Interpreting Research Findings Essay

What follows are my responses to the hypothetical students who responded to the topic: â€Å"The human mind is a very powerful tool of research. How does the mind use statistics, deductive logic, and inductive reasoning to interpret research findings? † Student #1. Since you provided the reference for your response, you may not understand the meaning of plagiarism. For example, the statement from Pinker’s article (p. 2): â€Å"In this conception, a computational system †¦ into existence† appears in your response, without quotation marks or a page reference. The addition of the parenthesized word â€Å"mind† does not make the excerpt yours. There are similar examples throughout your response. You might have had difficulty in reading a highly theoretical article: one that actually is from a scholarly journal (Pinker, 2005) and does not address the question of using â€Å"statistics, deductive logic, and inductive reasoning to interpret research findings†. Despite adding these phrases to statements from Pinker (paragraphs 2 and 3), you did not answer the question. Student #2. Your first three sentences, though interesting, aren’t related to the question. Note too that conclusions based on using the scientific method are not â€Å"right answers/outcomes. † The closest one can come to a â€Å"right answer† requires doing an experiment and then using inferential statistics to conclude that the probability of finding a result such as yours by chance is so low (e. g. , < . 05 or . 01) that it’s reasonable to conclude your experimental manipulation caused your results (Levin, 1999). Almost your entire response is related to descriptive statistics, only one part of the question. Your quote about deductive logic (the only route to certainty) does not explain how it is used, and your quote about inductive reasoning is not, in itself, a complete explanation of how such reasoning is used. Student #3. Your response was very good. Note that it isn’t possible to free one’s â€Å"mind of bias,† which is why methods are used to prevent human biases from influencing the results, as in the classic double-blind experiment, where neither participants nor researchers know who is receiving the placebo and who is receiving the medication (Levin, 1999). Also, your son’s conclusion was valid – a conclusion is valid if it must be true if the premise is true. He was incorrect because his premise was incorrect (typical of a bright three-year-old). Also, your discussion of inductive reasoning was weak – try thinking in terms of â€Å"inferential statistics. † As an aside, there were some violations of APA rules regarding citations and references. Student #4. Unfortunately, your response does not begin to address the question. Also, in answering a question you weren’t asked, you reached conclusions that have been disconfirmed in previous research. For example, there’s a strong relationship between the behavior of peers and a teenager’s use of nicotine, alcohol, marijuana, etc. , but not a relationship between parent and child use of these substances (reviewed in Harris, 1995). It’s true that â€Å"educational and prevention programs† have not been â€Å"cost effective,† but there’s no evidence that such programs are effective at all, i. e. , that they influence teenage-smoking. Before you reach a conclusion on the â€Å"something† you will study, you need to read the relevant literature on previous research. Student #5. In a response as brief as yours, the first two sentences should have been related to answering the question. I also have no idea of what your answer means: â€Å"to form somewhat of an ‘argument’ that helps to interpret research findings. † In discussing deductive reasoning, you needed to explain that incorrect premises can result in valid but incorrect conclusions and that factually correct premises can result in incorrect conclusions if the hypothesized conclusions are invalid (e. g. , in the classic example, knowing that â€Å"all men are mortal and that Socrates was mortal† does not imply that â€Å"Socrates was a man†). You also did not explain how statistics and inductive reasoning are used. Student #6. First, you did not provide any source(s). Had you used a book on statistics and design, e. g. , Levin, 1999, you would have avoided some errors, described below. Your examples of descriptive statistics are accurate, but your explanation of inferential statistics is not. A sample is used to generalize about a population, not about a larger sample. Also, if â€Å"blue† were the favorite color of 80 people in a sample of 100, you could not conclude (or â€Å"speculate†) that if you sample 1000 people, blue would be the favorite color of 800. You could conclude, for example, that if you repeatedly (infinitely) sampled 100 people from the same population, the probability of failing to find that a majority favor â€Å"blue† is known and small (e. g. , . 05 or . 01). It may be important to understand correlational research, but the question was to explain how particular tools were used to interpret research findings. One tool, deductive logic, does not, as you stated, â€Å"indicate that a series of statements are facts. † You also needed to use quotation marks in your statement from Kerlinger, 1986, â€Å"Hypotheses are declarative †¦ more variables† and the full Kerlinger reference should have been provided (you should not have included references you had not cited). Finally, your conclusion regarding your dissertation suggests you do not understand how the three research tools noted in the question are used, e. g. , do you intend to use statistics only in your literature review? References Harris, J. R. (1995). Where is the child’s environment? A group socialization theory of development. Psychological Review, 102, 458-490. Levin, I. P. (1999). Relating statistics and experimental design. Thousand Oaks, CA: Sage Publications. Pinker, S. (2005). So how does the mind work? Mind & Language, 20, 1-24.

Brief History of Psychology Essay

Before science, psychology was untested. People assumed all psychological problems were caused by evil spirits. The roots of psychology go back to the ancient Greeks, the term itself comes from two Greek words, â€Å"psyche† and â€Å"logos† which means the soul and the study of a subject. Philosophy and physiology both contributed to psychology’s emergence as a scientific discipline. The formal beginning of psychology started in the mid 18th century when a German physiologist named Wilhelm Wundt treated psychology as an independent science discipline. His book â€Å"Principles of Physiological Psychology† was published in 1874, it focused on consciousness, including feelings, emotions and ideas. His perspective came to be known as â€Å"structuralism† – psychology is to analyze consciousness into its basic elements and investigate how they are related. Wundt and others also used a procedure called â€Å"introspection†- a self- examination of one’s conscious thoughts and feelings. However, by 1895 structuralism was replaced by â€Å"functionalism†- it focused on the acts and functions of the mind and behavior rather than its structure. In 1924, John B Watson published â€Å"Psychology as Behavior† launched â€Å"behaviorism† which proposed that psychology should study only observable behavior. Sigmund Freud, an Austrian physician, whose work and theories helped shape the views of childhood, personality, memory, sexuality and therapy which attempted to explain motivation and mental disorders. Another change of psychology happened when â€Å"humanism† rose; its theoretical perspective emphasized conscious experiences. One of the founders of this theory, Carl Rogers strongly believed in the power of free will and human’s potential to grow. Psychology continued to grow, more new ideas and perspectives were introduced. Psychology evolved out from philosophy and physiology to a separate and independent field of study with further development and theories to explain human thought and behavior throughout centuries. Today, psychologists focus on a particular specialty or perspective but their ideas and theories will continue to shape psychology for years to come.

Judy Jones †beauty, devil, or victim? Essay

â€Å"Winter Dreams†, one of the greatest works of F. Scott Fitzgerald, has successfully depicted the downside of the so-called American Dream in his time. The story described the frustration of people who had defined their happiness as material success. Beside the protagonist Dexter Green, there was another character that made readers preoccupied with conflicting ideas after reading the story. She was Judy Jones, the center of Dexter’s winter dreams. In this essay, we will examine this character to see whether she was a statue of woman beauty, a devil who kept hurting other people, or a victim of such a material society. First of all, we must admit that Judy Jones was a masterpiece of God. When it comes to an attractive girl, we can definitely take Judy Jones for an excellent example. Judy, in the author’s description, was a gorgeous young girl whose charm was composed of a striking appearance, a great sense of style, and a magnetic personality. To plenty of men, Judy was an extremely adorable girl with whom they couldn’t help falling in love. Almost every man in the story had to admit that Judy was greatly good-looking. Dexter, the protagonist, had recognized Judy’s potential great beauty when she was just eleven. He depicted little Judy as an â€Å"inexpressively lovely† girl who â€Å"brings no end of misery to a great number of men†. When Judy turned twenty, she became an irresistible beauty with a slender figure, passionate eyes, picturesquely beautiful complexion, and especially, an appealing down-turning mouth that â€Å"gave a continual impression of intense life and vitality†. Additionally, Judy’s stylishness made her become more appealing. Her costumes not only perfectly fitted her but also made her stand out in any situation. She once showed up at the golf court so gracefully in â€Å"a blue gingham dress†, which got many men’s attention. Another time, she suddenly appeared in such a healthy and attractive manner on a racing motor-boat with an eye-catching pink bathing-suite on her beautiful body that Dexter couldn’t do anything else but complying with all her requests. When Dexter  met her again at the dancing club after a long time, she still looked as pretty as a doll in a sparkling gold dress. Moreover, Judy’s charm was fortified with a special personality. Though a slender girl, she not only knew how to swim or dance but also knew how to surf on the sea and drive a motor-boat with no difficulty. She was always aware of her charm, always confident, and friendly towards the man she was interested in. Also, she was not afraid of actively asking a new acquaintance on a date and did make it become a romantic and memorable date than ever. That she knew how to make a man happy with fulfillment was so true since Dexter, during his life, would never forget the moment (though short) with Judy on the dark sun-porch, deeply in the passionate kisses. Hence, generally speaking, Judy was a dream girl for plenty of men. What is more beside Judy Jones’ great looks? Surprisingly, it is a not very beautiful soul, or critically speaking, a cruel nature of a devil. As an eleven-year-old girl, Judy Jones had adopted an incorrect etiquette. She was so rude when addressing Dexter as â€Å"Boy† while she was obviously younger than him. Besides, she couldn’t conceal her bad temper when having something unsatisfying. Not seeing any caddies available to serve her, Judy vented her anger on Mrs. Hilda-her nurse by â€Å"taking one of the clubs, hitting it on the ground with violence†, and wildly shouting at Mrs. Hilda that â€Å"You damn little mean old thing!†. When Judy entered adulthood, the cruel side of her nature became clearer. One of her disgusting qualities was once again the impoliteness. She seemed amazingly unconcerned and unapologetic when hitting Mr. T.A. Hedrick in his stomach with a stray ball. Furthermore, Judy Jones was a statue of a material girl who judged a man only by his material success and seemed to ignore the moral value. On the first date with Dexter, Judy straightforwardly told him about her recent upsetting love affair with a man who, in her words, â€Å"was as poor as a church-mouse†, and boldly asked Dexter â€Å"Are you poor?†. What if Dexter had said â€Å"Yes†? Logically, she might have thrown him out of her life at once! Judy Jones’ cruelty was explicitly revealed through her selfishness, wilfulness and impulse-driven behavior. She was always trifling with others’ affection. When she was interested in a man, she did not hesitate to take advantage of her charm to achieve her goal – making him crazily love her. Nevertheless, once losing the excitement, she mercilessly kicked the guy out of her current life and looked for a new delight. Her wickedness, however, did not stop at the â€Å"new one in, old one out† attitude towards love. When the miserable neglected man gradually forgot her and was about to start a new life, she tried to draw his attention back by â€Å"granting him a brief honeyed hour, which encouraged him to tag along for a year or so longer†, then left him, hurt him again, and of course, non-stop looked for another interesting guy to fulfill her desire. She acted wickedly regardless of others’ feelings as if she had had the right to do it. Dexte r was one of the most miserable victims of Judy’s love games. He was suffering not only from being neglected again by Judy but also from regretting giving serious hurt to his fiancà © Irene Scherer and her parents. Obviously, Judy Jones’ selfishness had given pains to plenty of people. Why was Judy Jones such a disgusting devil? Were there any sensible reasons for this, which are worth our sympathy? Firstly, Judy Jones was born with a silver spoon in her mouth and with a great beauty that could help her win almost every man’s heart. She lived an extravagant life with plenty of elite suitors always around. That she could acquire what she wanted effortlessly made her appreciate nothing. She hardly had any meaningful interests in her life except flirting men around. She assumed that her radiant beauty was a master key to the happiness, but her upsetting married life at the end of the story proved that she was completely wrong. Her unhappiness afterwards resulted from the emptiness of her soul and an intensive desire for what is so-called happiness that she couldn’t know how to achieve and even couldn’t define. That was why she once cried and complained to Dexter: â€Å"I’m more beautiful than anybody else. Why can’t I be happy?†. The fact that she kept hunting for joy with different men gives us an impression of her illusion and disorientation in her journey to seek happiness. No matter how popular, rich, and even talented a man was, Judy couldn’t find a permanent sense of fulfillment with him. She just sought a  man to fill the emptiness in her soul. Secondly, we must take a look at the society in which Judy grew up – a society that placed material success over moral values. Therefore, that Judy Jones adopted such stereotype and judged a person by his wealth was not incomprehensible. Poor Judy failed to understand what true love was and consequently, did not know how to have it. The last reason we can think of is the lack of adequate parental guidance from her childhood. Her parents were rich, but like other people in that society, they must have concentrated only on earning money to fortify their social status. Through the story, readers can see that the bond between the Jones’ m embers appeared not to be so close. While Irene’s parents were described as kind and caring people, Mr. and Mrs. Jones were usually said to be absent from home. Moreover, we can notice the image of a Judy surrounded by her servants and boyfriends, but we hardly ever find any interaction between Judy and her parents. Living prosperously but being neglected by parents, Judy was given a chance to develop such a misconception of love and happiness. Judy’s endless search for satisfaction seemed to burn itself out by the end of the story. She got married to Lud Simms – a bad husband. She lost her good looks and devoted herself to her children. Judy Jones, the symbol of Dexter’s larger-than-life dreams, then became a boring Judy Simms. Many readers may feel satisfied with this ending since Judy ought to pay for all the pains she had caused to other people. However, if we give ourselves a pause for rethinking, we may somehow feel sorry for her. Judy was, by no means, a devil from birth. She was just a victim of the society in which she was born and grew up. To conclude, if we could give something to this character, we would give her just a moderate look, not a great beauty. Were it so, she wouldn’t have had any â€Å"weapon† to hurt so many men, and she might have got a more peaceful life.

Christian Apologist Essay

Included in the 10 most influential Christians of the 20th century alongside Karl Barth, Pope John XXIII, Martin Luther King Jr, and Billy Graham, the Christian History magazine named him â€Å"the atheist scholar who became an Anglican, an apologist, and a ‘patron saint’ of Christians everywhere. † He was also dubbed as an â€Å"apostle to the skeptics† because he resolutely answered frequent objections individuals had when it came to accepting Christ as their Savior (christianodyssey. com). Born into a Protestant family in Ireland on November 29, 1898, C.  S. Lewis was the son of A. J. Lewis, a solicitor, and Flora Augusta, a promising mathematician. He bore a lonely and unhappy childhood. Especially crushed by the death of his mother due to cancer when he was nine years old, Lewis was left disheartened with God (christianodyssey. com). Lewis came to reject Christianity at an early age, becoming an affirmed atheist. He reasoned that Christian myths were mediocre and that the Christian god must be a sadist (about. com). Whilst being inquired about his religious view, C. S.  Lewis labeled the worship of Christ and the Christian faith as â€Å"one mythology among many. † (christianodyssey. com). Lewis was married to Helen Joy Davidman. She was a Jewish American with two children of her own. Davidman was good-natured and shared her husband’s joy in argument. Sadly, she died of cancer in 1960 (kirjasto. htm). After a prolonged period poor health and sporadic recovery, Lewis himself died on November 22, 1963 (christianodyssey. com). Fondly called â€Å"Jack† by his loved ones, Lewis was a well-known professor at both Oxford and Cambridge. Lewis’ 25 books on Christian topics include Mere Christianity (1952), The Problem of Pain (1940), Miracles (1947), The Screwtape Letters (1942), Surprised by Joy (1955) and The Great Divorce (1945). The Pilgrim’s Regress (1933) was about his own experience while on his way to conversion (christianodyssey. com). In The Problem of Pain (1940), it is asked, â€Å"If God is good and all-powerful, why does he allow his creatures to suffer pain? † Here, Lewis reasoned that the wrong choices people tend to make usually account for the suffering they are eventually faced (kirjasto. htm). Here we see that Lewis is trying to give rational answers to queries people have without completely basing it on blind faith. Critics usually look for an understanding based on the cause-and-effect principle. The Chronicles of Narnia has turned out to be the most lasting of Lewis’s novels. It retells the story of the Creation, the fall and redemption of humanity and also includes other Christian themes in allegorical form. The portal to Narnia, a version of Paradise, is a wardrobe through which four sibling children enter this secondary world. In the first story the bad Witch is destroyed in a battle. The final books deal with Narnia’s beginning and end. In the last Armageddon story, with its death-and-resurrection theme, the struggle was between a king and the forces of evil (kirjasto. htm). We need to understand here that if readers can understand the mechanics of Narnia and how the plot of this story works with the inclusion of certain Christian themes, they can better understand Christian beliefs from a more objective point of view and accept it. The same point of view they read and understood The Chronicles of Narnia. Lewis presented the basic teachings of orthodox Christianity — teachings he labeled â€Å"mere Christianity† (inplainsite. rg). Lewis went on British radio between 1942 and 1944. His discussions during those years were on what he called â€Å"mere Christianity,† that is, the universal and most doctrinal beliefs of the faith. This very collection of radio talks were later tied together in one of Lewis’ most influential books, Mere Christianity (christianodyssey. com). Lewis’s project in this book was to defend â€Å"mere Christianity,† or the most essential basics of the Christian faith, against unbelievers. (leaderu. com) Lewis based his defense of Christianity on an argument from morality. The Moral Argument states that there is a universal â€Å"moral conscience† amongst all human beings. Everybody possesses an internal sense of moral obligation to realize the difference between right and wrong and choose to do what is right. Lewis ascertains that the existence of this common â€Å"moral conscience,† can only be the consequential result from the existence of a god who created all humans. (about. com). C. S. Lewis disputed for reason-based Christianity as opposed to faith-based Christianity. This is a questionable decision on Lewis’ part because conventional Christianity is indisputably faith-based. Lewis’ principal readers were supposed to be skeptics and atheists rather than current believers. Skeptics doubt for lack of reason and evidence; therefore, only reason and evidence is more likely to draw their reconsideration. In his book, Mere Christianity, Lewis writes: â€Å"I am not asking anyone to accept Christianity if his best reasoning tells him that the weight of the evidence is against it. † (about. com). One of Lewis’ most-often-quoted statements is from Mere Christianity, where he uses reason and logic to introduce three possibilities to us (often known as the â€Å"Lewis trilemma†). According to this trilemma, either Jesus really was God and intentionally lying, or was not God but reckoned himself to be (which would make him a lunatic). Mere Christianity goes on to say that the latter likelihood is not consistent with Jesus’ character and it is, therefore, most likely that he was being truthful â€Å"A man who was merely a man and said the sort of things Jesus said would not be a great moral teacher. He would either be a lunatic—on the level with a man who says he is a poached egg—or else he would be the devil of hell. You must make your choice. Either this man was, and is, the Son of God: or else a madman or something worse. You can shut him up for a fool, you can spit at him and kill him as a demon; or you can fall at his feet and call him Lord and God. But let us not come with any patronizing nonsense about his being a great human teacher. He has not left that open to us. He did not intend to. â€Å"- Mere Christianity (christianodyssey. com). As mentioned earlier in this paper, C. S. Lewis’ readings are mostly meant for critics and unbelievers of the Christian faith. It is not designed for Christians who have accepted Lord Jesus as their Savior because they do not need to be convinced through reason-based writings about Christianity. Lewis was very interested in presenting a reasonable case for the truth of Christianity. I chose C. S. Lewis for my Apologetics term paper because I had always known this personality as the author of my favorite books. Years later, I was overwhelmingly surprised the depth of these novels in correlation to Christian concepts of Creation, Paradise and Armageddon. The applications of Lewis’ teachings can be seen in his Christian writings. They all lean towards reason, approaching Christianity as a religion that has factual grounds in addition of those relying on faith. C. S. Lewis believed the best apology for Christianity was the life of a believer and the way we live our lives. Non-Christians are more likely to be attracted to Christianity through the non-verbal acts and conduct of our life. However he also believed in verbal apologetics. Lewis believed Christianity was rational but at the same time was ultra-rational, i. e. that it was supernatural and divine and went way beyond the limits and scope of rationality (thatimayknowhim. o. uk). Lewis even believed in theistic evolution. In The Problem of Pain he wrote, â€Å"If by saying that man rose from brutality you mean simply that man is physically descended from animals, I have no objections†¦. For long centuries God perfected the animal form which was to become the vehicle of humanity and the image of Himself. He gave it hands whose thumbs could be applied to each of its fingers, and jaws and teeth and the throat capable of articulation, and a brain sufficiently complex to execute all material motions whereby rational thought is incarnated. The creature may have existed for ages in this state before it became man†¦. We do not know how many of these creatures God made, nor how long they continued in the Paradisal state† – The Problem of Pain (svchapel. org) The uniqueness of Lewis’ writings is fairly obvious. In comparison to other apologists, Lewis appealed to the reader’s emotions and sense of imagination. He, therefore, wanted to write about the essence of Christianity by reflecting upon its poignant, visual and imaginative side in its rational coherence. He wanted for the reader to taste the beauty of the faith; to draw the reader into the magnificent story of God’s salvation, to submerge him/her into the universe of Christianity. Many Christians testified that they started to seek heaven only after reading Lewis’ works. The way he is able to depict heaven and the spiritual world enabled the reader to truly understand the gift of Heaven that awaits us (euroleadershipresources. org). It is from C. S. Lewis that we need to learn that the kind of language used to explore God and the content of Christian faith is a matter of epitome importance. The human language has the potential to mediate feelings and understanding on an extremely poignant level. If implemented correctly Christian apologists need to be excited for themselves because of the relationship they are in with God. This very excitement on such a personal level will only help them better to find the right words and literary expressions needed to present the Christian faith. In this way, thanks to C. S. Lewis, Apologetics will become an effective personal testimony of God’s salvation (euroleadershipresources. org).

Public relations process for Deltec Essay Example | Topics and Well Written Essays - 1500 words

Public relations process for Deltec - Essay Example The CEO has asked for a range of services from our agency including the advice for a major labor issue faced by the company in the recent past. A detailed analysis was made in this regard to help Delstar to come up with same market share as that of its male athletic equipments. The following paragraphs will discuss the issue in detail to find a way out and help Delstar to survive and succeed in the market. Our agency, therefore, suggest a range of efforts to be performed by Delstar to compete with other firms in the industry and to become a threat for them in the years to come. The company has to conduct a couple of researches in this regard. To start with, our agency advices Delstar to conduct a market research so as to know the pulses of the target group. The first and foremost task in the effort of marketing any product /service is to know whether there are consumers for the desired product/service in the market. So knowing about the market is advisable before thinking about the product and its features. Once the consumers' taste and preferences are well understood, the company can start thinking seriously about the product design and development. Because, our agency believes firmly in 'Prevention is better than Cure' policy in marketing. Market Research is the process of gathering data relating to the consumers, competitor and the market and use of such data for decision making and actions. A market Research is indispensable for Delstar not only because it is going to introduce a novel product to a new target group, but the competition from industry icons such as Reebok, Nike, and Adidas is quite stiff. The target group for the new product, Basketball sneakers, has already been fixed by the company and it is female market. It is co mposed of both basket ball players and those who are fascinated by the style of basket ball sneakers and players. Market Research Method The process by which the data from target group are collected and analyzed is known as Market Research Method. Delstar is advised to conduct a Qualitative Market Research as it involves the study about the market feasibility of a new product, and a focused group. The focused group for the study, as already stated, consists of female basket ball players and female teenagers and women who are fascinated by the style of sneakers and basket ball players. Data are collected from the focused group by means of personal interview with them. In the basket ball players segment, female players are approached with an Interview Schedule to gather data. In the second group, a sample survey was conducted among teenagers and women who like basket ball sneakers for daily use for easy and comfortable walking. The players were asked mainly about their views on the sneakers presently available and their expectations about the one which is like to be launched in the market. An interview schedule is to be prepared with logically arranged questions on consumers' needs and aspirations about the product. In addition to the interview with focused group, a one-on-one in-depth interview with a renowned basketball trainer is also prescribed for the company since it is likely to generate more authentic and reliable information. The survey among the non-players female group is conducted using Random Sampling Method wherein the opinion of respondents are more likely to be

How business work Assignment Example | Topics and Well Written Essays - 250 words - 1

How business work - Assignment Example The key disadvantage is that it does not provide grants or financial loans to entrepreneurs. Moreover, once the business starts, SBDC does not help in day today business and one is more or less, left alone to cope with business and new challenges as one interacts with various stakeholders like customers, suppliers etc. Yes, one day I do envisage myself as a business owner working with SBDC and group of new students. SBDC provides students with huge opportunities of learning the intricacy of businesses and helps them to identify new opportunities and factors that impact business. SBDC encourages students and entrepreneurs to exploit personal competencies through innovative ideas and business plans that can be successfully implemented. It also helps expand the horizon of their experience by exposing them to different businesses and different working condition so that they become aware of the ways business is run. They learn how innovative measures can considerably increase productivity and grow. As such, their exposure to myriad business imperative encourages them to develop lateral thinking to identify new opportunities of growth. (words:

Answer 3 questions about multilateral clearing arrangement Case Study

Answer 3 questions about multilateral clearing arrangement - Case Study Example f proprietary transactions of the member, the liquidator can initiate the transfer of all customer positions held by the member in default to other members of good standing, take control or liquidate the defaulting member’s proprietary positions, use the margin and security deposits of the member towards the default. In the event that all of the above are still insufficient to cover the default, the liquidator can still apply other funds such as guaranty funds paid by all members and insurance, if any (Dale 1998, pp. 23-24). Q2 The clearing house does not have a right to institute liquidation proceeding against ‘K’ as of 4:30 pm because there was no default yet. Default is the inability of a party to pay its obligations and in this case, its failure to complete a transfer of funds or securities in accordance with the rules of the clearing house, when it is due. Since there was no demand yet for ‘K’ to pay at 4:30, considering that under this particular clearing house rules the business day ends only at 5 and demand to pay at 7 pm, ‘K’ is not yet considered in default. Due process demands that ‘K’ is notified of its obligations, be given time to contest, and a demand for payment on it be made. Only when payment is due and a party is not able to pay can it be deemed in default and be made subject to a liquidation process. Q3 Initially, the clearing house must impose stringent membership rules on potential participants. These rules must require members to have, not only adequate capital, but also to adhere to strict financial and operational requirements upon admission as members such as maintaining a certain net capital as well as separate customer funds and property from their own funds and property. Moreover, members must also satisfy the clearing house that they are operating under sound risk management control. As a risk management control on the part of the clearing house, it could institute a predetermined threshold for each member, which

Operations Management and Tesco Essay Example | Topics and Well Written Essays - 1250 words

Operations Management and Tesco - Essay Example Signboards with directional arrows were found to hang from the ceiling. Commodities were segregated on the basis of different parameters, each type being found at one place. The positioning of items was so done as to optimise space and also allow easy access to the customers. An interesting feature of the store is the open space that facilitates movement of products as well as customers. The entire arrangement has been designed in a way that ensures minimum collision between people moving inside the store. Surveillance cameras are installed at strategic points that keep an eagle eye on possible shop lifters. In operations management, the 4 V's are commonly defined as volume, variety, variation and visibility. In a large supermarket like that of Tesco's, all of them could be sensed, though in varying proportion. (Slack N., et al, 2007) The supermarket offers only one service that being providing commodities to customers. However, this is not the all. The uniqueness of the super market lies in the fact that it provides a plethora of goods and other necessary items for sale. It allows the customers the freedom to shop groceries, garments, accessories, cosmetic products, beverages and toiletries all at the same place. In addition to this, customers can also enjoy free home delivery services in case their purchase bills exceed certain pre determined limits. The volume of operations is thus, very high. Continuing from the volume analysis, the variety of services that a customer receives from the supermarket is high. It also needs to be mentioned that it depends on the customer whether she would like to enjoy the whole range of services provided. For example, many people were seen to visit the garments and electronics goods section but none of them purchased from there. In the strictest sense of the term the variety is very high. The store which was visited had maximum number of customers purchasing grocery and food items. Variation in sales happens depending on the product. Generally, food items have a moderate level of demand. Garments are in high demand only in certain seasons. However, variation in sales was also experienced throughout the day. Towards the evening, there was a rise in the number of customers purchasing hard drinks, beer and fruit shakes. Visibility, as defined in theories of operation management, is very low. Customers seldom can see how the shelves are getting filled up or the source from where frozen foods are obtained. Most of the rearrangement is done during the early morning or late night after the store gets closed for customers. The Layout, Flow and Use of Process Technologies In a supermarket, the layout and flow of various products are of paramount importance. It has to be borne in mind that placing of the products plays an important role both for the customers as well as the service provider. In the visited store, the layout was more like a process layout. Items of same kind were placed at one place. Among the items of same kind, the heavier ones were placed in a manner that would make it easy for the customer to carry it. Personal items and toiletries were found to be arranged in columns, the bigger packets forming the base and the smaller ones

Global strategic Planning Assignment Example | Topics and Well Written Essays - 750 words

Global strategic Planning - Assignment Example McDonald’s outlets are also located on national highways and other prominent roadside locations. McDonald’s set foot on Indian soil by inking a joint venture with two domestic companies; Hardcastle Restaurants Private Ltd. (HRPL) and Connaught Plaza Restaurants Private Ltd. (CPRP). HRPL has been awarded a Development Licensee status by McDonald’s and is responsible for spearheading the fast food chain’s business operations in West and South India. Meanwhile, McDonald’s joint venture with CPRP is responsible for developing business in North and East India (McDonald’s.com, 2014). Since its entry 18 years ago, McDonald’s has grown by leaps and bounds in the country. It has fueled its expansion plans by offering franchises to financially robust companies that promise long-term sustainable development of its business. McDonald’s entered India in the mid 1990s. The company ran into rough weather as ingesting beef, one of the key ingredients in McDonald’s burgers, violated the religious beliefs of Hindus. There was an anti-McDonald’s sentiment in the country. McDonald’s was seen as a company that promoted alien culture in India (Kulkarni & Lassar, 2009). The row continued for a long time. A class action lawsuit was filed against McDonald’s alleging that the company deceived Indian consumers by lacing its products with beef (The Times of India, 2001). The fast food chain responded to the local requirements and removed beef from its menu. People were allowed to visit and inspect the company’s kitchen to be sure that there was no beef. Till date, McDonald’s does not offer any pork or beef item in India. The company respects the traditional Indian culture and has separated the procurement, cooking and serving of vegetarian and non-vegetarian food items in the country (Newcomb, 2012). McDonald’s

Analysis of the Buzz Generated Around the Launch of iPhone Essay

Analysis of the Buzz Generated Around the Launch of iPhone - Essay Example The essay "Analysis of the Buzz Generated Around the Launch of iPhone" analyzes the reasons for a huge amount of buzz being generated around the launch of iPhone and discusses the advantages and disadvantages of the strategies adopted by Apple in launching iPhone since namely the marketing strategies brought such a success.The marketing strategies adopted by Apple in order to market its iPhone gained the praise of business experts all across the world. The basic strategy of the company was to create an initial market boom through extensive campaigning on the uniqueness of the product. Further Apple ensured to utilize the ripples created in the market by these campaigns in favor of the product. The company could successfully initiate an impatience in the customers to wait for the release of the product. The launch of iPhone was much discussed in the media especially by the business critiques and eventually the launch was made to matter much for the common man as well.Apple could succe ssfully use its previous product iPod which was launched in 2001 as background to the campaign for its new mobile technology titled ‘the iPhone’.The iPod was proved to be a splendid success in terms of business. The product was unique in its utility and portability. This uniqueness was very well utilized by the company while launching iPhone. The similarity in the name was deliberately created by Apple, in order to help its customers relate the quality and market repute of its new product to that of iPod.

Answer the question Essay Example | Topics and Well Written Essays - 250 words - 31

Answer the question - Essay Example Although I never bothered on this fact, the chapter has created a new perspective on racial superiority as exhibited in the American community. The purported superiority of the Whites is amplified in every way possible regardless of the social or cognitive impact it has o the minority groups (DeMarrais, & LeCompte,  1999). The racial diversity and inequality is socially constructed from a young age with an aim of propagating the traditional concept of White superiority and advantages. Notably, the lack of choice for the Black girls teaches them that they have no right of choice but to accept what the society offers (DeMarrais, & LeCompte,  1999). Accordingly, the same result replicate in education and the labor market as the Black females receive poor pay and work in poor conditions regardless of the academic performance. Therefore, the provision of only one type of toy for the Black girls is a mental colonization to continue racial prejudice and

Swift's Gulliver's Travels Essay Example | Topics and Well Written Essays - 500 words - 1

Swift's Gulliver's Travels - Essay Example he most powerful nation in the world at that time was held a prisoner by only 6inches tall Lilliputians by which Swift aims to explain why English people should consider the pride of their own country and reassess if the colonies controlled by them could get powerful enough one day to overthrow the English kingdom. At the time Gulliver’s Travels was written, search for new lands to control thrived in England and in this process the English people used to come across many new civilizations, an example of which is given in the travels by Swift in the form of Lilliputians. This voyage to Lilliput can also be seen as a conflict between opposing ideas and characters through which Swift wants to explain the obstacles experienced by the English at that time when meeting new people in their lands. According to another idea, â€Å"the effect of reducing the scale of life in Lilliput is to strip human affairs of their self-imposed grandeur† (Eddy, cited in Galloway, 1994). In contrast to Lilliput, everything about Brobdingnag appears to be gigantic and much more powerful than Gulliver himself. He realizes that even the grass is about 20ft tall there and each step taken by the giants who live there is about 10yards long in contrast to Lilliputians. Overcome by despair and fright, he begins to think of himself as a Lilliputian would if surrounded by normal humans. There too, Gulliver is taken to the court where he is bought by the queen. Later he shares his views about English politics with the king which appear humorous to him and make him remark that English people are well below the Brobdingnagians in context of wisdom and power. The king dismisses the English people as members of a low society through which Swift aims to explain the general ignorance of other nations in the world at that time which refused to embrace modernity. The trip to this island called Brobdingnag helps Gulliver to meet very big people after meeting very small people in Lillip ut. This stark change

How the revolution affect the cultural and human relationship Essay

How the revolution affect the cultural and human relationship - Essay Example This was initiated in between 1966-1976 by Mao Zedong the chairman of the Communist Party of China at the time. The movement had significant influence on the people of China an estimated a quarter of the entire humanity today socially and also economically. In Liangs autobiography the revolution affected his family and his adequate access to education in their hometown of Changsha as a result its turbulent political campaigns. The effects of the revolution are seen in the entire life of Liang Heng starting from his family break up, being sent to the countryside for "re-education and later on as Liang works as a factory worker (Liang, 1983). Despite the revolution starting as a political campaign in the Peoples Republic of China, the revolution had immense effect on the cultural and human relationships with the people of China as Liang Heng writes in his book "Son of the Revolution" (Liang, H. 1983). Among the effects on the cultural relationships is seen in the education system. The revolution affected the intellect in the society as they were the ones running the central government operations at all levels of administration. Liangs father and mother had attained a high school education by this time. The revolution saw many young and energetic Chinese make an effort to attain higher education to be considered for better employment including Liangs himself. The cultural relationship between education and revisionist was changed during the revolution. Many saw higher education later on as a gateway to satisfactory job and decent housing (Jiang, 2007). The revolution affected the human relationship within many Chinese families including Liangs family. During the Hundred Flower Campaign Liang Hengs mother was sent away for labor reform as it was called during the time of the revolution (Liang, 1983). This was mainly due to Liang Hengs comment. This brought about the first division of

Reflective account for postgraduate activities Essay

Reflective account for postgraduate activities - Essay Example All the same, I believed that my paper was in its comprehensive form. I was only to make a few changes with my lecturers in order to make the presentation easier. I finally made my oral presentation before other intellectuals and stakeholders. The initial part of the conference solely entailed presenting my ideas in concise forms. In the beginning, I made a justification for my study by stating that risk management is an unexplored element in the study of finance. This is because of the empiricism and analysis that studies on risk demands. In the oral presentation, I made my references from a PowerPoint slides that I had prepared on my laptop. This enabled me go through the presentation procedurally as I moved from the most basic parts to the most abstract segments. Thereafter, I faced questions from the audience, which occurred at the end of the presentation. When I began my PhD, I held the idea of testing my thoughts against fellow scholars. This is an ultimate feat for every scholar as other people discuss your findings over an issue. In turn, this is a method of gaining legitimacy in the academia. Gaining legitimacy finally certifies one’s academic products and makes a person gain acceptance among knowledgeable people. This is unlike the undergraduate level where there are no stringent standards over presenting ideas. In this sense, I wanted the foundation for advancing knowledge in the future and produce ideas that gain acceptance across disciplines. I realized that it takes more than a good idea to earn legitimacy in life. During the presentation, I had to develop charm while passing on my ideas. This because charm makes people glued to one’s ideas in spite of abstractions. Besides, I had to learn how to sustain an audience through long sessions. This was also essential for hearing my own inner voice as I made presentations.

Negative brand 4Ps analysis Assignment Example | Topics and Well Written Essays - 500 words

Negative brand 4Ps analysis - Assignment Example The company’s strategy for succeeding in the market has been selling its products at a lower cost and for years, its culture has been operating on the assumption that keeping costs under control will sustain the company in the competitive global PC marketplace. Things have however changed in recent years and Acer has been constantly failing in the market. In 2012, the company was a position down in terms of worldwide PC sales, since it occupied a fourth place (Barker, businessinsider.com). In an effort to satisfy its users and customers and maintain a competitive position in the PC market, Acer has been changing its look. Acer group named this as its multi-brand strategy (Acer Group, acer-group.com). The implementation of the multi-brand strategy has been done by making Acer’s range of products different aesthetically, as well as fully featured and innovative. For desktops, their conventional design had been changed, while notebooks have been made slimmer and longer lasting. For desktops, Acer has come up with stylish LCD’s and for notebooks, their weight has been significantly reduced making them lighter and their battery life lengthened for more convenience and freedom (Acer Group, acer-group.com). People like having their needs and desires met without too many complications and Acer’s goal has been to satisfy its customers. Product: In terms of reliability, Acer laptop brands occupy 9% among all laptop brands worldwide (Egan, pcadvisor.co.uk). After being used for a while, it has been noted that the speed of Acer laptops reduces, while booting seems to take longer and webcams have problems. These negative factors make Acer fail as a product in the market place. Price: The cost of Acer PC products in comparison to other PC products is relatively low. This has been the case for years. The company has maintained the

Socioeconomic Status, Parenting Style, and Juvenile Recidivism Research Paper

Socioeconomic Status, Parenting Style, and Juvenile Recidivism - Research Paper Example As the report stresses socioeconomic status interacted with parenting when influencing risks for juvenile delinquency. In addition, individual psychopathology could interact with poor family conditions when influencing recidivism. Moreover, poor parenting can increase the rate of juvenile recidivism, probably due to lack of positive parenting practices, including engagement and support. As for the prevalence of recidivism, it can range from 23% to almost 70%, depending on offenses and other factors. The causes and correlates for recidivism among juvenile delinquents are connected to mental health issues, parenting, gender, and poverty predicted juvenile recidivism. These studies further suggest that violent offenders are at risk of reoffending at more violent crimes, although the treatment they received during their processing or incarceration may reduce recidivism. Treatment programs vary in terms of goals and provision of different long-term or short-term services. Long-term treatm ents that address individual and sub-group needs and have family or social aspects are more effective than short-term treatment. In addition, harsher sentencing with imprisonment increased recidivism. Scholars recommended long-term rehabilitation programs that fit individual and subgroup needs. This paper declares that youths who have delinquent friends and who live in communities with high criminal rates tend to be delinquent too.

Sainsbury (in branch level) Organisational diagonis and problem Essay

Sainsbury (in branch level) Organisational diagonis and problem analysis - Essay Example The firms of the specific industry have all significant potentials – as also weaknesses. Sainsbury’s is one of the key competitors of the particular sector. The firm has not severely affected by the recession, at least up to now. However, it seems that the inability of its leaders to respond to the needs of the market, as increased under the pressure of the global financial crisis, has caused turbulences in the internal organizational performance. Moreover, instability has been also developed in regard to the firm’s financial performance, a phenomenon made clearer from June 2010 onwards. The changes suggested in regard to the firm’s leadership should be more effectively promoted trying to avoid delays in the restructuring of the organization aiming to minimize the risk of potential damages. It seems that through an effective plan of action the firm will be able to stabilize its performance in the British market and seek for further growth. 1. Introduction Under the influence of globalisation, firms in all industries have to continuously update their practices in order to secure their position either locally or internationally. In certain sectors, competition is extremely high, especially when firms of similar characteristics are involved. The UK supermarket industry is an indicative example. When trying to develop their organizational plans, the firms that operate in the particular industry have to face a series of challenges and barriers. Current paper focuses on the review of Sainsbury’s organizational structure and practices. Efforts are made so that the firm’s organizational problems are diagnosed; among them, one is chosen and is further analysed and evaluated. Also, recommendations are made so that the specific problem to be eliminated or, if the above target is not feasible, just to be effectively controlled. In this context, a series of change intervention methods are presented and appropriately justified, aimin g to support the improvement of the organizational performance, as expected to result from the limitation or the elimination of the firm’s key organizational problem. 2. Description of research method 2.1 Documentary Evidence The research over the organizational structure and performance of Sainsbury’s is based on appropriate documentary evidence, which includes material of the following kind: books published in the academic literature, articles published by organizations focusing on financial evaluation (e.g. Bloomberg), articles of newspapers and non-governmental organizations and reports published by the organization under evaluation. The material described above is appropriately categorized – in terms of its relevance with the issues under discussion and is used in order to support the arguments developed in the paper. Most important, through these documents, the potential failures of the organization are identified (along with its strengths) in the context of the needs of this study. 2.2 Limitations of the research method chosen The documents employed in this study, as describe above, refer to different time periods, so that the performance of the organization under different market conditions to be identified. However, the specific

English Composition Personal Statement Example | Topics and Well Written Essays - 750 words

English Composition - Personal Statement Example The lessons were not my favorite part of my day, but I soon fond my skills developing and that my piano playing was actually improving. I decide to keep playing until I entered the 6th grade, and then I completely lost all interest. I had never chosen the instrument for myself, and I did not want to continue playing. However, the skills that I had learned playing piano would further help me in my attachment to music throughout the next few years. My next major step into the musical world would be a few years later when I decided to learn the tuba. It appealed to me, and it was something that I decided I wanted to do. I quickly became proficient at the instrument, as I already had the musical skills of reading music and counting that many students had to being to learn. Since I had already has these skills mastered fro playing the piano, I was able to start right away at learning how to play the tuba, instead of worrying about learning the simple basis of music. It was also around this time that the music I was listening to around me began to impact my life. I began listening to various types of music I had never experienced before, and it greatly changed who I was as a person. I began to expand my musical horizons , and began to see just how important music has been to me so far. I found my favorite band during this period, and their influence on my whole life could never be under estimated. As I began to grow musically however, I started to see a rift opening between what I was learning to play on tuba and what I was listening to. The classical pieces that I was playing on tuba did not line up well with the rock and contemporary music I as listening to, and I began to see myself drift away from the older, classical, types of music. I performed in many solo festivals for tuba, and did well in all of them. However, it was not until I found one piece, a super contemporary piece composed for solo tuba, that I began to really play. It was a piece that had no classical melody or older ideas, it was a new breathe of fresh air into my solo repertoire. It was a piece that even my teacher said I wouldn't be able to learn to play in time, but I was determined to learn it and master it to the best of my ability. And for a month I did little else beside practice the hell out of that solo. I practiced every free second I had, and ended up expanding my range to notes I had never even though of hitting before. My ability as a player greatly improved, and I found myself combining my love of rock-esque music and tuba playing coming together for perhaps the first time. Music has always been important to me, and my tuba playing is just the start. A few years later I decided to take up acoustic guitar for fun, and while I am not technically amazing, I have been able to write songs on it. It gives me a chance to express myself that I cannot do through any other means, and it is just a fun part of my life. I still play both tuba and guitar, and hope one day to possibly combine my love and ability to play both into some kind of band. And it would probably be a band that would be a sound unlike anything ever heard. Music has changed who I am, and for most of my life has shaped the course of my future. I would not be where I was today if it wasn't for the help, lessons that music has taught me and the influenced that music of all kids has had on my life. I would encourage everyone to take some sort of music lesson and to give their

Concepts of safety, assessment, and communications Assignment

Concepts of safety, assessment, and communications - Assignment Example Another issue of concern in Mrs. Thomas’s case is that the administration of hydromophine has possible side effect of initiating respiratory depression whose impact is fatal. Chance of postoperative complications occurring is influenced by factors such as the general health status, age, the type of anesthesia, urgency and the surgical site. Incidences of these complications are high during the first three days after the operation. In this case, the occurrence of these complications is likely to result from the age of, Mrs. Thomas. Postoperative complications can be prevented through evidence-based interventions such as optimal nutritional status, weight control, anemia correction (Crile, 1925). In addition, technical aspects such as incision type, drainage can be used to prevent occurrence of these Complications. The pain that Mrs. Thomas is complaining about might be due to wound infection. There is a tendency of superficial wound infections to occur during the first week after the operation. Initial intervention may include performing surgical repairs on the painful locations and biosynthetic mesh. Surgical injury is another possible diagnosis, which can also be corrected through surgery. Disordered wound healing is another possible diagnosis in this case. Proper diet is the most appropriate intervention method that can be offered to, Mrs.

Motivation as a critical success factor Dissertation - 1

Motivation as a critical success factor - Dissertation Example Employee motivation has attracted immense research and debates in the last few decades in the post-modern era of industrial age. Many theories and models have been proposed, and implications of employee motivation on various aspects of organisational development, whether at organisational performance or growth of business, have been profound. Employee motivation has been defined in many different ways by different researchers and management specialists, most of which revolve around employee needs and psychologies. This thesis attempts to explain employee motivation and various dimensions associated with it, as perceived from different motivational theories described in the literature associated with organisational behaviour, leadership and motivation. Further, this proposal describes specific methodology and conceptual framework for carrying out the research, which is aimed at researching the impact of management practices and policies followed by a specific organisation and its perf ormance; in this process, it attempts to illustrate how employee motivation plays a role in organisational performance. ... This plan presents justifiable explanation for attempting the proposed methodology as well as considers all potential limitations. A brief note on tentative time plan for the research has also been drafted, which can help in staying focused and also measure the progress. 2. Aims and Objectives of the study: The main purpose of this study is to focus on the increasing significance of role of employees in an organisation’s success and sustenance in the most competitive global market experienced by the organisations in current scenario. This study strives to evaluate the growing trend of employee motivation as a new way of achieving and sustaining organisational performance against new and changing standards. In particular, this study seeks to analyze and evaluate if employee motivation would continue to hold its importance in future of organisational development. Secondly, this study aims to examine the prominent aspects of employee motivation and its impact on organisational su ccess in comparison with other elements of organisational performance and success. Objectives: Against this background, the dissertation will seek to answer the following questions †¢ What is the place of employee motivation in organisational strategy? †¢ What are the variables that motivate employees? †¢ What is the relationship between employee motivation and organisational goals? How has employee motivation, as a concept, evolved during last two decades? †¢ How is employee motivation related to other organisational elements? 3. Relation to previous research and theory: Motivation in the workplace plays significant role in harnessing the tremendous hidden potential within every employee. However, the factors impacting motivation or arousing motivation may be extrinsic or intrinsic. The

Campbell’s Life Essay Example for Free

Campbell’s Life Essay Born on April 13, 1933, Senator Ben Nighthorse Campbell is one of the few politicians of note who rose in the political circles carrying proudly his Indian ancestry. He is proud of his Native American heritage. His sense of pride and loyalty to his roots and to his culture was seen through his actions as well as through his clothing; it was as if he was wearing his culture, identity and heritage. For example, he was seen wearing ceremonial tribal clothing as he attended the opening of the National Museum of American Indian (NMAI) . It was considered as a â€Å"major aspect† that has created, established and sustained the overall â€Å"persona† that is Senator Campbell all throughout his life, especially during his political life . Campbell’s personality of hinging so much of who he is as he presents himself to the public on his being a Native American Indian was just enough for people to forget that there were actually men who preceded Campbell who, just like him, were partly Native American Indian and also won elected public office. One of them served in an office even higher than Campbell’s – and that would be Charles Curtis, who would eventually become the first vice president of the United States who is a Native American Indian. The highest elected office ever held by an Indian in the US was the vice presidency . Unlike Campbell, Curtis was from the Kaw tribe hailing from Kansas. In his vein was quarter of blood from this tribe. Also, he was an attorney before getting elected, unlike the more blue-collar type of jobs that Campbell pursued early in his life before shifting to jewellery designing and production later on. Nonetheless, both elected men are good and honorable men who made the Native American Indian community proud. But even with men like Curtis and how they were ‘bigger’ men politically, the Indians appreciate Campbell’s efforts at staying with his packaging as the American Indian holding office at the senate and at the congress. This personality/attitude more than compensates for the fact that he was not the first of his kind. Although not the first Native American senator, he is the first to make a statement with his Indianness. Indeed, he, too, was a record maker of sorts, and in many ways. This is what the paper will explore throughout the discussion on the different aspects of personal and political life of Senator Campbell, who, in November 3, 1992 made a historic feat by becoming the first American politician with Native American roots to be elected as a senator. It was something that hasnt happened in more than the six decades that has passed in the senate history prior to his election to the office. Prior to that, he became the sixth politician with Native American heritage and ancestry to be ever elected to the congress, a seat that was given to him through the votes of the public for three times . Senator Campbells Indian heritage is no secret. In fact, it seems that it is one of his many major personal characteristics that the media, as well as his colleagues, often refer to or address, particularly his being Indian, and his respectful stature in the Indian community, like being a Northern Cheyenne Tribe chief, a position he and only 43 others possess . Because of Campbell’s pride towards his heritage, his people in return are doing ways to let Campbell know that his act of holding on to his Native American Indian roots and not covering it up with modern day personality just to suit his high echelon colleagues and. So that he will suit their taste for a particular company, his native Cheyenne are going out on a limb just to celebrate the victory of one of their most accomplished sons. For example, many Cheyenne individuals joined the parade. Some of them spent as much as they can spare just to lavish Campbell and the parade with the decorations fitting to the act of congratulations coming from the Cheyenne tribe. Some actually spent more than they could spare just so they can claim Campbell as their own and they can show how proud they are of Campbell. Six of the riders were Northern Cheyenne, who had bankrupted themselves to show the world that Campbell was one of their own . Despite his Indian American / Native American Indian roots, Campbell was a Catholic from the time his mother, also a devoted catholic, had him baptized when he was still a baby by bringing him and his sister Alberta to a church to be baptized just close to the time Campbell was born, until the time when he seemed to have had a falling out with the Catholic faith. But Campbell, during his adult life and especially during his tenure as public office politician, drifted from religion, and proof of this is the item â€Å"unspecified† marked on the space allotted for the identification of religious affiliation of the individual. This distinction, again, made Senator Campbell someone who is different from the rest of the field in the 106th Congress. He was the only one whose religious affiliation was unspecified, although there were no clear explanation(s) why such was the case it could be anyones guess, from clerical error, mistake, or other reasons . His sudden dissociation with the Catholic faith was a surprising turn of events for Campbell. There are many good things that the Catholic faith has done for Campbell, especially during his youth. For example, there is the role of the faith during the times they were sent to the orphanage by their parents because they cannot take care of him and his sister because of their mothers sickness and their fathers alcoholism and inability to financially support them. While the Catholic faith and the orphanage system had their share of bad reputation, history points how the Catholic experience was a relatively good one for Campbell. In retrospect, Campbell recalled how the nuns and priests, who took care of him when his parents were unable to take care of him, treated him well. In his recollection of his days with these priests and nuns, as he narrated it for his biography published in book form, he mentioned just several instances wherein he was punished like being sent inside a pig pen to be with a huge pig. The reason for his pains against Catholicism maybe rooted in the things that he never verbalized, in the things which he only referred to as painful memories of his childhood, some of which he experienced in the orphanage . If he saw flaws in the orphanage, then it is not surprising if he also saw flaws in Catholicism because the two are one and the same during his youth.

Perceptions of African American Women Essay Example for Free

Perceptions of African American Women Essay It was amazing to know that Dr. Mae C. Jemison who happens to be the youngest of three children born to a middle class African American family, Charlie Jemison, a maintenance worker and his wife, Dorothy, a teacher. Dr. Mae C. Jemison was the first black woman astronaut to be in space in an era filled with segregation and racism, she is a Chemical engineer, scientist, physician, teacher and astronaut, she has a wide range of experience in technology, engineering, and medical research. In addition to her extensive background in science, she is well-versed in African and African-American Studies, speaks fluent Russian, Japanese, and Swahili, as well as English and is trained in dance and choreography. Dr. Mae C. Jamison was an inspiration to me, and probably to many African American women. She was full of resilience and determination especially to have reached and achieved success in an unusual field of endeavor for many African American women, I applaud her determination to make a difference among the African American women and blacks in Diaspora. After graduating from Morgan Park High School in 1973 at the age of 16, Dr. Mae Jemison earned a BS in Chemical Engineering from Stanford University, while also fulfilling the requirements for a BA in African-American Studies. After earning these degrees in 1977, she attended Cornell University and received a Doctor of Medicine degree in 1981. During medical school she traveled to Cuba, Kenya and Thailand, providing primary medical care to people living there. This is an indication of her humanitarian efforts and eagerness to reach out to the less privileged population. Having a desire to do more with her life, she enrolled in graduate classes in engineering and applied to NASA for admission to the astronaut program. She was turned down on her first application, maybe because she is a black woman, but she persevered and in 1987 was accepted on her second application. She became one of the fifteen candidates accepted from over 2,000 applicants. When Dr. Mae Jemison successfully completed her astronaut training program in August 1988, she became the fifth black astronaut and the first black female astronaut in NASA history. In completing her first space flight, Dr. Mae Jemison logged 190 hours, 30 minutes, 23 seconds in space, making her the first African-American woman in space. She says, â€Å"I had to learn very early not to limit myself due to others’ limited imaginations. I have learned these days never to limit anyone else due to my limited imagination. † This is an inspiration to other blacks in general who normally assume a second class citizen and believe that they will never do well or will be appreciated in whatever they do. This is a wake-up call, and manifestation of the saying â€Å"Determination is the mother of invention†. In 1993, Dr. Mae Jemison resigned from NASA and founded the Jemison Group, Inc. to research, develop and implement advanced technologies suited to the social, political, cultural and economic context of the individual, especially for the developing world. Current projects include: Alpha, (TM) a satellite based telecommunication system to improve health care in West Africa; and The Earth We Share, (TM) an international science camp for students ages 12 to 16, that utilizes an experiential curriculum. Among her current projects are several that focus on improving healthcare in Africa. She is also a professor of environmental studies at Dartmouth College. Dr. Mae Jamison made a name for herself and name for blacks in general; Her entrepreneurial spirit put her in the limelight and acts as a boost to determined black men and women in Diaspora. Ellen Johnson-Sirleaf. It was quite surprising to read about Ellen Johnson-Sirleaf, I know almost nothing about this â€Å"giant and queen of modern Africa† who is presently the current president of Liberia. According to what I have read so far about this â€Å"queen of Africa† she was born In Monrovia, the capital of Liberia on October 29, 1938. During this period, Liberians had no clue that the First female president of an African country had been born into their mist. Ellen Johnson-Sirleaf is a daughter to descendents of original colonists of Liberia (ex-African slaves from America, who promptly on arrival set about enslaving the indigenous people using the social system of their old American masters as a basis for their new society). These descendents are known in Liberia as Americo-Liberians. From what I read, I noticed that Ellen Johnson-Sirleaf was truly an intellectual power house, a charismatic leader and destined to make a change in Liberia and contribute her quota in Africa. From 1948 to 1955 Ellen Johnson studied accounts and economics at the College of West Africa in Monrovia. After marriage at the age of 17 to James Sirleaf, she travelled to America (in 1961) and continued her studies, achieving a degree from the University of Colorado. From 1969 to 1971 she read economics at Harvard, gaining a masters degree in public administration. Ellen Johnson-Sirleaf then returned to Liberia and began working in William Tolberts (True Whig Party) government. Ellen Johnson-Sirleaf also served as Minister of Finance from 1972 to 73, but left after a disagreement over public spending, this is an indication of her prudence and will power. As the 70s progressed, life under Liberias one-party state became more polarized to the benefit of the Americo-Liberian elite. On 12 April 1980 Master Sergeant Samuel Kayon Doe, a member of the indigenous Krahn ethnic group, seized power in a military coup. With the Peoples Redemption Council now in power, Samuel Doe began a purge of government. Ellen Johnson-Sirleaf narrowly escaped choosing exile in Kenya. From 1983 to 1985 she served as Director of Citibank in Nairobi. I will say that Ellen Johnson-Sirleaf had a lot of courage, because it was quite unusual for a woman to challenge a dictatorial incumbent president in Africa without being kidnapped, tortured or killed in the process, although She was later sentenced to ten years in prison. Ellen Johnson-Sirleaf spent just a short time incarcerated, before being allowed to leave the country once again as an exile. During the 1980s she served as Vice President of both the African Regional Office of Citibank, in Nairobi, and of (HSCB) Equator Bank, in Washington. Ellen Johnson-Sirleaf played an active role in the transitional government as the country prepared for the 2005 elections, and eventually stood for president against her rival the ex-international footballer, George Manneh Weah. Despite the elections being called fair and orderly, Weah repudiated the result, which gave a majority to Johnson-Sirleaf, Ellen Johnson-Sirleaf eventually became Liberias first elected female president, as well as the first elected female president in the continent Africa. . In 2005 She established a Truth and Reconciliation Commission with a mandate to promote national peace, security, unity and reconciliation by investigating more than 20 years of civil conflict in the country and in November 2007, she received the United States Presidential Medal of Freedom, the U.

Impact Of Globalization On Sustainable Development Politics Essay

Impact Of Globalization On Sustainable Development Politics Essay Globalization as a much analyzed process seems to have become increasingly more attention to political and economic specialists every currently giving them different meanings. According to some analysts  [1]  , globalization is merely an illusion that merely sniffing the existence of nation states and the importance of minimizing them. For others, especially the means by which strategy and policy to follow is to obtain and annihilation of new markets, globalization reflect any reduction of existing barriers in the way of their expansion. Presenting and analyzing the expression of a transnational phenomenon is perpetuated see how globalization occurs. Corporations have come to power even a state, some significant performance far exceeding their GDP. Resources of developing states are swallowed by these corporations, nations are impoverished every day whether its own resources, human, material, energy or otherwise. Arise in strategic geographical areas, where there is significant potential advantageous in terms of available resources and activities, not least to use as a cheap labor and it can be as close as the performance they hold in the country of origin. For example, environmental protection regulations are more stringent in the country of origin than in countries where they have implanted the new subsidiaries, and their policies in this area are designed to change the situation. Globalization is perceived as the less developed not represent no advantage but rather a loss for them. There are differences in the societies of such countries, where the polarity is looming gap that exists between people very rich and very poor people, middle class is nonexistent. An objective examination of the globalization process, confirms that the economic benefits tend more towards developed countries and the major economic powers, transnational corporations which find their origin. As world financial mechanism operates through its institutions IMF, World Bank, World Trade Organization favors dominated by major economic powers in the overwhelming proportion of the developed countries involved in granting loans, the implementation of foreign direct investment, institutions, transnational companies and state lending obtain higher profits. Globalization is an irreversible reality and any country that thoroughly prepares its future is urged to interfere with it. JE Stiglitz says as globalization as it unfolds today is beneficial for many of the poor world. It is beneficial to the environment. It is beneficial to the stability of world economy. The transition from communism to a market economy was so bad that, excluding China, Vietnam and several Eastern European countries, poverty has grown and incomes have declined drastically.  [2]   Perspective on global society Globalization appears to be the structuring of the global society, several characteristics of: a) as a form of modernity is likely post-national global company, b) processes aimed at developments over after failure of international processes, the Internationals of all colors to institutional arrangements for intergovernmental cooperation; c) has the consistency of a constructivist process, institutional architecture, based on the rules of the game no conflict (nonviolent), and calculated risk post yielding criteria, human and ecological systems and post-industrial creative post corporatist d) is capitalist process (in the classical sense and historical), innovative in terms of resources (knowledge added value mainly), with non-market wealth gain (solve the problem 20 versus 80 percent, including by means ethicist) is Diversity matching process unit. These characteristics are the result of realizing an effective principle of competition, the essential aspect of all is contestable, there is not definitive, hierarchies are dynamic, entrances and exits are truly liberated. Based on the principle of open competition and always repeated, globalization comes with a new order in which it is trying to not be possible in the history of old neuroses. From this standpoint, globalization is a second modernity the world  [3]  , triggered by the industrial revolutions and national cleavages that have brought the relationship inter (national) and intra (office), or international enmity and conflict as class struggle including social conflicts of post-industrial era.  [4]   As Professor Dinu Marin said globalization is perceived as inadequate in two ways: a) as a new concept that boost continuity of control of variables of general and b) as a solution to congestion expected understanding of the limitations of access to power in the international system. In the first version of globalization is accredited as a formula that preserves the world configuration, while the second version is designed to perpetuate top-down functions of the international system. If there were statistically consistent cover an area of preference, the two ways of loading the concept of globalization should be simple speculation. Academia alignments are also connected to these visions  [5]  . Before the national economy was determined by the interplay of processes that were taking place especially in the member nations, the global economy today is specific to the period in which national economies are decomposed and then rearticulate within a system of transactions and processes that operate directly internationally. It emphasizes qualitative leap compared with the previous stages: nation states, governments also lose their ability to influence developments in national economies, instead of succumbing to regional entities, which are points of support in multinational network. Globalization of economic activity proposed benefits arising from differences between the countries of the world, differences that forms the source of profits. To exploit these advantages, the geographic mobility of firms has increased, representing an aspect of production relocation contemporary realities. Economic globalization will be formally completed when the goods, services, capital and labor will flow freely, and governments and local authorities in any country will treat firms equally, irrespective of nationality or origin. The process will end when the differences between the countries of the world will not be generating sufficient benefits to allow for some profit. In the process of globalization, they play a secondary role and the other dimensions such as culture, environment, society and politics that are seen in their likeness can be seen that they can not be clearly demarcated from each other. Global environmental problems can not be studied in isolation nor the size of economy size or political. The global network among the actors and at the thematic areas is one of the features of globalization. There are issues related to other areas such as atmospheric warming, ozone hole, or cutting of tropical forests to illustrate the most impressive phenomenon of globalization, it is certainly about the global problem requiring a global approach. In the field of environment are regional and local issues, even if they sometimes have a character beyond the boundaries such as river pollution. The social dimension is underlined by the fact that the world has become a global village, innovative networks of long distance communication (chat, e-mail, forums) by adding traditional communities such as family or neighborhood. The political dimension is encountered major problems. Globalization and competition locally restricted area of national policy action; many problems can not be adequately addressed until the international and global level. Therefore European integration is seen as a successful response to globalization challenges. Regional and national policy level and has had to suffer from bounded and dematerialized economy practiced increasingly more international and global level. Capitalism, integrating factor of the welfare state is threatened by fundamental imbalance. I can point out that globalization is a phenomenon or a complex, sometimes contradictory, which was viewed and analyzed in different ways by different specialists. Beyond these assumptions, globalization remains a fact, that we must face, our fault or choice. The greatest danger that it may involve some of the dehumanizing globalization is that the wave simply swallows them. Globalized world live in a general crisis of the meaning of life and a cultural and educational disaster, worrying symptom of future wilderness society. The traditional culture of the company disappears or is transformed into the show or freight. Humanistic culture is eliminated more invasive than techno-science and turned into a pseudo-science. Universal and globalized man, the man focused only money, it risk become atomized man who lives only for the production and consumption, empty of culture, politics, purpose, conscience, religion, etc. and any transcendence. This is the last stage in the evolution of humanity or the last man. Commercial and economic factors that influenced the deepening globalization of the world economy are: à ¢Ã¢â€š ¬Ã‚ ¢ Liberalization trade in services in particular in telecommunications, insurance and banking, the prevailing trend of the 70s made in the USA, being continued in the 80s in Britain and later the European Union and Japan. The trend continues today, including Central and Eastern European countries, including Romania. à ¢Ã¢â€š ¬Ã‚ ¢ Liberalization of capital markets following the phasing out of barriers imposed currency controls and capital, is a positive step for the formation of global financial markets. This mobility of capital reduces the return risk capital especially for transnational companies and recorded a reduction in costs in normal conditions. à ¢Ã¢â€š ¬Ã‚ ¢ Liberalization of foreign direct investment. Since the 70s, the common interest of humanity to defend the environment has materialized through the emergence of concepts, global vocation: the common good of humanity, sustainable development and ecological security, which represented new factors which stimulate the process of globalization of economy world. à ¢Ã¢â€š ¬Ã‚ ¢ Common property of humanity are areas such as oceans, marine funds, which for various reasons can not be divided and not covered by state sovereignty. Out of the oceans, none of these common goods have not been polished as it is reported that people possess the technical capabilities and operational deterioration. à ¢Ã¢â€š ¬Ã‚ ¢ Sustainable development is explained as development that meets present needs without compromising the ability of future generations to meet their needs. Sustainable development is designed for reconciliation between economy and environment, as a new development path to support human progress not only in a few places and for some years, but over the planet and for the foreseeable future. à ¢Ã¢â€š ¬Ã‚ ¢ Environmental security is one of the key dimensions of global security (see Fig. 1.). Fig. 1. Determinants of globalization economy Source: Authors proposal Being under the limit and dictate the uncertainties, the economy develops its own mechanism to increase the role of markets in which national, regional and global equilibrium conditions ensure advancement. Can support growth and fulfillment of individual welfare, but also reflects the globalization of serious mutation phenomena: poverty amidst plenty, environmental degradation, loss of confidence in institutions, inflation and unemployment.  [6]   Growth focuses on the quantitative aspect of economic development, the production of goods and services: which squanders scarce resources becoming a growth that impoverishes, polarizing irrational in terms of production possibilities frontier. Wrestling with the uncertainties of life creates a bridge to the complexity of the concept of globalization which transmits a message to mankind, a new movement of life and divided their externalities, positive and negative, transnational territorial perimeters  [7]  . Globalization of life and human spirit derives from the need to explain the uncertainty that is the sum of all potential hazards around us, seen or not  [8]  . Certainty in turn, would be a sign of fulfillment, a sign of distinction, a sign of growth to move toward equilibrium mirage advance, thereby constituting a planetary scale factor of progress. Wealth supreme and absolute misery brings us into a world of certainties positive or negative, brings the human wealth of us to want an unreal world, a world dominated by an unfulfilled wish of Hyperion, a world in which we have certainty about life, when dirt thrown into chaos, the human species, of which some come out winners, and some bends in the uncertainties of life. Increasing significance of international trade, value added network and the scope and intensity of development, make globalization a subordinate of the World Cup, but also an innovative success by changing mindsets and adapt to the demands imposed by the global village. Sustainable global development Making progress using scientific knowledge and experience of living life in full health service jointly comprised of people, environment, families and institutions shows a forward-looking company that is based on mobility, disciplinary action and a creative individual who goes beyond the human. A healthy development seen from the perspective of time and space harmonious coexistence and succession of generations leads to an improvement value of paradigm on the one hand, rational and emotional valence and another value of the solution, the rethinking of human development.  [9]   As a process, sustainable development has the opportunity to refresh and rush to the global economic balance this with the future without forgetting the past. Now, sustainable development is viewed from three different angles, complex, which united, form an equilateral triangle that viewed from the perspective of the entire global economic, environmental and socio-political. (See Fig. 2.) Fig. 2. Sustainable global development Source: Authors proposal Sustainable development is aimed at the needs of present without compromising the ability of future generations to meet their needs. Sustainability is based on the idea that human activities are dependent on environment and resources. Health, social security and economic stability of society are essential to define quality of life. Sustainable development would not be possible without the contribution of each individual. Here is the social responsibility of each of us, national and global responsibility seen as a final goal towards which humanity is heading. Globalization based on a new reality feeling Sustainability, a new mode of action and thought, a process exacerbated by global economic integration. Different vision of globalization landscape meets the location and functions of the market, but also a place in the economy. Moreover, the image associated with globalization era expected global convergence, a transition of mankind towards a way to organize economic and social history unknown until now.  [10]   Globalization is in fact an extension towards sustainable development, to economic integration, a time-space compression, which means short processing complex, which is in full swing, the parameters of the human condition.  [11]   Time and space is so different, and mankind reaches the threshold phenomenon of absolute development, where sustainability is a paradigm. Humanity is heading towards a kind type of powerful transnational or internationalized. If globalization economy towards which we move in the transnational patterns means that national and international lines are replaced by interacting with a something vague, nebulous and vaguely defined  [12]   Now globalization is weak, internationalization rising from shadow of the state mechanisms are altered and raised to new conditions. The phenomenon of globalization is based on a form of existence that comes from the universe, which the infinity of the inscrutable without borders, where people and economy are the default. The forces of globalization are influencing each other. (See Fig. 3.) Fig. 3. Globalization forces Source: Authors proposal Worldwide observe the phenomenon of oligopoly, a phenomenon that is globalization to be seen as a marginalized development. Globalization runs its intentions increasingly evident, it became the expression of a system that integrates the highest level and always remains open to integration  [13]  . Exclusion of the system is an exceptional opportunity, and entry is liberalized, as the whole is designed to absorb the extreme variations, including failures, even if it is a part. Globalization looks like a new world order, one that is multidimensional and corollary. As a strategy, globalization is the direct expression, verifiable and demonstrable of rationality and reason. Globalization has forecast whether it operates with significant proportions of conjecture in addition to true classic of science, even a forecast of the walk is at stake. Globalization is, in short, a perfect place to meet the truth of freedom and justice, prosperity amid general production undertaken individually. This is not the best of worlds, is only one possible world ready for a long time human reason. It is the mediation between the normative and positive human experience of self that makes sense beyond adversity. Globalization is not built Manichean, is intended to minimize failure and to distribute widely what effect resulting from the management. (See Fig. 4.) Fig. 4. What is globalization Source: Authors proposal Today, knowledge of conceptualizing globalization has long gone, but the cast deserves a retrospective look at creating a landscape that comprises the entire G (See Fig. 5.). Fig. 5. Whole à ¢Ã¢â€š ¬Ã… ¾G Source: Authors proposal Economic thinking that supports the phenomenon of whole G emphasizes the benefits of globalization. (See Fig. 6. and 7.) Fig. 6. Globalization advantages Source: Authors proposal Fig. 7. Globalization results Source: Authors proposal Theorem which creates the nucleus of the general good of the planet as is that intensification and diversification of trade, especially internationally, is converted into factor absolute welfare. Wave of globalization is a means of communication between states, between economies and between different types of behavioral knowledge, represents a transition to a new model of economic growth and development, sustainable development. Globalization creates and develops a competition, domestically and internationally, thereby enhancing competition competitive market size and resulting in global firms. Regarded as the immediate sensory perception, globalization is identified with the rapid evolution of the world towards a common economic space, so that developments in one area of the world can have profound consequences on individuals and communities in other parts of the world is done widening, deepening and accelerating global interconnection in all aspects of social life, from economics to pollution, from finance to the spiritual sphere.  [14]   Deprivations of the future imagined by excess of knowledge are often invented to satisfy the passions of apocalyptic. Conclusions Harmony balance rationality with the hope of ensuring economic organism takes you from the win-lose in the win-win in public and private business. The period in which we appear as a transition process was the responsibility to use scientific knowledge, experience and faith in the certainty of hope from a health perspective all live together. The transition period that we live in assumes that we transform the progress which threatens us into a human, social and environmental progress as the foundation of our common survival. Sustainable development and healthy should be designed as a comprehensive process in space and time, both the North and the South East and West, so the win-win will benefit the entire world. Globalization of public and private world of human affairs, expression of the revolution means, can lead to human benefit if global scale is based on universal values and institutions arising from responsibility, human solidarity and social communities.

Impact of Discount rate Changes on Stock Market Return

Impact of Discount rate Changes on Stock Market Return CHAPTER 1 Stock market plays an important role in the economic development of a country. Stock exchange performance has attained significant role in global economics and financial markets, due to their impact on corporate finance and economic activity. For instance stock exchanges enable firms to acquire capital quickly, due to the ease with which securities are traded. Stock exchange activity, thus, plays an important role in helping to determine the effects of macroeconomic activities. Stock market returns are the returns that the investors generate out of the stock market; it can be in the form of dividends or profits, as a company gets its dividends and profits in the form of their share holders in the secondary market. Well there is a definite change in the market as with the behavior changes with the discount rate, changes can be technical or non-technical. Technical changes refers to the internal changes and non-technical as external changes which are mostly related to the behavior and response of the customers and consumers. Equity returns also measured by the industrial index respond rather rapidly to the unexpected announcements of discount rate changes. Not only affecting equity returns, the unexpected discount rate changes also contribute to higher market volatility. An unexpected discount rate change also induces trading which is more supportive of the contention that public information causes price changes with trading. Increased trading volume due to unexpected public information, however, occurs only in the current period. Whenever, the market is not efficient, stock prices adjust to new information slowly and it is possible to generate abnormal profits. Financial market volatility is important for investors confidence, for port-folio selection, and for the pricing of both primary and derivative securities. Market volatility is not related to existing public information such as expected discount rate change announcements. Karachi Stock Exchange 100 Index  (KSE-100 Index) is a  stock index  acting as a standard to compare prices on the  Karachi Stock Exchange  (KSE) over a period of time. In formative representative companies to calculate the index on, companies with the maximum  market capitalization  are selected. On the other hand, to ensure maximum market representation, the company with the maximum market capitalization from each sector is also incorporated.. 1.2 Problem Statement To study the impact of discount rate changes on stock market return 1.3 Research Hypothesis: The expected discount rate change announcements have impact on stock market return. 1.4 Outline of the Study The aim of the study is to observe Impact of Discount rate Changes on Stock Market Return. This Study is observing on Karachi Stock Exchange (KSE). The  Karachi Stock Exchange  is a  stock exchange  situated in  Karachi,  Pakistan, established on 18 September, 1947 it started with 5 companies with a capital of Rs. 37 million. It is Pakistans biggest and oldest stock exchange, with a lot of Pakistani as well as overseas listings. Its present premises are placed on Stock Exchange Road, in the heart of Karachis Business District. KSE starts with a 50 shares index. As the market develops a representative index was needed. In poor political condition, social issues, financial and other problems, KSE played a very important role in the financial system of Pakistan. KSE 100-index showed a return of 40.19% and became the sixth best markets in the year 2007. It gets a biggest milestone by touching of KSE-100 Index level of 15,000 for the foremost time in the history of Karachi sto ck exchange on 20 April, 2008. On the other hand, the raise of 7.4 percent in 2008 build-up the best performer in all the emerging market. The KSE 100TM Index closed at 9645 points on 19 June, 2010. Although by 30th July total market capitalisation of the KSE reached Rs2.95 trillion, approximately around 35 billion dollars CHAPTER 2 LITERATURE REVIEW As it can be figured out by the models of stock market and about the interest rates, value of share in the stock market, maturity of the bonds with short run and long run and the value of the capital as well as the factor of production, All these things influence a great deal towards the changes as well as the demand and supply model. Equilibrium is also there, which is basically an intersection, the point where the quantity of supply equal to the quantity demands. Output and interest rates plays a bigger role in the discount changes, as from the different policies, laws and models have been mentioned in the previous studies. If prices are fixed country can never faced inflation because of the nominal and real rates. Output depends on the stock market and fiscal policy (Blume, 1994). The stock market is the ratio of steady-state profit to the steady-state interest rate. If the money increases in the market the steady-state effects are quite clear, Output and stock market are higher in the equilibrium. The higher money stock lowers the real interest rate and thus the cost of capital. This was all about a monetary expansion under fixed price. We find that in the pre-79 period, there was no securities market response to either technical or nontechnical changes, while in the post-79 period there was no response to technical changes (Hardouvelis and Gikas, 1987). Discount rate changes will affect market rate and equity returns if such changes brings information about either short- or long- run monetary policy objectives. So an in increase in the discount will definitely help to attract more and more people towards the policy, and there will be a huge amount of change in the customers and clients response towards it. As a result, current (spot) and expected short-term rates rise in reaction to reduced short-run money growth. Long-term rates and forward rates may also increase to reflect the higher expected short-term rates. It doesnt have much impact over the long-term rates as it has on short-term rates just because the monetary policy and consumers response (Maberly, 1992). Short term rates makes more people attractive and kind of working well for the secondary markets, so mostly they all rely on the short-term rates, as they prefer short-term rates than long-term rates. And short-term is the one which affect a great deal. The impact of discount rate changes on equity prices can operate through two possible channels. This is most readily seen by viewing the value of the firm as the present value of its future net cash flows. To some extent discount rate increases (decreases) result in increases (decreases) in interest rates. It has also based on the capital or investment as well, capital can fall or rise just because of the stock prices, stock prices has an ultimate effect on capital and economic activity can be disturbed too, that also can be altered due to this price change. If the capitalization rates and cash flow expectation are affected by discount rate changes, these effects will also work in the same direction. From previous studies we have an i dea that stock prices declines to be associated with discount rate increases (Ederington and Lee, 1993). Considering the New York stock exchange, the stock return data are the daily percentage return on the New York Stock Exchange value-weighted index and is denoted SP. The interest rate data are for constant maturity Treasury securities and include eight different maturities: 90-, 180-, and 360-day bills and three-, five-, seven-, ten-, and twenty-year bonds. These rates are obtained from DRI, who compile them from the Federal Reserve Board Statistical Release from DRI. These eight interests are used to calculate seven forward rates in addition to the 90-day bill rate. The stock price coefficient for the post-79 period suggests a 1 percent increase (decrease) in the discount rate will result in a decline (increase) of 1.06 percent in stock prices. A similar finding in reported for the interest rate data. Only one interest rate series evidences a significant market reaction in the pre-79 period, while six of the eight interest rates indicate a significant market response over the post-7 9 period (Gerety, and Mulherin, 1992). Although the early researches result indicates that the real issue is whether the observed announcement effect, regardless of the monetary policy regime, indicates market inefficiency. In classification of the discount rate changes from the previous discussion we have evaluated that to assess properly the announcement effects of discount rate changes, it is necessary to distinguish technical from nontechnical changes. There are several short comings with this approach that limit its usefulness in predicting discount rate changes and cast substantial doubt on the assumption of discount rate erogeneity (Lee and Bong, 1992). Researches rely on two different methods to classify discount rate changes. The best model, both in terms of in-sample fit and prediction of actual discount rate changes, related changes in the discount rate (measured in basis points) to the spread between the Fed Funds rate and the discount rate. Nonetheless, if the model incorporates the relevant information set, then by construction the forecast and optimal predictions based on available information and, therefore, rational. Through the study of different modules we came on to know in conclusion that the purpose of this has been to reconcile previous findings of both an endogenous discount rate and discount rate announcement effects with market efficiency (Harris, 1986). By classifying discount rate changes as either technical or non-technical, and recognizing that the latter are (at least) partially endogenous, it is argued that, within the framework of market efficiency, the discount rate can fail tests of statistical erogeneity and still exhibit announcement effects. The empirical evidence of this paper supports this view and suggests that previous studies were missing specified by not controlling for the purpose of discount rate change. The evidence also implies that the common assumption contained in virtually all theoretical and empirical macroeconomic models, that the discount rate is either purely endogenous or purely exogenous, is inappropriate. This also specifies market only react when there appears to be a shift in policy- in the discount rate. At least from this standpoint, one cannot rule out the discount rate as a useful tool of monetary policy. Eventually, our results support the existence of efficient markets based on the dual findin gs that only nontechnical changes are characterized by announcement effects and that virtually the entire market adjustments occurs by the end of the announcement day (Jones, 1994). From previous studies the issue of monetary neutrality has long been debated by financial economists. There was evidence been brought in to the market which says that increases in the growth rate of money raises stock returns? Monetary policy affects the real economy, and whether its effects are quantitatively important, remain open questions. These questions by examining the effects of monetary policy innovations on stock return data. Theory posits that stock prices equal the expected present value of future net cash flows. To examine the relationship between monetary policy and stock returns, a variety of empirical techniques are employed. The size portfolios are useful for investigating why monetary policy matters, if in fact it does. If monetary policy has real effects, one reason for this could be that it affects firms balance sheets. To investigate whether monetary policy affects size and industry portfolios, both impulse responses and innovation accounting methods are used. Al l the results in table one to four measures the effects of monetary policy shocks on nominal stock returns. In considering the question of monetary neutrality, we are interested in whether monetary policy affects real stock returns. Thus rather than complicate the analysis by considering the best way to measure expected inflation we focus on results using nominal returns. Through the different systems results reported are robust to minor changes in the specification. When total reserves are dropped, employment growth or unemployment is used instead of industrial production growth, the non stationary variables are first-differenced, and the number of lags is changed (Marshall and David, 1992). There was another approach to identifying monetary shocks is Data and Methodology which is been made to the use of Federal Reserve statements and other historical documents over the period to identify exogenous changes in monetary policy and the responses of real variables. This narrative approach has recently employed to assemble a much larger sample of monetary policy shocks. An alternative way is used to test whether monetary policy affects stock returns (Morse, 1981). A growing number of papers in both the economics and finance literature focus on the effect of economic news on asset returns. Nonetheless, there seems a wide gap between these two literatures. These elements of surprise in one particular type of news announcements of short-term interest rate decisions made by the Open Market Committee affect the volatility of the stock market in the short term. Relationship between monetary policy and daily stock market volatility from two vantage points: days around regularly scheduled meetings of the stock market committee, the main monetary policy making body and days of actual policy decisions involving the target level of the federal funds rate (Fama and Kenneth, 1995). Turning to the days of actual policy decisions regardless of whether they were announced on regularly scheduled meetings days. Some evidence was found that such decisions tend to boost volatility in the stock market. The effect of policy decisions is greatest that exclude those decisions that were fully anticipated by market. Besides identifying monetary policy announcements as an important source of short-run volatility in the stock market, this will also addresses broader issues in the finance literature. In particular, higher interest rates induce higher leverage ratios, which in turn increase the risk associated with holding stocks and the volatility of stock returns (Patell and Wolfson, 1984). In examining the relationship between the stock market and fiscal policy, all models combined two different approaches widely used in the monetary economics and finance literature. In particular, in analyzing the markets response to scheduled and unscheduled announcements, a potentially interesting issue is whether the corresponding impulse response functions for volatility are significantly different. Other issues that also merit further consideration include a closer look at the relationship between first- and second- moment responses to policy news and the explicit analysis of risk premiums around announcements days (Penman, 1987). From all these models and theories, have come to know that anything that happens in the secondary market, it does have an impact over the entire economy as we have gone through from the different examples across the world. Even if it is pre-announcement, monetary policy or whatever, stock market does change its state according to the circumstances and events. Pre-announcements are also made as precautions that are for safety announcements for the share holders of the companies. Due to this they can easily draw their amount and will not have to see further more difficulties. Unpredictability or volatility is always there in the market, when the investors just to keep on guessing for the right time to invest and stock holders wait for the right time to buy shares of the companies and all this process makes things more complicated especially for the investors and then it effects the stock market. Monetary policy on the other hand takes things more attractive for the investors and share holders that they believe their money is in safe place so they would love to invest as long as they are sure about the monetary policy (Stoll and Whaley, 1990). Policies are always made for the betterment of the people who are your clients or customers as per organization requirements, it also refers to the trust that how much they trust on their policies that people could come and invest. Banks do the same thing; the only thing they sell is trust, because as many people trust on you as they will go on to be their customers. Many of the sources indicate that there is a connection between news and stock prices, finance literature highlights that too. The finance literature focus on economic announcements per se, without controlling for the element of surprise in such announcements, might help to explain why so many studies have failed to find a significant link between market volatility and economic news. Either by implicitly assuming that the conditional volatility of stock returns is time invariant or by simply leaving its time-varying nature unspecified, monetary economists have failed to consider a potentially significant effect of policy surprises on the short-run behavior of the market (Wood and McInish, 1985). Equity returns also measured by the industrial index respond rather rapidly to the unexpected announcements of discount rate changes. Not only affecting equity returns, the unexpected discount rate changes also contribute to higher market volatility. An unexpected discount rate change also induces trading which is more supportive of the contention that public information causes price changes with trading. Increased trading volume due to unexpected public information, however, occurs only in the current period. Whenever, the market is not efficient, stock prices adjust to new information slowly and it is possible to generate abnormal profits. Financial market volatility is important for investors confidence, for port-folio selection, and for the pricing of both primary and derivative securities. Market volatility is not related to existing public information such as expected discount rate change announcements (Richard Roll and Stephen Ross, 1986). CHAPTER 3 RESEARCH METHOD This chapter explains the methodology used for the research study. The main research data set is used in this paper consist of KSE 100 index listed on Karachi Stock Exchange. It is the data for last ten years 2000 to 2010 for every monetary policy has been announced Data would be collected through the website and business recorder website. This chapter also discusses the methods to evaluate validity and reliability of research for the factors associated with the Impact of Discount rate Changes on Stock Market Return. 3.1 Method of data collection: The secondary data which was used in this research was available on the website of Karachi Stock Exchange from 2000 to 2010. 3.2 Sample size and Sampling Technique: In this research, data from the year 2000 to 2010 has been taken as a sample size. The data collected through Karachi Stock Market and State Bank of Pakistan 3.3 Instrument of Data Collection: This research was carried out through Secondary Data. 3.4 Statistical tool used: In order to measure the relationship between the variables stock market return and discount rate and impact of discount rate change on stock market return, Regression is used as a statistical tool in this research. SPSS software is used to evaluate the relationship between the two variables CHAPTER 4 RESULTS Hypothesis Testing Ho: The expected discount rate changes announcements have impact on stock market return. Table 4.1 From the above Durbin Watson value, it has been clarified that there was an existence of auto correlation in the data set. In order to resolve the issue we have generated the lag variables of the dependent variable up to the level 2. Table 4.2 Form the above table we can observe the value of the Adjusted R Square is .934 or 93.4%. It means that 1 unit change in the set of independent variables brings out the 93.4% change in the variation of dependent variable. With the inclusion of the lag variables in the data set, the problem auto correlation has been resolved. The Durbin Watson value mentioned in the above table is 1.964 closer to 2. Value closer to 2 means that there is no auto correlation exists in the data set. Table 4.3 From the above table we can observe that the significant value of the above ANOVAs test model 2 is less that 0.05. It means that the data is suitable for the application of regression model. Table 4.4 The above table shows the coefficient value of the analysis. As it can be observed that, the significant value of the discount rate is less than 0.05 it means that the change in discount rate has a significant impact on the stock therefore; the Null hypothesis is not rejected. At 95% confidence interval level the significant value of alpha/constant is 0.000 it means that the in the absence of all the variables the minimum return of the KSE is equal to the alpha value. The Beta value of lag 1 is 5376.550 it means that the today returns from the stock market is dependent on the stock market returns after the announcement of last monetary policy. For e.g. if the current stock return are equal to 1 the stock returns after the announcement of the next monetary policy is 5376.550 times of the current stock returns. The relationship of the lag 2 stock returns is vice versa of the lag 1 stock returns. It has a negative relationship with the current stock returns. Graph 4.1 The above diagram shows the trend of the KSE index and the change in discount rates for the last 10 years in the country. On a whole an upward trend has been observed in the KSE 100 index it is due to the increase in the FDI investments as well as the development in the financial sectors. The change in the discount rate shows overall a mix trend, we can observe a huge peaks and valleys in the graph. In our research, we have not found any significant relationship among the announcement of change in discount rate and stock returns. Some of these factors are political situation of the country, foreign direct investments, Law and order situation and most importantly exchange rate. Collectively, all these factors are contributing in the stock returns. However, change in the discount rate do impact the stock returns but, not in the short run, in the long run the chances are quite high that it does impact on the stock returns in Karachi Stock market. The reason behind the Long term affect i s that, the change in the discount rate affects the profitability of the companies in the next coming quarters so, immediately the affect in the stock returns are not massive that are in the long run. 4.2 Hypotheses Assessment Summary The hypotheses of this research study are based on variables like stock market return and discount rate intraday. The significant value is less than 0.05 It means that the data is suitable for the application of regression model. S.NO. Hypotheses T SIG. RESULT H1 the expected discount rate changes announcement have impact on stock market return. 11.991 .000 Accepted CHAPTER 5 CONCLUSIONS, DISCUSSIONS, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion As anticipated, expected discount rate changes, representing existing public information, have no impact on the trading volume for the current period nor does for any other periods. Public information also induces trading only in the current period but not in the future periods. More trading has occurred during the decreasing discount rate periods than the increasing discount rate periods as evidenced by the significant parameter. 5.2 Discussion This research shows that the change in the discount rate shows overall a mix trend, it can be observed a huge peaks and valleys in the graph. In this research there was no significant relationship found among the announcement of change in discount rate and stock returns. The reason behind this is, other than monetary policy there are lots of other factors that are contributing towards the stock returns in Karachi stock market. Some of these factors are political situation of the country, foreign direct investments, Law and order situation and most importantly exchange rate. Collectively, all these factors are contributing in the stock returns. However, change in the discount rate do impact the stock returns but, not in the short run, in the long run the chances are quite high that it does impact on the stock returns in Karachi Stock market. The reason behind the Long term affect is that, the change in the discount rate affects the profitability of the companies in the next coming qua rters so, immediately the affect in the stock returns are not massive that are in the long run. In this research it has been identified more accurately that if and when the stock market responds to the release of the discount rate change information. More importantly, studying the market volatility and trading volume sheds additional light on the information literature. Equity returns respond negatively and significantly to the unexpected announcements of discount rate changes, while the expected changes generally have no bearing on the equity returns. 5.3 Implementations For practical implementation, this research can be used to analyze the impact of Discount rate Changes on Stock Market Return as The effect of discount rate changes on stock market returns. Equity returns generally respond negatively and significantly to the unexpected announcements; however, the effect of expected changes on equity returns is insignificant. Abnormal trading volume occurs only in period. 5.4 Recommendations Pre-announcement, monetary policy or whatever, stock market does change its state according to the circumstances and events. Pre-announcements are also made as precautions that are for safety announcements for the share holders of the companies. Due to this they can easily draw their amount and will not have to see further more difficulties. Unpredictability or volatility is always there in the market, when the investors just to keep on guessing for the right time to invest and stock holders wait for the right time to buy shares of the companies nd all this process makes things more complicated especially for the investors and then it effects the stock market. CHAPTER 6 REFERNCES Blume, L, 1994, Market statistics and technical analysis, the role of volume. Journal of Finance, 49, 153-181. Ederington, L.H and Lee, J.H, 1993, How markets process information, News releases and volatility, Journal of Finance, 48, 1161-1191. Fama and Kenneth, 1995, Size and book-to-market factors in earnings and returns, Journal of Finance, 50, 131-156. Gerety, M.S and Mulherin, H.J, 1992, Trading halts and market activity, An analysis of volume at the open and the close, Journal of Finance, 47, 1765-1784. Harris, L, 1986, A transaction data study of weekly and intradaily patterns in stock returns, Journal of Financial Economics, 16, 99-117. Hardouvelis, Gikas, 1987, Reserves announcements and interest rates, Does monetary policy matter? Journal of Finance, 42, 407-422. Lee, Bong-Soo, 1992, Causal relations among stock returns, interest rates, real activity, and inflation, Journal of Finance, 47, 1591-1603. Maberly, E.D, 1992, Odd-lot transactions around the turn of the year, Journal of Financial and Quantitative Analysis, 27, 591-604. Jones, 1994. Information, trading and volatility, Journal of Financial Economics, 36, 127-154. Morse, D, 1981, Price and trading volume reaction surrounding earnings announcements, A closer examination. Journal of Accounting Research 19, 374-383. Marshall and David, 1992, Inflation and asset returns in a monetary economy, Journal of Finance, 47, 1315-1342. Penman, S.H, 1987, The distribution of earnings news over time and seasonalities in aggregate stock returns, Journal of Financial Economics, 18, 199-228. Patell, J.M and Wolfson, M.A, 1984, The intraday speed of adjustment of stock prices to earnings and dividend announcements, Journal of Financial Economics 13, 223-252. Richard Roll, and Stephen Ross, 1986, Economic forces and the stock market, Journal of Business, 59, 383-403. Stoll and Whaley, 1990, The dynamics of stock index and stock index futures returns, Journal of Financial and Quantitative Analysis, 25, 441-468. Wood, and McInish, 1985, An investigation of transaction data for NYSE stocks, Journal of Finance 60, 723-739. Impact of Discount rate Changes on Stock Market Return Impact of Discount rate Changes on Stock Market Return CHAPTER 1 Stock market plays an important role in the economic development of a country. Stock exchange performance has attained significant role in global economics and financial markets, due to their impact on corporate finance and economic activity. For instance stock exchanges enable firms to acquire capital quickly, due to the ease with which securities are traded. Stock exchange activity, thus, plays an important role in helping to determine the effects of macroeconomic activities. Stock market returns are the returns that the investors generate out of the stock market; it can be in the form of dividends or profits, as a company gets its dividends and profits in the form of their share holders in the secondary market. Well there is a definite change in the market as with the behavior changes with the discount rate, changes can be technical or non-technical. Technical changes refers to the internal changes and non-technical as external changes which are mostly related to the behavior and response of the customers and consumers. Equity returns also measured by the industrial index respond rather rapidly to the unexpected announcements of discount rate changes. Not only affecting equity returns, the unexpected discount rate changes also contribute to higher market volatility. An unexpected discount rate change also induces trading which is more supportive of the contention that public information causes price changes with trading. Increased trading volume due to unexpected public information, however, occurs only in the current period. Whenever, the market is not efficient, stock prices adjust to new information slowly and it is possible to generate abnormal profits. Financial market volatility is important for investors confidence, for port-folio selection, and for the pricing of both primary and derivative securities. Market volatility is not related to existing public information such as expected discount rate change announcements. Karachi Stock Exchange 100 Index  (KSE-100 Index) is a  stock index  acting as a standard to compare prices on the  Karachi Stock Exchange  (KSE) over a period of time. In formative representative companies to calculate the index on, companies with the maximum  market capitalization  are selected. On the other hand, to ensure maximum market representation, the company with the maximum market capitalization from each sector is also incorporated.. 1.2 Problem Statement To study the impact of discount rate changes on stock market return 1.3 Research Hypothesis: The expected discount rate change announcements have impact on stock market return. 1.4 Outline of the Study The aim of the study is to observe Impact of Discount rate Changes on Stock Market Return. This Study is observing on Karachi Stock Exchange (KSE). The  Karachi Stock Exchange  is a  stock exchange  situated in  Karachi,  Pakistan, established on 18 September, 1947 it started with 5 companies with a capital of Rs. 37 million. It is Pakistans biggest and oldest stock exchange, with a lot of Pakistani as well as overseas listings. Its present premises are placed on Stock Exchange Road, in the heart of Karachis Business District. KSE starts with a 50 shares index. As the market develops a representative index was needed. In poor political condition, social issues, financial and other problems, KSE played a very important role in the financial system of Pakistan. KSE 100-index showed a return of 40.19% and became the sixth best markets in the year 2007. It gets a biggest milestone by touching of KSE-100 Index level of 15,000 for the foremost time in the history of Karachi sto ck exchange on 20 April, 2008. On the other hand, the raise of 7.4 percent in 2008 build-up the best performer in all the emerging market. The KSE 100TM Index closed at 9645 points on 19 June, 2010. Although by 30th July total market capitalisation of the KSE reached Rs2.95 trillion, approximately around 35 billion dollars CHAPTER 2 LITERATURE REVIEW As it can be figured out by the models of stock market and about the interest rates, value of share in the stock market, maturity of the bonds with short run and long run and the value of the capital as well as the factor of production, All these things influence a great deal towards the changes as well as the demand and supply model. Equilibrium is also there, which is basically an intersection, the point where the quantity of supply equal to the quantity demands. Output and interest rates plays a bigger role in the discount changes, as from the different policies, laws and models have been mentioned in the previous studies. If prices are fixed country can never faced inflation because of the nominal and real rates. Output depends on the stock market and fiscal policy (Blume, 1994). The stock market is the ratio of steady-state profit to the steady-state interest rate. If the money increases in the market the steady-state effects are quite clear, Output and stock market are higher in the equilibrium. The higher money stock lowers the real interest rate and thus the cost of capital. This was all about a monetary expansion under fixed price. We find that in the pre-79 period, there was no securities market response to either technical or nontechnical changes, while in the post-79 period there was no response to technical changes (Hardouvelis and Gikas, 1987). Discount rate changes will affect market rate and equity returns if such changes brings information about either short- or long- run monetary policy objectives. So an in increase in the discount will definitely help to attract more and more people towards the policy, and there will be a huge amount of change in the customers and clients response towards it. As a result, current (spot) and expected short-term rates rise in reaction to reduced short-run money growth. Long-term rates and forward rates may also increase to reflect the higher expected short-term rates. It doesnt have much impact over the long-term rates as it has on short-term rates just because the monetary policy and consumers response (Maberly, 1992). Short term rates makes more people attractive and kind of working well for the secondary markets, so mostly they all rely on the short-term rates, as they prefer short-term rates than long-term rates. And short-term is the one which affect a great deal. The impact of discount rate changes on equity prices can operate through two possible channels. This is most readily seen by viewing the value of the firm as the present value of its future net cash flows. To some extent discount rate increases (decreases) result in increases (decreases) in interest rates. It has also based on the capital or investment as well, capital can fall or rise just because of the stock prices, stock prices has an ultimate effect on capital and economic activity can be disturbed too, that also can be altered due to this price change. If the capitalization rates and cash flow expectation are affected by discount rate changes, these effects will also work in the same direction. From previous studies we have an i dea that stock prices declines to be associated with discount rate increases (Ederington and Lee, 1993). Considering the New York stock exchange, the stock return data are the daily percentage return on the New York Stock Exchange value-weighted index and is denoted SP. The interest rate data are for constant maturity Treasury securities and include eight different maturities: 90-, 180-, and 360-day bills and three-, five-, seven-, ten-, and twenty-year bonds. These rates are obtained from DRI, who compile them from the Federal Reserve Board Statistical Release from DRI. These eight interests are used to calculate seven forward rates in addition to the 90-day bill rate. The stock price coefficient for the post-79 period suggests a 1 percent increase (decrease) in the discount rate will result in a decline (increase) of 1.06 percent in stock prices. A similar finding in reported for the interest rate data. Only one interest rate series evidences a significant market reaction in the pre-79 period, while six of the eight interest rates indicate a significant market response over the post-7 9 period (Gerety, and Mulherin, 1992). Although the early researches result indicates that the real issue is whether the observed announcement effect, regardless of the monetary policy regime, indicates market inefficiency. In classification of the discount rate changes from the previous discussion we have evaluated that to assess properly the announcement effects of discount rate changes, it is necessary to distinguish technical from nontechnical changes. There are several short comings with this approach that limit its usefulness in predicting discount rate changes and cast substantial doubt on the assumption of discount rate erogeneity (Lee and Bong, 1992). Researches rely on two different methods to classify discount rate changes. The best model, both in terms of in-sample fit and prediction of actual discount rate changes, related changes in the discount rate (measured in basis points) to the spread between the Fed Funds rate and the discount rate. Nonetheless, if the model incorporates the relevant information set, then by construction the forecast and optimal predictions based on available information and, therefore, rational. Through the study of different modules we came on to know in conclusion that the purpose of this has been to reconcile previous findings of both an endogenous discount rate and discount rate announcement effects with market efficiency (Harris, 1986). By classifying discount rate changes as either technical or non-technical, and recognizing that the latter are (at least) partially endogenous, it is argued that, within the framework of market efficiency, the discount rate can fail tests of statistical erogeneity and still exhibit announcement effects. The empirical evidence of this paper supports this view and suggests that previous studies were missing specified by not controlling for the purpose of discount rate change. The evidence also implies that the common assumption contained in virtually all theoretical and empirical macroeconomic models, that the discount rate is either purely endogenous or purely exogenous, is inappropriate. This also specifies market only react when there appears to be a shift in policy- in the discount rate. At least from this standpoint, one cannot rule out the discount rate as a useful tool of monetary policy. Eventually, our results support the existence of efficient markets based on the dual findin gs that only nontechnical changes are characterized by announcement effects and that virtually the entire market adjustments occurs by the end of the announcement day (Jones, 1994). From previous studies the issue of monetary neutrality has long been debated by financial economists. There was evidence been brought in to the market which says that increases in the growth rate of money raises stock returns? Monetary policy affects the real economy, and whether its effects are quantitatively important, remain open questions. These questions by examining the effects of monetary policy innovations on stock return data. Theory posits that stock prices equal the expected present value of future net cash flows. To examine the relationship between monetary policy and stock returns, a variety of empirical techniques are employed. The size portfolios are useful for investigating why monetary policy matters, if in fact it does. If monetary policy has real effects, one reason for this could be that it affects firms balance sheets. To investigate whether monetary policy affects size and industry portfolios, both impulse responses and innovation accounting methods are used. Al l the results in table one to four measures the effects of monetary policy shocks on nominal stock returns. In considering the question of monetary neutrality, we are interested in whether monetary policy affects real stock returns. Thus rather than complicate the analysis by considering the best way to measure expected inflation we focus on results using nominal returns. Through the different systems results reported are robust to minor changes in the specification. When total reserves are dropped, employment growth or unemployment is used instead of industrial production growth, the non stationary variables are first-differenced, and the number of lags is changed (Marshall and David, 1992). There was another approach to identifying monetary shocks is Data and Methodology which is been made to the use of Federal Reserve statements and other historical documents over the period to identify exogenous changes in monetary policy and the responses of real variables. This narrative approach has recently employed to assemble a much larger sample of monetary policy shocks. An alternative way is used to test whether monetary policy affects stock returns (Morse, 1981). A growing number of papers in both the economics and finance literature focus on the effect of economic news on asset returns. Nonetheless, there seems a wide gap between these two literatures. These elements of surprise in one particular type of news announcements of short-term interest rate decisions made by the Open Market Committee affect the volatility of the stock market in the short term. Relationship between monetary policy and daily stock market volatility from two vantage points: days around regularly scheduled meetings of the stock market committee, the main monetary policy making body and days of actual policy decisions involving the target level of the federal funds rate (Fama and Kenneth, 1995). Turning to the days of actual policy decisions regardless of whether they were announced on regularly scheduled meetings days. Some evidence was found that such decisions tend to boost volatility in the stock market. The effect of policy decisions is greatest that exclude those decisions that were fully anticipated by market. Besides identifying monetary policy announcements as an important source of short-run volatility in the stock market, this will also addresses broader issues in the finance literature. In particular, higher interest rates induce higher leverage ratios, which in turn increase the risk associated with holding stocks and the volatility of stock returns (Patell and Wolfson, 1984). In examining the relationship between the stock market and fiscal policy, all models combined two different approaches widely used in the monetary economics and finance literature. In particular, in analyzing the markets response to scheduled and unscheduled announcements, a potentially interesting issue is whether the corresponding impulse response functions for volatility are significantly different. Other issues that also merit further consideration include a closer look at the relationship between first- and second- moment responses to policy news and the explicit analysis of risk premiums around announcements days (Penman, 1987). From all these models and theories, have come to know that anything that happens in the secondary market, it does have an impact over the entire economy as we have gone through from the different examples across the world. Even if it is pre-announcement, monetary policy or whatever, stock market does change its state according to the circumstances and events. Pre-announcements are also made as precautions that are for safety announcements for the share holders of the companies. Due to this they can easily draw their amount and will not have to see further more difficulties. Unpredictability or volatility is always there in the market, when the investors just to keep on guessing for the right time to invest and stock holders wait for the right time to buy shares of the companies and all this process makes things more complicated especially for the investors and then it effects the stock market. Monetary policy on the other hand takes things more attractive for the investors and share holders that they believe their money is in safe place so they would love to invest as long as they are sure about the monetary policy (Stoll and Whaley, 1990). Policies are always made for the betterment of the people who are your clients or customers as per organization requirements, it also refers to the trust that how much they trust on their policies that people could come and invest. Banks do the same thing; the only thing they sell is trust, because as many people trust on you as they will go on to be their customers. Many of the sources indicate that there is a connection between news and stock prices, finance literature highlights that too. The finance literature focus on economic announcements per se, without controlling for the element of surprise in such announcements, might help to explain why so many studies have failed to find a significant link between market volatility and economic news. Either by implicitly assuming that the conditional volatility of stock returns is time invariant or by simply leaving its time-varying nature unspecified, monetary economists have failed to consider a potentially significant effect of policy surprises on the short-run behavior of the market (Wood and McInish, 1985). Equity returns also measured by the industrial index respond rather rapidly to the unexpected announcements of discount rate changes. Not only affecting equity returns, the unexpected discount rate changes also contribute to higher market volatility. An unexpected discount rate change also induces trading which is more supportive of the contention that public information causes price changes with trading. Increased trading volume due to unexpected public information, however, occurs only in the current period. Whenever, the market is not efficient, stock prices adjust to new information slowly and it is possible to generate abnormal profits. Financial market volatility is important for investors confidence, for port-folio selection, and for the pricing of both primary and derivative securities. Market volatility is not related to existing public information such as expected discount rate change announcements (Richard Roll and Stephen Ross, 1986). CHAPTER 3 RESEARCH METHOD This chapter explains the methodology used for the research study. The main research data set is used in this paper consist of KSE 100 index listed on Karachi Stock Exchange. It is the data for last ten years 2000 to 2010 for every monetary policy has been announced Data would be collected through the website and business recorder website. This chapter also discusses the methods to evaluate validity and reliability of research for the factors associated with the Impact of Discount rate Changes on Stock Market Return. 3.1 Method of data collection: The secondary data which was used in this research was available on the website of Karachi Stock Exchange from 2000 to 2010. 3.2 Sample size and Sampling Technique: In this research, data from the year 2000 to 2010 has been taken as a sample size. The data collected through Karachi Stock Market and State Bank of Pakistan 3.3 Instrument of Data Collection: This research was carried out through Secondary Data. 3.4 Statistical tool used: In order to measure the relationship between the variables stock market return and discount rate and impact of discount rate change on stock market return, Regression is used as a statistical tool in this research. SPSS software is used to evaluate the relationship between the two variables CHAPTER 4 RESULTS Hypothesis Testing Ho: The expected discount rate changes announcements have impact on stock market return. Table 4.1 From the above Durbin Watson value, it has been clarified that there was an existence of auto correlation in the data set. In order to resolve the issue we have generated the lag variables of the dependent variable up to the level 2. Table 4.2 Form the above table we can observe the value of the Adjusted R Square is .934 or 93.4%. It means that 1 unit change in the set of independent variables brings out the 93.4% change in the variation of dependent variable. With the inclusion of the lag variables in the data set, the problem auto correlation has been resolved. The Durbin Watson value mentioned in the above table is 1.964 closer to 2. Value closer to 2 means that there is no auto correlation exists in the data set. Table 4.3 From the above table we can observe that the significant value of the above ANOVAs test model 2 is less that 0.05. It means that the data is suitable for the application of regression model. Table 4.4 The above table shows the coefficient value of the analysis. As it can be observed that, the significant value of the discount rate is less than 0.05 it means that the change in discount rate has a significant impact on the stock therefore; the Null hypothesis is not rejected. At 95% confidence interval level the significant value of alpha/constant is 0.000 it means that the in the absence of all the variables the minimum return of the KSE is equal to the alpha value. The Beta value of lag 1 is 5376.550 it means that the today returns from the stock market is dependent on the stock market returns after the announcement of last monetary policy. For e.g. if the current stock return are equal to 1 the stock returns after the announcement of the next monetary policy is 5376.550 times of the current stock returns. The relationship of the lag 2 stock returns is vice versa of the lag 1 stock returns. It has a negative relationship with the current stock returns. Graph 4.1 The above diagram shows the trend of the KSE index and the change in discount rates for the last 10 years in the country. On a whole an upward trend has been observed in the KSE 100 index it is due to the increase in the FDI investments as well as the development in the financial sectors. The change in the discount rate shows overall a mix trend, we can observe a huge peaks and valleys in the graph. In our research, we have not found any significant relationship among the announcement of change in discount rate and stock returns. Some of these factors are political situation of the country, foreign direct investments, Law and order situation and most importantly exchange rate. Collectively, all these factors are contributing in the stock returns. However, change in the discount rate do impact the stock returns but, not in the short run, in the long run the chances are quite high that it does impact on the stock returns in Karachi Stock market. The reason behind the Long term affect i s that, the change in the discount rate affects the profitability of the companies in the next coming quarters so, immediately the affect in the stock returns are not massive that are in the long run. 4.2 Hypotheses Assessment Summary The hypotheses of this research study are based on variables like stock market return and discount rate intraday. The significant value is less than 0.05 It means that the data is suitable for the application of regression model. S.NO. Hypotheses T SIG. RESULT H1 the expected discount rate changes announcement have impact on stock market return. 11.991 .000 Accepted CHAPTER 5 CONCLUSIONS, DISCUSSIONS, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion As anticipated, expected discount rate changes, representing existing public information, have no impact on the trading volume for the current period nor does for any other periods. Public information also induces trading only in the current period but not in the future periods. More trading has occurred during the decreasing discount rate periods than the increasing discount rate periods as evidenced by the significant parameter. 5.2 Discussion This research shows that the change in the discount rate shows overall a mix trend, it can be observed a huge peaks and valleys in the graph. In this research there was no significant relationship found among the announcement of change in discount rate and stock returns. The reason behind this is, other than monetary policy there are lots of other factors that are contributing towards the stock returns in Karachi stock market. Some of these factors are political situation of the country, foreign direct investments, Law and order situation and most importantly exchange rate. Collectively, all these factors are contributing in the stock returns. However, change in the discount rate do impact the stock returns but, not in the short run, in the long run the chances are quite high that it does impact on the stock returns in Karachi Stock market. The reason behind the Long term affect is that, the change in the discount rate affects the profitability of the companies in the next coming qua rters so, immediately the affect in the stock returns are not massive that are in the long run. In this research it has been identified more accurately that if and when the stock market responds to the release of the discount rate change information. More importantly, studying the market volatility and trading volume sheds additional light on the information literature. Equity returns respond negatively and significantly to the unexpected announcements of discount rate changes, while the expected changes generally have no bearing on the equity returns. 5.3 Implementations For practical implementation, this research can be used to analyze the impact of Discount rate Changes on Stock Market Return as The effect of discount rate changes on stock market returns. Equity returns generally respond negatively and significantly to the unexpected announcements; however, the effect of expected changes on equity returns is insignificant. Abnormal trading volume occurs only in period. 5.4 Recommendations Pre-announcement, monetary policy or whatever, stock market does change its state according to the circumstances and events. Pre-announcements are also made as precautions that are for safety announcements for the share holders of the companies. Due to this they can easily draw their amount and will not have to see further more difficulties. Unpredictability or volatility is always there in the market, when the investors just to keep on guessing for the right time to invest and stock holders wait for the right time to buy shares of the companies nd all this process makes things more complicated especially for the investors and then it effects the stock market. CHAPTER 6 REFERNCES Blume, L, 1994, Market statistics and technical analysis, the role of volume. Journal of Finance, 49, 153-181. Ederington, L.H and Lee, J.H, 1993, How markets process information, News releases and volatility, Journal of Finance, 48, 1161-1191. Fama and Kenneth, 1995, Size and book-to-market factors in earnings and returns, Journal of Finance, 50, 131-156. Gerety, M.S and Mulherin, H.J, 1992, Trading halts and market activity, An analysis of volume at the open and the close, Journal of Finance, 47, 1765-1784. Harris, L, 1986, A transaction data study of weekly and intradaily patterns in stock returns, Journal of Financial Economics, 16, 99-117. Hardouvelis, Gikas, 1987, Reserves announcements and interest rates, Does monetary policy matter? Journal of Finance, 42, 407-422. Lee, Bong-Soo, 1992, Causal relations among stock returns, interest rates, real activity, and inflation, Journal of Finance, 47, 1591-1603. Maberly, E.D, 1992, Odd-lot transactions around the turn of the year, Journal of Financial and Quantitative Analysis, 27, 591-604. Jones, 1994. Information, trading and volatility, Journal of Financial Economics, 36, 127-154. Morse, D, 1981, Price and trading volume reaction surrounding earnings announcements, A closer examination. Journal of Accounting Research 19, 374-383. Marshall and David, 1992, Inflation and asset returns in a monetary economy, Journal of Finance, 47, 1315-1342. Penman, S.H, 1987, The distribution of earnings news over time and seasonalities in aggregate stock returns, Journal of Financial Economics, 18, 199-228. 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