A Defining Moment Essay - 755 Words

Many people influenced and events my reading and writing development throughout my childhood from my mother, my elementary librarian, and Sesame Street, to getting my first pair of glasses. We all have defining moments in our lives where we can look back and say, â€Å"That moment changed my life.† This is the story of the defining moment that changed the way I read and write, and I learned it from a whale! It was the beginning of my seventh grade year. I was about twelve years old and, I guess you could say a nerd. I did well in school so I was placed in the Gifted and Talented program with other nerds in my class. As part of this program we were required to read at a certain level or read a certain number of books each semester. You†¦show more content†¦I thought to myself, hey, I like whales. I’ve read stories about ships and pirates and stuff before. This looks like something I might like. I can still smell the old paper and threaded binding resonating in my mind as I opened the book and scrolled through the pages, soaking in the vibrant illustrations of what would soon become my obsession for the next six months. Happy with my selection and feeling fairly proud of myself, I take the book to the check-out desk. The desk is occupied by the stereotypical librarian. She is an older lady probably in her sixties with gray wiry hair and half square bi-focal glasses that sit on the end of her nose. As I place the book on the counter, she looks down her nose and through her glasses at me with a look of skepticism. Frowning as she speaks, she tells me that maybe I should choose something else. Undaunted, I refuse and ask to check out the book. She gives a few other suggestions but again, I refuse. She wishes me luck as she slides it back to me and I stuff the hefty book into my backpack. I start reading the book and right away it is intimidating from the very first paragraph. I am faced with language and sentence structure I do not understand, what is a bedfellow and why does he carry a purse? Is he gay? Immediately I am second guessing my decision but I am determined to get through this book. It takes me the better part of a week to get through the first chapter. IShow MoreRelatedThe Position Of Ceo Of An Established Organization959 Words   |  4 Pagesessential components and play a significant role towards success (Reeves, 2003), the most important thing is the personal decision to pursue success. According to Omar s presentation (n.d), that moment that you decide to take the â€Å"red pill† and follow the path of your desires remains the defining moment in the path to success. Taking the red pill means acknowledging your ability to achieve your desires and do everything possible to accomplish the set goals. It is equivalent to taking up a new identi tyRead MoreFun Home by Alison Bechdel Essay1386 Words   |  6 Pagesdiscovered her father was homosexual. I feel that the most influencing panel in Fun Home is where Alison and her father are in the car alone together. Not only does this panel explain the entirety of the novel in a few short speech bubbles, but it is the defining scene that connects both Alison and her father together for the first time (221). This explains the absences of Alison’s father in her life, and the scary realization that both characters are more alike than different. The car scene must be brokenRead MoreEssay on Defining Moments939 Words   |  4 PagesIt was Friedrich Nietzschehas who said, â€Å"What doesn’t kill you makes, you stronger†. I like to call these moments in a person’s life, â€Å"defining moments†. Additionally, I like most people, have had a few of these â€Å"defining moments†; probably more than one person should. Growing up, I had a hard time accepting one of my â€Å"won’t kill you-make you stronger† moments. It was a moment of betrayal and deceit, inflicted upon by a person I trusted fully and completely, with my life. My mother. My mother hadRead MoreEssay on The Defining Moments of My Life866 Words   |  4 PagesAll of us can probably point to one or two defining moments in our life. Mine came when I was running across a rooftop with a gun pointed at my back. Something inside me snapped and I just knew I didnt want this to be my life. I stopped running. I grew up on the streets of the city. Each neighborhood has its culture and so did mine. Ours included playing skellie with your friends while your older brother is twenty feet away on the street corner selling crack or weed, or heroin. Do you knowRead MoreEssay about Graduation: A Defining Moment660 Words   |  3 PagesGraduation is an exciting time in a person’s life, especially a high school graduation. When I think of family and friends gathering together to celebrate a joyous occasion, I feel I accomplished my strongest goal. It never occurred to me that graduation would be the end of my youth and the start of adulthood. Graduating from high school was an influential event that gave me an altered outlook on my existence. Life before graduation, preparing for graduation day, and commencement day overwhelmedRead More Defining Moments in American History Essay1900 Words   |  8 PagesAmerican history has had many defining moments over the last five decades which has helped America to develop to the way it is today. Each decade holding many life changing events and discoveries in them it would take a long time to cover each and every one of these so I have chosen a major event that I find to be of great worth to Americans today. We can all learn from the past events and work together to make American a safer and better place to live, and one way to do so is by learning from theRead MoreThe Great Depression Was A Climactic Defining Moment In723 Words   |  3 PagesThe Great Depression was a climactic defining moment in the 20 century that crushed the lives of numerous americans in the United States. Its kickoff was Black Thursday, October 24, 1929. That is when merchants sold 12.9 million of dollars of stock in one day. It was triple the standard sum. Throughout the following four days, stock costs fell 23 percent. That is known as money markets crash of 1929. For all the more, optically observe When Did the Depression Begin? In spite of the fact thatRead MoreTerrorism: A Defining Moment in Our Recent History1576 Words   |  6 Pages As an American living in the 21st century, terrorism has been a defining moment in our recent history. It has shaped the foreign policies of many nations, changed the way society has viewed violence and created debates about national security. Yet, it is only recently that terrorism has gone global. The history of terrorism is rooted in its use by revolutionaries and governments, its influence on domestic affairs and the various methods used to instill fear and control. But since the end ofRead More A Defining Moment In High School Athletics Essay1746 Words   |  7 PagesA Defining Moment In High School Athletics I was a part of something my senior year that not many High School students will ever experience. It is one of those things that I will tell my grand kids about in years to come. The 2002 Fort Defiance Wrestling Team had a winning season with a perfect record. Our accomplishments as a team and as individuals will be in the records books at Fort Defiance High School, Virginia. Students athletes who play sports in school have dreams for their and themselvesRead More A Defining Moment in My Papa’s Waltz Essay687 Words   |  3 PagesA Defining Moment in My Papa’s Waltz  Ã‚   An older boy remembered his father, a hardworking blue collar man. He remembered how his father would walk into the home each evening with scraped hands and perspiration stained shirts. His father was a tough man. He was the kind of man that refused to go to the doctor and rarely hugged his children. Yet, he was a good man. The boy remembered how his father provided for the family and often times his smallest actions proved his paternal love for them

Art and How It Effects the Geographical Free Essays

In today’s world the question of what is art is one that most people would have mixed responses and views on. This may be due to the rise of technology, specifically the dependence of the internet on people’s everyday lives. The idea of Art seems to get lost in today’s world and newer generations have distanced themselves from art. We will write a custom essay sample on Art and How It Effects the Geographical or any similar topic only for you Order Now There once was such a heavily reliance and dependence on art in people’s everyday lives but with time this has slowly started to fade. In the Merriam-Webster’s Online Dictionary there are sixty eight definitions for ‘Art’. The definition that many people associate with or people with some knowledge about art tend to use from the Merriam-Webster’s Dictionary is that it is something produced as an artistic effort or for decorative purposes. Another definition for art from the same dictionary is the conscious use of skill and creative imagination especially in the production of aesthetic objects. Many people interpret art in many different ways. This is very evident in today’s society with regards to people and relating what they are practicing, believing or doing to a form of art. This may be controversial in some cases which, over time have led to there being many conflicts and wars over such issues relating back to art. Famous pieces of art have been created over time, by famous artists who have shaped the world of art of today. Lobbyist groups, culture groups and other parties have formed over time and have used different forms of art to come together to promote awareness to their group or cause. Political involvement in the Art’s sector is something that over time has become an issue for some people who do not agree with how money is being allocated for the arts. In some cases how the government handles situations in relation to the Arts and funding is questioned sometimes because some people feel like they are not being cared for or assisted. As discussed in the article Lobbying for Arts and Culture by Jason Hall, during the 1970s, arts and culture lobbying became a bigger issue at the federal level. It was during this time that the National Endowments for the Arts and Humanities (NEA and NEH) and The Institute of Museum and Library Services (IMLS) were created. This creation allowed for lobbying to become intensely focused at a federal level. Along with these creations came annual appropriations, which meant that money was now being set aside for funding of the Arts. This was something that at first many people were not aware of was happening, but once people realized the issue became a bigger one for everyone involved. At one point funding was as high as 175 million a year for the Arts in the United States, specifically Washington D. C. The culture wars of the 1980’s and 1990 have brought tension between cultures for reasons relating in back to art. With the creation of these boards, services and relations the wars were able to fade in the late 1990’s as culture and art became more intertwined with people’s everyday lives. Around this time is when the electronic boom happened and advancements in technology exploded around the world. With new creations and inventions increasing the way people interact with each other people were now able to collect information in ways they have never been able to do before. This was something that benefitted most parties involved but also left a window for people to be exposed. With this new technology at many institutions and people’s disposal more political issues were able to be handled in a quicker manor. What many people fail to realize with Art is since many people see it as such a broad topic people can relate to art in many different ways through beliefs, views, practises and talents. This idea has raised questions for future generations because the decline in people participating in some form of art is raising thanks in part to a variety of reasons. The main argument deals with technology and how people today are more interested in electronics as opposed to the Arts. There are still many people today who rely and believe heavily in the Arts. The sad reality is that number is not what it once was bringing up many questions people do not have answers for. An example would be since funding today is so great for the Arts in many cases across Canada and the United States and other parts of the world will the investments now be used and appreciated in the future. The market for art depends on the people involved wither it is paintings, religions, music or any other form of art. Depending on the audience some forms of art are enjoyed by more people with more funding going in the direction of the places or practises that are less popular to the general public but still attract guests and people associated with that form of art. This is what makes art so interesting the fact that the market depends on the people one speaks to and what he or she believes or has strong feelings for. With being so broad more people can relate in one way or another, but it is something that is not happening due to people’s interests elsewhere. This has led to organizations today being created that are either legitimate or scams which is why in some cases people have a hard time trusting certain situations. The idea of tax advantages for certain organizations was mentioned in Halls article leading to these organizations being created over night in some cases to get in on these tax advantages. With these tax advantages that were starting to be given out to certain charity groups, local museums and theatres to name a few advocacy and lobbyist groups began to appear in larger numbers. These groups are created to try and preserve Art and the many great things that it has to offer in such a variety of different ways. Through music, dance or visual displays art allows people to express themselves in ways that they would normally not be able to do. A lot of credit for art being able to survive in today’s world goes to the generous donors and government tax grants and other incentives received due to a lack of interest in some cases. The operating costs for being involved with Art can get pretty high so having generous donations for people, businesses or governments allows these places to continue to operate. The impact of new technologies has changed how the word of art is interpreted for many people. This is done in many ways, with relation to artists and artwork people can now see their work online in most cases and do not need to fly across the world to see a famous painting. Listening to famous orchestras or musicals can now be done online as well taking away from experiences people can only get when they see the art performance first hand. Although in these cases new technologies seem to have hindered certain ideas that art tries to promote it has given people a chance to hear or see things they would not normally see because they are located in other parts of the world. With these new technologies at people’s disposal it gives more people a chance to explore and find out different forms of art. This is because people can take art for what they think it is, explore it with the technologies available and find other people who feel the same way. Regardless of how people feel politics in the end have a big say in how things are run and operated within certain jurisdictions with regards to the Arts. A big issue for politicians and the topic of art is now the security of the general public due to attacks stemming from certain beliefs or practices. Again another problem with politics is actually receiving the funding from the House or the Senate. In most cases a congressmen or senators have to be connected in some way or another to a certain museum or cause to receive a generous donation. Much has changed from the early times that date back to the Greeks with regards to how people saw and interpreted art. The roles it had on everyday life and culture have changed dramatically depending on where one decides to locate. Over time there have been many difficult days, months and years involving art and culture wars with many lives being taken in the end. The federal levels involvement in art is what is keeping it alive, mainly due to money investments and donations from the government, charities or private groups. A great example that was given in Halls article was how Museums generally get about 95–97 percent of their public sector funding from local and state government. Art is still important to many people’s livelihood because they depend on art to express how they feel or provide a living. The most come perception people get when they just hear the word art is associate it with paintings, drawings or something else one would see in a museum. While many people would agree with this the media in today’s world along with the technology at people’s fingertips has managed to almost hide art and make it not as powerful and meaningful as it once was on everyday life around the world. One can see that over time people’s views and desires have begun to steer away from being so involved with art directly. This is something that will ultimately take away from the meaning of great things that have had to deal with art in the past because people will not be informed or aware due to the lack of coverage and dependency on art. How to cite Art and How It Effects the Geographical, Essay examples

Health Care Provider And Faith Diversity Christianity And Buddhism

Question: Comparative analysis focusing on the seven basic worldview questions will be completed from the perspective of Christianity and Buddhism. Answer: Abstract We currently live in a society full of people with differing culture, religion and belief. As healthcare providers, to practice efficiently in a pluralist society, we need to be aware that religion and faith have a significant influence on an individuals worldview towards health. It may be very difficult to learn all the religion that is available but this paper will offer readers two very different religion. This paper will provide a thorough view of the following faith: Christianity and Buddhism. For the purpose of this paper, a comparative analysis focusing on the seven basic worldview questions will be completed from the perspective of Christianity and Buddhism. Along with the seven basic worldview questions, a discussion on the healing aspect of these two religions will be touched upon as well as an exploration of the philosophies of both faiths towards health care. The findings in this paper can offer important information to health care workers when working with patient of dif fering religion. Health Care Providers and Faith diversity: First Draft It is known that religion and spirituality has a huge impact on an individuals worldview. As a result, healthcare providers should be aware of our patients religious practices and be mindful of #own values and beliefs so that it will not interfere with our patients care. Among the religions that are practiced by the individuals in America, about seventy percent identified themselves as Christians, while almost six percent practiced a non-Christian faith. Of those six percent, roughly one percent of the populations practice the Buddhist faith (Pew Research Center, 2015). In order to provide the best care to the entire patient, it is important for the health care providers to understand the worldview of each of these faiths. This paper will provide a comprehensive comparison between two faiths. On utilizing the seven basic worldview questionnaires in exploring # the philosophy of Christianity and Buddhism. Critical components from the perspective of Christianity and Buddhism will also be addressed. By understanding the worldview of these two faiths, it is hoped that healthcare providers are able to provide a more individualized care. A Comparison of Christianity and Buddhism Worldview Worldview as defined by Shelly and Miller (2006) is a framework of ideas and assumptions about the world and life. The seven basic worldview questions will provide a perspective about the world through the eyes Christianity and Buddhism. The first question pertains to prime reality. In the Christian faith, prime reality is God. For Christians, God is first in everything. A verse from Colossian 1 states He is the head of the body, the church: who is the beginning, the first born from the dead (Colossian 1, New Standard Version). In contrast, the Buddhist faith believes in the concept of samsara, an endless existence or a continuous cycle of life, death and reincarnation (Berkley Center, n.d.). For Buddhist, the goal is to be liberated from samsara to attain nirvana by practicing the teachings of Buddha. The second question inquires about the nature of the external reality, the world around us. For Christians, God created the universe and we rely on him for our existence. It is said that God created humans as his image. On the other hand, Buddhists believes that the material world around us is unreal, in order to achieve liberation from suffering (nirvana), we must free ourselves #from the physical andthe mental attachments to the material world (Berkley Center, n.d.). The third question relates to the meaning of a human being. In Christianity, humans are made in the image of God or imago dei. According to Gods plan, humans have the responsibility and authority over the rest of creation (Shelly and Miller, 2006). For this reason, it is felt that humans are created with wisdom and knowledge in order to care for the sick and the poor. In contrast, Buddhists believe that there is no permanent body or soul, human existence is just a combination of five components or khandas: physical form, feelings/sensations, ideations, mental formations and consciousness. These components combine at birth to create a person (Religion Facts, 2015). What occurs to a person after death is the fourth question. For Christians, depending on the decisions and actions one makes, our existence will either be with or without God. We exist beyond the death of our body (Tripp, n.d.). On the other hand, the concept of reincarnation holds true for the Buddhist faith. Reincarnation is the belief that the soul or spirit will be reborn after the death of the physical body. In addition, karma strongly influences ones future or next life, for these reasons Buddhist are encouraged to make morally right decisions. The fifth question asks us if it is possible to know anything at all. Through the eyes of Christianity, the all-knowing God has knowledge of everything and he conveys this information through the Bible (Creation Education Center, 2014). In contrast, the Buddhist faith does not ponder on the idea of knowledge about creation because for Buddhism, there is no beginning, life is a cycle that repeats itself. Buddhism focuses on the current human conditions, the human suffering in life. The essence of his teaching is to end this suffering by studying and practicing the four noble truths (Berkley Center, n.d.). The next question is in regards to knowing what is right from wrong. For Christians, we are made in the image of God; we are created as moral beings, knowing the differences between right and wrong. Shelly and Miller (2006) stated that our decisions are based on good thinking, Scripture and the Holy Spirit. Furthermore, God knows our intentions and it is our desire is to please therefore by doing what is morally right we are pleasing Him. In contrast, Buddhism has the concept of Precepts. It is similar to Christians Ten Commandments. Precepts consist of many sets that guide us to make morally right decisions. The main five sets or pancasila, states not to kill, steal, lie, misuse sex and abuse intoxicants. Since there is no God to please, by following these Precepts, Buddhists can achieve enlightenment (OBrien, 2015). The last worldview question brings up the meaning of human history. For Christians, humanity is linear; it means there is a beginning and an end. The end for us is in Gods hand. The belief that God will create a new humanity in a new kingdom is true for Christians (Shelly and Miller, 2006). On the other hand, Buddhist believes that humanity is not linear but goes through repeating cycle until one achieves nirvana. Critical Components in Healing Spirituality has a huge role in the healing process. It provides hope and positive thinking during the most difficult time (Pulchalski, 2001). Spirituality varies for everyone and an individuals faith can influence ones spirituality. In the Christians faith, spirituality is rooted on the belief and trust in God. For Christians, turning to the spirit realm for healing is prohibited by God because it is viewed as getting involved with demonic, even more a lack of faith in God (Shelly and Miller, 2006). The power of prayer, bible study and church attendance is shown to aid in the healing process. Twenty studies over the course of thirty years have shown that regular church attendance can significantly lower blood pressure (Shelly and Miller, 2006). A critical component in healing for Buddhist is the mind and body. The minds are limitless and pure but have the power to control the bodys performance. As a result, meditation is proven to be a powerful tool in case healing. The concept of karma, meaning anything we do now will affect us in the future has a role in illness. To heal ones current illnesses, one must engage in positive behaviors and actions then in order to prevent illnesses in the future. Following the noble eightfold path allows Buddhist to achieve good karma, therefore limits the suffering caused by illnesses. Important Factors to Consider for Health Care Provider When caring for patients whose spiritual beliefs are different from their own, nurses may find it difficult at times to understand certain practices. According to Shelly and Miller (2006) nursing developed from the Christian worldview as a response to the teaching of Jesus Christ and his example while caring for the sick. Some important factors to be considered when caring for the Christian patients are their strong belief in God. According to the Bible, it is in Gods nature to heal and physicians are an extension of Gods general blessings to a fallen human race (Tangelders, 2007). Offering a Bible can be very valuable to the Christians during hospitalization as it allow time for prayers. It should be kept in mind that our body is the temple of the Holy Spirit and it belongs to the Lord, therefore we must treat it, not mistreat it or use it for medical experiments (Tangelders, 2007). In contrast, when caring for the Buddhists, we must be mindful of our working environment, making sure that it is quiet for the purpose of meditation. Mediation allows Buddhist to transform their mind, to develop concentration, clarity, emotional positivity and calm in order to see the true nature of things. Limiting noise can be beneficial towards mediations. Modesty is a big concern as most Buddhist prefers to be cared by the same sex. If possible, when performing procedures where the body is exposed, make sure the nurse is of the same sex. Conclusion We practice in a pluralist society and should be tolerant of the differences and accept our patient for who they are. Respecting our patients belief and allowing them to practice their faith free out any restraints can be so beneficial during hospitalization. The author of this paper feels that spirituality in any form allows individuals to cope with whatever illness one faces. Spirituality gives patient the power of hope and positive thinking (Pulchalski, 2001). As seen with any religion or faith, the power of the mind is just as strong as the body. As a result, when caring for patients take into consideration everything, view our patient as a whole. References OBrien, B. (2015). The Buddhist Precepts. Retrieved from Buddhism.about.com/od/theprecepts/a/preceptsintro.htm Pew Research Center. (2015). Americas Changing Religious Landscape. Retrieved from https://www.pewforum.org/2015/05/12/americas-changing-religious-landscape/ Pulchalski, C. (2001). The role of spirituality in health care. Baylor University Medical Center Proceedings, 14(4): 352-357 Religion Facts. (2015). Buddhist Beliefs about Human Nature. Retrieved from https://www.religionfacts.com/buddhism/beliefs/human-nature Shelly, J. Miller, A. (2006). Called to Care (2nd ed.). Downers Grove, Il: IVP Academic. Tangelder, J. (2007). A Christian Perspective on Healthcare. Retrieved from www.reformedreflections.ca/faith-and-life/chr-perspective-healthcare.html Tripp, D. (n.d.). Exploring Christianity. Retrieved from https://www.christianity.co.nz/truth6.htm

The Problem At Hand Essay Research Paper free essay sample

The Problem At Hand Essay, Research Paper THE PROBLEM AT HAND The populace, in general, tends to work many societal issues, because chitchat is a manner in which people escape from the boards in their ain eyes. Although developments of the jobs that plague society s neighbours render alleviation on troubled psyches, there are a few topics many would happen instead annoying, such as, dysfunctional households, mental unwellness, and the hunt for personal fulfilment. A dysfunctional household is so common topographic point, that many would non acknowledge one if confronted by it. Or possibly they could spot it, but choose to flit in the opposite way, in fright of ask foring struggle. If looker-ons remained soundless about the state of affairs, household members could turn apart ; therefore, going soundless towards each other. Though if a witness were to notice on the interior workings of their household, one might presume this individual was out of context ; hence, irrupting. We will write a custom essay sample on The Problem At Hand Essay Research Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Another issue the public tends to overlook would be the province of mental unwellness. All to frequently people assume that a individual with a phobic disorder, an dependence, or any other mental damage, is insane. What the societal public must endeavor to recognize is that the cardinal word in mental unwellness, is illness. Peoples must coerce themselves to understand that merely as a individual with a cold will see a physician, so would a individual with a cold of the head ; the difference in these physicians is that one is called a Psychiatrist. By exposing one s mental lack, a individual runs the hazard of being harassed and ridiculed. However, if one does non face their incapacity to map, they might, possibly, deny themselves the much needed aid of curtailing the mental cold from going terminus. Personal fulfilment is another subject many unwittingly neglect. A legion sum of people keep their personal fulfilment, to themselves in fright of being scoffed at. Some, by maintaining their innermost desires a secret, would instead populate in the of all time evasive could of, while others will portion their dreams, and with fortune, have person aid in doing them a world. Ultimately, the issues society arguments remain circumstantial. No affair what the subject of treatment, arguers will ever happen the pros and cons of revealed and anomic sociological state of affairss. Possibly the ground society doesn t argument issues such as, dysfunctional households, mental unwellness, or personal fulfilment is the fact that the thickly settled merely doesn T understand the job at manus.

Sustainable Development And Global Business Example

Sustainable Development And Global Business Example Sustainable Development And Global Business – Coursework Example Corporate Social Responsibility (CSR) Over the recent past, the has been the need for environmental management as aresult of pollution. Therefore, many companies from all over the world have implemented strategies that have allowed them to work hand-in-hand with communities in a bid to mitigate environmental pollution from their businesses processes. Subsequently, specific action plans have been directed towards safeguarding and protecting the welfare of their employees. This is what is referred to as corporate social responsibility (CSR). One of the companies that have championed CSR is the Coca Cola company. It is worth noting that CSR promotes sustainable development. The Coca Cola company has implemented strategies to ensure sustainable development. Sustainable development denotes the fact that all business activities are conducted devoid of diminution and exhaustion of natural resources (Pennington 121). According to Grillo, "The Coca Cola company sets global goals and requirem ents in a number of areas, including water stewardship, sustainable packaging, marketing to children, and work rights, and it works with bottlers to implement these standards" (5). Sustainable packaging means that the company has employed the use of recyclable bottles and this helps reduce operation costs that could have been incurred through manufacturing new bottles (Pennington 121). The company also ensures CSR through manufacturing products with low quantities of calories to reduce weight problems among consumers. This improves its image and reputation hence expanding its customer base, and this results to more profits. Through marketing to children, the company has been able to increase their sales tremendously as children are among the biggest consumers (Pennington 121). In a nutshell, examples of profits the company has generated from corporate social responsibility and sustainable development include reduced operating costs, and high profits from sales. Works citedGrillo, B ethan. Exploring the Links Between International Business and Poverty Reduction. Oxford: Oxfam, n.d. Print. Pennington, Steuart, ed. Africa the Good News. New York: Conceptualee Publishing, 2008. Print.

Can You Really Write an eBook in a Week

Can You Really Write an eBook in a Week If you could write a book every week, what would you write about? Is it even possible to write a book in a week? Browse Amazon, and you’ll find all kinds of writing books promising to teach you how to write a book in just a few days. I used to be cynical about these claims. I was a plodding writer. I believed you had to write slowly, otherwise you’d create shoddy work. The promise of writing a book in a week was hyperbole – or so I thought. Things began to change for me when I discovered that Isaac Asimov wrote over 500 books in his lifetime. On further examination, I found that other authors had equally prolific outputs. Belgian novelist Georges Simenon also wrote and published more than 500 books. Meanwhile the children’s writer Enid Blyton authored over 750 novels and story collections. Still I clung to my old beliefs. â€Å"Sure, they could do it,† I told myself. â€Å"But they had special gifts. For most writers, slow is normal.† I believe I was right that for most writers, slow is normal. But in all other respects, I was wrong. Fast writing continued to seem impossible to me until I had no choice in the matter. I’d been a professional blogger for several years, and then I got my first ebook client. I was thrilled. But the work came with a special request. My client needed the ebook finished within one week. Could I do it? I was terrified, but I wanted to give it a try. This was the opportunity I had been waiting for. Now, I could discover what I was capable of. That week, writing slowly was no longer an option. I got up early on Monday morning and began work. I started writing at 7.30 a.m., pushing myself to write as fast as I could. I poured my heart into every word. If anything, my writing seemed more vibrant for not being churned around my brain before being committed to the page. I finished the first draft I’d done it. I’d pushed through all my misconceptions and fears about writing. I’d learned I was capable of far more than I previously imagined possible. What’s more, I knew I’d created something good. My clients were delighted with my work. But what would readers think? Eventually, the first review came in. Five stars. I’d really done it! How much did I write that week? Ten thousand words. A relatively short book, but a respectable length ebook. Looking back, and knowing what’s possible for me now, 10,000 words doesn’t seem like a whole lot. But at the time, it seemed like a miracle. If you’ve never tried writing fast, I recommend seeing what you’re capable of. Challenge yourself to double your daily output. Even if what you write isn’t perfect, because you’ve written twice as much as usual, you’ll have an extra day free for editing. And chances are, you won’t need to do nearly as much editing as you think. You’ll only discover what’s possible So why not give fast writing a try today? I’d love to hear how you get on.

Queations Article Example | Topics and Well Written Essays - 250 words

Queations - Article Example To strengthen child’s existing capability is the good choice. Planned ignoring of the naughty child will have some salutary effect on the disposition of the child. Control, coercion and bribery need to be applied in a well-proportioned manner. Parents and teachers must share the responsibility to translate the well-researched set of tools to manage classroom behavior. Q.4.In the screening committee Mary owns prime responsibility. She knows about the ground realities about the day to day handling of children in the classroom environment. The counselor, with his knowledge about the psychological disposition of children should be able to give advice to identify a child having special needs and exceptionalities. The Principal, generally an individual with vast administrative experience, should be in a position to ensure that the student has the support and resources necessary to be successful and to reach his or her full potential. Parents are free to point out any shortcomings in the administration of their child and suggest modifications/improvements in the teaching technique. The final goal of the screening committee is the proper identification of the child’s learning needs. Q.5.The class as a whole was good and accepted her reformation methods, except five or six children, who had severe learning difficulties. Tim was a child with difficult home life and was mostly brought up at a childcare center. He was unable to change for the better and his initial response to her teaching methods was to cry and say, â€Å"Im no good. Im stupid. I cant do this work." But his self-pity soon turned to anger toward Mary and he yelled during a parent-teacher meeting, "Im going to kill you, I hate you, and Im going to kill you." Q.6.The responsibilities of the parents at home and the teacher at school to handle the child are different. Parents generally turn a blind eye to the discipline issue of their children as their feelings are coated

Hospitality Industry in the UK Essay Example | Topics and Well Written Essays - 2000 words

Hospitality Industry in the UK - Essay Example Moreover, this sector contributes greatly towards the country's Gross Domestic Product. With the current trend of globalization, the UK has come to the full realization of the importance of international trade to its expenditure. The importance of the traded goods sector is slowly but steadily diminishing. The service sector is quickly replacing the traded goods sector in terms of contribution to the UK economy. The UK's economy is the fifth largest in the world as far as purchasing power parity is concerned and sixth largest in terms of the market exchange rates. In Europe, the economy of the United Kingdom is the third largest after that of Germany and France. This presents the hospitality industry with numerous opportunities for growth. The UK was among the first countries in the world to adopt industrialization. It played a very big role in the world economy especially in the 19th century. The United States started coming into the picture in the late 19th century, posing a great challenge to the UK. This also means it was among the very first countries in the world to embrace the service sector. The UK is among the most globalised nations in the world, with its capital London being a main financial centre in the world together with other cities such as Singapore, Hong Kong, and New York City. The UK economy comprises numerous economies including England, Northern Ireland, Wales and Scotland, and is a member of the European Union. The UK privatized most of its state-owned companies in the services and industrial sectors in the 1980s. The UK Government currently owns just a few businesses and industries such as the Royal Mail. After suffering a slow economic growth after the Second World War through to the 1980s, the UK economy experienced an economic boom in the from the 1980s to 2008 when it entered a an economic recession due to the global economic crunch. Just like many of the developed countries, the UK manufacturing sector has been on the decline over the years in relation to its services sector. Currently, the services sector accounts for about 67 per cent of its GDP, with manufacturing accounting for less than 20 per cent of the national output. That means the service sector, which includes the hospitality industry, holds a good portion of the UK economy (Allin, 1999). The fall of manufacturing has been more pronounced in the UK than the rest of the industrialized countries, probably because it is the country where industrial revolution began. Sixty per cent of the food needs in the UK is produced by just one per cent of labour force, a strong indication that its agriculture is efficient, highly mechanized and intensive. The UK financial business services sector and the financial services sector generally account for more than 70 per cent of the country's GDP. This strongly indicates how strong economically London City is, and how rapid the business services sector has grown in the last decade or so. The UK communications sector has also experienced a rapid growth, even though its prices have been falling due to the rapid growth in productivity (Worthington and Britton, 2006). The country's construction sector went into recession in the 1990s as a result of reduced government spending and quick falls in the prices of houses, recovering only in 1997. With the

Kant Moral Law Theory Essay Example for Free

Kant Moral Law Theory Essay â€Å"Two things fill the mind with ever new and increasing admiration and awe the oftener and more steadily we reflect on them: the starry heavens above me and the moral law within me. † – Kant (1788), pp, 193, 259 Immanuel Kant introduced and initiated his ‘moral law theory’ in the late 18th century. The doctrine in question sought to establish and constitute a supreme or absolute principle of morality. Kant disputes the existence of an ‘ethical system’, whereby moral obligations are obligations of ‘purpose’ or ‘reason’. The accuracy of actions [i. e. the rightness or wrongness of an individual deed] is determined by its configuration and conformity with regard to ‘moral law’. Evidently, according to Kant, an immoral transaction is invariably contemplated as an illogical or unreasonable occurrence or action. The supreme moral principle is a consistent working criterion that proves to be practically helpful and theoretically enlightening when used by rational agents as a guide for making personal choices (Kant VI). A supreme guiding moral principle must carry with it an absolute necessity and be done out of duty to the moral law in order to be free from corruption. Kant believed in a fair and impartial law. He accredited and affirmed the presence of an objective moral law that we, as humans, were/are able to identify with through the process of reasoning. Kant argued that we are able to recognise and distinguish moral law, without making reference to the possible consequence or outcome. Immanuel Kant declared a differentiation between statements [i.e. posteriori and priori] that he believed to coincide with moral law. A posteriori statement is one that is based on experience of the material world. In opposition, a priori statement requires no such knowledge; it is known independent of the phenomenal world. Furthermore, Kant continued to make additional distinctions with regard to analytic and synthetic statements. An analytic statement, he claims, is one that by its very nature is necessarily true, as the predicate is included within the definition of the subject. Example: – [â€Å"all squares have four sides†]. The previous statement is of an analytic nature, as the predicate, i. e. the square having four sides, is implicit and is part of the definition of the subject – [â€Å"square†]. An analytic statement is necessarily true – true by its own authority, and is purely explicative, as it tells us nothing new about the subject. In contrast, a synthetic statement is one in which the predicate is not included in the definition of the subject, and thus is not necessarily true. A synthetic statement also tells us something new about the subject. Prior to Kant, it was widely accepted that there were only two types of statement: a priori analytic and a posteriori synthetic. Kant accepted these two statements although believed there to be a third: a priori synthetic statement. These are statements that are known independent of experience that may or may not be true. Kant claimed that these priori synthetic principles are inherent within us and therefore subsequently form the basis of all moral decision making. Kant’s theory is based on and is primarily concerned with the aspect of ‘duty’. Kant believed and promoted the notion that to act morally is one’s ‘duty’, and one’s ‘duty’ is to act and proceed in accordance to the principles of moral law. Due to this, Kant’s theory is categorised and distinguished as a ‘deontological argument’. A deontological theory is one that maintains the moral rightness or wrongness of an action and depends on its fundamental qualities, and is independent of the nature of its consequence – â€Å"Duty for duty’s sake†. This perspective can be viewed in contrast to the beliefs and ‘rules’ associated and belonging to teleological arguments, i. e. utilitarianism. Immanuel Kant argued that moral requirements are based on a standard of rationality he dubbed the â€Å"Categorical Imperative. The categorical imperative has derived from the initial belief and notion that humans base their moral judgment on pure reason alone. This view can be viewed in contrast to a ‘morality theory’, which assumed/s that human’s actions are guided by emotions or desires. Example: When deciding what I ought to say to a friend who is distraught. Rationale would dictate that I give sensible advice, whereas my emotions may impulsively tell me to give comfort and sympathy. The categorical imperative declares and differentiates between obligatory and forbidden actions, and places further emphasis on the notion of ‘duty’. This statement can be strengthened through the following quotation – [â€Å"All in imperatives command either hypothetically or categorically†¦ If the action would be good simply as a means to something else, then the imperative is hypothetical; but if the action is represented as a good in itself†¦ then the imperative is categorical. †]. Example: If someone tells me that they will buy me dinner if I give them a lift into town, then this is a conditional action and would fall into the hypothetical imperative category. Conversely, if I think that I should give my friend a lift into town with no other agenda (i. e. she will not buy me dinner because of it), then this is a categorical imperative because it is independent of my interest and could apply to other people as well as myself. There are three principles of the categorical imperative: * Universal law; * Treat humans as ends in themselves; * Act as if you live in a kingdom of ends. 1. The categorical imperative is [â€Å"Do not act on any principle that cannot be universalised†]. In other words, moral laws must be applied in all situations and all rational beings universally, without exception. 2. [â€Å"Act that you treat humanity, both in your own person and in the person of every other human being, never merely as a means, but always at the time as an end. †] – The previous statement declares that we must never treat people as means to an end. You can never use human beings for another purpose, to exploit or enslave them. Humans are rational and the highest point of creation, and so demand unique treatment. 3. The quotation [â€Å"So act as if you were through your maxim a law-making member of a Kingdom of ends†] states Kant’s belief in the fact that humans should behave as though every other individual was an ‘end’. In conclusion, it is arguable that the categorical imperative possesses a sense of authority with regard to what actions are permitted and forbidden under Kant’s moral law theory.

Cannibalism Among Dinosaurs :: Anthropology Essays Paleontology Papers

Cannibalism Among Dinosaurs Typically, when an individual browses through various newspapers or watches the evening news they are most likely to see or hear some new and groundbreaking news concerning a scientific breakthrough. As I was looking through various scientific journals I came across an article that caught my eye for numerous reasons, but one in particular. The heading of the article read, â€Å"Cannibal dinosaurs revealed by tooth marks.† These prehistoric creatures that have been viewed by the public for centuries as being wild and ferocious beasts, are presently being seen more then just that. Recent evidence originating in Madagascar is leading researches in the direction that dinosaurs consumption of food did not strictly adhere to the food chain but instead fed amongst their own kind. This recent discovery has left scientists with many questions to be answered. The discovery is quite important because any research up until now has failed to uncover any evidence that would reveal that dinosaurs fed among their own kind. Ray Rogers whom has been leading the ten-year excavation states in the article that there are at least 14 current day animals that still practice cannibalism such as lions, komodo dragons, crocodiles, hyenas, black bears and grasshopper mice, but in contrast, any evidence of cannibalism among dinosaurs is sparse. This article was also particularly interesting to me because this is a recent find and there is little to no literature published concerning the idea that dinosaurs may have been cannibals. This is a new fossil find in which makes any and all research being administered equally as important. The time period of these fossils date back nearly 65 to 75 million years ago to the late –Cretaceous period when dinosaurs neared the end of their existence on earth. The fossils that have been discovered that tend to persuade researchers to believe dinosaurs were cannibals have been located in Northwest Madagascar’s bone beds. Rogers states, â€Å" Fossilized soil samples from the same region are red and oxidized, hinting that the area was arid, with food in short supply. The animals may have traveled to the river to find sustenance and died there.

Carrefour

France's Carrefour relies on the key strengths of supplier contacts and customer knowledge when developing and implementing marketing strategy. Carrefour has ‚Â ¬108 billion in yearly turnover and operates 1,530 hypermarkets, supermarkets, discount stores and convenience stores in 33 countries. Even though retailing is an intensely competitive industry, Carrefour's marketers have used these global strengths to great advantage when preparing marketing plans to address various opportunities and threats in Europe, Latin America and Asia.For example, a few months after Carrefour moved its global sourcing office to Thailand, executives became aware that local farmers were producing a surplus of fruits such as durian and mangosteens. In the past, these fruits had sold well in the 34 Thai Carrefour stores as well as in the chain's outlets in Taiwan, China and Indonesia. Identifying this as a marketing opportunity, Carrefour's marketing director in Thailand arranged to buy hundreds of additional tonnes of local fruits and created a plan to encourage he European stores to stock the fruits as a taste of Thailand at an attractive price.Depending on the country, as much as 90-95 per cent of merchandise stocked in Carrefour stores is purchased from local suppliers. The purpose is to make the most of the opportunity by establishing mutually beneficial connections with local suppliers for the long term. When Carrefour's marketers analyze the internal environment, they examine the results of previous marketing programmes across the entire chain and in individual stores. They have grouped the customer base of 14 illion households worldwide into 60,000 customer segments for more relevant marketing attention.With deep analysis, they can target more precisely and measure the return on investment for each programme in the marketing plan. Carrefour also acts quickly when analyses point to unusual challenges or opportunities. For example, Just a few months after opening hyperm arkets in Moscow and Krasnodar, the retailer decided to stop expansion in Russia and sell the new stores because difficult economic circumstances had reduced short-term growth opportunities.

Parenting Styles Theory by Diana Baumrind Essay

According to psychologist Diana Baumrind there are four parenting styles; Authoritarian, Authoritative, Permissive and Uninvolved parenting. Baumrind studied how these parenting styles impacted a child’s development. †¢Authoritarian Parenting – this type of parent is demanding but not responsive, children are expected to follow the strict rules and parents fail to explain their reasons behind their rules and might just reply by saying, â€Å"Because I said so!† †¢Authoritative Parenting – the parent is demanding and responsive, lie authoritarian parenting these parents have rules to follow but this parenting style is much more democratic. Authoritative parents are responsive to their children and willing to listen to questions. When children fail to meet the expectations, these parents are more nurturing and forgiving rather than punishing. †¢Permissive parenting – this type of parenting is usually referred to as indulgent parenting, this parent is responsive but not demanding. They are nurturing and accepting and are very responsive to the child’s needs and wishes. Permissive parents are generally nurturing and communicative with their children, often taking on the status of a friend more than that of a parent. †¢Neglectful Parenting – this type of parenting is usually referred to as uninvolved parenting, they are neither demanding nor responsive. Parents are emotionally unsupportive of their children but will still provide their basic needs (food, housing etc†¦). In extreme cases, these parents may even reject or neglect the needs of their children. One of the main parenting styles identified by Baumrind is known as the authoritative parenting style. This style of parenting is sometimes referred to as â€Å"democratic† and involves a child-centric approach in which parents hold high expectations for their children (Baumrind, 1967). This type of parenting reflects the type of parent that my sister is to her son. My nephew is fourteen (14) years old now, during his child hood my sister would lay down a set of rules for him to follow. These rules matched with his daily routine of small chores and responsibilities seemed harsh at the time, but whenever he needed to be disciplined instead of immediately punishing him, she would put him to sit down and ask him why he did the things he did. This was more or less the method she chose to use with him and as a result, my nephew would be more open about his reasons for his actions and in so doing she was able to build a trusting relationship between them. My nephew grew so accustomed to this method that over time he became more respectful and focused in his studies. He began to understand that with every wrong action there would be consequences, yet he felt loved and he felt comfortable opening up to his mother about any problems. My sister’s authoritative parenting style not only encouraged him to be independent but now he reciprocates these actions with my 18 month old son. I can identify with Baumrind’s Authoritative parenting style since that is the way that I too was raised by my mother and since the birth of my son I have adopted the same method. I express warmth and love while at the same time I give him limits and consequences for his actions. My method is to try to reason with him and try to explain to him that what he is doing is wrong by teaching him from the early stages to discuss things. In my opinion it demonstrates fairness for both parent and child and it encourages a trusting relationship which I believe is necessary for a child’s development.

How to Title an Essay (in Under 5 Minutes)

How to Title an Essay (in Under 5 Minutes) Coming up with the ideal title for an essay, especially a really important one, can be a daunting task for most. There’s a fair amount of pressure involved and because of the near limitless potential people can get completely stuck. In this post we’re going to first investigate how critical titles are and then talk about how to go find the perfect one. Before we do though, something needs to be said. Listen, in reality the substance of your essay is what will determine your grade, not the title. From the grading perspective it doesn’t carry much power. You honestly could come up with a crummy title and if it’s a quality essay still pass with flying colors. Get it? With that said, the key to coming up with decent titles in only a couple minutes is not taking them too seriously. Ideally you really shouldn’t even worry about the title until after you’ve written out the first draft anyway. Then you can keep these four things in mind and it should be smooth sailing. First Ponder: â€Å"What’s in a title?† The answer to this timeless question is†¦pretty much everything is in a title. It’s the top of the proverbial thought-pyramid. It’s the touch-off organizational point. It’s the unique selling proposition (USP) or elevator pitch. Let’s look at it from a bullet point perspective just for fun: Your title is a provocative prediction that forecasts the content of your essay. Don’t take it lightly. It’s candy for the intellect. Shoot for engaging and interesting over generic whenever possible. An impressive title sets the mood, so make sure it’s a captivating one. In other words, you’re setting the tone for the writing. See, I told you the title is everything. Your title should be composed of or at least have 2 to 3 solid and exceedingly relevant key words in it. Don’t think you can master the art of coming up with titles in minutes right out of the park. Most people neglect their creative mind too much to do that. It takes practice. You’ll learn in time, so relax and enjoy the process. Wait, process? It’s a Process, not Spontaneous Creation Oftentimes newer students think they can just magically come up with an ideal title out of thin air based on limited knowledge. Like, they know the topic they have to write on so they just look at a few blogs and conjure something randomly relevant. Sometimes that can work, but it usually doesn’t. Instead, loosely follow these rough series of steps: Write out a word cloud of about 20-30 relevant keywords or phrases to the topic at hand. Start to organize them in your mind or on paper and construct sentences that are either questions or statements. The questions should be direct and the statements penetrating. Choose some sort of object or theme from within the essay itself (if it’s been written already) that you use to inject sensuality. In other words, something they can hear, taste, see, smell or feel. Start with longer titles and then chisel them down to only the most relevant words. Any word in the title that isn’t necessary, meaning it will still make sense without it, should be removed. Wherever there is generality, add specificity. If you are experiencing writers block and the deadline is approching, you can consider the option of our writing service. The Grammatical Aspect of Titles Let’s get the rules of the game dealt with now. There isn’t too many of them so relax. The Devil’s in the details ladies and gentlemen, so remember to pay attention. First, make sure you use proper capitalization. A basic rule of thumb is that unless we’re talking about the first word in your title, you shouldn’t capitalize pronouns, conjunctions or prepositions. It just looks sloppy. Secondly, don’t underline the title either or put it in quotation marks. That’s just flat out embarrassing. That’s it pretty much. Make sure you get an idea of how formal the essay has to be because if the professor is down for informality and artistic expression you can use all kinds of grammatical signals to enhance your title like colons or the triple-period†¦ Consider Your Audience If the only person who will be reading this essay is your professor, then you need to ask yourself what you know about them. I mean actually KNOW, not assume. Never give professors what you think they want to hear, because that oftentimes lead to disaster. Are the more conservative or artistic? Do they appreciate self-expression, or are they more kind to those who strictly follow the rules? Have you grappled with essay titles before? What’s your recipe for awesome titles that engage, get the point across, set a good tone and lead into the essay in a way that keeps your particular audience captivated? Spread the knowledge!

Biology Lab Essay Example for Free

Biology Lab Essay 1.Discuss how to protect yourself from body fluids, such as saliva and blood. oGloves protect you whenever you touch blood, body fluids. The use of gloves also decreases the risk of disease transmission if you are pricked with a needle. Always wear gloves for handling items or surfaces soiled with blood or body fluids. oWash your hands and other skin surfaces immediately after they come in contact with blood or body fluids. oMasks and protective eyewear, such as goggles or a face shield, help protect your eyes, mouth, and nose from droplets of blood and other body fluids. Always wear a mask and protective eyewear if you are doing a procedure that may expose you to splashes or sprays of blood or body fluids. oAprons protect you from splashes of blood or body fluids. Always wear a gown or apron if you are doing a procedure that may expose you to splashes or sprays of blood or body fluids 2.Why should you consider a body fluid capable of infecting you with disease? o I think you should be aware and alert because its precaution to practice when youre working in a lab setting. 3.Describe how to dispose of waste material contaminated with body fluids. o You should dispose all waste material in the correct disposal area, and you can throw away the waste materials in the biohazard container. 4. Explain how to safely plug and unplug an electrical device. o When you plug in such electrical equipment, make sure you include the ground plug round. Hold the plug firmly by the insulating cover when plugging it in or unplugging it. Never unplug an electrical device by pulling on its cord. 5.Discuss how to protect yourself from preservatives used on biological specimens. o You would protect yourself from preservatives used on a biological specimen by wearing gloves and safety glasses. Do not shake the container or put the specimen back in the container. 6.Why are special biohazard containers used for biological waste? o Biohazard containers are used to separate infectious, contaminated or dangerous material from other materials that wouldn’t be labeled as such and to protect us and the environment. Also the disposing of biohazard material is done differently than normal material. Biology Lab. (2016, Oct 02).

The Hazardous Storm of Hurricane Katrina Article

The Hazardous Storm of Hurricane Katrina - Article Example Hurricane Katrina was the costliest as well as single of the five deadliest storms in the past of the United States. It was the sixth strongest Atlantic storm ever documentation and the third-strongest hurricane on evidence that through land descend in the United States. Katrina shaped on August 23 through the 2005 Atlantic hurricane period as well as caused destruction along a large amount of the north-central Gulf Coast. The mainly severe failure of life and assets damage come about in New Orleans which inundated as the levee system calamitously failed in numerous cases hours subsequent to the storm had stimulated inland. The storm causes ruthless harm across the intact Mississippi coast as well as into Alabama, in fact, the storm is probably to have been accountable for $81.2 billion in scratch making it the costliest to be a probable tragedy in U.S. history. The disastrous collapse of the deluge fortification in New Orleans provoked instantaneous assessment of the Army Corps of E ngineers which has by congressional mandate sole responsibility for design and construction of the flood protection. There was also widespread criticism of the federal situation as well as local administration retort to the hurricane which resulted in exploration by the U.S. Congress and the acceptance of Federal Emergency Management Agency manager Michael D. Brown. On the other hand, the National Hurricane Center along with National Weather Service was extensively commended for precise forecasts moreover abundant lead point (Wikipedia, 2008). In Addition, Media descriptions of impoverished flood sufferers in New Orleans in the happening of Hurricane Katrina produced the impression and thought of an indifferent federal government. An opponent, as expected, took endeavor at the mayor, the Louisiana governor, the Federal Emergency Management Agency and the President. Some also disapproved of the department of protection seeing that if it had unsuccessful to provide the speedy, sudden and enormous compassionate reprieve which the American citizens had drawn  closer to expect after an ordinary tragedy.

Griggs v. Duke Power Company Research Paper Example | Topics and Well Written Essays - 1000 words

Griggs v. Duke Power Company - Research Paper Example This is because neither possessing a high school education nor passing the tests was a necessity for successful performance on the jobs in question. In the suit, they argued that the practices were illegal since a higher proportion of the African Americans did not have high school educations. On its part, the company put forward the argument that the requirements were based on its judgment and that they would generally improve the general quality of the workforce, and that the company had no discriminatory intent in instituting these requirements. Further, the company argued that its lack of discriminatory intent was demonstrated by its efforts to assist uneducated employees by financing two thirds of the tuition cost for high school education, (Rue & Byars, 2008). The ruling meant that the Duke Power Company could not use the two tests as the criteria for transferring incumbent employees from an outside job to an inside job. Based on the Title VII of the Civil Rights Act of 1964, businesses, including the Duke Power Company, should adhere to the several key provisions stipulated by Section 703. These provisions outline unlawful employment practices for businesses and companies. It is an unlawful practice for any employer to refuse or fail to hire or discharge any person, or otherwise to discriminate against any person with respect to his terms, privileges, compensation, or terms of employment, based on the person’s color, sex, race, religion, or national origin. It is also unlawful to segregate, limit, or classify employees or applicants for employment in any manner that would tend to deprive or deprive any person of employment opportunities, or affect his position as an employee adversely, due to the person’s color, sex, religi on, race, or national origin, (Rue & Byars, 2008).According to Rue & Byars (2008), it is also unlawful for an employment agency to refuse or fail to refer for employment, or otherwise discriminate against any person based on his or her color or race, or to refer or classify for employment any person based on his color, race, sex, or religion.  

, BUSINESS COMMUNICATIONS (CM1010-07E) Essay Example | Topics and Well Written Essays - 250 words

, BUSINESS COMMUNICATIONS (CM1010-07E) - Essay Example A clear heading and numbering system should be used; usually no more than three levels are preferred in order to maintain simplicity. The abstract is best written in the present tense and gives an overall summary of the entire report; the introduction is best written in the future tense and lets the reader know what they are going to read; the body is then written in the present telling the reader what they are reading, and the conclusion is best written in the past telling the reader what they have read. The style and tone of the report is important and it must be written with its intended audience in mind. If the intended reader is not apt in the specific topic area then the style and tone, together with the language must be kept more simpler than if the reader was well conversed or an expert in the area. Verbosity does not say more; it is better to write simply, clearly and to the point with correct grammar and transitional

Stock Market Performance and Economic Relationship

Stock Market Performance and Economic Relationship Abstract: Whether national economy is affecting the stock market or other way round? A lot of studies have done on the past what are relationship of these variables. In my work I have used cointegration and Granger Causality method to find out the relationship between the stock index price and Economic growth indicator GDP. Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Another study from Levine and Zervos (1996) using the data of 24 countries found that a strong positive correlation between stock market development and economic growth. Their expanded study on 49 countries from 1976-1993, they used Stock Market liquidity, Economic growth rate, Capital Accumulating rate and output Growth Rate. They found that all the variables are positively correlated with each other. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦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‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. The study was done on 47 countries data using cross sectional analysis. In theory the conventional literature on growth was not sufficient enough to look for the connection between financial development and economic growth and the reason is they were focused on the steady state level of capital stock per workerof productivity. And they were not really concentrated on the rate of growth. Actually the main concern was legitimated to exogenous technical progress. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935; basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As, they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gr owth. (Levine. R A spur to economic Growth) A lot of research has established that future economic growth is influenced by countrys financial growth, stock market index returns are another factor of economic growth. The researcher focused to extend their study; they tie together these two strings and started analyzing the relationship between banking industry, stock returns and future economic growth. Research was done on 18 developed and 18 emerging markets and the results are positive and noteworthy relationship between future GDP and stock returns. Few important features can also be predicted such as bank-accounting-disclosure standards, banking crises, insider trading law enforcement and government ownership of banks. (Bank stock returns and economic growth q Rebel A. Cole a, Fariborz Moshirian b,*, Qiongbing Wu c a Department of Finance, DePaul University, Chicago, IL 60604, USA b School of Banking and Finance, The University of New South Wales, Sydney, NSW 2052, Australia c Newcastle raduate School of Business, The University of Newcastle, Newcastle, NSW 2300, Australia Received 29 September 2006; accepted 26 July 2007Available online 21 September 2007) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 Tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. A study by Randall Filler(2000) using 70 countries data over the period 1985-1997 proves that there is a very little relationship between economic growth and stock market especially in developing countries and currency appreciation has occurred. From the result of the study we can see that an important role may be played by the stock market in an economy, and these are not essential for economic growth. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Cointegration long term common stochastic trend between non stationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called co integrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationary of variables. The unit root test is usually used to confirm stationary of a series. The ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). In this study I have used Augmented Dickey Fuller Test (ADF) to check whether the series is stationary or not. ADF test is based on the estimate of the following regression: is in this case variable of interest = , is the differencing operator, t is the time trend and is the random component of zero mean and constant variance. The parameters to be estimated are { } Null and alternative hypothesis of unit root test are: , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co–integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the non stationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. After that I saved the residual from the above equation. Then, = – is representing the estimated residual vector. If the residual is integrated with order zero that means the series for the residual is stationary, and and are then co integrated and vice versa. I have checked it by performing Augmented Dickey fuller test on the residual series on level value with intercept only of each country. An in this situation (1, -) is called co-integrating vector if the series is stationary. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this is strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger causality approach (1969), lets think the variable y is Economic Growth (GDP) and x is Stock price index, if it is possible to predict the past values of y and x than from the lagged values of y alone. X is said to be granger caused by and y is helping in predicting it. in case of a simple bivariate model, causality can be tested between stock market growth and economic growth. Granger causality run on the basis of the following bivariate regressions of the form: (1) (2) Where GDP denotes economic growth and SP denotes the stock price index and they explain the changes in growth. Variables are expressed in logarithm form. The distribution of and are uncorrelated by assumption. From the equation one it can be said that current GDP is related to lagged values of itself and as well as that of SP. And equation 2 postulates same kind of behaviour for SP. Both the equations can be obtained by ordinary least squares (OLS). The f statistics are the Wald statistics for the joint hypothesis: and F test is carried out for the null hypothesis of no Granger causality. The formula of f statistic is Lagged term is defined here by m; number of parameter is defined as k. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st D Stock Market Performance and Economic Relationship Stock Market Performance and Economic Relationship Abstract: Whether national economy is affecting the stock market or other way round? A lot of studies have done on the past what are relationship of these variables. In my work I have used cointegration and Granger Causality method to find out the relationship between the stock index price and Economic growth indicator GDP. Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Another study from Levine and Zervos (1996) using the data of 24 countries found that a strong positive correlation between stock market development and economic growth. Their expanded study on 49 countries from 1976-1993, they used Stock Market liquidity, Economic growth rate, Capital Accumulating rate and output Growth Rate. They found that all the variables are positively correlated with each other. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦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‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. The study was done on 47 countries data using cross sectional analysis. In theory the conventional literature on growth was not sufficient enough to look for the connection between financial development and economic growth and the reason is they were focused on the steady state level of capital stock per workerof productivity. And they were not really concentrated on the rate of growth. Actually the main concern was legitimated to exogenous technical progress. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935; basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As, they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gr owth. (Levine. R A spur to economic Growth) A lot of research has established that future economic growth is influenced by countrys financial growth, stock market index returns are another factor of economic growth. The researcher focused to extend their study; they tie together these two strings and started analyzing the relationship between banking industry, stock returns and future economic growth. Research was done on 18 developed and 18 emerging markets and the results are positive and noteworthy relationship between future GDP and stock returns. Few important features can also be predicted such as bank-accounting-disclosure standards, banking crises, insider trading law enforcement and government ownership of banks. (Bank stock returns and economic growth q Rebel A. Cole a, Fariborz Moshirian b,*, Qiongbing Wu c a Department of Finance, DePaul University, Chicago, IL 60604, USA b School of Banking and Finance, The University of New South Wales, Sydney, NSW 2052, Australia c Newcastle raduate School of Business, The University of Newcastle, Newcastle, NSW 2300, Australia Received 29 September 2006; accepted 26 July 2007Available online 21 September 2007) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 Tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. A study by Randall Filler(2000) using 70 countries data over the period 1985-1997 proves that there is a very little relationship between economic growth and stock market especially in developing countries and currency appreciation has occurred. From the result of the study we can see that an important role may be played by the stock market in an economy, and these are not essential for economic growth. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Cointegration long term common stochastic trend between non stationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called co integrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationary of variables. The unit root test is usually used to confirm stationary of a series. The ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). In this study I have used Augmented Dickey Fuller Test (ADF) to check whether the series is stationary or not. ADF test is based on the estimate of the following regression: is in this case variable of interest = , is the differencing operator, t is the time trend and is the random component of zero mean and constant variance. The parameters to be estimated are { } Null and alternative hypothesis of unit root test are: , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co–integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the non stationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. After that I saved the residual from the above equation. Then, = – is representing the estimated residual vector. If the residual is integrated with order zero that means the series for the residual is stationary, and and are then co integrated and vice versa. I have checked it by performing Augmented Dickey fuller test on the residual series on level value with intercept only of each country. An in this situation (1, -) is called co-integrating vector if the series is stationary. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this is strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger causality approach (1969), lets think the variable y is Economic Growth (GDP) and x is Stock price index, if it is possible to predict the past values of y and x than from the lagged values of y alone. X is said to be granger caused by and y is helping in predicting it. in case of a simple bivariate model, causality can be tested between stock market growth and economic growth. Granger causality run on the basis of the following bivariate regressions of the form: (1) (2) Where GDP denotes economic growth and SP denotes the stock price index and they explain the changes in growth. Variables are expressed in logarithm form. The distribution of and are uncorrelated by assumption. From the equation one it can be said that current GDP is related to lagged values of itself and as well as that of SP. And equation 2 postulates same kind of behaviour for SP. Both the equations can be obtained by ordinary least squares (OLS). The f statistics are the Wald statistics for the joint hypothesis: and F test is carried out for the null hypothesis of no Granger causality. The formula of f statistic is Lagged term is defined here by m; number of parameter is defined as k. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st D