Discuss, analyze, and evaluate Robert Frank's famous photo- New Oleans Research Paper

Discuss, analyze, and evaluate Robert Frank's famous photo- New Oleans - Research Paper Example ty, he happened to show the photographs to a writer named Jack Keruoac, who immediately agreed to give him a good write up in response to his photographic works. From then on, there was no turning back as he embarked on a fruitful an interesting journey of success. One of his most successful photographs was titled â€Å"New Orleans† that Frank clicked while he was on one of his holiday trips with his family. All through the journey he had taken out many photographs, in fact about 27,000 thousand of them of which the photograph titled ‘New Orleans’ was one. From these photographs Frank chose 83 images for a vote which he published in 1958 and titled ‘Les Americains.’ All of Frank’s photographs speak volumes as each character seems so lifelike and filled with emotion. This famous photograph that was titled â€Å"New Orleans† was one that has stood the test of time, just for the sheer way in which it was captured. The photograph portrays an acute consciousness of the prevailing conditions in America when discrimination and segregation were at its peak. Frank’s camera explicitly captures the essence of a segregated trolley car of New Orleans, which shows its passengers seated one behind the oth er. The passengers were five in number comprising of three white individuals and two who were black. The photograph speaks for itself because as soon as you cast eyes on it, you could easily make out the social injustice with which the black population was treated. This particular photograph is filled with melancholic meaning and evokes a sense of sincerity and truth of what America was during the 50’s. This photograph is one of Frank’s most popular ones and finds its honorable place in most of the exhibitions around the world. During the editing of the photographs for the book ‘The Americans’, he placed two of his best images together placing them on the same negatives. These photographs were â€Å"Canal Street - New Orleans  " and the shot was a reverse angle

Same-sex marriage debate Essay Example for Free

Same-sex marriage debate Essay The world is constantly changing and evolving. It isnt possible to stop this from happening, but it is possible to stand up for what is morally right and for what isnt. And now, we are faced with what many people feel is the inevitable evolution of marriage: legalizing homosexual marriages. Not allowing homosexual marriages to be recognized by the government and to be legal would prevent changing a fundamental institution, would prohibit breaching the Charter of Rights and Freedoms, and would prevent unthinkable consequences. Marriage has been around for as long as anyone can remember. And after all this time, it has changed very little in the eyes of the law. Every major religion and culture has embraced marriage as a unique relationship between a man and a woman. One of the only times marriage was altered, was when no-fault divorce was legalised. No-fault divorce was introduced, and it has proven to be a complete disaster for children and often for the adults involved. Statistics now show that 53% of marriages end in divorce. And now, we find ourselves gambling yet again with an institution that is foundational to the well-being of our children and a healthy society. The same argument once made in support of no-fault divorce, This will not affect good marriages and healthy families, is now being made in support of gay marriage. Yet we have no credible evidence to prove that altering our marriage laws again will be any less problematic for children and society than was no-fault divorce. The painful lessons we have learned as a result of no-fault divorce should stop this process cold in its tracks. To fundamentally change an institution whose worth has been proved over thousands of years and in hundreds of cultures risks unintended and unexpected consequences. It is with infinite caution that any man ought to venture upon pulling down an edifice which has answered in any tolerable degree for ages the common purposes of society. Secondly, it has been argued that prohibiting homosexuals to marry would breach the Charter of Rights and Freedoms. The Charter was modified in 1981 with the following heading Whereas Canada is founded upon the principles  that recognize the supremacy of God and the rule of law. With such an acknowledgement, how could the acceptance of same-sex marriages even be considered? Time and again, the Bible clearly states and demonstrates Gods position on homosexuality: Sodom and Gomorrah were destroyed because of homosexuality (Gen 18:20-21; 19:5-7, 13); Homosexuals will not inherit the kingdom of God (1 Cor 6:9-10); Those who practice homosexuality are called perverted men (Jdg 19:22); The penalty under the Old Testament for homosexuality was death (Lev 20:13); It is abominable, whether committed by men or women (Ro 1:26-27) Three Ontario judges stated that prohibiting gay couples from marrying violates the Charter The Charter, acknowledging the supremacy (ie. dominion, preeminence) of God strikes down any notion that same-sex marriages can be accepted in Canada. Thirdly, the Marriage Act of Ontario, when speaking of a marriage mentions a man and wife. How does a same-sex couple fit this definition? The same document outlines a list of people whom a man cannot marry (grandmother, mother, daughter, sister, granddaughter). Likewise, a list of people whom a woman cannot marry is provided (grandfather, father, son, brother, grandson). If the Marriage Act permitted homosexual marriages, why is a man not restricted from marrying his grandfather, father, son, brother, grandson? And likewise, why is a woman not restricted from marrying her grandmother, mother, daughter, sister, granddaughter? It is for the simple reason that same-sex marriages do not fall within the framework of the Canadian Charter of Rights and Freedoms, the Marriage Act of Ontario, or most importantly, Gods holy word. To change the definition of marriage would be to change the nature of marriage; to recommend that, the full impact of the change must be understood. And that impact must be considered not just at the individual level, but most importantly at the societal level, and not just for the present, but also the future. Definition (and language in general) create human reality. We dont just change words, we change the nature of an entity when we redefine it. Definitions are frames that we place on events, concepts or circumstances, in order to give them meaning we frame reality with language in order to find meaning in that reality. Those in the gay community who want same-sex marriage are right to seek meaning in their relationships and to want to have that meaning publicly recognized. They are wrong, however, to try to do it by co-opting the institution of marriage. The institution of marriage cannot function in that way without being deformed and destroyed.

Analysis of Richard Adams Watership Down :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Hazel became the leader of the rabbits once they left their original warren. He was a very smart and tricky rabbit who won the respect and trust of the other rabbits by his courage and many great deeds. He always handled problems calmly so others would also remained calm. Whenever a plan was needed, Hazel would always come up with one.   Ã‚  Ã‚  Ã‚  Ã‚  Fiver, the younger brother of Hazel, was unique because of his small size and ability to foresee danger. He saved the rabbits from death by warning some rabbits of the danger.   Ã‚  Ã‚  Ã‚  Ã‚  Bigwig, a great fighting and courageous rabbit, was essential for the success of the traveling rabbits. He loved to fight and always did his best to protect the others. He was also the bird Kehaar’s best friend and enjoyed spending time with him. Blackberry was the most intelligent rabbit in the group. For example, he made a boat to cross a river although the others had never even seen or understood the floating concept. Blackberry always helped Hazel to think of ideas when problems arose. Dandelion, another smart rabbit, was known for his speed and for his great story telling of El-ahrairah, the rabbit folk hero. He could always tell stories which distracted and eased the rabbits from problems. Pipkin, a good friend of Fiver, was small like Fiver but acted as if he was as big as Bigwig. He always did what he was told and never complained. PLOT One day Fiver, sensing danger, convinced his brother Hazel that they must leave their warren. Hazel tried to warn the Chief Rabbit of the danger, but he did not listen. Hazel gathered a group and went along the brook until they reached another warren of rabbits. These rabbits were very strange and acted differently from other rabbits. Hazel and his group decided to leave after Bigwig got caught in a wire. The man would feed the rabbits so they would become big and healthy; then the man would kill them. After many days of travel, Hazel and the others came to Watership Down, which was an excellent place for a warren. The soil was perfect, and enemies could be spotted from many miles away. Here they dug a burrows where the rabbits were happy. Hazel made friends with animals such as mice and even a bird named Kehaar. Hazel then realized that the warren needed does to survive. He used Kehaar to find some does. They made a raid on a farm and brought back two does. Then three of four rabbits left to visit a big warren to ask for

The article ‘Rebirth of a Profession’ discusses the new Codes of Practice for social care workers and their employers

The article ‘Rebirth of a Profession' discusses the new Codes of Practice for social care workers and their employers, together with the accompanying register, which were published in September 2002 by the General Social Care Council (GSCC). It puts forward the view that this is the culmination of a twenty-year-old dream and the fulfilment of social worker's hopes. Within this assignment the author's reasons for this view and the quality of the argument will be analysed and evaluated using the processes of critical thinking. In order to do this thoroughly Damer's (1995, cited by Gibbs & Gambrill, 1999, p206) four criteria of a good argument will be heeded. If any of these are violated, he states, then the argument is flawed. The criteria require that the reasons must be relevant, acceptable and constitute sufficient grounds for the truth of the conclusion. Finally the reasons should provide effective rebuttal to all reasonable challenges to the argument. Before this can be achieved, consideration of what critical thinking is and its' relevance to social work needs to be undertaken. Critical thinking involves the critical appraisal of beliefs, arguments and claims in order to arrive at well-reasoned judgements. † (Gibbs and Gambrill, 1996, p. 3). Whilst this definition is not absolute it provides a sound basis from which to commence and points to it's application to social care. Social care staff frequently need to evaluate information to solve problems effectively and come to well-developed decisions. Swartz & Parks (1994, p. 338) argue that assessing the reasonableness of ideas is crucial and failing to do so runs the risk of acting on ideas that are incorrect and may lead to harm. The article tries to convince the reader that the codes are a ‘dream come true' because they will give social care staff increased status, raise standards of care and increase shared responsibility between workers and employers. The actual codes are not given, perhaps based on the assumption that readers of Community Care, a specialist magazine for social care staff, are already familiar with them. The reasons, given above, fulfil the relevance criteria in that if accepted they contribute to the truth of the conclusion. Whether they are acceptable will be examined later. The fifth paragraph offers an analogy with the Nurse's Code, though the work of nurses is not strictly analogous to that of social care staff. Relevant similarities exist – they both deal with vulnerable people, are working to achieve the best possible outcome for the service user and in both cases a mistake could result in serious consequences. The differences, however, question the value of the analogy as evidence (Brink-Budgen, 2000, p. 53). Nursing is a more structured profession and focuses on the ‘medical model' whereas social work deals with a number of different perspectives and models and thus is harder to define. Furthermore, as is stated in the article, the new social work code applies to a range of social care jobs. Therefore it is dubious as to whether the nurses code is relevant or comparable. Fallacies and assumptions, apparent in the reasoning, detract from the acceptability of the argument. Emotional language is used to divert the reader's attention from the real issues. This is illustrated in the first two sentences of the article; the first sentence evokes feelings of pathos followed by the second, which raises the reader to a sense of elation and optimism on behalf of social care staff. In order for the claim that the code will increase successful recruitment to be true, it is necessary to assume that difficulties in recruiting social care staff are due to a previous lack of standards. However there is no consideration given to alternatives such as salary, nor is there evidence to support this assumption. Brookfield (1987, p. ) states that identifying and challenging assumptions is central to critical thinking and develops our contextual awareness. Omissions in the article contribute to a permeating sense of vagueness and lack of clarity. Little evidence/research is presented for the claims made that could be considered to be of reliable quality or easily testable. Instead words such as ‘many', ‘often' and ‘most' are used to precede a claim duping the reader into accepting the claim as truth. For example how many social workers see the nurses code as ‘an enviable badge of professionalism'? On what has the author based the claim that most social workers have this view? Likewise, nowhere in the article is evidence or service user perspectives indicated to support the claim that the code represents ‘a major gain' for them. Considering that the service user is central to social care and the current trend is towards increased service user consultation this is a glaring omission (Lloyd, 2002, p. 164). Compounding the tone of vagueness are unexplained terms and concepts, used within the article, which without resort to further information, leads to a difficulty in deciding whether the premises are sound (Browne & Keeley, 2001, pp. 41-58). For example – How will the special health hearings work? What sorts of health issues are included? Because this is not determined, it seems alarmist and raises questions of possible discrimination in the workplace. This is particularly damaging in that anti-discriminatory practice is a core value of social work, which should constantly underpin practice. The issue of accountability is also ambiguous and concerning – what is meant by the term ‘individually accountable'? Davies (ed. , 2000) states that â€Å"Accountability†¦ at first†¦ a simple concept, is in reality complex when applied to the practice of social work. There are a least four answers to the question: ‘to whom is the social worker accountable for her or his actions? ‘†. Accountability also holds connotations of blame (Banks, 2002, p. 30) which further demonstrates the importance of clear and unequivocal language (Adams et al. , eds. 2002). Having examined Damer's (1995) first three criteria the ‘rebuttal criterion' will now be attended to. In order for this to be fulfilled the author should acknowledge any counter arguments and respond to them in a reasonable and straightforward way. Let us come back to the analogy with the nurse's code. On the surface it appears to be a reasonable counter-argument, pointing out that the nurse's code has not fulfilled expectations although it is ‘a useful guide'. In my opinion, however, it is a thinly veiled attempt to discredit the nurse's code as inferior to the new social work code – partly on the basis that the nurse's code does not include employers (paragraph ten) although the previous paragraph seems to contradict this point. In paragraph eleven the author raises questions which allude to possible negative effects of the code but these are skimmed over and the information that follows seems purposefully vague. This assignment set out to examine the article using critical thinking skills and this has been achieved through the use of questioning and paying attention to problems in the reasoning, arguments and claims made. Unfortunately it has not been possible to raise everything discussed in the article. However, it has considered the strength of the article based on Damer's (1995) four criteria and been found lacking. Therefore, without clarifications and resort to further information, I can only conclude that the argument is flawed and, at this point, reject it as incomplete.

Sample Sop for Iit Madras

If one were to ask my friends to describe me they would call me a very pleasant, diverse, active and intelligent woman. My outstanding   academic performance at school , active participation in academics with strong quantitative and analytical abilities,   in addition to good leadership and communication skills earned for me   the â€Å"Young Student Scientist† title from the Ministry of Human Resource Development from among the thousands of students who applied for it nationally. Throughout my student career,   I have been a top ranker. I was in the top 0. % of  Ã‚   all engineering aspirants in my state, which secured me a place in   Government College of Engineering, one of the premier engineering institutions   in India. My four years of undergraduate studies   and my exposure to various aspects of curricular, co and extra curricular activities have   given a strong foundation to my analytical skills. My deep interest in   complex and intricate coding a nd the application of basic math skills have   enabled   me to channel my quantitative and conceptual skills in analysing business issues. I have always enjoyed being   appreciated by the faculty members for my diverse interests and accomplishments. During these four years   of engineering studies, I interacted with students from different states of varied cultural and social backgrounds. Working with these students on group   assignments, presentations, food festivals and other events taught  Ã‚   me to be   more tolerant, open minded and empathetic. It   made me a better team player. I am interested in factors that affect the competitive performance of a business concern and the manner in which changes   in technology affect an organization's structure and long-term business strategy. I am determined to become a   powerful business Analyst and 10 years down the line I want to be the creator of a world class IT company. In order to gain an appreciation of these and related issues, it is essential for me to have a strong grounding in   Management. This would enable me to understand better the   complexities that lie behind the working of an organization and broaden my horizons, so that my avenues are not restricted to a particular trade or industry. I have come to the conclusion that studying at INDIAN INSTITUTE OF TECHNOLOGY-MADRAS will definitely be the catalyst in putting me on the road to success.

4 Reasons You Should Take the SAT

4 Reasons You Should Take the SAT As graduation nears, tons of high school students are asking themselves this question: Why should I take the SAT? Many colleges and universities out there dont require the SAT, and theyd rather get into a university that doesnt force them to take even more standardized tests. Thats a great question, and there are some very good reasons for you to just take the SAT, even if you dont want to. Read below to see the benefits you can get from making the choice to sit for the exam. The Universally Accepted Test If youre going to college, you kind of have to take a college entrance exam like the SAT if youre attending a school that requires one (some do not). All major universities in the United States accept the SAT as a college entrance exam; most accept the ACT. Scholarships Scholarships, kids! Yes. Money often follows an impressive SAT score. Check into your college of choices SAT scholarship requirements. Many schools dole out huge bucks for great SAT scores. For instance, St. Louis university has awarded $15,000 merit scholarships for a 1210 on the combined Reading and Math scores. Villanova has given more than $10,000 for a 1310. Your school doesnt offer cash for your score? No worries.  Even if your college or university doesnt offer scholarships for your SAT score, many community organizations and foundations do. Trust me, youll appreciate not having to pay back school loans when youre all grown up if you can get much of your tuition covered with a test, so get out there and  practice for the SAT  until your fingers bleed. Balance a Low GPA So maybe you hated your World History teacher, flunked the class to spite her, and ruined that 4.0. That doesn’t mean you dont have the brain skills to survive college. Scoring high on the SAT can show off your smarts to the college admissions team when your GPA doesn’t. And yes, although admissions committees take a look at you as a whole person, not just at your SAT score, it  is  one of the pieces that makes up the picture of you. You want it to be good.   Your Scores Follow You Around I’m not kidding. When you apply for your first entry-level job, your SAT scores (if theyre good enough) are going to be on your resume, because truthfully, your pizza delivery gig can’t showcase your reasoning ability like a 90th percentile on the SAT can. You wont have a lot of job experience right off the bat. Take the SAT to prove to your first future employer that you have the smarts to be successful at your job, even if intelligence is NOT really one of the things the SAT predicts or measures.   Here are the Top SAT Registration Questions to get you started on your SAT journey. Good luck!

Pixar and Walt Disney Merger Essays

Pixar and Walt Disney Merger Essays Pixar and Walt Disney Merger Paper Pixar and Walt Disney Merger Paper NEW YORK Mickey Mouse and Nemo are now corporate cousins. Walt Disney has announced that it is buying Pixar, the animated studio led by Apple head Steve Jobs, in a deal worth $7. 4 billion. Speculation about a deal being imminent raged on Wall Street for the past few weeks. Disney has released all of Pixars films so far, but the companies current distribution deal was set to expire following the release of this summers Cars. The merger brings together Disneys historic franchise of animated characters, such as Mickey, Minnie Mouse and Donald Duck, with Pixars stable of cartoon hits, including the two Toy Story films, Finding Nemo and The Incredibles. Disney and Pixar can now collaborate without the barriers that come from two different companies with two different sets of shareholders, said Jobs in a statement. Now, everyone can focus on what is most important, creating innovative stories, characters and films that delight millions of people around the world. As part of the deal, Jobs will become a board member of Disney, the companies said. And John Lasseter, the highly respected creative director at Pixar who had previously worked for Disney, will rejoin the House of Mouse as chief creative officer for the companys combined animated studios and will also help oversee the design for new attractions at Disney theme parks. The addition of Pixar significantly enhances Disney animation, which is a critical creative engine for driving growth across our businesses, said Disney CEO Robert Iger in a written statement. During a conference call with analysts Tuesday, Iger said that acquisition discussions had been going on for the past several months. Jobs added that after a lot of soul searching, he came to the conclusion that it made the most sense for Pixar to align itself with Disney permanently instead of trying to distribute films on its own or sign with another movie studio partner. According to the terms of the deal, Disney (Research) will issue 2. 3 shares for each Pixar share. Based on Tuesdays closing prices, that values Pixar at $59. 78 a share, about a 4 percent premium to Pixars current stock price. Shares of Pixar (Research) fell slightly in regular trading on the Nasdaq Tuesday but gained nearly 3 percent in after-hours trading. The stock has surged more than 10 percent so far this year on takeover speculation. Disneys stock gained 1. 8 percent in regular trading on the New York Stock Exchange and was flat after-hours. Prior to the deals announcement, some Wall Street observers had speculated that Disney may be paying too much for Pixar. A source tells FORTUNE that some Disney board members also thought the price was too high. To that end, Disney chief financial officer Thomas Staggs said during the conference call that the deal would reduce Disneys earnings slightly in fiscal 2006, which ends this September, as well as fiscal 2007. He added though that Pixar should add to earnings by fiscal 2008 and that Disney was still on track to post annual double-digit percentage gains in earnings through 2008. But one hedge fund manager said that the risk of Disney losing Pixar was too great. The question isnt did Disney pay too much but how expensive would it have been for Disney if Pixar fell into someone elses hands, said Barry Ritholtz, chief investment officer with Ritholtz Capital Partners, a hedge fund that focuses on media and technology stocks. Jeffrey Logsdon, an analyst with Harris Nesbitt, agreed with that assessment. He said that Pixars success quotient justified the price of the deal. Pixar has yet to have a flop with its six animated movies. They have grossed more than $3. 2 billion worldwide, according to movie tracking research firm Box Office Mojo. Disney, however, has struggled in the computer-generated animated movie arena. Even though its most recent CG-animated film, Chicken Little performed better than many had expected at the box office, it was not as big a hit as any of the Pixar films. Robert Iger has made no secret of the fact that he wanted to get the animated business back to where it was. Its what Disney has known for but the movies they did in-house did not do as well as the ones they did with Pixar, said Michael Cuggino, a fund manager who owns about 100,000 shares of Disney in the Permanent Portfolio and Permanent Portfolio Aggressive Growth funds. Pixar has yet to announce what movies it is working on after Cars, however. It is believed that Pixars next film about a rat living in a fancy Parisian restaurant, tentatively titled Ratatouille may be released on 2007 and that a Toy Story 3 may be in the works as well. Jobs said during the conference call that nothing has been decided about future Pixar releases yet, but added that the company feels strongly about making sequels to some of its previous hits. And Iger said that announced plans for Disney-produced animated films, including the release of American Dog in 2008 and Rapunzel Unbraided in 2009, are still on track. It would have been unthinkable to imagine Disney and Pixar teaming up just a few years ago. The two companies broke off talks to extend their current distribution agreement in 2004 due to a strained relationship between Jobs and former Disney CEO Michael Eisner. But since Iger succeeded Eisner last year, he has extended an olive branch to Jobs. Disney and Apple have already announced several online programming deals during the past few months. Disney now has agreements in place to sell hit ABC prime time shows, such as Desperate Housewives and Lost, as well as content from ABC Sports and ESPN on Apples popular iTunes music and video store. Cuggino said the addition of Jobs, who will also become Disneys largest individual shareholder, to Disneys board could mean that more innovative digital deals could be in the works. Jobs is a dynamic personality who knows consumer electronics. Its an opportunity to bring some youthful energetic thinking to Disneys board. Disney, like many other large media companies, has seen its stock price stagnate during the past year as investors have flocked to more rapidly growing digital media firms such as Apple as well as search engines Google (Research) and Yahoo! Research) But Logsdon said the acquisition of Pixar could help Disney increase revenue throughout all of its business lines. So even though some may be quibbling in the short-term about how much Disney had to spend, he thinks Disney made the right move. Its a smart strategic deal, Logsdon said. The benefit in theme parks, consumer products and cable will probably make this deal look a lot smarter a year or two from now.

Roman Numeral Origins and List from I to CI

Roman Numeral Origins and List from I to CI Manual Origin of the Roman for 5 [If youve forgotten what Roman Numerals look like, theyre listed below.] J. E. Sandys describes the origins of Roman numerals, in Latin Epigraphy. He says the original numeral was a line to stand for 1 and a representation of a hand that looks like a V to stand for 5. The X (10) is two hands joined or one v atop a second v turned upside down. However plausible that sounds considering the human tendency to use our digits and hands for counting, there is an alternative explanation. Etruscan and Greek Origin for Roman Numbers The X was similar to the Etruscan symbol for 10, the top half of which was adopted for 5. Ancient Chalcidic (Greek) symbols were added: one came to look like an L for 50 and the other was the Greek phi (ÃŽ ¦) that became the curved M (1000) symbol that was sometimes written like our symbol for infinity. Gradual Changes in the Roman Numerals To make the number 10,000 the phi was surrounded by an outside circle. A third circle made it 100,000. The right half of these symbols meant half, so half of the phi, a D meant 500, as used by Cicero. But towards the end of the Republic a horizontal bar above a numeral meant that number in the thousands, so a V with a bar on top meant 5,000, and a D with a bar on top meant 500,000. More on the Higher Roman Numerals Somewhat surprisingly, Sandys says that M was not used for 1000 before the second century A.D., except before p for mile milia passuum. Sandys says the original symbol for 100 was probably a Chalcidic theta (ÃŽËœ) and became a C. The fact that the word in Latin for 100, centum, began with a C made the symbol especially appropriate. Sources on Roman Numerals In addition to J. E. Sandys Latin Epigraphy, Mommsen is another source on the topic of Roman Numerals. For more recent work on Roman numerals, see The Origin of the Latin Numerals 1 to 1000, by Paul Keyser. American Journal of Archaeology Vol. 92, No. 4 (Oct., 1988), pp. 529-546. Also, see: Roman NumerationThe numbers, how to decline them, and the hours of the day. List of Roman Numerals from I to CI 1 I2 II3 III4 IV​5 V6 VI7 VII8 VIII9 IX10 X11 XI12 XII13 XIII14 XIV15 XV16 XVI17 XVII18 XVIII19 XIX20 XX21 XXI22 XXII23 XXIII24 XXIV25 XXV26 XXVI27 XXVII28 XXVIII29 XXIX30 XXX31 XXXI32 XXXII33 XXXIII34 XXXIV35 XXXV36 XXXVI37 XXXVII39 XXXIX38 XXXVIII40 XL41 XLI29 XXIX43 XLIII44 LIV45 XLV46 XLVI47 XLVII48 XLVIII49 XLIX50 L51 LI52 LII53 LIII54 LIV55 LV56 LVI57 LVII58 LVIII59 LIX60 LX61 LXI62 LXII63 LXIII64 LXIV65 LXV66 LXVI67 LXVII68 LXVIII69 LXIX70 LXX71 LXXI72 LXXII73 LXXIII74 LXXIV75 LXXV76 LXXVI77 LXXVII78 LXXVIII79 LXXIX80 LXXX81 LXXXI82 LXXXII83 LXXXIII84 LXXXIV85 LXXXV86 LXXXVI87 LXXXVII88 LXXXVIII89 LXXXIX90 XC91 XCI92 XCII93 XCIII94 XCIV95 XCV96 XCVI97 XCVII98 XCVIII99 XCIX100 C101 CI

Meg Whitman and Ebay Case Study Example | Topics and Well Written Essays - 250 words

Meg Whitman and Ebay - Case Study Example Her take on the customer is enticing. Any business is composed of customers, without whom; their absence will cause the downfall of the business. Diligence and dedication is necessary for a leader, who wants to realize her dreams. A leader should be a role model, Meg, was an all round leader who played roles in every sector of the company. Policies play a crucial role in maintaining a company. They should however, be reviewed frequently to suit the market. Among her strategies to attain this success, include the launch of eBay initial public offer that ensured hiring of efficient professionals, the ability to understand new, appropriate, and relevant business models. Adoption of a sufficient business policy to protect customers through; the launch of a comprehensive security and trust program, implementing the software to aid in fraud identification, and offering of free insurance on items whose cost is above two hundred U.S dollars. This case study of Whiteman dem onstrates the essence of embracing appropriate technology in order to build a powerful electronic commerce system like eBay. This can only be achieved and sustained through creating an appropriate loyal and passionate customer base. Importantly, the incorporation of strategic decision making is necessary if not vital for expanding a

Case study Assignment Example | Topics and Well Written Essays - 500 words - 3

Case study - Assignment Example Obedience is all about the tendency to obey authority figures. The subordinates may not question the instructions given by the superiors in the organization. The other term seen from the case study is related to AUTHORITY. This refers to the process of controlling the other people in the workplace so that their behaviour can conform to the expected standards. However, there has been a dramatic shift from the way power and authority used to be exercised in the organization compared to the current period. As depicted in the case of IBM, the theme of PERSUASION has significantly gained prominence in managing organizations during the contemporary period. This involves the process of trying to influence and convince the employees in the organization to share the same vision with you. If properly implemented, this strategy can help the employees to be productive in their efforts since they would be in a position to share the same vision with the manager. The other term is VISION which is concerned about the goals and objectives of the organization. The manager has a responsibility of sharing the vision of the organization with the workers so that their efforts can be directed towards the attainment of the desired goals. The other theme presented in the case is NEGOTIATION where the leaders ought to engage the employees when intending to make decisions or solve conflicts that may exist in the organization. People tend to disagree over certain issues and this practice is common in most cases. However, it only becomes detrimental to the organization if the conflict becomes dysfunctional. In order to resolve this kind of conflict, the theme of COLLABORATION should be taken into consideration. This theme deals with finding and solving problems in such a way that everyone benefits. It is more like a win-win situation In order to manage the organization

Alcohol Advertising Essay Example | Topics and Well Written Essays - 1000 words

Alcohol Advertising - Essay Example He does not start his article by giving his personal opinion but leaves space for the reader to judge and evaluate the claims. His article and research convinces the reader to believe what he states. His declaration about the symbols which are used to attract the young generation enables the reader to believe that he is experienced and his article bears some true claims and points which should be given attention. He declares "One need only recall the Bud frogs and lizards, Spuds MacKenzie, and Whassup space-alien dogs to recognize the prominence of beer advertising in youth culture." This statement also points towards the bitter reality about the advertisements which are declared to be designed for adults. He declares that the music, unrealistic ideas about friendship and animals etc used in the beer advertisement attract the young generation who live in fantasies and get motivated to take alcoholic drinks. He uses the statistics which promote his point that youngsters are more attra cted by using such characters and symbols. The use of evidences, statistics and examples can be taken as a proof of his experience and professionalism in writing. Ethos used by George A. Hacker strengthened his article and made it outstanding in capturing the attention of the readers. His sincerity to clarify the issue and use of examples to make it easy for the readers enables readers to trust his findings. He compels the readers to ponder and evaluate the truth behind these advertisements. George A. Hacker tried to interact with the audience. He takes this issue as an important discussion and involves his feelings while writing the paper. "Obviously, rules such as these don't so much protect our children as serve them up to alcoholic-beverage advertisers such as Smirnoff Vodka." It may be taken as an example of pathos. The writer gives evidence and criticizes the advertisements which are not suitable for children. He involves himself in the audience by writing "our children" instead of using "your children". This declaration creates a sense of unity and also develops a sense of responsibility, to save children from the harms of alcohol. One may feel the sarcastic tone in a few areas. This sarcasm, however, stirs up the lost emotions of the readers for the young generation. His involvement and concern to save children from the harms of alcohol can clearly be seen in this article. He further declares "We owe it to our children and to the public health and safety of Ameri ca to challenge such marketing activities, [if we have any hope of actualizing our goal to keep children alcohol free]." This statement by George A. Hacker is the highest motivational statement to evoke the feelings of people to stand up and fight against the diplomatic policies set by the government and health departments. In the statement mentioned above, he also declares the basic reason of his debate. He declares that his article is not for any other purpose but 'to keep children alcohol free'. The article provides some logical information and facts which were not clear and were important to be considered. His magical words and incredible way of justification leave a long-lasting impact on the

Use of Folley Catheters in Place of Gastric Tubes for Administration Research Paper

Use of Folley Catheters in Place of Gastric Tubes for Administration of Enteral Nutrition - Research Paper Example The nasogastric tube moves through the nose into the buccal cavity to the throat where it routes to the stomach. Another major use for the nasogastric tube is to provide the patient with medicines that the patient could not take otherwise. Nasogastric tubes come in various standard depths that are marked on the tubes. The healthcare must measure the distance from the patient’s nose to the location of the xyphoid process. Gastric tubes are marked at the measured length before insertion to ensure adequate reach without any danger of clogging due to excess tube length. Before insertion, it is common to lubricate the gastric tube at the insertion end using local anesthetics such as 2% xylocaine gel. Other than local anesthetics, nasal vasoconstrictor sprays may be used as well. The nasogastric tube is then inserted into one of the patient’s anterior nares. Care has to be exercised when guiding the tube through the patient’s nasal cavity into the throat region. The tube is directed downwards and backwards as it is inserted. If a patient is wake during the insertion process, they may gag as the gastric tube reaches the oropharynx and then enters the posterior pharyngeal wall. In such a case, the patient is asked to mimic swallowing or is provided with some water to sip. As the patient imitates swallowing, the tube is inserted further. As soon as the tube moves beyond the pharynx and into the esophagus, it slides easily down into the patient’s stomach. ... The removal is done slowly especially if the patient is wake. In case that the patient develops a gag, he is instructed to sip some water or to imitate swallowing to ease the congestion. Once the gastric tube is removed, the site is cleaned using any acceptable anti-bacterial agent such as povidone iodine. After cleaning, the site dries itself in air while the healthcare provider prepares the Foley catheter sized between 14 and 18 fr. The catheter is sterilized before use after which it is inserted into the patient’s system. Before insertion it is ensured that the balloon of the catheter is not leaking through a trial insertion of sterile water. The Foley catheter is inserted into the patient’s system comparable to the gastric tube insertion with little differences in the overall procedure. Once the Foley catheter is in position, the balloon is secured in position by inflating it with 10 to 15 cc of sterile water. Light tugging confirms that the Foley catheter is firmly in position. In case that the catheter is still shifting, more sterile water is added. In case this fails to work, the catheter may need to be replaced due to a leaking balloon. The entry site is dressed once the procedure is complete to discourage infection. Research suggests that the use of Foley catheters is preferable to the use of gastric tubes for enteral nutrition. One primary advantage offered by Foley catheters is their lower cost when compared to gastric tubes. The rate of failure of gastric tubes and Foley catheters is comparable with the rate of failure being slightly higher in gastric tubes (Kadakia, Cassaday, & Shaffer, 1994). Current research also suggests that Foley catheters can be utilized in place of gastric tubes for enteral

HW 3 Essay Example | Topics and Well Written Essays - 500 words - 1

HW 3 - Essay Example Terrorism is the offspring of religious radicalization. Terrorist seem to base their heinous activity on the teachings of prophet and that of the holy book of Quran. The justification, according to the teachings of the holy book is in complete contrast, the holy book asserts saving one life is similar to saving the whole humanity. Osama Bin Laden, the slain doyen of terror group, Al-Qaida, was thought of a man who was constantly on the book could not have not ignored this piece in the book. Terror acts against western countries by Islamic fundamental terror groups has in the past been blamed on the United States occupation if Muslim lands and the United States supposed support to Israel’s occupation of (Palestine Katz, p 18). However, most people feel astounded to link several innocent deaths that are usually lost as a result of those terror attacks. Violence as propagated by the holy Quran is different from the violence meted on innocent life as propagated by the terrorists. The Quran asserts that Jihad must be the war which is waged in the cause and struggle for Allah through a number verses, in fact, the rationale for Jihad was built on the war the Holy prophet waged on his fellow tribe people, the Quaresh who were polytheist and were resisting the influence of the prophets new religious ideologies. In fact, according to one of the revelations the prophet received from Allah he was instructed to inform the masses that violence should only be done as defense and not in offence. It is therefore not in doubt that terrorist are fulfilling other obligations that those were instructed by the holy prophet and the holy book. Terrorism as a current world issue is not synonymous to Jihad propagated by the holy book. The terror groups butchering innocent civilians often used the book teachings to justify such heinous acts. Islam preaches peace

Dynamic Macroeconomics. Discretionary monetary policy and Essay

Dynamic Macroeconomics. Discretionary monetary policy and inflation-targeting regime - Essay Example Due to that the policy has evolved toward an inflation targeting regime. This monetary policy was utilized for the first time within the year 1990 by New Zealand (Hammond, 2011, pp45-97). Since that period numerous countries developed and emerging have adopted this current regime as a result of the problems with the strategies based on the monetary aggregates or exchange rate targets. The major characteristics of the current monetary regime mainly focus on the attainment of inflation targets (Roger, 2010, pp46-49). Inflation targeting is normally monetary policy strategy mainly encompasses five major elements namely the underlying public proclamation of medium term numerical targets for inflation, an institutional commitment to price stability as the primary objective of monetary policy which other supplementary objectives are subordinated, an information inclusive strategy that numerous variables and not only monetary aggregates or the corresponding exchange rate are utilized for decisive the prevailing setting of policy instruments, escalated transparency of the monetary policy strategy via communiquà © with the public and the markets concerning the plans, aims and decisions pertaining to the monetary authorities and escalated answerability of the central bank for obtaining its inflation goals (Fischer, 1993, pp485-512). ... ant in emerging market states since numerous countries routinely reported numerical inflation targets as a part of the government’s economic plan (Hammond, 2011, pp45-97) . The benefits that are normally associated with characteristics of the current monetary regime and target regime strategy are greater transparency and better comprehension of monetary policy execution, advancement of accounts by the underlying monetary authority, education of inflation and inflation volatility that consolidates the price stability (Hammond, 2011, pp45-97) . The countries also benefits decreased impact on the inflation from the shocks produced by other economic variables, anchoring of inflation expectations around the inflation target and lowering of the costs related within the disinflation process. Inflation targeting demands that a decision to be made on the underlying price stability (Roger, 2010, pp46-49). Discuss whether discretion is a better way to run monetary policy than following a rule because a policy of discretion gives the central bank the ability to react to news about the economy. Discretion is a better way to run monetary policy than following the underlying rule since a policy of discretion grants the central bank the capability to react to news concerning the economy. Monetary policy ought to be made through rule. Nevertheless, discretionary monetary policy leads to two problems that is it does not limit the underlying incompetence and abuse of power. For instance, central banker might select to develop governmental business succession to assist a candidate. It also leads to a bigger quantity of inflation than the corresponding desirable results. Policymakers frequently range on the underlying action that they promise. In case individuals do not believe that the

HW 3 Essay Example | Topics and Well Written Essays - 500 words - 1

HW 3 - Essay Example Terrorism is the offspring of religious radicalization. Terrorist seem to base their heinous activity on the teachings of prophet and that of the holy book of Quran. The justification, according to the teachings of the holy book is in complete contrast, the holy book asserts saving one life is similar to saving the whole humanity. Osama Bin Laden, the slain doyen of terror group, Al-Qaida, was thought of a man who was constantly on the book could not have not ignored this piece in the book. Terror acts against western countries by Islamic fundamental terror groups has in the past been blamed on the United States occupation if Muslim lands and the United States supposed support to Israel’s occupation of (Palestine Katz, p 18). However, most people feel astounded to link several innocent deaths that are usually lost as a result of those terror attacks. Violence as propagated by the holy Quran is different from the violence meted on innocent life as propagated by the terrorists. The Quran asserts that Jihad must be the war which is waged in the cause and struggle for Allah through a number verses, in fact, the rationale for Jihad was built on the war the Holy prophet waged on his fellow tribe people, the Quaresh who were polytheist and were resisting the influence of the prophets new religious ideologies. In fact, according to one of the revelations the prophet received from Allah he was instructed to inform the masses that violence should only be done as defense and not in offence. It is therefore not in doubt that terrorist are fulfilling other obligations that those were instructed by the holy prophet and the holy book. Terrorism as a current world issue is not synonymous to Jihad propagated by the holy book. The terror groups butchering innocent civilians often used the book teachings to justify such heinous acts. Islam preaches peace

SMEs Entrepreneurship and Ethnic Distinctions Assignment

SMEs Entrepreneurship and Ethnic Distinctions - Assignment Example According to the research findings, today, small and medium enterprises (SMEs) are the major source economic growth in the countries. According to International Finance Corporation, SMEs contribute to 90% of businesses in the world and accounts for approximately 50% of employment. Considering the global financial crisis, SMEs are the foundation of creating more jobs and economic growth, particularly in the developing countries. Hence, generating opportunities for SMEs is a major approach to encourage development and diminish poverty. Due to the global financial crisis, most of the emerging markets have constrained the right to use various financial services for SMEs. They are not given the complete access to financing as yet, however, the liquidity is brought back to financial institutions, and lending activities are reported to be lower than before. Around 17 million SMEs in developing countries have not met the credit needs, which is the reason to broaden up the gap. This gap has r eached in between $900 billion to $1.1 trillion in the developing markets. International Finance Corporation (IFC) has formulated the policies to foster the SMEs financing across the world so that to encourage business support for such enterprises. The obstacles in the development of SMEs and access to finance are due to the various ethnic groups positioned in the country. The differences between diverse ethnic groups make it more challenging to set policies with reference to SMEs ethnic minority finance. An ethnic minority group is referred to as a business which comprises of owner and managers or large numbers of partners from a specific ethnic group that exists in minority. These are particular non-white people who start their own small business. There are five major ethnic minority communities who start up their small business to the greater extent, include Pakistani, Black Caribbean, Indian, Black African and Bangladesh.

Internal Controls Essay Example for Free

Internal Controls Essay The Company that held the most appeal and most overall steady growth of success was Amazon. com Inc. This company has had losses recently, but overall it has held firm among its management and profitability. The annual report for Amazon in the e-campus library showed phenomenal coverage for over the last fifteen years of reporting financials. In 2013, it has been ranked number 49 and the reason behind it is the technology factors of creating the Kindle Fire, which sold tremendously. The company’s earnings in 2013 has been in the billions. In 2012, the company made over $61 billion. That was a 27% increase due to the technology software that the smaller Kindle Fire introduced. Prime Instant Video Selection among Amazon which originated in 1998 has been steady with its growth. Now, as the Prime Video Selection makes its way into the spotlight within amazon. com for consumers, the results or profits are estimated to be outrageous for the company. Amazon. com not only has a company in the United States, but as well internationally. Electronic technology has allowed Amazon. com to start out as a small company and skyrocket and become a leading seller and company in America today. Digital media has expanded over 23 million people in television, books, and magazines. The company is doing exceptionally well. The company has over 88, 400 full time employees and shareholder numbers are at 3,075. ( University Library, Phoenix University XACC/210 May 29,2013 ) The company is an electronic shopping catalog type of business and its Internal Controls extend from management to data entry sophistication. I would think that since the website doesn’t give a precise use of how internal controls are conducted I would have to go with Enterprise Risk Management. This Internal Control is a type of software that links accounting and administrated functions into a total record keeping and reporting system that can be overlooked by management as well as the board of directors in that company. Often the board of directors, whose duty it is to oversee the ethical and commercial operations of a company and set policy, will access the ERM through their own intranet that allows them a secure online venue where they can review the companys books and operations, upload their own documents, make notes and discuss the company in private. Securities and Exchange Commission: Managements Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports) Overall I think that Amazon has good management internal controls pertaining to the type of business that it is. There are quite a few of employees, so management within this type of internal control can establish good reliability.

Macbeth Summary: Selfish Ambitions

Macbeth Summary: Selfish Ambitions The play begins with the brief appearance by three witches and then moves to a military camp where the Scottish King Duncan hears news about his generals, Macbeth and Banquo. The witches prophesy that Macbeth will be made thane of Cawdor and eventually King of Scotland. They also prophesy that Macbeths companion Banquo will beget a line of Scottish kings, although Banquo will never be king himself. While Duncan is asleep, Macbeth stabs him. When Duncans death is discovered the next morning, Macbeth kills the chamberlains and easily assumes the kingship. Macbeth hires a group of murderers to kill Banquo and his son Fleance. They ambush Banquo, but they fail to kill Fleance, who escapes. At a feast that night a ghost visits Macbeth. Macbeth goes to see the witches they show him a sequence of demons and spirits who present him with further prophecies: Macbeth is relieved by the prophecies given to him. Prince Malcolm, Duncans son, has succeeded in raising an army in England, and Macduff joins him as he rides to Scotland to challenge Macbeths forces. Before Macbeths opponents arrive, Macbeth receives news that Lady Macbeth has killed herself. When Macbeth learns that the English army is advancing on Dunsinane shielded with boughs cut from Birnam Wood, fulfilling half of the witches prophecy Macbeth is afraid. On the battlefield, Macbeth encounters the vengeful Macduff, who declares that he was not of woman born but was instead untimely ripped from his mothers womb. Though he realizes that he is doomed, Macbeth continues to fight until Macduff kills and beheads him, Malcolm is now the King of Scotland. Shakespeare utilizes imagery, symbol and hyperbole to expose the consequence of wanton ambition. Macbeth is a play in which the characters provide the reader with gory descriptions of carnage as the result of some sort of ambition. The description of the battle is rich in imagery as it depicts the savageness of war which smoked with bloody execution, Like Valours minion carved out his passage Till he faced the slave Which neer shook hands, nor bade farewell to him, Till he unseamd him from the nave to the chaps, And fixd his head upon our battlements (1.2.18-23). This depicts the behavior a brave solider such as Macbeth must execute in order to prove his bravery in the field and his willingness to serve his king in hopes of advancing in rank. The only reason a solider fights is for glory and honor both of which are critical in advancing forward in life. Macbeth only fights because he wants to be prompted to a higher rank, which his relentless determination in battle achieves as he is crowned Thane of Cawdor. The blood that stains Macbeth and Lady Macbeth are symbols of guilt for committing a murder merely for attaining more power Heres the smell of the blood still: all the perfumes of Arabia will not sweeten this little hand (5.1.4345) This line by Lady Macbeth is rich in imagery, Shakespeare allows the reader to experience the horror that accompanies murdering someone. The bloods stench is so strong that not even Arabian scents, which are a luxury, can mask the foul smell of another mans blood. On a deeper level the blood which is equivalent to the murder has stained her not only her physical body but her soul and no matter what she tries to do she will always be tainted by that act. Macbeth is a perfect example of this when he has murdered king Duncan and feels that he can do nothing to wipe his hands clean of the blood; Will all great Neptunes ocean wash this blood / Clean from my hand? No, this my hand will rather The multitudinous seas in incarnadine, Making the green one red.'(2.2.5859) Neptune is an allusion to the Roman god of the sea whose waters could not wipe the blood symbolic of the murder, meaning guilt, from Macbeths hands. Shakespeare uses hyperbole to captivate the readers attention that murder is in reconcilable when done for selfish reasons. Purpose: As a well know Satirist, Shakespeare goes to great extent to expound the consequences of harboring unbridled ambition. During this time Britain was divided into three parts, England, Scotland and. As a result of this fractured state Shakespeare witnessed much political turmoil at the hands of ambitious men. Shakespeare shares his disdain towards these temperaments through the story of Macbeth. The results of unchecked ambition are numerous, the betrayal that must take place for you to complete your goal, the guilt that overwhelms you and those close to you when you succumb to that ambition and do anything to fulfill it and the vengeance it erects in those who have been affected by unbridled ambition. In an attempt to get rationalize the murder of King Duncan; Macbeth concludes that he has no real reason to kill the king, other than his own ambition to become king. The results of this action demonstrates the dangers of unchecked ambition I have no spur To prick the sides of my intent, but only Vaulting ambition, which oerleaps itself And falls on the other. (1.7). The quote is ironic because Macbeth recognizes the dangers of acting on such ambitions and realizes that it will most likely lead to his downfall but he still follows through betraying King Duncan who had just promoted and admired him for his loyalty and honor. The consequences of fulfilling your selfish ambitions are devastating to your psyche. By committing the murder Macbeth rapidly degenerates from the honorable solider he was, to a deceiving King who is void of any magnanimous qualities. From this instant, Theres nothing serious in mortality: All is but toys: renown and grace is dead; the wine of life is drawn, and the mere lees is left this vault to brag of (2.3) this is verbal irony because the other characters in the story believe he is being sincere about the murder but at this moment he is relinquishing himself of any personal qualities that may prevent him from being the cold and aggressive man Lady Macbeth wanted him to become. Further irony presents itself when Lady Macbeth exclaims as she sleepwalks Out, damned spot! out, I say! (5, 1) this is an outward manifestation of her inward guilt. After the murder of King Duncan both Macbeth and Lady Macbeth beginning to degenerate, Macbeth becomes a calculating tyrant while Lady Macbe th begins to feel guilt for her role in the deaths of Banquo and Macduffs family. The degeneration of the human mind is complete when Lady Macbeth commits suicide and Macbeth refuses to retreat despite knowing he is going to die. The downfall of Macbeth was that he allowed his ambition to take control of his life. Macbeth allowed other to influence his desires, like, Lady Macbeth and the witches. His mindset was morphed and because of this he gave into the wants and perceptions of other instead of being true to himself.

History and Vectors of Rabies Essay -- Medical Disease

History and Vectors of Rabies Literally meaning â€Å"madness and fury†, rabies is commonly recognized by the characteristic foaming of the mouth and wild behavior. However, this is only the tip of the iceberg. This disease is spread through the saliva of infected carriers. Rabies is a viral disease that targets the nervous system which is always fatal with the exception of a single case. Natural remedies and spiritual therapies were used in hopes of warding away this fatal disease until the discovery of vaccination revolutionized medicine. This mysterious virus has a very unique history dating back to the first civilizations. The earliest mentioning of rabies in the past is a set of documents existing back as early as 2300 B.C. These legal documents explained the penalty when an owner’s pet caused any deaths resulting from the animal’s bite (Alan 1). This is the first written document acknowledging the existence of rabies. Pre-Socratic philosophers had discussed the â€Å"seed of disease† which gave the people a greater understanding on diseases in general. Well known philosophers and doctors, such as Hippocrates, Aristotle, Democritus, Celsus, Galen, and Pliny, discussed the nature of rabies during their eras but were commonly dismissed due to the insignificance of science at the time, people would often would overlook the complexity of this virus. The Roman doctor Celsus focused on the effect of rabies on humans during the first century A.D., especially prophylaxis and hydrophobia (Alan 2). He focused on treating this disease, although he admitted that there was â€Å"very little hope for the sufferer† once the extreme symptoms had revealed themselves (Alan 3). His treatment included cauterizing and bleeding the wound in order to allow t... ...and of the future discover an effective cure. As for now, there are still numerous breakthroughs to be discovered. Works Cited Jackson, Alan C., and William H. Wunner. Rabies. London: Elsevier Science, 2002. Kaplan, Colin, et al. Rabies the Facts. Ed. Colin Kaplan. Oxford: Oxford UP, 1977. MMWR Dispatch. â€Å"Investigation of Rabies Infections in Organ Donor and Transplant Recipients.† Morbidity and Mortality Weekly 53.26 (July 2004): 586-589. 24 July 2007 . West, Geoffrey P. Rabies in Animals and Man. Ed. Newton Abbot. Great Britain: David & Charles Limited, 1972. Willoughby, Rodney E, Jr, et al. â€Å"Survival after Treatment of Rabies with Induction of Coma.† Survival after Treatment of Rabies with Induction of Coma 24 ser. 352.2508-2514 (June 2005). The New England Journal of Medicine. 22 July 2007 .

Indian Beer Industry – Oligopoly

Economies of scale: The increase in  efficiency of production  as the number of goods  being produced increases. Government policies: restrictions on advertising leading to surrogate ADVT. , polic ies which make it difficult for expansion of companies. Access to distribution channels: cost of distribution in this industry needs to be looked at logically. If firms in this industry carries significant costs from distribution which are then reflected in their prices to customers, the customers will choose the competition.Suppliers product differentiation/ SWITCHING COSTS OF BUYERS: the development of new products that may create a new demand or create repeat customers is always a key success when in a competition. Exit barriers: Typical barriers to exit include highly specialized assets, which may be difficult to sell or relocate, huge exit costs, such as asset write-offs and closure costs, and inter-related businesses, making it infeasible to sell a part of it. Another common bar rier to exit is loss of customer goodwill. Buyers switching costs: n order to remain competitive, companies in this sector must make their products readily available and accessible to their customers or they will go with the competition. Advertising: when everyone’s advertising in the industry is d same, its easy for companies to get lost in the mix. However by staying on top wid interesting and new ways to promote a product, people remember that product better. Importance of a specific product to a customer: An imp competitive advantage that ensures that customers will be less likely to switch to another company for a similar product. BUYERS USE OF MULTIPLE SOURCES: urchasers regarding the selection of suppliers (sources), e. g. the use of a single or two or more (multiple) sources. {Considers the justification of either method in the context of reducing the uncertainty (risk) of a particular purchase. Illustrates the marketers view of sourcing and the differing sales tactic s employed according to the suppliers' preferences. Concludes that purchasers should examine uncertainty buying-selling situations (UBSS) objectively with regard to their own organizations' need criteria, e. g. cost and timeliness, this determining the relevant sourcing policy}.Demand and supply curve: demand for beer increases at all prices 1. Initially in equilibrium with P1 and Q1. 2. A non-price determinant of demand (availability of complement goods) has changed: the demand curve shifts out from D0 to D1 At the initial price level there is excess demand with quantity demanded rising above the quantity suppliers are willing to supply at price P1 (? 2. 50) 3. The market price responds to excess demand by increasing. This causes demand to contract again (movement back up the demand curve), but also supply to expand (movement down the supply curve) 4.The new equilibrium is reached where supply and demand are equal at the higher price P2 (? 3) and Q2 (50 bottles) One of the reasons for higher sales of beer in South-India is the hot and humid climate for around 10 months. Due to this people consume beer all throughout the year increasing the volumes. As the figures suggest, thehot states contribute most to the revenues generated from the beer sales. (See Exhibit 15) . Hence we conclude that the overall market in India is highly diverse and for each region different strategy needs to be employed.

Developmentally Appropriate Practice

Please answer the following questions.1. What does the acronym DAP in the field of early childhood education stand for? In one sentence, explain what the phrase means to you when you spell it out. (4 points)â€Å"DAP† – Developmentally appropriate practiceDAP refers to a framework designed to encourage young children’s optimal learning and development. Ensures that children’s goals and experiences are suited to their learning and development and challenging enough to promote their progress and interest. Best practice is based on knowledge and not on assumptions of how children learn and develop. DAP is the best practice to promote excellence in early childhood education.2. What three areas of knowledge must all early childhood professionals consider in relation to DAP? (These are outlined under the first DAP core: Knowledge to consider in making decisions.) (6 points= 2 points eac h)Below three areas of knowledge that must be considered by all early childhood professionals should consider in relation to DAP: a. Knowing about child development and learning.Knowing what is typical at each age and stage of early development is crucial. This knowledge, based on research, helps us decide which experiences are best for children’s learning and development. b. Knowing what is individually appropriate.What we learn about specific children helps us teach and care for each child as an individual. By continually observing children’s play and interaction with the physical environment and others, we learn about each child’s interests, abilities, and developmental progress. c. Knowing what is culturally important.We must make an effort to get to know the children’s families and learn about  the values, expectations, and factors that shape their lives at home and in their communities. This background information helps us provide meaningful, rele vant, and respectful learning experiences for each child and family.3. Describe an example of what a DAP activity or interaction looks like with children. (5 points)I quoted an example of teaching a Preschooler an example of DAP activity with Children: Good preschool teachers maintain appropriate expectations, providing each child with the right mix of challenge, support, sensitivity, and stimulation. With their knowledge, skill, and training, teachers can ensure that programs promote and enhance every child’s learning. DAP in preschool looks like:â€Å"In the dramatic play center, two 4-year-old girls are pretending to read menus. Jaimi, noticing that neither girl has taken on the role of waiter, takes notepad and pencil in hand and asks them, â€Å"May I take your order?† Over the next few days, more children join the restaurant play. Waiters set tables, take orders, give orders to the cook, and prepare checks for diners.† Jaimi is an observant, inventive, and intentional teacher. Her intervention sparks fresh play, tempting children to take on different roles, enrich their social and language interactions, and use writing and math for new purposes.4. List the five guidelines of DAP and explain what each one means in your own words. (10 points= 2 points each)These guidelines address five key aspects of the teacher's role:I. Creating a caring community of learnersThe early childhood setting functions as a community of learners in which all participants consider and contribute to each other's well-being and learning.Social relationships are an important context for learning. Each child has strengths or interests that contribute to the overall functioning of the  group. When children have opportunities to play together, work on projects in small groups, and talk with other children and adults, their own development and learning are enhancedII.Teaching to enhance development and learningTeachers use their knowledge about children in genera l and the particular children in the group as well as their familiarity with what children need to learn and develop in each curriculum area to organize the environment and plan curriculum and teaching strategies.Teachers develop, refine, and use a wide repertoire of teaching strategies to enhance children's learning and development.III.Planning curriculum to achieve important goalsEffective curriculum plans frequently integrate across traditional subject-matter divisions to help children make meaningful connections and provide opportunities for rich conceptual development. Curriculum promotes the development of knowledge and understanding, processes and skills, as well as the dispositions to use and apply skills and to go on learning.IV.Assessing children's development and learningAssessments are tailored to a specific purpose and used only for the purpose for which they have been demonstrated to produce reliable, valid information.Assessment of young children's progress and achiev ements is ongoing, strategic, and purposeful. The results of assessment are used to benefit children in adapting curriculum and teaching to meet the developmental and learning needs of childrenV.Establishing reciprocal relationships with familiesReciprocal relationships between teachers and families require mutual respect, cooperation, shared responsibility, and negotiation of conflicts toward achievement of shared goals.Parents are welcome in the program and participate in decisions about their children's care and education. Parents observe and participate and serve in decision making roles in the program.

Psychological research Essay

Eyewitness memory for details of an event can be affected at the registration stage by witness factors and event factors. Witness factors include age, stress and expectations. For example, several studies have shown that children typically give fewer details about an event they have witnessed than adults. Similarly, List (1986) found that older people may also recall less than younger people. In addition, even though a high level of arousal (stress) would increase your level of performance, too much arousal would lower it. That is to say that a very frightened person will start to repress memories and force them to the back of their mind where they can never be retrieved again. Information is lost with the passage of time, which can be explained by the trace decay theory of forgetting. Over time, â€Å"basic† information is retained, especially from a significant event. Much of the detail is lost, and misleading information is typically given after an event if participants are able to recall this new information as if they’d seen it. However, this might only be partial. As with the influence of exposure time on memory, this too was demonstrated by Ebbinghaus (1885). It has also been shown in a naturalistic study of long term forgetting, carried out by Wagenaar and Groeneweg in1990. Seventy-eight survivors of the concentration camp, Camp Erika, were interviewed between 1984 and 1987 about their camp experiences. The information they gave was compared with earlier evidence they had given just after the end of the war. There was general agreement in the later interviews on basic information. All but three of the thirty-eight people who had been tortured by the camp commandant, for example, remembered his name. However, much of the detail had been lost. In conclusion, while basic information may be well remembered over time, details tend to be forgotten. On the whole, storage factors can affect recall. Basic information is often retained, but detailed information is lost over time. Memory can be supplemented by later information. It can be distorted by misleading information, known as the misinformation effect. This can also lead to completely inaccurate information being given. The misinformation effect has been challenged in terms of whether it is the result of memory impairment of the effects of bias in the testing situation.

The Continuum from Legitimacy to Fraud Research Paper - 9

The Continuum from Legitimacy to Fraud - Research Paper Example This essay demonstrates that the suitability of an accounting policy under the requirements of Generally Accepted Accounting Principles (GAAP) draws a line on the continuum that distinguishes legitimate earnings management from fictitious accounting transactions. The process of determination of whether or when earnings management dealings do cross the line is essentially difficult to ascertain legitimacy to fraud, especially in certain situations on financial transactions. Legitimate earnings management in an entity translates to quality in earnings but with no reference to whether there has been a fair presentation of the financial statements that are convenient to the generally accepted accounting principles. Auditors’ roles with regard to quality of the entity’s earnings are important though their responsibilities are spelled out in detection and reporting of fraud. Auditors need to address their judgments about quality and the acceptability of the entity’s pr inciples of accounting and all the financial estimates that underlie the statements. Auditors should always inform the committee on the audit on the unacceptability approach at the end of the accounting period so as to improve the overall effectiveness of the corporate body on audit committees. The communication between the auditors and the committee on the audit is seen as an avenue for enhancing clear understanding of the quality of earnings and all the issues related to it hence improving the level of financial reporting. ... ?†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦42 4.0 Question #4 Overview: Ethical Considerations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..45 4.1 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦46 4.2 Corporate mechanisms to avoid fraudulent Earnings Management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.50 4.3 Board oversight†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.51 4.4 External Audit and internal Audit reporting to Audit committee of Board†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..52 4.5 Whistleblower procedures†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.52 4.6 Code of conduct and ethics of Financial Officers†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.53 4.7 Philosophical Stance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.54 4.8 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..55 Question #1 Overview —Theoretical and Conceptual Knowledge Introduction (Overview) Earnings management entails an extensive range of illegitimate and legitimate actions undertaken by companies and business organizations’ management s, affecting the entire legal entities’ overall earnings. In understanding this phenomenon of earnings management, it’s important to have a wide overview of the legitimate managerial activities carried out in an entity and the fraudulent reporting that is spearheaded by accountants and the entire management of an organization. The management of earnings leans on the credibility of financial information which is adversely affected by legal or illegal undertakings. All managerial activities within an organization have various implications and potential effects on earnings management.

The Economic Rationale for Road Pricing is Compelling Essay

The Economic Rationale for Road Pricing is Compelling - Essay Example The European Union is studying the marginal cost of pricing in the arena of transportation for about a decade now. The Union funded many ongoing projects in this field. The RAC Foundation handed over the responsibility of determining the mechanisms of motoring taxes to the independent institute of fiscal studies. They were asked to investigate whether the taxes are equitable and justifiable. The report from the institution mentioned the issue of cabotage and stated that the hauliers belonging to the other countries have the potential to deliver goods into the market of UK by paying lower taxes on diesel or ignoring the duty rates of the country (Gillen, 2007, p. 1-2). Road Transport and economics A key role is played by transportation in the economic scenario of today. A term, transport economics is used now to identify the role of transport in economy. The supply is determined by the capacity carriers offer to the travelers while the demand is determined by the number of trips the t ravelers takes within a particular time frame. In order to witness a booming economy it is necessary to maintain a steady system of transport that allows fluent access of goods and services across the country. If the goods get delay because of lacks in transport facilities the profits will fall which will take its toll on the level of efficiency. An efficient transport system will create employment opportunities (Croner, 2012). A vast majority of labor is necessary to carry out the responsibilities of transporting goods to the various places quickly. When the economy is not on its course people are less willing to travel and the economy suffers while in the booming situation frequent traveling not only creates more job opportunities but also contributes in strengthening the transport system. The road transportation is more popular where people tend to find the less costly method of transportation. The road transportation facilities are characterized by monopolistic competition which revolves around the conditions of supply and demand. The products or the services offered in the monopolistic competitive market are same but cannot be substituted. The differentiation in the offered products provides choices for the consumers and the consumers can take the decision on which product they want to avail. This factor acts as the catalysts to drive in more competition into the market as well as new innovations which are less costly and more effective (Seely, 2012, p. 2) The report The report of the IFS recommended a move to a more diverged system of road pricing. The revenues raised as a resultant can be used to reduce the taxes on motor transport. Such a measure is thought to generate sufficient economic gains from reduction in congestion. The measure is also thought to reduce the levied taxes on the majority of driven miles, and leave a certain portion of the motorists in a better off situation as well as provide a stable footing for the taxes on motoring without tak ing any additional measures to raise the net additional benefits from the drivers. The use of roads generates costs that are borne not only by the motorists but also by the wider society. Therefore externalities are accrued to the system of road taxes or the system of road pricing. These externalities suggest that in the absence of effective pricing or taxation policies there is inefficient high level of road use. The taxes have the

Scholarship Essay Example | Topics and Well Written Essays - 500 words - 6

Scholarship - Essay Example erefore my family and I would benefit from a scholarship as it would free my parents of additional concerns and financial responsibilities, making it easier for them to assist me with the maintenance of my car, while I focus on my education. JP appears to be a very respectful, mature and thoughtful teenager who wants to reduce his parent’s burdens and wants to please them by taking responsibility for his car and his own education. JP also demonstrates a keen appreciation for the potential for failure by identifying the key obstacles to success. The obstacles are financial difficulties, peer pressure and the conflicts these factors have with pursuing an education and maintaining a car. JP has demonstrated a willingness to work to reduce his parent’s financial burden, but recognizes the difficulties working has on his pursuit of an education. A scholarship would certainly reduce the parents’ financial burdens and help them to allocate funds to assist JP with the expenses involved in maintaining a car leaving JP free to focus on an education. My mother abandoned me to pursue an education when I was just 2 months. My father was not the best alternative as he was in and out of jail and abused and neglected me. As a result I spent the greater part of my life in the custody of Child Protective Services. Despite these hardships, I managed to remain in school. I am currently a junior at John F. Kennedy High School and I give my full attention to my school work. I am currently living with my grandparents who do their best to assist me despite the fact that my grandfather is disabled and their combined income is meager. I have thought about getting a job to help out, but realize that it would interfere with my education and limit engagement in extra-curricular activities. Therefore a scholarship would relieve my grandparents of the financial burden of helping me out with school supplies and would relieve me of the burden of having to find work, freeing me to

Reflective skills essay Example | Topics and Well Written Essays - 2500 words

Reflective skills - Essay Example The basic thing needed to nourish the therapist-client relationship is respect. The therapist must respect the patient in whatever the state he is in. He should be honest and straightforward. He must also take patient’s informed consent about the treatment. Informed Consent is about having the capable patient take part in making decisions about his healthcare and treatment process (Wear, 1992). The therapist has to guide some ethical principles in his practice to be able to hold the client. Rainbow (2002) describes that these ethical principles include: Physicians should stick to their responsibilities when they are facing a dilemma in making ethical decisions. This will help them to make consistent decisions while adhering to their ethical obligations. All of the above mentioned principles and theories help in developing strong bond between the therapist and the client. When the client knows that the therapist will protect his privacy, respect his autonomy, and will make ethical decisions about his health, he will naturally want to share all his health related problems with the therapist and will want to participate in the decision-making process. This fastens up the recovery process and guarantees patient compliance with the treatment. Transference is a therapeutic process in which the patient transfers his feelings to the therapist, the feelings which arise because of inappropriate relationships in the past and which can help the therapist in understanding the patient’s present condition (Bauer, 1994). It is known as a very important part of psychoanalytic treatment in which the patient transfers his attitudes and feelings linked with some significant others, to the therapist, and the patient in turn gains an insight into the present distortions in his life by looking at past disturbances in the relationships which may have remained hidden or inactive in his memory. In the therapy session, I had to deal

Homwork Essay Example | Topics and Well Written Essays - 500 words

Homwork - Essay Example In this regards, it serves the symbolic function of the importance of prayers. In addition, the above picture demonstrates a facial appearance of a dynamic object. The background images and scenes are small and freely placed in a pictorial pattern. Thus, it qualifies to become a late gothic design (Introduction to Late Gothic art, 2013). I categorize the arts in this category because they are products of individual artists who demonstrate an artistic trend of depth. The highlighted paintings reflect human nature with the right dimensions, terminologies, and clothing. In comparison with the Gothic styles, the exquisite pieces provide three-dimensional quality reflections. In addition, they share similarities of an early renaissance by offering pictures of animal and human anatomy to progress the subject knowledge. Both artifacts demonstrate the knowledge of nature and infuse the ideas in the contemporary society. Thus, they offer realistic facial expressions and dimensions familiar with the early Renaissance (Bourdua & Dunlop, 2007). Book pictures fit the international style because they depict architectural formations. Unlike the Gothic and Renaissance, they reflect the aesthetics instead of the societal trait. In other instances, the book paintings mainly buildings have plane surfaces and lack ornamentation aspects. The above picture is rectilinear and entails modern materials to make it perfect. The image shows the mourning of Christ by followers. It portrays a somber mood five people surrounding and gently holding the dead body. In this, the artist provided a perfect example of early Renaissance using soft textures and pictorial plane. The painting is bright and offers an innovative aspect of three-dimensional appearance. Thereby, it enhances the quality and intended purpose of the symbolism. The artist perfectly infuses naturalism and religious agenda. The picture has a soft background that

A Discussion of the Final Chapter of Dr Jekyll and Mr Hyde Essay Example for Free

A Discussion of the Final Chapter of Dr Jekyll and Mr Hyde Essay In the final stages of Dr Jekyll and Mr Hyde, there are many ways in which the author, Robert Louis Stevenson, both explores human nature, and also creates a sense of sympathy on the part of the reader for Dr Henry Jekyll, which could be said to extend to Mr Edward Hyde as well. In reference to the authors exploration of the nature of humanity, the settings of the story itself are very important. Previous to the writing of this story, there had been a firm tradition of horror stories being set exclusively in rural areas, perhaps due to the fact that only a minority of people lived in these areas, and so to those elsewhere it would have seemed far more remote and exotic. Stevensons thriller was ground-breaking in that it focussed its plot in an urban setting, by name London, but also with extraordinary resemblance to Stevensons home city of Edinburgh. This setting reflects the idea of urban expansion into the countryside, but more importantly the more modern appearance of this particular horror story. Because a large majority of the readers of this book would have been living in the city, it brings the story closer to them, and allows them to become more involved in the events of the plot. Stevensons use of the city as the setting for his story also is also representative of early manifestations of writers of this era moving towards using the city as a representation of fear and darkness, rather than its previous role as a deeply romanticized place. In terms of Stevensons investigation of human nature, the proximity of Jekylls laboratory and his fine house is very significant. The laboratory represents, in my opinion, the hidden, secretive side of his life, involving his work, as well his life as Mr Edward Hyde. The fact that this laboratory is so close to Jekylls expensive and upper-class house, representing his professional and social life as a doctor and a well-respected member of society, signifies the proximity of the two parts of his character, in fact their intricate relationship, intertwined and connected in so many different aspects. This idea is also mentioned by Jekyll himself in the final chapter, in his account of events, emphatically saying; It was the curse of mankind that these two incongruous faggots were thus bound together-that in the agonized womb of consciousness, these polar twins should be continuously struggling. I have decided to quote this sentence because I believe it is very revealing about the thorough and primitive duality of man explored in the text. Jekyll talks of incongruous faggots being bound together, meaning that the two elements do not combine, but that they are still as one. The phrase polar twins, is almost a contradiction in terms, and shows that the two elements of Dr Jekylls psyche are both united in their existence, but also that they are totally opposite. The phrase duality of man, used earlier in this chapter, also expresses the idea of two parts to every mind or conscience, an ego and a superego. Mr Edward Hyde is the ego, an utterly self-absorbed being, merely concerned with and conscious of themselves. Dr Jekyll, however, is the superego, the element of the character which socialises the entirety, enabling it to interact with others. No man is complete without both of these parts, and neither can truly exist without the other. However, Jekylls apparent desire to appear arid and utterly professional externally, and his recognition of his chief fault as a certain impatient gaiety of disposition seems to have forced him into a desire to separate the two parts of his character, the superego and the ego. This, in his mind, would allow him to live as two men, but his failure to predict the nature of these two individual characters leads to his suffering and isolation. In the final chapter, his retrospective account, he concedes, all human beings, as we meet them, are commingled out of good and evil: and Edward Hyde, alone in the ranks of mankind, was pure evil. Stevenson himself shares some parallels with the character of Jekyll. Born into a strictly religious, part of the Calvinist movement, Stevenson grew up with the belief, although possibly inescapable, that there was an underlying and constant presence of sin in everything; every action and every person. This is shown in the character of Henry Jekyll, and the underlying evil that is personified by Edward Hyde. In Jekylls earlier life, he was forced to conceal his pleasures from his family, becoming rebellious against his father, just as Jekyll himself feels urged to do in the story, and from which the beginnings of his familiarity with a double-life or, as he says a profound duplicity of life, can be traced. The context of the story is also important in terms of the sympathy created by the author for Hyde. The period in which the book is set was one of enormous scientific progress and discovery, and in my opinion, this adds a further element to the reasons for a feeling of sympathy for Henry Jekyll. Jekyll himself cites a burning ambition inside himself as being a key reason for his unquenchable thirst to discover the true nature of humanity, and thus his desire to become Hyde. The intensity of the scientific world of the period, and the temptation which face Jekyll after his first experience of the transformation both appear to contribute towards his inability to stop himself becoming Hyde. Jekyll himself seems to realise the responsibility of these factors towards the end of the book, in his account of events. One particular example of this is; Strange as my circumstances were, the terms of this debate are as old and commonplace as man: much the same inducements and alarms cast the die for any tempted and trembling sinner; and it fell out with me, as it falls with so vast a majority of my fellows, that I chose the better part and was found wanting the strength to keep it This clearly shows Jekylls impotence to stop himself from leaning towards the temptation of his new life, and also that this was not a vice exclusive to him as an individual, but that it was something unavoidably and unquestionably natural for mankind. This creates a sense of sympathy on behalf of the reader, because it emphasises Jekylls lack of power and control over his actions, as well as explaining to the reader that the evil which is brought out of Henry Jekyll is not something that he is to blame for, instead that he is a victim of his own ambition and daring, as well as the ambition and aspirations of the society in which he lived. Another remark which shows this idea is, It was thus the exacting nature of my aspirations, than any particular degradation in my faults, that made me what I was, expressing the feeling of blamelessness in Jekyll, and thus the sympathy in the reader for him. Another way in which the reader is led to sympathise with Jekyll is the way in which Jekyll is tempted to become Hyde by his feelings of restriction and his desire to find pleasure, whilst keeping his life as Dr Henry Jekyll separate from this. In his account, Jekyll explains that, in becoming Hyde, he is free from the bonds of obligation and is able to, like a schoolboy, strip off these lendings and spring headlong into the sea of liberty. These quotations clearly show the immense need for freedom that Dr Jekyll faces, and the extent to which he is prepared to act in order to obtain this freedom. There seems, to me, to be a certain resemblance to the idea of sin and temptation in this element of the story. Jekyll clearly feels restricted by, and in, the world in which he lives, and the fact that he is aware of a way out of this world causes his inability to resist the temptation of taking the path to freedom. When he has experienced the freedom for the first time, he is unable to st op himself from using the potion in order to free himself from the burdens of society. The sympathy induced by Stevenson is not, however, limited to the character of Dr Jekyll. To a certain extent, Mr Hyde is worthy of some pity himself. The main way in which this applies is in relation to Hydes death and disappearance. Hyde commits suicide because he is afraid of being caught, and subsequently punished for his violent actions. If we are to believe that Hyde is evil incarnate, and that he possesses no element of good in his character, then the fact that he is unable to forgive himself his wrongdoings, and that he makes excuses for his actions, would seem to suggest that he cannot be seen as utterly ruthless, and thus in a sense he is weak. This inability to ignore his conscience, means, in my opinion, that he is not in fact entirely evil, and that the relationship between good and evil, and between Dr Henry Jekyll and Mr Edward Hyde, is not as defined as one might think, that there are shades of grey to be considered. I believe that this creates sympathy for Hyde, making him appear wretched and pitiful. Indeed, Dr Jekyll himself creates and expresses a certain degree of pity for Hyde, admitting that he cannot wholly condemn his actions, because he himself envies the way in which Hyde embraces his freedom. He says, But his love of life is wonderfulI find it in my heart to pity him The fact that even Jekyll feels pity for his wretched inner self merely serves to encourage similar feelings in the reader. In conclusion, I believe that Dr Henry Jekyll bravely sacrifices his own life in order to prevent the evil Edward Hyde from being free. In this sense, I feel that he shows another side of human nature which is almost entirely exclusive to Jekylls superego, the conscience. Jekyll shows an ability to consider the situation of others above himself, and importantly, an ability to recognise between good and evil.

Application to Modern Investment Theory to EMH

Application to Modern Investment Theory to EMH The modern investment theory and its application on the efficient markets hypothesis 1. Introduction The Modern investment theory and its application is predicated on the Efficient Markets Hypothesis (EMH), assumption that markets fully and instantaneously integrate all available information into market prices. Underlying this comprehensive idea is the assumption that market participants are perfectly rational, and always act in self-interest, making optimal decisions. These assumptions have been challenged. It is difficult to tip over the neo classical convention that has yielded such insights as portfolio optimization, Capital Asset Pricing Model, Arbitrage Pricing Theory and Cox Ingersoll-Ross theory of the term structure of interest rates, all of which are predicated on the EMH[2] rather than downside risks[3]. The theory of behavioral finance is opposite to the traditional theory of Finance and deals with human emotions, sentiments, conditions, biases on collective as well as individual basis. Behavior finance theory is helpful in explaining past practices of investors and dete rmining the false performance of the investors. Behavioral finance is a concept of finance which deals with finances incorporating findings from psychology and sociology. It is reviewed that behavioral finance is generally based on individual behavior and financial market outcomes. There are many models explaining behavioral finance that explains investors behavior or market irregularities where rational models fail to provide adequate information. Investors do not expect such research to provide a method to make lots of money from inefficient financial markets quickly. According to Shiller (2001) Behavioral finance has basically emerged from the theories of psychology, sociology and anthropology where implications of these theories appear to be significant for efficient market hypothesis, that is based on the positive notion that people behave rationally, maximize their utility. It is found that in efficient market the principle of rational behavior is not always correct. Thus, the idea of analyzing other model of human behavior has come up. Gervais (2001) further explains the concept where he says that people like to relate to the stock market as a person having different moods, this person can be bad-tempered or high-spirited and can overreact one day or make amends the next. This person indicates human behavior which is unpredictable and behaves differently in different situations. Lately many researchers have suggested the idea that psychological analysis of investors may be very helpful in understanding financial markets better. To do so it is important to understand behavioral finance presenting the concept of traditional theory overestimating rationality of investors, their biases in decisions casting a cumulative impact on asset prices. To many researchers the study of behavior in finance appeared to be a revolution. As it transforms peoples mentality and perception about markets and factors that influence the markets. The paradigm is shifting. People are continuing to walk across the border from the traditional to the behavioral camp. Gervais (2001, pp.2). On the contrary some people believe that may be its too early to call it a revolution. Gervais (2001) states that Fama in (1970) argued that behavioral finance has not really shown an impact on world prices, and that model contradict each other on different point of times. Giving very less account to behaviorist explanations of trends and the irregularities anomaly ( is any occurrence or object that is strange, unusual, or unique) also argued that in order to locate patterns the data mining techniques are much helpful. Other researchers have also criticized the idea that behavioral finance models tend to replace the traditional models of market functions. Some weaknesses in this area, explained by Gervais (2001)are that generally overreaction and under reaction are major causes of market behavior. In these cases People take the behavior that seems to be easy for a particular study regardless of the fact that whether these biases are either primary factor of economic forces or not. Secondly, lack of trained and expert people. The field does not have enough trained professionals both in psychology or finance fields and therefore as a result the models presented by researchers are improvised. Gervais (2001) also focused on individual behavior impacting asset prices and explained that this field of behavioral finance is currently in its developmental stage, in its way of development it is facing a lot of disagreement which itself is a productive one. He points out that if we apply the conceptual models of behavioral finance to the corporate finance, it can majorly pay off. If money managers are incorrectly rational, means they are probably not evaluating their investment strategies correctly. They might take wrong decisions in their capital structure decisions. It has been found that quite a few people foresee behavioral finance displacing the age old Efficient Markets theory. On the contrary underlying assumption that investors and managers are completely rational makes insightful sense to many people. 2. Traditional Finance and Empirical Evidence Fung, (2006) claimed that Post Keynesian theory has criticized mainstream economic theory for using statistical methods to model the world in which histori ­cal market data cannot provide, In recent years, two different lines of research experimental economics and behavioral finance have pro ­duced results that are at odds with the predictions of mainstream finan ­cial theory. This paper argues that it is beneficial to the development of good financial theory for Post Keynesian economists to engage in an exchange of ideas with the practitioners of these two lines of research. The difference of opinion originated when experimental economics and behavioral finance understood the difference between agents rationality in theory and in real world. Both had a same point of view regarding Post Keynesian economists where both of them refused to assume Post Keynesian economists assumption of economic actors being always rational by maximizing expected utility. Instead of assuming ration al economic ac ­tors who always act consistently, they often tap into insights provided by psychology to try to explain economic behavior. The use of psychol ­ogy can be traced back to Keynes, and, in fact, some of the papers in experimental economics and behavioral finance take a remark of Keynes on the psychology of economic actors as an inspiration for designing empirical tests of economic behavior. Indeed, some of these papers rec ­ognize that we live in an uncertain world, and they examine the heuris ­tics, or rules of thumb, that economic actors develop to guide their behavior in face of uncertainty. When Keynes made his remark in 1936 (the original publication date of the General Theory), there was not yet an efficient market hypothesis. But in 1970 Fama published his pioneering paper on efficient markets. In it, he defined an efficient market as a market in which prices always fully reflect available information. Traditional theory assumes that agents are rational an d the law of one price holds that is a perfect scenario. Where the law of One price[5]. And agents rationality explains the behavior of investor Professional and Individual which is generally inconsistent with rationality or future predictions. If a market achieves a perfect scenario where agents are rational and law of one price holds then the market is efficient. With the availability of large amount of information, form of market changes. It is unlikely that market prices contain all private information. The presence of noise traders (traders, trading randomly and not based on information). Researches show that stock returns are typically unpredictable based on past returns where as future returns are predictable to some extent. According to Glaser et al. (2003) Few examples from the past literature explains the problem of irrationality which occurs because of naive diversification, behavior influenced by framing, the tendency of investors of committing systematic errors while ev aluating public information. Lately it has been found that investors` attitude towards the riskiness of a stock in future and the individual interpretation may explain the higher level trading volume, which itself is a vast topic for insight. A problem of perception exist in the investors actions that stocks have a higher risk adjusted returns than bonds. Another issue with the investors is that these investors either care about a stock portfolio or just about the value of each single security in their portfolio and thus ignore correlations. The concept of ownership society[6] has been promoted in the recent years where people can take better care of their own lives and be better citizen too if they are both owner of financial assets and homeowners. As Shiller (2006) suggested that in order to improve lives of less advantaged people in our society is to teach them how to be capitalist, In order to put ownership society in its right perspective, behavioral finance is needed to be und erstood. The concept of ownership society seems very attractive when people appear to make profits from their investments. Behavioral finance is also very helpful in understanding and justifying government involvement in investing decisions of individuals. The failure of millions of people to save properly for their future is also a core focus of behavioral finance. According to Glaser et al. (2003) there are two approaches towards behavioral finance, where both tend to have same goals. The goals tend to explain observed prices, market trading volume and Last but not the least is the individual behavior better than traditional finance models. Belief Based Model: Psychology (Individual Behavior) Incorporates into Model Market prices and Transaction Volume. It includes findings such as Overconfidence, Biased Self- Attrition, and Conservatism and Representativeness. Preference Based Model: Rational Friction or from psychology Find explanations, Market detects irregularities and individual behavior. It incorporates Prospect Theory[7], House money effect and other forms of mental accounting. Behavioral Finance and Rational debate: the article by Heaton and Rosenberg (2004) highlights the debate between the rational and behavioral model over testability and predictive success. And it was found that neither of them actually offers either of these measures of success. The rational approach uses a particular type of rationalization methodology; which goes on to form the basis of behavior finance predictions. A closer look into the rational finance model goes on to show that it employs ex post rationalizations of observed price behaviors. This allows them greater flexibility when offering explanations for economic anomalies. On the other hand the behavior paradigm criticizes rationalizations as having no concrete role in predicting prices accurately, t hat utility functions, information sets and transaction costs cannot be `rationalized. Ironically they also reject the rational finances explanatory power which plays an essential role in the limits of arbitrage, which actually makes behavioral finance possible. Heaton Rosenberg (2004) presented Milton Friedmans theory that laid the basis of positive economics. His methodology focused on how to make a particular prediction; it is irrelevant whether a particular assumption is rational or irrational. According to this methodology, the rational finance model relies on a limited assumption space since all assumptions that are supposedly not rational have been eliminated. This is one of the major reasons behind the little success in rational finance predictions. Despite the minimal results, adherents of this model have criticized the behavioral model as lacking quantifiable predictions that are based on mathematical models. Rational finance has targeted a more important aspect in the structure of economy, i.e. Investor uncertainty, which further cause financial anomalies. In explaining these assertions, the behavioral approach emphasizes importance of taking limits in arbitrage. Further his methodological approach falls into the category `instru mentalism[8], which basically states that theories are tools for predictions and used to draw inferences. Whether an assumption is realistic or rational is of no value to an instrumentalist. By narrowing what may or may not be possible, one will inevitably eliminate certain strategies or behaviors which might in fact go on to maximize utility or profits based on their uniqueness. An assumption could be irrational even in the long run, but it is continuously revised and refined to make it into something useful. In opposition to this, many individuals have said that behaviouralists are not bound by any constraints thus making their explanations systematically irrational. Heaton Rosenberg (2004) further explains the concept of Rubinstein that how when everyone fails to explain a particular anomaly, suddenly a behavioral aspect to it will come up, because that can be based on completely abstract irrational assumptions. To support rationality, he came up with two arguments. Firstly he w ent on to say that an irrational strategy that is profitable, will only attract copy cat firms or traders into the market. This is supported when a closer look is given towards limits to arbitrage. Secondly through the process of evolution, irrational decisions will eventually be eliminated in the long run. The major achievements characterized of the rational finance paradigm consist of the following: the principle of no arbitrage; market efficiency, the net present value decision rule, and derivatives valuation techniques; Markowitzs (1952) mean-variance framework; event studies; multifactor models such as the APT, ICAPM, and the Consumption CAPM. Despite the number of top achievements that supporters of the rational model claim, the paradigm fails to answer some of the most basic financial economic questions such as `What is the cost of capital for this firm? or `What is its optimal capital structure?; simply because of their self imposed constraints. So far this makes it seem lik e rational finance and behavioral finance are mutually exclusive. Contrary to this, they are actually interdependent, and overlap in several areas. Take for instance the concept of mispricing when there is no arbitrage. Behavior finance on the other hand suggests that this may not be the case; irrational assumptions in the market will still lead to mispricing. Further even though certain arbitrageurs may be able to identify irrationality induced mispricing, because of the imperfect market information, they are unable to convince investors of its existence. Over here, the rational model is accepting the existence of anomalies which are affected both through the factors of risk and chance; therefore coinciding with the perspective of behavioral finance. Two instances are clear examples of how rationalization is an important limit of arbitrage: i) the build-up and blow-up of the internet bubble; and ii) the superiority of value equity strategies. If we focus on the latter, we are able to see behavioral finance literature that highlights the superiority of such strategies in the ability of analysts to extrapolate results for investors. This is possible when rationalization is taken as a limit to arbitrage. Similarly these strategies may also limit arbitrage against mispricing, through the great risk associated with stocks. In explaining most anomalies it is essential that analysts first conclude whether pricing is rational or not. To prove their hypothesis that irrationality induced mispricing exists; behaviouralists may find it easier if they accepted the role of rationalization in limits of arbitrage. Slow information diffusion and short-sales constraints are other factors which explain mispricing. However these factors alone cannot form the basis of a strong and concrete explanation that will clarify pricing across firms and also across time. Those supporting the rational paradigm attack behavioral finance adherents in that their predictions for the financial markets have been made on irrational assumptions; that are not supported by concrete mathematical or scientific models. In their view the lack of concrete discipline in the methodology adopted in behavior finance leads to the lack of testing in their forecasts. On the other hand the rational model is criticized for its lack of success in financial predictions. The behaviouralists claim that this limitation exists because the supporters of rational finance dismiss aspects of the economic market simply because it may not fall into explainable rational behavior. Both perspectives claim to align themselves with respect to the goals of `testability and `predictions, while at the same time continue to offer evidence against the other model. In reality however, rather than being exclusively mutual both paradigms assist one another in making their predictions. Ray (2006) examines a new genre of behavioral markets prediction markets and their remarkable a bility to aggregate inside and expert information from around the world in order to accurately predict all types of economic and financial variables. To date it is said that the prediction markets are the most accurately efficient markets as they prove to show all three forms of market efficiency (weak, semi-strong, and strong), in contrast to regulated markets. Prediction markets are also said to be decision markets. It initially evolved in 1988 with the first online betting market the Iowa Electronic Market. These online markets have proven their predictions accurately since the time they came into being. To be precise these prediction markets are behavioral markets with powerful statistical components that are able to predict the most likely values of future financial variables, variances around such values, and their correlations with other future financial variables. Ray (2006) says that being unregulated, prediction markets are highly effective at flushing out and thereafter a ggregating relevant information including inside and expert information regarding a particular event, globally extracting such information from savvy bettors who are eager to profit from their inside and expert information. These sorts of prediction markets have become so popular that now a days major companies use such behavioral markets to accurately forecast sales, earnings, product success, and many other financial and economic variables. The foremost tool for these markets is the wisdom of crowd. In order to accurately predict financial and economical variables he presented few conditions as a prerequisite, which included mainly having a variety of opinions, with no herd behavior, should be able to use their knowledge according to the information available with them and last but not the least is the fact that prediction markets expectations are not self fulfilling prophecies. Prediction markets are a new genre of behavioral markets that continually reveal the thinking of confid ent insiders by suggesting them to profit from their inside and expert information. The subjective evidence with a few statistical evidences corroborates the impressive ability of these markets to predict financial events of all types. The phenomenon exists from ages and effectively proves its performance especially in worlds financial markets. The demonstrated accuracy of predictions in these markets can be of significant utility to traders, financial analysts, behavioral analysts, and many others intending to forecast and analyze financial data. A persons tendency to make errors is known as cognitive bias. These errors are based on the cognitive factors that include statistical judgments, social attribution and memory being common to all the humans in the world. Cognitive bias is the tendency of intelligent, well-informed people to consistently do the wrong thing. Crowell (1994, pp. 1). The reason behind this cognitive bias is that the Human brain is made for interpersonal relationships and not for processing statistics. He discussed the frailty of forecasts. Generally it is said that the world is divided into two groups: People forecasting positively and people forecasting negatively. These forecasts exaggerate the reliability of their forecasts and trace it to the illusion of validity which exists even when the illusionary character is recognized. Fisher and Statman, (2000) discussed five cognitive bias, underlying the illusion of validity that are Overconfidence, Confirmation, Representativeness, Anchoring, and Hindsight. Shiller (2002) discusses, that irrational behavior may disappear with more learning and a much more structured situation. History proves it that many of cognitive biases in human judgment value uncertainly will change; they may be convinced if given proper instructions, on the part-experience of irrational behavior. The three most common themes of behavioral finance are as follows: Heuristics, Framing and Market Inefficiencies. People when decide on the basis of the rules of thumb regardless of rationalizing suffer from Heuristics. Some forms of Heuristics are: Prospect theory, Loss Aversion, Status quo Bias, Gamblers Fallacy[9], Self-serving bias and lastly Money illusion. Framing is basically a problem of decision making where the decision is based on the point where there is difference in how the case is presented to the decision maker. Cognitive framing, Mental accounting and Anchoring are the common forms of Framing 3. Market Inefficiencies As observed, that market outcomes are totally opposite to rational expectations and efficient market hypothesis where mispricing, irrational decision making and return anomalies are examples of it. Fung (2006) introduced three forms of market efficiency earlier presented by Fama in 1970. In the weak form, the information set con ­tains only historical prices. In the semi strong form, information set contains all publicly available information. In the strong form, the infor ­mation contains not only all publicly available information but also insider information not available to the public. This definition of efficient mar ­kets is too general to be testable empirically. To make the model testable, he proposed a process of price formation known as the expected re ­turn or fair game efficient markets model. In this model, when investors form expectations of security prices, they fully utilize all the information that is fully reflected in those prices. It is called a fair game model, because using only the information that is fully reflected in security prices, no trading system can have expected profits or returns in excess of equi ­librium expected profits or returns. These terms have been described as specific market anomaly from a behavioral point of view. Anomaly (economic behavior) Disposition effect Endowment effect Inequity aversion Intertemporal consumption Present-biased preferences Momentum investing Greed and fear Herd behavior Anomalies (market prices and returns) Efficiency wage hypothesis Limits to arbitrage Dividend puzzle Equity premium puzzle Behavioral Economic Models are restricted to a certain observed market anomaly and it adjusts the neo classical models by explaining the phenomenon of Heuristics and framing to the decision makers. It is usually said that economics get along with in the neo classical framework, with just one restriction of the assumption of rationality. Loix et. Al (2005) in their paper Orientation towards Finances explains the individual financial management behavior, people dealing with their financial means. They have analyzed the Non-specific financial behavior as already we see extensive research on the specific finance behavior such as saving, taxation, gambling and amassing debt, and gave a lot of importance to stock market, investors and households. The analysis of general public`s behavior was done, where an ordinary man is not sure and simply act according to the guesses over their money related issues. It was also found that people interested in economic and financial matters are much more active in collecting specific information than general public, stating that financial behavior of household is an important relevant topic that needs to be discussed in much more details. Household financial management is similar to the financial management. The construct of orientation towards finances was developed where the individual ORTO FIN focuses on competencies (interest and skills). Having stronger money attitude is an indication of stronger orientation towards finances and much more effective competencies. Therefore we expect some relevance and similarity between corporate and household management behavior as both require organizing, forecasting, planning and control. Loix et. al (2005) analyzed general publics behavior in basically dividing them into two groups, Financial Information and Personal financial planning. Also explaining some practical and theoretical gaps in the area of psychology of money usage, they concluded that ORTOFIN (Orientation towards finance) indicates the involvement of individuals in managing their finances. Proving out the point that active interest in financial information and an urge to plan expenses are two main factors. A stronger ORTFIN indicates: greater use of debit accounts, higher savings account, wide variety of investments, greater awareness of ones financial Intimate knowledge of the details of ones savings/deposit accounts obsessed by money, higher achievement and power in monetary terms, Further age is also inversely proportional. Shiller, (2006) in his article talked about the co-evolution of neo-classical and behavior finance that in 1937 when A. Samuelsson one of the great economists wrote about people m aximizing the present value of utility subject to a present value. Another judgment he realized was time being consistent human behavior where if at any time t, 0 4. Investing and Cognitive Bias Money Managers and Money management is a very popular phenomenon. The performance in a stock market is measured at daily basis and waiting for a highly subjective annual review of ones performance by ones superior. Market grades you on a daily basis. The smarter one is, more confident one becomes of ones ability to succeed; clients support them by trusting them that eventually helps their careers. But the truth is that few money managers put in sufficient amount of time and effort to figure out what works and develop a set of investment principles to guide their investment decisions Browne (2000). Further he discussed the importance of asset allocation and risk aversion, in order to understand why we do what we do regardless of whether it is rational or not. General public opts for money Managers to deal with their finances and these managers are categorized in three ways: Value Managers, Growth Managers and Market Neutral Managers. The vast majority of money managers are categorized as either value managers or growth managers although a third category, market neutral managers, is gaining popularity these days and may soon rival the so-called strategies of value and growth. Some investment management firms even are being cautious by offering all styles of investments. What too few money managers do is analyze the fundamental financial characteristics of portfolios that produce long-term market beating results, and develop a set of investment principles that are based on those findings. Difference of opinion on the definition of value is the problem. The reasons for this are two-fold, one being the practical reality of managing large sums of money, and other related to behavior. As the assets under management of an advisor grow, universe of potential stocks shrinks. Analyzing why individual and professional investors do not change their behavior even when they face empirical evidence, suggests that their decisions are less than optimal. An answer to this questio n is said to be that being a contrarian may simply be too risky for the average individual or professional. If a person is wrong on collective basis, where everyone else also had made a mistake, the consequences professionally and for ones own self-esteem are far less damaging than if a person is wrong alone. The herd instinct allows for comfort of safety in numbers. The other reason is that individuals try to behave same way and do not tend to change courses of action if they are happy. If the results are not too painful individuals can be happy with sub-optimal results. Moreover, individuals who tend to be unhappy make changes often and eventually end up being just as unhappy in their new circumstances. According to traditional view of investment management, fundamental forces drive markets, however many other investment firms are consider being active and basing their working on their experienced Judgment. It is also believed that Judgmental overrides value and fundamental forces of markets can be lethal as well as a cause of financial disappointment. Historically it has been found that people override at wrong times and in most cases would be better off sticking to their investment disciplines and the reason to this behavior is the cognitive bias. According to Crowell (1994) and many other researchers, stocks of small companies with low price/book ratios provide excess returns. Therefore, given a choice among small cheap stocks and large high priced stocks, prominent investors (financial analysts, senior company executives and company directors) will certainly prefer small cheap ones. But the fact is opposite to this situation where these prominent investors would opt for large high priced ones and so suffer from cognitive bias and further regret. The assumptions made by Crowell (1994, pp.2) were that Long term investment value should be negatively correlated with size since small stocks provide superior returns. Long term Investment value should have a negative correlation with Price/book since low Price/Book stocks provide superior returns. Whereas the results Crowell`s survey were contrary stating that Long Term Investment had a positive correlation with size and with Price/Book stocks. Crowell further stated that according to Shefrin and Statman, prominent investors overestimate the probability that a good company is a good stock, relying on the representative heuristics, concluding that superior companies make superior stocks. Discussing the concept of regrets, aversion to regret is different from aversion to risk; Regret is acute when an individual must take responsibility for the final outcome. Aversion to regret leads to a preference for stocks of good companies. The choice of the stocks of bad companies involves more personal responsibility and higher probability of regret. Therefore, two major Cognitive errors appear: We have a double cognitive error: good company always makes good stock (representativeness), and involves less responsibility(Less aversion to regret). (Crowell, 1994,pp.3) The Anti Cognitive bias actions would be admitting to your owned stocks, admitting earlier investment mistakes. Further, taking the responsibility for actions to improve their performance in future. The reasons for all the available discip Application to Modern Investment Theory to EMH Application to Modern Investment Theory to EMH The modern investment theory and its application on the efficient markets hypothesis 1. Introduction The Modern investment theory and its application is predicated on the Efficient Markets Hypothesis (EMH), assumption that markets fully and instantaneously integrate all available information into market prices. Underlying this comprehensive idea is the assumption that market participants are perfectly rational, and always act in self-interest, making optimal decisions. These assumptions have been challenged. It is difficult to tip over the neo classical convention that has yielded such insights as portfolio optimization, Capital Asset Pricing Model, Arbitrage Pricing Theory and Cox Ingersoll-Ross theory of the term structure of interest rates, all of which are predicated on the EMH[2] rather than downside risks[3]. The theory of behavioral finance is opposite to the traditional theory of Finance and deals with human emotions, sentiments, conditions, biases on collective as well as individual basis. Behavior finance theory is helpful in explaining past practices of investors and dete rmining the false performance of the investors. Behavioral finance is a concept of finance which deals with finances incorporating findings from psychology and sociology. It is reviewed that behavioral finance is generally based on individual behavior and financial market outcomes. There are many models explaining behavioral finance that explains investors behavior or market irregularities where rational models fail to provide adequate information. Investors do not expect such research to provide a method to make lots of money from inefficient financial markets quickly. According to Shiller (2001) Behavioral finance has basically emerged from the theories of psychology, sociology and anthropology where implications of these theories appear to be significant for efficient market hypothesis, that is based on the positive notion that people behave rationally, maximize their utility. It is found that in efficient market the principle of rational behavior is not always correct. Thus, the idea of analyzing other model of human behavior has come up. Gervais (2001) further explains the concept where he says that people like to relate to the stock market as a person having different moods, this person can be bad-tempered or high-spirited and can overreact one day or make amends the next. This person indicates human behavior which is unpredictable and behaves differently in different situations. Lately many researchers have suggested the idea that psychological analysis of investors may be very helpful in understanding financial markets better. To do so it is important to understand behavioral finance presenting the concept of traditional theory overestimating rationality of investors, their biases in decisions casting a cumulative impact on asset prices. To many researchers the study of behavior in finance appeared to be a revolution. As it transforms peoples mentality and perception about markets and factors that influence the markets. The paradigm is shifting. People are continuing to walk across the border from the traditional to the behavioral camp. Gervais (2001, pp.2). On the contrary some people believe that may be its too early to call it a revolution. Gervais (2001) states that Fama in (1970) argued that behavioral finance has not really shown an impact on world prices, and that model contradict each other on different point of times. Giving very less account to behaviorist explanations of trends and the irregularities anomaly ( is any occurrence or object that is strange, unusual, or unique) also argued that in order to locate patterns the data mining techniques are much helpful. Other researchers have also criticized the idea that behavioral finance models tend to replace the traditional models of market functions. Some weaknesses in this area, explained by Gervais (2001)are that generally overreaction and under reaction are major causes of market behavior. In these cases People take the behavior that seems to be easy for a particular study regardless of the fact that whether these biases are either primary factor of economic forces or not. Secondly, lack of trained and expert people. The field does not have enough trained professionals both in psychology or finance fields and therefore as a result the models presented by researchers are improvised. Gervais (2001) also focused on individual behavior impacting asset prices and explained that this field of behavioral finance is currently in its developmental stage, in its way of development it is facing a lot of disagreement which itself is a productive one. He points out that if we apply the conceptual models of behavioral finance to the corporate finance, it can majorly pay off. If money managers are incorrectly rational, means they are probably not evaluating their investment strategies correctly. They might take wrong decisions in their capital structure decisions. It has been found that quite a few people foresee behavioral finance displacing the age old Efficient Markets theory. On the contrary underlying assumption that investors and managers are completely rational makes insightful sense to many people. 2. Traditional Finance and Empirical Evidence Fung, (2006) claimed that Post Keynesian theory has criticized mainstream economic theory for using statistical methods to model the world in which histori ­cal market data cannot provide, In recent years, two different lines of research experimental economics and behavioral finance have pro ­duced results that are at odds with the predictions of mainstream finan ­cial theory. This paper argues that it is beneficial to the development of good financial theory for Post Keynesian economists to engage in an exchange of ideas with the practitioners of these two lines of research. The difference of opinion originated when experimental economics and behavioral finance understood the difference between agents rationality in theory and in real world. Both had a same point of view regarding Post Keynesian economists where both of them refused to assume Post Keynesian economists assumption of economic actors being always rational by maximizing expected utility. Instead of assuming ration al economic ac ­tors who always act consistently, they often tap into insights provided by psychology to try to explain economic behavior. The use of psychol ­ogy can be traced back to Keynes, and, in fact, some of the papers in experimental economics and behavioral finance take a remark of Keynes on the psychology of economic actors as an inspiration for designing empirical tests of economic behavior. Indeed, some of these papers rec ­ognize that we live in an uncertain world, and they examine the heuris ­tics, or rules of thumb, that economic actors develop to guide their behavior in face of uncertainty. When Keynes made his remark in 1936 (the original publication date of the General Theory), there was not yet an efficient market hypothesis. But in 1970 Fama published his pioneering paper on efficient markets. In it, he defined an efficient market as a market in which prices always fully reflect available information. Traditional theory assumes that agents are rational an d the law of one price holds that is a perfect scenario. Where the law of One price[5]. And agents rationality explains the behavior of investor Professional and Individual which is generally inconsistent with rationality or future predictions. If a market achieves a perfect scenario where agents are rational and law of one price holds then the market is efficient. With the availability of large amount of information, form of market changes. It is unlikely that market prices contain all private information. The presence of noise traders (traders, trading randomly and not based on information). Researches show that stock returns are typically unpredictable based on past returns where as future returns are predictable to some extent. According to Glaser et al. (2003) Few examples from the past literature explains the problem of irrationality which occurs because of naive diversification, behavior influenced by framing, the tendency of investors of committing systematic errors while ev aluating public information. Lately it has been found that investors` attitude towards the riskiness of a stock in future and the individual interpretation may explain the higher level trading volume, which itself is a vast topic for insight. A problem of perception exist in the investors actions that stocks have a higher risk adjusted returns than bonds. Another issue with the investors is that these investors either care about a stock portfolio or just about the value of each single security in their portfolio and thus ignore correlations. The concept of ownership society[6] has been promoted in the recent years where people can take better care of their own lives and be better citizen too if they are both owner of financial assets and homeowners. As Shiller (2006) suggested that in order to improve lives of less advantaged people in our society is to teach them how to be capitalist, In order to put ownership society in its right perspective, behavioral finance is needed to be und erstood. The concept of ownership society seems very attractive when people appear to make profits from their investments. Behavioral finance is also very helpful in understanding and justifying government involvement in investing decisions of individuals. The failure of millions of people to save properly for their future is also a core focus of behavioral finance. According to Glaser et al. (2003) there are two approaches towards behavioral finance, where both tend to have same goals. The goals tend to explain observed prices, market trading volume and Last but not the least is the individual behavior better than traditional finance models. Belief Based Model: Psychology (Individual Behavior) Incorporates into Model Market prices and Transaction Volume. It includes findings such as Overconfidence, Biased Self- Attrition, and Conservatism and Representativeness. Preference Based Model: Rational Friction or from psychology Find explanations, Market detects irregularities and individual behavior. It incorporates Prospect Theory[7], House money effect and other forms of mental accounting. Behavioral Finance and Rational debate: the article by Heaton and Rosenberg (2004) highlights the debate between the rational and behavioral model over testability and predictive success. And it was found that neither of them actually offers either of these measures of success. The rational approach uses a particular type of rationalization methodology; which goes on to form the basis of behavior finance predictions. A closer look into the rational finance model goes on to show that it employs ex post rationalizations of observed price behaviors. This allows them greater flexibility when offering explanations for economic anomalies. On the other hand the behavior paradigm criticizes rationalizations as having no concrete role in predicting prices accurately, t hat utility functions, information sets and transaction costs cannot be `rationalized. Ironically they also reject the rational finances explanatory power which plays an essential role in the limits of arbitrage, which actually makes behavioral finance possible. Heaton Rosenberg (2004) presented Milton Friedmans theory that laid the basis of positive economics. His methodology focused on how to make a particular prediction; it is irrelevant whether a particular assumption is rational or irrational. According to this methodology, the rational finance model relies on a limited assumption space since all assumptions that are supposedly not rational have been eliminated. This is one of the major reasons behind the little success in rational finance predictions. Despite the minimal results, adherents of this model have criticized the behavioral model as lacking quantifiable predictions that are based on mathematical models. Rational finance has targeted a more important aspect in the structure of economy, i.e. Investor uncertainty, which further cause financial anomalies. In explaining these assertions, the behavioral approach emphasizes importance of taking limits in arbitrage. Further his methodological approach falls into the category `instru mentalism[8], which basically states that theories are tools for predictions and used to draw inferences. Whether an assumption is realistic or rational is of no value to an instrumentalist. By narrowing what may or may not be possible, one will inevitably eliminate certain strategies or behaviors which might in fact go on to maximize utility or profits based on their uniqueness. An assumption could be irrational even in the long run, but it is continuously revised and refined to make it into something useful. In opposition to this, many individuals have said that behaviouralists are not bound by any constraints thus making their explanations systematically irrational. Heaton Rosenberg (2004) further explains the concept of Rubinstein that how when everyone fails to explain a particular anomaly, suddenly a behavioral aspect to it will come up, because that can be based on completely abstract irrational assumptions. To support rationality, he came up with two arguments. Firstly he w ent on to say that an irrational strategy that is profitable, will only attract copy cat firms or traders into the market. This is supported when a closer look is given towards limits to arbitrage. Secondly through the process of evolution, irrational decisions will eventually be eliminated in the long run. The major achievements characterized of the rational finance paradigm consist of the following: the principle of no arbitrage; market efficiency, the net present value decision rule, and derivatives valuation techniques; Markowitzs (1952) mean-variance framework; event studies; multifactor models such as the APT, ICAPM, and the Consumption CAPM. Despite the number of top achievements that supporters of the rational model claim, the paradigm fails to answer some of the most basic financial economic questions such as `What is the cost of capital for this firm? or `What is its optimal capital structure?; simply because of their self imposed constraints. So far this makes it seem lik e rational finance and behavioral finance are mutually exclusive. Contrary to this, they are actually interdependent, and overlap in several areas. Take for instance the concept of mispricing when there is no arbitrage. Behavior finance on the other hand suggests that this may not be the case; irrational assumptions in the market will still lead to mispricing. Further even though certain arbitrageurs may be able to identify irrationality induced mispricing, because of the imperfect market information, they are unable to convince investors of its existence. Over here, the rational model is accepting the existence of anomalies which are affected both through the factors of risk and chance; therefore coinciding with the perspective of behavioral finance. Two instances are clear examples of how rationalization is an important limit of arbitrage: i) the build-up and blow-up of the internet bubble; and ii) the superiority of value equity strategies. If we focus on the latter, we are able to see behavioral finance literature that highlights the superiority of such strategies in the ability of analysts to extrapolate results for investors. This is possible when rationalization is taken as a limit to arbitrage. Similarly these strategies may also limit arbitrage against mispricing, through the great risk associated with stocks. In explaining most anomalies it is essential that analysts first conclude whether pricing is rational or not. To prove their hypothesis that irrationality induced mispricing exists; behaviouralists may find it easier if they accepted the role of rationalization in limits of arbitrage. Slow information diffusion and short-sales constraints are other factors which explain mispricing. However these factors alone cannot form the basis of a strong and concrete explanation that will clarify pricing across firms and also across time. Those supporting the rational paradigm attack behavioral finance adherents in that their predictions for the financial markets have been made on irrational assumptions; that are not supported by concrete mathematical or scientific models. In their view the lack of concrete discipline in the methodology adopted in behavior finance leads to the lack of testing in their forecasts. On the other hand the rational model is criticized for its lack of success in financial predictions. The behaviouralists claim that this limitation exists because the supporters of rational finance dismiss aspects of the economic market simply because it may not fall into explainable rational behavior. Both perspectives claim to align themselves with respect to the goals of `testability and `predictions, while at the same time continue to offer evidence against the other model. In reality however, rather than being exclusively mutual both paradigms assist one another in making their predictions. Ray (2006) examines a new genre of behavioral markets prediction markets and their remarkable a bility to aggregate inside and expert information from around the world in order to accurately predict all types of economic and financial variables. To date it is said that the prediction markets are the most accurately efficient markets as they prove to show all three forms of market efficiency (weak, semi-strong, and strong), in contrast to regulated markets. Prediction markets are also said to be decision markets. It initially evolved in 1988 with the first online betting market the Iowa Electronic Market. These online markets have proven their predictions accurately since the time they came into being. To be precise these prediction markets are behavioral markets with powerful statistical components that are able to predict the most likely values of future financial variables, variances around such values, and their correlations with other future financial variables. Ray (2006) says that being unregulated, prediction markets are highly effective at flushing out and thereafter a ggregating relevant information including inside and expert information regarding a particular event, globally extracting such information from savvy bettors who are eager to profit from their inside and expert information. These sorts of prediction markets have become so popular that now a days major companies use such behavioral markets to accurately forecast sales, earnings, product success, and many other financial and economic variables. The foremost tool for these markets is the wisdom of crowd. In order to accurately predict financial and economical variables he presented few conditions as a prerequisite, which included mainly having a variety of opinions, with no herd behavior, should be able to use their knowledge according to the information available with them and last but not the least is the fact that prediction markets expectations are not self fulfilling prophecies. Prediction markets are a new genre of behavioral markets that continually reveal the thinking of confid ent insiders by suggesting them to profit from their inside and expert information. The subjective evidence with a few statistical evidences corroborates the impressive ability of these markets to predict financial events of all types. The phenomenon exists from ages and effectively proves its performance especially in worlds financial markets. The demonstrated accuracy of predictions in these markets can be of significant utility to traders, financial analysts, behavioral analysts, and many others intending to forecast and analyze financial data. A persons tendency to make errors is known as cognitive bias. These errors are based on the cognitive factors that include statistical judgments, social attribution and memory being common to all the humans in the world. Cognitive bias is the tendency of intelligent, well-informed people to consistently do the wrong thing. Crowell (1994, pp. 1). The reason behind this cognitive bias is that the Human brain is made for interpersonal relationships and not for processing statistics. He discussed the frailty of forecasts. Generally it is said that the world is divided into two groups: People forecasting positively and people forecasting negatively. These forecasts exaggerate the reliability of their forecasts and trace it to the illusion of validity which exists even when the illusionary character is recognized. Fisher and Statman, (2000) discussed five cognitive bias, underlying the illusion of validity that are Overconfidence, Confirmation, Representativeness, Anchoring, and Hindsight. Shiller (2002) discusses, that irrational behavior may disappear with more learning and a much more structured situation. History proves it that many of cognitive biases in human judgment value uncertainly will change; they may be convinced if given proper instructions, on the part-experience of irrational behavior. The three most common themes of behavioral finance are as follows: Heuristics, Framing and Market Inefficiencies. People when decide on the basis of the rules of thumb regardless of rationalizing suffer from Heuristics. Some forms of Heuristics are: Prospect theory, Loss Aversion, Status quo Bias, Gamblers Fallacy[9], Self-serving bias and lastly Money illusion. Framing is basically a problem of decision making where the decision is based on the point where there is difference in how the case is presented to the decision maker. Cognitive framing, Mental accounting and Anchoring are the common forms of Framing 3. Market Inefficiencies As observed, that market outcomes are totally opposite to rational expectations and efficient market hypothesis where mispricing, irrational decision making and return anomalies are examples of it. Fung (2006) introduced three forms of market efficiency earlier presented by Fama in 1970. In the weak form, the information set con ­tains only historical prices. In the semi strong form, information set contains all publicly available information. In the strong form, the infor ­mation contains not only all publicly available information but also insider information not available to the public. This definition of efficient mar ­kets is too general to be testable empirically. To make the model testable, he proposed a process of price formation known as the expected re ­turn or fair game efficient markets model. In this model, when investors form expectations of security prices, they fully utilize all the information that is fully reflected in those prices. It is called a fair game model, because using only the information that is fully reflected in security prices, no trading system can have expected profits or returns in excess of equi ­librium expected profits or returns. These terms have been described as specific market anomaly from a behavioral point of view. Anomaly (economic behavior) Disposition effect Endowment effect Inequity aversion Intertemporal consumption Present-biased preferences Momentum investing Greed and fear Herd behavior Anomalies (market prices and returns) Efficiency wage hypothesis Limits to arbitrage Dividend puzzle Equity premium puzzle Behavioral Economic Models are restricted to a certain observed market anomaly and it adjusts the neo classical models by explaining the phenomenon of Heuristics and framing to the decision makers. It is usually said that economics get along with in the neo classical framework, with just one restriction of the assumption of rationality. Loix et. Al (2005) in their paper Orientation towards Finances explains the individual financial management behavior, people dealing with their financial means. They have analyzed the Non-specific financial behavior as already we see extensive research on the specific finance behavior such as saving, taxation, gambling and amassing debt, and gave a lot of importance to stock market, investors and households. The analysis of general public`s behavior was done, where an ordinary man is not sure and simply act according to the guesses over their money related issues. It was also found that people interested in economic and financial matters are much more active in collecting specific information than general public, stating that financial behavior of household is an important relevant topic that needs to be discussed in much more details. Household financial management is similar to the financial management. The construct of orientation towards finances was developed where the individual ORTO FIN focuses on competencies (interest and skills). Having stronger money attitude is an indication of stronger orientation towards finances and much more effective competencies. Therefore we expect some relevance and similarity between corporate and household management behavior as both require organizing, forecasting, planning and control. Loix et. al (2005) analyzed general publics behavior in basically dividing them into two groups, Financial Information and Personal financial planning. Also explaining some practical and theoretical gaps in the area of psychology of money usage, they concluded that ORTOFIN (Orientation towards finance) indicates the involvement of individuals in managing their finances. Proving out the point that active interest in financial information and an urge to plan expenses are two main factors. A stronger ORTFIN indicates: greater use of debit accounts, higher savings account, wide variety of investments, greater awareness of ones financial Intimate knowledge of the details of ones savings/deposit accounts obsessed by money, higher achievement and power in monetary terms, Further age is also inversely proportional. Shiller, (2006) in his article talked about the co-evolution of neo-classical and behavior finance that in 1937 when A. Samuelsson one of the great economists wrote about people m aximizing the present value of utility subject to a present value. Another judgment he realized was time being consistent human behavior where if at any time t, 0 4. Investing and Cognitive Bias Money Managers and Money management is a very popular phenomenon. The performance in a stock market is measured at daily basis and waiting for a highly subjective annual review of ones performance by ones superior. Market grades you on a daily basis. The smarter one is, more confident one becomes of ones ability to succeed; clients support them by trusting them that eventually helps their careers. But the truth is that few money managers put in sufficient amount of time and effort to figure out what works and develop a set of investment principles to guide their investment decisions Browne (2000). Further he discussed the importance of asset allocation and risk aversion, in order to understand why we do what we do regardless of whether it is rational or not. General public opts for money Managers to deal with their finances and these managers are categorized in three ways: Value Managers, Growth Managers and Market Neutral Managers. The vast majority of money managers are categorized as either value managers or growth managers although a third category, market neutral managers, is gaining popularity these days and may soon rival the so-called strategies of value and growth. Some investment management firms even are being cautious by offering all styles of investments. What too few money managers do is analyze the fundamental financial characteristics of portfolios that produce long-term market beating results, and develop a set of investment principles that are based on those findings. Difference of opinion on the definition of value is the problem. The reasons for this are two-fold, one being the practical reality of managing large sums of money, and other related to behavior. As the assets under management of an advisor grow, universe of potential stocks shrinks. Analyzing why individual and professional investors do not change their behavior even when they face empirical evidence, suggests that their decisions are less than optimal. An answer to this questio n is said to be that being a contrarian may simply be too risky for the average individual or professional. If a person is wrong on collective basis, where everyone else also had made a mistake, the consequences professionally and for ones own self-esteem are far less damaging than if a person is wrong alone. The herd instinct allows for comfort of safety in numbers. The other reason is that individuals try to behave same way and do not tend to change courses of action if they are happy. If the results are not too painful individuals can be happy with sub-optimal results. Moreover, individuals who tend to be unhappy make changes often and eventually end up being just as unhappy in their new circumstances. According to traditional view of investment management, fundamental forces drive markets, however many other investment firms are consider being active and basing their working on their experienced Judgment. It is also believed that Judgmental overrides value and fundamental forces of markets can be lethal as well as a cause of financial disappointment. Historically it has been found that people override at wrong times and in most cases would be better off sticking to their investment disciplines and the reason to this behavior is the cognitive bias. According to Crowell (1994) and many other researchers, stocks of small companies with low price/book ratios provide excess returns. Therefore, given a choice among small cheap stocks and large high priced stocks, prominent investors (financial analysts, senior company executives and company directors) will certainly prefer small cheap ones. But the fact is opposite to this situation where these prominent investors would opt for large high priced ones and so suffer from cognitive bias and further regret. The assumptions made by Crowell (1994, pp.2) were that Long term investment value should be negatively correlated with size since small stocks provide superior returns. Long term Investment value should have a negative correlation with Price/book since low Price/Book stocks provide superior returns. Whereas the results Crowell`s survey were contrary stating that Long Term Investment had a positive correlation with size and with Price/Book stocks. Crowell further stated that according to Shefrin and Statman, prominent investors overestimate the probability that a good company is a good stock, relying on the representative heuristics, concluding that superior companies make superior stocks. Discussing the concept of regrets, aversion to regret is different from aversion to risk; Regret is acute when an individual must take responsibility for the final outcome. Aversion to regret leads to a preference for stocks of good companies. The choice of the stocks of bad companies involves more personal responsibility and higher probability of regret. Therefore, two major Cognitive errors appear: We have a double cognitive error: good company always makes good stock (representativeness), and involves less responsibility(Less aversion to regret). (Crowell, 1994,pp.3) The Anti Cognitive bias actions would be admitting to your owned stocks, admitting earlier investment mistakes. Further, taking the responsibility for actions to improve their performance in future. The reasons for all the available discip