Thursday, January 30, 2020

Gantt chart Essay Example for Free

Gantt chart Essay The phenomena of calendar effects in stock markets seem to be a center of curiosity for many researchers across the world. Following many studies about the significance of calendar anomalies, testing the presence of Monday effect and January effect appears to be an area of interest. The aim of this study is to discuss about calendar anomalies and its significance. It should be noted that the study will focus mainly on Monday effect and January effect on the stock returns of companies listed on SEM-7. The research proposal will consist mainly of the literature review part and the methodology part. 2.LITERATURE REVIEW 2.1DEFINITON OF BASIC CONCEPTS Calendar anomalies are effects which include apparently different behavior of stock markets on different days of the week, month and year. Calendar effect may also be defined as a collection of theories that state that certain days or month are subject to above price changes in stock market and can therefore represent good or bad times to invest. Brooks and Persand (2001) defined calendar effects as the tendency of stock returns â€Å"to display systematic patterns at certain times of the day, week, month or year †. As mentioned above, the study will discuss mainly on Monday effect and January effect. The day of the week effect also called Monday effect indicates that the average daily return of the market is not the same for all days of the week as we would expect on basis of Efficient Market theory. Monday effect is a theory which states that return of the last trading day is the highest and return on the first trading day is the lowest across the days of the week. January effect is a phenomenon whereby stocks claim higher rates of returns during January compared to any other month. Smaller stocks tend to beat bigger stocks during this period. The January effect also known as â€Å"year-end effect† indicates rise in price during the period starting on the last day of December and ending on the fifth trading day of January . The Stock Exchange of Mauritius was incorporated in Mauritius on March 30, 1989 as a private limited company responsible for the operation and promotion of an efficient and regulated securities market in Mauritius. The SEM operates two markets namely the official market and the Development Enterprise Market (DEM). The study will focus only on the official market. On 31 March 1998, the Stock Exchange of Mauritius launched the index SEM-7, comprising companies listed on its official market. The SEM-7 comprises the seven largest qualified companies of the official market measured in terms of market capitalization, liquidity and investibility criteria. Therefore, the study will be based on the 7 companies in the SEM-7. 2.2Theoretical Explanation on Calendar effects EFFICIENT MARKET THEORY The growing number of studies proving the significance of calendar anomalies has led to doubts on â€Å"Efficient Market Hypothesis†. According to Fama (1970), â€Å"a capital market is efficient if all the information set is fully reflected in securities prices†. Efficient market hypothesis is one of the theories which states that, in whichever form, all the information is completely integrated in the share prices and therefore no one can beat the market. There are three form of market efficiency; weak form, semi-strong form and strong form based on set of information. The weak form efficiency states that no one can outperform the market based on past information while in the semi-strong form, despite using public information, the market cannot be beaten. The strong form efficiency states that no one can beat the market despite using past, public and private information. As a result, according to the efficient market theory, the calendar anomalies have no effect on the share prices and that no one can use this anomaly to gain abnormal returns. MONDAY EFFECT As already mentioned above, Monday effect, also known as weekend effect, is a theory according to which returns on Monday is less than the other trading days. Two hypotheses that have been formulated to explain Monday effect are Calendar Time Hypothesis and Trading Time Hypothesis. According to the Calendar Time Hypothesis, Monday’s average return will be different from the other days’ average returns. A reason for this difference is that Monday’s average return will be three times higher than the average returns of the other working days. According to Trading Time Hypothesis, the returns on stock are generated during a transaction. This indicates that average returns will be the same for all weekdays including Monday. JANUARY EFFECT January effect occurs when there is a general rise in stock prices during the month of January. January effect is also known as small firm in January effect because it is most frequently observed in small cap stocks . The nature of this anomaly suggests that the market is not efficient as market efficiency would suggest that this effect would disappear. The theories which explain January effect are: †¢Tax-Loss Selling Hypothesis This hypothesis was first suggested by Branch (1997) . In order to reduce tax liabilities, investors sell their loser stocks in December and create capital losses which they offset with the capital gain. Due to excessive selling of shares in December, stock prices are decreased and then investors purchase it again in early January which forces stock prices to rise. However, it is noteworthy of the fact that since in Mauritius, capital gains is not liable for tax purposes, this hypothesis cannot be used to explain January effect. †¢Window-dressing Hypothesis Some portfolio managers also do window dressing to their portfolio by creating January effect. Since they have to report their portfolio holding as at 31 December, they just sell riskier stocks before 31 December in order to make their portfolio look less risky on Annual Report. Later on, they just purchase the risky securities again in a view to earn high profits. †¢Information Release Hypothesis According to this hypothesis, also known as differential information effect, the excess January returns are the effect of significant information releases that occur in the first few days of January. This hypothesis relies on how discrepancy in the quantity of information available for different companies may result in different returns. According to Rozeff and Kinney (1976), distribution of year-end information may have a greater effect on the prices of small firms’ securities relative to large firms because the market for small firm stock is less efficient . 2.3Empirical evidences on Calendar effects In order to investigate on the existence of calendar anomalies, there have been several studies conducted obtaining different results. In a recent paper by Haug and Hirshcey (2005) on January effect, evidence is found that the anomaly is significant for small cap stocks and continues to be consistent over time . Moreover, Fountas and Segredakis (2002) investigate about the significance of the monthly seasonality in the Amman Stock Exchange and find very significant January effects in this market.

Wednesday, January 22, 2020

Is Love A Key Element When Choosing A Marriage Partner? Essay -- essay

A famous quote by John Lennon saying that â€Å"love is the answer and only you know that for sure† was not entirely truthful the fact not realised was that, for the many people in today’s contemporary â€Å"dating† grouping, truly knowing what the answer actually is in regards to dating is often easier said than done. Therefore, the answer certainly is not love. According to the Merriam-Webster Dictionary (1974), love is defined as a â€Å"strong affection, a warm attachment, attraction based on sexual desire, cherish, to feel passion, devotion or tenderness for ~, caress and to take pleasure in ~ â€Å" (p.417). In the modern-day world where the preferences and choices of human mate selection has become a topic of broad exploration, it is highly questionable as to whether or not â€Å"love† is the principal influence that leads an individual’s decision of choosing a life-long partner. The choosing of a marriage partner today seems to be a crucial aspect of life decisions that makes all other choices in one’s life seem to be more or less trivial when comparing accordingly. When you come to a decision as to who you want to marry, share the rest of your life with and become one with, you are changing every aspect of your once single and independent life. For the reason that life changes so significantly when a marriage partner has been chosen, there are countless factors that have an effect on the choices that individuals make. Firstly, Botwin et al. (1997) insist that â€Å"personality plays a critical role in mate selection and marital happiness† (p.128) but many other attributes such as the many dating processes, the many problems that often occur in relationships, and individual preferences all highly motivate, aspire and aim to encourage people in today’s society toward finding their preferred marriage partner. Society often questions the difficulty involved for an average person to simply decide â€Å"who† they desire to marry. What's more is the reality that many people also criticize the individuals who have no idea who they want to marry. Research by Doosje et al. (1999) shows that â€Å"both men and women value most in their partner that she/he is kind and considerate, socially exciting, creative and intellectually stimulating† (p.46) which goes to prove that couples want their marriages to work and do not even consider them to eventually fail. Buying a car or buying a house is a diff... ...enges that young adults face in today’s society but even more importantly, it is the largest challenge that the future of the family life will be facing for years to come. Bibliography Botwin, D., Buss, D., & Shackelford, T. (1997). Personality and Mate Preferences: Five Factors in Mate Selection and Marital Satisfaction. Journal of Personality, 65(1), 107-136. Doosje, B., Rojahn, K., & Fisher, A. (1999). Partner Preferences as a Function of Gender, Age, Political Orientation and Level of Education. Sex Roles, 40 (1/2), 45-163. Nock, S. (1995). Spouse Preferences of Never-Married, Divorced, and Cohabitating Americans. Journal of Divorce and Remarriage, 22(3/4), 91-108. Simpson, J., & Gangestad, S. (1992). Sociosexuality and Romantic Partner Choice. Journal of Personality, 60(1), 31-51. Townsend, J., and Levy, G. (1990). Effects of Potential Partners’ Physical Attractiveness and Socioeconomic Status on Sexuality and Partner Selection. Archives of Sexual Behaviour, 19(2), 149-163. The Merriam-Webster Dictionary. New York: Pocket Books New York, 1974. New International Version Youth Walk Devotional Bible. Michigan: Zondervan Publishing House, 1992.

Monday, January 13, 2020

Transformation of dracula

Transformation of Drachma Drachma Is a timeless novel written by Abram Stoker and to this day remains a thrilling read about good vs. evil In the form of Van Helping and his companions pitted against the supernatural forces of Count Drachma, the vampire from Transylvania. Not only was this novel about good vs.. Evil but upon inspection found to have many themes and views relevant to the time it was written. This caused it to be a huge success of its time and in 1922 the German director Murmur seeing the success of the story put it under transformation and named it Nonstarter.This silent film was very similar to Drachma except It was more relevant to the times It was written In. Public opinion about certain aspects of society had changed and even though both forms of media were set in the same timeshare some themes had been eliminated or turned on their heads. Now both these media were made in different styles with Drachma made in the gothic style. This is apparent with the Supernatur al aspect of Drachma and his Vampire kin. Stoker's descriptions of Drachma are always set as comparisons to animals so even when In human form Drachma Is not quite human but rather meeting far more unnatural.In Nonstarter the style Is the one of the time being German expressionism with themes prevalent throughout the film, the most obvious being the use of shadows to signify darkness and evil as well as the unknown. This is best captured with the powerful Image of count Errol walking up the stairs to attack Nina with his eerie shadow adding to the sense of darkness and mystery. Drachma had many themes but like Nonstarter was an expression of the times In which they were conceived In, so many themes in Drachma did not make the transition. GenderHierarchy was viewed as an Important cog of Victorian culture and that held true throughout the book with the submissive, helpless females needing the help of the apparent stronger sex, males. The only exception to this is Mina but even then s he is only able to by having â€Å"a man's brain†. Christian salvation and imagery was not part of the transformation process into nonstarter as being an important theme in Drachma is non-existent In Nonstarter. A great scene to help show this Is the killing of Lucy where after being killed for a second time Lucy Is restored to â€Å"unequalled sweetness ND purity'. SE of holy symbols only reinforces this theme with the crucifix and holy wafers making appearances. The theme of superstition vs.. Science is also at the forefront with the logical, rational dry Seward unable to explain the biting with all of his reasoning and it is only through superstition from a man of higher faith who is unable to uncover the mystery. Also when it comes to the hunting and killing of Drachma science is not enough to defeat the beast and faith Is needed to kill the monster. The big thing of the unknown ,strange east Invading progressive closedEngland was also not only an issue in the book but a n issue at the time with high immigration rates making some conservative Englishmen very nervous. Nonstarter due to the time it was made after the 1st world war therefore had more themes applying to post war Germany and some themes from Drachma where completely rubbed out with the gender hierarchy almost reversed as the men look like bumbling and his blatant disregard of clues from a book of vampires accompanied by Errol being deterred by the rosary the only mention of these two themes. Religion vs.. Science wasn't as big of as issue as at the time of nonstarter.This was different for Drachma as Charles Darning's origin of species had Just been published; challenging the faith of many Christians perhaps leading conservative Abram Stoker to show that religion is still important. In the sass's this wasn't as big of an issue and therefore was not a theme in the film. WWW was the bloodiest war in human history at that point and the Spanish influenza had Just ripped its way through Europ e. This is reflected in the way Count Errol brings death to Thomas Hatter's city with the scene f the coffins being taken down the street.You will notice that Count Oarlocks teeth are different to Drachma's. Errol has the teeth of a rat rather than the stereotypical enlarged canines. Also his arrival is matched by some rats who are also bringers of plague. So count Errol could be a symbol for the rat as he brings what is reported in the film as plague. All in all I believe Transformation to be a useful tool as it can expose people who enjoyed the original to something different and in Drachmas case show a great contrast between different times and different people.

Sunday, January 5, 2020

Flowers For Algernon Persuasive Essay - 903 Words

Flowers for Algernon Persuasive Essay Before the operation, Charlie Gordon, from Flowers for Algernon, by Daniel Keyes, is happy. He may have a simple, pitiful existence, but he thinks his friends like him, and enjoys being with them and Miss Kinnian at the Learning Center for Slow Adults. However, Charlie wants to be smart, the one dark cloud in his sunny sky of life. Because of this, Charlie volunteers for an operation to triple his IQ of 68. With a high IQ comes awareness of the world around him, so Charlie suddenly becomes conscious of his previously pitiful existence which leads to a slew of feelings such as embarrassment, shame, and superiority. Charlie thinks that becoming smart will make him happy and well-liked, but the operation works the opposite effect. Charlie starts to look down on everyone, and cannot socialize with others because of his IQ. As a result, Charlie becomes almost depressed. His depression deepens when Charlie discovers that his intelligence will not be permanent. Soon, Charlie regres ses to his former childlike mentality. Although at the end of the novel, Charlie does not find himself any worse off after the operation, the few months he spent smarter are not terribly enjoyable for him, and his changing mentality negatively impacts those he is close to, namely Miss Kinnian. Because the effects are not permanent, Charlie would be far better off without the operation. One reason Charlie wanted to be smart was so that he could make moreShow MoreRelatedFlowers for Algernon (Persuasive) Essay1373 Words   |  6 PagesSociety has become a shallow place. If an individual does not fit into societies form of the normal person then they are treated differently. But does society treat those who are different in a negative or positive way? In the novel Flowers for Algernon, the author Daniel Keyes shows an in depth look at the treatment of individuals in todays society. Firstly society tends to discriminate against those whose IQ does not fit into the norms of our society. The physically handicapped in todays world