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Animal Testing Should Be Banned - 965 Words

Animals Have Feelings Too! In the world we live in today there is a pet present in over fifty-one percent of the families. Because we are talking about in the world the types of pets can ran range from a cat or dog to a giraffe or elephant. To the owners of these animals they are not just pets, but members of their family. Considering these animals are looked after as if they were children; would you like for your child to be a test dummy for products of cosmetic and military supply? Sensible beings will say no because it would be considered inhumane. It should not be any different for animals. Just as we have senses and feelings animals have the same if not a more intense version. Animals require more space to live efficiently, the ability to be in their natural habitat to learn survival as well as a social life; their constant inclination to extinction is growing and military testing is shortening their lifespan, animals feel just as a human which is why animal testing should be ba nned. Animals are should accumulate a certain percentage of physical activity per day in order to maintain good health. â€Å"In the wild, elephants roam as much as 30 miles a day, snacking on lush foliage, bathing in water holes (Lemonick2006).† Zoos attempt to recreate a wildlife setting that can shelter animals and keep them from being used for testing however many attempts are unsuccessful due to lack of storage and space available for their necessary exercise. These generally do not workShow MoreRelatedShould Animal Testing Be Banned?844 Words   |  3 PagesShould animal testing be banned? Nowadays, a lot of animals has been tested on a range of experiments over the world. You could be supporting animal teasing cruelty without knowing it. Have you ever check if there’s animal testing on the cosmetics before you buy it? Today, a lot of cosmetics has been testing on helpless animals and there are about 1.4 million animals die each year from animal testing ( CatalanoJ, 1994). Most of the experiments that are completed in the laboratories are very cruelRead MoreAnimal Testing Should Be Banned880 Words   |  4 Pagesdepending on animals testing. Therefore, if people talk about laboratories, they should remember animal experiments. Those animals have the right to live, according to people who dislike the idea of doing testing on animals; the other opinion, supports the idea of animal testing as the important part of the source of what has reached medicine of the results and solutions for diseases prevalent in every time and place. Each year huge numbers of animals a re sacrificed for the science all these animals, whetherRead MoreAnimal Testing Should Be Banned776 Words   |  4 PagesAnimal Testing Should be Banned  ¨Over 100 million animals are burned, crippled, poisioned and abused in US labs every year ¨ ( ¨11 Facts About Animal Testing ¨). Imagine if that was someones animal getting tortured in labs just to test things such as beauty products and perfume. Animal testing was first suggested when,  ¨Charles Darwin evolutionary theory in the mid 1850s also served to suggest that animals could serve as effective models to facilitate biological understanding in humans ¨ (Murnaghan)Read MoreAnimal Testing Should Not Be Banned940 Words   |  4 Pages1). Over 100 million animals are burned, crippled, poisoned, and abused in US labs every year. 2). 92% of experimental drugs that are safe and effective in animals fail in human clinical trials. (DoSomething â€Å"11 Facts About Animal Testing†). There are currently no laws combating the testing of cosmetics on animals, but the practice is harmful and must be ended. As evidenced by the statistics above, millions of animals are tortured and murdered in the United States every year for virtually no reasonRead MoreShould Animal Testing Be Banned?1665 Words   |  7 PagesTesting Cosmetics on Animals Companies around the world use animals to test cosmetics. Animals, such as rabbits, guinea pigs, hamsters, rats, and mice, are used to test the effects of chemicals on the eyes and skin. While animal testing is not mandatory, many companies use it. About Cosmetics Animal Testing by the Humane Society International talks about the different options companies have that do not require the cruel use and eventual death of animals. The article also talks about the overallRead MoreAnimal Testing Should Not Be Banned1572 Words   |  7 PagesAnimal Testing Every year, over two hundred million innocent animals are injured or killed in scientific experiments across the world. Of those animals, between seventeen and twenty million are used in the United States alone. It is said that an animal dies in a laboratory every three seconds (Animal Testing 101). Those in favor of animal experimentation say they are taking animals’ lives to save humans. It is not necessary to subject animals to torturous conditions or painful experiments in theRead MoreAnimal Testing Should Not Be Banned1581 Words   |  7 PagesAnimal testing is being used by different organizations all over the world to prevent specific diseases, especially cancer. Americans see animal testing having a harmful effect but it is one of the main reasons why society has most cures for some illnesses. This topic is important because people need to know what goes on during animal testing and why it is very beneficial. Animal testing needs to be used to find all cures. Some ani mals such as chimps/ monkeys have 90% of the same DNA humans haveRead MoreAnimal Testing Should Not Be Banned1721 Words   |  7 Pages † Today, more animals are being used in experiments than ever before: around 100 million in the United States alone† (3). Animal testing is now an international issue, and it is becoming a major story. Currently, animals are often used in medical testing, make-up testing, and other consumer product testing. Animals used in such product testing are often abused and suffer from serious side-effects. Animal testing can be painful for the animals, testing results are usually not even useable forRead MoreAnimal Testing Should Be Banned1364 Words   |  6 Pagesbenefit. Using animals for these experimentations usually does not come to mind. Animals are often abused, suffer, and even die during laboratory testing for the benefits of people to make sure medications, household products, newest procedures, and cosmetics are safe and effective for human use. Humans have benefited from animal testing for years while these animals suffer consequences with no positive outcomes for themselves. Even if a product or procedure is deemed successful, these animals are frequentlyRead MoreAnimal Testing Should Be Banned Essay1632 Words   |  7 Pages Animal Testing Should Be Banned Throughout the decades, animals have been used in medical research to test the safety of cosmetics including makeup, hair products, soaps, perfume, and countless of other products. Animals have also been used to test antibiotics and other medicines to eliminate any potential risks that they could cause to humans. The number of animals worldwide that are used in laboratory experiments yearly exceeds 115 million animals. Unfortunately, only a small percentage of

Changes in Germany 1933

Changes in Germany 1933-1939 Essay Patrick HoughtonOctober 24, 2004History 12BMr. KohlmanAfter the initiating of Adolf Hitler as Chancellor of Germany in1933, life in Germany changed dramatically between 1933 and 1939. Thesechanges were crucial to bring about the Nazi ideology in Germanys youngand old population. The changes of German life between the years 1933 to1939 were largely the product of the introduction to propaganda, rearmingof Germany, and the creation of different Nazi party organizations. The concept of Propaganda was not new to the German population. Inthe First World War, Germans were displayed posters of ravenous Britishsoldiers, only interested in conquest and control. In the modern world ofthe thirties, propaganda had taken a major leap from the printed word, tothe spoken and visualized word. The entire basis of the Nazi idealsdepended primarily on propaganda. In the years following the appointing ofHitler as Chancellor, the then small and radical Nazi party was hangingby the small thread of propaganda. The party officials created poster withslogans attacking the Weimar Republic, political opponents, and theCommunist Party. Nazi propaganda was the brainchild of Doctor JosephGoebbels, a failed writer and a fanatical Nazi. His first major goal wasthe persuasion of the German people to support the Nazi party. The Naziparty had done poorly even the early thirties, and required a suprememajority to take control of the Reichstag and eventually the whole nation. After Hitler was appointed Chancellor in 1933, he quickly appointedGoebbels Minister of National Enlightenment and Propaganda. Goebbelsresponsibilities no longer consisted of small party rallies and primitiveposters; he was able to expand into the area of radio and film. All ofGermanys radio stations became under the Ministrys direct control, andthe Ministry quickly developed new methods for expanding the Nazipropaganda. The Ministry created new companies to mass-producewirelesses, at affordable prices so all German families could have aradio. A Nazi film enthusiast club was created, providing film andequipment to local hobbyists to film local Nazi rallies and glorify villageaccomplishments. These two new types of propaganda were critical in thesurvival of the Nazi dictatorship for the near future; however, the classicrally still was one of the most spectacular. At the 1936 Olympics inMunich, the organization was centred on propaganda. This was Germanys timeto shine. The Olympics was a superb success. Visiting countries wereimpressed by German hospitality and redevelopment. Adolf Hitler was shownas a quaint intelligent man with exciting solutions to the worldsproblems1 German athletes won the most medals, and were rarelychallenged by other competition. Every August in Nuremburg, a mass rallywas held in the city to celebrate the cleansing of the old uselessdemocracy and the creation of the Nazi Reich. In one rally, 100,000 men,all three quarters of a metre apart, marched triumphantly past Hitler, withthe troops carrying 32,000 blood-red flags with the new emblem of theGerman Reich, the Swastika. None of these mass rallies could be carried outwith out the full participation of the largest military in the world, theGerman armed forces. Following Hitlers arrival as Chancellor in 1933, he was faced with amassive economic depression and severe unemployment. Hitler decided to usethis to his advantage, not only politically, but militarily. A new Ministerof Economy was installed, Hjalmar Schacht, a man who had stopped theexponentially increasing inflation of the early 20s. He called for theemployment of hundred of thousands of men on new public works projects, themightiest of which was the new Autobahn, a span of highways across Germany,which had the hidden use of allowing military logistics to travel acrossthe nation with molecular efficiency and lighting speed. This was not theprinciple creation of jobs in Germany. Re-armament of the German militarywas on the top of Hitlers goals. In March 1935, Adolf Hitler announced thecreation of a new army, a new conscripted one of strong men and intelligentscientists. He saw the expansion of Germanys limited army to a militarywith modern aircraft, mighty battle-ships, and the most efficient army inthe world. Against the Treaty of Versailles, he created the Luftwaffe, anew German air force to be equipped with modern German fighters and mightybombers. He smashed the tonnage rules set by the allies and beganconstruction of mighty battle-ships, and even more deadly advanced U-Boats(Submarines). With the introduction of conscription in 1935, no man wasdenied work, and the German Wehrmacht grew to over a million men, notincluding those belonging to the SS or Gestapo. The introduction of new-steel mills and creation of synthetic materials allowed German industry tobegin construction of new armaments and vehicle. Tanks, first introduced ascumbersome slow machines of little use in WWI, became modern, fast, anddeadly weapons under the German name of Panzer. Factories once dedicated tothe creation of small tools such as shovels and axes were turned into smallarms factories, where they began construction of new submachine guns, basedentirely on a new method of manufactu re utilizing metal pressing andstamping. Small automobile companies were set under control of Volkswagen,a company once dedicated to creating affordable vehicles and now taskedwith the construction of armoured personnel vehicles and trucks. A wholenew industry was born in Germany, Aviation. For the first time, aircraftwere constructed in a similar manner to automobiles, utilizing an assemblyline and common parts. All of this was due to the hard work and dedicationof the German people, and their membership in exclusive organizations andclubs. .u5a9c503d3fc630649a6ec10283624758 , .u5a9c503d3fc630649a6ec10283624758 .postImageUrl , .u5a9c503d3fc630649a6ec10283624758 .centered-text-area { min-height: 80px; position: relative; } .u5a9c503d3fc630649a6ec10283624758 , .u5a9c503d3fc630649a6ec10283624758:hover , .u5a9c503d3fc630649a6ec10283624758:visited , .u5a9c503d3fc630649a6ec10283624758:active { border:0!important; } .u5a9c503d3fc630649a6ec10283624758 .clearfix:after { content: ""; display: table; clear: both; } .u5a9c503d3fc630649a6ec10283624758 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u5a9c503d3fc630649a6ec10283624758:active , .u5a9c503d3fc630649a6ec10283624758:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u5a9c503d3fc630649a6ec10283624758 .centered-text-area { width: 100%; position: relative ; } .u5a9c503d3fc630649a6ec10283624758 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u5a9c503d3fc630649a6ec10283624758 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u5a9c503d3fc630649a6ec10283624758 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u5a9c503d3fc630649a6ec10283624758:hover .ctaButton { background-color: #34495E!important; } .u5a9c503d3fc630649a6ec10283624758 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u5a9c503d3fc630649a6ec10283624758 .u5a9c503d3fc630649a6ec10283624758-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u5a9c503d3fc630649a6ec10283624758:after { content: ""; display: block; clear: both; } READ: A Destructive Society Exposed in Maggie Maggie Ess EssayThe German during Nazi Germany was open to hundreds of specialinterest groups created by the government, each with its own set of goalsand tasks. These ranged from infant care groups, to a deadly secret policeforce. One of the largest organizations and must influential to the commonwas the Hitler Youth and its partner organizations. Here young boys weretaught the ideals of Nazi life and respect for the Fuhrer and hissubordinates. Hitler youth were often tasked with hard labour, public worksprojects, and policing the youth. The Hitler Youth Organization consistedof 4 major organizations, two for boys and young men, and two for girls andyoung men. The Deutsches Jungvolk (German Young People) was an organizationfor boys aged from 10 to 14. Here they would be given their basic trainingin Nazi discipline and teamwork. Upon reaching the age of 14, they werechannelled into the Hitler youth, an organization for young men aged 14 to18. They would undertake in much more military training and hard labour. Girls began their introduction to Nazi life in the Jungmdelbund (League ofYoung Girls), where between the ages of 10 to 14 they would be taught theway of the house wife. After turning 14, they joined the Bund DeutscherMdel (League of German Girls) where they were given training on cooking,housework, and child care. The organizations were not limited to the young. All workers were to join the German Labour Front, a Nazi controlledorganization that was supposed responsible to ensure workers rights. IF youwere looking for an organization with a more military flare to it, perhapsthe Gestapo would interest you. This secret police force was the supreme ofthe Aryan race. They were directly responsible for the upholding of Nazilaws, and were delegated to control of the infamous Nazi Concentrationcamps. Here, millions of Jews, Gypsies, and Priests would die under thehands of the SS and the Gestapo. These organizations and others realresponsibility was to keep individual tabs on each and every signal German,and provide free and cheap labour and policing across Germany to withholdthe Nazi ideal. Despite the negative connotations toward the Nazis in this period ofhistory, German life was still of great expansion and growth. Thanks to thechanges brought on by propaganda, re-armament, and the creation oforganization, gone were the days of depression and sickness, every workerand employee had a decent wage, a safe country, and a bright future to lookforward too. No one knew however, the horrors that would ruin their oncegreat future. 1 William T Shire, Berlin Diary, Copyright 1944

The case is about the Monetta Financial Services Company, an investment house Essay Example

The case is about the Monetta Financial Services Company, an investment house Essay The case is about the Monetta Financial Services Company, an investment house. The company has been charged by the Securities and Exchange Commission (SEC) of United States that it knowingly allocated hot IPOs to its own Directors and trustees instead of to its mutual fund clients. The case explains the process of issuing of the Initial Public Offerings (IPOs) in the United Statess capital market in addition to describing the critical role played by the investment bank or underwriters. The case highlights how the underwriters carry out the due diligence of the company, writes the prospectus and file the all important documents with the SEC. The case ends with the series of stock market data for IPOs in which Monetta participated and require the students to draft the brief for SEC enabling it to make a case against the company. Brief for SEC In order to draft a brief for the SEC that will help SEC to make its case against Monetta Financial Services, Inc. it is imperative to describe here the methodology and set of techniques that will be used to build the case. Two major arguments will be used to establish that Monetta willingly and knowingly distributed hot IPOs to its directors. These are mathematical / statistical arguments using standard descriptive statistics and legal arguments based on the SEC Act. Both arguments will hopefully proof beyond reasonable doubt that Monetta acted with ill faith and deceitful intent. We will write a custom essay sample on The case is about the Monetta Financial Services Company, an investment house specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The case is about the Monetta Financial Services Company, an investment house specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The case is about the Monetta Financial Services Company, an investment house specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Statistical Analysis To perform the statistical analysis we need to separate the IPOs that were allocated to Directors with the ones allocated to the Fund clients in order to show that IPOs allocated to Directors have higher returns with low risk as compared to IPOs allocated to Fund clients in addition to comparing these figures with the overall 50 IPOs in which Monetta participated. Using four data series i.e Ret-Close, Ret-Open, Flipping Ratio and Mid-to-Offer, we will calculate descriptive statistical figures for each set of IPOs (Directors and Fund clients). Return-to-Open Data Series The return-to-open is defined as the change in price of IPO from offering price to the opening day trade price. The higher percentage change from offering to open day trade price represents that IPO is hot. Using the statistical data in Exhibit 1, following can be inferred: * The IPOs allocated to directors have a mean 34.2% with a standard deviation (read: risk) of 16.7%. As compared to IPOs allocated to fund clients where the mean appreciation in the price is 22.7% with a standard deviation of 19.3%. It clearly indicates that IPOs allocated to directors have higher returns with low risk attached to them. * Similarly, minimum and maximum price appreciation for the IPOs allocated to directors was 12.5% and 68.8% respectively. While minimum and maximum price for IPOs allocated to fund clients were 0% and 69.4% that represents that the range is much wider for IPOs allocated to fund clients. * Comparing both percentages with the overall percentages shows that IPOs allocated to directors appreciates 9% more as compared to 3% for IPOs allocated to clients on day 1. * Other statistics such as sample variance and skewness also lead us to believe that Monetta allocated hot IPOs to its directors and cold IPOs to fund. Flipping Ratio Data Series The term Flipping ratio indicates block of 10,000 shares sold on the day 1 of IPOs trading. It reflects whether the investor consider the share to yield long-term gains. If the flipping ratio is low which means that the investor consider it best IPOs in terms of long-term investment. Based on this ratio and using the series of statistical analysis in Exhibit 2, we conclude that: * For the period in question, the average Flipping ratio was 19.0% for the IPOs allocated to director/both, 29.5% allocated to fund client, and 26.7% for all IPOs. * Another important measure that proves that Monetta allocated best IPOs to its directors is Median. The median for IPOs allocated to directors was 17.4% as compared to 24.3% for IPOs allocated to fund clients. The 17.4% is again lower in comparison with the median for all IPOs that were 23%. * This above data proves that well informed investors do not flip the hottest IPOs because on the average these are the best long-term investment. Mid-to-Offer Data Series The Mid-to-Offer is a good indicator for the hot IPOs. It highlights the change in IPOs issue price from the mid-point of the filing range to the offering price. The higher change in the percentage of Mid-to-Offer price from its initial filing range proves that shares are most likely to be above average performers in the secondary market trading. Based on the calculation as shown in Exhibit 3, we see that: * The Mid-to-Offer change for 13 IPOs allocated to directors was 21.9%, while for 37 IPOs allocated to fund clients the Mid-to-Offer change was 10.1%. Since the information of changes in Mid-to-Offer price is available before the trading of share begins, therefore any well informed investor can easily deduct the level of demand or in other word interest level of potential buyers. * The range (max and min) is especially a good measure to determine the Mid-to-Offer change. Looking at the ranges for IPOs allocated to director which was from 0% to 60% and IPOs allocated to fund clients which was -27.3% to 80, it is safe to conclude that Monetta knowingly allocated best IPOs to its directors because of the reason stated above. The change in the price for IPOs allocated to directors does not fall below 0%., while for 10 IPOs out of 37 IPOs allocated to fund clients the Mid-to-Offer price becomes negative. All of the above analysis leads us to believe that there is statistical significant inference that Monetta deliberately, willfully and consistently allocated IPOs that had, or appeared to have had, the highest probability of earning the best returns with the minimum possible risk. The management of Monetta knew well in advance about the chances of any particular IPO of giving highest return because of there knowledge about that IPO, since they attend all of the meetings organized by the underwriters to market their IPOs. Also, these statistics proves that there is a high probability that the result did not occur by chance. Similarly, individual analysis of Return-to-Open, and Flipping Ratio produce positively correlated results as shown in Exhibit 4. As shown the correlation for IPOs allocated is -0.675 as compared to -0.684 for IPOs allocated to clients. Legal Analysis The statistical analysis proved beyond doubt that Monetta distributed IPOs to its directors that were hot, therefore violated a number of SEC laws and its fiduciary responsibilities. The Monetta management was fiduciaries of the company. A fiduciary duty is a duty to act for someone elses benefit, while subordinating ones personal interests to that of the other person1. By deliberately and willfully allocating hot IPOs to its directors the management of Monetta did not upheld the highest standard of duty implied by law. More specifically, the Monetta management violated following SEC laws2: Section 17(a) of Securities Act and Section 10(b) of Exchange Act and Rule 10b-5 Section 17(a) of Securities Act and Section 10(b) of Exchange Act and Rule 10b-5 prohibits any person in the offer, purchase, and sale of any security in interstate commerce or by use of the mails: (1) to employ any device, scheme, or artifice to defraud, or (2) to obtain money of any untrue statement of material fact or any omission of a material fact necessary so as not to mislead, or (3) to engage in any transaction, practice, or course of business which would operate as fraud or deceit upon the purchase. The statistical analysis proves that Monetta willfully violated the antifraud provisions of the securities statutes because each knowingly or recklessly omitted to inform Fund shareholders and prospective shareholders of the conflict of interest caused by the allocation to the directors of hot IPOs by Monetta. Section 206 (1) and Section 206 (2) of the Advisors Act It also proved the Monetta willfully violated Section 206 (1) and Section (2) of the Advisors Act by not disclosing to the Funds, the Funds clients and possible investors the allocation of hot IPOs to certain directors. Assumptions The set of assumptions that I have made in establishing the case against Monetta is as follows: * The Monetta management attended all the presentations conducted by underwriters on behalf of its clients. * The Monetta knew special information such as subscription ratio for all the IPOs and deliberately did not disclose this information to its fund clients. * The Monetta management are composed of experienced professionals that can predict with relatively high accuracy when the opening trading price of an IPO in the secondary market likely will be greater that the offering price even before the issuing of IPO Exhibit 1 Open-to-Return Data Series IPOs (Directors/Both) Mean 0.342384615 Standard Error 0.046326951 Median 0.292 Standard Deviation 0.167034197 Sample Variance 0.027900423 Kurtosis 0.852885034 Skewness 1.186083281 Range 0.563 Minimum 0.125 Maximum 0.688 Count 13 IPOs IPOs (Fund Clients) Mean 0.227162162 Standard Error 0.031890967 Median 0.177 Standard Deviation 0.193985182 Sample Variance 0.037630251 Kurtosis -0.346461682 Skewness 0.745853834 Range 0.694 Minimum 0 Maximum 0.694 Count 37 IPOs IPOs (Overall) Mean 0.25712 Standard Error 0.027234517 Median 0.242 Standard Deviation 0.192577113 Sample Variance 0.037085944 Kurtosis -0.298852966 Skewness 0.632488126 Range 0.694 Minimum 0 Maximum 0.694 Count 50 Exhibit 2 Flipping Ratio Data Series IPOs (Directors/Both) Mean 0.190307692 Standard Error 0.01577989 Median 0.174 Standard Deviation 0.056895203 Sample Variance 0.003237064 Kurtosis 0.383093378 Skewness 0.17173002 Range 0.221 Minimum 0.081 Maximum 0.302 Count 13 IPOs IPOs (Fund Clients) Mean 0.295216216 Standard Error 0.02760873 Median 0.243 Standard Deviation 0.167937345 Sample Variance 0.028202952 Kurtosis 0.96144109 Skewness 1.165747672 Range 0.703 Minimum 0.085 Maximum 0.788 Count 37 IPOs IPOs (Overall) Mean 0.26794 Standard Error 0.021759603 Median 0.2305 Standard Deviation 0.15386363 Sample Variance 0.023674017 Kurtosis 2.143649271 Skewness 1.500169594 Range 0.707 Minimum 0.081 Maximum 0.788 Count 50 Exhibit 3 Mid-to-Offer Data Series IPOs (Directors/Both) Mean 21.9 Standard Error 4.429027213 Median 18.2 Standard Deviation 15.96908472 Sample Variance 255.0116667 Kurtosis 1.375573908 Skewness 1.058585971 Range 60 Minimum 0 Maximum 60 Count 13 IPOs (Fund Clients) Mean 10.11351351 Standard Error 3.405602085 Median 9.1 Standard Deviation 20.71546875 Sample Variance 429.1306456 Kurtosis 2.888275781 Skewness 1.22609158 Range 107.3 Minimum -27.3 Maximum 80 Count 37 IPOs (Overall) Mean 13.178 Standard Error 2.846068954 Median 11.2 Standard Deviation 20.12474657 Sample Variance 405.0054245 Kurtosis 1.920960104 Skewness 0.940388102 Range 107.3 Minimum -27.3 Maximum 80 Count 50 Exhibit 4 Correlation Coefficient for IPOs allocated to Directors/Both ISSUE PORTFOLIO Ret-Open Flipping Mid-Offer (%) Powersoft Director 0.688 0.081 33.3 Wall Data Both 0.25 0.186 33.3 Parallan Computer Both 0.125 0.302 9.1 BHC Financial Both 0.268 0.174 0 3DO Director 0.233 0.153 36.4 Catalyst Semiconductor Director 0.205 0.242 10 Auspex Systems Director 0.292 0.245 9.1 Papa Johns International Both 0.385 0.17 18.2 Sunglass Hut International Both 0.363 0.215 21.2 BroadBand Technologies Both 0.431 0.163 12.5 Cyrix Director 0.234 0.15 14.3 Wonderware Both 0.321 0.239 27.3 NetManage Both 0.656 0.154 60 Correlation Coefficient using the Return-to-Open and Flipping Data Series is as follows: =CORREL(Ret-Open, Flipping) returns -0.675. The negative signs show that there exists inverse relationship between appreciations of share price on day 1 with the amount of shares sold in the block of 10,000 termed as Flipping. Exhibit 5 Correlation Coefficient for IPOs allocated to Fund Clients ISSUE PORTFOLIO Ret-Open Flipping Mid-Offer (%) A Pea in the Pod Fund 0.021 0.561 -14.3 Actel Fund 0.184 0.229 0 Allied Holdings Fund 0.018 0.124 0 ANTEC Fund 0.333 0.232 20 Avid Technology Fund 0.25 0.2 25 Broadcasting Partners Fund 0.276 0.117 11.5 Cobra Golf Fund 0.524 0.228 10.5 Coca-Cola FEMSA Fund 0.098 0.273 13.9 Community Health Computing Fund 0.1 0.395 -9.1 Cornerstone Imaging Fund 0.318 0.149 18.9 CTL Credit Fund 0 0.424 0 Envirotest Systems Fund 0.078 0.407 6.7 Gupta Fund 0.694 0.13 80 HomeTown Buffet Fund 0.4 0.237 50 Inco Homes Corp Fund 0 0.607 -9.1 Intuit Fund 0.375 0.119 25 Key Technology Fund 0.056 0.434 -18.2 Kurzweil Applied Intelligence Fund 0.225 0.315 -9.1 The data provided here is truncated to save space. The figure below is for all 37 IPOs. Correlation Coefficient using the Return-to-Open and Flipping Data Series is as follows: =CORREL(Ret-Open, Flipping) returns -0.684. The negative signs show that there exists inverse relationship between appreciations of share price on day 1 with the amount of shares sold in the block of 10,000 termed as Flipping. 1 Securities and Exchange Commission of US website 2 Securities Regulation by David L. Ratner, 3rd Edition and SECLAW.com website