Revisiting Day of the Week Effect in Indian Stock Market

In recent years the testing of market anomalies in stock returns has become an active field of research in empirical finance and has been receiving attention not only from academic journals but also from the financial press as well. Among the more well-known anomalies are the size effect, the January effect and the day-of-the week effect. According to this phenomenon, the average daily return of the market is not the same for all days of the week, as we would expect on the basis of the efficient market theory. The objective of this paper is to examine the existence of day of week effect in Indian stock market.Daily closing prices of S&P CNX Nifty index have been analyzed over fifteen years period commencing from January 1994 to December 2008. A set of parametric and non parametric tests has been used to test the equality of mean returns and standard deviations of the returns. The mean returns on Monday and Tuesday are negative while on Wednesday these are highly positive. Also, the i mpact of introduction of rolling settlement on the stock returns is observed. The results show that before rolling settlement came in 2001, Tuesday was showing highly negative returns and Wednesday highly positive.But after the introduction of rolling settlement, the seasonality in the distribution of the mean returns across different days of the week ceased to appear. Thus the markets have become more efficient over a period of time. KEY WORDS: Market Efficiency, Calendar Anomalies and Day-of-the-Week Effect INTRODUCTION A Stock Exchange is a common platform where buyers and sellers come together to transact in securities. It may be a physical entity where brokers trade on a physical trading floor via an â€Å"open outcry† system or a virtual environment.The Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) are the India's two leading stock exchanges. Indian security market is one of the oldest markets in Asia. It has come a long way from earlier days of flo or trading to the present day screen and net based trading. This study is an attempt to have a deeper insight in to the behaviour and patterns of stock price distribution in the Indian stock market. The price of a security should vibrate around its intrinsic worth in any efficient market.In finance, the efficient-market hypothesis (EMH) asserts that financial markets are â€Å"informationally efficient†, or that prices on traded assets, e. g. , stocks, bonds, or property, already reflect all known information. The efficient-market hypothesis states that it is impossible to consistently outperform the market by using any information that the market already knows, except through luck. Therefore, the past price movements can in no way help in speculating the prices in future. The price of each day is independent. It may be unchanged, higher or lower from he previous price, but depends upon new pieces of information being received each day. So seasonalities cannot be used to form ulate trading strategies to earn abnormal returns according to efficient market hypothesis theory. Calendar anomalies are cyclical anomalies in returns, where the cycle is based on the calendar. It describes the tendency of stocks to perform differently at different times. For example, a number of researchers have documented that historically, returns tend to be higher in January compared to other months (especially February).There are three types of efficiencies as explained in efficient market hypothesis. So calendar anomalies mainly explain weak form of efficiency which says that previous price changes or changes in return are useless in predicting future price or return changes. Some of the calendar anomalies are Month-of-the year effect, Month-of-the quarter effect, Week-of-the month effect, Day-of-the-week effect or Weekend effect, Monday effect, Hour-of-the-day effect or the End of the-day effect, holiday effect and turn of the month effect etc. Among them the day-of-the-week effect is most widely documented across the countries and markets.In context to stock market the majority of research findings, indicates that the stock returns remain low or negative on Monday. This paper examines the day-of-the-week effect in Indian stock market, using S;P CNX Nifty data of last fifteen years from January 1994 to December 2008. REVIEW OF LITERATURE There is an extensive literature on the day-of-the-week effect in the stock returns. This section examines a few research works on the day of the week effect in Indian and international stock markets. Ziemba (1993) investigated the weekend hypothesis for the Japanese market using daily data from 1949 to 1988.Tuesday recorded negative returns following a one day weekend and Mondays declined after two days weekends. Balaban (1994) found day of the week effect in an emerging stock market ISECI of a developing country Turkey for the period 1988 to 1994. Highest returns on Friday and lowest returns on Tuesday were observed. Mishra (1999) studied day of the week effect in Indian stock market using Sensex and Natex for the period 1986 to 1998 indicating the presence of day of the week effect in Indian stock market. Friday returns were found highest and significantly different from the mean returns of other days. Hence there exists a Friday effect.Berument and Halil Kiymaz (2001) tested the presence of the day of the week effect on stock market volatility by using the S;P 500 market index during the period of January 1973 and October 1997. The findings showed that the day of the week effect is present in both volatility and return equations. While the highest and lowest returns were observed on Wednesday and Monday, the highest and the lowest volatility were observed on Friday and Wednesday, respectively. Further investigation of sub-periods reinforced findings that the volatility pattern across the days of the week was statistically different.Sarma (2004) examined seasonality across the days of week in Indian stock market using BSE indices- SENSEX, NATEX and BSE 200. Highest variance on Monday was found and weekend effect was confirmed by this study. Nath and Dalvi (2004) examined the day of the week anomaly in Indian stock market for the period from 1999 to 2003 using index S;P CNX NIFTY data. The study found that before introduction of rolling settlement in January 2002, Monday and Friday were significant days. However after the introduction of the rolling settlement, Friday became significant. Mondays were found to have higher standard deviations followed by Fridays.Davidsson (2006) found evidence of day of week effect in S;P 500 index. Davidsson found Wednesday was the weekday with highest rate of return and Monday was weekday with lowest rate of return. Also Monday was the only day with negative rate of return. Wednesday’s returns were found approximately four times of Monday’s returns. Badhani (2008) examined the presence of day-of-the-week effect on stock retu rns, trading volume and price volatility at the NSE during the period of 10 years from 1995-2005. Wednesday effect was found during earlier weekly settlement regime which now disappeared.Monday and Tuesday returns were consistently low but during recent sub period these were not significantly different from other days of week. Also on Monday the average trading volume was significantly low and price volatility was high consistently across the entire sample period. Mangala (2008) examined day-of-the-week effect in sub periods in Indian stock market using S;P CNX Nifty data. Highest returns on Wednesday and lowest on Tuesday were observed. Also findings showed that seasonality in return distribution across weekdays was confined to pre rolling settlement time period; thereafter seasonality vanished.DATA AND METHODOLOGY This study covers a sample period of fifteen years from January 1, 1994 to December 31, 2008 comprising a total of 3695 observations(days). The stock prices are represen ted by S;P CNX Nifty index. The closing values of this index have been obtained from the official website of National Stock Exchange (www. nseindia. com). There was trading on certain weekly closing days (i. e. 18 Saturdays and 3 Sundays); these days have been excluded from the sample. During the above sample period of fifteen years many structural changes also took place in the market.For example rolling settlement was introduced in place of weekly settlement system. Therefore, the behaviour of stock prices has been studied on an yearly basis so as to gauge the impact of these changes on the stock prices. Measuring the Daily Returns Daily percent return on the index for a given day of the week has been calculated by subtracting the closing price of the previous trading day from closing price of that day, then dividing the resulting no. by closing price as on the previous trading day and multiplying by 100. Rt = Pt-Pt-1 * 100 Pt-1 Rt is daily return on the share price index for day tPt is the closing value of index for the day‘t’ and Pt-1 is the closing value of the index for the preceding day. Hypothesis and Testing Procedure The null hypothesis is that there are no differences in the mean daily returns across the weekdays. The non parametric Kruskall- Wallis (H) test has been applied to test seasonality in returns across weekdays to test the hypothesis. Null hypothesis is: – Ho:  µ1=  µ2=  µ3=  µ4=  µ5 Here,  µ1,  µ2†¦Ã‚ µ5 represent mean returns of different trading days of week. It means that mean returns across all the five days of week are equal. Alternative hypothesis is: – H1:  µ1?  µ2?  µ3?  µ4?  µ5It implies that there is significant difference in mean returns across the trading days in a week. Different statistical tools have been used to find the results like mean, standard deviation, range, skewness ; kurtosis etc. Then the most scientific and logical non-parametric Kruskall-Wallis (H) test h as been applied to check the hypothesis. The Kruskall Wallis test requires the entire set of observations being ranked – higher the value, higher is the rank and vice-versa- then arranged into nj ? 5 matrix where nj represents the rank of the return and columns represent the day of the week (Monday through Friday).The value of H is calculated by formula: |H |= |12 |( |[pic] |(Rj)2 |) |  Ã¢â‚¬â€Ã‚   |3(N+1) | | | |[pic] | | |[pic] | | | | | | |N(N+1) | | |nj | | | | | | | | | | | | | | Where: Rj= sum of ranks in the jth column nj = number of cases in the jth column N = sum of observations in all the columns The calculated H value has been compared with the table value of the chi-square(? 2) distribution with (k-1) degree of freedom, where k stands for the number of trading days in a week.Hence H0 is rejected if H;gt; ? 2 H0 is accepted if H;lt; ? 2 The value of H in our study is taken as the critical value at 1% as well as 5% level of significance. Further Dunn’s mul tiple pair comparison test based on rank matrix built in K-W test has been used to find seasonality by a pair wise multiple comparison procedure. It identifies whether particular day of the week differs from other days of the week. The test procedure relies on Kruskall-Wallis rank sum Rj. The data in the rank-day matrix prepared for ‘H’ test is used for this purpose. For a given level of ? decide ?  µ ? ? if |Ru-Rv| ? Z [? /k(k-1)] [N(N+1)/12]1/2 [1/n µ + 1/nv]1/2 Where,  µ = 1, 2†¦Ã¢â‚¬ ¦k-1 v= +1,†¦Ã¢â‚¬ ¦. k k = 5 N = total number of observations n µ = corresponding number of observations in the uth column nv = corresponding number of observations in the vth column Ru = Average K-W rank sums in the uth columns of the rank matrix Rv = Average K-W rank sums in vth columns of the rank matrix Z[? /k(k-1)] = the upper percentage point of the unit normal distribution for a given significance level for 99 percent confidence level is 2. 575 Further the retu rns have been analyzed for two sub-periods i. e.Sub period-1 before rolling settlement (weekly settlement period) ; sub period-2 after the rolling settlement was introduced. In weekly settlement time period, Tuesday used to be as the settlement day on NSE. In 2001, rolling settlement was introduced which shifted settlement cycle from a fixed day of the week to fixed settlement lag. Tuesday settlement might be the possible reason for the observed seasonality in stock returns. DATA ANALYSIS Here the day of the week pattern of the S;P CNX Nifty data from January 1994 to December 2008 has been tested, results of which have been depicted in Table 1.It is observed from the table that the mean returns on Monday i. e. -0. 08563 percent are minimum followed by Tuesday. Mean returns on Wednesday, Thursday and Friday are positive out of which Wednesday’s return with 0. 303 percent is maximum across all the days of the week. The mean return on Wednesday is about 8 times the overall mean return. The variation in mean returns measured in terms of standard deviation is found maximum on Monday (1. 870303 percent) followed by Friday (1. 740897 percent). It shows that trading on week start and week end is more volatile than other days of week.Skewness is positive only on Wednesday while other days of week have negatively skewed distributions. Kurtosis tells us the extent to which a distribution is peaked or flat topped when compared with a normal curve. The return distribution on Monday, Tuesday and Friday is leptokurtic while on Wednesday and Thursday are platykurtic. Through table it is also observed that range on Monday is highest which is also a measure of Dispersion. There is a significant difference in mean returns across different the different days of the week as evident by K-W (H) statistics (21. 78) which is highly significant at 1 percent level of significance. Therefore the null hypothesis of equality of mean returns across various days of the week stands rej ected. |Table 1. Summary Statistics of Daily Stock Returns of S;P CNX Nifty(Jan 1994-Dec. 2008) | |   |Monday |Tuesday |Wednesday |Thursday |Friday |All Days | |Mean |-0. 08563 |-0. 07615 |0. 30300 |0. 1895 |0. 03221 |0. 03838 | |Standard Deviation |1. 87030 |1. 50858 |1. 62655 |1. 55153 |1. 74090 |1. 66944 | |Skewness |-0. 71612 |-0. 15909 |0. 40400 |-0. 05609 |-0. 35999 |-0. 24662 | |Kurtosis |4. 29741 |4. 47636 |1. 79652 |1. 53957 |5. 66062 |3. 98682 | |Range |7. 54838 |8. 29523 |7. 9590 |6. 30507 |7. 83089 |20. 53297 | |No. of Observations |741 |742 |740 |744 |728 |3695 | |K – W(H) Statistics 21. 278* | * Significant at 1 percent level for 5-1 degrees of freedom Table 2 represents actual and expected multiple comparison values as per Dunn’s multiple pair comparison test to study pair wise comparison among different days of the week. This test is based on rank matrix built in Kruskall Wallis Test.The calculation of actual and expected values is shown in table 3 wh ile the deviation of actual from expected ranks is shown in table 3. So it is observed from the table 3 that there is inequality in Monday – Wednesday, Tuesday – Wednesday, Wednesday – Thursday and Wednesday – Friday pairs as these are showing positive deviation of absolute rank sum values from the corresponding Z value or expected value. It means these pairs are showing more inequality in returns than expected and Tuesday – Wednesday is showing highest positive deviation. Also it is observed from the table that Wednesday appears in all above pairs.It means Wednesday returns are significantly different from the other days of week. Wednesday is showing highly different mean returns from rest of the days. So a trading strategy of buying on Tuesday and selling on Wednesday may help an investor to earn abnormal returns. |Table 2. Actual and Expected Multiple Comparison Values | | | |   |Actual |Expected | |   ||RU ?Rv| |Z |[N(N+1)/12]1/2 |(1/nu+1/n v)1/2 |Z[N(N+1)/12]1/2 (1/nu+1/nv)1/2 | |Monday-Tuesday |40. 64 |2. 575 |1066. 799 |0. 0519 |142. 6521 | |Monday-Wednesday |197. 07 |2. 575 |1066. 799 |0. 0520 |142. 7620 | |Monday-Thursday |30. 38 |2. 575 |1066. 799 |0. 0519 |142. 5697 | |Monday-Friday |50. 24 |2. 75 |1066. 799 |0. 0522 |143. 3388 | |Tuesday-Wednesday |237. 71 |2. 575 |1066. 799 |0. 0520 |142. 7070 | |Tuesday-Thursday |71. 02 |2. 575 |1066. 799 |0. 0519 |142. 5147 | |Tuesday-Friday |90. 88 |2. 575 |1066. 799 |0. 0522 |143. 3114 | |Wednesday-Thursday |166. 69 |2. 575 |1066. 99 |0. 0519 |142. 6246 | |Wednesday-Friday |146. 83 |2. 575 |1066. 799 |0. 0522 |143. 3938 | |Thursday-Friday |19. 86 |2. 575 |1066. 799 |0. 0521 |143. 2015 | |Table 3. Deviation of Actual from Expected Rank Differences | |Monday-Tuesday |-102. 12 | | | |Monday-Wednesday |54. 308 | | | |Monday-Thursday |-112. 190 | | | |Monday-Friday |-93. 099 | | | |Tuesday-Wednesday |95. 03 | | | |Tuesday-Thursday |-71. 495 | | | |Tuesday-Friday |-52. 431 | | | |Wednesday-Thursday |24. 065 | | | |Wednesday-Friday |3. 436 | | | |Thursday-Friday |-123. 41 | | | Table 4 represents the yearly distribution of mean returns on S;P CNX Nifty for different days of the week from 1994 to 2008. Also to test whether these differences in the mean returns on different days are statistically significant or not, the non parametric ‘H’ statistics has been used. The table value of the chi-square (? 2) distribution at 1 percent level of significance is 13. 277 and at 5 percent level of significance is 9. 488. If we look at year wise KW statistics, up to year 1999 ‘H’ statistics is highly significant and after 1999 it is insignificant. |Table 4.Yearly Distribution of Mean Returns on S;P CNX Nifty by Day-of-the-Week | |(January 1994 – December 2008) | | | | | |Year/Day |Monday |Tuesday |Wednesday |Thursday |Friday |KW Statistics | |1994 |0. 47012 |-0. 16573 |-0. 36687 |0. 01075 |0. 32745 |9. 945** | |1995 |-0. 51580 |-0. 33583 |0. 25709 |-0. 6627 |0. 11756 |11. 145** | |1996 |-0. 35599 |-0. 35342 |0. 53600 |0. 18662 |0. 07796 |10. 114** | |1997 |-0. 46253 |-0. 14396 |1. 04706 |-0. 16222 |-0. 06761 |19. 917* | |1998 |-0. 12914 |-0. 52606 |0. 78280 |-0. 15417 |-0. 22507 |13. 245** | |1999 |-0. 00553 |0. 07532 |0. 98097 |0. 10327 |-0. 00305 |14. 48* | |2000 |-0. 16997 |-0. 28629 |0. 49777 |-0. 10239 |-0. 16992 |4. 989 | |2001 |-0. 21325 |0. 11775 |0. 30553 |0. 08010 |-0. 60214 |4. 987 | |2002 |0. 00508 |-0. 15830 |-0. 05939 |0. 07054 |0. 22584 |4. 226 | |2003 |0. 15214 |0. 13598 |0. 26208 |0. 13987 |0. 38014 |2. 323 | |2004 |-0. 4126 |0. 26824 |0. 04482 |0. 02138 |0. 07889 |1. 236 | |2005 |0. 29696 |0. 04875 |0. 02291 |0. 08195 |0. 18711 |1. 806 | |2006 |-0. 09098 |0. 01140 |0. 22203 |0. 22753 |0. 33653 |1. 198 | |2007 |0. 24310 |0. 32425 |0. 02874 |0. 30801 |0. 02442 |2. 139 | |2008 |-0. 36369 |-0. 13064 |-0. 04547 |-0. 5441 |-0. 24632 |1. 46 | | All Years |-0. 08563 |-0. 07615 |0. 30300 |0. 01895 |0. 03221 |21. 278* | | | | | | | | | |*Significant at 1% level | | | |**Significant at 5% level | | |Further entire study period has been divided into two sub periods: Period 1 (January 1994 to Decemeber 2001) and period 2 (January 2002 to December 2008). Period 1 represents the time when weekly settlement was operational and during this time frame NSE had fixed settlement day – Tuesday. Period 2 represents the time period when rolling settlement was introduced in place of weekly settlement cycle. | | | | | | | | |Table 5.Mean Daily returns on S;P CNX Nifty by Day of the Week for Sub-Periods | |   |Monday |Tuesday |Wednesday |Thursday |Friday |KW Statistics | |Subperiod-1 |-0. 17276 |-0. 20228 |0. 50504 |-0. 01304 |-0. 06810 |42. 752* | |Subperiod-2 |0. 00197 |0. 05294 |0. 09734 |0. 03923 |0. 12735 |2. 84 | | | | | | | | | | | |*Significant at 1% level | | | It is analyzed from the above table that in sub period 1 (1994 to 2001) all days except Wednesday gives negative rate of retu rn. This is clearly the impact of Tuesday settlement that returns on Tuesday are lowest and on Wednesday it is highest positive. It means beginning of settlement cycle ives maximum returns while last day of settlement cycle called settlement day gives lowest returns. Also a very high value of KW statistics i. e. 42. 752 represents a high degree of seasonality in sub period 1 (before rolling settlement time period). To bring more frequency in the transactions and to bring Indian markets at par with the international markets rolling settlement on T+5 basis was introduced in December 2001. So in sub period 2 when rolling settlement was introduced, returns on all the days have become positive and Friday is giving maximum returns and Monday is giving lowest returns.This hints towards the presence of some sort of weekend seasonality. But the value of ‘H’ statistics is very low i. e. 2. 684. From this it can be inferred that the return distributions are not significantly diffe rent across the week days and the null hypothesis stands rejected in the sub period 2. Thus it may be concluded that with the introduction of rolling settlement on NSE the stock markets have become more efficient. CONCLUSION During the period 1994 to 2008, S;P CNX Nifty index recorded highest positive returns on Wednesday and most negative returns on Monday with highest volatility on Monday and Friday.It means week start and week end tend to be more volatile in Indian stock market. Also it has been analyzed that Wednesday is giving significantly higher returns than other days of the week which points towards the existence of Wednesday effect in Indian stock market. There was presence of day of the week effect in pre-rolling settlement period which gradually phased away with the introduction of the rolling settlement. Markets have become efficient after rolling settlement has been introduced.So in present scenario we can’t rely on a trading strategy formulated on the basis of historical return movements on different days to earn abnormal returns as seasonality has disappeared in the recent years of the study period.

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Teaching Strategies and Curriculum Planning Used in Classroom - Essay Example Charlene`s house has a lot of books for adults and children, and she is read stories frequently during the day. Items to play with like slides, swings, toys, and art supplies are in Spenser`s house all at Charlene`s disposal. The children are only allowed to watch television at night under supervision. Charlene has a stroller that helps her to walk at least once every day around her home and her neighborhood. Furthermore, she has developed needed skills of her age like noticing most sights and color or bright things including an understanding of some gestures being made to her. She also uses actions to bring her points across. On social development, Charlene enjoys the sense of touch and likes dancing, swinging, and lifting of objects around her. She looks at sights that interest her and makes sounds or faces when people play or talk to her. She also enjoys smiling and can also get upset when her family is not around her. Currently, Charlene can walk on her own, eat solid foods and say small words. She explores everything around her and likes communicating with her family through smiles and screams. To further on the approach of this study, I would probably need to know more on how Charlene`s parents discipline her when they want to correct her actions and how she responds to different types of punishments. Punishment could involve injecting physical pain, humiliating the child or withdrawing affection from the child (Atkin, 2005). The data in the study also indicates Charlene`s demonstration of manipulative abilities by reaching for and releasing objects and use of her hands, eyes, and mouth to explore the surroundings. She also shows interest in different activities which indicates that she has a positive learning approach as she pays attention to sounds and sights and uses her senses to explore the environment.  

Econ Essay Example | Topics and Well Written Essays - 750 words

Econ - Essay Example This paper will look at the law of supply and demand and how it is applied in real life. The law of supply and demand is perhaps the most basic concepts taught in economics class. The law of supply and demand enables us to understand the setting of quantity demanded and price set in the market. It also stresses that the price level and quantity demanded varies according to changes in the markets through which there are movements within or shifts in demand and supply curves. First, the law of supply stresses that: (1) "at higher prices, producers are willing to offer more products for sale than at lower prices;" (2) "the supply increases as prices increases and decreases as prices decreases;" and (3) "those already in business will try to increase production as a way of increasing profits" (qtd from Reviews of Laws of Supply and Demand 1). This law creates a supply curve which is upward sloping. Logically speaking, manufacturers will tend to decide to supply more in the market if the price for their product is high. With lower prices, they have less motivation to increase production as profits are squeezed out. On the other hand, the law of demand states that: (1) "people will buy more of a product at a lower price than at a higher price;" (2) "at a lower price, more people can afford to buy more goods and more of an item more frequently, than they can at a higher price;" and (3) "at lower prices, people tend to buy some goods as a substitute for other more expensive"(qtd from Reviews of Laws of Supply and Demand 2). These reasons are consistent with the fact that people want to maximize utility through the consumption of more goods and services. Since they only have limited income, their overall aim is to find lower prices or lower priced goods in order to allocate this budget most efficiently. The law of demand and supply determines the price charged and the quantity demanded in the market. Through market forces, the prices tend to be at equilibrium where suppliers are willing to sell goods and buyers would be willing to pay at that level. With this intersection also is the quantity demanded which determines the amount that buyers are willing to buy and suppliers are willing to provide the market with. The operation of the law of supply and demand becomes more apparent in the present economic situation in the US. As customers struggle with lower income levels, they tend to buy lower priced goods than higher priced ones. This is true in my case; price becomes one of the primary considerations in my purchases because I would want to maximize the utility that I derive from my money. Also, I would demand more of a product if the price is lower. For instance, since burgers cost $4, I would only have to consume 1 in order to have money for drinks. However, if the price goes down to $2 each, then I will be willing to purchase two burgers. For a supplier, prices now also become more constraining. They wouldn't want to sell products which will not be profitable for them. Using the burger example and assumption of $4 as the equilibrium price, suppliers would be willing to supply 20 burgers at that level. Raise the price to $5 and they would say that they would even want to supply 30 or more because of the profit prospect. If prices decline to $2, then they might

Basic electric circuits and measurements Lab Report

Basic electric circuits and measurements - Lab Report Example From this, a powerful equation used in the experiment is derived as follows: Measurement for voltage and current for the resistor were obtained and recorded and a graph of V against I plotted to determine the value of R from the slope. In order to prove the validity of ohm’s equation, the experiment involved comparison of the experimentally and directly measured values for the resistor R. The following equation was used: The experiment have illustrated succinctly that the relationship between the flow of current and the flow of charge in a material results to the resistance. In which case, the flow of electric current is responsible for the generation of heat owing to the collision of free electrons. This insinuates and supports the ohm’s law, which relates between the current and voltage. For the resistors, a graph plotted for V against I gave a straight line from the origin thereby supporting the law, which states â€Å"the amount of voltage flowing from one point to another end in a conductor is directly proportional to the current between the two points, while keeping the temperature constant†. Further, the difference between the value of R from slope of graph and that from direct ohmmeter reading was insignificant thereby proving the success of the experiment. The electric resistance in material arises from the generation of heat as the result of collision of free electrons, when electric current flow (I). In which case, the heat generated opposes the flow of electrons (charges) ( V) through the material hence the resistance. For the resistors, a graph plotted for V against I gave a straight line from the origin thereby supporting the law which states that â€Å"the amount of voltage flowing from one point to another end in a conductor is directly proportional to the current between the two pointsl, while keeping the temperature constant The situation of non-linearity can be solved through restricting the amount of current at the

As Good As It Gets Essay Example for Free

As Good As It Gets Essay Being a good person has to do with someone discovering themselves and his or her role in the world. Some people think that being a good person is as simple as not harming another, but it is not always about what someone does not do, but what they do for others. Character is what makes people believe that others are successful. Everyone must do his or her part everyday by living a life of integrity. Having good character is much more than what people think it is; others can see someone’s true character better than the person themself. Some examples of good character include being trustworthy, respectful, and responsible. First, being trustworthy plays a huge role of having good character. In other words, trustworthy means being able to be trusted by others. People have to learn to keep their word in order to be trustworthy. If someone says he or she will do something for another person, that person expects them to keep their word. Obviously, trustworthy means having trust. If someone is not honest or being truthful, it is hard to say that person has good character. Being honest is a huge key in being trustworthy and having good character. To many people, it is extremely difficult to be friends with someone he or she cannot trust. Having the courage to do what is right is also an example of trustworthiness. Being trustworthy shows that someone can be a good person and deep down they do care about others. In addition, having and showing respect is another example of having good character. Being respectful generally means showing others respect and being polite to others. People need to learn to respect one another and show they have good manners. Saying yes ma’am and no sir is a way of showing respect and good manners. Being respectful shows a great amount about a person. It shows how he or she treats others and how they were raised. Some people were raised without their parents teaching them how to be respectful. People should treat others the way that they want to be treated. No one wants to be treated badly, so they should not treat others that way. Also, listening to what others have to say is being respectful. It is extremely rude to not listen to someone while they are speaking. People should not j udge others before they get to know them; people never know what others have been through until they get to know them. Last, responsibility also is a huge part of having good character.

Wireless Laptops in the Classroom Essay Example for Free

Wireless Laptops in the Classroom Essay Internet has played a major role diminish the gaps between the different parts of the global village. It has affected almost every part of the human life. One of the major sectors that are being affected by this technology is education. It is not only developing the education sector, it is also affecting the students and their rate of understanding the things (David, 1998). Every student has its own capability of understanding. Technological advancements in the classrooms have changed the conventional ways of teaching, making teachers to invent more innovative ideas of teaching to meet the requirements of the students. While raising the bar for the teachers, it has also helped teachers to teach weak students introducing new methods. Every student has its own capability of learning and teachers follow the learning style according to the requirement of the students. Among the major concerns of the educational institutions the most important are the introduction of the internet and the digital notebook in the classrooms. It is bringing a digital revolution which is taking the education to a greater height. There are two schools of thoughts on this digital revolution which holds major concerns. One of them support this revolution and have a positive approach towards it (Rachel, 2005). It says that introduction of the digital notebooks and internet in the classroom helps the students and improves the quality of their learning. It provides facts to the sensing learners, concepts and theories to the intuitive learners, visual and verbal aid to the visual and verbal learners, step-wise approaches to sequential learners and over-look approach to the global learners. It provides students a larger platform to learn and interact. Students are connected to the world through this worldwide web. This web is like a stage where the minds of the students play their role and interact with all other characters on the stage taking each other to other level of learning, helping the weak ones and making a strong bond between each and everyone of them. This interaction makes their minds more creative and innovative. Students are not only dependant on the knowledge given to them by their teachers. It also develops the concept of multitasking among the students and they perform more than one task at the same time. On the other hand, the opposing school of thought opposes the introduction of laptops and internet connections in the classrooms. This school of thought says that this technology has more disadvantages than the advantages. This introduction of technology does not improves the learning ability of a child, it distracts him or her from the desired objective of learning. They support their arguments by claiming that students during lectures are observed playing games on the their digital notebooks, surfing through the websites or busy in online chatting with friends within/outside the classroom network. The opposition criticizing the use of the internet in the classrooms says that it provides students a large space to wander their minds rather than concentrating on the lectures given to them. They also say that what one can find on the internet? is just the information. Where as teachers provide students with the knowledge, combining the information with references and the practical experience faced by them. Contradicting with the concept of multitasking the opposing school of thought says that students get involved in so many tasks that they forget about their main task, on which they should be concentrating on. In a nutshell, it can be concluded that NO doubt that the introduction of digital notebooks and internet in the classrooms is a great achievement and provides great benefits to the students. There should be a check on the students to make sure that they are not using these facilities in negative ways. All not related websites should be blocked in the classrooms so that students concentrate and get the best out of it. Works Cited A Book David, E. Electronic Whistle-Stops. Praeger Publishers. (1998). Rachel, A. K. Innovative Approaches To Literacy Education. International Reading Association. (April 2005).

Effect of inflation and exchange rate on the PPP theory

Effect of inflation and exchange rate on the PPP theory Background The theoretical underpinning for the study of money demand and PPP is standard. The simplest form of the PPP theory suggests that goods market arbitrage enforces parity in national price levels. Hence, converted to a common currency, national price levels should be equal. Law of One Price The foundation of purchasing power parity is grounded in the law of one price. The theory states that barring frictional or complicating factors such as tariffs, taxes, and transportation costs, the price of internationally traded good in one country should achieve the identical price in another country, once the price is adjusted to a common currency. Thus, the economic theory suggests that two long-run relationships could be found: one between domestic prices, foreign prices, and the nominal exchange rate; and another between domestic prices, money, real income, and the nominal interest rate. While we would expect both the real exchange rate and real money demand to be fairly stable in the long run, we would also expect temporary deviations from these two long-run equilibrium to affect future fluctuations in the variables such that the long-run equilibrium are restored. This transformation, as well as some important economic structural reforms, could have arguably affected both the long-run money demand relationship and the real exchange rate, since it led to both some financial deepening (as low-income households gained access to formal banking services to a larger extent), as well as a strong increase in foreign competition, which in turn could have had a one-off effect on the domestic price level. Conceptually, the PPPs are very similar to consumer price indexes. The PPPs are measures of price level differences across space or, in their most popular form, across countries. Because the prices of goods and services in different countries are expressed in national currencies, the purchasing power parity between currencies of two countries, say A and B, is the number of units of currency of country B (or A) that has the same purchasing power as one unit of currency of country A (or B). Though the PPPs are similar to price index numbers in spatial comparisons, they assume special significance because the PPPs can be used as a conversion factor, in place of exchange rates, in converting various economic aggregates from different countries into a common currency unit. The converted aggregates are expressed in a common currency unit, and the aggregates are considered to be real value aggregates devoid of price variations among countries. These real aggregates make it feasible to under take cross-country comparisons and to undertake economic and statistical analyses on global and regional levels. The purchasing power of different currencies is equalized for a given basket of goods. In the relative version, the difference in the rate of change in prices at home and abroad the difference in the inflation rates is equal to the percentage depreciation or appreciation of the exchange rate. The best-known and most-used purchasing power parity exchange rate is the Geary-Khamis dollar (the international dollar). PPP exchange rate (the real exchange rate) fluctuations are mostly due to different rates of inflation between the two economies. Aside from this volatility, consistent deviations of the market and PPP exchange rates are observed, for example (market exchange rate) prices of non-traded goods and services are usually lower where incomes are lower. (A U.S. dollar exchanged and spent in Pakistan will buy more haircuts than a dollar spent in the United States). PPP takes into account this lower cost of living and adjusts for it as though all income was spent locally. In other words, PPP is the amount of a certain basket of basic goods which can be bought in the given country with the money it produces. Regardless, it is important to understand that purchasing power parity is a powerful tool that provides us a common lens by which to view the economic health and condition of different countries. Just as with any tool or device, we must be cognizant of the limitations and weakness of PPP and understand how we can control those limitations within a particular data set. 1.2 Problem Statement There can be substantial and prolonged periods of deviation from relative PPP exchange rates. To understand some of the potential causes for these deviations, it is most fruitful to take a closer look at the more important of the many assumptions we had to make before we could invoke the Law of One Price for individual goods on which PPP is based. Purpose of the Research Study The purpose of the study is to know the effect of inflation exchange rate on purchasing power parity. This research report will help for understanding the Purchasing Power Parity and how its effect inflation, exchange rates will it changes country by country. This study relates to the consequence of PPP in explaining the exchange rates between the currencies of developed countries and of Pakistan. This research is based on the idea that how inflation and exchange rate exerts compels over the purchasing power parity. This report will adheres transpire the mitigations for importers and exporters. In broad sense, this will help the consumer and one interested in importing the products and commodities to estimate that how inflation can aggregate its impacts over their transactions. It will compel the corrosion of the frequent importers and exporters. Whereas, this research report will be beneficial for ones studying or interested in inflation and economy. Corporate and many financial institutions performing the international transaction can mitigate and minimize their risk due to inflati onary pressure over Purchasing Power Parity. 1.4 Research Question What are the effects of inflation over PPP (Purchasing Power Parity?) Effects aggregated in broader sense are negative and positive, whether the purchasing power parity shows its increasing trend or decreasing trend. Positive in the sense that the country can now buy more goods from another country with the same size of currency bucket as compare to later one, whereas, the negative effects indicates the devaluation and limitation of purchasing goods from another country, spending more as compared to previous one. CHAPTER 02 LITERATURE REVIEW As prescribed by the title of the study Effects of inflation and exchange rate over purchasing parity. It is clearly determined that the two adjacent bodies, exchange rate and inflation rate can be jointly counted which can affect the purchasing power parity, The report on integration of Inflation (CPI) and PPP concludes that Consumer price index (CPI) and purchasing power parity (PPP) conversion factors share conceptual similarities. The CPI measures changes in levels of prices of goods and services over time within a country whereas PPPs measure differences in levels of prices across countries or regions within a country. Therefore the CPI and PPPs refer, respectively, to the time and spatial dimension of price movements. The consumer price index is one of the most widely used economic indicators, compiled and disseminated by national statistical offices on a regular basis. The CPI measures play a prominent role in monitoring the effects of government policies, particularly monetar y policy, and provide the general public with a measure of changes in the prices of goods and services consumed. Purchasing power parities are defined as the number of currency units required to buy goods equivalent to what can be bought with one unit of the currency of the base country; or with one unit of the common currency of a group of countries. Officer (1982) It is been observed that in most cases it was found at least one co-integrating vector matching PPP. In three cases, the results depended on using the countries interest rates to explain the deviations from the long-run relation implied by PPP theory. However, the application of PPP theory should not be confined to the search for long-run relations: it should also lead to the study of short-run dynamics whereas; the factor of inflation is always to be considered to alter the maximization of effects over purchasing power parity. As per other empirical studies for South Africa, indicates that there exists a stable money demand type of relationship among domestic prices, broad money, real income, and interest rates, as well as a long-run relationship among domestic prices, foreign prices, and the nominal exchange rate. In the short run, shocks to the nominal exchange rate affect domestic prices but have virtually no impact on real output, while shocks to broad money have a temporary impact on real output before becoming inflationary. Both types of shocks seem to trigger a monetary policy response, as the short-term interest rate adjusts quickly. South Africa adopted a formal inflation-targeting framework for monetary policy early in 2000, following less than satisfactory experiences with other monetary policy regimes (such as an exchange rate peg and money growth targeting, during the previous decades. The inflation target was set at 3 to 6 percent by 2002, and transparency and accountability of the South African Reserve Bank (SARB) were enhanced. According to a study the research has determined the facts and the level of relationship between how the inflation can under its stemmed branches i-e WPI, CPI and SPI indices can affect the purchasing power parity and exchange rate. There are few economic theories that have received as much scrutiny as purchasing power parity (PPP) and the determination of long-run real exchange rates. There is a vast empirical literature on these two related subjects presented in the research report. The message which emerges from the existing literature by this report is that it has only a very partial picture of why deviations from PPP are so constant over time. The inability to fully explain the dynamics of real exchange rates stems from the imperfect knowledge of the dynamics of price adjustment and of the fundamental variables driving long-run relative prices in the world economy has been kept as the based foundation in this study. When its added to that an imperfect knowledge of the channels t hrough which non-monetary shocks drive nominal exchange rates in the short run (Anton, 2006). The aim here is not to offer yet another comprehensive review, but to justify the relationship and the emerging affects of inflation on Purchasing Power Parity with the real exchange rates. Exchange rates may change over time in response to a number of different forces. Prominent among these forces are: (i) Domestic compared to foreign inflation rates, (ii) Commercial polices of the Government, including tariff and non-tariff barriers to trade, and (iii) International movements of capital and incomes. Anticipating movements in each of the above exchange rates will require analysis of changes in these three critical sets of variables, which often will be causally related to each other. But here in this study the determination is about the changes that can be unveiled through the affects measured in this study. Moreover, it also provides a test of purchasing power parity (PPP) as an explanation for long term foreign exchange rate movements. It essentially extends the analysis of the So uth East Asian nations, Indonesia, the Philippines, Malaysia, South Korea and Thailand. It imposes symmetry and proportionality restrictions flowing from the absolute form of purchasing power parity (PPP). The tests are also run for sub-periods with similar results. Symmetry and proportionality restrictions find little support in the unit root tests though the Johansen tests suggest that the foreign exchange rate and inflation rates are linked in a long run sense. Anton, (2006), The description illustrates that there is strong evidence that PPP holds as a long run constraint in countries at a lower stage of economic development and characterized by under developed capital markets. For those countries that has substantial foreign exchange speculation and capital movements, the changes of exchange rate deviate largely from PPP. The research also shows the there is lack of evidence to support the conventional wisdom which predict that a large share of non tradable sector, severe trade restrictions and intensified government intervention in foreign exchange market would lead to a divergence between the exchange rate and PPP. Nevertheless, most of the results are based on the data of the major industrial countries. While developing economics share many common characteristics in terms of exchange rate determination, there are some major differences between the two types of economics. Tang, M, (2005), this is simply the combination or effects gathered due to disturbance in inflation. As per the research, it has to be monitored that how the purchasing power parity is affected due to inflation and apparently the exchange rate. Whenever the inflation has aroused and sounded hyper, the exchange rate had showed a boosted move in the economy portraying the Purchasing Power Parity to decline. On the other hand, when it is said that inflation had decreased, it tends to appreciate the home currency resulting in incline in purchasing power parity because now the one in home country can achieve or being facilitated more if comparing goods from other country. In other words, a country whos PPP had shown an incline can buy more goods from other country as from the factor of inflation and Purchasing Power Parity. Mark J. Holmes., (2001), finds that there is no relation between Purchasing Power Parity confined to high inflation developing countries their techniques use new econometric techniques. Duo Qin Tao Tan., (2008), investigates their study categorized into two types: short-run and long-run common currency shocks. These shocks are used as explanatory variables to model the inflation and intraregional trade growths of the country concerned. The resulting models provide us with a base to simulate and evaluate the counterfactual situation of how much inflation and trade growths would be affected by the removal of these shocks. Methodologically using the approach can be considered as a special case of the latent variable structural models used commonly in behavioral research. First of all, the regional long-run exchange rate variability covariates with the world exchange rate variability a great deal whereas the short-run exchange rate variability is mainly regional specific. Consequently, a currency union would result in reducing the intraregional short-run currency volatility risks without much loss of the regional capacity of assimilating disequilibrium risks from the w orld currency movement. Results: Their dynamic modeling results show that the regional short-run shocks exert significant impact on the inflation and the intraregional trade growths of all the countries studied, overshadowing the impact found of the regional long-run shocks. They also find that the dynamic transmission paths of the regional shocks differ significantly from country to country. These finding makes it an oversimplified statement that smaller countries would benefit more than larger countries from a currency union. The benefit of a currency union is found, however, to be less substantial as far as the model-simulated magnitudes in inflation reduction and trade promotion are concerned. At the regional level, the magnitudes in trade promotion are much larger than the amount of inflation being reduced; at the country level, results vary and, in many cases, the benefits may not to be considered as substantial enough to warrant a vote for the union. Muhammad Zakaria, Eatzaz Ahmad and M.Mazhar Iqbal., (2007), investigates the determination of bilateral nominal exchange rates of Pak-rupee against its twelve major trading partners using standard econometric techniques based on quarterly date for the period 1983-2004. The results shows that nominal exchange rates depend on a number of endogenous and policy variables related to Pakistan and its trading partners. Specifically, fluctuations in nominal exchange rates can be explained by relative inflation rate at home and abroad, both governments monetary policies, terms of trade, trade policies and capital mobility. Their results also show that some controlled form of monetary policy may be useful for maintaining stability in exchange rates. Adnan Haider, Safdar Ullah Khan., (2007), investigates fiscal vis-a -vis monetary determinants of inflation which provide a brief review of some selected domestic and international studies. This review provides us the literature for Pakistan into two sets including studies which used government borrowing as a determinant of inflation and those which have not incorporated this determinant in their model setup. In the case of Turkey, Akcay, Alper and Ozmucur (1996) they investigate determinants of inflation using annual data from 1948 to 1994 vis-a -vis quarterly data from 1987 to 95. Their analysis reveals that a one unit increase in the deficit GNP ratio under money neutrality will increase the long-run inflation by 1.59 units. Also a one unit increase in the deficit GNP ratio under money neutrality will increase the long-run inflation by 5.67 which is much higher than 1.59 for the whole sample indicating greater impact of deficit on inflation during pre-bond financing period. Methodology: Co-integration methodology using Auto Regressive Distributed Lag model this paper try to find long run relationship between inflation and volatility in government borrowing from central bank in Pakistan. Results: The fiscal imbalances and weak forecaster for future inflation in economies under study. More specifically, they found that the predicted rise in fiscal deficit scenario in future could possibly impact in an insignificant manner towards increasing inflation in the economy. CHAPTER 03 METHODOLOGY 3.1 Methodology The data that will be used for testing of high inflation and exchange rate on Purchasing Power Parity (PPP) is of 5 years. Since, to determine the effects on purchasing power parity, various commodities are necessary to be taken into account. In this report, to determine the purchasing power parity Crude Oil will be taken as a commodity. 3.2 Sampling Technique Under the non-Probability sampling, the researcher will use the convenience sampling because to measure the affects any 5 years of data is required, which can be accomplished by convenience sampling technique, predicting as the most appropriate technique for this project. 3.3 Sample Size In this research report one variable is Inflation and researcher took 5 years of Secondary data. And second variable is Exchange Rate and researcher took 5 years of secondary data. 3.4 Data Collection Since this report is based on effects on purchasing power parity due to inflation and exchange rate and according to sample size, 5 years of data will be taken into account. There is a large amount of data that has already been collected by others, although it may not necessarily have been analyzed. Locating these sources and retrieving the information is a good starting point in any data collection effort. Hence secondary data will be used in this report. 3.5 HYPOTHESIS H0: Positive effects due to increase in inflation and exchange rate on Purchasing Power Parity. H1: Negative effects due to increase in inflation and exchange rate on Purchasing Power Parity.

Power Corrupts Essay -- History, Hitler, Napoleon

Power is a very dangerous obsession because it corrupts many individuals. The idea of power corrupting individuals has been present since the time of Hitler, and Napoleon but it has gotten worst in the present time because of the advance technology and individuals ambition for money. A perfect example of an individual that is corrupted by power is Muammar Gaddafi. Muammar Gaddafi, tyrant of Libya, shocked the world by his use of power. Another great example of how power corrupts an individual is shown in the play, Macbeth written by William Shakespeare. The protagonist, Macbeth, shows how he is corrupted by the use of power. Unfortunately, power corrupts an individual to an extent that it affects people surrounding them and it can eventually turn the individual into a tyrant. To begin with, individuals who are corrupted by power all exhibit similar character traits. Gaddafi is the current Libyan leader who has abused his power. Gaddafi displays a very courageous type of attitude, which is clearly made known of when he says, â€Å"[he] have not yet [order] the use of force†¦when [he] do, everything will burn† (Ghosh 2). Gaddafi can also be seen as a tyrant, when he says, â€Å"[he] am not going to leave this land, and [he] will die here as a martyr† (2). One can conclude how ambitious Gaddafi has gotten to remain in power. Moreover, Macbeth also displays similar character traits in the play Macbeth. As Macbeth starts getting power in his hands, he wanted more. He too showed a very fearless and daring attitude like Gaddafi which is shown when Macbeth says â€Å"The very firstlings of my heart shall be the firstlings of my hand† ( Shakespeare 4.1.166-167). Here, Macbeth is trying to emphasize that he is willing to commit any felon y to remain ... ...land’s citizens thought that Macbeth was crazy and hate him because he killed many innocent people; the citizens want Macbeth to leave, just like how Gaddafi’s men hate him and want him to leave. Before showing any violent actions a tyrant must think over the reactions to prevent future conflicts. In conclusion, one can say that when an individual abuses the use of power it causes negative impacts on a nation. Power has very dangerous uses and it corrupts people, which not only affects the individual but it affects the people surrounding them and turns them into a tyrant. One can learn that power can be beneficial to an entire nation and help stop issues in the world only if it is used correctly. Gaddafi and Macbeth both exhibit how power corrupts which results in a downfall in both of their nations. Power is very dangerous when one tries to take advantage of it.

Make A Difference Essay -- Teaching Education Teachers Essays

Make A Difference I have always wanted to be an elementary school teacher ever since I was young. My grandmother was a third grade teacher, and after every school year she would give me her old books that she no longer used. I was so excited when she gave them to me. As soon as she handed them to me I would make my younger brother play school with me. From the first day she gave me her old school books, there was no doubt in my mind that I would become a teacher of education. Education is defined as the lifelong process of acquiring knowledge, skills, and values through either formal or informal means. I believe that the purpose of education is to allow students to discover who they are through exploring what the future holds for them. Formal means of education should provide students with skills that will facilitate living and working in a dynamic world. In my opinion, a variety of instructional options are necessary for teachers and students to be successful. There are many different approaches available in doing so, a few of them include: the behaviorism, essentialism, and progressivism philosophies. Agreeing with the behaviorist point of view, I see myself using positive reinforcement with my students, when a task or behavior is achieved. Rewarding students can make a big difference in the student’s attitudes, even if it is just a little reward like a smiley face drawn on their paper or even a sticker. By doing these little things it will help encourage students to continue the good work and to carry on in this manner. Behaviorism also deals with the big role that the environment plays in a student’s academic learning. Throughout my junior high and high school years, I had the meanes... ...ly teaching students from different backgrounds, races, and interests. Nonetheless I have great confidence in myself, and the teachers here at Concord College, which will help me to achieve all of my goals and wishes to become an excellent teacher. Entering my adulthood, after graduation, I would like to pursue a teaching position in a public school teaching any grade from kindergarten up to third grade. My academic goal is to further my education and receive my master’s degree in elementary education as soon as possible. I plan to move out of this area after receiving my degree to the south. Teaching is a dream that I have had all my life, motivated by family and teachers that I had in the past. Choosing the path of becoming a teacher will allow me to experience one of life’s greatest joys – making a difference in children’s lives!

Pros and Cons of Culture Shock

Name: Do Manh Thang Class: A15 QTKD ID: 1111260035 ASSIGNMENT’S TOPIC Pros and cons of culture shock Culture shock is an inevitably phenomenon which occurs commonly in our daily life. I believe that most of us have experienced culture shock by one way or others but some of us did not notice its influences in our life, and some even did not recognize it. In this paper, I will discuss about the pros and cons of culture shock. I will also tell you about my sparkling experience of culture shock to illustrate these pros and cons in more detailed and realistic approach.Normally, you may assume culture shock as the stress and the feeling of disorientation you experience in a new culture or new country. But culture shock basically refers to a stressful transitional period when individuals move from a familiar environment into an unfamiliar one. For the first thought, it seems to be very terrible and lead to bad impacts on individuals who suffer it. However, culture shock can also have positive implication as well as its negative implications. For the negative side, culture shock negative implications include three major issues.First, after a long period of feeling stress, you may suffer some psychosomatic problems such as headaches and stomachaches†¦ Second, you may also face some affective upheavals, which consist of feelings of loneliness, isolation, depression, drastic mood swings, and interaction awkwardness caused by the inability to perform optimally. Another negative implication you may have when you undergo culture shock is the cognitive exhaustion, which caused by difficulty in making accurate attribution. I had been a student of Vietnam Medical University before I took a decision of moving to Foreign Trade University. Read more about Pros and Cons Of ReligionAs a sojourner moving from an environment of one university to another environment of another university, I did also experience the negative implications of culture shock. For very first times, I were shocked to recognize that I might have to learn all things by myself without any force and help from teacher and friend. In my old university, we were taught everything in detail. We even have practicing time for deeper understanding what we have learned. In our class, there are four or five groups of learning. In group, we students help each other to get the insight of the lessons easier and faster.However, Foreign Trade University (FTU) is a different story. We have to learn more details at home. Teachers just show us the very overall aspects of the problem. We also have team working but it does different things to my old university. Teamwork at FTU is when you have to learn and prepare theories well to perform better on discussing and solving a given case study or a problem. High tension and intensive working in this environment made me feel tired and stressed. I usually had headaches and felt sleepy. This situation of these psychosomatic problems had lasted for almost 1 year until the second semester came.I also witnessed cognitive exhaustion when I had just moved to FTU. As a vice monitor, I desired to do something to encourage the learning spirit of my class. But I did not find an appropriate way to do because I found there is a difference between my classmates’ learning style and what I had used to. Stucking in asking what I should do, finally my results were even so bad in first semester. On the other hand, culture shock, if managed effectively, can have some positive effects. I have realized that for the next semesters.These positive effects include: a sense of well-being and heightened positive self- esteem, emotional richness and enhanced tolerance for ambiguity, behavioral competence in social interaction , cognitive openness and flexibility, and an enhanced optimism about self, others, and the everyday surroundings. Overall, for managing culture shock effectively, there are some practical tools: First, newcomers should realize that culture shock is inevitable. It is an unavoidable experience that most people encounter when relocating from a familiar environment to an unfamiliar one.Second, new arrivals should understand that culture shock arises because of the unfamiliar environment, when one is bombarded and saturated with unfamiliar cues. Developing a realistically positive outlook in viewing their one-time experience as a precious adventure and doing some positive reframing of surprising events may help to lower their stress level. Third, making an effort to establish broad-based contacts with memers of the host culture and learning to communicate with them can increase local knowledge and reduce such feeling of vulnerability.Cultivating a deeper, supportive friendship network an d easing themselves into the new setting can also help to restore the identity equilibrium state. Likewise, the more members of the host culture extend a helping hand and the more they attempt to increase their familiarity with the new arrivals, the more they can increase the newcomers’ sense of security and inclusion. Fifth, culture shock is induced partly by an intense feeling of incompetence.By seeking out positive role models or mentors, newcomers may be able to find reliable and competent cultural bridge persons in easing the stress level of their initial culture shock experience. Finally, newcomers should realize that culture shock is a transitional affective phase of stress that ebbs and flows from high to low intensity. New arrivals must hang on to a resilient sense of humor and emphasize the positive aspects of the environment rather than engaging in prolonged concentration on its negative aspects, realizing that these â€Å"growing pains† may lead to long- te rm personal and professional growth and development.After one semester suffering negative impacts of culture shock, I started to learn how to get used to my new university. I learn the way for effective self-study at home. I also participated in a club to go through what my friends do in this university. I realized that they do not only learn from lectures and textbooks, but they also learn from non- academic activites. I feel happy when I could get along with my courses, follow the discussion in team working, and even make important distributions to the results of my group and my club.I could say that I have had a better sense of well- being and heightened positive self-esteem. It is hard to imagine whether I will do well in future to adapt in new environment such as a new work place or a new country without experiences about culture shock in the past. Culture shock has trained me to behave more appropriatly in social interaction and think more optimistic about people and things ar ound me everyday. Most of my bad feelings and negative viewpoints are now replaced with the better ones.By learning to control culture shock and to adapt with new environment, I have also obtained more knowledge and skills that I did not know before. It is undeniable that culture shock has made a force and conditions to me to perfect myself. Although it negative impacts made me nearly exhausted, I also want to say a thank to culture shock experiences of bringing me positive wisdoms for developing a new better version of me.

Politics of Plato and Aristotle Essay

Plato and Aristotle are variably considered as some of the greatest political thinkers and philosophers the world has ever produced. It is worth noting that at one time Aristotle was a student of Plato therefore their political thoughts are almost similar yet there exists great discrepancies in their teachings. Nevertheless despite the fact that their thoughts were coined in the 4th century they still remain popular even today. In many history circles these two great political philosophers are regarded in different ways based on their political and philosophical view. Whilst Plato is variably regarded as the â€Å"first writer of political philosophy†, Aristotle on his part is considered to be the first political scientist. (Landman T 34) Abstract reason that was based on moral knowledge was the ground within which Plato based his theories making a departure from Aristotle who based his theories on experience where he envisaged applying them on concrete living. Within the political teachings of Plato the most central theme or discourse is the Republic which primarily deals with the soul that describes justice as the definitive human form. According to Plato, Justice is central to the establishment and the eventual strengthening of the regime attaining happiness in the process. For Plato a perfect society is the focal point, and in his book ‘The Republic†, he strives to create an outline of a society that is utopian in nature disregarding the tension of political life. In this outline he therefore sought to achieve a perfect society where present inherent problems are eased by curing the human personality and the society at large. According to Plato, politics is regarded as an attempt by man to bring orderliness or disorderliness in the regime or his social life. To bring order and law in the society politics is regarded as the main means to achieve this end because the Republic is a political. (Landman T 38) Aristotle on the other hand expressed his political thoughts through his writing, Politics. Unlike Plato his concern is more directed towards the regime rather than the individual and justice is the highest goal. Ultimately according to him people must live together leading to a more united regime, thus the family is highly stressed in his philosophy because this is where people originate from. Two main fields define Aristotle’s political science and include ethics and political philosophy. (Landman T 41) The politician’s task according to Aristotle is to give laws and to tailor the regime’s constitution, after this the next pertinent step for the politician is to sustain and maintain this constitution to ensure the political system is maintained. Aristotle was on the view that the regime makes up what is called a community which is generally established for some particular good. (Keyt D. & Miller, F 69) Both Aristotle and Plato had different views about appropriate leadership to govern the regime. For Aristotle the most beneficial leadership for the regime is a kingship, which is followed by Aristocracy, then Polity, Democracy, Oligarchy and finally Tyranny as its extreme. (Lord C 122). However according to Plato the highest or the most beneficial is the Timocracy which is followed by Oligarchy, then Democracy and Tyranny at the bottom. Plato had a more pessimistic view of the change in regime which he regarded as a linear circumstance that is uncontrollable which is always deteriorating. Thus a regime can never improve in any way. Aristotle on the other hand is of a divergent opinion that is optimistic and considers change as a non-linear progression that can sometimes go from worse to better and vice- versa, where the regime has a probability of rehabilitating itself.

How Does Orwell Explore the Theme of Education in ‘Animal Farm’?

How Does Orwell Explore The Theme Of Education In Animal Farm? ‘All animals are equal but some animals are more equal than others’. George Orwell writes this toward the end of his highly acclaimed allegory, Animal Farm. From this single statement we can tell quite a bit about Orwell’s views on education which he puts across strongly throughout the novel. A message I see that this statement portrays is that everyone has the right to an education but some people were getting a better education than others at the time.During this essay I will be arguing that George Orwell was critical of the education system in 1945 (the year the book was written) and that he aired his views, hidden as they were, in many places through the book. One of the ways he used to put across his views was to use biblical references. Orwell was strongly anti-Christianity and he put this across in the novel partly through his reference to the bible’s ten commandments by creating a list o f rules that the animals must live by entitled ‘The Seven Commandments’. No animal shall kill any other animal without cause’. The last two words were added by Squealer under the orders of Napoleon, adding their own twist on Old Major’s original commandments thus tweaking them to their advantage. This was not the only commandment to be edited: in fact all of them were but only slightly, just enough so the pigs wouldn’t be breaking any and so the other animals wouldn’t notice. The pigs were able to use the fact that they were educated well as an advantage over the other animals in order to do what they liked and get away with it.The fact that Orwell used the commandments in this way, just that the pigs were changing them so regularly seemed to me rather disrespectful of the Christian faith and when seen like this, Orwell’s religious views are blatantly obvious. From this part of the book I remembered being taught about priests in the An glo-Saxon times and how they had been educated well before beginning their ministry. They would ask for money from the innocent but fairly foolish and uneducated people worshipping or just visiting the church and the priests would say if they hand over the money, they would avoid purgatory and go straight to heaven.To these poor people, this seemed like the perfect solution for the problem and hand over their money is just what they did. This links in with the book in that the priests would use the fact that they were educated in their favour to brainwash these unknowing people just as the pigs did to the other animals in the book. Another element of education Orwell is critical of is the private education system. ‘The pigs and dogs were educated separately to the other animals’.This brings in Karl Marx’s ideas of class and hierarchy in society. Marx’s writings formed the theoretical base for modern international communism, the idea of a classless society in which everyone is equal and nothing is privately owned. As we know Animal Farm is an allegory of the Russian revolution in 1917 during which Joseph Stalin (portrayed in the novel as Napoleon) and Leon Trotsky (Snowball) fought for power after the defeat of Tsar Nicholas II and the monarchy.When Stalin came to power and exiled Trotsky, he began to form the new Soviet Union around the basis of Marx’s writings and the fact that the pigs and dogs were educated separately to the other animals shows that before Stalin’s seizure of power, class and hierarchy still remained in Russia. The pigs and dogs represent the nobles and government who were all seen as superior to the lower, working class citizens and were therefore privately educated.If there was to be equality amongst the animals on the farm, they should all have been treated exactly the same and this would mean they should be educated in the same way. However, this wasn’t what happened and the pigs and dogs continued to see themselves as better than the other animals. Orwell really wasn’t a fan of the private education system, as I said at the beginning; he wanted an education for everyone and the same education for everyone at that. Orwell continues to represent class on the farm through the character of Boxer.Boxer represents the lower, working class who were uneducated and inferior to the nobles and government, in this case the pigs and dogs. ‘I will work harder. ’ and ‘Napoleon is always right. ’ his mottos show just how loyal and hard-working he was. Boxer would work and work until he was at the point of collapsing and this is just what the working class of Russia would do, slaving away their today for a better tomorrow. Boxer is key in building the windmill, which represents change, the change that Boxer wants to bring to the farm through his hard work and determination.Boxer may have had all these credits but what Orwell uses Boxer to say is that no matter how physically strong you are, it’s nothing compared to knowledge and mental strength. When Napoleon tells Boxer he is to retire after he collapsed whilst working, Boxer naively gets on the van that is not really to take him to where he will retire, but to the knackers’ yard to be killed. Even though Boxer was so driven and committed in what he did, he wasn’t able to spot that Napoleon was tricking him because he wasn’t nearly as well educated as Napoleon.So to cut a long story short, the fact that Boxer was poorly educated eventually lead to his demise. The pigs as we know by now, were the best educated but they gradually demoralise through the novel. ‘All animals are equal but some animals are more equal than others’. This quote for me epitomises the whole part the pigs play in the book in that the great advantage they once had over the other animals because they were educated had now just become plain ignorance. Orwell uses the pigs in Animal Farm to tell us not to let education go to our heads but to respect it and appreciate it.Not only this but Orwell also wanted to tell us through the pigs the dangers of power and to appreciate it also. The pigs wanted to look like they strived for equality, to look like they were doing things for the good of everyone when really everything they said and did was for the benefit of themselves. Almost all of the seven commandments had something to do with the importance of not letting the pigs’ ways become human, which is exactly what had happened by the end of the book. The creatures outside looked from pig to man, and from man to pig, and from pig to man again: but already it was impossible to say which was which’. That the pigs had changed so much the other animals couldn’t identify them amongst the humans is pretty shocking. One of the most important points of the whole ideology of Animalism (which allegorically speaking refers to communism) is t hat the animals should always remain animals and never adopt human characteristics like drinking alcohol or sleeping in a bed and these rules were all layed out clearly in the seven commandments.In conclusion, George explores the theme of education in Animal Farm in many ways. He uses the allegory to refer to the different classes through different characters and how the classes were educated differently, some not at all. He uses Boxer to compare physical strength with mental strength and he also uses the pigs to warn us of the dangers of letting education ruin us and our morals. Animal Farm is a tragedy in my eyes; the original ideology of Animalism gradually fell apart piece by piece until the pigs had practically become human.It’s all well and good to have this great idea of a revolution to gain equality for animals but the pigs just couldn’t see past themselves to carry out Old Major’s plan and that’s what makes this story so tragic. Orwell thought th at everyone deserved an education, especially the working class but the people who actually got a good education just took it for granted and wasted it and I think that’s the overall point he tries to put across about education in the novel. Education is power but power corrupts. By James Lawrence, J7.

The Turn of the Screw by Henry James

Henry James is well-known for crafting fine literature. One special short piece, The Turn of the Screw, taps into a topic that received great acclaim in the era it was published: ghosts. It was initially released at the tail-end of the 19th century, and followed up with 20th century critical essays regarding this saga. Turn of the Screw was first released when actual ghost-sighting incidents were so common that they became coffee-table discussion. My focus is, in fact, on the subject of ghosts. After reading James’s work, I believe that the governess and her ghost incidents were actually a figment of her imagination, based largely on her unstable mental health. I will offer my reflections as to why our governess was tripped-up and tricked into believing she saw phantoms. The main thrust of her disillusionment came from her mental illness. The history behind The Turn of the Screw is woven to the argument between the apparition-believers and the non-apparition traditionalists. The phenomenological spirit-hunter controversy has been wide spread, even in this day and age of the 21st century. In order to stay true to Henry James, it is important to define what I mean by apparition and non-apparition. According to James’s time period—which I will be true to in my assessment—I will clarify that an apparition refers to explanations in which ghosts are seen to be very real figures or a manifestation of paranormal activity existing in a person’s field of vision. Non-apparition, instead, infers that the explanations in which ghosts are viewed are actually hallucinations of the mind. This is the standard terminology used in The Turn of the Screw. From the beginning, although James has a captive means of expressing himself through story-telling, one major criticism is that the stories he creates are too far-fetched. He misses out on incorporating the essence of reality into his story, which immediately sends reads on a downward spiral away from realism. The story does not tell about life and the journals of the governess. Instead the governess and the supporting characters (which includes ghost figments) are not people we’d easily associate with in life. James has a focus in his novella, but the thematic structure is too narrow in the sense that he ignores incorporating daily-life experience and background structure—both in characterization and scenery. Readers cannot truly take his account as a subject of realism. When we look at his characters and plot-structure, it becomes clear that James excluded huge segments of society. He was not concerned with low-class families or even the middle class. He wrote of nothing in regards to the common man. Instead, his interest lie solely in envisioning a class of people devoted to the luxuries of high class status. So, in order to follow along with Henry James, we must pay a ticket, so-to-speak, to enter his special world of an elite cast from another planet of thinking. First, we must agree to the boundaries of his world. Then, and only then, can we consider him to be a realist. However, it’s important to point out that James is true to his characters. He never violates the laws of his reality. His is, in effect, a faithful storyteller and his characters are always understandable. Robert Lee Wolff, for instance, in his published piece, The Genesis of The Turn of the Screw, points out that there were many skeptics who felt that readers who believed in this supernatural tale were, in effect, caught in the trap of Henry James. It was viewed as a â€Å"cold artistic calculation† on the part of its highly entertained author (Wolff p. 125). As we look at the governess in the first few turns of the story, we see how James very deliberately and carefully sets up the machinery where the governess first witnesses the ghosts. The governess believes in these ghost-incidents but refuses to investigate the situation. It’s difficult to believe our governess would not be shaken by curiosity in hopes of validating her visions. It’s also apparent that the governess takes a liking to her employer and she wants him to go on these walks with her, in hopes of them both seeing the ghosts. But she does not. This is very uncharacteristic of a mentally stable person. James leaves room for the reader to decide whether or not it’s her infatuation or psychotic visions that has a hold of her. It seems, to me, that her imagination, along with her mental fragility, are the keys that lead her to imagine the ghosts, instead of actually seeing them. To back up my claim, Francis Roellinger cites the following, If James emphasized the artistic limitations of the â€Å"recorded and arrested† ghosts, it is chiefly to make clear to the reader his reasons for ignoring these limitations in the construction of his own phantoms† (Roellinger 135). With working with children during the day, the governess discovers the magic within the children—and their own individual gravity toward curiosity and uncovering the truth of situations. Yet, her state of mind seems to cloud her vision. This further strengthens my plea that these ghosts were actually figments of her imagination. The governess does spend time discussing these apparition sightings with Mrs. Grose. They learn that the man died after falling on the ice after a drunken evening at a tavern. The history of recent dead individuals includes the previous governess who died last year. Are these dead the ghosts she sees? We then discover that the children know of these ghosts, but are hiding this information from the adults. James has a spine-tingling means of crafting his story, yet the believability fall short with his lack of realism and superficial details. Later, other critics saw his work lacking realistic integrity. Robert Lee Wolff added that Henry James created a governess that certainly suffered from mental illness. Wolff wrote, â€Å"the tortured forms and expressions, are proof positive that he regards the governess, who sees the ghosts and tells the story, as a neurotic, suffering from sex repression (Wolff p. 126). Another critic, in the same published essay by Wolff, was cited as locating several situations that carried Freudian significance, which integrated our governess’s final pedophile passion for the young boy. The governess, in the end, scares him out-of-his-mind, frightening him to death. In reading a story so heavily laced with ghost appearances, how is it that the governess is such a stoic in regards to keeping her fear-factor at bay? This question brings to mind the notion that our governess might have some secret desire for fear or even pain. How else could she perpetuate her relations with the young boy child to the point of utter contempt regarding sexual desire? The situation weighs too heavily in favor of the governess’s mental instability being a driving force that leads her to imagine that she sees these ghosts. As we consider it deeper, her illness can be paralleled to imagining some of the scenes where children—according to her—are chatting with an apparition. On top of this, her solitude and lack of having a lover or partner in her life further distresses her situation. In essence, we can view this entire tale as a battle of good versus evil—not paranormal reality. The governess could also be considered a person who created this ghost scenario upon innocent children, which would be an extremely neurotic tendency on her part. She feels so alone and, when the children are in confidence with the ghosts, she creates a scenario, through her excessive imagination that holds little remorse for the repercussions that might occur to the children or other characters in the story. In conclusion, it’s clear that this is a story of a mentally unstable woman who uses her neuroses to create this universe of ghosts. It’s her means of communicating with others, after her younger years did not lead her to love. She is a deeply unstable individual, flawed with ruin. She is not the type of person who would be able to deal with these spine-tingling events with the conviction she displayed. This character trait in the governess along with other unrealistic situations in the story, offer no other solution than to consider it as a purely fabricated and imaginary chain of events.

Analysis of Badinerie by J.S Bach

The piece Badinage is in a light mood and structured in the Binary Form. It is cast in swift 2/4 meter beginning on the upbeat or musicians. This piece was originally written for a Chamber Orchestra and a solo flute. The piece starts In B minor and played In allegro tempo throughout. Badinage start with a mess forte dynamic marking meaning moderately loud with motive A in the pickup bar at the beginning and motive B starts on the second beat in bar two to bar 3. The Antecedent ranges from the beginning of the USIA to the first beat of bar four, which ends on a Perfect Authentic Cadence. The Consequent started on the second beat of bar for four to the first beat of bar ten, which ended on an Imperfect Cadence a one to a five suspended two chord In second inversion. They are long phrases throughout the duration of the piece. In the first five bars the bass line plays a Bass Continuo style in Baroque music, however in modern day it is called a Walking Bass style. In bars six to ten the melody line plays a similar rhythm that the bass was playing in the first five bars and the ass line plays a similar rhythm to what the melody line was playing.The second beat of bar 10 the dynamic marking changes to forte meaning loud which is the beginning of the phrase extension and sequential progression to bar 16. There Is a great build up in this phrase with a mess forte crescendo leading up to forte and the use of sixteen notes in the bass notes the section intense and bright. Bar sixteen the end of the first section is repeated and ends on an Imperfect five of five going to five cadence called atomization. The second section of the piece is a development of A, which Is the same melody played a fifth up.The Antecedent started from the pickup beat to the first beat of bar three on a five of three going to a three cadence. The piece then modulated to D major in the next bar then f# minor in bar 30 then back to b minor in bar thirty two. There is a phrase extension starting on the second beat of bar twenty to the first beat of bar twenty eight. The same idea comes back again of the melody line taking the rhythm of the bass line and the bass line taken the rhythm of the melody line in bars went eight to thirty two.There are pedal points in bars 33 to 35, interesting to note that there is use of octaves. In bars thirty six the first beat has a loud dynamic marking and the second beat has a soft dynamic marking which is quite interesting. There is a crescendo in the next bar leading up to forte towards the second to last bar. This section is then repeated and the section time around there is a rite. 2 Volta Inch means turn around then retard the second time. The piece ends on a Perfect Authentic Cadence.