Underpricing in turkey a comparison of the ipo methods - Free Essay Example

Sample details Pages: 21 Words: 6153 Downloads: 9 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Abstract This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange (ISE). Using 1993-2005 firm and issue data, we compare the three substantially different IPO methods available in the ISE. One is very similar to the book building mechanism used in the U.S., another is the fixed price offer, and the third one is the sale through the stock exchange method. Don’t waste time! Our writers will create an original "Underpricing in turkey: a comparison of the ipo methods" essay for you Create order The empirical analysis reveals significant first day underpricing of 7.01% in fixed price offer, 11.47% in book building mechanism, and 15.68% in sale through the stock exchange method. Finally, we also show that fixed price offers can better control the impact of market information on underpricing than sale through the stock exchange method. 1. Introduction Extensive amount of research from a variety of different markets have documented the presence of first-day underpricing upon the listing of initial public offerings. The evidence is well documented by Loughran, Ritter, and Rydqvist (1994) and Ritter1 (1998), (2003) in many developed and emerging markets. In developed markets, in the absence of restrictions on intra-day price movements, first-day underpricing is observed in broad price bands. However, in emerging markets, in the presence of daily volatility limits, first-day underpricing is observed in narrow price bands. In contrast to the daily price limits, significant positive short run returns are observed in a number of emerging markets and substantial amount of money is à ¢Ã¢â€š ¬Ã…“left on the table by issuers. Besides empirical evidence, most of the theoretical models explaining IPO underpricing are grouped under four broad headings by Ljungqvist (2005), these are (i) information asymmetry between the investors, the issuin g firm and the underwriter, these models assume that one of these parties knows more than the others, (ii) institutional reasons, institutional theories focus on three features of the marketplace: litigation, banks price stabilizing activities once trading starts, and taxes, (iii) control considerations, control theories argue that underpricing helps shape the shareholder base so as to reduce intervention by outside investors once the company is public, (iv) behavioral approaches, behavioral theories assume either the presence of irrational investors who bid up the price of IPO shares beyond true value, or that issuers suffer from behavioral biases causing them to put insufficient pressure on the underwriting banks to have underpricing reduced. These theoretical models almost always end with the conclusion that the average IPO is undervalued at the offer price, where the initial investors, in most cases, benefit from possessing information by receiving allocations of shares in IPOs and earn the largest first-day returns. The expectations of issuing firms, investors and underwriters in IPO pricing are considerably different. In an offering, the issuer generally wants to receive the highest possible price to maximize cash flows to the firm. Investors like to purchase shares at a deep discount so that they can realize positive returns *Baskent University, Faculty of Economics and Administrative Sciences, Baglica Kampusu, Ankara, 06530, Turkey, + 90 (312) 234 10 10 /1728, [emailprotected]/* */ 1 Ritter (1998), (2003) provides an update on the compilation of Loughran, Ritter, and Rydqvist (1994) in a short investment period. Underwriters, acting as an intermediary between investors and issuing firms, suffer from a dilemma, if an underwriter determines IPO prices too low, where the foreseen amount of money left on the table will be huge, the issuing firm may withdraw or switch to another underwriter. On the other hand, if an underwriter determines IPO prices relatively high, investors will hesitate to buy new issues, which would result in low commissions and an unwanted effort in aftermarket stabilization activities. Underwriters, however, have an incentive to underprice the shares to ensure that they can sell the offering, and, unsurprisingly, there is extensive evidence that IPOs are, on average, underpriced. Hence, pricing of stocks in IPOs may be the most critical stage of the IPO process. More recently, the literature on IPOs, both theoretical and empirical, focuses on the efficiency mechanisms of the following methods for pricing initial public offerings. At the center of this literature, book building, auctions and fixed price offers differ mainly in price-discovery and share allocation process. Book Building in which the underwriters do road shows and take non-binding orders from Auctions in which the company sets a price range to be used as a non-restrictive guideline for investors, than accepts bids, each specifying a number of shares and a price the investor is willing to pay for them, finally, the market-clearing price set by the investors approximates the real price the shares will command in the market. Fixed Price Offer in which the issue price is set first and than orders are taken from investors who typically pay in advance for part or all of the shares that are ordered. Sale through the Stock Exchange in which the sale is initially conducted in the primary market of the stock exchange by a designated underwriter. Those investors who buy the shares in the primary market must wait until the shares trade in the secondary market in order to sell their shares. The price designated at the time of registration with the securities exchange commissions is set as the opening price. Hybrid Offerings in which the underwriters combine the preceding IPO methods, and design auction/fixed price, auction/book building and book building/fixed price hybrids. For most hybrids, the most common combination is the book building/fixed price offer, where the underwriter uses the book building method to set the price and allocate shares to institutional and foreign investors, and retain the fixed price offer to the domestic retail investors who do not participate in the price-setting process. This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange (ISE). In this regard, we first compare the three IPO methods available in Turkey. One is very similar to the book building mechanism used in the U.S., another is the fixed price offer, and the third one is the sale through the stock exchange method. Then, we estimate a binary probit on the issuers choice between fixed price offer and sale through the stock exchange method, however, because of the declining importance of the book building mechanism in Turkey, we excluded the book build IPO sample from our binary probit estimations. Finally, we determine the factors that are expected to have an effect on the IPO returns. Our results indicate that, the comparison of the two mechanisms yield that for certain values, namely first day underpricing, IPO amount and fractions of equity sold, fixed pric e offer outperforms the sale through the stock exchange method. To the best of our knowledge, this is the first empirical study on the comparison between fixed price offer and sale through the stock exchange method in the IPO literature. The uniqueness of the data and the availability of the sale through the stock exchange method in the ISE make it possible to conduct a study on the comparison between these two methods. The remaining part of this paper is organized in six sections. In the next section, we provide a comparison of the theoretical and empirical research conducted on IPO methods across many countries around the world. In section 3, we describe the three important Turkish IPO market selling procedures. In section 4, we describe the data and the methodology we used in our empirical tests. Section 5 documents the relationship between market conditions and underpricing of IPOs in different time series and the last section concludes. 2. Comparison of the IPO methods in the literature: Theory and Evidence The efficiency of the IPO methods has been the subject of an academic research over a decade, both empirical studies and theoretical models have tried to explain the advantages of one method over another. The argument that is often made in favor of IPO methods is often empirical as well as theoretical. Researchers studying on the efficiency of the IPO methods try to answer the most challenging question, à ¢Ã¢â€š ¬Ã…“Which one of the IPO mechanism is the most efficient?2. However, according to our comprehensive literature research, both empirical studies and theoretical models listed in Table have some mixed answers. 1. Book Building vs. Fixed Price Offer and/or Auctions Comparison of the IPO methods in the literature goes back to Benveniste and Spindt3 (1988), (1989) and Spatt and Srivastava (1991), they suggest that the American bookbuilding procedure is efficient since it encourages investors to reveal their beliefs about the issues value at a cost of initial underpricing. Book building allows investors to collect information about the value of the stock and price the issue more accurately. To compensate the investors who reveal information, underwriter will favor them when allocating shares. However, fixed price mechanism does not utilize any information about realized buyer valuationsin setting the issue price and is generally inefficient. Loughran, Ritter and Rydqvist (1994) present the first international evidence on the short-run and long-run performance of companies going public in many stock markets around the world. They document that the fixed price method is associated with greater underpricing because of the greater probability of the issue failing and the increased uncertainty associated with the longer time delay between offer and issuance time. Chowdhry and Sherman (1996) point out that two features of fixed price offers tend to lead to greater underpricing, relative to the book building method. The first one is the length of the bidding process, as the time gap between the offer and first day market price widens à ¢Ã¢â€š ¬Ã…“price information leakage occurs, the second one is the common requirement that investors pay in advance for their entire order. Benveniste and Busaba (1997), extend Welchs4 (1992), model of information cascades in investment decisions and present a theoretical comparison of the fixed-price and book-building mechanisms. They exhibit that issuers with a greater concern for risk will prefer a fixed-price offer, because book- building might generate higher expected proceeds, and exclusively provides an opportunity to sell additional shares at full value but it also exposes them to higher risk. Ritter (1998) demonstrates that countries that use bookbuilding typically have less underpricing than countrie s using fixed-price offerings, more underpricing under fixed-price offering procedures can be attributed to informational cascades. However, Loughran, Ritter and Rydqvist (1994) and Ritter (1998) point out that IPOs with discretionary allocation (Fixed Price Offering and Book-building) are underpriced more than those with non-discretionary allocation (Offer for sale and Auctions), especially in Auctions. Under discretionary allocation, the first day price increase averaged 37% in fixed price offerings, 12% in book building. Under non-discretionary allocation, the first day price increase averaged of 27% in Offer for sale and 9% in Auctions. 2 In terms of controlling the amout and volatility of underpricing, share allocation and pricing. 3 The literature on underpricing in initial public offerings goes back to Logue (1973), Ibbotson (1975), Chalk and Peavy (1987), Miller and Reilly (1987), Ritter (1984), Rock (1986), Allen and Faulhaber (1989), Benveniste and Spindt (1988, 1989), Gri nblatt and Hwang (1989), and Welch (1989). However, the mechanism by which initial issues are sold has largely been ignored until Benveniste and Spindt (1988), (1989). 4 Welch (1992) focuses on the fixed-price procedure used in some non-US countries, and shows that this procedure can cause informational cascades: investors who observe the investment choice made by previous investors can update their beliefs about the value of the issued shares. Sherman (2000), (2002) shows that fixed price offer, can lead to higher underpricing than book building. Contrary to the fixed price offer and the auction method, in book building underwriters discriminate investors in the allocation of shares to establish long-run relationship with intermediates. Book building gives the underwriter greater flexibility in designing a solution that reflects the individual issuers preferences. By controlling investor access to IPO shares, book building controls both the winners curse problem that affects discriminatory auctions and the free rider problem that affects uniform price auctions. Book building also reduces uncertainty for both issuers and investors. In a study that covers 47 countries, Sherman (2002) has found that in all countries in which the bookbuilding mechanism has been introduced, pre-existing auction systems have decreased in popularity or disappeared altogether. Ljungqvist, Jenkinson and Wilhelm (2000) use a unique dataset containing information on 2,051 initial public offerings in 61 stock markets around the world, during the period of 1992-1999. The authors examine the relative direct and indirect costs of offerings carried out by book building and fixed-price methods. They find that, the direct costs of book building are typically twice as large as direct costs for fixed-price offers. Compared to fixed price offerings, book building efforts though more expensive produce far less underpricing. Nevertheless, fixed price offering is still an extremely common method that is not likely to be abandoned by the underwriters completely. Compared to book building efforts, fixed price offering is an efficient, low cost way to distribute shares to retail investors, avoiding the high fixed costs of road shows. Aorsio, Giudici and Paleari (2000), Guidici and Paleari (2001) present an empirical study conducted on the Milan Stock Exchange companies bet ween 1985 and 1999. Authors distinguish between fixed- price offers and open-price offers with bookbuilding and find different underpricing levels and statistically significant determinants. They state that if the offering is preceded by book building, the underpricing is significantly lower (8.32 % vs. 28.33% in fixed-price offerings), this method allows the issuing parties to collect information from the institutions and to signal good news or bad news to retailers through the revision of the prospectus price range. Therefore, the cost of raising private information is reduced and the requested underpricing is lower. The evolution of the placing procedure, from fixed price to book building, has considerably improved the efficiency of Italian IPO market. Biais and Faugeron-Crouzet (2002) analyze and compare the performance of book building, fixed price offering, uniform price auction, internet-based Open IPO mechanism, and an auction like mechanism called the Mise en Vente in France. Conclusions emerging from their analysis are; Fixed price offerings lead to inefficient pricing and winners curse. Dutch auctions can also lead to inefficiencies, to the extent that they are conductive to tacit collusions by investors. The book building and an auction like mechanism Mise en Vente can lead to optimal information elicitation and price discovery. Chahine (2002) investigates the relationship between underpricing and the investors interest prior to and after the IPO day on 305 French issues. Empirical results show that book-built issues have a lower underpricing, on median, but a higher variance level, than the auction-like and fixed-price offerings. Despite the high initial underpricing of some book-built issues, book-building procedure appears to better control the information gathering from investors participating in the offering, and to be a more efficient pricing system than the auction-like procedure. Paney (2004) examines the initial returns, characteristics of issuers and long run performance of Indian IPOs on a sample of 84 Indian IPOs between 1999 and 2002. In terms of initial returns or underpricing, Paney (2004) finds that fixed price offering yields higher initial returns on average, as compared to book building. In terms of issuer characteristics, Paney (2004) finds that fixed price offering are used by issuers of fering large proportion of their capital by raising a small amount of money. In contrast, book building is opted for by issuers, offering small portion of their stocks and mobilizing larger sums of money. Kutsuna and Smith (2004) present an empirical study conducted on the Japanese IPOs between 1995 and 1999. Using a sample of 163 book-built and 321 auctioned IPOs by JASDAQ companies, authors document that average total issue cost, measured as a percent of aftermarket price, was significantly higher in the book-building regime than in the earlier auction regime. However, when results are weighted by issue size, the estimated aggregate costs of auctioning and book building are similar. This outcome favors book building over auctions for two reasons. First, auction-method estimates do not reflect opportunity costs related to underinvestment. Second, issue cost estimates ignore other benefits of the more-accurate pricing that book building affords. Anand (2005) examines the differences between book building and Dutch-auction, and shows that the bookbuilding method of offering securities is superior to the Dutch-auction IPOs. Stated by Anand (2005), while the Dutch-auction may seem to lea d to efficient price discovery based on investor demand, recent transactions suggest that price discovery is not always accurate and that, indeed, underpricing occurs even in the Dutch auction. Further, even if the Dutch auction is more fair than the bookbuilt process in terms of allocating securities, the Dutch auction can lead to less capital market efficiency overall and can therefore be questioned as a basis for promoting this type of offering. Jagannathan and Shermans (2005) research on the efficiency of IPO mechanism show that hybrid bookbuildings5, unlike auctions, have proved effective in many different countries, cultures, time periods, and market conditions. Jagannathan and Sherman (2005) propose a new IPO mechanism that could overcome the problems with standard auctions. A method that retains the advantages of bookbuilding, while modifying it to increase transparency. Although not a direct comparison between book building, auctions and fixed-price offers, Cornelli and Gol dreich6 (2001), (2003) examine a unique data set of international book building allocations and find that the underwriter favors both regular investors and investors that supply information on the value of the issue. Degeorge, Derrien and Womack (2005) have presented empirical evidence from Frances IPO market that underwriters employing the bookbuilding process implicitly committed to providing more favorable coverage to the companies they took public in the aftermarket. Authors find convincing empirical evidence that in addition to placing the IPO shares with investors, underwriters employing book-building implicitly commit to providing more favorable coverage to the companies they take public in the aftermarket. Specifically, analysts, affiliated with the lead underwriter of the offering, issue more favorable recommendations for recent book-built IPOs than for auctioned offerings. 2.2. Fixed Price Offer vs. Book Building and/or Auctions The pricing of Initial Public Offerings (IPOs) in the short-run has been analyzed by several theoretical and empirical studies referring to the major international stock markets. Extensive research has revealed that the fixed-price offering all over the world suffer from IPO underpricing especially in these major markets. However, studies conducted by Busaba and Cheng (2001), Bierbaum and Grimm (2003), Chemmanur and Liu (2003), Hsu and Hung (2005) present some evidence on the efficiency of fixed price offering over book building and auctions. Busaba and Cheng (2001) show that the bookbuilding process elicits much information from informed traders at the IPO stage by promising larger allocation of valuable stocks to investors who truthfully reveal their information, and therefore reduce the impact that such informed traders have in the after- 5 In the hybrid bookbuilding offers, all retail investors are allowed to place orders in a public offer tranche, and all have an equal chance of getting shares. The prices, however, are set by professional investors who are given incentives to attend the road show. Jenkinson and Jones (2004), cast some doubts about the findings of Cornelli and Goldreich (2001) upon the extent of information production during the bookbuilding period. market trading. In contrast, the fixed price method, that does not elicits such private information at the IPO stage, enables informed traders to use such information in the after-market at the expense of the uninformed traders. In this regard, if the underwriter building a book can not successfully target a subset of the informed investors, a simple fixed price strategy that involves allocating the issue to retail investors produces higher proceeds on average. The comparatively high adverse selection problems associated with the fixed-price method will spill over from the IPO stage to the after-market. This in turn means that liquidity will be relatively more important for IPOs carried out via a fixed- price method than via bookbuilding. Authors show that, compared with a fixed-price offering, the bookbuilding process elicits more information from informed traders at the IPO stage, and therefore reduce adverse selection problems in the after-market trading. However, by the same toke n bookbuilding may require larger informational rents to be paid at the IPO stage. This suggests that underpricing should be larger for IPOs carried out via bookbuilding than via a fixed-price method. Bierbaum and Grimm (2003) compare the fixed price and the uniform auction in a game theoretic framework. The comparison of the two mechanisms yields that for certain parameter values, namely a low variance of the asset and, at the same time, a sufficiently high probability of low demand, fixed price method outperforms the auction in terms of revenue. Moreover, the revenue in the fixed price mechanism is typically less volatile than the revenue in the auction. Chemmanur and Liu (2003) model the effect of costly information production on issuers choice of a fixed-price offer or a uniform-price auction with exogenous entry of bidders. Their model predicts that IPO auctions will exhibit a significantly lower mean and variance of underpricing compared to fixed- price offerings. This is due to the fact that the offering price in an IPO auction aggregates the information produced by outsiders to a significant degree, so that this offering price is greater for higher intrinsic-value firms and lower for lower intrinsic-value firms in IPO auctions than in fixed- price offerings. At the same time, there is less information production in IPO auctions compared to fixed-price offerings where the offering price is set by insiders to induce the optimal degree of information production, so that a lower amount of information is reflected in the opening price of the shares listed in the stock market. Thus, Chemmanur and Liu (2003) demonstrated that, in many situations, firms will prefer to go public using fixed-price offerings rather than IPO auctions in equilibrium, since such offerings allow the firm to induce the optimal extent of information production. Hsu and Hung (2005) present an empirical study conducted on the Taiwanese companies between 1996 and 2000. Using a sample of 280 pure fixed-price offers and 84 hybrid auctioned, authors find that, Taiwanese hybrid auctions are associated with less under-pricing and with a lower variance of under-pricing than versus the pure fixed-price offers, but these differences are not statistically different. On the other hand, we find that the market index returns prior to the IPO pricing date have a strong influence on the under-pricing of Taiwanese IPO auctions and of the pure fixed-price offers. Authors provide empirical evidence of how Taiwanese issuers make the choice of IPO method. Taiwanese issuers that float large IPOs, or which have a pricing conflict with underwriters, will likely use a hybrid auction to distribute shares. On the other hand, when the relative risk level of IPO auctions to fixed-price offers has increased, the issuers will likely avoid an IPO auction. Empirical evidenc e also explains why Taiwanese IPO auctions have lost market share to fixed-price offers. Further results reveal that Taiwanese IPO auctions are not associated with less under-pricing and with a lower variance of under-pricing, nor are they better at incorporating recent market information into the IPO price than the pure fixed-price offers. Authors examination on issuers choice of hybrid auctions or fixed-price offers indicates that Taiwanese issuers condition their choice of IPO method not only on firm characteristics, but also on IPO size and on market conditions. This is why Taiwanese issuers prefer a pure fixed-price offer to a hybrid auction are based on market volatility and the pricing conflict. In doing so, under a volatile market where Taiwanese hybrid auctions have become much riskier relative to the pure fixed-price offers, issuers will prefer a pure fixed-price offer to a hybrid auction, resulting in a lower popularity of Taiwanese hybrid auctions. As listed in Table 1, Fixed Price Offering seems to be the less favorable method comparing to Book building and Auction Methods. It is a fact that, the worldwide introduction of book building method during the 90s has promoted efficiency in the major equity markets. However, Sherman (2002) states that stock markets listing few IPOs each year, fixed price offering is still be the optimal method. 2.3. Auctions vs. Book Building and/or Fixed Price Offer Using a sample of 108 French firms marketed on the Second MarchÃÆ' © between 1984 and 1991, Leleux and Paliard (1995) show that initial returns are significantly higher for firms issuing through the fixed- price procedure than for firms using auction-like procedures. Leleux and Paliard (1995) state that the auction mechanism is associated with less underpricing and thus more efficient, since this procedure is able to incorporate more information from recent market momentum into the pricing of the IPO. Beierlein (2000) compares the boo k-building method to two commonly used auction mechanisms, the discriminatory price auction and the uniform price auction in terms of underpricing and the long run performance of IPOs relative to the market. Using data from Japan, Israel and the U.S., author finds evidence that the U.S. book building is less efficient than the auction mechanisms are. Specifically, underpricing is significantly higher in the U.S. than it is in Japan or Israel and bookbuilding appears to incorporate less demand information into the offer price than the auction mechanisms do. Bennouri and Falconieri (2001) suggest that auction mechanisms are the optimal way to sell new shares because auction procedures are more informationally efficient than bookbuilding. Assuming ex ante uncertainty about the firm true value, then auction mechanisms are able to elicit and incorporate more information from the market as well as from investors into the pricing of IPOs. Draho (2001) suggests that underpricing in bookbuilt IPOs is due to the uncertainty about the price on the secondary market rather than about the firm value, as most of the literature assume. Nonetheless, his results indicate auction-like mechanisms as the most efficient ones, since they are open to all investors who are moreover required to submit price-quantity bids. McDonald (2001) examines the efficiency mechanisms of the sealed-bid uniform-price auctions over book building method in a theoretical framework and concludes that the uniform-price auction, due to its generalized Vickrey auction properties, is indeed an efficient auction mechanism especially for the sale of IPOs over the Internet. Biais, Bossaert, and Rochet, (2002) study the optimal IPO mechanism by which the seller can extract private information to maximize the expected net IPO proceeds. They find that the optimal mechanism they characterize is similar to auction-like IPO procedures used in the U.K. and in France. Kaneko and Pettway (2003) examine the Japanese initial returns before and after the introduction of book building, and find that underpricing in book building method is significantly higher than auctions, especially during hot markets. Results suggest that the move from auction-priced to underwriter-priced IPOs using book building in Japan has significantly reduced the wealth of issuing companies while increasing the wealth of underwriter-selected investors. Derrien and Womack (2003), use the French IPO data for the 1992-1998 period and compare the three underwriting/selling mechanisms available on the French market. One is very similar to the book building mechanism used in the United States. Another is a fixed price procedure. The third one is an auction-like procedure. Authors show that the auction procedure is better than the others at controlling underpricing in general as well as the variance of underpricing of the issued shares in à ¢Ã¢â€š ¬Ã…“hot versus à ¢Ã¢â€š ¬Ã…“co ld markets. Fixed price offering method is indeed inefficient and leads to greater underpricing compared to IPOs sold through book-building and auctions. However, the main empirical comparison in this paper is between the two main procedures auction and book building. Authors find evidence that during hot markets auctioning is associated with less underpricing than book building. They attribute the result to the auction methods ability to incorporate more information about recent market performance into the offer price. This result provides empirical support for the theoretical work by Biais, Bossaerts, and Rochet (2002) who suggests the auction procedure is optimal. In line with the evidence of Derrien and Womack (2003) that an auction procedure is more efficient in incorporating recent market momentum in the offer price compared to fixed price procedure, Vandemaele (2003) uses the French IPO data for the 1984-1995 period and points out the factors that may influence issue procedure choice. Results indicate that, firms facing relatively high valuation uncertainty are high likely to opt for an auction-like procedure and the likelihood of opting for an auction increases as the investment bank reputation associated with the issue decreases. Although not a direct comparison between auctions, book building and fixed-price offers, studies in Pettway and Kanekos (1996) examination on Japanese auctions, Kandel, Sarig and Wohls, (1999) examination on Israeli auctions, and Liu, Wei and Liaws (2003) examination on Taiwanese auctions seem to suggest that IPO auctions lead to less under-pricing. Biais and Faugeron-Crouzet (2001) show that a uniform price auction can prevent tacit collusion among bidders and can truthfully elicit information from investors in much the same way as book building. Bulow and Klemperer (1998) also show that it can be optimal in an auction to set a price at which there is excess demand. 2.4. Research on IPOs in the Istanbul Stock Exchange (ISE) Firms in Turkey may offer their shares to the public through, book building, fixed price offer and sale through the stock exchange method, however, they are mainly underwritten and sold using the fixed- price offering method; a method which is very common world w ide is becoming much less common, particularly for more active markets. Recent empirical studies, focused mainly on the initial returns and under pricing, conducted by Ozer (1999), Kiymaz (2000) and Durukan (2002), show that underwriters of the Turkish companies listed in the Istanbul Stock Exchange do not fully incorporate all available information into the IPO offer price. The first day returns of IPOs average approximately 12.41%-13.10%-14.61% respectively, indicating that systematic underpricing largely observed in the ISE. Further, Ozer (1999) finds that IPOs provide significant excess returns in the first three days following the offer. Abnormal returns are the highest on the first day, decrease in the second and the third event days and approximate the market movement after the third day of trading. Kiymaz (2000) finds that these initial returns are related to the size of issuer, rising stock market between the date of public offering and first trading day, institutional owne rship and self-issued offering. Durukan (2002) finds that these initial returns are related to the size of issuer, gross proceeds, age of firm, debt level in the firm capital structure in the year prior to IPO, institutional ownership and self-issued offering. 3. Methods of Sale in the Istanbul Stock Exchange (ISE) The Turkish IPO market gives issuers and underwriters a choice of three different IPO selling mechanisms. Accordingly, firms may offer their shares to the public through one of the following three methods of sale. 3. 1. Fixed-Price Offering In a fixed price offering method, a fixed price at which the securities are offered is known in advance by the investors. Investors fill in and sign the bid forms and submit them to the underwriter during the period designated in the prospectus. When the bid forms are submitted, investors must deposit the amount corresponding to the demanded shares to the underwriters account. At the end of the bid collection period, the allocation of shares among investors is conducted through the pro-rata basis. Where the total amount of shares offered to the public is divided by the number of investors until the entire amount of shares has been allocated. After the bid collection process, the underwriter submits to the issuer a list of the allocation of shares among investors within two business days after the end of the bid collection period. The isuer then approves the allocation list and returns it to the underwriter within two business days. The lists of bids that are not met are announced by the underwriter and the corresponding amounts are returned immediately to investors. Also, the shares pertaining to bids that have been met are released to investors. 3.2. Book Building Method In a book building method, price at which securities will be offered is not known in advance to the investor. Only an indicative price range is known and bids above this minimum price are collected. As in the fixed price method, investors submit the bid forms and deposit the corresponding amount to the underwriters account. At the end of the bid collection period, the allocation of shares is conducted as follows. Starting from the highest-price bid, the bids are transformed into a table showing cumulative bid amounts at each price level. The price level at which the cumulative amount exceeds the amount of shares offered is set as the selling price. All bids above that price are met. After the bid collection process, the underwriter submits to the issuer a list of the allocation of shares among investors within two business days after the end of the bid collection period. The issuer then approves the allocation list and returns it to the underwriter within two business days. The lists of bids that are not met are announced by the underwriter and the corresponding amounts are returned immediately to investors. Also, the shares pertaining to bids that have been met are released to investors. 3.3. Sale through the Stock Exchange The initial public offering of an issue using Sale through the Stock Exchange method can be carried out to the Istanbul Stock Exchange within the regulatory framework of the stock exchange after the approval of the Capital Markets Board of Turkey (CMBT). The sale is first conducted in the primary market of the ISE by a designated intermediary institution. Those investors who buy the shares in the primary market must wait until the shares trade in the secondary market in order to sell their shares. The sale can be made through the secondary market of the ISE after fulfilling all the required documentation at least 20 days prior to the offering. The price selected at the time of registration with the CMBT is set as the opening price. From then on, the price of the shares moves within the band determined by the daily limits (+/- 21 %) set by the ISE. 4. Data and methodology 4.1. Data The sample we analyze is the widest ever examined to carry out a research on IPOs in Turkey. We obtain firm data and issue data from the Istanbul Stock Exchange. Firm data includes book value of assets, book value of equity, book value of debt, sales revenue, net profit, firm age. Issue data include the offer data, number of shares issued, number of days between pricing and first trade, amount raised, offer price, first aftermarket price, and other offering details. Our sample consists of 217 IPOs from January 1993 through October 2005. Panel A of Table 2 reports the number of IPOs and gross proceeds in Turkish market during this period. Of these 217 IPOs, 149 firms use fixed price offers (69%), 39 firms use Sale through the Stock Exchange (18%), 29 firms use book building (13%) to distribute their shares. The number of IPOs during this period peaked in 2000 than hit the bottom in 2001. As a consequence of the 2001 crisis7, the number of IPOs between 2001- 2003 totaled only 7. Nevert heless, the book building mechanism which was often used in mid 90s has lost issuers interest in the most recent years, there were 25 total book building offerings in 1994-1995, 7 The Turkish economy has suffered from an acute liquidity crisis in 2001. The exchange rate as measured by Turkish Lira/USD depreciated by 50% in a short period of time. but there have only been 4 since the beginning of 19968. Thus, our main comparisons in this paper are between the Fixed Price Offer and Sale through the Stock Exchange method. Panel B of Table 2 reports some descriptive statistics of Turkish IPOs from 1993 through 2005 on firms specific and market related characteristics. In line with the evidence on initial returns documented by Ozer (1999), Kiymaz (2000) and Durukan (2002), IPOs in the sample also suffer from a significant underpricing on an average. The average initial returns computed on the basis of first trading day closing are positive and significant for all the three types of IPO methods, high levels of underpricing observed in sale through the stock exchange with a mean of 15.68%, low levels of underpricing observed in fixed price offers with a mean of 7.01%. The average initial returns computed on the basis of first month closing price are still positive for fixed price offers with a mean of 15.61% and sale through the sto ck exchange offers with a mean of 58.83%, however, book building offers lead their investors into a systematic under-performance at the same time period. Panel B also shows that the fractions of equity offered to the public is higher in the sale through the stock exchange method with a mean of 35.32%, than the fixed price offer (25.66%) and book building (24.28%) methods. Firm specific variables such as Net Sales, Total Assets, Total Equity, and Total Debt show that larger firms are more likely use the fixed price offers and smaller firms use sale through the stock exchange and book building methods. 4.2. Choice of IPO method In this part of the study, we try to answer whether à ¢Ã¢â€š ¬Ã…“issue related characteristics, à ¢Ã¢â€š ¬Ã…“issuing firm characteristics and à ¢Ã¢â€š ¬Ã…“market related characteristics have a stronger influence on issuers choice of IPO method. As discussed and confirmed by Derrien and Womack (2003) in French IPOs, and Hsu and Hung (2005) in Taiwanese IPOs, previous market conditions prior to IPOs and some firm characteristics at the time of the IPO have significant impacts on the level and the variability of initial underpricing. To answer the same question in Turkish IPOs, we follow Hsu and Hungs (2005) methodology and first estimate a binary probit.

Analysis Of The Book The Once And Future King

Nathan Jarm Fourth hour December 16, 2016 T. H. White s The Once and Future King is one of the unique portrayals of the legend of King Arthur. White puts a twist on the epic saga of King Arthur, from his childhood education and experiences, up to his death. There has been other novels of Arthur s life, In the fifteenth century, Thomas Malory wrote le Morte d Arthur, the first complete tale of Arthur s life. Along with the other novels. Nothing compares to Whites twist on the legend of Arthur. Though similar in many ways to other works of the same legend, such as Malory s, White gives new details, meanings, and insightful modernization to the story by using his post war ideology, animal imagery, and the concept of might vs right. White s twist on the Arthurian legend differs from the traditional versions in that he includes present knowledge and concepts, adds new stories and characters to the legend, and provides new perspectives by going deeper into the existing tales. With the Arthurian legend it has been told with many si milar point of views by different authors throughout the years. T.H. White has witnessed WWI and WWII without being in both great wars of his century. T.H. White focuses on Arthur as a character with a blank slate, having a wizard named Merlin teaching him throughout the book what is right from wrong. T.H. White an author, journalist, educator, and poet. T.H White was born on May 29th, 1906 in Bombay, British India andShow MoreRelatedSouls Of Black Folk, By B. Dubois1673 Words   |  7 PagesMoody, Martin Luther King Jr., and Barack Obama, expressed the same concern. Many people in our society, past and present, see being African American as a sign of inferiority. Race shouldn’t be the distinguishing factor between people. 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Education Introduction to Educational Leadership and Administration

Question: What are the key differences between managing education as opposed to managing other forms of organisations? In responding to this question critically explore which ideas have been most important in challenging or confirming your conception of educational administration and leadership? What changes do you see as important in the practice of educational administration/leadership? How will you use the learning from this unit to inform your own management practices? Answer: Introduction Critics have identified that structural and organizational changes are significant characteristics which makes the educational institutions as learners community. Management is understood in different manner in different way, by different people at various times. The practical approach to meet the greatest flexibility assists in modifying more sustainability of educational traits and corporate culture. Management includes handling, control, being passive; organize, to change by manipulation and to perform for a principle (Bennett Savani, 2004). Corporate and academic factors are dissimilar in their approaches. Cognitive approaches to improve the areas are comprehensive in their approaches. Management is said to be an art. Management is performing organizational activities and works through people. It engages the use of different applications in public relations and human relations; sharing and assigning duties and responsibilities, also known as assignment of a power; communication that contains problem solving and decision making and change management (Booth, 2006). Management is also focused in setting up laws, theories, philosophy, practices, processes and principles that can be related in different circumstances including schools. As an association, management is regarding constructing formal structures and establishment depends on goals, targets, functions, tasks and objectives (Congdon, Baker Cheesman, 2013). For instance welfare and social organizations in government sectors can refer to health and education services, while the management associated with public security services can refer to military and police. Management can be performed by a group of people or an individual person. In a school a teacher can say that the school administration changed the time schedule during the midterm. This administration could be the principal alone, the senior staff or board of members of the school committee. These two sectors can also be compared in terms of management team (Booth, 2006). For instance with group of senior staff senior management group can be formed that is same as ministers cabinet for the government body. Attitudes, skills and knowledge in management are acquired through learning and from experiences also. Whatever the management it is, as a whole it is considered as a collection of procedures comprising action planning, problem solving and decision making. The procedures include resource management containing time, financial, human and material. These processes are mainly dealt by the managers. Educational development Academic administration is different from structure of organizational administrative structure. The accountability of academic administration is more consistent in comparison with academic level. Similarly, cultural steadiness and administrative culture within an organization are significant to introduce more dissemination in managing academic structure. Within an academic environment cleverness is the most important factor. But for an organization it appears to be pretty dissatisfying. Academic learning assists organizational improvement of an individual, having intense specification and variety it enters with an enormous variance and intensity for the further development of individual student. Academic sectors are likely to develop organizational basics for individual student. Entirely controlled approaches are most integral factor that assists in the improvement of more sophistication. Application of stability and durability of individual student within academic limits delivers in the cultural development and institutional pretense. Academic practicability of individual student is refined to improve the career of the students and shift them with the power of organizational characteristics. The strength of educational ingenuity of academic sector stands exactly incompatible. Ambiguity within the process leads to a wealthy generalization, which includes significant parameter. Managing educational boundary alternates in contrast with managing organizational stability. Educational management principles A principle is said to be a commonly accepted truth that is depend upon available instruction and experiences. The renowned philosopher Henri Fayol (1916) illustrated fourteen management principles in connection with human activities. These are work division, accountability, responsibility, authority, discipline, unity of control, harmony of trend, decentralization, centralization, scalar chain, personnel remuneration, equity, subjection of personal interest to general interest, steadiness of term of employers, pride feeling and shared loyalty divided by the personnel of a group and control span (Cracknell, 2012). Control span means the finest subordinate members notifying to same supervisor. The numbers can be between 5-8and single person cannot efficiently administer above this assumed limit and delegation is appropriate (Khandekar Sharma, 2005). These principles highlights that efficient organizational action is accomplished when the sources and individuals are given directions a nd synchronized. This entails purposeful action planned towards the accomplishment of policy objectives or specific goals. The specialization idea in both technical and management is widely supported (Routamaa, Hautala Tsutzuki, 2010). For instance in education, people have accountability to offer quality education for the students. The responsibilities at various stages as school head, teacher, education director and school inspector are certainly depend on the work division principles. Usual organizations have few aspects clearly understood and stated by the people, these are: organization name, symbol, logo, address, location, motto and trade mark; the vision and mission of the organization and their objectives, organizational functions, expected products and results. The term organization derives from organ, which are living things. Humans are made up of different organs. All these organs have their specific work to perform and to maintain the stability of the human system. Likewise, it can also be compared with the company or business organization. A strong society contains all its organizations performing with regard to each other. Societies construct organizations to perform particular work (Felin, Zenger Tomsik, 2009). Thus, an organization is a result of the work performed in a group, depending upon the allocation of responsibilities, duties and rights to accomplish particular goals. In case of educational management, it is significant that the head of the schools understand that schools or other educational institutions as organizations have specific purposes. What an organization is seemed to perform to accomplish the goals are the organizational functions. Personnel in different organizational levels have to accomplish the task. These du ties and responsibilities are performed from functions: the accountability includes broad job statement, while, tasks are the everyday responsibilities from respective accountabilities within the organization. If a school is compared with a hospital in terms of organizational management it is noticed that both these are service organizations though with various client groups. Schools or the educational organizations serve strong people to alter their behavior. Hospitals serve ill people to turn out to be healthy. Banks aspire to make profit as banks serve people (Bush, Bell Middlewood, 2010). Some commercial and private schools function like banks. Other individual educational management characteristics focus o the aims that is hard to characterize and the consequences are rather complicated to determine. While discussing with such issues it is good to mention that a difference is present between management and administration. People commonly use the term management to signify administration. Nevertheless, management within an organization includes designing, planning, monitoring activities, initiating actions and insisting consequences depend on allocated sources. It is policy control, m onitoring and policy making. Alternatively, administration includes policy, rules, regulation and procedure implementation as arranged by the management. Educational leadership Educational leadership is said to be the process of guiding and enlisting energies and talents of students, parents and teachers towards accomplishing general educational goals. The term education leadership is commonly applied synonymously with school leadership. Educational leadership illustrated on interdisciplinary literature, commonly but preferably differentiates itself through the focus on human development, epistemology and pedagogy (Bisschoff, 2005). In modern practice it uses from business and political science. Debates are present within these areas of concern. Different educational perspective and leadership theories have been explored and presented, for example: distributed leadership, instructional leadership, social justice leadership and transformational leadership (Caldwell, 2006). Researchers have illustrated how different actions and practices impact the achievement of the students, job satisfaction of the teachers and other factors associated with the improvement of the school. Furthermore, the researchers carry on with their investigation regarding the quality and methodology of main preparation programs. To understand and illustrate the deep concept of educational leadership standards, scientists Duignan and Hurley (2007) have structured a project for Australian teaching. Their aim was to recognize; critique and map Australian developments in the field of specialized school management standards (Duignan, 2012). They have applied procedures which comprised analysis and collection of pertinent telephone surveys, emails and documents along with face-to-face and telephonic interviews with state, territory and national representatives of systematic employing rights and personal associations. The results show that the leadership standards language is no longer applied by systematic employing rights or profession. The innovative language is that the leadership capabilities and leadership frameworks that are developmental in the orientation and philosophy. These researchers have suggested a national leadership structure which comprises the greatest leadership capabilities and structures and delivered guiding principles for the development (Haydon, 2007). The frame work included different factors: owned by and developed by profession: the structure should be developed for the profession and by the profession through methods which are collaborative and transparent; depend on professional agreement: such agreement should be developed for individual professional for leadership development. It need to be both practical and philosophical, making clear the beliefs, expectations, moral purposes, meaning and values for school leadership, in addition to assisting provide the profession a sense of purpose and identity. Much creative attempt has currently gone into the leadership framework development and abilities by the employing authorities and profession and this need to be admired by any kind of nationalized improvements in this field. The application of abilities in this type of structure need to be strongly supported as the majority of the structures assembled for the frame work comprises leadership potential. Leadership standards need to be informed by different related researches into the purpose, nature and concentrate on highly observed leadership in educational organizations (Dinham, Anderson, Caldwell Weldon, 2011). The practices associated with the improvement of educational leadership by concentrating on the learning of the students. The capacities and trained school leadership standards need to concentrate on developing the learning quality, leadership and teaching in educational organizations and in case of lack of these arrangements the development will be meaningless exercise (Booth, 2006). Equivalent improvements, for instance nationalized professional standards for highly developed teaching and nationalized curriculum should be considered and their inferences need to be evaluated when nationalized leadership standards are being developed and considered. It is significant to identify that key control challenges and educational contexts, p articularly that are associated with the requirements f the students are changing and dynamic. Hence, leadership standards should be referred as an effort in development. Leadership standards should offer main stakeholders and the community that the occupation is dedicated to elevated quality leadership in educational organizations and thus assist raise the expert image and credibility of the vocation at local, state and national levels. Decision making process Decision making process with the help of administration data application assists in healthy development of academic sector. Construction of enduring planning seems to be the most inherent factor that assists in improving the growth of academic sector. Administration takes the decision how to divide resources among different factors. Shaping the market direction and aiming to a classy goal occupies an organization to be constructed well within the market place. Managing academic process along with external factors is also significant that assists in the improvement of organizational strategy. It is considered as a basic factor that assists in the development of organizational collegiality. Aiming to the improvement of organizational strategies assists in improving the practical strategies also. It appears to be the extent that has been intrinsically nurtured and requires to be improving with strong superiority. Education and gender Another research paper by scientist Priola (2011) has illustrated the fact that gender is associated in academic circles and how gender factor is built up in academia (Priola, 2007). The gender relation construction in a particular institution was a special interest for Priola, this is because the greater part of the managerial roles were absorbed by female candidates. To obtain a credible result, the scientist has interviewed all women academic managers, for example: department heads, associate deans and deans along with male academics. The construction process of gender associations is analyzed through evaluation of the inconsistency between masculine practice of higher education institution and women managers supremacy in the particular organization (Dinham, Anderson, Caldwell Weldon, 2011). It is also recommended that the statistical dominance of female managers may generate stresses between individual identities as female and the managerial identities, because of the masculine practice predominance and values in the organization. Furthermore, it is also come out that the continuance of practices and masculine ideals is associated with deemphasizing the accomplishments of the women. The proportion of female in administrative roles, especially at idle and lower level, may augment but it does not essentially find out a modification within institutional practices. The creation of the identities of the employees and the working practices are controlled by the leading culture. The educational career demonstrated opposition to the alterations in culture and the state of women in educational institutions is one of the major proofs of this. Scientist Miller (1995) has suggested that the most understandable management feature of the universities is not merely the male dominance but also the supremacy of manly styles. Reproducing the statistical male dominance of males are masculine conversations, practices and imageries which often encompasses the administrative function and their perceptions. Likewise, scientist Spurling has commented that well-known educational meetings give rise to the imbalance in gender in support of male criteria and experiences in the program, in staffing and working (Meyer, 2002). The gender aspect of managerial life brings about the evaluations of fit that are depend on men rather than women profiles, with depressing outcomes of womens opinion regarding their suitability for administrative positions. Inclusion and shared values A paper by the scientist Strike (1997) has elaborated the pressure between inclusion and shared values and also searched for an answer whether schools can be communities. The researcher considers a vital problem related with school communities, the pressure between inclusion and shared values which are constitutive to act as community basis and principles of moderate inclusiveness. Democracy, caring and comprehensive set of guidelines are the three important factors for the school community values (Strike, 1999). The scientist concluded that if value is constitutive then this cannot be reliable with moderate inclusiveness. The scientist suggested a central ground depend upon variations of these assessments, which are vague, thick and more liberty of organization in the public school structure around these assessments. Education marginalism Critics have also explored the innovative managerialism in the management of education and enquired whether this approach is organizational learning or corporatization. During the year 1990, many educational organizations had started to point out conventional form of instructive governance and accepted the practice sand forms applied in corporate and private management. Nevertheless, the implementation of these alterations is contested (Jaros, 2014). The supporters of the innovative education marginalism argue that the methods associated with decision making are important to answer the needs of an altered circumstance with noticeably augmented extents of improbability in an information dependant society. The challengers see this innovative merginalism in terms of commercial corporatism going through consecrated limitations of non-market organizations. It is also argued that the current alterations in academic management are understood in a better way as cases of managerial learning i n reaction to the confines of technical association in unstable circumstances. The mutual values, which educational organizations are being advised to accept, frequently by the trustees that come by them pretty naturally, frequently fit awkwardly into the academic environment. The customs of the conservatory powerfully favor heterodoxy, creativity and individuality. The autonomy of achievement is extremely valued. Responsibility is observed as less significant than autonomy. The beginning of norms which illustrates hierarchy, discipline and team loyalty is complicated not because these do not have meaningful standards but because these values are supposed as unimportant for teaching or scholarship (Drysdale Gurr, 2011). They can construct a harsh kind of confusion. It is said that language is the main learning medium within the organization culture. As the language applied by the employees of the organization augments in specificity and variety, their capacity to identify, distinguish and label increases together with the flexibility of framing. If complicated organizations leaders in the present day fail to afford to anticipate random appealing transformation, their single alternative is to generate integral mechanisms of modernization (Campbell-Evans, Gray Leggett, 2014). This requires balance between culture and structure, institution and organization, loose and tight coupling. Organizational improvement relies on the capacity to direct and steer while setting free the creative energies of every individuals. The introduction of strategic management in education As knowledge demanding services and products represent an augmenting share of financial growth, a states education and training system supposes a vital role in its nationalized innovation system. While education should continue to create learning and scholarship in the areas of the traditional strengths for example: pure science, humanities, it is becoming more directly pertinent than before (Congdon, Baker Cheesman, 2013). The writer Balderston has explained that the conventional leisurely progression for new knowledge creation was delivering approach to a compressed series where routes between the stages was lost or blurred. Balderston also expressed that innovative research might be gradually more prompted by realistic complications necessitating interdisciplinary cooperation. Economists have indicated that the higher education can produce constructive externalities, which make this an economic engine and societal growth through the function in business research, software enginee ring and education (Lynn Boscardin Jacobson, 1997). This can also produce the improvement of innovative legalized instruments which offer better motivations to innovation and essentially formation of minds are capable to work together in the discovery and creation of original knowledge in all areas of society. Education may take a higher place on any political agenda and that can vary country wise. As for example, it can be said that education takes a higher place on a political agenda in England. However, the governments public statement have done very little to elevate teachers spirits during the phase while applications for retirement are going up and employment to occupation is falling. In this context different arguments are present. The present dissatisfaction has various reasons. These are: the failure to understand the teachers psychology by the ministers and the teachers unwillingness to increase above the historical disparities and come together in sole structure. To accomplish the goal of raining standards of the teachers there is a vital requirement to develop association among those people who are charged by electorate to offer political control in education and those people whose function is to execute policies and without whose support the inspirational leadership will come to a no. Application of learning to inform self management practices With the apparent belief that management and leadership matters, many factors are present that people yet do not clearly understand regarding efficient educational leadership. On the other hand, the understanding depend on leadership is continuously growing. In this certainty, this article has nicely presented a prcis and well documented understandings regarding management and leadership in schools and other organizational levels. This understanding can be applied with self-assurance to direct the practices associated with leadership, reach and policy (Dinham, Anderson, Caldwell Weldon, 2011). This can assist address concerns regarding the leaders of the school and their performance and preparation. This also offers a well structured starting point for discussion with different audiences regarding the prospect of leadership associated with academia and other organizational aspects. When I was doing my bachelors degree, I was unaware of the administrative factors. This is because in high school I have never understood well what exactly administration means. But as I have started learning different subjects and I have started interacting with different professors and started getting what actually it means by educational management practices. I have started focusing on it since I have got interest in this administrative matter. Leadership qualities are the most significant factors, which according to me is an immensely supportive component for the improvement of my inherent qualities. I have joined as a senior academic coordinator and managed different tasks in the administrative section. These experiences have guided me to understand additional management related approaches. Administrative attributes and application of management skills are the most significant factors, which assisted me to improve my management and administrative capabilities. I have also unders tood that this should be applied within organizational boundary. The knowledge about administration and management that I have obtained from my working sector are the definite approaches that assist me to initiate my management qualities. The planning approaches are in fact fundamental that gives me strength and knowledge to develop my working capacity. Conclusion The leaders should direct their students and subordinated through opportunities created by progressively more complicated environment. Achievement benchmarks, curriculum standards and pragmatic needs and other associated policy instructions from different sources produce unpredictable and complex needs for schools and other organizations. In case of schools, principals should respond to the increasing variety in the characteristics of the students, comprising immigration status, cultural background, mental and physical disabilities, income disparities and differences in learning capabilities (Congdon, Baker Cheesman, 2013). The leaders should manage fresh collaborations along with other societal agencies which serve the students and other employees in the context of organizations. Quick improvements in technologies for communication and teaching need adjustments in internal functions. Therefore, it can be accepted as few conditions, which make schooling and other organizational aspe cts more demanding and management more crucial. References Bennett, R., Savani, S. (2004). Managing conflict between marketing and other functions within charitable organisations.Leadership Org Development J,25(2), 180-200. doi:10.1108/1437730410521840 Bisschoff, T. (2005). Book Review: Developing Educational Leadership.Educational Management Administration Leadership,33(4), 487-488. doi:10.1177/1741143205057583 Booth, C. (2006). Management and organizational history: Prospects.Management Organizational History,1(1), 5-30. doi:10.1177/1744935906060627 Bush, T., Bell, L., Middlewood, D. (2010).The principles of educational leadership and management. Los Angeles: SAGE. Caldwell, B. (2006).Re-imagining educational leadership. London: Sage Publications. Campbell-Evans, G., Gray, J., Leggett, B. (2014). Adaptive leadership in school boards in Australia: an emergent model.School Leadership Management, 1-15. doi:10.1080/13632434.2014.938038 Congdon, G., Baker, T., Cheesman, A. (2013). Enhancing the strategic management of practice learning through the introduction of the role of Learning Environment Manager.Nurse Education In Practice,13(2), 137-141. doi:10.1016/j.nepr.2012.08.005 Cracknell, D. (2012). Book Review: Profound Improvement: Building Learning-Community Capacity on Living-System Principles.Educational Management Administration Leadership,40(3), 413-415. doi:10.1177/1741143212438799 Dinham, S., Anderson, M., Caldwell, B., Weldon, P. (2011). Breakthroughs in school leadership development in Australia.School Leadership Management,31(2), 139-154. doi:10.1080/13632434.2011.560602 Drysdale, L., Gurr, D. (2011). Theory and practice of successful school leadership in Australia.School Leadership Management,31(4), 355-368. doi:10.1080/13632434.2011.606273 Duignan, P. (2012).Educational leadership. Cambridge: Cambridge University Press. Felin, T., Zenger, T., Tomsik, J. (2009). The knowledge economy: emerging organizational forms, missing microfoundations, and key considerations for managing human capital.Human Resource Management,48(4), 555-570. doi:10.1002/hrm.20299 Haydon, G. (2007).Values for educational leadership. Los Angeles: SAGE Publications. Jaros, S. (2014). Book review: Managerialism: A critique of an ideology.Management Learning,45(2), 238-242. doi:10.1177/1350507614524414 Khandekar, A., Sharma, A. (2005). Managing human resource capabilities for sustainable competitive advantage.Education + Training,47(8/9), 628-639. doi:10.1108/00400910510633161 Lynn Boscardin, M., Jacobson, S. (1997). The inclusive school.Journal Of Educational Admin,35(5), 466-476. doi:10.1108/09578239710184600 Meyer, H. (2002). The new managerialism in education management: corporatization or organizational learning?.Journal Of Educational Admin,40(6), 534-551. doi:10.1108/09578230210446027 Priola, V. (2007). Being female doing gender. Narratives of women in education management.Gender And Education,19(1), 21-40. doi:10.1080/09540250601087728 Routamaa, V., Hautala, T., Tsutzuki, Y. (2010). Managing intercultural differences: the relationships between cultures, values and personality.International Journal Of Society Systems Science,2(3), 269. doi:10.1504/ijsss.2010.033494 Strike, K. (1999). Can Schools be Communities? The Tension between Shared Values and Inclusion.Educational Administration Quarterly,35(1), 46-70. doi:10.1177/00131619921968464.

The Bauhaus Notes Essays - Bauhaus, Ludwig Mies Van Der Rohe

The Bauhaus Notes Architecturearchitecture When Walter Gropius resigned as the head of the Bauhaus in 1930, Ludwig Mies Van Der Rohe (1886-1969) became its director, moving it to Berlin before political pressures forced it to close in 1933. In his architecture and furniture he made a clear and elegant statement of the International Style, so much so that his work had enormous influence on modern architecture. Taking his motto less is more and calling his architecture skin and bones, his aesthetic was already fully formed in the model for a glass skyscraper office building he concieved in 1921. Working with glass provided him with new freedom and many new possiblities. In the glass model, three irreguarly shaped towers flow outward from a central court. The perimeter walls are wholly transparent, the regular horizontal patterning of the cantilevered floor panes and their thin vertical supporting elements. The weblike delicacy of the lines of the glass model, its radiance, and the illusion of movement created by reflection and by light changes seen through it prefigure many of the glass skyscrapers of major cities throughout the world. ]previous[ ]next[ Architecture architecture Georg Muche's Haus am Horn, the model house for the Bauhaus exibition in 1923, was the first house he had ever designed. It is an extraordinary little Modernist Villa, classical in its own way. As the floor plan shows, it was designed for a single family with young children and no servants. The living room stands at the centre of the house, surrounded by all the other, much smaller rooms and lit by clerestory windows above. The surrounding rooms are linked in a logical way for middle-class households (the man's and the woman's rooms both lead into the bathroom, the womans room connects with the nursery and so on). Muche became as fascinated by the idea of low cost, quick assembly prefabricated buildings as Gropius and Meyer. In 1925 they designed a house that could be assembled simply from steel panels. ]previous[ ]next[ Architecturearchitecture When Walter Gropius resigned as the head of the Bauhaus in 1930, Ludwig Mies Van Der Rohe (1886-1969) became its director, moving it to Berlin before political pressures forced it to close in 1933. In his architecture and furniture he made a clear and elegant statement of the International Style, so much so that his work had enormous influence on modern architecture. Taking his motto less is more and calling his architecture skin and bones, his aesthetic was already fully formed in the model for a glass skyscraper office building he concieved in 1921. Working with glass provided him with new freedom and many new possiblities. In the glass model, three irreguarly shaped towers flow outward from a central court. The perimeter walls are wholly transparent, the regular horizontal patterning of the cantilevered floor panes and their thin vertical supporting elements. The weblike delicacy of the lines of the glass model, its radiance, and the illusion of movement created by reflection and by light changes seen through it prefigure many of the glass skyscrapers of major cities throughout the world. ]previous[ ]next[ Architecturearchitecture ]g a l l e r y[ It was clear from Gropius's Manifesto that the ultimate aim of the Bauhaus was architecture; the very name Bauhaus suggests it most strongly. Each of the school's three directors, Gropius, Meyer and Van Der Rohe, were above all an architect and, rightly or wrongly, the Bauhaus has become strongly identified with the architectural approach that has variously been called Modernism, The Modern Movement or the International Style. The debate surrounding Modernism or the new architecture was carried on in terms heavy with moral conotations: truth, purity and honesty. Democracy even entered into it with the attempt to suppress the predominance of one face of the building in favor of buildings that would only be appreciated by walking around or through them. The structure of the building had to be expressed clearly by its outward appearance. In formal terms, the horizontal was emphasised rather than the imposing verticals of 19th Century public buildings; flat planes were interlocked at right angles and surfaces were rendered white to symbolize purity and clarity. One of the most controversial elements in the german context was the use of the flat roof; the pitched