Comparison Of The Different Asian Capital Markets - Free Essay Example

Sample details Pages: 9 Words: 2849 Downloads: 5 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Capital market is like an investment funds such as bonds, equities and mortgages are traded in the market. Then, capital market can be defined as a market of securities or equities or debt, where a company as well as government can raise a long-term fund. The market of money is provided longer than a year. If it is the raising of short term funds, then it will be taking place on other markets that is money market. In this assignment, we are given the title of Asian Market Capital. There are many countries of Asian, so we have chosen few countries to further details on it. There countries include Japan, Indonesia as well as Hong Kong. Don’t waste time! Our writers will create an original "Comparison Of The Different Asian Capital Markets" essay for you Create order Among the countries, we have gone further deeper on the country from Japan about their background as well as history. We would further search for the information on the market capital happen in Japan. Moreover, we going to compare the different investor will be having in market capital field. In addition, we will be discussing the advantages and disadvantages of going initial public offering for a firm. The example and details of cases will be further explained in this assignment. Background In this assignment, we will be discussing about the Asianà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital market. Among the countries, we choose to go in deep about the capital market in Japan. In Japan, the Japanese venture capital funds managers always to select either direct managerial monitoring or portfolio diversification to manage their firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s investment risks (Gorman and Sahlam, 1989). However, in recent years of 2004, JVCs have used a mix of different strategies, including direct managerial monitoring. This change in industry practice provides an opportunity to test the applicability of agency theory in the JVC industry. There will be some background history about market capital happened in Japan in the past years. The graph above shown that the increase of land in Japan has affected the stock price. The price of the land goes to the peak in the year of 1991. However, the peak area for the stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s price is in the year between 1989 and 1990. Moreover, the both prices started to fell when the year of 2000, and it is affected to both prices of land as well as stocks. This shown that the total loan outstanding and real estate loans outstanding held by all Japanese banks in year 1980 to 2000. From the year 1980 to 1990, the both total of loans and real estate loans increased substantially. When the total loans levelled off in year 1990, the real estate loans is continued to increase until the year 1998. Furthermore, there were a happened that Japan faced problem in the year of 1998 that bank failure resulted from excessive real estate lending. For example, the company of Nippon Credit Bank, there were only 25% real estate loan comprised up of the total loans, and it was failed in 1998.( Kentaro Iwatsubo, 2005) Literature Review There are many countries in Asian, and in this assignment we have choose few countries as comparison. That is Japan, Indonesia, Hong Kong and Vietnam about their countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital market. JAPAN The business firms from Japan have relationships with commercial à ¢Ã¢â€š ¬Ã…“main banksà ¢Ã¢â€š ¬?. The main banks may hold the equity interests in their credit clients in turn, including investment banks. We study the impact of the relationships between firms, main banks as well as investment banks in Japanà ¢Ã¢â€š ¬Ã¢â€ž ¢s initial public offering (IPO) underwriting market. By issuing firms can choose whether to engage an investment bank that is related, by virtue of sharing the same main bank, or to engage a non-related investment bank. There are one of the literature concerns on the effects of banking relationships on access to credit and the cost of raising capital. First, the banking relationships and access to credit according to Stiglitz and Weiss (1981) observe that market frictions related information asymmetry can restrict the flow of the capital to investments. However, Petersen and Rajan (1994) hypothesize that by producing information about firms and using the information in their decisions can be partially solving the problem of market friction to the creditors. There are small effect on the cost of credit if ties with creditors, but the available of credits financing is more for firms with ties. Secondly, there are the concerns about commercial bank integration into investment banking. Based on Rajan (1992) models the borrowerà ¢Ã¢â€š ¬Ã¢â€ž ¢s choice between informed bank debt and arms length public debt as an aspect of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s effort to offset the benefits of the related lenderà ¢Ã¢â€š ¬Ã¢â€ž ¢s ongoing monitoring against the lenderà ¢Ã¢â€š ¬Ã¢â€ž ¢s bargaining power. If banking relationships yield information advantages, then integration of commercial banking and investment banking may enhance a lenderà ¢Ã¢â€š ¬Ã¢â€ž ¢s bargaining power. In addition, a lender that is integrated is faced with a conflict of interest, in that the proceeds of capital market financing may be used inappropriately to extinguish risky bank debt. Thirdly, the concern about choice of organizational structure. It is given the tension between information cost savings and conflict of interest, the structure of banking organizations can be expected to reflect efforts to realize information cost savings while lessen the conflicts. From Kroszner and Rajan (1997), he use pre-Glass-Steagall data to investigate that how integration affects issue of quality and pricing. They have concluded that market pressures induced commercial bank to address conflicts by choosing levels of integration into investment banking thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s is separately incorporated affiliates versus integrated investment banking departments. Indonesia According to Fisman, (2001), the valuable resources for many firms are political connections, however, the connections impact firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ strategies and their long-run financial performance are only a handful of studies that document (Faccio, 2002; Johnson and Mitton, 2003). The study shows that the consequences of political ties are a particular interest because these ties are often inconsistent with other value-creating business strategies. By taking the benefit at face value, it is difficult to understand why only a minority of companies access foreign capital markets. Domestic opportunities significantly reduce the net benefits of foreign securities for some firms are a core idea. à ¢Ã¢â€š ¬Ã…“For instance, the firm with political ties often receive low price loan from state-owned banksà ¢Ã¢â€š ¬? (Faccio, 2002; Wiwattanakantang et al., 2006), à ¢Ã¢â€š ¬Ã…“so they do not need to tap into foreign capital markets. It is also possible that global financing imposes extra costs on closely connected firms because the decision to cross-list shares on foreign exchanges often forces firms to adapt to the regulations that govern these marketsà ¢Ã¢â€š ¬? (Coffee, 2002; Reese and Weisbach, 2002; Siegel, 2005). If only minority of shareholders are better protected abroad, then the foreign securities issue will becoming expensive for controlling owners accustomed to exploiting domestic investors. Equally, the international business press and foreign analysts will only pay attention on the firms with foreign securities (Baker et al., 2002; Lang et al., 2003). However, the political favours that often dubious legality is difficult to be reconciled by the high levels of public scrutiny. Hong Kong Steen, P. Carey (2006) said that à ¢Ã¢â€š ¬Ã…“the relationship between à ¢Ã¢â€š ¬Ã‹Å"hotà ¢Ã¢â€š ¬Ã¢â€ž ¢ issues markets and under pricing is well documented in IPO literature.à ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“Hot issues markets are characterized by a large number of offerings, concentration of new issues in particular industries, preponderance of smaller issues, frequent over subscription and abnormally high initial returnsà ¢Ã¢â€š ¬?, Ibbotson and Jaffe (1975). Steen, P. Carey (2006) wrote that Hong Kong IPO market given the size and importance of Hong Kong Stock Exchange (HKSE). That is Hong Kong Stock Exchange Market play an important role in the economy in Hong Kong. We can see Hong Kong economy by viewing it stock exchange market; by this we can also know the capital of the country. Several market conditions have been considered in the context of examining initial under pricing within the papers that have been written. Dawson and Hiraki (1985) in their research of the Hong Kong IPO market between 1979 and 1984 note that under pricing appeared to be superior during growing markets than declining markets. Steen. P. Carey (2006) state that à ¢Ã¢â€š ¬Ã…“their study predates the unification of the four Hong Kong stock exchanges in April 1986 into one central exchange (HKSE).à ¢Ã¢â€š ¬? McGuinness (1992), find out that the Hong Kong IPO market from year 1980 to 1986 that reports under pricing was completely linked with the state of market giving support to the suggestion of Beatty and Ritter (1986) that under pricing increases during the raising market period and decreases during the diminishing markets. In the stage of under assessment, à ¢Ã¢â€š ¬Ã…“Asian financial markets suffered one of the most severe and protected reversals of the post war period.à ¢Ã¢â€š ¬? Steen, P. Carey (2006). The collision of market situation on IPO under pricing was likely moderated in Hong Kong by the fundamental stability and formation of financial system. Miller (1998 p.277) said that à ¢Ã¢â€š ¬Ã…“Hong Kong was able to avoid devaluation because it has a monetary and foreign exchange system that is fundamentally different from that of the rest of Southeast Asiaà ¢Ã¢â€š ¬?. Hong Kong has a exchange board but no central bank, and as Miller show that the resident of Hong Kong have the confidence in the exchange board. An additional resource of potency is that the financial stability and transparency of Hong Kong companies had extensively privileged interest coverage and return on equity than those in other Asian countries. Jaggi (1997) also found out that the performance and strength of Hong Kong c ompanies is consistent because the company used the company information to monitor it. In year 1997 there is a financial crisis occurred in Hong Kong when Hong Kong is beyond dispute. Chowdry and Goyal (2000) propose that the characteristic to define a country that experiences financial crisis will face a huge falling in its traded equity prices. In general, research investigating the impact of market condition on IPO underpricing has a well defined event which is recognized with the conversion from à ¢Ã¢â€š ¬Ã‹Å"hotà ¢Ã¢â€š ¬Ã¢â€ž ¢ to à ¢Ã¢â€š ¬Ã‹Å"coldà ¢Ã¢â€š ¬Ã¢â€ž ¢. Steen, P. Carey (2006), found out that à ¢Ã¢â€š ¬Ã…“the year 1997 provides a unique measurement challenge as two significant events affected Hong Kong in that year; the 27 October stock market correction and the political return of Hong Kong to Chinese rule on June 30.à ¢Ã¢â€š ¬? When the Hong Kong is tender to Chinese, this historical event has a huge impact on Hong Kong Stock Exchange. The political handover was an exclusive event and many people celebrate for it, it was connected with a pe riod of hesitation and was followed soon after by the October 27 stock market correction. This uncertainty happens because the investor is unsure about the post handover economic and monetary performance of Hong Kong. Sub theory In capital market, there will be variety of investors for a company or firms who are wanted to expand their business. Moreover, there are some of the firms who need the investors not because to expand their business, but also to support their businesses start up. Angel Investor Individual investors who buy equity in small private firms are called angel investors. Mostly, the first round of outside private equity financing is often obtained from angels. These investors included friends or acquaintances of the entrepreneur. The business receives a sizeable equity share for their funds because their capital investment is often large relative to the amount of capital already in place at the firm. Thus, these investors may have substantial influence in the business decisions of the firm. Besides that, angels may also bring expertise to firm that the entrepreneur lacks. There is a difficulty on finding angels since it is a function how well a firm connected the entrepreneur is in the local community. Venture Capital Firms Venture capital is a limited partnership specializes in raising money to invest in the private equity of young firms. Moreover, venture capitalist is defined as a person or investment firms that makes venture investment. Besides that, they are also expected to bring managerial and technical expertise and capital to their investment. Furthermore, venture capital is fascinated to the fresh company with the limited operating history which is too small to raise capital to the public market. This is because they are yet to reach the levels that are able to secure a bank loan as well as debt offering. The differentiation between Angel Investor and Venture Capital There are different between angel investor and venture capital. Angel investors are always the provider of risk capital to the small or private firms. In addition, the providers are not from the intermediary of other company, but they are wealth people. Moreover, angels are always as the second round of financing start-up goes through, before the firm looks for venture capital partnership, but it is after they has exhausted of all their family and friendsà ¢Ã¢â€š ¬Ã¢â€ž ¢ money. On the other hand, venture capital is the investors who invest their capital to a firm as part of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s partners. So, the company will be the part of the partnership, and they are allowed to vote and make decision. Then, angels investors are only waiting for the return earns from company to them, and they are never go learn deeper to the company. Furthermore, they are not vote or make decision as part of the firm they had invested. However, the venture investors will be planning and finding the way on how much their investment will earn them the amount of returns. Initial Public Offering (IPO) IPO  is an acronym for Initial  Public Offering. An IPO is the first sale of shares in a company to the public. When IPO occurs, a company will be listed in Bursa Malaysia, and shares will begin to trade immediately. The IPO market goes in cycles depending upon the appetite of investors for new issues. Often the share price will increase quickly after an IPO, so purchasing shares at the IPO price may be a coveted  investment  opportunity. When management says it plans to take a company public, it means that an eventual IPO is planned. A successful IPO can raise  a large amount of capital for the newly  public company  and create substantial wealth for insiders who owned shares prior to the IPO. The differences between public and private is that public company can offer its stock to the public in huge amount, while private company is restricted to only friends and family members. Going public is important for those company which want to raise their capital. There are some pro and cons for going public. The Advantages of an Initial Public Offering (IPO) The public offering increased the company stock and value this is so call increased in capitalization of the business. The stock can be used for various activities for instance: currency for mergers and acquisitions, as stock option to help maintain key personnel, they may also sell their shares in the open market. The company will have the better access to the stock markets for future capital inflow. In general terms, the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s valuation and debt to equity ratio will perk up after going public. Company is able to receive much better terms from lenders. The company which going public is easier to promote compare to the company that are private. We can view the achievement of the public company in Bursa Malaysia and thus it had a higher recognition than private company. This benefit raises the public relation images and identifies the stability of a public company. IPO can provide the company with a chance to implement share options schemes for its workforce. This scheme is competent to enhance employee morale, maintain the loyalty of staff to company, and catch the attention of first rate employees. In long term, this can raise the employeesà ¢Ã¢â€š ¬Ã¢â€ž ¢ productivity and increase the profitability of a company. The Disadvantages of an Initial Public Offering (IPO) For a company which going public need higher reporting requirements, it means further obligations and reporting requirements as public companies have to fulfill the range of regulatory necessities and meet accepted standards of corporate governance. For example, listed companies need an auditor to audit their account and report the financial statement and publish the annual report in the Bursa Malaysia. As the annual report is going to publish in the Bursa Malaysia annually, the company is said to be losing it privacy. The company needs to disclose the report honestly to the public. They cannot hide any details regarding stock option plans, details of lease agreements, gross profit, net income and its borrowing. The others disadvantages is when a company go public, they have to offer the shares to the public or in other word which means that the business owners will have to share it ownership with other investor, and shareholders can affect the company operations; they can voice out their opinion and decisions. Conclusion As a conclusion, each country has different experience about the economic growth and the capital markets. Every country applies different style, for Hong Kong they do not have central bank and for Japan they have many commercial banks that they call as à ¢Ã¢â€š ¬Ã‹Å"main bankà ¢Ã¢â€š ¬Ã¢â€ž ¢. The capital market of the country can be view by the venture capital in the market or the listed company in the stock exchange market. The listed company in the stock exchange market show that the investment of the public to the achievement of the capital market in the country. It reveals how much wealth the country has and how good was the economics of the country.

The Odyssey by Homer - 1172 Words

Homer’s, The Odyssey spins an exciting tale of war, fantasy, and magic spanning twenty years. However, the thrust of the story focuses on human relationships and Odysseus’s strong desire to reunite with his wife and soul mate, Penelope and their son Telemachus. However, to truly understand his desire return home, one must examine many facets of the epic. What is the significance of the turmoil experienced in the household during his absence? Is Penelope a cunning equal and meet spouse for Odysseus? What does the eventual reunion of Odysseus and Penelope reveal about love and marriage? To truly understand the answers to these questions, it is necessary to consider the following arguments. The turmoil experienced in the home during Odysseus’s absence is three-fold; Telemachus questions his lineage and must be mentored by Athena instead of his father, Penelope; the lonely and grief-stricken wife and her role in the home, and the behavior of the unruly suitors an d their harassment in the home. As the tale begins the reader is given the first glimpse of Odysseus’s longing to return home but also the lack of order therein. Athena, disguised as Mentes, questions the young son of Odysseus and Penelope and Telemachus responds: My mother says that Odysseus is my father. I don’t know this myself. No one witnesses his own begetting. If I had my way, I’d be the son of a man fortunate enough to grow old at home. But it’s the man with the most dismal fate of all. TheyShow MoreRelatedThe Odyssey by Homer1210 Words   |  5 Pages Homer’s â€Å"The Odyssey† takes place ten years after the events in â€Å"The Iliad†, to which the Odyssey is an indirect sequel, and the fall of Troy; even though the story is believed to have been composed some time during the eight century B.C.E. it is estimated to be set sometime between 1300 and 1000 B.C.E. in Mycenaean Greece during the Bronze age. In this novel a ll Greek heroes have returned home after the fall of Troy, except for Odysseus who after a three year journey has been held captive by theRead MoreThe Odyssey, By Homer1388 Words   |  6 PagesIs a hero only characterized by their success? If a leader’s last actions carry them to victory, are their flaws unimportant? The Odyssey by Homer narrates the ancient myth of a leader coming home from war in Troy who faces many trials, and despite returning home alone without any of his crew, he is looked upon as a hero for having survived. His ultimately sole success continues to define him, although the bitter truth being that he was the leader of his men when they all perished. As flaws of theRead MoreThe Odyssey By The Homer1976 Words   |  8 PagesThe Odyssey is known as one of the greatest western literature in the world. The book covers many details of the relationship between Gods and humans. The author focuses on Odyssey honor, honesty, bravery, creativity, and nobility. T hough the Odyssey has received many criticisms compare to the author other best work such as The Iliad, it has also been praised for its sophistication, complexity and thematic consistency. The book talks about Odysseus journey home to find his son and wife. It also talksRead MoreThe Odyssey by Homer1316 Words   |  6 Pagesthe time’s culture appropriately. This has been a necessary course of action, to ensure their writing conveys the quest and its respective elements in a manner that will be understood by the responder in the relevant time period. The texts ‘The Odyssey (Homer 8th Century BC), In the Shadow of No Towers (Art Spiegelman 2004) and The Picture of Dorian Gray (Oscar Wilde 1890) have appropriated the archetypal quest in their respective time periods to reflect the values of their context. â€Å"The hero venturesRead MoreThe Odyssey, By Homer990 Words   |  4 Pages The Odyssey, written by Homer, is an epic poem that follows the victorious footsteps of Odysseus, a Greek hero, as he begins his journey to return home to Ithaca. The poem takes place between 750 and 650 B.C. in Greece, shortly after the Trojan War between the city of Troy and King of Sparta. Athena, daughter of Zeus and the goddess of wisdom, is a character that appears in disguise throughout the whole story. She controls when to disguise herself and when to make herself known; essentially havingRead MoreThe Odyssey By Homer1337 Words   |  6 PagesTaylor Michael CLAS342 Paper #2 November 28, 2014 The Odyssey is a work by Homer, written to take place ten years after the fall of Troy. In the Iliad Odysseus was not a crucial character, but this particular text follows him around and details his experience after the war. To give some background, He has yet to return to Ithaca in the beginning of the text, away from his wife now for the duration of the battles as well as these ten years following. While he was gone, his palace was overthrown byRead MoreThe Odyssey, By Homer Essay1679 Words   |  7 PagesThe Odyssey, a text written by Homer, originates from Ionia (a part of Asia Minor). This epic poem relates the journeys of both Odysseus and Telemachus. During their journeys, they encounter a wide variety of hosts. Telemachus provides Mentes a great meal and is later also given a feast from King Nestor. In addition, King Nestor also gifted Telemachus two horses and a chariot; Athena gave Telemachus the gift of wise advice, for which he used to go on his journey. And as their pat hs crossed in a meetingRead MoreThe Odyssey by Homer1275 Words   |  5 Pages The Odyssey is one of the two epic Greek poems attributed to Homer. The Odyssey is the sequel of The Iliad and mainly focuses on Odysseus’s return from the battle of Troy to his home, Ithaca. Odysseus’s travels take him beyond the realm of the known world and he encounters many mythological beings, which he has never met before. Every encounter with these creatures in The Odyssey is full of adventures, twists and most important of all, life lessons. If we assume Odysseus’s longRead MoreThe Odyssey By Homer829 Words   |  4 PagesThe Odyssey by Homer tells the story of a Greek warrior named Odysseus, who faces challenges placed upon him by the supernatural, or more specifically, the Greek gods and monsters. His journey begins while sailing home from Troy, where Odysseus had won the Trojan war for the Greeks. Odysseus’ ship is forced to dock on many islands, m ost of which have hostile environments. Odysseus serves as the model for an epic hero, a fictional character who possesses many traits admirable to his or her societyRead MoreThe Odyssey By Homer s Odyssey Essay1314 Words   |  6 Pages8th century, The Odyssey, is Homer s epic of Odysseus 10-year struggle to return home after the Trojan War. Odysseus defining character traits, such as nobility, courage, thirst for the glory and the appealing confidence in his authority dominated the storyline throughout. The many themes of this epic mainly focus around the Greek hero Odysseus however in my essay I will attempt to analyze hospitality. Hospitality shaped an important part of social interactions in The Odyssey. Although Greek society

Colombus Day Free Essays

Justice, pride, and arrogance lie and when they are crossed; however, humane treatment and respect – whether that be self- respect or respect for others – Is black and white. Columbus day Is a holiday In which Americans celebrate a man who Is not even an American, but better yet the Spanish- acclaimed Viceroy and Governor of the Indies and Admiral of the Seas who overpowered and subjected a whole land of natives to succumb to his rule, follow his logon and traditions, and be brutally beat while being forced Into slavery. Although his ability to assume power and Instill fear Into these people so quickly may be admirable, he Is not a figure that deserves the respect of Christian Americans, or let alone any Americans: and only deserves to be â€Å"honored† In a day of mourning. We will write a custom essay sample on Colombus Day or any similar topic only for you Order Now To begin with, Christopher Columbus sailed into this land and was greeted with kindness and peace by the natives, in which he returned with the order of the kidnapping of six natives to be his servants. Columbus simply saw these indigenous people as an obstacle in his pursuit of riches and glory, and treated them as such. The natives did have their practices of violence and brutality in which other humans were sacrificed to their native Gods or means of punishment were rather severe, but this did not beckon or welcome the brutality inculcated by Christopher Columbus and the rest of his team. Even more interestingly, Columbus’ writings back to Spain made himself sound very respectful and appreciative of the Indians; however, after rather inspection, Columbus’ malice shows through even what appears to be kindness and gratuity. In his log kept about the New World, he writes that these indigenous people are of the kindest, best people, and that he told his men to take nothing from them without giving them something in return. This, at first glance, seems like an exhibit of kindness, yet the Spaniards never gave back anything of equal value to the Indians. Columbus discusses how he would receive very gracious, generous gifts from the indigenous people -knowing and acknowledging that they ere very poor people-, and return it with a gift of no more value than that of a penny. In continuation, it is highly hypocritical that Christopher Columbus had viewed their practices of religion as malicious and Inappropriate for a civilization, then forced Christianity upon them with Inhumanity and savagery. This Is baffling because the Spaniards are going Into this foreign world Introducing a concept of a loving and benevolent God as they simultaneously kill these people and cut off their feet all for the glory of this mysterious supposedly-awesome God. As Christians, they are commanded by God to love others as you love yourself and to reflect a level of Jesus’ kindness when they Instead they reflected the greed, hatred, and self- righteousness of the devil. So, not only were his actions directly affecting these natives lives, but also the appearance of Charlatanry as a whole. Columbus’ take on Christianity and God actually intensifies the inhumanity and violence caused against as an excuse to execute all heathens; indigenous people. However, in reality, he was imply slaughtering thousands of innocent people who did nothing wrong except for having contrasting opinions with that of the intruding Spaniards. In conclusion, from the day that Columbus arrived to the New World, he treated the people with nothing but dignity and self-pride. Although he did â€Å"discover† the land that would later become America, he is only responsible for the deaths, severe mistreatment, and forced enslavement of multiple indigenous people. Columbus Day should be recognized as a day of mourning for the unwarranted brutality suffered by unexciting natives of the land. How to cite Colombus Day, Papers

Life at a Medieval University free essay sample

The scholars experienced many of the problems that modern day collegians deal with as well. Some of these issues included finding the college that fits you best, shortages of funds, arguments with local residents, feuds with fellow clerics, and finding the path that would be fulfilling to them in their lives. There were only a few major differences being a life centered on religion and discussions based on theology, the fact that only males were accepted to study and the clothing that scholars wore. All in all, being at a university was for the betterment of the individual.Students back then had a similar motivation to go to school. By completing university study, you would achieve a higher status in society and live a better life. Another was to get out of a home town to see what else the world had to offer. College is the best time to explore because youre housing and food are all accounted for. Wandering scholars took best advantage of this by traveling to different universities and getting a diverse education. One reason not many people went to school was because most were not privileged at this time (the literacy rate was very poor).Academic life was structured fairly well. Rules and rights were clearly laid out by the institution itself. Students were protected from harm by any member of the faculty, as they should be. In the Royal Privileges Granted to the University of Paris by the King of France, it is stated that Neither our provost nor our judges shall lay hands on a student for any offence whatever; nor shall they place him in our prison, unless such a crime is committed by the student that he ought be arrested. The article goes on to talk about how under the circumstances that the scholar is found to have committed a crime, he be handed over to an actual judge for further investigation. This shows that the university has governing powers within itself to a certain extent. If an encroachment can be resolved without going to the local or state government authorities, the scholars image can be protected. Even today we have university Police on campus who held regulate behavior on campuses, but do not have jurisdiction outside of the college campus. Clothing was another major aspect of scholarly life.Clerics wore long cloaks with nothing fancy that would make them stand out. Master teachers wore cloaks with the addition of a white stole. The stole was used to show status and authority over the est. of the student body. This seems to hint to the fact that all the scholars were on a level field of play, and it distinguished them from the rest of society. Typically our graduates of todays colleges and universities adorn the traditional gowns when they receive their diploma. On a side note, attended a private religious elementary school which enforced a policy of uniforms (shirt and tie for the guys, skirts for the girls). Live that by wearing the same clothing as fellow students, people arent so concerned with what each other is wearing, and focus on learning. Religion played a major factor in medieval universities. As in my elementary experience of mass being part of the weekly routine, medieval universities had a major emphasis on religion. Robert De Carbon tells us in his regulations that religious holidays will be followed strictly in the academic life. No meat would be allowed to be consumed on Advent and other days designated by the church. If you were at a university at this time, you would follow the religious standards, just as I could never get out of going to Friday mass at HAG. Nowadays, religion is a touchy topic. It is left to the discretion of the individual whether or not he or she wants to follow the raciest and how closely. Church and State are now separated as to avoid major conflicts. Peter Ballard questions the theological teachings of medieval universities and is criticized for it. He says Is God one, or no? At this time scriptures were not to be questioned and were considered to be true.As we know now, science has become a major source of answers in society. Anyway, Ballard brings a whole new dimension to the table when he questions gods existence and some of the things that the chi arch stands for. The whole basis is to use logic and reason to ponder things in a philosophical cushion. This faith vs.. Reason debate involved Ballard and others who felt that god was in a persons being, or heart. Academia took up most of the students daily and weekly lives. Scholars took full advantage of down time to relax and enjoy themselves. Social life was the second major aspect of a clerics university experience. As we know, the student body greatly impacts the surrounding towns economy; however social issues arise as well. When students and townspeople are in the same atmosphere, and drinking, fights are bound to break lose. These battles came to be known as town and gown ordeals. These were actually small wars where people would be killed! As many as three thousand students armed with weapons would flood the streets and begin fighting with townspeople, also armed with wee pins.Students were also held fairly high in terms of their rights. This is what fueled most of the battles. The fact that a scholar was in progress of obtaining a degree made many seem untouchable, after all, they were going to make the world a better place with their elevated knowledge. Students were warned ahead of time by their proctors that there was a tension between the people Of the town and the student body. Ranking and gambling occurred frequently and poems were written as evidence. This served as a social release where students could let lose for awhile.Even today student go to the bars downtown and mix with the locals. There are rarely any incidents of deaths or injuries because of it though. The money generated by pizza shops, bars, taxi services and businesses due to the student influx is what keeps them afloat. On a lighter note, clerics needed some of the same things that modern students need. Money was a big necessity among students as it is today. In a letter home one student tells his sponsor that he is working very hard in school, and studying often, but he needs some money to pay for food, rent and other unspecified things (possibly beer money? . The way he words his letter makes it sound like he will not be able to go on learning without the timely delivery of some funds. The sponsors response shows that he knows the truth behind what the student has said. It humors me how students today do the same thing through emails and phone calls home. Im working so very hard in school, but the weekend is coming. .. Its all part of growing up and learning responsibility. In the end, life at a medieval university was not that much different from days experience.