1st Day of Decameron (1st-4th Story) - 1017 Words

Summary of Decameron tales First day The basilica of Santa Maria Novella, with a Renaissance faà §ade that was completed about 100 years after the Decameron was written. Before beginning the story-telling sessions, the ten young Florentines, 7 women and 3 men, referred to as the Brigata,[1] gather at the Basilica di Santa Maria Novella and together decide to escape Black Death by leaving the city to stay in a villa in the countryside for the next two weeks. Each agrees to tell one story each day for ten days. The stories are told in the garden of the first villa that the company stays at, which (although fictional) is located a few miles outside the city. Under the rule of Pampinea, the first day of story-telling is open topic. Although†¦show more content†¦Thus it could not be determined who was heir to the estate. Likewise, it cannot be determined which faith is the truth. Saladin appreciates Melchizedeks wisdom and decides to be honest with him. In the end, Saladin gets his loan and repays it and Melchizedek gets Saladins respect and gifts of praise for his intelligence. Filomena narrates this tale, which portrays the main character as wise and in a positive light. Unlike other medieval and Renaissance authors, Boccaccio treats Jews with a respect that makes even modern readers feel comfortable. Boccaccio may have had contact with Jews while living in Naples as a young man. The oldest source is found in a French work by Stephen of Bourbon called The Seven Gifts of the Holy Spirit. However, a slightly younger (c. 1270–1294) French poem called Li dis dou vrai aniel was Boccaccios probable source. This tale was especially popular in the Renaissance and can be found in many versions all over Europe. It is also referred to as The Tale of the Three Rings and The Legend of the Three Rings and, according to Carlo Ginzburg, was quoted in the heresy trial of the Italian miller Menocchio.[2] Fourth tale (I, 4) A young monk lapses into seducing a young woman and is secretly observed by an elder abbot. However, he knows that he has been seen and so leaves, on pretense of finishing a task, and gives the key to his room to the abbot, who then goes to see the girl for himself. On seeing the

First Date Free Essays

A first date can tell you a lot about a person. Even though i was just in seventh grade my first date was pretty great. Now I know in seventh grade and dating really back then was oh I will see you at school and that is about it. We will write a custom essay sample on First Date or any similar topic only for you Order Now For me my first date was with Ray Hoover. I felt like the coolest girl in school, I had a â€Å"boyfriend†, we wrote notes everyday, got in trouble for hugging in the hallway. It was great I was a cheerleader he was one of the best football players. I thought we were going to be together for ever.When boys and girls traveled together we where always around each other and it is great. He asked me if I wanted to go to the movies with a bunch of people on friday night. Of course I said yes but then I had to ask my mom. After I asked my mom and she had said yes I could go, but first I had to tell her everyone who is going and bring my best friend at the time Mallorie Mclaughin with me. I asked my mom if she would do my hair and I wanted to get a new outfit and everything. I was so ready for friday to get her I couldn’t wait.Ray and I would talk about it everyday till then. The big day was finally her and school couldn’t go by any slower. I was going on my first date and that is all I could think about. As soon as I got back from school mom curled my hair and I put on my outfit and was ready to go. I felt like it was ready for forever. Then mom told me it was time to go and I was so nervous I felt like i was going to be sick. We went and picked up Mallorie and then we were off. We arrive at the movies and mom gives me money, I tell her I love her, then got out of the car.I show up and Ray isn’t there yet but is on his way. Holly Bradley, Kyle Orick, John Caswell. Kyle told me that Ray was on his way. While we were waiting all us girls went to the bathroom. When we came out of the bathroom Ray was there. He had on khakis, and a polo. Holly wispers in my hear and says he looks really nice. I just smiled. Us girl all decided we wanted to watch Spanglish and the boys wanted to watch some other movie. Ray was a good guy and besides to go with me to the other movie.Mallorie sat my me and Ray on the other side. It was the dumbest movie I ever saw in my life. To this day It is still the dumbest movie. We held hands during the whole movie and It it was the best first date. The movie was over and lights went on and then Ray lend in and gave me a kiss on the ceeck. I was so happy I couldn’t stop from smiling. We walk out of the theater and my moms car is outside. Mallorie says goodbye to everyone, while me and Ray hug goodbye and say we will see each other monday at school and I will call you tomorrow.After that Mallorie and I left to take her home and then head home ourself. As soon as I got home Mallorie called and we talked for an hour about the date. Even though I thought that my first date with Ray would be my last first date. As everyone know you will usually break up with your 7th grade boyfriend and we did break up. I still think that it was the best first date the any girl could have went on. The only thing that I would change about that date is the movie. Other than that I wouldn’t change a thing. It was just perfect. How to cite First Date, Papers

Animal Behavior free essay sample

Conflict is very common in the animal kingdom. In many cases conflict between animals is resolved by actual fighting, but there are also many examples of fighting, some of which end up in the death of the opponent. From observations of animal conflict it is clear that some circumstances are more conductive to fighting than others. Animals do not always fight when given the opportunity and some individuals vary in the readiness with which they resort to fighting. Such differences in agonistic behavior often reflect an animal? chance of winning or getting injured and the importance of the issue concerned. The benefits of fighting are quite obvious in many cases. The winner can gain exclusive use of a resource such as a food source or may obtain exclusive mating rights whereas losers gain either nothing or only partial access. The more aggressive an animal is, the more benefits it is likely to gain, but if an animal is too aggressive it might face unacceptably high costs, such as seriou s injury, so the animal must weigh up the relative costs and benefits of its action and choose an optimum level of aggression. We will write a custom essay sample on Animal Behavior or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page If the costs are too high, and the benefits are too low; avoiding a fight may be preferable to competing. In other cases it may be worth fighting vigorously for a valuable resource. I think that any race, species, or other group of animals feels morally free to torture, injure, psychologically brutalize, capture, destroy, genocide, and generally toy with the lives of less important species while still feeling morally superior by virtue of the fact that they would never do such horrible things to their own kind. Particularly, animals would never kill anyone of their own kind, and look down on other races, who prove their barbarity through killing each other. Animals dont necessarily think theyre morally superior because they dont kill each other. They just think theyre better, and the fact that they dont kill each other is indirect proof of that. If they do start killing each other, dont expect them to suddenly realize theyre no better. Theyve probably got tons more reasons why theyre better, all of them as irrational as that one.

History Essay on Ephraim Hanks Essay Example

History Essay on Ephraim Hanks Paper What does a blacksmiths apprentice, a seaman, a scout, a soldier, a pioneer, a wild-west mail carrier, a healer and a patriarch all have in common? They are all positions held by Ephraim Hanks. He was a wild-west renaissance man. It seemed as though there was little that Ephraim could not or did not do during his lifetime. The west during the 1800s hyperbole was reality. Men were eight feet tall and ate trees. Heroes were ten feet tall and ate rocks. Literary license was how every story was told and the romanticized deeds of the well-known were merely the honesty of heir times. As stories passed from one person to the next embellishment was as important as any of the details. Any person studying history must simply accept the stories passed down at face value. Much of what is written about Ephraim Knowlton Hanks falls into this category. Ephraim Hanks was born on March 21st 1826 in Madison, Ohio. Ephraim Hanks was the eighth of twelve children born to his parents Benjamin and Martha from 1812-1832. His father was a blacksmith and a tool maker. His mother devoted all of her time to raising the twelve children on the family farm. Ephraim was somewhat of rebel rouser in his youth and was constantly stirring up trouble. His parents were firm protestant Christians who had no issue with taking the rod to a disobedient child. Ephraim certainly received his fair share of whippings as a boy. His petulance was only made worse by the fact that young Ephraim was not too keen on religion. He did nearly everything he could to avoid having to go to church. He was able to find one silver lining about the Sabbath. Any time he was caught misbehaving on the Lords Day, when he would normally get the belt, his father would refrain on account of it being the Sabbath. We will write a custom essay sample on History Essay on Ephraim Hanks specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on History Essay on Ephraim Hanks specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on History Essay on Ephraim Hanks specifically for you FOR ONLY $16.38 $13.9/page Hire Writer His Sunday beatings were always postponed till Monday. This did nothing to improve his loathing of Sundays. At the very young age of sixteen Ephraim Joined the United States Navvy and sailed aboard the U. S. man o war Columbus. In the short time that he was in the military he traveled much of the world, including spots in Europe and Africa. He returned home in late 1844 to his home in Ohio only to find that his father had died. Ephraim had enough older siblings to keep the family farm running even in the absence of his father. Ephraims brother Sidney had also returned to assist with the family esponsibilities after the death of his father. Sidney had Joined the Mormon Church which caused plenty of friction between Sidney and his mother. She even went so far as to invite a couple of local preachers over to talk some sense into Sidney. Ephraim who had never been one for religion deigned to stay out of the fray until one of the visits by the preachers. During the after-dinner conversation which centered on religion one of the preachers laid a particularly hostile insult at Sidney. Ephraim responded by rising and dismissing them from the home. In no uncertain terms he et the preachers know that no one would insult his brother in their home as long as he had a say in it. Sidney was grateful for his brothers protective nature and shared the story of his conversion to the Mormon faith with his brother Ephraim. It was a heartfelt testimony of a miraculous healing. Something in Sidneys story moved Ephraim and he began to read the book his brother had given him, The Book of Mormon. His mother could barely stand one Mormon let alone two and both brothers were quickly banished from the family farm. Ephraim began the next chapter of his life as he headed west in search of the Mormon Church leaders. When Ephraim caught up with the Mormon Church leaders he met Brigham Young. The tale goes that Brigham was at a social event with Ephraim and called him over. Ephraim was a little more than stunned that the Mormon prophet even knew who he was. Then Brigham asked him to do something strange. He was told to shave his beard (it was common for men of this time period to have beards). Ephraim was puzzled but complied immediately. After dutifully shaving his beard and grooming his handsome mustache he returned to the party. Brigham immediately summoned Ephraim over and asked him why he did not shave his mustache. Ephraim understood and returned to shave his entire face, a look which was typically only seen on prepubescent males. Brigham was heard to have said to the other brethren, now theres a man I can trust. By 1847 Ephraim had volunteered for the Mormon Battalion. He worked mostly as a scout. In the early 1850s Ephraim was transporting mail from the Great Lakes states to the far west. He rode alone and did so no matter the season and no matter the weather. He was a fearless example ofa true frontiersman. Up to this point he had not seen much action as a soldier. In the winter of 1856 Brigham Young asked for volunteers to go nd rescue the Willie-Martin handcart company which was struggling across the plains and suffering heavy loss of life due to starvation, disease and death from exposure. This adventure became one of the defining moments of the life of Ephraim Hanks and the experience propelled him into legend. Ephraim departed hundreds of miles behind the handcart company not knowing how far the company had advanced or what the exact state of company might be when he caught up to them, if he caught up to them. His small group had a wagon full of supplies and food along with some horses to expedite the Journey. But they were in a race against time. Early October snows were taking their toll on the diminishing Martin-Willie company who was now almost completely out of food and many of its members were without shoes. Unfortunately these were not uncommon circumstances for pioneers crossing the plains. After a couple of weeks of pushing hard, the snows became heavier and some of the members of the rescuing group began to talk about going back. Ephraim told them they were welcome to make their own choice but that unless he received word from the prophet (Brigham Young) he would continue on with his mission. This was not the last of the problems for the rescue group. Shortly thereafter the wagon hauling all the supplies broke down. Ephraim loaded all he could on the horse team from the wagon and carried as much of the supplies as he could forward. Within Just a few days Ephraim came across a couple of riders coming from the opposite direction. They had dropped off the meager supplies that they had and were continuing on in search of the rescue party. They informed Ephraim that the handcart company was only a couple of days ahead of him. Ephraim sent them on to catch up with those of the original rescue group who headed back east after the wagon broke. The trouble for the handcart company as not simply one of food and supplies but also of manpower and health. The young healthy rescuers could provide assistance and aid with vigorous strong able bodies. The nearby location of the company was Joyous news but the report also brought some ill-omens too. The handcarters were completely bereft of food. Though Ephraim had taken all he could when the wagon broke down he had to leave many of the basic raw food items behind (like cornmeal, flour and most of the meat). The legend says that Ephraim, knowing the direness or the situation, knelt in prayer and asked God for meat to feed Handcart Company. Within minutes of his prayer he came a across a lone buffalo struggling through a deep snow drift. This was an extremely rare occurrence to find a solo buffalo in this area at this time of year. To Ephraim Hanks this was a miracle directly from God. Ephraim shot the buffalo and butchered it taking as much of the meat as possible to feed the handcart company when he arrived. Before sundown the following day he caught up with the Martin- Willie company. Droves of emaciated starving pioneers swarmed Ephraim and his few horses. He stood in shock and gratitude and handed cold buffalo steaks to the embers who wept with gratefulness and commenced to eat without making any effort to cook the meat. Later it was relayed to Ephraim that one of the leaders of the company had prophesied only a few days earlier that the Lord would send them an angel would feed them with buffalo meat. It is hard for most of us to imagine the kind of living horror show that many of the pioneers endured on the trek westward. People boiled shoes for soup. People lost toes, fingers and ears to the cold. Many wore only rags on their feet because their shoes had long ago worn through. Over the course of the next several days Ephraim pent most of his time engaged in a grisly work. He dug graves and buried the dead, he nursed the starving and amputated frostbitten limbs that had turned black from the severe cold. Those of faith say that Ephraim raised a widows dead husband and healed the dead black feet of an English immigrant who was an accomplished dancer. At the Martin-Willie handcart reunion even 50 years later the members spoke of a dance the Englishman did after being healed as the moment which gave the pioneers the hope they needed to finish their voyage. After the rescue of the Martin-Willie company Ephraim went back to delivering the ail overland for a few years. During this time he took on the responsibility of being a stationmaster for a Pony Express station along the route westward. He used his outpost to facilitate Mormon pioneers moving from east to west across the plains. But this was not the end of the fantastic adventures of Ephraim Hanks. In the late 1850s Ephraim was called to fight in the Echo Canyon Wars. He was promoted to the rank of captain and served with distinction and honor. The tall tales of Hanks did not subside either. One of the stories goes that some of the soldiers fighting on his side were captured. Ephraim was tasked with leading a rescue operation. When he arrived at the location where the prisoners were being held he was not satisfied with Just freeing the prisoners. He insisted on, and succeeded in rescuing not only the soldiers but also their horses and even the mules! It seemed as though there was not anything that Ephraim Hanks could not do. Later in the 1860s he was recalled to Salt Lake City and fought in the Blackhawk Wars. In between, he began his life as a businessman. By the 1860s the eastern half of the county was gearing up for the Civil War. Ephraim was in his forties and his life was slowing down. His slowing down would be high adventure for most of us. He bought a trading post and began to run his own business. He prospered and his venture was only interrupted by his call to serve in the Mormon Battalion in the Blackhawk wars. It seemed as though Ephraim was an unmitigated success at anything he did. Throughout his life he always felt his primary responsibility was to God. He unflinchingly served the Mormon Church over the course of his life. Ephraims last years were filled with stories of him serving as a patriarch and enown healer among the Mormons of the Utah valley. Even in his old age church members would send riders dozens of miles to have Ephraim come and bless their sick or injured family members. One of the last accounts of him had him riding hard to reach a farmhouse where he had been summoned to bless a mans sick wife. When he arrived he was informed by a dour husband that he was too late and his wife had passed. Ephraim asked them to clear the house and proceeded to bless the woman. As he exited to leave the home he told the husband that his wife was awake and wanted to speak with him. When the man went in his wife was alive and conscious. He asked her what Mr. Hanks had said. Her reply was that he had told her that she would live to have seven daughters who would stand together as witnesses of the Gospel. The woman did in fact have seven daughters who were at one time all in the leadership of the Relief Society of the Mormon Church. He continued his service right up till his death Just shy of his 70th birthday. To this day Ephraim Hanks is one of the inspiring fgures of the Mormon pioneer migration west. His contributions helped make the western United States what it has become today. References Sweetwater Rescue: The Willie And Martin Handcart Story. Publishers Weekly 253. 34 (2006): 50. Academic search premier. web. 4 Dec. 2013. Fleek, Sherman. The Mormon Trail Played An Integral Role In The Westward.. Wild West 10. 1 (1997): 20. Academic Search Premier. Web. 4 Dec. 2013. Hill, Brian J. Reflections On An Outdoor Recreation Experience. Parks Recreation 33. 8 (1998): 58. Academic Search Premier. Web. 4 Dec. 2013. http://handcart. byu. edu/Sources/LeviSavage. aspx http://wiki. hanksplace. net/index. php/Ephraim_Hanks,_LDS_Biographical_Encyclopedia

Georgia Dentist Pleads Guilty to Two Murders

Georgia Dentist Pleads Guilty to Two Murders Four days into jury selection for his trial for the murder of his wife, Georgia dentist Barton Corbin suddenly decided to plead guilty to the murder of his wife Jennifer Corbin in 2004 and the murder of his former girlfriend Dorothy Dolly Hearn in 1990. He was sentenced to two life sentences, to be served concurrently. Jennifer Corbin was found in her home dead from a single gunshot wound to the head. A handgun was found close to her body. In 1990, Dr. Corbins dental school girlfriend as found dead from a single gunshot wound and a handgun in her lap. Hearns 1990 death was ruled a suicide, but after the death of Jennifer Corbin under similar circumstances, the case was reopened and Corbin was indicted for her murder two weeks later. Prosecutors said Corbin decided to change his plea to guilty after investigators were able to link the gun used to kill Jennifer Corbin to a close friend of his. Richard Wilson told investigators that he gave the gun to Corbin a few days before Jennifers death. The placement of the weapon in Barton Corbins hands was the proverbial straw that broke the camels back, Corbins attorney Bruce Harvey told reporters. Under his sentence, Corbin, 42, will be eligible for parole. See Also: Ga. Dentist Pleads Guilty to 2 MurdersBackground: The Barton Corbin Case

A Report On Porters Five Forces English Language Essay

A Report On Porters Five Forces English Language Essay Conducting a strategic industry analysis is an informative method in understanding the mission and motivations underlying the for-profit sector and can result in additional industry insight (King, M. A., n.d.). Porter’s Five Forces are the most broadly used business tool for the strategic industry analysis. Diagram 1 was design by Michael Porter in defining the industry analysis. King’s studies (as cited in Porter, 2008) mentioned the Porter’s Five Forces contain the competitive rivalry within the industry, threat of new entrants, bargaining power of customers, threat of substitutes, and bargaining power of suppliers. Competitive Rivalry within the Industry Rivalry among competing firms is the most powerful of the five competitive forces. In gain the customer’s share to increase the firm’s revenues and profits, the firms have to endlessly compete with each other in the same industry. The competition is more intense if firm pursue strategies that gi ve competitive advantage over the strategies pursued by rivals. (Porter, 2008) Malaysia has a total of 690 private colleges, 14 private universities and university colleges and 4 foreign university branch campuses (Wong, P. W., 2003). In 2001, these private institutions had 270,900 students with 90% enrolled in private colleges (Wong, P. W., 2003). Though competition is intense throughout the private higher education industry, the bulk of the student enrolment in private colleges is concentrated within a few major players. Wong’s studies (as cited in SEGi investors website) mentioned the notable ones are SEGI, INTI Universal, Stamford, PTPL, Informatics, Olympia Colleges, Sedaya College, KDU, Taylors College, Sunway, KBU, and HELP Institute – â€Å"Big 12† Besides private, SEGI also faces competition form both listed, non-listed colleges or universities and also the college or university that located around the branches area. For example SEGI College Subang Jaya , their main competitors are those colleges or university that located around the Subang Jaya area such as INTI, Monash, Taylor’s, Sunway, Optima, Metrowealth, and Metropolitan college.. XXX, (2009, December 2). Head of Marketing Department, SEGi College Subang Jaya. Interview. Other SEGI competitors in the listed companies such as INTI and Stamford offer similar courses except that SEGI more emphasis on the adult market and vocational courses that gives good growth potential (Yaw, C. S., 2004). Formerly, SEGi was well-known for its professional and technical accountancy courses expanded its course structure with the reverse takeover of Prime Group by Systematic Education Group in 2001. Therefore, SEGi expanded its field of studies from pre-university to doctorate level and increased its tie-ups with foreign university. This reverse takeover lifted SEGI profile and in 2004, it listed as a largest private education provider with 18,500 students. (http://segi.investor.net.my/pd f%20files/TA_SEGi_040119.pdf) As the dominant competitor in the private education industry, SEGI stands apart from hundreds of small private institutions. Nevertheless, the competition is still intense between the top ranked education providers that estimated command for 30% of the total enrolled students in private college in 2001. The so-called â€Å"Big-12† which include listed competitors SEGI, INTI and Stamford. SEGI strength lies in the location of its colleges. In contrast to many notable colleges which operate on big campuses, SEGI’s colleges are scattered in residential areas across the country, from large urban areas to smaller towns and villages. For example, The Systematic Group of colleges has campuses in Georgetown, Petaling Jaya, Kuala Lumpur, Klang, Johore Bahru, Subang Jaya, Serian, and Kuching in Sarawak, while the Prime Group has campuses in Alor Star, and Bukit Mertajam, Meanwhile, the new flagship campus in Kota Damansara is also expected to attrac t more students. The new campus can cater up to more than 12,000 students. (http://www.segi.edu.my/campus/sckd/)

Introduction to Macroeconomics Case Study Example | Topics and Well Written Essays - 1000 words

Introduction to Macroeconomics - Case Study Example Moreover, there are always huge numbers of people that are self-employed and every one cannot increase their incomes in proportion to the inflation rate so a huge chunk of citizens suffer in this process. In a way, high inflation impacts living standard of the majority of the people. Impact on Interest Rates Bank interest rates get impacted due to high rate of inflation because banks need to enhance their deposit rates to attract the deposits from the public; moreover, this will also cause lending rates to go up. This puts producers and traders at inconvenience as their production planning process goes in turmoil impacting production, sales/marketing and other related functions. During high inflation regime, investors tend to disinvest from fixed income securities such as bonds, debentures causing a great upheaval in the market. People tend to spend this money on their other needs fueling further inflationary pressure in the market. Impact on Saving High inflation rate discourages sa ving thus reducing capital formation necessary for economic growth; on the contrary, high inflationary environment forces people to spend as fast as possible before money loses its value. With increased levels of spending, market gets heated up giving a further upward push to the prices. Overall, market gets hooked up in an inflation trap creating a difficult situation for all. Affects Global competitiveness High-inflation at the domestic front, relative to the trading partner, makes imports lucrative and exports less competitive. This disturbs the trade balances significantly and as a natural consequence, industries involved in exports or competing with imports tend to lose market leading to unemployment in those sectors. Eventually, this can cause its impact on nation's GDP and unemployment rate. No democratically elected government would like to live with this situation for a long time and will resort to the measures necessary to cap the inflation at reasonable levels. Labor Unre st High inflation rate could also be a cause for labor unrest. Union activities increase during high inflation environment because often wages and salaries fail to keep pace with inflation. This disrupts the smooth functioning of the manufacturing units harming productivity and economic growth of the country. Uncertainty The companies from within and outside do not want to invest when instability and uncertainty due to inflation prevails in the country. It has a negative impact on economic growth of the nation. Thus, it becomes quite clear that it is extremely important to control inflation in the larger interest of the economy, people and the country. B) Since the financial/economic crisis, which first manifested itself in 2006/7, the UK rate of inflation has deviated from its bank of England chosen target. Identify these deviations and discuss their possible causes. Answer Source: http://citywire.co.uk/global/central-bank-regime-change-the-new-inflation-rules/a645632#i=1 Bank of E ngland’s targeted inflation rate right from 2007 until date as measured by consumer price index (CPI) has been 2.0 percent. Inflation in terms of CPI, most of the time, has remained above 2.0 percent except for the second half in 2009 when it fell down below the targeted level. But since then it has consistently deviated above

Huntsman Corporation Research Paper Example | Topics and Well Written Essays - 3750 words

Huntsman Corporation - Research Paper Example Approximately the company has 12,000 employees and has operating offices in different countries worldwide. In 2012 the company generated revenue of more than US $11 billion. 43 percent of the revenue came from the production and sale of polyurethanes, 27 percent from performance products, 12 percent from pigments, 11 percent from advanced materials and 7 percent from textile effect (Huntsman, 2012). The current make-up of their business divisions has allowed the company to exceed the adjusted EBITDA of 2011 by 15 percent and make a fresh record of US $1.4 billion in 2012. Total sales volume increased by 7 percent in 2012 compared to the previous year 2011. The company has also made dramatic expansions in other continents, such as, Brazil, Asia and the Middle East physically by building operating bases and virtually reached almost every corner of the world in this era of virtual trading. The chemical industry and competitors in the industry The year 2010 was a good year in the chemica l industry when the amount of chemical output increased in the US and Europe by 5 percent and 10 percent respectively. However, growth in this industry has slowed down since then. According to estimates for the year 2013, the industry performance is projected to be sluggish. Estimated production rate of chemical in 2013 is not very favorable. Chemical production in the US in this year is projected to grow at a modest rate of 1.9 percent. Although it is higher than the average of 1.5 percent of 2012, this growth rate is considered insufficient and slow-moving by the American Chemistry Council (C&EN, 2013). Reports by The European Chemical Industry Council have predicted that chemical production in Europe will increase by 0.5 percent in the current year 2013 from last year, a figure that might be considered anemic. Looking at the demand side, the condition is still better but very exciting. In 2013, total demand for chemicals by the emerging countries in the developing world would sho w a rise. However, it would not be â€Å"enough to spark significant activity in the West† (C&EN, 2013). According to reports, chemical manufacturers in the US are expecting to face low price of natural gas as well as of raw materials for the production of chemicals in the year 2013, which would provide increased provisions for their manufacturing process. Financial instability of Europe plays a significant role in the performance of the industry and is putting â€Å"a long shadow over the chemical enterprise† (C&EN, 2013). With these uncertainties, the activities in the industry and its performance are no more predictable in the future. Huntsman Corporation is located at Houston in Texas and has a proven track record of successful performance and stalking profit levels in the international market place of the chemical industry. The international company operates its business locally through the subsidiaries established in different parts of the world. Being at the top most layers in the industry, Huntsman Corporation faces steep competition from a number of companies that have a good market share in the industry. The companies recognizable globally in this industry are Dow Chemical Company, DuPont, BASF, INEOS Group, LyondellBasell, Mitsubishi Chemical, and Roche. The top three competitors of Huntsman Corporat

The Lady or the Tiger Essay Example for Free

The Lady or the Tiger Essay Long ago, in the very olden time, there lived a powerful king. Some of his ideas were progressive. But others caused people to suffer. One of the kings ideas was a public arena as an agent of poetic justice. Crime was punished, or innocence was decided, by the result of chance. When a person was accused of a crime, his future would be judged in the public arena. All the people would gather in this building. During ceremony the king sat high up on his ceremonial chair. He gave a sign. A door under him opened. The accused person stepped out into the arena. Directly opposite the king were two doors. They were side by side, exactly alike. The person on trial had to walk directly to these doors and open one of them. He could open whichever door he pleased. If the accused man opened one door, out came a hungry tiger, the fiercest in the land. The tiger immediately jumped on him and tore him to pieces as punishment for his guilt. The case of the suspect was thus decided. But, if the accused opened the other door, there came forth from it a woman, chosen especially for the person. To this lady he was immediately married, in honor of his innocence. It was not a problem that he might already have a wife and family, or that he might have chosen to marry another woman in the future. The king permitted nothing to interfere with his great method of punishment and reward. The king had a beautiful daughter who was like him in many ways. He loved her above all humanity. The princess secretly loved a young man who was the best-looking and bravest in the land. But he was a commoner, not part of an important family. One day, the king discovered the relationship between his daughter and the young man. The man was immediately put in prison. A day was set for his trial in the kings public arena. This, of course, was an especially important event. Never before had a common subject been brave enough to love the daughter of the king. The king knew that the young man would be punished, even if he opened the right door. And the king would take pleasure in watching the series of events, which would judge whether or not the man had done wrong in loving the princess. The day of the trial arrived. From far and near the people gathered in the arena and outside its walls. The king and his advisers were in their places, opposite the two oors. All was ready. The sign was given. The door under the king opened and the lover of the princess entered the arena. Tall, beautiful and fair, his appearance was met with a sound of approval and tension. Half the people had not known so perfect a young man lived among them. No wonder the princess loved him! What a terrible thing for him to be there! As the young man entered the public arena, he turned to bend to the king. But he did not at all think of the great ruler. The young mans eyes instead were fixed on the princess, who sat to the right of her father. From the day it was decided that the sentence of her lover should be decided in the arena, she had thought of nothing but this event. The princess had more power, influence and force of character than anyone who had ever before been interested in such a case. She had done what no other person had done. She had possessed herself of the secret of the doors. She knew behind which door stood the tiger, and behind which waited the lady. Gold, and the power of a womans will, had brought the secret to the princess. She also knew who the lady was. The lady was one of the loveliest in the kingdom. Now and then the princess had seen her looking at and talking to the young man. The princess hated the woman behind that silent door. She hated her with all the intensity of the blood passed to her through long lines of cruel ancestors. Her lover turned to look at the princess. His eye met hers as she sat there, paler and whiter than anyone in the large ocean of tense faces around her. He saw that she knew behind which door waited the tiger, and behind which stood the lady. He had expected her to know it. The only hope for the young man was based on the success of the princess in discovering this mystery. When he looked at her, he saw that she had been successful, as he knew she would succeed. Then his quick and tense look asked the question: Which? It was as clear to her as if he shouted it from where he stood. There was not time to be lost. The princess raised her hand, and made a short, quick movement toward the right. No one but her lover saw it. Every eye but his was fixed on the man in the arena. He turned, and with a firm and quick step he walked across the empty space. Every heart stopped beating. Every breath was held. Every eye was fixed upon that man. He went to the door on the right and opened it. Now, the point of the story is this: Did the tiger come out of that door, or did the lady? The more we think about this question, the harder it is to answer. It involves a study of the human heart. Think of it not as if the decision of the question depended upon yourself. But as if it depended upon that hot-blooded princess, her soul at a white heat under the fires of sadness and jealousy. She had lost him, but who should have him? How often, in her waking hours and in her dreams, had she started in wild terror, and covered her face with her hands? She thought of her lover opening the door on the other side of which waited the sharp teeth of the tiger! But how much oftener had she seen him open the other door? How had she ground her teeth, and torn her hair, when she had seen his happy face as he opened the door of the lady! How her soul had burned in pain when she had seen him run to meet that woman, with her look of victory. When she had seen the two of them get married. And when she had seen them walk away together upon their path of flowers, followed by the happy shouts of the crowd, in which her one sad cry was lost! Would it not be better for him to die quickly, and go to wait for her in that blessed place of the future? And yet, that tiger, those cries, that blood! Her decision had been shown quickly. But it had been made after days and nights of thought. She had known she would be asked. And she had decided what she would answer. And she had moved her hand to the right. Long ago, in the very olden time, there lived a powerful king. Some of his ideas were progressive. But others caused people to suffer. One of the kings ideas was a public arena as an agent of poetic justice. Crime was punished, or innocence was decided, by the result of chance. When a person was accused of a crime, his future would be judged in the public arena. All the people would gather in this building. During ceremony the king sat high up on his ceremonial chair. He gave a sign. A door under him opened. The accused person stepped out into the arena. Directly opposite the king were two doors. They were side by side, exactly alike. The person on trial had to walk directly to these doors and open one of them. He could open whichever door he pleased. If the accused man opened one door, out came a hungry tiger, the fiercest in the land. The tiger immediately jumped on him and tore him to pieces as punishment for his guilt. The case of the suspect was thus decided. But, if the accused opened the other door, there came forth from it a woman, chosen especially for the person. To this lady he was immediately married, in honor of his innocence. It was not a problem that he might already have a wife and family, or that he might have chosen to marry another woman in the future. The king permitted nothing to interfere with his great method of punishment and reward. The king had a beautiful daughter who was like him in many ways. He loved her above all humanity. The princess secretly loved a young man who was the best-looking and bravest in the land. But he was a commoner, not part of an important family. One day, the king discovered the relationship between his daughter and the young man. The man was immediately put in prison. A day was set for his trial in the kings public arena. This, of course, was an especially important event. Never before had a common subject been brave enough to love the daughter of the king. The king knew that the young man would be punished, even if he opened the right door. And the king would take pleasure in watching the series of events, which would judge whether or not the man had done wrong in loving the princess. The day of the trial arrived. From far and near the people gathered in the arena and outside its walls. The king and his advisers were in their places, opposite the two doors. All was ready. The sign was given. The door under the king opened and the lover of the princess entered the arena. Tall, beautiful and fair, his appearance was met with a sound of approval and tension. Half the people had not known so perfect a young man lived among them. No wonder the princess loved him! What a terrible thing for him to be there! As the young man entered the public arena, he turned to bend to the king. But he did not at all think of the great ruler. The young mans eyes instead were fixed on the princess, who sat to the right of her father. From the day it was decided that the sentence of her lover should be decided in the arena, she had thought of nothing but this event. The princess had more power, influence and force of character than anyone who had ever before been interested in such a case. She had done what no other person had done. She had possessed herself of the secret of the doors. She knew behind which door stood the tiger, and behind which waited the lady. Gold, and the power of a womans will, had brought the secret to the princess. She also knew who the lady was. The lady was one of the loveliest in the kingdom. Now and then the princess had seen her looking at and talking to the young man. The princess hated the woman behind that silent door. She hated her with all the intensity of the blood passed to her through long lines of cruel ancestors. Her lover turned to look at the princess. His eye met hers as she sat there, paler and whiter than anyone in the large ocean of tense faces around her. He saw that she knew behind which door waited the tiger, and behind which stood the lady. He had expected her to know it. The only hope for the young man was based on the success of the princess in discovering this mystery. When he looked at her, he saw that she had been successful, as he knew she would succeed. Then his quick and tense look asked the question: Which? It was as clear to her as if he shouted it from where he stood. There was not time to be lost. The princess raised her hand, and made a short, quick movement toward the right. No one but her lover saw it. Every eye but his was fixed on the man in the arena. He turned, and with a firm and quick step he walked across the empty space. Every heart stopped beating. Every breath was held. Every eye was fixed upon that man. He went to the door on the right and opened it. Now, the point of the story is this: Did the tiger come out of that door, or did the lady? The more we think about this question, the harder it is to answer. It involves a study of the human heart. Think of it not as if the decision of the question depended upon yourself. But as if it depended upon that hot-blooded princess, her soul at a white heat under the fires of sadness and jealousy. She had lost him, but who should have him? How often, in her waking hours and in her dreams, had she started in wild terror, and covered her face with her hands? She thought of her lover opening the door on the other side of which waited the sharp teeth of the tiger! But how much oftener had she seen him open the other door? How had she ground her teeth, and torn her hair, when she had seen his happy face as he opened the door of the lady! How her soul had burned in pain when she had seen him run to meet that woman, with her look of victory. When she had seen the two of them get married. And when she had seen them walk away together upon their path of flowers, followed by the happy shouts of the crowd, in which her one sad cry was lost! Would it not be better for him to die quickly, and go to wait for her in that blessed place of the future? And yet, that tiger, those cries, that blood! Her decision had been shown quickly. But it had been made after days and nights of thought. She had known she would be asked. And she had decided what she would answer. And she had moved her hand to the right.

Women changing From Hellenistic to Late Antiquity Essay -- essays rese

The world is constantly changing and evolving. In every society across the world, men and women have specific roles that they each carry out. During ancient times, in most western cultures, women were inferior to men. Women’s status seemed to change in a pattern that repeated it self from one time period to another. Gradually, the status of women did change from political standpoints of the societies. From political power to having the right last name, women have transformed and became a huge part of Western Civilization. During times of Hellenic Greece, women were considered naturally weaker than men, squeamish, and unable to perform work requiring muscular or intellectual development. In most Hellenic societies, for example, domestic chores were delegated to women, leaving heavier labors, such as war and hunting, to men. Women also have generally had fewer legal rights and career opportunities than men. From the text from Kilshansky, The Spartan Constitution, Lycurgus believed that motherhood is the most important function of freeborn woman. Lycurgus then insisted on physical training of the females along with the males. Lycurgus also believed that to have future success is to have a strong youth. The Hellenic times were like this for the sole reason that few elite men ruled. With these men in control, it was made possible that no woman could ever have a say in the government of Sparta or the democracy of Athens. When the Hellenistic Kingdoms started to spur, new opportunities for women appeared. Levack stated that, â€Å"Greek women in Egypt, as well as many other Hellenized land, enjoyed full citizenship and held religious offices.† This simply shows that the women of the middle class had new privileges, but what about the women... ...though the wives or daughters of wealthy and powerful families could work with other women of society. For example Melania the Younger, the daughter of a wealthy roman senatorial family, decided to dispose her property. The senate, who, I might add, was all male, objected to the breaking up of Melanie’s family estates. Melania then appealed to the empress, a female leader, and the senate was overruled, allowing Melania to break up her estates. This is just one example of how political power can change the status of women dramatically. Based on these facts on how women gradually promoted themselves into freedom, some factors clearly changed the way people viewed women in their societies. From having political power in the family to being persuasive in other areas of life, women came from being a housewife to a possible empress during the civilization of the west.

Outline and Explain the Inequalities in Health and Illness According to Social Class

Outline and explain the inequalities in health and illness according to social class. This essay will explain the inequalities that occur in health and social care due to social class. It will show statistics of health and mortality rates and distinguish between different approaches to health. It will show factors that can influence an individuals health such as class, society and individual choice. Inequalities in health are a long standing and well recognised part of modern society.Within society the opportunity to live a healthy life free from illness is not evenly balanced between the classes. (Yuill,2010). To define what is meant by social class, Crompton (2008 ) page 95 said, â€Å"A social class is two or more orders of people who are ranked by society. Members of a class tend to marry within their own order, but the values of society permit them to marry up or down. A class system also provides that a child is born into the same class as their parents. † There are two main scales that define class in society.The National Statistics Socio-economic Classification Scale breaks society down into eight main classes. The Standard Occupational Classification (2000) breaks society into nine classes but has many subdivisions in between. To define what is meant by health varies widely between organisation’s but the most commonly used definition is one given by the World Health Organisation which says â€Å" Health is a complete state of physical, mental and social wellbeing. †(Tulchinsky, 2009, page 47).Surrounding the issue of health there are two main ‘models’ which are used. The medical model is based around the absence of disease or disability. If an individual has no disease or disability they are thought of as being in good health. The medical model focuses on the treatment and cure of disease and not on the cause or prevention (Eldin, G,2000) . The social model, according to, Barkaway 2009, health is seen as partially attr ibuted to the social circumstances of individuals. This can be in terms of their income, gender, education and status.The social model also says that an individuals health is also effected by the economic, social, political and welfare policies of a society (Barkaway, 2009) The differences caused by health and social class can be seen as far back as 1843 when Edwin Chadwick published â€Å"The General Report on Sanitary Conditions of the Labouring Population of Great Britain†. In this h showed that the average age of death in Liverpool at the time was 36 for gentry and professionals but only 15 for labourers, mechanics and servants (Chadwick, 1843).The reasons behind these differences between health and social class can be down to employment status. Particularly in earlier history when the lower classes where mainly employed in the manual industries such as the coal mines, shipyards and factories. These types of employment were known to cause massive health problems such as e mphysema and asbestosis. â€Å"Poverty, poor housing and lack of health resources and provisions is a risk to the lower classes. †(patient. co. uk, 2012) Before the introduction of the National Health Service in 1948, being able to have access to a doctor was a luxury the lower classes could not afford.Doctors and hospitals were only available privately so were only afforded by the upper classes. Some areas did have charity ran hospitals but these were unclean and treatment was slow. Poorer people almost always relied on, sometimes dangerous, herbal methods or back street doctors. Alongside the introduction of the NHS came the view that healthcare is a right and not something to be dispensed erratically by charity. (Rivett, no date) National statistics. Social Model and how it is trying to improve the health of the lower classes. Black report Inverse care law Parsons sick roll Foucaults policy

Benjamin West, his times and his influence Essay

Benjamin West paintings Introduction   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Benjamin West was an Anglo-American artist who was born on October 10, 1738 in Springfield Pennsylvania in the present day campus of Swarthmore College in a house now called the borough of Swarthmore. He was the tenth child of John West and Sarah Pearson. Benjamin died on March 11, 1820 in London at the age of 81. During his time, he concentrated in artwork. He left a great mark through his historical artwork. The artwork by Benjamin West made during the days of exploration and during the American struggle for independence helps us greatly in understanding the history of the Americans. In his artwork, West used an artistic style he termed as â€Å"epic representation†, which entailed the use of expressive figures, compositional schemes and colors to make it easy for the observer to identify the scene easily.Benjamin West did his first painting in 1745 when he was only 7 years old. He was left to look after his sister’s infant daughter while the sister and mother were working on the flower garden. He was impressed by the smiling baby and took a paper and a pen which were on the table and made the first painting work. When the mother and sister came back, they saw the painting and were very much impressed for it really resembled the young kid. Benjamin’s mother appreciated him and this developed confidence in him even though he had initially tried to hide the paper from his mother. He later interacted with the Native Americans who taught him how to make paint from riverbank clay mixed with bear grease in a pot. Little was it expected that this would turn out to be his line of professional his life. He best fitted in this area mainly because he was not well endorsed with formal education (West and Charles 1950).Benjamin West excelled in painting and storing the American and English history such that studying the American or English literature may not be very possible without mentioning or referring to the work of Benjamin West. His artwork remains a very crucial source of American literature for he was able to store history at a time when means of history keeping were not so well established. He stored the life of the Americans before America attained self-governance in his paintings.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Benjamin west painted portraits in Pennsylvania from 1746 to 1759 where he designed the ‘death of Socrates’ from an engraving in Charles Rollin’s ancient work. This work latter came to be credited as â€Å"the most ambitious and interesting painting produced in colonial America†. Because of his great artworks, West interacted with many great people such as Dr. William Smith who was the provost, college of Philadelphia and Benjamin Franklin, who was an outstanding American statesman who played a great role in America’s struggle for self-governance. It is from this close interaction that Benjamin West painted Benjamin Franklin’s portrait.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In his interactions, West met several painters from whom he learnt more painting techniques. Hemet John Wollaston, a painter from London from whom he learnt how to paint the shimmer of silk and satin. He also learnt from him the style of putting big almond shaped eyes to all his artwork. Later on, West was sponsored and travelled to Italy where he furthered his painting skills by copying Italian paintings (Helmut and Allen 1986)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   On his way back to America, West decided to pay a visit to England, though; his visit turned to a stay when he met William Allen who had sponsored him to Italy. They stayed together for a month, and latter visited his half-brother Thomas west. In England, he continued with his paintings. He painted his first picture in England, Angelica and Medora, and was shown at the exhibition in spring gardens in 1764 together with Cymon and Iphigia, which he had painted in Rome. Benjamin West married an American, Elizabeth Shewell, in 1765 at St Martin-in-the-Fields. While in England, he was introduced to senior clergymen such as Thomas Newton who was the bishop of Bristol, James Johnson, who was the bishop of Worcester, Robert Hay Drummond who was the Archbishop of York, among others.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   These clergymen commissioned work for Benjamin west. He proposed to decorate St Paul’s cathedral with paintings, however, his proposal was rejected by the bishop of London. He then proposed to paint an altarpiece for St Stephen Walbrook and his proposal was accepted. For his great works in England, West came to be named, â€Å"American Raphael†   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Drummond once tried to make west give up portraiture and devote himself to more ambitious composition. He tried to convince the king to patronize Benjamin West, however; things didn’t work out well for him. The king gave him the first commission of painting the departure of Regulus from Rome. West was soon on very good terms with the king because of his great work. They held lengthy discussions about the state of art in England, and that is when the idea of establishing a royal college began. In 1768, the college was established, and Joshua Reynolds became its first president. In 1772, Benjamin West was appointed by King George as the historical painter to the court at a fee of  £1,000 annually. He made many historical paintings among them a set of 28 works for a chapel at the castle with the theme â€Å"the progress of revealed religion† and nine portraits of royal family members, two been for the king. From 1791 to his de ath, Benjamin West remained the surveyor of the king’s picture.One of the greatest paintings of Benjamin West was the death of General Wolfe, made in 1770 and exhibited at the Royal Academy in 1771. This painting raised mixed reactions when it was exhibited. Joshua Reynolds, the then president of the Royal academy, termed it as overambitious. However; the painting became one of the most frequently reproduced images. This painting was a demonstration of the French and Indian war, showing of his general Johnson saving a wounded French officer from the Tomahawk of a North American Indian in 1768. Other historic paintings of Benjamin West include the death of Nelson which was made in honor of Horatio Nelson, who died at the battle of Trafalgar.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   When Reynolds died in 1792, West became the president of the Royal Academy up to 1805 when he resigned and was replaced by James Wyatt. One year later, he was re-elected the Academy president and served the president until his death. The fact that West was serving as the president of the Royal Academy in London had a significant effect to the Americans. Many American artists such as Augustus Earle, Ralph Earl, Samuel Morse, Charles Wilson, Mathew Pratt, among others, studied under him in London (Wetton & Jarvis, 1821)Benjamin West also did a series of religious paintings. He painted his first religious artwork Christ healing the sick at the beginning of the 19th century, which he intended to present as a gift to a Quaker hospital in Philadelphia. However, it dint happen as he had planned for he later sold the artwork to a British company at  £3,000. The organization presented it to the National Gallery. West later on made a copy to send to Philadelphia.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The outcome of that painting led him to doing even larger religious works such as death on a pale horse which was exhibited in 1817. He also made artistic representation of the conversion of Paul in his modeling of the altarpiece at St Paul’s church in Birmingham.In his life, Benjamin west demonstrated a very strong sense of determination. Despite the fact that he was not so much educated, he still worked hard and emerged as one of the great painters of his time. He was not the kind to give up easily on a task he had set forth to undertake.Despite Drummond’s attempt to make him give up portraiture and entirely devote himself to more ambitious compositions, he never gave in to Drummond’s wishes. Drummonds plot to convince the king to patronize him latter ended up strengthening the relationship between Benjamin West and the king. It is the same relationship that led to the establishment of the Royal Academy which turned out to be an important institution to both the English people and the Americans. He ended up serving as the president of the Academy until he died at his house in London on 11th march 1820.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   When he exhibited his painting, the death of General Wolfe, it was termed as overambitious. This, however, did not hinder him from exhibiting it, and it latter turned out to be one of the most frequently reproduced images of the time.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Benjamin West proposed a project to decorate St Paul’s cathedral in 1766 though his proposal was rejected by the bishop of London, he didn’t give up making other proposals. Eventually, his proposal to paint an altarpiece for St Stephen Walbrook was approved.Benjamin was a man of determination and the desire to achieve whose success mainly originated from his character of not giving in to discouragements and opposition. This determination helped him and helped his people.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Benjamin’s personal interests are clearly portrayed in his artwork. It is apparent that he had an interest in political and leadership affairs. In his lifetime, he had encounters with many leaders and statesmen such as Benjamin Franklin and King George   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The encounter with leaders and statesmen had a great impact on his artwork. He painted the portraits of these statesmen and of the Royal family which remain important up to date. He also made paintings at the state structures such as the paintings at St George’s hall at Windsor castle.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The passion for adventure is clearly portrayed when Benjamin goes to Italy and on his way back to America he visits England where he settles and never goes back to America. This adventure helps him advance his painting and artwork skills. He copies the artwork of Italians such as Titian and Raphael.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In his lifetime, he demonstrated his interest in religion by doing religious painting and interacting with the members of the clergy. The artwork, Christ healing the sick, shows that he was a Christian and believed in the power of healing. He also made an artistic impression of the conversion of Paul at St Paul’s church. This religious nature made him do numerous religious paintings   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   His first religious work, Christ healing the sick, was originally intended to be a gift to a quacker hospital in Philadelphia. This shows that he was a charitable man, and this made him make gift paintings.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It is also apparent that West was a historian who was studying history and recording history to be used in the future. He painted images of social, political and religious history. His painting, presentation of the queen of Sheba at the court of King Solomon, is from biblical history. He also painted William Penn’s treaty with the Indians. This was a historic treaty that was believed to have been signed many years back. This interest in history opened up areas in which he could draw paintings.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Benjamin was also a very social man. In his life, he interacted with so many people with whom he shared ideas and who helped him nurture and improved his painting skills. This can be traced right back from when he was a young boy, and he interacted with the Native Americans who taught him how to make paint. Later on in his life he interacted with people from all backgrounds. He met artists, clergymen, political leaders, traders such as gunsmiths and many more categories of people. This exposure not only earned him the knowledge in artwork, but it also opened up chances of creating a market for his painting skills. He painted portraits of the leaders he interacted with, made religious painting for the churches after interacting with the church leaders.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Benjamin West’s paintings help us understand the American literature and the kind of life they lived before attaining independence. The fact that he made a painting and entitled it â€Å"Christ Healing the sick†, is enough to convince us that the Americans were Christians even during their pre-colonial period   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Benjamin West’s painting, William Penn’s treaty with the Indians, helps us understand that the American had interacted with the Indians even before America attained freedom. It also portrays the peaceful and the welcoming nature of the Americans during this time.It is also evident that America had not fully embraced formal education during the colonial period. People used to attend informal schools where they learnt technical skills such as painting. In his painting, Benjamin Franklin drawing electricity from the sky, painted in 1816, we learn that the American attempts to develop energy begun as early as the 19th century. This painting and others he did have proved to be of great importance in tracing the history and literature of America   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It is, therefore, clear that even in his grave; Benjamin West will always be remembered for his contribution in creating references for the American literature and political, social and religious history of the Americans (Dillen , John & Benjamin West, 1997). References Dillen Berger, John. Benjamin West: the context of his life and work, particular attention to his artwork with religious subject, including a correlated version of the nineteenth- century West’s paintings, exhibitions, and sales records, and alas. San Antonio: Trinity University Press, 1977. Helmut von, and Allen Staley. The paintings of Benjamin West. New Haven: Yale University Press, 1986. Meyer, Jerry D.. The religious paintings of Benjamin West: a study in late eighteenth and early nineteenth century moral sentiment. Austin: cy, 1973-1974. The life of Benjamin West. London: Wetton & Jarvis, 1821. West, Benjamin, and Charles H. Morgan. Benjamin West, his times and his influence: an exhibition, May 9-30, 1950. Source document

Franz Boas on Fashion Deviation essays

Franz Boas on Fashion Deviation essays Franz Boas believes that, any action that differs from those performed by us habitually strikes us immediately as ridiculous or objectionable (Jacobus, 606). This is true, particularly when it comes to deviations from the implied dress code of society. Boas uses examples such as: formal dress worn in casual places, and out of style clothes from past centuries worn today. When we see this, we automatically think the person wearing these things is outlandish. Culture in San Antonio, Texas is very diverse and there are many different opinions of what is acceptable to wear and what is unacceptable. In some communities, people are dressed in exceedingly baggy pants and t-shirts. In other areas the dress is more traditional: nice pants, shirts and classy dresses. In each region, if someone strays from these guidelines, they are immediately thought to be abnormal. Dress isnt an indication of sanity, but people often treat it like it is. They label those who dress differently as weird and treat them crudely, unjustifiably. In most cases, when someone strays from the normal code of dress, the person is simply trying to express him/herself. They feel the need to be independent and individual, so they do something different from what everyone else conforms to. They like and accept who they are, and they show it through their clothing. They arent trying to make a scene, or cause a stir, they do it for themselves. In some cases, however, the non-conformists are trying to arouse reactions from those around them. They are seeking attention, and by wearing unusual clothing they usually get it. Your eye is naturally drawn to something out of the ordinary. If in a sea of people dressed in black there is a man wearing bright orange, who is your attention focused upon? The orange guy, of course! These days, there are more and more orange guys out ...

Reading response Assignment Example | Topics and Well Written Essays - 500 words - 10

Reading response - Assignment Example However, due to the cultural difference the plan of making the daughter a Shirley Temple seems to be failing. The mother is also focused on making the daughter do different tests every night. The tests are seemingly unrelated since they are from different magazines and the continued daughter’s failures to get the correct answers brings great disappointment to both of them. These failures can be attributed to cultural differences that cause different likes. However, after a rebellion from the daughter who wants to do music, the mother allows her and hires a piano teacher. Nonetheless, the performance is still relatively poor prompting the girl to stop attending the piano classes. The daughter is in between two string cultures and due to the cultural conflict does not seem to fit perfectly at one place. Although unaware, efforts to fit in the two cultures are the main reason for her continued failures in the different activities. Maggie is portrayed as humble and innocent girl with great enthusiasm for her heritage and tradition. Unlike Dee, Maggie is shy and has seemingly no courage to face difficult life situations thereby provoking sympathy. Conversely, Dee is seemingly absorbed in a different culture and has always had great interest in reading and achieving a different lifestyle. Although she is not very bright, she struggles and brings forth great effort. This is a show of determination just as she was determined to court Jimmy T by reading to him although he took off to marry a â€Å"cheap city girl†. Additionally, Dee is bold and has great courage to face any situation even the seemingly difficult ones. However, Dee seems to know little about her heritage as compared to Maggie. In fact, the seemingly few cultural things she knows and likes are wrongly placed. For example, she wants the butter churn curved by her uncle only for decoration purposes rather than

Importance of Malaria Vaccine. Challenges of Malaria Vaccine Essay

Importance of Malaria Vaccine. Challenges of Malaria Vaccine - Essay Example In essence, the female anopheles mosquito transmits the plasmodium parasite. According to Coleman and Tsongalis 2009, it leaves the parasite in the human blood in the process of feeding on the blood meal. However, â€Å"Anopheles gambiae, Anopheles arabiensis and Anopheles funestus†are the maintransmitters of malaria in human beings. All the malaria manifest through common symptoms like fever, although some patients progress to severe malaria that is often caused by the P. falciparum species. Essentially, it takes one to three days after infection for the infecting parasites to release the infection depending on their species. Additionally, merozoites are released through the lysis of infected erythrocytes with the inclusion of waste substances such as red membrane products, hemozoin pigments and glycosylphosphatidylinositol (GPI). The infectivity of red cells by the parasite of malaria like, P. falciparum brings about progressive together with mechanical alternation of the re d cells that can deteriorate over time into the life threatening complications of malaria Although, P.falciparum has devastatingly castigated as the major contribution to severe malaria all over the world. For instance, there have been severe infections and reports of death due to infections of P. vivax and P. knowlesi. Some pathophysilogical features like sponge biomass, reset and confiscation alter formality and restraint of parasitized erythrocyte. Endothelial activation, injury, dysfunction and altered thrombostasis have been found to entail the acquisition of severe malaria. This is common in cases of P. falciparum infection (Choffnes and Relman 2011). However, malaria’s chronicity is rare and if it happens it leads to induction of sterilizing immunity. Individuals who experience repeated exposures may be in dire need of re-exposure of the parasite if cured through drug treatment. Thus, there is a need into curbing the ease into which malaria parasite are capable of inva ding human hosts while at the same time minimizing the immune response arm (Coleman and Tsongalis 2009). Basically, two models of supporting the protection against the chances of infection of malaria through vaccination exist. The first type of vaccine entails immunization with irradiated sporozoites, which are meant to ensure maximum protection against possibility of malaria infection. The other type of vaccine entails the repeated exposure to malaria that induces immunity malaria infections and effective protection against any clinical manifestation of malaria. Importance of Malaria Vaccine Malaria has been rated among the fastest killer disease all over the world. Hence, much has to be done in order to curb the disease against causing deaths especially in infants, and the old people who have weak defence system toward diseases. In essence, malaria has not been controlled by the widespread deployment of existing control tools in most endemic areas. Moreover, there has been increas ed concern on the surfacing of insecticides and anti malarial drugs (Palmer and Reeder 2001). Vaccinations are been described as relative tools that are used to deliver and have played major roles toward the elimination of rinderpest, smallpox and other similar diseases. Never the less, the malaria vaccine is expected to provide direct individual protection against malaria infection and it clinical consequences. Additionally,, it is meant to decrease the rate of transmission of malaria infections better known as herd immunity. Immunization using Irradiated Sporozoites The possibility of giving safeguard against experimental sporozoite issues through the immunization by use of radiation attenuated sporozoites is evidenced in rodents, the natural rodents’

Collaboration and Peer Reviews Essay Example | Topics and Well Written Essays - 500 words - 1

Collaboration and Peer Reviews - Essay Example Also, a project can be completed much faster when collaborating because each team member can focus just on what they are good at. Working as an individual requires someone to be involved in every role; group work means that each person can specialize. On the other hand, collaboration on a project means that some people may slack off because they think that others will do the work for them. Some people are just naturally lazy, so being part of a group allows them to receive a grade that they don’t deserve. Another disadvantage to working as a group is that there can be disagreements among group members. A famous saying that shows this is â€Å"too many cooks spoil the broth.† The same can sometimes be true in collaborating on a project—everyone thinks that they know what is best for the group and they try to impose their views on others. No one is willing to compromise and, as a result, the project turns out to be a disaster. By reviewing my peers’ writing, I have been able to get different views on how to write a paper. Everyone has a different style when it comes to writing, so to learn from someone else’s style can benefit my own writing. Of course, some of my peers’ writing may not be up to scratch; this is where I can offer advice and hopefully improve their writing ability. In doing this, I can think through the thought processes that go into writing and I can adapt my style so that I am a better writer in the long term. The good thing about getting my papers reviewed by my peers is that hopefully they will pick up on something that I may have missed. Because they have attended most of the classes with me, they have been taught the same writing principles that I have. Sometimes, another person can catch something that I haven’t because they are reading it with fresh eyes. A negative to having my peers review my papers is that they perhaps do not have a

Macro Econ Assignment Example | Topics and Well Written Essays - 500 words

Macro Econ - Assignment Example Therefore, scarcity will limit individuals on the basis of limited income, manpower and natural resources, and this puts a limit to the amount of products people have at their disposal. An economy’s income must be equal to its spending so as to ensure that there is a favorable balance of payments in the economy. For every buyer of a product there must be a seller, and this means that GDP, which is utilized in measuring the levels of expenditure and incomes must be equal. If the expenditures are more than the incomes, there is unfavorable balance of payments, and this implies that the economy is falling apart. The GDP deflator is used to measure the tracks of all new products that are produced domestically and represents the total worth of products produced in an economy in a specific period. The GDP deflator will measure the ratio of current price GDP to the real GDP and will show how much the change in GDP from the specific year relies on the changes in prices of products. The consumer price index (CPI) is used to study the total output of the economy, and it is a cost of living indicator and measures the total cost of products purchased by consumers I a country. It helps in determining the purchasing power currency has and compares this to past years to see determine the status of the economy. Higher savings lead to higher standards of living because savings are the chief source of capital, which is to some extent the backbone of an economy. Savings will refer to accumulated funds, and this implies that an entrepreneur can use these funds to make an investment in the future. For example, when starting up a new venture, an entrepreneur will either use their savings or borrow from various institutions so as to fund the start up. If people could consume everything and not save, it implies that there will be no funds to be used in future in the event that an investment opportunity comes up. Moreover, when an

How Stock Prices React to Information

How Stock Prices React to Information INTRODUCTION Case studies, introduced back in 1969, produced useful evidence on how stock prices react to information. Many studies focus on returns in the short window (several days) about clean of the event. The advantage of this approach is that, because expected daily returns are close to zero, the model for the expected return does not have a major impact on the findings of abnormal returns. The assumption in studies that focus on short return windows is that there were delays in price response event is short-lived. There is a developing literature that challenges this assumption, arguing instead that stock prices adjust slowly to information, so that one must examine returns over long horizons to show full-size market inefficiency. If someone said to accept its conclusions, many of the recent studies on long-term returns suggest market inefficiency, namely, long-term under reaction or overreaction to information. It is time, however, to ask whether this literature, viewed as a whole, suggests that the efficiency should be rejected. The answer should be a solid, no, for two reasons. First, the efficient market generates categories of events that individually suggest that prices are over-react to information. But in an efficient market, it is obvious: Under-reaction will be around as often as over-reaction. If the anomaly is divided between the accident under-reaction and overreaction, they are consistent with market efficiency. We will see that even clear about the division between overreaction and underreaction is a good description of the menu of existing anomalies. Second, and more importantly, if the long-term return anomalies are so large that it cannot be attributed to the case, then even split between over-and under-reaction is a Pyrrhic victory for market efficiency. We will find, however, that the long-term return anomalies are sensitive to the methodology. They tend to become marginal or disappear when exposed to different models for expected (normal) returns or when different statistical approaches are used to measure them. Thus, even viewed one by one, most long-term return anomalies can reasonably be attributed to chance. The problem in the development of the overall perspective of long-term return studies is that they rarely test specific alternative to market efficiency. Instead, the alternative hypothesis is unclear, the market inefficiency. This is unacceptable. Like all models, market efficiency (the hypothesis that prices fully reflect the available information) is a wrong description of the pricing. Following the standard scientific rule, however, market efficiency could be replaced by a better specific model of price formation, itself potentially rejectable by empirical tests. Each alternative model has a difficult task. Please specify the errors in information processing, which have the same investors under-react to certain types of events and over-reaction to others. The alternative must also clarify the observed results better than the simple story of market efficiency, ie the expected value of abnormal returns is zero, but chance generates deviations from zero (anomalies) in both directions. From the literature, the irregularity was not settled on a concrete alternative to market efficiency, to get the ball rolling I assume that reasonable alternatives must choose between over-reaction or response. Using this perspective, we review existing studies, without questioning their applications. Each mechanism of organized marketing assets or financial liabilities is determined on the financial market. It is a market in which financial assets and liabilities are traded (Richard and Bill, 2006). Financial assets in this area includes all forms of securities, ranging from ordinary derivatives. Performance, it is widely used can be seen as the ability to achieve the desired result of the action or not waste energy (Encarta Dictionary, 2009). In other words, it has to do with how resources are used efficiently, the extent to which something is good. Financial market efficiency can be said to include as financial assets and liabilities are exchanged efficiently and productively the funds invested in financial market instruments. However, the exchange of securities in respect of funds can not be made only at the price willingly accepted by both parties, while the price is determined mainly by the value and scope of information available on the market for investors. This document d iscusses the performance of financial markets, however, explore the theories and assumptions, and explaining in detail all the terminology (majorly prices and information) relating to the efficiency of the financial market. LITERATURE REVIEW There have been extensive results on the effectiveness of the financial market. This led to the development of various theories, such as determination of the value of securities, the impact of information on share prices, dividend policy, to name a few. DEFINITION OF FINANCIAL MARKET Financial markets, as per Olowe, 1997, are mechanisms in which the surplus and deficit units can be connected economy by buying and selling financial claims. Furthermore, he argues that the primary function of financial markets is to allow the funds effectively allocated from the surplus units in the economy, the deficit units for productive investments. Richard and Bill, 2006, view of the financial market, like any market mechanism for financial assets and securities. They further explain that there is often no physical market transactions are conducted via telephone or computer. Is any market in which financial assets and liabilities are traded and the mechanism through which corporate financial managers have access to various funding sources and instruments. Capital markets, however, operate in two ways: Primary market providing new capital for enterprises and other activities, usually in the form of issuing shares to new or existing shareholders or loans. It provides the focal points for lenders and borrowers to meet. First of all, new sources of funding is raised in this market. Secondary market trade existing securities, thereby allowing investors to supply the existing holdings at will. Active in the secondary market is a prerequisite for efficient primary market and, as no investor will want to stick with investments that cannot be implemented if desired. Institute of Chartered Accountants of London describes the financial market, with the means provided by the financial system for the creations, care and distribution of financial assets and liabilities. The market according to the institute, has two major segments, money and capital markets. Money market offers the opportunity to raise short-term investments and funds. Tenor, which from day to day varies from about a year or two years. Exchange financial instruments on the market include treasury bills, bills, treasury certificates, securities, etc., the capital market on the other hand are the mechanisms, institutions and structures in which the medium and long term funds are collected and made available for businesses, government and individuals . Capital markets is that the instruments which are already provided are outstanding. OVERREACTION AND UNDERREACTION One of the first papers on long-term return anomalies wrote by DeBondt and Thaler (1985). We find that when stocks are ranked on three to five years past returns, past winners are usually the future losers, and vice versa. Attributed to these long-term return reversals to investor overreaction. In forming expectations, investors give too much weight to past performance of companies and too little to performance instead of the mean return. DeBondt and Thaler seem to argue that the overreaction to past information about the general assessment of behavioral decision theory of Kahneman and Tversky (1982). So could be that the overreaction to the prediction of behavioural finance alternative to market efficiency. In most cases, however, the anomalies literature has not accepted the discipline of an alternative hypothesis. An exception is Lakonishok et al. (1994). They argue that the indicators of stock prices proxy for past performance. Companies in the high proportion of earnings in the financial market instruments. These are securities or financial instruments traded on financial markets and the already mentioned, the two major segments of financial markets money and capital markets, the instruments traded in the money market are as follows: Treasury securities those short-term obligations of the federal government to the holder a specified sum of money after a certain number of days in question. Treasury securities are of two types depending on the denomination and maturities. While Treasury yields are generally low fixed and matures about 91 days of issue of certificate treasury share similar features with it, but a longer duration and higher fixed rate. Certificate of deposit (CDS) these are the revenues of banks deposit liabilities of a specified interest rate for a specified period of time. CDS is an interbank asset and serve as a means of channeling cash surplus of commercial banks, commercial banks, who are the main issuers of these types of devices. When the bank promises to pay the principal and interest at maturity, usually 3-36 months, with the name of the negotiable certificate of deposits. However, if the CD features of the deposit receipt, and are generally held to maturity, while, they are called non-negotiable certificates of deposits. Non-negotiable certificates of deposits is also maturity of up to 3-36 months. Commercial paper this is an unsecured short-term bills issued by the company to interested investors for a cash discount for a specific term. Investors in commercial paper loans are usually worth individuals or institutional investors. This is usually for a duration ranging from 30-270 days. Commercial paper dealer, however, classified documents and the documents placed directly. Securities dealer commercial paper investors placed through the dealer, which can be placed directly under a bank notes, commercial papers directly to the investors of the company issuing the documents, which require the issuer to maintain dress trained personnel who have a good knowledge of financial markets and good relationships in the markets. In all cases, the commercial paper investment of the investors, who borrow in the credit market without security, or even negative pledge. Commercial paper traded only on the primary market. Bankers Acceptances also known as the draft bill adopted by the drawee bank determines that a certain amount to be paid after a certain period of time. Adopted by writing the word your means the whole face of the draft with authorized signature. If this is done, the invoice, you should be the beneficiary of a discount rate. This financing through international trade credits. It is also intended to finance trade in goods in bonded warehouses, and in particular the credit created by the bankers acceptance self-liquid short-term loans. The maturity range of 90-180 days, or sometimes 30 to 270 days. Bank deposits this place is the base of the investors / depositors of the bank agreed rate of interest. Bank deposits are divided into call deposits / savings account deposits and fixed deposits. Call made deposits with agreed maturity date, and should be terminated by both parties at any given notice to the other party to an agreement based on the period of notice, the deposit liabilities of deposit and the bank for a specified period a specified rate of interest, which can be fixed or variable. The maturity of deposits vary from a few days a number of years. The deposit must be certified or non-receipt or certificate of deposit. Derivatives they are using, or losing or speculation from hedge against movements in currencies and interest rates. These financial instruments whose value are derived from underlying securities, which allows an investor to gain exposure to the performance of the underlying securities without having to physically. If a profit, there may be a hidden risk in derivative markets. Financial experts term financial weapons of mass destruction, and describes as hell, which is easy, and almost impossible to quit. Examples of derivatives, forward contracts and contract options for the future. CAPITAL MARKET INSTRUMENTS Debt Securities long-term loans are raised by a company or the government, which interest is payable, and a fixed rate. The nominal value of debt instruments, the debt of the issuer of the instrument and the interest is paid at the nominal rate of interest on this amount. In most cases, debt can be exchanged. Preference Shares this is a major source of long-term financing for the company. The holders of traditional shareholders instead of dividends. Preference shares, if they are collectively entitled to the unpaid dividend for the previous periods, carried over from one period to another, until finally paid off, in which case the arrears must be paid before common stock dividends paid. As well as debt securities, preferred shares convertible. Ordinary Shares the holders of these shares owned by the company. These nominal values and the memorandum and articles of association of the companys authorized common shares of the company may issue. The ordinary shareholders of the companys remaining claims, ie, they paid dividends in other fixed obligations have been met. Convertible Securities shares of both of these hybrid securities, the functions of the fixed-income securities and equity. These securities (usually fixed-rate), which is convertible into ordinary shares in the companys choice of the right in the future. Having explained the concept of the financial market, and it is composed, it is necessary to examine whether effective or not. Before this can be done, efficiency, whereas a different connotation in different environments should be clarified in the light of the financial market. EFFICIENCY This word efficiency is all part of the vocabulary of everyone. For most, this means that it can achieve the desired result, without or with minimal wasted energy or effort. The Encarta dictionary, 2009, is the ability to do something well or achieve the desired results will not be wasted energy and effort, that is, to what extent something is done well, or not wasted energy and effort. Overall, this is a situation where growing prosperity of the amount of productive resources and the current state of technical knowledge economy, eliminating wasted effort, and allows for additional output from the available resources to achieve this desired result, avoiding wastage and prevent losses to avoid harm. (David N.H, 2005). However, in order that the various professions that means different things, the economists are talking about allocation of efficiency the extent to which resources are allocated to the most productive use of this society with the greatest need. The engineers talk about the technical efficiency the extent to which a mechanism performs the maximum capacity. Sociologists and political scientists talk about the social efficiency the extent to which complies with the accepted mechanism for social and political values. (Richard and Bill, 2006). 6.1 Financial Market Efficiency The investment guru or financial expert, a slightly better efficiency, this also applies to the pricing and information on the effectiveness, efficiency, instead of sources of financial market instruments. It is necessary to do a quick and convenient tool to convert currency and vice versa, that the price of the securities is determined and how to manage the risks associated with the securities. This, however, with the roles of the financial market is expected to perform in the economy, according to which the Olowe, 2007, divided into three (3); Allocational efficiency the role of financial markets to optimally allocate scarce savings in productive investments in such a way that benefits everyone. The operating efficiency the server as an intermediary, who provide the funds from savers to investors at the least cost, which offered them a fair return for their services. Pricing efficiency the role of the dominant values at which securities will be replaced if the market price of capital allocation signals. The prices of the forces of supply and demand. Fama, 1976 (the Olowe, 1997) considers the effectiveness of pricing efficiency in the processing of information. Based on what said before, we can conclude that the pricing information of the two major determinants of efficient financial markets. Thus, financial market efficiency can be defined as the market in which security prices quickly and fully reflects all available information. The market in which any device that outperforms the market to be unusable. Therefore, the efficient financial markets, the same yield for a given level of risk should be implemented for all investors. Price (E / P), cash flow to price (C / P), and the book-to-market equity (BE / ME) is generally poor past earnings growth, and firms with low E / P, C / P, and BE / ME are generally strong earnings growth in the past. Since the market is over-react to the recent growth, it is surprised when earnings growth mean returns. As a result, a high E / P, C / P, and BE / ME stocks (poor past performers) have high future returns, and low E / P, C / P, and BE / ME stocks (strong past performers) at low future returns. We also considered the poor long-term post-event returns in the stock market (IPO), and experienced their own offerings (SEO) is the overreaction camp. SEO is a strong stock returns in the three years prior to the issue. It seems safe to assume that these strong returns reflect strong earnings. It seems safe to assume that the IPO will have a strong past earnings to appear in public. If the market does not mean that the income growth increasingly means returns, stock prices at the time of the equity issue (IPO or SEO) is too high. If the market only gradually recognizes the mistake, the overreaction to past earnings adjusted for slow growth in the future. Finally, some argue that the long-term negative abnormal stock returns post-list of companies that the new list of the NYSE and Amex because of the overreaction. Companies list their stocks to take advantage of market overreaction to the recent strong performance. As it turns out, overreaction was the result of tests of long-term returns, market efficiency would be dead, replaced by the alternative behavioural DeBondt and Thaler. The fact that it was obvious during the reaction around frequently. My grandfather was in the bottom of the reaction to the events of the evidence that stock prices seem to respond to income of about one year after announced. Another impetus to the effect that the high returns of stocks over the past year, yields are typically high, as the next three to six months. Alternatively, if new tests also produce the long-term post-event abnormal returns, which suggest underreaction, indicating a positive post-event abnormal returns of divesting firms and the companies that will sell. Attributed to the result of market underreaction to the enhanced probability that after the spinoff, both the parent and the spinoff is likely to become merger targets, and the recipient of aid. Desai and Jain and Ikenberry et al. Determine that the companies shared experience in human resources, long-term positive abnormal returns before and after the split. Attributed to the post-split returns to the market underreaction to the information indicates a positive split. Lakonishok and Vermaelen find positive long-term post-event abnormal returns when companies apply for stock. Ikenberry et al. observed similar results in the open market share repurchases. The story in both cases is that while the market, responding to a positive sign for the future performance of the share repurchases. Finally, Michaely et al. finds that the basis of stock prices, appears to respond to negative information in dividend omissions, information and positive initiatives. A few of the long-term return anomalies it is not easy to classify. For example, Asquith and Agrawal et al. indicate negative long-term abnormal returns to acquiring firms following mergers. This is also attributable to underreaction of market to a bad investment decision, or overreaction to the typically strong pre-merger performance of acquiring firms, documented, and Mitchell Staford. Ikenberry and Lakonishok find a negative post-event abnormal returns of firms involved in proxy contests. A story, based on the stock exchange, responds to the poor performance of these businesses prior to the proxy of competition, but another is that the price is too responds to the proxy information that something is likely to change. Because of the ambiguities in classifying certain disorders, and given the fact that the above review is certainly not complete, I will not do a number against the overreaction underreaction studies. What is important is that the literature does not lean toward the clean up of behavioral alternative to market efficiency. This will not be lost in the behavioral finance researchers who acknowledge the issue: We hope that future research will help to understand why the market seems to overreact in certain circumstances and underreact in others. (Michaely et al.). The market efficiency hypothesis is a simple answer to this question is a chance. Specifically, the expected value of zero abnormal returns, but chance generates apparent anomalies that split randomly between underreaction and overreaction. The weight of evidence of long-term return anomalies are so overwhelming that market efficiency is not viable even in the absence of an alternative working model that explains both under-and overreaction? The answer to that question is no, for two reasons: First, it is doubtful that the literature is presented in a randomly selected sample of events. Splashy results get more attention, and it encourages you to find. That the dredging of the irregularities of a rewarding profession suggested by the fact that the anomalies literature shows so little sensitivity to the other hypothesis problem. The same authors, visual events are often satisfied with the overreaction or underreaction, and are prepared to conclude that both justify the rejection of market efficiency. Second, some disorders may be evident by means of a reasonable price. Fama and French find that the long-term return reversals and the DeBondt Thaler, and conversely, to return to the Lakonishok et al. captured by a multifactor asset pricing model. In a nutshell, covariation between the returns of long-term losers seems related to the risk premium, which explains why higher future average returns than long-term winners. Fama and French discuss the fights and the multifactorial model, but the results are sufficient to illustrate an important point: Conclusions on market efficiency can be sensitive to the assumed model of expected returns. Last, but most importantly, have more or less split between overreaction and underreaction is not much support for market efficiency in the long-term return anomalies are so great they can not be attributed to chance. But it will still be viewed individually, most of the anomalies are weak. They usually disappear when reasonable alternative approaches to measure them. 6.2 Pricing of Securities Pricing is a major determinant of financial market efficiency security is discussed in relation to pricing of risk and return. Risk, which is created by many factors, such as general economic conditions, economic factors specific to security, competition, technological development, investor preferences, and all other kinds of circumstances, as defined in Van Horne, 1986, the various possible return on investment. Olowe, in 1997, also sees risk to the likelihood of a deviation from the expected return from holding a security back to the actual holding of such securities. The introduction of the risk, the investor may be indifferent as to which to invest in safety, if there is available for investment, similar yields. A conceptual framework for examining the relationship between risk and return, as they affect the pricing of security, discussed the Capital Asset Pricing Model (CAPM) and the discretionary pricing model (APM). 6.3 Capital Asset Pricing Model (CAPM) This model was developed by Sharpe (1964), Linter (1965) and Mossin (1966). It shows the expected return on the relationship between security and the inevitable risks. Provides a framework for the evaluation of the securities and can be used to find the unit cost of equity capital. CAPM, however, was the following assumptions: A time CAPM model assumes that investors are risk averse. The rice adopters and investors in the securities in the uniform requirement. There is a risk-free security, so that investors may borrow or loan an unlimited amount of risk premium rates. The securities are sold, and perfectly divisible. Even more so, to the quantities. The information is freely available to all investors. Investment restrictions cannot be neglected and no investor is large enough to affect the market price of the stock. The above assumptions are briefly assumes that there is a perfect market, and that the financial market is efficient. Thus, as the assumptions, all asset prices fall, that the security market line, while the security market line equation: E(R1) = RF + [E(RM) RF]ÃŽ ²1 Where ÃŽ ²1 = COV(R1RM) ÏÆ'2m E(R1) = expected return on security RF = risk – free rate E(RM) = expected rate on market portfolio ÃŽ ²1 = beta of security i COV(R1RM)= covariance of return on security i with the returns on a market portfolio. ÏÆ'2m = variance of returns on the market portfolio Example; if the expected return on security is 24% and its beta is 1.8. show whether the security is under or overvalued if the risk – free rate is 13% and return on market portfolio is 18%. Solution; E(R1) = RF + [E(RM) RF]ÃŽ ²1 = 0.13 + [0.18 – 0.13]1.8 0.22 i.e. 22%. We conclude that it is undervalued as the expected return is 2% less than the predicted. i.e. 24% > 22%. 6.4 Characteristics of CAPM The fact that not all risk-return safety concern that risk averse investors, asset should be priced to the risk-adjusted return is exactly the security market line. So the only risk is that investors pay a premium to avoid the risk of market share so that the total risk of each security in a systematic and systemic risk. A general and systematic risk affects the entire market, and irregular and the characteristic factors unique to a particular person. Effective diversification, however, reduces the overall risk of the portfolio to the point where only the regular risk remains. Measured by the weighted average portfolio beta of the beta of individual securities in the portfolio. Proportion of portfolio funds allocated to represent the weights of individual securities in the portfolio, and it represents mathematically: n ÃŽ ²P = ∑ wi ÃŽ ²i i=1 where ÃŽ ²p = beta of portfolio p ÃŽ ²i = beta of security Wi = proportion of security in portfolio p Conclusion: CAPM has been derived under some simplifying assumptions, most of which do not correspond to reality. For this reason, it has been criticized on the grounds that it assumes the market portfolio of all assets stocks, bonds, property and human capital. The real-life situations, empirical tests of the CAPM tend to use proxies, such as stock market indices as the market portfolio. 6.5 The Arbitrage Pricing Model It has proposed by Rose (1976), because the dissatisfaction of the CAPM on the theoretical and empirical grounds. This is a multi-factor model (multiple-beta model), compared to the CAPM, a single factor model. The safety factor for the actual return for a state grant: n Ri = E(Ri) + ∑ bijFj + ej J=1 This can be restated as Ri = E(Ri) + bi1F1+bi2F2 + †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. + binFn + ei Ri = actual return on security E(Ri) = expected return on security i Fj = the (uncertain) value of factor j bij = sensitivity to factor j ei = the error term. It is also the security-specific return. Similar to the CAPM, we diversify the unsystematic risk, but in addition, we arrive at the market equilibrium, as individuals eliminate arbitrage profits across multiple factors. The model does not explicitly indicate what factors or economic factors or behavioral significance. However, the market return as in the case of CAPM can be one factor. The APM, therefore, suggests that the linear relationship between security returns and a few factors. The steady-state under this model, the expected return on security i E (Ri) issued by: E(Ri) = Rf +Ɔº1 bi1 + Ɔº2 bi2 + †¦Ã¢â‚¬ ¦..+ Ɔºn bn Where Rf = risk – free rate Ɔºn = risk premium for the types of risk associated with particular factors. Its equation can be rewritten as: Ɔºn = En – Rf where En is the expected return of a portfolio which has unit response to other factors. Example: The return of stock company is related to two factors as follows. E(Ri) = Rf +0.7Ɔº1 + 1.6 Ɔº2 + 1.3 Ɔº3 Where 0.7,1.6 and 1.3 are sensitivity coefficients associated with each factor. If the risk – free rate is 12%, Ɔº1 is 7%, Ɔº2 is 4% and Ɔº3 is 6%. Calculate the expected return on the company’s stock. Solution: E(Ri) = 0.12 + 0.7(0.07) + 1.6(0.04)+1.3(0.06) = 0.311 i.e. 31.1% In summary, it seems more than the CAPM, the APM allows the CAPM risk averse investors to focus more attention to the systematic risk of securities pricing and diversify the systematic risk. According to APM on the other hand, individuals across a number of factors arbitrage, arbitrage opportunities disappear when the market is in balance. However, there is consensus on these factors, the APM, and testable. Thus, CAPM can still be used in security prices. INFORMATION ON SECURITIES Information can be classified as historic, current, or expected. Only the current or previous information from some of its effect on prices. The more information is available, the better the situation means that an informed decision is more likely correct. Security prices are characterized by a random and unpredictable movements. The movement in security prices may be interpreted to mean that investors in the market, a quick note to all security-related information on prices and prices adjust quickly to such information. Thus, the effectiveness of the security prices depend on the speed of price adjustment to all available information. The more efficient than the speed of adjustment of prices. The market efficiency of the available information, however, the efficient market hypothesis reflects (EMW), the three basic forms: Weak form Semi a strong form; Strong form. 1) The weak form EMH states that current stock prices fully reflect all of the information included in the recent price movements, which makes it impossible for investors to predict future security prices and the analysis of historical prices, achieved better results than the stock market as well. Therefore, the market may be effective in this form, there is no significant correlation term average prices of securities. Even more so, if an investors trading strategy can not beat the market based on information available to him, we conclude that the market is weak form efficient. Olowe 1997, places that most