Chapter 1â€the Importance of Business Ethics Test Banks Essay

------------------------------------------------- Chapter 1—The Importance of Business Ethics MULTIPLE CHOICE 1. Principles are a. | laws and regulations that guide behavior in the world of business. | b. | mores, values, and customs that guide behavior in general. | c. | specific and pervasive boundaries for behavior that are universal and absolute. | d. | the obligations businesses assume to maximize their positive impact and minimize their negative impact on stakeholders. | e. | the mores, values, and customs that parents teach their children. | ANS: C PTS: 1 REF: p. 7 2. Social responsibility is a. | an organizations obligation to maximize its positive effects and minimize its negative effects on†¦show more content†¦12 9. Ethics is a part of decision making a. | at all levels of work and management. | b. | primarily at the upper management levels of an organization. | c. | mostly for policy makers. | d. | that is less important than other decision making processes. | e. | only at that lower levels of organizational management. | ANS: A PTS: 1 REF: p. 5 10. Which of the following was developed in the 1980s to guide corporate support for ethical conduct by establishing a method for discussing best practices? a. | Federal Sentencing Guidelines for Organizations | b. | Defense Industry Initiative on Business Ethics and Conduct | c. | Corporate codes of conduct | d. | United States Sentencing Commission | e. | MERCOSUR | ANS: B PTS: 1 REF: p. 13 11. The _____ focus(es) on firms taking action to prevent and detect business misconduct in cooperation with government regulation. a. | United States Sentencing Commission | b. | Defense Industry Initiative on Business Ethics and Conduct | c. | World Trade Organization | d. | United Nations Global Compact | e. | Federal Sentencing Guidelines for Organizations | ANS: E PTS: 1 REF: p. 14 12. The study of business ethics is important to better understand all of the following except a. | that a persons own moral philosophies and decision-making experience may not be sufficient to guide him or her in the business world. | b. | how and why people makeShow MoreRelatedEthics Development Essay1423 Words   |  6 PagesEthics Development Ethics guide the decision-making and actions of an individual. More extensively, collective employee ethics shape the direction of a company. This document will explore sources of ethical influence, both for individuals, and organizations. 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Chases Strategy for Syndicating the HongKong Disney Loan Case Study

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

How to Be Successful Business Manager Free Essays

How to be successful Business Manager Introduction Everyone desired to success. In the business field, becoming a successful manager is what the majority long for . No body changes into a well-rounded manager overnight. We will write a custom essay sample on How to Be Successful Business Manager or any similar topic only for you Order Now Learning is necessary for everyone during this process. â€Å"People learn to manage by managing under guidance of a good manager†Ã¢â‚¬â€-Michael Armstrong. Experiences can undoubtedly be an excellent tutor for success, but having a good guide can further allow one to make use of his or her experiences into the largest extent. Being a successful manager requires a huge amount of skills and knowledge. In this paper, not all elements will be mentioned, but the five essential elements have been chosen to be discussed: work smart , risk management, interpersonal talent and skills, Self-management and Leadership skills. Work Smart – Work Effectively and Efficiently To express how to work smartly, Susanne Madsen, a PRINCE2 and MSP practitioner and a qualified Corporate and Executive coach, tells us her tale of success. Work smarter, not harder, as explained by Susanne, means working less and accomplishing more by increasing the working quality. (2) To get things done wisely, she highlights the significance for correcting one’s internal persuasion and attitude towards his or her task that it is not a burden. One could , then, get the vigor for working again. According to the writer’s own experience, she shows that self-assessment and continuous self-adjustment are the paramount importance for success. She also suggests two key points: first, is deputation. A manager should depute the less vital jobs to the others and use those times to communicate more with the major person associated to the project for developing a better linkage with them. Second, is initiative. A manager should get a more well-round plan at the beginning instead of responding the incident or risk when it has been occurred. I am glad to read the inspirational article written by a top leader in the world. She gives a great arousal to me. Her sharing and skills are useful, not only at the workplace, but also at the senior academic level. I believe that many college students, just like me, are having the improper belief that the project is burdensome. Why can’t I alter my mindset to abandon the constraints and step up to success smartly? Just try it! Self-management Walter Vieira (2005) proves that people refuse to face realistic self-image and idealistic self-image is biased,(p. 33) and so to evade the results of their SWOT analysis which about their advantages, disadvantages, opportunities and threat environment. (p. 34) However, people do not understand their strength and weakness, will not be able to strengthen and improve , they cannot develop their abilities. In addition, they need to assess that whether they have the basis element include a positive goal, ambition and energy . They also need to know whether they have clearly aware of their thoughts adaptable ,witty and creativity. He said that people have two reason of requesting an identity, one is for higher living standards, and another is satisfying others’ expectation. He agreed with Cyrus Vance that people always evaluate their progress with friends. They were unhappy because their achievements are worse than the others. (p. 35) Therefore he reminded that people not to compare and assess their progress with others, because different people do different things ,will have different progress, as long as compliance with their own plans on the line. p. 35-36) But learning from observing others ,and the through others to observe their own, then the combined best quality of themselves and others. (p. 36) In my opinion, successful managers need to have a correct plan; in order to achieve their positive goals. I think Walter Vieira missed this important point. Therefore, they should know how to assess whether their plan is feasible under environment efforts. For example, their plan need to change when financial crisis. Leadership skills Leadership is the central factor to influence a general manager’s success. In the book Successful Management, Neville (1995) believes that leadership has five main dimensions: first, defining a vision is the preliminary stage. The best leaders are adroit at thinking the unique and picking up creativity . They are not faint-hearted of change. When the vision has been ascertained, leaders should be attain it (17-8). Second, he said that commitment to success is not only about eagerness, drive and the will to win, it is also about the interminability of preparation (18). Third, he believes that leader should communicate unabashedly and frankly. Because communicate can let the team learn more experiences from each other (18). Fourth, is challenging in status quo. Young managers should find more innovative solutions in the business market (19). Finally, is about the personal characteristics which are found in extraordinary leaders. He highlights that flexibility, enthusiasm, integrity, willingness to experiment, ability to inspire others, to build relationship, to inspire trust, to communicate and to delegate, those are most routinely emphasize in outstanding leaders(19). He concludes that intellect is missing from these five dimensions, it is not nonessential, just because the role of leadership is too wide and it is not always necessary to have high intellect (19). To a large extent, I agree with Neville that the five main dimensions of leadership. I believe that communication is the most important part of the leadership, it permeates every aspect of the business. All managers, especially those leading teams, they communicating with the workforce is a demanding and rewarding task. Interpersonal talent and skills A successful businessman must possess good communication skills. He should provide different channels for the staff to express opinions which helps understandings of company’s objectives. Effective communication with employees can ensure thorough understandings of leader’s decisions and expectations on their work. Maintaining a comfortable working environment can  encourage staff to be more willing to talk to their senior level (219). Reduced status difference (219) and enhanced staff morale help collection of employees’ feedbacks and  suggestions, which contributes to company improvements and also help ensure all staffs are working towards same goals. I believe a successful businessman should be a good leader and team player. It is very important that a person can share his knowledge and experience with his employees. He should ensure his messages and decisions can be effectively convey to them. To build up a good relationship with staff, he should respect and encourage them to participate in production and provide new ideas in work. Appreciation of work participation creates good staff morale and motivates them to work towards same organizational goals. A person will not be successful if he cannot work well with his subordinates and employees. Even if he has lots of marvelous ideas but no one is willing to work with him, he will only be a talented individual instead of a successful leader in the company. Risk management skills Living with, and challenged by risks, Nick Jackson believed that risk has tightly stick onto the business management agenda. Just as the key, people who learn for robust the risk management can succeed in their business. No matter what risk are the leaders facing, the major challenge is that how to identify, tackle and monitor the risk, and to plan for understandable, maintainable and applicable contingency plan. Not much people could reach this in industry today, he thought, they can recognize the risks whereas fail to observe the dormant influence or lost the sight of controlling systems. There are only less than 30% organizations can manage the risk well even not in effective way. (p. 38) Moreover, Nick stated that the ‘risk’ would be in some positive terms instead of negative. He regarded that people should not only keep improving in the way they manage the difficulties, but also focus on how to avoid from the negative impacts of self-satisfied when they are in advantages. (p. 42) I have been reminded by Nick Jackson that in every single moment, we cannot slack off from supervise the risk in any format. It required the all-round critical thinking. We cannot stop monitor the business from tackled one risk. It is hard and tough to handle this section in the business. And it is a great challenge to all businessman or administrator. g Conclusion â€Å"The productivity of work is not the responsibility of the worker but of the manager. † – Peter F. Drucker, Expert Management Consultant. All in all, the five abilities which stated on the above passages are inseparable. These five categories has shown that how can the manager strengthen the productivity and competitiveness in the industry. They can end up this topic with one sentence, â€Å"Manage yourself well then lead the team to work with communication and risk management plan smartly. † Within this project, we recognized that these skills are not only applicable in the business related industry, but also in different criteria of different industries. In 21st Century, people deserve better quality of services and the bosses deserve higher efficiency of works from their staff. As the result, this paper will be valuable to majority of world Reference Bain, Neville. , â€Å"Management or leadership? † Successful Management. 1st ed. London: Macmillan Press Ltd,14-9. Print C. N. Cheng. â€Å"Communication in Business. † Introduction to Business Studies. (Revised Edition). 1st ed. Hong Kong: Hong Kong Educational Publishing Co, 2009. 212-231. Print Kinicki, Angelo. , and Williams Brian K. â€Å"The nature of leadership. † Management: A Practical Introduction. 4th ed. Americas, New York: McGraw-Hill/Irwin, 2009. 436-38. Print. Nick, Jackson. â€Å"Risk is on the corporate agenda, but where does it fit? †Managing Business Risk. 3rd ed. Great Britain: Kogan Page Ltd,2006. Print Samson, Danny. , and Richard L. Daft. â€Å"Leadership in organisation. † Fundamentals of management. 2nd ed. South Melbourne, Victoria, Australia: Thomson Learning Australia, 2005. 427-31. Print. Susanne Madsen. â€Å"My Story:Work smarter not harder†Projectsmart. co. uk. Projectsmart ,10 September 2011. Web. 10 April 2012 Walter Vieira. Manager to CEO :corporate wisdom for survival and success. New Dehli/Thousand Oaks/London:Tejeshwar Singh for Response Book -stage Publications Inc,2005. print How to cite How to Be Successful Business Manager, Essay examples

Transgender Paper free essay sample

Some scholars find that sex reassignment surgery (SRS) will benefit people, while others argue that transgender people are dissatisfied of their SRS, some possible disappointments arise from the experience of immense discrimination from society (Dewey 2008). Recent studies have shown many effects of taking medical treatments regarding changing sex on biological parts of the body (Goh 1995, Kanhai 2000), but such scholars lack investigation on the long term psychological and emotional effect on the transgender person after taking these treatments. From a blog written by a transgender man, Walt Heyer, we learn that he felt excited changing into a woman at first but eventually regretted his decision and most of his life was spent in sorrow and disappointment. My paper will investigate the reasons of Walts regret of undergoing special treatments. What factors are related to the long term satisfaction of transsexual people undergoing SRS? What traits of Walt led to his regret? Method I started this research project by identifying my topic. Initially, I was interested in the effect of hormones on transgender patients but because of my lack of knowledge in biology, I found it difficult to find any conclusions that I could understand thoroughly related directly to the effect of hormones. Later on, I read about Walt Heyer and his experience on the internet and was inspired by his letter to the Massachusetts Judiciary Committee, where he explained his regret in undergoing SRS. Eventually I decided on researching the psychological effect of transgender treatments as well as the preoperative factors related to it and the satisfaction of the patients. I found the majority of my research articles using Academic Complete and Google Scholar. After reading approximately 20 related articles, I chose 4 to be my main focus. Of them, Anne Lawrences â€Å"Factors Associated With Satisfaction or Regret Following Male-to-Female Sex Reassignment Surgery† is the most relevant to my research topic. Body Paragraphs People who have the desire to change sex early on in their life have a greater chance of being satisfied with their transsexual medical treatments. In Anne Lawrences (2002) article â€Å"Factors Associated With Satisfaction or Regret Following Male-to-Female Sex Reassignment Surgery†, she says that many researchers agree that there are two types of MTF transsexuals. One is those people who transition at an early age, and the other is people who typically transition at an older age. She points out that there is a moderate positive correlation between absence of regret and greater childhood femininity. Also the younger the age of first wish to change sex, the more satisfied the person will be after he/she undergoes transsexual treatments, which means the less likely that he/she will regret. The more younger people are when they first desire to change sex, the more likely that they are natural transgenders, and they do not suffer from temporary psychological problems. In general, the transgender people who are satisfied with their treatments experience greater success in life and feel less emotionally depressed compared to before undergoing the treatments. Zoran Rakic et al (1996) have concluded that in most transsexuals, the quality of life is improved in aspects of their relationships with other people, attitude towards their own body, sexual activities, and occupational functioning. He found that these people were more satisfied with interpersonal relationships after their surgeries, experience depression less frequently, and even became more confident in life, e. g. more of them were engaged in full-time college studies. However, we can find that the sample of people Rakic et al chosen were all sex reassignment homosexual transsexuals, and they mentioned on page 3 that homosexuals â€Å"request change of sex more frequently, more forcefully, and at an earlier age†. This hints that indeed people who desire to change sex in their youth will be more satisfied with the result. There is a lack of psychological treatment before, during, and after the SRS. Kuiper and Cohen-Kettenis (1988) suggested that many transsexuals face social problems before and after their surgery, and there should be more attention paid to psychosocial guidance in addition to medical guidance in their article â€Å"Sex Reassignment Surgery: A Study of 141 Dutch Transsexuals†. Of the people who were dissatisfied with their surgery, many experienced loneliness, as they often did not have a partner, and experienced less acceptance from their direct environment. These people mentioned the lack of adequate psychosocial guidance before and after their surgery. Walt Heyer also proclaimed that some transgender people have psychological issues rather than biological needs, and he criticized relevant organizations for not focusing on the psychological treatments which are in need. If transgenders take sufficient psychological treatments, some might realize that they do not really need to undergo SRS. The causes of psychological problems regarding to the desire to change sex could be personal and social instability. Jan Eldh et al (1996) conducted a long term follow up research on 90 SRS patients. Their main finding is that personal and social instability, unsuitable body build, and age over 30 years at operation correlated with the satisfaction of patients regarding their SRS. In their investigation, 44 people were in fact singles, living alone and without or with poor social relations. The fact that nearly a half of these transgender people live isolated hints that depression and isolation could be a factor to their desire to undergo SRS, perhaps in seek of a new life. It also was explicitly reported that most of the unemployed transgender people suffered from psychological disorders such as depression, anorexia, and anxiety neurosis. Conclusion In this paper, I have investigated the main factors that influence the satisfaction of transsexuals undergoing SRS. From Walt Heyers letter, I learn that there are still issues about the treatments provided and the determining factors of transgender people who will benefit from the surgery. After researching on the topic based primarily on surveys conducted by scholars, I have concluded that some of the main factors that could determine the satisfaction level of a transgender person about their SRS are the age they first want to change sex, the greater childhood femininity or masculinity, and the forcefulness of their desire to change sex from their childhood.