Assyrian Warfare :: essays research papers fc

Assyrian Warfare During Mesopotamian times, wars were what divided ruling periods. There were many different peoples that dominated Ancient Mesopotamia and the Assyrians were one of them. The Assyrians prospered mainly because of their divine talent to defensively resist and offensively overwhelm their enemies. At no point of Assyrian rule was there ever a time without conflict of some sort. The Assyrians were known to have a powerful, ruthless army. The army was the largest Middle East or Mediterranean fighting force that had ever been seen. It is believed that God himself promised the Israelites that if they disobeyed Him he would allow them to be taken up and carried away to foreign lands. His promise is explained in Isaiah 5:26-29. It reads, â€Å"He will whistle to them from the end of the earth; Surely they shall come with speed, swiftly. No one weary or stumble among them No one will slumber or sleep Nor will the belt on their loins be loosed, Nor the strap of their sandals be broken; Whose arrows are sharp, And all their bows bent; Their horses’ hooves will seem like flint, And their wheels like whirlwind. Their roaring will be like a lion, They will roar like young lions; Yes, they will roar And lay hold of the prey; They will carry it away safely, And no one will deliver.† Israel’s rebellion angered God and it led to war with the invincible Assyrians. The Northern Kingdom of Israel was wiped out. â€Å"Why were the Assyrians at war so much?† is a likely question to arise when discussing these people. And in my eyes the answer is simple. For land and power. The map of the beginning of the Assyrian empire compared to the end of the Assyrian empire shows great difference. It is obvious that much expansion took place during this rule. Like the Chinese Han dynasty, there was an explosion of territory growth in the Assyrian time period. Not being able to control all the land and people was the Hans’ weakness and led to their downfall. The Assyrians had an interesting policy that eliminated this problem. They would deport defeated nations and led them to captive lands. This would destroy the individuals’ sense of nationalism and would cause them to be much more willing to submit to Assyrian rule. They figured that the less people would resist, the less problem they would have with their captives and it worked well for them. Assyrian Warfare :: essays research papers fc Assyrian Warfare During Mesopotamian times, wars were what divided ruling periods. There were many different peoples that dominated Ancient Mesopotamia and the Assyrians were one of them. The Assyrians prospered mainly because of their divine talent to defensively resist and offensively overwhelm their enemies. At no point of Assyrian rule was there ever a time without conflict of some sort. The Assyrians were known to have a powerful, ruthless army. The army was the largest Middle East or Mediterranean fighting force that had ever been seen. It is believed that God himself promised the Israelites that if they disobeyed Him he would allow them to be taken up and carried away to foreign lands. His promise is explained in Isaiah 5:26-29. It reads, â€Å"He will whistle to them from the end of the earth; Surely they shall come with speed, swiftly. No one weary or stumble among them No one will slumber or sleep Nor will the belt on their loins be loosed, Nor the strap of their sandals be broken; Whose arrows are sharp, And all their bows bent; Their horses’ hooves will seem like flint, And their wheels like whirlwind. Their roaring will be like a lion, They will roar like young lions; Yes, they will roar And lay hold of the prey; They will carry it away safely, And no one will deliver.† Israel’s rebellion angered God and it led to war with the invincible Assyrians. The Northern Kingdom of Israel was wiped out. â€Å"Why were the Assyrians at war so much?† is a likely question to arise when discussing these people. And in my eyes the answer is simple. For land and power. The map of the beginning of the Assyrian empire compared to the end of the Assyrian empire shows great difference. It is obvious that much expansion took place during this rule. Like the Chinese Han dynasty, there was an explosion of territory growth in the Assyrian time period. Not being able to control all the land and people was the Hans’ weakness and led to their downfall. The Assyrians had an interesting policy that eliminated this problem. They would deport defeated nations and led them to captive lands. This would destroy the individuals’ sense of nationalism and would cause them to be much more willing to submit to Assyrian rule. They figured that the less people would resist, the less problem they would have with their captives and it worked well for them.

A Sample Destination Analysis

I. Destination Analysis 1. Transportation The Banaue rice terraces are located in the mountainous  North central region of Luzon Island. While Banaue town is only 350 km from Manila, if it were in the lowlands, this route is about 8-9 hours because it’s a two-lane highway with many switchbacks in the mountains. And if you travel by air from Clark’s airport is a bit complicated. One option is to hop on a bus to Baguio right at the Clark’s Airport, and catch a bus to Banaue early the next day (unless you can catch the last evening bus at 9:30 p. m. ). Or you can take a bus to Cabanatuan, Nueva Ecija also at the  Clark Airport, catch a bus to Cagayan Valley (Tuguegarao, Cagayan or Isabela) in Cabanatuan and get off at Solano, Nueva Vizcaya. From Solano, you can easily find transportation to Banaue. The third option is to take a bus to Manila and catch the bus to Banaue from there. From Manila, Banaue is 333 km. North along Maharlika Highway passing the provinces of Bulacan, Nueva Ecija, Cabanatuan and San Jose cities. There are air conditioned buses from Manila going direct to Banaue. A guest can have a comfortable ride and in some cases, a good sleep if he takes the evening schedule. In the morning after a nine-hour travel and intermittent sleep, he would be awakened to the magnificent view of the rice terraces. Important tips for our visitors coming from Banaue to Uhaj The Banaue-Uhaj road is 70% concreted and 30% still unsurfaced and may be difficult for low profile vehicles to use at times, we  recommend you use an SUV vehicle or the alternative when you’re coming using an ordinary car is to park downtown in Banaue Hotel parking and if it’s two adults or three adults you can get a tricycle from Banaue Hotel to Uhaj ,If you are in a van and have 4 people or more you could hire a jeepney at a cost of around 900 Pesos. The journey takes 40 mins. You can get jeepneys going to Hapao in the afternoon between 4 and 6 pm from Banaue they will drop outside our lodge at a cost of approximately 25 pesos per person. You can get jeepneys in the morning from Uhaj to Banaue from 5:30 am-7:30 am at a cost of 25 pesos per person. Travel time Because travel time from Manila by the overnight bus   can be a tiring   9 hrs. journey. On your arrival at Native Village Inn that day you may well feel like just relaxing for most of that day. What we are advising is that it takes time to visit the beauty spots   in the Banaue area. So we recommend staying at least two nights at Native Village Inn. As you can use our place as a base from which you can do your tours and trekking in the UNESCO world heritage rice terraces. We suggest the above for a reason that you don’t get totally   stressed out trying to do everyday in one day and believe us it’s not possible. Route going from Manila to Banaue by Private Transportation. Head for the Northern Luzon Expressway (NLEX)transfer onto (SCTEX) just near Dau. Stay on the SCTEX till the toll at the very end. After the toll turn right (not left) to LA PAZ, then ZARAGOZA, TALAVERA, SAN JOSE, STA. FE , SOLANO, LAGAWE, BANAUE. Banaue hotel is half a kilometer before Banaue town centre on your right side. as you pass Banaue hotel on the right side take the next left. Half a kilometer (road going to bontoc and viewpoint). Then take next left again one and a half kilometers (this is the road to Hapao, Hungdugan). Stay on that road for another seven kilometers, taking the left fork always. We are quarter kilometer past the village oh Uhaj on the right side. By bus Getting to Banaue directly might take a lot of effort if you're not taking a direct route from  Manila  or if you don't have a tour agency to help you. Here are few possible ways to get to Banaue — Manila  Ã¢â‚¬â€œÃ‚  Banaue  (direct), * Ohayami Trans,  Lacson Ave. cor. Fajardo St. , Sampaloc, Manila  (Just near University of Sto. Tomas or take the train from the Legarda Station then just take a trickshaw to the terminal),  ? +63 927 649 3055, +63 917 561 7344, +63 2 516-0501,  Provides trips directly to Banaue. They have three daily trips – 21:00, 21:45 and 22:00 leaving their terminal in Manila and taking 9-10  hrs  ? 450. * Manila  Ã¢â‚¬â€œÃ‚  Baguio  Ã¢â‚¬â€œÃ‚  Banaue, * Ohayami Trans,  Otek St. , Burnham Park, Baguio City  (within Chowking area),  8 hrs. Provides trips from Baguio to Banaue. They have two daily trips – 20:00, 21:00  ? 360. * KMS,  Near Rizal Park, Baguio City,  ? 09159471440. 7 hrs. Provides a mini-bus trip from Baguio to Banaue. They have two daily trips: 08:00 and 21:30. ?400. The first may be a good choice if you don't like overnight buses or want to enjoy the very scenic drive during the day. Manila  Ã¢â‚¬â€œÃ‚  Baguio  Ã¢â‚¬â€œÃ‚  Bontoc  Ã¢â‚¬â€œÃ‚  Banaue. There are jeepneys going from Bontoc to Banaue and even Sagada to Banaue during peak season or holidays. Manila – Solano, Nueva Vizcaya – Banaue ifugao  Ã¢â‚¬â€œ buses heading to Tuguegarao (e. g. Baliwag transit, Victory,Florida transport inc. , etc. pass by the town of Solano. Several jeepneys ply the Solano-Banaue route or the Solano-Lagawe, Ifugao route. From Lagawe, one can then take another jeepney to Banaue. Manila – Tarlac – Solano – Banaue  Ã¢â‚¬â€œ buses heading for Baguio pass by Tarlac. Vizcaya liner plies the Tarlac-Solano ro ute at 05:00. By car The distance between the Balintawak Cloverleaf, in north Manila at the beginning of the North Luzon Expressway and the  Welcome to Banaue  sign, is about 332  km. The road is paved all the way to Banaue. Travel time can be as long as 9  hr due to the several blind curves through the mountains. Best day to travel is on good Friday of Lenten season, Christmas day and new year's day. It will take about 7  hr only by car with a reliable driver. Jeepneys (converted jeeps/bus) and tricycles (trikes) (little motorcycles with side cars) are easily available around Banaue. Vans can be hired with driver/guide. Expect to hike some to great places to see that are not on the roads. There is a public jeepney plying the Banaue-Batad (Saddle-point) (start of trek to  Batad  village) route daily What if all the direct buses to Banaue are already full? 1. Then ride the Ohayami Trans bus going to Kiangan via Lagawe. . Go down at Lagawe, Ifugao. 3. Take a  jeep from   Lagawe to Banaue. Ohayami Trans Bus to Kiangan via Lagawe Schedule:  9:30 PM ETA Lagawe:  5:30 AM Fare to Lagawe:  400 Pesos per person – one-way Jeep from Lagawe to Banaue are available from early in the morning Fare:  37 Pesos per person – one-way Travel Time:  1 hour to 1 hour 30 minutes. You can topload at the jeep from Lagawe to Banaue. What if even the buses to Kiangan via Lagawe are already full? 1. Go to  Florida Bus Lines  or  Victory Liner  in  Sampaloc  and ride the bus going toCagayan Valley/Tugegarao. The buses will pass by Solano, Nueva Vizcaya. Fare is 335 Pesos per person. Travel Time is 5-6 hrs. For Victory Liner Schedule visit  here. There are also Victory Liner Buses leaving to Cagayan Valley/Tugegarao from their Kamias Terminal. 2. Go down at Solano, Nueva Vizcaya. 3. Ride jeepney from Solano to Lagawe, Ifugao. (67 Pesos per person, 2hrs 40mins travel time) Available from early in the morning. 4. Ride jeepney from Lagawe to Banaue, Ifugao. (37 Pesos per person, 1hrs 30mins travel time) Available from early in the morning. How to go back to Manila from Banaue Ride the Ohayami Bus Lines from Banaue to Manila. Schedule:  6:45PM and 7 PM Travel Time:  9 hours – 3:45AM and 4AM Fare:  450 Pesos per person – one-way. When you arrive at Banaue it is better to reserve your ticket going back to Manila at the Ohayami ticketing booth. You can also do the online reservation via bank deposit. How to Get to Sagada from Manila via Banaue It is good to take this route especially if you are planning to take in the majesty of Banaue Rice Terraces in Ifugao povince, whether from a view point  en route  to Sagada or if you are planning to stay for a day or two to xplore the place. And let me tell you at this point that shopping for furniture and wood carvings in Banaue is fantastic, so you may want to think about staying a little longer. Many folks, especially those bringing their cars, take the Manila-Baguio-Sagada-Banaue-Manila route or do the reverse, going up via Banaue and down via the City of Pines. The good news is, although tr avel time is pretty long, passing through the Philippines countryside is a lovely learning experience and a pretty relaxing ride. This section will deal with the tricky aspect of getting to Sagada from Manila via Banaue. Tricky because there are limited rides from place to place. But all-in-all, it's a pretty cheap vacation and great for backpackers and adventure travelers. Manila-Banaue-Sagada First, let me give you an idea of the locations of Baguio, Sagada and Banaue in relation to each other and Manila. Baguio (located within Benguet province) is on the northwestern side of Luzon while Banaue, Ifugao is   accessible via travel on the northeastern side of Luzon and Sagada, is in between. All three places are north of Manila. Thus one can access Sagada both from the east (Banaue, Ifugao) and the west (Baguio/Benguet). Each route will entail more or less the same combined travel time. Step 1. Manila to Banaue There are daily bus trips from Manila to Banaue that leave at 10:00 p. m. , with tickets costing a reasonable Php600 per person. The transit companies plying this route are Autobus and Dangwa Tranco, and both have terminals in Sampaloc, Manila. The trip from Manila to Banaue lasts nine (9) hours with regular stops along the way for meals and personal necessities. The schedule is designed so that one sleeps through most of the trip, arriving in Banaue just in time to catch the jeepney to Sagada. The bus makes regular stops every 2 hours for meals, snacks and personal necessities. Since it is a long trip, these would be good occasions to stretch your legs. Since there ‘s nothing much one can see at night, this is a good time to get some rest as the journey from Manila to Sagada is pretty long, if you're not stopping over to stay in Banaue. Make sure to bring a blanket or some light covering that you can fold away, like a shawl to keep you warm and comfy. Arrival in Banaue is at around 7:00 a. m. nd it is suggested that if you are planning to return to Manila through Banaue and not Baguio, purchase a return ticket as soon as you get off at the terminal. Step 2. Banaue to Sagada At the Banaue bus terminal there are jeepneys, and sometimes mini-buses or vans,   waiting to take passengers to Sagada. The jeepney ride costs about Php250 per person, and it takes another 3 to 4 hours to get to Sagada. The jeepneys will only go to Sagada when there are at least four (4) passen gers. Should you be traveling in a small group, you can hire it exclusively, but it will always be nice to share the ride others to save on costs. The jeepney will usually make two stops: at a highway restaurant for meals and a Banaue Rice Terraces view point that you will not want to miss. This will be a wonderful opportunity to have your photo taken with some Ifugao natives in their traditional dress. To do this, one must obtain their   permission first, and please know that it is customary to leave a Php20. 00 tip per person for this purpose. Should you leave Banaue at 8:00 you will get arrive in Sagada at around noontime, which is perfect for a quick lunch before checking in into your hotel. Alternatively, from Banaue, one can ride the lone jeepney that heads for Bontoc, the capital of Mountain Province. These can be found at the public market in Banaue and you can get to the market via tricycle. Make sure to get there before 9:00 a. m, so you don't miss it. And from Bontoc you can take another jeepney to Sagada, which takes about 1. 5 hours. 2. Facilities Native Village Inn is a popular choice amongst travelers in Baguio / Banaue, whether exploring or just passing through. The hotel has everything you need for a comfortable stay. Facilities like coffee shop, restaurant, tours, concierge, pets allowed are readily available for you to enjoy. Non smoking rooms, shared bathroom, balcony/terrace can be found in each guestroom. Recuperate from a full day of sightseeing in the comfort of your room or take advantage of the hotel's recreational facilities, including garden. It classifies itself as a 2 star hotel. The Hotel Facilities are: Car Park, Coffee Shop, Concierge, Restaurant and Garden. The Room Facilities: Balcony/terrace, Non smoking rooms, shared bathrooms. The Uhaj Native Village Inn is perch 1,250 meters above sea level in Uhaj, Banaue Ifugao. Approximately nine (09) kilometers away from Banaue town proper, this facility is an exciting thirty minutes drive away from Poblacion Banaue via the seemingly unending winding roads to Hapao, Ifugao. An ideal base for rice terraces trekkers, the Native Village Inn also offers breathtaking views of the Hapao Rice Terraces. As it beckons you to experience the serenity of staying in an original native Ifugao cottage, the place can also pamper you with great natural mountain sceneries. The facilities and services: the handicrafts and furniture, food and services and the communication facilities. Sanafe Lodge and Restaurant They have best and largest view deck and this is a great place to have a beer, or any other drink. From their verandah restaurant, there is a panoramic view of the local rice terraces dotted with structure ranging from native huts to absurd looking buildings more suited to a Disneyland theme park. Sanafe’s food is disappointing and their service worse. Order drinks in advance before you need them, and eat somewhere else. People’s Lodge and Restaurant Their view deck is a narrow verandah which can seat about 10 people, but it is a squeeze to get in and out. There are many more tables inside. The verandah is certainly a nice place to sit and have a beer or a meal. The view is almost the same as that which you will see from Sanafe. The service is a bit slow but the food is OK – I have eaten here countless times. Uyami’s Green View Lodge Their food is great and so is the service. There is no verandah so the view can only be enjoyed by looking out through the window. Some of the meals I had here in January 2010 were Tinolang Manok with rice (chicken cuts with vegetables in a ginger flavored soup) – P110; curry and rice – P80; sauteed leafy vegetables – P50; all very delicious. Accommodation The peak season is the Christmas/New year period and the Easter week (holy week) and some guest houses may charge more over those two weeks – ask when you book. People’s Lodge and Restaurant It is located right in the heart of town and this is where I normally stay. The last time was in January 2010. Because the rooms are at the back of the building, they are generally quiet, unless you have noisy neighbors. The rooms are typical backpacker type – old, very basic, but clean enough. All except for a few rooms have private bathrooms with hot showers. These showers fluctuate between many temperature ranges during a single wash but that is still much better than a cold shower. Sanafe Lodge and Restaurant Their new rooms are the nicest I have seen in town and the decor reflects good taste in interior design – very unusual to see in this part of the world. Some of the new rooms have nice views over the rice terraces also. I did notice a musty smell in the rooms though and I was told it was because they have been newly painted – it could be why? There are also budget rooms available, which are OK, but I think there is better value in town. Sanafe is right in the center of town. Banaue Hotel This is a large hotel complex with 81 rooms, a 200 seat restaurant and an outside swimming pool. It is the only hotel type accommodation that you are going to find anywhere in the Ifugao province. It is government owned and run and has some of the hallmarks of a hotel run by a bureaucracy short on funds. I assume it is not very profitable. I was told in January 2010, that there was no internet at the hotel because they didn’t have the budget for it yet. That is surprising given it costs P999 a month for a SmartBro Wi-Fi connection and a few thousand pesos for a router. The rooms are quite spacious but definitely not modern. The hotel was built in 1974 with a second wing added some time later. The carpets and soft furnishes show stains and wear but not enough to put you off. The restaurant looks nice and has some good views, but I have not eaten there so I can’t comment on the food – but no one has ever recommended it to me in all the years I have been coming to Banaue. Banaue Youth Hostel This hostel is run by the same government department as the Banaue Hotel and it is on the same grounds. The dormitories are neat and clean, but from what I saw, not popular with the tourists. I hear that they are mostly used by groups of students. If you are traveling alone, it may be a good option because the cost is very low. Uyami’s Green View Lodge Their rooms are nice, simple and clean, but a bit dark because of the dark timber used throughout – definitely worth a look though. The woody feel about the place may be more to your liking than People’s Lodge. I have not stayed here, but I like the food in their restaurant. Uyami’s Green View Lodge is in the center of town and only 50 meters down the road from People’s Lodge. FOOD ESTABLISHMENTS (Accredited) Name of Establishment| Address| Specialty| Hidden Valley Food Haus| Ilogue, Tam-an, Banaue| Filipino Dishes| TRANSPORTATION FACILITIES Company name Destination Departure Travel Time Fare Address/Tel. No. Schedule Reg. Dangwa Tranco Banaue-Baguio 7:00 am 8 hrs. P190. 00 7:00 p. m. 8hrs. P190. 00 Dangwa Tranco Banaue-Manila 7:00 am 9 hrs. P180. 00 Cubao, Quezon City Manila-Banaue 7:30 am 8 hrs. P210. 00 Terraces Transport Kiangan-Baguio 5:00 p. m. 10 hrs. P180. 00   Kiangan, Ifugao Baguio-Kiangan 7:00 p. m. P180. 00 Ohayami Trans Lagawe-Baguio 5:00 p. m. 8 hrs. P180. 00 Jeepneys Solano-Banaue P45. 00 Lagawe-Banaue P20. 00 MISCELLANEOUS SHOPPING CENTER/STORE ADDRESS Banaue Trade Center Lailanie’s Furniture Shop Banaue, Ifugao Sta. Maria Alfonso Lista, Ifugao Binwihan’s Basketry Lo-Hana Handicrafts Trade Center Banaue O-ong, Hingyon, Ifugao BJ Handmade Paper ; Pulp Lourdes Curio Shop Lagawe, Ifugao Cababuyan, Hingyon, Ifugao Brookside Furniture ; Handicrafts Lovinia’s Furniture Shop Maituo Lagawe, Ifugao Sta. Maria, Alfonso Lista, Ifugao Buhle’s Garments Maphod Weaving Hingyon, Ifugao Amganad, Banaue Camp 7 Ever Manual Marby’s Handicrafts Trade Center Banaue, Ifugao Hapao, Hungduan, Ifugao Dumangeng Handicraft ; Furniture Matanglag Bronze Smith Amganad, Banaue, Ifugao Manglag, Banaue, Ifugao Easter’s Handicrafts Pnkihan’s Ethnic craft Banaue, Ifugao Poblacion, Banaue Elnora’s Clothing Center Pinto Furniture Shop Piwong, Hingyon, Ifugao Pinto, Alfonso Lista, Ifugao Elvira Wood Industry Romalyn Woodcarving Kiangan, Ifugao Hingyon, Ifugao Goodwill Handicrafts Wild Wings Jusfa Poblacion West, Lagawe Kinakin, Banaue, Ifugao J ; E Handicrafts Worwor Handicrafts Hapao, Hungduan, Ifugao Banaue, Ifugao Kimmayong Primitive Products ; Handicrafts COMMUNICATION FACILITIES Name of Establishment Address JRS Lagawe, Ifugao POST OFFICE All Municipalities Telecommunications All Municipalities Municipal Telephones All Municipalities except Tinoc and Asipulo Medical Facilities Name of Institution| Address| Ifugao Provincial Hospital| Natuwolan, Lagawe| Mayoyao District Hospital| Mayoyao| Goodnews Clinic| Banaue, Ifugao| Lamut District Hospital| Panopdopan, Lamut| Tinoc District Hospital| Tinoc| EDUCATIONAL CENTER Ifugao Collge of Arts and Trades| Lagawe| Ifugao State College of Agriculture and Forestry| Nayon, Lamut| BANKS Name of Bank| Address| Services Offered| Philippine National Bank| Lagawe, Poblacion|  · Savings/time deposit  · Telegraphic transfers  · Change foreign currency| Land Bank of the Philippines| Lagawe, Ifugao|  · Savings/time deposit  · Telegraphic transfers  · Change foreign currency| Banaue Cooperative Bank| Banaue, Ifugao|  · Savings deposit  · loans| Tourism Oriented Organizations Ifugao Provincial Tourism Council Mrs. Herminigilda Dulinayan Chairperson C/o Provincial Capitol Lagawe, Ifugao Municipality| Name| Address| Alfonso Lista| Glen Prudencio| Municipal Hall, Alfonso Lista| Banaue| Estelita De Leon| Sanafe Lodge, Banaue| Lagawe| Erlinda Habawel| C/o Municipal Hall, Lagawe| Kiangan| Manuel Dulawan| C/o Municipal Hall, Kiangan| Mayoyao| Corazon Montinig| C/o Municipal Hall, Mayoyao| . Infrastructure LAGAWE, Ifugao:  The Department of Public Works and Highways (DPWH)-First District Engineering District is working overtime in the implementation of infrastructure projects amounting to P120,661,000 for Fiscal Year 2012 before rains pour down by next month. District Engineer Alberto Gahid explained that the asphalt overlay along Nueva Vizcaya-Ifugao-Mt. Province boundary road is allocated P1,866,000; allocation for the rehabilitation/reconstruction/upgrading of damaged paved national roads is at P54,163,000 and the road upgrading along Banaue-Hungduan-Benguet Boundary Road gets P64,632,000. The First Engineering District covers the national road from Lamut to Banaue and Hungduan. The second district covers Banaue to Alfonso Lista national road. Gahid believes that the said infrastructure projects will help boost the economic situation of the people. Most common problems encountered were: slippery and dangerous mountain trails, lack of security, no first aid assistance, dirty drainage canals and lack of printed materials about Banaue. Wednesday, May 9, 2012 KIANGAN, Ifugao — The World Heritage Committee (WHC) recently released the infrastructure guidelines for the Ifugao Rice Terraces to address issues covering its structure, houses, roads, dams, bridges and adjunct structures. Copies of the guidelines were distributed to the six affected barangays and stakeholders involved in the preservation, protection and maintenance of the terraces, which is enshrined in the World Heritage List by the United Nations Educational, Scientific and Cultural Organization (Unesco). The Kiangan Municipal Tourism Council was also given a copy to spearhead the dissemination of the guidelines. Municipal Tourism Officer Eulalie Dulnuan said since this is a cultural landscape, the realms of anthropology, architecture, engineering and environmental ethics were assessed and incorporated and the resulting infrastructure guidelines specified in the publication considered the changing needs of the communities and attempted to find sustainable solutions to contemporary problems. The infrastructure guidelines for the rice terraces was the result of the collaborative project between the University of Santo Thomas Center for the Conservation of Cultural Property in the Tropics, the National Commission for Culture and Arts, Ifugao Provincial Government and the Unesco. Unesco noted for years now, the Ifugao Rice Terraces has been hailed for its beauty and grandeur and as a national treasure considered the 8th Wonder of the World even prior to its inclusion among the World Heritage Sites in 1995. But beyond its grand design and beauty, studies have uncovered the terraces is a complex system going beyond structure and aesthetics and to understand the treasure that is the rice terraces is to understand a people’s mindset, culture and traditions linked to the logic of the terraces’ architecture and engineering. This interdependence between culture and design, life ways and structure, functions and form has led to its classification as a â€Å"cultural landscape, which are sites that are combined works of nature and man and illustrative of the evolution of human society and settlements over time under the influence of physical constraints and or opportunities presented by their natural environment and of successive social, economic and cultural forces both external and internal. This complex system and way of life that sustained the existence of the terraces for two millennia were important considerations in addressing the terraces’ present state of degradation and the UNESCO cited the terraces are in extreme danger because all the intertwined factors conserving the delicate balance of culture and nature expressed in this powerful landscape are extremely stressed by 20th century demands on tribal life. Thus the issue for terraces is mainly a question not only of preservation but of sustainability with the onslaught of change and contemporary realities which threaten the delicate balance of the terraces system leading to grave damages and in which the infrastructure guidelines seek to address. The project to come up with the infrastructure guidelines began with a monthly lecture-workshop series in 2009 which provided a forum for dialogue among the stakeholders which tackled the four major areas directly affecting the infrastructure of the terraces namely: anthropology, engineering, architecture and end environmental ethics. It is one of the requirements to facilitate the reclassification of the rice terraces from the World Heritage in Danger List to the standard World Heritage List and also serve to supplement the Conservation and Management Plan submitted to the UNESCO which addresses the components of bio-physical, socio-cultural and support systems. The lecture-workshop also documented the indigenous knowledge shared by the Ifugao experts and participants to enable a clear and accurate translation of the working paradigms practiced in the four terraces clusters in Ifugao located in the municipalities of Kiangan, Banaue, Hungduan and Mayoyao because they share similar issues to be addressed. (Dan B. Codamon) 4. Attractions Banaue is the gateway to the UNESCO World Heritage listed Ifugao rice terraces of Northern Luzon. The Banaue environs are visually beautiful, high in the mountains, sometimes shrouded in mist and cool rain. The rice terraces are a fabulous testament to the inspired agricultural engineering of the Ifugao people. Some of these terraces were constructed 2000 plus years ago, and all are still in use today. The best time to go is between February and May end, when it is least likely that the views will be obscured by low level clouds. Tourists come here to enjoy the scenery, to gaze at it from one of the many view points, to trek through it, or to wake up in it. I remember how awed I was by the scale of these rice terraces on my first visit some 10 years ago. I have been to or through Banaue more than 50 times since and often take the scenery for granted now. For me, the pleasure of visiting Banaue is staying in Batad or Bangaan, and waking up in the morning with the view of the terraces through my window – this I can’t tire of. My last visit to Banaue and Batad was in January 2010. For more information about Batad, see my  Batad Travel and Accommodation Guide I don’t particularly like the town of Banaue, and only stay there for an occasional overnight. The town center is ramshackle and ugly, like most towns in the Philippines, but fortunately it is only a tiny blot on this vast landscape. If your time is limited, as is often the case with Filipino tourists or Manila based expats, then the centrality of Banaue makes it a good base while taking in as many sights as possible, especially if you don’t have your own transport. A walk down the road along the valley is a nice thing to do, just for the fresh air and great views of the tangle of   buildings along the main road. On the way back to town, brave the swing bridge. UNESCO describes the Banaue Rice Terraces thus â€Å"The Ifugao Rice Terraces epitomize the absolute blending of the physical, socio-cultural, economic, religious, and political environment. Indeed, it is a living cultural landscape of unparalleled beauty. † This culture that built and maintained the terraces is rapidly disintegrating though, and in 2001, the Ifugao rice terraces were put on the â€Å"List of World Heritage in Danger†. As can be expected, the newer generations of Ifugao’s do not aspire to the toil and hard labor of their ancestors. As a consequence, many of the narrower and low-productive terraces are falling into disrepair. In the future, more and more of the upkeep will be carried out by contract laborers, probably from tourism funding, or the terraces may collapse like a house of cards. Have a look at how narrow some of the terraces are and then imagine how little produce could come from such a tiny strip of land; weigh that up against the amount of backbreaking work required for such a miniscule return. For now the terraces are still in pretty good shape, and you won’t be disappointed with what you see. The Ifugao people were a fierce race. Tribal wars were common and headhunting expeditions between warring tribes were commonplace in years past. Their history has produced a super strong, proud people, quite different in appearance to other provincial peoples – shorter, muscular from a very young age, darker skin tone and broader features. Occasionally one may see an old man or woman in traditional loincloth or tapis shopping at the local market, but for younger people this clothing is reserved for traditional celebrations. Some elders wear the tapis, etc. for photo opportunities with tourists, and for which it is a courtesy to pay – maybe P20 pesos each to the people in this photograph. There is no land ownership around the terraces as such, but only the right to till, plant, harvest and maintain their family plots. Once the family ceases to do this, ‘ownership’ of the land passes to another, be it a neighboring farmer or relative of the original ‘owners’. Souvenir Hunting in Banaue Banaue has always been known for its wood carving and basketry. Over the many years of tourism and collecting, the genuine antiques have disappeared, to be replaced by awful mass-produced tourist items ranging from dried frog key rings to horrible wooden ashtrays. Weaving has become another tourist item suffering from mass production. However, for the adventurous seeker willing to poke around in dark shops and dusty corners, there are still treasures to be found. The Bulol, or rice guard, is found everywhere. Quite recently carved and carefully ‘aged’, some of these pieces would stand up well in a collection of primitive art. Traditional utilitarian items like carved wooden chests, chairs and wooden bowls, fantastically carved doors and panels, are all still available for those who look carefully. Many designs are contemporary, but based on traditional ideas. In one shop I found a 1. 5 meter Dragon Bike – all carved from wood, even the wheels. The craftsmanship was superb and it was designed to be dismantled for transport. It was a functioning bike, relying purely on gravity to move about – otherwise, man power to push. Recently woven basketry is not very good these days, being produced in mass. It is possible to find treasures, as I did, but anything worth buying will come in from outlying villages where the crafts are still practiced traditionally. Knowing what to look for certainly helps. The Family Gift Shop, on the dead end road heading to the Municipal Hall, is big and has a good collection of panels and carved wooden items at the back. Mary Ann C. Tacio Souvenir, on the way up the hill heading out of the very Center of town, had the fabulous bike amongst other interesting things. Ifugao is endowed with historical, cultural, natural and man-made tourist spots and attractions, which can lure any nature-loving tourist. The range of attraction offered in Ifugao is clustered according to municipalities HISTORICAL Philippine War Memorial Shrine (Kiangan) Gigantic memorial shrine to commemorate the end of World War II. It is a concrete pyramid type structure, which resembles an oversized Ifugao native house located at Linda, Kiangan. It depicts historical events from Filipino opposition, to the Death March and the role of the Ifugao and American troops in the defeat of General Yamashita. It could be used as a viewpoint of the Poblacion, other neighboring barangays and the capital town of Lagawe. The shrine is ten (10) kilometers away or 15 minutes drive from the capital town. Million Dollar Hill The hill overlooking the Poblacion of Kiangan. It got its name from the last war when the allied armies spent millions of dollars worth of bombs and ammunitions to annihilate the enemies in the area. General Yamashita's Surrender Site House relics memorializing the end of W. W. II in the Philippines. Details of the surrender and signing are available. From here, General Yamashita was brought to Baguio for his formal surrender to the victorious Allies. Mt. Nagchayan The site where Japanese troops fought fierce battles during W. W. II. The mountain has several grottos stone walled trenches and foxholes. One can also find rusty shells on this old battleground. CULTURAL Ifugao Museum (Kiangan) This museum displays Ifugao artifacts and is under the supervision of the National Museum of the Philippines. It is 32 meters away facing the shrine and 300 meters away from the Municipal Hall. Tam-an Village A typical village situated 240 steps down from the Banaue Hotel's swimming pool. Woodcarving and hand woven products are produced and sold to travelers. Bokiawan Village Twelve (12) kilometers from Banaue located in the center of the Bokiawan rice terraces where traditional Ifugao practices of land use and livelihood still exist. Pula and Cambulo Native Village Is a rustic village in the first leg of the trekking route from Banaue viewpoint to Banga-an. This cobbled stone village offers a native house stay. The ancient craft of bark cloth weaving thrives here. Apfo or Burial Tombs These are large stone mausoleums containing the bones of the town's ancient warriors and elite. The construction of these Igloos represents the resourceful use of Ifugao stoning technique. Makaliwagha & Lebhong Burial Caves Are filled with wood coffins and the remains of the first people of Mayoyao. A legend tells of an attentive lizard leading people to these three chambers designating each one for men, women and children. Lumauig Stone Is a huge enchanted black rock held by only three smaller stones in the middle of the Balangbang river. It is believed to mean that Mayoyao people will stay strong and happy as long as the stone stands. OTHER SCENIC SITES: Bocos Village Poitan Village Batad Village Hapao Village Bangaan Village Ducligan Village These villages are characterized by the presence of a wholesome community where the livelihood activities are within the surroundings, and the houses are clustered in a designated area. They showcase the typical Ifugao community. NATURAL Bintakan Cave (Lagawe) It is located at the rocky slope of Ibulao, which is about 2 kilometers from the provincial capitol. The mouth of the cave is overlooking the Ibulao River. It is a three-room cave with dripping water that forms stalactites and stalagmites of different beautiful shapes. It can be reached by tricycle ride and 20-minute ascent to the mouth of the cave. Nah-toban Cave (Lagawe) The cave is much larger than Bintakan Cave and has a descending entrance with four rooms but there are still other rooms unexplored. It is located at Boliwong, Lagawe, about 4 kilometers hike from the Poblacion passing through trails. Huge quantities of guano are found in the cave. Tocucan Sulfur Hot Spring (Tinoc) A sulfuric hot spring at Barangay Tukukan in the Municipality of Tinoc. This can be reached by a two-hour hike from Monsoyosoy, Buguias, and Benguet. Guihob Natural Swimming Pool (Banaue) A four kilometer drive from Banaue, Poblacion. One has to hop and jump over huge boulders to reach the crystal clear waters of Guihob. It is a perfect place for those who prefer a cool and refreshing swim. Tappiya Waterfalls (Banaue) About 30 minutes from Batad Village is a cascading waterfall with its enormous natural pool for swimming. A visit to Batad would be incomplete without seeing this beautiful waterfall. Buyukan Waterfalls (Hungduan) This can only be reached by a three-hour hike from Poblacion, Hungduan. This is located in Barangay Abatan and is near the border of Hungduan and Tinoc municipalities. Ambuwaya Lake (Kiangan) Legend says that the area was once a large sitio that became a lake because some children killed and made fun of the leeches in the spring. The lake is deep and good for swimming and boating. The shaded surroundings is an ideal place for picnics. It is now the site of a research on fishing culture. The lake is four (4) kilometers from the town center of Kiangan and can be reached by four-wheel drive vehicles. Ducligan Hot Springs (Banaue) These hot springs are found at the bank of Ducligan River and adjacent to a deep pool. Ducligan is 21 kilometers away from the Poblacion. O' phaw Mahencha Falls (Leap of Mahencha) Located about six kilometers from the town proper is a series of high cascading falls. Local folklore says that a beautiful Mahencha had to jump 13 to 5 meters into the water to retrieve her native amber necklace which fell while she was taking a bath. Tenogtog Water Falls Located five kilometers from town, it has three natural pools rising about 12 meters from each other. The water falls from the pool cascades to the next in beautiful succession. Untouched by human hands, these natural pools provide clear cool mountain spring water. Bagnit Waterfalls and Numbungug Waterfalls Are located in Julongan barangay. Bagnit is a stunning series of cascading falls running over 250 feet, while Numbungug Waterfall is a single majestic fall of over 80 feet into height falling to the Ibulao river tributaries. Chuyong Viewpoint Is located near the town proper which affords a panoramic vista of the Mayoyao World Heritage site cluster. The glory of the site is unrivaled. Kibayuyong Stone This is a legendary stone which lies next to the Hapao river. The site offers an adventurous spot for river swimming and diving. Bogya Hot Springs Is located in Ba-ang that lie in the Hapao river which serves as delightful respite after trekking. MAN – MADE Banaue Rice Terraces (Banaue) Dubbed as the Eight Wonder of the World. The rice terraces start from the base of the mountain range and reach up to several thousands feet high. It is said that its length, if put end to end would encircle half of the globe. Made 2,000 years ago, these rice terraces manifest the engineering skill and ingenuity of the sturdy Ifugaos. In 1995, it was inscribed in the UNESCO Heritage List as a Continuing Cultural Landscape. Batad Rice Terraces (Banaue) These rice terraces are shaped like of an amphitheater and is located in barangay Batad. It can be reached by a twelve-kilometer ride from Banaue Hotel and a 2-hour hike uphill through mountain trails. Mayoyao Rice Terraces (Mayoyao) This spot is 44 kilometers away from Poblacion, Banaue. The Poblacion of Mayoyao lies in the midst of these rice terraces thus upon arrival in the town, one is awed with a breathtaking view of the rice terraces where all the dikes are tiered with flat stones. Hapao Rice Terraces (Hungduan) This is another stonewalled rice terraces located in the municipality of Hungduan and is 55 kilometers from the capital town of Lagawe. Magat Dam (Alfonso Lista) It is reputedly the biggest dam in Asia. This is located near the municipality of Alfonso Lista and about 25 kilometers from the town center of Santa Maria. Nagacadan Rice Terraces Are found in Kiangan and these show how forest management and rice terracing are complementary. SPECIAL INTEREST Mt. Amuyao This 8th highest peak in the Philippines with an elevation of 2,702 meters (8,865) above sea level is located between the boundary line of Banaue and Mayoyao and between Ifugao and Mountain Province. Its summit provides the climber with a breath-taking panorama of Mountain Province, Isabela, Nueva Viscaya and Ifugao. Mayoyao legend says that the first Ifugao couple, Bugan and Wigan took refuge in this mountain during the 40-day deluge that inundated the province. Being the only survivors, they became the first ancestors of the Ifugaos. Mount Napulawan Located in the municipality of Hungduan, this mountain is very accessible to mountain trekkers. The thick tropical rain forest and its rare flora fascinate conquerors of this peak. Trees near the peak are unusually short. Mount Anapawon Centrally located in Ifugao, this mountain peak is considered a potential camping site to be developed in the province. It provides a breathtaking view of Hungduan municipality, and the low-lying municipalities of Lagawe and Kiangan and the rice terraces of Hingyon. 5. Hospitality Services The people in Banaue are said to be very accommodating. Great service is their specialty. The service, care and hospitality were the best on their menu card. The tourist said that they were comfortable around the tour guides and they were fun to be with. The Staff in Native Inn Village can communicate properly with their guest and they were very generous. They offer service with warm smile and a hospitable atmosphere. The restaurant offers Western and Philippine dishes and has an open-pit fireplace. II. Tour Packages A. Letter of Proposal 18, March, 2013 Miss Tantuco Eagle Travel Agency Makati City Re: 3D/2N Manila-Banaue, Ifugao tour Dear Miss Tantuco, We are pleased to present to you our package proposal for your Manila to Banaue, Ifugao 3D/2N dated Oct. 11-13, 2013. Following another package cost on a per person basis. Base on a half twin sharing. Total package cost | 2-4| 5-10| 11-15| Half Twin Sharing| 950| 950| 950| Inclusions: * 3D/2N accommodation based on twin sharing * Transportation from Manila to Banaue; Banaue to Manila * Visits on Tam-an Village, Banaue Museum, Banaue Rice Terraces, Banaue Viewpoint Hapao Rice Terraces, Hugduan Rice Terraces, Batad Rice Terraces, Tappiyah Waterfalls, Banga-an Village, Mayoyao Village, Mount Amuyao, Duclingan Hot Spring * Entrance fees Service and Tour Guide/Coordinator * Food and Beverages Should you find the above quotation favorable, we request a full payment upon reservation/ confirmation of your bookings. If you have any question/clarifications don’t hesitate to call us at the following numbers; Landline: Phone: and look for for more information. Looking forward to your favo rable response regarding this matter Respectfully yours, B. Skeletal Itinerary Banaue, Ifugao Day 1: Tam-an Village Banaue Museum Banaue Rice Terraces Banaue Viewpoint Day 2: Hapao Rice Terraces Hugduan Rice Terraces Batad Rice Terraces Tappiyah Waterfalls Day3: Banga-an Village Mount Amuyao Duclingan Hot Spring C. Technical Itinerary Manila to Banaue, Ifugao 3D/2N DATE| TIME| ACTIVITIES| HOTEL| Day 1: 11, Oct 2013| 2200H| ETD Esteban Street, Makati City via Van| | | 0600H| ETA at Hotel| Native Village Inn| | 0600H-0700H| Check in| Native Village Inn| | 0700H-0800H| Breakfast at Hotel| Native Village Inn| | 0800H-1100H| Free Time| | | 1100H-1200H| Lunch at Hotel| Native Village Inn| | 1250H-1340H| ETA in Tam-an Village| | | 1350H-1430H| Banaue Museum| | | 1450H-1550H| Banaue Rice Terraces| | | 1600H-1710H| Banaue View Point| | | 1800H| ETA at Hotel, Dinner | Native Village Inn| Day 2: 12, Oct 2013| 0700H-0800H| Breakfast at Hotel| Native Village Inn| | 0850H-0940H| ETA Hapao Rice Terraces| | | 0950H-1020H| Hugduan Rice Terraces| | | 1050H1200H| Batad Rice Terraces| | | 1230H-1330H| Packed Lunch at Tappiyah Waterfalls| | | 1330H-1600H| Tappiyah Waterfalls| | | 1700H| ETA Hotel| Native Village Inn| | 1800H| Dinner at Hotel| Native Village Inn| Day 3: 13, Oct 2013| 0700H-0800H| Breakfast at Hotel| Native Village Inn| | 0830H-0930H| Banga-an Village| | | 0950H-1030H| Mount Amuyao| | | 1100H-1200H| Lunch at Hotel| Native Village Inn| | 1200H-1300H| Check out| | 1340H-1700H| Duclingan Hot Spring Dinner at Duclingan Hot Spring (pax account)| | | 1700H| ETD at Duclingan via Van| | | 1700H-0100H| ETA in Makati City| | D. Descriptive Itinerary Day 1: All passengers must arrive at the said time of departure at Esteban Street, Makati City via Van; the journey is an 8hour trip Manila to Banaue. The estimated time of arrival is at 6 o’clock in the morning. Our che ck in time is 6 o’clock in the morning in Native Village Inn and the breakfast will serve at 7 o’clock (English Breakfast; 2 fried eggs, bacon, beans, 2 slices of toasted bread butter marmalade, coffee or tea. and you are given a 3hour free time to roam around, relax and sightseeing. Lunch at the hotel. (Marinated chicken with fresh vegetables and rice, fresh fruit shake made from fresh fruits with milk. ) After lunch we will now go to Tam-an Village for sightseeing, take some picture and after tam-an village, we will go to Banaue museum and explore the museum and after the museum we will go to Banaue rice terraces and Banaue viewpoint after a long trip, dinner at the hotel (Pork or Chicken adobo with potatoes or rice. ) Day 2: Call time 6:45 in the morning, breakfast (Filipino Breakfast; garlic fried rice with 2 eggs, corned beef, coffee or tea. Fresh fruit platter; mango, banana, papaya, watermelon, melon, orange (choice of four) is serve at 7:00 in the morning. Estimated time of arrival at Hapao rice terraces is 8:50 in the morning. After Hapao rice terraces we will go now to Hugduan terraces and after that we will go now to Batad terraces and packed Lunch (Pork tenderloin stew with hash brown potatoes and fresh vegetables. (Fresh fruit platter; watermelon, papaya, banana, melon) at Tappiyah waterfalls. Estimated time of arrival at the hotel is at 5:00 in the afternoon. Dinner at the Hotel; (Pork or chicken chopsuey with rice) Day 3: Breakfast at Hotel (Continental breakfast; 2 slices of toast bread, butter, 3slices of imported cheese and marmalade, coffee or tea) after breakfast go to Banga-an Village, Mount Amuyao , Lunch at the hotel at 11:00-12:00 noon. Check out time is at 12:00-1:00 in the afternoon. After check out go directly to Duclingan Hot Spring. Dinner is a pax account basis estimated time of departure in Duclingan hot spring is at 5:00 in the afternoon. Estimated time of arrival in Makati City is at 1:00 in the morning. III. Costing SERVICES| 2-4| 5-10| 11-15| GUIDE| SWB/S| T/RED| Transportation(Manila to Banaue, Banaue to Manila) for 3days| 1’085| 434| 200| | | | Hotel Breakfast| 250| 250| 250| | | | Entrance fee| 20| 20| 20| 20| | | Whole day tour| 300| 300| 300| | | | Hotel Lunch| 410| 410| 410| 410| | | Hotel Dinner| 320| 320| 320| | | | Overnight| 950| 950| 950| | 475| 250| | | | | | | | Hotel Breakfast| 400| 400| 400| | | | Whole day tour| 300| 300| 300| | | | Packed Lunch| 520| 520| 520| 520| | | Hotel dinner| 250| 250| 250| | | | Overnight| 950| 950| 950| | 475| 250| | | | | | | | Hotel Breakfast| 250| 250| 250| | | | Whole day tour| 250| 250| 250| | | | Entrance fee| 100| 100| 100| 100| | | Hotel Lunch| 510| 510| 510| | | | Dinner| (pax acc)| (pax acc)| (pax acc)| | | | Guide Fee| 2’500| 1’000| 455| | | | | | | | | | | Subtotal| 9’365| 6’780| 6’235| 1’050| 950| 500| Prorate Guide| 525| 210| 95| | | | Total| 9’890| 6’990| 6’330| | 950| 500| Mark-up (25%)| 2’473| 1’748| 1’583| | 238| 125| Net to Operator| 12’363| 8’738| 7’913| | | | Round off – 12’370 -8’740 -7’920

The National Stock Exchange Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4854 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Introduction IPO underpricing is found in almost every country of the world. Almost all markets in the world have been reported short-run underpricing (see Loughran et al (1994) for a comparison of 25 countries).Since the scandal of 1992 where the Sensex have reached its bottom level ,there has been structural changes in both primary as well as secondary market. After the development of capital market of India also the deregulation of economy in the year 1992 there has been lots of upward downward movement in the capital market. Don’t waste time! Our writers will create an original "The National Stock Exchange Finance Essay" essay for you Create order In this paper we will examine that why are IPOs underpriced in NSE (National Stock Exchange) BSE (Bombay Stock Exchange) with respect to their fair value. The National stock exchange is the largest exchange in India for both equities derivatives trading in terms of both volume as well as also in number of trades also the first fully demutualized stock exchange of India whereas Bombay stock exchange is one of the oldest stock exchange of Asia which is known as BSE which was established as The Native Share Stock Brokers Association in 1895. The exchange of BSE is managed professionally by Board of directors which comprise of Trading member Directors, Shareholders Directors, Public Interest Directors, and MD CEO of Exchange Non- Executive Chairman. In terms of number of company listed BSE is worlds number 1 exchange second in obtaining an ISO certification 9001:2000.BSE include 30-stocks index which comprise large stocks companies from different sector whereas NSE include 50- stocks index. Studying IPOs in Indian market is because that in the world India is the first country to launch a rating mechanism for Initial Public Offerings (IPOs) before their listing. IPO coming to Indian market are graded ranking from 1 to 5; in which 1 is poor performance where as 5 is a strong performance. Grading of IPOs in Indian market is compulsory. SEBI (Securities Exchange Board of India) was established in 1988 a statutory power armed in 1992 is the market regulator of India who keeps informing the investor about the firms fundamentals also where they are making their investment. Now stock market of India is ranked 1st in stock futures whereas 4th in index futures within 5years of introduction of derivatives. Not more work has done on Indian IPOs but out of that most of the analysis has been done by Madhusoodanan Thiripalraju (1997).This study carried out all IPOs which are listed on BSE NSE during the period 2009-2010.Other papers of short run performance of Indian IPOs are by Narasimhan Ramana (1995) who has analyze 103 IPOs performance, while 2056 IPOs performance was conducted by Ajay Shah (1995) whereas 495 IPOs sample was analyze by S Uma (1995). The aim of this study is to examine the underpricing use by the most esteemed investment bankers when they handle the issue whereas the process to analyze the pricing mechanism of Indian IPO issue. Another concern of the paper is first day underpricing in terms of demand generated during the book building of issue whereas there are also sometime delay in listing from the closure of issue lots of money are spend on marketing by the firm on IPOs. This study will also find that on an average of 20 days in delay exists between the offer closing the listing of firm, because of which there is a possible market trade off happening before the listing of issue if that issue has priced at the higher end of the band. By delay of listing it has positively influence the degree of underpricing. IPOs are the securities which are sold to public in the primary market. When investors has been allotted a share at the time of IPO at a lower price if he sells it at the higher price on the first day of the listing with a gain, this phenomenon in IPO market is called as Underpricing. The more the Underpricing, more is the money made by the investors who got allocated with a share sell it on the listing day, its also referred as money left on table by the firms. ICICI was the first company to exercise book building mechanism in 1996 for its 1000 crores of bonds. With introduction of the FERA(Foreign Exchange Regulation Act) in 1970s a new phase began in stock markets of India which led to disinvestment of foreign equity by MNCs(Multinational companies) which a creation of surge in retail investment. Unlike US, where they preferred book building method of IPO pricing for many years whereas Indian market were not using this method until 1999.However by 2006-2007, major IPO share price using book building mechanism which has dominated fixed price methods. There is some differences in the fundamentals of US book building issues Indian book building issues where the biggest differences is in terms of transparency also in dispersion of information. There is also difference in Indian regulatory system. Currently Indian capital markets have both book building as well as fixed price mechanism. The most basic problem of IPO process is asymmetric information between firm investors which can also suggests that IPO underpricing can be avoided if information is well provided to investors. The results suggest that IPOs are mostly underpriced, but book building IPOs are less underpriced than fixed issue price. The mobilization of capital of Indian IPO market was increased sharply from Rs.1704 crores to Rs.13, 443 from 1990-91 to 1993-94, but this trend was drastically declined when Indian companies raised only Rs.5, 732crore in 2003-04 from IPO. Then the condition improved in 2004-05 when Indian IPOs raised Rs.25526 crores whereas there is also an unsteady trend for the number of firms going public. A total of 1428 firms went public in 1995-96 but after that in 1997-98 only 62 firms went public the trend continued for the later period also where 102 firms went public in 2005-06 as compared to only 54 firms went public in 2009-2010.For overall functioning of capital market a steady level of activity is necessary in primary market. We will also find the performance of post IPO in 1months after the listing of issue the remaining paper structure is follows: section II Literature review, section III Methodology, section IV Models , section V will be collection of data, section VI will show the results section VII conclusion. Chapter II: Literature Review The literature review for the study can be divided in following parts: Reasons Timing for going public: Going Public refers IPOs (Initial Public Offerings) of private companies which becomes available traded publicly also owned entity. The future plan of growth, venture, expanding can be increased by support of equity. There are various merits demerits of going public, merits are that capital base would be strengthens whereas there would be increase in prestige and also diversifies the ownership on the whereas demerits such as there is pressure on short term growth of firm, increases in the cost also the restriction on management. According to Brealey and Myers (2005) in the initial year only, a USA firm seeks private equity after that only they go public. The study of Italian firms by Pagano, Panetta and Zingales (1998) found that firms only rebalance their account after their huge investment but they dont seek money for growth. There is reduction in investments also in l everage during post IPO period. Thus for firms life cycle going public is not a natural elements. They have also stated that some firms prefer to be private rather than to go public. The advantages disadvantages of book building auctions can be studies in the paper of Kenji and Smith (2004) as the methods of issuance of IPO in Japan. The reason behind choosing Japan for their study was that since 1997 in Japan its a legal way to go public. Valuation of IPOs: Purnanandam and Swaminathan (2002) say that priced of IPOs are almost 50% higher than that of industry peers. They also found that in respect to peers most of IPOs are overpriced whereas in long terms performance its worse. According to Benveniste and Spindt (1989) found that asymmetrical information between the investors the firms which provides investors an incentives to reveals the firms secret information are tried to resolve by the underwriters. The other study which led by Gary Koop Kai Li (2001) found that factors of pricing influence the valuation of IPO whereas theories regarding the reputation on underwriter are not supported in their empirical result. They also examine the IPO pricing by using stochastic frontier methodology. All other things remains equal, IPO firms are underpriced firms in industries which have more potential earnings are highly valued. According to the study by Kim Ritter (1999) which includes 190 firms, it tries to say that for getting appropriate price of IPO underwriters forecasts the number of earnings of next year then multiply them with the PE ratio of firm comparable with the same industry. Allocation mechanism: Allocation mechanism by the regulators is specified in various countries. The model predicts by Benveniste and Spindts (1989) says that the degree of underpricing can be reduce if its allowed underwriter to differentiate between the investor who have more information then that of firm to those investors who are offerings large numbers of shares. Ot her study by Loughran, Ritter and Rydqvist (1994) found 3 different categories across various countries i.e. Auctions, Book Building Fixed price whereas study of Sherman (2005) found that for selling of IPOs, book building mechanism is superior to auctions. His models is procedure of book building process in respect to auction which tries that why auction is given way to book building mechanism. Theories explaining Underpricing: IPO underpricing has been found as a key mechanism across the capital markets of the world for last many numbers of years.There are various numbers of studies which explain underpricing of IPOs. Some of the prominent theories have been discussed below: Leland and Pyles model (1977): According to this model which says that asymmetry information between the investors those of IPO issuers can be reduced by looking at the signal of equity which can be retained by the issuers. Leland and Pyles are the first one who suggested that to resolve information as ymmetries for which financial intermediaries are important. Pande, A. Vaidyanathan, R.: Pande, A. Vaidyanathan, R. (2008) has explains the pricing of IPO in NSE (National Stock Exchange) also sought to understand the pattern of emerging Indian IPO market whereas the reason given behind this was underpricing of first day trade compare to demand generated during the book building issue also the money spent on marketing of IPO. Through this it was found that the gains are scattered within a month whereas oversubscription of issue is not the correct indicator for underpricing. They also found in this study that performance of IPO after the listing is negative in one months period. Their study has given focus on pricing of IPOs. Benveniste and Wilhelm (1990): According to Benveniste and Wilhelm (1990) paper they proved that investment bankers the price combination also discrimination allocation to maximize their proceeds. The author also analyses that to place the issue underw riters are forced to under-priced the issue for the investors whereas the investors who are well informed compensate it. With the services of investment bankers to the investors, underwriter can reduce the underpricing with the bundles of allocation of IPOs. Loughran, T. Ritter, J.R. (2003): Loughran, T. Ritter, J.R. (2003) has described how underpricing of IPOs has been changing from time to time, depending on environment such as winners curse problem, internet bubble, dynamic information also the underpricing during the changes of period. The study also explain the cross sectional relation between the measures of valuation first day return he also found the negative relation between underwriters prestige underpricing in 1980 which later focus on maximizing IPO proceeds due to allocations of hot IPOs. They also founded that the firms which went public during the period of 1990-1998 has $8 billion of the total earning the amount left on table was $27 billion even after pay ing underwriters fees i.e.$13 billion. Rocks model of Winners Curse problem: For firms commitment offerings Rocks model is been used. He also showed that investors who are more informed of the overpricing of issue withdraw the issue, leaving investors who are not informed with winners curse problem. Thus investors who dont have any information do not participate in the issues which are over priced. Therefore firm must underprice their IPO to attract such investors. Acquisition of Information: For Book building, model is given by Benveniste and Spindts (1989) whereas they also predict that to acquire information from the investors who are more informed of issue for that underpricing is necessary also the price band which is at the higher end of book building issue are more underpriced than that for lower end of issue. Later, Ellul, A. Pagano, M. (2006) explain that after market liquidity is also a worry for investors which leads to asymmetric information the main determinant s of underpricing is after-market liquidity liquidity risks which was founded by them through various measures. They said that risks information asymmetric is the explanation for the IPO underpricing. Their model supports the study for 337 British IPOs from the period of 1998-2000.For the findings of liquidity risks after-market liquidity which are the main determinant of underpricing of IPO, they have used many measures of liquidity. Signaling Hypothesis: If investors have less knowledge than the firm about its prospect than the assumption of Signaling Hypothesis. According to Allen Faulhaber (1989),which he found that in a rare circumstance firms which have better image gives signal about their prospect to the investors they underpriced their IPO. Other theory of Ibbotson (1975-pg264) says that firms also underprice their IPO for their future seasoned equities for which they can priced higher. Underpriced of IPO will leave a better taste on the mouth of the investors. By a dding to this, Grinblat Hwang (1989) model explain that firms shares are retained in their own portfolio issuers signal better quality of IPO by the mode of underpricing. In the paper of Ritter (1984), in which he used standard deviation for a risk as a proxy on after market returns whereas he also found that there is a positive relationship between the degree of uncertainty the initial returns on true value of securities. Rocks model is also consistent with the above, which also predicts that there is a positive relation between the initial return the risk. Subsequently the paper by Jegadeesh et. al. (1989) and Brennan Franks (1997) which they also used the standard deviation on IPOs company for the stock returns which is just after the listing about the true value of the securities. The evidence founded by Ljungqvist and Wilhelm (2002) tells that underpricing is related directly to information production whereas acquisition of information promote to allocation discretio nary. They have also found the evidence which supports an efficient process of book building.There is a thought which is related to semi-strong strong form of market efficiency, according to Boulton, T.J. Smart, S. Zutter, C.J. (2008) found that where public firms produce high quality information than IPO underpricing will be less in that country whereas going public is offset by good quality underwriters, in which financial intermediaries play a vital role in earning quality of underpricing. If there is more difficulties to interpret financial information by the investors, then there will be increase in cost for going public also says that underpricing is affected by earning quality. They have examined 7,306 IPOS across 34 countries from which they found that when high quality of information earnings are available to the existing firms which are public than in that countries IPO underpricing is less compare to those of other countries. Regarding market efficiency, Benveniste, L .M. Fu, H. Seguin, P.J. Yu, X. (2008) have investigated efficiency of IPO market by using the sample of equity carve-outs the evidence interpreted by for the result is consistency with market efficiency whereas they found that parent return of the first trading day return in significant manner is related to the book building period. In this study IPO market efficiency is examined by the pricing performance, economically as well as econometrically their result are not changed. The hypothesis has been challenged by various studies which conclude that if information is available publicly than they can earn more profit. Li, M. Zheng, S.X. (2008) examine that non-block institutional shareholders in number are positively correlated to that of underpricing, but in case of changes in total number of shareholders its negatively correlated whereas there is high liquidity in secondary market which can be more from more non-block shareholders. For example Chambers, D. Dimson, E. (2009) has analyze the equity data set which research has rectified that the pattern of underpricing is consistent in stock market also if there is any improvement in regulation, disclosure honour of IPO underwriters increased in underpricing has not attributed to the change the composition of firm also the study observe that the investment bankers maintain the issue method to mitigate underpricing which impact the equity market whereas Lowry, M. Murphy, K. J. (2006) clarifies that executive on top level receive net gain due to underpricing because executive receives stock option with the same exercise price that of IPOs offer price it found that relation between underpricing stock option has not been success but expect that, there is a positive relation between this two also their result are consistent with parties such as underwriter, Board of Directors which have more influence than the executives. There study also tells that during the IPO period of 1996-2000 executives of US r eceived the stock option with the price less than that of market determined. Chang, E. Chen, C. Chi, J. Young, M. divides paper in primary secondary market showing the initial IPO returns the evidence shows that primary markets initial returns has negatively related to subscription whereas secondary market in relates to market returns is significantly positive to IPO offerings also the turnover is negatively related to the size of the offerings. It also focuses on the first trading of IPO in secondary markets demands are also not the same in both the markets. There is a link between ownership structure underpricing of IPO, Field, L.C. Sheehan, D.P. (2004) says that according to Brennan Franks(1997) oversubscription are encourages by underpricing according to Stoughton Zechner (1997) to encourage investments from the block holders mangers underpriced IPO whereas he says that there is weak relation between ownership structure underpricing. They also said that there is no difference in the firms who are not underpriced also who are underpriced in terms of acquiring of new block holders. They used regression model reveals with the analysis that on outside block ownership there is no effect or might be little, then Hopp, C. Dreher, A. (2007) analyzes found that deviation in underpricing contribute negatively because of larger accounting transparency increased protection of shareholders which conclude that institutional environments good quality investors protection brings down the risks of investing whereas it also reduce the problem of asymmetric information resulting in lower underpricing overall. The result shows that if the return of market is higher than the underpricing also increasing significantly. It does also investigate the importance impact of underpricing also the development of equity capital market. Overall evidence of this study found variation in underpricing. Hearn, B. Filtochev, I. (2010) research studies the difference in protection of laws governance system which influence IPO underpricing evidence found that strength of investors protection law is positively related to underpricing .The result suggest that discount in IPO is almost in many countries with powerful outside public market investors protection also the rights of property which is also consistent with hypothesis of governance quality. They has used the data base of locally listed 198 IPOs all over Africa found the difference between civil common law. Another study by Aggarwal, R.K. Krigman, L. Womack, K.L. (2002) conclude that manager wait till the lockup period end whereas they dont sell any of their shares in IPO because their strategic is to sell shares at lockup expiration generate their own personal wealth. The model also found that managers ownership are positively correlated by the first day trading underpricing, whereas underpricing is correlated positively to research coverage research coverage to returns of stock s whereas Nagata, K. Rhee, S.G. (2009) study examine the structure of ownership whether how affect the decision around IPOs using the data of new issues in Japanese the result suggest that structure of ownership is related to the offer size of IPO also the magnitude of underpricing also says that difference in structure of ownership can be the determinants of underpricing of IPO. In the context of Indian, there are studies on IPO underpricing which has been done by Shah (1995) on Bombay stock exchange Pande Vaidyanathan (2008) on National stock exchange whereas many others have also concentrated on IPO underpricing. This paper will concentrate on data which consists of 54 IPOs that got listed on both in National Stock Exchange (NSE) as well as on Bombay Stock Exchange (BSE) over the period of 2009-2010 which includes both book building auction IPOs which will study the changes in the evolution of IPO market also the regulations whereas it will also find out that is still book building more superior than fixed price or not. It will secondly look on the large demand on issue which is generated during the book building the important factors that for which there is delay in the listing of the issue also lots of money are spent on marketing. Thirdly lastly its will also look to study the one month returns after the listing of issue to see whether the underpricing is been there for the period of one months or not. Chapter 3: Methodology This study would try to verify the following 3 hypotheses which are as follows: Hypothesis 1: The underpricing in issue will be more if the issues is priced at the higher side of the price band then the issues which are priced at the lower side of the issue price band. In the capital market of IPO the popular function is degree of underpricing. According to Benveniste and Spindt (1989), in the scenario of book building the investment bankers are those who fixes the offer price, which is based on the demand generated in the market. If the demand for the issue is not good (i.e. not up to marks) which investment banker thinks than that price of the issue is fixed at the lower end of the price band whereas in the opposite side if the demand for the issue is more than the expected then the price fixed for the issue would be at the higher side of the price band. The price which is fixed at the higher side of the issue gives a better signal for the investors by the firms intimating them about the better demand generated from the market for the issue which would result in better listing price as well as also in the trading price on the day of listing. But, Cornelli and Goldreich (2001) has shown that by the intersection of demand supply curve the price cannot be arrived so the demand may exceed the supply in the book building issues. The curve of demand where shows the steepest descent is in fact the price which should be fixed. Thus the price which is fix in the above mentioned manner by the underwriter could be the appropriate for a signal for underpricing whereas oversubscription of issue would not be a credible signal for underpricing of issue. Normally, between the fixation of price trading day for the issue there is a period of 2weeks in which market players can form various strategies for the day of listing. Hence the 1st hypothesis which says that higher side of the price band of issue are more underpriced then the lower end of the price band is being examined. Hypothesis 2:The degree of underpricing would be lower if there is more delay in the listing of the issue by the firm. Unlike the US markets, there is a delay of about 3weeks in the Indian stock markets from the closure date of the issue listing date for the issue. Therefore the delay in listing is a function hypothesized to the degree of underpricing. The expectation for the firm is revised if the firm is getting longer time for the listing from the date of closure. Thus, if this happens then the market speculates that there is some problem in clearance of the project from the various authorities whereas the firm can face lower degree of underpricing or it might also face over pricing at the day of listing. In case of investors who face illiquidity due to the longer period for listing will demand more premium on the day of listing they may take their positions in the market, (Shah, 1995).Moreover, if there is substantial gap between the listing date closure of issue then there might be possibility for out of the market trade in larger number. Thus its not clear that whether the listing delay af fect the degree of underpricing positively or negatively. Hypothesis 3:If the larger part of issue proceeds are spent on the marketing fees then the firms degree of underpricing would be less. In the paper of Habib and Ljungqvist (2001) which they have postulated that underpricing is been affected by the cost of promotion. Underpricing promotion cost as been viewed as substitute costs for the company. If promoters want to sell more of their shares, then the money spend on the promotion of that issue will be more. As per the result founded by them shows that promoter wealth are reduce by 98 cents for promotion costs of every 1$,therefore the marginal benefits of the promotion equals to the marginal costs. Whereas Cook et al (2006) found that if investment bankers are unable to generate more of their pre-offer publicity then the issuers tend to change the investment bankers. More individual investors tends to hold stock if its of high visible firms which was founded by Frieder and Subrahmanyam (2004). Higher visibility can be done only by spending higher money for the marketing of the firm, with all other things remaining same the degree of underpricing must be lower. In addition to this hypothesis this study would also try to find out the firms return i.e. one month after the issue is listed. Models The firms delay in listing is been measured in a days as the time period i.e. from the last day of closing of issue to the day of the listing. Logarithm is been used to measured the marketing expenses which is spent by the firms in the Indian rupees. The degree of underpricing is been measured by dividing the data sets in to 2 parts i.e. by taking the mean of the price band. It is classified as follows: a) High demand issues whose offer price is more than the mean of price band, b) Low demand issues whose offer price is lower than the price band of issue. For e.g. If the price of the issue which is bid is 220 Rs. or more in the price band of 200-210, then the issue is been classified as the high demand issue or else it been classified as low demand issue. After that a dummy variable demand has been used as the OLS regression with a value of 0 if the demand for the issue is low otherwise value of 1 if the demand for the issue is high. The ratio of difference between the off er price of issue the closing price of the issue at the day of listing has been used to measured the degree of underpricing. Degree Underpricing=(P close on listing day PIssue)/PIssue .Here P is referred as price of stock. Since the degree of underpricing can be affected both negatively positively on the listing of the day by the volatility of market wide, therefore the change in percentage of various companies on the day of listing in SP CNX Nifty 500 index is included as the 1st control variable. The Second control variable included is Issue size, because firms with the low degree of underpricing comes with the large issue size signaling the quality whereas it negatively affect the size of an issue. To avoid heteroscadisticity natural log was taken for an issue size. Then the regression model estimated is as follow: Degree of Underpricing: ß0+ ß2 (Delay in Listing)+ ß3(ln_Size of Issue)+ +ß4(ln_marketing expenses)+ß5(percent change in market)+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ Here error term with N(0,1) is ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ