Women and Education Essay -- Educating Female History Argumentative Es

Women and EducationAn education holds signifi stackce to many people for a variety of reasons. For some, it may be the route to a desired career or just the next step after high school. For others, attending a university is a way to subjoin their awareness of other viewpoints through the exposure to the diverse culture represented on a campus. In evaluating the value and significance of my own education, I reflected on the education of the women of the 19th century. Their outlook on education is somewhat different than ours today because of the fact that it was difficult and rare to be an educated woman during this period. right away we posses the freedom to pursue almost any field available. However, in some instances we face lower salaries and in some cases less respect than men with the homogeneous training. Only 16% of college and university presidents and 25% of chief academic officers are women. Chief business officers are 13% women. We must educate and prove oursel ves so that our daughters screw greater opportunities than we do as we experienced more than our ancestors because of their hard work. The female gender throughout early history has been characterized as a homekeeper. They were not the scraping bearers of the family partially because work was dominated by manual labor. Men were naturally more suited to these jobs due to their superior strength. As time progressed, business progressed. A successful business began to rely on brain power instead of muscle power. Women can participate in this type of work just as efficiently as men. Unfortunately, many of the men and women of this period were reluctant to change the long tradition of women remaining in the home. Therefore, the development of womens le... ... with expressions of deference dapple the avenues to which stand ever wide open, yawning like the gates of hell. To be forced into a day to day activity devoid of you interest is exchangeable to a prison sentence. The frustration of possessing passion for something unreachable fueled the rebellion of the women insisting on making education available. Through my research into the history of underdeveloped education for women and making it acceptable, I have come to appreciate it on a different level. My education is not only a result of my hours of studying, notwithstanding of the people throughout many decades who suffered without the same opportunities I have and faced constant criticisms to do what they choose. What I take away from this university is one of the only things you can count on, knowledge. Knowledge that allows me the freedom to do whatever I choose in life.

Theory And Research :: essays research papers fc

Theory and ResearchIntroductionThis paper ordain centralise on the quantitative correlation study method acting usedin survey based researches such as the attached article entitled "Horatio Algerlives". brotherly research is a collection of methods people use to systematicallycombine theories and ideas to produce knowledge. Because of its complexity,researchers must be able to carefully select a method or methods that will bestsuit their study objectives. Quantitative research method consists ofexperiment, content analysis, existing statistics (correlation), and survey.The correlation and survey will be the twain main methods that will be emphasized.In a survey research, people are asked incredulitys either through the use ofquestionnaires or during an interview. Unlike the experiment approach, the setting and situation in a survey requires no manipulation. All the subjecthave to do is to answer questions. Good quantitative research is determined by rigorousness and rel iability of the research method used (Teevan, 1995161).Therefo re, the straight correlation study method used in the survey research of"Horatio Alger lives" lack components of validity and reliability.News Article Summary     This article entitled "Horatio Alger lives" is basically a surveycorrelation study done on two distinct tender rankes sons of fuddled fathersand sons of lower income fathers. The goal in this research was to determinewhich sons of the two distinct social groups mentioned, were to likely make moremoney in the future. Therefore, they surveyed 400,000 males mount up 16 and 19 thatwas still living with their fathers. After the eleven year period the samegroups of men were again surveyed, and their incomes was correlated with theirfathers. The research revealed that overall sons of wealthy fathers was morelikely to earn higher salaries than their dads. Based on this fact theresearcher further generalized that sons of wealthy f athers was more than likelyto obtain a higher income than those sons of lower income fathers. Despite theoverall results a small percentage of sons of fathers in the lower incomefamilies made more money than their father.Class Discussion     The class discussion evolved around two questions. The first questionwas do you agree with the researchers angle in which he derived a generalassumption that, sons of wealthy fathers will make more money than sons of lowerincome fathers? Before allowing anyone to answer I quickly brought up the thirdvariable which was attitude, in addition to the previous question. Thisquestion had two very interesting but opposing points of views brought to lightby two very different opinionated classmates. One classmate (female) agreedwith the researchers measures and assumptions, joust on the bases that if your

The Birthmark Essay: The Theme -- Birthmark Essays

The Birthmark The Theme In Nathaniel Hawthornes tale, The Birthmark, the dominant theme is love conquering self, though there is also invest the theme of alienation resulting from the evil within mankind. This es theorize intends to explore, exemplify and develop this topic. Hyatt Waggoner in Nathaniel Hawthorne states Alienation is perhaps the theme he handles with greatest power. Insulation, he sometimes called it which suggests not only isolation but imperviousness. It is the opposite of that osmosis of being that Warren has written of, that ability to respond and relate to others and the world. . . . it puts one outside the trick circle or the magnetic chain of humanity, where there is neither love nor reality (54). Waggoners theme of alienation does play a embark on in the tale, but the theme which dominates is that of love conquering self as exemplified in Georgianas growing love for Aylmer. Her love transforms her very soul. Everything he has to say is related, fin ally, to that inward sphere (McPherson 68-69). When he desired to build the kingdom of God, he looked for the pattern of it, not in history nor in the fortunes of those about him, but in his own heart (Erskine 180). In the opening paragraph of The Birthmark the narrator introduces Aylmer as a scientist who had made experience of a spiritual affinity to a greater extent attractive than any chemical one. Hawthornes description of the scientists love for Georgiana is apt, for love is just that spiritual. And the theme of this tale is a spiritual one. Through the tier of the story Aylmer declines spiritually, while Georgiana advances spiritually. Even after Aylmer has persuaded a be... ...John. Nathaniel Hawthorne. In Leading American Novelists. New York Books For Libraries Press, 1968. Hawthorne, Nathaniel. The Birthmark Electronic Text Center, University of Virginia Library http//etext.lib.virginia.edu/etcbin/toccer-new2?id=HawBirt.sgm&images=images/modeng&data=/texts/ side of m eat/modeng/parsed&tag=public&part=1&division=div1 McPherson, Hugo. Hawthornes Use of Mythology. In Readings on Nathaniel Hawthorne, edited by Clarice Swisher. San Diego, CA Greenhaven Press, 1996. Waggoner, Hyatt. Nathaniel Hawthorne. In Six American Novelists of the Nineteenth Century, edited by Richard Foster. Minneapolis University of Minnesota Press, 1968. Williams, Stanley T. Hawthornes Puritan Mind. In Readings on Nathaniel Hawthorne, edited by Clarice Swisher. San Diego, CA Greenhaven Press, 1996.

Tobacco, Cigarettes, and Smoking - Whats in a Cigarette? :: Exploratory Essays Research Papers

Whats in a Cigargontte? For those who still dont know - let me emphatically state that fanny smoking is a true addiction, more powerful than a dependence on alcohol, heroin or cocaine. To grasp this well-documented fact, one really doesnt have to body of work all the supporting scientific evidence. One simply needs to consider that no other drug is self-administered with the persistence, regularity and frequency of a cigarette. At an medium rate of ten puffs per cigarette, a one to three pack-a-day smoker inhales 70,000 to 200,000 individual doses of mainstream smoke during a single year. Ever since its large scale industrial end product early in this century, the popularity of the modern cigarette has been spreading like wildfire. Here is the first, and perhaps the most significant answer to the title question Addiction is in a cigarette. Probing into what makes a cigarette so irresistible, we find that much of the recent research corroborates earlier claims It is for the nico tine in tobacco that the smoker smokes, the chewer chews, and the dipper dips. Hence, nicotine is in a cigarette. In contrast to other drugs, nicotine delivery from tobacco carries an ominous burden of chemical poisons and cancer-producing substances that boggle the mind. Many toxic agents are in a cigarette. However, additional toxicants are manufactured during the smoking process by the chemical reactions occurring in the glowing tip of the cigarette. The number is staggering more than 4,000 hazardous compounds are present in the smoke that smokers draw into their lungs and which escapes into the environment between puffs. The burning of tobacco generates more than 150 billion tar particles per cubic inch, constituting the visible stack of cigarette smoke. According to chemists at R. J. Reynolds Tobacco Company, cigarette smoke is 10,000 times more concentrated than the automobile pollution at rush hour on a freeway. The lungs of smokers, puffing a daily ration of 20 to 60 low to high tar cigarettes, collect an annual deposit of one-quarter to one and half pounds of the gooey black material, amounting to a total of 15 to 90 million pounds of carcinogen-packed tar for the aggregate of current American smokers. Hence, tar is in a cigarette. nevertheless visible smoke contributes only 5-8% to the total output of a cigarette. The remaining bulk that cannot be seen makes up the so-called vapor or gas mannequin of cigarette smoke.

He Who Farts Hard Farts Loudest :: miscellaneous

He Who Farts Hard Farts Loudestwhy cant a weapon be developed upon the flatulence of man. Why do people continue to spray air freshener in the toilet despite making it worse? Nobody knows. It may just well be the nature of man. Males, when it comes to flatulence would undoubtedly be the dominant species between the two. We are the masters of dropping our lunch, letting it rip or whatever you prefer to mobilize it. Dont you just love it when somebody lets of flatulence right in your proximity? The little fart particles are just like little F18 Interceptors, flying finished the air and targeting your nasal passages. Then they lock on and fire those M15 stink missiles right up there and then youre your own worst enemy. You breathe in and you suck someone elses foul gas into your own lungs, which mixes in your own bloodstream. Someone dropping their lunch is like a dog marking their territorial dominion inside your body. Theres nothing worse than when someone goes to the toilet and le aves their utter stench of last nights meal behind them. Then, it always happens, they think they can make it completely better by spraying some air freshener. Instead of making things better, they get worse. The air condition goes from unbearable to lethal. When the stench particles combine with the air freshener, it makes a deadly mask that seems to forever hang. Even napalm gas is better than this. Overall, there are currently only seven commonly know types of flatulence most the world. The silentus fartius, showerus fartius, motorus fartius, explodius fartius, runnius fartius, squeakius fartius and the good old Dutch oven. Humans are constantly known to evolve but what isnt mentioned is that the commonly known fart has also evolved. Back in the days of good old England, there was only the petite fart. But now those weaklings have evolved into much(prenominal) beasts as the explosion fart (explodius fartius) and lethal strains such as the silent but violent fart (silentus fart ius). There is a very old primitive type of flatulence that is still common at once known as the squeaker. These usually occur in schools when students try to hold it in but it squeezes its way through, to the outside world. Whilst all humans may try, many a(prenominal) are unable to control their flatulence, no matter what the circumstances are. Its like it has a mind of its own.

He Who Farts Hard Farts Loudest :: miscellaneous

He Who Farts Hard Farts LoudestWhy cant a weapon be developed upon the flatulence of man. Why do people continue to spray denude freshener in the toilet despite making it worse? Nobody knows. It may mediocre well be the nature of man. Males, when it comes to flatulence would undoubtedly be the dominant species between the two. We argon the masters of dropping our lunch, letting it rip or whatever you prefer to call it. Dont you just love it when somebody lets of flatulence right in your proximity? The little fart particles are just like little F18 Interceptors, flying through the air and targeting your nasal passages. Then they lock on and fire those M15 stink missiles right up there and then youre your own worst enemy. You breathe in and you sucking someone elses foul gas into your own lungs, which mixes in your own bloodstream. Someone dropping their lunch is like a dog marking their territory wrong your body. Theres nothing worse than when someone goes to the toilet and leaves their utter stench of last nights meal behind them. Then, it always happens, they think they can make it all improve by spraying some air freshener. Instead of making things better, they get worse. The air condition goes from unbearable to lethal. When the stench particles combine with the air freshener, it makes a noxious mask that seems to forever hang. Even napalm gas is better than this. Overall, there are currently only seven commonly know types of flatulence around the world. The silentus fartius, showerus fartius, motorus fartius, explodius fartius, runnius fartius, squeakius fartius and the well-grounded old Dutch oven. Humans are constantly cognize to evolve but what isnt mentioned is that the commonly known fart has also evolved. Back in the years of good old England, there was only the petite fart. But now those weaklings have evolved into such beasts as the explosion fart (explodius fartius) and lethal strains such as the silent but violent fart (silentus fartius). There is a very old primitive type of flatulence that is still common today known as the squeaker. These usually occur in schools when students try to hold it in but it squeezes its way through, to the outside world. Whilst all humans may try, many are unable to control their flatulence, no matter what the circumstances are. Its like it has a mind of its own.

What can you learn from Source A about the reasons given by the Suffragettes for demanding votes for women?

The WSPU (Womens Social and Political Union) had tried a lot since 1903, demanding the vote using violent methods. These ways disrupted the society, as this is what they wanted, so they could get enough attention to get the vote. This group was set up Emmeline Pankhurst, with the aim to intensify the campaign for womens votes.The bill sticker designed by the WSPU in 1912, propagates the injustice women had to face in that time towards not being able to vote because of their gender. The point the women were trying to put across was that despite the fact that we argon women, we are more useful and intellectual then men and can serve the country in many ways that men are not candid of doing. They declare that a woman can be a sophisticated Mayor in charge of the country, a mother responsible for bringing up the next generation, a factory hand serving the country, or even a nurse healing the wounded soldiers in a war, helping to pull round a battle.A teacher and a doctor should espec ially be getting the vote as a teacher is moral, understanding, caring and intellectual, as healthful as educating the generation to come. As for a doctor, she would likewise have similar personal qualities, such as being caring towards the patient, cultured, well educated and could also ass to the war effort by helping to cure the soldiers back into health, perhaps even being the cause for a great victory of the country.This poster proved regardless of how women could be, they still could not vote. Whereas it demonstrates how useless men could be to the country and were still able to vote. They could be a lunatic, a drunkard or even be unfit for service and not be able to serve the country in any way, and still be welcomed to vote cod to their gender. The poster protests against the sexist system of the government and aspired for it to be more righteous.Women were right to use propaganda and argue their points against the sexist society, and the way women were portrayed in socie ty by men. The year the poster was produced in, 1912, is very important as after their final aggressive acts in Piccadilly, Oxford St. and Regent St. and their attempt to blow up a movie was not successful, they decided to get through to people in a more subtle way, change their tactics and get through to the public through common sense.

The BCS system versus the playoff system

The NCAA division 1-A football is different from the rest of the sports in that it uses the BCS dust to determine its champions or else of the normal playoff dodging. The BCS includes a polling system to determine the two best police squads in the country, who then play against apiece other at a bun bet and the team that wins becomes the overall national champion. It has been said to be a very complicated formula and less preferred than the play off system.Supporters of the adoption of a playoff system in the ongoing debate argue that the BCS system is making the football fans to miss the high level of excitement that is normally there in other tournaments. Others offer that the true champion can only be determined in the field, so the BCS system should be denounced. This is a well indue phrase, in that out of the possible 28 plot of lands, only one game counts. If a play off system was adopted, then the fans would seduce 16 team playoff matches to watch, which is obviousl y much more exciting compargond to watching right one determining game.(Bruce Varnadore, Will College football ever have a playoff? ) The BCS system was special in 2004 and some champion determinants such as the records set by the team, how strong their schedule is and numbers of their wins were eliminated. The new system then included polling, where the coaches and the Associated pack writers were required to vote in order to determine the champions. This means that the voters influence on who the champions should be in the current system is two-thirds, compared to that of the doddering system which was only a quarter, which makes the situation even worse than before.(James Alder, About. com). The National Council of Athletic Association should adopt the playoff instead of the BCS system that is still in use. It does non seem to understand that the best and nearly legitimate manner that a champion can be crowned is through establishing a playoff system. They may say that the BCS is a far much better way to look for a champion among American colleges, only if the truth of the matter is that it is not. I believe that a champion should defend his title at the pitch through the action he shows, not by being voted in.This would not only create a lot of excitement for the fans, but it would also give more meaning and gusto to the beginning of the year. Arguments for the playoff. The playoff system would generate as much money as the BSC system. The estimated cash in flows are estimated to be between three to four hundred million dollars, and if this money was distributed fairly among all division 1-A schools, then each school could get approximately 2. 5 million dollars every season. (Bruce Varnadore, will college football ever have a playoff?) Deserving teams that have good players and whove got game are denied the chance to be in the competition for the national championship title. Such teams as the BYU, a non conference team, are not given an advert chan ce and are therefore left out. This is not only a waste of talent, but is also shows unfairness. The playoff system would establish who the champion is through a one on one competition among all the teams. This is the much preferred bowl among many football fans. A recent trust poll showed that most people prefer the playoff system than the BSC system.The results were such that 82 percent of the respondents would love to see a change in the current bowl games system, BSC to a playoff. The playoff system has also been favored because it would at least minimize the doubts concerning who the national champions should be even if it would not completely eliminate them. The play off system would wrench out just as fine as it does in the other seasons games. Those in favor of the BSC system have said that the playoff would take a seven-day season and student players would not have enough time to concentrate on their academic work.However, this is not true because the division 1-AA appli es a 16 team playoff system, and most times finishes ten days to the New Year, much earlier than the division 1-A games. It would also be much easier to implement the aforementioned system just as the NCAA implemented the BSC system. Arguments against the BSC system. Firstly, the basis on which a national champion is selected is unfair because it is based on statistics of peoples preference and personal opinion instead on the performance in the pitch.Secondly, there have always been controversies on who the real winner should have been had the game not been judged on the polls, but on action performance. Thirdly, just a single off game can cause the team to be eliminated from the championship contention, and finally, the minor non-BSC conference teams are often disadvantaged because they never get the chance to contend at the championship games. These are just but a few of the many shortcomings of the BSC system that make the fans of the game wonder why the NCAA wont just adopt the playoff system.(James Alder, About. com). I think its time that the NCAA woke up, realize that this is the 21st century and amaze a lot more excitement to the field. The empty seats at many of the bowl games should be enough indicators to them. Moreover, the idea of preserving the culture and the integrity of bowl games has been labeled as a lame excuse to avoid implementing the playoff system. They need to know that football fans deserve the kind of action there used to be just a few years ago, from Rose, Sugar and Gator to the big games at Orange bowl.(Gilbert Don, College bowls on road to nowhere. ) Works Cited 1) Alder. J. BCS vs. Playoff System, 1/5/2006. About. com, Retrieved 1/15/2009 http//football. about. com/od/bowlchampionship/i/bcsvsplayoffs. htm 2) Gilbert Don, College bowls on road to nowhere, January 4th 2009, HOF blog, Retrieved 1/16/2009 http//blog. hofmag. com/2009/01/04/college-bowls-on-road-to-nowhere/ 3) Varnadore Bruce, will college football ever have a playof f? 2003, College football, Retrieved 1/16/2009 http//iml. jou. ufl. edu/projects/Spring03/Varnadore/index. htm

The Extraordinary Making of You

The three-part accusative series Countdown to Life The Extraordinary Making of You, by Jonathan Renouf, Naomi Austin and Martin Johnson is depicted around the journey to discover the process of the formation of us, the adult male beings.Hosted by Michael Mosley the documentary contains animations of fetal development and individuals sharing their stories about their own birth defects maculation relating to the fetal developmental process that happens prior to birth.Though the documentary does non explain the military personnel development process in details, I decided that this was a good start for laymen who wants to understand the process of how us human beings are made from the suggest of conception to the point of birth at forty weeks.As a human being living in the neighborly community, we need a better understanding on how an individual operates either biologically, behaviourally or emotionally.The documentary emphasized on critical stages that happened before we were born and the consequences of having a defect when the developmental process was disrupted. In which it delivers, it also brought upon the uniqueness and differences of human beings in the concept of biology, focusing especially in divisortics.In the following paragraphs, while basing on the documentary I will explain more in details on the critical stages of fetal development process with in-depth explanations of the defects that could occur at heart these stages.The first episode of the documentary series ventures around the processes that happens to the embryo during the first eight weeks in the uterus.It shows how the human development began with the process called fertilisation where the male gamete, spermatozoon together with the female gamete, the oocyte, fused and unite to give rise to a zygote (Sadler Langman, 2012). Two sets of genetic instructions, half from to each one parent combined to attain unique genetic code for one human being.Occasionally, instead of forming o nly one zygote, the cell divides to become identical match, triplets, and in rare cases, even quaternion cases. Holly, Jessica, Ellie and Georgie, are one of the rare identical quadruplets in which it was mentioned that the odds of having quadruplet genetically identical individuals are one in 64 million.A opening was presented for how let out embryos sess be formed and it was ascribable to the breakdown of vital communication between the cells causing clumps of cells to get separated and went on to create separate individuals. This shows that just from a simple yet complicated breakdown process that occurs between the cells, it could affect the number of individuals to be formed, causing the creation of identical twins. This however, does not applies to what we called fraternal twins.In biology, identical twins are termed as monozygotic twins while fraternal twins are termed dizygotic twins. According to Lakna (2017), on her article Difference between Monozygotic and Dizygot ic Twins, she explained that dizygotic twins are developed from totally two different eggs, which are fertilized by sperms separately.When a woman is pregnant with fraternal twins, it is like having two pregnancies at one simultaneous time. Unlike identical twins that are genetically similar, fraternal twins are entirely different individuals that does not share the same genetic properties. It is mesmerising to find that human could be undergoing the same process yet so different, due to simple twists just within five days of conception.I was bewildered by the next fact that I found from the documentary. It was claimed that around 200 hours after conception, changes that occurred in the embryo can determine the lifespan of an individual. Based on seventy-year research done in Keneba,Gambia that study on this matter, children conceived during dry months are at seven times higher risk of mortality compared to that of children conceived during wet months.In dry season, mothers eat more calorie-rich grains compared to mothers who conceive in the wet season, who eat more leafy greens. The moleculer chemical from the vegetables combines with the strand of DNA and changes how some our genes work permanently, affecting our lifespan.In many socio-cultural norms in the world, the expression eating for two is commonly hear to refer to pregnant women in regards to their dietary habits. Ellis, Giannetti, and Fagan (2011) conducted an analysis of relationship of mothers nutritional intake with the effect on her developing fetus in life. In the analysis, the authors stated that, the most important thing a mother can do during pregnancy is take care of her own body so that the baby can flourish later in life.Hence, it is clear that mother plays important role in determining the health of the future generation that will be born, either physically, metabolically, psychologically or genetically.Melanie Gaydos story is one of the stories that remained intact in my mind from the moment I watched it.From the story, I knew that her birth defect has affected her deep in psychosocial aspect and influenced the flows of her life, shaping her for who she was. Her story discussed on what happened to a fetus within the first fifteen days after conception.The cells began to transform into over four hundred different cell types to make up parts of the body. Human beings are made up of three layers of cells ectoderm, mesoderm and endoderm. Any defect during this point of transformation could produce serious defects to the embryo, such as in Gaydos case, ectodermal dysplasia.Ectodermal dysplasia is a group of inherited disorders characterised by defect in hair, teeth, nails, or sweat gland function, in addition to other abnormalities in the ectodermal tissues.The disease is caused by mutation or deletion of particular genes located on different chromosomes and it either can be passed down the family line, or the mutation occurred de novo (Bhaudaria, Sharma, & Prajapat, 2014). Talking about genes, the documentary also shared the story of Nell who inherited an scanty growth gene from her father.Unlike her, a normal embryo inherits one only growth gene from both paternal and maternal origin and each of the gene balance one another to produce a normal-sized embryo. This defect made her a large for gestational age (LGA) fetus and the extra gene has stimulated the overproduction of growth hormone, IGF-2.She became morphologically larger than her peers and consequently, exposed her to a high risk of cancer. From their cases, it is important that we need to have a normal gene development to ensure a normal development of self.In our body, we have hair-like projections called cilia to direct the proper placement of organs in our body.The process usually occurs around 19 days after conception. Average normal human beings have their hearts located on the left side of the body and the liver is located on the recompense side. In rare instances, there are c ases where the organs are located in totally opposite sites like a mirror regard and this happened to Randy Foye.His condition is called dextrocardia. Maldjian and Saric (2007) wrote a review on dextrocardia. According to their review, dextrocardia is a heart positional anomaly in which heart is located in the right hemithorax with its base-to-apex axis directed to the right and is caused by intrinsic factors of the heart itself.Since I was a medical student before, I could assure that his condition would definitely disjointed any doctors of any level of experience during the regular medical check-up session. Fortunately, according to the documentary the condition did no harm to his body and he could live as a normal living being, outwardly. Commonly, dextrocardia is accompanied by cardiac anomalies (Maldjian & Saric, 2007).The formation of the heart itself began when the embryo was initially a flat disc. It then folded and became a nervous tube and the edges came together to for m a spinal cord. Eventually, primitive heart was created and within five weeks of pregnancy, it could already be detected by using ultrasound. nub anomalies are extremely serious that some babies need an immediate surgery right after born. Examples of congenital heart defects are right ventricular hypertrophy, aortal valve stenosis, coarctation of aorta or atrial septal defect.

The venture capital and private equity industry

journal of Indian Business Research Emerald Article stake crownwork and private batchdor in India an psycho digest of enthronisations and clog ups Thillai Rajan Annamalai, Ashish Deshmukh Article entropy To cite this document Thillai Rajan Annamalai, Ashish Deshmukh, (2011), impale gravid and private equity in India an analysis of investments and die outs, Journal of Indian Business Research, Vol. 3 Iss 1 pp. 6 21 Permanent link to this document http//dx. doi. org/10. 1108/17554191111112442 Downloaded on 24-09-2012References This document contains references to 25 other documents To re-create this document emailprotected com This document has been downloaded 365 quantifys since 2011. * Users who downloaded this Article also downloaded * Vedran Vuk, (2008),Taking advantage of disaster misrepresentation of ho utilize shortage for political gain, International Journal of Social economics, Vol. 35 Iss 8 pp. 603 614 http//dx. doi. org/10. 1108/03068290810889224 Doru Tsagane a, (2011),Tension reduction by military power equalization the USA-USSR case, Kybernetes, Vol. 0 Iss 5 pp. 778 788 http//dx. doi. org/10. 1108/03684921111142313 Guihe Wang, Ligang Qu, Limin Fan, Tianbiao Yu, Wanshan Wang, (2009),Web-establish system for industry using info and communication technologies, Kybernetes, Vol. 38 Iss 3 pp. 533 541 http//dx. doi. org/10. 1108/03684920910944254 Access to this document was granted through an Emerald subscription provided by For Authors If you would uni row to write for this, or any other Emerald realityation, thence please use our Emerald for Authors service.Information ab pop out how to choose which publication to write for and submission guidelines ar avail able-bodied for all(prenominal). Please visit www. emeraldinsight. com/authors for much information. just about Emerald www. emeraldinsight. com With e trulyplace cardinal years experience, Emerald Group Publishing is a tether in symbiotic publisher of global explore with i mpact in business, society, public policy and education. In total, Emerald publishes oer 275 journals and to a greater extent than 130 book series, as intumesce as an extensive range of online products and services. Emerald is both COUNTER 3 and TRANSFER compliant.The organization is a partner of the citizens committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. *Related content and download information correct at fourth dimension of download. The current issue and full text archive of this journal is available at www. emeraldinsight. com/1755-4195. htm JIBR 3,1 Venture capital and private equity in India an analysis of investments and sees 6 Thillai Rajan Annamalai and Ashish Deshmukh Department of Management Studies, Indian bestow of Technology Madras, Chennai, India AbstractPurpose The impale capital and private equity (VCPE) industry in India has grown signi? cantly in recent years. During ? ve-year stream 2004-2008, the industry ontogenesis rate in India was the fastest globally and it rose to occupy the come up three slot worldwide in terms of quantum of investments. However, schoolman research on the Indian VCPE industry has been limited. This paper seeks to ? ll the gap in research on the recent trends in the Indian VCPE industry. Design/methodology/ undertake Studies on the VCPE proceedings take on traditionally cogitate on iodin of the components of the investment life bout, i. e. nvestments, monitoring, or live on. This ascertain is based on analyzing the investment life cycle in its entirety, from the date of investment by the VCPE ancestry till the time of outcome. The analysis was based on a total of 1,912 VCPE transactions involving 1,503 ? rms during the years 2004-2008. Findings virtually VCPE investments were in late issue ? nancing and took place many years after the internalization of the investee ? rm. The industry was also characterized by th e short era of the investments. The compositors case of exit was well predicted by the type of industry, ? nancing stage, region of investment, and type of VCPE fund.Originality/ honor This paper highlights some of the key beas to ensure sustainable result of the industry. Early stage championship opportunities should be increased to ensure that on that point is a inexpugnable pipeline of investment opportunities for late stage investors. VCPE investments should be seen as long-term investments and not as quick ? ips. To achieve this, it is important to confine a strong domestic VCPE industry which can stay invested in the portfolio play along for a bimestrial term. Keywords Venture capital, Equity capital, India, investment moneys, Financing Paper type Research paper . Growth of the Indian VCPE industry Over the run low few years, India has become one of the atomic number 82 destinations for venture capital and private equity (VCPE) investments. Though the concept of VCPE investment prevailed in the country in one form or another since the 1960s, the growth in the industry was primary(prenominal)ly after the economic reforms in 1991. Prior to that, close of the VCPE musical accompaniment was from public sector ? nancial institutions, and was characterized by low levels of investment activity. In recent years, VCPE commitments and investments in India start out grown at a rapid pace.Venture economics information debate that during the period 1990-1999, Indias ranking was 25th out of 64 and various VCPE finances rig outd $945. 9 million for investments in India however, during the bordering decade, 2000-2009, Indias ranking rose to 13th out of 90 countries and the cash in hand raised $16,682. 5 million for investments in India. Journal of Indian Business Research Vol. 3 No. 1, 2011 pp. 6-21 q Emerald Group Publishing Limited 1755-4195 DOI 10. 1108/17554191111112442 The authors would like to gratefully acknowledge the ? nancial support p rovided by the Indian Council of Social Sciences Research and IIT Madras for this research.They would also like to acknowledge the support of M. B. Raghupathy and V. Vasupradha for this research. This represents a growth of 1,664 pct over the previous decade. The trend is even more encouraging for the most recent ? ve-year period 2005-2009, during which Indias ranking was 10th out of 77 countries, and various funds raised $15,073. 6 million for VCPE investments in India. Funds raised during 2005-2009, represented a growth rate of 837 portion as comp ard to funds raised over the previous ? ve-year period 2000-2004. The growth rate in investments made by various VCPE funds has been equally strong.During the ? ve-year period 2004-2008, the industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments1. The join invested by VCPE funds grew from US$ 1. 8 billion in 2004 to US$ 22 billion in 2007 ahead tapering off to US$ 8. 1 billion in 20082. During the ? ve-year period death 2008, VCPE investments in India grew from 0. 4 part of GDP in 2004 to more than 1. 5 portion of GDP in 2008 (Annamalai and Deshmukh, 2009). The rest of the paper is structured as follows prick 2 delegates the objective of the paper.Section 3 provides lucubrate on the entropy set used for analysis and the sources of data. Section 4, which covers the results and discussion, is divided into sextuplet sub-sections. The sub-sections argon in the pursuit order round wise analysis of investments, time of incorpo coincidencen and ? nancing stage, intervals amongst supporting rounds, investment exits, age of investment, and a statistical analysis of investment era and type of exit. Section 5 provides a summary of the paper. 2. Objective of the paper Research on VCPE has not been in tune with the growth seen in the industry.Past research on the Indian VCPE industry can be broadly classi? ed into the foll owing categories studies that examined the evolution and the current status of the industry (Pandey, 1996, 1998 Verma, 1997 Dossani and Kenney, 2002 Singh et al. , 2005) multi country studies which also include India (Lockett et al. , 1992 Subhash, 2006 Ippolito, 2007) survey studies of VCPE industry practices in India (Mitra, 1997 Vinay Kumar, 2002, 2005 Vinay Kumar and Kaura, 2003 Mishra, 2004) and studies which can be considered as case studies of VCPE investments (Kulkarni and Prusty, 2007).The objectives of this paper are as follows ? rst, research that has focused on the recent growth phase of the VCPE industry in India has been limited. Most of the papers that arrive at studied the Indian industry were either before the growth phase (pre-2004) or did not cover the growth phase in full, starting from the onset of growth in 2004 until the slowdown in 2008, caused by the global ? nancial crisis. This paper is an attempt to comely the gap in research on the recent trends in the Indian VCPE industry. Second, there have been real limited studies that founted at the lifecycle of investments, i. . from the time of investment in the company until their exit from the investment. There have been several studies that have looked at areas related to investments such as investment decision making, structure of investments, and valuation. Similarly, there have been studies that have looked at topics related to venture exits. However, there have been limited studies that looked at the entire investment life cycle. The main contribution of this paper is to look at the investment lifecycle in its entirety.Third, this paper aims to highlight some of the littleer known features of the Indian VCPE industry such as the characteristics of the investee ? rm at the time of VCPE investment, the duration of VCPE investments in the ? rm, and the timing and mode of exit by the investors. The objective of this paper is to provide an holistic understanding of the Indian VCPE in dustry to enable the creation of a policy environment to sustain the growth of the industry. VCPE in India 7 JIBR 3,1 8 3. Data set used and sources This study uses VCPE investment transaction data during the years 2004-2008.The choice for the period of analysis was driven by two considerations. First, it was during this period that the industry witnessed signi? cant growth and India emerged as one of the leading destinations for VCPE investments. Therefore, a detailed study of this industry growth would be of general research interest. Second, the choice of period was also governed by practical considerations. Data on VCPE investments in India before 2004 were not available in a form that can be used for a research study. Therefore, it was decided to begin the starting period of the study at year 2004, the year from which we had access to data.It was felt that a ? ve-year study of transactions would be a foretellable time frame to overcome the one-year ? uctuations. This ? ve-y ear period also coincided with a full ? nancial cycle in the global ? nancial marts, a period marked by outstanding growth and equally dramatic fall. The data for the study were obtained from ternary sources. To start with, deal data on the various investments and exits were obtained from two database sources Venture Intelligence India3 and Asian Venture Capital Journal4 database. The data from both these databases were combined to form a comprehensive data set.The data set was then suitably checked for data repetition and duplicate data points were removed ? rst. Second, whenever there was a difference in the information given for the same deal, the correctness and accuracy was checked by independent veri? cation from other sources, such as newspaper reports and company web sites. Information that was not available in these databases was then separately sourced from the web sites of the independent companies. Admittedly, with the lack of a strong database on Indian investments, d eveloping such a data set involved a lot of effort.The comprehensive data set that was developed provided various details on the VCPE investments and exits that happened in India during 2004-2008. It consisted of a total of 1,912 VCPE transactions involving 1,503 ? rms during the period 2004-2008. From these 1,503 ? rms, 1,276 ? rms had only investment transactions while another 129 ? rms had only exit transactions during the ? ve-year period. The remaining 98 ? rms had both VCPE investment and exit transactions. To facilitate a more detailed analysis, the investments were classi? ed into ten industry categories and four ? ancing stages based on the lifecycle stage of the investee ? rm and the objectives of the investment. Exits were classi? ed into two categories, namely initial public offer (IPO) and merger and acquisition (M) or trade cut-rate sale. 4. Results and discussion 4. 1 roundabout-wise analysis of investments Firms seeking to raise VCPE investments normally receive the investment in multiple rounds (Sahlman, 1990) earlier works have provided several explanations for this trend. Gompers (1995) indicates that the staging of capital infusions allows venture capitalists to gather information and monitor the progress of ? ms, while retaining the option to periodically abandon projects. Admati and P? eiderer (1994) indicate that such an option to abandon is essential because an entrepreneur will most never quit a failing project as long as others are providing capital and the threat to abandon creates incentives for the entrepreneur to maximize determine and insure goals. Neher (1999) indicates that multiple rounds of ? nancing overcome the potential agency con? icts between the entrepreneur and investor as previous rounds create the collateral to support the later rounds. season the stage of ? ancing is determined by the objectives and timing of investment, the round of ? nancing simply indicates the number of instances of VCPE investments in the ? rm. Thus, for example, Round 1 ? nancing is the ?rst instance of the ? rm getting VCPE investment, but it fatality not be always azoic stage ? nancing. Depending on the ? rm lifecycle and the objectives of investment, Round 1 ? nancing can happen in any of the four ? nancing stages. Similarly, there could be multiple rounds of investment happening in the same stage. In a particular round of financial backing, there may be many investors jointly investment in the company.For example, when there is a co-investment by more than one VCPE investor at the same time, it is considered as a single round of investment. By the same token, when the same investor claims investments in the ? rm at varied times at divers(prenominal) valuations, each investment is considered a separate round of sustenance. Funding rounds are considered to be different when there has been a substantial time gap from the previous round of ? nancing and/or the investment happens at a different valuation fr om the previous round of funding. general anatomy 1 shows the results from the round wise analysis of VCPE investments.The results indicate that 82 percent of the total VCPE investments were in Round 1, i. e. ?rst time VCPE investments in the company. Out of the total amount of investment, follow on investments account for only 18 percent. It can be observed that investments decrease sharply with subsequent funding rounds. One practical reason behind this could be because of the nature of data most of the investment has happened during the later years of the study period5, indicating that suf? cient time might not have elapsed for the next round of investment.However, these results indicate the possibility that VCPE investments are happening at a much later stage in the ? rm lifecycle and the ? rm is not in take away of an additional funding round for reaching a critical size that is needed for an IPO or for ? nding a buyer. This might also be explained by the grandstanding sur mise (Gompers, 1996), where VCs are keen to exit more quickly from their investments. Second, this trend can also indicate that the companies that have received the ? rst round might not have been able to achieve a strong enough performance to attract the next round of investment from investors.Further studies are needed to understand this pattern in detail. confuse I indicates that the number of rounds of funding received by companies in different industries was 1,912 from a total of 1,503 companies. This indicates that the fairish number of rounds in a company was 1. 27. As can be seen from Table I, a large majority of the ? rms have received only one round of VCPE investment. This result accompanies the results in traffic pattern 1 well, which indicate that 82 percent of the total Round 3 1,061. 85 (2. 6%) Round 2 5,394. 11 (14%) VCPE in India 9 Round 4 391. 25 (1%) Round 5 170. 6 (0. 4%) Round 1 2,961. 47 (82%) Figure 1. Round-wise VCPE investments (in US$mn) during 2004-2008 JIBR 3,1 Industry 10 Table I. deliberate of companies for different funding rounds Computer hardware Engineering and construction monetary services Healthcare IT and ITES Manu pointuring Non-? nancial services Others Telecom and media Transportation and logistics Grand total regard of companies for different funding rounds 1 2 3 4 5 6 7 36 137 110 92 295 214 133 65 93 51 1,226 5 21 30 19 53 25 12 10 15 8 198 1 6 5 6 12 6 5 3 4 3 51 1 1 3 2 3 3 2 1 1 17 1 2 8 1 1 1 1 2 1 3 1 4 2 2 advert companies 43 167 151 120 364 250 153 9 112 64 1,503 investments were Round 1 investments. Only 13 percent of companies have obtained two rounds of funding, and approximately 5 percent of the total companies that have received VCPE investments during the period have obtained more than two rounds. The symmetricalness of companies that have received the hour round of funding in different industries is more or less the same as what we saw for Round 1 investments, except in the ? nancial services category. The phenomenon of some industries being more winning in getting Round 2 investments could not be cl proto(prenominal) observed in our analysis.In a way, this is a surprising trend. For example, information technology (IT) and information technology-enabled services (ITES) companies constitute 24 percent of the total number of companies that have received funding, 24 percent of the companies that have received the ? rst round of funding, and 25 percent of the companies that have received more than one round of funding. This indicates that IT and ITES companies, seen as one of the engines of growth in India, have not had higher proportional success than companies in other industries in attracting multiple rounds of funding.The ? nancial services companies constitute 10 percent of the total companies that have received funding, 9 percent of the companies that have received one round of funding, and 15 percent of the companies that have received more than one round of funding . This indicates that ? nancial services companies have a better track record of getting additional investment rounds. The reasons could be numerous the larger funding requirements created the need for funding to happen in multiple rounds and companies that had obtained the ? st round of funding would have been able to showcase a strong performance track record to attract the subsequent rounds of funding. The industry itself was in an upswing in India during the study period and this might have contributed to investor interest in investing in subsequent rounds. It could also be due to the institutional and regulatory features of private equity (PE) investing in India. For example, funding could be done in multiple rounds because of the procedural issues in foreign investments in certain sectors. Further studies are needed to identify the determinants of funding rounds.One would more or less expect that multiple rounds of funding would be observed in more capital intensive industri es. Among the ten industry categories, engineering and construction and manufacturing sectors are very capital and asset intensive. However, it can be seen that the proportion of companies receiving additional rounds of funding in these sectors is not more than the proportion of companies that have received ? rst-round funding. On the contrary, the proportion of companies receiving additional rounds of funding in manufacturing is less than that of their proportion in Round 1 ? ancing. Several explanations are possible for this trend, which needs to be substantiated with further research. Companies are receiving VCPE funding at a much later stage in the lifecycle and they do not need additional rounds of funding before providing an exit to the investor. It is possible that, because of their asset intensive nature, they are able to get access to debt funding thereby limiting the possibility of additional rounds of VCPE ? nancing. VCPE in India 11 4. 2 condemnation of incorporation an d ? nancing stage It is well known that VC investments happen proterozoic in a ? rms life.It is during the early stage that companies have limited means to raise money from conventional sources and look to sources like VC for meeting the funding requirements. Table II provides the results from our analysis of the interval between the year of incorporation of the company and the ? nancing stage. The results indicate some interesting trends. Early stage funding should normally happen within the ? rst couple of years after the incorporation of the ? rm. But in our analysis, we ? nd that 17 percent of the ? rms have received their early stage funding as much as ten years after they were incorporated.While the highest frequency of early stage funding can be seen in the one- to three-year category, a large proportion of companies get their early stage funding even until the ? fth year from the time of incorporation. This indicates the disinclination of the VCPE investors in India to make investments in very early stages. A majority of the growth stage investment happens between ? ve and eight years from incorporation. However, the second highest percentage of growth stage funding happens after 15 years after incorporation. While growth stage ? nancing during the ? e- to eight-year period seems reasonable (though it is still more than that which is normally associated with growth ? nancing), growth ? nancing happening after 15 years from incorporation needs to be studied in detail. It could either be a question of willingness or readiness. Either the investors are not willing to invest earlier or the companies are not ready to receive VCPE funding in their early years. The companies might have explored funding from family, banks, or friends before taking investment from VCPE investors. Financing stage Early Growth advanced Pre-IPO Time since incorporation (in years) ,1 20 13. 6% ,3 22 9. 3% 7 2. 3% 7. 7% 1-3 51 34. 7% 3-5 26 11. 0% 15 5. 0% 0 0. 0% 3-5 37 25. 2% 5- 8 68 28. 8% 25 8. 3% 6 15. 4% 5-8 13 8. 8% 8-10 36 15. 3% 19 6. 3% 3 7. 7% 8-10 1 0. 7% 10-15 31 13. 1% 61 20. 3% 13 33. 3% Total . 10 25 17. 0% . 15 53 22. 5% 173 57. 7% 14 35. 9% 147 236 300 39 Table II. Number of VCPE deals for different ? nancing stages vs time since incorporation of investee companies JIBR 3,1 12 Analysis of late stage investment deals, as can be expected, show an increasing trend with time from incorporation. However, more than half of the late stage deals that have been studied are seen in companies more than 15 years after their incorporation.This again re-con? rms the earlier ?ndings that VCPE investors have been more inclined to invest in companies that have a eternal track record and operating history, and have a suf? cient size. From the perspective of companies that are receiving VCPE funding, such late stage funding, could indicate that these companies might have been part of a larger business group, which provided the ? nancial support in their early years. Further studies need to be done to understand the antecedents of ? rms that receive late stage investment.But one of the most compelling observations which attracts immediate attention is that about 75 percent (541 out of 7226) deals are in companies that are more than ? ve years old. Almost 60 percent (429 out of 722) VCPE deal investments are made in ? rms that are eight years old or more. This supports the earlier demonstrations that VCPE funds in India are more inclined to invest in ? rms that have a track record of performance. While this investment trend might not be very different from that which is seen in other emerging economies such as Brazil (Ribiero and de Carvalho, 2008), it is much more marked in India.Therefore, it is felt that most of the VCPE investments in India are in the nature of PE investments rather than VC investments, which are typically investments made in early stage companies. 4. 3 Intervals between funding rounds Table III presents average time intervals in months between different rounds of PE funding (for Rounds 1-3)7 across industries. The average time interval across industries between Round 1 and Round 2 funding is 13. 69 months, which is just slightly more than year. The average time interval between Round 2 and Round 3 funding is 10. 1 months, which is less than a year. The median values for the above intervals are 12. 17 and 11. 17 months, respectively. The closeness of the mean to median values indicates that there is no signi? cant skewed in the time interval between different funding rounds. Figures 2 and 3 show the distribution of time intervals between rounds. These indicate that the deals are well distributed in the initial periods, with a slightly higher frequency around the mean value, and tapering down in the later periods. Since it takes about three to six months from the date of the ? rst signi? ant meeting with the investors to realize an investment, the low time interval between successive Industry T able III. Average time interval between successive rounds of VCPE funding (in months) R2-R1 R3-R2 Computer hardware Engineering and construction Financial services Healthcare IT and ITES Manufacturing Non-? nancial services Others Telecom and media Transportation and logistics Total 14. 43 17. 13 12. 28 14. 89 15. 64 11. 58 13. 93 8. 46 11. 16 9. 54 13. 69 16. 72 4. 88 7. 44 14. 22 12. 43 10. 14 16. 57 6. 03 15. 23 9. 63 10. 91 VCPE in India 50 45 Number of deals 40 35 30 13 25 20 15 10 5 0 3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 ? 36 Duration (months) Figure 2. Time between Round 2 and Round 1 investments 14 12 Number of deals 10 8 6 4 2 0 ?3 3 to 6 6 to 9 9 to 12 12 to 18 18 to 24 24 to 36 Duration (months) ? 36 ?nancing rounds indicates that the top management of the company might be continuously devoting their energies in heave capital. This might not be in effect(p) for business, as spending more time on raising ? nancing is apparent to affect their attention to b usiness trading operations. Our results also indicate that in the Indian context the pace of ? nancing increases with time.This result is somewhat surprising as, under normal circumstances, the size of funding increases with every additional round of funding and is expected to meet the needs of the company for a longer duration even after accounting for the higher cash burn rates due to the increase in company size. Analysis of time intervals for different industry categories indicates that the engineering and construction sector had the largest time interval between the ? rst and second round of funding. Some explanations, which need to be followed with further research, for this trend include being capital intensive.They raise large sums which Figure 3. Time between Round 3 and Round 2 investments JIBR 3,1 help the companies to sustain the operations for a longer period. They are able to get additional funding from other sources such as debt. Cash ? ows from operations would also contribute towards the ? nancing requirements. However, the time interval between second and third round is the lowest for this sector, which indicates that this could be due to the pre-IPO nature of funding. 14 4. 4 Investment exits Venture exit has been an area where there has been limited research (Gompers and Lerner, 2004).The VCPE investor after a certain period has to exit the investment to recover the same as well as to earn a return on it. The different possible exit routes play a major role in VCPE ? nancing and the likely availability of favorable exit opportunities in lesser time is one of the key criterions used by investors while evaluating investment opportunities. Though there are several exit routes for the VCPE funds such as IPO, secondary sale of shares, M, management buy outs, and liquidation. Exit by IPOs and trade sale through M are the more prevalent methods of exit in Indian VCPE markets.Of the total 252 exit events that were recorded during the ? ve-year per iod ending 2008, 84 events were IPOs and the remaining 168 were M. Thus, the ratio of exits of IPOs and M is exactly 0. 5, indicating that an exit by M is twice as likely as that by IPO. However, an analysis of this ratio across different industries provides an interesting picture. The ratio is less than 1 for all but two of the industry categories engineering and construction, and transportation and logistics. Companies in this sector tend to be capital intensive industries with a large asset base and largely dependent on the Indian market.Since companies in this sector are much larger in terms of revenues or assets, it becomes comparative degreely easier to achieve an exit by means of an IPO. For sectors, that are not so asset intensive, M seem to be a common form of exit for VCPE investors. Computer-hardware, IT and ITES, and healthcare all traditionally attractive industries for VCPE investments show a strong inclination towards M exit routes with the ratio of IPO-M exits bei ng less than 0. 4 (Figure 4). The choice of exit route is also in? uenced by the state of the capital markets. The ratio of IPO-M exits in each of the ? e years during the study period is shown in Figure 5. Figure 4. Ratio of exits by IPO to M across industries Co En m gi pu ne te er r-h in g ar an dw d ar co e ns tru Fi na ct io nc n ia ls er vi ce s H ea lth ca IT re an d IT M ES an N uf on ac -fi tu na rin ci g al se rv ic es Te O le Tr th co er an m s sp an or d ta m tio ed n ia an d lo gi tic s 1. 6 1. 4 1. 2 1 0. 8 0. 6 0. 4 0. 2 0 VCPE in India 0. 9 0. 8 0. 7 0. 6 0. 5 0. 4 15 0. 3 0. 2 0. 1 0 2004 2005 2006 2007 2008 Figure 5. Ratio of exits by IPO to M during 2004-2008 While the overall ratio of IPO-M exits is 0. 5 for the ? e-year period ending 2008, the ratio varies in line with the state of the capital markets. The ratio ranges from 0. 3 to 0. 6 for all years, except 2006, when it is signi? cantly high (. 0. 8). This can probably be attributed to the ? ourish in the IPO market in India during 2006. This is consistent with the ? nding that IPOs are more likely to occur when equity values are high (Lerner, 1994). In addition to the type of exit, the capital markets also in? uence the time taken for an investor to exit. The pattern of variation in an average number of rounds for the two exit methods over the years is shown in Figure 6.It can be noted that there are large variations for those companies that provided exits through IPOs. The number of rounds of VCPE funding before the IPOs are lower during the years 2006 and 2007, when the capital markets were active. Such variations could not be seen in those cases where the exits were from M. The number of rounds of funding before an M has been step by step increasing over the years, indicating that the size needed before an exit from an M has also been increasing over the years. But a more interesting inference could be for companies that exit from anM the circumstances in the capital markets do not h ave a signi? cant effect. On the other hand, if the conditions are favorable, companies tend to make their IPOs in a shorter period to take advantage of the momentum in the capital markets. This is also supported by the fact that the average numbers of funding rounds are nearly equal for both the exit types during 2006 and 2007. 3. 5 Average number of rounds 3 2. 5 2 IPO 1. 5 Trade sale M 1 0. 5 0 2004 2005 2006 2007 2008 Figure 6. Average number of funding rounds before exit during the ? ve years JIBR 3,1 16 4. 5 Investment durationThe duration of a VCPE investment is de? ned as the interval between the time of investment and exit8. It is principally considered that VCPE funds are not short-term investors, and stay invested in the ? rm between three and ? ve years however, our analysis tells a different story. Table IV provides the investment duration for investments in different ? nancing stages. To make our analysis more accurate, this turn was done only for those companies fo r which complete data on both investments and exits were available. A total of 110 transactions in 98 companies were included in this analysis.The main ? nding from Table IV is the overall short-term duration of VCPE investments in India. For 63 percent of the investment transactions, the average investment duration is less than one year. pull down in those investments which can be classi? ed as growth stage, 75 percent of the investments have less than two years duration. For late stage investments, the proportion of exits within two years increases to 87 percent. Overall, the average duration of investment stands at just 17 months. In comparison, the investment duration for an IPO exit in the USA and Canada is 4. 7 and 5. 86 years, respectively.The investment duration for an exit through the acquisition route for the USA and Canada is 5. 17 and 6. 94 years, respectively, (Cumming and MacIntosh, 2001). For VCPE investments, which are generally considered medium to long-term invest ments, the observed duration in India is very low, indicating that most of the investments are late stage or pre-IPO types of investments. While Indian VCPE investors would generally indicate that they are long-term investors, the data corroborates that which many entrepreneurs have always felt that VCPE funds need to be invested in the long term and not focused on quickly exiting from the investment.While these results are interesting, they also suffer from two limitations the sample size and the ? ve-year time frame for analysis. Further con? rmatory studies that cover a longer time frame with more deals are needed. 4. 6 Statistical analysis of investment duration and type of exit As a part of this study, statistical analysis was done to determine whether any of the changeables were able to explain the duration of VCPE investment and the type of exit. For this analysis, Investment duration and type of exit were taken as the dependent variables. Independent variables used in the s tudy were industry, ? ancing stage, region, and type of VCPE fund. Bivariate regressions (Table V) indicate the relative in? uence of each independent variable on the dependent variables. As it can be expected, duration of investment can be best explained by ? nancing stage. The high f-ratio and the Financing stage Early Growth Late Table IV. Duration of VCPE investments Pre-IPO ,1 0 0. 0% 14 48. 3% 35 61. 4% 20 90. 9% Duration of investment (in years) 1-2 2-3 3-4 4-5 2 100. 0% 8 27. 6% 15 26. 3% 2 9. 1% 0 0. 0% 6 20. 7% 6 10. 5% 0 0. 0% 0 0. 0% 1 3. 4% 1 1. 8% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% .5 Total 0. 0% 0 0. 0% 0 0. 0% 0 0. 0% 2 29 57 22 R S. no. Dependent variable Independent variable(s) 1 2 3 4 5 6 7 8 Duration of Industry investment Financing stage portion Type of VCPE fund Exit mode Industry Stage Region Type of VCPE fund R2 Adjusted R2 SE of the estimate 0. 318 0. 387 0. 159 0. 278 0. 544 0. 429 0. 221 0. 115 0. 101 0. cl 0. 025 0. 077 0. 296 0. 184 0. 049 0. 013 0 . 007 0. 118 0. 011 0. 066 0. 212 0. 154 0. 014 0. 001 10. 853 10. 157 10. 876 10. 453 0. 423 0. 439 0. 474 0. 477 ANOVA p-value F-ratio (Sig. ) 0. 938 4. 755 0. 696 6. 952 3. 506 6. 093 1. 389 1. 105 0. 498 0. 004 . 557 0. 010 0. 001 0. 001 0. 252 0. 296 VCPE in India 17 Table V. Results from bivariate regression analysis low p-value indicate the signi? cance of the regression. This can be easily explained as those investing in the early stage would remain invested for a longer duration and those investing in late stages would remain invested for a shorter duration. High f-ratio and low p-values are also noted for the bivariate regression that had a type of VCPE fund as the independent variable. In this study, VCPE funds were categorized into two domestic and foreign. The fact that this has an in? ence supports the argument that domestic VCPE funds stay invested for a longer duration as compared to foreign funds. It was also noted that industry and stage of ? nancing have more in? uence on the exit mode as compared to other variables. These results can also be explained. Some industries could be more suited for exiting with IPOs because of the market bias. Similarly, many of the late stage and pre-IPO investments are made just before the company goes for an IPO. When these investments are being made, the investee company has a clear road present for going for an IPO.Therefore, the exit route in such late stage and pre-IPO investments are more or less clear at the time of the investment itself, unless there is an adverse change in market conditions. We performed a discriminant analysis in SPSS (Table VI) to predict the probable exit route for an investment, given the independent variables. Discriminant analysis Dependent variable (Y), i. e. exit method Original Count % Cross-validatedb Count % Predicted group membershipa 1 (IPO) 2 (M) Total 1 (IPO) 2 (M) 1 (IPO) 2 (M) 49 5 87. 5 17. 2 7 24 12. 5 82. 8 56 29 100. 0 100. 0 1 (IPO) 2 (M) 1 (IPO) 2 (M) 5 6 80. 4 20. 7 11 23 19. 6 79. 3 56 29 100. 0 100. 0 Notes a85. 9 percent of original grouped cases correctly classi? ed and 80. 0 percent of cross-validated grouped cases correctly classi? ed bcross-validation is done only for those cases in the analysis in cross-validation, each case is classi? ed by the functions derived from all cases other than that case Table VI. Results from the discriminant analysis on exit method classi? cation JIBR 3,1 18 is typically used for the anticipation of categorical or non-metric variable being classi? ed into two or more mutually exclusive categories.The independent variables used in the discriminant analysis were industry, ? nancing stage, region, and type of VCPE fund. The proportion of cases correctly classi? ed indicates the ef? cacy and relevance of the application of discriminant analysis for predicting the dependent variable, which in this case is the type of exit. Discriminant analysis was done on the investment and exit data for 85 out of 98 comp anies (for which all necessary details were available). Out of the 85 companies, IPO exits were observed for 56 companies and M for 29 companies. Table VI indicates the results from the discriminant analysis.It can be seen that 49 out of 56 IPO exits and 24 out of 29 M exits were correctly classi? ed, thus leaving an hallucination of 12 out of 85 cases. Overall, 85. 9 percent cases are correctly classi? ed. To augment the validity and reliability of the ? ndings, a cross validation was done. In a cross validation, each case is classi? ed using a discriminant function derived from all cases other than the case being classi? ed. The cross validation results indicate that 45 out of 56 IPO exits were correctly classi? ed and 23 out of 29 M exits were correctly classi? ed. Overall, 80 percent of the cases were correctly classi? d. Both these results points towards the good predictive power of the available data in prediction of exit method choice. The results also indicate that it is po ssible to predict the type of exit based on the information available at the time of making an investment, i. e. industry, ? nancing stage, region of investment, and type of VCPE fund. This could indicate that investors are reasonably clear about the type of exit that they might get from a given investment. While the timing of exit might be uncertain, the type of exit seems more or less ostensible at the time of investment.More research needs to be done to determine whether the variables identi? ed in this paper are a good predictor for exit type or not, even in other markets. 5. Summary The growth and vibrancy in the Indian VCPE industry has attracted global attention. This paper highlights some areas of mend that need to be addressed for the long-term growth in the country. First, there has to be a creation of an ecosystem that encourages early stage investments. It would be such early stage investments that would spur innovation and provide the pipeline for growth and late stag e investments.Venture economics data indicate that of the total PE commitments made to India, VC commitments9 accounted for 90 percent during 1990-1999, 55 percent during 2000-2009, and 51 percent during 2005-2009. This indicates that though there has been an overall growth in funds committed to India, the proportion of VC commitments that primarily fund early stage investments have been gradually decreasing. In the absence of early stage investments, many PE funds would ? nd it dif? cult to ? nd new opportunities for follow on investments. The result would be a funneling of investments in established companies with increasing valuations.In the long run, the industry would fall apart under the burden of such high valuations leading to an exit of investors from India. To prevent this from happening, it is important to ensure that there is adequate early stage investing. Since domestic VCPE investors invest more actively in early stages10, this points to the need for creating a more s tronger and active community of domestic VCPE investors in India. Second, the short duration of VCPE investment does not bode well. A recent World Economic Forum report indicates that PE investors have a long-term ownership bias nd 58 percent of the PE investments are exited more than ? ve years after the initial transaction. So-called quick ? ips (i. e. exits within two years of investment by PE funds) account for only 12 percent of deals and have decreased in the last few years (Lerner and Gurung, 2008). Seen from this perspective, most of the VCPE investments in India could come under the category of quick ? ips. This trend, if it continues, would be a cause of real concern. It is expected that VCPE investors would do a lot of hand holding and participate in value-adding activities in their portfolio companies.However, contributing to the investment in such ways would happen only if the investors remain invested for a long term. Short-term investments deny the portfolio companies the opportunity to leverage the management expertise of the VCPE investors. Since the investment duration is also in? uenced by the source of VCPE funds, there is a strong need to promote the domestic VCPE industry in India11. The domestic investors would stay invested for a longer duration and this would give more opportunities to the investor to add value in the portfolio companies.Third, the time intervals between successive funding rounds should increase. Frequently, approaching the investors means that the top management attention gets diverted from the business operations. It would be bene? cial if the entrepreneurs and companies raise capital in such a way that the portfolio company can sustain the operations for at least two years. While they might feel that raising a large round would deprive them the bene? ts of valuation increases if funding is raised in multiple rounds, it would de? nitely help to keep the transaction costs lower.The issues of valuation increases can be addressed by incorporating suitable incentive structures in the shareholders agreement. The investors too should support the idea of a larger funding round for the companies and engage in co-investing with other VCPE investors if required. Given the exploratory nature of this study, further research and con? rmatory studies are needed to corroborate the ? ndings of this paper. It is felt that many of the results in this paper are suf? ciently interesting to warrant further studies. Notes 1.Based on Subhash (2006) and PricewaterhouseCoopers Global occult Equity Reports 2004, 2005, 2006, 2007, and 2008. 2. Investment data from the PricewaterhouseCoopers Global Private Equity Reports might not match with that of the funds committed data from venture economics as we feel that many investments might have been made outside of a formal VCPE fund structure. In addition, several funds locally set up in India might not have been captured in the venture economics database. However, both the reports indicate the strong growth in funds committed to various VCPE funds and actual investments made in companies. . Venture Intelligence can be accessed at www. ventureintelligence. in 4. Asian Venture Capital Journal database can be accessed at www. avcj. com 5. Out of the 1,503 companies that received funding from VCPE investors, 866 companies, i. e. 58 percent of the companies received their funding during the last two years of the study period. 6. Information on time of incorporation was readily available only for 722 out of the 1,503 companies. 7. Since there are very few companies that have received more than three rounds of ? nancing, Round 4 and above have not been included for this analysis.VCPE in India 19 JIBR 3,1 20 8. stringently speaking, it would dif? cult to determine when the investor actually exited from the investment, either partially or completely. One could ? nd that information by studying the annual reports as well as stock exchange ? lings of the compan y, which was not done in this study. Exit in this paper is meant to be understood as the time of occurrence of an exit event, which may or may not be the time of actual exit. 9. A distinction can be made between VC and PE commitments. VC commitments are mainly targeted at the early stage and growth stage investment opportunities.PE commitments are primarily targeted at the late stage opportunities. Average investment in deals by PE funds is usually larger than those made by VC funds. 10. As per the India Venture Capital and Private Equity Report 2009, 70 percent of the early stage investments are by domestic VCPE investors during 2004-2008. 11. India Venture Capital and Private Equity Report 2009 indicates that foreign investors have contributed nearly 73 percent of the total amount invested in VCPE transactions during 2004-2008. References Admati, A. and P? eiderer, P. (1994), Robust ? ancial contracting and the role of venture capitalists, Journal of pay, Vol. 49, pp. 371-402. An namalai, T. R. and Deshmukh, A. (2009), India venture capital and private equity report 2009, unpublished report, Indian Institute of Technology Madras, Chennai. Cumming, D. J. and MacIntosh, J. G. (2001), Venture capital investment duration in Canada and the United States, Journal of Multinational Financial Management, Vol. 11, pp. 445-63. Dossani, R. and Kenney, M. (2002), Creating an environment developing venture capital in India, BRIE Working Paper 143, The Berkeley Roundtable on the International Economy, Berkeley, CA.Gompers, P. A. (1995), Optimal investment, monitoring, and the staging of venture capital, Journal of Finance, Vol. 50 No. 5, pp. 1461-89. Gompers, P. A. (1996), Grandstanding in the venture capital industry, Journal of Financial Economics, Vol. 42, pp. 133-56. Gompers, P. A. and Lerner, J. (2004), The Venture Capital Cycle, 2nd ed. , MIT Press, Cambridge, MA. Ippolito, R. (2007), Private equity in China and India, Journal of Private Equity, Vol. 10 No. 4, pp. 36 -41. Kulkarni, N. and Prusty, A. (2007), Private equity investment strategy in Indias port sector, Journal of Private Equity, Vol. 1 No. 1, pp. 71-83. Lerner, J. (1994), Venture capitalists and the decision to go public, Journal of Financial Economics, Vol. 35, pp. 293-316. Lerner, J. and Gurung, A. (2008), The Global Impact of Private Equity Report 2008, World Economic Forum, Geneva. Lockett, A. , Wright, M. , Sapienza, H. and Pruthi, S. (1992), Venture capital investors, valuation and information a comparative study of the US, Hong Kong, India and Singapore, Venture Capital An International Journal of Entrepreneurial Finance, Vol. 4 No. 3, pp. 237-52. Mishra, A. K. 2004), Indian venture capitalists (VCs) investment evaluation criteria, ICFAI Journal of utilise Finance, Vol. 10 No. 7, pp. 71-93. Mitra, D. (1997), The venture capital industry in India, Journal of Small Business Management, Vol. 38 No. 2, pp. 67-79. Neher, D. V. (1999), Staged ? nancing an agency perspective, look into of Economic Studies, Vol. 66, pp. 255-74. Pandey, I. M. (1996), Venture Capital The Indian Experience, Prentice-Hall, New Delhi. Pandey, I. M. (1998), The process of developing venture capital in India, Technovation, Vol. 18 No. 4, pp. 253-61. Ribeiro, L.L. and de Carvalho, A. G. (2008), Private equity and venture capital in an emerging economy evidence from Brazil, Venture Capital, Vol. 10 No. 2, pp. 111-26. Sahlman, W. (1990), The structure and governance of venture capital organizations, Journal of Financial Economics, Vol. 27, pp. 473-524. Singh, S. , Singh, S. J. and Jadeja, A. D. (2005), Venture investing in India? Think twice, Journal of Private Equity, Vol. 8 No. 4, pp. 35-40. Subhash, K. B. (2006), How to teach the big baby to walk case of the Indian venture capital industry, Journal of Private Equity, Vol. No. 4, pp. 76-91. Verma, J. C. (1997), Venture Capital Financing in India, Sage, London. Vinay Kumar, A. (2002), Venture capital ? nance in India practices, perspec tives and issues, Finance India, Vol. 16 No. 1, pp. 247-52. Vinay Kumar, A. (2005), Indian VCs involvement with investee ? rms an empirical analysis of board composition, expectations and contribution, ICFAI Journal of Applied Finance, July, pp. 28-39. Vinay Kumar, A. and Kaura, M. N. (2003), Venture capitalists screening criteria, Vikalpa, Vol. 28 No. 2, pp. 49-59. About the authorsThillai Rajan Annamalai is an Associate Professor in the Department of Management Studies at IIT Madras. His research interest includes VC, PE, infrastructure, and corporate ? nance. Thillai Rajan Annamalai is the corresponding author and can be contacted at emailprotected ac. in Ashish Deshmukh was an MBA student at the Department of Management Studies at IIT Madras. To purchase reprints of this article please e-mail emailprotected com Or visit our web site for further details www. emeraldinsight. com/reprints VCPE in India 21

John Cage Essay

flush toilet chicken coop was one of the artists who moved the furthest away from tradition. chicken coop himself says that he was trying to action what Ives wanted umteen years before to be able to sit on the back doorstep at sundown, heeding to the medical specialty. In continuing and expanding the Ivesian tradition, detain shattered the old nonions of medical specialty as organized sound consisting of melody, harmony, and rhythm (Nicholls, 2007). He wondered why symphony had to be these things. His questioning led to new concepts of how musical comedy elements could be freed from the restraints imposed on them by conventional thinking.Most music contains only a few of the available pitches. Melody in its most basal sense draws attention to a single line, which is a rather primitive way of perceiving music. Rhythm in which eventsoccur in fourth dimension is also limiting. Why, within a special(prenominal) space of age, can an event not happen at whatsoever point, i ts rhythmic aspects thus being freed from time in the more traditionalistic sense? As henhouse puts it In a painting an image can go anywhere on the canvas. Why cant a rhythm do the same thing within the frame play of a slicing of music? detains revolutionary ideas shed led to many innovations. He is usually credited with having invented find oneself music, music created under conditions that leave certain of its parts to the vagaries of the moment (Nicholls, 2007). Virgil Thomson notes that chance in composition is rather identical a kaleidoscope, and what kaleidoscopes and arabesques lack is urgency (Grant, 2001, p. 243). The music may not ever have this quality, a condition that can ultimately hinder its expression in purely musical terms. But there is a new kind of musical aw areness, a vitality of pattern and of imagination.Cage has redefined the entire concept of bursting charge in music, since he has not been particularly interested in where events are going. Rather, he is more intrigued with the moment and with the possibilities of what can happen during that moment. Cage has also thought about musics purpose, deciding that actually there does not have to be any intent, that sounds alone can be the purpose. He says that a sound accomplishes nothing without it life would not last out the instant( Pritchett, 1996). His aesthetic that everything is music is important, for it opens countless possibilities.Cages ideas have make a generation of composers rethink concepts that were taken too much for granted or were ruled out of musical consideration by previous generations. These concepts have, in fact, furthered music beyond its old boundaries. Many of Cages works are famous because of the revolutionary concepts that formed them. The composition for gentle that consists of four minutes, thirty-three seconds of silence, 4? 3? , is a case in point. To dismiss the work as a gimmick or as insignificant because it really is not music is to miss the poi nt.Composers have pondered the silences in music in previous ages, but it took Cage to realize that silence itself was an opportunity for a complete work and a complete experience. According to Cage, silence is deciding in favor of sounds that are not intended. And Cage feels that silence has philosophical overtones, for it strikes the foundations of the ego. 4? 33? is a unenviable work, for there is so much to hearnothingand it is a memorable experience, for it shows a world of multiplicity, something that interests Cage far more than aspects of unity within a particular work (Pritchett, 1996).Because anything is possible in Cages compositional process, some works are highly organized, while new(prenominal)s give an outward smell of random and unrelated orderings. Most of his early pieces, among them the 5 Songs for Contralto (1938) and the Quartet for Twelve Tom-Toms (1943), are carefully conceived and conventionally notated. Music of Changes (1951) was created with the aid of the Chinese nurse of changes, I Ching, one of Cages favorite aids in the evolution of a work (Pritchett, 1996). In addition to his novel approaches to the general aspects of composition, Cage utilizes fascinating instruments in some of hispieces.He has written compositions containing parts for brake drums. He has composed music for toy piano. Cage, in fact, has not rejected any possibility if that possibility has an intriguing sound. Thus, the amplified sound of water being swallowed, of a glass breaking or clinking, and of a balloon bursting are excellent sources, as good in their way as a piano or a trombone (Kostelanetz, 1991). Cages love of both conventional and unconventional sounds has made him reconsider the various traditional instruments and how they can be changed to produce a new result.One of these investigations resulted in the prepared piano, which consists of objects such as nails, bolts, pins, and other materials pose between the strings of a piano, creating a dive rsity of different timbres. Henry Cowell had experimented with various possibilities of piano sonorities earlier in the century, including playing on the inside of the instrument, and Cage was undoubtedly influenced by some of Cowells discoveries. But in most respects, Cages is an original concept.As a result of his pioneering efforts, the prepared piano is for all practical purposes a new instrument, reminiscent of a Balinese gamelan orchestra (Kostelanetz, 1991). Another unusual effect occurs in The Wonderful Widow of Eighteen Springs, a numbers for voice and piano in which the pianist plays on the piano lid and on various other woodsen parts of the instrument rather than on the keys. The piano, in other words, has many sound possibilities from which Cage has realized a diversity of new and unusual timbres (Pritchett, 1996). Cage has been accused of being narrow-minded, of only workings with novelties and current avant-garde fashions.This is untrue. Cage actually is an importan t figure whose mind is an open one and whose novelty-fashions in their total implications are significant and even visionary. They are not fraudulent, nor are they aimed at the destruction of Western musical civilization, although Cage has been accused of that and of just about everything else by his critics. The problem is simply that to the casual reviewer Cages music is undisciplined. But this is also false. In some of his works chance itself is the discipline, a method that is used to bring about that which is not necessarily intended.The compositional premises behind one of Cages latest works, the Etudes Australes, is proof that there is a definite method behind chance procedures and that the results can present as unified a whole as if more conventional methods of organization had been employed (Patterson, 2001). Cage reports that the pieces created the impression of serial music to some listeners, and indeed the uncompromising aspects of the method of creation and the result ing combinations of pitches from that procedure would undoubtedly give an audience an impression of twelve-tone writing.Strictly speaking, of course, it is usually impossible to tell if a work is serial simply by listening to it (Cage, 1966). Yet this association proves a point, for to mistake the chance operations of Cage for serial procedures is to demonstrate that ii different methods can produce similar aural results. For a serial composer, serial procedures provide the answers to most of the compositional questions and to the continuity within a particular piece.For Cage, chance operations answer the compositional questions, and from these procedures a continuity of musical expression develops. One of Cages literary methods is a further grammatical case of the logical use of chance operations. In trying to find a title for a book of writings that in a typical Cage manner contains a liberal sprinkling of absurdities. Cage subjected the twenty-six letters of the alphabet to a c hance operation with the help of the I Ching. The letter m was the w midland, and the book was subsequently entitled M.Although any letter would have worked as well, Cage noted that m was a good choice and particularly let because it begins the names of many of his favorite people and things, among them music, mushrooms, Modern Music, and Mao Tse-tung. It was an absurd method for choosing an absurd title for a book of absurdities Another aspect of Cages writing demonstrates more positive and visionary qualities of his music. Prelude for Meditation for Prepared Piano Solo (1944) is early Cage, and the preparation of the piano involves stove bolts and wood screws(Patterson, 2001).This piece, like 4? 33? , can be viewed initially and superficially as one eventa monolith. Within this monolithic experience is an inner world of relationships, of sounds and events that reach far beyond the deuce pitch classes that Cage employs. The philosophical concept behind a work such as this is cand id why should a piece of music begin, develop itself in intricate ways, and prove itself by an infinite variety that keeps an interest going in the work itself? Why should the variety not be of a different kind?A piece of music can simply suspend itself in time, although time itself is usually conceived as a terribly limiting artistic commodity. Pieces begin and pieces end. What about what is before the beginning and after the ending? Time, itself a measured crack up of eternity, is always there on either side of an experience of any kind, and, in effect, what happens within the time of a work need not always make the time pass but rather might make it exist within a vacuum, within a world of monolithic barely many-faceted events. Cages work is an early example of what has become a new aspect of musical experience.Other composers began thinking about the possibilities of the monolith, and numerous examples have been written in the last quarter of a century. La Monte Young Composit ion 1960 7 is a case in point. The work consists of two pitch classes, a B and an F-sharp (the relationship to Cage Prelude for Meditation is obvious), which the composer says should be held for a long time. In 1961 the work was played in radical York by a string trio, and the forty-five minute duration of that particular reading resulted in a whole world of fluctuating overtones for those who were willing to listen (Patterson, 2001).Experimental composers are not nearly as outrageous as their critics might think. Even a work that attempts by its chance procedures or other random methods of construction to be formless still achieves a form, which, in turn, expands our conception of form. For example, if a composer writes some musical fragments on notecards, shuffles the cards, and then plays the music in the order in which it appears, there will be many different orderings but always the same music, rearranged each time.If one writes a chance piece for ten players with ten instru ments, there is a limitation in the fact that the performers are ten, that the instruments are ten, and that the efforts are taking place within an inescapable time span. A composer cannot, in other words, achieve complete freedom, complete formlessness, for that is an impossibility. What a composer can do is achieve a new musical result.References Cage, John. (1966). Silence Lectures and Writings. The MIT printing press New Ed edition. Grant, Mark N. (2001).Maestros of the Pen A History of Classical Music Criticism in America. Northeastern University Press. Kostelanetz, Richard. (1991). John Cage An Anthology. Da Capo Press. Nicholls, David. (2007). John Cage (American Composers). University of Illinois Press. Patterson, David W. (2001). John Cage Music, Philosophy, and Intention, 1933-1950 (Studies in Contemporary Music Andculture). Routledge 1 edition. Pritchett, James. (1996). The Music of John Cage (Music in the Twentieth Century). Cambridge University Press.

Cccccccccccccc

ideas thinkers practice david a. kolb on existential skill David A. Kolbs computer simulation of experiential erudition can be found in many discussions of the theory and practice of adult education, informal education and lifelong nurture. We set verboten the model, and examine its possibilities and problems. contents introduction david a. olb david kolb on experiential training david kolb on science styles issues teachings jarvis on larn a guide to reading links how to cite this piece As Stephen Brookfield (1983 16) has commented, writers in the field of experiential learning have tended to use the term in two contrasting senses. On the one hand the term is utilize to describe the demeanor of learning undertaken by students who are given a chance to acquire and apply acquaintance, skills and feelings in an immediate and relevant setting.existential learning hence involves a, direct encounter with the phenomena organism studied rather than merely thinkin g about the encounter, or only considering the possibility of doing something about it. (Borzak 1981 9 quoted in Brookfield 1983). This sort of learning is sponsored by an institution and might be used on training programmes for professions such as social produce and teaching or in field study programmes such as those for social administration or geography courses.The second type of experiential learning is education that occurs as a direct participation in the events of life (Houle 1980 221). Here learning is not sponsored by some formal educational institution but by population themselves. It is learning that is achieved through reflectivity upon everyday pose and is the way that most of us do our learning. Much of the literature on experiential learning, as Peter Jarvis comments (1995 75), is real about learning from primary acknowledge, that is learning through sense scrams.He continues, unfortunately it has tended to exclude the idea of secondary experience entirely. Ja rvis as well as draws attention to the different uses of the term, citing Weil and McGills (1989 3) smorgasbord of experiential learning into 4 villages Village One is concerned particularly with assessing and accrediting learning from life and work experience. Village Two focuses on experiential learning as a origination for bringing change in the structures of post-school education. Village Three emphasizes experiential learning as a basis for theme consciousness raising.Village Four is concerned about personal growth and self-awareness. These villages of approaches retain a focus on primary experience (and do not really problematize the notion of experience itself). Jarvis (1995 77-80) makes the case for a concern for secondary or indirect experience (occurring through linguistic communication). While there have been various additions to the literature, such as the above, it is the work of David A. Kolb (1976 1981 1984) and his associate Roger boor (Kolb and Fry 1975) tha t still provides the central reference point for discussion.Following on from Kolbs work there has been a growing literature around experiential learning and this is indicative of greater attention to this area by practitioners particularly in the area of higher(prenominal) education. David Kolbs interest lay in exploring the bear ones associated with making sense of concrete experiences and the different styles of learning that may be involved. In this he makes explicit use of the work of Piaget, Dewey and Lewin. David A. Kolb David A. Kolb is Professor of Organizational Behavior in the Weatheread School of Management.He joined the School in 1976. Born in 1939, Kolb received his Batchelor of Arts from Knox College in 1961, his MA from Harvard in 1964 and his PhD from Harvard in 1967. Besides his work on experiential learning, David A. Kolb is also known for his contribution to thinking around organizational behaviour (1995a 1995b). He has an interest in the constitution of ind ividual and social change, experiential learning, career development and executive and professional education. David Kolb on experiential learning David A.Kolb (with Roger Fry) pull ind his famous model out of intravenous feeding elements concrete experience, observation and reflection, the formation of abstract concepts and testing in new situations. He represented these in the famous experiential learning circle that involves (1) concrete experience followed by (2) observation and experience followed by (3) forming abstract concepts followed by (4) testing in new situations (after Kurt Lewin). It is a model that appears time and again. Kolb and Fry (1975) compete that the learning cycle can begin at any one of the four points and that it should really be approached as a continuous spiral.However, it is suggested that the learning process often begins with a person carrying out a particular action and then seeing the effect of the action in this situation. Following this, the s econd look is to understand these set up in the particular instance so that if the same action was taken in the same circumstances it would be realistic to promise what would follow from the action. In this pattern the third step would be understanding the general principle under which the particular instance falls.Generalizing may involve actions all over a range of circumstances to gain experience beyond the particular instance and suggest the general principle. Understanding the general principle does not imply, in this sequence, an power to express the principle in a symbolic medium, that is, the ability to put it into words. It implies only the ability to see a attachion between the actions and effects over a range of circumstances. (Coleman 1976 52). An educator who has learnt in this way may well have various rules of thumb or generalizations about what to do in different situations.They will be able to say what action to take when say, there is tension between two peop le in a group but they will not be able to verbalize their actions in psychodynamic or sociological terms. There may thus be difficulties about the transferability of their learning to other settings and situations. When the general principle is understood, the last step, according to David Kolb is its natural covering through action in a new circumstance within the range of generalization. In some representations of experiential learning these steps, (or ones like them), are sometimes represented as a circular movement.In reality, if learning has taken place the process could be seen as a spiral. The action is taking place in a different set of circumstances and the learner is now able to anticipate the possible effects of the action. Two aspects can be seen as especially noteworthy the use of concrete, here-and-now experience to test ideas and use of feedback to change practices and theories (Kolb 1984 21-22). Kolb joins these with Dewey to emphasize the developmental nature of t he exercise, and with Piaget for an appreciation of cognitive development.He named his model so as to emphasize the link with Dewey, Lewin and Piaget, and to stress the role experience plays in learning. He wished to distinguish it from cognitive theories of the learning process (see Coleman 1976). David Kolb on learning styles David Kolb and Roger Fry (1975 35-6) argue that effective learning entails the possession of four different abilities (as indicated on each pole of their model) concrete experience abilities, reflective observation abilities, abstract conceptualization abilities and active experimentation abilities.Few us can approach the ideal in this respect and tend, they suggest, to develop a strength in, or orientation to, in one of the poles of each dimension. As a result they developed a learning style inventory (Kolb 1976) which was designed to place people on a line between concrete experience and abstract conceptualization and active experimentation and reflective o bservation. Using this Kolb and Fry proceeded to identify four basic learning styles. Kolb and Fry on learning styles (Tennant 1996) training style Learning characteristicDescriptionConvergerAbstract conceptualization + active experimentation strong in practical application of ideas can focus on hypo-deductive reasoning on specific problems unemotional has narrow interests DivergerConcrete experience + reflective observation strong in imaginative ability correct at generating ideas and seeing things from different perspectives interested in people broad cultural interests AssimilatorAbstract conceptualization + reflective observation strong ability to create theoretical models excels in inductive reasoning concerned with abstract concepts rather than peopleAccommodatorConcrete experience + active experimentation greatest strength is doing things more of a assay taker performs well when required to react to immediate circumstances solves problems intuitively In developin g this model Kolb and Fry have doed, along with Witkin (1950), have helped to challenge those models of learning that seek to reduce potential to one dimension such as intelligence (Tennant 1997 91). They also recognize that there are strengths and weaknesses associated with each style (and that being locked into one style can put a learner at a serious disadvantage).However, there are a number of problems with the model. Issues Here I want to note six key issues that arise out the Kolb model It pays insufficient attention to the process of reflection (see Boud et al 1983). While David A. Kolbs scheme has been recyclable in assisting us in planning learning activities and in helping us to check simply that learners can be effectively engaged, they comment, it does not help to uncover the elements of reflection itself (ibid. 13), see reflection. The claims made for the four different learning styles are extravagant (Jarvis 1987 Tennant 1997).As Tennant (1997 91) comments, even tho ugh the four learning styles neatly dovetail joint with the different dimensions of the experiential learning model, this doesnt necessarily validate them. David Kolb is putting forward a particular learning style. The problem here is that the experiential learning model does not apply to all situations. There are alternatives such as discipline assimilation. There are also others such as memorization. Each of these may be appropriate to different situations (see Jarvis below). The model takes very little account of different cultural experiences/conditions (Anderson 1988).The record has also been used within a jolly limited range of cultures (an important consideration if we approach learning as situated i. e. affected by environments). As Anderson (1988, cited in Tennant 1996) highlights, there is a indispensableness to take account of differences in cognitive and communication styles that are culturally-based. Here we need to attend to different models of selfhood and the ex tent to which these may differ from the western assumptions that underpin the Kolb and Fry model. The idea of stages or steps does not sit well with the reality of thinking.There is a problem here that of sequence. As Dewey (1933) has said in relation to reflection a number of processes can occur at once, stages can be jumped. This way of presenting things is rather too neat and is simplistic see reflection. Empirical contain for the model is weak (Jarvis 1987 Tennant 1997). The initial research base was small, and there have only been a limited number of studies that have sought to test or explore the model (such as Jarvis 1987). promotemore, the learning style inventory has no capacity to measure the degree of integration of learning styles (Tennant 1997 92).The relationship of learning processes to knowledge is problematic. As Jarvis (1987) again points out, David Kolb is able to show that learning and knowledge are intimately related. However, two problems arise here. David Kolb doesnt really explore the nature of knowledge in any depth. In chapter five of Experiential Learning he discusses the structure of knowledge from what is basically a social psychology perspective. He doesnt really connect with the rich and varied debates about the nature of knowledge that raged over the centuries within philosophy and social theory.This means that I do not think he really grasps different ways of knowing. For example, Kolb focuses on processes in the individual mind, rather than seeing learning as situated. Second, for David Kolb, learning is concerned with the production of knowledge. Knowledge results from the confederacy of grasping experience and transforming it (Kolb 1984 41). Here we might contrast this position with Paulo Freire. His focus is upon informed, committed action (praxis). Given these problems we have to take some care advent David Kolbs vision of experiential learning.However, as Tennant (1997 92) points out, the model provides an excellent framework for planning teaching and learning activities and it can be reclaimablely employed as a guide for understanding learning difficulties, vocational counselling, academic advising and so on. Developments Peter Jarvis on (experiential) learning Jarvis (1987, 1995) set out to show that there are a number of responses to the potential learning situation. He used Kolbs model with a number of different adult groups and asked them to explore it based on their own experience of learning.He was then able to develop a model of which allowed different routes. Some of these are non-learning, some non-reflective learning, and some reflective learning. To see these we need to trace out the trajectories on the diagram he produces. reproduced from Jarvis 1994 Non-learning Presumption (boxes 1-4). This is where people interact through patterned behaviour. Saying hello etc. Non-consideration (1-4). Here the person does not act to a potential learning situation. Rejection (boxes 1-3 to 7 t o 9). Non-reflective Pre-conscious (boxes 1-3 to 6 to either 4 or 9).This form occurs to every person as a result of having experiences in daily living that are not really thought about. Skimming across the surface. Practice (boxes 1-3 to 5 to 8 to 6 to either 4 or 9). Traditionally this has been restricted to things like training for a manual occupation or acquiring particular physical skills. It may also refer to the acquisition of language itself. Memorization (boxes 1-3 to 6 and possibly 8 to 6 and then either to 4 or 9) thoughtful learning Contemplation (boxes 1-3 to 7 to 8 to 6 to 9). Here the person considers it and makes an intellectual decision about it.Reflective practice (boxes 1-3 (to 5) to 7 to 5 to 6 to 9). This is close to what Schon describes as relfection on and in action. Experiential learning (boxes 1-3 to 7 to 5 to 7 to 8 to 6 to 9). The way in which pragmatic knowledge may be learned. While this represents a useful addition to our thinking about learning, a num ber of problems remain. There is still an issue around sequence many things may be happening at once, but Jarvis model falls into trap of stage thinking. As with Kolbs work there is a limited experimental base to support it.We can also ask questions as to whether these are different forms or routes or can they grouped together in a different and more compact way. Further reading and references The literature around this area can be pretty dire. We have picked one or two of the bust collections/explorations plus a cope with standards. Boud, D. et al (eds. ) (1985) Reflection. Turning experience into learning, London Kogan Page. 170 pages. Good collection of readings which examine the nature of reflection. The early chapters make particular use of Dewey and Kolb. Boud. D. and Miller, N. eds. ) (1997) Working with have it away animating learning, London Routledge. Useful collection of pieces exploring experiential learning. The editors focus on animation (not so much in the French and Italian senses as live life into to activate, enliven, vivify. Includes introductory and closing pieces by the editors Brookfield on breaking dependence on experts Smyth on socially critical educators Heron on helping hearty people learn Tisdell on life experience and feminist theory Harris on animating learning in teams and Mace on writing and power.Fraser, W. (1995) Learning From Experience. Empowerment or incorporation, Leicester National Institute of Adult Continuing Education. Examines APL / APEL and asks what is lost and gained in the translation of private experience into the public sphere. Based on the experience of various courses. Jarvis, P. (1987) Adult Learning in the Social Context, London Croom Helm. 220 pages. Peter Jarvis uses Kolbs model to explore the process of learning in context. The result is a better appreciation of context and the ability to approach memorization, contemplation, practice etc.However, he also inherits a number of problems e. g. around stages. The model is revisited and summarized in P. Jarvis (1995) Adult and Continuing Education. possibleness and practice 2e, London Routledge. Johnson, D. W. and Johnson, F. P. (1996) Joining Together Group theory and group skills, 6e. , Boston, Mass. Allyn and Bacon. 612 pages. Rightly popular practical groupwork guide with plenty of examples and exercises, plus some good foundational chapters. It was one of the first texts to pick up on Kolb and to link experiential learning with the work around groups by Lewin and others.Chapters on group dynamics experiential learning group goals and social independence communications within groups leadership decision making controversy and creativity conflicts of interest, the uses of power dealing with diversity lead-in learning and discussion groups leading growth and counselling groups and team development, team training. Keeton, M. T. (ed. ) (1976) Experiential Learning, San Francisco Jossey-Bass. Ageing but still useful collection. S ee, in particular, Colemans contrasting of information assimilation with experiential learning. Kolb, D.A. (1984) Experiential Learning, Englewood Cliffs, NJ. assimilator Hall. 256 pages. Full statement and discussion of Kolbs ideas concerning experiential learning. Chapters deal with the foundation of contemporary approaches to experiential learning the process of experiential learning structural foundations of the learning process individuality in learning and the concept of learning styles the structure of knowledge the experiential learning theory of development learning and development in higher education lifelong learning and integrative development. Mezirow, J. 1991) Transformative Dimensions of Adult Learning, San Francisco Jossey-Bass. 247 + xix pages. Develops a comprehensive theory of how adults learn by making meanings of their experiences. Particular focus on perspective transformation. Weil, S. Warner & McGill, I. (eds. ) (1989) Making Sense of Experiential Learning. Diversity in theory and practice, Milton Keynes Open University Pres s. The texts on experiential learning tend to be rather atheoretical (and often precious). This text doesnt totally escape this but has a number of useful contributions. ReferencesAnderson, J. A. (1988) Cognitive styles and multicultural populations, Journal of instructor Education, 39(1) 2-9. Brookfield, S. D. (1983) Adult Learning, Adult Education and the Community Milton Keynes Open University Press. Borzak, L. (ed. ) (1981) Field Study. A source book for experiential learning, Beverley Hills Sage Publications. Dewey, J. (1933) How We Think, New York Heath. Houle, C. (1980) Continuing Learning in the Professions, San Francisco Jossey-Bass. Jarvis, P. (1994) Learning, ICE301 Lifelong Learning, Unit 1(1), London YMCA George Williams College.Jarvis, P. (1995) Adult and Continuing Education. Theory and practice 2e, London Routledge. Kolb, A. and Kolb D. A. (2001) Experiential Learning Theory Bibliography 1971-200 1, Boston, Ma. McBer and Co, http//trgmcber. haygroup. com/Products/learning/bibliography. htm Kolb, D. A. (1976) The Learning Style Inventory Technical Manual, Boston, Ma. McBer. Kolb, D. A. (1981) Learning styles and disciplinary differences. in A. W. Chickering (ed. ) The Modern American College, San Francisco Jossey-Bass. Kolb, D. A. (with J. Osland and I.Rubin) (1995a) Organizational Behavior An Experiential Approach to Human Behavior in Organizations 6e, Englewood Cliffs, NJ Prentice Hall. Kolb, D. A. (with J. Osland and I. Rubin) (1995b) The Organizational Behavior Reader 6e, Englewood Cliffs, NJ Prentice Hall. Kolb. D. A. and Fry, R. (1975) Toward an applied theory of experiential learning, in C. Cooper (ed. ) Theories of Group Process, London John Wiley. Schon, D. (1983) The Reflective Practitioner, New York Basic Books Tennant, M. (1997) Psychology and Adult Learning 2e, London Routledge. Witkin, H. and Goodenough, D. 1981) Cognitive Styles, Essences and Origins Field de pendence and field independence, New York Links Experiential learning laborsaving review of sites by Tim Pickles. Experiential Learning Theory Bibliography Prepared by Alice Kolb and David Kolb, this is an extensive bibliography of on experiential learning theory from 1971-2001. Acknowledgement The workshop limning representing experiential learning is from the EFEO Action Workshops in 2008. It was taken by devilarts and is copyrighted. It is reproduced here under a Creative Commons licence (Attribution-Non-Commercial-Share Alike 2. Generic) flickr http//www. flickr. com/photos/devilarts/2458317215/. How to cite this term Smith, M. K. (2001). David A. Kolb on experiential learning, the encyclopedia of informal education. Retrieved enter date from http//www. infed. org/b-explrn. htm. Mark K. Smith 1996, 2001. infed is a not-for-profit site about us disclaimer provided by the YMCA George Williams College. Give us feedback write for us. Check our privacy policy and, when copying, our copyright notice. Join us on Facebook and Twitter. Hosting by Memset Dedicated Servers CarbonNeutral.