Research Proposal E Construction Dispute Model Construction Essay

Research Proposal E Construction Dispute Model Construction Essay Construction industry cannot avoid from disputes as many parties involved in one industry. All the parties insert dispute resolution mechanisms into the contract in the hope that the disputes can be avoided or solved as quickly as they can as they arise. If disputes are not managed properly, they tend to drag on and escalate to cause projects delays and ultimately ruined the relationships. There is now a wide armoury of dispute resolution methods available for resolving construction disputes. The most popular out of these being litigation and alternative dispute resolution (ADR) processes such as arbitration, mediation, and conciliation. These dispute resolution processes suffer two key disadvantages, which arise from the fact that these processes only come into play after a dispute has arisen. One disadvantage is that, during the dispute resolution process, trust between the parties may be sorely tested, or even destroyed. The other disadvantage is that the time and cost of resolvin g a dispute may affect the expected project gains of parties concerned. It is essential in construction industry to adopt an anticipative approach to management. Since disputes have been one of the major factors affecting cost and time, it is necessary to determine the classification of dispute from the construction law cases and then the e-CDM can be the tool/database to prevent the conflicts or disputes at any stages of construction. By having thorough knowledge and information in this tool/database, it will definitely help the project manager and contract manager to anticipate problems at an early stage of the project without going through any other Alternative Dispute Resolution method which will cost extra money on the top of the project cost. INTRODUCTION Malaysia has been developing rapidly in tandem and racing a head to become industrialised nation. Undoubtedly, the building and construction industry are instrumental as the driving forces to contribute towards realising this aspiration. The construction industries are expected to play a vital role by contribution of 11.2% to the gross domestic product (GDP) in 2013.  [1]  According to CIDB Chief Executive Datuk Sri Dr. Judin Abdul Karim, the construction industry is expected to secure RM 120bil worth of the project in 2013.  [2]  In order to achieve this encouraging but challenging target, the Government and the private sector must work closely together to ensure projects under the Economic Transformation Program (ETP), the Entry Point Project (EPP), project under the 5 corridors and the Greater Kuala Lumpur and Klang Valley are implemented in the timely manner to avoid any delays that would increase cost. The construction industry in Malaysia is fast growing and in light of the economy uncertainty, the world is now facing, great challenges face players in the industry. Dispute amongst parties involved in the industry are unavoidable. It would be impossible to create an environment where the industry would not be affected but great effort should be expended to minimize the effect that would be failing the industry. To do so, it is important that disputes be resolved in the most expedient and economic manner to enable parties in the industry to move forward without being badly affected. BACKGROUND STUDY Modern day construction projects vary from simple houses for individuals to complex infrastructure projects for governments. Some construction projects may even involve cross border movement of resources and not limited to the control of a single jurisdiction. A variety of factors, including, unfair allocation of risks, multiple contracts, unrealistic expectations and schedules, poorly drafted or inadequate contract documents, design omissions, tighter funding, the lack of experienced personnel, communication problems, and even the state of the economy, add to the complexity of construction projects. As a result, construction projects are a breeding ground for contractual dispute. Cooke J in Canterbury Pipe Lines Ltd v Christchurch Drainage Board  [3]  said Building contracts have been traditionally a fertile source of disputesà ¢Ã¢â€š ¬Ã‚ ¦ The enunciation aptly summarizes the very nature of construction industry as an industry notorious for complex disputes.  [4]  The primary cause of such disputes arises from inadequate legal knowledge.  [5]  Majority of construction practitioners comes from technical engineering and architectural background without adequate legal knowledge in contracts and this has led to numerous disputes in construction contracts. Lack of knowledge in construction laws by construction players has been the leading cause of dispute. Employers, Consultants and Contractors though with years of experiences in the industry are usually lacking of the legal knowledge and understanding on the operation and effects of various clauses in construction contracts in general and handling dispute. The lacking in understanding the legal and contractual aspects of contract may be caused by not having the experience to undergo the process itself or just plain ignorance of the topic overridden by over-zealous attitude of churning maximum profits and in the understanding that legal experts are there to provide all the required advice and service. Lack of knowledge in construction law will lead to wrong interpretation of contracts in which the party tends to take trivial matters to the dispute. Construction industry cannot avoid from disputes as many parties involved in one industry. All the parties insert dispute resolution mechanisms into the contract in the hope that the disputes can be avoided or solved as quickly as they can as they arise. If disputes are not managed properly, they tend to drag on and escalate to cause projects delays and ultimately ruined the relationships. Lord Denning  [6]  , when commenting on construction disputes, is quoted as saying; One of the greatest threats to cashflow is the incidence of disputes. Resolving them by litigation is frequently lengthy and expensive. Arbitration in the construction context is often as bad or worse According to Hibberd and Newman  [7]  , litigation gains an unpopular name when time goes on. They quote that A substantial majority (70%) suggested the whole system takes too long, whilst almost 30% suggested that the costs of litigation are far too high. As the litigation cannot solve dispute effectively, arbitration had been introduced. Professionals believed that arbitration can solve the problems without ignoring the main desire of clients. Most of the clients depend on those who know contract better than them. They hope these professional can help them with the lowest cost and fastest way to solve the problem. There is much truth in the old adage that prevention is better than cure. The various dispute resolution processes referred to mediation, conciliation and arbitration all suffer two particular disadvantages, which arise from the fact that these processes only come into play when a dispute has crystallized. One disadvantage is that, during the dispute resolution process, trust between the parties may be sorely tested, or even destroyed. The extent to which this occurs is likely to be proportional to the time and cost (in both money and resources) of resolving the dispute. As ongoing trust between contracting parties is such an essential ingredient of healthy and efficient project delivery, this can be a significant disadvantage in a continuing relationship such as will typically be found in a BOOT project. The longer and more acrimonious the dispute resolution process, the greater the likelihood that there will be a loss of trust in any continuing relationship. By having a readily accessible resource such as e-Construction Dispute Model (e-CDM) which the parties can access during the course of the project at any construction stages, the impact of disputes is minimized. In contrast to the dispute resolution processes earlier described, e-CDM seek to avoid or minimize the incidence of disputes by a timely, little costly and relatively informal process which takes place while the work is in progress. Used effectively, they can lead to a reinforcement and enhancement of trust, with a positive impact on the project as construction unfolds. PROBLEM STATEMENT The construction industry is notorious for high levels of conflicts and disputes. It is a project based industry with each project being unique. Some construction projects may even involve cross border movement of resources and not limited to the control of a single jurisdiction. A variety of factors, including, unfair allocation unfair allocation of risks, multiple contracts, unrealistic expectations and schedules, poorly drafted or inadequate contract documents, design omissions, tighter funding, the lack of experienced personnel, communication problems, and even the state of the economy, add to the complexity of construction projects. As a result, construction projects are a breeding ground for contractual disputes.  [8]   It could be said that the adversarial nature of the construction industry contributes to the germination and manifestation of construction disputes. As such, the construction industry has been at the forefront of the search for effective and efficient dispute resolution mechanisms. Project procurement and construction disputes are two of the major concerns in the construction industry worldwide.  [9]  There is now a wide armoury of dispute resolution methods available for resolving construction disputes. The most popular out of these being litigation and alternative dispute resolution (ADR) processes such as arbitration, mediation, and conciliation. These dispute resolution processes suffer two key disadvantages, which arise from the fact that these processes only come into play after a dispute has arisen. One disadvantage is that, during the dispute resolution process, trust between the parties may be sorely tested, or even destroyed. The other disadvantage is that the time and cost of resolving a dispute may affect the expected project gains of parties concerned. In the circumstances, the current trend is to look for methods other than processes such as litigation, arbitration, mediation, and conciliation that could be put in motion before or at least, soon after a conflict has arisen. The aim is to ensure that dispute prevention measures, or at least measures for minimizing the scope of any dispute is put in place before the parties positions have hardened. Traditionally, resolving construction disputes are done through litigation. This can be confirmed by 72 cases related to building contract being reported by the Malayan Law Journal between 1990 and 2007 and the Current Law Journal which reported about 200 cases of construction related issues since 2004.  [10]  Yet, today the litigation procedures have fallen into disrepute, particularly due to excessive costs, delays, procedural complexity and adversarial approach.  [11]  The earlier research have come out with the new approach by developing eDR model but it only focus on on contractual variations  [12]  in construction projects. The lacking of law knowledge in every term of contact still needs to be addressed. It is essential in construction industry to adopt an anticipative approach to management. Since disputes have been one of the major factors affecting cost and time, it is necessary to determine the classification of dispute from the construction law cases and then the e-CDM can be the tool/database to prevent the conflicts or disputes at any stages of construction. By having thorough knowledge and information in this tool/database, it will definitely help the project manager and contract manager to anticipate problems at an early stage of the project without going through any other Alternative Dispute Resolution method which will cost extra money on the top of the project cost. RESEARCH OBJECTIVE The objective of this study are: To classification the types of dispute in the Malaysian construction industry base on the related law cases; To develop an e-CDM model as the database for construction industry; and To develop an application of e-CDP prototype/system based on types of the disputes, the parties involved, type of the project, when do the disputes occurred, and standard form of contract for the project. RESEARCH AIM The research has highlighted the problem statements on poor understanding of contract administration and lack of contractual knowledge toward the most litigious issue in construction. Therefore, the aim of this research is to classify the types of dispute based on related law cases in construction and subsequently propose and develop eCDM tool/database on construction disputes as an alternative way for resolving disputes in construction projects. SCOPE OF STUDIES This research is limited to the following:- a) To construction disputes reported by Malayan Law Journal. b) Cases related to Building Contract in Malaysia. RESEARCH METHODOLOGY Briefly, this research will be carried out with five (5) different stages: Identifying the research issue Literature review Data and information collection Data and information collection Research analysis Data and information collection Conclusion and recommendations Data and information collection Identifying the Research Issue Identifying the research issue is the very initial stage from the whole research. Initial literature review was done in order to obtain the overview of the particular research topic. In identifying the issue, firstly, it will involves reading on various sources of published materials such as journals, articles, seminar papers, cases, previous research papers, or other related research materials, newspapers, magazines and electronic resources as well as World Wide Web and online e-databases from UM librarys website.  [13]  At the same time, discussions with supervisors, lecturers, as well as course mates have been done to gain more ideas and knowledge relating to the topic. Literature Review The second stage in executing a research is literature review. Literature review stage is basically a stage when the researcher will be reading and also need to criticize on each and every material that has been read. Published resources, like books, journals, varies standard form of contract and related statutory are the most helpful sources in this stage. Literature review also will be involving the collection of documents from the secondary data research, such as books, journals, newspapers.  [14]   Data and Information Collection This stage is data and information collection stage. This is an important stage towards achieving the objectives of this research. In this stage, the further action is to collect the relevant information based on the secondary data from the published resources. Lexis-Nexis database which provides cases of Malayan Law Journal is the main sources in getting the related cases. Research Analysis During this stage, all of the data collected data, information, ideas, opinions and comments were specifically arranged, analyze and also will be interpreted based on the literature view which will be carried out. This stage also could be called as the heart of the research as from this chapter; we can see how the objective has been achieved. Conclusion and recommendations Conclusion and recommendations is the final stage of the research. In this stage the findings will be able to show the result of the research. A conclusion needs to be drawn in-line with the objectives of the research. At the same time, some appropriate recommendations related to the problems will be made for a better solution in relation to the said problem. CONCLUSION Disputes between parties to construction projects are of great concern to the industry; nevertheless, the subject is dominated by anecdote and hearsay. The study of construction industry disputes, and the causes of those disputes, is essential. In fact, it would seem that effective management action can be taken only if based on reliable evidence and as contract manager it is essential for them to consider all kinds of dispute in construction industry.

Greed Essay †Enron and Northern Rock Corporate Collapse

Abstract The spectacular collapse of both Enron and Northern Rock illustrate two very distinct methods of errant policy that deserve continual study.This essay examines and compares the roles of both companies during their respective period of failure in order to determine the fundamental causes that led each of these companies to ruin. The evidence presented outlines a pattern of greed, ambition and poor policy that combined to drive the entities to failure. This research will be of value to any person looking into corporate collapse. 1 Introduction Failure in business comes in many forms making continual evaluation beneficial. The cases of the spectacular collapse of both Enron and Northern Rock illustrate two very distinct methods of errant policy. This essay examines and compares the roles of both companies during this period of failure in order to determine the fundamental causes that led each of these companies to ruin. With a focus on the role of fraud, market value accounting, fraud and creative accounting this study will identify and evaluate the underlying causes that have been credited with defining business risk in the modern age. In the end, this essay examines and evaluates the fundamental factors associated with the collapse of Enron and Northern Rock with the stated goal of determining the best methods of avoiding such a scenario in the future. 2 Corporate Collapse2.1 OverviewEnron was once considered a blue chip investment with the inherent capacity to bolster any portfolio during the 1990’s until the collapse of 2001 (Khan, 2011). Once regarded as a premier investment, Enron became associated with a wide range of questionable accounting practice, fraud and insider trading during their term of operations. Over the course of 1990’s, Enron was cited and held up as a pillar of innovation and performance with many institutions attempting to emulate their professed success (Arnold and Lange, 2004). This early idolization of the rising company seems to have increased overall investor interest and expectation. With a platform based on gas and electricity and a long list of associated enterprises including online and investment services utilized by nearly every other energy entity of the period, Enron was the acknowledged leader in the international energy industry (Solomon and Solomon, 2004). With a broad based syst em of investors, there was substantial fallout when the final collapse of the company was announced in 2001, with many in the industry decrying the lack of oversight amid the opportunity for fraud (Khan, 2011). The rise and fall of Enron, even on basic level is a reflection of a company’s ability to build and play upon investors’ expectations, which indicates a willingness on the part of the investors to risk their money in a questionable investment. Northern Rock was once considered a leading voice in the UK banking industry (Marshall et al, 2012). Created as a result of a merger between the North East Building Society and the Northern counties Permanent Building Society and the Rock Building Society, the Northern Rock Building Society was in an ideal position to create and further their own business interests. A key area of concern for investors was the fact that Northern Rock derived its capital from depositors until the deregulation efforts of the 1980’s (Ma rshall et al, 2012). With the relaxation of oversight, it became possible for entities such as Northern Rock to consider and implement alternate solutions for revenue increase that included heavy investment in the stock market and mortgage industry. Complementing the perception of leadership and dedication to the market were statistics that cited Northern Rock as one of the leading mortgage lenders during the period of the early 2000’s (Mclean and Elkind, 2003). With a wish to capitalize as much as possible on the conditions of the growing market, which included the American mortgage market prior to 2008, Northern Rock leadership opted to invest heavily in the subprime market that generated so much profit during this period (Dawley et al, 2012). This argument suggests that the old industry region that was home to the company’s operations had a direct impact on the initial success and eventual failure of the Ban. This initial overview demonstrates that there was a real drive to produce revenue on the part of both of these companies, which in turn fuelled their need to succeed at any cost. In both cases, Enron and Northern Rock began with a legitimate business foundation, yet desired a continual increase in power and revenue which led to poor decisions and policy implementation. In a very real way, this brief illustration suggests that the success factor prompted these companies to act in the selfish and rash manner that brought about their downfall.2.2 Companies2.2.1 EnronThe manner in which leadership creates, endorses and implements a company policy is a critical component to any entities day to day operations (O’Connell, 2004). In this case Enron leadership including Ken Lay, Jeffrey Skilling and Andy Fastow were primarily credited with first leading the company to incredible heights, and then engineering the massive failure due to their own incredible greed. Perhaps a leading indic ator of the manner of leadership Ken Lay found appealing lay in his continual support of the oil trading company headed by Borget that was deemed acceptable as long as there was a profit, regardless of method (Swartz and Watkins, 2003). Organizational culture built on greed and corruption will continue to breed these same elements throughout any organization (Solomon et al, 2004). In this case Enron leadership’s goal of creating a nature gas stock exchange was driven by the desire to increase market share and revenue. In the beginning this form of innovation and aggressive marketing were deemed acceptable, but with subsequent discoveries of accounts including M. Yass, or My ass, created by Borget there was an acknowledgement of corruption (Fox, 2003). Despite Enron initially endorsing Borget and his practices as the scope of the losses mounted, Ken Lay actively denied any wrong doing, taking advantage of the lack of information that he cultivated. The lack of any serious form of financial oversight allowed Enron to create questionable forms of accounting and bookkeeping that extended their perception of propriety (Solomon, 2004). During deregulation effort of the late twentieth century, there was serious contention on the part of the business community that there was a need to reduce regulation in order to benefit the consumer. Leadership at Enron eagerly campaigned on the notion that deregulation would actively increase the capacity for the worker (Swartz et al, 2003). Blaming regulation for higher electricity the lobbyists were largely successful in their drive to remove any meaningful oversight in the industry. This push included a state by state approach that allowed Enron to utilize their regional positions to great advantage, thereby ensuring a smoother experience (Boje et al, 2004). Skilling created concept of an asset lite strategy, or not actually owning the assets, simply bundling and selling the energy, which in tur n provided Enron with a potential method to drastically increase revenue with little to no paper trail (Solomon et al, 2014). The summer of 1998 witnessed a bonanza for Enron as there was a perception of volatility that enabled them to drastically capitalize on the market, leading to the perception that Skilling was a genius (Swartz et al, 2003). During this period following deregulation many of the Enron’s greatest profits were made by employees finding loopholes and exploiting these accounting or business practices to the utmost in order to increase revenue (Arnold and Lange, 2005). Again, this policy of attempting to end run regulation only promotes the false ideal that the company or its employees was smarter than the system. Enron has been credited with employing many questionable accounting techniques during their period of operation in order to bolster expectations (Gordon, 2002). This drive to provide a continuous profit for the company led the leadership to adopt acc ounting practices that did more to obstruct the revelation of negative data in order to maintain profits. A combination of being at the right place in the form of evolving deregulation and belonging to a culture of greed and corruption created the atmosphere that prompted these increasingly poor accounting practices (Macey, 2003). At the heart of Enron’s trouble rests a lack of strong corporate governance and an increasing disregard for public regulation and investor welfare (Vinten, 2002). Beginning with methods that merely bent the rules, the accounting practices at Enron had to become larger in order to account for the burgeoning debt that was being created (Parker, 2005). This form of creative bookkeeping suggests that there was a strong knowledge that operations at the company were not only limited in scope, but there was a need to make as much money as possible at any cost. This form of accounting was illustrated in the Mark to Market accounting expansion that served to misinform investors on accurate valuations, thereby increasing Enron’s value (Shelly, 2011). While essentially legal, the stretching and reinterpretation of the rules allowed Enron to create a wide margin of profit on paper. Further, the use of limited partnership and outside parties increased the level of secrecy and uncertainty that surrounded every Enron valuation process including the Credit Default Swaps and Collateralised Debt Obligations (Swartz et al, 2010). These measures became necessary in order to provide the company with the means to maintain expectations, bonuses and pensions. From the outset, Enron was out to make money (Jennings, 2002). Each innovation was aimed at delivering the most revenue to the leadership, not the investors. Each decision and example of culture illustrates the greed and ambition of those behind the Enron debacle. In the accounting profession a fair presentation is regarded as an accurate representation of a working operation, creative ac counting is identified as flexible practice that best serves the interests of the clients, with fraudulent accounting made up of those that blatantly step outside the law (Buckley, 2011). Enron has displayed an initial fair value accounting method that degenerated into a fraudulent accounting method with evidence that paints a portrait of unrestrained greed, propped up by poor regulation and aided by tacit indulgence of success. There is a clear need to conduct ethical business in order to sustain opportunities (Gill, 2009). This was does not seem to have happened in the case of Enron. This evidence suggests that no matter how Enron had attempted to compensate for poor practice, there could have been no other plausible outcome than failure.2.2.2 Northern RockInitially specialising in residential and commercial mortgages Northern Rock quickly became an industry frontrunner under the leadership of Adam Applegarth in 2001(Marshall et al, 2012). This form of leadership actively profited from the prior methods of operation, utilizing the past profit to invest in the present stock market, primarily the growing sector mortgage securities. Linsley and Slack (2013) argue that prior to 2001 Northern Rock projected a ethic of care, which in turn was cited for the intense feelings of betrayal following the collapse of the Bank. There was a sense that leadership of the Bank was overly ambitious in their efforts to capitalize on their existing assets by putting all of the previous savings at risk (Marshall et al, 2012). This suggests that the clientele of Northern Rock expected their leadership to take greater care and substantially less risk. Three primary points including Northern Rocks previous existence as a building society, the local or regional nature of the bank and the appearance of the Northern Rock Foundation bolstered the perception of a caring institution that was out to serve the populace (Linsley, 2013). With the change in policy brought about by a new leader , there was a palpable sense of anger and disillusionment with both Northern Rock and the direction of their investments. It very much seems as if was this effort from the previous eras, the caring and attentive attitude that served to amplify the negativity as the bank began to crumble under the weight of poor leadership and management. With the onset of the subprime collapse in the United States and the massive international recession that followed, it became impossible for Northern Rock to meet its financial obligations, which in turn prompted the failure of the bank (Linsley et al, 2013). The innovative nature of the investment pattern such as the ‘Together’ investment scenario set out by Northern Rock was a stark departure from the mutualisation process of previous eras (Nesvetailova and Palan, 2013). With the ambitious investment goals set out by Applegarth, it became necessary for the bank to move from the 75% per cent income from depositors to a much more modest 25% with the remaining balance being accounted for by investment and loans (Nesvetailova, 2013). As reflected by consumer discontent with the policy decision, the entire process became disliked and heavily blamed for the eventual run on the bank. The new pattern of investment required Northern Rock to pursue securitization in a fashion that created special purpose vehicles in order to allow these securities to become liquid and thereby tradable (Deegan and Unerman, 2011). This process allowed Northern Rock to obscure their accurate worth by essentially hiding these accounts offshore (Scott, 20 08). With an accounting practice that was creative and innovative at the time, Northern Rock utilized this method in order to expand their projected revenues, thereby further enhancing their operations. In order to continue lending at the bank level, mortgages could be sold, or further funds borrowed on the mortgage securities, which in turn kept Northern Rock liquid initially (Gaffikin, 2008). This culture of greed no matter the cost fuelled the leadership drive to not only continue this practice, but expand it to incorporate up to 50 per cent of the Northern Rock operational platform (Deegan et al, 2011). Depending too heavily on any volatile market has the potential to put any operation at risk at any time (Domhoff, 2013). This evidence suggests that Northern Rock was substantially impacted by the subprime mortgage collapse and the inability to borrow money from the lenders. With a business model that was directly dependant on the interbank lending process, this sudden halt of funding was a severe and crippling blow, only enhanced by the need for the bank to have these funds on hand in order to shore up fading public support. The perception of dismay and lack of trust only increased as Northern Rock found itself undercut by rivals with better loan rates (Deegan et al, 2011). With no ready pool of funding available and no one to purchase the securities, some of which were frozen due to questionable value, the internal situation deteriorated to the point of collapse nearly overnight. Regulation and lack of effective constraints in the financial process has been cited as an element of the Northern Rock collapse (Nesvetailova, 2013). There was a sustained feeling that the explosive pattern of growth quickly overwhelmed any regulation effort, which in turn led to unsatisfactory testing and performance assessments. The caring culture that once benefited operations at Northern Rock was transformed to increased discontent with the announcement of the government bailout, which in turn fuelled the run on the bank (Deegan, et al, 2011). This evidence suggests that it was the very elements of safe investment that had given Northern Rock the opportunity for investment initially and that the prudent course of action would have been to maintain a pattern of considerate investment rather than an all-out bid for industry leadership. With the nationalization of the Northern Rock entity, the government became the only remaining investor, shouldering the substantial loss that had once been a thriving multi-generational company (Deegan et al, 2011). 3 Conclusion Both Enron and Northern Rock exhibited similar and distinctly different traits as this study as illustrated. Each of the companies possessed leadership that was very focused on success and revenue. This culture of greed and ambition served to initially propel both companies into positions of leadership which was demonstrated by their drastic increase in value and recognition during the early phases. While both companies began with fair trade accounting methods, there were driving forces behind each entities operation after that period. Enron began to employ outright fraud in their accounting practices, in some cases going so far as to completely create fictional assets in order to maintain viability. In contrast Northern Rock employed creative accounting methods to legally utilize their existing assets to invest in the subprime mortgage market. While Northern Rocks leadership made poor choices, there was no element of blatant fraud as perpetrated by Enron. There was a distinct organi sational culture gap between Enron and Northern Rock. The ethic of care environment enacted a perception of interest in the consumers of Northern Rock aided the long term business efforts and sustained operations over generations. Enron was focused on profit and the means to increase profit from the point of inception, creating management techniques that encouraged a liberal interpretation of any regulation, placing revenue generation above the need to present a high level of honesty during operation. A similarity that binds both companies together was the leadership intention to use the open market to increase their net assets. Further, there was a directed action by both management institutions to hide the debt from the consumer and investors in order to prop up their image and brand. Once considered pioneering, creative and innovative the combination of deregulation, massive growth and complex rules provided a wide range of opportunities that these companies chose to exploit for their own gain. Each of these entities found itself in the position that required them to borrow money in order to meet expectations. Lacking the means to borrow money was the death knell for both of these enterprises. Northern Rock found itself caught in the subprime mortgage collapse and Enron found itself the focus of scrutiny concerning their assets and true valuation. In the end both Enron and Northern Rock exhibited poor policy decision as well as experiencing bad luck. While there is no guarantee in the business world, large scale deception and fraud will eventually come back to roost. It was the utilization of questionable practice, greed and ambition that served to derail these companies, teaching us all that honesty is indeed the best policy. 4 References Arnold, B. and De Lange, P. 2004. Enron: an examination of agency problems. Critical Perspectives on Accounting, 15 (6), pp. 751–765. Boje, D. M., Rosile, G. A., Durant, R. A. and Luhman, J. T. 2004. Enron spectacles: A critical dramaturgical analysis. Organization Studies, 25 (5), pp. 751–774. Buckley, A. 2011. Financial crisis. Harlow, England: Financial Times Prentice Hall. Dawley, S., Marshall, N., Pike, A., Pollard, J. and Tomaney, J. 2012. Continuity and evolution in an old industrial region: the labour market dynamics of the rise and fall of Northern Rock. Regional Studies, (ahead-of-print), pp. 1–19. Deegan, C. and Unerman, J. 2011. Financial Accounting Theory: European Edition, 2nd Edition, McGraw Hill. New York, NY. Domhoff, G. W. 2013. The myth of liberal ascendancy. Boulder: Paradigm Publishers. Fox, L. 2003. Enron. Hoboken, N.J.: Wiley. Gaffikin, M. 2008. Accounting Theory: Research, Regulation and Accounting Practice, Pearson Education. New York, NY . Gill, M. 2009, Accountant’s Truth: Knowledge and Ethics in the Financial World, Oxford, Oxford University Press. 1(1). Gordon, J. N. 2002. What Enron means for the management and control of the modern business corporation: some initial reflections. The University of Chicago Law Review, 1(1) pp. 1233–1250. Gordon, R. W. 2002. New Role for Lawyers: The Corporate Counselor after Enron, A. Conn. L. Rev., 35 p. 1185. Jennings, M. M. 2002. Primer on Enron: Lessons from a Perfect Storm of Financial Reporting, Corporate Governance and Ethical Culture Failures, A. Cal. WL Rev., 39 p. 163. Khan, M. A. 2011. The Reasons Behind a Corporate Collapse: A Case Study of Enron.Available at SSRN 1923277. Linsley, P. M. and Slack, R. E. 2013. Crisis management and an ethic of care: the case of Northern Rock Bank. Journal of business ethics, 113 (2), pp. 285–295. Macey, J. R. 2003. Efficient capital markets, corporate disclosure, and Enron. Cornell L. Rev., 89 p. 394. Marshall, J. , Pike, A., Pollard, J. S., Tomaney, J., Dawley, S. and Gray, J. 2012. Placing the run on Northern Rock. Journal of Economic Geography, 12 (1), pp. 157–181. Mclean, B. and Elkind, P. 2003. The smartest guys in the room. New York: Portfolio. Nesvetailova, A. and Palan, R. 2013. Minsky in the Shadows Securitization, Ponzi Finance, and the Crisis of Northern Rock. Review of Radical Political Economics, 45 (3), pp. 349–368. O’Connell, B. T. 2004. Enron. Con:â€Å"He that filches from me my good name†¦ makes me poor indeed†. Critical Perspectives on Accounting, 15 (6), pp. 733–749. Parker, L. D. 2005. Corporate governance crisis down under: post-Enron accounting education and research inertia. European Accounting Review, 14 (2), pp. 383–394. Richardson, S. 2011. From the Invisible Hand to CEO Speak: Enron and a Rhetoric of Corporate Collapse. Russell, D. 2013. Critical Studies on Corporate Responsibility, Governance and Sustainability, Vol. 3Business and Sustainability: Concepts Strategies and Changes. International Journal of Law and Management, 55 (1), pp. 74–76. Scott, W. R. 2008 Financial Accounting Theory, 5th Edition, FT Prentice Hall. Solomon, J. and Solomon, A. 2004. Corporate governance and accountability. New York: John Wiley. Swartz, M. and Watkins, S. 2003. Power failure. New York: Doubleday. Vinten, G. 2002. The corporate governance lessons of Enron. Corporate Governance, 2 (4), pp. 4–9.

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The Transition Between High School And College Essay

All children become an adult at some point in their lives. The transition between high school and college exemplifies this transition. However few of these our students feel prepared for the challenge that is adult life. After living with their parents for 17-18 years, the move away from home and getting saddled with a plethora of responsibilities can be jolting. William Allen has many graduation requirements, but an Independent Living class is not one of them. This needs to change. High School ought to prepare students for everyday aspect of life after high school, not just the academic aspect of college. The graduation requirements of the Allentown School district includes 4 years of English, 3 years of math and science, and 2 years of foreign language (PROGRAM OF STUDIES 2015-2016 William Allen High School Louis E. Dieruff High School, 7). It does not include any sort of class designed to help students learn important life techniques. School is designed to prepare us for college. But the way our high school curriculum is designed it only prepares us for the academic aspect of college, without regard to people who may choose to take a gap year or not go to college. The transition between high school and college and living life independently is difficult. When going to college, students may worry about dorms. They must adjust to co3llege lifestyle and making new friends. The additional stress of being suddenly ladled with a plethora of responsibilities on top of thisShow MoreRelatedThe Transition Between High School And College775 Words   |  4 Pages The transition between high school and college exemplifies this transition. Yet few of these students feel prepared for the challenge that is adult life. After living with their parents for 17-18 years, the move away from home and getting saddled with a plethora of responsibilities can be jolting. William Allen has many graduation requirements, but an Independent Living class is not one of them. This needs to c hange. High School ought to prepare students for the everyday aspect of college and lifeRead MoreCollege Education : High School College886 Words   |  4 Pagesthe freshman myth is high school seniors that get affected by the transition from college life. They are overly optimistic and confident in their ability to manage the challenges they will encounter in college. This freshman myth being blamed on by high school because in high school there is no help preparing students for the transition from high school to college, giving future students high expectation on academic, social and personal experiences for when entering college. But this becomes a dominoRead MoreCollege Graduation Speech Outline1497 Words   |  6 PagesI. INTRODUCTION A. How many years have you been in school? How many of you ever thought that once I enter college that I will have a lot of freedom? Have you ever considered how much your life will change once you enter college? B. Many of you upcoming freshman probably think that college is the same school except you have more freedom, especially now that you are consider as an adult but your whole life changes completely from how you behave in front of people, or whom you talk to, butRead MoreThe Little Things Count : College Versus High School1083 Words   |  5 PagesWhen the little things count: college versus high school When you change from the world being a reliant teenager to an young adult you go through a series of life transitions and educational stages. Society marks the educational jump from being a teenager to an adult in a stereotypical way, you are expected to go from high school to college. While attending high school it is the goal of those teachers to prepare you for this aperture into the unknown. Learning important lessons like getRead MoreThe Importance Of A Student s Grade Point Average Essay1146 Words   |  5 Pagescurricular activities more then three days is considered sociable. From looking at past research there are also other factors that could influence a students GPA, such as popularity, aggression, sleepiness, etc. Many would say that a student with a high GPA, 3.0 or higher are likely to be less sociable then students with a lower GPA of a 2.9 or lower. This is an important topic to study because it will allow researchers to find out how much time students shoul d really spend being social without itRead MoreStruggles with Stages of Development and Transition Points and How It Affects Identity1674 Words   |  7 PagesStruggles with Stages of Development and Transition Points and How It Affects Identity There are many developmental milestone events and transition points that help form the identity of an individual. As one transitions from milestone to another, they are not necessarily losing or gaining anything, but are adapting to their new stage in life (Bjorklund, 2011). These transitions can affect other domains of human development including: physical changes, cognitive changes, personality or identity, socialRead MoreEssay on Compare and Contrast High School versus College788 Words   |  4 Pages High school, along with college are two major stepping stones in a person’s life. Many individuals are able to make the transitions from high school to college pretty easily, while there are others that find the transition into college to be somewhat challenging and hard to adjust to. When I made the jump from high school to college, I found that there are vast differences between the two, and both had very diverse environments. I found the key differences concerning high school and collegeRead MoreEssay about Key Prepartions For College Life1127 Words   |  5 Pages In today’s society it is important to receive a college education to join the workforce. However, the transition from high school to college can be a very intimidating experience for many students. To make the college transition less frightening, students can take several precautions while still in high school. These precautions include participating in extracurricular activities, taking challenging courses, as well as developing good time management skills. Participation in extracurricular activitiesRead MoreThe Americans With Disabilities Act ( Ada )1414 Words   |  6 Pagescreated what is commonly referred to as a 504 or a 504 Plan. The purpose is to prevent/prohibit discrimination against public school students with disabilities and guarantee they receive accommodations that will ensure their academic success and access to the learning environment (University of Wash ington, 2015). Section 504 and the ADA govern education accommodations in college (Alao, 2015). Additionally, 504 Plans are a civil rights law. An Individual Education Program (IEP) is similar, however itRead MoreDepartment Of Education Trio Grant, The Ub Program For English Language Learners866 Words   |  4 PagesFor instance, funded by the U.S. Department of Education TRIO Grant, the UB Program for English Language Learners (ELL) at Rowan University focuses on providing college preparatory activities and supportive services to low income students in grades 9 or 10 who are able to maintain their GPA at 2.0, who are highly recommended by their teachers or counselors, and who have the desire for higher education (Rowan University at Camden, 2015). The Rowan UB Program continuously identifies and recruits competitive