The 5 Best ACT Prep Games

The 5 Best ACT Prep Games SAT / ACT Prep Online Guides and Tips There’s a new craze in test prep: games. Vocab games, math games, reading games- you might think you could study for the entire ACT with just ACT prep games! Unfortunately for you, this is not really true. The majority of ACT practice games are either downright bad or just far less helpful than completing actual ACT practice questions. In this article I’ll discuss the prep game trend, explain why most prep games aren’t so great, present some criteria on what makes a good ACT prep game, offer some game recommendations, and lend advice on how to incorporate them into your studying. ACT Prep Games: A New Trend The term â€Å"gamification† describes attempts to make regular, tedious life tasks more fun and exciting by making them like games. There are apps that gamify exercise, productivity, chores, finance, and even household shopping. Given the ever-increasing circle of things that have been gamified, it’s no surprise that so many companies have tried to gamify ACT prep. Both tiny app developers and test-prep giants like Kaplan and the Princeton Review have gotten on the ACT game train. The general principle seems to be that if studying for the ACT is fun, you’ll want to do it. Hence, ACT practice games will get you to spend more time preparing. But is this true? And even if it is, is the preparation you get from playing games comparable to that from less fun and exciting modes of studying? If cleaning my apartment was a game, I would probably do it more often. Why Most ACT Prep Games Are Sub-Par The sad fact is that there aren’t actually very many ACT practice games that will provide any kind of substantial help on ACT prep. In fact, some games may even be detrimental because you play them thinking you are getting in some valuable preparation when you really aren’t. The problem with many ACT prep games is that they are often glorified multiple-choice quizzes. Creators try to dress them up with competitive elements, power-ups, and other game-like features, but the fact remains that most operate under a basic mechanic of answering multiple-choice questions. This would maybe be fine if the questions in the games were high quality. But unfortunately, in many games the questions don’t resemble actual ACT questions at all. Answers are sometimes truly ambiguous or unclear, and explanations are often lacking or nonexistent. If a game’s primary conceit is presenting you with â€Å"ACT-style† multiple-choice questions, I advise you to stay away from it unless you can thoroughly vet that the questions actually resemble ACT questions. You are much better off using genuine ACT practice testsif you need more sample questions to prep for the ACT. It might be marginally more fun to see yourself get points for correct questions and advance on leaderboards in an app or on a website, but you’ll be much happier in the long run if you spend that time answering well-written sample questions that actually help you. Get real about the quality of your practice questions! What Makes a Good ACT Prep Game With all those warnings said, that doesn’t mean there are no games out there that might help you prep for the ACT. There are three main things that make a useful ACT prep game: #1: It Targets a Specific ACT Skill or Content Area A game doesn’t necessarily have to be specifically designed for the ACT to be helpful, but it does need to help you learn or review a specific concept or content area that’s tested on the ACT- trigonometry, the scientific method, punctuation, etc. Building skills or knowledge in a specific area you are struggling in will be much more useful to you for the ACT than a game that just offers half-baked multiple choice questions with poorly-worded answers. #2: It's Engaging A prep game doesn’t have to be the most exciting experience of your life, but if it’s really boring, you might as well just take practice tests instead. It needs to engage your brain so that it actually feels at least a little bit fun, or else what’s the point? #3: The Content Is Accurate It’s critical that any prep game (and any study materials you are using, period) present information and content that is accurate. There’s nothing worse than studying from an incorrect source, so be sure to vet any games before you use them! Additionally, in games with quiz-like interfaces, multiple-choice questions should actually resemble real ACT questions. May your test prep content be as accurate as your watch. 5Solid ACT Prep Game Sources There are several sources where you might look for actually useful ACT games. Sheppards Software This site has a variety of simple, educational flash games for pre-K through 12th grade. The math page has games for probability, algebra, geometry, and several other topics that appear the ACT. There are also word games in the Language Arts section that test your skill with punctuation and parts of speech. This is a solid resource if you find yourself getting stuck on a particular concept in math or Englishand you just need to drill recall in a non-boring way. FreeRice FreeRice is an online game in which you answer questions to fill up your bowl of rice; every correct question answered actually provides rice to someone in need, which is cool. I advise using the English grammar mode to study for the English section of the ACT. It will help fine-tune your ability to identify grammar mistakes in sentences. NYTimes Student Crosswords This page has printable crosswords (and answer keys) in a variety of academic subjects, several of which could definitely function as a fun review of some key subject-matter concepts for the ACT. For example, check out grammar, geometry, and algebra. Quizlet With a free account on Quizlet, you can make your own set of custom flashcards with the concepts you really need to learn. Once you make a set, you can play two game modes with the terms. There’s a matching game and a game where you prevent asteroids from hitting the planet by typing the correct answer. You can also access thousands of flashcard sets that others have uploaded to the site, including a variety of ACT prep sets. However, you’ll want to check out a set before you use it to study to make sure it actually has useful (and correct) information. ACT Math Jeopardy You can play this ACT math jeopardy game by yourself or in teams. A fun way to practice your ACT-style math questions. There are also SAT question categories, but they aren’t substantively different from the ACT ones. Find true test prep game love. How To Use ACT Prep Games in Your Own Studying ACT games won’t replace the bulk of your normal preparation activities. However, they can supplement your studying in a few key ways. Use 1: To Target Specific Skills/Concepts If you’re having trouble with a specific skill or concept, a game can be a great way to try to drill down on it. If commas or semicolons stump you, find a punctuation game! If triangles trouble you, play a trigonometry or geometry game. Use 2: To Keep Material Fresh Between Study Sessions A few rounds of an ACT prep game can be a solid way to keep material fresh in your mind during times when you aren’t engaging in dedicated prep for that subject. A couple ACT Jeopardy questions will help keep your math brain running smoothly when you spend a couple days studying English during your set-aside study sessions! Use 3: For Warm-Ups, Breaks, and Rewards Games are useful for warming up your brain at the beginning of a study session. They can also be used for breaks and rewards. This will help keep studying from getting too stressful while still keeping your brain working throughout a session! Another kind of warm-up. Key Takeaways Is it possible to completely gamify your ACT studying and be successful? Probably not. Because most prep games are just poorly-written ACT quizzes, you are better off sticking with more traditional practice problems and tests. However, there are some characteristics that make for a useful ACT prep game: It targets skills and content you need to know for the ACT It’s engaging It presents accurate information There are several sources you might look for to find game-like resources for SAT prep: Sheppards Software - Simple flash games for math and English concepts. FreeRice - Has an English grammar mode that’s useful for the English test. NYTimes Student Crosswords - For reviewing fundamental concepts in a subject. Quizlet - Make your own flashcards and then play games with them! ACT Math Jeopardy - Practice questions in a fun Jeopardy-style interface. While they won’t replace most of your studying, there are some targeted ways you might deploy SAT prep games as part of your preparation plan: To target specific skills/concept areas you are weak in Keeping material fresh between study sessions Warm-ups, breaks, and rewards during studying These tips will help you get the most out of your ACT prep games! What's Next? Looking for more ACT resources? See our master list of ACT study guides. Or see our list of the best 2016 ACT prep books. Stumped on a particular question type? Check out our guide to every ACT question type. Taking the SAT as well? See our ultimate SAT study guide!If you need a score boost, we have 15 tips to improve your SAT score. Want to improve your ACT score by 4 points? Check out our best-in-class online ACT prep program. We guarantee your money back if you don't improve your ACT score by 4 points or more. Our program is entirely online, and it customizes your prep program to your strengths and weaknesses. We also have expert instructors who can grade every one of your practice ACT essays, giving feedback on how to improve your score. Check out our 5-day free trial:

7 Famous Quotes From American Writer Jack London

7 Famous Quotes From American Writer Jack London Jack London was an American writer, famous for The Call of the Wild, Sea Wolf, Before Adam, Iron Heel, and many other works. Many of his novels were based on his real-life experiences as an adventurer and sailor. Here Are a Few Quotes From Jack London I would rather be ashes than dust! I would rather that my spark should burn out in a brilliant blaze than it should be stifled by dry rot. I would rather be a superb meteor, every atom of me in magnificent glow, than a sleepy and permanent planet. The proper function of man is to live, not to exist. I shall not waste my days in trying to prolong them. I shall use my time.- Jack LondonPictures! Pictures! Pictures! Often, before I learned, did I wonder whence came the multitudes of pictures that thronged my dreams; for they were pictures the like of which I had never seen in real wake-a-day life. They tormented my childhood, making of my dreams a procession of nightmares and a little later convincing me that I was different from my kind, a creature unnatural and accursed.- Jack London, Before AdamThe soft summer wind stirs the redwoods, and Wild-Water ripples sweet cadences over its mossy stones. There are butterflies in the sunshine, and from everywhere arises the drowsy hum of bees. It is so quiet and peaceful, and I sit here, and ponder, and am restless. It is the quiet that makes me restless. It seems unreal. All the world is quiet, but it is the quiet before the storm. I strain my ears, and all my senses, for some betrayal of that impending storm. Oh, that it may not be premature! That it may not be premature!- Jack London, Iron Heel The one opened the door with a latch-key and went in, followed by a young fellow who awkwardly removed his cap. He wore rough clothes that smacked of the sea, and he was manifestly out of place in the spacious hall in which he found himself. He did not know what to do with his cap, and was stuffing it into his coat pocket when the other took it from him. The act was done quietly and naturally, and the awkward young fellow appreciated it. He understands, was his thought. Hell see me through all right.- Jack London, Martin EdenBuck did not read the newspapers, or he would have known that trouble was brewing, not alone for himself, but for every tidewater dog, strong of muscle and with warm, long hair, from Puget Sound to San Diego. Because men, groping in the Arctic darkness, had found a yellow metal, and because steamship and transportation companies were booming the find, thousands of men were rushing into the Northland. These men wanted dogs, and the dogs they wanted were heavy dogs , with strong muscles by which to toil, and furry coats to protect them from the frost.- Jack London, The Call of the Wild All my life I have had an awareness of other times and places. I have been aware of other persons in me. Oh, and trust me, so have you, my reader that is to be. Read back into your childhood, and this sense of awareness I speak of will be remembered as an experience of childhood. You were then not fixed, not crystallized. You were plastic, a soul in flux, a consciousness and an identity in the process of formingay, of forming and forgetting.- Jack London, The Star RoverDark spruce forest frowned on either side the frozen waterway. The trees had been stripped by a recent wind of their white covering of frost, and they seemed to lean toward each other, black and ominous, in the fading light. A vast silence reigned over the land.- Jack London, White Fang

The Legal Implication of Job Analysis Essay Example | Topics and Well Written Essays - 750 words

The Legal Implication of Job Analysis - Essay Example Task-oriented approach of job analysis states that the approach is concerned with the performance of the employees with regard to respective tasks assigned to them in order to measure their efficiency and accuracy for improvement (Siddique, 2004). Discuss the legal implication of job analysis The legal laws pertaining to employment in the United States are identified as title VII of the Civil Right Act, i.e. Equal Employment Opportunity Act (1972), Uniform Guidelines on Employee Selection Procedures (1978) and American with Disabilities Act (1990). Civil Right Act states that the companies should frame its selection process in such a manner, so that there should not be any kind of cultural diversification and all the employees should enjoy equal rights and opportunities in a company. Uniform Guidelines on Employee Selection Procedures (1978) reveals that the company should have a proper design and guidelines for their selection process so that every cultured individual can apply for the job available. American with Disabilities Act (1990) relates to the actuality that every company should reserve a certain number of vacancies or seats for the disabled individuals (Oregon State University, 2003). The case Wards Cove Packing Co. vs. Atonio, 490 U.S. 642 (1989), states that a few of the cannery workers belonging to the nonwhite community had filed a law suit in the District Court under Title VII of the Civil Right Act of 1964 against Wards Cove Packing Co for its ‘discriminatory hiring practices’. Furthermore, the court asked the company to â€Å"provide legitimate justification† for continuing the business process further. With regard to the referred case, it can be stated in relation to Johnson that the enterprise should not engage any form of favoritism in their recruiting process because such prejudices could lead to the collapse of the company (Scanlan, 2004). Discuss Uniform Guidelines on Employee Selection Procedures (1978) and its impli cations on acceptable selection procedures According to the US legal law, Uniform Guidelines on Employee Selection Procedures (1978) state certain principles which include the need for uniformity, purpose of guidelines and relation to prior guidelines. Furthermore, need for uniformity can be stated as the Federal government’s desire which is related to the unvarying principles considered in the selection procedure such as questions used in the tests and other selection criteria among others. The other principle, that is the purpose of the guidelines state that these principles have been formulated in order to serve every employer with the same principles. Moreover, the guidelines ensure that the principles are considered as a single set for assisting the employer, labour organisations and employment agencies along with certification boards to abide by the regulations laid down by the Federal government. Additionally, this principle helps to prohibit the practice of inequity i n the selection process such as race, religion, national origin and sex along with colour. Lastly, the aspect of relation to proper guidelines states that the guidelines of the selection procedure pertaining to the employees are based upon certain guiding principles (U.S. Government Printing Office, 1999).

Failures in Corporate Governance Essay Example | Topics and Well Written Essays - 750 words

Failures in Corporate Governance - Essay Example Theoretically, there is misguided notion that corporate governance is a simple and straightforward process. Personally, I think this notion proves futile. I am of the opinion that corporate governance is highly contextual, and tends to be dynamically unpredictable rather than being simply neat (Farber, 2013, p. 539). Inputs of corporate governance machines do not necessarily guarantee desirable outputs. As aforementioned, corporate governance is highly contextual, meaning that processes and practices used in the governance of distinct corporation change from one environmental context to another. Admittedly, the need to address interests of all stakeholders features as the leading objective of corporate governance. Theoretically, guardians of governance within any given corporation should ensure the sustainable effectiveness of these managerial concepts; responsiveness, accountability, legal responsibility, strategic vision, and equitable participation of all shareholders (Farber, 201 3, p. 544). In practical contexts, some of these governance concepts may conflict or overlap. Consequently, conflict and overlap of operation principles result in failures within corporate governance. In the recent past, failures in corporate governance have brought down several high-profile corporations across the world. Enron Inc. is an example of collapsed giant corporations, with its collapse attributed primarily to failures in corporate governance. Other high-profile corporations suffering from failed corporate governance include Wal-Mart and Cadbury.

History And Definition Of Depository Receipts Finance Essay

History And Definition Of Depository Receipts Finance Essay A DR is a type of negotiable (transferable) financial security traded on a local stock exchange but represents a security, usually in the form of equity, issued by a foreign, publicly-listed company. The DR, which is a physical certificate, allows investors to hold shares in equity of other countries. One of the most common types of DRs is the American depository receipt (ADR), which has been offering companies, investors and traders global investment opportunities since the 1920s. Since then, DRs have spread to other parts of the globe in the form of global depository receipts (GDRs). The other most common type of DRs are European DRs and International DRs. ADRs are typically traded on a US national stock exchange, such as the New York Stock Exchange (NYSE) or the American Stock Exchange, while GDRs are commonly listed on European stock exchanges such as the London Stock Exchange. Both ADRs and GDRs are usually denominated in US dollars, but can also be denominated in Euros. History of Depository Reciepts American Depositary Receipts have been introduced to the financial markets as early as April 29, 1927, when the investment bank J. P. Morgan launched the first-ever ADR program for the UKs Selfridges Provincial Stores Limited (now known as Selfridges plc.), a famous British retailer. Its creation was a response to a law passed in Britain, which prohibited British companies from registering shares overseas without a British-based transfer agent, and thus UK shares were not allowed physically to leave the UK.2 The ADR was listed on the New York Curb Exchange (predecessor to the American Stock Exchange.) The regulation of ADR changed its form in 1955, when the U.S. Securities and Exchange Commission (SEC) established the From S-12, necessary to register all depositary receipt programs. The Form S-12 was replaced by Form F-6 later, but the principles remained the same till today. Crucial novelties brought the new regulatory framework introduced by the SEC in 1985, which led to emergence of range of DR instruments, as we know it nowadays. Then the three different ADR programs were created, the Level I, II and III ADRs. This change was one of the impulses for revival of activity on the otherwise stagnant ADR market. In April 1990, a new instrument, referred to as Rule 144A was adopted, which gave rise to private placement depositary receipts, which were available only to qualified institutional buyers (QIBs). This type of DR programs gained its popularity quickly and it is very frequently employed today. The ADRs were originally constructed solely for the needs of American investors, who wanted to invest easily in non-US companies. After they had become popular in the United States, they extended gradually to other parts of the world (in the form of GDR, EDR or IDR). The greatest development of DRs has been recorded since 1989. In December 1990, Citibank introduced the first Global Depositary Receipt. Samsung Corporation, a Korean trading company, wanted to raise equity capital in the United States through a private placement, but also had a strong European investor base that it wanted to include in the offering. The GDRs allowed Samsung to raise capital in the US and Europe through one security issued simultaneously into both markets. In 1993, Swedish LM Ericsson raised capital through a rights offering in which ADDs were offered to both holders of ordinary shares and DR holders. The Ericsson ADDs represented subordinated debentures that are convertible into ordinary shares or DRs. German Daimler Benz AG became the first European Company to establish a Singapore depositary receipts program (SDRs) in May 1994. Types of Depositary Receipts American Depositary Receipts (ADR) Companies have a choice of four types of Depositary Receipt facilities: unsponsored and three levels of sponsored Depositary Receipts. Unsponsored Depositary Receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company. Today, unsponsored Depositary Receipts are considered obsolete and, under most circumstances, are no longer established due to lack of control over the facility and its hidden costs. Sponsored Depositary Receipts are issued by one depositary appointed by the company under a Deposit Agreement or service contract. Sponsored Depositary Receipts offer control over the facility, the flexibility to list on a national exchange in the U.S. and the ability to raise capital. Sponsored Level I Depositary Receipts A sponsored Level I Depositary Receipt program is the simplest method for companies to access the U.S. and non-U.S. capital markets. Level I Depositary Receipts are traded in the U.S. over-the-counter (OTC) market and on some exchanges outside the United States. The company does not have to comply with U.S. Generally Accepted Accounting Principles (GAAP) or full Securities and Exchange Commission (SEC) disclosure. Essentially, a Sponsored Level I Depositary Receipt program allows companies to enjoy the benefits of a publicly traded security without changing its current reporting process. The Sponsored Level I Depositary Receipt market is the fastest growing segment of the Depositary Receipt business. Of the more than 1,600 Depositary Receipt programs currently trading, the vast majority of the sponsored programs are Level I facilities. In addition, because of the benefits investors receive by investing in Depositary Receipts, it is not unusual for a company with a Level I program to obtain 5% to 15% of its shareholder base in Depositary Receipt form. Many well-known multinational companies have established such programs including: Roche Holding, ANZ Bank, South African Brewery, Guinness, Cemex, Jardine Matheson Holding, Dresdner Bank, Mannesmann, RWE, CS Holding, Shiseido, Nestle, Rolls Royce, and Volkswagen to name a few. In addition, numerous companies such as RTZ, Elf Aquitaine, Glaxo Wellcome, Western Mining, Hanson, Medeva, Bank of Ireland, Astra, Telebrà ¡s and Ashanti Gold Fields Company Ltd. started with a Level I program and have upgraded to a Level II (Lis ting) or Level III (Offering) program. Sponsored Level II And III Depositary Receipts Companies that wish to either list their securities on an exchange in the U.S. or raise capital use sponsored Level II or III Depositary Receipts respectively. These types of Depositary Receipts can also be listed on some exchanges outside the United States. Each level requires different SEC registration and reporting, plus adherence to U.S. GAAP. The companies must also meet the listing requirements of the national exchange (New York Stock Exchange, American Stock Exchange) or NASDAQ, whichever it chooses. Each higher level of Depositary Receipt program generally increases the visibility and attractiveness of the Depositary Receipt. Private Placement (144A) Depositary Receipt In addition to the three levels of sponsored Depositary Receipt programs that trade publicly, a company can also access the U.S. and other markets outside the U.S. through a private placement of sponsored Depositary Receipts. Through the private placement of Depositary Receipts, a company can raise capital by placing Depositary Receipts with large institutional investors in the United States, avoiding SEC registration and to non-U.S. investors in reliance on Regulation S. A Level I program can be established alongside a 144A program. Global Depositary Receipts (GDR) GDRs are securities available in one or more markets outside the companys home country. (ADR is actually a type of GDR issued in the US, but because ADRs were developed much earlier than GDRs, they kept their denotation.) The basic advantage of the GDRs, compared to the ADRs, is that they allow the issuer to raise capital on two or more markets simultaneously, which increases his shareholder base. They gained popularity also due to the flexibility of their structure. GDR represents one or more (or fewer) shares in a company. The shares are held by the custody of the depositary bank in the home country. A GDR investor holds the same rights as the shareholders of ordinary shares, but typically without voting rights. Sometimes voting rights can be the executed by the depositary bank on behalf of the GDR holders. Mechanism DR Trade A Depositary Receipt is a negotiable security which represents the underlying securities (generally equity shares) of a non-U.S. company. Depositary Receipts facilitate U.S. investor purchases of non-U.S. securities and allow non-U.S. companies to have their stock trade in the United States by reducing or eliminating settlement delays, high transaction costs, and other potential inconveniences associated with international securities trading. Depositary Receipts are treated in the same manner as other U.S. securities for clearance, settlement, transfer, and ownership purposes. Depositary Receipts can also represent debt securities or preferred stock. The Depositary Receipt is issued by a U.S. depositary bank, such as The Bank of New York, when the underlying shares are deposited in a local custodian bank, usually by a broker who has purchased the shares in the open market. Once issued, these certificates may be freely traded in the U.S. over-the-counter market or, upon compliance with U.S. SEC regulations, on a national stock exchange. When the Depositary Receipt holder sells, the Depositary Receipt can either be sold to another U.S. investor or it can be canceled and the underlying shares can be sold to a non-U.S. investor. In the latter case, the Depositary Receipt certificate would be surrendered and the shares held with the local custodian bank would be released back into the home market and sold to a broker there. Additionally, the Depositary Receipt holder would be able to request delivery of the actual shares at any time. The Depositary Receipt certificate states the responsibilities of the depositary bank with respect to actions such as payment of dividends, voting at shareholder meetings, and handling of rights offerings. Depositary Receipts (DRs) in American or Global form (ADRs and GDRs, respectively) are used to facilitate cross-border trading and to raise capital in global equity offerings or for mergers and acquisitions to U.S. and non-U.S. investors. Demand For Depositary Receipts The demand by investors for Depositary Receipts has been growing between 30 to 40 percent annually, driven in large part by the increasing desire of retail and institutional investors to diversify their portfolios globally. Many of these investors typically do not, or cannot for various reasons, invest directly outside of the U.S. and, as a result, utilize Depositary Receipts as a means to diversify their portfolios. Many investors who do have the capabilities to invest outside the U.S. may prefer to utilize Depositary Receipts because of the convenience, enhanced liquidity and cost effectiveness Depositary Receipts offer as compared to purchasing and safekeeping ordinary shares in the home country. In many cases, a Depositary Receipt investment can save an investor up to 10-40 basis points annually as compared to all of the costs associated with trading and holding ordinary shares outside the United States. Issuance Depositary Receipts are issued or created when investors decide to invest in a non-U.S. company and contact their brokers to make a purchase. Brokers purchase the underlying ordinary shares and request that the shares be delivered to the depositary banks custodian in that country. The broker who initiated the transaction will convert the U.S. dollars received from the investor into the corresponding foreign currency and pay the local broker for the shares purchased. The shares are delivered to the custodian bank on the same day, the custodian notifies the depositary bank. Upon such notification, Depositary Receipts are issued and delivered to the initiating broker, who then delivers the Depositary Receipts evidencing the shares to the investor. Transfer (Intra-Market Trading) Once Depositary Receipts are issued, they are tradable in the United States and like other U.S. securities, they can be freely sold to other investors. Depositary Receipts may be sold to subsequent U.S. investors by simply transferring them from the existing Depositary Receipt holder (seller) to another Depositary Receipt holder (buyer); this is known as an intra-market transaction. An intra-market transaction is settled in the same manner as any other U.S. security purchase. Accordingly, the most important role of a depositary bank is that of Stock Transfer Agent and Registrar. It is therefore critical that the depositary bank maintain sophisticated stock transfer systems and operating capabilities. What are Indian Depository Receipts (IDRs)? IDRs are transferable securities to be listed on Indian stock exchanges in the form of depository receipts created by a Domestic Depository in India against the underlying equity shares of the issuing company which is incorporated outside India. As per the definition given in the Companies (Issue of Indian Depository Receipts) Rules, 2004, IDR is an instrument in the form of a Depository Receipt created by the Indian depository in India against the underlying equity shares of the issuing company. In an IDR, foreign companies would issue shares, to an Indian Depository (say National Security Depository Limited NSDL), which would in turn issue depository receipts to investors in India. The actual shares underlying the IDRs would be held by an Overseas Custodian, which shall authorise the Indian Depository to issue the IDRs. The IDRs would have following features: Overseas Custodian: Foreign bank having branches in India and requires approval from Finance Ministry for acting as custodian and Indian depository has to be registered with SEBI. Approvals for issue of IDRs : IDR issue will require approval from SEBI and application can be made for this purpose 90 days before the issue opening date. Listing : These IDRs would be listed on stock exchanges in India and would be freely transferable. Eligibility conditions for overseas companies to issue IDRs: Capital: The overseas company intending to issue IDRs should have paid up capital and free reserve of atleast $ 100 million. Sales turnover: It should have an average turnover of $ 500 million during the last three years. Profits/dividend : Such company should also have earned profits in the last 5 years and should have declared dividend of at least 10% each year during this period. Debt equity ratio : The pre-issue debt equity ratio of such company should not be more than 2:1. Extent of issue : The issue during a particular year should not exceed 15% of the paid up capital plus free reserves. Redemption : IDRs would not be redeemable into underlying equity shares before one year from date of issue. Denomination : IDRs would be denominated in Indian rupees, irrespective of the denomination of underlying shares. Benefits : In addition to other avenues, IDR is an additional investment opportunity for Indian investors for overseas investment. Taxation issues for Indian Depository Receipts (IDRs) Standard Chartered Bankss Indian Depository Receipts (IDR) issue may raise concerns relating to tax treatment, the draft red herring prospectus (DRHP) filed by the bank with SEBI said. The UK-based banks draft red herring prospectus was uploaded on the SEBIs website in end-March. The Income Tax Act and other regulations do not specifically refer to the taxation of IDRs. IDRs may therefore be taxed differently from ordinary listed shares issued by other companies in India, the prospectus said. In particular, income by way of capital gains may be subject to a higher rate of tax. The introduction of the Direct Tax Code from the next fiscal may also alter tax treatment of Indian Depository Receipts. The tax treatment in future may also vary depending on the provisions of the proposed Direct Taxes Code which is currently due to take effect from April 1, 2011, and which is only in draft form at this time, Standard Chartered PLC has mentioned among the possible risk factors. Economic development and volatility in the securities markets in other countries may cause the price of the IDRs to decline, the prospectus said. Any fluctuations that occur on the London Stock Exchange or the Hong Kong Stock Exchange that affect the price of the shares may affect the price and trading of the IDRs listed on the stock exchanges. Further, the draft red herring prospectus states to what extent IDRs are legal investments, whether they can be used as collateral for various types of borrowing, and whether there are other restrictions that apply to purchase or pledge of the Indian Depository Receipts. How are IDRs different from GDRs and ADRs? GDRs and ADRs are amongst the most common DRs. When the depository bank creating the depository receipt is in the US, the instruments are known as ADRs. Similarly, other depository receipts, based on the location of the depository bank creating them, have come into existence, such as the GDR, the European Depository Receipts, International Depository Receipts, etc. ADRs are traded on stock exchanges in the US, such as Nasdaq and NYSE, while GDRs are traded on the European exchanges, such as the London Stock Exchange. How will the IDRs be priced, and will cross-border trading be allowed? IDRs will be freely priced. However, in the IDR prospectus, the issue price will have to be justified as is done in the case of domestic equity issues. Each IDR will represent a certain number of shares of the foreign company. The shares will be listed in the home country. Normally, the DR can be exchanged for the underlying shares held by the custodian and sold in the home country and vice-versa. However, in the case of IDRs, automatic fungibility i.e. the quality of being capable of exchange or interchange is not permitted. What are the benefits of issuing IDRs to companies? Currently, there are over 2,000 Depositary Receipt programs for companies from over 70 countries. The establishment of a Depositary Receipt program offers numerous advantages to non-U.S.companies. The primary reasons to establish a Depositary Receipt program can be divided into two broad considerations: capital and commercial. Advantages Expanded market share through broadened and more diversified investor exposure with potentially greater liquidity. Enhanced visibility and image for the companys products, services and financial instruments in a marketplace outside its home country. Flexible mechanism for raising capital and a vehicle or currency for mergers and acquisitions. Enables employees of U.S. subsidiaries of non-U.S. companies to invest more easily in the parent company. Quotation in U.S. dollars and payment of dividends or interest in U.S. dollars. Diversification without many of the obstacles that mutual funds, pension funds and other institutions may have in purchasing and holding securities outside of their local market. Elimination of global custodian safekeeping charges, potentially saving Depositary Receipt investors up to 10 to 40 basis points annually. Familiar trade, clearance and settlement procedures. Competitive U.S. dollar/foreign exchange rate conversions for dividends and other cash distributions. Ability to acquire the underlying securities directly upon cancellation. Benefit for Investors They allow global investing opportunities without the risk of investing in unfamiliar markets, ensure more information and transparency and improve the breadth and depth of the market. Increasingly, investors aim to diversify their portfolios internationally. However, obstacles such as undependable settlements, costly currency conversions, unreliable custody services, poor information flow, unfamiliar market practices, confusing tax conventions and internal investment policy may discourage institutions and private investors from venturing outside their local market. Why will foreign companies issue IDRs? Any foreign company listed in its home country and satisfying the eligibility criteria can issue IDRs. Typically, companies with signifi-cant business in India, or an India focus, may find the IDR route advantageous. Similarly, the foreign entities of Indian companies may find it easier to raise money through IDRs for their business requirements abroad. Besides IDR there are several other ways to raise money from foreign markets Alternative Available Foreign Currency Convertible Bonds (FCCBs): FCCBs are bonds issued by Indian companies and subscribed to by a non-resident in foreign currency. They carry a fixed interest or coupon rate and are convertible into a certain number of ordinary shares at a preferred price. This equity component in a FCCB is an attractive feature for investors. Till conversion, the company has to pay interest in dollars and if the conversion option in not exercised, the redemption is also made in dollars. These bonds are listed and traded abroad. The interest rate is low  [1]  but the exchange risk is more in FCCBs as interest is payable in foreign currency. Hence, only companies with low debt equity ratios and large forex earnings potential opt for FCCBs. The scheme for issue of FCCBs was notified by the government in 1993 to allow companies easier access to foreign capital markets. Under the scheme, bonds up to $50 million are cleared automatically, those up to $100 million by the RBI and those above that by the finance ministry. The minimum maturity period for FCCBs is five years but there is no restriction on the time period for converting the FCCBs into shares. External Commercial Borrowings (ECBs): Indian corporate are permitted to raise finance through ECBs (or simply foreign loans) within the framework of the policies and procedures prescribed by the Government for financing infrastructure projects. ECBs include commercial bank loans; buyers/suppliers credit; borrowing from foreign collaborators, foreign equity holders; securitized instruments such as Floating Rate Notes (FRNs) and Fixed Rate Bonds (FRBs); credit from official export credit agencies and commercial borrowings from the private sector window of multilateral financial institutions such as the IFC, ADB and so on. While the ECB policy provides flexibility in borrowings consistent with maintenance of prudential limits for total external borrowings, its guiding principles are to keep borrowing maturities long, costs low and encourage infrastructure/core and export sectors financing, which are crucial for overall growth of the economy Since 1993, many of the firms have chosen to use the offshore primary market instead of the domestic primary market for raising resources. The factors that can be attributed to this behaviour are as follows. (i) The time involved in the entire public issue on the offshore primary market is shorter and the issue costs are also low as the book building procedure is adopted. (ii) FIIs prefer Euro issues as they do not have to register with the SEBI nor do they have to pay any capital gains tax on GDRs traded in the foreign exchanges. Moreover, arbitrage opportunities exist as GDRs are priced at a discount compared with their domestic price. (iii) Indian companies can collect a large volume of funds in foreign exchange from international markets than through domestic market. (iv) Projections of the GDP growth are very strong and consistent which have created a strong appetite for Indian paper in the overseas market. (v) An overseas issuance allows the company to get exposure to international investors, thereby increasing the visibility of Indian companies in the overseas market. Money Raising Instruments in India Qualified institutions placement (QIP): A designation of a securities issue given by the SEBI that allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators, which is lengthy and cumbersome affair. SEBI has issued guidelines for this relatively new Indian financing avenue on May 8, 2006. Prior to the innovation of the qualified institutional placement, there was concern from Indian market regulators and authorities that Indian companies were accessing international funding via issuing securities, such as American depository receipts (ADRs), in outside markets. This was seen as an undesirable export of the domestic equity market, so the QIP guidelines were introduced to encourage Indian companies to raise funds domestically instead of tapping overseas markets. QIP has emerged as a new fund raising investment for listed companies in India. The issue process is not only simple but can be completed speedily. QIP issue can be offered to a wider set of investors including Indian mutual funds, banks, insurance companies and FIIs. A company sells its shares to qualified institutional buyers (QIBs) on a discretionary basis with the two-week average price being the floor. In a QIP, unlike an IPO or PE investment, the window is shorter (four weeks) and money can be raised quickly. This rule came into being after SEBI changed the pricing formulae. Earlier, the pricing was based on the higher of the six-month or two-week average share price This turned out to be a dampener in a volatile market However, merchant bankers gave the feedback that the two-week average price often worked out to be higher than the current market price. As such, many investors were reluctant to take a mark-to-market loss on their books right from the start. Rights issues: In other words, it is the issue of new shares in which existing shareholders are given preemptive rights to subscribe to the new issue on a pro-rata basis. Such an issue is arranged by an investment bank or broker, which usually makes a commitment to take up its own books any rights that are not sold as part of the issue. The right is given in the form of an offer to existing shareholders to subscribe to a proportionate number of fresh, extra shares at a pre-determined price. In India rights market has been a favoured capital mobilizing route for the corporate sector. However, this market has shrunk significantly in India over the years. This is due to an absence of a trading platform for the post issue trading rights. Private placement: The direct sale of securities by a company to some select people or to institutional investors (financial institutions, corporates, banks, and high net worth individuals) is called private placement. In other words, private placement refers to the direct sale of newly issued securities by the issuer to a small number of investors through merchant bankers. Company law defined privately placed issue to be the one seeking subscription from 50 members. No prospectus is issued in private placement. Private placement covers equity shares, preference shares, and debentures  [2]  . It offers access to capital more quickly than the public issue and is quite inexpensive on account of the absence of various issue expenses. In recent years resource mobilization through private placement route has subdued. The reason is stricter regulations introduced by RBI and SEBI starting from early 2000s on private placements. When RBI found that banks and institutions had larger exposure in the private placement market, it has issued guidelines to banks and financial institutions for investment in such cases.  [3]   Comparison ADR/GDR Vs. QIP The First Wave of Indian Fundraising: QIPs Unitech set the QIP ball rolling on what is really the first major wave of Indias recent fund-raising jamboree. Indian companies raised US$24 billion in the April-June quarter of 2009, according to data from Delhi-based research firm Prime Database. Of this, 56% was raised in the last week of June, an indicator of the increasing tempo of action. According to Prime Database chairman Prithvi Haldea QIPs cornered over 96% of the total money mobilized during that quarter. Ten QIPs were issued, totaling US$22.5 billion. The leading issuers included Unitech (US$900 million) Indiabulls Real Estate (US$530 million) HDIL (US$330 million) Sobha Developers (US$100 million) Shree Renuka Sugars (US$100 million) PTC (US$100 million). Hong Kong-based Finance Asia magazine said in its headline that India has gone QIP crazy But as other instruments started gaining favor the QIP wave appeared to be weakening. The QIBs dont see a huge bargain any longer. When companies were relatively desperate for funds, they were offering prices that left a lot on the table for buyers. Unitech is a case in point. The first issue gave returns of 100% plus. A record Rs 34,100 crore were raised by the 51 QIPs made during the year 2009 According to a study by rating agency Crisil, most QIPs in 2009 were actually making losses for investors. The study used the prices on July 10, although the markets have improved since then. Still, says Crisil, as of that date, if you leave out the first Unitech issue, the total return on all QIPs was a negative 12%. As per head of equities at CRISIL We expect raising capital through the QIP route may slow down significantly, He further explains that the significant run up in stock prices before the Union Budget made QIP deals unattractive. The reason being that shrewd investors made their decisions based on company fundamentals and there was no reason to believe that the inherent fundamentals of most companies which queued up for QIPs have changed materially. Not all QIPs have been successful. GMR Infrastructure received its shareholders permission to raise up to US$1 billion through this route. According to merchant bankers, it came to the market with an offering of US$500 million, then reduced both the size of the offering and the price in the face of a tepid response, and finally withdrew altogether. However, according to Haldea, several more QIPs including Hindalco, Cairn Energy, GVK Power, HDFC, JSW Steel, Essar Oil, Parsvanath and Omaxe are waiting in the wings, looking to raise more than US$12 billion. QIPs could become attractive again if the market falls or if companies start offering large discounts, investment experts say. Increased Activity for ADR/GDR The slowdown in the QIP wave does not mean that foreign investors who, as in the Unitech issue, were the principal buyers have lost interest in India. In fact, the reverse could be true. Indian fundraising has now embarked on its second wave through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). (ADRs are foreign stock stand-ins traded in U.S. exchanges but not counted as foreign stock holdings. A U.S. bank buys the shares on a foreign market and trades a claim on those shares. Many U.S. investors are attracted to ADRs because these securities may meet accounting and reporting standards that are more stringent than

Football player Essay

The amount of extra oxygen required by muscle tissue during recovery from vigorous exercise. The extra oxygen gets rid of the lactic acid in your muscles after exercise. Difference between Aerobic and Anaerobic Training The main difference between aerobic and anaerobic training is that one uses oxygen whilst the other uses lactic acid. Aerobic training uses the oxygen in your muscles to produce the energy. To improve the amount of time which you are able to train at aerobic level you can do aerobic exercises, these are normally done at a moderate pace which your body can cope with. On the other hand anaerobic training is when the oxygen in your muscles run out so you rely on lactic acid to give you energy. The energy released does not last for long however is very powerful. The lactic acid causes your muscles to start aching though and can result in vomiting. Anaerobic respiration occurs when you work your body flat out and use all the energy available. Effect of Lactic Acid on the muscles Lactic acid is a waste product that is produced by your muscles when exercising. When the body has no oxygen left in the muscles it has to revert to anaerobic respiration which uses lactic acid to form energy. The lactic acid though makes your muscles ache and tire so is not very efficient. Difference in composition between inhaled and exhaled air The air that we breathe in and the air which we breathe out, have different compositions. The main difference is that in exhaled air there is more carbon dioxide compared with inhaled air where there is more oxygen. However in both types nitrogen is the highest percentage. Here are the components of inhaled air, 79% nitrogen, 21% oxygen, a little water vapour,0. 04% carbon dioxide whereas exhaled air contains79% nitrogen17% oxygen3% carbon dioxide, a little water vapour. As you can see from the two lists they are basically the same however there is more carbon dioxide and less oxygen in exhaled air. Effects of exercise on breathing and heart rate A lot of exercise can also affect your respiratory and circulatory system, because your heart gets bigger due to aerobic training, it is now a better pump so more blood can be circulated around your body per beat than before. This also means that your resting heart rate decreases. A sign of good health is whether you have a low heart rate. The average is 70BPM (beats per minute), if you are unhealthy then your heart will have to work harder to pump blood all around your body which makes heart attacks more likely. Effects of Training In this section I will explain the effects on the body that I will expect to see when my Personal Exercise Plan has been completed over the 6 weeks. After completing my PEP my muscles should change in size and strength due to the exercises I have chosen. The muscles should grow larger with the exercise because the muscle fibres in the muscle will get fatter. Muscles are built from fibres which are either fast twitch or slow twitch. The strength of the muscle should also improve with exercise, by doing exercises with heavy weights and few reps the muscle strength will be increased. If I changed the exercise to many reps with a light weight then my muscles will gain more endurance. But as I am a goalkeeper then I will not concentrate as much on the endurance training. Changes to Vital Capacity and Tidal Volume in the lungs From completing my 6 week training routine I should be able to see changes in my Vital Capacity and Tidal Volume. VC= Your Vital Capacity is the maximum amount of air that can be forcibly exhaled from your lungs. TV= Your Tidal Volume is all the air inhaled and exhaled in a minute. With training the respiratory system I will expect to see an increase in both of these factors. These increases are down to the lungs as training on my respiratory system will make them bigger so I will be able to inhale and exhale more air per breath. SV = Stroke Volume is the volume of blood pumped out of the heart during one contraction. Due to exercise this should increase as your heart will be stronger, therefore it will be able to pump a larger volume of blood around the body. CO = Cardiac Output is the amount of blood which is pumped from your heart each minute. This can be worked out by multiplying your stroke volume with your heart rate. This should also increase with exercise, by the same reasons as your stroke volume increases, as your heart is stronger. Recovery rate = Your recovery rate is the amount of time it takes you to fully recover after exercise. The fitter you are the shorter your recovery rate is. As I am a goalkeeper I will not be concentrating on this too much as it is not that important, although for an outfield player it is very important. SPORT Principles of training The main principles of training are shown in the acronym SPORT, by using these in my PEP I should end up with a successful training programme. The different sections are: S= Specificity Specificity means that I will train specific muscles used in my sport. This could include exercises and drills that relate to moves and skills I need in football as a goalkeeper. I will specify flexibility and muscular strength as these are the two components most vital for my sport. P= Progression Progression is when you gradually increase the amount or intensity of your exercise. This will improve your muscles as you are increasing the amount of work they do. An example of progression is starting week 1 with a 2 mile run once a week then progressing to a 3 mile run in week 2. O= Overload Fitness can only be improved by doing more than you usually do. This is called overloading. You must be careful though as if you do too much training you will end up injuring yourself. An example is doubling the distance of your runs or doubling the weight of your weights. R= Reversibility Reversibility occurs when you do not train . As your muscles are not being worked they will begin to weaken. All the improvements you have made from training will be reversed. For example if a sportsman becomes injured and is unable to train they will lose their work. So that reversibility does not affect me I will have 3 training sessions per week. T= Tedium Tedium is when you become bored with your training, this is because your training plan does not have much variety and you end up doing the same exercises. To avoid tedium I will include a variety of exercises so my PEP is not boring. FITT Principles When using overload I can use the FITT principles of training which are: F= Frequency Frequency is to do with how often I should train. I will include 3 training sessions a week in my personal exercise plan; this is a sufficient amount as I am not a professional sportsman who will probably train around 5 times a week. By doing 3 sessions a week I will also minimise the chance of reversibility as I will not have a large gap of time when I am not exercising. To make sure that my PEP is well set out I will not have to exercise in 2 consecutive days, for example I will train on Monday, Wednesday and Friday. I= Intensity Intensity is based on how hard you push yourself whilst doing your training. It is measured by MHR (Maximum Heart Rate) for example a 3 mile run at 70% MHR. As I progress through the training programme the intensity of my exercises will increase. For the first week I may start working at 65% MHR which is not too hard however by the 6th week I will be working at 80% MHR which will be working my body very hard. T= Time Time is the length I will train for during each session of my PEP. It can vary from sprinting for 10 seconds to jogging for an hour. Time will be used in my exercise plan as I will increase the length of time spent on each exercise as I progress through the 6 weeks to show progression. T= Type There are different types of training, continuous training, fartlek training, circuit training, aerobic training and interval training, I will mainly use circuit, interval and aerobic training as these will be of most help to me. Fartlek and continuous training both contain a lot of running, which will not be useful to me as I play in goal. However I will use aerobic training as it will help me with my flexibility and agility, whilst interval and circuit training can use many exercises which I can choose myself. This will also lessen the chance of tedium occurring.

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