What Is Constitutional Provision - 1166 Words

Statute No political subdivision of the state may regulate in any manner, firearms or ammunition, unless otherwise allowed for in state law. The Louisiana Revised Statute Annotated  § 1796 dealt with Preemption of state law. The law in part, stipulates that â€Å"No governing authority of a political subdivision shall enact after July 15, 1985, any ordinance or regulation more restrictive than state law concerning in any way the sale, purchase, possession, ownership, transfer, transportation, license, or registration of firearms, ammunition, or components of firearms or ammunition† The law continues by stating, â€Å"however, that this Section shall not apply to the levy and collection of sales and use taxes, license fees and taxes and permit fees,†¦show more content†¦Maryland Maryland is a may issue state with a very limited or restricted issue laws. Application for a permit to carry a handgun is made to the Secretary of state police where in addition to the printed application form, a notarized letter stating the reason for applying for a permit is attached. Maryland has no constitutional provision granting the â€Å"right to bear arms.† Statute The Annotated Code of Maryland MD Code, Criminal Law,  § 4-203 dealt with Wearing, carrying, or transporting handgun. There were two provisions of prohibitions under this law. Firstly, the law stipulated that â€Å"Except as provided in subsection (b) of this section, a person may not: wear, carry, or transport a handgun, whether concealed or open, on or about the person.† Secondly, the person may not â€Å"wear, carry, or knowingly transport a handgun, whether concealed or open, in a vehicle traveling on a road or parking lot generally used by the public, highway, waterway, or airway of the State† Massachusetts The state of Massachusetts falls within the may-issue jurisdiction category where a license authorizes the carrying of handguns, including a â€Å"large capacity handguns for all lawful purposes, subject to such restrictions relative to the possession, use or carry of handgunsShow MoreRelatedStatutory And Constitutional Analyses Are Important Than Others938 Words   |  4 PagesStatutory and constitutional analyses are imperative in many different ways. However, some elements pertaining to legal philosophy are more significant than others. Statutory analysis is not as significant when compared to constitutional analysis; however, it still contains principal features. â€Å"The construction and application of provisions adopted by legislatures† envelops the purpose of statutory analysis (Coleman 271). Statutory analysis occurs strictly when the rights are indistinguishable,Read MoreEssay on We the People688 Words   |  3 PagesUnit 1 Speech 2: What are the fundamental characteristics of a constitutional government?  · In what ways does constitutional government mean limited government?  · Describe at least three provisions of the Constitution that provide a means of preventing the abuse or misuse of government power. Explain how these provisions work in our system of government today. 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A C onstitutional Convention is simply not necessary, when the Constitution itself is not what is holding back the Illinois State government. What could possibly be the purpose of a Constitutional Convention? Is it to change provisions on the state budget, income tax, or even schoolRead MoreApplication of the Analytical School of Justice1805 Words   |  7 PagesINDIAN CONSTITUTIONAL LAW: APPLICATION OF ANALYTICAL SCHOOL John Austin is the inspiration of the Analytical School, which in turn drew his inspiration from Hobbes, and Bentham. According to Austin law is a command given by a superior to an inferior and enforced by material sanctions. Positive law is a creation of sovereign. It emphasizes that the sovereign is a superior and commands of the sovereign is law, and disobedience of commands is accompanied by punishment. Law is the expression ofRead MoreJudicial Review And The Indian Courts1444 Words   |  6 Pageslaw or an action of any agency of the state. 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Chases Strategy for Syndicating the HongKong Disney Loan Case Study

Essays on Chase's Strategy for Syndicating the HongKong Disney Loan Case Study Chase’s Strategy for Syndicating the HK Disney Loan Total Number of Words 273 Introduction Out of 17 major banks, Chase was chosen to finance the construction of HK Disneyland theme park and the resort complex (Esty, 2013a, p. 1). Basically, this paper will discuss the concept of project financing followed by explaining how HK Disneyland loan is considered as a project financing loan. After discussing how Chase bid the first competition, the meaning of ‘fully underwritten deal’ and ‘non-recourse finance’ will be clearly stated. Eventually, the risks associated with such deal will be explained in details. After identifying important considerations before signing the standard commitment letter, specific parts that need to be removed or altered will be tackled in details. Eventually, recommended syndication strategies for the loan will be highlighted in this paper followed by discussing how each of these syndication strategies can affect Chase’s risks and returns as the lead arranger. How HK Disneyland Loan is considered as a Project Financing Loan Project financing is a type of limited financing wherein the terms of debt are highly dependent on the actual performance of the project. HK Disneyland loan is considered a project financing loan because of its 15 years maturity period which is longer than the usual maturities of corporate financing loans, the loan has been extended in HK which is outside the boundary of the United States and in a much riskier country, and HK Disneyland has tangible assets that Chase may consider as a ‘fallback collateral’ (Esty, 2013a, p. 5). How Should Chase Bid the First Round of Competition? Three approaches that Chase had considered include: ‘bid to win, bid to lose, and no bid’ (Esty, 2013a, p. 4). ‘No bid’ should not be an option because it will remove Chase’s opportunity to earn profit from high-profile deal. As such, Chase will automatically lose high-profile deal to its aggressive competitors like HSBC and the Bank of China (Esty, 2013a, p. 4). Bidding aggressively increases the risks wherein Chase will not be able to meet their earning targets (Esty, 2013a, p. 5). Bidding to lose means that Chase will have lesser chance of winning the mandate. It means that even though Chase would protect itself from risky long-term deal, the bank also sets limit to the possible returns it could get out of its relationship with Disney. Therefore, instead of immediately bidding aggressively or bidding to lose, Chase should carefully evaluate and analyze the risks and returns associated with their syndicated credit abilities. For instance, potential return could mean strengthening the bank’s relationship with Disney on top of improving its global reputation as the best lead arranger of syndicated finance whereas potential risks include the loan’s credit risks, etc. Associated Risks and Differences of ‘Fully Underwritten Deal’ and ‘Non-Resource Finance’ ‘Fully underwritten’ deal means that the lead arranger is responsible or 100% committed in providing the terms and prices (Esty, 2013a, p. 20) whereas the ‘non-recourse financing’ means that the lender would determine the ability of the borrower to pay back the loan simply by looking through the project’s cash flow. Disney desires to have a fully underwritten deal plus the HK$3.3 billion non-recourse loan and the option to select a maximum of three (3) lead arrangers (Esty, 2013a, p. 3). In theory and practice, the risks associated with ‘fully underwritten deal’ include the fact that the underwriter or the lead arranger takes full risks in case of uncertainty such as market failure or the risks of force majeure. To protect the underwriter from the uncontrollable market failure or force majeure risks, the fee of underwriter is generally much higher in a ‘fully underwritten deal’ (Esty, 2013a, pp. 17-18). Based on the case study, HK Disneyland has no other collateral on top of the site which will be constructed on a future date. In fact, during the bidding period, the construction site for HK Disneyland was still scheduled for reclamation (Esty, 2013a, p. 3). Therefore, in case of non-recourse finance, Chase will take higher risks in case the borrower fails to pay back th e loan. Considerations Before Signing the Standard Commitment Letter The standard commitment letter itemizes and confirms the final agreed amount of loan, the terms for payment and the syndication strategies in details (Esty, 213a, p. 20). Before signing the letter, Chase should consider all possible changes that may occur in both internal and external environments within the agreed 15-year term. For example, Chase should remove all clauses that will limit the option for future negotiations (Esty, 2013a, pp. 7-8). To protect the welfare of the bank, the underwriter may decide to include a clause which allows the bank or the underwriter to have the option to withdraw their commitment especially in case of future misunderstanding between the borrower and the lender. The presence of ‘market flex’ can cause serious problem on the part of the borrowers (Esty, 2013a, p. 7). To maintain a win-win situation between Disney and Chase, the underwriter may also include a clause for renegotiation in case of over-subscription or overpricing (Esty, 2013a, p. 7). Effects of Syndication Strategies on Chase’s Risks and Returns as the Lead Arranger Chase presented two syndication strategies to Disney. The first option is that Chase will play the role of a ‘sole mandated lead arranger’ with the option to invite four other banks as its sub-underwriters (Esty, 2013a, p. 6). Basically, the first option will lessen the underwriting risks on the part of Chase plus benefit from the support of sub-underwriters. Using option 1, Chase’s exposure in general syndication can be reduced to HK$660 million as compared to its maximum exposure of HK$3,300 million. (See Appendix III – Risks and Rewards for Chase on page 11) The second option is that Chase plus two (2) other banks will share ‘joint mandated and joint underwriting commitment but with no sub-underwriting’ (Esty, 2013a, p. 7). The second option means that Chase will have to give up 2/3 of underwriting fee on top of the need to share the league table status with other banks. Using option 2, Chase’s exposure in general syndication and its maximum exposure is HK$1,100 million. (See Appendix III – Risks and Rewards for Chase on page 11) Option 3, not presented to Disney, is a combination of both option 1 and 2 which means that Chase will be the sole mandate with no other sub-underwriters (Esty, 2013a, p. 7). The third option will expose Chase to higher credit and syndication risks but increase the chances of improving Chase’s league table status and future compensation. Using option 3, Chase’s exposure in general syndication and its maximum exposure is HK$3,300 million. This figure is so much higher as compared to Chase’s exposure when using option 1. (See Appendix III – Risks and Rewards for Chase on page 11) Recommended Syndication Strategy Considering the case of HK Disney, the best syndication strategy is one that can reduce the bank’s credit risks (Esty, 2013b, p. 1). Often times, this includes having sub-underwriters who can share the commitments with Chase. As compared to a single-stage general syndication, it is best to choose the two-stage syndication plus sub-underwriting before the actual general syndication so as to reduce Chase’s exposure to credit risks. Likewise, the two-stage syndication plus sub-underwriting before the actual general syndication will enable Chase to win the support of other banks in case of being exposed to uncontrollable risks (Esty, 2013a, p. 21). Conclusion The goal of syndication strategy is to reduce the exposure of lead arranger(s) to credit risks. In the process of making the offer more attractive to other banks, it is possible for the lead arranger can increase the committed amount from all banks as compared to what the lead arranger banks can commit. References Esty, B. (2013a). Chases strategy for syndicating the Hong Kong Disneland loan (A). Harvard Business School. 9-201-702. Esty, B. (2013b). Chases strategy for syndicating the Hong Kong Disneland loan (B). Harvard Business School. 9-201-086. Appendix I – Possible Syndication Strategies for Chase (Millions HK$) Per-Bank Sub Amount Per-Bank Underwriter Underwriter Closing Pool Sub- Amount Total Cumulative Chase Max Lenders Fee Fee Fee Income Underwritten Held Allocation Share Exposure Chase Sole Coordinating Arranger, with 4 sub underwriters Coordinating Arranger (Chase) 1 $9,900 $1,650 $2,100 $200 $13,850 $300 $300 9.1% $3,300 Sub U/Ws 4 $1,650 $2,100 $200 $3,950 $300 $1,200 45.5% Arrangers 4 $1,750 $1,750 $250 $1,000 75.8% Co Arrangers 4 $900 $900 $150 $600 94.0% Lead Managers 2 $500 $500 $100 $200 100.0% 15 $3,300 Note: (1) Closing fees of Chase, lead arrangers (Sub U/W), and Arrangers @ 0.70%; closing fees of co-arrangers @ 0.60%, and closing fees of lead managers @ 0.50%; (2) Underwriting fees of Chase @ 0.30% whereas underwriting fees of lead arrangers (Sub U/W) @ 0.25%; (3) Chase with 2 other Coordinating Arrangers, no sub underwriters Coordinating Arranger (Chase) 3 $300 $900 27.3% $1,100 Sub U/Ws 0 N/A Arrangers 4 $250 $1,000 57.6% Co Arrangers 6 $150 $900 84.9% Lead Managers 5 $100 $500 100.0% 18 Chase Sole Coordinating Arranger, no sub underwriters Coordinating Arranger (Chase) 1 $300 $300 9.1% $3,300 Sub U/Ws 0 N/A Arrangers 4 $250 $1,000 39.4% Co Arrangers 8 $150 $1,200 75.8% Lead Managers 8 $100 $800 100.0% 21 Appendix II – Allocation of Fees in Three Syndication Strategies (Millions HK$) Per Bank U/W Sub U/W Closing Fees Fees w/o Pool Fees w/ Pool (Per bank) Chase Sole Coordinating Arranger, with 4 sub underwriters Coordinating Arranger (Chase) 1 $9,900 $1,650 $2,100 $13,650 $13,850 Sub U/Ws 4 $1,650 $2,100 $3,750 $3,950 Arrangers 4 $1,750 $1,750 $1,750 Co Arrangers 4 $900 $900 $900 Lead Managers 2 $500 $500 $500 15 Chase with 2 other Coordinating Arrangers, no sub underwriters Coordinating Arranger (Chase) 3 $9,900 $3,300 $2,100 $15,300 $15,500 Sub U/Ws 0 n/a Arrangers 4 $1,750 $1,750 $1,950 Co Arrangers 6 $1,050 $1,050 $1,050 Lead Managers 5 $700 $700 $700 18 Chase Sole Coordinating Arranger, no sub underwriters Coordinating Arranger (Chase) 1 $9,900 $3,300 $2,100 $15,300 $15,500 Sub U/Ws 0 n/a Arrangers 4 $1,750 $1,750 $1,950 Co Arrangers 8 $1,050 $1,050 $1,050 Lead Managers 8 $700 $700 $700 21 Appendix III – Risks and Rewards for Chase Chase Exposure in General Syndication Chase Max. Exposure Chase Fees / Chase General Syndication Exposure Sole Coordinating Arranger, 4 Sub Underwriters HK$3,300 HK$660 0.021 Three Coordinating Arrangers, no Sub Underwriters HK$1,100 HK$1,100 0.008 Sole Coordinating Arranger, no Sub Underwriters HK$3,300 HK$3,300 0.007

Relationship Between Leaders and Followers

Question: Discuss about the Relationship Between Leaders and Followers. Answer: Introduction: Any successful organization depends solely on the relationship that exists between its leadership and the entire stakeholders. Locke and Associates (1999) define leadership a process of motivating others to take a particular action for a common goal. Being a leader, you must have followers which in this case are several members including the personnel within the organizations. Both members and the leaders have different obligation required of them to execute to attain the mutual mission of the organization. Therefore, the aim of this excerpt is to explore in details the relationships that exist between the leaders and their followers within organizations. Worth noting is that the relationship between leaders and the members can be influenced by the organizational structure adopted by a particular firm. An organization that takes a closed system of management often tends to exhibit strict chain of command which intricately slows down the process of decision making. In this kind of system, no one dares, especially the subordinate, employees to question the leader even if the decision is wrong. Such an occurrence could be simply because the company policy dictates one to follow the stipulated channel of communication. On the other hand, organizations that adopt an open system of management provide an ample environment for both leaders and followers to relate well without hindrance for the common goal of the groups. Milakovich and Gordon (2009) refer to the leadership of this kind of system as a social system in which the meaning is attained through a mutual transaction between the leaders and the followers of an organization. Transaction al leaders are the ones that identify the needs of their members in their working environment and try to avail them for the benefit of motivating them. As a result, the production will increase to meet the organization's goals. Moreover, theorists such as Fidler who coined the contingency theory of leadership argue that the output of a particular group depends on the emotional orientation of the leader as well as the environment of the group, the nature of the task and finally the power position held by the head (Peterson et al., 2008). If the relationship between the leader and the followers is right, there are higher chances of attaining the target goal. Moreover, the nature of the task also can determine the relationship between the members and the leader. The contingency theory argues that the behaviour pattern exhibited by a leader is determined by the requirements dictated by the situation. The task variable explains how the nature of work determines the leader-follower relations. If the work to be carried out is clearly defined, the leader will not have to spend much time explaining to the followers what they are required to do. Furthermore, the power position is another determinant of relations between the leader and the follower based on Fidlers contingency theory (Goldhaber, 1993). The leadership position of a leader depends on whether the individual assigned to the position has an authoritative power over the members. If the position has authority, within an organization then that leader has less effort making decisions over the employees or followers, and they are likely to listen to him/her. Such is contrary to when they have less authority. For example, a leader is given the position of a chairperson in a committee within an organization but does not have the power to make major decisions. Therefore, building and maintaining a good relationship with the followers determine the output. Based on the leader-member exchange theory, the rate at which the followers produce often tends to be proportional to how he/she relates to them. Some follow produce more than others based on some variables such as the e nvironment created by fellow followers and the leader or the psychological factors (Sheraz, 2012; Yaseen, 2010). Therefore, to achieve the maximum output from the followers, a leader ought to employ the transactional kind of leadership to make every follower feel they are part of the organization. On the flip side, the followers also have an obligation within an organizations leadership. A follower must be able to portray a good sense of judgment. Such is considered being a quality that every individual within the organization must possess some leaders may at times fail to offer the right decision. Therefore it is upon the follower to gauge the directive by the leader and be able to act upon it. Some leaders make bad choices which if not corrected in time, might put the organization in an awkward position. For example, a chief executive officer may give additives that can jeopardize the image of the company. Thus the public relations office being a follower has an obligation to make the right call act on the directive or offer a proper advice on how to react to the situation. Moreover, a good follower also must observe a work ethic. To have a good relationship between the follower and the leader, the follower must be diligent in their obligations. Bess and Dee (2012) argue that contingency theory of leadership requires the member traits, which entail right skills, and maturity level determines the leadership behavior. The leaders role is to provide the necessary requirements for the followers to achieve optimum performance while the supporters duty is to use their skills and competence to execute their due obligations. Also, members know their responsibility. A good relation between the follower and leader is often achieved when the follower knows his/her responsibility. It is much easier for a fan to complete their obligation without conflicting with the leader. It also makes them proactive to help fellow members for achieving the groups desired goals. In turn, this also helps save time and improves efficiency within an organization. Besides, followers must possess courage as one of their traits. It is not easy in some organizations for followers to take the bull by the horns and confront their leaders even when they out rightly know the head is wrong. Such a scenario often arises where the organization adopts the hierarchical kind of management. As a result, the followers often retreat for fear of being intimidated by their leaders or fear of causing a strained relationship between them and the leader. In turn, this may cause significant problems to the organization because of a single mistake that ought to have been reported by the follower but chose not to. Interpersonal relationship between the member and the leader could have the influence on the organization's goals. It is wise to note that the ultimate reason for both the leader and the follower is to achieve the preset organizational goals. At times, the strained interpersonal relationship between the leader and the follower could affect the performance o f either due to poor communication as well attitudes towards each other. However, the bottom line is for the follower to understand where his/her loyalty lies. Personal relationship with the leader should not act as a boulder between them and attain the organizations goals (Chris Maser, 2013) Also, emotional consciousness is a requirement of a follower. To have a good relationship between the leader and the follower, one must possess a sense of controlling their emotions to themselves as well as with another member. They must remain composed and maintain calm in challenging situations. For instance, some leaders, due to time constraints push their followers to work for long hours to meet the deadlines, which could affect the relationship that exists between them and their supporters. However, it is too, an obligation of the follower to understand the matter at hand and put the interest of the organizations first before theirs. Nevertheless, self-motivated followers often create a good relationship between them and the leaders. Real fans always take an initiative to perform the task without being pushed around to accomplish the work that they ought to have done on their own. As a result, in most organizations, people with such initiatives have landed recognition through awards and promotion to leadership since they get along with almost anyone. However, it should be worth noting that having such an initiative trait should not lead the follower to be contemptuous of fellow members, rather a motivation to provide more for the organization while maintaining good relations with the leader. While we have analyzed the roles the leaders and followers in an organization, it is important to look at benefits of having a good relationship between them and its repercussions to the team. First, a good rapport between a leader and the followers builds trust. As discussed above in the Fidlers contingency theory of leadership, some leadership power position determines the members performance. Thus, suppose the leadership position has a little power that is the leader does not have authority over the followers, good relationship that exists between him/her and they will convince them to perform without being pushed around because they have trust in him/her. As a result, the organization will benefit Moreover, a good relationship between a leader and the followers will create the right organizational image to the public, which may attract a positive reaction from stakeholders who would like to associate with the organizations. Examples include the investors as well as well-wishers. An organization whose leaders relate well with their followers, often tend to experience tremendous positive changes. Leaders who embrace new ideas from their supporters can gain more (Chen Silverthorne, 2005). Thus, they not only improve the services of the organization but also provide an opportunity for follower members to become leaders. These are often known as transformative leaders since they see the goodness in others. In conclusion, the relationship between the leaders and followers is vital to the success of any organization. As discussed in the essay, both the leader and the follower must meet several obligations as well as exhibit certain traits for common organizational goals. Irrespective of the circumstances that are contingent to various leadership practices effective communication between the leaders and followers is crucial. Also, the relationships that exist between leaders and followers have the significant influence on output and building of members trust. Finally, the image of the organization hinges on relationship positive relations among its member. References Carolin G., Wilkins, D. (2013). Leadership Pure and Simple: How Transformative Leaders Create Winning Orgaanizations. New York: McGraw-Hill, Inc. Chen, J., Silverthorne, C. (2005). Leadership effectiveness, leadership style and employee readiness. Leadership Organization Development Journal, 26(4), 280288.https://doi.org/10.1108/01437730510600652 David, S. (2013). Contemporary Leadership in Sport Organizations. Winsor: Sheridan Books Goldhaber, G.M. (1993). Organizational Communication (6th Ed.). New York: McGraw-Hill. Hollanda, E. (2009). Inclusive Leadership: The Essential Leader-Follower Relationship. New York: Rutledge Jex, M., Britt, W. (2008). Organizational Psychology: A Scientist-Practitioner Approach (2nd Ed.). New Jersey: John Willey Sons, Inc. Locke, A. (2009). The Essence of Leadership: The Four Keys to Leading Successfully. Maryland: Lexington Books Master, C. (2013). Decision-Making for a Sustainable Environment: A Systemic Approach. Boca Raton: CRC Press. Milakovich E., Gordon J. (2009). Public Administration in America (10th Ed.). Boston: Clark Baxter Northouse, P.G. (2013). Leadership: Theory and Practice. Los Angeles: Sage Publications. Peterson, S. J., Walumbwa, F. O., Byron, K., Myrowitz, J. (2008). CEO positive psychological traits, Transformational leadership, and firm performance in high-technology start-up and established firms. Journal of Management, 35(2), 348368.https://doi.org/10.1177/0149206307312512 Sheraz, A. (2012). Enhancing employee performance through ethical leadership, transformational leadership and organizational culture in development sector of Pakistan. African Journal of Business Management, 6(4). https://doi.org/10.5897/ajbm11.633 Yaseen, Z. (2010). Leadership styles of men and women in the Arab world. Education, Business and Society: Contemporary Middle Eastern Issues, 3(1), 6370.https://doi.org/10.1108/17537981011022823.