Globe Theatre Essay Example for Free

Globe Theatre Essay William Shakespeare was born on April 26, 1564. William Shakespeare was the son of John Shakespeare, an alderman and a successful glover originally from Snitterfield, and Mary Arden, the daughter of an affluent landowning farmer. He was born in Stratford-upon-Avon. He was the third child of eight and the eldest surviving son. Scholars have surmised that he most likely attended the Kings New School, in Stratford, which taught reading, writing and the classics. THEATRICAL CAREER Some of Shakespeares plays were published in quarto editions from 1594. By 1598, his name had become a selling point and began to appear on the title pages. Shakespeare continued to act in his own and other plays after his success as a playwright. EARLY WORKS With the exception of Romeo and Juliet, William Shakespeares first plays were mostly histories written in the early 1590s. Richard II, Henry VI (parts 1, 2 and 3) and Henry V dramatize the destructive results of weak or corrupt rulers, and have been interpreted by drama historians as Shakespeares way of justifying the origins of the Tudor Dynasty. Shakespeare also wrote several comedies during his early period: the witty romance A Midsummer Nights Dream, the romantic Merchant of Venice, the wit and wordplay of Much Ado about Nothing, the charming As You Like It and Twelfth Night. Other plays, possibly written before 1600, include Titus Andronicus, The Comedy of Errors, The Taming of the Shrew and The Two Gentlemen of Verona. LATER WORKS It was in William Shakespeares later period, after 1600, that he wrote the tragedies Hamlet, King Lear, Othello and Macbeth. In these, Shakespeares characters present vivid impressions of human temperament that are timeless and universal. Possibly the best known of these plays is Hamlet, which explores betrayal, retribution, incest and moral failure. These moral failures often drive the twists and turns of Shakespeares plots, destroying the hero and those he loves. In William Shakespeares final period, he wrote several tragicomedies. Among these are Cymbeline, The Winters Tale and The Tempest. Though graver in tone than the comedies, they are not the dark tragedies of King Lear or Macbeth because they end with reconciliation and forgiveness. JULIUS CAESAR The Tragedy of Julius Caesar is a tragedy by William Shakespeare, believed to have been written in 1599. It portrays the 44 BC conspiracy against the Roman dictator Julius Caesar, his assassination, and the defeat of the conspirators at the Battle of Philippi. It is one of several plays written by Shakespeare based on true events from Roman history, which also include Coriolanus and Antony and Cleopatra. THE TEMPEST The Tempest is a play by William Shakespeare, believed to have been written in 1610–11, and thought by many critics to be the last play that Shakespeare wrote alone. It is set on a remote island, where Prospero, the rightful Duke of Milan, plots to restore his daughter Miranda to her rightful place using illusion and skilful manipulation. He conjures up a storm, the eponymous tempest, to lure his usurping brother Antonio and the complicit King Alonso of Naples to the island. There, his machinations bring about the revelation of Antonios lowly nature, the redemption of the King, and the marriage of Miranda to Alonsos son, Ferdinand. THE TAMING OF THE SHREW The Taming of the Shrew is a comedy by William Shakespeare, believed to have been written between 1590 and 1592. The play begins with a framing device, often referred to as the Induction,[1] in which a mischievous nobleman tricks a drunkentinker named Christopher Sly into believing he is actually a nobleman himself. The nobleman then has the play performed for Slys diversion. The main plot depicts the courtship of Petruchio, a gentleman of Verona, and Katherina, the headstrong, obdurate shrew. Initially, Katherina is an unwilling participant in the relationship, but Petruchio tempers her with various psychological torments—the taming—until she becomes a compliant and obedient bride. The subplot features a competition between the suitors of Katherinas more desirable sister, Bianca. HAMLET The Tragedy of Hamlet, Prince of Denmark is a tragedy by William Shakespeare. Set in the Kingdom of Denmark, the play dramatizes the revenge. Prince Hamlet exacts on his uncle Claudius for murdering King Hamlet, Claudiuss brother and Prince Hamlets father, and then succeeding to the throne and taking as his wife Gertrude, the old kings widow and Prince Hamlets mother. The play vividly portrays both true and feigned madness—from overwhelming grief to seething rage and explores themes of treachery, revenge, incest, and moral corruption. Hamlet is Shakespeares longest play and among the most powerful and influential tragedies in English literature, with a story capable of seemingly endless retelling and adaptation by others. [1] The play was one of Shakespeares most popular works during his lifetime and still ranks among his most-performed, topping the Royal Shakespeare Companys performance list since 1879. TWELFTH NIGHT Twelfth Night; or, What You Will is a comedy by William Shakespeare, believed to have been written around 1601–02 as aTwelfth Nights entertainment for the close of the Christmas season. The play expanded on the musical interludes and riotous disorder expected of the occasion,[1] with plot elements drawn from the short story Of Apollonius and Silla by Barnabe Rich, based on a story by Matteo Bandello. The first recorded performance was on 2 February 1602, at Candlemas, the formal end of Christmastide in the years calendar. The play was not published until its inclusion in the 1623 First Folio. MACBETH Macbeth was written by William Shakespeare. It is considered one of his darkest and most powerful tragedies. Set in Scotland, the play dramatizes the corrosive psychological and political effects produced when evil is chosen as a way to fulfil the ambition for power. The play is believed to have been written between 1603 and 1607, and is most commonly dated 1606. The earliest account of a performance of what was probably Shakespeares play is April 1611, when Simon Forman recorded seeing such a play at the Globe Theatre. It was first published in the Folio of 1623, possibly from a prompt book. It was most likely written during the reign of James I, who had been James VI of Scotland before he succeeded to the English throne in 1603. James was a patron of Shakespeare’s acting company, and of all the plays Shakespeare wrote during James’s reign, Macbeth most clearly reflects the playwright’s relationship with the sovereign. MERCHANT OF VENICE The Merchant of Venice is a play by William Shakespeare, believed to have been written between 1596 and 1598. Though classified as a comedyin the First Folio and sharing certain aspects with Shakespeares other romantic comedies, the play is perhaps most remembered for its dramatic scenes, and is best known for Shylock and the famous Hath not a Jew eyes? speech. Also notable is Portias speech about the quality of mercy. The title character is the merchant Antonio, not the Jewish moneylender Shylock, who is the plays most prominent and most famous character. THE COMEDY OF ERRORS The Comedy of Errors is one of William Shakespeares early plays. It is his shortest and one of his most farcical comedies, with a major part of the humour coming from slapstick and mistaken identity, in addition to puns and word play. The Comedy of Errors (along with The Tempest) is one of only two of Shakespeares plays to observe the classical unities. It has been adapted for opera, stage, screen and musical theatre. The Comedy of Errors tells the story of two sets of identical twins that were accidentally separated at birth. Antipholus of Syracuse and his servant, Dromio of Syracuse, arrive in Ephesus, which turns out to be the home of their twin brothers, Antipholus of Ephesus and his servant, Dromio of Ephesus. When the Syracusans encounter the friends and families of their twins, a series of wild mishaps based on mistaken identitieslead to wrongful beatings, a near-seduction, the arrest of Antipholus of Ephesus, and false accusations of infidelity, theft, madness, and demonic possession. POEMS In 1593 and 1594, when the theatres were closed because of plague, Shakespeare published two narrative poems on erotic themes, Venus and Adonis and The Rape of Lucrece. He dedicated them to Henry Wriothesley, Earl of Southampton. In Venus and Adonis, an innocent Adonis rejects the sexual advances of Venus; while in The Rape of Lucrece, the virtuous wife Lucrece is raped by the lustful Tarquin. Influenced by Ovids Metamorphoses, the poems show the guilt and moral confusion that result from uncontrolled lust. [124] Both proved popular and were often reprinted during Shakespeares lifetime. A third narrative poem, A Lovers Complaint, in which a young woman laments her seduction by a persuasive suitor, was printed in the first edition of the Sonnets in 1609. Most scholars now accept that Shakespeare wrote A Lovers Complaint. Critics consider that its fine qualities are marred by leaden effects. The Phoenix and the Turtle, printed in Robert Chesters 1601 Loves Martyr, mourns the deaths of the legendary phoenix and his lover, the faithful turtle dove. SONNETS Published in 1609, the Sonnets were the last of Shakespeares non-dramatic works to be printed. Scholars are not certain when each of the 154 sonnets was composed, but evidence suggests that Shakespeare wrote sonnets throughout his career for a private readership. Even before the two unauthorised sonnets appeared in The Passionate Pilgrim in 1599, Francis Meres had referred in 1598 to Shakespeares sugred Sonnets among his private friends. Few analysts believe that the published collection follows Shakespeares intended sequence. He seems to have planned two contrasting series: one about uncontrollable lust for a married woman of dark complexion (the dark lady), and one about conflicted love for a fair young man (the fair youth). It remains unclear if these figures represent real individuals, or if the authorial I who addresses them represents Shakespeare himself, though Wordsworth believed that with the sonnets Shakespeare unlocked his heart. The 1609 edition was dedicated to a Mr. W. H. , credited as the only begetter of the poems. It is not known whether this was written by Shakespeare himself or by the publisher, Thomas Thorpe, whose initials appear at the foot of the dedication page; nor is it known who Mr. W. H. was, despite numerous theories, or whether Shakespeare even authorised the publication. Critics praise the Sonnets as a profound meditation on the nature of love, sexual passion, procreation, death, and time. ESTABLISHING HIMSELF By 1597, 15 of the 37 plays written by William Shakespeare were published. Civil records show that at this time he purchased the second largest house in Stratford, called New House, for his family. It was a four-day ride by horse from Stratford to London, so it is believed that Shakespeare spent most of his time in the city writing and acting and came home once a year during the 40-day Lenten period, when the theatres were closed. By 1599, William Shakespeare and his business partners built their own theater on the south bank of the Thames River, which they called the Globe. In 1605, Shakespeare purchased leases of real estate near Stratford for 440 pounds, which doubled in value and earned him 60 pounds a year. THE MERMAID TAVERN GROUP About this time Shakespeare became one of the group of now-famous writers who gathered at the Mermaid Tavern located on Bread Street in Cheapside. The Friday Street Club (also called the Mermaid Clu was formed by Sir Walter Raleigh. Ben Jonson was its leading spirit. Shakespeare was a popular member. He was admired for his talent and loved for his kindliness. Thomas Fuller, writing about 50 years later, gave an amusing account of the conversational duels between Shakespeare and Jonson: Many were the wit-combats betwixt him and Ben Jonson; which two I behold like a Spanish great galleon and an English man-of-war; Master Jonson (like the former) was built far higher in learning; solid, but slow, in his performances. Shakespeare, with the English man-of-war, lesser in bulk, but lighter in sailing, could turn with all tides, tack about, and take advantage of all winds, by the quickness of his wit and invention. Jonson sometimes criticized Shakespeare harshly. Nevertheless he later wrote a eulogy of Shakespeare that is remarkable for its feeling and acuteness. In it he said: Leave thee alone, for the comparison Of all that insolent Greece or haughty Rome Sent forth, or since did from their ashes come. Triumph, my Britain, thou hast one to show To whom all scenes of Europe homage owe. He was not of an age, but for all time! Sweet Swan of Avon! what a sight it were To see thee in our waters yet appear, And make those flights upon the banks of Thames, That so did take Eliza, and our James! WRITING STYLE William Shakespeares early plays were written in the conventional style of the day, with elaborate metaphors and rhetorical phrases that didnt always align naturally with the storys plot or characters. However, Shakespeare was very innovative, adapting the traditional style to his own purposes and creating a freer flow of words. With only small degrees of variation, Shakespeare primarily used a metrical pattern consisting of lines of unrhymed iambic pentameter, or blank verse, to compose his plays. At the same time, there are passages in all the plays that deviate from this and use forms of poetry or simple prose. Shakespeare combined poetic genius with a practical sense of the theatre. Like all playwrights of the time, he dramatised stories from sources such as Plutarch and Holinshed. He reshaped each plot to create several centres of interest and to show as many sides of a narrative to the audience as possible. This strength of design ensures that a Shakespeare play can survive translation, cutting and wide interpretation without loss to its core drama. As Shakespeare’s mastery grew, he gave his characters clearer and more varied motivations and distinctive patterns of speech. MARRIAGE AND LIFE IN LONDON In 1582, when he was 18, he married Anne Hathaway. She was from Shottery, a village a mile (1. 6 kilometers) from Stratford. Anne was seven or eight years older than Shakespeare. From this difference in their ages, a story arose that they were unhappy together. Their first daughter, Susanna, was born in 1583. In 1585 a twin boy and girl, Hamnet and Judith, were born. What Shakespeare did between 1583 and 1592 is not known. Various stories are told. He may have taught school, worked in a lawyers office, served on a rich mans estate, or traveled with a company of actors. One famous story says that about 1584 he and some friends were caught poaching on the estate of Sir Thomas Lucy of Carlecote, near Warwick, and were forced to leave town. A less likely story is that he was in London in 1588. There he was supposed to have held horses for theater patrons and later to have worked in the theaters as a page. By 1592, however, Shakespeare was definitely in London and was already recognized as an actor and playwright. He was then 28 years old. In that year Robert Greene, a playwright, accused him of borrowing from the plays of others. Between 1592 and 1594, plague kept the London theaters closed most of the time. During these years Shakespeare wrote his earliest sonnets and two long narrative poems, Venus and Adonis and The Rape of Lucrece. Both were printed by Richard Field, a boyhood friend from Stratford. They were well received and helped establish him as a poet. RELIGION Some scholars claim that members of Shakespeares family were Catholics, at a time when Catholic practice was against the law. Shakespeares mother, Mary Arden, certainly came from a pious Catholic family. The strongest evidence might be a Catholic statement of faith signed by John Shakespeare, found in 1757 in the rafters of his former house in Henley Street. The document is now lost, however, and scholars differ as to its authenticity. In 1591 the authorities reported that John Shakespeare had missed church for fear of process for debt, a common Catholic excuse. In 1606 the name of Williams daughter Susanna appears on a list of those who failed to attend Easter communion in Stratford. Scholars find evidence both for and against Shakespeares Catholicism in his plays, but the truth may be impossible to prove either way. SHAKESPEARE PROSPERS Until 1598 Shakespeares theater work was confined to a district northeast of London. This was outside the city walls, in the parish of Shoreditch. Located there were two playhouses, the Theatre and the Curtain. Both were managed by James Burbage, whose son Richard Burbage was Shakespeares friend and the greatest tragic actor of his day. Up to 1596 Shakespeare lived near these theaters in Bishopsgate, where the North Road entered the city. Sometime between 1596 and 1599, he moved across the Thames River to a district called Bankside. There, two theaters, the Rose and the Swan, had been built by Philip Henslowe. He was James Burbages chief competitor in London as a theater manager. The Burbages also moved to this district in 1598 and built the famous Globe Theatre. Its sign showed Atlas supporting the world. Shakespeare was associated with the Globe Theatre for the rest of his active life. He owned shares in it, which brought him much money. Meanwhile, in 1597, Shakespeare had bought New Place, the largest house in Stratford. During the next three years he bought other property in Stratford and in London. The year before, his father, probably at Shakespeares suggestion, applied for and was granted a coat of arms. It bore the motto Non sanz droictNot without right. From this time on, Shakespeare could write Gentleman after his name. This meant much to him, for in his day actors were classed legally with criminals and vagrants. Shakespeares name first appeared on the title pages of his printed plays in 1598. In the same year Francis Meres, in Palladis Tamia: Wits Treasury, praised him as a poet and dramatist. Meress comments on 12 of Shakespeares plays showed that Shakespeares genius was recognized in his own time. HONORED AS ACTOR AND PLAYWRIGHT Queen Elizabeth I died in 1603. King James I followed her to the throne. Shakespeares theatrical company was taken under the kings patronage and called the Kings Company. Shakespeare and the other actors were made officers of the royal household. The theatrical company was the most successful of its time. Before it was the Kings Company, it had been known as the Earl of Derbys and the Lord Chamberlains. In 1608 the company acquired the Blackfriars Theatre. This was a smaller and more aristocratic theater than the Globe. Thereafter the company alternated between the two playhouses. Plays by Shakespeare were also performed at the royal court and in the castles of the nobles. After 1603 Shakespeare probably acted little, although he was still a good actor. His favorite roles seem to have been old Adam in As You Like It and the Ghost in Hamlet. In 1607, when he was 43, he may have suffered a serious physical breakdown. In the same year his older daughter Susanna married John Hall, a doctor. The next year Shakespeares first grandchild, Elizabeth, was born. Also in 1607 his brother Edmund, also a London actor, died at the age of 27. GLOBE THEATRE The Globe Theatre was a theatre in London associated with William Shakespeare. It was built in 1599 by Shakespeares playing company, the Lord Chamberlains Men, on land owned by Thomas Brend and inherited by his son, Nicholas Brend and grandson Sir Matthew Brend, and was destroyed by fire on 29 June 1613. A second Globe Theatre was built on the same site by June 1614 and closed in 1642. A modern reconstruction of the Globe, named Shakespeares Globe, opened in 1997 approximately 750 feet (230 m) from the site of the original theatre. The Globe was owned by actors who were also shareholders in Lord Chamberlains Men. Two of the six Globe shareholders, Richard Burbage and his brother Cuthbert Burbage, owned double shares of the whole, or 25% each; the other four men, Shakespeare, John Heminges, Augustine Phillips, andThomas Pope, owned a single share FAMOUS QUOTES All the worlds a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages. Some are born great, some achieve greatness, and some have greatness thrust upon them. Lifes but a walking shadow, a poor player, that struts and frets his hour upon the stage, and then is heard no more; it is a tale told by an idiot, full of sound and fury, signifying nothing. Listen to many, speak to a few. CRITICAL REPUTATION Shakespeare was not revered in his lifetime, but he received a large amount of praise. In 1598, the cleric and author Francis Meres singled him out from a group of English writers as the most excellent in both comedy and tragedy. And the authors of the Parnassus plays at St Johns College, Cambridge, numbered him with Chaucer, Gower and Spenser. In the First Folio, Ben Jonson called Shakespeare the Soul of the age, the applause, delight, the wonder of our stage, though he had remarked elsewhere that Shakespeare wanted art. FIRST FOLIO Mr. William Shakespeares’ Comedies, Histories, Tragedies is the 1623 published collection of William Shakespeares plays. Modern scholars commonly refer to it as the First Folio. Printed in folio format and containing 36 plays (see list of Shakespeares plays), it was prepared by Shakespeares colleagues John Heminges and Henry Condell. It was dedicated to the incomparable pair of brethren William Herbert, 3rd Earl of Pembroke and his brother Philip Herbert, Earl of Montgomery (later 4th Earl of Pembroke). Although eighteen of Shakespeares plays had been published in quarto prior to 1623, the First Folio is the only reliable text for about twenty of the plays, and a valuable source text even for many of those previously published. The Folio includes all of the plays generally accepted to be Shakespeares, with the exception of Pericles, Prince of Tyre and The Two Noble Kinsmen, and the two lost plays, Cardenio and Loves Labours Won. W. W. Greg has argued that Edward Knight, the book-keeper or book-holder (prompter) of the Kings Men, did the actual proofreading of the manuscript sources for the First Folio. Knight is known to have been responsible for maintaining and annotating the companys scripts, and making sure that the cuts and changes ordered by the Master of the Revels were complied with. DEATH Shakespeare died on 23 April 1616 and was survived by his wife and two daughters. Susanna had married a physician, John Hall, in 1607, and Judith had married Thomas Quiney, a vintner, two months before Shakespeare’s death. In his will, Shakespeare left the bulk of his large estate to his elder daughter Susanna. The terms instructed that she pass it down intact to the first son of her body. Shakespeares will scarcely mentions his wife, Anne, who was probably entitled to one third of his estate automatically. He did make a point, however, of leaving her my second best bed, a bequest that has led to much speculation. Some scholars see the bequest as an insult to Anne, whereas others believe that the second-best bed would have been the matrimonial bed and therefore rich in significance. Shakespeare was buried in the chancel of the Holy Trinity Church two days after his death. The epitaph carved into the stone slab covering his grave includes a curse against moving his bones, which was carefully avoided during restoration of the church in 2008.

Country vs. Culture Essay example -- Culture

America is a land based on freedom. This freedom is for every individual no matter their race or culture. Our society has surpassed many judgments and concerns that these demographic differences had created in the past. These differences had previously led to a great amount of cultural diversity through the act of discrimination among our nation. America, as a country, has now opened opportunities for individuals to work and interact in environments which were previously unsuited. USA Today surveyed a minority group in 2005 and found that over one third of corporate culture embraces diversity (El Nasser). They have opened doors to expand numbers that are now reaching around 41% of minorities working at all levels of companies and 37% of minorities at senior management (El Nasser). America has allowed cultural views of religion and other lifestyle beliefs and values to be an individual’s choice. They have also given a vast amount of freedom to different ethnic and religious groups throughout the past decades. A number of individuals along with various groups have taken advantage of these freedoms in unacceptable and illegal ways and given a lesser punishments for their actions. There have been cultural cases surrounding the acts of rapes and murders, for example, where a defendant was given 5 years of probation for murder and another individual was given 120 days in prison for murder (Phillips). These sentences can be compared to the 10 or more years charged for a ‘normal’ murder case or the average 11.8 years in prison for an individual convicted of rape ("Title 18 Crimes and Criminal Procedure"). The freedom this country is based on should not be shaken by the cultures coming in, but this country should stand beside ... ...the English Courts." Modern Law Review. 66.4 (2003): 510-531. Web. 28 Mar. 2012. . Reddy, Sita. "Temporarily Insane: Pathologising Cultural Difference in American Criminal Courts." Sociology of Health and Illness. 24.5 (2002): 667-687. Web. 1 Apr. 2012. . United States. Justia US Law. Title 18 Crimes and Criminal Procedure. Justia, 2010. Web. . Valladares, Rene. Culture Clash: Cultural Issues in Criminal Defense. District of Nevada: Juris Publishing Inc., 2007. 424-466. eBook. www.fd.org/pdf_lib/culture_clash.pdf. Willing, Richard. "Courts Asked To Consider Culture." USA Today 25 May 2004, n. pag. Web. 2 Apr. 2012. http://www.usatoday.com/educate/college/casestudies/Multicultural.pdf.

Psy 202 Self Reflective

Inside The Life of a Persevering Adult: A Self Reflection Amber Ward Psy 202 Professor Stephen Law October 25, 2012 I. What was your family like? A. Single parent strict home B. Middle of three children C. Parent’s divorce and father’s absence II. What things do you remember about your childhood? A. Financial Hardships B. Good times along with tough times C. Becoming independent at a young age D. Things chosen to forget about E. Sports III. Greatest achievements A. Career B. Abuse survivor C. Return to school IV. What are your personal, professional, and academic goals? A. Demonstrating the importance of a college education to my peers B.Owning my own preschool C. Earning my bachelors degree Throughout life, we all have pitfalls that we believe hold us back from dreams, but I believe that we have the opportunity to persevere and move forward in the future. On a daily basis, we make decisions using the conscious mind and try to apply the adult development theories when m aking those decisions but, we may not always apply them correctly. Although my story may be one of a series of pitfalls and setbacks, I will prove to others that perseverance has pulled me through those pitfalls and setbacks and has gotten me to where I am today.I do not see my pitfalls as mistakes, but rather as life lessons that have contributed to bettering my life and shaping who I am today. Life does not create a person; a person creates their own life. While we all have different journeys that lead us to where we are today, my life has been one that I look upon as a true persevering story. Throughout my childhood, I learned the importance of hard work and dedication to family. My father was from a military family and was strict the couple years he was around.While some might consider his discipline style and strictness out of the ordinary, I appreciate what he did and how he taught me the value of respect. At times, growing up as the middle child in a broken family was not an easy life. I believe that I had to do what my sisters were doing. I constantly thought that my mother only took my sisters wants and needs into consideration, and that led me to seclude myself. I allowed my father’s disappearance to take me away from reality and grew up resenting my immediate family. I regularly kept to myself in my room and was the different one in the family.This self-perception from others led me down a deep path of depression; I chose to hear only what I wanted to hear when my family tried to communicate with me and that created problems for me. Despite my father’s disappearance, my father made several attempts at talking with me and trying to understand why I was in such a dark place. Instead of talking to anyone I chose to ignore what they viewed as kindness and chose to ignore them. The majority of my childhood often seems to be put in the back of my mind. I remember key events but little to nothing else.I do not remember the name of a single fr iend from any grade all the way through college as I did not have many; I had select programming in my brain that allowed me to keep only those treasured times in my memory to fight the depression. I do remember growing up with financial hardships. Looking back, I now realize that there were many other children that had it much harder than my family did. I believe that these financial hardships came about during my parents’ divorce, when I was two years old. I am lucky to say, I have never gone without a meal though and could count on having clean lothes for school. My mother always tried to push me to do those activities that my sisters participated in. However, even though I played soccer and softball I still felt let out as these activities were not of my liking. My sisters excelled in both sports causing me to gain a sense of jealousy. I then became even more withdrawn from society and would go to bed crying every night. At the age of eighteen, I decided I did not want to be alone, so I started online dating. I then was constantly staying with others and chose my relationships with these men over my family.Despite my family’s pleas and wishes to get out of those bad relationships, I had to learn on my own. At the time, I blamed my family for everything I believed to have caused a horrible relationship and broken family. Before long I got taken advantage of and abused in every way possible by the guys I was dating. I worked every day but would spend all my time and money on my relationships and get nothing in return. Within an unusually short time frame, I reminded myself of a lesson my parents attempted to teach me: It is better being alone than in a bad relationship.At the wise age of twenty two, I got hurt so miserably I thought about giving up on life. Initially, I ignored the situation and did not realize the seriousness of it until I woke up one cold and out of it with bruises and not remembering what had happened the night before. I qui ckly realized that I needed to seek support and get out of that relationship before I die. After speaking with my father after two years, I decided that I should move out of town with him. My father would provide me with somewhere to live and a fresh start on life.Within three weeks, I moved to Ventura, California where I now reside and started with a clean slate. The move brought about a new perspective on life and gave me time to evaluate myself. I gained a new respect for myself and appreciation for those that tried to reach out. All of the past relationships were now past experiences. However, not having a relationship and being so torn caused me to need counseling for severe post traumatic stress disorder. I still believe calling my dad saved my life. Upon entering my second month of counseling, I enrolled in classes at American Intercontinental University.I viewed college as an opportunity to prepare for my future and to prove to myself that I am worthy of finishing something I had always wanted. I found myself surrounded by many supporters that drove me to succeed and encouraged me every step of the way. During the last weeks of my first semester of college, my life changed forever. I spent the night in a psychiatric hospital for wanting to end my life in the past. I had everything taken from me and had to force the nurses to inform my father where I was since I lived with him. I cried that entire night and did not sleep all but maybe ten minutes in the twenty four hour period.All my classes received failing grades as it was finals week and, policy was a student must attend finals and my world came crashing down. Upon my exit, I became a full time nanny and began my career. However, I still wanted to stay true to myself and wanted to complete my associate’s degree and then obtain a bachelors degree. John Holland’s personality theory states â€Å"People feel that their job is fulfilling if there is a match between some features of their wo rk and their personality† (Witt & Mossler, 2010, pg. 30). This statement could not pertain more to me when describing my career in the childcare field.My time with the children has been one of the most challenging and rewarding experiences of my life. I have been fortunate to be blessed with loving families that I work for that have now become my own. By taking advantage of these opportunities presented, I am well on my way to opening my own preschool-based daycare center. Though I have faced many setbacks, I have chosen to use each one as a learning experience in bettering my future. During the abuse, I remembered that there is someone out there that does love me and is worth my time.I am truly fortunate to have lived through an instance that was so tragic and could have taken my life. While my career in childcare has been one of my most valued experiences, one of my most rewarding experiences would be getting the opportunity to live. My family always told me there is a r eason why I am on this earth; they could not have been more correct. Being able to survive a tragic attack made me value what I have; With a now loving boyfriend of one and half years and a supportive family at my side cheering me on I now know why I must continue to persevere and not let anything stand in the way of my hopes and dreams.My drive in life is now not one of satisfying only others that did not care about me, but now one of self respect and dignity. I want to do everything to prove that I can use perseverance to get through anything or anyone that tries to knock me down. As I continue to move through life I accept every day as a new beginning; I believe that too many people settle for less than what they deserve because they think their goals are out of reach once someone or something tries to block their path.Very few people achieve anything significant without first overcoming obstacles as seen in Zeleznocks article saying â€Å"If at first one does not succeed, try a gain† (Zeleznock, 2008, pg. 1). What life has taught me is that if one lets setbacks control their life they will never move forward. In order to have a positive self image one must push to succeed and maintain self worth. Using setbacks and allowing others to make your decisions will only result in regret and lead one down a life of self doubt. Each day I view as a new beginning and an opportunity to learn and grow with others.As I accept new challenges, I look upon my past as a foundation for building knowledge and wisdom. If I am able to use perseverance to maintain my focus and achieve my goals, I will live a life of happiness. Despite my own inability to recognize it at the time, I have an incredible family that supported me throughout my childhood. I have learned many positive lessons about responsibility and becoming a role model in today’s society. I have a career that I enjoy and excel in. Most importantly, I have a family that supports me and loves me for the individual I have become.While some would look at my life and see only the setbacks, I look into the mirror and see a persevering woman with some hurt that lead me to persevere. While there are these setbacks, I now realize my place in society. I have self respect and love life and look forward to what each day may bring.References Witt, G. A. , & Mossler, R. A. (2010). Adult Development and Life Assessment. Retrieved from http://content. ashford. edu/books/30 Zeleznock, T. (2008), & Entrepreneurs Whose Perseverance Will Inspire You. Retrieved from http://www. growthink. com/content/7-entrepreneurs-whose-perseverance-will-inspire-you

Indirect Listed Property Offers Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2890 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? This paper studies an evaluation of the risk factors between the unsecuritised (direct) Property investment markets in comparison to the securitized (indirect) property investment markets. The real estate global market functions through both direct and indirect property investment, without prejudice Investing in real estate markets overseas can turn out to be a venture into the unknown, an encounter with unfamiliar political and economic environments, unstable currencies, strange cultures and languages, it is assumed the indirect market offers the experienced investor investment opportunities that can be effectively forecast, and managed by experienced investment portfolio managers with local knowledge, while making available to the investor a wide and diverse palate of offerings in the global economy, effectively spreading and mitigating the risk and therefore hedging against the risk associated with major negative economic market downturns. The investors who directly invest in brick and mortar in direct investment is restricted and limited by funds, experience, local knowledge, empirical data, and lack of diversity that ultimately results in greater capital risk.. Don’t waste time! Our writers will create an original "Indirect Listed Property Offers Finance Essay" essay for you Create order Key Words: Direct and Indirect property investment, Diversification, Risk, Assets, Forecast. INTRODUCTION Real estate Investment can be done through direct and indirect processes, the concept of real estate as a financial asset has a history that exceeds any other asset class within finance. Large profits have been earned in the real estate industry in its long history. According to Brounen (2008) the size of the real estate market by the end of 2007 is estimated around 24 trillion US dollars. In two thirds of all cases, these buildings are owned by their users, which prohibits outside investors from participating. This leaves 10 trillions of investable real estate assets. These assets are currently occupied by tenants who pay their monthly rents and thereby provide the real estate investor a stream of cash flows, and thus a source of financial returns. The investable real estate market consists of 9 trillion of direct real estate assets and 1 trillion of indirect real estate. Property investments can be sub divided into two broad categories 1) Direct investment: The ownership of physica l assets, that includes direct ownership for owner-occupation, and property for sale or to let to others and capital appreciation and growth over time, it is a development sector focused investment. 2) Indirect investment is a paper asset backed by property, comprising of Property company shares, Unit and investment trusts, Mortgages and loans with an investment sector focus. This will revolve around Property funds: investment in property indirectly through a property fund. If the fund performs it will provide an income in the form of dividends, or rental income, depending on the type of fund, and capital growth when sold. Direct property investment is a traditional form of investment and has been around for 100s of years. The return to direct property usually takes the form of rental income or capital growth or both, and the risk depend on the type of property, its location, the lease terms attached to it and the quality of tenant. However, property investment has radically changed over the last 30 and 40 years with the introduction of new indirect forms. The return and risk attributes depend on the type of indirect vehicle. Investment in bricks and mortar has been shown to have many benefits, but direct real estate Investments are illiquid; require large capital commitments and considerable industry expertise. This has created demand for new financial instruments. The Real Estate Investment Trust Act of 1960 made indirect real estate investment through Real Estate Investment Trusts (REITs) possible in the United States. Similar legislation in numerous other countries has laid the foundation for a sur ging global property share market; the market capitalization of which has quadrupled over the past decade. This, in turn, has led to the appearance of real estate mutual funds some two decades ago, representing a third-tier real estate investment vehicle. It also involves investing in the skills and expertise of other people, such as property or fund managers. Investors need to be aware that making indirect investments is likely to mean the performance of their investment vehicle is not wholly related to the performance of the property or properties contained within the vehicle. In addition, the tax treatment of indirect investment vehicles may be an issue. Overseas investors in the UK are largely institutions, property companies or construction companies. They buy into UK investments because cross border investment enables them to increase the diversification of their portfolios over a wider range of investment choice. In the UK property market, inward investors already account approximately 15% of investment property. This equated to 25 billion in 2002, CB Hillier Parker,(2002). INVESTMENT MOTIVATION (DIRECT/INDIRECT) It has been observed through research that diversification is the investors main motive for international portfolio investment in the property sector McAllister,(1999). An investor investing his/her money does so in the hope of earning more money in the future. This is true regardless of the type of investment. The future return to an investment may take the form of an income stream and/or an increase in the market price of the asset when it is sold to another party. Investors must weigh up the potential for an investment not to produce the expected capital growth or income streams. The chance of a loss in capital or income occurring is the risk associated with an investment. Typical investors aim to maximise the return on their money invested while minimising the risk of losing it. Investors usually do not have unlimited capital, and have to decide how to space their limited funds by choosing between alternative investments. The sources of income of the company will vary depending o n the type of property companies. Property investment companies tend to rely on rental income while property trading companies generate their income by selling completed developments. The ultimate motivation for indirect or direct investment in real estate is profit, the motivation and appetite is justified by the attendant requirements and risk factors required to achieve maximum returns, the investor will have to justify the process and avenues (direct or indirect) for investment based on salient, pertinent and relevant factors unique to the investors experience, the motivation of an investor for indirect investment will be justified by the intent to have a formalised and structured approach to investment with all the requisite legal and financial safeguards, diversity and predictability, whereas direct investment requires a hands on approach with all the attendant risk factors, common to the unstructured investment market, such as a requirement for experience, assess to development funds and know how, local knowledge, human capital and resources to effectively execute a successful direct investment. The table below shows the annual investment returns in percent age from 1998 to 2012 on direct and indirect property investment. Figure 1: IPD property fund index annual investment returns (%) INTERNATIONALISATION OF REAL ESTATE INVESTMENT Lately, the Asian Pacific Emerging Markets has been of great interest to the International Real Estate Investors, the motivation behind this investment interest is the additional diversification benefits, the strong economic performance of the region, the very high returns the Asian economic would generates and the growth potential of the region in the nearest future. Indeed in a survey of investors in the UK and Asia higher returns and the potential for capital appreciation were ranked one and two as the main reasons to hold foreign property in Asia, (Lim 2000). For example over the period 1966-1991 the average annual real economic growth rate for Hong Kong, Japan, Singapore and Malaysia was greater than 6% while the comparable figures for the US and UK were between 2% and 3% respectively (Greenwood, 1993) Divecha, Drach, and Stefek, (1992) argued that the globalisation of the worlds financial system has led to the emergence of a number of key financial centres in London, New York a nd Tokyo, whose real estate markets are closely tied to the modern day international financial network, as a result their real estate markets are a lot integrated and so offers low diversification benefits (Stephen, 2000). Thus the benefits from indirect property portfolio diversification will be greater when pairing a matured market with an emerging market. DIRECT AND INDIRECT INVESTMENT FORM, REGULATION AND STRUCTURE Indirect real estate investment are usually in the form of Real estate mutual funds, REITS (Real Estate Investment Trusts), buying shares in a publicly quoted property company, securities,ÂÂ  funds, orÂÂ  private equity company,ÂÂ  listed property companies, UK offshore property investment companies, investment trust companies, life bonds, authorised and unauthorised property unit trusts, limited partnerships, Property Authorised Investment Funds (PAIFs). Indirect property investor can also invest via property syndicates, from within a Self-Invested Personal Pension (SIPP) and pension funds. The structured nature of indirect investment offers the investor confidence and an avenue for risk assessment and legal framework to support the investment, whereas direct property investment such as Buy-to-let: purchase of property with a view to letting it and achieve an income, in the form of rent from a tenant, as well asÂÂ  capital growthÂÂ  if the property is sold f or a profit, or alternatively purchase of property directly with a view to renovating it and selling it for a profit offers no structure or framework for assessment, it is a deregulated form of investment open to all kinds of risk. A Real Estate Investment Trust (REIT) is a real estate company or trust that buys, sells, develops and manages property assets. REITs elect to qualify under certain tax provisions to become owners of property and mortgages, and to pay dividends without prior deduction of corporate taxes. Before REITs were introduced listed property companies suffered from double taxation, the corporation had to pay corporation tax and investors had to pay tax on their dividends. There was much pressure to change this situation as compared with direct property investment. Listed property companies were at a disadvantage, as when investing directly there was only one taxation charge (tax on rental income). This structured approach to investment offers a vast array of options to the investor, low unit costs, publicly traded with up-to-date pricing while direct investment with all the attendant hands on requirements is still plagued by Government intervention e.g. planning and environmental controls, bui lding regulations, rent controls in housing, development incentives etc. These regulations add to the management obligations and in some countries capital gains and transfer taxes that increase the cost of trading in direct investment. MANAGEMENT AND EXPERIENCE Property as an investment medium requires a significant amount of specialist management and administration. Research has shown that additional cost of management is linked with direct property investment this provide an important barrier to direct investment in the property sector (Newell and Worzala, (1995). However, the day to day obligations include maintenance, rent collection, rent reviews and lease negotiations. This adds to the costs of holding this type of asset as investors either have to employ their own specialists or the services of a property management practice. Whereas ownership of an indirect property interest can be regarded as a passive form of investment, requiring no management input beyond the decisions to buy and sell. Investing in indirect property interest takes away the problems associated with direct involvement in management. The high cost of buying and selling direct property rights inhibits market participants from responding rapidly to changing condition s, and raises the gross return required by investors. Indirect property investment on the other hand can be held with little day-to-day input required. DATA, INFORMATION AND TRANSPARENCY The process of obtaining information about potential investment in foreign countries on direct property investment is a major problem. Practical research carried out suggests that problems associated with finding suitable investment opportunities are very important for institutional investors. The dumb foreigner effect will be more important in markets where information is scarce and which are poorly researched. Indirect property market which is similar to the Equity market will tend to be more transparent and are information rich compared to direct property market McAllister, (1999). Moreover, trading of large properties in some locations and the lack of a transparent market also lead to uncertainty about value. The attractiveness of indirect property investment vehicles is largely the ability to avoid some of these difficulties linked with direct property investment whilst still investing in the property market (thereby benefiting from the diversification offered by the property cy cle). EFFICIENT-MARKET HYPOTHESIS Property market has generally been declared to be inefficient compared to other asset class due to its characteristics of having a high search cost, and having no central market. These two features put together inhabit the information, operational and allocative efficiency of property investment compared to shares and bonds. Burton,(2003) explains that the major success of listed indirect property investment, is it being indexed, measured and unitised like shares and bonds. This makes it impossible for a single participant to constantly outperform the market after accounting for search cost and transaction cost. Listed Indirect property investment can readily be assessed by the efficient market hypothesis (EMH) as share prices of property companies are relatively determined by demand and supply of shares and not by prices and return from previous transaction that creates weak form efficiency. On the contrary semi strong efficiency is achieved by listed indirect investment through the proper incorporation of all public information and company prospects in share price movement. The semi-strong efficiency that exists in listed property investment and the volume of documented transaction of property interests makes forecast more realistic and more accurate. PORTFOLIO DIVERSIFICATION A good level of portfolio diversification can be achieved by purchasing shares of one/few property companies (assuming assets are well diversified). This involves scrutinizing the type, age, location and tenure of individual properties, and how they contribute to the companys portfolio. This refers to the ability to sell an asset at any time without suffering any loss associated with the timing of the sale. The portfolio risk can be reduced by selecting investments with returns that are not perfectly correlated. The risk that can be removed through diversification relates to the individual characteristics of the investment. This risk is called non-market also referred to as non-systematic or specific risk. However, there is a certain degree of risk that cannot be diversified away. This may be referred to as systematic or non-specific risk created by general economic conditions. The major advantage of international indirect property investment is the reduction in property specific ris k through the securitisation of property interest and the reduction in systematic risk through the investment in negatively correlated economies. Fraser,(1993). The benefits associated with international portfolio diversification are abundant and information is readily available just like the equity market and the risk and return advantages of international diversification are very large for investors. THE FACTORS AFFECTING THE DIRECT AND INDIRECT PROPERTY INVESTMENTS PERFORMANCE There are some principal factors that influence the income yields of indirect and direct property investments as identify by Fraser (1993) Liquidity: This refers to the time that it takes to realise the cash tied up in an investment. Investors tend to prefer more liquid assets and must be offered extra return to overcome their liquidity preferences. Indirect property investments are regarded as fairly liquid. There is an active secondary market (Stock exchange) for Indirect property investments making it significantly easier to sell them quickly and cost effectively. Direct property assets on the other hand can take time to sell; transaction costs associated with the sale can also be significant. Lumpy: Property comes in various sizes and forms, indirect investment offers the flexibility to acquire investment in various forms and structures it allows the holding of a diversified property portfolio with assess to a large pool of funds which is always a hindrance to the small player. Properties often cannot be divided, so each can represent a large position within the portfolio. Homogeneity: Indirect investment can take advantage of the homogenous nature of shares and gilts in a real estate investment company, whereas no two properties are the same and can give a portfolio with an identical structure to accentuating the unpredictability of the return. Heterogeneity of property can lead to uncertainty about its value. These factors affect the risk premium of a share (rpS), and subsequently the investors required rate of return. The same factors also affect other investments that are perceived as risky. This includes direct and indirect property investments. Long term nature of holding: Direct investment in land and property have in themselves long term durability compared to other goods, but over time require repair and refurbishment at a cost and they depreciate through wear and tear, whereas though depreciation affects assets of companies, it will have less correlation to the shares owned by an indirect investor. Immobility: Direct investment in properties provides very little or no room for mobility as property is fixed to a location, it cannot be moved, whereas indirect investment can be bought, sold and moved from one market to another offering differential opportunities. CONCLUSION Although direct and indirect property investment offers different prospects in terms of information costs, diversification, risk exposure, liquidity, volatility and quality of performance measurement, the underlying assets of indirect and direct property investment vehicle are still subject to the performance of the property market. It is also appropriate for institutional investors interested in international portfolio diversification to be involved in research of international investment performance which ensures that a low correlation or possibly a negative correlation is achieved when compared with home country.