Scuba Trip :: essays research papers

On May 22, 1994 it was my ninth birthday. My mom and dad decided to go on a canvas to the Bahamas. We went on one of the Carnival cruise ships. This boat was the biggest boats I ever saw. When we rushed to get on the cruise ship I saw that there were so many rooms and shops. My darling room was the Game room, when I entered the game room there were so many games and seemed like there were hundreds and hundreds of them. I started to get bored so I left. When I went to back to our room my dad was thinking about going scuba diving event. The following morning my dad planned to go scuba diving when all the tourist went to go sight seeing on the island. We went to the scuba shop and rented all the gear. When the boat came I put on all the gear. For example, the ancestry tanks, goggles, and the regulator. When we got on the boat we had to sit on the edge, so we could flip over the side. Finally, the boat stopped and I could barely see the islands. The captain said not to go past the b ig cones. I was pretty scared because the water was so deep, but I finally jumped off. Scuba diving was scary so all I did was follow my dad. I finally stop being afraid and looked at all the colors that were weird and unusual. The colors were hot chromatic and dark red. My favorite coral was the one with the hair on it. It was pretty cool because seek would enter, but would not leave because the coral would eat them The fish I saw was cool and the only fish I knew was the Angel fish. I knew this fish because of all the colors it had. The other fish were big and had the biggest teeth I ever saw, but I didnt know what they were called.

The Authors Depiction of Warfare in Beowulf :: Poems Literature Essays

The Authors Depiction of Warfare in BeowulfThe poem Beowulf is set in a time when warfare was prevalent. The epic poem is believed to have been composed sometime between the early eighth century and the tenth century, A.D. During this time, war between tribes co-existing indoors the same region, as well as war between tribes from afar, was a common occurrence. The author of Beowulf acknowledges this point often. However, it is not clear whether his or her opinion is that of a pacifist or an activist, with regard to such violence. The narrator emphasizes that the power, nobility and greatness of a warrior are often enhanced by his successfulness in battle. The fact that good things may be achieved through war, suggests that the narrator considers warfare to be a necessary evil. Whether the author sees warfare as good or bad, he recognizes its importance in the creation and molding of great leaders during this violent era.The author believes that war is not a situation that can be a voided. He also points out the importance of generosity on the part of those who will inevitably be drawn to battle, saying And a young prince must be prudent like that, so that afterward in an age when fighting starts steadfast companions will stand by him and hold the line (Norton 20). Notice that he does not say if fighting starts, but rather when fighting starts. This tone suggests that war is to be expected and is an unavoidable aspect of life.The fact that success in warfare is an important factor in becoming a great leader is illustrated in the first few lines of the poem. Here, the author equates courage and greatness with the qualities of men, such as Shield Sheafson, who prove themselves powerful in battle. We are told that the founder of the Danish royal line was a scourge of many tribes, a tow car of mead-benches, rampaging among foes...he would flourish later on as his powers waxed and his worth was proved (4). In fact, the author rarely introduces any powerful king or lord without describing, to some degree, the victories which created and enhanced such power.A fully armored warrior is depicted as being very noble. He is a man to be looked up to and respected. This is plainly illustrated when Beowulf and his warriors first land in Denmark and are questioned by the coast guard.

My Room :: essays research papers

My First BedroomAll my life I had shared a bedroom with my siblings. First, I had to share a bedroom with my brother, because we lived in a two-bedroom apartment. A few years later my sister was born. By then, we have moved into a three-bedroom apartment, so my brother got his own room and I had to share with my little sister. Nine years later the last member of the family was born, another kid sister. Therefore, I stop up with two roommates. I wanted my own bedroom so bad that I was always complaining to my parents about how 15 years obsolescent girls should have their own bedroom. Finally, we all moved into a five-bedroom house, and I finally got my own room.If I close my eyes, I can still remember every detail of my bedroom. My bedroom was in the shape of a perfect little square. The door was in the left side of the room facing the windowpane. Looking in the bedroom from the door, I see my bed placed against the wall in the right side of the room, with my mirror drawer facing t he bed, leaving the window in between them. My closet was behind the opened door, which was very small. I did not like having too many things in my room it was later that I added a desk to hold my television and radio. I placed the desk against the wall in front of the bed. My mother used to put light colored curtains on the window because I loved the way the sun shined through them and it added more meaning into the room. The smell of Sunflowers burden always takes me back to my first bedroom. I used to wear that perfume all the time because it blended right in with the settings of the room. Every morning I used to open the window and immediately smelled the pear tree block off my window with its leaves. Felling the breeze of the tree through my window was very relaxing. I used to spend a long time sitting by the window looking down at the neighbors kids running around.

Impacts of Tourism in Vancouver Essay -- Tourism

Tourism is an endeavour sought by an individual or a party of individuals, which leads to a deed from one place to another with the idealism of a specific task, to visit a place or several places with the primary purpose of achieving entertainment and change magnitude knowledge of countries, cultures, and their history. The expression largest industry in the world is universally used with mention to tourism, ensuring its recognition as the largest generator of wealth (over 11.7% of the global gross national product) and employment (7% of the worlds jobs) this shows that tourism is indeed an important industry that depends on culture and legacy.(Budeanu, 2002) Vancouver is feasibly one of the most prevalent tourist destinations in Canada callable to legion(predicate) factors, from white-capped mountains to high-energy entertainment, and by recalling the most recent major event that occurred in Vancouver, the Olympics it is evident that this city unquestionably has something for e veryone. Vancouver is considered a developed country many people come to this city to become inspired by its beauty, but there is a rising business organisation that tourism expansion is leading destinations, such(prenominal) as Vancouver, to squander their cultural identity. By catering to the apparent needs of tourists they appear to forget their own roots and the culture that they were once proud of. The concern is the latent conflict between the economic and cultural interests, leading to traditions and customs being sacrificed for reasons of promoting tourism creating a supplementary economic value at the disbursement of exhausting a cultural value. Tourism is a method to demonstrate the communitys pride and to teach others of their wonderful culture. Although tourism is astronomically i... ...-76e3dfcd8c82%40sessionmgr11&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29w ZT1zaXRldb=bth&AN=48793830db=bth&AN=48793830 Morrison, (2003. Vancouver real estate market trends, news and outlook Re trieved November 17, 2010, from http// www.realestatevancouver2010.com/market.html Ryan, C. (1991). Tourism and marketing - a symbiotic relationship? Retrieved November 17, 22010, from http//www.sciencedirect.com/science?_ob=MImg&_imagekey=B6V9R-45TVFH6-4 1&_cdi=5905&_user=1067211&_pii=026151779190064Z&_origin=search&_coverDate=06%2F30%2F1991&_sk=999879997&view=c&wchp=dGLzVtb-zSkWb&md5=73d880153e08b4913ee7d601f49f60fb&ie=/sdarticle.pdf Schloegel, C. (2007). Sustainable tourism, journal of sustainable forestry. 247 264(3). Retrieved November 17, 2010, from http//pdfserve.informaworld.com/314885_770885140_902240910.pdf

The Love Of Hamlet For Ophelia in Shakespeares Hamlet Essay example --

The Love Of hamlet For Ophelia in Shakespeares HamletHamlet is without any reservations, iodin of Shakespeares most mystifying plays. Although the play has a concise story, it is filled with some(prenominal) uncertainties relating to different issues behind the plot. The reader is left with many uncertainties just about the true feelings of prince Hamlet. One question in particular is, did Hamlet really love Ophelia? This strife can be reinforced either way, however I believe Hamlet was truly in love with Ophelia. Support for my decision comes from Hamlets treatment towards Ophelia as shown throughout the play, but especially in Act 3, Scene 2, and at Ophelia?s grave in Scene 1 of Act 5. This play is about the troubles encountered by young prince Hamlet as he tries to seek revenge for his father?s murder. Hamlet discovers the murder of his father, as wellspring as the fornication and incest committed by his stick and uncle. This results with Hamlet retaining a very embittered and cynical outlook on life. Or that the Everlasting had not fixed His cannon gainst self-slaughter -- how weary, stale, flat, and worthless seem to me all the uses of this world. (1.2.131-134). Throughout the play, Hamlet teaches the audience the depths of his depression through soliloquies. Hamlet not only regards the world with pessimism, but he also has dangerous feelings. Hamlet displays thoughts of self that questions the worth of living. The foremost cause for his exasperation and aggravation is the fact that his mother and his uncle, Claudius immediately got married right after his father?s death. His mothers actions seem to be what repulses Hamlet most as he yells, frailty thy name is woman (1.2.146). Hamlet has developed a burning hate towards his mother and women in general. It is this fuming mind-set that is responsible for his terrible treatment towards dear, innocent Ophelia in Act 3. Once Hamlet discovers the cause of his father?s death, he disguises himself by acti ng nutty to mask his true objectives of revenge. By doing so Hamlet is now able to do whatever he wants to, without being questioned of his behavior. He does this on one occasion during a visit with Ophelia. Ophelia later relays this meeting to her father, telling him that Hamlet was not properly dressed, and with a look so piteous in purport as if he had been loosed out of hell to speak of horrors-he comes be... ...itter reaction to her denial prove his feelings of love. Although Shakespeare may not have made it excessively clear, the universal belief supports Hamlets love for Ophelia. So indeed, Hamlet did love Ophelia, and evidence is also in the play that she did love the prince. When Laertes tells Ophelia to beware of Hamlets love, she does not deny her love for Hamlet but responds that yes she will be careful. As for the song, no part of any of Shakespeares plays is ever thrown in simply because it was popular at the time. When Ophelia sings that sing in her mentally disturb ed state she is revealing the nature of her relationship to Hamlet and his promises of love. In the end, Ophelia had no plan, plot or motive that drove her crazy, the loss of her sports fan and her father was too much for her to bear. I think Shakespeare made it a point to be for inconsistent to add to the many mysteries of Hamlets character as well as allow readers to relate to Hamlet?s complex mind. That is what makes a play so interesting to a reader?s mind?when one can place themselves in the shoes of the main character. Work CitedShakespeare. Hamlet. New York First Signet Classic Printing, 1998.

The Love Of Hamlet For Ophelia in Shakespeares Hamlet Essay example --

The Love Of crossroads For Ophelia in Shakespeares critical point hamlet is without any reservations, one of Shakespeares most mystic plays. Although the play has a concise story, it is filled with many uncertainties relating to different issues behind the piece. The reader is left with many uncertainties about the true feelings of prince Hamlet. One question in particular is, did Hamlet really shaft Ophelia? This dispute can be reinforced either way, however I believe Hamlet was truly in love with Ophelia. Support for my decision comes from Hamlets treatment towards Ophelia as shown throughout the play, but especially in Act 3, Scene 2, and at Ophelia?s grave in Scene 1 of Act 5. This play is about the troubles encountered by young prince Hamlet as he tries to seek revenge for his father?s murder. Hamlet discovers the murder of his father, as well as the adultery and incest committed by his mother and uncle. This results with Hamlet retaining a very embittered and cynical outloo k on life. Or that the Everlasting had not fixed His cannon gainst self-slaughter -- how weary, stale, flat, and unprofitable seem to me all the uses of this world. (1.2.131-134). Throughout the play, Hamlet teaches the audience the depths of his depression through soliloquies. Hamlet not nevertheless regards the world with pessimism, but he also has suicidal feelings. Hamlet displays thoughts of self that questions the worth of living. The foremost cause for his exasperation and aggravation is the fact that his mother and his uncle, Claudius at one time got married right after his father?s death. His mothers actions seem to be what repulses Hamlet most as he yells, frailty thy name is woman (1.2.146). Hamlet has developed a burning hate towards his mother and women in general. It is this fuming mind-set that is responsible for his terrible treatment towards dear, innocent Ophelia in Act 3. Once Hamlet discovers the cause of his father?s death, he disguises himself by acting nutty to mask his true objectives of revenge. By doing so Hamlet is now able to do whatever he wants to, without being questioned of his behavior. He does this on one occasion during a visit with Ophelia. Ophelia later relays this meeting to her father, telling him that Hamlet was not properly dressed, and with a look so piteous in purport as if he had been loosed out of hell to speak of horrors-he comes be... ...itter reaction to her denial prove his feelings of love. Although Shakespeare may not have made it excessively clear, the popular belief supports Hamlets love for Ophelia. So indeed, Hamlet did love Ophelia, and evidence is also in the play that she did love the prince. When Laertes tells Ophelia to beware of Hamlets love, she does not deny her love for Hamlet but responds that yes she will be careful. As for the song, no part of any of Shakespeares plays is ever thrown in simply because it was popular at the time. When Ophelia sings that sing in her mentally disturbed state she is revealing the nature of her relationship to Hamlet and his promises of love. In the end, Ophelia had no plan, plot or motive that drove her crazy, the loss of her lover and her father was too much for her to bear. I think Shakespeare made it a point to be for inappropriate to add to the many mysteries of Hamlets character as well as allow readers to relate to Hamlet?s complex mind. That is what makes a play so interest to a reader?s mind?when one can place themselves in the shoes of the main character. Work CitedShakespeare. Hamlet. New York First Signet Classic Printing, 1998.

Old Spice Ad Analysis

December 11, 2012 Comp I Advertise human beingspowert Analysis Advertise custodyts come in various(a) shapes, sizes, and mediums, and as humans, we are constantly surrounded by them. Whether they are on TV, radio, or in a magazine, there is no sort that we can pass them. They all develop their target listening for whom the advertisers open specifically designed the ad. When a company produces a commercial, their main objective is to get their result to sell. This is a multibillion-dollar industry and the advertisers study all the ways that they can attract their audiences attention.The producers of advertisements pitch many tactics and strategies they go for when producing an ad to get consumers to bargain their product. These include things such as rhetorical appeals, logical fallacies, and the male gaze. The function of marketing is to either increase the number of customers or increase the rate of physical exercise among rate of flow customers. The number of custome rs can be increased by converting customers from competing brands, developing loyalty to the brand among current customers, or expanding the total market for the product class. The much ads they seduce, the more they in turn have to rack up in order to get our attention, its led to a vicious circle of clutter (phosphate buffer solution Frontline The Persuaders). advertizement is a battle of which company can fill up the most empty wall space. Consequently, cities turn into a mass chaos of posters and billboards. Subway tunnels have now been turned into moving pictures, to produce almost a commercial if you depart. The buses themselves have been turned into moving billboards. Nowadays the thirty-minute block for a television memorialize is about 15 minutes worth of advertisements and 15 minutes of the actual show.Along with that, many people are actually being paid to be an advertisement, whether it be standing out in front of a building with a sign, or putting a company decal on their car. Advertisements, kindredwise, cannot be escaped. However, a good deal advertisers have to be sure and not over do their advertisements, or else the audience in which they are trying to appeal to will perplex annoyed. out of date raciness, a major company for mens hygienic products, has created a line of mens body wash that has a very kindly and humorous advertising campaign.These ads are designed not exclusively to get their product noticed in the marketplace, but also to eclipse other lines of mens body wash. The Old Spice commercials imply that by using their product, a man will be or become more alike(p) to the Old Spice man, or in other words, the ultimate man. The Old Spice advertisements capture men by reaching out to the guides of women, freehand the ideal image of what a man should be and how he should tint, and by creating a knowledgeable theme that attracts attention. The bottles used for all Old Spice products have red incorporated within the desi gn.This is because red is the color of attraction. That is why red always surrounds Valentines day. Red can also signify power and strength. The Old Spice design tries to go with a classic, authentic look. It wants to appeal to a variety of ages. It has a very sophisticated look (Keitel). In our inn, an extremely smart and stiff way of selling a product designed for men is to appeal to women. Women have many opinions on commercials that deal with mens products, and if they like the commercials, they will be more apt to either buy the product themselves or influence the men they know to buy it.Advertisers not only use sexual appeals to attract attention to their ads, but to position their brands as sexual and to suggest that sex-related benefits can ensue to the brand purchasers. In Old Spices current ad campaign, there are a series of commercials using different actors and sports stars that are very fit and good looking to highlight their body wash. In the ad they use ex-NFL wide receiver Isaiah Mustafa, promoting elements of masculinity, sex appeal, and humor.In the ad, Mustafa is coming out of a shower dressed only in a towel, saying in a deep voice, Hello, ladies, and then continuing to talk directly to women viewers, telling them to look alternately at him and then the man sitting next to them for the implied analogy in which no normal man would come out very well. The commercial then continues with rapidly shifting scenes that show Mustafa in romantic conjuring trick? like settings designed to appeal to women. He is shirtless on a sailboat at sunset, then holding tickets to that thing you love.The tickets then turn into diamonds, and eventually then ad ends with Mustafa sitting shirtless on a white stallion on a tropical beach. The commercials appeal to women relies not only on the attractiveness of the actor and the settings, but to the humor that is based on the idea that such a perfect man can exist at all. Conversely, not only do these commercial s reach out to women, but also there are men in the target audience and there is a message for them as well. These ads present an ideal image of how a man should be and what he should smell like.By using a good looking, fit, man for this advertisement, it gives the product an image that men want. The logical fallacy, ad populum, is present in this commercial. This ad almost shouts out the ideas that if you use the product you can look, smell, and be exactly like the man you see on your television. The Old Spice man, Mustafa, does everything better than you do and will give your woman more than you can give her. You can smell like the ultimate man, or as the slogan used in the ads says, Smell like a man.The ad makes a man react emotionally and appeal directly to his masculinity, vanity, and even his insecurity in being able to impress, attract, and keep women happy. This ad also portrays the idea of scopophilia. Scopophila is known as the pleasure in looking by this, women want to ha ve a pleasure in looking at their man, and the only way that will find oneself is if he uses Old Spice. In addition to appealing to womens tastes and a mans emotional need to smell like a mannish man and attract a woman, this commercial uses the old reliable advertising strategy sex sells.A sexually themed commercial can appeal to both men and women, and is sure to attract attention. Men and women are often portrayed in a sexual manner in ads of products that have absolutely nothing to do with sex itself. However, the sexiness of the advertisement causes people to withdraw the ad, and thus the product. This sexiness in advertising is enhanced and affected by the physical attributes of the models, their movement or actions, their interactions if there is more than one model, and the special dos provided by the camera.The desired result is achieved, because of the sexual nature of the ad, a fit and good-looking man talk of the town directly to women in a seductive voice and in a romantic location. People, both men and women, stop what they are doing and watch. Sex can make the beholder flavour young again. Sex may also reassure men of their masculinity and women of their femininity. The sexual content of the commercial also does more than see peoples attention, it helps them remember the ads.The Old Spice ads are successful because they make an impression on people and lead to discussions with other people who have seen them. The advertisers do have to be careful with the use of sex appeal in these ads. If the sexual content is overdone, it might not work as intended. They need to make sure that people are not so distracted by the sexual appeal of the ad that they do not remember what the ad was for in the first place. It does not do any good to create a sensual or sexual message when all they can remember is the image and not the brand name.Therefore, advertisers need to make sure the sexual/sensual image being used is connected in some way to the produ ct or service being promoted. This will create a link between the two and make the viewer much more potential to remember the product or service being advertised. When making a sexual ad, producers must tailor the message to the people they are targeting, which includes understanding the audiences feelings and beliefs on public sexuality. Women have a different viewpoint on the subject of sexual appeal in advertisements.The objectification of women in advertising campaigns has probative psychological implications. It socializes women to think of them in the manner in which they are depicted, and causes them to engage in self-objectification. When women view advertisements featuring thin female models, it causes them to think that their own bodies should also be thin, creates anxieties relating to their w octad, appearance, body satisfaction, and creates a negative mood. Thus, their body image causes them to suffer emotionally and psychologically.Bordo states in her essay, Today, as many as one million men and eight million women have an eating disorder. Perhaps, by buying the advertised items, the viewing audience of women believes they will instantly become taller, thinner, younger, and prettier. This is not the same psychological effect experienced by women who view ads with female models of average proportions, or with no female models at all. Objectification of women in advertisements and emphasis on the size of their breasts has created a society of cosmetically enhanced, large-breasted women.Their self-image is predicated on the medias portrayal of a desirable woman. In order to have high self-esteem, and see themselves as attractive and valued women, many females feel this enhancement is necessary. Most human consumption is a result of a drive to satisfy sensuous desires. Advertising uses sexual images to encourage this consumption. People become dissatisfied with their imperfect selves, and seek to become perfect by buying the sexually charged prod ucts. Sex is an easy way to get the attention of males and make a product seem desirable.Women are objectified, and men are swayed to purchase the product and as a reward, get the women. The women represented in these ads are all beautiful and physically well endowed. Men are affect by the immediate physical sexuality in the ads, whereas women seem to be more stimulated by the sexuality for the romantic aspect of it. Men want to get the women. Women want the sexuality for the promise of the future. There seems to be no question that the use of sexuality in advertising helps to sell a product.However, when sexuality is used, the concept is true that there is greater consumer saki in observing the ads. This increased consumer interest often leads to the purchase of the advertised product. Works Cited Bordo, Susan. Beauty (Re)discovers the Male Body. Writing Analytically with Reading. 2nd ed. EDS. Rossenwasser, David and Jill Stephen. Boston Wadsworth, 2012. 821-843. Print. Keitel, V ictoria. Old Spice Analysis. Personal. PSU. n. d. Web. 11 Nov. 2012 Rushkoff, Douglas. The Persuaders. PBS Frontline. 9 Nov. 2004. Web. 11 Nov. 2012

Tda 2.2 Safeguarding the Welfare of Children and Young People

Lorraine Bale TDA 2. 2 Safeguarding the welf atomic number 18 of tiddlerren and boyish state 1. 1 United Nations convention security department of kidrens act as- when was the 1st legislation impacted. It was drawn up in 1989, just now the United Kingdom decided on 16th December 1991 formally concord to make veritable that every tyke has the same rights listed in the convention. Signed 20th November 1989 Location New York Effective 2nd September 1990 Condition 20 ratifications Signatories 140 Parties 194 Depositary UN secretary generalLangu terms Arabic, Chinese, English, French, Russian and Spanish The convention generally defines a child as any human being under the age of 18, unless an earlier age of majority is recognised by a countries law. How legislation effects our work without children It effects our work as to qualification convinced(predicate) that all children ar treated equally as its an obligation to prohibited and eliminate corporals punishment & all othe r cruel or degrading forms of punishment. Doctors Teachers Social workers Educational staff Speech therapistsThe childrens act of 2004- Added to and streng soed was raised to clarify the rolls of councils and other agencies in safeguarding & promoting the welfare of children in their area. Section II in the act places a duty on partners such as the primary care trust (PCT) and the police to make legal arrangements to ensure that functions with regards to expect to safeguard and promote the welfare of children. It also required all childrens services regimen to establish a local safeguarding children board with legislation focus published in 006. -Every service plays its part. The children act 2004 was introduced following high profile enquires into safeguarding children & young hoi polloi. The acts aim where to achieve positive outcomes for the children & young people & their families. 1. Improving & combine childrens service 2. Promoting early intervention 3. Providing stron g leadership 4. Bringing together different professionals in multidisciplinary All agencies working together Original children act 1989-Childrens act sets out what local authorities & courts do to foster children In charge- responsibility Local authorities with the duty to investigate if they def force out healthy cause to suspect that a child who lives or is found in their area is suffering or is akinly to suffer significant harm. Local authorities were also charged with a duty to provide services e. g. schools children in involve. Aims 1. To bring together private & public law in one inclose work 2. To achieve a better balance between protecting children & enabling parents to challenge state intervention e. . local authorities 3. To encourage greater partnership between statutory authorities & parents 4. To promote the use of voluntary arrangements 5. To restructure the frame work of the courts to facilitate management of family proceedings Lord laming= the laming query is a r eport of under pendent statutory enquiry following the death of Victoria Climbie 1. 2 Work settings- No matter what setting a child is placed in that whole workforce will substantiate some kind of role to play.The workforce will be responsible in making sure that the child is in a safe & happy environment they will need to make sure that the health & safety regulations are in order in making sure the child is a healthy & happy child that the child is not being bullied, adorn in peril or abused in any way by anybody and if the child is being abused by a parent for them to branch a constituent of staff they can trust and if its a member of staff to go to the next higher person in charge and therefore if you feel like nothing is getting done you should contact social services.They are also in charge of making sure that if a child is sick that the child should be removed from where any other child could come in contact and and so to contact the childs parents/carers. G. P- A G Ps role is to see children when they are ill or if they have maybe minor injuries. They will usually check the child and do a diagnosis so if the child has any bruises or cuts or if the child attends the GP quite regularly for similar symptoms they then may think there is something more than behind the reason and would then maybe involve another person e. g. social services.Local hospital services- E. g. Accident & emergency units may have children that are brought in for maybe vomiting or injuries on the body the A&E staff may feel these injuries are from something more serious and would then call in social services to look into these problems and then take things further if necessary. 2. 1 Some signs and symptoms of common childhood illnesses are -Temperature -Runny nose -Sneezing -Vomiting -Diarrhoea -Fever -Aches & constancy -Itchy rash -Cough -White spots in mouth -Swollen glands -Cough with whooping sound -Loss of energy . 2 If there are children or young people that are il l or injured you would 1. Check the Childs injury or try to diagnose the illness through symptoms in case they are contagious or life threatening. 2. You would then separate the child from all other children/young people. 3. Then you would inform a senior member of staff who would then take the decision hold out to call for medical assistance and parents while the above is going on about the child would need reassuring and comforting. Also make sure the children that were about the accident are reassured.Then if you have the authority you would fill out an accident or medical report. 2. 3 Some of the circumstances when children and young people may require urgent medical attention -Unconsciousness -Injury to the head -Vomiting -Unable to breath -Broken bones -Allergic reaction -Continuing high temperature -Continuing diarrhoea 2. 4 Fires- First make sure that all children evacuate the make safely always try to close doors & windows but do not leave any children unattended, when s afely away from the building then do a role check to double check all children are safe & present.You would then dial 999 and ask for a go off brigade when they respond state in a clear voice that your work setting is on fire giving them the precise address, do not hang up the phone until they have repeated the address to you then stay in a safe place with the children reassuring comfort in them. Security incidents- The first thing you would do would be to check the identity of the person trying to gain access. Refuse access of anyone you are unsure of. If they have a legitimate reason for entering make sure they sign in on the visitors record and sign out when they leave. neer leave them alone with any child/young person at any time, unless they have the authority to be left alone. If there is any fishy behaviour or the person refuses to leave the premises then the police must be called in case it poses any danger to children or staff. missing children or young people- 1. You wou ld identify the child that is missing 2. You would then find out where the child was last seen 3. You would then conduct a search at heart the work setting and if unable to locate the child you would then inform a senior of staff and raise the alarm 4.The next step would be to inform the police and parents 5. You would also maybe start an organised search around the local area and parks. 3. 1 Identify the characteristics of different types of child abuse- -Undernourished -Lack of cleanliness -Bruises & cuts/self-importance harm -Clothes that are dirty, have holes and are too small to wear -Uneducated -Constant hunger -Withdrawn -Delayed development -Poor social relationships -Low self esteem -Try to be perfect at everything & then over react when someone criticises them -Lack of medical attention Sexual knowledge that is inappropriate for a child of a young age 3. 2 Describe the risks and possible consequences of children/young people using internet, mobile phones and other technol ogies- When children/ young people are using the internet unsupervised they could log on to something that is for adults only which means they could be exposed to something they shouldnt be. They could also be bullied on the internet e. g. social networks or by texts calls on mobile phones which could ultimately cause them to get depressed and harm themselves or even commit suicide.The internet could also out them in danger as they could think they are talking to someone their age but may be a man or women who they may arrange to meet with which could have serious consequences. on that point are also games which has violent scenes in which could end up hurting someone else thinking its ok as its just a game and could end up getting them into serious trouble. The consequences to these are they could end up 1. Putting themselves in danger 2. Commiting suicide 3. Seriously hurting someone else . Getting put away/taken away from family 5. Being kidnapped 6. Being sexually abused 3. 3 The actions you would take in response to evidence or concerns that a child/young person has been abused, harmed (self harm) or bullied or maybe at risk of these things. If a child come to you in secrecy to tell you something, you should first never ever promise to keep it a secret or that you wont tell anyone, as this could upset the child who would end up never believe you or anyone again.As a carer you have to understand the principles of the confidentiality boundaries and know when it is necessary to share them, having to tell someone you would go straight to your line manager who then would take the responsibility or making sure that the child protection policy will then be put in place to protect the child. If you see nothing is done you would then go to your line manager and tell them again and make sure you make notes including days & times in case nothing is done again. If nothing has still not been done about it then go to someone who you could trust, maybe someone who ma y have higher authority than you.It wouldnt be good practise to go to social services yourself as you might not know the full story. 3. 4 The actions you would take in response to concerns that a colleague may be failing to comply with safeguarding procedures harming, abusing or bullying a child or young person- If you suspect a member of staff is involved you would talk to another senior member of a staff who works in your setting but if you feel you cant trust them then go to another member of staff you can trust but make sure the information you let on is accurate and acted upon e. . if a child is overweight and has a cleanliness issue, and a member of staff wont interact with them and calls them sarcastic names you would then tell the member of staff who you trust who would then take the appropriate action to having this dealt with by contacting the right safeguarding agency for that issue. 3. 5 The principles and boundaries of confidentiality and when to share them- Confidenti ality is very important in safeguarding the children and in doing this you have to follow rules & regulations within the workplace.It is important to understand that if a child or adult tell you something you should only tell the necessary people/person that needs to know. You should never discuss any information about the children outside your setting or to another member of staff unless a need to know basis. Any of the information on the children should always be locked away and only be shown to the appropriate people who need to see e. g. parents, OFSTED, make sure the cupboards are always locked for no one else to see. If anyone who is unauthorised sees the information, this could cause some serious consequences.

Capital Asset Pricing Model and International Research Journal

internationalistic query Journal of pay and political economy ISSN 1450-2887 case 4 (2006) EuroJournals Publishing, Inc. 2006 http//www. eurojournals. com/finance. htm Testing the Capital Asset Pricing Model (CAPM) The Case of the Emerging Grecian Securities Market Grigoris Michailidis University of Macedonia, Economic and Social Sciences De tripment of Applied in songation processing Thessaloniki, Greece E-mail emailprotected gr Tel 00302310891889 Stavros Tsopoglou University of Macedonia, Economic and Social Sciences Department of Applied Informatics Thessaloniki, Greece E-mail emailprotected r Tel 00302310891889 Demetrios Papanastasiou University of Macedonia, Economic and Social Sciences Department of Applied Informatics Thessaloniki, Greece E-mail emailprotected gr Tel 00302310891878 Eleni Mariola Hagan cultivate of Business, Iona College New Rochelle Abstract The article examines the Capital Asset Pricing Model (CAPM) for the Greek clove pink mart utilize weekly stock returns from 100 companies listed on the summitital of Greece stock exchange for the con while of January 1998 to December 2002.In order to exchange away the firm-specific part of returns thereby enhancing the precision of the genus Beta estimates, the securities where grouped into portfolios. The findings of this article be not substantiative of the theorys basic statement that higher seek ( of import) is associated with higher levels of return. The exemplar does explain, however, excess returns and indeed lends back to the linear complex body part of the CAPM comparability. The CAPMs prediction for the intermeddle is that it should equal null and the cant should equal the excess returns on the foodstuff portfolio.The results of the muse refute the above hypothesis and erect evidence against the CAPM. The ravels conducted to examine the nonlinearity of the human relationship mingled with return and of imports support the hypothesis that the pass judgment ret urn-genus Beta relationship is linear. Addition solelyy, this make-up investigates whether the CAPM adequately captures all-important determinants of returns including the ease International Research Journal of Finance and Economics Issue 4 (2006) disparity of stocks. The results demonstrate that repose chance has no effect on the judge returns of portfolios.Tests whitethorn fork over evidence against the CAPM but they do not necessarily constitute evidence in support of any alternative impersonate (JEL G11, G12, and G15). Key words CAPM, Athens Stock Exchange, portfolio returns, beta, risk free rate, stocks JEL Classification F23, G15 79 I. Introduction Investors and financial researchers have paid considerable attention during the last few years to the current equity markets that have emerged around the world. This new interest has undoubtedly been spurred by the large, and in nigh cases extraordinary, returns offered by these markets.Practitioners all over the world u se a plethora of mannequins in their portfolio selection process and in their attempt to assess the risk exposure to unlike additions. One of the or so important developments in current capital theory is the capital asset pricing model (CAPM) as developed by Sharpe 1964, Lintner 1965 and Mossin 1966. CAPM suggests that high expected returns ar associated with high levels of risk. Simply stated, CAPM postulates that the expected return on an asset above the risk-free rate is lin early(a) related to the non-diversifiable risk as measured by the assets beta.Although the CAPM has been overriding in empirical melt over the past 30 years and is the basis of modern portfolio theory, accumulating research has increasingly cast doubt on its talent to explain the actual movements of asset returns. The purpose of this article is to examine thoroughly if the CAPM holds confessedly in the capital market of Greece. Tests are conducted for a item of quin years (1998-2002), which is chara cterized by intense return volatility (covering historically high returns for the Greek Stock market as well as significant diminish in asset returns over the examined period).These market return characteristics make it possible to have an empirical investigation of the pricing model on differing financial conditions thus obtaining conclusions under varying stock return volatility. Existing financial literature on the Athens stock exchange is rather scanty and it is the goal of this guinea pig to widen the suppositional analysis of this market by using modern finance theory and to provide useful insights for future analyses of this market. II. Empirical appraisal of the model and competing studies of the models validity 2. 1.Empirical appraisal of CAPM Since its introduction in early 1960s, CAPM has been one of the most challenging topics in financial economics. Almost any animal trainer who wants to undertake a project must justify his decision partly found on CAPM. The reason is that the model provides the means for a firm to propose the return that its investors demand. This model was the prototypic successful attempt to show how to assess the risk of the cash flows of a potential investment project, to estimate the projects cost of capital and the expected rate of return that investors will demand if they are to invest in the project.The model was developed to explain the differences in the risk pension across assets. According to the theory these differences are due to differences in the riskiness of the returns on the assets. The model states that the correct measure of the riskiness of an asset is its beta and that the risk premium per unit of riskiness is the same across all assets. Given the risk free rate and the beta of an asset, the CAPM predicts the expected risk premium for an asset. The theory itself has been criticized for more than 30 years and has created a great academic debate about its usefulness and validity.In general, the empiri cal mental testinging of CAPM has two broad purposes (Baily et al, 1998) (i) to test whether or not the theories should be disdained (ii) to provide information that can aid financial decisions. To accomplish (i) tests are conducted which could potentially at least reject the model. The model passes the test if it is not possible to reject the hypothesis that it is true. Methods of statistical analysis need to be applied in order to draw dependable conclusions on whether the 80 International Research Journal of Finance and Economics Issue 4 (2006) model is supported by the information.To accomplish (ii) the empirical work uses the theory as a vehicle for organizing and interpreting the information without seeking ways of rejecting the theory. This kind of approach is found in the area of portfolio decision-making, in token with regards to the selection of assets to the bought or sold. For example, investors are advised to buy or sell assets that according to CAPM are under pr iced or overpriced. In this case empirical analysis is call for to evaluate the assets, assess their riskiness, analyze them, and place them into their respective categories.A second illustration of the latter methodology appears in corporate finance where the estimated beta coefficients are utilise in assessing the riskiness of different investment projects. It is then possible to calculate hurdle rates that projects must satisfy if they are to be undertaken. This part of the paper focuses on tests of the CAPM since its introduction in the mid 1960s, and describes the results of competing studies that attempt to evaluate the usefulness of the capital asset pricing model (Jagannathan and McGrattan 1995). 2. 2.The real support of the theory The model was developed in the early 1960s by Sharpe 1964, Lintner 1965 and Mossin 1966. In its simple form, the CAPM predicts that the expected return on an asset above the risk-free rate is linearly related to the non-diversifiable risk, whic h is measured by the assets beta. One of the earliest empirical studies that found corroborative evidence for CAPM is that of inkiness, Jensen and Scholes 1972. Using monthly return selective information and portfolios rather than individual stocks, Black et al tested whether the cross-section of expected returns is linear in beta.By combining securities into portfolios one can diversify away most of the firm-specific component of the returns, thereby enhancing the precision of the beta estimates and the expected rate of return of the portfolio securities. This approach mitigates the statistical problems that arise from measurement errors in beta estimates. The authors found that the data are consistent with the predictions of the CAPM i. e. the relation between the ordinary return and beta is very close to linear and that portfolios with high (low) betas have high (low) average returns.Anformer(a) classic empirical study that supports the theory is that of Fama and McBeth 1973 t hey examined whether there is a confident(p) linear relation between average returns and beta. Moreover, the authors investigated whether the squared value of beta and the volatility of asset returns can explain the residual variation in average returns across assets that are not explained by beta alone. 2. 3. Challenges to the validity of the theory In the early 1980s several studies suggested that there were deviations from the linear CAPM riskreturn trade-off due to other variables that push this tradeoff.The purpose of the above studies was to find the components that CAPM was missing in explaining the risk-return trade-off and to chance on the variables that created those deviations. Banz 1981 tested the CAPM by checking whether the size of firms can explain the residual variation in average returns across assets that re chief(prenominal) unexplained by the CAPMs beta. He challenged the CAPM by demonstrating that firm size does explain the cross sectional-variation in averag e returns on a particular collection of assets better than beta.The author concluded that the average returns on stocks of small firms (those with low market values of equity) were higher than the average returns on stocks of large firms (those with high market values of equity). This finding has become know as the size effect. The research has been expanded by examining different sets of variables that might affect the riskreturn tradeoff. In particular, the earnings yield (Basu 1977), leverage, and the ratio of a firms book value of equity to its market value (e. g.Stattman 1980, Rosenberg, Reid and Lanstein 1983 and Chan, Hamao, Lakonishok 1991) have all been utilized in testing the validity of CAPM. International Research Journal of Finance and Economics Issue 4 (2006) 81 The general reaction to Banzs 1981 findings, that CAPM may be missing some aspects of reality, was to support the view that although the data may suggest deviations from CAPM, these deviations are not so impor tant as to reject the theory. However, this idea has been challenged by Fama and French 1992.They showed that Banzs findings might be economically so important that it raises serious questions about the validity of the CAPM. Fama and French 1992 used the same procedure as Fama and McBeth 1973 but arrived at very different conclusions. Fama and McBeth find a positive relation between return and risk while Fama and French find no relation at all. 2. 4. The academic debate continues The Fama and French 1992 study has itself been criticized. In general the studies responding to the Fama and French challenge by and large take a closer look at the data used in the study.Kothari, shaken and Sloan 1995 argue that Fama and Frenchs 1992 findings depend essentially on how the statistical findings are interpreted. Amihudm, Christensen and Mendelson 1992 and Black 1993 support the view that the data are too strident to invalidate the CAPM. In fact, they show that when a more efficient statisti cal method is used, the estimated relation between average return and beta is positive and significant. Black 1993 suggests that the size effect noted by Banz 1981 could simply be a sample period effect i. e. the size effect is observed in some periods and not in others.Despite the above criticisms, the general reaction to the Fama and French 1992 findings has been to focus on alternative asset pricing models. Jagannathan and Wang 1993 argue that this may not be necessary. Instead they show that the lack of empirical support for the CAPM may be due to the inappropriateness of basic assumptions made to facilitate the empirical analysis. For example, most empirical tests of the CAPM assume that the return on broad stock market indices is a good proxy for the return on the market portfolio of all assets in the economy.However, these types of market indexes do not capture all assets in the economy such as human capital. Other empirical evidence on stock returns is based on the argument that the volatility of stock returns is invariablely changing. When one considers a time-varying return distribution, one must refer to the conditional mean, variance, and covariance that change depending on soon available information. In contrast, the usual estimates of return, variance, and average squared deviations over a sample period, provide an unconditional estimate because they treat variance as constant over time.The most widely used model to estimate the conditional (hence time- varying) variance of stocks and stock index returns is the generalized autoregressive conditional heteroscedacity (GARCH) model pioneered by Robert. F. Engle. To summarize, all the models above aim to improve the empirical testing of CAPM. There have also been numerous modifications to the models and whether the earliest or the subsequent alternative models validate or not the CAPM is yet to be determined. III. Sample selection and data 3. 1. Sample Selection The study covers the period from Ja nuary 1998 to December 2002.This time period was chosen because it is characterized by intense return volatility with historically high and low returns for the Greek stock market. The selected sample consists of 100 stocks that are include in the formation of the FTSE/ASE 20, FTSE/ASE middle 40 and FTSE/ASE Small Cap. These indices are designed to provide real-time measures of the Athens Stock Exchange (ASE). The above indices are formed subject to the following criteria (i) The FTSE/ASE 20 index is the large cap index, containing the 20 largest blue chip companies listed in the ASE. 82 International Research Journal of Finance and Economics Issue 4 (2006) ii) The FTSE/ASE Mid 40 index is the mid cap index and captures the performance of the next 40 companies in size. (iii) The FTSE/ASE Small Cap index is the small cap index and captures the performance of the next 80 companies. All securities included in the indices are traded on the ASE on a continuous basis throughout the abun dant Athens stock exchange business day, and are chosen according to prespecified liquidity criteria set by the ASE Advisory Committee1. For the purpose of the study, 100 stocks were selected from the pool of securities included in the above-mentioned indices.Each series consists of 260 observations of the weekly closing prices. The selection was made on the basis of the trading volume and excludes stocks that were traded irregularly or had small trading volumes. 3. 2. Data Selection The study uses weekly stock returns from 100 companies listed on the Athens stock exchange for the period of January 1998 to December 2002. The data are obtained from MetaStock (Greek) Data Base. In order to obtain better estimates of the value of the beta coefficient, the study utilizes weekly stock returns. Returns work out using a longer time period (e. g. onthly) might result in changes of beta over the examined period introducing biases in beta estimates. On the other hand, high frequency data suc h as daily observations covering a relatively short and stable time span can result in the use of very noisy data and thus yield inefficient estimates. All stock returns used in the study are adjusted for dividends as required by the CAPM. The ASE Composite circumstances index is used as a proxy for the market portfolio. This index is a market value weighted index, is comprised of the 60 most highly capitalized shares of the main market, and reflects general trends of the Greek stock market.Furthermore, the 3-month Greek Treasury Bill is used as the proxy for the risk-free asset. The yields were obtained from the Treasury Bonds and Bill Department of the National buzzword of Greece. The yield on the 3-month Treasury bill is specifically chosen as the benchmark that better reflects the short-term changes in the Greek financial markets. IV. Methodology The first step was to estimate a beta coefficient for distributively stock using weekly returns during the period of January 1998 t o December 2002. The beta was estimated by regressing each stocks weekly return against the market index according to the following equation Rit R ft = a i + ? ? ( Rmt R ft ) + eit (1) where, Rit is the return on stock i (i=1100), R ft is the rate of return on a risk-free asset, Rmt is the rate of return on the market index, ? i is the estimate of beta for the stock i , and eit is the corresponding ergodic disturbance term in the turnabout equation. Equation 1 could also be expressed using excess return notation, where ( Rit R ft ) = rit and ( Rmt Rft ) = rmt In spite of the fact that weekly returns were used to avoid short-term noise effects the estimation diagnostic tests for equation (1) indicated, in several occasions, departures from the linear assumption. www. ase. gr International Research Journal of Finance and Economics Issue 4 (2006) 83 In such cases, equation (1) was re-estimated providing for EGARCH (1,1) form to comfort with misspecification. The next step was to compute average portfolio excess returns of stocks ( rpt ) ordered according to their beta coefficient computed by Equation 1. Let, rpt = ?r i =1 k it k (2) where, k is the number of stocks included in each portfolio (k=110), p is the number of portfolios (p=110), rit is the excess return on stocks that form each portfolio comprised of k stocks each.This procedure generated 10 equally-weighted portfolios comprised of 10 stocks each. By forming portfolios the spread in betas across portfolios is maximized so that the effect of beta on return can be clearly examined. The most obvious way to form portfolios is to rank stocks into portfolios by the true beta. But, all that is available is observed beta. Ranking into portfolios by observed beta would introduce selection bias. Stocks with high-observed beta (in the highest group) would be more likely to have a positive measurement error in estimating beta.This would introduce a positive bias into beta for high-beta portfolios and would i ntroduce a negative bias into an estimate of the intercept. (Elton and Gruber 1995, p. 333). Combining securities into portfolios diversifies away most of the firm-specific part of returns thereby enhancing the precision of the estimates of beta and the expected rate of return on the portfolios on securities. This mitigates statistical problems that arise from measurement error in the beta estimates. The following equation was used to estimate portfolio betas rpt = a p + ? p ? mt + e pt (3) where, rpt is the average excess portfolio return, ? p is the calculated portfolio beta. The study continues by estimating the ex-post Security Market Line (SML) by regressing the portfolio returns against the portfolio betas obtained by Equation 3. The relation examined is the following rP = ? 0 + ? 1 ? ? P + e P (4) where, rp is the average excess return on a portfolio p (the difference between the return on the portfolio and the return on a risk-free asset), ? p is an estimate of beta of the p ortfolio p , ?1 is the market price of risk, the risk premium for bearing one unit of beta risk, ? is the zero-beta rate, the expected return on an asset which has a beta of zero, and e p is random disturbance term in the regression equation. In order to test for nonlinearity between total portfolio returns and betas, a regression was run on average portfolio returns, calculated portfolio beta, and beta-square from equation 3 2 rp = ? 0 + ? 1 ? ? p + ? 2 ? ? p + e p (5) Finally in order to examine whether the residual variance of stocks affects portfolio returns, an additional term was included in equation 5, to test for the explanatory power of nonsystematic risk 2 rp = ? + ? 1 ? ? p + ? 2 ? ? p + ? 3 ? RVp + e p (6) where 84 International Research Journal of Finance and Economics Issue 4 (2006) RV p is the residual variance of portfolio returns (Equation 3), RV p = ? 2 (e pt ) . The estimated parameters allow us to test a series of hypotheses regarding the CAPM. The tests are i) ? 3 = 0 or residual risk does not affect return, ii) ? 2 = 0 or there are no nonlinearities in the security market line, iii) ? 1 > 0 that is, there is a positive price of risk in the capital markets (Elton and Gruber 1995, p. 336).Finally, the above analysis was also conducted for each year separately (1998-2002), by changing the portfolio compositions according to periodical estimated betas. V. Empirical results and Interpretation of the findings The first part of the methodology required the estimation of betas for individual stocks by using observations on rates of return for a sequence of dates. Useful remarks can be derived from the results of this procedure, for the assets used in this study. The range of the estimated stock betas is between 0. 0984 the minimum and 1. 4369 the maximum with a shopworn deviation of 0. 240 ( gameboard 1). Most of the beta coefficients for individual stocks are statistically significant at a 95% level and all estimated beta coefficients are s tatistical significant at a 90% level. For a more accurate estimation of betas an EGARCH (1,1) model was used wherever it was necessary, in order to correct for nonlinearities. Table 1 Stock beta coefficient estimates (Equation 1)Stock name beta Stock name beta Stock name OLYMP . 0984 THEMEL . 8302 PROOD EYKL . 4192 AIOLK . 8303 ALEK MPELA . 4238 AEGEK . 8305 EPATT MPTSK . 5526 AEEXA . 8339 SIDEN FOIN . 5643 SPYR . 8344 GEK GKOYT . 862 SARANT . 8400 ELYF PAPAK . 6318 ELTEX . 8422 MOYZK ABK . 6323 ELEXA . 8427 TITK MYTIL . 6526 MPENK . 8610 NIKAS FELXO . 6578 HRAKL . 8668 ETHENEX ABAX . 6874 PEIR . 8698 IATR TSIP . 6950 BIOXK . 8747 METK AAAK . 7047 ELMEK . 8830 ALPHA EEEK . 7097 LAMPSA . 8848 AKTOR ERMHS . 7291 MHXK . 8856 INTKA LAMDA . 7297 DK . 8904 MAIK OTE . 7309 FOLI . 9005 PETZ MARF . 7423 THELET . 9088 ETEM MRFKO . 7423 ATT . 9278 FINTO KORA . 7520 ARBA . 9302 ESXA RILK . 7682 KATS . 9333 BIOSK LYK . 7684 ALBIO . 9387 XATZK ELASK . 7808 XAKOR . 9502 KREKA NOTOS . 8126 SAR . 9 533 ETE KARD . 8290 NAYP . 577 SANYO Source Metastock (Greek) Data Base and calculations (S-PLUS) beta . 9594 . 9606 . 9698 . 9806 . 9845 . 9890 . 9895 . 9917 . 9920 1. 0059 1. 0086 1. 0149 1. 0317 1. 0467 1. 0532 1. 0542 1. 0593 1. 0616 1. 0625 1. 0654 1. 0690 1. 0790 1. 0911 1. 1127 1. 1185 Stock name EMP NAOYK ELBE ROKKA SELMK DESIN ELBAL ESK TERNA KERK POYL EEGA KALSK GENAK FANKO PLATH STRIK EBZ ALLK GEBKA axon RINTE KLONK ETMAK ALTEK beta 1. 1201 1. 1216 1. 1256 1. 1310 1. 1312 1. 1318 1. 1348 1. 1359 1. 1392 1. 1396 1. 1432 1. 1628 1. 1925 1. 1996 1. 2322 1. 2331 1. 2500 1. 2520 1. 2617 1. 2830 1. 3030 1. 3036 1. 3263 1. 3274 1. 4369The article argues that certain hypotheses can be tested irregardless of whether one believes in the validity of the simple CAPM or in any other version of the theory. Firstly, the theory indicates that higher risk (beta) is associated with a higher level of return. However, the results of the study do not International Research Journal of Finance and Economics Issue 4 (2006) 85 support this hypothesis. The beta coefficients of the 10 portfolios do not indicate that higher beta portfolios are related with higher returns. Portfolio 10 for example, the highest beta portfolio ( ? = 1. 2024), yields negative portfolio returns.In contrast, portfolio 1, the lowest beta portfolio ( ? = 0. 5474) produces positive returns. These contradicting results can be partially explained by the significant fluctuations of stock returns over the period examined (Table 2). Table 2 Average excess portfolio returns and betas (Equation 3) rp beta (p) a10 . 0001 . 5474 b10 . 0000 . 7509 c10 -. 0007 . 9137 d10 -. 0004 . 9506 e10 -. 0008 . 9300 f10 -. 0009 . 9142 g10 -. 0006 1. 0602 h10 -. 0013 1. 1066 i10 -. 0004 1. 1293 j10 -. 0004 1. 2024 Average Rf . 0014 Average rm=(Rm-Rf) . 0001 Source Metastock (Greek) Data Base and calculations (S-PLUS) Portfolio Var. shift . 0012 . 0013 . 0014 . 0014 . 0009 . 0010 . 0012 . 0019 . 0020 . 0026 R2 . 4774 . 5335 . 5940 . 6054 . 7140 . 6997 . 6970 . 6057 . 6034 . 5691 In order to test the CAPM hypothesis, it is necessary to find the counterparts to the theoretical values that must be used in the CAPM equation. In this study the yield on the 3-month Greek Treasury Bill was used as an musical theme of the risk-free rate. For the R m , the ASE Composite Share index is taken as the best approximation for the market portfolio. The basic equation used was rP = ? 0 + ? 1 ? ? P + e P (Equation 4) where ? is the expected excess return on a zero beta portfolio and ? 1 is the market price of risk, the difference between the expected rate of return on the market and a zero beta portfolio. One way for allowing for the possibility that the CAPM does not hold true is to add an intercept in the estimation of the SML. The CAPM considers that the intercept is zero for every asset. Hence, a test can be constructed to examine this hypothesis. In order to diversify away most of the firm-specific part of returns, thereby enhancing the precision of the beta estimates, the securities were previously combined into portfolios.This approach mitigates the statistical problems that arise from measurement errors in individual beta estimates. These portfolios were created for several reasons (i) the random influences on individual stocks tend to be larger compared to those on suitably constructed portfolios (hence, the intercept and beta are easier to estimate for portfolios) and (ii) the tests for the intercept are easier to implement for portfolios because by construction their estimated coefficients are less likely to be correlated with one another than the shares of individual companies.The high value of the estimated correlation coefficient between the intercept and the slope indicates that the model used explains excess returns (Table 3). 86 International Research Journal of Finance and Economics Issue 4 (2006) Table 3 Statistics of the estimation of the SML (Equation 4) Coefficient ? 0 Value . 0005 t-value (. 9011) p-value . 3939 Residual standard error . 0004 on 8 degrees of freedom Multiple R-Squared . 2968 F-statistic 3. 3760 on 1 and 8 degrees of freedom, the p-value is . 1034 Correlation of Coefficients 0 ,? 1 = . 9818 ? 1 -. 0011 (-1. 8375) . 1034However, the fact that the intercept has a value around zero weakens the above explanation. The results of this paper appear to be inconsistent with the zero beta version of the CAPM because the intercept of the SML is not greater than the interest rate on risk free-bonds (Table 2 and 3). In the estimation of SML, the CAPMs prediction for ? 0 is that it should be equal to zero. The calculated value of the intercept is small (0. 0005) but it is not significantly different from zero (the tvalue is not greater than 2) Hence, based on the intercept criterion alone the CAPM hypothesis cannot clearly be rejected.According to CAPM the SLM slope should equal the excess return on the market portfolio. The excess return on the ma rket portfolio was 0. 0001 while the estimated SLM slope was 0. 0011. Hence, the latter result also indicates that there is evidence against the CAPM (Table 2 and 3). In order to test for nonlinearity between total portfolio returns and betas, a regression was run between average portfolio returns, calculated portfolio betas, and the square of betas (Equation 5). Results show that the intercept (0. 0036) of the equation was greater than the risk-free interest rate (0. 014), ? 1 was negative and different from zero while ? 2 , the coefficient of the square beta was very small (0. 0041 with a t-value not greater than 2) and thus consistent with the hypothesis that the expected return-beta relationship is linear (Table 4). Table 4 Testing for Non-linearity (Equation 5) Coefficient ? 0 Value . 0036 t-value (1. 7771) p-value 0. 1188 Residual standard error . 0003 on 7 degrees of freedom Multiple R-Squared . 4797 F-statistic 3. 2270 on 2 and 7 degrees of freedom, the p-value is . 1016 ? 1 -. 0084 (-1. 8013) 0. 1147 ? 2 . 0041 (1. 5686) 0. 1607According to the CAPM, expected returns vary across assets only because the assets betas are different. Hence, one way to investigate whether CAPM adequately captures all-important aspects of the risk-return tradeoff is to test whether other asset-specific characteristics can explain the crosssectional differences in average returns that cannot be attributed to cross-sectional differences in beta. To accomplish this task the residual variance of portfolio returns was added as an additional explanatory variable (Equation 6). The coefficient of the residual variance of portfolio returns ? 3 is small and not statistically different from zero.It is therefore safe to conclude that residual risk has no affect on the expected return of a security. Thus, when portfolios are used kinda of individual stocks, residual risk no longer appears to be important (Table 5). International Research Journal of Finance and Economics Issue 4 (2006 ) Table 5 Testing for Non-Systematic risk (Equation 6) Coefficient ? 0 ? 1 Value . 0017 -. 0043 t-value (. 5360) (-. 6182) p-value 0. 6113 0. 5591 Residual standard error . 0003 on 6 degrees of freedom Multiple R-Squared . 5302 F-statistic 2. 2570 on 3 and 6 degrees of freedom, the p-value is . 1821 ? 2 . 0015 (. 3381) 0. 7468 ? 3 . 3503 (. 8035) 0. 523 87 Since the analysis on the entire five-year period did not yield strong evidence in favor of the CAPM we examined whether a similar approach on yearly data would provide more supportive evidence. All models were tested separately for each of the five-year period and the results were statistically better for some years but still did not support the CAPM hypothesis (Tables 6, 7 and 8).Table 6 Statistics of the estimation SML (yearly series, Equation 4) 1998 1999 2000 2001 2002 Coefficient ? 0 ? 1 ? 0 ? 1 ? 0 ? 1 ? 0 ? 1 ? 0 ? 1 Value . 0053 . 0050 . 0115 . 0134 -. 0035 -. 0149 . 0000 -. 0057 -. 0017 -. 0088 t-value (3. 7665) (2. 231) (2. 8145) (4. 0237) (-1. 9045) (-9. 4186) (. 0025) (-2. 4066) (-. 8452) (-5. 3642) Std. Error . 0014 . 0022 . 0041 . 0033 . 0019 . 0016 . 0024 . 0028 . 0020 . 0016 p-value . 0050 . 0569 . 2227 . 0038 . 0933 . 0000 . 9981 . 0427 . 4226 . 0007 Table 7 Testing for Non-linearity (yearly series, Equation 5) 1998 Coefficient ? 0 ? 1 ? 2 ? 0 ? 1 ? 2 ? 0 ? 1 ? 2 ? 0 ? 1 ? 2 ? 0 ? 1 ? 2 Value . 0035 . 0139 -. 0078 . 0030 -. 0193 . 0135 -. 0129 . 0036 -. 0083 . 0092 -. 0240 . 0083 -. 0077 . 0046 -. 0059 t-value (1. 7052) (1. 7905) (-1. 1965) (2. 1093) (-. 7909) (1. 3540) (-3. 5789) (. 5435) (-2. 8038) (1. 2724) (-1. 7688) (1. 3695) (-2. 9168) (. 139) (-2. 7438) Std. Error . 0020 . 0077 . 0065 . 0142 . 0243 . 0026 . 0036 . 0067 . 0030 . 0072 . 0136 . 0060 . 0026 . 0050 . 0022 p-value . 1319 . 1165 . 2705 . 0729 . 4549 . 0100 . 0090 . 6037 . 0264 . 2439 . 1202 . 2132 . 0224 . 3911 . 0288 1999 2000 2001 2002 88 International Research Journal of Finance and Economics Issue 4 (2006) Table 8 Test ing for Non-Systematic risk (yearly series, Equation 6) 1998 Coefficient ? 0 ? 1 ? 2 ? 3 ? 0 ? 1 ? 2 ? 3 ? 0 ? 1 ? 2 ? 3 ? 0 ? 1 ? 2 ? 3 ? 0 ? 1 ? 2 ? 3 Value . 0016 . 0096 -. 0037 3. 0751 . 0017 -. 0043 . 0015 . 3503 -. 0203 . 0199 -. 0185 2. 2673 . 0062 -. 0193 . 0053 1. 7024 -. 0049 . 000 -. 0026 -5. 1548 t-value (. 7266) (1. 2809) (-. 5703) (. 5862) (1. 4573) (-. 0168) (. 0201) (2. 2471) (-4. 6757) (2. 2305) (-3. 6545) (2. 2673) (. 6019) (-1. 0682) (. 5635) (. 4324) (-. 9507) (. 0054) (-. 4576) (-. 6265) Std. Error . 0022 . 0075 . 0065 1. 9615 . 0125 . 0211 . 0099 1. 4278 . 0043 . 0089 . 0051 . 9026 . 0103 . 0181 . 0094 3. 9369 . 0052 . 0089 . 0058 8. 2284 p-value . 4948 . 2475 . 5892 . 1680 . 1953 . 9846 . 9846 . 0657 . 0034 . 0106 . 0106 . 0639 . 5693 . 3265 . 5935 . 6805 . 3785 . 9959 . 6633 . 5541 1999 2000 2001 2002 VI. Concluding Remarks The article examined the validity of the CAPM for the Greek stock market.The study used weekly stock returns from 100 companies listed on the Athens stock exchange from January 1998 to December 2002. The findings of the article are not supportive of the theorys basic hypothesis that higher risk (beta) is associated with a higher level of return. In order to diversify away most of the firm-specific part of returns thereby enhancing the precision of the beta estimates, the securities where combined into portfolios to mitigate the statistical problems that arise from measurement errors in individual beta estimates. The model does explain, however, excess returns.The results obtained lend support to the linear structure of the CAPM equation being a good explanation of security returns. The high value of the estimated correlation coefficient between the intercept and the slope indicates that the model used, explains excess returns. However, the fact that the intercept has a value around zero weakens the above explanation. The CAPMs prediction for the intercept is that it should be equal to zero and the slope should equal the excess returns on the market portfolio. The findings of the study contradict the above hypothesis and indicate evidence against the CAPM.The inclusion of the square of the beta coefficient to test for nonlinearity in the relationship between returns and betas indicates that the findings are according to the hypothesis and the expected returnbeta relationship is linear. Additionally, the tests conducted to investigate whether the CAPM adequately captures all-important aspects of reality by including the residual variance of stocks indicates that the residual risk has no effect on the expected return on portfolios. The lack of strong evidence in favor of CAPM necessitated the study of yearly data to test the validity of the model.The findings from this approach provided better statistical results for some years but still did not support the CAPM hypothesis. The results of the tests conducted on data from the Athens stock exchange for the period of January 1998 to December 2002 do not appear to clearly reject the CAPM. This does not mean that the data do not support CAPM. As Black 1972 points out these results can be explained in two ways. First, measurement and model specification errors arise due to the use of a proxy instead of the actual market International Research Journal of Finance and Economics Issue 4 (2006) 89 ortfolio. This error biases the regression line estimated slope towards zero and its estimated intercept away from zero. Second, if no risk-free asset exists, the CAPM does not predict an intercept of zero.

Hannin Essay

The judicature must show accountability for public storehouses and a business can manipulation its resources as it deems appropriate. 5. Role of the Budget commercialised its used for planning and control purposes, for government budgets carry the authority of law, preventing 1-3. Identify and briefly describe the three organizations that set standards for state and local governments, the national government, and non political not-for-profit organizations. 1. GASB set the accounting and fiscal insurance coverage standards for state and local government in the US.GASB also set accounting and financial insurance coverage standards for governmentally link up not for profit organizations. 2. FASB set standards for profit seeking business and for nongovernmental not for profit organizations. 3. FASAB set the accounting and financial for the federal government. 1-4. What is the definition of a government as agreed upon by the FASB and GASB? Public corporations and bodies corporate and politic argon governmental organizations. Other organizations atomic number 18 governmental organizations if they have one or to a greater extent of the following characteristics. . Popular election of officers or appointment (or approval) of a controlling majority of the members of the organizations governing eubstance by officials of one or more state or local governments. 2. The potential for unilateral dissolution by a government with the net assets reverting to a government. 3. The power to ordain and enforce a tax levy. 1-5. Describe the hierarchy of GAAP for state and local governments, the federal government, and nongovernmental not-for-profit organizations. (See Illustration 1-2 come back to this) 1-8.GASB considers budgetary accounting and reporting to be important. List the principles outlined by GASB related to budgetary accounting and reporting. 1. An annual budget(s) should be adopted by every governmental unit. 2. The accounting remains should provide the basi s for appropriate budgetary control. 3. Comparisons should be included in the appropriate financial statements and schedules for governmental funds for which an annual budget has been adopted. 2-2. With bear upon to GASB rules for the financial reporting entity, answer the following 1. Define the financial reporting entity.It is the prime government together with its component units. 2. Define and give an example of a primary government. Can be a state government, a general-purpose local government such as a city or county, or a special purpose government such as a school district. 3. Define and give an example of a component unit. Are de jure check organizations for which the elected officials of the primary government are financially accountable. 4. Define and describe the two methods of reporting the primary government and component units in the financial reporting entity. a.Primary Government -either appoints a voting majority of the governing body of the other organization or members of the primary governments governing body hold a majority of the seats of the other organizations board. Second, the relationship meets one of the following two criteria a. The other organization provides either a financial burden or benefit to the primary government. b. The primary government can impose its will on the other organization. b. Component units are legally separate organizations for which the elected officials of the primary government are financially accountable.In addition, a component unit can be an organization for which the nature and substance of its relationship with a primary government are such that exclusion would cause the reporting entitys financial statements to be misleading or incomplete. 2-3. With regard to the Comprehensive Annual Financial Report (CAFR) 1. What are the three major sections? Introductory, Financial, and Statistical. 2. List the government-wide statements. allude the measurement focus and basis of accounting used for the g overnment-wide statements. staple fiber Financial Statements Proprietary Funds Statements Statement of Cash Flows.Governments use the aggregation basis and the modified accrual basis of accounting. 3. List the governmental fund statements. i. everyday fund. This fund is used to account for general operations and activities not requiring the use of other funds. ii. superfluous revenue funds are required to account for the use of revenue earmarked by law for a particular purpose. State and federal fuel tax revenues require special revenue funds, because federal and state laws tie these taxes to transportation uses. iii. Capital projects funds are used to account for the construction or acquisition of frozen assets9, such as buildings, equipment and roads.Depending on its use, a fixed asset may instead be financed by a special revenue fund or a proprietary fund. iv. Debt service funds are used to account for money that will be used to pay the interest and principal of long-term d ebts. Bonds used by a government to finance major construction projects, to be paid by tax levies over a period of years, require a debt service fund to account for their repayment. v. Special assessment funds account for public infrastructure improvements financed by special levies against property holders. Sidewalk and alley repairs often rely on special assessments. 4.Indicate the measurement focus and basis of accounting used for the governmental fund statements. It usually rely on a modified accrual basis. 5. List the proprietary fund statements. vi. Internal service funds are used for operations serving other funds or departments within a government on a cost-reimbursement basis. A printing shop, which takes orders for booklets and forms from other offices and is reimbursed for the cost of each order, would be a suitable application for an internal service fund. vii. Enterprise funds are used for services provided to the public on a user charge basis, similar to the operation of a commercial enterprise.Water and sewage utilities are prevalent examples of government enterprises. 5. Indicate the measurement focus and basis of accounting used for the proprietary fund statements. i. Proprietary funds, used for business-like activities, usually operate on an accrual basis. Governmental accountants sometimes refer to the accrual basis as full accrual to distinguish it from modified accrual basis accounting. 6. List the fiducial fund statements. Statement of Changes in Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets. 7.Describe the measurement focus and basis of accounting used for the fiduciary fund statements. The accounting basis applied to fiduciary funds depends upon the needs of a specific fund. If the trust involves a business-like operation, accrual basis accounting would be appropriate to show the funds profitability. Accrual basis is also appropriate for trust funds using interest and dividends from invested principle amounts to pay for support programs, because the profitability of those investments would be important. 8. Outline the reports and schedules to be reported as required supplementary information.Come Back To 2-4. Describe the test for determining whether a governmental fund is a major fund. The General Fund is always considered a major fund. Other governmental funds are considered major when both of the following conditions exist (a) total assets, liabilities, revenues, or expenditures of that exclusive governmental fund constitute 10 percent of the total for the governmental funds category, and (b) total assets, liabilities, revenues, or expenditures of that individual governmental or enterprise fund are 5 percent of the total of the governmental and enterprise categories, combined. 2-10. Not sure

Cattell and Eysenck

Usually when we talk about nearlyones character, we atomic number 18 talking about what makes that person different from other deal, perhaps however unique. The Cattell and Eysenck constructs and theories should be seen, not as mutually contradictory, but as complementary and mutually supportive. The Late Hans Eysenck (1984). Cattell and the theory of disposal. Mult. Behav. Res, 19, 323-336. This eight page report discusses the work and models created by Hans Eysenck (1916-1997) and Raymond Cattell (1905-1998).Each developed specific theories regarding human character. Eysencks is best expressed in the Eysenck genius Inventory (EPI) while Cattells 16PF or Sixteen nature Factor Questionnaire serves as the best representation of his work on personality. Raymond Bernard Cattell (20 March 1905 2 February 1998) was a British and American psychologist known for his exploration of a coarse variety of substantive beas in psychology.These areas included the basic dimensions of pers onality and temperament, a range of cognitive abilities, the dynamic dimensions of motivation and emotion, the clinical dimensions of personality, patterns of group and social behavior, applications of personality research to psychotherapy and learning theory, predictors of creativity and achievement, and many scientific research methods for exploring and measuring these areas. Cattell was famously productive throughout his 92 years, authoring and co-authoring over 50 books and five hundred articles, and over 30 standardized tests.According to a large-mindedly-cited ranking, he was the 16th most influential and eminent psychologist of the 20th century. Cattell and Eysenck 3 Raymond Cattell and Hans Eyseneck, so prominent were these devil men, that their work is now enshrined in the Cattellian and Eysenckian Schools of Psychology, respectively. Cattells scholarly training began at an early age when he was awarded admission to Kings College at Cambridge University where he graduate d with a bachelor of Science in Chemistry in 1926 (Lamb, 1997).According to personal accounts, Cattells socialist attitudes, paired with interests developed after attending a Cyril Burt lecture in the said(prenominal) year, turned his attention to the study of psychology, lock away regarded as a philosophy (Horn, 2001). Following the completion of his doctorate studies of psychology in 1929 Cattell lectured at the University at Exeter where, in 1930, he made his first contribution to the wisdom of psychology with the Cattell Intelligence Tests (scales 1, 2, and 3).During fellowship studies in 1932, he turned his attention to the measurement of personality focussing of the understanding of economic, social and moral problems and how objective psychological research on moral decision could aid such problems (Lamb, 1997). Cattells most renowned contribution to the science of psychology similarly pertains to the study of personality. Cattells 16 Personality Factor Model aims to co nstruct a common taxonomy of traits exploitation a lexical approach to specialise natural language to standard applicable personality adjectives.Though his theory has never been replicated, his contributions to cistron analysis make been exceedingly valuable to the study of psychology. In order to apply factor analysis to personality, Cattell believed it necessary to sample the widest possible range of variables. He specified three kinds of data for comprehensive sampling, to capture the salutary range of personality dimensions Cattell and Eysenck 4 Objective, life data (or L-data), which involves collecting data from the individuals natural, everyday life behaviors, measuring their characteristic behavior patterns in the real world.This could range from shape of traffic accidents or number of parties attended each month, to grade point average in school or number of illnesses or divorces. Experimental data (or T-data) which involves re bring throughs to standardized experimen tal situations created in a lab where a subjects behavior can be objectively observed and measured. Questionnaire data (or Q-data), which involves responses based on introspection by the individual about their own behavior and feelings. He run aground that this kind of direct doubting often measured subtle internal states and viewpoints that might be hard to see or measure in external behavior.In order for a personality dimension to be called fundamental and unitary, Cattell believed that it needed to be found in factor analyses of data from all three of these domains. Thus, Cattell constructed personality measures of a wide range of traits in each medium. He then repeatedly performed factor analyses on the data. With the help of many colleagues, Cattells factor-analytic studies continued over several decades, pointtually producing 16 fundamental factors underlying human personality.He decided to name these traits with letters (A, B, C, D, E), equivalent vitamins, in order to av oid misnaming these newly discovered dimensions, or inviting confusion with existing vocabulary and concepts. Factor-analytic studies by many researchers in diverse cultures around the world have re-validated the number and meaning of these Cattell and Eysenck 5 traits. This international curb and validation established Cattells 16 factors as objective and scientific.Cattell set about developing tests to measure these traits across different age ranges, such as The 16 Personality Factor Questionnaire for adults, the Adolescent Personality Questionnaire, and the Childrens Personality Questionnaire. These tests have now been translated into many languages and validated across different cultures. Hans Eysenck was born in Germany on March 4, 1916. His parents were actors who divorced when he was only two, and so Hans was raised by his grandmother. He left there when he was 18 years old, when the Nazis came to power.As an active Jewish sympathizer, his life was in danger. In England, he continued his education, and received his Ph. D. in Psychology from the University of London in 1940. During World War II, he served as a psychologist at an emergency hospital, where he did research on the reliability of psychiatric diagnoses. The results led him to a life- gigantic antagonism to main-stream clinical psychology. After the war, he taught at the University of London, as well as serving as the director of the psychology department of the Institute of Psychiatry, associated with Bethlehem Royal Hospital.He has written 75 books and some 700 articles, making him one of the most prolific writers in psychology. Eysenck retired in 1983 and continued to write until his death on September 4, 1997. This aspect of personality is called individual differences. For some theories, it is the central issue. These theories often spend considerable attention on things similar types and traits and tests with which we can categorize or compare people Some people are psychoneurotic, o thers are not some people are more introverted, others more extroverted and Cattell and Eysenck 6 so on.However, personality theorists are just as provoke in the commonalities among people. What, for example, do the neurotic person and the healthy person have in common? Or what is the common complex body part in people that expresses itself as introversion in some and extroversion in others? If you place people on some dimension such as healthy-neurotic or introversion-extroversion you are motto that the dimension is something everyone can be placed on. Whether they are neurotic or not, all people have a capacity for health and ill-health and whether introverted or extroverted, all are verted one way or the other.Another way of dictateing this is that personality theorists are interested in the structure of the individual, the psychological structure in particular. How are people put together how do they work how do they fall apart. Some theorists go a step further and say th ey are ciphering for the essence of being a person. Or they say they are looking for what it means to be an individual human being. The field of personality psychology stretches from a fairly simple empirical search for differences between people to a rather philosophical search for the meaning of life possibly it is just pride, but personality psychologists like to think of their field as a sort of umbrella for all the rest of psychology. Critics of the psychology of individual differences have often claimed naively that the use of factor analysis in test construction has only lead to confusionsince Eysenck found three factors, while Cattell found 16 factors within the personality domain. Yet these ill-informed critics failed to understand that Eysenck and Cattell were talking about personality measurement at different levels within the hierarchical trait model.Cattell and Eysenck 7 Ray concentrated on radical factors, while Hans focused on broader secondary dimensions. Indeed, a t the second-order 16PF level, the degree of communality between the Eysenckian and Cattellian factors was striking It might be prudish to start off with a definition of theories of personality. First, theory a theory is a model of reality that helps us to understand, explain, predict, and control that reality. In the study of personality, these models are usually verbal.Every now and then, someone comes up with a graphic model, with symbolic illustrations, or a mathematical model, or even a computing device model. But words are the basic form. Different approaches focus on different aspects of theory. Eysencks theory is based primarily on physiology and genetics. Although he is a behaviorist who considers learned habits of great importance, he considers personality differences as growing out of our genetic inheritance. He is, therefore, primarily interested in what is usually called temperament. Eysenck is also primarily a research psychologist.His methods involve a statistical t echnique called factor analysis. This technique extracts a number of dimensions from large masses of data. For example, if you give long lists of adjectives to a large number of people for them to rate themselves on, you have prime raw material for factor analysis. Imagine, for example, a test that included words like shy, introverted, outgoing, wild, and so on. Obviously, shy people are likely to rate themselves high on the first two words, and low on the second two. Outgoing people are likely to do the reverse.Factor analysis extracts dimensions factors such as shy outgoing from the mass of information. The Cattell and Eysenck 8 researcher then examines the data and gives the factor a name such as introversion-extraversion. There are other techniques that will find the best fit of the data to various possible dimensions, and others still that will find higher level dimensions factors that organize the factors, like big headings organize little headings. Eysencks original resea rch found two main dimensions of temperament neuroticism and extraversion introversion.Neuroticism is the name Eysenck gave to a dimension that ranges from normal, fairly calm and collected people to ones that tend to be quite nervous. His research showed that these nervous people tended to suffer more frequently from a variety of nervous disorders we call neuroses, hence the name of the dimension. But understand that he was not saying that people who score high on the neuroticism scale are necessarily neurotics only that they are more susceptible to neurotic problems. His second dimension is extraversion-introversion.By this he means something very similar to what Jung meant by the same terms, and something very similar to our common-sense understanding of them Shy, quiet people versus out-going, even loud people. This dimension, too, is found in everyone, but the physiological explanation is a bit more complex. Eysenck hypothesized that extraversion-introversion is a matter of the balance of inhibition and excitation in the brain itself. These are ideas that Pavlov came up with to explain some of the differences he found in the reactions of his various dogs to stress.Excitation is the brain waking itself up, getting into an alert, learning state. proscription is the brain calming itself down, either in the usual sense of relaxing and going to sleep, or in the sense of protecting itself in the case of arouse stimulation. Cattell and Eysenck 9 To bring to a close, although Cattell contributed much to personality research through the use of factor analysis his theory is greatly criticized. The most apparent objurgation of Cattells 16 Personality Factor Model is the fact that despite many attempts his theory has never been entirely replicated.In 1971, Howarth and Browns factor analysis of the 16 Personality Factor Model found 10 factors that failed to relate to items present in the model. Howarth and Brown concluded, that the 16 PF does not measure the fac tors which it purports to measure at a primary level (Eysenck & Eysenck, 1987) Studies conducted by Sell et al. (1970) and by Eysenck and Eysenck (1969) also failed to verify the 16 Personality Factor Models primary level (Noller, Law, Comrey, 1987).Also, the reliability of Cattells self-report data has also been questioned by researchers (Schuerger, Zarrella, & Hotz, 1989). Cattell and colleagues responded to the critics by maintaining the stance that the reason the studies were not successful at replicating the primary structure of the 16 Personality Factor model was because the studies were not conducted according to Cattells methodology. However, using Cattells exact methodology, Kline and Barrett (1983), only were able to verify four of sixteen primary factors (Noller, Law & Comrey, 1987).In response to Eysencks criticism, Cattell, himself, published the results of his own factor analysis of the 16 Personality Factor Model, which also failed to verify the hypothesized primary f actors (Eysenck, 1987). Despite all the criticism of Cattells hypothesis, his empirical findings lead the way for probe and later discovery of the mountainous Five dimensions of personality. Fiske (1949) and Tupes and Christal (1961) simplified Cattells variables to five recurrent Cattell and Eysenck 10 factors known as extraversion or surgency, agreeableness, consciousness, motional stability and intellect or openness (Pervin & John, 1999). Cattells Sixteen Personality Factor Model has been greatly criticized by many researchers, mainly because of the inability of replication. More than likely, during Cattells factor analysis errors in computation occurred resulting in skewed data, olibanum the inability to replicate. Since, computer programs for factor analysis did not exist during Cattells time and calculations were done by hand it is not surprising that some errors occurred.However, through investigation into to the validity of Cattells model researchers did discover the Big Five Factors, which have been monumental in understanding personality, as we know it today. In summary, Humanists and Existentialists tend to focus on the understanding part. They believe that much of what we are is way too complex and embedded in history and culture to predict and control. Besides, they suggest, redacting and controlling people is, to a considerable extent, unethical. Behaviorists and Freudians, on the other hand, prefer to discuss prediction and control. If an idea is useful, if it works, go with itUnderstanding, to them, is secondary. Another definition says that a theory is a guide to action We figure that the future will be something like the past. We figure that certain sequences and patterns of events that have occurred frequently before are likely to occur again. So we look to the first events of a sequence, or the most vivid parts of a pattern, to serve as our landmarks and warning signals. A theory is a little like a map It isnt the same as the countrysid e it describes it certainly doesnt give you every detail it may not even be terribly accurate. But it does supply a guide to action.

Multiculturalism in Early Childhood Education Essay

IntroductionIn recent durations, primeval puerility cultivation is fair more respective(a). premature childhood providers atomic number 18 required to attempt many challenging tasks. One of the close to difficult of these is providing our children with respective(a), multicultural interprets. (Ogletree & Larke, 2010) Since the beginning of times, young children commit been raised by their families, extended families, clans and communities. Even today, most childc are homes and many early childhood programs tend to be fairly consistent and quite identical to the childs home background. Parents tend to choose childcare and early childhood programs based on whether the programs match their own views of reproduction and discipline. (Tarman & Tarman, 2011)Programs nowadays are expected to provide the children with experiences outside of their sorts, offering opportunities to teach them to be tolerant, respectful and accepting of differences. (Derman-Sparks, 1989) Bennet (199 5) described multicultural training as an approach to article of faith and learning that is based upon democratic beliefs and acquireks to foster cultural pluralism within culturally diverse societies and an interdependent being. In Singapore, where we have a culturally diverse population, it is all-important(a) to be sensitive towards each fashioner(a)s cultural practices, beliefs and views. Thus, the reason to include multicultural education into the early childhood education system deems as important. The logical reason being that brain research has proved that the prime time for emotional and social development in children is from birth to twelve days of age. (Abdullah, 2009) Issues in Including multicultural Education in Early childhood Education There are several cores that do non allow multicultural education to permeate the early childhood programs in Singapore. CurriculumThe curriculum of a center shows the process in which learning outcomes will be achieved. Ther efore, including the goals and objectives of multicultural education into the centers curriculum is subjective. It has to be infused through and throughout the curriculum. Good early childhood pedagogy reflects and empowers the diverse cultural backgrounds of the children and families with whom they work. (Robinson & Jones, 2006) Including childrens identity into the daily computer programing and planning of the early childhood curriculum is considered necessary for developing their self-esteem as puff up as cultivatingtheir appreciation for diversity that exists more widely in our society. (Abdullah, 2009)In Singapore, multicultural education is non a mainstream issue. With Singaporeans being more aware of issues and events through globalization and internet, it is truly essential that multicultural education is include in schools.Quah (as cited in Berthelsen & Karuppiah, 2011) has discussed the expanded ethnic and religious awareness strain among Singapore in recent years. Rec ent campaigns such as the wearing of the Moslem head-dress in g all overnment schools drummed up a buzz around the diverse ethnic groups in Singapore and resuscitated ethnic strains. These cases show that government policies conduct to be re-evaluated painstakingly so as to safeguard cultural harmony and maintain respect for cultural diversity. Thus, gaining nourishment from the Government to deal with this issue indepth is significant. expression DevelopmentUsually the educational system in most countries applies the national run-in as the medium of training. However, multiculturalism and the distinguishment of the important role of language in examine makes it compulsory for differing qualities of dialect, abilities and correspondence styles to be recognized, esteemed and utilized within all early childhood services. The procurement for children to study the volume language whilst maintaining their first language ought to be underpinned and energized. This obviously is to propose bilingualism or in any event underpin for the home dialect as a strategy even at the unanticipated youth level. (Abdullah, 2009) Research has demonstrated that there can just be favourable circumstances to the child other than ensuring and regarding home dialect. (Hakuta, 1986)This primary issue and challenge for the procurement of bilingual training is one of human assets. Relatively few countries will have the personnel who themselves are bilingual or multilingual. Consequently, children with languages other than the national language to look, maintain and to developand broaden their language and model development within early childhood services.(Vuckovic, 2008) All children have the chance to list to, utilise and study the majority language in a steady environment where assets, materials and individuals are utilized to scaffold their learning in a majority language.Early Childhood Education StaffStaff running(a) in childcare centers and early childhood education progr ams has the major power to create an impact on the childrens developing attitudes towards cultural diversity more than any other person in the childs life. This is an undeniable fact. It is crucial that staff go through appropriate training or staff advancement programs, which include the essential knowledge, skills and attitudes for such an avocation. Teacher must consume the steps necessary to let on themselves as teachers in multicultural education settings. With the changing face of todays classrooms, there is a growing extremity to address multiculturalism an diversity awareness. (Riskowski & Olbricht, 2010) rearing courses for early childhood educators efficiency as well have components in both satiate and conveyance that address diversity of cultures. (Verma, 2003) Pre-service preparation in the form of actual scenarios where teachers are set in multicultural or classrooms made up of cultures different from their own are particularly adequate in acquiring them to re-loo k at their existing convictions and biases.(Jacobson, 2003) This type of learning emphatically influences teachers manners towards teaching in diverse settings. Pre-service learning has the potential of enabling teacher candidates to stand up to challenging issues of social inequities and to start the deconstruction of lifelong attitudes and the development of socially just educators. (Baldwin, Buchanan & Rudisill, 2007) Issues Affecting Child as a LearnerChildren need an education, which allows them to take their place in this multicultural society. A child as young as two and three years are familiar with human distinctions and this mindfulness is connected with the improvement of specific disposition. An essential socialization as well aspreferences and habit pattern in the early years of life leaves a preserving impact on the individual. .(Jacobson, 2003) These findings feature the grandness of bringing social values and attitudes to childrens attention during this critical dev elopmental period. Using this evidence, it becomes clear that early childhood community needs to address the needs of multicultural children and their unique families. These children include biological, multiracial and multi-ethnic children in blended homes, foster homes, adoptive homes and a change of biological homes.In the early years, the childs family assumes the leading role in socialising the child to the conduct, beliefs, convictions and plans held inside their culture. (Garbarino, 1992) With the rise in the amount of working parents and children partaking in group programs from an early age, preschools have likewise turned into compelling socialisation force. (Berthelsen & Karuppiah, 2011)Young children who live in a multicultural community experience social differences firsthand it is part of their world. Then again, other children who live in a monocultural group frequently have challenges laboring and tolerating an environment that is not the same as theirs. Knowing in creasingly about the noteworthiness of childrens voyages between home and school and the impacts of these adventures, teachers can help these children unite the universes of home and school and all different worlds that they might experience in theirdaily lives. (Vuckovic, 2008)Pressures from mass media likewise push an impact on children to fit in with a uniform set of necessitites, dialect, method of articulation inshort, a whole modality of life. They are exposed to a counter culture, which declines and demoralizes articulation from expressing their culture of origin. Regularly, this brings about immense pressures for the children, with parents demanding adherence to the old customs, with traditions practised in the home and frequently in activities outside the home. The consequence is that by and large, parents get est personad from their children who are attempting to comprehend and adapt to their transitory sub-culture, yet endeavouring to make a successful modification into another society, whichsecretively and frequently unintentionally denies them this right.( Lin & Bates, 2010) Misconceptions in TeachersThe most common issue is misconceptions in multiculturalism. Educators are unsure of their own ability to define what their role is in teaching culture. Teachers need the knowledge, skills and positive attitudes to know what to teach and how to teach. (Berthelsen, & Karuppiah, 2011) Teachers need to teach in a way that will cooperate the needs of all of their students. It may not be easy and may require more attention, time and effort.An issue teachers face is that pre-service teachers are leaving their courses preceding(a) to educate in todays diverse classrooms. The dominant parts of them are leaving courses after just having one or two essential modules on educating in a multicultural setting. They are not ready for interacting with different cultures than the shielded ones that a large portion of them live in. (Lin & Bates, 2010) They are not r eady for the distinctive needs controlled by todays multicultural student population. They end up being not as qualified in this area as they should be. One reason for this could be that teachers express that students oppose multicultural education. (Atwater, Freeman, Bulter & Morris, 2010) Why is this the case? Everyone holds his or her beliefs about things. The zone of multicultural instruction is no distinctive.One of the first things that a teacher must do is to analyse herself. She ought to perceive how the conclusions, convictions and viewpoints that she holds influence the curriculum that she is planning to teach. Whether purposeful or not, a teachers comtemplations, recognitions, inclinations and sentiments can likely be depicted to her students. (Nichols & Dong, 2011)A tourist approch towards multiculturalism where cultures are only taught through celebrations, food and conventional clothing is a very common sighting in Singapore. (Berthelsen & Karrupiah, 2011) It is both disparaging and trivializing and does not give a genuine comprehension of different societies.(Derman-Sparks, 1989) Teacher need to comprehend their own particular convictions about cultures and differing qualities so as toexecute multicultural education programs viably with young children. Teachers should take the steps important to better themselves as instructors in multicultural settings. This is no feat that can be accomplished overnight. Multicultural Education in SingaporeSingapore is a multi-racial, multi-lingual and multi-religious society. Our population comprises mainly Chinese, Malays, Indians and others. Multicultural education is not a mainstream issue in Singapore. While the government has been capable to keep up peace and congruity through its political, social and monetary strategies and unique days, it does not manage the issue in profundity. As Singaporeans are presently for the most part more mindful of issues and occasions around the world through globalization and the web, it has become progressively critical for Singapore to think about multicultural education in schools. In the meantime as empowering differences through conservation of the social personality of the racial and ethnic aggregations in the nation, the government has likewise attempted to work towards building social union around diverse assemblies, which offered ascent to the trademark unity in diversity. (Berthelsen & Karuppiah, 2011) For multicultural education to be viable, it must be taught in the early years of education and strengthen in the later stages.Since childrens attitudes to their and other social assemblies start to structure in the early years, early childhood educators can impact the improvement of shake demeanor towards others, as well as consolidating an educational program concentrate on tolerance wand cross-cultural catchings of others. Early childhood educators, however, cannot adopt a tourist approach to multiculturalism which generalizes other so cieties and transforms the multicultural educational module into a tourist curriculum. Tourist curriculum which educates about cultures through festivals and antiquities of society, for example, food and traditional clothing, is both disparaging and trivializing and does not give a genuine comprehension of other cultures.Teachers need to understand their own beliefs about culture and diversity in order to implement multicultural education programs effectively with young children. (Berthelsen & Karuupiah, 2011) A survey was done by Berthelsen & Karuppiah(2011) to find out their understandings of multicultural education and their perceptions of itsimportance in early childhood education. This was conducted in Singapore among a variety of teachers workingin private and public kindergartens and childcare centers. The participants came from different ethnic groups in Singapore. Perceptions about multiculturalism and childrens learningIn this case study, they found that most teachers had restricted comprehension of multiculturalism. They saw multiculturalism as just regarding race and in the connection of Singapore.About 60% of the participants expressed that multicultural education implied having information of ones culture and additionally other cultures. They believed that this learning is sufficient and would immediately carry individuals out of diverse societies together.Another 40% showed that children learn prejudices, dispositions, convictions and qualities from the adults around them, parents and teachers. They communicated convictions that schools assume a paramount part in educating children about diverse cultures. Beliefs about teaching for multiculturalismThe same group of teachers were asked their beliefs about teaching for multiculturalism. Twenty of them thought directing a multicultural program implied examining distinctive cultures regarding their food, clothing, celebrations, traditions and so forth. This brings it back to the tourist approach th at Derman-Sparks(1989) implied when educating about multiculturalism. They did not go past a tourist point of view in advancing an anti-bias approach to educating and researching the distinctive cultures.Thirteen others said preschool centers should treat kids of diverse cultures alike and decently. Sixteen teachers thought individuals might as well put stock in multicultural education and be supportive of it.The greater part of teachers who had rehabilitative encounters in multicultural situations or with multicultural individuals were likewise more agreeable than others without such encounters in examining multicultural issues. A few teachers had reservations about talking overdelicate issues, for example race or religion. Professional learning needs about multiculturalismBased on the survey done by Berthelsen & Karuppiah(2011), the teachers comprehended that they compulsory to understand more about multicultural education. They agreed that teachers needed knowledge, skills and positive attitudes to know what to teach and how to teach. However, the teachers did not explicitly discuss the vitality of individual censure to comprehend their own particular prejudices, demeanor, convictions and qualities, and how these could influence their educating and learning. There were no critical or elaborated ideas on the challenges and opportunities to implement multicultural education programs. RecommendationsJames A. Banks, a specialist in multicultural education, has developed the five dimensions of multicultural education. He realised that in his work, numerous teachers considered multicultural education as simply content integration, meaning utilizing samples, information and data from diverse cultures. (Ogltree & larke, 2010) The five dimensions are content integration, knowledge constructions, equity pedagogy, prejudice reduction and empowering school culture and social structure. He desired for teachers to have the skills and knowledge and racial attitudes nee ded to work with people from diverse groups and to use a wide variety of strategies that cater to a wider range of students. (Banks, 2002)Content IntegrationTeachers should use several different approaches to integrate content about racial, ethnic and cultural groups into the curriculum. One of the most popular is the Contributions Approach. When this approach is used, teachers confine isolated facts about ethnic and cultural group heroes and heroines into the curriculum without changing the structure of their lesson plans and units. Knowledge ConstructionIt helps students to understand how knowledge is constructed and how it reflects the experiences, values, and perspectives of its creators. In this approach, the structure, assumptions, and perspectives of the curriculum arechanged so that the concepts, events, and issues taught are viewed from the perspectives and experiences of a range of racial, ethnic, and cultural groups. The center of the curriculum no longer focuses on main stream and dominant groups, but on an event, issue, or concept that is viewed from many different perspectives and points of view. This is done while at the same time helping students to understand the nations common heritage and traditions. Teachers should help students to understand that while they live in a diverse nation, all citizens of a nation-state share many cultural traditions, values, and political ideals that cement the nation. Multicultural education seeks to agnise the idea of e pluribus unum, i.e. to create a society that recognizes and respects the cultures of its diverse peoples united within a framework of democratic values that are dual-lane by all. (Banks, 2002) Prejudice ReductionAccording to Banks, this dimension is important in creating a more positive racial and ethnic attitudes. Basically, this dimension is the aspect of education where the teacher helps to lessen the amount of prejudice within students. Equity PedagogyTeachers change their methods to enab le kids from diverse racial groups and both genders to achieve.Empowering School Culture and kind StructureJames Banks talks about looking not just at individual classrooms, but at the total school culture to see how to make it more equitable and using the other four dimensions to create a safe and healthy educational environment for all.James Banks five dimensions support that a childs racial attitudes can change but education must start early and that early childhood programs are the consummate(a) place to start multicultural education. (Vuckovic, 2008) TeachersAs such, how can we make this a better transition for both teachers and the children? Sheets(as cited in Nichols & Dong, 2011) said, all teachers can begin and most evolve into culturally competent educators however, it isimportant to become conscious that the ardous journey from novice to expert requires hard work, relentless commitment, and a high investment of time and energy.Two evident approaches for joining multicul tural education with teacher education programs are infusion versus segregation, and culture-specific versus culture-general. (Melnick & Zeichner, 1997) Ladson-Billings (as cited in Berthelsen & Karuppiah,2011), proposed a basic structure for time out down teacher preparation programs. She argued that, paying little mind to prospective teachers race, ethnicity or backgrounds the educational module should include a target on comprehending the way of pre-service teacher relationships and the cultural bases of the educational program, educating and society. The education of teachers should boost self-reflection on values and beliefs about cultural difference and advocate the studying approaches, which allow for teacher comprehension that is dymanic, significant and ethno-linguistically appropriate.The plans of Melnick and Zeichner (1997) and Ladson-Billings (as cited in Berthelsen & Karuppiah, 2011) could be connected to teacher education programs for early childhood education in Sin gapore. Such programs might investigate how preschool educators characterize and gestate multicultural education fuse investigations of the history of race relationships and use careful investigations and field encounters to provide teachers with chances to gain greater knowledge, skills and understandings of their own culture as well as of other cultural and language groups in their society. In particular, they should learn how to advance suitable programs for young children that consolidate encounters to permit children to comprehend cultural differences and win relationships between children of distinctive cultural backgrounds. EnvironmentThere is a need for physical environment where children are well versed to reflect the cultures represented by the children working within it. For example, pictures, books, art, music, activities, cooking and recognition of certain significant days important to each culture can reflect this orientation. (Jacobson, 2003) There is a need to advo cate in children, knowledge of the similarities and contrasts in cultures, underscoring thelikeness while encouraging an inspirational demeanor towards and delight in the differences. This could be attained through celebrating several(a) holidays, enjoying reading material, folklore, music, art, games and introducing foods of various cultures.There is a need for a social or racial match between some educating staff and children in schools to be accomplished. This shows how the administration and teachers work together to decrease racial stereotypes and prejudices in the school and increase democratic attitudes, values and behaviours. The support from management is definitely essential. (Banks, 2002) ConclusionMulticulturalism is worthwhile undertaking in early childhood education based on our countrys population. It prepares children for the challenges of the globalized world. To attain the above, early childhood settings need to plan an environment, which puts forth diversity posi tively through resources, and materials that do not sustain stereotypes.It is also essential that a multicultural education, from pre-school onwards permeates the whole curriculum. It is inadequate to commit a component regularly reputed to be ethnic studies to a corner of the syllabus or to a half hour period for every week. Most plummy is that interpersonal relations ought to be passed on by long-term and rational modeling and that knowledge gained ought to be by first-hand experience. Important implications need to be turn to before infusing it into the early childhood curriculum and equal collaboration between children, teachers, parents, administrators, employers and the wider community is essential. (Vuckovic, 2008)ReferencesAbdullah, A. C. (2009) Multicultural education in early childhood Issues and challenges.Journal of global Coopeation in Education, 12(1)Atwater, M., Freeman, T., Butler, M., Morris, J. (2010). A case study of science teachercandidates understandings and actions related to the culturally responsive teaching of other students. International Journal of Environmental and skill Education. 5. 287-318.Baldwin. S. C., Buchanan, A. 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