of the affairs of an organization (Makhijani and  Creelman, 2011). The inclusion of the financial and the non-financial aspects of an organization create a balance on the general view of an entity. Teaching technology should be applied in the process of learning. The university has mane plans on the purchase of sufficient iPods for learning. The university also utilizes student information system, which helps in the management of the student services ensures that the customization of the services and products offered to the students. He provision attracts many students, which leads to a high number of enrollments per year. Different students in the University of UAE need different levels of comfort. For that reason, application of technology in learning promotes diversity and accommodativeness. Teaching helps in the

Colton Jones Inc. Essay Example for Free

Colton Jones Inc. Essay Marion Jones was once the sole shareholder and president of Chempla, Inc.; in 20X1 she sold her stock to Westcoat Industries. She signed an agreement to be a consultant for five years. After being unable to make a profit Westcoat decided to sell their interest in Chempla, but were unable to find a buyer. Westcoat offered Chempla back to Marion Jones and an agreement was reached on September 1, 20X4. Included in the agreement Marion would be majority shareholder of the newly formed corporation. A purchase price was set for the net assets and market values of accounts receivable, inventories, property, plant, and equipment, and accounts payable were obtained. Marion Jones with other investors was able to finance the acquisition of Chemplas net assets. Colton Jones, Inca doped LIFO basis of accounting. Under the U.S. GAAP Codification of Accounting Standards, Codification Topic 805: Business Combinations; Colton Jones accounted for the acquisition of Chempla as they should have. The acquisition method was used as it should have been, one entity was identified as the acquirer, an acquisition date was stated, and the recognition and measurement principals are present. All parts of the acquisition that needed to take place were present in the case.1 1 GAAP Codification of Accounting Standards, Codification Topic 805: Business Combinations Prestone, Riles, Nye Associates Prestone, Riles, Nye (PRN) is a marketing communications company with offices throughout the US and a subsidiary in the United Kingdom and they want to expand into Eastern Europe. In their efforts to do so PRN entered an agreement to acquire outstanding stock of Broadwick Communications, Inc., a firm with contacts in Europe. Brodwick has three shareholders owning 25% each and eight owning the remaining 25%. PRN is responsible to pay $14 million to Broadwick shareholders and form a new entity, BPRN International, Inc. BPRN will conduct the activities of Broadwick and will have two classes of stock, Common A, voting and Common B, nonvoting stock. Income distributions or losses will be shared with the ownership of Common B shares. BPRN will issue 48 percent of its voting stock to PRN and 52  percent to the former Broadwick shareholders. PRN plans to use the equity method to account for and report its investment BPRN. PRN’s decision to use the equity method is supported by APB 18: The Equity Method of Accounting for Investments in Common Stock, which states, â€Å"that the equity method of accounting for an investment in common stock should also be followed by an investor whose investment in voting stock gives it the ability to exercise significant influence over operating and financial policies of an investee even though the investor holds 50 percent or less of the voting stock†¦ an investment (direct or indirect) of 20 percent or more of the voting stock of an investee should lead to a presumption that in the absence of evidence to the contrary an investor has the ability to exercise significant influence over an investee.†1 PRN’s investment in BPRN meets these criteria. The reason for using the equity method is to accurately report PRN’s share of net income from BPRN and for PRN’s investment account to reflect its share of BPRN’s net assets. We agree with PRN’s decision to account for and report its investment in BPRN using the equity method since it meets the requirements of GAAP as stated above. PRN also plans to acquire a majority of the voting stock in BPRN, at which time it will become a subsidiary of PRN. Since the basic accounting procedures for applying the equity method are the same in each case PRN will be able to continue using the equity method if and when it acquires a majority of the voting stock and is required to prepare consolidated financial statements 1 APB Opinion No. 18, paragraph 17. Stanomat, Inc. Stanomat, Inc. plans to acquire the outstanding common stock of Kesser Instruments and make it a subsidiary. An agreement is made that allows Stanomat to acquire 55 percent in two months and will purchase additional shares and outstanding shares will be purchased over a four year period. Stanomat will issue a note to Kesser payable over four years for $20 million with interest 1.5 percent above prime. During the period of the note Stanomat will acquire unissued shares of Kesser and upon complete payment of the note Stanomat will own 100 percent of the subsidiary. At 55 percent of ownership, Stanomat will record its investment at 100 percent ownership. We do not believe it is appropriate for Stanomat to record its investment in Kesser based on the 100 percent ownership that it has committed to purchase. Stanomat will use the equity method to account for its investment in Kesser and prepare consolidated financial statements since it owns more than 50 percent of the company. However, in order to accurately reflect its share of Kesser’s assets and income, it should only record and report the portion that it is entitled to. FASB Statement 141R â€Å"requires an acquirer to recognize the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date.†1 Therefore Stanomat must recognize the noncontrolling interest held by Kesser until such time as it has acquired 100 percent ownership. In business combinations contingent shares are shares that will only be issued under certain circumstances or when certain conditions are met. A predetermined set of events must occur before the shares would be issued to investors. In this case, shares of Kesser stock will only be issued to Stanomat when a payment has been made. Deferred payment shares are issued to the investors in advance of payment. If the Kesser had issued its shares to Stanomat in advance of payment, Stanomat would be able to report and record the investment based on the 100 percent of shares it had received. If Stanomat records the investment in Kesser at the 55 percent level it would not be appropriate or practical to treat the purchase as a step acquisition. Step acquisition is only necessary when the investor owns a noncontrolling interest in the investee and then acquires additional interest giving it significant influence. â€Å"In a business combination achieved in stages, the acquirer shall remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings.†2 Stanomat will acquire a controlling interest in Kesser in the first transfer of stock. Therefore it will be using the equity method to record the investment. Upon acquiring additional shares there will be no need to adjust its investment accounts. 1 FASB Statement 141R summary 2 FASB Statement 141R paragraph 48 Falco Industries, Inc. Falco, a supplier of automotive parts, sells its parts to aftermarket segments of the auto industry, including the manufacturer, rebuilder, warehouse distributor, mass merchandiser, and specialist. Falco acquired 10 percent voting common stock in an automotive store, Tidy Automotive, and in the same year acquired an additional 12 percent. Falco has a June 30 fiscal year and Tidy has a year end of October 31st. At year-end Falco Industries wanted to use the equity method to account for the investment in Tidy Automotive Stores. The market value of the investment in common stock on June 30th was 6 percent less that its acquisition cost. During the year Falco acquired a total of 22 percent of outstanding common stock in Tidy, which gives Falco between 20 and 50 percent of outstanding common stock, and therefore Falco’s interest in Tidy is significant. To account for this type of investment, Falco would need to use the equity method. The interest in Tidy would not be significant if Falco had acquired less that 20 percent, in this case Falco would need to use the cost method to account for the investment. If Falco had acquired more than 50 percent they would have to issue consolidated financial statements.

Educational needs of immigrant and refugee students

Educational needs of immigrant and refugee students This literary review examines what educators are doing to assist the influx of foreign students, what tools they use in class, and how these students perceive treatment by other students in class. In this article, I include examinations from a series of articles that relate to the topic I chose in class, which are the educational needs of immigrants and refugee students. In order to understand what these needs are, I selected articles that address the needs of immigrant and refugee students, and focused on what teachers develop in their classroom to facilitate those needs. This literary review also addresses the effectiveness of dual language programs for immigrant/refugee students, and how educators can reach these students effectively utilizing the dual language model. Educational needs of immigrant and refugee students: Are teachers meeting the needs of these students? An immigrant leaves his homeland to find greener grass. A refugee leaves his homeland because the grass is burning under his feet- Barbara Law Teachers in classrooms today face an ever-changing, more difficult challenge than those who taught in previous generations. The culture of students in class changes every year, making it complicated for educators to reach the unfamiliar ground effectively. As an educational society, we have not seen the demographics of students change more since the influx of immigrants in the early 1900s. During the past 20 years, the amount of foreign speaking students in a typical public school has doubled, if not tripled in size (Goldenberg, 2008). According to Kugler, E. G. (2009), the population of immigrant children in the classroom stands at 10.8 million students. With that said, the question remains as to how teachers reach the new immigrant and refugee students. This literature review addresses the needs of the changing environment in which teachers and students cohabitate together on a daily basis, how teachers reach students with language barriers, and complications that both parties face daily. What is the difference between a refugee and an immigrant? In order to understand the basis for this article, one must first understand the concept of refugee and immigrant. According to Colorà ­n Colorado (2008), refugees are individuals who fled their lands in fear of persecution due to personal, religious or political beliefs, in search of a safe haven. Immigrants are people that migrant to a different country in search of a more suitable job opportunity, living situation, or a desire to move closer to extended family. The major difference in a refugee and an immigrant is that refugees leave their country in a hurry, whereas the immigrant plans the move ahead of time. According to Title III of the No Child Left Behind Act of 2001, educators define immigrant students as such, individuals who are aged 3 through 21; were not born in any state; and have not been attending one or more schools in any one or more states for more than 3 full academic years (SDCOE, 2010). What parts of the world are immigrants and refugees coming from? This question poses large relevance to the manner in which teachers address the needs of students arriving from different countries. The needs of these students vary by country and status of which they enter the U.S. During the 1980s, there were a vast number of refugees entering the United States from Latin American countries, some arrived from Asia, and a handful came from the Caribbean islands. Statistics shows that over 85% over refugees arriving from this decade were from Latin American countries (Jensen Chitose, 1994). During the 1990s, the arrival of refugees came primarily from countries involved in conflicts such as Bosnia, Afghanistan, Iraq, Somalia, and Sudan (McBrien, 2005). In 2003, the approved refugee applications came from similar countries to United states during the 1990s influx, Bosnia (3,874), Afghanistan (1,635), Sudan (1,054), while the majority of applicants received were from the country of Somalia (24,458) (McBrien, 2005). What are the needs of immigrant and refugee students? Students who arrive from other countries requesting educational services from American teachers have many educational needs. This need varies by culture, and depends upon the services each student received in his/her home country. Many students from other countries have difficulty in reading abilities. This problem worsens when trying to grasp reading concepts in the English language. In researching this, Goldenberg states that students who learn to read in his/her first language are far more effective in grasping English language reading concepts, than those who have no reading ability at all. Teachers must use sensitivity when attempting to help foreign students in their reading ability, as these students will be discouraged if they are corrected too often, or too soon when learning English. Educators must approach instruction of reading concepts to foreign students with caution, and allow for extra time when completing assignments (Goldenberg, 2008). One critical need that refugee students have when he/she arrives here in the United States is mental health care. These refugee students bring emotional baggage to the classroom, and many teachers and counselors do not have the resources available to assist these students as the language spoken creates a barrier. Post-traumatic stress disorder is a common problem found in refugee students, and affects the students performance in school (Kugler, E.G, 2009). Due to the residency status of these students, many are unable to receive treatment for this disorder, or are afraid to divulge personal information to others, as he/she fears deportation back to the home country (Kugler, E.G, 2009). Not only is there a mental health care need within refugee students, but also a need for basic resources available to each family. When arriving here in the United States, students often have difficulty finding a school close to where the family is staying. Once the student finds a school close to home, the next hurdle is the school accepting the documentation on each learner. There are no pamphlets or handouts given to families when arriving in the States, and many do not have any personal contacts each family can rely on for assistance with education placement. Immigrant students that arrive in the U.S often acquire the English language quicker than their adult parents do. This causes the student to take on the responsibility of an adult, where he/she is often in charge of helping negotiate finances, health decisions, and family affairs (Kugler Price, 2009). The needs of immigrant and refugee students are a very multifaceted situation, that teachers cannot handle simply utilizing the ELL classroom resources. These students need to build their knowledge in core content areas also. Educators and administrators must not shelter these students from mainstream classroom culture, as it will hinder their ability to acculturate into English culture. The more exposure these students receive in English on a day-to day basis, the quicker they acquire these skills (Goldenberg, 2008). There is another need that immigrant and refugee students have when arriving in the U.S. These students understand the role they possess in his/her home culture, yet when arriving in the classroom, there is much confusion as to how these students fit in our society. The parents of immigrant/refugee students may not have the adequate time to ensure that the student knows how to act in the new culture, which leads to confusion and unease for the student. The teacher plays a large role in assisting with finding resources to help familiarize each immigrant/refugee student in understanding classroom roles for students. Some immigrant/refugee students who travel to United States for various reasons have specific needs when they appear in the classroom. One such group that researchers continue to study is the Hmong-American students that intermix with the mainstream English speaking population. These students have increased in numbers at an exponential rate since 1975, when they first started arriving from their home country of Laos (Vang, 2005). California has a large number of these students in their school system, tallying about 36,000 Hmong students, with about 85% of these having limited English proficiency (Vang, 2005). In order for these students to show success in the school system, educators and administrators must first address needs for the Hmong population. The need for these students is assistance from translator or teacher that speaks the Hmong language. Hmong students initially received placement in ESL classrooms, as administrators felt teachers might effectively reach them. Administrative staff placed Hmong students in these classes under the assumption that these students do not excel, and with no desire to further their education in college (Vang, 2005). Administrators also felt that these students, although not entering college, needed skills to survive in the workplace. Hmong students received placement in classes that geared the students toward workplace success, with the goal of minimum graduation requirements fulfilled. For administrators and educators in these situations, it is vital that they refrain from grouping students in certain classes, based upon the perceived ability each student possesses. These students must receive objective placement in classes that addresses the Hmong population need. How do teachers effectively address each of these needs? In developing strategies that teachers use to help immigrant and refugee students adapt to the new classroom culture, the first thing a teacher must incorporate is effective management skills. Teachers must re-invent styles of teaching in order to reach each foreign-born student, and understand each students cultural background. It is important for teachers to develop activities that encourage students to learn not only in his/her native language, yet also build on what they already understand (Curran, Mary Elizabeth, 2003). In a research article found, analysts report that utilizing a dual-language program is helpful for immigrant and refugee students (Goldenberg, 2008). This concept involves students using their home language in the morning to learn subject material, and then in the afternoon using English while learning different content areas (Goldenberg, 2008). This teaching concept is known as a dual language program in many states. Here in Nebraska, the dual language program provides opportunities for both English and foreign language learners. Where do teachers fail in reaching the needs of immigrant and refugee students? With the vast influx of immigrant and refugee students arriving in the classroom over the past two decades, the challenge to give these students proper education has proven difficult for many teachers in any grade level. There are several problems when attempting to reach the immigrant and refugee students. The first issue is that the immigration/refugee population is not getting any smaller, and research shows that the amount of incoming immigrants to the number of native English speakers in the classroom grows at a rate of 4:1(Walker, A., Shafer, J., Liams, M. 2004). A second issue in which teachers and administrators fail to reach immigrant and refugee students is only teaching English in school, which does not allow assistance in foreign languages in these classrooms. The English only push in schools enables legislation that denies use of any other language than English within the classroom setting (Shunpiking, 1996). This limits the learning environment for those who are limited English proficient, and does nothing to promote success of these students. There are currently sixteen states that have English only laws in schools, Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, Nebraska, North Carolina, North Dakota, South Carolina, Tennessee and Virginia (Shunpiking, 1996). There is one area in which educators and administrators fail in meeting the needs of immigrant/refugee students that often many in society do not consider. In some areas of the U.S, these students do not receive enrollment in charter schools, yet these schools are often closest to where the immigrant/refugee students live. New York is one of the cities that struggles to ensure immigrant/refugee students have a place in their charter schools. A study done in January of 2010 by United Federation of Teachers found that only four percent of ELL students receive enrollment in charter schools within the neighborhood these students live in. This is in contrast to the citywide average of 14 percent that enroll in charter schools. Charter schools receive on average about 10 percent less students of free/reduced lunches than those schools on the district level. How do teachers encourage refugee and immigrant students to succeed? Helping refugee and immigrant students succeed not only takes place in the classroom setting, but can assist refugee/immigrant students and their families outside the class also. Teachers can tap into community resources available to the school that will help each immigrant/refugee family feel welcome. According to Colorà ­n Colorado (2009), there are several things teachers can pursue to help students adapt within the new environment when arriving in the classroom. Below are the methods as listed on their website. The first is the teacher must educate him/herself about the new student. It is important to learn their culture, and from what country they originate. It is helpful for new students lowering their affective filter if the teacher allows each individual to share with the class their experiences. Below is a list by Colorà ­n Colorado (2009), of things teachers should utilize to help welcome new immigrant and refugee students in class: Learn as much as you can about refugee students cultures, and invite students to share their knowledge with their classmates. Develop a list of community resources such as food and clothing shelves, health care centers, and adult ESL classes. Have the information on hand to share at conferences or other family events. Consider what works best for the families if they live in a concentrated area with a community center you may want to hold the meetings in their neighborhood. Be sure to have bilingual support, food and childcare. Federal funds can be used to provide transportation as well. For older students who need to develop initial literacy skills, work with other staff to provide age-appropriate materials that allows the students to practice their developing skills, but doesnt require them to complete activities designed for young children (Colorà ­n Colorado, 2009). Are dual language programs effective for immigrant and refugee students? The effectiveness of a dual language program in a given school system relies upon the acquired skills teachers possess in the program, and the ability to successfully reach each student. In Texas, administrators tout this program with a mark of success in their school systems.

Creatine Supplementation Do The Benefits Outweigh The Risks Biology Essay

Creatine Supplementation Do The Benefits Outweigh The Risks Biology Essay Creatine is a nitrogen based organic compound that is naturally synthesised in the body by the kidney, liver and pancreas. Over the past 2 decades creatine, usually in the form of creatine monohydrate, has become one of the most popular ergogenic aids used by amateur and professional athletes alike. A 2001 study involving over 600 high school students completing who completed surveys regarding the use of creatine. Over 75% of students had knowledge of creatine and its uses, 16% of whom admitted to using creatine as an ergogenic aid to improve athletic performance (Tracy et al,2001). Creatine combines with a phosphate to form phosphocreatine which is a vital way in which cells are able to store energy in the form of adenosine triphosphate (ATP). This is via the reversible creatine kinase reaction, so called as it is catalysed by the enzyme creatine kinase (Sweeney, 1994). Creatine monohydrate supplements are most beneficial in short duration, high intensity exercises lasting less than 30 seconds. The phosphocreatine is broken down to its constituent elements and ATP is resynthesised allowing for improved muscular performance. Taking creatine as a sports supplement is beneficial because it increases the total amount of phosphocreatine stored in resting muscle cells allowing for greater ATP resynthesis in intense activities. As well as being a commonly used sports supplement creatine is a widely researched compound due to its potential benefits in various areas of medicine. Studies have suggested that creatine may provide neuroprotective benefits, often via a similar mechanism, by delaying the onset of motor symptoms and improving survival rates in conditions such as Huntingtons disease and Parkinsons disease (Wyss and Schulze, 2002). Creatine has also proven its benefits in other neuromuscular diseases where muscular dystrophy is common by improving strength of muscular contractions in key muscles used in everyday exercises such as walking and lifting (Kreider, 1 998) . Some research has led scientists to believe that creatine plays a role in atherosclerotic protection against cardiovascular based conditions (Wyss and Schulze, 2002). This might be caused by oral creatine supplementation decreasing levels of the amino acid homocysteine in the blood plasma. Homocysteine is a commonly known risk factor for atherosclerotic disease so this may be the reason creatine can offer atherosclerotic protection. There are risks associated with using creatine as a supplement which could be as minor as trouble with acne or muscular cramping to renal dysfunction or even failure. This is a controversial area with opinions often split on whether creatine does cause renal disorders as there are many studies done concluding opposing outcomes. Further research needs to be done into this area to fully assess the risk factor for using creatine as many of the studies have been relatively short term in their nature. What is creatine? Creatine is a nitrogen based organic compound that is most commonly associated with sports supplementation. It is believed to have been first identified by a French chemist named Michel Eugene Chevreul in 1835 (Hultman et al,1996). Chevreul was able to identify the presence of creatine in a meat extract. The compound is not generally regarded a protein but is made up of 3 amino acids and consists of 32% nitrogen (Poortmans and Francaux, 1999). The chemical structure of creatine can be seen in Figure 1. Figure 1 Chemical Structure of Creatine The figure shows the chemical structure of creatine. The molecular formula of creatine is C4H9N3O2. The amino acids found in creatine are arginine, glycine and methinione. Over the past twenty years creatine has become one of the most popular ergogenic aids taken in the world of sport . An ergogenic aid is defined as any means of enhancing energy utilisation, including energy production, control and efficiency (Silver,2001). It is now known that increasing the amount of dietary creatine available leads to an increase in total muscle creatine [TCr]. As well as this, there is also evidence that both total intramuscular creatine increases levels rise as well as levels of phosphocreatine [PCr] (Martini,2006). During intense exercise phosphocreatine is broken down to creatine and inorganic phosphate (combines with ADP to form ATP) which is the fastest source for the re-synthesis of ATP molecules during the first 10 seconds of high intensity exercise (Mougois,2006). As intense exercise continues and phosphocreatine stores become depleted, ATP is not resynthesised at the same rate and performance levels drop. This is where evidence suggests that creatine can help to increase performance by delaying the inevitable depletion of phosphocreatine stores. Creatine, as a sports supplement, has only been shown to be beneficial during such short duration exercises. These range from sprinting to power lifting so an array of athletes take advantage of the compound including sprinters, rugby players and weight lifters. Creatine is synthesised naturally in the body but only at a rate of 1 to 2 grams per day (McArdle, 2009). This takes place primarily in the liver, pancreas and kidneys. It is therefore im portant to eat foods rich in creatine as part of a healthy, balanced diet. Such foods include poultry and fish which contain around 5g of creatine per kg of food weight (McArdle, 2006). Approximately half of the creatine used by the body is replaced through the diet with the other half replaced via endogenous synthesis. Approximately 95% of stored creatine is found in skeletal muscle (Spillane et al,2009). As only meat foods contain creatine it is often difficult for vegetarians to obtain ample exogenous creatine via the diet. As a sports supplement, creatine is usually taken in the form of creatine monohydrate (CrH2O). Creatine monohydrate is taken in either capsule or powder form and, nowadays, is readily available online and in high street shops (Kreiber, 1998). When did creatine become popular? Creatine first came into the public eye after the 1992 Olympic Games in Barcelona. Linford Christie, who won the Gold medal in the 100m event, admitted to taking creatine monohydrate supplements during his training program. The International Olympic Committee does not consider creatine an illegal substance so athletes are free to take it. 30% of high school athletes admitted to using it with the figure for both professional and college athletes is higher still. In terms of nutritional supplementation net annual sales of creatine are nearly 500 million dollars in the USA alone (Metzl et al, 2001) making it the most popular ergogenic aid used legally. In 2004, a new form of creatine supplementation was introduced to the market called creatine ethyl ester. This is now a very commonly used form of the supplement. It is said to be beneficial due to increased absorption rates compared with standard creatine monohydrate. However, studies have also shown that there is no advantage to be gained from taking creatine ethyl ester (Figure 2) compared with regular creatine monohydrate supplements (Spillane et al,2009). The study focused on claims that using the revolutionary creatine ethyl ester increases the bio-availability of creatine allowing for greater gains in performace. Subjects were randomly assigned in a double blind fashion to either a creatine ethyl ester group, a creatine monohydrate group or a maltodextrose placebo group. During the investigation both the creatine monohydrate subjects and the creatine ethyl ester subjects observed improvements in both muscle strength and muscle power but there was little difference recorded between the two creatine based groups. The authors were able to conclude that despite claims, creatine ethyl ester provides no benefits, as a sports supplement, compared with creatine monohydrate (Spillane et al,2009) Figure 2 Creatine ethyl ester As can clearly be seen from the diagram the chemical structure of creatine ethyl ester is slightly different to that of creatine. The molecular formula is C6H13N3O2. How to take creatine? Creatine monohydrate is widely available and is usually found in powder or capsule form. Unlike many protein supplements creatine is not usually flavoured and is just mixed with water. When starting to take creatine as a supplement the athlete must first undergo the loading phase which usually lasts no more than a week. This is necessary to elevate intramuscular levels of creatine phosphate and involves taking 5 grams of creatine 4 times a day. Taking 20g a day elevates both free creatine and creatine phosphate levels by between 10 and 30% (McArdle,2009). The short term mass gains experienced by users of creatine are likely to be primarily caused by water retention. Users of creatine should limit their caffeine intake because it is now well known that caffeine counteracts the ergogenic benefits that the substance provides. In 1996 a Belgian study concluded caffeine has the ability to completely eliminate the ergogenic benefit of creatine supplementation (Vandenberghe et al, 1996). Th erefore it is vital that athletes who use creatine limit their caffeine intake to a minimum if not exclude caffeine containing drinks from their diet all together to prevent the impact of the supplement being inhibited. It has also been proven that caffeine intake prolongs muscle relaxation time, therefore opposing the action of the creatine which is able to shorten muscular relaxation time (Hespel,2002). Does creatine possess other benefits? As well as the much documented use of creatine as a sports supplement, the compound is the basis of intense, scientific research with regards to its possible benefits in other areas. Among these is the potential use of creatine to protect against both neurological and atherosclerotic disease. It is thought that creatine administration may be beneficial in treating chronic obstructive pulmonary disease by increasing muscle mass (Fuld et al, 2005). Creatine supplementation displayed neuroprotective effects in various animal models of both Huntingtons and Parkinsons disease (Wyss and Schulze, 2002) as well as in McArdles disease (Vorgerd et al,2000). Also in this paper, the authors looked into atherosclerotic protection which may be provided by creatine by lowering the concentration, in the blood, of the amino acid homocysteine. Homocysteine has previously been identified as an atherosclerotic risk factor. A 2002 study focused primarily on the effects creatine had on transgenic animal m odels of Huntingtons disease. Again, this study found creatine to be beneficial in that survival rates increased and delayed the development of motor symptoms associated with the condition (Andreassen et al, 2001). Much research has focused on the possibility of creatine supplementation increasing strength and power in neuromuscular disease patients who often suffer with muscular dystrophy (Tarnospolsky and Martin,1999) . Handgrip and body weight, as well as other measures, were taken and showed significant improvement after the course of supplementation. As well as the potential neuroprotective benefits of creatine, research has also taken place to find other advantages of the creatine compound. Sullivan et al, for example found that creatine can help provide protection against traumatic brain injury (Sullivan et al, 2001). However, this evidence was only gathered using transgenic mice models so further and more extensive studies need to be conducted. Animal models were used during the study and post chronic administration of creatine cortical damage to the mice was reduced by as much as 50%. The potential use of creatine as a form of treatment in Huntingdons disease is revolutionary and vitally important. This is because there is no current effective treatment for the condition so all forms of potential therapy must be explored. A study in 2000 looked into whether, by increasing phosphocreatine levels, creatine could be administered to Hutingdons disease sufferers. Although there has been little research into the matter, there is a possibility that creatine supplementation can influence bone biology (Candow and Chilibeck,2010). Resistance training alone has previously shown to be beneficial, especially to the elderly to help reduce bone loss which in turn decreases the likelihood of bone fractures. Long term creatine supplementation, possibly coupled with resistance training may be a future method in helping to maintain bone structure and reduce the risk of falls and injuries (Candow and Chilbeck,2010). As well as this the aging process is also responsible for sarcopenia which is essentially a reduction in muscle mass resulting in decreased muscle function and muscle weakness (Evans,1995) (Tarnopolsky and Safdar,2008). Creatine supplementation, combined with resistance training may be able to reduce muscle wastage and increase muscular hypertrophy (Dalbo et al,2009). This is believed to be due to the activation of satellite cells. These were first discovered in 1961 during microscopic studies of muscle fibre tissue (Mauro,1961). Since then much information has been obtained as to their function. Satellite cells are believed to function as progenitor cells to the myofibre nuclei which are involved in muscle cell growth (Campion,1984). Muscle fibres are not able to divide, so new muscle fibres are formed through the division of satellite cells. This contributes to the ability of skeletal muscle tissue to repair itself following an injury (Martini,2006). Are there any risks to taking creatine in the long term? Despite the various benefits I have described creatine does have its critics. Numerous studies have focused on the worrying link between its use and renal dysfunction or even complete renal failure. In particular a study by Pritchard and Kalra concluded that creatine had been the underlying factor which led to renal dysfunction in their subject (Pritchard and Kalra,1998) . This was thought to be due largely to the fact that creatine is degraded to creatinine prior to excretion in the urine. This led to further studies on the issue but there is still no definitive answer as to whether the use of creatine as a supplement contributes to renal dysfunction. Another study by Thorsteinsdottir et al in 2006 focused on the alarming case of a healthy 24 year old who was diagnosed with acute renal failure while taking several dietary supplements, including creatine monohydrate. For example, a paper by Poortmans and Francaux (1998) looked into the findings from the Pritchard paper by supplementi ng subjects for as long as 5 years. They found no link whatsoever between the use of creatine and impaired renal function. The same paper also found there to be no impact on blood pressure either. Despite this it is generally accepted that those suffering with renal disorders should refrain from the use of the supplement. While use of creatine as a supplement for a period up to 8 weeks has shown no detrimental health effects, further work must be done to investigate any long term health implications which may arise. Studies focusing on creatine supplementation in endurance athletes have sometimes found that taking the substance could actually inhibit performance. This is thought to be due to the weight gain sometimes attributed to the use of creatine (Balsom et al,1994). There have also been numerous links between creatine supplementation and increases in acne, especially among adolescent athletes which could be another factor in a performer choosing to avoid supplementation. Creati ne use has been linked with outbreaks of acne especially among adolescents. A study by Kaymak in 2008 concluded that between 15-20% of subjects treated had high blood plasma levels of creatine phosphokinase. A clinical report by Landau et al in 2001 also produced similar results with up to 51% of patients being treated with isotretinoin having elevated blood creatine kinase levels. As creatine use became more prominent links began to be forged that the person taking the supplement could be more prone to muscular cramping and spasms, particularly during exercise (Poortmans,2000). However, there is also evidence to the contrary. In 2001 a study was carried out using 26 athletes from various sports (Schilling et al, 2001) . Although the authors focused on the long term clinical markers of creatine use they were able to conclude that there was no increased risk of muscular cramping through use of the supplement. These findings were backed up in 2003 when a paper was published following a 3 year study using elite college athletes (Greenwood et al, 2003). The data was collected between 1998 and 2000 and the authors looked into whether creatine use had any affect over the rate of muscular cramping and injury. Their results showed no significant difference between the placebo group and the creatine taking group allowing them to conclude that creatine had no effect over cramping rate. Similiar conclusions were made in a study by Dalbo et al(2008). Although the majority of evidence gathered suggests that using creatine monohydrate as a nutritional supplement does lead to performance improvements in high intensity, short duration exercise there is some evidence to the contrary. A 1995 study concluded that there is no benefit to using creatine during short term, high intensity bicycle riding (Cooke et al,1995). There was no difference between the power output of the control group compared with the group who had taken the supplement. These findings are interesting due to the large amount of research which concluded that creatine supplementation was advantageous during this manner of exercise. Creatine and endurance events Most of the evidence gathered has suggested that creatine is only beneficial in short, power based activities and has no known advantages with regards to endurance events. This is partly thought to be due to the weight gain attributed to creatine supplementation due to water retention. However in 2004 a novel experiment was conducted which investigated the potential use of creatine to reduce inflammatory and muscle soreness markers during a 30km bicycle race (Santos et al,2004) . The markers the scientists measured were creatine kinase (CK), lacate dehydrogenase (LDH), prostaglandin E2 (PGE2) and tumor necrosis factor alpha. The subjects used were all experienced road runners whose personal best times for a marathon distance ranged from 2.5 to 3 hours. The subjects undertook the standard creatine loading phase, as well as a small dose of maltodextrin, in the fortnight leading up to the race. Maltodextrin is a commonly used food additive that is used in both the creatine subjects and the placebo subjects so there is no difference in the flavour of the compounds taken. Santos et al found that, in their subject s, the markers of muscle soreness were significantly higher in the control group (who took maltodextrine but not creatine) than in those who had taken creatine. This implies that although creatine has not yet to prove any performance benefits during endurance events it may be beneficial in reducing soreness and improving recovery post exercise by reducing cell damage (Santos, R et al, 2004). In this project I will look into the array of benefits creatine can provide as well as investigating its negative aspects. I then hope to conclude in what situations the benefits outweigh the potential risks as well as where the risk factor may be too high to warrant using the substance. Creatine as a sports supplement As I have already mentioned, it is now known that creatine monohydrate supplements work by increasing the total amount of phosphocreatine available to resting muscle cells. During intense exercise this is broken down to its constituent elements (Phosphate and creatine) and the energy released is used to drive the re-synthesis of ATP, the universal energy currency (Kreider, RB, 1998). As only a very small amount (approximately 2g per day) is synthesised naturally by the liver, pancreas and kidneys extra phosphocreatine in the muscle cells serves to reduce fatigue during high intensity, short duration activities like sprinting. A study by Kerksick et al in 2007 investigated the impact of various different protein sources and creatine on the human body following a 12 weeks high intensity resistance program. 49 subjects were used who regularly attended the gym to carry out weight lifting exercises. Some subjects were administered with a colostrum protein blend, which is formed from the mild delivered by cows in the days following giving birth. Other subjects were given colostrums combined with creatine administration. A protein control group was put in place and Kerksick et al predicted that the inclusion of creatine with the colostrums blend would bring about greater improvements in both body composition and power than those taking colostrum alone. The resistance training program led to mass gains for all subjects but the greatest lean mass gains were achieved by those taking a blend of creatine and colostrums protein. However, there was no significant improvement in subjects one repetition maximum on the be nch press between the protein control group, the c colostrum group or the colostrums/creatine group. Due to the increased availability of phosphocreatine it would have been predicted that the colostrum/creatine group would have achieved the greatest improvements in this exercise over the 12 week study. In some cases as little as one week of supplementation can be enough to produce performance improvements (Volek et al,1997). Volek used 14 active, male subjects in a double blind fashion where 7 where unknowingly the placebo group and 7 were administered with oral creatine monohydrate supplement. Bench press and squat jumps were the chosen exercises to measure the effect of creatine on performance. As well as increases in the weight subjects could bench press, and increases in power output for the squat jumps there was also a noticeable increase in lean body mass among the subjects of up to 2.7 kg, possibly due to the water retention attributed to creatine use. Despite all the evidence which has been gathered implying that creatine does play a role in helping enhance ATP resynthesis during short term, high intensity exercises there is some evidence to the contrary. In particular a paper by Cooke et al in 1995 concluded that their subjects had experienced no benefit whatsoever to using the supplement for their high intensity, intermittent bicycle sprints. The authors focused primarily on the power output the subjects were able to exert as well as fatigue levels experienced. 12 healthy yet untrained male subjects were used for the study, 6 of which were the placebo group with the other 6 making up the supplemented group. The supplemented subjects used the loading phase technique to increase the levels of phosphocreatine in resting muscle cells faster, but the phase only lasted for 5 days. This may have been too short a period of time to load them as most manufacturers suggest a 2 week loading phase. However, as I have mentioned Volek et al, 1 997 found performance improvements could occur in as little as a week. Cooke et al found there to be no significant difference between the power output between the two groups, prior to or after the supplementation period. This led the authors to conclude that use of creatine as an ergogenic aid has no positive effect over a persons ability to exert more power in muscular contraction, which opposes much of the evidence gathered in other studies. Creatine and its neuroprotective effects In some studies creatine has demonstrated neuroprotective effects. In some animal models creatine has provided neurological protection against the onset of symptoms in both Parkinsons and Huntingtons disease (Wyss and Schulze,2002). There are three main steps involved in creatine metabolism with one being creatine transporter. The others are, firstly, AGAT which is L-arginine :glycine amidinotransferase. This forms precursors to the creatine molecule itself. Also, GAMT is involved in the biosynthesis of creatine molecules. Deficiency of either AGAT or GAMT leads to a deficiency in both creatine and phosphocreatine in the brain, which can lead to severe mental retardation (Schutz and Stockler, 2007). In the studies carried out by Wyss and Schulze there was a noticeable improvement in clinical symptoms of both AGAT and GAMT deficiencies but there was no change with the creatine transporter disorders. Dechent et al, 1999 also found that oral creatine monohydrate supplementation also inc reased creatine levels in the brain. Furthermore, in transgenic mouse models of Huntingtons disease, creatine administration has shown to improve survival rates, as well as prevent the inevitable onset of symptoms. (Andreassen et al,2001). This was concluded to be via a similar method to how creatine operates as an ergogenic aid, but by increasing phosphocreatine levels in the brain, rather than in muscle cells. A minimal dietary administration, of just 2% creatine was enough to provide positive results in the study and provide neurological protection. Huntingtons disease is often associated with loss in weight and the creatine presence also helped to minimise weight loss in the animal subjects. In 2002 a revolutionary study was carried out by Jacobs et al into the possibility of using oral creatine monohydrate to assist the recovery of patients with spinal cord injuries at the cervical vertebrae level. Sixteen subjects were used for the study who had suffered injuries between the C5 and C7 vertebrae. Results showed that VO2 max, VCO2 max, and time to fatigue were all greater in the supplemented group compared with the placebo group and Jacobs concluded that there is definite benefit in using creatine to assist with training in the rehabilitation of such severe spinal injuries. This again demonstrates the potential uses that creatine supplementation has in providing neurological protection and rehabilitation. Creatine supplementation may also be beneficial in patients suffering with amyotrophic lateral sclerosis (Rosenfeld, 2008). This is a neurodegenerative progressive disorder which is characterised by muscular dystrophy and can be fatal. An advantage of this trial was the large sample size, which was over 100 subjects. While creatine did not significantly improve motor or respiratory capacity there was a definitive trend toward increased survival rates among the creatine supplemented subject group. Rosenfeld called for further research to be considered into the increases survival rates that were linked to the use of creatine. Creatine and renal failure It has been predicted that a long term nitrogen rich diet lends itself to cause both structural and functional deformities of the kidney and may eventually cause renal hyperfiltration (Poortmans and Francaux,1999). Due to the high nitrogen content of creatine much research has been done into whether there is a long term danger to using the supplement. In 1998 a rather controversial paper was published by Pritchard and Kalra which researched into the possible links between use of creatine as a sports supplement, following the death of 3 American college wrestlers who were taking the substance. The article was published in the Lancet and became the topic of much debate in years to come. Pritchard and Kalra concluded that there was strong circumstantial evidence to suggest that creatine was responsible for the deterioration in renal function (Pritchard and Kalra,1998). The subject suffered with focal segmental glomerulosclerosis but despite this all markers of renal function were normal, such as creatinine clearance values. However, when the 25 year old subject was studied 8 years later creatinine clearance had decreased considerably. The male admitted to using creatine based supplements during a pre season football training program which Pritchard and Kalra felt was an underlying factor in the deterioration in the mans renal functio ning. This paper was a topic for much debate, due largely to the fact that the patient investigated by Pritchard and Kalra had underlying renal issues prior to the study, which the authors seem to ignore in their conclusions. The size of the study is also questionable due to the fact that there was only a sole participant therefore no a repeat or variety in results taken. There were also just 4 references noted at the end of the article suggesting that Pritchard and Kalra may not have taken into full account all other evidence that had been obtained by other studies. Due to the ever increasing popularity of creatine supplementation, along with its continued link with renal failure there have been a vast number of studies in this area. A study by Edmunds et al in 2000 focused on the progression of renal disease in Han:Sprague-Dawley (SPRD) rat models with cystic kidney disease. The rats undertook the loading phase of supplementation which I described in the introduction. This is the same technique used in humans to increase the amount of free phosphocreatine. Obviously, the intake of creatine was reduced, in comparison with humans, to 2g/kg of diet for the one week loading phase, followed by a 5 week period where the dosage administered was 0.4g/kg of diet to compare. The authors measured the progression of renal disease my taking kidney size records as well as determining cyst scores. The cysts often develop in chronic cases where the cysts grow and inhibit the blood filtering capabilities of the organ (Parker,2007).Edmunds hypothesis stated that due to the relatively short life span of the animals used, any impact that creatine supplementation has on renal function could be more readily detected. The findings supported this hypothesis as the rats that had been administered with creatine suffered greater renal disease progression than the control group. The kidney sizes were as much as 10% larger, in some cases, than the control group which is an indicator of further progression of the condition. The creatine was administered in a creatine/glutamine mixture which supplement manufacturers often do as glutamine is believed to significantly improve absorption of creatine. As expected all other markers of renal function agreed with the hypothesis. Creatinine serum clearance was 23% lower in the supplemented group and cyst scored were 23% greater compared with the control group. At the time of Edmunds paper there had still not been a long term controlled study into the effect creatine supplementation may have on renal function. Although the findings seem conclusive I feel it is important to consider that animal models were used as oppose to humans, although this was partially due to the time restrictions. Also the sample sizes are adequate but by no means large with 14 males and just 12 females making up the creatine supplemented groups. As well as this the length of the study is quite short with the supplementing period lasting 6 weeks in total. Therefore it remains unclear as to the long term risks that can be associated with creatine and renal issues. In spite of this, the paper exacerbates the advice that athletes with any form of renal condition should avoid using creatine as an ergogenic aid. In contrast there numerous studies have taken place which have focused on the potential link between creatine and renal disorders and concluded that there is no health risk to taking the substance. In 1999, Poortmans and Francaux conducted a long term study on the issue. This was important because some of the investigations done around this time were short term and didnt account for the potential long term health risks, if creatine were to be taken over a substantial period of time. Poortmans and Francaux refer to the controversial Lancet publication by Pritchard and Kalra in their introduction and used this to form their hypothesis that short and medium term creatine supplementation in men does not have any detrimental e

Essay --

There are advantages and disadvantages of experiencing childhood in the military. For instance, the effects of separations and reunions with families and friends. Many people report difficulty in identifying where they belong due to a lifestyle of constantly moving, being wrapped up in the military lifestyle as well as foreign cultures. Rather than the regular person society of their local terrains, while growing up numerous military families frequently feel like outcasts in association with the citizen society of their local grounds. Moving frequently can have unexpected benefits too, such as experiencing and appreciating the diversity in our world, making lots of new friends, and sometimes finding out where you belong or want to reside. The point when a kid has a challenging time conforming to another circumstance, if it’s a parent deploying or a move to another area, it can prompt uneasiness, misery and behavior issues. Some children might not have a behavioral disorder, but their behavioral problems cause these difficulties. Even infants and toddlers can experience difficulti...

Create A System That Simply Works! :: essays research papers

interest of reading this pocket book starts from the interesting book name ¡XE-Myth. What is it? Is that only for the people who already owned their business? How can I apply them into my work and improve my working performance in a big multinational company? Is that really relevant to me at my current stage since I am still working for someone else and do not have any business of myself? Those are the actual questions and doubts that I have secretly asked to myself before reading the book. However, having read through it, I found that the E-Myth is no limitation on the entrepreneurs and can perfectly work for me as a guidebook for every success of both my career and personal life. For me, E-Myth is really about lots of inspiring ideas that fundamentally change my way of thinking and working. Those ideas in reality make me to come to realize that the critical distinction of success and failure is, in fact, lying on the secret of working ON my business rather than working IN it. Th ose ideas push me to start to think about the roles that I should play in my company and the issue of balancing role-play among technician, manager and entrepreneur. Those ideas show me how commonplace assumptions can get in the way of successfully running a business and those ideas serves me as a guiding light to the success of every key steps in the life of a business ¡Xfrom infancy, adolescence to maturity. Those ideas also introduce to me the new way of thinking for business development process and demonstrate me how a good foolproof operating system and process can really free myself from my heavy daily workload but still better meet my customers ¡Ã‚ ¦ needs and expectations. Last but definitely not the least, those ideas inspire me to start to use the innovate-quantify-orchestrate approach to study how I can improve my own work by making such changes with the discipline it needs to succeed! Frankly, it is really my first time in my life to realize the existence of the three personalities and the significant difference and importance of the three roles that people played in our business arena. Before reading the book, I only know the three roles by job title and clearly I put myself as good Manager as my current position and seniority in my company suggested. However, now, I know that to be an effective businessman, I need to possess all the three personalities and well balance the three.

Carter cleaning

Honesting testing at carter cleaning company. Questions and Answers. 1 -What would be the advantages and disadvantages to Jennifer's company of routinely administering honest tests to all its employees? Polygraph testing raises a large number of legal and moral issues; issues Carter Cleaning must avoid. using some of the available â€Å"paper and pencil† honesty tests may be a possibility. In general, these have been shown to be reasonably reliable and valid.They are still controversial. The costs associated with these tests may also make them prohibitive to a small operation like Jennifers carter cleaning. 2. SpecifIcally, what other screening techniques could the company use to screen out theft-prone employees? How exactly could these techniques be used? More thorough background checks are a recommend technique to eliminate thieves. Some firms chose to contract this out to a private security agency (Costmay be an Issue to Jennifer.However, the company can quickly check to se e If savlngsfrom educed theft would offset the cost of an outside agency. As part of the job preview,Carter must communicate that jobs in her company are worth keeping; dishonesty and theft will not be tolerated. Further company policies regarding theft should be clearly communicated to new and existing employees. 3. How should her company terminate employees caught stealing and what kind of procedure should be set up for handling reference calls about these employees when they go to other companies looking for Jobs?Terminating employees for theft should include the involvement of proper authorities and should only be done when there is absolute proof of the theft and who committed it. Such an action will also send a message to the other employees that you will not tolerate theft of company resources . While many employers are reluctant to prosecute employees for theft , developing evidence with police and through the courts can be beneficial in providing future employers of the ind ividual with truthful and factual Information.

The venture capital and private equity industry

Journal of Indian Business Research Emerald Article: Venture capital and private equity in India: an analysis of investments and exits Thillai Rajan Annamalai, Ashish Deshmukh Article information: To cite this document: Thillai Rajan Annamalai, Ashish Deshmukh, (2011),†Venture capital and private equity in India: an analysis of investments and exits†, Journal of Indian Business Research, Vol. 3 Iss: 1 pp. 6 – 21 Permanent link to this document: http://dx. doi. org/10. 1108/17554191111112442 Downloaded on: 24-09-2012References: This document contains references to 25 other documents To copy this document: [email  protected] com This document has been downloaded 365 times since 2011. * Users who downloaded this Article also downloaded: * Vedran Vuk, (2008),†Taking advantage of disaster: misrepresentation of housing shortage for political gain†, International Journal of Social Economics, Vol. 35 Iss: 8 pp. 603 – 614 http://dx. doi. org/10. 1108/03 068290810889224 Doru Tsaganea, (2011),†Tension reduction by military power equalization: the USA-USSR case†, Kybernetes, Vol. 0 Iss: 5 pp. 778 788 http://dx. doi. org/10. 1108/03684921111142313 Guihe Wang, Ligang Qu, Limin Fan, Tianbiao Yu, Wanshan Wang, (2009),†Web-based system for industry using information and communication technologies†, Kybernetes, Vol. 38 Iss: 3 pp. 533 – 541 http://dx. doi. org/10. 1108/03684920910944254 Access to this document was granted through an Emerald subscription provided by For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service.Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www. emeraldinsight. com/authors for more information. About Emerald www. emeraldinsight. com With over forty years' experience, Emerald Group Publishing is a leading independent publisher of globa l research with impact in business, society, public policy and education. In total, Emerald publishes over 275 journals and more than 130 book series, as well as an extensive range of online products and services. Emerald is both COUNTER 3 and TRANSFER compliant.The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. *Related content and download information correct at time of download. The current issue and full text archive of this journal is available at www. emeraldinsight. com/1755-4195. htm JIBR 3,1 Venture capital and private equity in India: an analysis of investments and exits 6 Thillai Rajan Annamalai and Ashish Deshmukh Department of Management Studies, Indian Institute of Technology Madras, Chennai, India AbstractPurpose – The venture capital and private equity (VCPE) industry in India has grown signi? cantly in recent years. During ? ve-year period 2004-200 8, the industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments. However, academic research on the Indian VCPE industry has been limited. This paper seeks to ? ll the gap in research on the recent trends in the Indian VCPE industry. Design/methodology/approach – Studies on the VCPE transactions have traditionally focused on one of the components of the investment lifecycle, i. e. nvestments, monitoring, or exit. This study is based on analyzing the investment life cycle in its entirety, from the time of investment by the VCPE fund till the time of exit. The analysis was based on a total of 1,912 VCPE transactions involving 1,503 ? rms during the years 2004-2008. Findings – Most VCPE investments were in late stage ? nancing and took place many years after the incorporation of the investee ? rm. The industry was also characterized by the short duration of the investments. The type of e xit was well predicted by the type of industry, ? nancing stage, region of investment, and type of VCPE fund.Originality/value – This paper highlights some of the key areas to ensure sustainable growth of the industry. Early stage funding opportunities should be increased to ensure that there is a strong pipeline of investment opportunities for late stage investors. VCPE investments should be seen as long-term investments and not as â€Å"quick ? ips†. To achieve this, it is important to have a strong domestic VCPE industry which can stay invested in the portfolio company for a longer term. Keywords Venture capital, Equity capital, India, Investments, Financing Paper type Research paper . Growth of the Indian VCPE industry Over the last few years, India has become one of the leading destinations for venture capital and private equity (VCPE) investments. Though the concept of VCPE investment prevailed in the country in one form or another since the 1960s, the growth in the industry was mainly after the economic reforms in 1991. Prior to that, most of the VCPE funding was from public sector ? nancial institutions, and was characterized by low levels of investment activity. In recent years, VCPE commitments and investments in India have grown at a rapid pace.Venture economics data indicate that during the period 1990-1999, India’s ranking was 25th out of 64 and various VCPE funds raised $945. 9 million for investments in India; however, during the next decade, 2000-2009, India’s ranking rose to 13th out of 90 countries and the funds raised $16,682. 5 million for investments in India. Journal of Indian Business Research Vol. 3 No. 1, 2011 pp. 6-21 q Emerald Group Publishing Limited 1755-4195 DOI 10. 1108/17554191111112442 The authors would like to gratefully acknowledge the ? nancial support provided by the Indian Council of Social Sciences Research and IIT Madras for this research.They would also like to acknowledge the support of M. B . Raghupathy and V. Vasupradha for this research. This represents a growth of 1,664 percent over the previous decade. The trend is even more encouraging for the most recent ? ve-year period 2005-2009, during which India’s ranking was 10th out of 77 countries, and various funds raised $15,073. 6 million for VCPE investments in India. Funds raised during 2005-2009, represented a growth rate of 837 percent as compared to funds raised over the previous ? ve-year period 2000-2004. The growth rate in investments made by various VCPE funds has been equally strong.During the ? ve-year period 2004-2008, the industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments[1]. The amount invested by VCPE funds grew from US$ 1. 8 billion in 2004 to US$ 22 billion in 2007 before tapering off to US$ 8. 1 billion in 2008[2]. During the ? ve-year period ending 2008, VCPE investments in India grew from 0. 4 percent of GDP in 2004 to more than 1. 5 percent of GDP in 2008 (Annamalai and Deshmukh, 2009). The rest of the paper is structured as follows: Section 2 indicates the objective of the paper.Section 3 provides details on the data set used for analysis and the sources of data. Section 4, which covers the results and discussion, is divided into six sub-sections. The sub-sections are in the following order: round wise analysis of investments, time of incorporation and ? nancing stage, intervals between funding rounds, investment exits, duration of investment, and a statistical analysis of investment duration and type of exit. Section 5 provides a summary of the paper. 2. Objective of the paper Research on VCPE has not been in tune with the growth seen in the industry.Past research on the Indian VCPE industry can be broadly classi? ed into the following categories: studies that examined the evolution and the current status of the industry (Pandey, 1996, 1998; Verma, 1997; Dossani and Kenney, 2 002; Singh et al. , 2005); multi country studies which also included India (Lockett et al. , 1992; Subhash, 2006; Ippolito, 2007); survey studies of VCPE industry practices in India (Mitra, 1997; Vinay Kumar, 2002, 2005; Vinay Kumar and Kaura, 2003; Mishra, 2004); and studies which can be considered as case studies of VCPE investments (Kulkarni and Prusty, 2007).The objectives of this paper are as follows: ? rst, research that has focused on the recent growth phase of the VCPE industry in India has been limited. Most of the papers that have studied the Indian industry were either before the growth phase (pre-2004) or did not cover the growth phase in full, starting from the onset of growth in 2004 until the slowdown in 2008, caused by the global ? nancial crisis. This paper is an attempt to meet the gap in research on the recent trends in the Indian VCPE industry. Second, there have been very limited studies that looked at the lifecycle of investments, i. . from the time of investme nt in the company until their exit from the investment. There have been several studies that have looked at areas related to investments such as investment decision making, structure of investments, and valuation. Similarly, there have been studies that have looked at topics related to venture exits. However, there have been limited studies that looked at the entire investment life cycle. The main contribution of this paper is to look at the investment lifecycle in its entirety.Third, this paper aims to highlight some of the lesser known features of the Indian VCPE industry such as the characteristics of the investee ? rm at the time of VCPE investment, the duration of VCPE investments in the ? rm, and the timing and mode of exit by the investors. The objective of this paper is to provide an holistic understanding of the Indian VCPE industry to enable the creation of a policy environment to sustain the growth of the industry. VCPE in India 7 JIBR 3,1 8 3. Data set used and sources T his study uses VCPE investment transaction data during the years 2004-2008.The choice for the period of analysis was driven by two considerations. First, it was during this period that the industry witnessed signi? cant growth and India emerged as one of the leading destinations for VCPE investments. Therefore, a detailed study of this industry growth would be of general research interest. Second, the choice of period was also governed by practical considerations. Data on VCPE investments in India before 2004 were not available in a form that can be used for a research study. Therefore, it was decided to begin the starting period of the study at year 2004, the year from which we had access to data.It was felt that a ? ve-year study of transactions would be a reasonable time frame to overcome the yearly ? uctuations. This ? ve-year period also coincided with a full ? nancial cycle in the global ? nancial markets, a period marked by dramatic growth and equally dramatic fall. The data for the study were obtained from multiple sources. To start with, deal data on the various investments and exits were obtained from two database sources: Venture Intelligence India[3] and Asian Venture Capital Journal[4] database. The data from both these databases were combined to form a comprehensive data set.The data set was then suitably checked for data repetition and duplicate data points were removed ? rst. Second, whenever there was a difference in the information given for the same deal, the correctness and accuracy was checked by independent veri? cation from other sources, such as newspaper reports and company web sites. Information that was not available in these databases was then separately sourced from the web sites of the independent companies. Admittedly, with the lack of a strong database on Indian investments, developing such a data set involved a lot of effort.The comprehensive data set that was developed provided various details on the VCPE investments and exits that happened in India during 2004-2008. It consisted of a total of 1,912 VCPE transactions involving 1,503 ? rms during the period 2004-2008. From these 1,503 ? rms, 1,276 ? rms had only investment transactions while another 129 ? rms had only exit transactions during the ? ve-year period. The remaining 98 ? rms had both VCPE investment and exit transactions. To facilitate a more detailed analysis, the investments were classi? ed into ten industry categories and four ? ancing stages based on the lifecycle stage of the investee ? rm and the objectives of the investment. Exits were classi? ed into two categories, namely initial public offer (IPO) and merger and acquisition (M) or trade sale. 4. Results and discussion 4. 1 Round-wise analysis of investments Firms seeking to raise VCPE investments normally receive the investment in multiple rounds (Sahlman, 1990); earlier works have provided several explanations for this trend. Gompers (1995) indicates that the staging of capital infu sions allows venture capitalists to gather information and monitor the progress of ? ms, while retaining the option to periodically abandon projects. Admati and P? eiderer (1994) indicate that such an option to abandon is essential because an entrepreneur will almost never quit a failing project as long as others are providing capital and the threat to abandon creates incentives for the entrepreneur to maximize value and meet goals. Neher (1999) indicates that multiple rounds of ? nancing overcome the potential agency con? icts between the entrepreneur and investor as previous rounds create the collateral to support the later rounds. While the stage of ? ancing is determined by the objectives and timing of investment, the round of ? nancing simply indicates the number of instances of VCPE investments in the ? rm. Thus, for example, Round 1 ? nancing is the ?rst instance of the ? rm getting VCPE investment, but it need not be always early stage ? nancing. Depending on the ? rm lifecy cle and the objectives of investment, Round 1 ? nancing can happen in any of the four ? nancing stages. Similarly, there could be multiple rounds of investment happening in the same stage. In a particular round of funding, there may be many investors jointly investing in the company.For example, when there is a co-investment by more than one VCPE investor at the same time, it is considered as a single round of investment. By the same token, when the same investor makes investments in the ? rm at different times at different valuations, each investment is considered a separate round of funding. Funding rounds are considered to be different when there has been a substantial time gap from the previous round of ? nancing and/or the investment happens at a different valuation from the previous round of funding. Figure 1 shows the results from the round wise analysis of VCPE investments.The results indicate that 82 percent of the total VCPE investments were in Round 1, i. e. ?rst time VCP E investments in the company. Out of the total amount of investment, follow on investments account for only 18 percent. It can be observed that investments decrease sharply with subsequent funding rounds. One possible reason behind this could be because of the nature of data: most of the investment has happened during the later years of the study period[5], indicating that suf? cient time might not have elapsed for the next round of investment.However, these results indicate the possibility that VCPE investments are happening at a much later stage in the ? rm lifecycle and the ? rm is not in need of an additional funding round for reaching a critical size that is needed for an IPO or for ? nding a buyer. This might also be explained by the grandstanding theory (Gompers, 1996), where VCs are keen to exit more quickly from their investments. Second, this trend can also indicate that the companies that have received the ? rst round might not have been able to achieve a strong enough pe rformance to attract the next round of investment from investors.Further studies are needed to understand this pattern in detail. Table I indicates that the number of rounds of funding received by companies in different industries was 1,912 from a total of 1,503 companies. This indicates that the average number of rounds in a company was 1. 27. As can be seen from Table I, a large majority of the ? rms have received only one round of VCPE investment. This result accompanies the results in Figure 1 well, which indicate that 82 percent of the total Round 3 1,061. 85 (2. 6%) Round 2 5,394. 11 (14%) VCPE in India 9 Round 4 391. 25 (1%) Round 5 170. 6 (0. 4%) Round 1 2,961. 47 (82%) Figure 1. Round-wise VCPE investments (in US$mn) during 2004-2008 JIBR 3,1 Industry 10 Table I. Count of companies for different funding rounds Computer hardware Engineering and construction Financial services Healthcare IT and ITES Manufacturing Non-? nancial services Others Telecom and media Transportation and logistics Grand total Count of companies for different funding rounds 1 2 3 4 5 6 7 36 137 110 92 295 214 133 65 93 51 1,226 5 21 30 19 53 25 12 10 15 8 198 1 6 5 6 12 6 5 3 4 3 51 1 1 3 2 3 3 2 1 1 17 1 2 8 1 1 1 1 2 1 3 1 4 2 2 Total companies 43 167 151 120 364 250 153 9 112 64 1,503 investments were Round 1 investments. Only 13 percent of companies have obtained two rounds of funding, and approximately 5 percent of the total companies that have received VCPE investments during the period have obtained more than two rounds. The proportion of companies that have received the second round of funding in different industries is more or less the same as what we saw for Round 1 investments, except in the ? nancial services category. The phenomenon of some industries being more successful in getting Round 2 investments could not be clearly observed in our analysis.In a way, this is a surprising trend. For example, information technology (IT) and information technology-enabled servic es (ITES) companies constitute 24 percent of the total number of companies that have received funding, 24 percent of the companies that have received the ? rst round of funding, and 25 percent of the companies that have received more than one round of funding. This indicates that IT and ITES companies, seen as one of the engines of growth in India, have not had higher proportional success than companies in other industries in attracting multiple rounds of funding.The ? nancial services companies constitute 10 percent of the total companies that have received funding, 9 percent of the companies that have received one round of funding, and 15 percent of the companies that have received more than one round of funding. This indicates that ? nancial services companies have a better track record of getting additional investment rounds. The reasons could be numerous – the larger funding requirements created the need for funding to happen in multiple rounds and companies that had obt ained the ? st round of funding would have been able to showcase a strong performance track record to attract the subsequent rounds of funding. The industry itself was in an upswing in India during the study period and this might have contributed to investor interest in investing in subsequent rounds. It could also be due to the institutional and regulatory features of private equity (PE) investing in India. For example, funding could be done in multiple rounds because of the procedural issues in foreign investments in certain sectors. Further studies are needed to identify the determinants of funding rounds.One would reasonably expect that multiple rounds of funding would be observed in more capital intensive industries. Among the ten industry categories, engineering and construction and manufacturing sectors are very capital and asset intensive. However, it can be seen that the proportion of companies receiving additional rounds of funding in these sectors is not more than the pro portion of companies that have received ? rst-round funding. On the contrary, the proportion of companies receiving additional rounds of funding in manufacturing is less than that of their proportion in Round 1 ? ancing. Several explanations are possible for this trend, which needs to be substantiated with further research. Companies are receiving VCPE funding at a much later stage in the lifecycle and they do not need additional rounds of funding before providing an exit to the investor. It is possible that, because of their asset intensive nature, they are able to get access to debt funding thereby limiting the possibility of additional rounds of VCPE ? nancing. VCPE in India 11 4. 2 Time of incorporation and ? nancing stage It is well known that VC investments happen early in a ? rm’s life.It is during the early stage that companies have limited means to raise money from conventional sources and look to sources like VC for meeting the funding requirements. Table II provide s the results from our analysis of the interval between the year of incorporation of the company and the ? nancing stage. The results indicate some interesting trends. Early stage funding should normally happen within the ? rst couple of years after the incorporation of the ? rm. But in our analysis, we ? nd that 17 percent of the ? rms have received their early stage funding as much as ten years after they were incorporated.While the highest frequency of early stage funding can be seen in the one- to three-year category, a large proportion of companies get their early stage funding even until the ? fth year from the time of incorporation. This indicates the disinclination of the VCPE investors in India to make investments in very early stages. A majority of the growth stage investment happens between ? ve and eight years from incorporation. However, the second highest percentage of growth stage funding happens after 15 years after incorporation. While growth stage ? nancing during the ? e- to eight-year period seems reasonable (though it is still more than that which is normally associated with growth ? nancing), growth ? nancing happening after 15 years from incorporation needs to be studied in detail. It could either be a question of willingness or readiness. Either the investors are not willing to invest earlier or the companies are not ready to receive VCPE funding in their early years. The companies might have explored funding from family, banks, or friends before taking investment from VCPE investors. Financing stage Early Growth Late Pre-IPO Time since incorporation (in years) ,1 20 13. 6% ,3 22 9. 3% 7 2. 3% 7. 7% 1-3 51 34. 7% 3-5 26 11. 0% 15 5. 0% 0 0. 0% 3-5 37 25. 2% 5-8 68 28. 8% 25 8. 3% 6 15. 4% 5-8 13 8. 8% 8-10 36 15. 3% 19 6. 3% 3 7. 7% 8-10 1 0. 7% 10-15 31 13. 1% 61 20. 3% 13 33. 3% Total . 10 25 17. 0% . 15 53 22. 5% 173 57. 7% 14 35. 9% 147 236 300 39 Table II. Number of VCPE deals for different ? nancing stages vs time since incorporat ion of investee companies JIBR 3,1 12 Analysis of late stage investment deals, as can be expected, show an increasing trend with time from incorporation. However, more than half of the late stage deals that have been studied are seen in companies more than 15 years after their incorporation.This again re-con? rms the earlier ?ndings that VCPE investors have been more inclined to invest in companies that have a longer track record and operating history, and have a suf? cient size. From the perspective of companies that are receiving VCPE funding, such late stage funding, could indicate that these companies might have been part of a larger business group, which provided the ? nancial support in their early years. Further studies need to be done to understand the antecedents of ? rms that receive late stage investment.But one of the most compelling observations which attracts immediate attention is that about 75 percent (541 out of 722[6]) deals are in companies that are more than ? ve years old. Almost 60 percent (429 out of 722) VCPE deal investments are made in ? rms that are eight years old or more. This supports the earlier inferences that VCPE funds in India are more inclined to invest in ? rms that have a track record of performance. While this investment trend might not be very different from that which is seen in other emerging economies such as Brazil (Ribiero and de Carvalho, 2008), it is much more marked in India.Therefore, it is felt that most of the VCPE investments in India are in the nature of PE investments rather than VC investments, which are typically investments made in early stage companies. 4. 3 Intervals between funding rounds Table III presents average time intervals in months between different rounds of PE funding (for Rounds 1-3)[7] across industries. The average time interval across industries between Round 1 and Round 2 funding is 13. 69 months, which is just slightly more than year. The average time interval between Round 2 and Round 3 funding is 10. 1 months, which is less than a year. The median values for the above intervals are 12. 17 and 11. 17 months, respectively. The closeness of the mean to median values indicates that there is no signi? cant skew in the time interval between different funding rounds. Figures 2 and 3 show the distribution of time intervals between rounds. These indicate that the deals are well distributed in the initial periods, with a slightly higher frequency around the mean value, and tapering down in the later periods. Since it takes about three to six months from the date of the ? rst signi? ant meeting with the investors to realize an investment, the low time interval between successive Industry Table III. Average time interval between successive rounds of VCPE funding (in months) R2-R1 R3-R2 Computer hardware Engineering and construction Financial services Healthcare IT and ITES Manufacturing Non-? nancial services Others Telecom and media Transportation and logistics Total 14. 43 17. 13 12. 28 14. 89 15. 64 11. 58 13. 93 8. 46 11. 16 9. 54 13. 69 16. 72 4. 88 7. 44 14. 22 12. 43 10. 14 16. 57 6. 03 15. 23 9. 63 10. 91 VCPE in India 50 45 Number of deals 40 35 30 13 25 20 15 10 5 0 3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 ? 36 Duration (months) Figure 2. Time between Round 2 and Round 1 investments 14 12 Number of deals 10 8 6 4 2 0 ?3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 Duration (months) ? 36 ?nancing rounds indicates that the top management of the company might be continuously devoting their energies in raising capital. This might not be good for business, as spending more time on raising ? nancing is likely to affect their attention to business operations. Our results also indicate that in the Indian context the pace of ? nancing increases with time.This result is somewhat surprising as, under normal circumstances, the size of funding increases with every additional round of funding and is expected to meet the needs of the company for a longer duration even after accounting for the higher cash burn rates due to the increase in company size. Analysis of time intervals for different industry categories indicates that the engineering and construction sector had the largest time interval between the ? rst and second round of funding. Some explanations, which need to be followed with further research, for this trend include being capital intensive.They raise large sums which Figure 3. Time between Round 3 and Round 2 investments JIBR 3,1 help the companies to sustain the operations for a longer period. They are able to get additional funding from other sources such as debt. Cash ? ows from operations would also contribute towards the ? nancing requirements. However, the time interval between second and third round is the lowest for this sector, which indicates that this could be due to the pre-IPO nature of funding. 14 4. 4 Investment exits Venture exit has been an area where there has been limited research (Gomp ers and Lerner, 2004).The VCPE investor after a certain period has to exit the investment to recover the same as well as to earn a return on it. The different possible exit routes play a major role in VCPE ? nancing and the likely availability of favorable exit opportunities in lesser time is one of the key criterions used by investors while evaluating investment opportunities. Though there are several exit routes for the VCPE funds such as IPO, secondary sale of shares, M, management buy outs, and liquidation. Exit by IPOs and trade sale through M are the more prevalent methods of exit in Indian VCPE markets.Of the total 252 exit events that were recorded during the ? ve-year period ending 2008, 84 events were IPOs and the remaining 168 were M. Thus, the ratio of exits of IPOs and M is exactly 0. 5, indicating that an exit by M is twice as likely as that by IPO. However, an analysis of this ratio across different industries provides an interesting picture. The ratio is less than 1 for all but two of the industry categories – engineering and construction, and transportation and logistics. Companies in this sector tend to be capital intensive industries with a large asset base and largely dependent on the Indian market.Since companies in this sector are much larger in terms of revenues or assets, it becomes comparatively easier to achieve an exit by means of an IPO. For sectors, that are not so asset intensive, M seem to be a common form of exit for VCPE investors. Computer-hardware, IT and ITES, and healthcare – all traditionally attractive industries for VCPE investments – show a strong inclination towards M exit routes with the ratio of IPO-M exits being less than 0. 4 (Figure 4). The choice of exit route is also in? uenced by the state of the capital markets. The ratio of IPO-M exits in each of the ? e years during the study period is shown in Figure 5. Figure 4. Ratio of exits by IPO to M across industries Co En m gi pu ne te er r-h in g ar an dw d ar co e ns tru Fi na ct io nc n ia ls er vi ce s H ea lth ca IT re an d IT M ES an N uf on ac -fi tu na rin ci g al se rv ic es Te O le Tr th co er an m s sp an or d ta m tio ed n ia an d lo gi tic s 1. 6 1. 4 1. 2 1 0. 8 0. 6 0. 4 0. 2 0 VCPE in India 0. 9 0. 8 0. 7 0. 6 0. 5 0. 4 15 0. 3 0. 2 0. 1 0 2004 2005 2006 2007 2008 Figure 5. Ratio of exits by IPO to M during 2004-2008 While the overall ratio of IPO-M exits is 0. 5 for the ? e-year period ending 2008, the ratio varies in line with the state of the capital markets. The ratio ranges from 0. 3 to 0. 6 for all years, except 2006, when it is signi? cantly high (. 0. 8). This can probably be attributed to the ? ourish in the IPO market in India during 2006. This is consistent with the ? nding that IPOs are more likely to occur when equity values are high (Lerner, 1994). In addition to the type of exit, the capital markets also in? uence the time taken for an investor to exit. The pattern of variation in an average number of rounds for the two exit methods over the years is shown in Figure 6.It can be noted that there are large variations for those companies that provided exits through IPOs. The number of rounds of VCPE funding before the IPOs are lower during the years 2006 and 2007, when the capital markets were active. Such variations could not be seen in those cases where the exits were from M. The number of rounds of funding before an M has been gradually increasing over the years, indicating that the size needed before an exit from an M has also been increasing over the years. But a more interesting inference could be for companies that exit from anM; the circumstances in the capital markets do not have a signi? cant effect. On the other hand, if the conditions are favorable, companies tend to make their IPOs in a shorter period to take advantage of the momentum in the capital markets. This is also supported by the fact that the average numbers of funding rounds are nearly equal for both the exit types during 2006 and 2007. 3. 5 Average number of rounds 3 2. 5 2 IPO 1. 5 Trade sale – M 1 0. 5 0 2004 2005 2006 2007 2008 Figure 6. Average number of funding rounds before exit during the ? ve years JIBR 3,1 16 4. 5 Investment durationThe duration of a VCPE investment is de? ned as the interval between the time of investment and exit[8]. It is generally considered that VCPE funds are not short-term investors, and stay invested in the ? rm between three and ? ve years; however, our analysis tells a different story. Table IV provides the investment duration for investments in different ? nancing stages. To make our analysis more accurate, this exercise was done only for those companies for which complete data on both investments and exits were available. A total of 110 transactions in 98 companies were included in this analysis.The main ? nding from Table IV is the overall short-term duration of VCPE investments in India. For 63 percent of the investment transactio ns, the average investment duration is less than one year. Even in those investments which can be classi? ed as growth stage, 75 percent of the investments have less than two years’ duration. For late stage investments, the proportion of exits within two years increases to 87 percent. Overall, the average duration of investment stands at just 17 months. In comparison, the investment duration for an IPO exit in the USA and Canada is 4. 7 and 5. 86 years, respectively.The investment duration for an exit through the acquisition route for the USA and Canada is 5. 17 and 6. 94 years, respectively, (Cumming and MacIntosh, 2001). For VCPE investments, which are generally considered medium to long-term investments, the observed duration in India is very low, indicating that most of the investments are late stage or pre-IPO types of investments. While Indian VCPE investors would generally indicate that they are long-term investors, the data corroborates that which many entrepreneurs h ave always felt: that VCPE funds need to be invested in the long term and not focused on quickly exiting from the investment.While these results are interesting, they also suffer from two limitations: the sample size and the ? ve-year time frame for analysis. Further con? rmatory studies that cover a longer time frame with more deals are needed. 4. 6 Statistical analysis of investment duration and type of exit As a part of this study, statistical analysis was done to determine whether any of the variables were able to explain the duration of VCPE investment and the type of exit. For this analysis, Investment duration and type of exit were taken as the dependent variables. Independent variables used in the study were industry, ? ancing stage, region, and type of VCPE fund. Bivariate regressions (Table V) indicate the relative in? uence of each independent variable on the dependent variables. As it can be expected, duration of investment can be best explained by ? nancing stage. The h igh f-ratio and the Financing stage Early Growth Late Table IV. Duration of VCPE investments Pre-IPO ,1 0 0. 0% 14 48. 3% 35 61. 4% 20 90. 9% Duration of investment (in years) 1-2 2-3 3-4 4-5 2 100. 0% 8 27. 6% 15 26. 3% 2 9. 1% 0 0. 0% 6 20. 7% 6 10. 5% 0 0. 0% 0 0. 0% 1 3. 4% 1 1. 8% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% .5 Total 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 2 29 57 22 R S. no. Dependent variable Independent variable(s) 1 2 3 4 5 6 7 8 Duration of Industry investment Financing stage Region Type of VCPE fund Exit mode Industry Stage Region Type of VCPE fund R2 Adjusted R2 SE of the estimate 0. 318 0. 387 0. 159 0. 278 0. 544 0. 429 0. 221 0. 115 0. 101 0. 150 0. 025 0. 077 0. 296 0. 184 0. 049 0. 013 0. 007 0. 118 0. 011 0. 066 0. 212 0. 154 0. 014 0. 001 10. 853 10. 157 10. 876 10. 453 0. 423 0. 439 0. 474 0. 477 ANOVA p-value F-ratio (Sig. ) 0. 938 4. 755 0. 696 6. 952 3. 506 6. 093 1. 389 1. 105 0. 498 0. 004 . 557 0. 010 0. 001 0. 001 0. 252 0. 296 VCPE in India 17 Table V. Results from bivariate regression analysis low p-value indicate the signi? cance of the regression. This can be easily explained as those investing in the early stage would remain invested for a longer duration and those investing in late stages would remain invested for a shorter duration. High f-ratio and low p-values are also noted for the bivariate regression that had a type of VCPE fund as the independent variable. In this study, VCPE funds were categorized into two: domestic and foreign. The fact that this has an in? ence supports the argument that domestic VCPE funds stay invested for a longer duration as compared to foreign funds. It was also noted that industry and stage of ? nancing have more in? uence on the exit mode as compared to other variables. These results can also be explained. Some industries could be more suited for exiting with IPOs because of the market bias. Similarly, many of the late stage and pre-IPO investments are made just before the company goes for an IPO. When these investments are being made, the investee company has a clear road map for going for an IPO.Therefore, the exit route in such late stage and pre-IPO investments are more or less clear at the time of the investment itself, unless there is an adverse change in market conditions. We performed a discriminant analysis in SPSS (Table VI) to predict the probable exit route for an investment, given the independent variables. Discriminant analysis Dependent variable (Y), i. e. exit method Original Count % Cross-validatedb Count % Predicted group membershipa 1 (IPO) 2 (M) Total 1 (IPO) 2 (M) 1 (IPO) 2 (M) 49 5 87. 5 17. 2 7 24 12. 5 82. 8 56 29 100. 0 100. 0 1 (IPO) 2 (M) 1 (IPO) 2 (M) 5 6 80. 4 20. 7 11 23 19. 6 79. 3 56 29 100. 0 100. 0 Notes: a85. 9 percent of original grouped cases correctly classi? ed and 80. 0 percent of cross-validated grouped cases correctly classi? ed; bcross-validation is done only for those cases in the analysis; in cross-validation, each case is cl assi? ed by the functions derived from all cases other than that case Table VI. Results from the discriminant analysis on exit method classi? cation JIBR 3,1 18 is typically used for the prediction of categorical or non-metric variable being classi? ed into two or more mutually exclusive categories.The independent variables used in the discriminant analysis were industry, ? nancing stage, region, and type of VCPE fund. The proportion of cases correctly classi? ed indicates the ef? cacy and relevance of the application of discriminant analysis for predicting the dependent variable, which in this case is the type of exit. Discriminant analysis was done on the investment and exit data for 85 out of 98 companies (for which all necessary details were available). Out of the 85 companies, IPO exits were observed for 56 companies and M for 29 companies. Table VI indicates the results from the discriminant analysis.It can be seen that 49 out of 56 IPO exits and 24 out of 29 M exits were corr ectly classi? ed, thus leaving an error of 12 out of 85 cases. Overall, 85. 9 percent cases are correctly classi? ed. To augment the validity and reliability of the ? ndings, a cross validation was done. In a cross validation, each case is classi? ed using a discriminant function derived from all cases other than the case being classi? ed. The cross validation results indicate that 45 out of 56 IPO exits were correctly classi? ed and 23 out of 29 M exits were correctly classi? ed. Overall, 80 percent of the cases were correctly classi? d. Both these results points towards the good predictive power of the available data in prediction of exit method choice. The results also indicate that it is possible to predict the type of exit based on the information available at the time of making an investment, i. e. industry, ? nancing stage, region of investment, and type of VCPE fund. This could indicate that investors are reasonably clear about the type of exit that they might get from a giv en investment. While the timing of exit might be uncertain, the type of exit seems more or less evident at the time of investment.More research needs to be done to determine whether the variables identi? ed in this paper are a good predictor for exit type or not, even in other markets. 5. Summary The growth and vibrancy in the Indian VCPE industry has attracted global attention. This paper highlights some areas of concern that need to be addressed for the long-term growth in the country. First, there has to be a creation of an ecosystem that encourages early stage investments. It would be such early stage investments that would spur innovation and provide the pipeline for growth and late stage investments.Venture economics data indicate that of the total PE commitments made to India, VC commitments[9] accounted for 90 percent during 1990-1999, 55 percent during 2000-2009, and 51 percent during 2005-2009. This indicates that though there has been an overall growth in funds committed to India, the proportion of VC commitments that primarily fund early stage investments have been gradually decreasing. In the absence of early stage investments, many PE funds would ? nd it dif? cult to ? nd new opportunities for follow on investments. The result would be a funneling of investments in established companies with increasing valuations.In the long run, the industry would fall apart under the burden of such high valuations leading to an exit of investors from India. To prevent this from happening, it is important to ensure that there is adequate early stage investing. Since domestic VCPE investors invest more actively in early stages[10], this points to the need for creating a more stronger and active community of domestic VCPE investors in India. Second, the short duration of VCPE investment does not bode well. A recent World Economic Forum report indicates that PE investors have a long-term ownership bias nd 58 percent of the PE investments are exited more than ? ve y ears after the initial transaction. So-called â€Å"quick ? ips† (i. e. exits within two years of investment by PE funds) account for only 12 percent of deals and have decreased in the last few years (Lerner and Gurung, 2008). Seen from this perspective, most of the VCPE investments in India could come under the category of â€Å"quick ? ips†. This trend, if it continues, would be a cause of real concern. It is expected that VCPE investors would do a lot of hand holding and participate in value-adding activities in their portfolio companies.However, contributing to the investment in such ways would happen only if the investors remain invested for a long term. Short-term investments deny the portfolio companies the opportunity to leverage the management expertise of the VCPE investors. Since the investment duration is also in? uenced by the source of VCPE funds, there is a strong need to promote the domestic VCPE industry in India[11]. The domestic investors would stay invested for a longer duration and this would give more opportunities to the investor to add value in the portfolio companies.Third, the time intervals between successive funding rounds should increase. Frequently, approaching the investors means that the top management attention gets diverted from the business operations. It would be bene? cial if the entrepreneurs and companies raise capital in such a way that the portfolio company can sustain the operations for at least two years. While they might feel that raising a large round would deprive them the bene? ts of valuation increases if funding is raised in multiple rounds, it would de? nitely help to keep the transaction costs lower.The issues of valuation increases can be addressed by incorporating suitable incentive structures in the shareholders’ agreement. The investors too should support the idea of a larger funding round for the companies and engage in co-investing with other VCPE investors if required. Given the exp loratory nature of this study, further research and con? rmatory studies are needed to corroborate the ? ndings of this paper. It is felt that many of the results in this paper are suf? ciently interesting to warrant further studies. Notes 1.Based on Subhash (2006) and PricewaterhouseCoopers Global Private Equity Reports 2004, 2005, 2006, 2007, and 2008. 2. Investment data from the PricewaterhouseCoopers Global Private Equity Reports might not match with that of the funds committed data from venture economics as we feel that many investments might have been made outside of a formal VCPE fund structure. In addition, several funds locally set up in India might not have been captured in the venture economics database. However, both the reports indicate the strong growth in funds committed to various VCPE funds and actual investments made in companies. . Venture Intelligence can be accessed at: www. ventureintelligence. in 4. Asian Venture Capital Journal database can be accessed at: ww w. avcj. com 5. Out of the 1,503 companies that received funding from VCPE investors, 866 companies, i. e. 58 percent of the companies received their funding during the last two years of the study period. 6. Information on time of incorporation was readily available only for 722 out of the 1,503 companies. 7. Since there are very few companies that have received more than three rounds of ? nancing, Round 4 and above have not been included for this analysis.VCPE in India 19 JIBR 3,1 20 8. Strictly speaking, it would dif? cult to determine when the investor actually exited from the investment, either partially or completely. One could ? nd that information by studying the annual reports as well as stock exchange ? lings of the company, which was not done in this study. Exit in this paper is meant to be understood as the time of occurrence of an exit event, which may or may not be the time of actual exit. 9. A distinction can be made between VC and PE commitments. VC commitments are ma inly targeted at the early stage and growth stage investment opportunities.PE commitments are primarily targeted at the late stage opportunities. Average investment in deals by PE funds is usually larger than those made by VC funds. 10. 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(2008), The Global Impact of Private Equity Report 2008, World Economic Forum, Geneva. Lockett, A. , Wright, M. , Sapienza, H. and Pruthi, S. (1992), â€Å"Venture capital investors, valuation and information: a comparative study of the US, Hong Kong, India and Singapore†, Venture Capital: An International Journal of Entrepreneurial Finance, Vol. 4 No. 3, pp. 237-52. Mishra, A. K. 2004), â€Å"Indian venture capitalists (VCs) investment evaluation criteria†, ICFAI Journal of Applied Finance, Vol. 10 No. 7, pp. 71-93. Mitra, D. (1997), â€Å"The venture capital industry in India†, Journal of Small Business Management, Vol. 38 No. 2, pp. 67-79. Neher, D. V. (1999), â€Å"Staged ? nancing: an agency perspective†, Review of Economic Studies, Vol. 66, pp. 255-74. Pandey, I. M. (19 96), Venture Capital: The Indian Experience, Prentice-Hall, New Delhi. Pandey, I. M. (1998), â€Å"The process of developing venture capital in India†, Technovation, Vol. 18 No. 4, pp. 253-61. Ribeiro, L.L. and de Carvalho, A. G. (2008), â€Å"Private equity and venture capital in an emerging economy: evidence from Brazil†, Venture Capital, Vol. 10 No. 2, pp. 111-26. Sahlman, W. (1990), â€Å"The structure and governance of venture capital organizations†, Journal of Financial Economics, Vol. 27, pp. 473-524. Singh, S. , Singh, S. J. and Jadeja, A. D. (2005), â€Å"Venture investing in India? Think twice†, Journal of Private Equity, Vol. 8 No. 4, pp. 35-40. Subhash, K. B. (2006), â€Å"How to teach the big baby to walk: case of the Indian venture capital industry†, Journal of Private Equity, Vol. No. 4, pp. 76-91. Verma, J. C. (1997), Venture Capital Financing in India, Sage, London. Vinay Kumar, A. (2002), â€Å"Venture capital ? nance in India: p ractices, perspectives and issues†, Finance India, Vol. 16 No. 1, pp. 247-52. Vinay Kumar, A. (2005), â€Å"Indian VCs’ involvement with investee ? rms: an empirical analysis of board composition, expectations and contribution†, ICFAI Journal of Applied Finance, July, pp. 28-39. Vinay Kumar, A. and Kaura, M. N. (2003), â€Å"Venture capitalists’ screening criteria†, Vikalpa, Vol. 28 No. 2, pp. 49-59. About the authorsThillai Rajan Annamalai is an Associate Professor in the Department of Management Studies at IIT Madras. His research interest includes VC, PE, infrastructure, and corporate ? nance. Thillai Rajan Annamalai is the corresponding author and can be contacted at: [email  protected] ac. in Ashish Deshmukh was an MBA student at the Department of Management Studies at IIT Madras. To purchase reprints of this article please e-mail: [email  protected] com Or visit our web site for further details: www. emeraldinsight. com/reprints VCPE in In dia 21