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By Ritter J.R.

The underpricing of preliminary public choices (IPOs) that has been broadly documented seems to be a short-run phenomenon. Issuing organisations in the course of 1975-84 considerably underperformed a pattern of matching organizations from the remaining rate at the first day of public buying and selling to their three-year anniversaries. there's titanic version within the underperformance year-to-year and throughout industries, with businesses that went public in high-volume years faring the worst. The styles are in keeping with an IPO industry during which (1) traders are periodically overoptimistic concerning the gains strength of younger development businesses, and (2) businesses make the most of those "windows of opportunity."

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12 Education officials and administrators, on the whole, were weary about Hindu-Muslim antagonism in the educational realm. 13 Hindus and Muslims, it seemed, had different educational priorities. It was feared that sanctioning either a Hindu or Muslim initiative, at the expense of the opposite, would feed communal rivalry to an unmanageable degree. This was inimical, at least in theory, to the legitimacy of the Raj in being a self-professed neutral arbiter of religious affairs. 14 This was an underlying concern during the Mayo Commission of the 1870s, which dealt with Muslim educational issues and sought to address the ‘backwardness’ of Muslims in education.

When British administrators such as Sir Alfred Croft discarded the Brahmo Samaj’s theism as the ‘new wine of western evolutionary science poured into the old bottles of Hindu philosophy’,10 they spoke just as much out of apprehension towards babu- British Fears and Indian Society in the Emergence of North Indian Education 35 dom (English-educated clerks) as of their own removed, aloof understandings. Croft, for his part, also underestimated the value of Indian ‘tradition’ as a ‘modern’ force. 11 Again, this was a simplistic assertion.

100 One example was Hodgson Pratt. An inspector of Bengali schools, he was intimately familiar with the manners in which Bengali students enthusiastically received their English education. Pratt observed that in schools, the demand for which was high, students showed no apprehensions to learning western knowledge. 101 This was a clear example of insidious Christianization. At an ideological level, Christianity during this period was also closely intertwined with the expansion of British power and influence in the world.

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