Behavior finance and market efficiency Essay Example | Topics and Well Written Essays - 2750 words

Behavior finance and market efficiency - Essay Example In this report, the main causes and underlying drivers of the recent global, financial crisis are explained. Also, comparison and contrast of behavioural and non-behavioural explanations commonly provided by finance academics have been made. The main causes behind the recent global, financial crisis include deregulation by financial institutions, accompanied by rapid financial innovation, which stimulated powerful financial booms. As the financial institutions became flawed, leading to the financial crises, governments responded to such crises with bailouts that allowed new expansions to begin (Crotty, 2009, p, 563). First, the integration of modern day financial markets with the era’s light government regulations, which is also referred to as the New Financial Architecture (NFA) led to the global, financial crisis (Crotty, 2009, p, 563). It should be noted that the New Financial Architecture is based on light regulation of commercial banks, lighter regulation on investment ba nks and little regulation on the shadow banking system. The shadow banking system represents hedge and private equity funds and special investments that are created by banks (Crotty, 2009, p, 563). Minimal regulation of financial institutions led excessive risk taking by numerous financial institutions because of the existing incentives in the market, without fear of restriction or limitation. The assumption that rational investors can make optimal decisions, and that only those who could handle risk, could take it is based on poor theoretical foundations, with no convincing empirical support (Crotty, 2009, p, 563). On the contrary, many investors and financial institution took excessive risk, which they could not manage. Consequently, the global, financial crisis had to arise when the potential losses associated with high risk occurred. Separately, it should be noted that perverse incentives affect key personnel of vital financial institutions such as commercial banks, insurance co mpanies, investment banks, hedge and private equity funds, as well as, mutual and pension funds to take excessive risk when financial markets are buoyant (Crotty, 2009, p, 563). For instance, the provision for no return of fees for securities for mortgage loans, if the securities suffered large losses made most market participants to take loans, as much as the loans may have not been viable or sound (Crotty, 2009, p, 563). Problems arose when the loan takers failed to service or repay the loans because their investments could not profit due to the prevailing market conditions. Financial innovation contributed to emergence of recent global, financial crisis because it led to the creation of financial products that are so complex that they are not transparent (Crotty, 2009, p, 563). This means that such financial products cannot be priced correctly. They are also illiquid and are not sold on markets. In the current financial market, there is a higher value of securities that are not s old on the markets than the existing securities (Crotty, 2009, p, 563). The fact, that sale of securities derivatives is mostly carried out by an investment bank negotiating with customers over the counter, led to

Science Paper on Tropism Essay Example for Free

Science Paper on Tropism Essay A tropism is a growth in response to a stimulus. Plants grow towards sources of water and light, which they need to survive and grow. Auxin is a plant hormone produced in the stem tips and roots, which controls the direction of growth. Plant hormones are used in weedkillers, rooting powder and to control fruit ripening. Tropisms The direction of plant growth Plants need light and water for photosynthesis. They have developed responses called tropisms to help make sure they grow towards sources of light and water. There are different types of tropisms: Positive phototropism in plant stems * Tropism – growth in response to a stimulus * Positive tropism – towards the stimulus * Negative tropism – away from the stimulus * Phototropism – growth in response to the direction of light * Geotropism – growth in response to the direction of gravity Responses of different parts of the plant Auxin is a plant hormone responsible for controlling the direction of growth of root tips and stem tips in response to different stimuli including light and gravity. Auxin is made at the tips of stems and roots. Its moved in solution to older parts of the stem and root where it changes the elasticity of the cells. More elastic cells absorb more water and grow longer, causing bending in the stem or root. Its thought that light and gravity can interfere with the transport of auxin causing it to be unevenly distributed. Auxin experiment 3 groups of seeds are grown in a cardboard box. A when the tips are removed, no auxin is made so the stems do not grow B – when the tips are covered, auxin moves to all parts of the stem causing all parts to grow C when the tips are lit from one side only auxin accumulates on the shaded side causing it to grow more than the illuminated side Nervous System And Nerves Function: To transmit messages from one part of your body to another Neurons: Messenger cells in your nervous system Nerve impulses: Electrical signals carrying messages Neurotransmitters:Chemicals released by one neuron to excite a neighbouring one Millions of messengers Your nervous system contains millions of nerve cells, called neurons. Neurons are highly specialised to transmit messages from one part of your body to another. All neurons have a cell body and one or more fibres. These fibres vary in length from microscopic to over 1 metre. There are two different kinds of nerve fibres: fibres that carry information towards the cell body, called dendrites, and fibres that carry information away from it, called axons. Nerves are tight bundles of nerve fibres. Teamwork Your neurons can be divided into three types: * Sensory neurons, which pass information about stimuli such as light, heat or chemicals from both inside and outside your body to your central nervous system * Motor neurons, which pass instructions from your central nervous system to other parts of your body, such as muscles or glands * Association neurons, which connect your sensory and motor neurons Electrical and chemical signals Your neurons carry messages in the form of electrical signals called nerve impulses. To create a nerve impulse, your neurons have to be excited. Stimuli such as light, sound or pressure all excite your neurons, but in most cases, chemicals released by other neurons will trigger a nerve impulse. Although you have millions of neurons that are densely packed within your nervous system, they never actually touch. So when a nerve impulse reaches the end of one neuron, a neurotransmitter chemical is released. It diffuses from this neuron across a junction and excites the next neuron. Protecting cells Over half of all the nerve cells in your nervous system do not transmit any impulses. These supporting nerve cells are located between and around your neurons to insulate, protect and nourish them. Chromosomes Every human cell has 46 molecules of double-stranded DNA. This DNA is coiled and supercoiled to form chromosomes. Each chromosome has around 50 to 250 million bases. Image Credit: genome.gov Human cells contain two sets of chromosomes, one set inherited from the mother and one from the father. The egg from the mother contains half of the 46 (23) and thesperm from the father carries the other half 23 of 46 chromosomes. Together the baby has all 46 chromosomes. There are 22 pairs of autosomes and 1 pair of sex chromosomes. Females have an XX chromosome while men have an XY chromosome. DNA DNA resides in the core, or nucleus, of each of the bodys trillions of cells. Every human cell (with the exception of mature red blood cells, which have no nucleus) contains the same DNA. The DNA is a double, stranded spiral forming a double helix. Each strand is made up of millions of chemical building blocks called bases. There are only four types of bases making up the DNA adenine, thymine, cytosine, and guanine. The order of these bases are changed with permutation and combination in a sequence and unique sequences code for proteins. The concept is similar to combination of alphabets to form words that further combine to form sentences. Genes The DNA in each chromosome constitutes many genes. The DNA also contains large sequences that do not code for any protein and their function is not known. The gene of the coding region encodes instructions that allow a cell to produce a specific protein or enzyme. There are nearly 50,000 and 100,000 genes with each being made up of hundreds of thousands of chemical bases. In order to make proteins, the gene from the DNA is coped by each of the chemical bases into messenger RNA (ribonucleic acid) or mRNA. The mRNA moves out of the nucleus and uses cell organelles in the cytoplasm called ribosomes to form the polypeptide or amino acid that finally folds and configures to form the protein. The human genome All the DNA in the cell makes up the human genome. There are about 20,000 important genes located on one of the 23 chromosome pairs found in the nucleus or on long strands of DNA located in the mitochondria. The DNA in the genes make up only around 2% of the genome. For some years now each of the sequences and genes discovered are carefully recorded as to their specific location, sequences etc. The whole information is stored in a database that is publicly accessible. Nearly 13000 genes have been mapped to specific locations (loci) on each of thechromosomes. This information was initiated by the work done as part of the Human Genome Project. The completion of the project was celebrated in April 2003 but the exact number of genes and numerous other genes in the genome of humans is as yet unknown. Genetic switches and non-coding DNA regions The genes that contain the information to make the necessary proteins are therefore ‘switched on’ in some of the specialized cells while the remaining genes are ‘switched off’. For example, the genes that are ‘switched on’ in kidney cells are different to those that are ‘switched on’ in brain cells because the cells of the brain have different roles and make different proteins. In addition to the Human genome project, more information is needed to find what each of the genes as well as the vast amounts of non-coding regions do. These non-coding regions form nearly 90% of the chromosome and earlier much of it was termed â€Å"junk DNA† as it appeared that this DNA did not contain the information for gene products that the cells use and produce. Now it is increasingly clear that the non-coding DNA has a very important role to play. That role is still largely unknown but is likely to include regulating which genes are ‘switched on’ or ‘switched off’ in each cell. The non-coding regions of the DNA is also important for forensic investigations and determining biological relationships – paternity etc. Promoter regions, exons introns of genes A gene can have more than one promoter, resulting in RNAs that may vary in lengths. Some genes may have strong promoters that bind the transcription machinery well, and others have weak promoters that bind poorly. Weak ones allow for less transcription to protein than strong ones. Other possible regulatory regions include enhancers. These enhancers may help the weak promoters. Many prokaryotic genes are organized into operons. These sequences are genes that have products with related functions. Long stretches of DNA that are coded to proteins are called introns and non-coding regions are called exons. Genes mutations Around 20,000 genes in the cell guide the growth, development and health of the animal or human. The genetic information contained in the DNA is in the form of a chemical code, called the genetic code. The code is similar in many ways and in most of the sequences across all living organisms. An allele is one variant of that gene. In many cases, all people would have the gene, but certain people will have a specific allele of that gene, which results in the trait. This could be a simple trait like hair or eye color. There are, however, variations in the genetic code that makes each individual unique. Most variations are harmless. However, variations to the genetic information can sometimes mean that some proteins are not produced properly, produced in the wrong amounts or not produced at all. Variations that make the gene faulty are called mutations. SNPs or single nucleotide polymorphisms are changes in a single base or single letter in the sequence and may code of a different protein altogether making it akin to a genetic mutation. Mutations of genes that are important for functions in the body can lead to a genetic condition that may affect growth or health of the individual. Some mutations do not directly cause disease but may make a person more susceptible to developing a genetic condition.

Taxidermy in Victorian England :: Victorian Era

Taxidermy in Victorian England: The â€Å"Bone Articulators† â€Å"Taxidermy† is Such a Funny Word! The word â€Å"taxidermy† has its roots in Greek, and it means â€Å"to arrange skin† (Historical Review of Taxidermy 1). The text from which I found most of my material (A Historical Review of Taxidermy) stated that taxidermy could have meant many things in ancient times, such as preserving mummies, or even leather working (arranging of animal skins) but by the time it reached England it was known quite solely as the arrangement of animal skins to represent life (1). A Compressed History Taxidermy was then not the art that we know today. In its earliest days (18th century) birds were especially difficult to reproduce. After the long and tedious procedures, specimens were often unrecognizable. This changed with the ideas of a Frenchman named Becoeur (1718-1777). He was the first man to use a paste containing arsenic to preserve bird skins and his methods reaped amazing results. You could actually tell that the specimens were birds. Becoeur never published his recipe during his life so that he might protect his business, but in 1820 a French taxidermist named Louis Dufresne (1752-1832) did. This was a landmark in the history of taxidermy, for it allowed many people to be able to create life-like specimens very similar to Becoeur‘s (3). The British read Dufresne’s books, and thus much of their taxidermy mimicked the French styles for a time. However, new styles and methods of preservation began to appear, such as the non-poisonous preservative formulae developed by Rowland Ward (1848-1912) and Montague Brown (1837-1923) in the mid to late 19 th century (4). For the first half of the 19 th century, taxidermy was still trying to become established. The difficulty owed much to the fact that the art was still being perfected. Most specimens from this period were rather stiff and un-lifelike in appearance. The idea of creativity combined with taxidermy had not yet taken flight, but this changed with the Great Exhibition in London in 1851. This show exhibited some of the first â€Å"creative† â€Å"taxidermical† (coined by me) works of art; the particular works created by John Hancock of Newcastle especially grabbed the attention of the judges. Hancock’s works, such as his tableaux of a falcon grappling with a heron, were â€Å" unsurpassed at the time for their quality and realism† (5). A judge commented that they â€Å"... will go far towards raising the art of taxidermy to a level with other arts which have hitherto held higher pretensions† (5).

Criminology Reaction Paper

Lea Harebells Guest Speaker Reaction Paper Principles of Criminology When I began listening to guest speaker, Marie Allen, I knew all the given information on heroin was going to be very informative and important. Vive heard many lectures on how drugs affect a person and what kind of life drugs create for someone. Although, when listening to Marie Allen, I realized that this information was going to be much different than other lectures. What I didn't know was that the Marie Allen was truly going to put an impact on my heart and in my life.Marie Allen presented he class with more knowledge and factual information on heroin then any website or television show could ever tell you. There were many things about heroin and heroin addiction that I have never heard before this presentation. Learning that heroin use usually begins in middle school, 7th and 8th grade, really surprised me. I couldn't imagine seeing such a young person addicted to this awful drug. When I heard this, I remembere d that I have a niece who will be starting 8th grade this year and eventually there may come a time that she is offered to try this drug.I feel that now that I know more information on heroin and addiction that I will be able to pass it onto her so if and when that time comes, she will make the right decision. I have also learned that addiction to heroin does more damage to a person than most drugs; it not only creates addicts but it paralyzes them and their lives. We learned that when a person is addicted to heroin they are not the person they use to be. These people become untrustworthy, and their physical and mental health declines terribly.The effects of heroin go deeper than the surface affecting things such as a persons weight, coordination, and heart rate. Towards the end of Marie Allen's presentation, she informed us about many of the people who have lost their lives to heroin. It was devastating to hear about how many people, and many children, who have lost their lives to this drug. The last thing Marie Allen showed us was a video. This video showed a girl when she was very young until she was in her late teens. At the end of this video we found out that the girl was Marie Allen's daughter.What Marie Allen said next was probably one of the most heart wrenching things I have ever heard. She went on to tell us about her daughter and her life long addiction to heroin. We heard about her struggle to fight the addiction, and the many times she thought her daughter was finally free from the drug. Marie Allen then went on to tell us how her daughter was not able to break free from the drug and she was no longer with us. My heart truly went out to Marie Allen. Hearing this information was definitely an overwhelming moment for me.I have eared so many stories about people who have been addicted to drugs and have not lived to see the rest of their lives, although I have never actually met someone who knew someone addicted to this drug or any drug. In my life I have never been in the situation to see someone go through drug addiction. To meet someone whose daughter suffered from drug addiction made me put addiction into a whole new perspective. After hearing and seeing this presentation from Marie Allen, I feel that I am more interested in what these drugs are doing to people and how they are effecting our country.The last time that I heard a presentation or lecture on any type of addiction or drug use, I was probably in the first years of high school. Before this presentation began I was wondering what the speaker would talk about that I didn't already know. I have been taken back by this presentation and the information that Marie Allen provided us with. I have nothing but respect for Marie Allen and everything she has been through. Now that I have heard this presentation on heroin, I definitely have a new outlook on drugs and addiction.

Murderer – creative writing

It was an exquisite day. A 15-year-old boy called Tom who is in year 11 at Charlton high school. Tom is a skinny boy with brown hair and blue eyes. Tom walks to school every school day. As Tom walked he thought back at the day he had yesterday. â€Å"It wasn't bad† Tom said to himself. But there is always something in your self, which says opposite to whatever you say or do. It's of course your mind and it said â€Å"No you didn't you had an awful day yesterday. You killed a man!† Yes, Tom did kill a man and he is called Mr.Diver. It's not because he wanted to kill him it's because he had to if he want to see his mum and dad together. He wanted his mum and dad together since they divorced. They divorced when Tom was very little so he doesn't have that much memory of his mum and dad together. Mr.Diver is Tom's mum's future husband. Tom hated Mr.Diver since he first met him. Mr.Diver is a fat man with hardly any neck. Mr.Diver is a bus driver. If you ask Tom what is his favourite day is he would say Friday because that is the day Tom meets his dad. Mr.Newton is his dad and there is a big difference between Mr.Newton and Mr.Diver maybe this is the reason why Tom hates Mr.Diver. Mr.Newton is a skinny man with long neck. Normally Tom and his dad spend Friday afternoons either playing football or go to a restaurant. In restaurant they talk about what happened during the week. Since Tom heard that his mum is going to marry Mr.Diver he thought he must stop this marriage if he doesn't his dreams will be shattered. So he planned to kill Mr.Diver. He came up with a brilliant plan. The plan was to kill Mr.Diver when he comes around Tom's house. But there shouldn't be anyone in Tom's house apart from Tom and Mr.Diver. The day came when Tom's mother told Tom and Mr.Diver that they have to stay alone. That night Tom made a plan that he is going to stab Mr.Diver and he kept things normal as possible. He didn't make sudden movements or speak to Mr.Diver too much because he never speaks to Mr.Diver normally. Tom kept penknives in his pocket and waited for exact moment to come. The moment came when Mr.Diver asked Tom if he want something to eat? Tom thought that when Mr.Diver is preparing the food he could go behind him and stab him. â€Å"Do you want anything to eat Tom?† asked Mr.Diver again. â€Å"Can I have a sandwich please?† said Tom. â€Å"I'll make one quickly,† said Mr.Diver. When Mr.Diver went to the kitchen to make a sandwich Tom went quietly behind him. Tom stopped near the kitchen door for a few seconds and took two penknives out. Tom saw that Mr.Diver is showing his back to him so Tom seized the chance and walked behind Mr.Diver and stabbed him once in the back and once in the neck. Tom put the body in Mr.Diver's car, which was a bit far away from Tom's house so it would look like when Mr.Diver got on the car someone stabbed him. When his mum Tom said nothing he just watched TV. â€Å"Where's Mr.Diver?† asked Tom's mum. â€Å"Oh he left already,† said Tom. â€Å"You should go to bed,† said Tom's mum. â€Å"Why what is the time?† asked Tom. He wants to keep things as normal as possible. â€Å"It's ten,† said Tom's mum. â€Å"Ok,† said Tom. At school Tom didn't concentrate on anything apart from Mr.Diver. He wanted to find out if the police had found it out. Third lesson the receptionist came and asked Tom to take his things and come with her and Tom knew that it was about Mr.Diver. His mum was in the reception and she said Tom to come with her and tom asked why and she said that she'd tell him on the way. â€Å"Why did you come to the school? What's wrong? â€Å"Mr.Diver is dead,† said Tom's mum â€Å"Who did a such a terrible thing?† asked Tom. â€Å"That's what police trying to find out. He was found in his car stabbed and the police things that someone tried to steal his car and didn't succeed so they killed him,† said Tom's mum. Tom was about to ask why didn't they take the car but he thought better leave it. When he and his mum came to their house they saw that the police was in. â€Å"Don't worry they just taking photos of the scene,† said Tom's mum. Tom now felt that his next step was to tell his father what happened and say to him that he should speak to Tom's mum and tell her exactly what happened and the reason for Tom to kill Mr.Diver and Tom believed by this his mum and dad would come together. The following Friday Tom met his dad and his dad asked him what happened to Mr.Diver and Tom told him exactly what happened and told him to say to his mum. His dad told him that he will talk to her and advised him to don't kill any one again. The following day when Tom woke up he saw that his dad was with his mum and his mum was crying and asked Tom â€Å"Why did you do this? You should've told me that you don't like Mr.Diver and you shouldn't have killed Mr.Diver† † I'm sorry mum,† said Tom â€Å"Now on we'll forget what happened in the past and thing of what will happen in future,† said Tom's dad.

Literature review on entrepreneurial finance The WritePass Journal

Literature review on entrepreneurial finance Introduction Literature review on entrepreneurial finance IntroductionResearch ProposalBackgroundBank FinanceFinancing PreferencesStudy Aims and ObjectivesResearch StatementResearch QuestionsRelated Introduction Research Proposal Although it appears to be contentious whether availability of finance impacts on entrepreneurial entry to markets (Kim et al., 2006, p. 5), it is likely to be a critical factor in determining the early success or failure of any new start-up venture. What is more, it has also been implicated as an important factor in determining the ongoing success of the business (Marlow Patton, 2005, p. 717; Capelleras et al., 2008, p. 688). The literature would also appear to indicate that the balance between the availability to and uptake by entrepreneurs of different forms of finance may have wider effects on the national economy (Deidda Fattouh, 2008, p. 6). Therefore it may be important to gain a better understanding of the level of availability of different forms of finance to start-up ventures, along with different factors affecting their uptake by entrepreneurs. Background This section of the proposal provides a brief overview of the literature on the different financing options available to start-up ventures, focusing on bank finance and venture capital. Bank Finance There is a lack of recent research available as to trends in funding of entrepreneurs in The Netherlands. Understanding of such trends in other countries, where extensive research has taken place in the field of entrepreneurial finance, could result in the understanding as well as the applicability of general findings to The Netherlands and any other country. Evidence confirms that banks continued to provide a major source of finance for SMEs in the 1990s (Hughes, 1997, p. 151) although it would be expected that the recent financial crisis could have impacted this (Udell, 2011, p. 103). While relaxing financial constraints may allow greater access to bank financing for entrepreneurs, it may also encourage excessive entry to the market and may also undermine bank-monitoring incentives according to Arping et al. (2010, p. 26). Evidence from developing nations such as South Africa suggest that access to formal bank financing is likely to be a determinant of start-up rates in any given region (Naude et al., 2008, p. 111). There was however, little consideration in this paper as to whether availability of venture capital had any moderating effect on this relationship, and other sources suggest that this may be less important than availability of human capital (Kim et al., 2006, p. 5). There may not only be issues associated with availability of bank finance, but also access to it. There is some suggestion within the literature that women may be somewhat disadvantaged in securing bank finance when compared to their male counterparts (Marlow Patton, 2005, p. 717; Carter et al., 2007, p. 427). Other authors have disputed this, although it is possible that these differences could be accounted for by different geographical foci (Sabarwal et al., 2009, p. 1). There is also some suggestion that differences may exist between ethnic groups in access to bank finance (Smallbone et al., 2003, p. 291) while other personal characteristics of entrepreneurs could also create barriers (Irwin Scott, 2010, p. 245). The relationship between banks and entrepreneurs could be key to enabling access. Research from Italy suggests that there could be trust issues between young entrepreneurial firms and bank managers. This may be particularly true where there is perceived to be heavy monitoring, and may lead to lower levels of demand for bank financing (Howorth Moro, 2006, p. 495). There is some evidence that the ownership of the bank itself may influence the relationships it forms with businesses of all types, including start-ups. In particular, the evidence suggests that firms are more likely to maintain exclusive relationships with state-owned banks, which may indicate greater levels of trust than compared to foreign or privately owned banks (Berger et al., 2008, p. 37). The literature identifies some strategies that may be effective in helping to overcome these barriers. For example in emerging economies, networking has been implicated as an important strategy in helping small to medium enterprises (SMEs) secure bank financing. This more specifically relates to networking with customers and government officials (Le Nguyen, 2009, p. 867). There is some suggestion that firms in developed countries are more likely to incorporate in order to access formal bank financing (Acs et al., 2008, p. 10). Financing Preferences It has been speculated that young businesses may require more than just monetary input, but also require access to expertise. This argument has been proposed predominantly in the context of technology firms, who may lack experience in research and development. Such businesses may benefit from expertise provided by venture capital firms who possess expertise and skills in this area (Keuschnigg Nielsen, 2005, p. 222). It would however be suggested that this may extend into some other sectors on the basis of research by Kim et al. (2006, p. 5) which found that availability of human capital was instrumental in determining entrepreneurial entry to markets. Quantitative surveys conducted amongst start-up firms has suggested that various characteristics of those ventures may determine the structure and types of finance which are utilized, including size, assets, growth orientation and owner characteristics (Cassar, 2004, p. 261). When selecting venture capital, businesses must consider contracts carefully, as these will have a significant impact on how the firm is able to exit at a later stage (Cumming, 2008, p. 1947). de Bettignies and Brander (2007, p. 808) argue that venture capital may be preferred to bank finance when venture capital productivity is high and entrepreneurial productivity is low. Winton and Yerramilli (2008, p. 51) suggest that there may be different criteria for determining preference, based on preference for risky or safe continuation practices and relative costs associated with finance options. For example, they suggest that if venture capital companies lower their cost of capital, this may entice some entrepreneurs to switch from safe continuation strategies utilizing bank finance, to riskier strategies utilizing venture capital. Study Aims and Objectives It would appear that many of the studies discussed in the previous section have much to contribute to a better understanding of how entrepreneurs select between bank and venture capital financing. However, most have focused on only limited aspects of the issue. A literature review that aims to take a wider perspective may therefore be useful in providing a better understanding of what may be a relatively complex decision-making process. In particular, most of the evidence available has examined the availability and access to bank financing, with much less information available on comparison to venture capital availability and access. Yet contrasting the benefits and limitations of the two may be important in enabling entrepreneurs to make an informed decision when structuring their start-up finance arrangements. Research Statement The research aims to conduct a review of the literature that will enable comparison of benefits and limitations of bank finance and venture capital. Research Questions The following research questions will be addressed by the review:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Are there differences in the availability of and access to bank financing and venture capital to businesses?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Does the availability and access to different types of finance impact choices made by entrepreneurs?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Are there common barriers to bank finance and venture capital or are some barriers specific to one option? When successfully answered, the findings from the previous questions should give answer to the following question by means of a recommendation: Are there any strategies that may enable entrepreneurs to overcome these barriers? References Acs, Z.J., Desai, S. Klapper, L.F. (2008) What does ‘Entrepreneurship’ data really show? A comparison of the global entrepreneurship monitor and world bank group datasets. World Bank Policy Research Working Paper No. 4667. Accessed 13 May 2011, from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1233043.   Arping, S., Loranth, G. Morrison, A.D. (2010). Public initiatives to support entrepreneurs: Credit guarantees versus co-funding. Journal of Financial Stability, 6(1): 26-35. Berger, A.N., Klapper, L.F., Peria, M.S.M. Zaidi, R. (2008). Bank ownership type and banking relationships. Journal of Financial Intermediation, 17(1): 37-62. Capelleras, J.-L., Mole, K.F., Greene, F.J. Storey, D.J. (2008). Do more heavily regulated economies have poorer performing new ventures? Evidence from Britain and Spain. Journal of International Business Studies, 39(4): 688-704.   Carter, S., Shaw, E., Lam, W. Wilson, F. (2007). Gender, entrepreneurship, and bank lending: The criteria and processes used by bank loan officers in assessing applications. Entrepreneurship Theory and Practice, 31(3): 427-444. Cassar, G. (2004). The financing of business start ups. Journal of Business Venturing, 19(2): 261-283.   Cumming, D. (2008). Contracts and exits in venture capital finance. The Review of Financial Studies, 21(5): 1947-1982.   de Bettignies, J.-E. Brander, J.A. (2007). Financing entrepreneurship: Bank finance versus venture capital. Journal of Business Venturing, 22(6): 808-832. Deidda, L. Fattouh, B. (2008). Banks, financial markets and growth. Journal of Financial Intermediation, 17(1): 6-36. Howorth, C. Moro, A. (2006). Trust within entrepreneur bank relationships: Insights from Italy. 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All credit to men? Entrepreneurship, finance, and gender. Entrepreneurship Theory and Practice, 29(6): 717-735.   Naude, W., Gries, T., Wood, E. Meintijies, A. (2008) Regional determinants of entrepreneurial start-ups in a developing country. Entrepreneurship Regional Development, 20(2): 111-124.   Sabarwal, S., Terrell, K. Bardasi, E. (2009). How do Female Entrepreneurs Perform? Evidence from Three Developing Regions. World Bank. Accessed 15 May 2011, from: http://siteresources.worldbank.org/INTGENDER/Resources/336003-1240628924155/Sabarwal_Terrell_Bardasi_Entrep_All_CWE.pdf. Smallbone, D., Ram, M., Deakins, D. Aldock, R.B. (2003). Access to finance by ethnic minority businesses in the UK. International Small Business Journal, 21(3): 291-314. Udell, G.F. (2011). SME financing and the financial crisis: A framework and some issues. In G. Calcagnini I. Favaretto (Eds.) The Economics of Small Businesses: An International Perspective. London: Springer Heidelberg, pp. 103-113.   Winton, A. 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The Elite Report Essays - Electronic Music, MIDI, Fanshawe College

The Elite Report Essays - Electronic Music, MIDI, Fanshawe College The Elite Report Music Industry Arts A Two Year Diploma Program Program Code MIA1 Campus Code LC LC - London September Admission Program Description The Music Industry Arts program educates students in all relevant aspects of the contemporary audio industry. The program promotes the professional attitude required to function in the musical, technical and commercial areas of Audio Production Engineering and Business. The program approach is intensively hands-on, with professional media and recording facilities exclusively dedicated to student use. Course curricula include functions of consoles and recorders, digital recording, video interlock, MIDI recording and sequencing, analog/digital techniques, contracts, sales and promotion music publishing, copyright, arranging, music theory, ear training, microphone techniques, studio operation and management. Computer literacy and MIDI techniques relevant to the disciplines of music and post-production recording are offered through theory and practical applications. Career Opportunities This program offers a unique opportunity for learning the skills required for the music recording industry, the post-production field, and general audio industries. The graduate may find career opportunities with sound recording studios, post-production facilities, recording companies, merchandising, touring commercial artists, cruise ships, publishing, management, promotion, sales, MIDI/sound design or studio recording for broadcasting and television. Program Eligibility CriteriaRequired Academic Preparation OSSD with courses at the General Level with: - Grade 12 English Or BTSD-Level 4 Certificate Or Ontario High School Equivalency Certificate (GED) Or Mature Applicant with standing in the required course stated aboveRecommended Academic Preparation - Courses in Communications Technology, Keyboarding, Computer Studies, Marketing, Development of Entrepreneurs, Analog and Digital Electronics, Computer Technology - Interfacing.Recommended Personal Preparation It is an advantage to the student to have a broad background in music theory, knowledge and appreciation of all types of music, an interest in the recording industry and its role in today's entertainment field, experience with computer and/or synthesizer/MIDI applications.Applicant Selection CriteriaWhere the number of eligible applicants exceeds the available spaces in the program, the Applicant Selection Criteria will be: A. Preference for Permanent Residents of Ontario. B. R eceipt of Application by February 1st. C. Achievement in the Required Academic Preparation. D. Achievement in the Recommended Academic Preparation. E. Assessment of personal suitability based on: . Supplementary Form Approximate Costs (2000/2001)Fees for: Levels 1 & 2 Levels 3 & 4 $2143.90 $2143.90 Books and Supplies: $2613.00* $2087.00* *this fee includes access to facilities and equipment in the program Recording Industry -Digital Applications A One Year Post-Graduate Certificate Program Program Code MRM2 Campus Code LC LC - London September Admission Program Description The Digital Applications program is a post-graduate program which provides intensive practical instruction and application opportunities for acquiring proficiency in the MIDI/digital multi-media field through hands-on equipment application and process-oriented instruction. Career Opportunities Career opportunities with sound recording studios, record companies, independent production houses and other 'sound related' industries, music publishing conglomerates and anywhere that 'sound' production and/or mixing is required. Program Eligibility CriteriaRequired Academic Preparation Music Industry Arts Diploma Or An equivalent qualification from another institution as judged by the College Or Professional background and experience assessed by the College to be equivalent to the aboveApplicant Selection CriteriaWhere the number of eligible applicants exceeds the available spaces in the program, the Applicant Selection Criteria will be: A. Preference for Permanent Residents of Ontario. B. Receipt of Application by February 1st. C. Achievement in the Required Academic Preparation. Students applying for the Recording Industry - Digital Applications program with a two year Music Industry Arts Diploma should have obtained a 'B' average in all MIDI and RCRD or PROD courses in the second year of the Music Industry Arts program at Fanshawe College, or a 'B' average in all MIDI courses from another institution. Applicants with less than a 'B' average will be considered only on the recommendation of the Program Chai r. D. Preference will be given to graduates of the Fanshawe College Music Industry Arts program, with most recent graduates having priority.Note: Applications received by February 1st will be guaranteed consideration. Applications received after February 1st will be considered only if places remain available in the program. Approximate Costs (2000/2001)Fees for: Levels 1 & 2 $2143.90 Books and Supplies: $2082.00