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Aviation Competition Law in India - Free Essay Example

Sample details Pages: 5 Words: 1464 Downloads: 1 Date added: 2017/06/26 Category Law Essay Type Analytical essay Tags: Act Essay India Essay Did you like this example? Conclusion Competition Law is a complex mixture of a countrys law, economics and administrative action intended to favour competition in the economy. Since competition is seen as critical to economic development, competition law seeks to protect this competitiveness in the economy. The underlying theory behind competition law is the positive effect of competition in an economys market, acting as a safeguard against misuse of economic power. The operation of competition law by prevention of anti-competitive agreements, prohibiting abuse of dominant position by firms and regulation of combinations which might adversely affect competition in the economy, is crucial for India. It is therefore keeping that in mind that the Indian Parliament enacted the Competition Act, 2002. The preamble and the statement of objects and reasons of the Act, also evidence that the broad economic development objectives were a consideration to adopting the Act. The Indian Competition Act, 2002 (The Act) prohibits those agreements which can have an appreciable adverse effect on the competition. The Act recognizes positive synergies that emanate from agreements between the enterprises. If an agreement does not have an appreciable adverse effect on competition, then it will remain out of the purview of the provision of the Competition Act, 2002. The Indian aviation sector has witnessed tremendous growth in the recent years driven by a combination of macroeconomic; demographic; government reforms and market lead dynamics. Ever since 2003, growth had witnessed tremendous increase post arrival of Low Cost Carrierà ¢Ã¢â€š ¬Ã¢â€ž ¢s. Hence if the current growth trajectory is to be preserved, it is very important that competitive forces must continue to operate in the system. The year 2007 was the year of MA in the Indian Skies. Post consolidation Indian Airlines-Air India; Jet-Sahara; Kingfisher-Deccan, these top three players had pocketed 80% of the Market Shar e. While many favoured these mergers as it was believed that these mergers would benefit the bleeding industry. It was believed that the consolidation would help in bringing some rationalization in the routes and help carriers focus on other routes. All three mergers came under the lens of Competition Commission of India. The merger between Indian Airlines and Air India did not pose much problem to the competition in the market as Air India mainly operated in International routes and Indian Airlines in Domestic routes. However the airline had the exclusive right to fly to Gulf, which was unfair for other domestic carriers as it was depriving them of important revenue. The Jet-Sahara Deal materialized in 2007 when Jet signed and agreed to take over 100% stakes in its arch rival. With the takeover of Sahara by Jet, some important issues over competitive concerns need to be addressed. Jet and Sahara had peak slots available on all major metropolitan airports at peak timings. Ther e were talks that DGCA should redistribute Air Saharaà ¢Ã¢â€š ¬Ã¢â€ž ¢s slots to all the airlines to prevent Jet Airways from attaining a dominant position in the market. Another important issue that cropped was that post Jet-Sahara Deal and Indian Airlinesà ¢Ã¢â€š ¬Ã¢â‚¬Å"Air India deal, the number of players serving the International Routes had reduced to half as no other domestic player was eligible for flying internationally as per the current regulatory framework. The Kingfisher-Deccan Deal was plagued with a lot of hue and cry coming from various industry groups post consolidation as the consumers felt vulnerable and expected that fares may rise in future. Kingfisher and Deccan had over lapping route networks they essentially catered to different set of consumers. There are certain provisions in Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s Civil Aviation Sector regulatory framework which limit the competition within the industry. The minimum fleet and equity requirements, with respe ct to air carrier service provider could be a way of assessing the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s viability in the market but such regulation limit not only the number of new market entrants, but also the size of firms that enter, as they should possess enough capital to fulfill these requirements. Developed countries like US, Australia and also the European Union have a minimum fleet requirement of just one aircraft and there is no equity requirement. Having such high civil aviation requirement will give the few players in the market to dictate terms and prices and the passenger is prejudiced having no choice to choose from. The Route Dispersal Guidelines issued by the Government of India forces the airlines to take planes to those routes which experience light passenger traffic. As a result the aircrafts flying to these routes may not be able to recover their cost of operations. Though this regulation was brought in to meet the social needs but it was a big disadvantage for the domest ic service providers. Unlike the European Union and the United States, who provide subsidies to commuter airlines which provide carrier services to rural destinations, the Indian Government do not provide any incentive to the airlines. The Slot Allocation guidelines issued by the Airport Authority of India allows a carrier service provider to retain a group of slots allocated by the slot coordinator if they have been utilized least 80% of the time in the preceding season. The underutilized slots tend to be at odd times and not peak hours. This creates a barrier for new entrants in the market. There are natural barriers to entry owing to the high level of investments and liquidity required to cover startup and high operational costs that limit entry and protect the functioning of a cartel. Furthermore, regulations relating to fleet and financial requirements, and slot allocations further prevent entry and could increase the likelihood of cartel behavior. Price transparency i n the system of fare declaration is both a boon as well as a bane. A bane as it enhances chances of cartelization. Parties entering a cartel find it easy to ensure cooperation as the follower will implement the price increase only after seeing the leader make the agreed changes. Suggestions There is a need to create a single civil aviation policy. This civil aviation policy should aim to reduce artificial barriers to entry such as fleet and equity requirements. It should have clear delineation between regulatory authorities that oversee activities in this sector, which would result in clear and predictable regulatory outcomes. Additionally, this policy should aim to create a more level competitive field between Indiaà ¢Ã¢â€š ¬Ã‹Å"s private, national and foreign carriers. It should also aim to introduce market mechanisms and incentives into the distribution of slots and dispersion of routes. India should follow the UK, US and the Australian model where new carrier have to disclose assets, liabilities, past and ongoing litigation, and operational insurance. Instead of having fleet and equity requirement, the new service provider can submit their financial information and illustrates how they plan on succeeding within civil aviation sector. This will enable the enable the more players to enter the market and give competition to the existing carrier service providers. The Government should consider phasing out compulsory government regulated route dispersal and put out a call for input from stakeholders for different incentive programs that will help create more air carrier traffic to smaller airports. The Indian Government can take the United States experience of de- regulation as a model of how all the routes can receive adequate services without too much of government involvement. The Essential Air Service Program provides subsidies to air carrier service providers that agree to fly to underserviced airports. Another model that the Government can consider is that of the European Union, which also provides incentives to attract carriers to routes to underserviced airports. The European Union Public Service Obligation regulation, limits the time that incentives will be provided to a participating carrier. The Indian Government should consider applying one of the models to the Indian Civil Aviation Sector as it can have significant positive social impact for the people living in the underserved areas. While no perfect government or market-based solution for an efficient slot allocation system exists, introducing a variety of market mechanisms into the process has yielded more efficient results in the United States, United Kingdom and the European Union. Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s civil aviation regulator should consider at UK model for slot allocation. Using the UK model would create more efficient outcomes for slot allocation, while keeping the grandfather and use it or lose it rules in accordance with the IATA slot allotment framework. Furthermore, the regulator may consider allowing the trading and auctions of underutilized slots through an independent coordinating agency. While auctions in the UK are still closed to new entrants, auctioning will spur competition between incumbent carriers, resulting in efficiency gains. India should also consider opening up funds from slot auctions to provide airport developers with partial recoup on investment in airport infrastructure, thus in centivizing operators to invest in further expanding airport infrastructure. This would lead to increased carrier service, decreased airport congestion, and growth of the civil aviation industry. Don’t waste time! Our writers will create an original "Aviation Competition Law in India" essay for you Create order

The Migration in the Post Cold War Period Free Essay Example, 5000 words

The emergence of the Cold War- one of the longest wars in the history of mankind changed the situation of the geopolitical history of the world. The erstwhile USSR or the Soviet Union broke into various other countries and there was mass immigration between the countries. After the completion of the Cold War, the migration of the human beings from one region to the other went on to become a chief political factor for the various countries and stringent laws were developed for restricting the mass immigration. The paper will deal with the changes in the scope of the migration post-Cold War and will see if there is anything new about the change. (Manning, 2005: Pp 157-165). Migration has been important in the development of the human civilization of the modern world. It was in the prehistoric age that the people from the different parts of the world migrated to the fertile lands near the rivers and the seas. This was done to develop the means of the livelihood and civilizations develo ped along the rivers. These civilizations were the bases for the existence of the human civilization. We will write a custom essay sample on The Migration in the Post Cold War Period or any topic specifically for you Only $17.96 $11.86/pageorder now Therefore, migration can be said to have played a big part in the development of human civilization. The earliest known man lived in the continent of Africa on the banks of the Nile and Central Africa. The main livelihood of the natives was hunting. Four groups from the group leaving in the region went to the other parts of the continent. The group, which went to the northern part of Africa, crossed the continent and went toward Asia. However, the group died because of a natural calamity, which turned the area into the snow. The area turned to desert and the people died of hunger. 85,000 years ago, another group of people from the region crossed the Red Sea and went towards the plains of Asia. The people of the Non-African origin is being borne out of them. They went to the continent of Asia and covered the plains of India. They were traveling down the shore of the Indian Ocean.

Essay on Was Stalin a Success - 1295 Words

Was Stalin a Success? Whether Stalin was a success can only be measured in two ways, his own terms, in the terms of Russia or in the terms of Communism - meaning whether what he did with Communist Russia would have been seen as Communist by Karl Marx. How much of a success was Stalin? - If at all and from whose point of view was he a success or not. Stalin being a success in his own terms that is what he would of felt he achieved and what he believed made him a success. He was very successful politically as he won the Struggle for power in 1917, this he would have seen as a success, and he would have seen his life as a resounding success in his own terms. The First Five Year plan, he would†¦show more content†¦This is only from the opinion of Stalin, whereas these successes may have been felt differently from the terms of the Russian people, yet in Stalins terms he was a success as nearly everything he attempted worked for him, one way or another. Russia may have been a military superpower under Stalin and Communism it was still a third-world economy, which meant the people suffered greatly. The Five Year Plans that Stalin saw as a success from his point of view left the workers disillusioned, because the concentration of the Five Year Plans was on Capital goods, this left no room for commercial goods, like clothes and shoes. This meant during the Five Year Plan shoes usually ran out. The results of this was that the workers felt alienated from the system and they subsequently their productivity was low and unproductive. If the Five Year Plans had included basic consumer goods then the productivity of the workers may have not dropped their productivity, but this from the point of view of Russia the Five Year Plans had been a failure in that their standard of living went down. The Collectivisation of the peasants meant that the Kulaks were treated with brutality and many peasants died of famine (1933) as their food was taken to feed theShow MoreRelatedStalin/Alexander Iii Was More Successful at Dealing with Opposition Than Any Other Ruler of Russia in the Period from 1855-1964. How Far Do You Agree with This View?1137 Words   |  5 PagesOpposition is a constant theme faced by any political ruler. A common measure of success is how effective a ruler is at dealing with the problem of opposition, in comparison to his previous/succeeding rulers, in this instance, comparing Stalin to the Tsars Alexander II,III and Nicholas II, and Communist Leaders Lenin and Khrushchev, over a decade of Russian history. Under Stalin, the campaign to crush opposition began almost instantaneously. Initially, this came in the form of political opponentsRead MoreStalins Position as General Secretary Was the Main Reason for His Success in Defeating His Rivals in the Years 1924-29. How Far Do You Agree with This Opinion?1535 Words   |  7 Pagesthe years following the death of Lenin in 1924, there was an immense power struggle in the politburo of the Communist Party, as its leading figures competed to replace him. By 1929, Joseph Stalin had defeated his rivals - and therefore become leader of the party - through three stages: the defeat of the left opposition (and therefore Trotsky), the united opposition (Zinoviev, Kamenev and Trotsky), and finally the right deviation (Bukharin). Stalin gained power due to a number of factors, particularlyRead MoreEvidence has shown that Stalin was not a savior to Russia by creating economic policies to help1300 Words   |  6 Pagesshown that Stalin was not a savior to Russia by creating economic policies to help with the agriculture and also modernized Russia. Stalin’s plan was to make Russia an industrial giant, so Stalin created the five-year plan to work on the farms and factories of Russia. Stalin’s five-year plans were a series of nation wide centralized economic plans in the Soviet Union (Wikipedia). What that meant was that peasants who didn’t have jobs were required to work on a specific goal that Stalin had to increaseRead MoreStalins Foreign Policy1232 Words   |  5 PagesForeign Policy Joseph Stalin rose to power in the USSR by 1928. His foreign Policy means how the USSR interacted with other nations such as France and Germany. Historians interpret Stalin’s foreign policy in two different ways: One side describes his foreign policy being aimed at manipulating the western nations (Great Britain, France, Germany and the US) into a destructive war between them, making it easier for Stalin to expand towards the west. This view describes Stalin as being very aggresssiveRead MoreHow Did Stalin Rule Russia1694 Words   |  7 Pagesand success of communism in Russia? After the death of Lenin in 1924, Russia was faced with Joseph Stalin who ruled the Soviet Union with an iron fist for 24 years. Stalin rarely appeared to be what he really was and consistently was underestimated by his opponents, allowing him to gain support and create fear in the Russian people’s lives. Although Stalin faced much opposition, his manipulating ways allowed him to bypass this thr ough purges, control on media, and his use of propaganda. Stalin pushedRead Moreâ€Å"Stalin’s Position as General Secretary Explains His Success in Defeating His Rivals in the Years 1924-1929† How Far Do You Agree with This Statement?779 Words   |  4 PagesIn this essay I will discuss whether Stalins position as General Secretary was the most important factor in his seize of power. Stalins position as General Secretary was very important as it gave him control over the whole party machine. But there were also other factors that proved to be very important. This essay will attempt to assess the relative importance these factors. Stalins position as General Secretary proved to be very important in his seize of power for many reasons. One reason forRead MoreStalin And The Soviet Union1336 Words   |  6 Pages Joseph Stalin the prominent leader of the Soviet Union had a vision to transform the Soviet Union into an industrialized economy. Through the works of Stalin he implemented â€Å"The Five Year Plan† which included methods and goals that were very important in the arrival of his goal. Though, hard labor, terror, struggle, and work was put on the peasants and kulak class that was key in Stalin’s plans to achieve a Communist society. Through the utilization of terror and repression, Stalin’s Five Year PlanRead MoreJoseph Stalin : The Dictator Of The Ussr1426 Words   |  6 PagesJoseph Stalin English II Mrs. Galloway Dylan Kronk 24 February 2017 Dylan Kronk English II Galloway 6th 24 February 2017 Joseph Stalin (Rough Draft) Joseph Stalin was the dictator of the USSR, formerly known as Russia. Joseph Stalin did many good things that made the USSR what it is today. The USSR is one of the world’s many super powers. Joseph Stalin was a dictator who forcefully kept control, killed his people, persecuted, and westernized Russia. Although Stalin did someRead MoreCompare and Contrast the Economic Policies of Stalin and Mao.941 Words   |  4 PagesCompare and contrast the economic policies of Stalin and Mao. In Russia and China, both Stalin and Mao emerged as almost god-like leaders despite making their respective countries endure harsh programs of reform all economically, politically and socially. Mao can be seen to have adopted the policies of Stalin, both inspired by the Marxist ideologies of Lenin. Both Stalin and Mao recognized the economic backwardness of their respective countries and wanted to use industrialization and collectivisationRead MoreTo What Extent Was Stalin Truly Marxist?1656 Words   |  7 PagesIn order to answer the question To what extent was Stalin truly Marxist? one must first define the term ‘Marxism’ and establish a success criteria which can be used in the assessment of Stalin and his policies. The term ‘Marxism’ is defined as ‘the system of economic and political thought developed by Karl Marx, along with Friedrich Engels, especially the doctrine that the state throughout history has been a device for the exploitation of th e masses by a dominant class, that class struggle has

Opium and the Industrial Revolution Essay - 1474 Words

Opium and the Industrial Revolution The Industrial Revolution brought social change and economic growth for Great Britain. This era provided the perfect environment for a new social class to emerge from urban squalor. During the Industrial Revolution a group of citizens who breathed polluted air, drank toxic water, worked fourteen-hour days in dimly lit factories and lived in close quarters. This group is known as the working class. In Karl Marx’s Manifesto of the Communist Party he predicted that the development of Modern Industry cuts from under its feet the very foundation on which the bourgeoisie (the upper class) produces and appropriates products. The bourgeoisie therefore produces, above all, are its gravediggers. Its fall and†¦show more content†¦The poor people in the photograph to be starving and poorly nourished. The sky is portrayed as dark smoggy black from factory pollution. Apartment style row houses appear to be sandwiched together lining and defining the border of the dower street. Dore paint’s many pairs of shoes placed at the entrance of each living quarter, this represents to the viewer the amount of people residing in such a small space. The painting also features a man driving a horse carriage and cracking a whip, symbolic of the middle and upper classes treatment towards the poor. Gustave Dores’ work is sympathetic toward the living conditions of the working class. Opium was introduced to the public for it’s medicinal benefits. Great Britain was a region where issues such as overpopulation, air pollution, contaminated drinking water, and deforestation were present. Conditions that opium treated included boredom, anxiety, squalling babies in close quarters, chronic fatigue and pain, diarrheal diseases, insomnia, ubiquitous, and several other deadly afflictions as a result of overpopulation (David T. Courtwtight, 32). Not only was opium helpful but also affordable, a result of Britain’s mass prod uction of the drug to trade with China for tea during the Opium Wars. The cheap nature opium and health benefits made it the ideal substance for the working class. It allowed the poor to go with less food, much like tea, but cost less than an alcoholic beverageShow MoreRelatedHaitian Revolution : The Revolution1199 Words   |  5 PagesHaitian Revolution: The Haitian Revolution was led by Toussaint L’Ouverture from May 20, 1743 to April 7, 1803. It has been described as the largest and most successful slave rebellion. The rebellion was initiated in 1791 by the slaves. In the end, they had succeeded in ending slavery and French control on the colony. The Haitian Revolution consisted of multiple revolutions going simultaneously. The Haitian Revolution existed from 1791 to 1804. It was important because Haiti is the only country whereRead MoreIndustrial Revolution Reflection717 Words   |  3 Pagesabout the industrial revolution. He explains the reason of why the Industrial r evolution outline occurred in Europe not in China or India. He explains it as The dynamics of specialization, increased market exchange, and improved transportation in the context of the biological old regime and the particularities of Chinas situation was pushing it toward an increasingly labor-intensive agriculture, rather than toward an industrial revolution (page107). However, he believes that the industrial revolutionRead MoreThe Origins Of The Modern World982 Words   |  4 PagesEngland. He argues, was opium-which great Britain used consciously to impoverish India where it was civilized. and they used China as the market. Marks says there is no more mystery in it that that... those who have benefited should be humbled by the actual sources of the their good fortune, and those who have not should take heart that in the future new contingencies may well favor them It is all a matter of contingency.In Chapter 4 Marks talks about the industrial revolution. He explains the reaso nRead MoreIndustrialization Of Industrialization And Industrialization Essay1693 Words   |  7 Pagesindustrialization is a voluntary movement within the country, but as an exception, China’s industrialization is forced due to the â€Å"barbarism† action from Britain, France and many other countries. Recalls the first Opium War, which is the event that aroused the industrialization in China, and later the second Opium war etc.†¦ Due to the pressure from enemies, China has to start industrialization in order to strengthen itself and to protect the people from the opponents. Overall, industrialization was a hard and aRead MoreThe Military Instrument Of National Power1524 Words   |  7 Pageshistory of mankind: the emergence of the nation-state and the beginnings of the industrial revolution. The nation -state monopolized the organization of military power while the industrial revolution had an enormous effects on the nature and bases of military power. The quickening evolution of pure modern science, the flourishing of technological innovation, and the rapid economic growth associated with the industrial revolution had even more revolutionary effects on the generation, system, and circulationRead MoreWhy Did The British And Chinese Views Of The Opium Trade Differ So Strongly From One Another?871 Words   |  4 PagesWhy did the British and Chinese views of the opium trade differ so strongly from one another? China and British perspectives on the opium trade were contradistinctive and ultimately became the foundations of the Opium Wars in 1839-42 and 1856-60. The clash of opinions were not based around the narcotic opium itself but stemmed from a misunderstanding of cultures, conflicting economic behaviours and different ethical ideologies. The two countries were fixed in times of two unrelated eras. ForRead MoreThe Causes of the 1911 Revolution Essays676 Words   |  3 PagesThe Causes of the 1911 Revolution The Chinese revolution broke out in 1911 under the conflict of manzhous which were the Qing and the revolutionaries. The revolution broke out with the uprising of Sichuan province. The Qing government nationalized the railway in Sichuan province. The students were angered at the government’s action and protested on the streets for delaying the nationalization. On August 24 1911, between the conflict of protesters and the government troopsRead MoreEssay on The Downfall of China743 Words   |  3 Pages centuries. After the thirteenth century Western civilization flourished. In Western Europe the governments encouraged industrial growth and individual commerce as a means of keeping ahead of the competition. With each distinct country competing with each other a variety of individual trades were created eventually sparking the Industrial Revolution. As a result of heavily trading around the world, each country became very wealthy, and as such their internal economies grewRead MoreBook Review1706 Words   |  7 Pagesemphasize social divisions, not to set them aside in alcoholic hazes. The seating arrangements were also less egalitarian than that of the symposion. Standage displays how spirits played a major role in Colonial America, slavery and the American Revolution. The production of spirits is connected to slavery by playing a central role in the trading of the slaves. African slavers who supplied Europeans with slaves accepted a wide range of items in exchange but the slavers mostly desired to get spiritsRead MoreAge of Imperialism: Japan China Essay examples1170 Words   |  5 Pages In the 1830s, illegal British imports of opium to China had increased from 1,000 chests to more than 23,000 at the cost of millions of Chinese citizens addicted to the substance (Strayer, 885). In response to the growing problem of addiction, the import ban on opium was determined to be inadequate to protect Chinese interests which resulted in the government banning opium altogether in 1836. Unswayed by the new law, British merchants and Chinese opium addicts continued to conduct business as usual

Impact of ipo/fpo’s performance in indian capital market free essay sample

Financial capital is one of the most important components of a business. The need for financial capital grows with a growth in the business. At a certain stage, it becomes imperative to raise a large amount of financial capital to expand and sustain the business, and at an affordable cost to the company. An IPO – an acronym for Initial Public Offer – is one of the most popular methods of raising money from the general public and investors. IPO DEFINITION An initial public offer, as the name indicates, is the first (initial) instance of a company (called the issuer) offering its commons stock (or shares) to the general public for subscription. It is a common misconception that only newly formed companies resort to raising money through an IPO. Even long established private companies can access the IPO route to raise capital, and become publicly traded companies as a result. An IPO is considered as a â€Å"rite of passage† into the big league of publicly traded stocks. Any company that needs to be listed on a stock exchange has to offer its shares to the public. In addition to IPO, an already listed and publicly traded company may issue an FPO Follow on Public Offer – to raise further capital for the company.  the two. METHOD OF PRICING OF IPO/FPO IN INDIA There are various ways to price the stocks but what is commonly used now is a process called book building. It is basically a capital issuance process used in an Initial Public Offer which aids price and demand discovery. It is also a process used for marketing a public offer of equity shares of a company. During the period for which the book for the IPO is open, bids are collected from investors at various prices, which are above or equal to the floor price. The offer/issue price is then determined by the issuing company after the bid closing date based on the various bids that have been collected. LITERATURE REVIEW S S S Kumar , a study on â€Å"Short and Long-run Performance of Bookbuilt IPOs in India†,â€Å"International Journal of Management Practices Contemporary Thoughts†,year 2007 â€Å"One of the important reforms Indian markets witnessed in the recent past is the introduction of issuing shares through the book building process which aims at efficient price discovery. The paper attempts to see how the IPOs issued through book building process fare both in short-run as well as in long run. Results indicate that the IPOs are under-priced as is evidenced by the positive listing day returns and are out performing the market in the subsequent months almost up to twenty four months. However, after two years of listing they generate negative returns. This finding is consistent with the /PO performance literature from the other countries but is in contrast with the first long run study on 1POs in the long run in India. Vijaya B Marisetty2 (Department of Accounting and Finance Monash University ) and Marti G Subrahmanyam (Stern School of Business ,New York University ),† â€Å"Group Affiliation and the Performance of Initial Public Offerings in the Indian Stock Market †, Journal of Financial Markets , October 2008 . â€Å"This paper document the effects of group affiliation on the initial performance of 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. This document distinguishes between two competing hypotheses regarding group affiliation: the â€Å"certification† and the â€Å"tunneling† hypotheses. they lend support to the latter by showing that the underpricing of business group companies is higher than that of stand-alone companies. Furthermore, they find that the long run performance of IPOs, in general, is negative. We also find that Indian investors over-react to IPOs and their over-reaction (proxied by the oversubscription rate) explains the extent of underpricing†. Arun Kumar Gopalaswamy, Kartikeya Chaturvedi, N. Sriram, (2008) Long run post issue performance of fixed price and book built IPOs: an empirical study on Indian markets, Journal of Advances in Management Research, Vol. 5 Iss: 2, pp. 64 – 76 Sehgal, Shikha Singh, Balwinder, â€Å"Determinants of initial and long-run performance of IPOs in Indian stock market†. Asia-Pacific Business Review Journal, Oct-Dec, 2008, Source Volume: 4 Source Issue: 4 â€Å"The paper investigates the possible determinants of  underpricing and the long-run performance of 438 Indian initial public offerings (IPOs) listed on the Bombay Stock Exchange during June 1992March 2001. The mean underpricing has been found to be 99. 20 per cent, which is very high if compared with the international evidence. Age of the firm, listing delay at IPO and number of times the issue is subscribed have been found to be the important determinants of underpricing. Indian IPOs do not tend to underperform in the long-run and underpricing has been primarily found to explain the long-run performance. The study, thus provides evidence of overreaction hypothesis. † Seshadev Sahoo and Prabina Rajib, â€Å"After Market Pricing Performance of Initial Public Offerings (IPOs)†: journal vikalpa , volume 35 , no 4 †¢ october december 2010 â€Å"This paper is motivated by the apparent belief that IPOs are underpriced on the initial listing day and thereafter underperforms compared to the market benchmark. While evaluation of the listing day performance seems straightforward on surface, it actually invokes several complications for the subsequent performance measurement. This paper focuses on the evaluation of price performance of IPOs up to a period of 36 months including the listing day. It also examines the usefulness of IPO characteristics at the time of issue to seek an explanation for the post-issue price performance. Arwah Arjun Madan (Lecturer, St. Mira’s College for Girls, Pune Research Scholar, nia, pune)a study on â€Å"investments in ipos in the indian capital market†,journal Bimaquest Vol. III Issue 1, January 2003 â€Å"This paper aims (1) To look at the behaviour of IPOs in the primary capital market in the pre and post Liberalization Era: (a) extent of underpricing during the CCI SEBI times and (b) the influence on returns considering various factors such as Issue Size, Age, Foreign Equity, Issue Rating, and Issued Capital.(2) To assess the long-run performance of IPOs for a period of five years after listing Performance of IPO vis-a-vis Stock Index Industry Index RATIONALE OF STUDY It is a well documented fact that IPOs tend to be generally under-priced, though some issues tend to be overpriced. From the viewpoint of financial research, IPO under-pricing in the sense of abnormal short-term returns on IPOs has been found in nearly every country in the world. This suggests that IPO under-pricing may be the outcome of basic problems of information and uncertainty in the IPO process, and is unlikely to be a figment of institutional peculiarities of any one market. There have also been various studies made to suggest the reasons for such underpricing. From the investors’ point of view, this under-pricing appear to provide the sure and quick profit that most dream about. Though first day return could vary, few of the issues tend to provide a very high return over the first day. RECENT VIEW OF SEBI(OVERPRICING OF IPO) (SOURCE- THE ECONOMIC TIMES, 1 MAY 2011) With an aim to rein in cases of over-pricing and over-hyping of IPOs by merchant bankers, market watchdog Sebi wants them to tell the investors about their past record in handling the public offers and also keep the prices at realistic levels. SEBI has expressed its displeasure in very clear terms to the merchant bankers over the cases where IPOs have been priced in such a manner that there is little left on table for the public investors in terms of potential returns, a senior official said. At the same time, the regulator is also not happy with the hard-selling of these overpriced IPOs to the retail investors in a manner that good returns are assured from investment in such share sales, even if the pricing is beyond rational levels, he added. As a remedial measure, SEBI wants the merchant bankers to prominently disclose to the investors their track records, which would comprise of the performance of shares vis-a-vis the price in the IPOs managed by them.

Alfred Hitchcock Essay Example For Students

Alfred Hitchcock Essay The suicide scene begins quite cheerfully. Max and his wife are holding a ball at Manderley for the first time since Rebecca died, and Mrs. Dewinter is trying to look as glamorous as possible for what is her chance to show off herself as the lovely young Bride of Maxim Dewinter. At the front door, Max is greeting Giles and Beatrice, friends of his. Beatrice asks Where is the child? to which Max replies Oh, shes upstairs. The way they look upon Mrs. Dewinter is not with contempt, but as if she is a commodity of a wife who is organising the ball just to have a few hours of child-like fun. Beatrice goes upstairs to see how Mrs. Dewinter is getting on with her costume, but is politely refused entry into the chambers of Mrs. Dewinter to add to effect and surprise when Mrs. Dewinter enters the great hall. The lady in waiting puts the final touches to the dress, and comments on how lovely it looks upon Mrs. Dewinter. Mrs. Dewinter leaves her chambers, and daintily runs down the hallway to see where Max is. For a brief moment, Mrs. Dewinter pauses by a picture in the family art gallery, but unbeknown to her, she is wearing an exact copy of a dress previously worn by Rebecca only a year before. She does not know this because Mrs. Danvers told her that it was a portrait of one of Maxs Aunts, not of his late wife. This was a plan hatched by Mrs. Danvers to try and oust this new blood from her carefully organised and well run house. According to her, Mr. Dewinter was in no need of a new wife, for no-one could ever replace Rebecca, who was thought by everyone to have been worshipped and adored by Max. As Mrs. Dewinter approaches the stairs, she calms herself and puts on a very regal feel about herself. As if playing a game like a child, she gingerly and daintily meanders down the grand staircase. Mrs. Dewinter has her shoulders uncovered, as if she had let her guard down and was dangerously vulnerable to attack, which was actually about to happen. As Mrs. Dewinter comes to the bottom of the staircase, Max is laughing and joking with his friends. Mrs. Dewinter taps Max on the shoulder, saying Good evening, Mr. Dewinter. Max turns around with a broad smile on his face that soon turns into a face that looks frightened, like hed seen a ghost. Max gets extremely angry, and demands that she goes and gets changed immediately into anything but a dress that would remind him of Rebecca like that one. Rebecca runs up the staircase, sobbing, when her hat comes off just as she spies Mrs. Danvers haughtily heading towards the wing of the house that previously was lived in by Rebecca, but was off-limits to everyone else now. As the hat comes off, anger comes over Mrs. Dewinter, and she goes for Mrs. Danvers and in a distraught state asking her why she should do such a cruel and spiteful thing to her. Mrs. Danvers then tells her exactly what she thinks of her once they reach the bedroom, telling her how Rebecca was such a strong woman, and how She was beaten in the end. But it wasnt a man, it wasnt a woman, it was the sea. She tells Mrs. Dewinter how Max strode the corridors night after night at Manderley, he was that upset over his wifes death. As far as Mrs. Danvers knew, that was the truth as she didnt know the true story between Max and Rebecca, and what she interpreted as sorrow was guilt and personal conflict inside Max. .udd7a72116e76eaba526626c3c9311d27 , .udd7a72116e76eaba526626c3c9311d27 .postImageUrl , .udd7a72116e76eaba526626c3c9311d27 .centered-text-area { min-height: 80px; position: relative; } .udd7a72116e76eaba526626c3c9311d27 , .udd7a72116e76eaba526626c3c9311d27:hover , .udd7a72116e76eaba526626c3c9311d27:visited , .udd7a72116e76eaba526626c3c9311d27:active { border:0!important; } .udd7a72116e76eaba526626c3c9311d27 .clearfix:after { content: ""; display: table; clear: both; } .udd7a72116e76eaba526626c3c9311d27 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .udd7a72116e76eaba526626c3c9311d27:active , .udd7a72116e76eaba526626c3c9311d27:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .udd7a72116e76eaba526626c3c9311d27 .centered-text-area { width: 100%; position: relative ; } .udd7a72116e76eaba526626c3c9311d27 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .udd7a72116e76eaba526626c3c9311d27 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .udd7a72116e76eaba526626c3c9311d27 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .udd7a72116e76eaba526626c3c9311d27:hover .ctaButton { background-color: #34495E!important; } .udd7a72116e76eaba526626c3c9311d27 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .udd7a72116e76eaba526626c3c9311d27 .udd7a72116e76eaba526626c3c9311d27-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .udd7a72116e76eaba526626c3c9311d27:after { content: ""; display: block; clear: both; } READ: Consider the character of Juliet EssayAs the verbal barrage of abuse continues, Mrs. Dewinter collapses in tears onto the bed with such irony, because that was the bed where Rebecca laughed and looked at the beautiful sea views. You are overwrought madam. I shall open a window, declares Mrs. Danvers, and with a very smug look on her face opens the windows which were like prison bars to Mrs. Dewinter, offering her an escape from a life which she so obviously doesnt want to carry on with. Mrs. Dewinter verges on the edge of the windowsill, with Mrs. Danvers stood right behind her, reminding her how easy it would be to just fall into the foggy night and take the easy way out. As the suspensary music becomes louder, and Mrs. Danvers shadow seems to get bigger with the more Mrs. Dewinter crumbles, it really does look as if Mrs. Dewinter was about to jump. At the very minute it looked that she would end it all, large explosions come from the night sky; flares being fired from a ship that had ran aground, and would inadvertently find the body of Rebecca. The woman who had spiritually haunted her successor as wife of Maxim seemed to have saved her at the last moment. The music cuts out with the explosions, and Mrs. Dewinter runs down to find Maxim, casting Mrs. Danvers aside, and ruining her big chance to keep Manderley exactly as she wanted it, as a tribute to the life of Rebecca. The black and white presentation of these two scenes made very effective cinematography, as it added to emotion and suspense. Alfred Hitchcock used shadows and props to aid the conveyance of emotion a lot in these two key scenes, and it worked very well indeed.