Joseph addai Research Paper Example | Topics and Well Written Essays - 1250 words

Joseph addai - Research Paper Example He was named an All-American by ESPN and Fox Sports, and was appraised as a main 100 select. Addai moved on from secondary school and moved into expanding openings at Louisiana State University. During his residency with the Louisiana State University Tigers, he positioned fifth record-breaking in surging, with 2,577 yards, notwithstanding being essentially utilized as a blocking fullback right off the bat in his vocation. He wore two numbers while at LSU, 41 in his initial years and afterward number 10 in his last years. Addai began his spell at LSU in 2001, however after just two games was conceded a clinical red shirt. The accompanying season, he conveyed the football multiple times, increasing 438 yards, and scoring four touchdowns. His first major game came against the University of South Carolina, during which he increased 98 yards on eleven conveys and scored two touchdowns. On November 9, 2002, he amassed 91 yards, including a 63 yard run for a score, against the Kentucky Wil dcats at Common riches arena. His exhibition assisted with making way for The Bluegrass Miracle, a phenomenal 74-yard match dominating touchdown go from quarterback Marcus Randall to wide recipient Devery Henderson as time terminated on the last play of the game. (Refered to from LSUsports.net) Addai's sophomore season end up being a pennant year for LSU. Driven by mentor Nick Saban the Tigers won the BCS National Championship, the primary national title for LSU since 1958. Addai positioned second to green bean Justin Vincent in surging, increasing 520 yards on 114 endeavors. He drove LSU's initial season 59-13 defeat of the Arizona Wildcats with a 86 yard, two touchdown exhibitions. In 2004, he scrambled for 680 yards on 101 conveys and got 24 goes for 294 yards, scoring an aggregate of seven touchdowns. He contrasted the Alabama Crimson Tribe in a 26-10 Tiger Stadium triumph on the13th of November. He drove the group in surging with 99 yards and included another 46 yards getting, just as scoring two of the three Tiger touchdowns. for the afternoon. The next week he cooperated with Alley Broussard (250 yards on 26 conveys) to lead the Tigers to a 27-24 triumph over the Ole Miss Rebels. Addai's 107 yards was a piece of a noteworthy 360 yard ground assault by the Tigers. During his senior season, Addai drove the group with 911 hurrying yards on 187 conveys, scoring nine touchdowns. The feature of the standard season was a 21-17 triumph over the Florida Gators before a record-setting 92,402 group. Addai fixed the triumph for LSU with a three yard touchdown run with 6:27 staying on the clock. His vocation best exertion consolidated 156 yards surging on 32 conveys with 37 yards getting on 3 gets. Joe Addai finished his residency at LSU with a great game in the Chick-fil-A Peach Bowl. In the Tigers' 40-3 triumph over the Miami Hurricanes, he increased a sum of 135 yards and scored twice. Joseph Addai moved on from LSU in December 2005 with a degree in General Studi es. Things aren’t expected to be simple for a NFL new kid on the block, yet it’s difficult to contend that Joseph Addai’s first year was a breeze. Chosen in the first round of the 2006 NFL draft by the Indianapolis Colts, Addai got done with 1,081 yards on 226 conveys and seven surging touchdowns while offering the backfield to veteran Dominic Rhodes. He additionally got 40 goes in the Colts’ pass-glad offense and arrived at the midpoint of 8.1 yards per get. (Refered to from bullz-eye.com) Addai’s customary season execution conveyed into the postseason where he increased 217

Creativity and Gifted Students

Inventiveness and Gifted Students Acquaintance Creativity alludes with the capacity of an individual to bring something ‘new’ or essentially one that didn't exist before into being. It can likewise be characterized as finding new applications for thoughts or things that recently existed. New for this situation is utilized generally to allude to new thoughts as is in the experience of the person.Advertising We will compose a custom article test on Creativity and Gifted Students explicitly for you for just $16.05 $11/page Learn More The procedure of innovativeness can be separated into two primary procedures, that is, thinking of the first thought and afterward following up on the first plan to deliver it into a reality. A talented individual is one who shows astoundingly uncommon execution in accomplishing something contrasted with others of a similar age and experience. Inventories for estimating talent The skill of an individual is viewed as quantifiable and can be assessed by regulating the subject mod ified tests and afterward breaking down the outcomes. A ton of research, before, has been completed on the subject of skill therefore; various individuals have found various tests that are utilized to decide the talent of an individual. Skilled kids are recognized and selected into programs for talented individuals where they are supported into better individuals. These tests have been applied after some time to figure out which understudies are qualified for enlistment into the skilled projects. A portion of the tests utilized incorporate; The Cognitive Abilities Test that is utilized to quantify a person’s mental capacity, the Iowa Test of Basic aptitudes along with the Iowa Test of Education Development both used to gauge the subject’s accomplishment and Children’s Academic Intrinsic Motivation Inventory are utilized to quantify the subject’s level of inspiration. Tests for imagination of an individual ought to likewise be utilized in deciding qualific ation into talented projects (Kim, 2009, p.7). The limit of innovativeness of an individual is estimated by The Group Inventory for finding Creative Talent and the Torrance trial of Creative Thinking, which was named after its creator Dr. E. Paul Torrance, a main specialist in the field of imagination who created it in 1966.Advertising Looking for article on training? How about we check whether we can support you! Get your first paper with 15% OFF Learn More According to Dr. Torrance, inventiveness can be summed up as a consistent procedure of acknowledging issues, lacks, holes in information, missing components, disharmonies; distinguishing the trouble and its answers by making surmises, defining speculations, testing, changing and retesting them where vital and afterward in the end imparting the outcome. Tests for innovativeness ought to be utilized in assessment of qualified understudies for talented projects since they help decide the capability of the subject in inventive incli nations (Davis, 1986, p. 63). There are numerous components of imagination, and it is significant that the right test is picked to decide each element of innovativeness. Along these lines, various arrangements of tests to gauge innovativeness ought to be utilized in picking youngsters for talented projects relying upon the focal point of the program. The imaginative limit estimating tests contain an abundance of data on them which can help uncover the disparate reasoning and the familiarity of the subject. At the point when an individual takes part in innovative inclinations, they are generally surrounded by numerous components including their experience, their way of life and discipline and above all, their own portrayal of innovativeness, and accordingly, chairmen of tests that measure a child’s qualification for enlistment into a talented program should think about this while doing as such (Kim, 2009, p.11). The tests should rhyme well with the subject’s culture mie n and control on the grounds that the earth of the subjects likewise not just the gifts the individual has impacts their capacities. It is for the eventual benefits that the inventive estimation tests be by all account not the only ways used to recognize imagination in people and qualification or be the main instrument on which the choice is made. There ought to be a few tests to select truly people for talented programs.Advertising We will compose a custom article test on Creativity and Gifted Students explicitly for you for just $16.05 $11/page Learn More However, the consequences of tests for assessing qualification of youngsters in skilled projects enlistment ought not be looked at against one another. Each culture and society has their own meanings of greatness and the sorts of insight that it esteems. These components ought to likewise be mulled over while directing inventiveness tests. This implies tests for dissimilar reasoning, inspiration, inventories in intrigue, demeanor and character and judgment of items ought to be controlled when choosing which youngster will be acknowledged into a talented program and which one won't. Most trial of talent depend for the most part on the verbal ability or the sum and endlessness of data the subject has which is the reason imaginative tests ought to be embraced as a decent expansion to those tests. Imagination tests give of the opposite side of the subject’s capacities that are discrete from the immense information and gifts henceforth rejecting off biasness. Likewise, feelings from different specialists in the important fields and teaches ought to be utilized to guarantee the accomplishment of the way toward recognizing qualified youngsters for skilled projects. Inventiveness tests, for instance, the Torrance trial of Creative Thinking are exceptionally simple to control, and they don't require a lot of time. They have a couple of alerts to watch and considering the broad research on this field has been going on, they are exceptionally viable. They are reasonable as far as sex, culture and financial incongruities, and they ought to be abutted with different tests to figure out which understudies are taken on skilled programs.Advertising Searching for paper on training? How about we check whether we can support you! Get your first paper with 15% OFF Find out More References Davis, G. A. (1986). Innovativeness is always (second ed.). Dubuque, Iowa: Kendall/Hunt Pub. Co.. Kim, K. (2009). Would we be able to believe imagination tests? A survey of the Torrance Test of Creative Thinking (TTCT)†. Inventiveness Research Journal. 18(1), 3-14.

Offshore Jobs Essay Example | Topics and Well Written Essays - 750 words

Seaward Jobs - Essay Example are a portion of the nations where MNCs from USA, UK, Germany and other created countries have begun redistributing the occupations. This pattern has gotten in a major manner in the last 15 to 20 years. Truth be told, as this pattern continued growing, a discussion likewise began in the political circles about the activity misfortunes occurring in USA, Germany, UK and so forth. In the as of late finished up Presidential decisions in the USA, redistributing turned into a major issue, with the applicants illuminating their own adaptations of reality on re-appropriating by numerous organizations. In any case, according to the signs accessible the pattern seems relentless in the short term. The high turnover rates among IT staff in a portion of the Indian urban communities focuses towards the accessibility of chances in this segment which pushes the staff to switchover occupations starting with one organization then onto the next looking. The examination directed by McKinsey Global Institute (MGI) brings up that much after an immense climb in pay rates in the re-appropriating goals, the pay rates are still very low when contrasted with the urban areas in the America and driving EU countries. While the models of choosing the locales relies upon an assortment of elements like, work culture, framework accessibility, ability pool and so forth other than the wages; the examination brings up that numerous organizations have liked to go for attempted and tried countries like India and China. Despite the fact that the framework is a long way from agreeable in a portion of the urban communities of India, still a portion of the organizations have communicated their trust in these urban communities dependent on their past experience and the accessibility of other comparable organizations in the region. Simultaneously, the examination brings up that numerous organizations like Amazon.com, Telefonica, Intel and Sakonnet Technology have favored seaward communities in the African urban communities like Cape Town, Tangier, Cordoba, Rio de Jenerio and so forth. In any case, all in all it has been discovered that a portion of the problem areas have become top picks of organizations which have followed the pattern watching the 'main mover's cost advantage'. Be that as it may, this pattern additionally brings about overheating of the activity showcase in those urban communities and the framework also begins breaking down. Refering to the case of Gurgaon, a spot close to the capital city of India the investigation discovers that the region has gotten exceptionally crowded with many shopping centers, multi-story condos and so forth when driving organizations set up their operational units in these urban areas. However, step by step it has begun incurring significant damage with deadening traffic clogs, visit power cuts, correspondence arrange breakdowns and so forth. Yet, the way that so far the converse pattern has not begun, focuses towards the cost advantage despite everything being great for the MNCs. The accessibility of gigantic quantities of jobless taught youth at seaward problem areas makes these areas even more appealing. MGI considered 28 low-wage nations and made sense of that about 6.4 million youthful experts are accessible in 2003 for far less number of occupations. It has been anticipated through the investigation that flexibly of school instructed ability will keep on exceeding the interest from MNCs seaward tasks for some numerous years to come. As a rule a portion of the key variables recognized for picking an area incorporate Cost, accessibility of aptitudes, reasonable political and legitimate condition; showcase capability of the locale or nation; chance components; and foundation. Despite the fact that goals like Dubai have likewise been

Legal, Safety, Regulatory Essay

HR must submit to legitimate guidelines and security laws, alongside guidelines prerequisites. This is set up for associations to keep away from case. The representative related guidelines have been set up by the United States including; Department of Labor, the U. S Equal Employment Opportunity Commission, The Americans with Disabilities Act of 1990, and the Department of Homeland Security. The primary focal point of these guidelines is to keep any administrator from acting one-sided or nonsensically. Thus, sound judgment and empathy have been supplanted by case. What supervisors and workers dread the most is being sued. Supervisors will put forth exceptional attempts to keep such circumstances from happening. A few supervisors will disregard high feelings of anxiety of their representatives and come up short on the correct thoughtfulness regarding genuinely disappointed and despondent workers. This tosses presence of mind and empathy out the entryway. Empathy is the working environment intensifies the confidence and excitement of the representatives alongside collaboration where individuals are really open to help and not move rapidly into suing and association. Encountering empathy at work produces positive feeling and, thusly, shapes employees’ long haul perspectives and practices. Positive feelings produced by sympathy have a falling impact on employees’ perspectives and practices, in this way expanding activity fulfillment and bringing down occupation stress, (University of Michigan: Newsroom, 2003). The latest of the significant Equal Employment Opportunity laws is The Americans with Disabilities Act of 1990 otherwise called ADA. The law prohibiting work oppression individuals with handicaps who can play out the fundamental elements of the activity with or without sensible settlement (Gomez-Mejia, Balkin, and Cardy, 2010). This demonstration likewise gives the meaning of what an individual with inability really involves. Supervisors must be particularly cautious with regards to this on the grounds that nowadays representatives will sew pick and strip down a circumstance and call it separation when no ifs, ands or buts they were most likely not satisfying the expected set of responsibilities. HR administrators need to guarantee the security of their workers. To guarantee such security there are two significant standard guidelines; that is workman’s remuneration laws, each somewhat contrasting whereupon express the representative is in, and OSHA, the Occupational Safety and Health Act built up since 1970 on the government level . Workman’s comp is a lawfully required advantage that gives clinical consideration, pay continuation, and recovery costs for individuals who support work related wounds or infection. Additionally gives pay to the overcomers of a representative whose passing is work related (Gomez-Mejia, Balkin, and Cardy, 2010). That being the situation, there are reviews held to forestall employee’s from recording fake workman’s comp claims. OSHA has set government and states laws, representatives are to keep their states OSHA measures to guarantee security in the work environment (Dellpo, 2013). In infringement to adhering to such laws can bring about boss fines. With empathy and good judgment ailing in the working environment a genuine displeased worker could cost and business huge amounts of cash via recklessly adding to fines. At that point when given such charges will at that point guarantee segregation. When managing laws that impact HR, these are brought to the EEOC, the Equal Employment Opportunity Commission. Work choices ought not be founded on attributes, for example, race, sex, age, or incapacity (Gomez-Mejia, Balkin, and Cardy, 2010). The EEOC are the ones who examine cases and circumstances including badgering, segregation, ect. Also, do pay attention to everything. Managers nowadays unquestionably misuse the EEOC for straightforward circumstances that presence of mind can be effortlessly applied to, and under those conditions burning through a great deal of time and cash for an association. At long last, in the wake of exanimating the impact of lawful wellbeing and administrative necessities on human asset process the fundamental focal point of these guidelines is to keep any administrator from biasedly and without cause nonsensically treating a representative gravely. Subsequently, sound judgment and empathy have been supplanted by prosecution. It is terrible, however as supervisors that is the reason it is imperative to take activities that create trust, for example, sharing valuable data and following through on duties. Act reliably so representatives are not amazed by unforeseen administration activities or choices. Be honest and keep away from harmless exaggerations and activities intended to control others by giving a specific (bogus) impression. Exhibit honesty by saving confidences and indicating worry for other people. Meet with workers to talk about and characterize what is anticipated from them. Guarantee that workers are dealt with impartially, giving identical awards for comparative execution and evading genuine or clear unique treatment of top choices. Hold fast to clear principles that are viewed as just and sensible, for instance, neither applauding achievements nor forcing punishments excessively. Exhibit regard toward representatives, indicating transparently that they care about workers and perceive their qualities and commitments (Gomez-Mejia, Balkin, and Cardy, 2010). By rehearsing these key focuses empathy and sound judgment can be reestablished in the working environment.

Air Asia Marketing Analysis

Air Asia Marketing Analysis Carriers offer air transport administrations for travelers or load, typically with a perceived working permit. Carriers have rented or claimed airplane with which to flexibly these administrations. Aircrafts may frame associations or unions with different carriers for basic advantage. Carriers contrast from those with a solitary airplane conveying mail or cargo, through full-administration worldwide carriers working several airplane. Aircrafts can be named being intercontinental, intra mainland, local, or worldwide and might be worked as arranged administrations or sanctions. Numerous nations have national carriers that are claimed and worked by the administration. Private carriers are under government guideline for financial, political, and wellbeing issues. For instance, governments regularly meddle to stop carrier work activities so as to monitor the free progression of individuals, interchanges, and merchandise between various locales without trading off wellbeing. A few nations have deregulated or begin deregulating their Airlines, for instance The United States, Australia, and to a littler degree Brazil, Mexico, the United Kingdom and Japan. On account of deregulation, carriers have been to a great extent allowed to arrange their own working courses of action with various air terminals, enter and leave courses effectively, and to exact airfares and flexibly trips as per advertise request. In a deregulated advertise, the section obstructions for new carriers are lower, so it makes more prominent rivalry and normal tolls will in general drop 20% or more. The opposition, together with evaluating opportunity, implies that new contestants regularly take piece of the pie with exceptionally modest rates that, to a certain point, full help aircrafts must match. This is a primary constraint on gainfulness for built up bearers, which will in general have a greater expense base. Therefore productivity in a deregulated showcase is unpredictable for most aircrafts. These elements have made some key aircrafts leave business, notwithstanding a large portion of the ineffectively settled new participants. Prologue TO AIRASIA The world driving low admission aircraft in the Asia, Air Asia has been developing quickly since 2001, to turn into an honor winning and the significant minimal effort transporter in Asia. AirAsia was established by an administration claimed aggregate DRB-Hicom in 1993. On 2 December 2001, previous Time Warner official Tony Fernandess organization Tune Air Sdn Bhd bought the vigorously obliged carrier for the token total of one ringgit. Fernandes progressed to build an exceptional turn, turning a benefit in 2002 and presenting new courses from its center point in Kuala Lumpur International Airport. Air Asia has confidence in the nitty gritty, bother free, low passage business thought and feels that minimizing expenses needs high productivity in all aspects of the business. Effectiveness creates reserve funds which are then given to clients with the goal that modest air travel can turn into a reality. Through its concept of Now Everyone Can Fly, Air Asia has presented an unrest in air travel with an ever increasing number of individuals around the locale picking Air Asia as their favored decision of transport. The all out AirAsia armada (counting Thai AirAsia, AirAsia X and Indonesia AirAsia) comprises of the accompanying airplane starting at 14 July 2010 Vital DEVELOPMENTS AirAsia opened a second center point in 2003 at Senai International Airport in Johor Bahru close to Singapore and began its first universal trip to Bangkok . In January 2004, airasia started its first worldwide assistance from KL to Phuket in Thailand. In 2006 another spending terminals, the first of its sort in Asia was opened in Kuala Lumpur International Airport. AirAsia is by and by the biggest client of the Airbus A320.[4] The organization has put in a request of 175 units of the Airbus A320 plane to support its courses and in any event 50 of these will be prepared by 2013. Tony Fernandes (CEO) declared a five-year plan on 27 December 2006, to additionally improve its reality in Asia.[5] In the arrangement, AirAsia will develop and improve its course organize by connecting all the current urban areas in the locale and growing further into Indochina, Indonesia, Southern China (Kun Ming, Xiamen, Shenzen) and India. AirAsia pronounced a three-year organization on 5 April 2007, with the British Formula One group ATT Williams. The aircraft brand is shown on the head protectors of Nico Rosberg and Alexander Wurz, and on the bargeboards and nose of the cars.[6] On 27 September 2008, AirAsia has on its rundown 106 new courses to be added to its present rundown of 60 throughout the following hardly any years [7] Auxiliaries Notes Thai AirAsia Set up on 8 December 2003 as joint endeavor with Shin Corporation Indonesia AirAsia AirAsia gained the then Non-operational Awair in 2004 with a 49% stake in the aircraft. Full rebranding to Indonesia AirAsia was finished on 1 December 2005. VietJet AirAsia AirAsia declared On February 2010 that it has bought a 30% stake in VietJet and changed the name to VietJet AirAsia. AirAsia RetTix AirAsia propelled their new occasion ticketing framework called AirAsia RedTix On March 20, 2010, focusing on non-aircraft flight tickets, for example, occasions, sports, and music. Partner Companies AirAsia X: It is a help worked via AirAsia X Sdn. Bhd. as an establishment of AirAsia. It offers long stretch administrations from Kuala Lumpur to Australia and China utilizing an Airbus A330-300. Tune Hotels: Tune Hotels.com is a lodging network set up via AirAsia CEO Tony Fernandes. By and by it has lodgings in activity in Kuala Lumpur, Kota Kinabalu, Kuching, Penang, Sepang and Bali. Tune Money: It is Asias first no nonsense online money related administrations entryway. Same as Virgin Money, it incorporates life, home and engine vehicle protection just as prepaid Mastercards. Doormen FIVE FORCES To asses the allure and distinguishing the wellsprings of rivalry for Airline industry we use doormen five powers model. 1. Risk of new Entrants in Airline Industry The degree of boundaries to section relies upon following components:- Deregulation: A few nations have deregulated or begin deregulating their Airlines, for instance The United States, Australia, and to a littler degree Brazil, Mexico, the United Kingdom and Japan. In a deregulated showcase the section hindrances for new contestants are lower. Capital Requirement: Setting up aircraft business requires tremendous venture. The expense of setting up of workplaces, renting or purchasing airplane, employing pilots and different staffs cause a significant expense. Along these lines, the risk is low for the business. Exchanging costs: In aircraft industry clients don't have to spend more on changing to another carrier. The cost would not be incredibly noteworthy in contrasts, which it relies upon the availability of contenders administrations and appropriateness of the flight time that prompts them to switch. So low exchanging cost pulls in new contestants. 2. Contention among existing firms Fixed expense: In aircraft industry fixed expense are high, for instance account cost, rent cost, and staff costs. To take care of these fixed costs carrier organizations need to acquire piece of the pie. In doing that, consistent value decrease is finished by them to contend with others. Along these lines, the competition is solid. Clients effectively switch: In carrier industry clients need is to take a gander at cost and flight plan that suits them the best when purchasing air tickets. The primary motivation behind utilizing the administrations is to get to the goal arranged. Clients can change to other aircraft effectively that makes the business serious. Comparative Products: As talked about before, the primary reason for utilizing aircraft administrations is to arrive at the goal. Each carrier is offering comparable types of assistance to clients. So it makes the business exceptionally serious. Overabundance Capacity: by and by there has been abundance limit on numerous courses; therefore, carriers need to take an interest in value wars so as to pull in clients no matter what. 3. Risk of Substitute items Almost certainly Airline is the quickest method to head out starting with one goal then onto the next along these lines there is no Perfect Substitute accessible. In any case, mulling over Domestic Airlines, there are choices accessible to the clients like by-street and train game plans yet again time utilization and accommodation are the reasons which dishearten clients to receive any of these two choices. Cost of Air Travel anyway is an obstacle which let clients to think to take other accessible choices. Universal Airlines have an extremely less or no risk with respect to different choices. 4. Haggling intensity of purchasers Web innovation brought about expanding the bartering intensity of purchaser. Since the purchasers are currently ready to look at the costs all the more effectively and taking into account no exchanging costs, they could pick whichever aircraft offers a low cost. Subsequently the purchasers might have the option to impact the aircrafts to lessen their costs. 5. Bartering Power of Suppliers Number of providers: The providers for carriers are fuel providers, nourishments providers, stock providers, and airplane providers. There are barely any providers in the market for airplanes; the organizations are either Airbus or Boeing. So the intensity of provider is solid. High exchanging costs: AirAsia use Airbus models airplane. In the past it was utilizing Boeing models, which they rent it and later they supplanted Boeing models with Airbus. On the off chance that Airasia change to Boeing once more, at that point the cost will be high, since preparing cost for staff to work out in a good way for the airplane highlights must be advertised. Other than that, the innovation utilized via Airbus is the most exceptional, so Airasia need to depend on the Airbus model. Consequently, dealing intensity of providers is solid. SWOT ANALYSIS The motivation behind this investigation is distinguishing outer elements (openings and dangers) and inside elements (qualities and shortcoming) that AirAsia needs to consider in accomplishing its objectives and destinations to be minimal effort transporter in the carrier business. The qualities, shortcoming, openings and dangers for AirAsia are: Qualities Single airplane type: AirAsia works a solitary kind of airplane, the airbus

Study On Efficient Market Hypothesis Finance Essay - Free Essay Example

Efficient Market Hypothesis (EMH) is the theory behind efficient capital markets. An efficient capital market is one in which security prices reflect and rapidly adjust to all new information. The derivation of the EMH is mostly credited to the work of Fama. In 1965 the doctoral dissertation written by Fama was republished. In this Fama looks at the current literature on stock price behaviour and examines the distribution and dependence of stock price returns. He concluded that, it seems safe to say that this paper has presented strong and voluminous evidence in favour of the random walk hypothesis. Due to a better understanding of price formation in competitive markets, the random walk model was now seen as a set of observations that can be consistent with the efficient markets hypothesis. This switch began with observations published in a paper by Samuelson in 1965. Samuelson presented his proof in the general form, which helped in the understanding of the notion of a well-functioning market. His paper had the observation in competitive markets there is a buyer for every seller. If one could be sure that a price would rise, it would have already risen. Samuelson stated that arguments like this are used to deduce that competitive pri ces must display price changesthat perform a random walk with no predictable bias. Following on by the work done by Samuelson, as mentioned in the previous paragraph, a paper was published by Fama in 1970. This paper consisted of a comprehensive review of the theory and evidence of market efficiency. He defined an efficient market as one in which trading on available information fails to provide an abnormal profit. This paper was one of the firsts to distinguish between the three forms of market efficiency. The three forms of market efficiency are the weak form, semi-strong form and strong form. He concluded that the results are strongly in support of the weak form of market efficiency and that in short, the evidence in support of the efficient markets model is extensive, and (somewhat uniquely in economics) contradictory evidence is sparse. I will now summarise some papers that have been written on the criticism of the EMH. Although there has been a vast amount of literature published on the development and the support of the efficient market theory, there has also been various studies published criticising the EMH. This criticism comes about due to the fact that the EMH is difficult to test. A number of studies indicate anomalous behaviour, which appears to be inconsistent with market efficiency. Such anomalies include the small firm effect as talked about in a paper by Banz in 1981. Banz analysed monthly returns over the period 1931-75 on shares listed on the New York Stock Exchange. Over this interval, the fifty smallest stocks outperformed the fifty largest by an average of one percentage point per month, on a risk-adjusted basis. After the publication of this paper, many other authors published their own papers examining the subject of the small firm effect. A paper by Ball in 1978 points out that the evidence could equally indicate the shortcomings of the models of expected return. A paper by Fama in 1998 concludes that further study should not be done on developing behavioural based theories of stock markets that take into account the apparent anomalies, but that search for better asset pricing models should take president. There is also the area of behavioural finance that criticises EMH. I will look at this in more depth in the next section. Market Bubble While the EMH is generally regarded as the best theory that can describe the actions of market prices it is not perfect and sometimes events occur that contradict the EMH. One of these events is that of the bubble. A bubble is when a specific industrys market prices do really well, so well that prices seem to rise higher than the EMH dictates. Eventually, the bubble bursts and prices return to a price more in line with EMH. One famous bubble was that of the dot.com bubble. EMH does not explain why this bubble exists in the first place. This is one of the major criticisms of the EMH. Many academics have turned to the relatively new theory of behavioural financ e to explain the bubble. Behavioural Finance One area that has recently undermined the EMH is the work published looking at behavioural finance. As observed by Shleifer (2000) At the most general level, behavioural finance is the study of human fallibility in competitive markets. Behavioural finance incorporates elements of cognitive psychology into finance in an effort to better understand how individuals and entire markets respond to different circumstances. Behavioural finance is based on the principle that all investors are not rational. Some investors can be over-confident, while other less knowledgeable investors might be prone to herding effects. Shefrin (1999) was one such author to talk about behavioural finance. He is one author who argues that a few psychological phenomena pervade the entire landscape of finance. Harrington (2003) agrees with the notion that overconfidence can lead to irrational behaviour. She states that investors can become irrational and their ir rational behaviour affects their ability to profit from owning stocks and bonds. Of course, behavioural finance does have its draw backs. One of which is the fact that using instincts alone can result in a loss. This is due to human error. The person that is using their instincts in determining where to invest might not have the greatest financial knowledge in the first place. Also, this person might be having a bad day or be under a great deal of stress or be distracted in some other way. This could result in the wrong decision being made. Therefore, it is a good idea to use both behavioural finance on top of the traditional theories already in use today. This view is supported by an article by Malkiel (1989) who agrees with the notion that behavioural aspects have a great importance in stock market valuation. He argues that behavioural factors play an important role in stock valuation alongside traditional valuation theories. This is summed up by the following quote, market val uations rest on both logical and psychological factors. The theory of valuation depends on the projection of a long-term stream of dividends whose growth rate is extraordinarily difficult to estimate. Moreover, the appropriate risk premiums for common equities are changeable and far from obvious either to investors or economists. Thus, there is room for the hopes, fears, and favourite fashions of market participants to play a role in the valuation process. Another article from the Banker (2004) also supports the view that behavioural finance has a role to play alongside the traditional views. In this section I will look at literature that tries to see if behavioural finance can explain this bubble. Many authors have argued that bubbles can be caused by over enthusiasm. For example, the new communication technology of the 1990s was exaggerated (causing the dot.com bubble). By this I mean that the new innovation is by some corners, i.e. the media and governments, over triumphed. Th is can lead to irrational behaviour of investors. This can lead to investors becoming over confident in the technology or industry. Another factor of this over enthusiasm is that it could attract herding behaviour. The irrational investor will be more likely to invest in something that is being hyped up as they feel that others are doing the same thing. They will feel that if others are doing it then it must be a good idea for them to do it as well. A factor that will have led to the development of a bubble is that of speculation. One such author that observed the speculation effect on the dot.com boom was Giombetti (2000). Many informed investors would have probably over invested in a specific industry going against market theory. They will have done this on the hope that their investment will pay off. Even if their investment were initially at a loss they would have stayed with it. Authors of behavioural finance outline this behaviour. This behaviour of these investors would have distorted the market conditions for other investors. Also, the herding effect would have been greater due to this. These factors would have led to the stock prices of a certain industry being vastly over priced. This would, therefore, cause the bubble. This bubble that has been created will, in turn, attract other investors. These investors will invest as they feel they are missing out on a good thing. This is another example of herding. This meant that when the bubble burst stock prices would have fell rapidly, causing investors to lose vast sums of money. This would cause them to pull out of the industry, which, in turn, causes the companies themselves to collapse. If it were not for irrational investment then investors might have pulled out earlier, before the collapse. This might have even meant that the collapse would not have happened. Other authors talk about some of the factors that cause investors to become irrational. On such author are Johnsson, Lindblom and P latan (2002). In their masters dissertation they talk about the various factors of irrationality. One of these is the observation that investors will hang on to losing shares longer than market theory dictates. They say that this is because they are waiting for the performance of the share to change for the better. This is referred to as loss aversion. This is an example of a psychological factor that is effecting the investment decision. Back to: Essay Examples Another psychological factor that affects investors, causing irrational behaviour is that of the feeling of regret. Authors argue that past bad decisions cause investors to feel regret and this alters their behaviour in such a way as to become irrational. Another factor that causes irrational behaviour is that of when the investor uses mental shortcuts in investment decisions. These shortcuts usually make investors choose the right decision but occasionally cause the investor to make the wrong decision. Optical illusions are a good example of how shortcuts can cause mistakes. A paper on www.undicoveredmanagers.com is one such paper that covers this point. Of course there are many authors who do not believe in the theory of behavioural finance. These authors argue that traditional financial theory can still be used to explain current market conditions. One such author is the person credited with the idea of the efficient market hypothesis, Eugene Fama. Fama (1998) argues that anomalies can be explained by traditional market theory. He argues that, apparent overreaction of stock prices to information is about as common as under-reaction and he suggests that this finding is consistent with the market efficiency hypothesis that the anomalies are chance events Other authors have argued that behavioural finance is only a study of individual investor behaviour. They argue that this theory has not been proven on a market wide scale. The tradition theories of finance have been. References www.UndiscoveredManagers.com (1999) Introduction to Behavioral Finance Ball R. (1978) Anomalies in Relationships Between Securities Yields and Yield-Surrogates, Journal of Financial Economics, 6, pp. 103-26. Banz R. (1981) The Relationship Between Return and Market Value of Common Stocks, Journal of Financial Economics, 9, pp. 3-18. Fama E. F. (1965) The behaviour of stock market prices, Journal of Business 38 (1), 34-105. Fama E. F. (1970) Efficient capita l markets: a review of theory and empirical work, Journal of Finance 25 (2), 383-417. Fama, E. (1998a). Efficiency survives the attack of the anomalies, GSB Chicago Alumni Magazine, (Winter):14-16. Giombetti R. (2000) The Dot.com Bubble. www.EatTheState.org Vol 4, Issue 23 Harrington C. (2003) Head games: Helping quell investors irrational antics. Accounting Today, v17 i11 p5(2) Johnsson M., Lindblom H. Platan P. (2002) Behavioral Finance And the Change of Investor Behavior during and After the Speculative Bubble At the End of the 1990s Malkiel B. G. (1989) Is the stock market efficient? Science, v243 n4896 p1313(6) Samuelson P. (1965) Proof That Properly Anticipated Prices Fluctuate Randomly. Industrial Management Review, 6, pp. 41-49. Scholes M. (1972) The Market for Securities: Substitution Versus Price Pressureand the Effects of Information on Share Prices. Journal of Business, 45, pp. 179-211. Shefrin H. Beyond Greed and Fear. (1999) Understanding B ehavioral Finance and the Psychology of Investing. Harvard Business School Press Shleifer A. (2000) Inefficient Markets. An introduction to behavioural finance. Oxford university Press The Banker (2004) Cover feature: how much risk can you manage? Banks have a huge range of resources available to aid risk managers, but human nature can still result in a bad decision. Behavioural finance and prospect theory lifts the veil on poor investment judgement

Wheres The Motivation - Literature Essay Samples

Often instead of the gallant, chivalrous hero, it is the deceptive, wicked villain that leaves a lasting imprint on the audience. The subversive and incorrigibly horrendous actions of the villains in Shakespeare’s Othello and Titus Andronicus, especially when compared to the helpless protagonists, demonstrate how a character can leave a deep impression on the reader and audience member. Iago and Aaron the Moor, although distinct in their fashion of wreaking havoc on the lives of their victims, do share one horrifying quality that ensures their literary reputation as true agents of evil; they lack motive. Although Iago claims that his hatred of Othello stems from the alleged adultery in which his commander and wife engaged, this reason is never substantiated nor expounded upon. As Iago creates his traps, it becomes clearer to the reader that he is a man intent on destroying Othello simply because he wants to. Just like Iago, Aaron is devoid of a clear motive for why he see ks to annihilate Lavinia and her father, Titus. He fervently plots to bring the Andronicus family to a horrible end, simply because he can. It is because these villains lack a motive and appear as malevolence incarnate that the audience is truly horrified and cannot, unlike the antagonists in other Shakespearean plays, downplay their actions and locate some tenable justification. At the conclusion of each play, the audience feels uneasy as to the fate of the villain. Though the persons of Iago and Aaron are sentenced to death, their introduction of pure wickedness into the world of the play’s characters seems to remain indefinitely. At the beginning of Titus Andronicus, Aaron seems to play an auxiliary role to his lover, the Queen of the Goths. He initially acts in the capacity of a quasi-jester – he puns and provides witty insight into the proceedings leading up to the â€Å"marriage† of Saturninus and Tamora. As the play progresses, however, his role as villain begins to surface with the rape and mutilation of Lavinia. In initiating what could be almost morbidly considered as clichà © villainy, Aaron, apparently consulting the villain’s playbook, Ovid’s Metamorphoses, suggests to Tamora’s lustful sons to rape Lavinia and cut off her tongue and both hands. The similarities between the actions of the characters in Ovid’s Metamorphoses and those of Tamora’s sons are shocking and serve to show that evil actions, even those as inconceivable as the ones perpetrated by Chiron and Demetrius, are always recurring. Aaron revels in his sin and, as he mentions many times throughout the play, regrets being revealed only because he cannot commit a thousand more horrors. In the third act of the play, Aaron tricks Titus into cutting off his own hand to save two of his sons. After Titus detaches his hand, the audience sees he was tricked. Titus is left with only one hand and the heads of his two sons. Aaron ’s following aside supports the lack of motive for his deceit and spiteful actions. He declares that, while good men will attempt to perform justly, â€Å"Aaron will have his soul black like his face† (3.1.204). The mention of a soul implicitly suggests that Aaron, in his capacity as an evil force, is immortal and though evil’s incarnation may eventually perish, evil itself will remain. The comparison between the darkness of his soul and his complexion not only hints at Shakespeare’s stereotype of Moors as essentially bad men, but it also connects the invisible and despicable qualities of Aaron with his perceivable physicality. As he indicates to the audience in his aside, the villain grows by perpetuating acts of painful trickery, stating â€Å"O, how this villainy/ Doth fat me with the very thoughts of it!† (3.1.201-2). As is indicated by the scoundrel himself, his soul and his face both darken merely by committing such acts; it seems as if he desires to do evil because, by doing so, he becomes ever increasingly the very embodiment of the vile. As Aaron’s â€Å"confession† in act five illustrates, he no longer is simply a man doing bad things and, by virtue of his inability to do good, he is marked as evil. As his language indicates, he is in fact incapable of doing anything but that which is considered horrendously dreadful. After enumerating the deeds of which he is most proud, in particular exhuming dead bodies and setting â€Å"them upright at their dear friends’ door,† he states that he has done all this â€Å"As willingly as one would kill a fly† (5.1.136,142). This passing analogy goes to say that just as a regular human being, if the bug were presented as a vex, would kill a fly without thinking, so does Aaron commit murder, rape, scandal and all other unmentionable horrors. The audience and reader’s reaction must be the shocking realization that this is truly no m an, for within the mind of a person there should exist a battle of good thoughts versus evil thoughts. For Aaron, and unfortunately for the Andronicus family, there is no such mental dichotomy; just as one could swat away a fly, Aaron as easily presents himself as absolutely wicked. In the same way that Aaron fails to cite any particular grievance that would fuel his plot of ruining Titus and his family, Iago commits his treachery without any discernable reasons. At the beginning of the play, Iago alleges that he has a â€Å"peculiar end† which drives his plan to destroy Othello for, as â€Å"it is thought abroad,† the Moor had â€Å"’twixt [Iago’s] sheets/ He has done [Iago’s] office† (1.1.60, 369-70). There is only one more mention of this allegation said in passing later in the play; since it is only rumor as Iago himself admits, the audience member and the reader cannot count on this proposed reason as particularly valid. In a state ment which echoes Aaron’s aside to the audience in Titus, Iago declares that his â€Å"outward action doth demonstrate/ The native act and figure of my heart† (1.1.61-2). Just as Aaron’s face will darken as his sins accrue, Iago’s appearance, as his â€Å"heart† begins to blacken, will relate to the other characters what he plans. In the second act of the play, Iago speaks to the audience after advising Cassio to plead with Desdamona in order to be reinstated as lieutenant. When Cassio exits and Iago is left alone, he begins by jesting â€Å"And what’s he then that says I play the villain,† when, he feels, he has provided Cassio with only the most truthful of advice and council (2.3.310). Superficially it appears as if this joke is meant to be an earnest entreat to the audience to find Iago to be, in fact, an honest person and the farthest thing from an evil man. But, keeping in mind his frightening preoccupation with torturing a ny and all of the other characters in the play, one can see that the joke is made tongue in cheek. Iago knows he is a villain, and since he has readily assumed the position of such, he can joke about his status as the antagonist. He partakes in a small confession in this scene, but the confession is not offered in hopes of reconciling his naughty ways; Iago is utterly proud of his treachery. Any other individual would perhaps still be proud that his or her plot had been successful thus far, but he or she would expectedly attempt to justify the reasons during his speech directed at the audience; Iago makes no attempt to do this. Iago refuses to try and rationalize his hatred because he doesn’t want to and, more importantly, he cannot; he has become the embodiment of unadulterated malice. The plays Othello and Titus Andronicus achieve their dramatic effect not through grandiose speeches or the noble and gallant actions of their protagonists. Quite oppositely, it is throug h that which remains unsaid that the audience is profoundly disturbed. The motivation that should logically drive the malicious actions of the villains remains undisclosed and, upon analysis of the language of Aaron and Iago, appears to be entirely nonexistent. Each antagonist thrives upon the accumulation of sin and, as Aaron explicitly states, his only regret is being unable to perform â€Å"a thousand more† (5.1.124). The ability and desire to do evil is the only motivating factor that drives the action of Iago and Aaron, and as they create more and more chaos within the lives of their victims, their despicable natures become physically visible on their persons. They eventually become a reflection of their minds; Aaron is as dark as his soul, and Iago, as the reader can imagine, can barely contain his glee at witnessing Othello’s demise.