Critical Analysis of Efficiency Market Hypothesis Essay Essay Example

Critical Analysis of Efficiency Market Hypothesis Essay Essay In this essay. foremost. the Efficient Market Hypothesis ( EMH ) is given an assessment in relation to random walk. every bit good as its definition. uncovering theories in context of empirical grounds. A brief account of the 3 signifiers of EMH is highlighted alongside a brief description of its trials for cogency. The chief focal point of treatment is whether or non Technical A ; Cardinal Analysis can find unnatural returns by investors strategically utilizing a set of information to explicate purchasing and merchandising determinations to crush the efficient market. ( Graphs and sets of equations may be applied ) . Following general empirical surveies. the theory of Efficient Market typically asserts that. it would be impossible to systematically surpass the market by agencies of proficient A ; cardinal analysis. accordingly. in the visible radiation of this averment. proficient. cardinal and other anomalousnesss are revealed that may propose some degrees of market inefficiencies. We will write a custom essay sample on Critical Analysis of Efficiency Market Hypothesis Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Critical Analysis of Efficiency Market Hypothesis Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Critical Analysis of Efficiency Market Hypothesis Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Finally. a decision. subjectively underscoring the relevant points expressed supra. seting to perspective facts conveyed through the subject of critical treatment. Appraisal of the Efficient Market Hypothesis and Random Walk The efficient market hypothesis is a fiscal theory widely accepted by most academic fiscal economic experts. It was by and large believed that securities markets were highly efficient in reflecting information about single stocks and about the stock market as a whole. The recognized position was that when information arises. the intelligence spreads really rapidly and is incorporated into the monetary values of securities without hold. Therefore. when the term ‘efficient market’ was introduced into the economic sciences literature in the sixtiess. it was defined as a market in which monetary values at any clip â€Å"fully reflect† and ‘adjusts quickly to new available information’ ( Eugene F. Fama. 1970. p 383. ) . In the context of this hypothesis. â€Å"efficient† through empirical observation. means that the market is capable of rapidly digesting new information on the economic system. an industry. or the value of an endeavor and accurately attaching it into securities monetary values. In such markets. participants can anticipate to gain no more. nor less. than a just return for the hazards undertaken. hence neglecting to supply unnatural returns. Random Walk. is a Theory closely associated with the efficient market hypothesis. was originally created by Louis Bachelier ( 1900 ) . and developed by Kendall. in 1950s. Kendall ( 1953 ) found that stock and trade good monetary values follow a random walk. Random walk varies with respect to the clip parametric quantity. Harmonizing to capital markets theory. the expected return from a security is chiefly a map of its hazard. The monetary value of the security reflects the present value of its expected future hard currency flows. which incorporates many factors such as volatility. liquidness. and hazard of bankruptcy. However. while monetary values are rationally based. alterations in monetary values are expected to be random and unpredictable. because new information. by its really nature. is unpredictable. Therefore stock monetary values are said to follow a Random Walk. Versions of the Efficiency Market Hypothesis and trials Following the construct of information. as stated in the above paragraph. it is utile to separate among three versions of the EMH. Fama ( 1970 ) identified as: the weak. semi-strong. and strong signifiers of the hypothesis. These versions differ by their impressions of what is meant by the term â€Å"all available information. † The trials for each signifier. summarized in brief. through empirical observation shows grounds in favour of EMH: Harmonizing to Fama ( 1970 ) . Weak signifier efficiency claims that all past monetary values of a stock are reflected in today’s stock monetary value. Therefore. proficient analysis can non be used to foretell and crush a market. The Weak Form Tests. The trial of the weak signifier of the EMH is by and large taken to consist of ; an autocorrelation trial. a runs trial and filter regulation trial. An autocorrelation trial investigates whether security returns are related through clip. On the other. a runs trial. for illustration. measures the likeliness that a series of two variables is a random happening. A filter regulation ( or merchandising trial ) is a trading regulation sing the actions to be taken when portions rise or fall in value by x % . Filter regulations should non work if markets are weak form efficient. Overall. the trials highlighted. statistically tests for independency. to set up the weak-form holds. thereby annuling strategic regulations for proficient analysis. to obtain unnatural net incomes. Following the weak-form EMH. is the Semi-Strong signifier efficiency in which Fama ( 1970 ) states that security monetary values reflect all publically available information. The Semi-Strong Test. Trials for the semi-strong. significantly and reveals Event Study. The first event survey was undertaken by Fama. Fisher. Jensen and Roll ( 1969 ) . though the first to be published was by Ball and Brown ( 1968 ) . An event trial analyzes the security both before and after an event. such as net incomes proclamations. stock splits and analyst’s recommendations. The thought behind the event trial is that an investor will non be able to harvest an above norm return by trading. on an event including the Cardinal Analysis scheme.

Amendments and East Side Riva Gang Essays

Amendments and East Side Riva Gang Essays Amendments and East Side Riva Gang Paper Amendments and East Side Riva Gang Paper November 21, 2011 Section # 45665, Hybrid Dr. Oliver M. Thompson Farah H. Soomro Student ID # 2252594 Phone # 415-920-3628 E-mail address: farah. [emailprotected] com Amendments And The East Side Riva Gang. The United States Constitution declares the Amendments that of which apply to anyone that is present in the United States, citizen or a non-citizen. The preamble, or an introduction given to the people, by the founding fathers of the United States was meant to lay an outline for the Amendments. One can interpret the preamble as a reason why the Amendments exist and why they are still being commonly used in the United States. The Amendments are also known as the Bill of Rights, which serve as a guide of basic rules established for the people who live, visit, or come to the U. S. , whether lawfully or unlawfully. The Amendments are derived from the English Bill of rights and English Law. The Constitution of the United States sets forth the nations fundamental laws. It establishes the form of the national government and defines the rights and liberties of the people residing in America. Many people do not realize the importance of Amendments, and only choose to practice them if and when they come in contact with the law. The Fourth and Fifth Amendments come into play when people are initially being arrested for any crime. The Fourth Amendment protects people against unreasonable search and seizure and the Fifth Amendment gives right for the person to remain silent, and not make self-incriminating statements. The Sixth Amendment grants someone charged with a crime, right to a speedy trial by the peers of his community. Once the court knowledge’s a crime has taken place by a person, Eight Amendment, is there to protect the person being charged with excusive fine or bail. Eight Amendments also grants the person found guilty to not face â€Å"cruel or unusual punishment. † The Fourteenth Amendment is perhaps the one we don’t realize very often. But it is there, to protect non-citizens and citizens alike. Civil gang injunctions are an increasingly popular gang suppression tactic. These injunctions were challenged in the past, but today city attorneys have carefully worded their filings, they now name every gang member, along with restricting what they wear, where they are allowed to go, how late they may stay out and prohibit the gangs from associating with each other, which includes throwing up signs, acting as lookouts and using drugs. Violating these terms could make them in contempt with court and carry a sentence. One such civil gang injunction was handed out to local gang here in Riverside, known as the East Side Riva. The issue rises, why are District Attorney; such as Rod Pacheco, allowed to violate privacy of these gang members. The word â€Å"privacy† itself does not appear in the U. S. Constitution, but the U. S. Supreme Court has said that several of the Amendments create this right. One of which is the Fourth Amendment. It stops the police and other government agencies from searching citizens and or their property without proof of incriminating evidence that is to brought forth before a judge should generate a belief that incriminating evidence can be found on the citizens/property. The law in this stance is simple one is very much entailed to their constitutional rights, up until the guilty verdict, where the first right you lose is the one most cherish the most, â€Å"right to privacy. † This by no mean gives way to not having an attorney present, sixth amendment as stated above, gives one right to counsel. In the case of evidence use, there were a couple of cases; Boyd v. United States and Weeks v. United States, that said the federal government couldn’t use evidence acquired through an illegal process due to an exclusionary rule and it would not be admissible in court. So, if the evidence is obtained legally, it is admissible in court. Most of the Amendments might not be as black and white as people would want them to be. Our forefathers left a gray area, which has now been left to the people of various sates to fill in. Though unknown by me, as to how affective Civil gang injunctions are, there was never injustice, or overstepped boundaries by the DA. East Side Riva gang members were nothing more than nuisance to the society they resided in, loss of privacy and unable to contact each other, or being asked to wear different clothing seems rather reasonable, all things considered. Once arrested for a gang related crime, an illegal alien would have been tried, represented with counsel, procedures and trail would have been exactly the same, but being a non-citizen, and with the current over crowding of the jails and prisons, the person convicted would have been deported. Considering, immigration would have been notified of their affiliation with a gang and legal status. The legal basis for denying probationers and parolees full constitutional protections has varied over the years, (1) In the case of parolees; many courts adopted the constructive custody theory. This theory holds that parolees remain in the custody of the state while on parole and, therefore, are entitled to only the same limited Fourth Amendment rights as inmates. Not everyone followed this theory. In 1972, the Supreme Court decided the case of Morrissey v. Brewer. This case involved the application of Fifth Amendment due processes to parole revocation hearings, several comments made by the Court were on its later discussion of Fourth Amendment rights of probationers and parolees. The Court recognized without much discussion that parolees and, by analogy, probationers are different from ordinary citizens. Because of their unique position, states lawfully may impose restrictions upon parolees and probationers that otherwise would be unlawful if applied to ordinary citizens. In the case of East Side Riva gang, though the injunction might/might not solve the problem of these gangs associating, or communicating, but the District Attorney Rod Pacheco prosecuted them by the law. Endnotes: (1) For a good examination of the development of these legal theories, see Wayne R. LaFave, Search and Seizure: A Treatise on the Fourth Amendment (St. Paul, MN: West Publishing Co. , 1996), Section 10. 10.

Write summary Article Example | Topics and Well Written Essays - 1250 words

Write summary - Article Example Multi-level analysis can distinguish the impact of the teachers from the school environment and analyze the factors at each level. The study was conducted because of the significant role that technology plays in enhancing the learning experience. The study employed multi-level modeling to analyze data obtained from 3,652 teachers who specialize in handling students in grade 1-9. The study was conducted in 289 schools in Taiwan. According to the article, both school-level factors and teacher-level factors affected the integration of ICT in the process of teaching. The teacher-level factors identified by the study are the beliefs of a teacher and the amount of hours spent in training in the previous year positively influenced ICT Integration. The school level factors that affect ICT integration are hours of training and the way teachers perceive the support from the school. The other factors influencing ICT integration are internet access, quality of computers, number of projectors available and stability of the available computers. The results indicate the significant role that teachers and schools play in the integration of ICT to improve the quality of the learning experience. Teachers play a significant role in the process of ICT integration. Ayub, A. M., Bakar, K. A., & Ismail, R. (2012). Relationships between school support, school facilities, ICT culture and mathematics teachers attitudes towards ICT in teaching and learning.  AIP Conference Proceedings,  1450(1), 196-200. Doi:10.1063/1.4724139 The study examines the relationship between school support, facilities, ICT culture and attitudes of mathematics towards ICT integration in learning and teaching. ICT enables students to widen their sources of the information because of the web. Teachers have the opportunity to use the available technology to create a relatively more interactive and informative learning process. According to the study, the

Jean-Jacques Rousseau Essay Example | Topics and Well Written Essays - 750 words

Jean-Jacques Rousseau - Essay Example Natural inequality involves differences between one man's strength or intelligence and that of another - it is a product of nature. Rousseau is not concerned with this type of inequality and wishes to investigate moral inequality. He argues this inequality is endemic to a civil society and relates and causes differences in power and wealth. This type of inequality is established by convention. Rousseau appears to take a cynical view of civil society, and refers to times before the current state of civil society, when man was closer to his natural state, as happier times for man. To Rousseau, civil society is a trick perpetrated by the powerful on the weak in order to maintain their power or wealth. But this is Rousseau's end product. He begins his discussion with an analysis of a natural man who has not yet acquired language or abstract thought. Rousseau's natural man possesses a few qualities that allow him to distinguish himself from the animals over a long period of time. Of extreme importance is man's ability to choose, what Rousseau refers to as the "free-agency" that differentiates him from other animals. Man's ability to refuse instinct pushes him along the path out of his natural state. In addition, Rousseau argues that "another principle which has escaped Hobbes" is man's compassion. This quality of man also motivates him to interact. And finally, man possesses the quality of "perfectibility" which allows him to improve his surroundings. Man's contact with other men leads him to develop "amour propre" which is in a sense a "moral me" that creates concern for how others perceive him. Amour proper has four consequences: (1) competition, (2) self-comparison with others, (3) hatred, and (4) urge for power. These all lead to Rousseau's cynical civil society. But amour proper already suggests a significant step out of th e state of nature (http://www.radicalacademy.com). Perhaps Rousseau's most important work is The Social Contract, which outlines the basis for a legitimate political order. Published in 1762 it became one of the most influential works of abstract political thought in the Western tradition. Building on his earlier work, such as the Discourse on Inequality, Rousseau claimed that the state of nature eventually degenerates into a brutish condition without law or morality, at which point the human race must adopt institutions of law or perish. In the degenerate phase of the state of nature, man is prone to be in frequent competition with his fellow men while at the same time becoming increasingly dependent on them. This double pressure threatens both his survival and his freedom. According to Rousseau, by joining together through the social contract and abandoning their claims of natural right, individuals can both preserve themselves and remain free. This is because submission to the authority of the general will of the people as a whole guarantees individuals against being subordinated to the wills of others and also ensures that they obey themselves because they are, collectively, the authors of the law. In the words of Jean-Jacques Rousseau, the general will is different from the will of all; the general will considered the common interest, while the will of all considered the private interest, a sum of

Trace evidence Research Paper Example | Topics and Well Written Essays - 1250 words

Trace evidence - Research Paper Example â€Å"He put the analysis of handwriting on a firmer footing, systematized the analysis of the dust in the clothes of suspects, invented a modified method of analyzing blood stains, and invented poroscopy, whereby the pores in the papillary ridges of fingerprints are used as a means of identification† (Stauffer, n.d.). The term â€Å"trace evidence† surfaced as three of Dr. Edmond Locard’s papers got published in the year 1930 in the American Journal of Police Science (forensics4fiction.com, 2012). According to Locard’s Exchange Principle, there occurs a transfer of material when two objects collide. The transferred trace evidence is used to assess relationships and connections among different objects, locations, and people. The significance of the trace evidence fundamentally depends upon the quality of detection in general, and the collection and preservation of the evidence in particular. The investigator must be able to understand the transfer of mater ial in order to interpret the analytical results. There has occurred a revolutionary change in the crime investigation techniques over the years. In the past, it was difficult to associate a hair found at the crime spot with a suspect because of the coating of conditioner upon it. The officers investigating a case of rape or murder looked for the traces of semen or blood, but lacked proper ways of collecting the evidence. However, new and improved detection techniques are reducing the complexity of crime investigation, thus enhancing the chances of success. Detecting the link between an object or an individual and the crime is often fundamental to the successful solution of the case. These links are conventionally developed by comparison of the trace evidence. Establishment of these links is made complicated by the similarity between the samples of trace evidence and the environments in which they are located. Four of the new techniques of trace evidence, which have

Social psychological principles of prejudice and attitudes

Social psychological principles of prejudice and attitudes Many people believe prejudice and discrimination mean the same thing .In fact there is a very important difference between them. Prejudice is an attitude, whereas discrimination refers to the behaviour or action. If someone dislikes a given minority, but does not allow this dislike to effect their behaviour then the person shows prejudice but not discrimination. According to Baron and Byrne (1991) prejudice is an attitude towards the member of some group based solely on their membership in that group. In contrast discrimination involves negative action directed at the member of the group. Allport (1954) argued that there are five different stages of discrimination. Anti-location: Verbal attacks are directed against some other group. Avoidance: the other group is systematically avoided. Discrimination: the other group is deliberately treated less well than other groups in term of civil rights. Physical attack: Membership of the other group are attacked and their property is destroyed. Extermination: there are deliberate attempts to kill all members of the other group. The word prejudice can be broken down in to pre (meaning before) and judice (meaning judgement). Therefore to be prejudice towards an individual or group shows a pre-judge of that individual or group. There are three elements to prejudice. Cognitive element: This involves the beliefs held about the group. These beliefs will be in the form of stereotyping, common but over simple views of what particular groups of people are like. The affective element: This involves the feelings experienced in response to the group. If we are prejudiced against a group we may experience anger, fear, hate or disgust when we encounter a member of that group. The behavioural element: This consists of our actions toward the object of our prejudice. Behaving differently towards people based on their membership of a group is called discrimination. Our actions against members of a group against which we hold a prejudice can rang from avoidance and verbal criticism to mass extermination. Psychological approach to explain prejudice falls in to two broad areas. Social approach centres on the social factors that contribute to prejudice in general. Whereas individual differences approaches centres on what factors make some people more prone to prejudice. Tajel and Turner (1979) proposed the social identity theory. This theory is one of a group of theoryà ¢Ã¢â€š ¬Ã¢â€ž ¢s that share the assumption that prejudice can be explained by our tendency to identify ourselves as part of a group and to classify other people as either within or outside that group. Tajfel and Turner carried out a number of laboratory experiment called the minimal group Tajfel (1970) carried out an experiment to look at intergroup discrimination. To test his theory sixty four schoolboys aged between 14 and 15 year old were selected. The participants were initially informed that the experiment was research investigating vision. The boys were shown clusters of dots on a screen and asked to estimate the number of dots on the picture. The participants were then divided in to two groups group A and group B. Group A was classified as boys that had underestimated the amount of dots and group B was those boys who had overestimated the amount of dots. The boys were then given a number of tasks in which they would allocate points to each other. Each boy did not know who they were allocating points to but they did know which group the boy belonged to three conditions were used as part of this experiment condition one the choice was between two boys from group A the second condition was two boys from group B and the last condition used one boy from each group. What Tajfel identified as part of this research was that the boys overwhelmingly chose to allocate points to the boys who had been indentified as in the same group as themselves. Despite the fact that there was no direct competition between the two groups the participants consistently displayed favouritism towards the boys from the same group. Ellis and Fox (2001) also carried out research in to prejudice and discrimination looking effect of self-identification sexual orientation on helping behaviour. This research involves 235 British men and women were telephone at home. The caller explained that they had dialled the wrong number and that they had no more change to make a further call and asked if the participant would relay a message to the callerà ¢Ã¢â€š ¬Ã¢â€ž ¢s partner. In the experimental condition the callers partner was identified as the same sex as the caller, and in the controlled condition they were identified as the opposite sex. The finding shoed that overall both gay man and lesbians were less likely to receive help than heterosexuals. Women were also more to receive help than men. The final conclusion to the research showed that people were less likely to offer help to a gay men who found themselves in difficulty. This showed prejudice and discrimination towards gay men. When discussing prejudice or discrimination, stereotyping also needs to be examined Stewart et al. (1979) described stereotyping as a process not only used to simplify environmental and social stimuli, but one that also aids the construction of meaning to those stimuli based on attribution expectations. Whereas Taguirs (1969) defined stereotyping as the tendency to place a person in a category according to some easily and quickly identifiable characteristic such as age, sex, ethic membership, nationality or occupation, and then to attribute to them qualities believed to be typical of a member of that category. Stereotypes seem to provide a simple and economical; way of perceiving the world. In the late 1800s male Chinese immigrants were brought to the U.S. to work on the railroads and as agricultural labours on the West Coast many specialized in laundry services. Some came willingly others were basically kidnapped and brought forcibly. After the transcontinental railroad was completed and it occurred to white Americans that the Chinese workers were still around and might compete with them for jobs, a wave of anti-Chinese sentiment swept the U.S. Chinese men were stereotyped as degenerate heroin addicts whose presence encouraged prostitution, gambling, and other immoral activities. Since most Chinese immigrants were brought here specifically as workers, the vast majority were male few at that time were able to bring their wives. A number of cities on the West Coast experienced riots in which whites attacked Asians and destroyed Chinese sections of town. The Seattle riot resulted in practically the entire Chinese population being rounded up and forcibly sent to San Franci sco. Similar situations in other towns encouraged Chinese workers scattered throughout the West to relocate, leading to the growth of Chinatowns in a few larger cities on the West Coast. Ac cording to Buchanan (2007) many researchers have argued that prejudice is part of human nature and that the only by confronting our authentic nature can we gain real insight into the forces that drive group conflict and learn how we might better manage and defuse such urges. Probable the first formal proposal of a set of social psychological principles for reducing prejudice was from Allportà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1954) Contact hypothesis. Prejudice may be reduced by equal status contact between majority and the minority groups in the pursuit of common goals. When people are segregated they are more likely to experience autistic hostility, that is ignorance of other which in turn results in a failure to understand the reason for their actions Lack of contact means there is no reality testing against which to checking our own interpretation of others behaviour, and in turn can enforce negative stereotyping.

The Aesthetics of Pop Music Essay -- Popular Music

â€Å"It All Sounds The Same These Days!†   Ã‚  Ã‚  Ã‚  Ã‚  In just about every home in America at just about any given time the words: â€Å"It all sounds the same these days!† is uttered to a teenage child, while the mother is screaming â€Å"Turn it down!† in the background. The teenager storms to his bedroom and turns the radio up to full volume and thinks, â€Å"They just don’t get it!† Then proceeds to dance around the room singing into the hairbrush. This is the pleasure principal of pop music. Whether accredited to innocence or ignorance, a unreconciled naivety has survived this culture since its inception. They’re everywhere. We cannot escape the wrath of teen pop bands, you can love ‘em or hate ‘em, but they are a representation of an ever changing culture.   Ã‚  Ã‚  Ã‚  Ã‚  What is the pop music phenomenon? Most pop music uses a â€Å"commercial† approach to songwriting which limits the use of complicated musical devices, this is said to be what makes pop music. â€Å"Popular music is popular because the composition hears for the listener and is pre-digested.†(Adorno, Theodore, On Popular Music 1941) Pop music contains simple, chord driven, repetitious, square phrased (4 bar) melodies that are catchy and easily singable. The phrases in these sections are generally 4, 8, 12, or 16 measures long. Most pop songs have a catchy 8 measure phrase that is repeated 6-8 times throughout the song. This attributes to the ever so frequently heard â€Å"It was on the radio this morning and I just can’t get it out of my head† phenomeno...