Mrs. Mallards Moment of Illumination in Story Of An Hour Essay

MRS. MALLARD’S â€Å"BRIEF MOMENT OF ILLUMINATION† Mrs. Mallard’s "brief moment of illumination" is a very deep and touching story about a lady who is forced to be married to a man she did not really know and did not love deeply with all her heart, as if she is bound with unhappiness for life! Now she has been liberated. The narrator portrays that was feeling a kind of freedom that she could not describe, but does not know how to deal with it. In this essay matters such as this freedom she was feeling, the little love she had for her husband, the "monstrous joy" she was feeling will be discussed. Matters such as women’s issues and their feelings towards life and death are also included in this essay. These matters are all part of Mrs. Mallard’s "brief moment of illumination". "Story of an Hour" was written and published in 1894. This story was written in an era where a lot of questions where risen, about who the dominant sex was and why. This story was written to share with the world how men treated women in that era and how men really felt about women. Women were forced to be with men and were bound to be unhappy. The biggest question was the "Women’s Question". What role the women fulfilled in the society and that the female species were the less dominant species. Men were the overriding species, women were forced to do things they did not want to do and were forced to be with men they did not really love and care for. In the "Story of an Hour" Mrs. Mallard is also force being with a person she did not really know. She never really loved him and cared for him the way she was supposing to. Mrs. Mallard was treated the same as all the women were treated in that era, badly and were abused in many ways if they did not do what th... ...ut it is not. The whole hour is about her inner conflict about her freedom and if she has been â€Å"wildly abandoned† by her husband and the feeling of freedom that she can not handle. This concludes the essay about Mrs. Mallard’s â€Å"brief moment of illumination†. This essay has discussed everything that was mentioned in the introduction paragraph. The paragraph illustrates the narrator’s depiction of Mrs. Mallard’s â€Å"brief moment of illumination† very well. This shows her inner conflict she is fighting inside of her mind and thoughts about the freedom she has received and that she is bound to it and she does not know how to deal with it. Bibliography 1. Starfield, Jane, 2008, Anthology of Poetry & Short Stories (A Reader for 2008) 2. Ferguson, I, 1997, Cross-Currents: An Anthology of Short Stories. Hatfield: Acacia Books 3. www.vcu.edu/engweb/webtexts/hour/

Enhancement (Philosophy) Essay

Cognitive enhancement is the improvement of one’s mental capacity and or mental attributes such as personality, where it is considered optional and not medically necessary (Schmidt-Felzmann, 2012). Enhancement is different to treatment as treatment is linked to the curing of an illness, whereas enhancement is merely improving an already medically healthy body or mind, however, at times it is quite difficult to draw a line between the two (Schmidt-Felzmann, 2012). Types of enhancements include improving one’s athletic abilities through the use of steroids, undergoing cosmetic surgery which is deemed medically unnecessary, or, reducing one’s need to sleep through the consumption of drugs such as Provigil. Enhancements can even encompass things that are commonly availed of every day, such as the consumption of caffeine (Schmidt-Felzmann, 2012). There are many ethical and practical concerns in relation to cognitive enhancement and whether or not it should be allowed such as Authenticity (Keeping true to oneself), which is a key concern , with both proponents and opponents of cognitive enhancement interpreting authenticity in different ways (Parens, 2005). Two ethical frameworks have developed which try to answer the questions raised by cognitive enhancement and indeed enhancement in general, these frameworks are known as the existentialist model (Self creation) and the Rousseauean model (Gratitude) (Parens, 2005). These frameworks differ on whether or not cognitive enhancement should be allowed, the existentialist model being in favour of cognitive enhancement and the Rousseauean model opposed to the application of it (Schmidt-Felzmann, 2012). Along with authenticity there are other major ethical concerns that could arise from the widespread use of cognitive enhancing methods, namely drugs (Butcher, 2003). Such concerns include a possible increase in the gap between rich and poor and the possibility of the loss of values, namely the value of hard work, which helps make a human being what they are (Butcher, 2003). Philosophers and indeed people in general who favour the existentialist model value autonomy greatly and therefore believe that so long as a human being does not harm another, they should be free to do with their body or mind what they please. If these things may be quite ridiculous and inadvisable, existentialist still believe that they should be condoned, so long as the person in question is well informed on the issue (Schmidt-Felzmann, 2012). There is also a view that Humans not only have the ability but may also have the responsibility to enhance their condition, not only through normal everyday enhancements but also through artificial means, which are not seen as qualitatively different (within existentialist circles) to everyday enhancements (Schmidt-Felzmann, 2012). There are, however, some problems with this framework. For instance, in many cases the individual who is given a cognitive enhancement, is not always fully autonomous (Schmidt-Felzmann, 2012). This is the case in many poor urban areas in the United States, in many schools in these areas up to a third of boys now take Ritalin, even though a large portion of them do not suffer from ADHD (Farah et al. 2004). Using enhancements to simply subdue easily distracted and unruly children could be seen as ethically wrong, this is because a large percentage of children simply are naturally unruly and easily distracted (Farah et al. 2004). To change this, could be seen as changing the personality of the child in question to such an extent that they are essentially no longer the same child, here we see the question of authenticity rise again (Parens, 2005). It is in situations such as these that we see a clear divide between the two frameworks. Most proponents of framework one (self-creation) would be in favour of this sort of cognitive enhancement as they would view the child as essentially the same person, only improved, while the opponents of this framework hold a different belief (Parens, 2005). Proponents of framework two, or the Rousseauean model, place huge importance in the value of â€Å"the given† (Schmidt-Felzmann, 2012). In other words, they believe we should not tamper past our natural potential. This however gives rise to problematic questions, such as, where can we draw the line between natural and artificial enhancements? (Schmidt-Felzmann, 2012). Framework two argues that cognitive enhancement ignores fundamental facts about the human mind and its limits, it asserts that these limits should be respected. These beliefs could also be seen as a breach of authenticity. When we think of the effects that cognitive enhancement could have on human authenticity we think of the effects it might have on the identity of an individual. While this is important, it is also important to look at the human race as a whole and how cognitive enhancement and enhancement in general might affect its authenticity. From the Stone Age right up to the current social age, humans have constantly strove to improve themselves and their quality of life. In recognition of this, it could be argued that to not enhance our current state of being would be in violation of our nature and of our identity as human beings. When this view is taken it becomes clear that the Rousseauean model can also lead to a breach in authenticity, this, along with other reasons is perhaps why a large portion of philosophers show a certain level of ambivalence towards the two frameworks when it comes to major ethical matters (Parens, 2005). Enhancement, cognitive enhancement in particular, raises many ethical concerns. As already discussed, authenticity is a prime concern, however there are also other important matters which need to be considered before any decision is made on whether or not cognitive enhancement should be allowed. For instance, the introduction of cognitive enhancing drugs could lead to a widening in the gap between rich and poor (Butcher, 2003). This would be that case as such drugs would likely be out of reach (financially) to the lower classes of society. In the long term further problems would arise, as the poor would likely have little or no access to these cognitive enhancing drugs, the upper class would essentially develop into generally more intelligent beings. This would make it far harder for a member of the lower class to compete for college places or jobs (Butcher, 2003). It has been argued, however, that the risk of a widening of the gap between the wealthy and the poor should not be a factor to stand against the introduction of cognitive enhancers as enhancers such as third level education already do this (Butcher, 2003). Another ethical issue is the possibility of the loss of the value of hard work (Butcher, 2003). While this may not seem like such a pressing issue, one must first fully consider the implications this may have in the long term. Humans may use there increased level of intelligence irresponsibly due to a lack of experience gained from having to work hard to overcome obstacles. Along with these issues the safety of such drugs is also an important matter (Farah et al. 2004). It is clear from these observations that the possibility of distribution of cognitive enhancers amongst the public is a very contentious issue, which makes the question â€Å"Should cognitive enhancement be allowed? † a very difficult one to answer. In my opinion, cognitive enhancement should be allowed, although only under certain conditions. The production of such enhancers should be undertaken only by the government so as to ensure the fair and equal distribution of cognitive enhancers amongst all social classes. Drugs should be extensively tested before mainstream introduction in order to assure the safety of the product. These measures may, however, not be enough. Governments would have the means to manipulate the public by introducing other properties to cognitive enhancing drugs, For instance they could use certain ingredients to create a more patriotic and docile population this would be a prime concern in politically unstable countries or in those of communist leanings. Should the entire population of a country regularly take a drug, which was deemed essential to take, untold damage could be done to the human condition. A world without free will could develop, with the world population under the control of one drug, and those who produced it. Perhaps the cognition of the human race is not yet evolved enough to consider its enhancement. Bibliography: Parens, Erik. (2005) â€Å"Authenticity and Ambivalence: Toward Understanding the Enhancement debate† Hastings Center Report, Vol. 35, Number 3, May-June, pp. 34-41. Schmidt-Felzmann, Heike. (2010) â€Å"Personal Identity and Human Nature: The Enhancement Debate, Heike Schmidt-Felzmann 12/10/12. † Philosophical questions & issues. [online. ] Available at: https://nuigalway. blackboard. com/webapps/portal/frameset. jsp? tab_tab_group_id=_2_1&url=%2Fwebapps%2Fblackboard%2Fexecute%2Flauncher%3Ftype%3DCourse%26id%3D_31108_1%26url%3D%252Fwebapps%252Fblackboard%252Fexecute%252FdisplayIndividualContent%253Fmode%253Dview%2526content_id%253D_419734_1%2526course_id%253D_31108_1 (Accessed: 03/12/12.) Butcher, James. (2003) â€Å"Cognitive enhancement raises ethical concerns† The Lancet, Vol 362 (9378) p. p 132–133. Farah, Martha J. Illes, Judy. Cook-Deegan, Robert. Gardner, Howard. Kandel, Eric. King, Patricia. Parens, Eric. Sahakian, Barbara & Root Wolpe, Paul. (2004) â€Å"Neurocognitive enhancement: what can we do and what should we do? † Nature Reviews Neuroscience, Vol: 5. P. p 421-425.

Introduction to Underwriting - Free Essay Example

Sample details Pages: 8 Words: 2283 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? INTRODUCTION TO UNDERWRITING Underwriting is an agreement, entered into by a company with a financial agency, in order to ensure that the public will subscribe for the entire issue of shares or debentures made by the company. The financial agency is known as the underwriter and it agrees to buy that part of the company issues which are not subscribed to by the public in consideration of a specified underwriting commission. The underwriting agreement, among others, must provide for the period during which the agreement is in force, the amount of underwriting obligations, the period within which the underwriter has to subscribe to the issue after being intimated by the issuer, the amount of commission and details of arrangements, if any, made by the underwriter for fulfilling the underwriting obligations. Don’t waste time! Our writers will create an original "Introduction to Underwriting" essay for you Create order The underwriting commission may not exceed 5 percent on shares and 2.5 percent in case of debentures. Underwriting has become very important in recent years with the growth of the corporate sector. It provides several BENEFITS to a company:- It relieves the company of the risk and uncertainty of marketing the securities. Underwriters have an intimate and specialized knowledge of the capital market. They offer valuable advice to the issuing company in the preparation of the prospectus, time of floatation and the price of securities, etc. They also provide publicity service to the companies which have entered into underwriting agreements with them. It helps in financing of new enterprises and in the expansion of the existing projects. It builds up investors confidence in the issue of securities. The issuing company is assured of the availability of funds. Important projects are not delayed for want of funds. It facilitates the geographical dispersal of securities because generally, the underwriters maintain contacts with investors throughout the country. TYPES OF UNDERWRITING Syndicate Underwriting: is one in which, two or more agencies or underwriters jointly underwrite an issue of securities. Such an arrangement is entered into when the total issue is beyond the resources of one underwriter or when he does not want to block up large amount of funds in one issue. Sub-Underwriting:- is one in which an underwriter gets a part of the issue further underwritten by another agency. This is done to diffuse the risk involved in underwriting. Firm Underwriting: is one in which the underwriters applyfor a block of securities. Under it, the underwriters agree to take up and pay for this block of securities as ordinary subscribers in addition to their commitment as underwriters. UNDERWRITERS To act as an underwriter, a certificate of registration must be obtained fromSecurities and Exchange Board of India (SEBI). The certificate is granted by SEBI under the Securities and Exchanges Board of India (Underwriters) Regulations, 1993. These regulations deal primarily with issues such as registration, capital adequacy, obligation and responsibilities of the underwriters. Under it, an underwriter is required to enter into a valid agreement with the issuer entity and the said agreement among other things should define the allocation of duties and responsibilities between him and the issuer entity. These regulations have been further amended by theSecurities and Exchange Board of India (Underwriters) (Amendment) Regulations, 2006. ROLE OF UNDERWRITERS The primary role of the underwriter is to purchase securities from the issuer and resell them to investors. Underwriters act as intermediaries between issuers and investors, providing for an efficient of capital. The underwriters take the risk that it will be able to resell the securities at a profit. Perhaps the most visible and familiar element of the initial public offering process is the underwriter. The underwriter is the organization that is actually responsible for pricing, selling, and organizing the issue, and it may or may not provide additional services. With direct public offerings, there is no need for an underwriter. Selection of a good underwriter is of the utmost importance, but its important to understand that many underwriters are equally selective of their clients. Because an underwriters reputation depends on successful issues, few firms will be willing to stake their reputation on questionable companies. When selecting an underwriter, its important to seek out an established company with a good reputation and quality research coverage in your field. The decision may also depend on the kind of agreement the underwriter is willing to make regarding the sale of shares. For profitable and established private companies, it shouldnt be difficult to locate an underwriter willing to make a firm commitment arrangement. Under such an agreement, the underwriter agrees to buy all issues shares, regardless of ability to sell them at a particular price. For riskier or less established companies, an underwriter may offer best efforts arrangement for the initial public offering. A best efforts contract requires the underwriter to buy only enough shares to fill investor demand. Under this arrangement, the underwriter accepts no responsibility for unsold shares. Aside from fees and sales arrangements, most underwriters are fairly similar in their roles. An underwriter will assist in the preparation and submission of all appropriate SEC filings, helping potential investors make informed decisions about your offering. All underwriters are required to exercise due diligence in verifying the information they submit, so a certain amount of investigation should be expected from any responsible underwriter. In addition to SEC registration filings, the underwriter will create a preliminary prospectus that will become a major part of the issues marketing campaign. This document is also referred to as the red herring, after a small red passage in the document that states that the company is not attempting to sell shares prior to SEC approval. Once SEC approval is obtained, the underwriter and the corporation will embark on a road show to gauge and attract interest from investors. While the road show does not involve getting binding commitments from investors, it helps the underwriter determine the best strategies for pricing and issuance. After the initial public offering, the underwriter continues to provide services for the newly public corporation. For months or even years after the offering, the underwriter may continue to make a market for the stock, ensuring liquidity for investors and making the shares more desirable. Twenty-five days after the issue, the underwriter is also permitted to make statements or projections regarding the company and its prospects. ANALYSIS OF RESEARCH ARTICLES ARTICLE 1 ROLE OF UNDERWRITER IN INITIAL PUBLIC OFFERING (IPO) When a company wants to raise funds throughinitial public offering (IPO)it appoints aninvestment bank for underwritingthe issue. AnInvestment bankis also called asmerchant bank. There is no regulatory restriction to use the services of amerchant bankfor IPO. Since in an IPO a company participates for the first time, it doesnt have complete understanding of the rules and documentation, required to be submitted, to get a clearance from the regulator. Famous merchant bankers world over are Goldman Sachs, Credit Suisse and Morgan Stanley. Banks like Deutsche, Citi, UBS etc have investment banking wings. Underwriters assess and analyze firms current performance, firms future earnings potential, industry scenario, competition in the same sector, current local and global market situations etc. to decidethe issueprice/price band. They also work on the activities like completion of the mandatory documentation as required by the regulatory body. Underwriters charge a fee for this activity , which is generally a percentage ofthe issuesize. If the issue size is very large a syndicate of merchant banks takes up the task of underwritingthe issue. However onemerchant bankleads the other. MERCHANT BANKERS The merchant bankers are those financial intermediaries involved with the activity of transferring capital funds to those borrowers who interested in borrowing. They guarantee the success of issues by underwriting them. Merchant banks are popularly known as issuing and accepting houses. Unlike in the past, their activities are now primarily non-fund based (fee based). They offer a package of financial services. The basic function of merchant banks is marketing corporate and other services that are guaranteeing sales and distribution of securities and also other activities such as management of customer services, portfolio management of customer services, portfolio management, credit syndication, acceptance credit, counseling, insurance, etc. As per SEBI (Merchant bankers) Rules, 1992: Merchant bankers means any person who is engaged in the business of issue management either by making arrangements regarding selling, buying or subscribing to securities or acting as manager, consultant, advise or rendering corporate advisory service in relation to such issue management. MERCHANT BANKING Merchant banking activity was formally initiated into the Indian capital markets when grind lays bank received the license from reserve bank in 1967.grindlays started with management of capital issues ,recognized the needs of emerging class of entrepreneurs for diverse financial services ranging from production planning and system design to market research .even it provides management consulting services to meet the requirements of small and medium sector rather than large sector. Citibank setup its merchant banking division in1970.the various tasks performed by this divisions namely assisting new entrepreneur ,evaluating new projects ,raising funds through borrowing and issuing equity. Indians banks started banking services as a part multiple services they offer to their clients from 1972.state bank of India started the merchant banking division in 1972.in the initial years the SBIS objective was to render corporate advice and assistance to small and medium entrepreneurs. REGISTRATION OF MERCHANT BANKERS WITH SEBI It is mandatory for a merchant banker to register with the sebi. Without holding a certificate of registration granted by the securities and exchange board of India, no person can act as a merchant banker in India. Only a body corporate other then a non-banking financial company shall be eligible to get registration as merchant banker. The applicant should not carry on any business other than those connected with the securities market. All applicants for merchant bankers should have qualifications in finance, law or business management. The applicant should have infrastructure like office space, equipment, manpower etc. The applicant must have at least two employees with prior experience in merchant banking. MERCHANT BANKERS IN INDIA There are 135 merchant bankers who are registered with sebi now in India. There are public sector, private sector and foreign players registered with sebi. The below are the examples of few of the merchant bankers in each of the public, private and foreign players. PUBLIC SECTOR MERCHANT BANKERS SEBI CAPITAL MERKETS LTD. PUNJAB NATIONAL BANK. IFCI FINANCIAL SERVICES LTD. KARUR VYSYA BANK LTD. STATE BANK OF BIKANER AND JAIPUR. PRIVATE SECTORS MERCHANT BANKERS: ICICI SECURITIES LTD. AXIS BANK LTD(FORMERLY UTI BANK LTD.) BAJAJ CAPITAL MARKETS LTD TATA CAPITAL MARKETS LTD. ICICI BANK LTD. RELIANCE SECURITIES LIMITED. KOTA MAHINDRA CAPITAL COMPANY LTD. YES BANK LTD. FOREGN PLAYERS IN MERCHNT BANKING. GOLDMAN SACHS(INDIA)SECURITIES PVT.LTD. BARCLAYS SECURITIES(INDIA)PVT.LTD. BANK OF AMERICA.N.A. DEUTSCHE BANK. DEUTCHE EQUITIES INDIA PRIVATE LIMITED. SERVICES OF MERCHANT BANKS PROJECT COUNSELLING: Project counseling includes preparation of project reports,deciding upon the financing pattern to finance the cost of the project and appraising the project report with the financial institutions or banks.it also includes filling up of application forms with relevant information for obtaining funds from financial institutions and obtaining government approval. MANAGEMENT OF DEBT AND EQUITY OFFERINGS This forms the main function of the merchant banker.he assists the companies in raising funds from the market.the main areas of work in this regard include: instrument designing, pricing the issue, registration of the offer document, underwriting support and marketing of the issue, allotment and refund, listing on stock exchanges. ISSUE MANAGEMENT Management of issue involves marketing of corporate securities viz. equity shares, preference shares and debentures or bonds by offering them to public. Merchant banks act as per SEBI guidelines, the merchant banker arranges a meeting with company representatives and advertising agents to finalize arrangements relating to date of opening and closing of issue, registration of prospectus, launching publicity campaign and fixing date of board meeting to approve and sign prospectus and pass the necessary resolutions. Pricing of issues is done by the companies in consultant with the merchant bankers. MANAGERS, CONSULTANATS AND ADVISERS OF THE ISSUE: The managers of the issue assist in the drafting of prospectus, application forms and completion of formalities under the companies act, appointment of registrar for dealing with share applications and transfer and listing of shares of the company on the stock exchange. Companies can appoint one or more agencies as managers to the issue. UNDERWRITING OF PUBLIC ISSUE: Underwriting is a guarantee given by the underwriter that in the event of under subscription, the amount underwritten would be subscribed by him. Merchant banking subsidiaries cannot underwrite more than 15% of any issue. PORTFOLIO MANAGEMENT: Portfolio refers to investment in different kinds of securities such as shares, debentures or bonds issued by different companies and government securities. Portfolio management refers to maintaining proper combinations of securities in a manner that they give maximum return with minimum risk. RESTRUCTURING STRATEGIES: AA merger is a combination of two companies into a single company where one survives and other losses its corporate existence. A takeover is the purchase by one company acquiring controlling interest in the share capital of another existing company. Merchant bankers are the middlemen in setting negotiation between the companies. Merchant bankers assist the management of the client company to successfully restructure various activities, which include mergers and acquisitions, management buyouts, joint ventures among others. OFFSHORE FINANCE: The merchant bankers help their clients in the following areas involving foreign currency: Long term foreign currency loans Joint ventures abroad Financing exports and imports Foreign collaboration arrangements ROLE OF MERCHANT BANKER IN A PRIMARY MARKET ISSUE MANAGEMENT: Merchant banker is the intermediary appointed by companies in the primary market issue. It has to look at the entire issue management and work as the manager to the public issue. References: https://lastbull.com/iporole-of-underwriter/