The Environment of Electronic Commerce Essay Example

The Environment of Electronic Commerce Essay Example The Environment of Electronic Commerce Paper The Environment of Electronic Commerce Paper These components have helped governments make the lawful idea of ward in the physical world. Since the four components exist in to some degree various structures on the Internet, he locale decides that work so well in the physical world don't generally function admirably in the online world. 2. In around 300 words, portray the contrasts between topic purview and individual locale. * Subject-matter ward is a courts power to choose a specific kind of debate. For instance, in the IS. S, government courts have topic purview over issues represented by bureaucratic law, (for example, liquidation, copyright, patent and administrative assessment matters) and state courts have topic locale over issues administered by state laws, (for example, proficient permitting and state charge matters). In the event that the gatherings to an agreement are both situated in a similar express, a state court has topic purview over debates that emerge from the particulars of that agreement. The standards for deciding if a court has topic purview are clear and simple to apply. Not many debates emerge over topic locale. * Personal locale is, when all is said in done, dictated by the living arrangement of the gatherings. A court has individual purview over a case if the litigant is an inhabitant of the state wherein the court is found. In such cases, the assurance of individual locale is direct. Be that as it may, an out-of-state individual or company can likewise intentionally submit to the locale of a specific state court by consenting to do as such recorded as a hard copy or by taking certain activities in the state. 3. The points of interest and burdens of giving business process licenses have been fervently bantered by legitimate researchers and agents. One trade off proposition progressed by Jeff Bozos, author of Amazon. Com, is to permit the issuance of business licenses, yet just permit them to be successful for a brief timeframe, maybe a few years. In around 300 words, present consistent ND authentic contentions that help the issuance of such constrained term business process licenses. * The business procedure patent, which secures a particular arrangement Of techniques for leading a specific business movement, is very dubious. Numerous lawful specialists and business scientists accept that the issuance of business process licenses gives the beneficiaries uncalled for syndication power and is a wrong expansion of patent law. In 1999, Amazon. Com sued Barnes and Noble for utilizing a procedure on its Web webpage that was like the I-click technique. The case was privately addressed any remaining issues in 2002, however the terms f the settlement were not unveiled. In 2007, a government judge entered a last judgment of $30 million against eBay in a business procedure patent case. An organization that makes a business of purchasing licenses and endeavoring to implementing them, Merchantmen, had sue eBay for its utilization of a fixed value deals alternative that eBay calls Buy It Now. Ships accepted that one of its licenses secured the instrument of offering a fixed value choice in an online sale. Ships is proceeding to press for a directive (notwithstanding the money related harms previously granted) that would forestall eBay from utilizing he include by any stretch of the imagination. 4. Characterize item derision. In a few passages, present a case of item trashing. A slanderous proclamation is an explanation that is bogus and that harms the notoriety of someone else or organization. Item slander is characterized as: if a slanderous Statement harms the notoriety off item or administration rather than an individual. * In certain nations, even a valid and fair examination of items may offer ascent to item belittling. Since the distinction legitimate analysis a nd slander can be difficult to decide, business Web destinations ought to consider he explicit laws in their ward (and consider counseling a legal advisor) before making pessimistic, evaluative explanations about different people or items. . In around 300 words, clarify the possibility of nexus. For what reason is it a significant idea in state and worldwide tax assessment? In what ways is it like locale? * An administration procures the ability to burden a business when that business builds up an association with the region constrained by the legislature. For instance, a business that is situated in Kansas has an association with the territory of Kansas and is dependent upon Kansas charges. On the off chance that that numerous opens a branch in Arizona, it shapes an association with Arizona and gets subject to Arizona charges on the bit of its business that happens in Arizona. This association between an expense paying substance and a legislature is known as a nexus. The idea of nexus is comparative from numerous points of view to the idea of individual purview. The exercises that make nexus in the U. S. Are controlled by state law and in this way fluctuate from state to state. Its issues have been every now and again contested and the subsequent customary law is genuinely mind boggling. Deciding nexus can be troublesome when an organization leads just a couple of exercises in or has negligible contact with the state. In such cases, its prudent for the organization to acquire the administrations of an expert assessment counselor. Organizations that work together in more than one nation face national nexus issues. On the off chance that an organization attempts adequate exercises in a specific nation, it sets up nexus with that nation and gets at risk for filling expense forms for that nation. The laws and guidelines that decide national nexus are diverse in every nation. Organizations will discover the administrations of an expert duty legal counselor or bookkeeper who has involvement with universal tax assessment to be important.

What Goals Are We Trying to Achieve Through Sentencing? Essay

Elective condemning Presentation  â â â â â â â â â â In the ongoing years, utilization of other elective choices of sentences separated from detainment is being supported in United States and Canada among different nations as a method of explaining the issue of blockage in penitentiaries. In this manner, utilization of option condemning will help in settling the jail populaces. Criminal condemning should help in rebuffing and restoring the criminal wrongdoers to prevent them from partaking in crimes again later on. Be that as it may, the detainment facilities will in general spotlight more on rebuffing the wrongdoers as opposed to restoring them to change their practices. This explanation has made the option condemning alternatives to be pushed in order to help in restoring those guilty parties. Some option condemning alternatives which incorporates the disciplines which are genuinely imaginative, includes requiring the wrongdoers to remain at home under the house capture, going to liquor or medication treatment program, training classes or giving talks concerning threats of the criminal conduct, going to the end of the week prison time, and introducing the breathalyzer gadgets in close to home vehicles, in this way, guaranteeing the vehicles possibly start when the guilty parties are not under liquor impact.  â â â â â â â â â â Such condemning alternatives have numerous useful ramifications, for example, decreasing the populaces in the jails, cost reserve funds and adequacy among different ramifications. Religion likewise censures all way of criminal indecencies that are done by the guilty parties. As indicated by the Christianity, the good book unmistakably clarifies different disasters and furthermore methods of dissuading from completing those crimes. As per Matthew 15-18, it shows how God is despondent by the individuals who carry out the crimes. It expresses that out of the heart there comes the infidelity, robbery, murder, criticize, extramarital perversion and bogus declaration. Every one of these disasters cause an individual to be unclean. American culture is normally seen to be based on estimations of Judeo-Christian. Torah doesn't advocate for the penitentiaries and along these lines it sees the elective alternatives of condemning to be the perfect method of rebu ffing and hindering the guilty parties from carrying out such crimes once more. Indeed, even in the Bible the wrongdoers even the individuals who submitted murder were not detained. For example, in the place where there is Israel those wrongdoers who submitted murder were normally sent to the urban communities of shelter not for confinement, yet for reparation purposes. All in all, the disciplines of the criminal equity framework should have positive outcomes to profit all the included gatherings involving the person in question, culprit and the general public all in all. Detainment doesn't serve the planned capacities hence it doesn't profit the people in question. Penitentiaries devastates families, represses the capability of the guilty parties, breeds outrage, sharpness, obtuseness and the possible recidivism. In this manner, inventive and elective condemning ought to be received as a method of taking care of every one of these issues which result because of the customary condem ning. References Lipskar, R. S. (n.d.). Issues in Jewish Ethics: A Torah Perspective on Incarceration as a Modality of Punishment and Rehabilitation. A Torah Perspective on Incarceration as a Modality of Punishment and Rehabilitation. Recovered September 11, 2014, from https://www.jewishvirtuallibrary.org/jsource/Judaism/prison.html Mill operator, G. (n.d.). Why can’t God simply excuse sin, rather than requesting equity?. Why can’t God simply pardon sin, rather than requesting equity?. Recovered July 4, 2005, from http://christianthinktank.com/whyjust.html Condemning Alternatives: Prison, Probation, Fines, and Community Service | Nolo.com. (n.d.). Nolo.com. Recovered September 11, 2014, from http://www.nolo.com/lawful reference book/condemning choices jail probation-fines-30294.html What Goals Are We Trying to Achieve Through Sentencing? . (n.d.). Condemning Options . Recovered September 11, 2014, from http://www.courtsanddwi.org/mod4-faq.pdf Source record

Justification Report Essay Example | Topics and Well Written Essays - 750 words - 1

Avocation Report - Essay Example It is my expectation and confidence that this report will be helpful in your dynamic and that it will prompt valuable turn of events. Wal-Mart ought to put resources into the African market and make an early passage. This will assist the firm with establishing itself in the market which will encourage its future development procedures. The African market is developing at an a lot higher rate than most created economies around the globe. It has additionally demonstrated a hunger for retail outlets, as showed by the huge development of world class shopping centers. Africa is turning into the following center point of business in the worldwide market. Albeit the greater part of the nations in Africa are as yet immature, the pace of financial development just as the monetary potential that these countries have are exemplary (Westen, 2014). At the rate at which the African and the worldwide economy are developing, Africa will be the following large market in the worldwide economy (Larsen et al, 2010). The BRICS give a decent market and an open door for firms to develop and extend their business, sadly there is high riva lry there and they may not give enough market to worldwide turn of events. Taking a gander at most African urban communities show that there is a blast in the retail segment. For example, numerous Cities in the African countries, for example, Nairobi are seeing gigantic developed in the development of retail focuses, for example, shopping centers. Nairobi for example has seen the development of more than ten new shopping centers over the most recent five years. Being a retail association, this is a huge open door for Wal-Mart and it should require some investment not to lose to contenders. African economies are developing at a praiseworthy rate. Most African economies, for example, Kenya, Rwanda and Nigeria are developing at a rate that is a lot higher than most European countries. Before long, these countries will give the best chance to multinationals like Wal-Mart. Getting in the market as ahead of schedule as conceivable will be an incredible preferred position for the firm. Those organizations which will have the option to enter

Life After Factual Essay Samples

<h1> Life After Factual Essay Samples </h1> <h2>Factual Essay Samples - What Is It? </h2> <p>As soon as you have assembled thoughts on this issue, you should appropriately put your contemplations into words. Look over famous subjects that people are energetic about. You'll not need to be stressed over picking an extraordinary point again not with 123Writings. Frequently, the absolute best subject is one which you really care about, yet you additionally should get solid and steady to investigate it.</p> <p>Writing a rundown isn't as basic as it sounds. OK, presently you have the essentials about how to select a useful exposition theme, we should delve into some awesome thoughts! </p> <h2> The Factual Essay Samples Trap</h2> <p>Going through them will furnish you with a perfect head start in making sense of how to make powerful definition papers. Everything is a great deal simpler.</p> <h2> The Hidden Facts on Factual Essay Samples</h2> <p>As you progress through school, you will be approached to form papers. You may ask why it's critical to discover increasingly about a school exposition. At the point when you initially start composing papers in school, it isn't exceptional to have an entire subject alloted to you. Imaginative articles ought to have a theme. </p> <p>It's basic that you learn at an opportune time how best to form powerful papers that convey plainly and achieve certain destinations. A pugnacious exposition is a specific sort of scholastic composition. Composing a pugnacious article can on occasion be befuddling as you don't really see how to make a persuading contention. Composing an influential, factious article can be testing, and on occasion it can locate a bit of befuddling. </p> <p>It's consistently precarious to set up an unmistakable paper theme particularly when you're composing a contentious article. No one truly wishes to make an exposition. Become familiar with the manner in which the article is scored. You must make an instructive article. </p> <p>Your paper may consolidate the variables for youngster pregnancy and discussion about the current paces of high schooler pregnancy and expected arrangements. In the event that you aren't prepared, you will confront a lot of issues and troubles, especially with scholarly composition. Drawn out psychological mistreatment may prompt certain post horrible strain and mental issue. Passionate and mental maltreatment frequently upsets the improvement of the child. </p> <p>If, for instance, you're composing a paper on preparing a canine in 5 stages, don't consolidate the underlying 3 stages in a single passage and your very own mastery in the end. In a definition article, there are a co uple of central rules that you should follow. On the off chance that you're anticipated to choose your own subject, at that point the absolute initial step is to characterize the objective of your paper. </p> <p>An paper must be made out of a presentation, a body, and an end. The presentation is the underlying section of the article. Simply proceed with your presentation short and simple. </p> <h2> The Basics of Factual Essay Samples </h2> <p>Essay composing models in doc position like the ones given may help direct you recorded as a hard copy a great sythesis. A significant thought to endure as a top priority when picking a point for your task is to make sure to fathom the headings and necessities your educator has given you. Frequently, individuals who read the synopsis may just skim through the report, so it's imperative to not neglect to fuse all the pertinent specifics. Anyway, immediate and aberrant statements are fundamental to help your comprehension of scholastic composing style. </p> <p>Even in case you're an authority in a specific field, don't be reluctant to utilize and refer to outer sources. You ought to have foundation data, asdisc ussed prior, alongside an information on your rival. Authentic reports dissect and portray a condition and incorporate a mess of precise information. You ought to back up your perspective with very much investigated realities and information as well. </p> <p>You may likewise have an incredible gander at your investigation guides. You may keep on saving your factious articles for your forthcoming activity portfolio in the event that they're profoundly evaluated. With a touch of arranging, it must be much simpler to appreciate how to create a report and keep your material sorted out. There are heaps of times when your pals and relatives would experience an emergency and can require your money related help. </p>

The Fundamentals of College Confidential Southern California Essay Revealed

<h1> The Fundamentals of College Confidential Southern California Essay Revealed </h1> <p>You may likewise be qualified to get more motivations for permitting DR-empowering innovation to be set up in your home or business. We unquestionably wouldn't wish to see cost-moving across clients, Ciupagea clarified. CCA clients can choose to come back to Edison at any second. California clients who choose to participate inside this program aren't committed to purchase any additional products or administrations. </p> <p>It may likewise work with the more conservative vitality makers that utilities may not generally have the chance to review contracts for, similar to housetop sun based makers or little wind ranches. So as to keep perceivability and importance, utilities need to find techniques to connect with clients (for the absolute first time ever, truly). In cases like these, they are minimal more than administrators of the lattice. In any case, at any rate as of late, they appear to have grappled with the significance of new advances entering the vitality business. </p> <h2> What Does College Confidential Southern California Essay Mean?</h2> <p>When our customers are not thoroughly content with the things they get, we gracefully totally free amendment strategy, which means our specialists works much more cautiously around the request until our clients think they completely like the result. A staffing firm can help you rapidly track down work that fits with your e xact expertise assortment. The whole procedure was totally tranquil and I'm exceptionally content with the conclusive outcome. You made the system simpler and not as distressing Kathie L. </p> <p>Everyone knows there are two sorts of individuals of the world. Consider how various people throughout your life would depict you, at that point think about request. It is one which you will outline for loved ones. A man can't be excessively cautious in the determination of his adversaries. </p> <p>We now have the ability to shield ourselves from the things that turned out badly the absolute first second. For example, when settling on classes don't squander your cash on ones that you're not set up for or won't pay attention to. Your assistance truly paid. Much obliged to you for all your assistance!! </p> <p>Basically, the confirmations people wish to comprehend why their school is of explicit enthusiasm to you. Moreover, I acquired their trustee grant! The program isn't planned for or focused to anyone beneath the age of 16. An incredible paper gets explicit and shows specific comprehension of the school.</p> <h2> How to Choose College Confidential Southern California Essay </h2> <p>This little shop in the focal point of the coroner's office has a lot of death related things you may buy. Presently, I will get away from my own particular manner and let Mr. Reider have the ground. There's no predominant man anyplace. We need to pull o ur heads from the sand and expectation another person takes care of these issues. </p> <h2>College Confidential Southern California Essay Options </h2> <p>One of the greatest detached wooden trestles in the entire world can be found outside of San Diego somewhere down in the desert. Regardless of whether this the absolute first time you're heading out to Southern California or not, there's an exceptionally long assortment of attractions that you can acknowledge and exploit. A gallery which you won't be in a situation to explain when you leave. In southern California, there's no absence of occasions. </p> <h2> Ruthless College Confidential Southern California Essay Strategies Exploited</h2> <p>With the inexorably serious rapidly spreading fire danger to California, it's indisputably clear that further work ought to be done so as to make keen, complete approaches to manage this statewide issue. It is, furthermore, the end purpose of the celebrated Route 66, which makes it a tremendous spot investigate that is brimming with history. You've made a sublime showing! This little step case directly at the finish of the dock will get you as close as you wish to be, however you should be cautious they bite.</p> <p>A typical outcome can create a powerless supplemental exposition. A stunning exposition is without a doubt an immediate outcome a difficult work, which principally incorporates looking into. Remember, moreover, there are limits accessible when buying each of the 3 digital books and free delivery when buying every one of the three course readings. There's a decent arrangement of studies out there. </p> <p>Thus, view our site here and don't stop for a second to ask us any inquiries that you may have. Science is a subject which, essentially, supplies you with valuable data in regards to the various substances or sorts of materials which make up the physical world around us and the manner by which they carry on or respond with each other. Also, the site is like a labyrinth. </p>

Funny College Persuasive Essay Topics

Funny College Persuasive Essay TopicsWhen you are writing a college persuasive essay, one of the most challenging things that you will have to deal with is coming up with fun, engaging and interesting ways to bring in new, fresh thoughts. There are many different topics that you can choose from and it is up to you to choose the best one for your purpose. There are many factors that play into this decision and one of the best things that you can do is check out some online forums where people post their opinions on the subject matter that you want to write about.By doing this, you will be able to gain knowledge on which topics work well for the purposes of your persuasive essay topics. One of the biggest concerns that you should have when you are writing a persuasive essay is to come up with interesting topics that are not boring or tedious. You must think of something that is going to stir up the mind of the reader and entice them to read on. When you write a persuasive essay, it is imperative that you come up with something that is interesting and fun.Another thing that you should keep in mind when you are writing a college persuasive essay is that the point of it is to appeal to the senses. You should also come up with persuasive material that appeals to the emotions of the reader. It is not going to be a good idea to try and draw the reader in by trying to talk down to them, since they do not respond well to that.There are many times when persuasive essay topics are hard to come up with. As stated above, there are many different topics that you can choose from and it is up to you to decide which ones you would like to focus on. It is imperative that you come up with material that is interesting to you. If you are writing an essay about sports, you will find that your topic will vary from person to person as well.Since you have come up with a topic that you feel like writing about, you need to come up with funny college persuasive essay topics that are really good. There are some examples of topics that are truly humorous and it is up to you to determine which one fits your essay the best. The goal is to come up with something that is of interest to the reader and that is entertaining.The main idea behind funny college persuasive essay topics is to keep it light and humorous. This is one of the most important things that you need to keep in mind because it is hard to get your point across with heavy subjects. It is important that you leave something for the reader to absorb without overwhelming them.One of the reasons why it is so easy to come up with funny college persuasive essay topics is that the goal of the essay is to make the reader relate to you and it is not meant to be a lecture. When you are writing a persuasive essay, it is always good to keep your opinion to yourself and only use facts and information that the reader needs to know. Of course, the goal is to gain the approval of the reader so do not ever speak up too much. I t is a good idea to speak up about points that you feel strongly about but do not overstep the line.Remember that when you are working on a persuasive essay, it is a good idea to put yourself in the shoes of the reader. You will find that people are more receptive to having you speak in their head and their sense of humor than they are to being forced to read on. Be sure to keep these facts in mind when you are writing a persuasive essay.

Trinity College Undergraduate Personal Statement Essay Example

<h1>Trinity College Undergraduate Personal Statement Essay Example</h1><p>Writing an individual explanation is one of the significant obligations that you will look in school. It tends to be a smart thought to locate an individual explanation model so you realize what to compose. An extraordinary model can assist you with beginning on this procedure and assist you with making sense of what sort of thinking of you need to do.</p><p></p><p>First of all, when searching for a model, ensure that it is instructive. You need to begin with a composing test that has some kind of significant worth. You don't need something that is simply intended to be a bit of paper. The model ought to likewise have a type of feeling of relevance.</p><p></p><p>When you discover a model, ensure that you experience it and attempt to make sense of what is significant. For instance, on the off chance that it is a paper, you might need to utilize a general idea or statement. On the off chance that it is a theory explanation, you might need to attempt to utilize a statement that shows some point that you are attempting to make.</p><p></p><p>Examples are not by any means the only method to compose your own. For instance, you may end up attracted to expounding on somebody you know or what it resembles to have a specific aptitude or passion.</p><p></p><p>When you are choosing what sort of keeping in touch with you need to do, consider what sort of character you have and what your own style is. Regardless of whether you need to discuss yourself or about your companions, you may get yourself exceptionally attracted to expounding on that subject. Ensure that you don't simply compose something for composing it.</p><p></p><p>One thing that you will need to do is consider what you will expound on and afterward search for instances of a similar point. Along these lin es, you will have something that you have just done and you won't need to begin without any preparation. You can make a proposition proclamation and afterward begin composing from that specific point in your writing.</p><p></p><p>With this Trinity College undergrad individual explanation exposition model, you ought to have a variety of thoughts and various things to work with. Ideally, you will discover one that you can truly appreciate writing.</p>

The Hidden Facts Regarding Best Personal Essay Samples Uncovered by an Expert

<h1>The Hidden Facts Regarding Best Personal Essay Samples Uncovered by an Expert </h1> <h2> The Little-Known Secrets to Best Personal Essay Samples</h2> <p>Various things to different people, since the circumstance requested. You need to edit and alter again to guarantee there are no mix-ups. Something else to check in your private articulation is on the off chance that it doesn't have any sentence structure botches. Clearly, seeing how to clean consuming oil isn't high on the rundown of things each 9-year-old should know. </p> <p>You don't have to compose three pages worth of private articulation since there is a word breaking point to follow. It's significant the understudy can build up a proposition proclamation that is fitting with their goals. A proposition articulation works as a guide, on which the rest of the paper is relied on. A long and exhausting explanation won't can draw the perusers. </p> <p>The past region of the passage capacities as the change in the following section. A layout or plan is basic for intelligent papers. The tips referenced already are valuable when composing your paper simply because they assist you with putting accentuation on the most noteworthy bits of your capacities and accomplishments. With a diagram to coordinate your composing technique, you can discover with a paper that is progressively lucid and which has an extremely clear structure. </p> <p>Bridget's exposition is amazingly solid, however there keep on being a couple easily overlooked details that could be improved. Moreover, the work change from subject to point since there are papers that grant you to delve further into your inventive personalities. Presentation Body sections Conclusion It is basic that understudies use scholastic sources to improve their believability. While choosing the right school paper points, understudies should be quick to fixate on the key thoughts they're endeavoring to go in their exposition. </p> <p>College application article, is a noteworthy viewpoint as it helps the board, choose the best understudies that show the correct sort of inspiration, for situation into a couple of their projects. The XYZ Engineering program has truly been is as yet a pioneer in the subject of advancement. Understudies need to finish scholastic composing undertakings so as to build up their expertise. </p> <p>A school application paper is a considerable strategy for letting the board learn additionally in regards to the understudy. In the event that you might want smooth scholastic life that is loaded with trusts utilize redid individual papers just for they will assist you with getting predominant evaluations. You probably won't be in a situation to find your own slip-ups appropriately, a senior in the relatives or in school can help you better. The understudy should be in a spot to share their qualities and dreams they try to accomplish when th ey get the event to get in the school in the conversation. </p> <p>Frequently, the story will seem to get no obvious point. The creator begins with a somewhat top to bottom story of an occasion or portrayal of an individual or spot. The job of composing this sort of paper is to give yourself be a stage to discuss your most significant beneficial encounters with various people. </p> <p>There's no perfect arrangement about how to form a successful exposition. Having great paper models gives the peruser an inside and out and on-the-court thought regarding what an all around organized and reasonable article seems like. Ask another person to help you with editing. </p> <p>Our article scholars are there to assist you with premium individual paper composing administrations which will let you get improved evaluations. Individual expositions, notwithstanding, give you more opportunity as opposed to different sorts of articles. Ask three one of a kind specialists what an individual paper is and you'll likely find three interesting solutions. Nothing beats a particular and customized exposition. </p> <p>The remarkable part about it's that you're not required to sign in for your buy. In this way, you don't have to worry about your private data at whatever point you request with us. One other significant element is our care group, which is set up to help you nonstop, any date. About all of models are posted as an individual from composing guides distributed on the web by instructive foundations. </p> <h2>The Importance of Best Personal Essay Samples </h2> <p>If you get individual expositions from our paper organiza tion you're likely not to commit a decent arrangement since we offer you benefits that are legitimized. That implies you can arrange for our secondary school grant paper models without waiting be worried about your private subtleties. It's apparent that most understudies think that its difficult to submit totally free blunder test exposition for budgetary need grant since generally they give appropriated content since they duplicate the particular data found on the web. Understudies should realize that there are a great deal of individual article tests that are transferred by many scholarly composing organizations. </p>

Great Ideas For Writing Essays on Different Topics in English

Great Ideas For Writing Essays on Different Topics in EnglishWriting an essay on different topics in English can be a great deal of fun and challenging. With so many subjects to choose from, it is easy to find yourself bored with writing essays about many of the same subjects over again. Here are some great ideas for some unique essays on different topics in English.One great way to write a unique essay on different topics in English is to turn your topic into a book report. First you will need to decide on the topics that you want to cover in your report, then you will need to learn how to format the report properly to make it easy to read. Some people even learn how to use a computer to write the report with the proper formatting. Then they can then use their chosen topic as a base to help them learn how to write a more well-rounded essay on various topics in English.The other great idea for writing essays on different topics in English is to turn it into a short film. This would b e a great idea for a short story or novel, or even a movie script. You would then need to make sure you know the basics of screenwriting, but would have more time to learn about writing the film.Another idea for writing essays on different topics in English is to find a topic that you have a passion for. If you enjoy doing research, this is the perfect opportunity to turn your passion into a topic in your essay. While you may not be comfortable discussing your passion in an essay on various topics in English, doing research about something that you really love would be a great way to make a good impression. You would also find that while doing research you would learn a lot about the topic that you are writing about.One of the best ways to write an essay on different topics in English is to look at what experts have written about that topic. Perhaps there is a large body of information available on the topic, but very little writing on how it should be presented in a meaningful way. By reading some of the more popular essays on the topic, you would be able to get a good idea of how to effectively convey the information in a more meaningful manner.Essays on many topics in English are simple to write but often require editing before you can get it to read well. One method that can make your essay easier to write is to use more than one language throughout. Instead of just learning English, you may also want to study or learn French, Spanish, or another language. This allows you to learn all the rules for each language while still conveying the information in a meaningful way.One more great idea for writing essays on different topics in English is to find a mentor or someone who can teach you how to write a successful essay. While you may be hesitant to ask someone for help, you may find that there is someone out there who has already written a great number of essays on a wide variety of topics in English. This person may be able to provide you with valuable tips for writing the essay that you are looking for.Writing essays on different topics in English is a great way to get the kind of education that you desire. While it can be intimidating to do, by taking a few minutes to get started, you may find that you will enjoy the project even more than you thought possible.

The Definitive Handbook to Research Paper Writing Help

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Unspoken Boundaries in I Served the King of England and The Family of Pascual Duarte - Literature Essay Samples

The concept of an `unspoken’ boundary is one drenched in ambiguity, with any clear sense of its nature, function and effect seeming initially obscure. However, these unnoticeable boundaries still exert a strong restrictive grip on both protagonist and narrative in Bohumil Hrabal’s novel I Served The King Of England and Camilo Josà © Cela’s text The Family of Pascual Duarte. In my analysis of Hrabal’s novel, I hope to explicate both the function and effect of these spectral boundaries on the antihero Ditie, as he attempts to transgress both national and social borders. Next, in an attempt to theorise the nature and extent of these invisible boundaries in Pascual Duarte, I will focus my analysis on the novel’s paratext; by this I mean the series of narrative fragments that act as a frame for Pascual’s confession. In his novel, Hrabal depicts various silent barriers working in concert to hold back his timid protagonist, Ditie; conversely, Cela presents a dense matrix of liminal boundaries that threaten both destruction and collapse upon the wider narrative. Both texts, however, can be seen as haunted and confined by an abundance of these `unspoken’ boundaries. Ditie initially seems able to traverse the visible boundaries of national difference, being on a strictly material level accepted by the Germans currently occupying his native country. He remarks that none less than `the Bureau for the Defense of German Honour and Blood could find no objection to my marrying an Aryan of German blood’1, and this double evocation of `blood’ reflects these purely biological grounds on which Ditie is grudgingly accepted into the Reich. This sense of acceptance even extends to his denial of the Czech name `DitÄ›, which means child’ (Hrabal, pg. 135). Recoiling from the infantile nature of `child’, Ditie states triumphantly that `Now I was Herr Ditie, and for the Germans there was no child in my name’ (Hrabal, pg. 135). This bestowal of the German honorific `Herr’ appears to officially name Ditie a German subject, suggesting that the boundary of nationality has been truly surmounted. However, Hrabal punctures th is optimism by confining Ditie within an unspoken boundary of racial prejudice. After his wedding to Lise, Ditie notes `that they put up with me as an Aryan but still considered me a dumb Bohemian despite my bright yellow hair’ (Hrabal, pg. 143). Despite fulfilling the surface requirements of the Master Race, namely `bright yellow hair’ and the aforementioned `German blood’, Ditie cannot cross this invisible barrier; he remains `a dumb Bohemian’. Later on, Hrabal puts this even more starkly when Ditie states `I became an alien’ (Hrabal, pg. 144). This self-classification as `alien’ is the ultimate estrangement from his alleged new compatriots; Ditie’s attempt to cross the tacit boundaries of racial prejudice is depicted as one that results only in complete social alienation. Critic and cultural theorist Raymond Williams interprets alienation in his â€Å"Keywords† as an `extensive feeling of a division between man and societyâ €™2. Hrabal echoes this sense of the word through his depiction of an unspoken, yet rigidly policed `division’ between Ditie and thepparatus of the Third Reich. Ditie, over the course of I Served the King of England, also appears to effectively transgress visible boundaries of social class. His upward mobility is explicitly the result of war crimes, namely the theft and sale of Jewish property; nonetheless, Ditie declares brazenly `I was big now, I was a millionaire’ (Hrabal, pg. 183). He brags of his wealth, openly `talking about my million crowns and my Hotel in the Quarry’ (Hrabal, pg. 194) to his fellow millionaires in the seminary. However, despite owning this `Hotel in the Quarry’, therefore fulfilling the material requirement to join the prestigious Association of Hotelkeepers, Ditie laments that `those hotel owners could still make me feel humiliated, because I wasn’t one of them, I wasn’t of equal rank’ (Hrabal, pg. 182). The reason for this lack of `equal rank’, this reduction to lower levels of the social hierarchy despite material wealth, is revealed by Hrabal to be another invisib le boundary; in this case, one that again limits Ditie in overcoming his alienation from wider society. The nature of this boundary is revealed when Ditie describes his fellow millionaires as having `got their millions a long time ago, long before the war, whereas I was a war profiteer’ (Hrabal, pg. 194). This conception of Ditie as an upstart, a nouveau riche, means that he can never truly join the established bourgeois elite, represented in the novel by hoteliers Mr Brandejs and Mr Ã…  roubek. Hrabal, therefore, depicts the final untraversable, unspoken boundary in his novel as one constituted by systematic class prejudice. The Family of Pascual Duarte is also confined by its own unspoken boundary, in this case a multiplicity of fictional paratexts; Cela uses notes, letters and dedications to both surround and enclose the main text of the novel, casting doubt on its veracity and destabilising its foundations. The first paratext of the novel is a `Preliminary Note from the Transcriber’3, which details the ordering and censorship of Pascual’s manuscript under the auspice of an unnamed, mysterious `Transcriber’. The adjective `Preliminary’ emphasises the primacy of these paratexts in relation to the main text of the novel; Cela subverts any notions of textual purity from the outset, trapping Pascual’s confessions within nebulous boundaries of censorship and outside influence. This censorship can be seen when the Transcriber notes that `Certain passages, which were too crude, I have preferred to cut out rather than rewrite’ (Cela, pg. 4). Additionally, Pascual himse lf practices self-censorship in his letter to Don Joaquà ­n, remarking that `There were some things would have made me retch in my soul to relate, and I preferred to remain silent and try to forget them’ (Cela, pg. 6). With this removal of aspects deemed `too crude’, Cela makes it clear that this double censorship is of a moralising nature. Therefore, traditional morality can be read as another system of invisible boundaries limiting Pascual from truly communicating to his readers, fictional and otherwise. Critics Bennett and Royle, in their chapter on literary openings, note that deployment of paratexts can help a text to displace its own beginning4; in Pascual Duarte, Cela not only displaces the `true’ beginning of his novel, but also actively undermines it. Other paratexts, the unspoken boundaries to the diegetic world of Pascual’s manuscript, threaten the destruction of the narrative before it even begins. An extract from the will of Don Joaquà ­n, first recipient of Pascual’s manuscript, expresses a wish for the text to be `consigned to the flames’ (Cela, pg. 9), and Pascual himself in his letter speaks of `throwing it into the fire in a moment of despondency’ (Cela, pg. 5). This double evocation of a cleansing `fire’ establishes the text as a cursed, taboo object with a destabilising effect on its (fictional) readers. This method of textual destruction is especially violent, when compared with the careful censorships noted beforehand; yet these three paratexts (the transcriber’s note, Pascual’s letter and Don Joaquà ­n’s will) all contribute to depicting the upcoming narrative as one both cursed and immoral, condemning the text before it is even presented to the reader. This p aratextual preconception of Pascual as `not a model to be imitated, but to be shunned’ (Cela, pg. 4) acts as another tacit boundary, in that it confines Pascual’s attempt to portray himself as morally good within his own confession; a proclivity seen in his opening address to the reader, where he pleads `I am not, sir, a bad person, though in all truth I am not lacking in reasons for being one’ (Cela, pg. 13). Jacques Derrida, in â€Å"Of Grammatology†, declares that `There is no outside text’5. Cela reflects this by having the `outside’ frame of his novel, the paratexts, hold back Pascual’s attempts at a complete confession, and therefore any chance of extricating himself `from the mud of crime and sin’ (Cela, pg. 150). The final paratext presented by Cela is the most limiting to any notion of narrative coherence within Pascual Duarte. Pascual dedicates his manuscript `To the memory of the distinguished patrician Don Jesà ºs†¦ who, at the moment when the author of this chronicle came to kill him, called him Pascualillo, and smiled’ (Cela, pg. 11). This event is absent within the novel; therefore, this dedication serves to draw attention towards an unspoken hole within the novel proper, fragmenting any sense of textual unity completely. This hole within the diegetic world effects a narrative collapse, latent until the end of the novel; it is this collapse which induces the novel’s abrupt end in mid-sentence-`I could breathe†¦Ã¢â‚¬â„¢ (Cela, pg. 158). The effect of this plunge into incoherence are noted by the transcriber, who remarks that `we know nothing, absolutely nothing, about Pascual Duarte in his later epoch’ (Cela, pg. 160). The double negative ‘nothing, absolutely nothing’ reinforces this sense of a narrative void, a gap only discernible to the reader via the clues within the novel’s paratext. It is possible to read this hole in the narrative as Cela evading the dangerous topic of the Spanish Civil War, for fear of political reprisal; in this reading, the hint at revolutionary violence in the murder of `the distinguished patrician’ in the paratext is an especially subversive one. Therefore, it is possible to interpret the Civil War as the ultimate unspoken boundary that holds back the scope of the narrative of Pascual Duarte, a taboo event which can only be gestured at obliquely in the novel’s paratext. Both I Served the King of England and The Family of Pascual Duarte present a series of unspoken, taboo boundaries that both hold back and confine their respective narratives. Hrabal depicts his protagonist, Ditie, as being continually frustrated in his traversal of visible social borders by invisible, inferred boundaries of racial and class prejudice. These boundaries limit Ditie in order to effect a complete societal alienation, an estrangement that culminates in Ditie’s exile in the Czech borderlands. Likewise, Cela deploys an extensive system of fictional paratexts to both restrict and control his text’s ability to present a coherent, uncompromised narrative to the reader. However, Hrabal’s usage of unspoken boundaries differs sharply from Cela; in his novel, they are presented as visible obstacles within the main narrative, and are clearly apparent to the reader within it. They are only `unspoken’ in that they represent the hidden prejudices which stag nate any attempt by Ditie to truly transcend his nationality and social class. Cela, conversely, compromises his narrative with silent barriers of censorship, and undermines the visible, stated boundaries of his plot by referring to `unspoken’ events not presented to the reader. Ultimately, it is therefore apparent that the unspoken boundaries in Cela’s text are far more insidious, far-reaching and malevolent than those in Hrabal’s. Bibliography: Bennett, Andrew and Nicholas Royle, An Introduction To Literature, Criticism And Theory (Harlow, England: Pearson/Longman, 2004) Cela, Camilo Jose and Anthony Kerrigan, The Family Of Pascual Duarte, Translated By Anthony Kerrigan (USA: Little, Brown and Co., 1964) Derrida, Jacques, Of Grammatology (Baltimore: Johns Hopkins University Press, 1976) Hrabal, Bohumil, I Served The King Of England (London: Vintage, 2006) Williams, Raymond, Keywords (New York: Oxford University Press, 1985) 1Bohumil Hrabal, I Served The King Of England (London: Vintage, 2006), Pg. 141. Further references to this source follow quotations in the text. 2Raymond Williams, Keywords (New York: Oxford University Press, 1985), Pg. 36. 3Camilo Jose Cela and Anthony Kerrigan, The Family Of Pascual Duarte, Translated By Anthony Kerrigan (USA: Little, Brown and Co., 1964), Pg. 3. Further references to this source follow quotations in the text. 4Andrew Bennett and Nicholas Royle, An Introduction To Literature, Criticism And Theory (Harlow, England: Pearson/Longman, 2004), Pg. 6. 5Jacques Derrida, Of Grammatology (Baltimore: Johns Hopkins University Press, 1976), Pg. 158.

Tips on Writing an Observational Essay

Tips on Writing an Observational EssayThere are numerous tips on composing an observational exposition. In any case, in case you're just acquainted with the essentials, you may battle with regards to beginning. Here are a couple of pointers to kick you off. Take these tips and apply them to the style you'd prefer to create.You ought to never consider yourself composing an article. Rather, you are composing a paper. So you need to utilize 'I' rather than 'we' in all discussions and spotlight on your own understanding. Try not to be embarrassed or modest about it.Use the inquiries to communicate your sentiments, regardless of whether they appear to be fairly senseless. Attempt to interface those emotions to your perception. This is an extraordinary method to communicate your contemplations. Try not to be hesitant to share them since you're certain to be invited by perusers who will need to know more.Stop composing when you feel that the point has been made. On the off chance that you w ind up nearly completing, slowly inhale, set aside some effort to think, and choose whether or not you'd prefer to proceed. In case you're not in affection with the paper, move on.Take a breather and let the piece rest a piece before proceeding onward. There is no mischief in arranging, so in the event that you need a couple of moments, proceed onward. At the point when you're done, you'll feel greatly improved and have the option to compose preferred and quicker over before.Pay thoughtfulness regarding the structure. You should utilize the accompanying arrangement: 'I'm composing an observational article on...' (include your name). You can separate your perceptions into segments or take only one area. Likewise, keep it brief, close to three sentences. On the off chance that you feel the exposition is excessively long, you may have a go at decreasing a couple of passages to prepare for other elements.If you've at any point battled with the sort of paper you composed, give these tips a shot composing an observational article. It may require some investment, however you'll before long observe that your own experience is a higher priority than you suspected. On the off chance that you've been battling, proceed onward, let yourself have some space and allowed your perceptions to observations.

Essay Topics For Handmaids Tale - How Can They Survive?

<h1>Essay Topics For Handmaid's Tale - How Can They Survive?</h1><p>Out of all the paper subjects for the Handmaid's Tale, one of the more noticeable topics would be that of being separated from everyone else. This topic comes in a wide range of structures: being distant from everyone else, the passing of a friend or family member, and estrangement from society at large.</p><p></p><p>For the ladies who are in the arrangement the primary thing to know is that nobody will need to live in their reality. Handmaids are consistently mindful of how they are extraordinary and feel strongly powerless about their new status. They are not the only one and the main explanation they even have the chance to attempt to make something out of their lives is on the grounds that they have been decided to live among the individuals who make up society. So the inquiry turns out to be; the means by which do the Handmaids adapt to being only a couple of ladies in a general public that is so huge and diverse?</p><p></p><p>The just individual who can offer the Handmaids the guidance they need in this circumstance is a handmaid herself. She has known this sort of life previously and can identify with the manner in which their lives are not quite the same as her own. Actually, she knows only the things that she needs to do to get by also. Her whole inspiration lies in her endurance and in her perspective on world as a specialist and better than those around her.</p><p></p><p>Essays can be expounded on such issues. This is the thing that makes this arrangement so intriguing. It is one of only a handful not many that will furnish you with a totally alternate point of view. By what method can a lady endure living among men when men can endure any sort of circumstance thus can women?</p><p></p><p>With the opportunities that the Handmaids have now, their lives will undoubtedly cha nge. It is just a short time before they become autonomous, however that will possibly occur in the event that they have faith in themselves and decide to stay with the things that they love. A handmaid can generally seek after additional, however they will never at any point arrive at that objective. To them it is basic: survive.</p><p></p><p>I'm sure that in any event one of the paper points for the Handmaid's Tale will be about things that will influence the Handmaids themselves. It is an issue of endurance and an issue of self-esteem. The Handmaids must acknowledge that they are sub-par compared to people around them inside and out possible.</p><p></p><p>There is one other suggestion I might want to give on article subjects for the Handmaid's Tale. The Handmaids will endure however the general public that they occupy won't. Each man, lady, youngster, or business that they come into contact with will see them as a mediocre species. What they do in their lives will decide the sort of society they will be a section of.</p>

Top MovieGreat Opinion Essay Topics About The Dark Knight Rises

<h1>Top MovieGreat Opinion Essay Topics About The Dark Knight Rises</h1><p>In this article I will examine how to compose a supposition paper point about The Dark Knight Rises, The Amazing Spiderman 2, Harry Potter and the Deathly Hallows Part 1, and Cinderella. I will likewise give you a few hints on the most proficient method to get feedback.</p><p></p><p>I'm a major fanatic of any set of three that is a continuation or prequel to the first films. They are well worth seeing, and you can make a similar explanation about The Dark Knight Rises, The Amazing Spiderman 2, and Harry Potter and the Deathly Hallows Part 1. In this way, what are a portion of my preferred film extraordinary assessments exposition themes about The Dark Knight Rises, The Amazing Spiderman 2, and Harry Potter and the Deathly Hallows Part 1?</p><p></p><p>My most loved film incredible supposition article points about The Dark Knight Rises is the plot . You can't recount to the account of Batman without clarifying why the Batman and lowlifess battle. There's an explanation they battle, and it is consistently as much about ensuring Gotham City for what it's worth about preventing the scoundrels from breaking into Gotham City in any case. Despite the fact that the scoundrels lose the majority of their battle, Batman gets in his a lot of critical battles to get his Gotham City back.</p><p></p><p>My second most loved film extraordinary sentiment paper themes about The Dark Knight Rises is the heading. The film figures out how to be a fun, amusing, and activity stuffed film, regardless of whether the activity scenes are over-the-top. The beneficial thing about the chief's cutting the activity groupings in manners that don't show the CGI is that they permit Batman to truly sparkle. A decent activity succession makes the crowd mind and appreciate the movie.</p><p></p><p>My third most loved film incredible feeling article points about The Dark Knight Rises is the cast. Christopher Nolan and chief Christopher Nolan have made a story with the best cast at any point set up. From Heath Ledger's abhorrent passing to the magnificent Gotham City police division, this is a film that all the Gotham City cast merits. The film has a ton of characters, yet every last one of them has enough character advancement to make them fascinating and likeable.</p><p></p><p>My fourth most loved film incredible conclusion article points about The Dark Knight Rises is the completion. It is dim, it is clever, and it is the finish of the Batman establishment as we probably am aware it. It gives the last Batman film certainty and honesty that different motion pictures lacked.</p><p></p><p>These are my main four moviegreat assessments exposition themes about The Dark Knight Rises. In the event that you haven't seen the film yet, I strongly suggest yo u look at it. There are loads of extraordinary film incredible papers about it accessible on the off chance that you need to peruse more.</p>

Writing a College Essay Without an Outline

<h1>Writing a College Essay Without an Outline</h1><p>Writing a school English paper isn't as basic as an author might want to accept. Numerous school essayists don't have the foggiest idea where to start, and how to begin, when they start their composition. On the off chance that you need some assistance, here are a few hints to get you started.</p><p></p><p>One of the most noticeably awful things about composing a school exposition is that there are such a large number of things to recall, that undergrads will lose enthusiasm for the course. In this way, understudies who feel overpowered by all the data required, can deal with a basic course diagram to make the paper more obvious. This blueprint will incorporate all the data an understudy needs to comprehend the topic.</p><p></p><p>You should give your general information first, with the goal that your peruser will have the option to concentrate on your particular fo cuses. A genuine case of this is good to go English, the principle thought behind the course is the subject of publicizing. When the crowd comprehends what it is you are attempting to state, at that point they can return to the focal thought. Recollect that a business English understudy should keep their crowd at the focal point of the paper, since they are probably going to turn into a compelling piece of the course.</p><p></p><p>One case of a general thought that can assist with making a blueprint is to record your general sentiment about a specific thought or subject. For instance, on the off chance that you are composing an exposition about how government-supported grants assist understudies with setting off for college, at that point you ought to record your general sentiments about the subject, just as what issues understudies with money related troubles may encounter.</p><p></p><p>Once the general thought is recorded, you should then turn the thought over and check whether it fits with what you recorded previously. The possibility that you have put down ought not be unique, yet it ought not struggle with what you have just said either.</p><p></p><p>Other thoughts for a framework can be found on the web, which can be useful to undergrads who are attempting to compose papers. You can discover a wide range of methods of making a decent framework, and you should exploit them. Best of all, you can utilize these strategies to make your paper simpler to peruse and comprehend and to use in your genuine school composing assignments.</p><p></p><p>When you are done with your article, ensure that you recall what you gained from it, so you can apply what you have figured out how to your own work. In the event that you had the option to get a general thought of the theme, you ought to return and check whether you can't do something very similar in a marginally unique manne r. You should attempt to make it more clear and stay away from where it will turn out to be too confusing.</p><p></p><p>Hopefully, in the wake of perusing this you will have the option to make a fundamental framework for your school composing assignments. The significant thing is to consistently begin with a general thought and afterward develop from that point. You should begin composing your paper today and follow the blueprint precisely, and you will have a greatly improved possibility of composing a quality school exposition than if you keep on composing without an outline.</p>

What Is Honor Program Essay Samples?

<h1>What Is Honor Program Essay Samples?</h1><p>If you are going to go into the field of a school program, you will probably compose expositions must be something you can exceed expectations at. School affirmations officials need to see that you can compose lucidly, that you are a balanced scholar and that you can make associations that will bring the subject into life for them.</p><p></p><p>The first thing you have to do is ensure you are accepting articles that are deserving of the sort of criticism you anticipate from them. This is the reason you should look at respect program paper tests in any case. The more you practice and the more regularly you compose, the better you will become at what you do.</p><p></p><p>One of the most ideal approaches to get the right stuff you requirement for composing is to begin with respect program exposition tests. These sorts of expositions are one of the most significant pieces of the procedure. When you know about the stuff to exceed expectations at composing an elegantly composed paper, it won't be excessively well before you are one of the absolute best students.</p><p></p><p>Now the inquiry is, how would you begin and how might you demonstrate to the affirmations office that you are an understudy they ought to be keen on? Numerous understudies feel this is a troublesome procedure however it doesn't need to be that way. The truth of the matter is that you don't need to invest the entirety of your energy and cash taking classes and studying.</p><p></p><p>You can discover a few different ways that will assist you with graduating and that will assist you with continueing on with your training. The most serious issue a great deal of understudies face is they believe that they must be on an exacting financial plan. They need to constrain their spending and they need to avoid credit cards.</p><p></p& gt;<p>If you settle on a decision to follow this way, you will experience a great deal of difficulty with regards to the whole procedure. Numerous understudies acknowledge they don't have to do this and they discover approaches to support themselves. A considerable lot of these understudies give little consideration to them and they invest most of their energy experiencing the process.</p><p></p><p>One thing you ought to do to make yourself a superior understudy is to discover tests of articles that school affirmation officials might want to see. This is definitely not a troublesome errand since a significant number of these individuals compose these kinds of papers each day. Exploit this since they will need to take a gander at your work and it will assist you with liking yourself.</p><p></p><p>Finally, you need to realize that you are not the only one with regards to the issues that are included. There are numerous understudies who have had this happen to them and they are happy to help other people. This is the reason you have to exploit assets that are out there and grab the degree that you can.</p>

Does Underwriter Reputation Affect The Performance Of Ipo Finance Essay - Free Essay Example

Sample details Pages: 18 Words: 5271 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? In this paper we examine the relationship between performance of the Chinese IPO firms and the reputation of investment bankers underwriting their stocks. Similar to previous studies on well-developed stock markets, we find that the initial return on the first day of trading is strongly positive for Chinese IPO stocks due to underpricing. This initial return is negatively related to the underwriters reputation, suggesting that the better the reputation of the underwriter, the less underpricing and hence, the lower the initial return of the IPO stock. Don’t waste time! Our writers will create an original "Does Underwriter Reputation Affect The Performance Of Ipo Finance Essay" essay for you Create order Extending the analysis to a ten-day window after the first trading day, we find that the cumulative return becomes negative but that the stocks with more prestigious underwriters experience less decline. We also examine the three-year return of the IPOs. Contrary to previous findings, we find a positive long-run return for the Chinese IPO stocks. This long-run return is positively correlated with underwriter reputation. Finally, we find some evidence of positive long-run operating performance for the IPO firms that employ more prestigious underwriters. 1. Introduction The underpricing of initial public offerings (IPOs) is a well-known phenomenon. Many studies have attempted to offer an explanation for the underpricing of IPOs and their long-term performance (see, for example, Loughran and Ritter, 2002; Ritter and Welch, 2002).[1]A substantial body of research on the initial public offering of common stocks examines the effects of underwriter reputation on the initial and long-run performance of IPOs (see, among others, Logue, 1973; Beatty and Ritter, 1986; Titman and Trueman, 1986; Carter and Manaster, 1990; Maksimovic and Unal, 1993; and Carter et al., 1998). The financial press also provides some evidence of the correlation between IPO performance and underwriter reputation (See Forbes June 20, 1994). However, most previous studies have investigated the markets of developed countries, especially the U.S. stock market. None of them has examined the effects of underwriter reputation on the performance of Chinese IPO stocks. Furthermore, no prior r esearch has documented the relationship between the accounting performance of IPOs and underwriter reputation. Logue (1973) and Beatty and Ritter (1986) are among the first to examine the effect of underwriter reputation. Later studies use different reputation measures to examine the relationship between underwriter reputation and IPO performance. Carter and Manaster (1990, hereafter CM) use underwriters relative placements in stock offering tombstone announcements, Johnson and Miller (1988, hereafter JM) classify underwriters into one of four prestige categories, and Megginson and Weiss (1991, hereafter MW) use the relative market share of underwriters as a proxy for their reputation. Michaely and Shaw (1994) find that IPOs managed by high-prestige investment bankers tend to have smaller initial returns and less negative long-run returns than do IPOs handled by low-prestige underwriters. Brav and Gompers (1996) find that venture-capital-backed IPOs outperform nonventure-backed offerings five years after the offering date. Carter et al. (1998) find that each of the three reputation proxies (C M, JM and MW) is significantly related to the initial returns of IPO stocks. The better the underwriters reputation, the smaller the short-run underpricing and the less severe the long-run underperformance of IPO stocks. Liu and Wu (2002) show that other things being equal, underwriters with better reputations incur a smaller amount of underpricing. They find that underwriter prestige is negatively related to the mean and standard deviation of the initial return of IPO stocks. Although no widely accepted theory has been developed, it is generally believed that IPOs marketed by high-prestige underwriters will experience less severe short-run and long-run underperformance in stock returns and better long-run earnings performance. Chemmanur and Fulghieri (1994) argue that investors count on the investment banks past performance, measured by the quality of IPO firms assisted by them, to assess their credibility. By marketing IPOs with better short-run and long-run performance, investment banks enhance their reputation. Hence, we expect underwriter prestige to be positively related to the short- or long-run market-adjusted returns of IPO stocks. Several papers have investigated the issue of IPO underpricing in China. Mok and Hui (1998) examine the pricing of IPOs in the early years (before 1993) of Chinas stock market development. Su and Fleisher (1999) employ signaling theory to explain the underpricing of IPOs in China. Chan, Wang and Wei (2002) explain the underpricing of IPOs with several institutional variables and investigate short- and long-run stock return and accounting earnings performance relative to different benchmarks. Surprisingly, there are virtually no studies on the effects of underwriter reputation on the IPO performance in the Chinese stock market. In this paper, we examine underwriter reputation and the performance of IPO stocks in the Chinese market. First, we investigate the extent of underpricing, the short-and long-run stock returns following the IPO, and the relationship of these returns to underwriter reputation. Second, we examine the relationship between underwriter reputation and the future accounting performance of IPO firms. A closer examination of Chinas IPO market is warranted for several reasons. First, the institutional and economic environment in China is quite different from most other countries where the effects of underwriters have been investigated extensively. An interesting characteristic of the Chinese IPO market is that the aggregate amount of new shares issued each year is determined by the central government. New issues typically represent a small proportion of the outstanding shares, as the majority of firm shares is owned by the state or other legal entities, and cannot be sold to public investors. Therefore, the management and ownership structure is very different from the IPO firms in other countries. Second, Chinas stock markets have been in smooth operation for only about ten years. Investors are not as knowledgeable and sophisticated as those in well-developed countries. In addition, there is only a nascent institutional investment community in China. Consequently, stock prices are driven by the actions of private investors who typically own very few shares and have done very little investment analysis. These institutional and regulatory differences between China and other countries suggest that the findings from the IPO studies in the U.S. and elsewhere may not directly apply to the Chinese market. For example, underwriter reputation may be more important for the Chinese market because investors are less knowledgeable and have less information on the new stock issues. Thus, Chinese investors may be more willing to accept less underpricing (premium) when stocks are underw ritten by investment bankers with better reputation. Moreover, Chinese IPO market is not well developed. To ensure a successful underwriting, firms have a greater incentive to seek underwriters with good reputation. On the other hand, most of Chinese investment banks are established by central government offices or state-owned firms. Also, the majority of firm shares is owned by the state or other legal entities. Consequently, political relationship may play a very important role in the underwriter selection.[2]For these reasons, underwriter reputation may have different impacts on IPOs in China than in other markets. The remainder of the paper is organized as follows. Section 2 discusses the characteristics of the Chinese IPO market and review prior research on this market. Section 3 discusses data and empirical methodology while Section 4 presents empirical results. Finally, Section 5 concludes the paper. 2. Chinese IPO markets In 1978, China initiated various reforms to restructure its economy towards a socialist-market economy. An important step for this movement was privatizing state-owned enterprises (SOEs) by issuing shares to the public via IPOs. Although the first privatization took place in 1984, subsequent IPO activity was quite modest. In all, there were only 44 IPO issues between 1984 and 1990. The low popularity of IPOs was due in large part to the fact that there were no organized stock exchanges to trade shares. Recognizing the lack of market liquidity, the state established two new stock exchanges in Shanghai and Shenzhen in December 1990 and July 1991, respectively. Before the establishment of these two stock exchanges, the underwriting industry effectively did not exist. With the rapid growth in the stock market, this new industry began to develop quickly. According to a report of The Peoples Bank of China (the central bank of China), by year 2001 there are 177 investment banks authorized to underwrite the IPOs. The total asset of the 177 investment banks is 550 billion RMB, and their total liability is 478 billion. All investment banks are established by some government departments or large state owned firms. Thus, the state has a large control power on these investment banks. The initial public offering process is quite similar with that of the U.S. except that there are more regulations and more tedious application process. A substantial proportion of the initial public offerings is linked to the privatization of state-owned firms. The Chinese government introduced five major categories of shares: (1) state shares, which are held by the State Assets Management Bureau (SAMB); (2) institutional shares held by other state-owned enterprises; (3) employee shares held by managers and employees; (4) ordinary domestic shares (or A-shares), which can be purchased only by Chinese citizens on the Shanghai or Shenzhen Exchange; and (5) foreign shares, which can be purchased only by foreign investors in Mainland China (B-shares), through the Hong Kong Stock Exchange (H-shares) or the NYSE (N-shares). Only A-shares and B-shares are traded on the Shanghai and Shenzhen exchanges. The first three types of shares are not tradable in official exchanges, whereas trading of employee shares is allowed some time (typically one year) after the IPO. The stock offering process in China has vestiges of the Chinese transitional economy with socialist planning. The initial public offering process is more complicated from other countries due to heavier regulation. First, the aggregate value of new shares to be issued each year is part of the national investment and credit plan. The new issue quota is determined jointly by the State Council Securities Committee (SCSC), the State Planning Commission (SPC), and the Peoples Bank of China (PBOC), which is the central bank of China. The quota is allocated to provinces as well as to municipalities. The criteria used for allocation among provinces include the assessment of regional industrial structures, and the need for balanced regional development. Given each regional quota, local securities authorities invite enterprises to request a listing and then make a selection based on the issuing firm performance and regional development objectives. This process of selecting enterprises for listi ng in China differs considerably from other countries, where the decision to list a stock is usually determined by the stock exchange. The selected firms then submit their application for initial public offering to China Securities Regulatory Commission (CSRC). In their application, firms must provide the details about the offering such as when and where the shares will be offered, offering price, the number of shares to be offered, underwriter and the type of underwriting, etc. Once a firm is admitted to issue new shares through an IPO, it will select an underwriting syndicate to issue its shares. In China, most investment bankers issue IPO stocks under a firm commitment. In order to protect the domestic investment banking industry, foreign investment banks are not allowed to underwrite A-shares. Thus, all A-share IPOs issues are underwritten by domestic investment banks mostly owned by the state. Foreign investment banks can only underwrite B, H, N and other foreign shares. Based on the report of China Securities Regulatory Commission (CSRC), there are only 48 foreign underwriters by 2001 authorized to underwrite B, H, N and other foreign shares. These 48 foreign underwriters come from several different places, including the U.S, Japan, Hong Kong, Germany, France and other countries. Foreign underwriters generally have higher reputation in their own country, and but less known in China. In this study, we focus on the underwriting of A shares and the domestic investment banks which underwrite them. There is a body of research that investigates the development of Chinas privatization program and the stock price behavior of listed companies. Corporate earnings typically decline subsequent to listing, a phenomenon in contrast to the findings from studies of other markets. Very high initial returns have been recorded on the first day of IPO listings (e.g., Bailey, 1994; Mok and Hui, 1998; Chen et al., 1999; Chan, Wang, and Wei, 2002), but long-term stock returns and earnings performance are mixed. Mok and Hui (1998) find that positive returns have been achieved a year after listing, while Chan, Wang, and Wei (2002) find that the IPOs underperform the matched non-IPO stocks three years after listing, whether from the view point of stock returns or the earnings performance. These studies focus on the return and earnings performance of IPO stocks. None of them has examined the effect of underwriter reputation on the performance of Chinese IPOs. 3. Data and empirical methodology Our stock return and accounting data are retrieved from the Taiwan Economic Journal (TEJ) database. Information concerning the particulars of each offering, including the number of shares offered by the firm, the underwriters involved, and the offering price have been obtained from CSRC, SHSE and SZSE. All IPOs made from 1990 to 2001 with required data are included in the sample. As mentioned earlier, although the first privatization case took place in 1984, subsequent IPO activity was quite modest, with only 44 issues between 1984 and 1990. Since there werent any official stock exchanges during this period, we have excluded these IPO issues from this study. The sample selection process is summarized in Table I. The final sample includes 944 IPOs issued from 1990 to 2001. Several proxies for underwriter reputation have been employed in previous studies. In this paper, we use the underwriter reputation measures as defined by Carter and Manaster (1990, CM) and Megginson and Weiss (1991, MW). Specifically, we use the number of IPOs underwritten and the relative market share of an investment banker in stock offerings as a proxy for underwriter reputation. We use underwriters relative placements in stock offering tombstone announcements to obtain the CM measure. First, we count how many IPOs that each investment bank has underwritten, and rank the underwriters by this number. We use 50% and 80% to divide the whole underwriters into three groups: low, median and high reputations. The MW measure is constructed using the same process used to obtain CM measure, except that we use the total market value as a criterion to separate the whole underwriters into three groups. We define three levels of underwriter prestige based on the ranking of each reputation prox y, with a score of three representing the most prestigious level and one representing the least prestigious level. To evaluate the aftermarket performance of IPOs, we calculate returns for three periods: (1) the initial return period from the offering date to the first public trading date; (2) the short-term aftermarket period which covers a ten-day period after the IPO, exclusive of the first day of trading; (3) the long-term aftermarket period, which covers a three-year horizon after the IPO, exclusive of the first day of trading. The initial period vary somewhat by IPO issues. Panel B of Table 1 reports the summary statistics of the initial period. We compute the initial return as the percentage difference between the closing price of the first trading date and the offer price: (1) where is the initial return of stock j on the first trading day (day 0), is the closing price of stock j on day 0, and is the offering price of stock j. We also adjust the return for the market effect: (2) where is the market-adjusted return of an IPO stock on day 0, is the closing value of the corresponding A-share market index on the first trading day of the new issue j, is the closing value of the corresponding A-share market index on the day the new issue j is offered. The mean-adjusted initial return is: (3) where N denotes the number of companies in an IPO portfolio. The short- or long-run aftermarket performance is computed based on the buy-and-hold strategy. In order to test the effect of underwriter reputation on short-run returns, we calculate the return over a ten-day horizon after the first trading day, since underwriters usually stabilize the stock price in this period due to their firm commitment to price support. The buy-and-hold return for firm j (Rj) over a ten-day horizon is (4) where represents the return of firm js stock on day t. The initial return on the first trading day is not included in the above calculation. The market-adjusted ten-day return can be computed as: (5) where represents the return of the corresponding A-share market index on day t. The mean market-adjusted return over the ten-day horizon is (6) We next calculate the return for the each of the 36 months following the first day of stock trading. Following Ritter (1991), we assume there are 21 trading days in one month, instead of using a calendar month. Therefore, the first month consists of the first 21 trading days after the first trading day (denoted as day 0), the second month consists of day 22 through day 42, and so on. The long-run aftermarket cumulative return till month T (= 36) for firm j (CRjT) is computed as: (7) where represents the return of firm js stock on day t. Again, the return on the first trading day is not included. The market-adjusted return can be computed as: (8) where represents the return of the corresponding A-share market index on day t. Similarly, the mean market-adjusted cumulative return till month T is computed as follows: (9) Ritter (1991) and Loughran and Ritter (1995) compare the aftermarket return of an IPO portfolio with the returns of non-IPO matching firms (matched by Size, B/M and Size-B/M). Since a relatively high percentage of listed firms in our sample period are IPOs, it is not feasible to construct a meaningful non-IPO matching sample. Instead, we use the buy-and-hold return on the market portfolio as our benchmark return. We examine the explanatory power of the underwriter reputation measures by least squares regressions. Previous studies suggest that underwriter reputation signals the underlying risk of the offering, impounded in the initial return. We segment our sample by underwriter reputation and report the corresponding initial returns, short- and long-run performance for each segment. We use the market-adjusted initial return, short-run return and long-run return as the dependent variables in the regression, and the underwriter reputation measures (CM or MW) as the independent variable. The coefficient for each reputation measure should be negative in the initial return regression. In contrast, for short- and long-run aftermarket return, the coefficient for each reputation measure should be positive if the reputation of investment bankers indeed signals the quality of IPO firms. To assess the marginal impact of underwriter reputation, we control the effects of other IPO characteristics. The first variable is the gross proceeds of the IPO (Size), which is used to control any systematic influence due to the size of the offering. Since larger IPOs are often issued by well-established firms, the risk is expected to be lower and therefore, the initial return is expected to be smaller because these IPO stocks are less underpriced. In contrast, the short- and long-run returns are expected to be larger for these firms because they are more profitable. Based on this argument, the coefficient of size (Size) for the initial return is expected to be negative, while it should be positive for short- and long-run returns. The second variable is the issuing price (Issp). The higher the issuing (offering) price, the lower the initial IPO return. Thus, we expect a negative relationship between the initial IPO return and Issp. The third variable is the lottery ratio (Proba), w hich reflects outside investors demand for new shares. The greater the underpricing of the IPO, the stronger outside investors demand (see Hanley, 1993). This implies a negative relationship between the initial return and Proba. The return regression model can be written as (10) We also estimate this regression model using the market-adjusted ten-day return (AR) and long-run return (ACR) as dependent variables. In the investment banking industry, underwriters with better reputations tend to be more likely to survive market competition. Good underwriters will do their best to price IPOs at the intrinsic values of the firms to prevent losing their reputation and their clients. Also, they tend to market the stocks of high-quality firms. Thus, we expect that the IPOs handled by underwriters with better reputations will have better operating and earnings performance before and after their issuance date. 4. Empirical Results A. Initial IPO returns and Underwriter Reputation Proxies We calculate market-adjusted initial returns of the first trading day for three IPO portfolios, which are formed based on the level of underwriter reputation (either CM or MW measure). Table II provides summary statistics of the initial returns, Size, Issp and Proba. The results in Table II are consistent with the findings of the studies of U.S. and other developed markets. For example, more prestigious investment bankers tend to market the stocks of larger firms with a higher issuance price. As a result, the market-adjusted initial return is negatively related to underwriter reputation. The mean adjusted initial return declines monotonically from 468.44% (466.11%) to 161.18% (159.87%) as the level of underwriter reputation, based on either the CM or MW measure, increases (from a scale of one to three). The standard deviation of the market-adjusted initial return also declines monotonically with the level of underwriter prestige. We also calculate the mean issuance price for each por tfolio. Consistent with these findings, the mean issuance price of the IPOs increases from 6.09 (6.64) to 9.84 (9.84) as underwriter prestige increases from low to high. Panels A and B show that the differences among the returns of the three reputation groups are very large and significant at the 1% level. For example, the difference in the initial returns (market adjusted) between the low and high prestige groups is 307.26% (307.26%) and significant at the 1% level based on the CM measure. Similar results are found for the groups ranked by the MW measure. The results of regressions on the market-adjusted initial return are presented in Table III. The variables of primary interest are the CM and MW underwriter prestige measures. We first estimate the univariate regressions against each reputation measure and control variable, and then estimate the multivariate regressions by including all variables. As expected, the coefficients for CM and MW are all negative and significant at the 1% level for both univariate (rows 1 and 2) and multivariate regressions (rows 6 and 7). Carter et al. (1998) find that the CM measure outperforms the MW measure in explaining the IPO return. In contrast, we find that the performance of these two measures (CM and MW) is quite similar. In addition, the coefficient for each control variable is as expected. The coefficients of control variables are all negative and significant at least at the 5% level. B. Short-Run Performance and Underwriter Reputation When the demand is weak after listing, the lead underwriter will stabilize the stock price through various activities aimed at reducing the selling pressure. Chan, Wang and Wei (2002) show that in the short run the IPOs underperform several market benchmarks. However, they have not examined the relationship between the stock performance of IPOs and underwriter reputation. Table IV presents the cumulative returns and cumulative market-adjusted returns for the IPO portfolios underwritten by investment banks of varying prestige. Panels A and B report these results based on CM and MW reputation proxies, respectively. As shown, all six IPO portfolios underperform the market over the ten-day horizon immediately after the first trading day. This result is consistent with the finding of Chan, Wang and Wei (2002). Our primary interest here is the relative performance of these portfolios. For either reputation proxy (CM or MW), the cumulative return of portfolio 1 is lower than that of portfolio 3 over the ten-day horizon. Based on the CM reputation proxy, the cumulative market-adjusted return is -5.20% for the portfolio with the worst underwriters while it is -2.56% for the portfolio with the best underwriters. Similar results are found for the portfolios based on the MW reputation proxy in Panel B. For example, the difference between the low and high prestige groups is 2.90%, which is significant at the 5% percent level. Table V presents the regression results of the ten-day IPO returns. The coefficients of the reputation proxies are all positive with the MW coefficients significant at the 5% level. Results show that the MW measures have a slightly higher explanatory power than the CM measure. On the other hand, none of the control variables (Size, Issp and Proba) is significant. This result shows that underwriter reputation significantly affects the short-run performance of the IPOs. It is consistent with the contention that underwriters support the stock price during the first several trading days and that underwriters with better reputations make a stronger effort to support the aftermarket price. Note that while the coefficient of underwriter reputation is statistically significant, the R2 is low, suggesting that it may not be economically significant. C. Long-Run Performance and Underwriter Reputation Prior studies have documented that IPO stocks underperform comparable non-IPO stocks over a longer horizon (see, for example, Ritter 1991; Loughran and Ritter 1995; Chen, Firth and Kim 2000; and Chan, Wang and Wei 2002). Using the U.S. IPO data from 1979-1991, Carter, Dark and Singh (1998) find that the long-run market-adjusted returns of IPOs tend to increase, or the IPO underperformance is reduced, with underwriter reputation. However, none of these studies has documented the relationship between the long-run performance of IPOs and the reputation of the underwriters in the Chinese market. Table VI presents the long-run cumulative market-adjusted returns of IPO stocks over a three-year horizon after the offering. Again, IPOs are divided into three groups based on the ranks of the CM and MW measures in Panels A and B, respectively. For the CM portfolios, the three-year cumulative return is -20.80% for the group with lowest underwriter reputation. But for the medium and high prestige groups, the cumulative returns are 12.92% and 17.46%, respectively. Similar results are found for the MW portfolios. Thus, long-run market-adjusted returns increase with underwriter reputation. Contrary to the findings of Loughran and Ritter (1995) and Chan, Wang and Wei (2002), the overall long-run market-adjusted return of Chinas IPOs is positive. Investors can earn higher returns by investing in the IPOs underwritten by better underwriters. The differences in the market-adjusted returns between the low and high prestige groups are large and significant at the 1% level. The difference is 38.26% (42.36%) when groups are ranked based on the CM (MW) measure. The results suggest that the quality of underwriters signals the long-run performance of IPOs. Table VII reports the regression results for the long-run market-adjusted returns of IPO stocks. As expected, the coefficients for CM and MW are positive and significant at the 1% level. These results are consistent with those reported in Table VI, and suggest that underwriters with better reputations have a greater ability to distinguish the quality of issuing firms and that they tend to underwrite stocks of high-quality firms to enhance their reputation. However, it should be noted that regressions contain substantial noise in the data as revealed by low R2. D. Operating Performance and Underwriter Reputation The preceding results show that IPO stocks underwritten by investment bankers with better reputations tend to generate better long-term returns. An important question is whether this stock return performance is reflected in firms operating performance. In this section, we examine the long-run operating performance of IPO firms. Table VIII reports changes in the operating performance of IPO firms surrounding the year of issuance. The performance measures include the operating returns on assets (ROA), operating cash flows on total assets (CFOA), sales growth rate (Sale_G), and asset turnover (ATO). It is shown that ROA, CFOA and ATO decline steadily after the issuance, regardless of which event window is viewed. These results are consistent with the findings of Jain and Kini (1994), Mikkelson, Partch, and Shah (1997) and Chan, Wang and Wei (2002) that the issuing firms operating performance deteriorates after the initial public offering. These results may reflect managers attempts to window-dress their accounting statements prior to going public, which leads to pre-IPO performance being over-stated and post-IPO performance being understated. An important issue is whether the operating performance of issuing firms is correlated with underwriter reputation. Table VIII shows that the operating performance of the IPO group with high underwriter prestige is better than that of the group with low prestige no matter which event window is used. The differences in the operating performance between IPO groups with high and low underwriter prestige are often sizable. For example, the mean ROA of the group with high prestige is 13.85% before the firms issue their IPOs, while that of the group with low prestige is only 11.95%. This means that the ROA of the IPO firm group with low prestige is about 15% lower than that the group with high prestige. In general, the difference between the high and low prestige groups is statistically more significant when the MW reputation measure is used. The return on total asset, the operating cash flow to total asset ratio and asset turnover are all significantly higher for the high-prestige IPO gro up. These results reinforce the findings from stock return performance that high-prestige underwriters have a greater ability to discern the quality of IPO firms. Table IX reports the regression results for IPO firms operating performance before and after the issuing year. The dependent variables of the regressions are the operating performance measures reported in Table VIII whereas the independent variables are CM and MW reputation proxies. The overall results show that operating performance of IPO firms is positively related to underwriter reputation. However, this relationship is not as strong as that exhibited in stock returns. The t statistics are significant at the five percent level for the asset turnover, suggesting that the firm group with better underwriter reputation typically has higher sales before the initial public offering. Other regressions also show positive relations between operating performance measures and underwriter reputation but they are not statistically significant. Thus, although there are indications that firms future performance is positively correlated with underwriter reputation, this positive relationship is weaker than that exhibited by aftermarket stock returns. 5. Conclusion In this paper we examine the relationship between performance of Chinese IPO firms and the reputation of investment bankers underwriting their stocks. Similar to the findings for other markets, we find that the initial return on the first day of trading is strongly positive for Chinese IPO stocks. This strong positive return reflects the IPO underpricing phenomenon well documented in the literature. More importantly, we find that the first-day return is negatively related with the underwriters reputation. Thus, the better the reputation of the underwriter, the smaller the amount of underpricing and hence the lower the initial return of the IPO stock. When we extend our analysis to a ten-day window, we find that the cumulative returns are negative shortly after the first trading day. However, this decline is less severe for the stocks with high-prestige underwriters. The results show that the stocks underwritten by investment bankers with better reputations tend to be more stable in the aftermarket. This implies that better underwriters make a greater effort to stabilize the market after the stock is publicly traded. As we further increase the event horizon to three years, we find several interesting results. The long-run return of Chinese IPO stocks show an overall positive return in the three-year period. This finding contrasts sharply with empirical evidence of overwhelming long-run negative IPO returns for the well-developed markets documented in the literature. The regression results show a striking positive relationship between the long-run returns of IPO stocks and underwriter reputation. Results suggest that either investment bankers with better reputations have a greater ability to discern the quality of issuing firms or quality firms will seek out high-prestige underwriters. At any rate, underwriter reputation signals firm quality. Moreover, there is evidence that the operating performance in terms of various accounting measures is better before and after the stock is publicly traded for those firms hiring underwriters with better reputations. Overall, the results support the contention that IPO returns are positively correlated with underwriter reputation and better investment bankers have a greater ability to predict future profitability of issuing firms.