Essay on Health and Diet - 918 Words

Health and Diet Abstract: With my personal life experience Id like to clarify that a healthy diet and physical exercises help to lose weight. This passage introduces some scientific means to keep fit and, from both sides, indicates the effection that it may have brought along. Another point is that one should choose an appropriate way according to his personal case. Frustration and troubles are often met, but how to deal with them depend on ourselves. What is cricial is about persistence, optimism and rationalism.  ¢Ãƒ ±.Introduction £Ã‚ ºKeeping-fit is sweeping us while some irrational ideas, rather than appropriate ways to lose fat are penetrating into our life. Most people dont employ scientific ways so that body was badly damaged, even†¦show more content†¦How brutal! I had the only meal in the morning, mainly of beef, and nothing for lunch. I suffered from the desire to eat at noon. How I dealt with it was to play basketball, hard and lonely. The fatigue did replace my hunger. Laciness of nutrition and excessive sport agonized me a lot. I had been be worn out by afternoon. I so frequently fell absent-minded in class that I lagged behind. Still nothing for dinner. To save energy, I had to go to bed as early as nine 0 ¡Ã‚ ¯clock. Frankly, sleeping didn ¡Ã‚ ¯t work so simply, because dreaming easily bothered me. KFC, jiaozi, chocolate gathered around in the dream at night. This kind of extraordinary life almost drove me to have the symptom of disgusting any food. Two months later, I, weighing 65 KG, slipped into not a fat any more but a plentiful beauty. However, my dieting began to remain unmovable. No matter how I dieted, my weight just changed little. The negative effect turned up after the temporary satisfaction with my figure. Too short of nutrition, I easily got out of breath only for a short walk. My hairs left me in crowds. The worse was that I fainted many times. Mom sent for a doctor. I was adjusted to a standard diet. I returned to be fine gradually. So which is the practicable way to keep fit? Experts explain. Teenage period is the most precious for the growth in both health and knowledge. Then all the organs begin to complete their growth. The rate of growth, the capability of learningShow MoreRelatedHealth Benefits Of A Free Diet1142 Words   |  5 PagesMany people say they are â€Å"going Gluten- Free†. This means that the person is transitioning to a diet where they do not eat gluten. By doing this, they are excluding wheat, barley, rye and possibly oats from their diet. Gluten is a protein that is not crucial to being an overall healthy person. (4) The Gluten- Free Diet was created for those who have medical reasons to not eat gluten. Medical reasons could be celiac disease, wheat allergies, gluten sensitivity, dermatitis herpetiformis, ataxia andRead MoreEating Diets And Health Preferences1341 Words   |  6 Pagesaround us, the many crazy diets and health preferences an individual claims are the best. Then we ask ourselves why?, why would a person choose to take on that pa th or maybe, why does that diet work? or does not? In the years past there must have been someone who had a strictly based vegetarian or vegan diet and had a great, healthy lifestyle in order to have passed down lifestyle choice. So the real question is, is being a vegetarian or a vegan for that matter, the better diet of choice for a healthierRead MoreThe Health Benefits Of Vegetarian Diet1295 Words   |  6 Pages Nothing will benefit human health and increase chances for survival of life on Earth as much as the evolution to a vegetarian diet (Albert Einstein)†.The vegetarian diet has been proposed by many, from philosophers like Plato and Nietzsche to political leaders such as Benjamin Franklin and Gandhi, and modern idols like Paul McCartney and Bob Marley. Science also supports the vegetarian diet, there are many studies demonstrating its health benefits. Being vegetarian means not eating any animalRead MoreThe Differences Between Diet And Health973 Words   |  4 Pagesbased on a variety of things such as: location, religion, and climate. Furthermore, the interesting thing is that we as humans have diets and eating habits that are increasing differences throughout the world. In many ways there is a direct relationship between diet and health. As well as, the relationship between geographical location and climate of someone. Diet and health are tied to geographical location and climate by people eating what is available to them from which their climate will allow. TheRead MoreDiet Quality : Nutrition And Health1374 Words   |  6 Pagesrise of saturated fats and indecipherable additives came the gradual tick of years dropping off of the average life expectancy. In recent years, the importance of nutrition and health, along with the means of attaining this healthy lifestyle has become more prevalent in society. Throughout its time in the spotlight, diet quality has improved for those residing in the upper region of the socioeconomic hierarchy; however, it has â€Å"deteriorated among those at the lower end of the spectrum† (Hamblin)Read MoreConsumer Health Awareness And Diets Essay1597 Words   |  7 Pages 2.2 Promotional considerations are contrasted for: Consumer NZ †¢ Attract international tourists †¢ Overseas students †¢ Fast food culture common Israel †¢ Attract family and kids †¢ Consumer health awareness and diets †¢ Adapt to consumer life style Business NZ †¢ Familiar brand image †¢ Be on top of fast food industry †¢ Promote healthy life style †¢ Low cost and huge turn over †¢ Repeat business Israel †¢ Get on top of the competitions †¢ Promote more local food style †¢ Encourage more franchiseRead MoreHealth Effects Of Vegetarian And Vegan Diets1565 Words   |  7 PagesHealth Effects of Vegetarian and Vegan Diets Introduction Vegetarian and Vegan diets are growing in popularity among people around the world, especially teenagers and youth. The reasons to make that choice are very different and vary from the concerns about the own health, impact of the animal farming on the global warming, the use without control of antibiotics and other medicines on animal production and ethical issues about animal care. In addition the popularity of vegan products such as soyRead MoreDiet Pop And Its Effects On Human Health944 Words   |  4 PagesIntroduction Many people have faced problems in deciding which pop to drink, regular or diet. People have different opinions on the reasons why they prefer one particular pop to another. Through various researches done all over the world, people have tried to figure out specific causes of ailments especially those thought to be associated with food. As an avid pop drinker, the need to know the best pop option has made me curious about how big of a difference there is. It is important to know theRead MoreUnit 9 Impact of Diet on Health5144 Words   |  21 PagesDiet variations at different lifestages (P1, M1 D1) All human beings require certain essential nutrients in order to survive. The concept of a healthy, balanced diet is to eat a wide variety of foods because all foods contain different nutrients therefore the wider the variety eaten, the more nutrients provided. A balanced diet consists of seven main groups of food which are described below. Components of a healthy diet: Protein Carbohydrates Fats Vitamins Minerals Fibre Water Read MoreThe Effects Of Diet On Human Health Status Essay1778 Words   |  8 Pagescivilizations) are on account of diet.3 Though a common part of the American diet, red and processed meats have been associated with multiple diseases, including CRC and many other cancers. Previous research indicates that physical fitness also contributes to health status in both healthy and diseased persons, including cancer patients. This review will investigate the effects of diet (specifically red meat removal) and exercise on CRC risk and microbiome composition in CRC patients. Diet Selection Cancer Risk

Reflection Essay - 864 Words

In life, there are a lot of events that can certify one’s challenges. People pass through a lot either to make it in life or to achieve a certain target. Despite this, the only thing that can stand out of this hustle is happiness. This is a feeling that has no limits in one’s life. It’s not negotiable not purchasable. The only thing that an individual can ascertain to is self-worthy and this element generates automatically. Two years ago, I was called for an interview in one of the top beverage companies in our State. This was a job of my dream and a career booster. Since I had tried for several months to secure this position, I felt like my prayers were being answered at last. After attending the interview, I was assured for the post.†¦show more content†¦Little did it take than I was given a promotion within my field of specialization. The level of friends also increased, and I was able to build myself a reputation. In my second year at the current post, I was got carried away with greed for power. Despite the motto of the company suggesting â€Å"Teamwork is paramount†, I started creating different workouts and initiating different ideas into the company. The friends I had kept, and my workmates played a critical role in helping me to implement these programs. At some point these ideas didn’t get the required scrutiny. Hence the influence of friends and the self-pride that I ha d developed due to the flatters that I had been given and this made me to develop unstable decisions which I was not fully aware of. The management was getting worried about the initiative that I was introducing in to the company which brought some resistance from me as I was focusing on getting another promotion than helping the company to achieve its targets. All my efforts started to scramble one after another. The promotion that I was eyeing due to the influence of my friends was shut. This didn’t take long when I was served with a letter of demotion. I had to persevere and soldier on. As days passed by, I came to face the bitter reality that my workmates had played a significant role in may downfall. Since the beginning of myShow MoreRelatedReflection Essay1616 Words   |  7 PagesReflective Essay The aim of this essay is to reflect on an incident, which took place in a hospital setting during the first month of my Foundation Degree Assistant Practitioner course. It will explore the importance of communication amongst the health care professionals and how a good nursing documentation is an integral part of nursing. It will also demonstrate how reflection enabled me to make sense of and learn from this experience, as well as identify any further learning developments neededRead MoreReflection Essay781 Words   |  4 PagesI determined that I needed a new interest, something to keep my mind engaged and challenged. I enrolled in the Doctor of Business Administration (DBA) through the Columbia Southern University (CSU) just for fulfillment. This reflection assignment exercise proves to be the catalyst for my future college endeavors. The assignment to reflect on DBA program dreamed of taking steps towards realizing those ideas and course accomplishments right now. Due to time som e course assignments, I will embrace,Read MoreSelf Reflection Essays817 Words   |  4 Pages  Self- ­Ã¢â‚¬ Observations   and   Self- ­Ã¢â‚¬    Reflections    Maximum   1000   words   each   term    The   purpose   of   these   three   reports   is   to   demonstrate   how   you   have   used   the   learning   journal   to    develop   your   self- ­Ã¢â‚¬ awareness   from   term   to   term.   (See   Section   11   about   the   Learning   Journal)    Each   report   is   due   at   the   first   class   meeting   after   each   reading   week.    Guidelines:    The   Reports   should   include   your   reflections   about:       Read MoreWriters Reflection Essay1463 Words   |  6 PagesEnglish Writing Reflection. English has always been one of my favorite subjects along with writing. At a young age I remember always writing childish stories, and comic books. In second grade I even won a writers competition. Writing has always been a part of my life. I keep a journal to write important events happening in my life and I like to write poems as well. However, during my high school years writing essays became more complex. For some reason I couldn’t seem to fullyRead More Mirror: Reflections of Truth Essay508 Words   |  3 Pages â€Å"Mirror†: Reflections of Truth In Sylvia Plath’s poem â€Å"Mirror†, the reader takes a look into the messages presented and compares them with the reflections that are cast in a mirror and images in a lake. When reading this poem, we discover that the speaker is the actual reflection that gives the interpretation of its views. The first interpretation is shown as a mirror on the wall â€Å"I am silver and exact. I have no preconceptions.† (1), second as the water in the lake because she states â€Å"Now IRead MoreReflection Within Professional Development: The Gibbs Model Essay1248 Words   |  5 PagesReflection Within Professional Development In this essay I intend to reflect upon a clinical skill, which I have learned and become competent in practicing. I will apply the Gibbs model to the chosen skill throughout the essay to allow for critical thought. Gibbs model includes the areas of description, feelings, evaluation, analysis, conclusion and action plan. (Gibbs, 1988) The term â€Å"reflection† directly refers to one’s own ability for serious thought or consideration regarding eventsRead MoreFamily Reflection Essay1480 Words   |  6 PagesThroughout the last sixteen weeks from going through this class I have learned a lot. I have learned that different there are many ways to write a paper or essay. There are many ways that the format of a paper as well. But between the two essays I have chosen are from week seven which was on hunting and why it wasn’t a cruel sport in my thoughts. My other essay I have chose was from week nine, that was about on holding a family together and what makes a family a whole. Hunting topic in my thoughts whereRead MorePersonal Essay : Course Reflection992 Words   |  4 PagesCourse Reflection When my advisor asked me if I wanted to take summer school the first thing I said was, â€Å"Yeah, I want to take English 101.† The only problem was that it started at 8AM and I usually worked the night before, but I thought I could handle it. I enjoy writing. I actually write in my free time sometimes, so I thought English would be no problem. For me, writing is either extremely easy or extremely hard. It’s easy for me when I don’t have restrictions from what I can write about. I canRead MoreWriting Reflection Essay905 Words   |  4 PagesWriting a decent essay is as tedious, nerve racking, and strenuous as constructing a layer cake from scratch. First you have to decide that you are going to tackle this feat, and that can be your biggest challenge, motivation. Then you have, you must figure out what kind of cake batter you want to use. Collect all the ingredients to mesh together well, making each layer at a time. You throw all the layers together hoping tha t somehow they will come together to form a nifty design. But, they don’tRead MoreA Writers Reflection Essay1100 Words   |  5 Pagespositively on my introductions. This was greatly pleasing, for I have always thought them to be my weakest point. In the majority of my writing, the introductions were a result of extensive revisions. For example, the introduction of my Argumentative Essay was partially written in class, but I was not completely satisfied with it. To improve the introduction, I added several things, such as the example of the McDonald’s commercial. In truth, I believe that these introductions are overanalyzed, where

Original Myth Free Essays

The Sun, the Moon, and the Great Spirit Long ago, before there was life, before there was even a planet Earth, there were celestial entities that existed in the universe back when it was a light blue. These spirits appear to humans as large masses in space, such as the other planets and the stars. Since the beginning, there were two powerful apparitions that would become rivals until the end of time, the Sun Spirit and the Moon Spirit. We will write a custom essay sample on Original Myth or any similar topic only for you Order Now The Sun was favored by the other astral entities to the isolated Moon. Not long after all of the spirits of the universe were created by the Great Spirit, their creator who cannot be seen by any life form, the Sun had become the leader of all other celestial bodies and was placed in the center of the Solar System. This angered the Moon, who despised the Sun. The Moon Spirit challenged the Sun for the position as ruler of the planets. Unfortunately for the Moon, the Sun used his superior strength to outcast the Moon to a lonely location between Venus and Mars. After 4,000 years of peace among the bodies of the Solar System, the Sun was growing old and developed a feeling that something was missing. The Sun Spirit decided that it was time for him to create a new successor since he has aged and become weak over time. The Sun found stray meteors flying across space and summoned all of his remaining power to bring them to him. The aging Sun then smashed the colossal space rocks together to create one large mass. Afterwards, he engulfed the inanimate boulder with his life-giving fire to give it consciousness. â€Å"Who are you? Who am I? † said the curious new planet. â€Å"I am the Sun, your creator and protector. You are my daughter who will one day grow up to take my place as ruler of everything in existence,† said the Sun to his newborn child. â€Å"Well, do I have a name? † the naive child asked. â€Å"I shall name you ‘Earth’,† said the Sun. For many days, the cosmos celebrated the birth of their beloved king’s child. Eventually, the news spread so far that it got to the Moon Spirit. The Lunar Spirit then schemed the perfect plan to get revenge on the Sun. The Moon waited until all of the other entities fell asleep to sneak out of his seal. He eventually found the sleeping solar king and his princess. The Moon then kidnapped her and brought her to where the Sun had banished him. Child Earth woke up with a loud scream, constantly calling for her father. To silence her, the Moon engulfed her in such a great amount of water that she would never be able to speak again. When the Sun woke up, he looked around for his daughter; she was nowhere to be found. The King began to panic and told every spirit in the universe to look out for the young princess. Not long after, Venus confronted the Sun and said, â€Å"I know where your daughter is. She has been taken away by the twisted Moon and can no longer speak. This news made the Sun so furious, his fire grew to be so large that it gave off the largest glow anyone had ever seen. The powerful light from the glow began to illuminate all parts of the Solar System including the Moon and Earth. The Sun was now able to see his captive daughter, but had no strength left to pull her back to him. From that day on, all of the celestial entities mourne d for the loss of their future queen. To show their consolation for the Sun, they all decided to use their combined power to turn space from a sky blue color to black for the second half of every day. To make matters worse, the Moon confronted the Sun to make a proposition. â€Å"If you stand down from your position as king, I will let you have your daughter. If not, then I will force you to stand down,† explained the Moon. The Sun Spirit refused to give up his position. The Moon then declared war on the Sun, but immediately after doing so, the Great Spirit appeared for the first time since the birth of the universe. The two rivals were struck with awe. The Great Spirit refused to let the universe spiral into chaos because of the Sun and Moon’s conflict. In order to please them both, he gave the Sun his daughter for half of a day, but when the Sun falls asleep, the Moon would take ownership. Whenever her father would leave and the Moon would come, the Earth would try to break free of her liquid entrapment, causing the tides to rise. In addition, the Great Spirit went to the Earth and planted a massive green tree on her that would grow from both the soil from the sun and the water from the moon. This Tree of Life would give birth to all life on Earth that we see today, from insects, to sea creatures, to humans. How to cite Original Myth, Essay examples

Developing and Managing a Strategic Marketing Plan

Question: The learner works as a marketing manager. He has been asked to write a report, to be presented to the board of directors, on how a strategic marketing plan should be developed and managed in an organisation. Answer: Introduction Strategic marketing is the foundation of the marketing as it will define the marketing style of an organisation. In this report, the planning phase of marketing strategy will be discussed for the organisation. Further, managing the strategy in marketing provides the company to achieve the long-term objective. This is a key factor for finding the way to manage the strategy in the organisation. In the planning phase of a firm, strategic marketing is one of the most important matters for the strategy maker as it will create the strategy for the whole firm at the same time. Discussion Strategic marketing plan may be a single name; however its diametric reach is much larger. It makes the firm to have a different identity from the others. Further, it provides the firm to make a different culture within a competitive environment and formulating the objective as per the strategic intent (Brennan and Brennan, 2008). Strategic marketing will be a part of the strategic management. It helps the organisation to compete in the highly competitive market and also helps the firm to utilise its limited resources for taking the opportunity to excel in the highly competitive market. It provides the management to make the firm more profitable maintaining the effective customer relationship (Doole and Lowe, 2005). Strategic marketing is associated with few process of strategy where some situational analysis is done before making any decision. In this process, management makes decision on resource allocation, implementation of plan and monitoring of the plan. Before making any decis ion, management goes by some results from some analysis like SWOT, PESTEL etc. SWOT analysis provides the insight of internal and external situation of the firm (Parry, 2005). SW indicates the internal situation such as strength and weakness of a firm that may be detected within the operation level to strategic level. OT indicates the external analysis for the firm where it is assessed with the peers company in the market. It provides the management to know the opportunity and threat in the firms business. The strategy of marketing is developed using many tools and in different parts. One of the most important tools is 7P of marketing where both product and service marketing are present. This tool will help the management to know the trends and changes in market (Proctor, 2000). It also provides the firm with a detail analysis on market so that management will be able to segment the market and know the target specifically. From 7P firm will know the strategy required for product, p lace, price, promotion, people, process and physical evidence differently so that it may manage the resources in a proper way. After this stage, the market analysis provides the firm idea on segmentation of market for your market, which helps the management to identify the customers. Further, it gives the information regarding the position of the company in the same segment industry. It is important as it will provide the firm to make its target better and it also provides the information on the target customers. The process involves the implementation of the plan within constraints. The limited resources of the company may open new challenges in this stage and management may change their decision due to non-available of resources. After this step the formulated strategy is implemented and monitored by the management for finding the gap of the planning. The last stage is the controlling phase of the marketing strategy (Ranchhod, 2004). For making the strategic marketing planning success, some models are used by the management. All the models used are useful in different perspective of marketing. The models are Ansoff matrix, BCG matrix, 7P and Porter five force strategies. The 7P model is already defined in early section. Ansoff matrix is associated with the new product development of a firm and new market penetration by the existing product that shows the chance of success for the firm in an expansion mode (Wilson and Gilligan, 2005). It delivers the firm analysis on the new product development in the existing as well as new market. New product development of the company is really important and risky for the firm so that management needs to be cautious before launching the product. Further, it also provides the analysis for new market for the existing product, which helps to expand the business of the firm. BCG matrix predicts the market share and growth of market for any specific product. Using this tool, managem ent gets the advantage of predicting the situation for the existing product and make decision of business for the future. BCG is the measurement of relative market share with the growth in product (Proctor, 2000). Using this matrix, management will be able to make decision of staying in a business or making it a scrap. 7P model is helpful in planning the marketing process matching with the objective of the company. It provides the insight of the separate strategy for the seven elements such as price, product, promotion, place, people, process and physical evidence. Further, it is also an important tool for matching all the Ps for making the strategy successful. It helps the management to make decision on matching the price of the product, promoting it at right place with the help of right people and process. Porter five force strategies is the ideal tool for assessing the competitive strategy of a firm. It describes that firm has competition from the peer companies and further it ha s to compete with the various stakeholders strategy for reducing the risk in its business. The industry rivalry is an external factor that cannot be controlled by the management but they have to deal with the stakeholder management. Here they have two main objectives to achieve minimising the threat of the business and minimising the bargaining power of the stakeholders. The threat from the new entrants and new products are the main concern about the model analysis of Porter (Parry, 2005). New entry of any company in same segment will intensify the competition for the firm. New substitute of the existing product makes the existing product to face challenges in the market and it may possible that firm has to reject the old product due to loose the competition. Bargaining power of the suppliers may make the company to buy raw material at higher cost, which may make the company uncompetitive in the market due to rise in the cost of production. If there is more peers company, then comp any has to face the challenges from them in terms of price, promotion etc. it increases the bargaining power of the customers as it provides the customers with different choices to buy the products. It is also a matter of concern for the company as it reduces the monopoly of the market resulting in intensified competition in market. The rivalry in the industry among the peers company is not good for any firm as it makes the management to make decision to under price its products due to the survival within competition of the peers company. Strategic positioning of the product/service is important as provides the firm the sense of success in a competitive market. It provides the business to be positioned its product in the market so that it can develop the business in various segment. Positioning is important as it provides the key metrics such as price, place of the products. It develops the business model for the product that must be accompanied by the company for the specific company (Doole and Lowe, 2005). Positioning of the product provides valuable information on the price and placing the products. The right price and right place is important for any product as it will be defined by the target market where the purchasing power of customer has to be matched with the price of the product. It also provides information relating to promotion of the product. Relationship marketing is essential in this context as it provides the management to make the loyal customer base for its stable business operation (Erdman, 1937). Relationship marketing has three working principle for making profit and driving the business towards the sustainability (Helm, 2005). It also provides the both parties sellers and customers to meet their objective. The key element of relationship marketing is satisfaction of customers providing the firm to retain the customer for a long time. Using the relationship marketing, firm may get the advantage of attracting new customer; retain the old ones and reduction of cost due to promotion and costs related to marketing. In addition it also makes the beneficial of having loyal customers base and drawing the customers to pay more for the product in future. Relationship marketing is also the factor for developing new product as per desired by the customer that helps the company to develop its intellectual property (Bruhn an d Frommeyer, 2005). Conclusion From the above report, it may be concluded that strategic marketing process is not a single event as it is recorded already. It is a process consist of planning, implementation and controlling three stages. Planning process is the most essential as any incorrect planning may change the situation for the company. Further, without implementation the plan a firm may not face the success of the good plan that is the reason for getting involved with the implementation for the long time by the top management. The system has implemented may become obsolete anytime as the business environment is changing every time. Thus, management needs to implement a controlling measure or monitoring system for the implemented system so that firm may be able to change their strategy whenever necessary. References Books Bradley, F. (2005).International marketing strategy. Harlow, England: Financial Times/Prentice Hall. Brennan, R. and Brennan, R. (2008).Contemporary strategic marketing. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan. Clarke, I. and Flaherty, T. (2005).Advances in electronic marketing. Hershey PA: Idea Group Pub. Cohen, W. (2005).The marketing plan. Hoboken, NJ: Wiley. Doole, I. and Lowe, R. (2005).Strategic marketing decisions in global markets. London: Thomson Learning. Emerald Group Publishing., (2005).Customer Relationship Management. Emerald Group Publishing. Ferrell, O. and Hartline, M. (2005).Marketing strategy. Mason, Ohio: Thomson South-Western. Parry, M. (2005).Strategic marketing management. London: McGraw-Hill. Peelen, E. (2005).Customer relationship management. Harlow, England: FT Prentice Hall. Peter, J. and Olson, J. (2005).Consumer behavior and marketing strategy. New York: McGraw-Hill. Ranchhod, A. (2004).Strategic marketing in practice 2004-2005. Oxford: Elsevier Butterworth-Heinemann. Roberts-Phelps, G. (2003).Customer relationship management. London: Thorogood. Walker, O. (2006).Marketing strategy. Boston: McGraw-Hill Irvin. Wilson, R. and Gilligan, C. (2005).Strategic marketing management. Amsterdam: Elsevier/Butterworth-Heinemann.

The Naked Ape Essay Example For Students

The Naked Ape Essay In The Naked Ape, Desmond Morris provides an alternative explanation of the causative factors underlying various human behavior patterns and societal and cultural activities. He develops his theme around such human activities as feeding, grooming, sleeping, fighting, mating and care of the young. He compares human traits and behaviors with those exhibited by animals, mainly the primates, in like activities. His point is that understanding the evolutionary source of many behaviors can throw new light on understanding the complex nature of the human species. Morris begins by examining the evolution of the mammals, from the earliest insectivores to the latest carnivores, detailing the survival characteristics which led to the success of some species over others. He provides great detail on the development of the nearly naked carnivorous hunting ape from the fruit eating primate group. He presents a thorough discussion of sexual behavior, stressing the similarities between human rituals and primate behaviors. Tracing the three characteristic sexual phases of pair formation, pre-copulatory activity, and copulation, the evolutionary process which lies at the root of modern human sexual behavior is clearly laid out. We will write a custom essay on The Naked Ape specifically for you for only $16.38 $13.9/page Order now Similarly, he examines human child-rearing, and provides interesting insights into non-verbal communication and body language between mother and child. The role of exploratory behavior in the basic survival patterns of feeding, fighting, and mating, as well as its importance to an individuals social adjustment, is detailed. Morris analyzes thoroughly our human aggressive urges, as always providing examples of animal behaviors which serve as an objective base upon which to understand why we act as we do. In addition to territorial and social dominance aggressive behaviors, he describes the actual mechanics of aggression, both physiologically and behaviorally. Both displacement activity and appeasement activity are explored in detail. He concludes by examining human feeding and comfort behaviors and mankinds relationships with animals. Throughout the book he stresses that as a species, man is a simple biological phenomenon subject to all the basic laws of animal behavior. He feels that it is important to the survival of the human species to understand itself and the limitations implicit in being a naked ape. Morris admits that he perhaps over-stresses the biological/zoological slant of his thesis, but even so his concepts are capably and logically developed. I found it easy and fascinating to recognize myself (and others) in almost every behavioral situation he describes. One very important point to keep in mind about Morris book is that he is exploring normal social behavior, not abnormal behavior. He has taken almost every aspect of mans everyday life and shown, acceptably and believably in my opinion, that in many cases human behavior can be understood in terms of our evolutionary roots.

Helen of troy willing resident

Helen of troy willing resident The question of whether Helen is a willing resident or a captive resident of Troy is explained in The Iliad, Book III. I believe that Helen is a captive resident of Troy. With the help of Aphrodit ª, Alexandros seduces Helen, and she temporarily falls in love with him. He then carries her away from her home in Lacedaimon. When the fighting starts, it has little affect on Helen, but then Iris informs her that Alexandros and Menelaos are going to fight for her. This makes Helen come out of the trance of love and she feels miserable and extremely homesick. She misses her husband Menelaos, whom she truly loves, as well as her family and friends back home in Lacedaimon. It is because of Aphrodit ª, Helen has stayed with Alexandros so long and laid with him in bed.When Iris, messenger of the gods, tells Helen that Alexandros and Melelaos are going to fight for her, she reacts with sorrow and regret.DTM Alexandros Margaritis

Business Marketing Report on Corus Group Plc Essay

Business Marketing Report on Corus Group Plc - Essay Example Corus traces its roots in October 1999 with the merger of Koninklijke Hoogovens N.V. and British Plc. The business organisation is one of the largest producers of steel and aluminum in the world. Its size and scope has made it a very important player in the global economy as it is a supplier to other companies in almost all industries (Corus Group 2006). Currently, Corus it is being acquired for $9 billion by Tata Steel, an Indian steel company (Yahoo finance 2006).Corus is subdivided into four strategic business units namely, strip products division, long products division, distribution and building system division, and aluminum division in order to facilitate the manufacture of its numerous products. The company classifies its products in seventeen broad product lines: 1. bar and billet which are classified steel types, hot rolled products, bright bar and services that relates to this product line; 2. construction products and services which ranges from structural steelworks, floor s, walls, roofs, modular, light framing, and other building components; 3. business services which relates to the industries where Corus is involved such as research and development, consulting, testing solutions, and transport and shipping;4. electrical steels comprised of grain oriented steel, nonoriented fully processed steel, and nonoriented semi processed steel and complemented with lamination and transformer products; 5. narrow strips which are specially tailored according to customer’s specifications;

Closed Forms by Borwein and Crandall Essay Example | Topics and Well Written Essays - 2000 words

Closed Forms by Borwein and Crandall - Essay Example Third section deals with detailed examples on closed forms. Next, recent examples of advanced research on closed forms are discussed. Then there is the fifth section titled â€Å"profound curiosities† (Borwein and Crandall 2010, p. 24) followed by the concluding section of the article. In the concluding section, several open questions have been discussed. The first section of this paper is particularly important because it explains the very significance of this article. In this section, the authors attempt to furnish a definition of closed form. But in doing this, the authors revisit a basic concept of mathematics, that is the concept of rigorous proof. The authors wish to furnish a rigorous definition of closed forms with the help of the concept of rigorous proof. However, the problem is that the general notion of rigorous proof is a kind of â€Å"community-varying and epoch dependent† concept (Borwein and Crandall 2010, p. 1). Consequently, even a potential rigorous d efinition of closed forms is likely to provide an exhaustive treatment to the matter. 2. Discussion The authors have adopted seven different approaches to define a closed form. The first three approaches are very basic and theoretical in nature. The fourth approach chiefly utilises set algebra with particular focus on exponential and logarithmic functions. Using this approach, Chow (1999) remarks that the term closed form must imply explicit in the sense that the expression in closed form is meaningful, clearly open to all calculations and standard mathematical operators can be applied (Borwein and Crandall 2010, section 1.0.4). Although most algebraic functions do not have a simple explicit expression, scientists and mathematicians are trying to introduce concepts like hyperclosure and superclosure. The fifth approach is again elementary in nature with emphasis on theory rather than correlative analysis with respect to sufficiently complicated equations and identities (Borwein and Crandall 2010). In discussing the sixth approach, the authors have put their own input to refine the understanding of this concept as deduced from previous research works of experts like Bailey, Borwein, and Crandall (2008). First, the Borwein and Crandall (2010) consider any convergent sum given by the following expression: x = ?cnzn (where x is a member of the set X) †¦ †¦ †¦ (1) Explaining the different variables and operators that are seen in (1), we must mention that c0 is rational; z is algebraic; and n ? 0. Furthermore, for n > 0 we have: , where B and A are integer polynomials such that deg B ? deg A. Also, the set X contains generalised hypergeometric evaluations as established by the authors (Borwein and Crandall 2010, section 1.2.2) as a part of the ring of hyperclosure denoted by H (which is begot from all generalised hypergeometric evaluations). Now according to the authors: â€Å"Under these conditions the expansion for x converges absolutely on the ope n disk |z| < 1. However, we also allow x to be any finite analytic-continuation value of such a series; moreover, when z lies on a branch cut we presume both branch limits to be elements of X. (See ensuing examples for some clarification.) It is important to note that our set X is closed under rational multiplication, due to freedom of choice for c0. † (Borwein and Crandall 2010, section 1.2.2) The merit of this approach is that it introduces us to the concept of hyperclosure.

Port Management Case Study Example | Topics and Well Written Essays - 3000 words

Port Management - Case Study Example Santos is considered to be a good harbor for ships, fishing and trade purposes. (The ports of Brazil, 1942) The Santos port approaches to increase the rate of exports by cheap means of transport. It enhances the trade by providing a track to the countries linked with the Atlantic Ocean. It has its origins associated to the coffee trade. It also facilitated to advance the sanitary situation of the region. It also played an essential role in the industrial growth of the State of So Paulo and of the entire Brazil. The Port of Santos is situated in the town that has the same name in the coast of southeastern Brazilian state of Sao Paulo. It is the port that transported most of the goods to the Arab countries in the year 2005. Goods worth at US$ 2.1 billion moved across the terminal heading towards the Arab countries in North Africa and the Middle East. In conditions of quantity, shipments reached 5.3 million tons. There are 64 private terminals at the Port of Santos and total area is 7.7 million square kilometers. It gave refuge to 44.7% of the Brazil's exports to the Arab states, which made a sum of US$ 4.7 billion up to November, 2005. (Edgar Rodrigues; Clifford Harper, 2005) The chief commodity to export i... It is also a chief transshipment port for good and commodities created in all the Southern cone countries (Brazil, Chile, Paraguay, Argentina, Bolivia and Uruguay). For instance, in the past, Santos went beyond Buenos Aires as Latin America's second-largest manager of containers. Land access and division within the ports are two important issues. The port is provided by quickly to be finished toll road that supplies high powered, quick access to So Paulo. Just about 90 % of the export and import cargo is conceded or from the port by trucks. There are Five railway companies, under allowance since 2000, serve the port. The port had an aim of covering 10 million tons of load carried by rail at the end of 2002, an ambition that was met. Investments of rail facilities in the port possessions and use of concessions have radically improved the efficiency of rail car use. 20% of container traffic from the port is controlled by rail, around twenty thousand TEUs per month. Rail investment in infrastructure on port possessions is a significant factor of increased access to the port. With no corresponding investment in rail infrastructure In further elements of the state, however, the use of rail for shifting goods also from the port will be limited. Projects are being generated that will permit leasing of rail infrastructure for private workers, created investment dollars. Rail services, in amalgamation with inland water barge, symbolize a significant access mode for agricultural commodities, particularly soy. Other policies have been used to develop the port's efficiency. The port is maneuvered twenty four hours a day with a twenty four hours reservation method for trucks due to overcrowding on the local road system, and port organizers are

Stock Price Reaction To Annual Earnings Announcements

Stock Price Reaction To Annual Earnings Announcements Any decision carried out by the management of any organization needs adequate, accurate and precise information, on the basis of that information the management procures their analysis and undertake decision. If decision to be taken involves any financial aspect, this increases the scope and accuracy of the information. Financial decisions require adequate and accurate information; therefore, it is important that the behaviour of individual market is investigated for informed financial decision making, Oguzusy and Guiven (2003). In this respect many theories were presented. One of them is about the market efficiency which is termed as efficient market hypothesis (EMH). The concept of market efficiency had been anticipated at the beginning of the century by Bachelier (1900) in his dissertation. Fama (1970) classified market efficiency in three categories namely, weak form, semi strong form and strong form of efficiency; weak form of efficiency which defines as one cant earn abnormal return by doing technical analysis of the market or of a particular stock. Technical analysis means predicting future prices by studying historical prices of a particular share or a market. The Second form of efficient market hypothesis (EMH) is semi-strong form of efficiency. This form of market efficiency makes impossible for an investor to earn extra return on security by knowing the publicly available information; this includes companys financial results, any particular event or news which affects the company the share prices adjust rapidly with these new publicly available information therefore excess return cant be earn by trading on that information. The last form of efficient market hypothesis (EMH) is the strong form of efficiency and can be define as share prices reflects all public and private information (insider information) and consequently it is not possible for a stock holder to earn extra return on the basis of these information. According to efficient market hypothesis (EMH) the stock prices in an efficient market fully reflect their investment value Ajayi, Mehdian Perry (2004). The security pricing process instantaneously impound the available information in an efficient market and it is not possible to beat an efficient market that by using data mining, trading strategy or by any technical analysis to get consistently abnormal returns. Efficient market hypothesis (EMH) assumed that (1) All investors have cost-less access to currently available information about the future. (2) They are good analysts; and (3) They pay close attention to the market process and adjust their holdings appropriately. Many models including Augmented Dickey Fuller (ADF) unit root test, variance ratio test (VR), Ljung Box Q-statistics, and Durbin Watson‘d statistics have been based on this concept of informational efficiency of capital markets. However the late seventies and the eighties brought in evidences questioning the validity and highlighting various anomalies related to the Stock market efficiency. There are many focused studies that demonstrate the possible trading strategies yielding abnormal rates of return using the historical data and publicly available information ruling out the efficacy of markets. The empirical studies evidencing the inefficiency are broadly related to the following: (1) The low price-earning (P/E) effect: Researches show that stocks with low price earning (P/E) ratios earned more for investors, which is contradictory to Efficient Market Hypothesis (EMH). Fama and French (1995) found that market and size factors in earnings help explain market and size factors in returns. (2) The small firm and neglected firm effects: Banz (1981), Reinganum (1981) and other researchers show the size or small-firm effect in stock return. Their analysis support the evidence that small firm with low capitalization can earn higher returns than the large firm with large capitalization. (3) Market over and under reaction: DeBondt and Thaler (1985, 1987) present evidence that is consistent with stock prices over reacting to current changes in earnings. They report positive (negative) estimated abnormal stock returns for portfolios that previously generated inferior (superior) stock price and earning performance. This could be construed as the prior period stock price behaviour over reacting to earnings developments (Bernard, 1993). (4) The January effect: The January effect in stock returns was documented by many researchers. Their analysis suggested that January has a highest return as compared to other months. January effect was first discovered by Rozeff and Kinney (1976) for US stock markets. Later other researchers like Gultekin and Gultekin (1983), Chang and Pinegar (1986) documented the same result for other countries stock markets. (5) The week day effect: This refers to the observation that stocks return are not independent of the day of the week effect. A notable anomaly is the Monday effect in daily stock returns, which suggests that stock returns are significantly lower or negative on Mondays relative to other week days. This ‘Monday effect has been extensively examined not only in U.S. asset markets but in international markets as well, for example French (1980), Lakonishok and Levi (1982), Mehdian Perry (2001) and Lakonishok Smidt (1988). In week day effect the last trading day that is Friday was characterized with a positive return and the first trading day that is Monday is characterized with a low or negative return. Later this interesting study was also carried out on other countries stock markets and the researchers found out the same result, but still few studies has been done on emerging Asian stock markets. Karachi Stock Exchange (Kse) The Karachi Stock Exchange abbreviated as KSE is a stock exchange based in Karachi, Pakistan. It was founded in 1947 and is countrys largest and oldest stock exchange, with both Pakistani and overseas listings. It is also the second oldest stock exchange in South Asia. From its inception in 1947, it has done an amazing progress. In 1950s, only 05 companies listed and 90 members were there on the exchange and at the end of 2007 the number of listed companies increased by 666 which make a total of 671 listed companies and the member on the exchange goes up from 90 to 200 during these years. Its current premises are situated in the heart of Karachis Business District, on Stock Exchange Road. History KSE is the biggest and most liquid exchange. It was recognized worldwide for performing well in 2002 by Business Week magazine. US newspaper, USA Today, termed Karachi Stock Exchange (KSE) as one of the best performing bourses in the world. As of December 20, 2007, 671 companies were listed with the market capitalization of Rs.4364.312 billion (US$ 73 Billion) having listed capital of Rs.717.3 billion (US$ 12 billion). In the same year, the KSE 100 Index reached its ever highest value and closed at 14,814.85 points. Trading Time The trading hours are from 9:45am to 2:15pm on weekdays and 9:30am to 1:30pm on Friday. Growth The beginning of the exchange was very low with an index of 50 shares only. As the market grew, a delegate index was needed. On November 1st, 1991 the KSE-100 index was introduced and till present it is the most generally accepted measure of the exchange. The need to reconfirm for all share indexes was felt in 1995 and to provide the beginning of index trading in future. And this was achieved on 29th of August, 1995, constructing all share indexes and introduced on 18th of September, 1995. Foreign interests were very active on KSE in 2006 and the interest continued in 2007 also. According to the estimates given by State Bank of Pakistan, foreign investment in capital markets total about US$523 Million. According to a research analyst in Pakistan, around 20% of the total free float in KSE-30 Index is held by foreign participants. There is a plan to build high rise building for the KSE as a new direction to future investments. The decision was taken by the board of directors, Karachi stock exchange (KSE). Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange. Kse – 100 Index Karachi Stock Exchange 100 Index (KSE-100 Index) is a benchmark and stock index used to compare prices overtime. In determining representative companies to compute the index, companies with the highest market capitalization are selected. To ensure full market representation, the company with the highest market capitalization from each sector is also included. The list of 100 companies listed in Karachi Stock Exchange is presented in Table # 01. The Karachi Stock Exchange (KSE) has also launched the KSE-30 Index with base value of 10,000 points, implemented from September 1, 2006. The main feature of this index is that it based only on the free-float of shares, rather than on the basis of paid-up capital which differ it from the other indices. Unlike the Karachi Stock Exchange (KSE) which represents total return of the market, KSE-30 index is adjusted for dividends and right shares. That is, when a company announces a dividend, the other indices at Karachi Stock Exchange (KSE) are not reduced for that amount of dividend. Whereas KSE-30 Index is adjusted for dividends and right shares only Table # 01 List of 100 Companies listed In Karachi Stock Exchange – 100 Index No. Company Name No. Company Name 1 Pakistan Refinery 51 Pakistan Telecom. Co.Ltd 2 EFU General Ins 52 Sui North Gas 3 Pakistan Reinsur 53 New Jubilee Insurance 4 EFU Life Assurance 54 Mybank Limited 5 Dawood Herc. 55 WorldCall Telecom 6 Ist.Capital Securities 56 D.G.Khan Cement 7 Mari Gas 57 Pakistan State Oil 8 Siemens Pakistan 58 PICIC Growth 9 Bata (Pakistan) 59 Fauji Cement 10 Adamjee Insurance 60 Standard Chartard Bank 11 Attock Refinery 61 IGI Insurance 12 Jahangir Siddiqque Co. 62 Sui South Gas 13 Pak.National Shipping Corp. 63 Karachi Electric Supply Corp. 14 Bank Al-Falah 64 Shell Pakistan 15 Meezan Bank 65 Wazir Ali 16 Bannu Woollen 66 Samin Textiles 17 JS Global Cap. 67 Bestway Cement 18 Rafhan Maize 68 Maple Leaf Cement 19 Habib Metro Bank 69 Pioneer Cement 20 Nestle Pakistan 70 Javedan Cement 21 Pakistan Elektron 71 Fazal Textile 22 Lucky Cement 72 Pak.PTA Ltd. 23 Pakistan Tobacco 73 ABN AMRO Bank 24 MCB Bank 74 NIB Bank 25 Bank AL-Habib 75 Bosicor Pakistan 26 Pakistan Petroleum 76 Saudi Pak Bank 27 Attock Petroleum 77 Pakistan Cement 28 Engro Chemical 78 Agriautos Industries 29 National Refinery 79 AL-Ghazi Tractors 30 ICI Pakistan 80 Allied Bank 31 Colgate Palmolive 81 Arif Habib Securities 32 Abbott (Lab) 82 Askari Bank 33 Habib Bank Ltd 83 Atlas Honda 34 Attock Cement 84 Kot Addu Power Company 35 Azgard Nine 85 Lakson Tobacco 36 Bank of Punjab 86 National Bank of Pakistan 37 Fauji Fertilizers Bin 87 Nishat Mills 38 Fauji Fertiliz 88 Oil and Gas Development 39 Faysal Bank 89 Orix Leasing 40 Ghani Glass 90 Pakistan International Airlines 41 GlaxoSmith 91 Packages Limited 42 Habib Modarba 92 Pak Oilfields 43 Habib Sugar 93 Pak Services 44 Hub Power 94 Pak Suzuki 45 Ibrahim Fibres 95 Pakistan Intn`l Container Ter. 46 Indus Motor 96 Soneri Bank 47 International Industries limited 97 Thal Limited 48 JS Investment 98 UniLever Pakistan 49 Kohinoor Energy 99 Unilever Foods 50 Cresent Commercial Bank 100 United Bank (Source: Karachi Stock Exchange) History The index was launched in late 1991 with a base of 1,000 points. By 2001, it had grown to 1,770 points. By 2005, it had skyrocketed to 9,989 points. It then reached a peak of 12,285 in February 2007. KSE-100 index touched the highest ever benchmark of 14,814 points on December 26, 2007. The graph of last 10 years of KSE growth and index points is shown. The graph clearly shows the progress and continuous increment. Free Float Index: In order to introduce a free float index that is representative of the market, the KSE- 30 Sensitive Index was implemented with effect from September 1, 2006. The need for a market representative free float index was long felt as the capitalization weighted KSE 100 Index strongly tilted to a few scripts. Free float is based on the proportion of shares readily available for trading to the total shares issued and excludes the locked in shares. The criterion for the selection of scripts on KSE-30 index was revised on 15 February 2007 in line with international best practices to include the impact cost as a measure to gauge the liquidity of scrip. This study is about testing the semi-strong form of Efficient Market Hypothesis (EMH) on the annual earnings announcement for the selected companies, listed on Karachi Stock Exchange (KSE) by using event study methodology (Fama et al. 1969; and Brown and Warner 1980, 1985).; Following this chapter the study is divided into six more chapters, they are; (1) Chapter two includes detailed Research aims and objectives, it also comprises of main problem and their sub problems; hypotheses of the study are also being discussed in this chapter. (2) In the third chapter, Review of relevant theoretical and empirical research has been done. In this chapter we have concluded that what has been done so far in this area of study both theoretically and empirically. (3) Fourth chapter covers Research methodology, data sources and method of sampling for the data. Methodology includes formulae and tests which are being used to test semi-strong form of efficient market hypothesis (EMH) on Karachi Stock Exchange (KSE). (4) Fifth chapter includes Research results and/or findings with supporting evidence. (5) Sixth chapter includes the research conclusions. (6) The seventh and the last chapter comprise of Recommendations; made with the help of Research results and/or findings. Scope And Limitation Of The Study The material in this dissertation to the best of my knowledge do not contain any previously published or written documents by another person except where due acknowledgement is made in the research itself. If any errors found in the calculations made for this research that will be the sole responsibility of the writer. Statement Of Ethics And Originality Due to time constraint and non availability of the companys earnings announcement data from the Karachi stock exchange web site before 2004 the study is being carried out for just three years which includes 2005, 2006 and 2007. Moreover during the period of study which is year 2005, 2006 and 2007 there are few companies eliminated due to the non availability of the required data to carry out the calculations. Due to the limited availability of econometrics experts for guidance irrespective of the new sophisticated models for event studies, conventional models were used in this study despite the fact they have less predictive power than the other latest models. Aims, Objectives And Hypothesis Of The Study The following are the Aims Objectives of the study: To check whether the Semi-Strong form of Efficient Market Hypothesis (EMH) is valid for Karachi Stock Exchange` 100 – 100 Index (KSE – 100 Index). To examine the stock market reaction (KSE) to Annual Earnings Announcements. Problems The research is comprises with one main problem which is further divided into three sub problems each problem has its own hypothesis and to be solved separately. Main Problem Test whether semi-strong form of efficiency exists on Karachi Stock Exchange (KSE) or not. Sub Problem – One Whether the annual earnings announcement affect complete on the day of announcement? We will calculate the normal return and the expected return and if it is close to zero; we will say that the annual earnings announcement affect complete on the day of announcement Sub Problem – Two Share holders could not earn extra return; before, and after the announcement. We would first take the average of abnormal return and then cumulate the average abnormal return. In case where the AARs and the CAARs are closed to zero we will conclude our results that, investor or the share holder are not able to earn abnormal return by trading on event which is earnings announcement. Sub Problem – Three The Average Abnormal Returns (AARs) are random. We used Runs test to analyze the randomness in the behavior of Average Abnormal Returns (AARs). To check whether the average abnormal returns occur by chance or not, we carried out Runs test. In case where the observed numbers of runs are significantly different from the expected number of runs, we will conclude our finding as Average Abnormal Returns (AARs) do not occur randomly. Alternatively, if these results were not statistically significant, we say that Average Abnormal Returns (AARs) do occur randomly. We carried out runs test on Average Abnormal Returns (AARs) before and after the event day and also for the event window. Hypothesis Since the study empirically examine the Karachi Stock Exchange`s 100 Index reaction to Annual Earnings Announcement and the hypothesis being tested are: Hypothesis For Sub Problem One HO: Our null hypothesis for sub problem – one is that the stock prices reactions in response to the annual earnings announcement complete on the announcement day in addition to that, abnormal returns can`t be earn by the investors on stocks by trading on stocks after the announcement day. HO: Rit = AR = 0 H1: Rit = AR For testing above hypothesis we compute the estimated return for the event window and then compare it to the actual return, the estimated return will be calculated by using following equation; E (Rit) = ÃŽ ±i + ÃŽ ²i Rmt Under the null hypothesis if the estimated return of a stock is closed to zero we will accept the null hypothesis and if it is not than we will reject our hypothesis and bring to a close; that announcement do affect on returns. Hypothesis For Sub Problem Two HO: Our null hypothesis for sub problem – two is that returns are close to zero for average abnormal returns and their respective cumulative average abnormal returns for the selective securities in the study HO: AAR ≈ CAAR = 0 H1: AAR ≈ CAAR To test the above hypothesis first we will calculate the average abnormal return (AAR) and then cumulative average abnormal return (CAAR) with the help of the following formulae; For Average Abnormal Return ÃŽ £ ARit AAR it = i=1 . N Where, i = the number of securities in the study; N = total number of securities. t = the days surrounding the event-day For Cumulative Average Abnormal Return K CAARt = ÃŽ £ AARit Where, t = -30,0, +30. t = -30 If the average abnormal return and the cumulative average abnormal return are close to zero than we accept our null hypothesis otherwise we will reject it. 2.2.3 Hypothesis for Sub Problem – Three HO: Our null hypothesis for sub problem – three is that the difference between the no. of positive and negative average abnormal returns as not significant and they occur randomly. HO: Z = 0 H1: Z The null hypothesis of the test is that the observed series is a random series. A run is defined by Gibbons (1985), as â€Å"A succession of identical symbols which are followed or preceded by different symbols or no symbol at all† The run test is another approach to test and detect statistical dependencies (randomness). The number of runs is computed as a sequence of the price changes of the same sign (such as; + +, , 0 0). When the expected number of run is significantly different from the observed number of runs, the test rejects the null hypothesis that the daily returns are random. The run test converts the total number of runs into a Z statistic. For large samples the Z statistics gives the probability of difference between the actual and expected number of runs. The Z value is greater than or equal to + 1.96, reject the null hypothesis at 5% level of significance (Sharma and Kennedy, 1977). Literature Review There have been a lot of studies conducted on Efficient Market Hypothesis (EMH), a concept; developed by Fama (1960) and divided capital market into three parts on the basis of its efficiency namely weak, semi-strong and strong form. For the event study, which is linked with semi – strong form of market efficiency; below first we discuss the theoretical foundations and after that, the empirical evidence. Theoretical Foundations The origins of the Efficient Market Hypothesis (EMH) can be traced back to the work of two individuals, Eugene F. Fama (1960) and Paul A. Samuelson (1960). Remarkably, they independently developed the same basic concept of market efficiency from two rather different research agendas. These differences would drive them along two distinct trajectories leading to several other breakthroughs and milestones, all originating from their point of intersection, the Efficient Market Hypothesis (EMH). The EMH state that in an efficient market where many well-informed and intelligent investors operates, the stock price imitates all the existing information and no other information or analysis can be used to earn abnormal returns. The arguments of Fama (1965) form the theoretical foundation for the Efficient Market Hypothesis (EMH), which persuasively reasons that in an efficient and active market consisting of many well-informed investors, equity prices will appropriately reflect the effects of information based on present and future expected events. The strong form of the hypothesis asserts that the current market prices fully reflect all private (insider) and public information. In other words, insiders shouldn`t be able to earn excess returns from privileged asymmetric information. The strong form of the hypothesis represents an absolute standard, and in practice, market demonstrates only a certain degree of efficiency. Efficient Market Hypothesis (EMH) claims that speculative market prices fully and immediately reflect all available relevant information. Fama categorised information as: publicly available information, information that eventually becomes public, insider information. Event studies are used in tests of Efficient Market Hypothesis (EMH) to ask whether prices incorporate information fully on the day that the information is revealed. If Efficient Market Hypothesis (EMH) holds, the information about the event should be incorporated into prices before or on the day of the event itself. There should be no impact on returns after the event â€Å"There was little evidence on the central issues of corporate finance, now we are overwhelmed with results, mostly from event studies† (Fama, 1991, p. 1600) Event study analyses are typically used for two different purposes firstly as a test of semi-strong form market efficiency; and secondly as, assuming that the market efficiency hypothesis holds, as a tool for examining the impact of some event on the wealth of firms shareholders. Event studies measure security price changes in response to events. A single event study typically analyzes the average security price reaction to instances of the same type of event experienced by many firms. For example, the event could be the announcement of a merger. The event date can vary from one security to another in the same study, with dates measured in event time. Event studies have been used in a large variety of studies, including [mergers and acquisitions], earnings announcements, debt or equity issues, corporate reorganizations, investment decisions and corporate social responsibility MacKinlay (1997), McWilliams Siegel (1997). Empirical Evidence The debate about efficient markets has resulted in hundreds and thousands of empirical studies attempting to determine whether specific markets are in fact efficient and if so to what degree. Many novice investors are surprised to learn that a tremendous amount of evidence supports the Efficient Market Hypothesis (EMH). Since the late 1960s, the enormous study in the finance and accounting literature has recognized evidence of relationship between accounting reports and market reactions. Fama (1970) described an efficient market as having prices that â€Å"fully reflect† all available information. Beaver (1981) offers a definition of market efficiency based on the information distribution when investors have mixed beliefs. Accounting reports probably are one of the sources of public information. Ball Brown (1968) examine the relationship between the accounting reports stock prices . Their results show that the market reacts to unexpected earnings as though the market participants had access to the good or bad news prior to the availability of this news to the market. They estimate that only 10 to15 percent of the market reaction takes place during the announcement month. Using another approach, similar results are also found in the work of Ball and Brown (1968) they examined price changes surrounding the announcement of a firms annual earnings and found that the stock market reacts quickly to annual earnings announcements. Ball (1992) and Bernard Thomas (1989) and (1990), documented significant delays in the adjustment of stock prices to quarterly earnings announcements. Developed countries of the world such as the USA, the UK, and Australia, etc. the amounts of researches on Efficient Market Hypothesis are extensive. Fama, Fisher, Jensen and Roll (1969) conducted the first study on semi-strong form of Efficient Market Hypothesis (EMH). They examined the behaviour of abnormal returns at the announcements of stock splits and found that the market reaction is significant prior to the stock split announcement. Jordan (1973) assessed the behaviour of security prices surrounding the quarterly earnings announcements and found that stock market is efficient in the semi-strong form. In Asia until now some researches has been done. Kong, S. and Taghavi, M. (2006) study the Effect of Annual Earnings Anno Stock Price Reaction To Annual Earnings Announcements Stock Price Reaction To Annual Earnings Announcements Any decision carried out by the management of any organization needs adequate, accurate and precise information, on the basis of that information the management procures their analysis and undertake decision. If decision to be taken involves any financial aspect, this increases the scope and accuracy of the information. Financial decisions require adequate and accurate information; therefore, it is important that the behaviour of individual market is investigated for informed financial decision making, Oguzusy and Guiven (2003). In this respect many theories were presented. One of them is about the market efficiency which is termed as efficient market hypothesis (EMH). The concept of market efficiency had been anticipated at the beginning of the century by Bachelier (1900) in his dissertation. Fama (1970) classified market efficiency in three categories namely, weak form, semi strong form and strong form of efficiency; weak form of efficiency which defines as one cant earn abnormal return by doing technical analysis of the market or of a particular stock. Technical analysis means predicting future prices by studying historical prices of a particular share or a market. The Second form of efficient market hypothesis (EMH) is semi-strong form of efficiency. This form of market efficiency makes impossible for an investor to earn extra return on security by knowing the publicly available information; this includes companys financial results, any particular event or news which affects the company the share prices adjust rapidly with these new publicly available information therefore excess return cant be earn by trading on that information. The last form of efficient market hypothesis (EMH) is the strong form of efficiency and can be define as share prices reflects all public and private information (insider information) and consequently it is not possible for a stock holder to earn extra return on the basis of these information. According to efficient market hypothesis (EMH) the stock prices in an efficient market fully reflect their investment value Ajayi, Mehdian Perry (2004). The security pricing process instantaneously impound the available information in an efficient market and it is not possible to beat an efficient market that by using data mining, trading strategy or by any technical analysis to get consistently abnormal returns. Efficient market hypothesis (EMH) assumed that (1) All investors have cost-less access to currently available information about the future. (2) They are good analysts; and (3) They pay close attention to the market process and adjust their holdings appropriately. Many models including Augmented Dickey Fuller (ADF) unit root test, variance ratio test (VR), Ljung Box Q-statistics, and Durbin Watson‘d statistics have been based on this concept of informational efficiency of capital markets. However the late seventies and the eighties brought in evidences questioning the validity and highlighting various anomalies related to the Stock market efficiency. There are many focused studies that demonstrate the possible trading strategies yielding abnormal rates of return using the historical data and publicly available information ruling out the efficacy of markets. The empirical studies evidencing the inefficiency are broadly related to the following: (1) The low price-earning (P/E) effect: Researches show that stocks with low price earning (P/E) ratios earned more for investors, which is contradictory to Efficient Market Hypothesis (EMH). Fama and French (1995) found that market and size factors in earnings help explain market and size factors in returns. (2) The small firm and neglected firm effects: Banz (1981), Reinganum (1981) and other researchers show the size or small-firm effect in stock return. Their analysis support the evidence that small firm with low capitalization can earn higher returns than the large firm with large capitalization. (3) Market over and under reaction: DeBondt and Thaler (1985, 1987) present evidence that is consistent with stock prices over reacting to current changes in earnings. They report positive (negative) estimated abnormal stock returns for portfolios that previously generated inferior (superior) stock price and earning performance. This could be construed as the prior period stock price behaviour over reacting to earnings developments (Bernard, 1993). (4) The January effect: The January effect in stock returns was documented by many researchers. Their analysis suggested that January has a highest return as compared to other months. January effect was first discovered by Rozeff and Kinney (1976) for US stock markets. Later other researchers like Gultekin and Gultekin (1983), Chang and Pinegar (1986) documented the same result for other countries stock markets. (5) The week day effect: This refers to the observation that stocks return are not independent of the day of the week effect. A notable anomaly is the Monday effect in daily stock returns, which suggests that stock returns are significantly lower or negative on Mondays relative to other week days. This ‘Monday effect has been extensively examined not only in U.S. asset markets but in international markets as well, for example French (1980), Lakonishok and Levi (1982), Mehdian Perry (2001) and Lakonishok Smidt (1988). In week day effect the last trading day that is Friday was characterized with a positive return and the first trading day that is Monday is characterized with a low or negative return. Later this interesting study was also carried out on other countries stock markets and the researchers found out the same result, but still few studies has been done on emerging Asian stock markets. Karachi Stock Exchange (Kse) The Karachi Stock Exchange abbreviated as KSE is a stock exchange based in Karachi, Pakistan. It was founded in 1947 and is countrys largest and oldest stock exchange, with both Pakistani and overseas listings. It is also the second oldest stock exchange in South Asia. From its inception in 1947, it has done an amazing progress. In 1950s, only 05 companies listed and 90 members were there on the exchange and at the end of 2007 the number of listed companies increased by 666 which make a total of 671 listed companies and the member on the exchange goes up from 90 to 200 during these years. Its current premises are situated in the heart of Karachis Business District, on Stock Exchange Road. History KSE is the biggest and most liquid exchange. It was recognized worldwide for performing well in 2002 by Business Week magazine. US newspaper, USA Today, termed Karachi Stock Exchange (KSE) as one of the best performing bourses in the world. As of December 20, 2007, 671 companies were listed with the market capitalization of Rs.4364.312 billion (US$ 73 Billion) having listed capital of Rs.717.3 billion (US$ 12 billion). In the same year, the KSE 100 Index reached its ever highest value and closed at 14,814.85 points. Trading Time The trading hours are from 9:45am to 2:15pm on weekdays and 9:30am to 1:30pm on Friday. Growth The beginning of the exchange was very low with an index of 50 shares only. As the market grew, a delegate index was needed. On November 1st, 1991 the KSE-100 index was introduced and till present it is the most generally accepted measure of the exchange. The need to reconfirm for all share indexes was felt in 1995 and to provide the beginning of index trading in future. And this was achieved on 29th of August, 1995, constructing all share indexes and introduced on 18th of September, 1995. Foreign interests were very active on KSE in 2006 and the interest continued in 2007 also. According to the estimates given by State Bank of Pakistan, foreign investment in capital markets total about US$523 Million. According to a research analyst in Pakistan, around 20% of the total free float in KSE-30 Index is held by foreign participants. There is a plan to build high rise building for the KSE as a new direction to future investments. The decision was taken by the board of directors, Karachi stock exchange (KSE). Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange. Kse – 100 Index Karachi Stock Exchange 100 Index (KSE-100 Index) is a benchmark and stock index used to compare prices overtime. In determining representative companies to compute the index, companies with the highest market capitalization are selected. To ensure full market representation, the company with the highest market capitalization from each sector is also included. The list of 100 companies listed in Karachi Stock Exchange is presented in Table # 01. The Karachi Stock Exchange (KSE) has also launched the KSE-30 Index with base value of 10,000 points, implemented from September 1, 2006. The main feature of this index is that it based only on the free-float of shares, rather than on the basis of paid-up capital which differ it from the other indices. Unlike the Karachi Stock Exchange (KSE) which represents total return of the market, KSE-30 index is adjusted for dividends and right shares. That is, when a company announces a dividend, the other indices at Karachi Stock Exchange (KSE) are not reduced for that amount of dividend. Whereas KSE-30 Index is adjusted for dividends and right shares only Table # 01 List of 100 Companies listed In Karachi Stock Exchange – 100 Index No. Company Name No. Company Name 1 Pakistan Refinery 51 Pakistan Telecom. Co.Ltd 2 EFU General Ins 52 Sui North Gas 3 Pakistan Reinsur 53 New Jubilee Insurance 4 EFU Life Assurance 54 Mybank Limited 5 Dawood Herc. 55 WorldCall Telecom 6 Ist.Capital Securities 56 D.G.Khan Cement 7 Mari Gas 57 Pakistan State Oil 8 Siemens Pakistan 58 PICIC Growth 9 Bata (Pakistan) 59 Fauji Cement 10 Adamjee Insurance 60 Standard Chartard Bank 11 Attock Refinery 61 IGI Insurance 12 Jahangir Siddiqque Co. 62 Sui South Gas 13 Pak.National Shipping Corp. 63 Karachi Electric Supply Corp. 14 Bank Al-Falah 64 Shell Pakistan 15 Meezan Bank 65 Wazir Ali 16 Bannu Woollen 66 Samin Textiles 17 JS Global Cap. 67 Bestway Cement 18 Rafhan Maize 68 Maple Leaf Cement 19 Habib Metro Bank 69 Pioneer Cement 20 Nestle Pakistan 70 Javedan Cement 21 Pakistan Elektron 71 Fazal Textile 22 Lucky Cement 72 Pak.PTA Ltd. 23 Pakistan Tobacco 73 ABN AMRO Bank 24 MCB Bank 74 NIB Bank 25 Bank AL-Habib 75 Bosicor Pakistan 26 Pakistan Petroleum 76 Saudi Pak Bank 27 Attock Petroleum 77 Pakistan Cement 28 Engro Chemical 78 Agriautos Industries 29 National Refinery 79 AL-Ghazi Tractors 30 ICI Pakistan 80 Allied Bank 31 Colgate Palmolive 81 Arif Habib Securities 32 Abbott (Lab) 82 Askari Bank 33 Habib Bank Ltd 83 Atlas Honda 34 Attock Cement 84 Kot Addu Power Company 35 Azgard Nine 85 Lakson Tobacco 36 Bank of Punjab 86 National Bank of Pakistan 37 Fauji Fertilizers Bin 87 Nishat Mills 38 Fauji Fertiliz 88 Oil and Gas Development 39 Faysal Bank 89 Orix Leasing 40 Ghani Glass 90 Pakistan International Airlines 41 GlaxoSmith 91 Packages Limited 42 Habib Modarba 92 Pak Oilfields 43 Habib Sugar 93 Pak Services 44 Hub Power 94 Pak Suzuki 45 Ibrahim Fibres 95 Pakistan Intn`l Container Ter. 46 Indus Motor 96 Soneri Bank 47 International Industries limited 97 Thal Limited 48 JS Investment 98 UniLever Pakistan 49 Kohinoor Energy 99 Unilever Foods 50 Cresent Commercial Bank 100 United Bank (Source: Karachi Stock Exchange) History The index was launched in late 1991 with a base of 1,000 points. By 2001, it had grown to 1,770 points. By 2005, it had skyrocketed to 9,989 points. It then reached a peak of 12,285 in February 2007. KSE-100 index touched the highest ever benchmark of 14,814 points on December 26, 2007. The graph of last 10 years of KSE growth and index points is shown. The graph clearly shows the progress and continuous increment. Free Float Index: In order to introduce a free float index that is representative of the market, the KSE- 30 Sensitive Index was implemented with effect from September 1, 2006. The need for a market representative free float index was long felt as the capitalization weighted KSE 100 Index strongly tilted to a few scripts. Free float is based on the proportion of shares readily available for trading to the total shares issued and excludes the locked in shares. The criterion for the selection of scripts on KSE-30 index was revised on 15 February 2007 in line with international best practices to include the impact cost as a measure to gauge the liquidity of scrip. This study is about testing the semi-strong form of Efficient Market Hypothesis (EMH) on the annual earnings announcement for the selected companies, listed on Karachi Stock Exchange (KSE) by using event study methodology (Fama et al. 1969; and Brown and Warner 1980, 1985).; Following this chapter the study is divided into six more chapters, they are; (1) Chapter two includes detailed Research aims and objectives, it also comprises of main problem and their sub problems; hypotheses of the study are also being discussed in this chapter. (2) In the third chapter, Review of relevant theoretical and empirical research has been done. In this chapter we have concluded that what has been done so far in this area of study both theoretically and empirically. (3) Fourth chapter covers Research methodology, data sources and method of sampling for the data. Methodology includes formulae and tests which are being used to test semi-strong form of efficient market hypothesis (EMH) on Karachi Stock Exchange (KSE). (4) Fifth chapter includes Research results and/or findings with supporting evidence. (5) Sixth chapter includes the research conclusions. (6) The seventh and the last chapter comprise of Recommendations; made with the help of Research results and/or findings. Scope And Limitation Of The Study The material in this dissertation to the best of my knowledge do not contain any previously published or written documents by another person except where due acknowledgement is made in the research itself. If any errors found in the calculations made for this research that will be the sole responsibility of the writer. Statement Of Ethics And Originality Due to time constraint and non availability of the companys earnings announcement data from the Karachi stock exchange web site before 2004 the study is being carried out for just three years which includes 2005, 2006 and 2007. Moreover during the period of study which is year 2005, 2006 and 2007 there are few companies eliminated due to the non availability of the required data to carry out the calculations. Due to the limited availability of econometrics experts for guidance irrespective of the new sophisticated models for event studies, conventional models were used in this study despite the fact they have less predictive power than the other latest models. Aims, Objectives And Hypothesis Of The Study The following are the Aims Objectives of the study: To check whether the Semi-Strong form of Efficient Market Hypothesis (EMH) is valid for Karachi Stock Exchange` 100 – 100 Index (KSE – 100 Index). To examine the stock market reaction (KSE) to Annual Earnings Announcements. Problems The research is comprises with one main problem which is further divided into three sub problems each problem has its own hypothesis and to be solved separately. Main Problem Test whether semi-strong form of efficiency exists on Karachi Stock Exchange (KSE) or not. Sub Problem – One Whether the annual earnings announcement affect complete on the day of announcement? We will calculate the normal return and the expected return and if it is close to zero; we will say that the annual earnings announcement affect complete on the day of announcement Sub Problem – Two Share holders could not earn extra return; before, and after the announcement. We would first take the average of abnormal return and then cumulate the average abnormal return. In case where the AARs and the CAARs are closed to zero we will conclude our results that, investor or the share holder are not able to earn abnormal return by trading on event which is earnings announcement. Sub Problem – Three The Average Abnormal Returns (AARs) are random. We used Runs test to analyze the randomness in the behavior of Average Abnormal Returns (AARs). To check whether the average abnormal returns occur by chance or not, we carried out Runs test. In case where the observed numbers of runs are significantly different from the expected number of runs, we will conclude our finding as Average Abnormal Returns (AARs) do not occur randomly. Alternatively, if these results were not statistically significant, we say that Average Abnormal Returns (AARs) do occur randomly. We carried out runs test on Average Abnormal Returns (AARs) before and after the event day and also for the event window. Hypothesis Since the study empirically examine the Karachi Stock Exchange`s 100 Index reaction to Annual Earnings Announcement and the hypothesis being tested are: Hypothesis For Sub Problem One HO: Our null hypothesis for sub problem – one is that the stock prices reactions in response to the annual earnings announcement complete on the announcement day in addition to that, abnormal returns can`t be earn by the investors on stocks by trading on stocks after the announcement day. HO: Rit = AR = 0 H1: Rit = AR For testing above hypothesis we compute the estimated return for the event window and then compare it to the actual return, the estimated return will be calculated by using following equation; E (Rit) = ÃŽ ±i + ÃŽ ²i Rmt Under the null hypothesis if the estimated return of a stock is closed to zero we will accept the null hypothesis and if it is not than we will reject our hypothesis and bring to a close; that announcement do affect on returns. Hypothesis For Sub Problem Two HO: Our null hypothesis for sub problem – two is that returns are close to zero for average abnormal returns and their respective cumulative average abnormal returns for the selective securities in the study HO: AAR ≈ CAAR = 0 H1: AAR ≈ CAAR To test the above hypothesis first we will calculate the average abnormal return (AAR) and then cumulative average abnormal return (CAAR) with the help of the following formulae; For Average Abnormal Return ÃŽ £ ARit AAR it = i=1 . N Where, i = the number of securities in the study; N = total number of securities. t = the days surrounding the event-day For Cumulative Average Abnormal Return K CAARt = ÃŽ £ AARit Where, t = -30,0, +30. t = -30 If the average abnormal return and the cumulative average abnormal return are close to zero than we accept our null hypothesis otherwise we will reject it. 2.2.3 Hypothesis for Sub Problem – Three HO: Our null hypothesis for sub problem – three is that the difference between the no. of positive and negative average abnormal returns as not significant and they occur randomly. HO: Z = 0 H1: Z The null hypothesis of the test is that the observed series is a random series. A run is defined by Gibbons (1985), as â€Å"A succession of identical symbols which are followed or preceded by different symbols or no symbol at all† The run test is another approach to test and detect statistical dependencies (randomness). The number of runs is computed as a sequence of the price changes of the same sign (such as; + +, , 0 0). When the expected number of run is significantly different from the observed number of runs, the test rejects the null hypothesis that the daily returns are random. The run test converts the total number of runs into a Z statistic. For large samples the Z statistics gives the probability of difference between the actual and expected number of runs. The Z value is greater than or equal to + 1.96, reject the null hypothesis at 5% level of significance (Sharma and Kennedy, 1977). Literature Review There have been a lot of studies conducted on Efficient Market Hypothesis (EMH), a concept; developed by Fama (1960) and divided capital market into three parts on the basis of its efficiency namely weak, semi-strong and strong form. For the event study, which is linked with semi – strong form of market efficiency; below first we discuss the theoretical foundations and after that, the empirical evidence. Theoretical Foundations The origins of the Efficient Market Hypothesis (EMH) can be traced back to the work of two individuals, Eugene F. Fama (1960) and Paul A. Samuelson (1960). Remarkably, they independently developed the same basic concept of market efficiency from two rather different research agendas. These differences would drive them along two distinct trajectories leading to several other breakthroughs and milestones, all originating from their point of intersection, the Efficient Market Hypothesis (EMH). The EMH state that in an efficient market where many well-informed and intelligent investors operates, the stock price imitates all the existing information and no other information or analysis can be used to earn abnormal returns. The arguments of Fama (1965) form the theoretical foundation for the Efficient Market Hypothesis (EMH), which persuasively reasons that in an efficient and active market consisting of many well-informed investors, equity prices will appropriately reflect the effects of information based on present and future expected events. The strong form of the hypothesis asserts that the current market prices fully reflect all private (insider) and public information. In other words, insiders shouldn`t be able to earn excess returns from privileged asymmetric information. The strong form of the hypothesis represents an absolute standard, and in practice, market demonstrates only a certain degree of efficiency. Efficient Market Hypothesis (EMH) claims that speculative market prices fully and immediately reflect all available relevant information. Fama categorised information as: publicly available information, information that eventually becomes public, insider information. Event studies are used in tests of Efficient Market Hypothesis (EMH) to ask whether prices incorporate information fully on the day that the information is revealed. If Efficient Market Hypothesis (EMH) holds, the information about the event should be incorporated into prices before or on the day of the event itself. There should be no impact on returns after the event â€Å"There was little evidence on the central issues of corporate finance, now we are overwhelmed with results, mostly from event studies† (Fama, 1991, p. 1600) Event study analyses are typically used for two different purposes firstly as a test of semi-strong form market efficiency; and secondly as, assuming that the market efficiency hypothesis holds, as a tool for examining the impact of some event on the wealth of firms shareholders. Event studies measure security price changes in response to events. A single event study typically analyzes the average security price reaction to instances of the same type of event experienced by many firms. For example, the event could be the announcement of a merger. The event date can vary from one security to another in the same study, with dates measured in event time. Event studies have been used in a large variety of studies, including [mergers and acquisitions], earnings announcements, debt or equity issues, corporate reorganizations, investment decisions and corporate social responsibility MacKinlay (1997), McWilliams Siegel (1997). Empirical Evidence The debate about efficient markets has resulted in hundreds and thousands of empirical studies attempting to determine whether specific markets are in fact efficient and if so to what degree. Many novice investors are surprised to learn that a tremendous amount of evidence supports the Efficient Market Hypothesis (EMH). Since the late 1960s, the enormous study in the finance and accounting literature has recognized evidence of relationship between accounting reports and market reactions. Fama (1970) described an efficient market as having prices that â€Å"fully reflect† all available information. Beaver (1981) offers a definition of market efficiency based on the information distribution when investors have mixed beliefs. Accounting reports probably are one of the sources of public information. Ball Brown (1968) examine the relationship between the accounting reports stock prices . Their results show that the market reacts to unexpected earnings as though the market participants had access to the good or bad news prior to the availability of this news to the market. They estimate that only 10 to15 percent of the market reaction takes place during the announcement month. Using another approach, similar results are also found in the work of Ball and Brown (1968) they examined price changes surrounding the announcement of a firms annual earnings and found that the stock market reacts quickly to annual earnings announcements. Ball (1992) and Bernard Thomas (1989) and (1990), documented significant delays in the adjustment of stock prices to quarterly earnings announcements. Developed countries of the world such as the USA, the UK, and Australia, etc. the amounts of researches on Efficient Market Hypothesis are extensive. Fama, Fisher, Jensen and Roll (1969) conducted the first study on semi-strong form of Efficient Market Hypothesis (EMH). They examined the behaviour of abnormal returns at the announcements of stock splits and found that the market reaction is significant prior to the stock split announcement. Jordan (1973) assessed the behaviour of security prices surrounding the quarterly earnings announcements and found that stock market is efficient in the semi-strong form. In Asia until now some researches has been done. Kong, S. and Taghavi, M. (2006) study the Effect of Annual Earnings Anno

Macbeth :: essays research papers

Macbeth Macbeth was a general of King Duncan’s Scottish Army, he started off to be a great and devoted man to King and country but many events occurred that lead to the development of many enemies and his death. Macbeth sends a letter to Lady Macbeth telling her of the witch’s proficies in which they said he would be king. After reading the letter a messenger came and told Lady Macbeth that King Duncan will be coming to dinner that evening, she quickly concludes that in order of Macbeth to be King, Duncan must die that very night, She knows that it will not be easy persuading Macbeth to go through with the murder, because she says â€Å"he is the milk of human kindness†. When Macbeth arrives at the castle Lady Macbeth greets him by telling him that they must kill Duncan, he first seems hesitant but Lady Macbeth assures him he will be king by the next day. Later that night Lady Macbeth drugged the king’s attendants when he was asleep, then she gives the signal for Macbeth to kill Duncan, so Macbeth enters Duncan’s room and draws his dagger and kills him, After the deed is done Macbeth wishes he hadn’t gone along with the murder, he expresses this by looking at his hands covered with Duncan’s blood and says â€Å"what a sorry sight†. After all the investigations the castle dismisses the case as the two attendants the murderers. Once Macbeth is crowned king of Scotland he thinks about the people who would have the closest idea that he was responsible for the murder of Duncan, he then realises the closest person would be Banquo who was there when the witches told the prophecies to Macbeth, and although Macbeth is unsure Banquo is already starting to suspect him of the murder. Days later Macbeth finds out that Banquo and Fleance are going hunting the next day, he firstly arranges a feast in honour of Banquo the day they go hunting to clear his name for any wrong doing, then he hires two assassins to kill Banquo and his son while they are hunting, but first he has to talk Lady Macbeth into it, he does so by scarring her, saying â€Å"we will eat our meals in fear and sleep in the affliction of the of these terrible dreams†. The next day just before the feast the assassins enter Macbeth’s room and tells him that they have killed Banquo but not his son, because he had fled before they could do so.