Efficient Markets Theory and Behavioural Finance Essay

Efficient Markets Theory and Behavioural Finance - Essay Example In this theory, therefore, assumptions are done perpetuating that the information organisation and the behaviour of market participants systematically control individuals’ decisions in investment and the outcomes of the market. According to (Malkiel, 2003) the efficient market theory, has implications of theoretical perspectives to the market trends, while it ignores or underestimates the practical perception of the market. On the other hand, the behavioural finance theory has been thought of being more practical based and focused on people’s behaviour (Ashta & Patil, 2007). Following the event of the financial crises in 2007 to 2010, contention has developed amongst various authors on its implication to the popularity of the already criticised efficient markets theory and its contribution to the upsurge of the prevailing interest in behavioural finance theory. This paper compares and contrasts the explanations of efficient market theory and behavioural finance with reg ard to the financial crisis 2007 to 2010 and identifies the explanation considered to be strongest. The efficient market theory upholds the notion of the randomness in stock prices, based on short-run serial relationships amid successive changes in stock prices (Malkiel, 2003). Such was the case in the year 2001 when the US economy experienced a recession, followed by a boom that led to the dotcom bubble, and accounting scandals. The behavioural market theory regarded such occurrences in a different way from that of the efficient market theory, in that, the fears in individuals’ mind of a recession were considerable. Therefore, in regard to the recession in 2001 being disregarded, the stock market was thought of as not having a memory of the way the price of a stock behaved in the past, so as to determine its future behaviour. The randomness inefficient market theory is questionable, due to the high frequencies with which successive moves towards the same direction occurred in the period of 2001 and 2003 when subprime mortgage grew from 2001 to 2005.  Ã‚  

Army Overseer Tells of Ouster over KBR Stir Essay

Army Overseer Tells of Ouster over KBR Stir - Essay Example According to this article, conflict between the KBR and American Army a rose when Mr. Smith an Army official failed to approve KBR payments claiming that the expenses were not justified. This article highlights that the conflict between American Army and KBR would pose impacts on society. KBR put it that if the government failed to pay the debt, it will no longer provide services. If this happened, American troops will not be able to fight their opponent hence the society will run out of protection (Army, 6/17/2008). On the other hand, if Mr. Smith had approved payments for goods and services that were never supplied it would have been a misappropriation of tax payers efforts. Considering the fact that this army official was holding a public office, he was right to protect misuse of public funds through halting these payments. His actions, although might have some negative impacts on the war, were ethical. The role of KBR Company in the business field is to provide American troops wi th essential services such as housing, food among others during the time of war. The case in this article can be regard as a market failure simply because KBR lacked knowledgeable auditors who could keep proper records. Further more, if the KBR Company was serious in its business it would have met the customer’s needs by providing the US troops with all that they had been contracted to supply. The government might have failed to some extend in its tendering policy because in order to award such a sensitive tender they should have scrutinized the bidding company to ascertain its credibility. This should have involved the analysis of KBR’S performance in the past and its capital to determine whether it could afford to finance those supplies of goods and services. The government has a role to ensure that the American troops access credible services from KBR. The government failed to ensure that KBR provided quality services. It must have auditors who could audit what has been spent on the troops. The policy that the Army or the government should hire external auditors on their operations ought to be changed because it does not portray an aspect of integrity. KBR lacked evidence that the amount due payment was genuine because it does not have credible records of its expenditure (Army, 6/17/2008). The government should also check on its tendering policy which had led to picking such a company for the supplies. The kind of policy that should be formulated for such situations should be able to evaluate suppliers before warding those sensitive responsibilities. On the other hand, the government should lay down strategies that would see suppliers who fail to adhere to their contracts, compensating for any inconveniences caused. In this way, suppliers who enter into contracts with any arm of the government would be afraid of such consequences and hence fulfill such contracts in time. Groups Sue after E.P.A fails to shift Ozone Rules This article focuses on the Obama administration and the Ozone rules. It is an amusing article in that it highlights the rejection of the proposed new standard by President Obama and his administration. According to this article, the Ozone rule set by the President Bush was 75 parts per billion. Lisa P. Jackson wanted to shift the standard from75 parts per billion to 70 parts per billion mainly to reduce risks on people health. Earth justice, the natural Resource defense, the Environmental

Health and Safety in the Workplace: Importance

Health and Safety in the Workplace: Importance Introduction Human resources are one of the most important features of many businesses. A business success relies heavily on the effectiveness to which this resource is managed. Policies and practices used by the firm, set out the standards to which they seek to aspire. They are designed to govern the operation of the business; especially in todays economy where there is such a rise in service industries (Biz/ed, 2010). This topic is of importance to us because it has proven to be a neglected field in todays corporate world; especially in Grenada. In this regard, this paper seek to highlight the importance of Workplace Health and safety to the business, to develop an understanding of how its effective management can affect the performance of a business, outline how this can be effectively carried out with the interest of the company in mind. It is often said that, the health of a nation is the wealth of a nation (Fraser, 2004), the same concept applies to business. The health and safety of a companys human resource is an enormous contributor to the success of that business. Human resources account for a large proportion of many companys costs; it is the people that invariably drive a business (Biz/ed, 2010) According to the Bureau Veritas, Workplace Health and Safety refers to, the evaluation of risks relating to the health and safety of an organizations workers and others (including the public) who may be affected by its activities (Bureau Veritas, 2007). Who establish workplace health and safety? The health and safety of a workplace is established through different sources. Firstly, on a national level occupational health and safety is instituted in accordance with legal regulations that were created by legislative decisions and is enforced and monitored by agencies such as the Occupational Safety and Health Administration (OSHA), for the U.S., and the Ministry of Labour in Grenada. OSHA, an agency of the U.S. Department of Labour, has the responsibility of assuring the safety and health of Americas workers by setting and enforcing standards; providing training, outreach and education; establishing partnerships; and encouraging (OSHA, n.d.). On a national and/or on a company level there are also instances of regular inspections by a safety representative. This can be self requested or legally mandated. This is done to ensure that companies follow the stipulated guidelines that are set to govern the safety and health of the workplace. Also, from a corporate standpoint, the health and safety standards of the company can be establish by the declaration of it in the Companys general worker manual and/or in the separate manual set aside for clearly laying out, the standards by which the company seek to keep its work environment and the people that use it safe and healthy. A more informal, but still an effective method is employee observation. This is simply employees reporting hazards that go unnoticed to the inspection representative and/or management. These options are in place to ensure accordance of a company to monitor and control the health and safety of the workplace, and to maintain it. In-adherence of regulations set by the above regulatory bodies can result in an employer being fined or sentenced to jail time (Cascio, 1998). Reasons for Maintaining Workplace Health and Safety There are reasons why a business should maintain a safe and healthy workplace. It purges the environment of possible risks to everyone that uses the facility. An organizations productivity is directly related to the health and safety of its workforce. Therefore, proper health and safety practices safeguard the productivity of its employees. When the workforce is unhealthy it affects productivity; quantity and quality. Proper practices maintain the health of the workers and it protects human rights; the human right to a safe and healthy environment and the human right to a safe and healthy workplace (PDHRE, n.d.) A major reason for maintaining health and safety in the workplace is that failure to do so cost too much. The consequences of not up keeping proper health and safety practices can range from having expensive monetary payouts, to death (users of the workplace). Other repercussions are Lower productivity levels sick or injured worker do not produce the same quality and quantity as do health workers. Poor quality products and services the direct relation between quality of workforce and quality of products or service they produce. High levels of complaints from customers lower quality of products or services delivered to customers would make them unhappy. Loss of customers and subsequently lower revenues if the quality of the production isnt addressed it can result in a loss in the customer base and later loss in revenues because of lower sales. Higher costs this increase in cost can come from different sources including: payment of insurance claims for damages, cost of substitution for sick or injured workers (training and wages), and benefits for sick or injured workers. Higher staff turnover as persons get sick or injured on the job they tend to leave. If the health and safety practices of the workplace are dreadful employees would not stay therefore higher turnover. Poor industrial relations poor health and safety practices would attract attention from unions who fight for the rights of employees. Thus, addressing safety and health issues in the workplace saves the employer money and adds value to the business (OSHA, n.d.). When workers remain safe and healthy, the direct cost-savings to businesses include: lower workers compensation insurance costs reduced medical expenditures smaller expenditures for return-to-work programs fewer faulty products lower costs for job accommodations for injured workers less money spent for overtime benefits Safety and health also result in substantial decreases in indirect cost (OSHA, n.d.). This is as a result of: increased productivity higher quality products increased morale better labour/management relations reduced turnover better use of human resources Employees and their families benefit from safety and health because (OSHA, n.d.): their incomes are protected; no financial shock because of illness or injury their family lives are not hampered by injury; no loss of income destabilization because of illness and injury they have less stress; because of a com Workplace health and safety extend way beyond the boundaries of the worksite. The families of workers and other users of the worksite can also be impacted by health and safety in the workplace (OSHA, n.d.). It is of a misconception that health and safety in the workplace only entails ensuring that there arent any hazards on the worksite however it should be noted that the hazard can be the employees themselves. Employees who are sick (communicable/non communicable), who have a drug or alcohol problem, who have psychological problems can also pose great threat to the health and safety of others in the workplace. Violent employees can also be classified as a hazard (Cascio, 1998). In this regard testing of the individual together with the worksite is necessary; drug and alcohol testing, psychological tests etc. Whose responsibility is it? The health and safety of a workplace should be part of the business HR strategy. It should be an initiative that is deeply rooted into the culture of a business. No one person should be responsible for it. Given this, all employees, supervisors and managers should undergo training in this area to suit their position. Managers especially should possess an attitude that support good health and safety practices because it is usually mirrored by employees; if the manager care about health and safety, the employees will do too (OSHA, n.d.). Both the employer and the employee are responsible for ensuring that the workplace is healthy and safe for all users. Employers are legally obligated to maintain and provide a working environment that is conducive for comfortable operations. They also have to provide safe systems of work and facilities that would sustain the welfare of its employees. They are also responsible for providing employees with any information, instruction, training and/or supervision that is needed to ensure that workers are safe during operations no matter the job. As a result of this responsibility to ensure employees are safe at work, an employer may institute regulations and policies that would call for the attention from and compliance of employees (Directgov, 2010). Employees are also expected to play a part in ensuring proper health and safety of the workplace. They are to make certain their own personal health and safety and that of other persons in the workplace; whether colleague, customer, supplier, etc. Importantly, workers are expected to adhere to the directions given by management to guarantee health and safety. If workers are to ignore these directives it creates a hazard in the workplace not only for themselves but also for others (Directgov, 2010). Effective management of the resource Each workplace is different and dynamic. Therefore the strategy used to effectively manage the human resource should also be different and dynamic. This strategy should include clear and concise plans for the addressing the types of accidents that and exposing the health and safety hazards that could occur at the worksite (OSHA, n.d.). An effective plan, as based upon the safety and health program management guidelines given by OSHA in January 1989 is the Four Point workplace Program. The Four Point Workplace Program as its name suggests, it is a program that contains four elements in approaching optimum effective health and safety standards. These elements Commitment and Employee Involvement The manager or management team leads the way, by setting policy, assigning and supporting responsibility, setting an example and involving employees. Worksite Analysis The worksite is continually analyzed to identify all existing and potential hazards. Hazard Prevention and Control Methods to prevent or control existing or potential hazards are put in place and maintained. Training for Employees, Supervisors and Managers Managers, supervisors and employees are trained to understand and deal with worksite hazards. Conclusion: The success of a business rests to a large degree on the quality of the workforce successful management of this crucial resource is critical (Biz/ed, 2010) The Employer has a responsibility to ensure that his/her employees are safe at work, and so may institute regulations and policies to ensure this. It is now the responsibility of the employee to make certain that they follow these rules. As an employee, one has rights and responsibilities for their own wellbeing and that of their colleagues and by extension the public (customers) (OSHA, n.d.). The key to the success of a safety and health plan is to see it as a part of the business operation and to see it reflected in the day-to-day operations.ÂÂ  As the implemented plan is incorporated into the business culture, health and safety consciousness will become engrained into the psyche of everyone. (OSHA, n.d.). Protecting people on the job is in everyones best interest our economy, our communities, our fellow workers and our families. Safety and health add value to businesses, workplaces and lives (OSHA, n.d.).

The Pursuit Of Happiness in A Raisin in the Sun Essay -- A Raisin in th

Throughout Lorraine Hansberry’s A Raisin in the Sun, we see the positive and negative effects of chasing the American Dream. Hansberry expresses her different views on the American Dream through the characters and she portrays the daily struggles of a 1950 black family throughout A Raisin in the Sun. In this play, she is able to effectively show the big impact that even small decisions can make on a family. Hansberry shows the many different attachments that come with the fulfillment of this American Dream. Throughout A Raisin in the Sun, each family member has their own pursuit of happiness, which is accompanied by their American Dream. In the play, Mama has her own American Dream that she chases after, which heavily affects the family’s state of being. Mama has to go through many struggles and much frustration while in pursuit of her American Dream (Bloom 17). Mama says, â€Å"Yes, death done come in this house here†¦.Done come walking in my house. On the lips of my children. You what supposed to be my beginning again. You what supposed to be my harvest† (Hansberry 134). She begins to see the harsh effects of what her American dream has done to her children. Mama goes through trials and tribulations to provide a good lifestyle for her children, but neither of them seem satisfied, they both want to accomplish their dreams and aspirations so badly that it blinds them to the reality of what is really important in life. Mama having to carry such a heavy load on her shoulder by trying to hold the family together deprives her of the happiness she once obtained. Mama seems to be the commanding presence and head of the household. She has moral strength and dignity and this is why she is considered the stronghol... ...as the support of the family as oppose to Walter. Each family member has a dream to improve the family situation; however, all of those dreams are depending on one insurance check which begins to cause trouble and tensions within the family (Bloom 18). However, all these dreams are counting on one insurance check to be funded. Throughout a Raisin in the Sun, Each family member has their own pursuit of happiness, which is accompanied by their American Dream. Mama wants to have a better quality of life for her family. Beneatha aspires to be a successful Doctor and an Independent woman. Walter wants to invest in a liquor store and live in luxury. In A Rasin in the Sun, we see that each character goes through their own struggles and frustrations to accomplish their American Dream, but in the end, they all find their happiness within in each other unified as a family.

Mary Wigman

Mary Wigman: Witch Dance Word Count: 1120 Through her simplification and breaking down of theatrical and aesthetic dance, Mary Wigman stands as one of the most inspirational figures of 20th century dance. Her unique use of theatrical elements such as masks, sound, costume and movement created an evolution of dance that was never seen before. Her use of the character, The Witch, changed the world’s views on dance forever, and inspired a revolution of artistic quality all around Europe.In this essay I will discuss whether or not The Witch in Wigmans work stands as an interpretation of her role in society, and her aspirations for future dance forms. Mary Wigman’s Witch Dance epitomized the breaking away from conventional concepts and traditions. Through her modernistic choreography she captured the true essence of dance. There was no conformity or theatricality to it. Instead, she used elements that would speak directly to the audience (Muller, 1986, pp. 173-184). The arch aic image of the witch expressed the elements of Wigman’s own identity.She expresses her modernistic identity in her breaking away of the social and cultural boundaries that besieged her time error. She also physically identifies herself as a witch, absorbing the viewer with the magical essence of her imagination. Through her movements she was able to personify this strong presence of the witch (Gunhild, 1992, pp. 35-49). She stressed the common association of the image of a witch with that of fear and apprehension of losing control over both body and mind.This fear was created to be extended to the audiences watching the piece (Chritiane & Finnan, 2006, pp. 76-84). One of Wigman’s most praised techniques in dance was her use of breathing. She believed that a dancers expression could be built to a climax simply through the pace and tone of their breathing. Through inhalation and exhalation the dancers were able to create both tension and tranquility. In addition to thi s her dance techniques were also highly revolutionary.Wigman did not believe that dance should be performed merely for entertainment purposes (Chritiane & Finnan, 2006, pp. 76-84). She diverged herself from the conventional practices of dance, such as ballet, and formed her own unique dance language that stripped away the aesthetic movement that was generally accepted at the time. The movement which she used in her pieces was unrestricted and she made use of percussion instead of traditionally orchestrated aesthetic music (Muller, 1986, pp. 173-184).This made the audience focus more on the properties of the dance itself then the external features of it. Wigman’s dances hypnotized the viewer with its powerful yet highly abstract choreography. Her use of repetitive gestures in her choreography helped to carve their cultural roles. She broke away from conventions by pulling away from the aesthetics of ballet. She did this by avoiding following fixed choreography, dancing barefoo t and using eccentric music and percussion (Gunhild, 1992, pp. 35-49).The cultural context in which Mary Wigman’s lived was a very restricted and conservative society. Wigman grew up in Germany during the Weimer republic. This was a time of extreme change in Germany. Ausdruckstanz had been ubiquitous in Germany from the start of the 20th century, and there was a definite cultural and social revolution taking place. Along with this was the reign of feminism taking place worldwide. These ideologies and social changes showed up significantly in Wigman’s choreography. Before Wigman, dance was primarily based on sexuality (Jiyun, 2007, pp. 27-437). Exoticism was instrumental in the audiences appeal to it. Wigman broke away from these ideals by performing characters which held modernistic significance (Muller, 1986, pp. 173-184). Before Wigman, women were often portrayed in dance as modest and simple characters. Wigman changed this view by primarily using female dancers and depicting females as strong and powerful beings. Wigman’s performances challenged the static social dynamics of the time. She created an atmosphere of respect between the female dancers and herself.She allowed for a strong female subject in her pieces that provided females, who were previously oppressed, with a firm identity and place in society. Previously, male choreographers had objectified woman in their choreography. Wigman aimed at individualizing women and breaking away from the sensual image that they previously conformed to (Valerie & Lahusen, 1990, pp. 8-10). Wigman’s choice of using the witch figure in her choreography was partly influenced by her attempt to emphasize the roots of dance and highlight feminist ideals.Through her dances she strove to elevate her art to a new culture and change her own identity to that of a goddess. The witch figure stood as a solution to the concept of Ausdruckstanz (Valerie, 1998, pp. 298-304). This concept introduced a confl iction between the desire to have their dance accepted by society but maintain a strong level of originality at the same time. Wigman’s dance focused primarily on raw and natural movement to truly capture the fresh expressiveness of her work.Through her work she hoped to portray a new vision of life. She wanted her work to be characterized by its dark and somewhat masculine nature. She explored the different ways in which the body could express itself (Valerie & Lahusen, 1990, pp. 8-10). She tried to use freedom of movement in expressing her sensuality and accepted that improvisation was the first step toward composition. The important thing about Wigman’s choreography was that even those who misunderstood it were inspired by the energy of her performances.The audience seldom failed to recognize the energy and life in Wigman’s choreography (Gunhild, 1992, pp. 35-49). The witch in Wigmans choreography represented the overcoming of human mortality and deficiencies through her new religion of dance. The dances were not sets of beautifully displayed images, but were created through disfigured movement that held no consideration for the viewer’s enjoyment. She ripped the space apart through her dance and engaged in the emptiness and diversity of the space.In conclusion, Wigman played a truly inspirational role in the modernization of dance in the 20th century. It would seem that Kolb’s statement regarding the feminist and demonic quality would be true with regards to the time error that she found herself in. The Witch not only represented woman as a powerful figure, but it highlighted the abstract quality of her dance. Wigman changed the face of dance forever through her diverse and unconventional ways of thinking. The way she broke away from conformist ideals still serves as inspiration to the dance we have today. Works Cited

The Cost of Success

The Cost of Success In college, students deal with multiple stress factors and finances should not be included. Numerous of students graduate high school each year and only a select decide to further their education. These students should be able to attend college without worry. College helps students choose a career and prepare for life after their graduation. A student stressing over how they're going to pay for their textbooks or what they're going to eat for dinner because a meal plan wasn't affordable shouldn't even be an issue. College can be an overwhelming experience and even more overwhelming for those who need financial needs met.Being an out-of-state student with no type of grants helps me relate to these situations. Students who are able to focus on school and stress less about finances are more likely to strive in their classes and graduate with a higher grade point average. By having costless tuitions, allotting an amount in a food stipend every month, and giving out-of -state students top priority in campus housing can eliminate stress and build a brighter future for the college students of America. Students should be able to graduate high school with the only concern of being admitted to the school of their choice.Worrying about how tuition will be covered is Just adding to the chaos. Many students graduate high school with the hopes of getting in college but know it is financially impossible for their family. Sure, loans may help but once a student graduates and is ready to start their career, every month they have to pay back what the government loaned them to attend college. For the past two years, I have not received any type of grant for school because my parent's retirement is figured into my financial aid award decision. My parents have worked hard for their retirement and they shouldn't have o use this to pay for my schooling.Tuition should be free for all students who are enrolled full time, maintain a 2. 5 GPA or higher, and have a clea n criminal record. This can really eliminate stress not only from the students, but the parents as well. There are many people in the United States that benefit from the government's Food Stamp program. The program gives a person a roll-over monthly stipend according to their income and household dependent amount. For college students, if you do not have a child, you must be working at least 20 hours a week Just to receive any ood stamps.In some states, college students aren't even eligible for food stamps because the government uses their tuition as income, which results in rejection due to the high amount. Every college student that stays on or off campus, does not have a meal plan, enrolled as a full time student, and maintains a 2. 0 GPA or above, should be allotted at least $250 a month in food stamps. For a student who doesn't receive any financial aid, a meal plan can be very costly. Having to work while being a full time student to provide groceries every month is almost rid iculous. This can resolve umerous money issues as well as stress.Campus housing is another college stressor, especially if a student doesn't have enough money to even cover the residential fees. Many students travel miles and miles each year to attend the school of their choice. Is it fair that these out-of-state students have to compete with in- state students tor housing? Searching tor an apartment trom a ditterent state can extremely challenging, when this can simply be resolved by giving out-of-state students priority in campus housing. Being from North Carolina, I considered on campus housing but I was declined due to over capacity.Because of this I had to search for an apartment through the internet; this was extremely challenging. It is understandable that some college campuses may have limited space for all their students; however, out-of-state students should have priority before spaces are occupied. These solutions may seem abstract but they allow students to stay focused on their academics. Finances are stressful for college students and also adults who have already established a career. It is more important to target the younger community because they hold the key to the world's future.Students who are able to e stress free of basic needs and stay driven to complete school will succeed. They will not only succeed, but be the top of their succeeding class. College altogether is overwhelming, so why add more to a college student's plate? Costless tuition, monthly food stipends, and priority housing for out-of-state students are the solutions that will make a drastic difference in the college environment. Imagine how these solutions can help students succeed in the career they actually want to pursue. This entire world could be made over into a place much more promising for rising adults, like myself

The Dos and Donts of Writing a Dissertation Conclusion

The Dos and Donts of Writing a Dissertation Conclusion The Dos and Don’ts of Writing a Dissertation Conclusion After years of hard work, dedicated research and sleepless nights, you’re finally close to finishing your dissertation. You’ve reviewed the literature, gathered and analyzed data, and reflected on the results. Well done. But what does it all mean? This is where the conclusion becomes crucial, as it allows you to summarize your work and its significance. Its therefore important that the conclusion to your dissertation is clear, concise and compelling. Here are a few â€Å"dos† and â€Å"don’ts† to keep in mind when writing your conclusion! DO†¦ 1. Summarize Your Argument A good conclusion will briefly restate your hypothesis, key findings and the implications of your research. This will help the reader to follow your argument as a whole, bringing together various elements raised during the discussion. 2. Put Your Work in Context The conclusion of your dissertation is a good place to restate the significance of your work. This might include how it contributes to existing knowledge in your field or its importance outside of academia. 3. Assess Limitations No study is perfect, not even yours! Sorry to break the bad news! On the plus side, you can discuss the limitations of your work at the end of your dissertation. Doing this will demonstrate your understanding of the research process. Issues you may want to consider include sample size and time constraints. 4. Identify Implications for Future Research Most dissertation conclusions include suggestions for how your work could inform future research. This could be a refinement of your own investigation, though it might also be a radical new idea suggested by your results! DON’T†¦ 1. Introduce New Material Although it’s fine to offer an opinion or reflection at the end of your dissertation, introducing new arguments or evidence at this point is forbidden. If something is important enough to include in the conclusion, it should be part of the main body of your paper. 2. Write Too Much Your conclusion should include a summary of what precedes it, but it isn’t necessary to go back over everything in depth. Try to make this chapter fairly snappy, relating what you have already read in an easily digestible way. 3. Keep Your Reader in Suspense Unlike an episode of Game of Thrones, you can’t finish your dissertation on a cliffhanger! In your research, you will have set out to answer certain questions. Make sure that you address these explicitly in your conclusion so that nothing is overlooked. If you follow these tips you should hopefully find writing that allimportant concluding chapter a much simpler process. But if you need any more support, the experts at Proofed will be happy to look over your work!