Diabetes Article Example | Topics and Well Written Essays - 500 words

Diabetes - Article Example Mukesh, B.N., Le, A., Dimitrov, P.N., Ahmed, S., Taylor, H.R., and McCarty, C.A., (2006). Development Of Cataract And Associated Risk Factors: The Visual Impairment Project. Archives of Ophthalmology; 124(1): pp. 79-85. 6. Dielemans, I., de Jong, P.T., Stolk, R., Vingerling, J.R., Grobbee, D.E., and Hofman, A., (1996). Primary Open-Angle Glaucoma, Intraocular Pressure, And Diabetes Mellitus In The General Elderly Population. The Rotterdam Study. Ophthalmology; 103(8): pp.1271-1275. 7. Hennis, A., Wu, S.Y., Nemesure, B., Leske, M.C., and Barbados Eye Studies Group, (2003). Hypertension, Diabetes, And Longitudinal Changes In Intraocular Pressure. Ophthalmology; 110(5): pp. 908-914. 9. Klein, R., Klein, B.E., Moss, S.E., and Meuer, S.M., (2000). The Epidemiology Of Retinal Vein Occlusion: The Beaver Dam Eye Study. Transactions Of The American Ophthalmological Society; 98:133-41; discussion 141-3. 11. Wong, T.Y., Larsen, E.K., and Klein, R, et al., (2005). Cardiovascular Risk Factors For Retinal Vein Occlusion And Arteriolar Emboli: The Atherosclerosis Risk In Communities & Cardiovascular Health Studies. Ophthalmology; 112(4): pp. 540-547.

Conan Doyle create suspense Essay Example for Free

Conan Doyle create suspense Essay Suspense is to create a state of excitement or anxious uncertainty about what may happen. This brings the audience more into the story and makes them want to continue reading. Crime fiction stories have and need suspense to draw in the readers and make the story much more interesting. This is what Conan Doyle is most noted for: his stories about the detective Sherlock Holmes, which are generally considered a major innovation in the field of crime fiction. Born in Edinburgh, Scotland, on 22nd May 1859, Sir Arthur Ignatius Conan Doyle graduated with a degree in medicine from Edinburgh University in 1881. Dr. Joseph Bell was one of his professors who was an expert in diagnosing disease using careful observation. Bell showed Doyle how to create deductions about patients by observing them closely. People suspect Bell to be one of the models for Sherlock Holmes. Sherlock Holmes first appeared in 1887 in A Study in Scarlet. The Sherlock Holmes stories became very popular and famous. The Stand Magazine published the short stories in 1890 bit by bit, and this made the public want to read them more as the suspense made them buy the magazine again and again so they could find out what happened next. I will be explaining how Doyle uses tension and suspense in the Sherlock Holmes stories and how this makes the audience continue reading. In addition, I will also be describing the methods that Doyle uses. Furthermore, I will be comparing and contrasting the following stories: Silver Blaze, The Red-Headed League and A Scandal in Bohemia. The introductions of all three stories differ, yet they all pull the reader into the story and make them continue reading. The beginning of Silver Blaze is speech; I am afraid, Watson that I shall have to go, this raises many questions in the readers head such as, why is he going? where? how long for? and so on. The sudden statement is followed with quick, sharp questions and answers; Go! Where to? and To Dartmoor to Kings Pyland. These are sentences that utter surprise and intrigue the reader to ask even more questions. So the reader feels they must keep on reading. Instead of starting with speech, The Red-Headed League starts with a description of a very stout, florid-faced, elderly gentleman with fiery red hair. This creates an image in the readers mind and they wonder why Holmes is in deep conversation with such a man. Also, it is rather odd that Watson would mention the colour of the mans hair, perhaps the reader thinks it has something to do with the story and so reads on. A Scandal in Bohemia starts off extremely different to the other two stories. To Sherlock Holmes she is always the woman. This story does not start with speech such as in Silver Blaze, or with a description like The Red-Headed League. No, this story starts with Watson informing us about something, Holmess feelings and his relationship with this woman. The reader is intrigued as to why Holmes refers to her as the woman, why the is written in italics and why Watson is mentioning her to us. Also we want to know this womans name, which when the reader reads on finds out is Irene Adler. She is described by Watson as of dubious and questionable memory. We wonder why he illustrates her this way and what the connection is between Holmes and Miss Adler. Watson tells us that in Holmess eyes she eclipses and predominates the whole of her sex. So we are now asking why this is, what could she have possibly done to make Holmes think this of a woman. Also, the reader thinks she must have done something as the title of the story indicates a scandal. However, Watson continues to explain and the reader is captivated to read on. All of Doyles stories are structured in a similar way, meaning he begins with a detailed account of the crime that has happened or will happen, and then Holmes and Watson investigate the scene of the crime, and finally right at the end of the story the solution is supplied by Holmes and all becomes clear. This structural technique keeps the reader guessing for the majority of the story, leaving the reader in suspense until all is revealed at the end. Also, it creates a sense of stability because the readers know that the stories follow a certain order and that all will be revealed. This is excellent since the reader is (typically) given all of the clues and has a chance to play the part of the detective to try and unravel the crime, generally without success, which makes it more exciting, and the reader is kept in suspense for most of the story. Doyle uses language that seems relatively old to us but was normal for him in the 1880s, and this proves to be very effective because the words and general language are strong and varied, with a wide range of vocabulary used. The language is very formal yet easy to understand, apart from some words that had a different meaning from what they mean now, for example in Silver Blaze Doyle uses the word drag which was a private horse-drawn coach in the time that this story was written, whereas today we use the word drag to describe pulling something. In Silver Blaze Doyle makes Holmes tell Watson about the crime and what he finds peculiar about this case. Watson listens carefully until he notices something and says Did the stable-boy, when he ran out with the dog, leave the door unlocked behind him? Holmes replies, Excellent, Watson; excellent! This emphasises Watsons use as a plot device. Watson will ask the questions that the reader is thinking and Holmes will answer the questions giving clues along the story and making the reader feel like they are working alongside the detective to solve the crime. In Silver Blaze there is a paragraph on page 18 (Why should he take the horse out of the stable? ) where Holmes is asking a lot of questions, this makes the reader understand Holmess intelligence, that he does not overlook the things that we may consider small. In addition, it also makes the reader ask themselves the questions and try to work it out for themselves. Once again they feel like they are working beside the detective. Something that builds tension in the story is how Holmes and Watson are always talking about the case but never about the actual conclusion itself, more like dodging around the issue and never really reaching the conclusion until the end.

Architectural Designs Of Castles Vs. Modern Homes :: essays research papers

Is the architectural design of modern homes slowly changing back to the architectural design of castles in the Middle Ages? If design of homes is changing back to design of castles is it a reflection on our society that castles of the Middle Ages were built primarily for defense. Does this mean that as a society we are tying to pull away from each other? There are many similar characteristics and features between modern homes and castles that are incorporated into the design specifically for defense reasons.   Ã‚  Ã‚  Ã‚  Ã‚  Castles in the Middle Ages were built primarily for defense in war. They were constantly being attacked so they had to be built very strong and almost impenetrable. Castles were very large to protect from invaders, but they were definitely not made for comfort. They were very dirty inside, but their main purpose was for defense. Castles were built with very strong walls. Some of the castles had walls that could be as big as thirty feet thick. They also had multiple walls so that if invaders got past the outer wall they still had to get past one or two more, this made defending the castle much easier. The walls were constructed with narrow, wedge-shaped slits in them for archers to shoot arrows at invaders. The outer walls also had holes in the floors for defenders to drop rocks down on invading people who had gotten through the first wall. These holes were called murder holes. Inside the castle were many knights, archers, and soldiers prepared to defend against an yone who breaks all of the way through the walls and gets inside of the castle. Castles also had very large gates and gatehouses to let people into the castle. There was a gatehouse for each wall. Each gatehouse usually had a very large metal and wooden gate that could be lowered into the opening to stop an enemy from getting in or it could be raised to let friends in. Besides huge gates, outer gatehouses also had drawbridges, which could be lowered across moats to let people into the castle. They were also raised to prevent people form getting across. Castles were also built in strategic places so that they could use natural defenses. For instance, some castles were built on the sides of mountains. Others were built in places with many trees surrounding them. Some were built near lakes and rivers, but most of them had moats dug around them.

Alexander Hamilton: Financial Plan Essay

After the Founding Fathers ratified the Constitution, they realized that they had to deal with sixty-three million dollars debt that they owed to those who took part in the American Revolution. In order to pay back this debt Alexander Hamilton created a financial program. However, some Republicans such as Thomas Jefferson and James Madison thought that his plan was unconstitutional because one would need to use the necessary and proper clause which most people feared because it gave the government too much power. This, however, is not so Alexander Hamilton’s financial plan however was mostly constitutional because it allowed it to use the powers as well as responsibilities congress already had such as print its own form of currency, issue taxes, and ultimately pay off debts. Hamilton’s financial plan can be broken down to four parts the taxation, national bank, Hamilton’s reports, and the assumption plan all four were within his rights to do so. One of the four p arts of Hamilton’s economic plan was taxation. He placed a tax on Distilled Spirits, or otherwise known as whiskey, because not many people produced it and sold it. This part of his plan that was completely constitutional. Since it is one of the enumerated powers as seen in the Constitution (I, 8, 1) that Congress is allowed to collect and levy taxes to pay off a debt. Thus Hamilton’s taxation on distilled spirits was constitutional. The second part of the financial plan was the creation of the national bank. Some things the national bank did were that it established a national currency and establish credit in the country and overseas. The national bank was constitutional because it could have been done through the elastic clause, or the necessary and proper clause (I, 8, 18). This clause could have been used because it allowed Congress coin money, pay off debts made in the Revolution, and regulate commerce. Also, all three are enumerated powers. Another part of the economic program was the reports proposed by Alexander Ha milton. Hamilton presented three reports from January 1790 to December 1791. The first was a report on public credit. This proposed to replace old bonds with new ones for those who had them. And the Federal government would also â€Å"assume† the state debts. This could be done through the necessary and proper clause because this would ultimately allow the government pay off some of its debts. The second report was also a report on Public credit in this one however he wanted to place a tax on distilled spirits. This could have been done because of in the Constitution, (I, 8, 1), congress had the power to tax. He also proposed the creation of the national bank. This too could have been done through the necessary and proper clause because the national bank would help Congress to use its other powers like coin money and regulate commerce. The third and final report was the report on manufacture. In this Hamilton proposed a program where the government would aid and encourage the manufacturing enterprise and American industries. In this report Hamilton wanted to put tariffs on imported goods to protect American Industries. This also allowed them to compete with the more inexpensive European imports. This could also have been achieved through the necessary and proper clause because it would help inventors and it would count as a tax which would help with the debt. What Hamilton proposed in the reports was constitutional mainly through the necessary and proper clause. The final part of Hamilton’s financial plan is the assumption plan. The assumption plan is the plan where the government would â€Å"assume† all state debts by paying off all bonds sold at face value. This would ultimately help America gain good credit. This plan was too constitutional for it helped pay off debts which is one of the responsibilities of Congress stated in the Constitution (I, 8, 1). In turn the Elastic clause could be used to say that this plan is constitutional. All in all, all parts of Alexander Hamilton’s economic program were constitutional. The whiskey tax was constitutional through Article I, Section 8, Clause 1 of the constitution. The national bank could have been justified through the elastic clause. The reports were also constitutional through mainly the necessary and proper clause. The assumption plan was also constitutional because it supported Article I, Section 8, Clause 1. This proves the constitutionality of Hamilton’s financial program.

Critique of the Cultural Imperialism Theory

Abstract This paper stands to critique the Cultural Imperialism Theory. The paper further looks at both the negative and the positive effects of Cultural Imperialism. The cultural imperialism theory sets to shape the concept of cultural imperialism itself. It concludes that, though the western world is eroding the culture of developing countries and Nigeria as a study, Nigeria as a Nation should put on some safety belt in safeguarding our heritage. Keywords: culture, imperialism, media imperialism, cultural imperialism Introduction A man's pride lies in his confidence and his personality is greatly nurtured by his ulture.Culture is the characteristic of a particular group of people, defined by things such as language, religion, social habits, music and arts that are passed from one generation to the other; it can also be the tradition of the people (Zimmermann, 2012). According to the New Oxford Dictionary, culture is the cumulative deposit of knowledge, experience, beliefs, values, attitudes, meanings, religion, notions of time, roles, spatial relations, concept of the universe, and material objects and possessions acquire by a group of people in the course of generations through individual land group striving.Imperialism as defined by the Dictionary of Human Geography, is the creation and maintenance of an unequal economic, cultural and territorial relationship, usually between states and often in the form of an empire, based on domination and subordination. According to Downing, Mohammad', and Sreberny- Mohammadi (1995), Imperialism is the conquest and control of one country by a more powerful one. According to Boyd-Barrett (1977 p. 1 7)

52 Essays (908 words) - Branches Of Biology, Biology, Life Sciences

52 Essays (908 words) - Branches Of Biology, Biology, Life Sciences Cloning Cloning Cloning opens many doors of opportunities in the agricultural aspect of the United States of America. It has already been a major factor in saving the lives of many humans. I feel the society as a whole can not and should not degrade this scientifical finding. I feel that human cloning should not be done and that this subject raises too many ethical questions. I would like to focus on an agricultural aspect if I may. People raised hell when animal parts were put into humans to save lives and today it is an accepted part of medicinal science. I feel that cloning in an agricultural and medicinal aspect will become the same as transplanted animal parts. It will go through much debate, but ten years from now it will be accepted scientifically, socially, and morally. In an article in Newsweek called A Cloned Chop, Anyone? They take a somewhat neutral, but also somewhat negative viewpoint of cloning in an agricultural and medicinal sense. They admit some good aspects of this genetic engineering, but they still seem pessimistic of the future of cloning in animals excluding humans. The first thing the article states is the Wall Street opportunities for the biotech field. Instead of phone calls from eager investors only phone calls from reporters were coming in asking about this market. I feel that now would be a great time to invest in biotechnical companies specializing in agricultural and medicinal cloning. This article says nothing about the great potentials of long term investment. Long term investment especially in the medicinal field is incredibly profitable. Just as in other controversial investing opportunities I feel that investors will find they could have made a lot of money if they invested in this area. Ten to fifteen years from now this agricultural cloning will be a commonly routine thing and price wars will begin for the products produced by them which means many great investment opportunities will be available. But one must remember that Wall Street is extremely short term investing so this is a good explanation for not many investors being interested in this because it is still many years before tangible and profitable products are made from cloning. The article goes on to say the Scottish scientists have a lot of good ideas, but they seem to be only a sci-fi adventure. Once again I disagree. Scottish scientists are trying to help the human race, not be lucrative mad scientists looking for another way to manipulate the human race. The following are some things that have already been done with genetic engineering and they are helpful to us, the human race. They plan on genetically engineering cows that produce altered milk formulas for premature infants. This is great I do not know how anyone can go against this because if their infant's life were on the line they would do everything in their power to save their child's life. Also they are genetically engineering animal organs to be more similar to those of humans. So just like we have been trying to do we can take organs from animals and successfully transplant them into humans. Again this will save many lives of people with terminal diseases that can be saved by organ transplant. Cloning is referred in the genetics area as transgenics. Some companies have been altering genes of animals with genes of humans to produce proteins needed to fight cancer and other diseases. Cloning may further enhance this procedure witch will help catalyst this treatment easily past the human testing stage into curing these horrible diseases. One company has already bred cows that may produce milk containing a protein essential for infants who can not nurse. Again I see no down side to this product and cloning will help speed this research along so we can save lives. The article next talks about some positives. It tells how sheep with proteins necessary for saving human lives can be breed more efficiently with cloning. Right now only one or two out of every ten sheep produce the proteins needed. However with cloning these "good" sheep can be cloned. Then they breed with other clones to make a whole generation of sheep with the desired protein. One company in the biotech field PPL is hoping to genetically engineer animals that will produce a tissue glue for use in surgery and a drug for cystic fibrosis. Finally the article states at the end that does anyone want to eat a cloned chop. Well the major restaurant chains did not seem interested. But first

Rape1 essays

Rape1 essays It was a stormy, pitch black night. A strange man breaks into a womans apartment by sliding open an unlocked window. He threatens the womans life as she kicks and screams with terror. He rapes her, and then leaves. After work a husband comes home and insists that his wife performs oral sex. When she denies him of his request; he tightly grabs her shoulder and pushes her to her knees. He then unzips his pants and forces her to perform oral sex. A couple is out on a date, when the man pulls off to the side of a country road. The couple begins to make out in the back seat of the car. The man proceeds to pull off both his and her pants as she says I dont want to have sex, he ignores what she has said All of these scenarios are considered rape in California. In this paper I will address a feminist perspective of rape, and rape prevention. Rape was viewed, prior to the 20th century, as a crime against the father or husband of the raped women, rather than a crime against the women herself. These women would not be allowed to marry into respectable families, and would often stay single remaining the economic liability of the father. These women would have no value in society; a womens value within society was based on her ability to marry and produce legitimate heirs [Odem, Clay-Warner (1998), p. 36]. Rape was also viewed as the womens fault. Women were considered to be depraved or a fallen woman if she engaged in sexual intercourse before she was married, even if it was against her will. The women was blamed for the mans crime and was socially stigmatized as a result of the attack. There are many stereotypes of rape victims such as: the women asked for it, when a women says no she really means yes, women can resist rape if they want to, a...

How to Find the Mean of a Set of Numbers Formula and Examples

How to Find the Mean of a Set of Numbers Formula and Examples SAT / ACT Prep Online Guides and Tips Are you taking the SAT or ACT and want to make sure you know how to work with data sets? Or maybe you’re looking to refresh your memory for a high school or college math class. Whatever the case, it’s important you know how to find the mean of a data set. We'll explain what the mean is used for in math, how to calculate the mean, and what problems about the mean can look like. What Is a Mean and What Is It Used For? The mean, or arithmetic mean, is the average value of a set of numbers. More specifically, it's the measure of a "central" or typical tendency in a given set of data. Mean- often simply called the "average"- is a term used in statistics and data analysis. In addition, it's not unusual to hear the words "mean" or "average" used with the terms "mode," "median," and "range," which are other methods of calculating the patterns and common values in data sets. Briefly, here are the definitions of these terms: Mode- the value that appears most frequently in a data set Median- the middle value of a data set (when arranged from lowest value to highest) Range- the difference between the highest and smallest values in a data set So what is the purpose of the mean exactly? If you have a data set with a wide range of numbers, knowing the mean can give you a general sense of how these numbers could essentially be put together into a single representative value. For example, if you’re a high school student getting ready to take the SAT, you might be interested to know the current mean SAT score. Knowing the mean score gives you a rough idea of how most students taking the SAT tend to score on it. How to Find the Mean: Overview To find the arithmetic mean of a data set, all you need to do is add up all the numbers in the data set and then divide the sum by the total number of values. Let’s look at an example. Say you’re given the following set of data: $$6, 10, 3, 27, 19, 2, 5, 14$$ To find the mean, you’ll first need to add up all the values in the data set like this: $$6 + 10 + 3 + 27 + 19 + 2 + 5 + 14$$ Note that you don’t need to rearrange the values here (though you may if you wish to) and can simply add them in the order in which they’ve been presented to you. Next, write down the sum of all the values: $$6 + 10 + 3 + 27 + 19 + 2 + 5 + 14 = \bo86$$ The last step is to take this sum (86) and divide it by the number of values in the data set. Because there are eight different values (6, 10, 3, 27, 19, 2, 5, 14), we'll be dividing 86 by 8: $$86 / 8 = 10.75$$ The mean, or average, for this set of data is 10.75. How to Calculate a Mean: Practice Questions Now that you know how to find the average- in other words,how to calculate the mean of a given set of data- it’s time to test what you’ve learned. In this section, we'll give you four math questions that involve finding or using the mean. The first two questions are our own, whereas the second two are official SAT/ACT questions; as such, these two will require a little bit more thought. Scroll past the questions for the answers and answer explanations. Practice Question 1 Find the mean of the following set of numbers: 5, 26, 9, 14, 49, 31, 109, 5. Practice Question 2 You are given the following list of numbers: 4, 4, 2, , 6, $X$, 1, 3, 2. The arithmetic mean is 4. What is the value of $X$? Practice Question 3 The list of numbers 41, 35, 30, $X, Y$, 15 has a median of 25. The mode of the list of numbers is 15. To the nearest whole number, what is the mean of the list? 20 25 26 27 30 Source: 2018-19 Official ACT Practice Test Practice Question 4 At a primate reserve, the mean age of all the male primates is 15 years, and the mean age of all female primates is 19 years. Which of the following must be true about the mean age $m$ of the combined group of male and female primates at the primate reserve? $m = 17$ $m 17$ $m 17$ $15 m 19$ Source: The College Board How to Find the Average: Answers + Explanations Once you’vetried out the four practice questions above, it’s time to compare your answers and see whether you understand not just how to find the mean of data but also how to use what you know about the mean to more effectively approach any math questions that deal with averages. Here are the answers to the four practice questions above: Practice Question 1: 31 Practice Question 2: 3 Practice Question 3: C. 26 Practice Question 4: D. $15 m 19$ Keep reading to see the answer explanation for each question. Practice Question 1 Answer Explanation Find the mean of the following set of numbers: 5, 26, 9, 14, 49, 31, 109, 5. This is a straightforward question that simply asks you to calculate the arithmetic mean of a given data set. First, add up all the numbers in the data set (remember that you don’t need toarrangethem in order from lowest to highest- only do this if you’re trying to find the median): $$5 + 26 + 9 + 14 + 49 + 31 + 109 + 5 = \bo248$$ Next, take this sum and divide it by the number of values in the data set.Here, there are eight total values, so we'll divide 248 by 8: $$248 / 8 = 31$$ The mean and correct answer is 31. Practice Question 2 Answer Explanation You are given the following list of numbers: 4, 4, 2, , 6, $X$, 1, 3, 2. The arithmetic mean is 4. What is the value of $X$? For this question, you’re essentially working backward: you already know the mean and now must use this knowledge to help you solve for the missing value, $X$, in the data set. Recall that to find the mean, you add up all the numbers in a set and then divide the sum by the total number of values. Since we know the mean is 4, we’ll start by multiplying 4 by the number of values (there are nine separate numbers here, including $X$): $$4 * 9 = 36$$ This gives us the sum of the data set (36). Now, the question becomes an algebra problem, in which all we need to do is simplify and solve for $X$: $$4 + 4 + 2 + + 6 + X + 1 + 3 + 2 = 36$$ $$33 + X = 36$$ $$X = 3$$ The correct answer is 3. Practice makes perfect! Practice Question 3 Answer Explanation The list of numbers 41, 35, 30, $X, Y$, 15 has a median of 25. The mode of the list of numbers is 15. To the nearest whole number, what is the mean of the list? 20 25 26 27 30 This tricky-looking math problem comes from an official ACT practice test, so you can expect it to be a little less direct than your typical arithmetic mean problem. Here, we’re given a data set with two unknown values: 41, 35, 30, $X, Y$, 15 We’re also given two critical pieces of information: The mode is 15 The median is 25 To solve for the mean of this data set, we will need to use all the information we’ve been given and will also need to know what the mode and median are. As a reminder, the mode is the value that appears most frequently in a data set, while the median is the middle value in a data set (when all values have been arranged from lowest to highest). Since the mode is 15, this must mean that the value 15 appears at least twice in the data set (in other words, more times than any other value appears). As a result, we can say replace either $X$ or $Y$ with 15: $$41, 35, 30, X, 15, 15$$ We’re also told that the median is 25. To find the median, you must first rearrangethe data set in order from lowest value to highest value. Sincethe median is more than 15 but less than 30, we should put $\bi X$ between these two values. Here’s what we get when we rearrange our values from lowest to highest: $$15, 15, X, 30, 35, 41$$ There are six values in total, (including $X$) meaning that the median will be the number exactly halfway between the third and fourth values in the data set.In short,25 (the median) must come halfway between $X$ and 30. This means that $X$ must equal 20, since that would put it 5 away from 20 and 5 away from 30 (or halfway between the two values). We now have a complete data set with no unknown values: $$15, 15, 20, 30, 35, 41$$ All we have to do now is use these values to solve for the mean. Start by adding them all up: $$15 + 15 + 20 + 30 + 35 + 41 = 156$$ Finally, divide the sum by the number of values in the data set (that’s six): $$156 / 6 = 26$$ The correct answer is C. 26. Practice Question 4 Answer Explanation At a primate reserve, the mean age of all the male primates is 15 years, and the mean age of all female primates is 19 years. Which of the following must be true about the mean age $m$ of the combined group of male and female primates at the primate reserve? $m = 17$ $m 17$ $m 17$ $15 m 19$ This practice problem is an official SAT Math practice question from the College Board website. For this math question, you’re not expected to solve for the mean but must instead use what you know about two means to explain what the mean of the larger group could be. Specifically, we're being asked how we can use these two means to express, in algebraic terms, the mean age ($\bi m$) forbothmale and female primates. Here’s what we know: first, the mean age of all male primates is 15 years. Secondly, the mean age of all female primates is 19 years.This means that, in general,the female primates are older than the male primates. Since the mean age for male primates (15) is lower than that for female primates (19), we know that the mean age for both groups cannot logically exceed 19 years. Similarly, because the mean age for female primates is greater than that for male primates, we know that the mean age for both cannot logically fall below 15 years. We are therefore left with the understanding that the mean age for the male and female primates together must be greater than 15 years (the mean age of the males) but also less than 19 years (the mean age of the females). This rationale can be written as the following inequality: $$15 m 19$$ The correct answer is D. 15 $\bi m$ 19. What’s Next? Tolearn even more about data sets,look at our guide to the best strategies for mean, median, and mode on SAT Math. Taking the SAT or ACT soon? Then you'll definitely want to know what kind of math you're going to be tested on. Check out our in-depth guides to the SAT Math section and the ACT Math sectionto get started. What are the most important math formulas to know for the SAT and ACT?Get an overview of the 28 critical SAT formulas and the 31 critical ACT formulasyou should know.

Legal skills Essay Example | Topics and Well Written Essays - 2500 words

Legal skills - Essay Example Stephen Lennard for the Plaintiffs. 5. What remedies were Interfoto Picture Library Ltd seeking in the Court of Appeal? (2 marks) They were looking to uphold the judgment of the trial court, which had awarded them substantial damages against the defendant. 6. Which cases were applied by the Court of Appeal? (2 marks) Parker v. South Eastern Railway Company; J Spurling Ltd. v. Bradshaw; Thornton v. Shoe Lane Parking Ltd.; McCutcheon v. David MacBrayne Ltd. 7. In what court was McCutcheon v David MacBrayne Ltd [1964] 1 All ER 430 heard?(1 mark) Court of Session. 8. What are the material facts of Interfoto Picture Library v Stiletto Visual Programmes? (6 marks) The plaintiffs run a photographic transparency lending library. After the defendants inquired, the plaintiffs sent the defendants 47 transparencies and a delivery note that had 9 printed conditions on it. Condition 2 stated that the transparencies must be returned to the plaintiff after 14 days, otherwise there would be a ?5 a da y penalty for every day after 14 days that the defendants held onto the transparencies. The defendants returned the transparencies four weeks later, claiming that they did not read the printed conditions. The bill to the defendants was ?3,738. The plaintiffs did try to call the defendants twice before the defendants gave back the transparencies. The defendants refused to pay. 9. ... 11. What were the two arguments made by the defendant? (6 marks) The defendants claimed that the Condition 2 was never a part of the contract, as the defendants never received the delivery note. They also claimed that the contract between the two parties was formed before they knew about the delivery note. 12. How does the basis for the decision in Parker v South Eastern Rly Co (1877) 2CPD 416 differ from that in Thornton v Shoe Lane Parking Ltd [1956] 1 All ER 686? (2 marks) In Parker, the court looked at the terms as a whole, and decided if the terms, as a whole, were brought to the attention of the other party. In Thornton, the court decided that a particularly onerous term should be brought to the attention of the party, and if that particularly onerous term was not brought to the party's attention, that this term did not become a part of the contract. 13. (a) How did counsel for the plaintiff distinguish Thornton v Shoe Lane Parking Ltd [1956] 1 All ER 686? (2 marks) They state that the Thornton case deals with an exemption clause, and the holding should be limited to exemption clauses. Since their case did not involve an exemption clause, they argued that the holding in Thornton did not apply. (b) Was this distinction was accepted by Dillon LJ and explain his reasoning on the issue. (2 marks) No. Dillon stated that what was stated in the Thornton case was a general application of law, therefore the holding could be applied to any onerous statement in any contract. 14. (a) What principle does Bingham LJ say is not an overriding principle of English law? (1 mark) In making and carrying out contracts, each party must act in good faith. (b) How has English law dealt with this principle? Give examples. (4 marks) In

Globalization on the U.S. Economy Research Paper

Globalization on the U.S. Economy - Research Paper Example Globalization is a concept whose recognition appeared only recently, although its evolution can be traced back to the middle age periods in Europe. Localism and centralization in trade and social interactions defined societies in pre-modern periods, in which people remained within the confines of their birthplaces for their entire lives (Torress 107). Trade was mainly conducted in market places within territories with long distance trades only being on luxury goods, which were exclusive for the rich. Leadership was mainly through kingships and monarchs used local power elites owing allegiance to them, with no form of centralised governing machinery whatsoever. However, in the wake of natural disasters like famines and droughts, increased demand for goods and religious commitments led to the interaction between different communities and kingdoms began to expand with merchants traversing large distances in search for sources and markets for their merchandise (Waters 121). The sixteenth century saw the explosion of the concept of globalisation and the transient of localism. Some of the developments included improvements in naval technologies, which opened up trade between territories oceans apart. There was European regeneration marked by moving away from the monarch leadership to statehood existing presently, and the emergence of the French and American Revolution principles (Watters 249). This was followed by the emergence of the industrial revolution, which saw great improvements in technology, inanimate traction, increased demand and supply leading to increased trade over long distances, colonialism and missionary work across the globe.

Rhetoric of the Image Essay Example | Topics and Well Written Essays - 500 words

Rhetoric of the Image - Essay Example The image may be frank or empathetic depending on the user and the message needed to be passed across (269). To understand and get the meaning of the image in a piece of work, knowledge of signs is important especially in the advertising field. Any image may denote a coded message, a linguistic message, or a non-coded iconic message and require a lot of reading to separate the meaning. The image may contain a cultural and a perpetual message in which the image has the literal meaning as depicted by the symbols. The linguistic message forms images that do not contain any words, and one would need to revisit illiterate societies to get the pictographic meaning of the image. For example, the appearance of a book cover is an image with a lot of meanings and may depict some of the information contained in the book (273). The linguistic message is present in almost all the images especially in the field of mass communication such as the title, caption, and comic strip. There are two functions of the linguistic message in the iconic message, which are the anchorage and the relay. All images contain signs that the reader need to choose while ignoring others as in every society there are various techniques to resolve various signs. The linguistic message is one of the techniques to counter the challenge. For symbolic messages, linguistic does not play any part in the identification but can aid in the interpretation to give a meaning of the image. In other cases, the anchorage may be ideological suc h as in Advertisements and its purpose is to direct the readers and enable them to avoid some and receive other through dispatching them. Anchorage is very common in press photographs and advertisements in which the function of the relay is not common such as in cartoons and comic strips (274). The denoted image allows for the distinction between the literal message and the symbolic

Human Development Essay Example | Topics and Well Written Essays - 1750 words

Human Development - Essay Example It was also interesting to see how human behavior changes through various stages of life and is also affected by genetics and environmental factors. After completing this course, I have developed an appreciation towards the subject that clearly is an important part of human life. Q2. I found chapter 8 on Human Development most significant because I was able to understand and appreciate behavioral changes in my son as he is growing up. It was interesting to know how children progress through life and exhibit various behavioral characteristics based on their changing environment and maturity in life. Where eight-month-old baby smiles and coos when it recognizes familiar faces, the same child exhibits stranger anxiety as a part of its survival strategy when a stranger approaches it. It was also interesting to learn that familiarity is a sign of safety and contentment for children, while young adults are willing to take more risk and explore new areas in their life as they search for the ir identity. Learning about behavioral changes in children as they transition from babies to adults was the most significant learning experience in this course. The various examples that were used to explain the reasons why children behave in a certain way made it very clear to me that it is very important to ensure that children grow up in a healthy and safe environment. I was also able to appreciate the differences in the way boys and girls behave through the examples of learned social behaviors. Q3. I enjoyed learning about our bodies, especially about how the human brain is designed and how each structure within the brain helps to encode, store and retrieve memories. It was fascinating to learn that our brain encodes information and stores it away as sensory, working or long-term memory and retrieves the information when we need it. I was also amazed at how our sensory organs like eyes, ears, and nose transmit information to the corresponding sensory cortices in the brain to sto re the information which may last for only a few seconds, while more meaningful and emotional information is encoded into long-term memory which can last a lifetime. I would have preferred more activities and inclusion of case studies to make this subject more interesting. Q4. In order to improve the way this course is taught, I would include more of hands-on work, games, and activities so that learning becomes more fun filled. That way it would be easier to learn and remember the various topics taught in the class. One thing that would improve student interaction in this course is ‘role play’. Each week a team of 4-5 students is given a small scenario to enact in front of the class. The scenarios or cases should be very specific to the topic being taught in the class.

Quantitative Data Analysis- SPSS Essay Example | Topics and Well Written Essays - 2000 words

Quantitative Data Analysis- SPSS - Essay Example Ethnicity has its impacts felt in many aspects. In education, ones ethnic group determines a lot whether the individual will have a future or not. In some ethnic groups, education is relegated to a far position when one rates other things (Zeichner, K., & Schulte, A. 2001 p. 251). Education in such cases is viewed as being not important at all. According to Flores, G et al. (1999), despite its importance as a hinge to all and every aspect in life, it is viewed by some ethnicities as passage which is not a must for one to undergo. In some African societies for example, education is a thing un-heard of and parents don’t consider taking their children to school. According to Skaggs, M. C. (2001), some ethnic communities have the will to have their children in school, however, the aspect of little finances which they get hinder them (p. 41). Skaggs argues that, if all ethnic communities in diverse countries are given equal opportunities to that accorded their peers from other ethnic communities, then the probability that, they will also attain some grades in very high. To him, lack of proper representation in education institutions of middle and higher learning is not because of their liking but because of the situations they find them selves in (p. 48). The marital status of a parent is another aspect which leads to low education levels. The institution of marriage is one of the conducive environments where education can thrive well. To Stephens, J. (1999), minorities in the US and other developed countries suffer a lot since most of their parents are single parents and lack the will to educate their children (p. 31). To Stephens, a single parent faces the problem of educating since he/she is the sole breadwinner and with the cost of education soaring high, the possibility of educating is dim (p. 33). To Su, Z. (1996), the level of one’s education determines what he/she will earn after the completion of education. According to him,

Human Development Essay Example | Topics and Well Written Essays - 1750 words

Human Development - Essay Example It was also interesting to see how human behavior changes through various stages of life and is also affected by genetics and environmental factors. After completing this course, I have developed an appreciation towards the subject that clearly is an important part of human life. Q2. I found chapter 8 on Human Development most significant because I was able to understand and appreciate behavioral changes in my son as he is growing up. It was interesting to know how children progress through life and exhibit various behavioral characteristics based on their changing environment and maturity in life. Where eight-month-old baby smiles and coos when it recognizes familiar faces, the same child exhibits stranger anxiety as a part of its survival strategy when a stranger approaches it. It was also interesting to learn that familiarity is a sign of safety and contentment for children, while young adults are willing to take more risk and explore new areas in their life as they search for the ir identity. Learning about behavioral changes in children as they transition from babies to adults was the most significant learning experience in this course. The various examples that were used to explain the reasons why children behave in a certain way made it very clear to me that it is very important to ensure that children grow up in a healthy and safe environment. I was also able to appreciate the differences in the way boys and girls behave through the examples of learned social behaviors. Q3. I enjoyed learning about our bodies, especially about how the human brain is designed and how each structure within the brain helps to encode, store and retrieve memories. It was fascinating to learn that our brain encodes information and stores it away as sensory, working or long-term memory and retrieves the information when we need it. I was also amazed at how our sensory organs like eyes, ears, and nose transmit information to the corresponding sensory cortices in the brain to sto re the information which may last for only a few seconds, while more meaningful and emotional information is encoded into long-term memory which can last a lifetime. I would have preferred more activities and inclusion of case studies to make this subject more interesting. Q4. In order to improve the way this course is taught, I would include more of hands-on work, games, and activities so that learning becomes more fun filled. That way it would be easier to learn and remember the various topics taught in the class. One thing that would improve student interaction in this course is ‘role play’. Each week a team of 4-5 students is given a small scenario to enact in front of the class. The scenarios or cases should be very specific to the topic being taught in the class.

Sodom and Gomorrah Research Paper Example | Topics and Well Written Essays - 1250 words

Sodom and Gomorrah - Research Paper Example Bryant Wood and Steven Collins had different positions when it comes to the location of biblical cities Sodom and Gomorrah which existed during the time of Abraham. Bryant based his stance on the recent archaeological excavations conducted by Rast and Schaub in 1973 in a specific area in the so-called Cities of the Plain, in Es-Safi, found in the southern part of Bab edh-Dhra (Sodom). Based on the excavation, the presence of bitumen, or petroleum residue resembling that of asphalt, was found within the southern part of the Dead Sea. On one hand, a very assertive archaeologist Steven Collins had laid down strong points in his position disproving Wood’s theory that the southern part of the Dead Sea was indeed the location of the two cities. Collins strongly believed that Sodom existed in the eastern Jordan Disk, alongside other cities and towns that were logically arranged and mentioned in the bible basing on their relative sizes and proximity with each other. Sodom and Gomorrah, based on his interpretations of the text found in Genesis 13, were actually located in the northern part of the Dead Sea in the eastern part of the Jordan Disk. Date Each Scholar Uses for the Patriarchs Wood dates back his position on the matter way back during the Early Bronze period. Bab edh-Dhra (Sodom) had remnants of ashes from burnt houses possibly being theorized as indeed the raining of the black sulfur. In addition, the ancient Sodom excavation also revealed a cemetery consisting of the cities of the plain during the Early Bronze period.... o cities, which, accordingly, â€Å"matched the detailed Genesis 13 geographical parameters.†7 The Kikkar, or the Jordan Disk, housed four to five ancient cities that existed during the Middle Bronze Age that matched the descriptions in Genesis 13. Archaeological Evidence for Destruction from Both Sites A fellow from the Geological Institute of the Russian Academy of Sciences Vladimir Trifonov stated that the destruction of biblical cities Sodom and Gomorrah was a real disaster, citing the natural disaster as a volcanic eruption, and among its evidences were human bones buried in southwestern Syria.8 Woods has presented evidences in the destruction of both sites. Using the findings of Rast and Schaub, Woods stated that, following the end of the Early Bronze period, Bab edh-Dhra suffered from a major destruction.9 The evidence was: destruction of the northeast gate due to â€Å"fire as indicated by charcoal, broken and fallen bricks, and areas of ash.†10 In Numeira (Gomo rrah), the effects of the destruction were quite significant. Towers were burnt, human bones and skeletons excavated, and debris of ashes, mud bricks, and rocks were also found. Moreover, Collins had several evidences similar to what Woods had revealed, such as cemeteries burying human bones and skeleton, ashes, and mud bricks. In addition, Collins presented a simplistic approach in providing evidences to support his claims. He stated a simple analysis based on sheer logic and analysis of past events. â€Å"No mental extrapolation needed,† Collins said because obviously, the area (Bab edh-Dhra) was a â€Å"wasteland† because â€Å"Yahweh had burned up the Cities of the Plain in his fierce anger!†11 Each Site Meets the Criteria for the Biblical Location of Sodom Collins describes the order that comes with the

Internal, External Essay Example for Free

Internal, External Essay | Identify the key actors and forces in the company’s marketing environment that affect its ability to serve its target customers effectively.The marketing environment can be defined as everything that surrounds an organization’s environment and can affect its operation.The business environment consists of the actors and forces that affect an organization’s ability to develop and maintain business with its targeted customers. These are the Micro Environment, the Macro environment and the internal environment.The micro-environment of an organization can best be understood as comprising all those other organizations and individuals who directly or indirectly affect the activities of the organization. The following key groups can be identified as: their suppliers, marketing intermediaries, customers, competitors and the public. * Neil Saab, PROCTER’s European head of laundry products development * Edward Arwell, PROCTER’s Chief Marketing Officer * scientists and over 60,000 consumers * Dutch press * PR Firm hired by PROCTER * Europe targeting consumers’ associations, washing machine manufacturers, retailers * and anybody else who would listen * Dutch consumers’ union * Six test institutesThe Macro environment is the non specific aspect in the company’s surrounding that have the potential impact on the organizations strategies. This environment comprises general trends and forces which may not immediately affect the relationships that a company has with its customers, suppliers and intermediaries, but sooner or later, macro-environmental change will alter the nature of these relationships. These are demographic forces, economic factors, natural, technological, political and socio cultural factors. * For ULTRA WASH, they had claimed a technological lead based on their formula and this was keeping them ahead * Environmental campaigners in Sweden were keen on the effects of the product * Freedom of speech allowed Procter to lobby openly against their competitorThe Internal Environment refers to those activities within the local influence which includes it marketing plans and strategies, how they are implemented and its research and development. Actors in the internal environment include: * David Fritz, ULTRA WASH’s global coordinator of detergent marketing * Top executives at ULTRA WASH Head Office in the UK * Other management and staff of ULTRA WASH Show how each of the actors/forces you have identified in question 1, directly (or indirectly) impacted on ULTRA WASH’s final decision to revamp and relaunch the defective Eno/Ersil Power.For ULTRA WASH, the SWOT analysis summarizes the main environmental issues in the form of Strengths, Weaknesses, Opportunities and Threats.Strengths of ULTRA WASH: * Power branded in Netherlands, UK and France * Biggest advance fabric detergent over 20 years * They had the technological lead Weaknesses of ULTRA WASH: * Did not act on private warning from Procter before they went public * Did not effectively counter Procter’s negative campaign against their product * Ultra Wash image damaged and undermined as they were slow to act Opportunities of ULTRA WASH: * To launch Power in 11 other countries Threats of ULTRA WASH: * Flaw discovered in technology by rival competitor * The need to withdraw their once successful product from the market * Leading supermarket emptying shelves of the product * Various tests confirmed damaging effects of their products With all the negative publicity that ULTRA WASH had received from Procter, various media agencies as well as tests that proved the product was in fact damaging, it was in ULTRA WASH’s best interest to revamp and re-launch their product.The Impact of the Actors in the Micro EnvironmentThe lobbying and negative campaigning done by Procter’s executives sensitized the public on the damaging effects of ULTRA WASH’s product therefore reducing the demand in the market.Various Scientists confirmed that the product was faulty also confirming to the public that this product was not ide al for their laundry.The Press and PR Firm hired by Proctor hammered bad publicity that contributed to the decline in sales of this product. As the Customers are the most important to consider, a re launch was necessary to correct the past manufacturing errors and reclaim their loyalty. It was also important to create a new image in the minds of the target market by changing their perception. The Impact of the Actors in the Macro Environment * Legal: ULTRA WASH also had on going legal battle with PROCTOR, it was important to end that chapter and show some differentiation in their rebranded product. * Technological: Advances in Technology would create opportunity for ULTRA WASH to develop a new detergent with the correct product mix that would meet environmental specifications. * Social and Cultural: PROCTOR was able to freely express their opinions and change the perception of the general product thereby reducing the market share of ULTRA WASH. The Impact of the Actors in the Internal EnvironmentThe entire series of events proved that  the Executives and marketing personnel at ULTRA WASH were not fully equipped to handle all the negative publicity and did not act expeditiously to recover from this problem. Top Executives should have heeded the secret warnings of PROCTOR and test their product privately to prevent an international outburst. The strategies were not enough to protect their product. Internal branding was important as ULTRA WASH needed to re create a core product with distinctive values that distinguishes it from its competition. ULTRA WASH needed to highlight the true benefits to be from using their product. Brand strategies must be communicated to staff so that they understand the company character on which the company brand is built. Investment in staff training is required to achieve the service levels required for the brand strategy.In order to be successful and to reclaim their market share, ULTRA WASH would need to revisit their team strategies, review their research and development strategies and improve on their technological advances.| Question #1 A company’s marketing environment refers to factors outside of marketing, which has either a direct or indirect affect on the company’s ability to develop and maintain successful relationships with its target market. (Various Environmental factors Affecting Marketing Function, 2012) An understanding of a company’s marketing environment is instrumental in the development of its SWOT analysis as the marketing department would be able to identify the strengths, weakness, threats and opportunities. The marketing environment can be divided into three sub- categories which are internal environment, micro- environment and macro- environment. (Various Environmental factors Affecting Marketing Function, 2012) Ultra Wash Power detergent was affected by factors and actors from these three marketing environment which hindered the company from serving its target market. The internal marketing environment of a company refers to factors and actors that are part of the company, which the company has control over. These factors have an influence on the operations of the organization and a high level of control is placed over this environment, as the organization can change it strategies to ensure that these factors support marketing. (The marketing environment, n.d.) (Various Environmental factors Affecting  Marketing Function, 2012) Ultra Wash was affect by the following in its effort to serve its target market: Research and Development: this is the creation of products, improvements to existing products or the production process through a combination of basic and applied research. The aim of research and development is to position the company as a market leader through competitive advantage. (Research and Development , n.d.) Company’s Imagine- refers to what consumers think about your business when they hear the name of the product or business. (Image , n.d.) Top Management: this refers to marketing decisions taken by members of the Board of Directors, shareholders and executives. Micro- environment refers to factors and actors that are closely linked to the organization and their decisions and operations directly affect the company’s ability to serve its customers. (The marketing environment, n.d.) Ultra Wash was affected by the following three factors in this environment: Consumer Behavior- this is how consumers select, purchase and use goods and services to satisfy their wants and needs. (Consumer Buying Behavior) Market intermediaries: these are third party persons or organizations between the final customer and manufacturer and given the responsibility of promoting, selling and distributing of the goods and services. (Various Environmental factors Affecting Marketing Function, 2012) Competitors: firms which sell same or similar goods and services in the same market. (Various Environmental factors Affecting Marketing Function, 2012) Marco – Environment are factors which are uncontrollable external to the company. Although these factors directly influence the company marketing decisions, they do not directly affect the company’s ability to serve its customers. (The marketing environment,n.d.) This environment is analyzed through the STEEPLE analysis. The seven areas of focus in the STEEPLE analysis are political, economic, social, technological, environmental, legal and ethical. (Williams, 2013) Of which, technological, environmental, and ethical affected the ability for Ultra Wash to serve its target customers. (The marketing environment, n.d.) Question#2 Internal Environment: Research and development directly affected the ability of Ultra Wash  to serve its target market as the company did not undertake sufficient research when developing the product. This was evident when they were faced with the facts about how the enzyme â€Å"dirt buster† affects clothing. Also they did not take heed to the warning made by PROCTER, had the company research the information made by their competitors it could have saved them thousands of dollars in damage control and advertising. Company’s Imagine- With the information about the effects of their detergent being published in the media, the company’s image began to plummet in the eyes of consumers. The company had to take steps to try to rebuild the company’s imagine by offering a new revamped detergent gave them a chance to do this. Top Management- David Fritz the global coordinator of detergent marketing and the Ultra Wash executives decided to ignore the warnings about the product made by Edward Artwell with the belief that recalling the product would be costly and humiliating to the company and for David Fritz his career. Micro- Environment: Consumer Behavior- Ultra Wash revenues for the Power detergent was reducing radically due to the information on the detergent which PROCTER released and their campaign against detergent with â€Å"dirt buster†. In order for any company to be able to remain competitive they must be able to attain profits and with the constant decline in Ultra Wash revenues and profit, the company had to make changes to the product to realize an increase the sales and revenues when advertising and promotions did not work. Market intermediaries- Many supermarket chains considered removing the products from their shelves after being informed by PROCTER about the harmful effects of the Power detergent. In order to maintain relationships with these market intermediaries, who in turn wants to ensure that they are able to maintain good relationship with their customers, Ultra Wash needed to make sure that the standard of the product was improved. This would satisfy customer wants as well as allow Ultra Wash to maintain good relationships the market intermediaries. Competitors- The actions of the competitors PROCTOR played the biggest part of the decision to revamp and re-launch the defective Power  detergent. PROCTOR tried to assist the Ultra Wash Company by providing them with research concerning the effects of â€Å"dirt buster†; however the company did not listen and proceeded to mass launch the product. As a result of the launch PROCTER released a statement providing the public with the effects of the detergent. Although Ultra Wash made their own releases refuting those claims, increasing advertisement and promotions they were not able to convince consumers otherwise and realized deduced sales. PROCTOR continued to provide the public, including consumers, retailers and consumers’ associations with information on this product until Ultra Wash finally decided to remove the product from all markets. Marco- Environment Technological- Ultra Wash believe that this new technology would be able to provide them with competitive advantage of being more advanced that they rest of the market. However, in the hurry to become the market leader the technology was not properly research and developed causing the company to experience major losses. Environmental- Many environmental lobbyist in European and Sweden released public statements about the effects the Power detergent and its affects on clothes. These statements can persuade consumer behavior against a certain product as in this case. Ethical- Consumer groups such as the Dutch consumer’s union confirmed the damaging effects of the upgraded Power detergent. Ultra Wash needed to ensure that the product standard are to the level the consumers expect as statement against a product will persuade the consumers decisions against the product. All these factors played a major part in the decision taken by Ultra Wash to revamp and re-launch the defective Power Detergent as Ersil tablets. These tablets were able to provide them with the competitive advantage as well as become the market leader for this product. References: Various Environmental factors Affecting Marketing Function. (2012, July 19). Retrieved June 10, 2013, from ebstudies: http://ebstudies.wordpress.com/2012/07/19/various-environmental-factors-affecting-marketing-function/ Consumer Buying Behavior. (n.d.). Retrieved June 11, 2013, from BusinessDictionary.com:

Relationship Between Developed and Emerging Stock Markets

Relationship Between Developed and Emerging Stock Markets Introduction Due to inclination towards liberalization and deregulation in the capital and money markets, global markets have tended to become highly integrated in recent times in case of developed as well as developing countries. There are many reasons as to why the linkages among the different stock markets should be studied some of the reasons are emerging markets have attracted a great number of foreign investors, removal of statutory controls over their capital market and foreign exchange, stock prices interconnection due to the global capital movements, regional policy and the presence of economic ties. Specialists of finance have given substantial attention to the linkages and the relationships between different stock markets, to explore and examine the potential benefits from international portfolio diversification. Most of the studies are done taking into account developing and emerging Asian markets. Interest of foreign investors have resulted in several fund management centres concentrating on Asian developing markets not only for the growth and development but also to diversify their risk. The aim of this paper is to study the relationship of developed and emerging stock markets. Literatures on the different prospects of stock market have been studied. Many researchers have focused on the integration among the stock market. While studying the literatures it has been seen that different areas are being covered and focused which includes dynamic linkages among stock market during pre and post Asian financial crisis and Russian financial crisis, effect of linkages on the portfolio diversification, effects of linkages on the daily stock prices and domination of developed markets over the developing markets. Further, examining of the empirical question in the literature on capital market integration between different economies is done. For the empirical analysis, data of twenty year for everyday closing stock prices of six indices have been taken from 3 January 1989 to 8 June 2009. Six indices are New York Stock Exchange (USA), London Stock Exchange (UK), Tokyo Stock Exchange (Japan), Bombay Stock Exchange (India), The Stock Exchange of Thailand (Thailand), Bursa Malaysia (Malaysia). In the econometrics literature, there exist a number of alternative methods to estimate cointegration. Econometrics techniques which are being used in this study are Augmented Dickey-Fuller test, Johansen’s cointegration test and Error Correction test. E-views software is used for the calculating the results. Empirical results obtained from the three test, it was found that time series are non stationary and null hypothesis is not rejected which suggest that they are highly cointegrated and to test whether any variations in one stock exchange can lead to fluctuations in other stock indices. Johansen cointegration test is conduct ed which shows that there is no evidence of cointegration between Indian stock index and other stock indices. Further, Error Correction test is conducted which shows that there is poor cointegration between Indian stock exchange index with other stock indices. Indian stock market appear to be least integrated with Malaysia, where as Malaysia stock market is integrated with all the other stock markets. Thailand stock market is seems to be more dependent on Japanese and Indian stock market than other stock markets. Little integration is seen between Japanese stock exchange and USA stock exchange. It is found that UK and USA are highly integrated. To conclude, stock exchanges of the developed economies are better cointegrated as compared to those of developing economies. Background What is stock market? In simple words stock refers to a supply. But in financial market terms, stock refers to the money which a company has raised. And the supply of the money comes from the people who invest in the company in hope that the company will make their money grow. Stocks exist because it enables the company to â€Å"sell† pieces of the business called as stocks (equity securities) in need of long term financing. When stocks are issued by corporations are owned by the public at large which includes both private investors and institution are said to be publicly held. A public place where things are bought and sold is called as Market. And the term stock market refers to a business where stock is bought and sold. Stock market can be splitted into two main sectors; the primary market and the secondary market. The primary market is the one where new issues are offered for the first time and primary market is the one where subsequent trading goes on. There are basically two types of stock namely common stock and preferred stock. A security which represents ownership in a corporation is known as common stock. Holder of the common stock has the power to vote and elect board members. If the company goes bankrupt, the common stockholder will not be paid until unless creditors, bondholders and preferred stockholders are paid their share of the leftover assets of the company. Where as, preferred stock is a stock which is issued when all the common stock has been issued. Preferred stock olders are given dividends. They have a preference that is why they are paid dividend before any dividends are paid to common stock holders. The stock market is not a specific place but still some people use the term â€Å"Wall Street† which is the main street in New York City’s financial district and it is referred to the US stock market. Why companies issue stock market and why people buy it? As every company wants to grow, so some owners build more factories and some develop new product which needs money. A company can actually get loan from the financial institution like banks but companies without going into debt by taking loans issues stock which raise money for the growth of a company. Only Business Corporation can issue the stock which has special legal rights and responsibility. A proprietorship or ownership cannot issue stock. A shareholder invests in a hope that company will grow and so will their money grow because if a company earns money, the shareholders will share the profits. There are different types of gains from the stock such as dividends, capital gains, short selling, risk and rewards for investing. Over the long term bases, investments in stocks have proven to be an excellent way to more than keep pace with erosive effects of inflation. Stock Exchange Stock market is an organised market for trading of stocks and bonds. These markets were originally open to all but now a days only members of the association can buy and sell directly and these members or stock broker can buy and sell for themselves or others by charging the commission for their provided service. A stock can only be bought and sold if it is listed on an exchange. There are stock exchange in all the financial centres of the world. Some of them are stated below; the New York stock exchange since 1792 which had the largest trading in the world of $7.3 trillion in 1998, Tokyo stock exchange, London stock exchange, Bombay stock exchange and NASDAQ. NASDAQ was the first exchange which recognised the role of electronics in stock market. History of the Stock Exchanges Japan In the decade of 1870s, introduction of a securities system initiated the public bond negotiation in Japan which resulted in the need of a public institution for trading and hence in May 1878, the â€Å"Stock Exchange Ordinance† was in enacted followed by establishment of Tokyo Stock Exchange Co. Ltd. On May 15, 1879 and trading began on June 1st. On June 30, 1943, establishment of a quasi-public corporation named the â€Å"Japan Securities Exchange† took place by uniting all 11 stock exchanges throughout Japan. During the Second World War, the trading sessions were suspended on August 10, 1945 but the trading restarted under the management of unofficial group transactions in December 1945. Japan Securities Exchange was dissolved on April 16, 1947. Three stock exchanges in Tokyo, Osaka and Nagoya were founded on April 1, 1949 and trading began on May 16 followed by formation of five additional stock exchanges in July in Kobe (dissolved, October 1967), Hiroshima, Kyoto (merged into Tokyo Stock Exchange, March 2001), Fukuoka and Niigata. In the beginning of the next decade of 1950s, margin transactions were introduced and bond trading started on April 2, 1956. October 1, 1966 observed the first listings of government bonds after the Second World War and in the following year, a new process of auction was put into action and â€Å"Baikai† trades (off-exchange trades) were eliminated. In April 1968, registration system was replaced by licensing system for securities companies and on July 1, 1969, Tokyo Stock Price Index (TOPIX) was launched. Joining the International Federation of Stock Exchanges (FIBV) along with starting of convertible bonds trading and Book Entry Clearing system were the major developments by TSE before listing of Yen-based foreign bonds and opening of Foreign Stock Section in 1973. The next 10 years observed major developments in technical fields such as introduction of Market Information System (MIS) and Computer-assisted Order Routing and Execution System (CORES). From February 1, 1986 to May 23, 1988, a total of 32 securities companies joined the TSE membership out of which 22 were foreign companies. Trading in TOPIX futures, TOPIX options, U.S. T-Bond futures and Japanese government bond futures began by May 1990. Other 10 securities companies including 3 foreign ones joined the TSE membership followed by introduction of Floor Order Routing and Execution System (FORES) by the end of that year. Major happenings in the next decade were: Starting of Central Depository and Clearing System on Oct 9, 1991; Listing of Nikkei 300 Stock Index Listed Fund on May 29, 1995; Initiation of 5-year Japanese government bond futures trading on Feb 16, 1996; Trading in equity options on July 18, 1997; Calculation of new stock price index series on Apr 2, 1998; introduction of ToSTNet and TDnet (Timely Disclosure Network) in 1998; restriction on off-exchange trading for listed securities abolished on Dec 1, 1998; 50th Anniversary celebrations on Apr 2, 1999; introduction of Target (TSE wide area network) on June 1; brokerage commission liberalized in October; establishment of MOTHERS market for emerging companies and growth on Nov 11, 1999; and merging of Hiroshima and Niigata stock exchanges into TSE along with introduction of TSE ARROWS in 2000. Demutualization of TSE resulted in the formation of Tokyo Stock Exchange Inc. in 2001 and later on August 1, 2007, Tokyo Stock Exchange Group, Inc. was established. Tokyo Stock Exchange Regulation was established on October 17th with its commencement on November 1, 2007. Thailand The present Thai market’s origin starts from the early years of 1960s when a private group established a stock exchange in July 1962 as a limited partnership which later turned into a limited company under the name of Bangkok Stock Exchange Co. Ltd. (BSE) in 1963. But BSE was relatively inactive irrespective of its good foundation as its annual turnover values reduced from being 160 million baht in 1968 to an all time low of 26 million baht in 1972, even when turnover in debentures were 87 million baht. So finally, BSE stopped operating in early 1970s and the major reasons behind its failure were limited understanding of equity market among the investors and no government support officially. But, BSE’s concept was able to attract enough attention to form an organized securities market with official support. Hence, a plan to establish a market having apt facilities and regulations for securities trading was proposed by the Second National Economic and Social Development Plan (1967-1971). On recommendation of the World Bank in 1969, the government gained the works of Professor Sidney M. Robbins from Columbia University who studied different methods for the development of Thai capital market. And in the same year, the Bank of Thailand also created a working group for the development of capital market which was given the job of establishing the stock market. After a year of intensive study, Professor Robbins generated an all-inclusive report named â€Å"A Capital Market in Thailand† and this report turned out to be the master plan required for the Thai capital market development in future. In 1972, the government brought some changes to the â€Å"Announcement of the Executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare† according to which the government now controlled and regulated the operations related to finance and securities companies. â€Å"The Securities Exchange of Thailand† also known as SET was passed in May 1974 after the amendments were made followed by the amending of the Revenue Code by the year-end. By 1975, the legislative framework was put into action and official trading at SET started on April 30, 1975. January 1, 1991 saw the changing of name from â€Å"The Securities Exchange of Thailand† to â€Å"The Stock Exchange of Thailand†. Malaysia In 1930, Singapore Stockbrokers Association was Malaysia’s first formal securities business organisation establishment and in 1937 was re-registered by the name of Malayan Stockbrokers Association. The public shares trading began after the establishment of The Malayan Stock Exchange in 1960 and the board system was having its trading rooms in Kuala Lumpur as well as Singapore, connected by usage of direct telephone line. The year 1964 saw the foundation of the Stock Exchange of Malaysia but in 1965, the withdrawal of Singapore from Malaysia forced the Stock Exchange of Malaysia to become the Stock Exchange of Malaysia and Singapore. In 1973, the Stock Exchange of Malaysia and Singapore was divided into two separate markets namely the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore due to ceasing of interchangeability of currency between Malaysia and Singapore. The Kuala Lumpur Stock Exchange integrated on December 14, 1976 as a company limited by guarantee took over the operations and management of the Kuala Lumpur Stock Exchange Berhad. On April 14, 2004, the demutualization exercise made the name to be changed to Bursa Malaysia Berhad. The main aim of this exercise was to boost competitive position and to act in response to trends in the exchange sector globally by becoming more market-oriented and customer-driven. The listing of Bursa Malaysia on the Main Board of Bursa Malaysia Securities Berhad took place on 18 March 2005. The certifications for conformance to the ISO 9001:2000 Quality Management System and ISO 14001:2004 Environmental Management System standards were received by the exchange on 5 October 2007. Faster processing and execution of orders and providing wider trading functions and features were done by introduction of Bursa Trade Securities as a new trading platform in Dec 2008. United States The New York stock exchange trace back to 172, when twenty four New York City stock brokers and merchants signed the Buttonwood Agreement. At that time five securities were traded in New York City out of which three were government bonds and two were bank stocks. It was agreed that securities will be traded on commission basis on signing the Buttonwood agreement by the brokers. After the war in 1815 securities market in New York began to grow. The New York stock and exchange board was formed on March 8, 1817. The name was shortened The New York Stock Exchange (NYSE) in 1863. More than 2800 companies are listed in NYSE which are having value exceeding $15 trillion. During the period 1824 to 1830 annual trading reached a peak of 380,000 shares. Average volume reached to 8500 shares which show that it increased a 50-fold in seven years. During 1836-1853 NYSEB prohibited trading in the street and in 1837 average daily volume fell down from 7393 in January to 1534 by June. Due to invention of telegraph, brokers and investors broaden the market participation outside New York City. It was a panic period during 1857 when Ohio Life Insurance Trust company collapsed, prices dropped eight to ten percent in the single trading session and there was 45% decline in market value in the beginning of the year. During 1860s first stock ticker came into existence, membership in NYSE became a â€Å"property right†, prohibition of issue of shares in secret known as watering stock and at the end on 24th September 1869, gold speculation resulted in â€Å"Black Friday†. In 1890s NYSE established clearing house, it also recommended that all listed companies will send their shareholder the annual report and in 1896. The Dow Jones Industrial Average was published by the Wall Street journal for the first time, with an initial value of 40.74. During that period DJIA topped 100 for the first time. Federal Reserve System Wall Street became world financial leader. Centralized stock clearing system was established and fraud bureau was established during the period. In the mid of 1929 Black Thursday came when market crashed on volume of over 16 million shares which was the beginning of the Great depression and the Dow finally reached bottom in July 1932. During 1960-1979, International Federation of stock Exchange and daily volume on the NYSE exceeded 4 million shares nearly triple the level immediately following the war. On February 03, 1977 foreign broker were permitted membership on the floor. The Inter market Trading system (ITS) was inaugurated. Taking about 20th century, first Global index was launched in 2000, DJIA experienced its largest one day point gain and new trading room at 30 Broad street was opened. In 2001, NYSE volume topped 2 billion shares. The NYSE is now a for-profit business. It is formed out of the merger of the NYSE and Archipelago Holding, Inc. And the merger is the largest ever among securities up to this time. United Kingdom The London Stock Exchange is one of the world’s oldest stock exchanges and traces its history back more than 300 years. It started in the 17th century in London coffee houses. Exchange grew quickly and became the city’s most important financial institution. John casting began in back 1698 to organise the market in Jonathan’s coffee house through a simple list of stock and commodity prices. The wave of speculative fever known as the south sea bubble burst in 1720. In 1761 a group of stock broker form a club at Jonathan’s to buy and sell shares and then in 1773 they put up their own building in Sweeting’s Alley with dealing room and members named it â€Å"The Stock Exchange†. On 3 March 1801, first regulated exchange comes into existence in London and the business reopens under a formal membership basis and the modern stock exchange was born. First codified rule book was created in 1812 and first regional exchange were opened in Manchester and Liverpool in 1836 and it was rebuilt in 1854. A new deed settlement came to existence in 1876. In 1914 after Great War, the exchange market was closed from the end of July till the New Year. During 1986, there was deregulation of market which is known as ‘Big Bang’. Ownership of member firms by an outside corporation was allowed. Brokers were able to operate in a dual capacity and minimum scales of commission were abolished. Trading was moved to computers and telephones from separate dealing rooms. The exchange became private limited company under the Companies Act 1985. The trading name became â€Å"The London Stock Exchange† in 1991. In 1997, SETS (Stock exchange Electronic Trading System) was launched. In 2003, EDX London was created, a new international equity in partnership with OM Group and later in 2004, LSE moved to new headquarters Paternoster Square. Latest in 2007, LSE merged with Borsa Italiana, creating London Stock Exchange Group. India The Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai. It was established in 1875 and is one of the oldest stock exchanges in Asia. Around 3600 companies in the country are listed on this stock exchange and have a substantial trading volume. The market capitalization of the BSE is about Rs.20 trillion (US$ 466 billion). The ‘Sensex’ is commonly used market index for the BSE and it is among the five big exchanges in the world in terms of number of transactions. Its history traces back to the time in mid 1850s, when an informal group of 22 shareholders used to trade under banyan tree in the Town Hall of Bombay. The association the native sharebrokers was formally organized as The Bombay Stock Exchange in 1875. The BSE is the oldest stock exchange in Asia and Premchand Roychand used to be the leading sharebroker in that time. He was the one who assisted in setting out procedures and conventions for the trading of stock at BSE. James M. Maclean inaugurated the Brokers Hall in 1899. in 1928, it was shifted to an old building in Town Hall, Bombay and later on the building was constructed on Dalal Street in 1930 where the BSE building now stands. The BSE follows the system of eTrading, which came into use in 1995. In 2000, BSE Sensex was used to open its derivatives market for trading Sensex future contracts, followed by development of equity derivatives in 2001 and 2002 which expanded its trading platform. Stock exchanges by providing a centralized and ready market, facilitates the business for financing through flotation of bonds and stocks. Sometimes speculation in stock can put stress on the instability of an economy. The reality of the Great depression was emphasised by the stock market crash in 1929. Financial Crisis Stock market crash of 1929 After the First World War, there was a growth in industrialisation and new technologies. During 1920s was the time of peace and prosperity because the economy was benefited greatly from the new life changing technologies. Many investors quickly purchased the shares on seeing Dow Jones industrial average surged. Due to the powerful economic boom the stocks were seen very safe to most of the economists. Stocks were purchased by the investors on margin. From 1921 to 1929, the Dow Jones rocketed from 60 to 400 and for every dollar invested; a margin user would borrow 9 dollars worth of stock. But on Thursday October 24, 1929 the Dow Jones Industrial Average fell 38 points to 260, which was a drop of 12.8 percent and across the two days its average fell 23 percent and finally at the end of the period on November 11, there was a cumulative drop of 40 percent. Overvalued stocks, low margin requirements, interest rate hikes and poor banking structure were the few causes of the crash. In total, 14 billion dollars of wealth were lost during this market crash. Stock market crash of 1987 Dow hit a record 2722.44 points on 25 August, 1987 but then the Dow started to head down. And valuation in the United States dropped around 36 percent from the days between October 14 to October 19, 1987. On black Monday October 19, 1987 the Dow Jones Industrial Average plummeted 508 points losing approx 22.6 percent of its total value and SP 500 dropped to 20.4 percent. Reasons for the crash were no liquidity, overvalued stock, program trading and the use of derivative securities software. During the crash half trillion dollars wealth were lost. Stock market crash of 2008 The failures of financial organizations in the USA due to exposure of credit default swaps and subprime loans resulted in a global crisis as banks all over the world failed and the values of shares and commodities fell drastically. The Indonesian Stock Market stopped operating on seeing a 10% drop in a day on October 8. Comparisons were made of this crisis with the one in 1987 but that lasted for just one day whereas the present one lingered on for the whole week. Dow Jones saw its worst ever decline of 18% during the week commenced on October 6. The failure of banks in Iceland devalued the Icelandic Krona and forced the country to the verge of bankruptcy which was saved by an emergency loan from International Monetary Fund (IMF). The main index of Iceland had a 77% decrement. October 24 saw the worst downfalls for many countries whereas Dow Jones industrial average was somewhat better at 3.6%. The value of United States Dollar and Japanese Yen increased whereas that of British Pound and Canadian Dollar was among the major losers. Literature review 1.1 Introduction The competition among different industrial countries markets was witnessed by their respective national stock exchange markets during the late 1980s and the economists observed that linkage or interrelation between the global markets existed. Due to the less restrictive climate towards capital movements, economists actually started thinking that the major financial markets of the world are systematically interrelated. Growth can be seen in reaction towards external developments in macro-economic policies and the world financial environment due to this interrelation. Technological developments in communications, trading system and the innovations of financial products have created global international investment opportunities. Linkages among stock market have important implication and significance for security pricing, trading strategies, hedging and financial market regulations. And also the presence of short term and long term relationship may be used to attain financial gains from international portfolio diversification and to also reduce systematic risk. International Market linkages have been widely investigated. Several studies have been conducted explaining the empirical and theoretical issues on linkages amongst stock market and mainly focused on the co-movement between developed and emerging markets. There is a wealth of literature on stock market interdependence and integration. However, depending on the data, methodology, and theoretical models used there is no clear resolution of the issue yet. Some previous work has have found that international stock markets are integrated and some found that stock markets are not interlinked. Most of the studies on stock market interdependence in emerging markets have been done on geographical groups of markets, such as markets in Central and Eastern Europe  and America  and in Asian countries. Further, I summarize some of the most recent findings. 1.2 Interdependence of Stock Markets A number of studies have examined stock market linkages among emerging stock market and the developed stock markets like Arshanapalli, Doukas and Lang 1995 and Chen, Firth and Rui, 2002. Arshanapalli, Doukas  and Lang (1995) report that after the 1987 crash international market linkages have strengthened in terms of increased number of co-integrating vectors in the post crash period. They investigated in their paper that presence of a common random variable trend between the US and Asian stock market movements during the post October 1987 period. They showed that the cointergating structure which actually ties the stock market together has significantly increased since October 1987. US stock market influence on the other markets was considerably found greater in the post crisis period. Their results indicate that the Asian equity market is more integrated with US equity market than Japan equity market. Where as, Masih and Masih (1997) and Masih and Masih (1999) found cointegration relationship among the equity markets of Malaysia, Thailand, US, UK, Japan, Singapore and Hong-Kong during pre-financial crises period 1987. Number of papers investigates the short term and long term linkages among Central and Eastern Europe (CEE) stock exchanges. Talking about long term relationship, Gilmore and McManus (2002) and Gilmore and McManus (2003) analysed that no long term relationship can be established among the CEE stock markets with the US and Germany stock markets, where as Voronkova (2004) shows the existence of long term linkages among the Central European markets and CEE. Hamao and Masulis (1990), King and Wadhwani (1990), Kasa (1992) and Arshanapalli and Doukas (1993) have found that the equity markets of developed markets are integrated and US equity market leads the other developed market like Japanese equity market, UK equity market and few other European equity markets. Yang, Hsiao, Li and Wang (2005) also examined the long run price relationship and the dynamic price transmission among USA, Germany and four Eastern European emerging stock markets. They paid particular attention to Russian crisis in their study. VAR analysis was conducted. It was concluded that both long run relationship and the dynamic transmission were strengthen among these markets after the crisis and Germany became dominant and noticeable only after the Russian crisis amongst all the Eastern European markets. Syllignakis and Kouretas also examined the short and long term relationship between ten central Eastern European stock markets and two developed stock market i.e US and Germany, they used Gowzalo and Granger method and indicated weak partial integration among these markets. They also indicated that the four big stock exchange market like Republic, Hungary, Poland and Slovenia together with Germany and the US stock market have substantial permanent factor which drives the system of stock market exchange in the long run. Egert and Kocenda (2006) analyse the co-movement and interdependence among three stock markets in Western, Central and Eastern Europe and found no robust cointegration relationship for any of the stock index pairs. Data from 2003 to 2005 for stock indices have been taken and applied wide range of econometric techniques like unit root and stationary tests, cointergration tests, Granger causality test, VAR estimation have been used. Results show that there are signs of short term spillover effects both in terms of stock price and stock return volatility. Granger causality test show the existence of bidirectional causality for both returns and volatility series and limited number of short term relationships using VAR framework. Limited interaction has been found among the market in case of Poland and Hungary by Li and Majerowska (2007) and also showed that emerging markets are weekly linked to the developed markets by using GARCH approach .In this paper linkages between the emerging markets of Warsaw and Budapest with the established market in Frankfurt and US were studied by using four-variable asymmetric GARCH-BEKK model. At the end it was implied that by adding the stock in the emerging markets to their investment portfolio they may benefit from reducing the risk. Further, looking at some more European counties Lucey andVoronkova (2008) examined relationship Russia and other equity markets over the period of 1995-2004 by using number of co-integration approach like Gregory-Hansen test, a stochastic cointegration framework, the non-parametric test for unit root and cointegration and found Russian market does not show strong evidence of increased long run convergence either with regional or developed markets, so therefore correlation is low. They also stated that Russian equity market in the long run was isolated from the influence of international markets and structural break in August 1998 did not alter the long term relationship nature. Ozdemir, Olgun and Saracoglu (2008) examined dynamic linkages between the equity market of US representing the center and emerging market using the Granger causality test as a result showed significant causal relation to all emerging markets and conclude that there is no evidence in the literature suggesting an effect of an emerging stock exchange market to that of large markets like US, Japan and UK. Where as Chinzara, examined to what extent South Africa equity market is integrated into world equity market using cointegration, VECM and VAR model and taking data for period 1995-2007. He fi Relationship Between Developed and Emerging Stock Markets Relationship Between Developed and Emerging Stock Markets Introduction Due to inclination towards liberalization and deregulation in the capital and money markets, global markets have tended to become highly integrated in recent times in case of developed as well as developing countries. There are many reasons as to why the linkages among the different stock markets should be studied some of the reasons are emerging markets have attracted a great number of foreign investors, removal of statutory controls over their capital market and foreign exchange, stock prices interconnection due to the global capital movements, regional policy and the presence of economic ties. Specialists of finance have given substantial attention to the linkages and the relationships between different stock markets, to explore and examine the potential benefits from international portfolio diversification. Most of the studies are done taking into account developing and emerging Asian markets. Interest of foreign investors have resulted in several fund management centres concentrating on Asian developing markets not only for the growth and development but also to diversify their risk. The aim of this paper is to study the relationship of developed and emerging stock markets. Literatures on the different prospects of stock market have been studied. Many researchers have focused on the integration among the stock market. While studying the literatures it has been seen that different areas are being covered and focused which includes dynamic linkages among stock market during pre and post Asian financial crisis and Russian financial crisis, effect of linkages on the portfolio diversification, effects of linkages on the daily stock prices and domination of developed markets over the developing markets. Further, examining of the empirical question in the literature on capital market integration between different economies is done. For the empirical analysis, data of twenty year for everyday closing stock prices of six indices have been taken from 3 January 1989 to 8 June 2009. Six indices are New York Stock Exchange (USA), London Stock Exchange (UK), Tokyo Stock Exchange (Japan), Bombay Stock Exchange (India), The Stock Exchange of Thailand (Thailand), Bursa Malaysia (Malaysia). In the econometrics literature, there exist a number of alternative methods to estimate cointegration. Econometrics techniques which are being used in this study are Augmented Dickey-Fuller test, Johansen’s cointegration test and Error Correction test. E-views software is used for the calculating the results. Empirical results obtained from the three test, it was found that time series are non stationary and null hypothesis is not rejected which suggest that they are highly cointegrated and to test whether any variations in one stock exchange can lead to fluctuations in other stock indices. Johansen cointegration test is conduct ed which shows that there is no evidence of cointegration between Indian stock index and other stock indices. Further, Error Correction test is conducted which shows that there is poor cointegration between Indian stock exchange index with other stock indices. Indian stock market appear to be least integrated with Malaysia, where as Malaysia stock market is integrated with all the other stock markets. Thailand stock market is seems to be more dependent on Japanese and Indian stock market than other stock markets. Little integration is seen between Japanese stock exchange and USA stock exchange. It is found that UK and USA are highly integrated. To conclude, stock exchanges of the developed economies are better cointegrated as compared to those of developing economies. Background What is stock market? In simple words stock refers to a supply. But in financial market terms, stock refers to the money which a company has raised. And the supply of the money comes from the people who invest in the company in hope that the company will make their money grow. Stocks exist because it enables the company to â€Å"sell† pieces of the business called as stocks (equity securities) in need of long term financing. When stocks are issued by corporations are owned by the public at large which includes both private investors and institution are said to be publicly held. A public place where things are bought and sold is called as Market. And the term stock market refers to a business where stock is bought and sold. Stock market can be splitted into two main sectors; the primary market and the secondary market. The primary market is the one where new issues are offered for the first time and primary market is the one where subsequent trading goes on. There are basically two types of stock namely common stock and preferred stock. A security which represents ownership in a corporation is known as common stock. Holder of the common stock has the power to vote and elect board members. If the company goes bankrupt, the common stockholder will not be paid until unless creditors, bondholders and preferred stockholders are paid their share of the leftover assets of the company. Where as, preferred stock is a stock which is issued when all the common stock has been issued. Preferred stock olders are given dividends. They have a preference that is why they are paid dividend before any dividends are paid to common stock holders. The stock market is not a specific place but still some people use the term â€Å"Wall Street† which is the main street in New York City’s financial district and it is referred to the US stock market. Why companies issue stock market and why people buy it? As every company wants to grow, so some owners build more factories and some develop new product which needs money. A company can actually get loan from the financial institution like banks but companies without going into debt by taking loans issues stock which raise money for the growth of a company. Only Business Corporation can issue the stock which has special legal rights and responsibility. A proprietorship or ownership cannot issue stock. A shareholder invests in a hope that company will grow and so will their money grow because if a company earns money, the shareholders will share the profits. There are different types of gains from the stock such as dividends, capital gains, short selling, risk and rewards for investing. Over the long term bases, investments in stocks have proven to be an excellent way to more than keep pace with erosive effects of inflation. Stock Exchange Stock market is an organised market for trading of stocks and bonds. These markets were originally open to all but now a days only members of the association can buy and sell directly and these members or stock broker can buy and sell for themselves or others by charging the commission for their provided service. A stock can only be bought and sold if it is listed on an exchange. There are stock exchange in all the financial centres of the world. Some of them are stated below; the New York stock exchange since 1792 which had the largest trading in the world of $7.3 trillion in 1998, Tokyo stock exchange, London stock exchange, Bombay stock exchange and NASDAQ. NASDAQ was the first exchange which recognised the role of electronics in stock market. History of the Stock Exchanges Japan In the decade of 1870s, introduction of a securities system initiated the public bond negotiation in Japan which resulted in the need of a public institution for trading and hence in May 1878, the â€Å"Stock Exchange Ordinance† was in enacted followed by establishment of Tokyo Stock Exchange Co. Ltd. On May 15, 1879 and trading began on June 1st. On June 30, 1943, establishment of a quasi-public corporation named the â€Å"Japan Securities Exchange† took place by uniting all 11 stock exchanges throughout Japan. During the Second World War, the trading sessions were suspended on August 10, 1945 but the trading restarted under the management of unofficial group transactions in December 1945. Japan Securities Exchange was dissolved on April 16, 1947. Three stock exchanges in Tokyo, Osaka and Nagoya were founded on April 1, 1949 and trading began on May 16 followed by formation of five additional stock exchanges in July in Kobe (dissolved, October 1967), Hiroshima, Kyoto (merged into Tokyo Stock Exchange, March 2001), Fukuoka and Niigata. In the beginning of the next decade of 1950s, margin transactions were introduced and bond trading started on April 2, 1956. October 1, 1966 observed the first listings of government bonds after the Second World War and in the following year, a new process of auction was put into action and â€Å"Baikai† trades (off-exchange trades) were eliminated. In April 1968, registration system was replaced by licensing system for securities companies and on July 1, 1969, Tokyo Stock Price Index (TOPIX) was launched. Joining the International Federation of Stock Exchanges (FIBV) along with starting of convertible bonds trading and Book Entry Clearing system were the major developments by TSE before listing of Yen-based foreign bonds and opening of Foreign Stock Section in 1973. The next 10 years observed major developments in technical fields such as introduction of Market Information System (MIS) and Computer-assisted Order Routing and Execution System (CORES). From February 1, 1986 to May 23, 1988, a total of 32 securities companies joined the TSE membership out of which 22 were foreign companies. Trading in TOPIX futures, TOPIX options, U.S. T-Bond futures and Japanese government bond futures began by May 1990. Other 10 securities companies including 3 foreign ones joined the TSE membership followed by introduction of Floor Order Routing and Execution System (FORES) by the end of that year. Major happenings in the next decade were: Starting of Central Depository and Clearing System on Oct 9, 1991; Listing of Nikkei 300 Stock Index Listed Fund on May 29, 1995; Initiation of 5-year Japanese government bond futures trading on Feb 16, 1996; Trading in equity options on July 18, 1997; Calculation of new stock price index series on Apr 2, 1998; introduction of ToSTNet and TDnet (Timely Disclosure Network) in 1998; restriction on off-exchange trading for listed securities abolished on Dec 1, 1998; 50th Anniversary celebrations on Apr 2, 1999; introduction of Target (TSE wide area network) on June 1; brokerage commission liberalized in October; establishment of MOTHERS market for emerging companies and growth on Nov 11, 1999; and merging of Hiroshima and Niigata stock exchanges into TSE along with introduction of TSE ARROWS in 2000. Demutualization of TSE resulted in the formation of Tokyo Stock Exchange Inc. in 2001 and later on August 1, 2007, Tokyo Stock Exchange Group, Inc. was established. Tokyo Stock Exchange Regulation was established on October 17th with its commencement on November 1, 2007. Thailand The present Thai market’s origin starts from the early years of 1960s when a private group established a stock exchange in July 1962 as a limited partnership which later turned into a limited company under the name of Bangkok Stock Exchange Co. Ltd. (BSE) in 1963. But BSE was relatively inactive irrespective of its good foundation as its annual turnover values reduced from being 160 million baht in 1968 to an all time low of 26 million baht in 1972, even when turnover in debentures were 87 million baht. So finally, BSE stopped operating in early 1970s and the major reasons behind its failure were limited understanding of equity market among the investors and no government support officially. But, BSE’s concept was able to attract enough attention to form an organized securities market with official support. Hence, a plan to establish a market having apt facilities and regulations for securities trading was proposed by the Second National Economic and Social Development Plan (1967-1971). On recommendation of the World Bank in 1969, the government gained the works of Professor Sidney M. Robbins from Columbia University who studied different methods for the development of Thai capital market. And in the same year, the Bank of Thailand also created a working group for the development of capital market which was given the job of establishing the stock market. After a year of intensive study, Professor Robbins generated an all-inclusive report named â€Å"A Capital Market in Thailand† and this report turned out to be the master plan required for the Thai capital market development in future. In 1972, the government brought some changes to the â€Å"Announcement of the Executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare† according to which the government now controlled and regulated the operations related to finance and securities companies. â€Å"The Securities Exchange of Thailand† also known as SET was passed in May 1974 after the amendments were made followed by the amending of the Revenue Code by the year-end. By 1975, the legislative framework was put into action and official trading at SET started on April 30, 1975. January 1, 1991 saw the changing of name from â€Å"The Securities Exchange of Thailand† to â€Å"The Stock Exchange of Thailand†. Malaysia In 1930, Singapore Stockbrokers Association was Malaysia’s first formal securities business organisation establishment and in 1937 was re-registered by the name of Malayan Stockbrokers Association. The public shares trading began after the establishment of The Malayan Stock Exchange in 1960 and the board system was having its trading rooms in Kuala Lumpur as well as Singapore, connected by usage of direct telephone line. The year 1964 saw the foundation of the Stock Exchange of Malaysia but in 1965, the withdrawal of Singapore from Malaysia forced the Stock Exchange of Malaysia to become the Stock Exchange of Malaysia and Singapore. In 1973, the Stock Exchange of Malaysia and Singapore was divided into two separate markets namely the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore due to ceasing of interchangeability of currency between Malaysia and Singapore. The Kuala Lumpur Stock Exchange integrated on December 14, 1976 as a company limited by guarantee took over the operations and management of the Kuala Lumpur Stock Exchange Berhad. On April 14, 2004, the demutualization exercise made the name to be changed to Bursa Malaysia Berhad. The main aim of this exercise was to boost competitive position and to act in response to trends in the exchange sector globally by becoming more market-oriented and customer-driven. The listing of Bursa Malaysia on the Main Board of Bursa Malaysia Securities Berhad took place on 18 March 2005. The certifications for conformance to the ISO 9001:2000 Quality Management System and ISO 14001:2004 Environmental Management System standards were received by the exchange on 5 October 2007. Faster processing and execution of orders and providing wider trading functions and features were done by introduction of Bursa Trade Securities as a new trading platform in Dec 2008. United States The New York stock exchange trace back to 172, when twenty four New York City stock brokers and merchants signed the Buttonwood Agreement. At that time five securities were traded in New York City out of which three were government bonds and two were bank stocks. It was agreed that securities will be traded on commission basis on signing the Buttonwood agreement by the brokers. After the war in 1815 securities market in New York began to grow. The New York stock and exchange board was formed on March 8, 1817. The name was shortened The New York Stock Exchange (NYSE) in 1863. More than 2800 companies are listed in NYSE which are having value exceeding $15 trillion. During the period 1824 to 1830 annual trading reached a peak of 380,000 shares. Average volume reached to 8500 shares which show that it increased a 50-fold in seven years. During 1836-1853 NYSEB prohibited trading in the street and in 1837 average daily volume fell down from 7393 in January to 1534 by June. Due to invention of telegraph, brokers and investors broaden the market participation outside New York City. It was a panic period during 1857 when Ohio Life Insurance Trust company collapsed, prices dropped eight to ten percent in the single trading session and there was 45% decline in market value in the beginning of the year. During 1860s first stock ticker came into existence, membership in NYSE became a â€Å"property right†, prohibition of issue of shares in secret known as watering stock and at the end on 24th September 1869, gold speculation resulted in â€Å"Black Friday†. In 1890s NYSE established clearing house, it also recommended that all listed companies will send their shareholder the annual report and in 1896. The Dow Jones Industrial Average was published by the Wall Street journal for the first time, with an initial value of 40.74. During that period DJIA topped 100 for the first time. Federal Reserve System Wall Street became world financial leader. Centralized stock clearing system was established and fraud bureau was established during the period. In the mid of 1929 Black Thursday came when market crashed on volume of over 16 million shares which was the beginning of the Great depression and the Dow finally reached bottom in July 1932. During 1960-1979, International Federation of stock Exchange and daily volume on the NYSE exceeded 4 million shares nearly triple the level immediately following the war. On February 03, 1977 foreign broker were permitted membership on the floor. The Inter market Trading system (ITS) was inaugurated. Taking about 20th century, first Global index was launched in 2000, DJIA experienced its largest one day point gain and new trading room at 30 Broad street was opened. In 2001, NYSE volume topped 2 billion shares. The NYSE is now a for-profit business. It is formed out of the merger of the NYSE and Archipelago Holding, Inc. And the merger is the largest ever among securities up to this time. United Kingdom The London Stock Exchange is one of the world’s oldest stock exchanges and traces its history back more than 300 years. It started in the 17th century in London coffee houses. Exchange grew quickly and became the city’s most important financial institution. John casting began in back 1698 to organise the market in Jonathan’s coffee house through a simple list of stock and commodity prices. The wave of speculative fever known as the south sea bubble burst in 1720. In 1761 a group of stock broker form a club at Jonathan’s to buy and sell shares and then in 1773 they put up their own building in Sweeting’s Alley with dealing room and members named it â€Å"The Stock Exchange†. On 3 March 1801, first regulated exchange comes into existence in London and the business reopens under a formal membership basis and the modern stock exchange was born. First codified rule book was created in 1812 and first regional exchange were opened in Manchester and Liverpool in 1836 and it was rebuilt in 1854. A new deed settlement came to existence in 1876. In 1914 after Great War, the exchange market was closed from the end of July till the New Year. During 1986, there was deregulation of market which is known as ‘Big Bang’. Ownership of member firms by an outside corporation was allowed. Brokers were able to operate in a dual capacity and minimum scales of commission were abolished. Trading was moved to computers and telephones from separate dealing rooms. The exchange became private limited company under the Companies Act 1985. The trading name became â€Å"The London Stock Exchange† in 1991. In 1997, SETS (Stock exchange Electronic Trading System) was launched. In 2003, EDX London was created, a new international equity in partnership with OM Group and later in 2004, LSE moved to new headquarters Paternoster Square. Latest in 2007, LSE merged with Borsa Italiana, creating London Stock Exchange Group. India The Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai. It was established in 1875 and is one of the oldest stock exchanges in Asia. Around 3600 companies in the country are listed on this stock exchange and have a substantial trading volume. The market capitalization of the BSE is about Rs.20 trillion (US$ 466 billion). The ‘Sensex’ is commonly used market index for the BSE and it is among the five big exchanges in the world in terms of number of transactions. Its history traces back to the time in mid 1850s, when an informal group of 22 shareholders used to trade under banyan tree in the Town Hall of Bombay. The association the native sharebrokers was formally organized as The Bombay Stock Exchange in 1875. The BSE is the oldest stock exchange in Asia and Premchand Roychand used to be the leading sharebroker in that time. He was the one who assisted in setting out procedures and conventions for the trading of stock at BSE. James M. Maclean inaugurated the Brokers Hall in 1899. in 1928, it was shifted to an old building in Town Hall, Bombay and later on the building was constructed on Dalal Street in 1930 where the BSE building now stands. The BSE follows the system of eTrading, which came into use in 1995. In 2000, BSE Sensex was used to open its derivatives market for trading Sensex future contracts, followed by development of equity derivatives in 2001 and 2002 which expanded its trading platform. Stock exchanges by providing a centralized and ready market, facilitates the business for financing through flotation of bonds and stocks. Sometimes speculation in stock can put stress on the instability of an economy. The reality of the Great depression was emphasised by the stock market crash in 1929. Financial Crisis Stock market crash of 1929 After the First World War, there was a growth in industrialisation and new technologies. During 1920s was the time of peace and prosperity because the economy was benefited greatly from the new life changing technologies. Many investors quickly purchased the shares on seeing Dow Jones industrial average surged. Due to the powerful economic boom the stocks were seen very safe to most of the economists. Stocks were purchased by the investors on margin. From 1921 to 1929, the Dow Jones rocketed from 60 to 400 and for every dollar invested; a margin user would borrow 9 dollars worth of stock. But on Thursday October 24, 1929 the Dow Jones Industrial Average fell 38 points to 260, which was a drop of 12.8 percent and across the two days its average fell 23 percent and finally at the end of the period on November 11, there was a cumulative drop of 40 percent. Overvalued stocks, low margin requirements, interest rate hikes and poor banking structure were the few causes of the crash. In total, 14 billion dollars of wealth were lost during this market crash. Stock market crash of 1987 Dow hit a record 2722.44 points on 25 August, 1987 but then the Dow started to head down. And valuation in the United States dropped around 36 percent from the days between October 14 to October 19, 1987. On black Monday October 19, 1987 the Dow Jones Industrial Average plummeted 508 points losing approx 22.6 percent of its total value and SP 500 dropped to 20.4 percent. Reasons for the crash were no liquidity, overvalued stock, program trading and the use of derivative securities software. During the crash half trillion dollars wealth were lost. Stock market crash of 2008 The failures of financial organizations in the USA due to exposure of credit default swaps and subprime loans resulted in a global crisis as banks all over the world failed and the values of shares and commodities fell drastically. The Indonesian Stock Market stopped operating on seeing a 10% drop in a day on October 8. Comparisons were made of this crisis with the one in 1987 but that lasted for just one day whereas the present one lingered on for the whole week. Dow Jones saw its worst ever decline of 18% during the week commenced on October 6. The failure of banks in Iceland devalued the Icelandic Krona and forced the country to the verge of bankruptcy which was saved by an emergency loan from International Monetary Fund (IMF). The main index of Iceland had a 77% decrement. October 24 saw the worst downfalls for many countries whereas Dow Jones industrial average was somewhat better at 3.6%. The value of United States Dollar and Japanese Yen increased whereas that of British Pound and Canadian Dollar was among the major losers. Literature review 1.1 Introduction The competition among different industrial countries markets was witnessed by their respective national stock exchange markets during the late 1980s and the economists observed that linkage or interrelation between the global markets existed. Due to the less restrictive climate towards capital movements, economists actually started thinking that the major financial markets of the world are systematically interrelated. Growth can be seen in reaction towards external developments in macro-economic policies and the world financial environment due to this interrelation. Technological developments in communications, trading system and the innovations of financial products have created global international investment opportunities. Linkages among stock market have important implication and significance for security pricing, trading strategies, hedging and financial market regulations. And also the presence of short term and long term relationship may be used to attain financial gains from international portfolio diversification and to also reduce systematic risk. International Market linkages have been widely investigated. Several studies have been conducted explaining the empirical and theoretical issues on linkages amongst stock market and mainly focused on the co-movement between developed and emerging markets. There is a wealth of literature on stock market interdependence and integration. However, depending on the data, methodology, and theoretical models used there is no clear resolution of the issue yet. Some previous work has have found that international stock markets are integrated and some found that stock markets are not interlinked. Most of the studies on stock market interdependence in emerging markets have been done on geographical groups of markets, such as markets in Central and Eastern Europe  and America  and in Asian countries. Further, I summarize some of the most recent findings. 1.2 Interdependence of Stock Markets A number of studies have examined stock market linkages among emerging stock market and the developed stock markets like Arshanapalli, Doukas and Lang 1995 and Chen, Firth and Rui, 2002. Arshanapalli, Doukas  and Lang (1995) report that after the 1987 crash international market linkages have strengthened in terms of increased number of co-integrating vectors in the post crash period. They investigated in their paper that presence of a common random variable trend between the US and Asian stock market movements during the post October 1987 period. They showed that the cointergating structure which actually ties the stock market together has significantly increased since October 1987. US stock market influence on the other markets was considerably found greater in the post crisis period. Their results indicate that the Asian equity market is more integrated with US equity market than Japan equity market. Where as, Masih and Masih (1997) and Masih and Masih (1999) found cointegration relationship among the equity markets of Malaysia, Thailand, US, UK, Japan, Singapore and Hong-Kong during pre-financial crises period 1987. Number of papers investigates the short term and long term linkages among Central and Eastern Europe (CEE) stock exchanges. Talking about long term relationship, Gilmore and McManus (2002) and Gilmore and McManus (2003) analysed that no long term relationship can be established among the CEE stock markets with the US and Germany stock markets, where as Voronkova (2004) shows the existence of long term linkages among the Central European markets and CEE. Hamao and Masulis (1990), King and Wadhwani (1990), Kasa (1992) and Arshanapalli and Doukas (1993) have found that the equity markets of developed markets are integrated and US equity market leads the other developed market like Japanese equity market, UK equity market and few other European equity markets. Yang, Hsiao, Li and Wang (2005) also examined the long run price relationship and the dynamic price transmission among USA, Germany and four Eastern European emerging stock markets. They paid particular attention to Russian crisis in their study. VAR analysis was conducted. It was concluded that both long run relationship and the dynamic transmission were strengthen among these markets after the crisis and Germany became dominant and noticeable only after the Russian crisis amongst all the Eastern European markets. Syllignakis and Kouretas also examined the short and long term relationship between ten central Eastern European stock markets and two developed stock market i.e US and Germany, they used Gowzalo and Granger method and indicated weak partial integration among these markets. They also indicated that the four big stock exchange market like Republic, Hungary, Poland and Slovenia together with Germany and the US stock market have substantial permanent factor which drives the system of stock market exchange in the long run. Egert and Kocenda (2006) analyse the co-movement and interdependence among three stock markets in Western, Central and Eastern Europe and found no robust cointegration relationship for any of the stock index pairs. Data from 2003 to 2005 for stock indices have been taken and applied wide range of econometric techniques like unit root and stationary tests, cointergration tests, Granger causality test, VAR estimation have been used. Results show that there are signs of short term spillover effects both in terms of stock price and stock return volatility. Granger causality test show the existence of bidirectional causality for both returns and volatility series and limited number of short term relationships using VAR framework. Limited interaction has been found among the market in case of Poland and Hungary by Li and Majerowska (2007) and also showed that emerging markets are weekly linked to the developed markets by using GARCH approach .In this paper linkages between the emerging markets of Warsaw and Budapest with the established market in Frankfurt and US were studied by using four-variable asymmetric GARCH-BEKK model. At the end it was implied that by adding the stock in the emerging markets to their investment portfolio they may benefit from reducing the risk. Further, looking at some more European counties Lucey andVoronkova (2008) examined relationship Russia and other equity markets over the period of 1995-2004 by using number of co-integration approach like Gregory-Hansen test, a stochastic cointegration framework, the non-parametric test for unit root and cointegration and found Russian market does not show strong evidence of increased long run convergence either with regional or developed markets, so therefore correlation is low. They also stated that Russian equity market in the long run was isolated from the influence of international markets and structural break in August 1998 did not alter the long term relationship nature. Ozdemir, Olgun and Saracoglu (2008) examined dynamic linkages between the equity market of US representing the center and emerging market using the Granger causality test as a result showed significant causal relation to all emerging markets and conclude that there is no evidence in the literature suggesting an effect of an emerging stock exchange market to that of large markets like US, Japan and UK. Where as Chinzara, examined to what extent South Africa equity market is integrated into world equity market using cointegration, VECM and VAR model and taking data for period 1995-2007. He fi