communsim essays

communsim articles * Red Star * Communism is a perfect society that is unreasonable for people to keep up. In this framework significant assets and methods for creation are claimed by the network as opposed to by people. The general public is without cash, without a state, without property and without social classes. All individuals would add to the general public as indicated by their capacity and take from the general public as indicated by their requirements. Fredrick Engel's accepted that a common could as it were be freed by nullifying rivalry, private property, and all class contrasts, and supplanting it with affiliation. The idea was gotten from old sources, for example, Plato's Republic and the soonest Christian cooperatives. In the mid nineteenth century, the possibility of a socialist society was a reaction to the poor social classes that created during the start of present day private enterprise. Public social orders have existed for quite a long time, yet they in the long run fizzled. Since the beginning, strict gatherings have had the most achievement in looking after collectives. The Roman Catholic Church built up religious communities all over Europe in the medieval times. The greater part of these little scope private tests included intentional collaboration, with everybody partaking in the administering process. Logicians Karl Marx and Fredric Engel affected the development of socialism significantly. In the late 1800's the two found that they had separately come to perfect assessments on the ideal society. They teamed up their thoughts in their most popular Socialist Manifesto, too the same number of other educational handouts. Underdeveloped nations making progress toward national freedom and social change tried different things with their philosophie... <!

My Personal Reading History Essay Example

My Personal Reading History Essay At the point when I was a more youthful I don’t recall whether I was perused to or not, however I read a great deal of books. I appreciate perusing books since they permit me to arrive at new statures in my creative mind. At my age numerous children state that perusing is exhausting and is for washouts. I think it’s cool to peruse and will keep on perusing for an incredible duration. I have perused a wide range of kinds of books from fiction to memoirs. The longest book I at any point read was a book called Dragon Rider by Cornella Funke. It was 500 and thirty five pages! With regards to perusing I am a genius! When I’m perusing I am ready to get an ethical exercise from what I read, so it winds up helping me over the long haul of my life I have had various measures of positive understanding encounters, however I haven’t truly had a great deal of awful understanding encounters. One of those occasions was the point at which I was in seventh grade and my class was perusing â€Å"A Midsummer’s Night Dream† by Shakespeare. The jargon was extremely was hard to comprehend in light of the fact that it was early English and we needed to become familiar with a practically new jargon contrasted with the one I definitely knew. I as a rule can comprehend what a creator is attempting to get across however I couldn’t truly handle the significance this specific time. We will compose a custom article test on My Personal Reading History explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test on My Personal Reading History explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test on My Personal Reading History explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer It took me some time to get it, yet I comprehended at long last. Presently, I challenge myself with regards to early English plays since I like to perceive how balanced I am in a wide range of composing and perusing. Despite the fact that this was a troublesome errand for me when I was perusing, it was likewise positive since it moved me to stop and truly focus so I had the option to see the genuine lesson of the story and comprehend the content. The capacity to comprehend early English got simpler for me after some time and now it’s something I exceed expectations at when perusing. Despite the fact that the experience was negative, it gave me sure info and made me a superior peruser. My childhood has influenced me a great deal as a peruser. I was distant from everyone else a ton, so I got books to peruse. As a youngster I simply preferred dream so I would peruse a great deal of fiction books. Likewise, I think my mother used to peruse to me and she urged me to peruse when I could. She likewise trained me to complete something in the event that I began it, and that extended to my perusing. On the off chance that I begin perusing a book I generally finish it and put forth a valiant effort to get it. Along these lines, she imparted what I think about perusing and she impacted the manner in which I read. She generally let me know, when I was more youthful, to articulate my words right so when I get more established I would articulate my words right. All that she has said to me and encouraged me when I was coming up as a more youthful youngster helped me get to the degree of perusing I am on today and furthermore to the degree of understanding I have of the considerable number of words I read. Without her empowering me along these lines I would have had issues understanding things that I read and wouldn’t be as savvy as I have become. I am exceptionally appreciative of how I was raised as a child. When I’m perusing, it doesn’t truly matter where I read. When I’m perusing I go into an alternate world and arrive at a spot where I feel as though I’m part of the story and can identify with the fundamental character and what the person in question is experiencing. Additionally, when I’m perusing I figure the best spot for me would be the place it’s calm since I think that its simpler to pack peacefully. I likewise read better when I’m upset since it gives me an outlet to discharge outrage and permits me to complete my work. All for an incredible duration, I’ve had numerous great encounters perusing. With regards to perusing, for me, great perusing just falls into place without a hitch.

GEN Day 2017 at SIPA COLUMBIA UNIVERSITY - SIPA Admissions Blog

GEN Day 2017 at SIPA COLUMBIA UNIVERSITY - SIPA Admissions Blog In solidarity with the Columbia undergraduate First-Generation Low Income Partnership (FLIP), SIPA students celebrated GEN Day 2017 on April 10, 2017, to honor and highlight the experiences of first-generation students at Columbia University and at SIPA. As defined by FLIP, first-generation typically refers to being the first generation of one’s family to achieve the level of education one is pursuing, however, due to distinctions in how one defines family and status, being first-generation can be defined as having a different intellectual, emotional, and academic support system. Here are brief snapshots into the lives of SIPA first-generation students, as compiled by current student Alejandra Bz. (Cant see the images below? You can access them on Facebook here.) You must be logged into Facebook to see this content.

How to Handle Aggressive Behavior in the Classroom

There are many reasons behind aggressive behavior in children. As teachers, its important to remember that these kinds of issues can spring from a multiplicity of causes. It may be tempting to label this student as an aggressive child, yet rarely is the child simply a bad kid, and it is important to isolate the childs behavior from their person. Even though the aggressive behavior may sometimes seem to be the only prevalent aspect of a childs personality, it can be addressed with success when teachers are kind, consistent, fair, and relentless in establishing a one-on-one connection. What Does Aggressive Behavior Look Like? A child with aggression issues often antagonizes others and is drawn to physical fighting or verbal arguments. They might be the class bully and have few real friends. They may prefer to solve problems by winning fights and arguments. Children displaying aggressive behaviors often threaten other students, and these students in turn often fear the aggressor, who delights in showing themselves as a fighter, both verbally and physically. Where Does Aggressive Behavior Come From? Children can be aggressive for many reasons. Their behavior, whether inside or outside the classroom, can result from environmental stresses, neurological issues, or emotional coping deficits. Some children have (hereditary) disorders or illnesses, that make it difficult for them to manage their emotions. Sometimes, a child with these tendencies also lacks self-confidence and aggressive behavior is how they make up for it. In this regard, children who display aggression are first and foremost  attention seekers,  and enjoy the attention they receive from being aggressive. The child sees that power brings attention. When they threaten other children in the class, their weaker self-image and lack of social success fall away, and they become a leader of some renown. These behaviors as well as the reasons behind them may sometimes be connected with lack of connection. The child may not be receiving the sufficient amount of love, connection, or affection that they need, and they try to get at least some of these through aggression. Aggressive behavior is a very secure way of connecting with others—even if it is in a very negative way. Be it lack of connection of self-confidence, the child usually knows that their aggressive behavior is inappropriate, but the rewards outweigh the disapproval of authority figures. Are Parents to Blame? For other children, their living conditions—interactions of and with people around them, as well as the larger environment they live in, or any past trauma—have played a part in behavioral patterns. Children are born with a full range of emotions, and it is the role of their environment—of people around them—to teach them how to navigate their feelings. So, while parents are not entirely responsible for all facets of their childrens personalities or their actions, parents who themselves are aggressive or have trouble controlling their emotions should be honest with themselves and recognize that they may be part of the problem and certainly can be part of the solution.   Interventions for Classroom Teachers Be kind, be consistent, and remember that change takes time. All children need to know you care about them and that they can contribute to their environment in a positive way. To deliver this message to them and help to break the cycle, commit to a one-on-one relationship with the child who struggles with aggressive tendencies. Avoid power struggles: Never ignore inappropriate aggression, but do not get drawn into a power struggle with the aggressor.Be firm, but gentle: The child who exhibits aggressive behavior can handle your tough side, but they will succumb to gentleness.  Thats what they really want—the right kind of attention.One-on-one: Deal one-on-one with the child. They will thus receive the full attention they crave, their reputation in the class wont sink even lower, and they will feel respected by you.  Be genuine: Successful teachers know that when they establish a one-on-one relationship with the child, where the child feels genuinely cared for by the teacher, success soon follows.  Responsibilities and praise: Provide opportunities for this child to act appropriately and get some strongly needed attention; give them responsibilities and provide praise.Search for positives: Catch the child behaving well and provide immediate, positive feedback. In time, you will see that the aggr essive behaviors will start to diminish.Leadership: Provide the child with activities that bring forth leadership in a positive way, always let them know that you trust, respect, and care about them. Remind the child that its only the inappropriate behaviors (and not them) that you dont like.Help them own it: Provide many methods for the child to take ownership of their inappropriate behavior. Help them devise a plan to take control of their own behavior, and suggest how such conflicts can be handled the next time.

Cambiarsi How to Conjugate the Italian Verb, to Change

E.M Forster Free Essays

E. M Forster Essay â€Å"I hate the idea of causes, and if I had to choose between betraying my country and betraying my friend, I hope I should have the guts to betray my country. † It appears to me that E. We will write a custom essay sample on E.M Forster or any similar topic only for you Order Now M Forster does make a valuable point in her personal speculation to believe that personal relations are more important than a simple cause or patriotism. In this essay I will give reason to Forster’s opinion as well as the other view of things. Without beloved friends, not only would there be no country,but also the world would seem lonely and one would be lost. (Correlative conj. At some unexpected point in all our lives, we must come to an end, and when we do we want to be able to think, â€Å" When I must leave this world, I’m actually going to be satisfied† (complex sentence) Friends engender a certain warmth that your country will never be able to formulate within. â€Å"A friend should be one in whose understanding and virtue we can equally confide, and whose opinion we can value at once for its justness and its sincerity. † (Compound Sentence) This quote is a true definition of a dear friend. The comprehension between two friends is something that you simply cannot get anywhere else, let alone from your country. A single rose can be my garden, but a single friend can be my world. † Friends are roses. (metaphor) Friends blossom with you, helping you grow as a person, enlightening you, every step you take. Friendship is like a violin; the music may stop now and then, but the strings will last forever. (simile) Although this esoteric view may seem like the correct way into choosing a friend over a country, others may contradict that and think otherwise. One may think that being there for one’s country is the absolute least thing you can do to show honor and pride. The love of one’s country is a splendid thing. † It’s true, having pride of what land you reside in is great. Some may argue with the thought of standing by their country rather than a friend is a much wiser idea simply because of how your country will physically never abandon you like some friends might do over time. â€Å"Patriotism is easy to understand in America; it means looking out for yourself by looking out for your country† One can create a certain barrier of so-called protection by simply protecting their country in hope of receiving something spiritual in return. Loyalty and pride are two traits everyone should have when speaking of their homeland, how far they take it, is entirely their own path and choice to take. Overall, I agree with E. M Forster’s main idea in choosing friends over her own country if it would ever result to that. â€Å"As the year go by our friendship will never die† Even when it may not be physically visible friendship will always be there to comfort you with lengthy arms of warmth, encouragement, and companionship, traits that your own shining country will never have. How to cite E.M Forster, Essay examples

Hemophilia 4 Essay Research Paper Hemophilia is free essay sample

Hemophilia 4 Essay, Research Paper Hemophilia is the best known of hemorrhagic upsets. When a individual has hemophilia, the blood does non coagulate decently and shed blooding persists. The people who have hemophilia are called haemophiliac or hemophiliacs. Shed blooding upsets, such as haemophilia, consequence from a break of the organic structure # 8217 ; s procedure of how blood coagulums are formed. The curdling procedure involve thrombocytes every bit good as plasma proteins called coagulating factors. Cloting Begins when thrombocytes stick to the site of an hurt to a blood vas. The proteins in the plasma that cause blood to coagulum is absent. Hemophilia is named from a Grecian word significance # 8221 ; fond of blood # 8221 ; . There are two types of haemophilia. Hemophilia A, which is the most common and is besides called authoritative haemophilia. Hemophilia B or Christmas disease, named after the first patient diagnosed and treated with hemophilia B. Hemophilia B lacks AHF ( antihemophilic factor ) . We will write a custom essay sample on Hemophilia 4 Essay Research Paper Hemophilia is or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page About 85 % of haemophiliac have classic or hemophilia A. Hemophilia A # 8217 ; s blood lacks the curdling factor eight. The remainder of the 85 % have Christmas, which lacks coagulating factor nine. An highly little figure of hemophiliacs deficiency yet another sort of coagulating factor. Both A and B signifiers have besides been called the royal disease. Hemophilia was inherited by dead persons of England # 8217 ; s Queen Victoria and introduced into the royal houses of Spain, Germany, and Russia. Hemophilia A and B are caused by cistrons that are sex linked and recessionary. A faulty cistron on the X chromosome, one of the two chromosomes, that determine a individual # 8217 ; s sex. The Y chromosomes which has no cistrons for curdling is the other chromosome. Males have one X chromosome and one Y chromosome. Girls have two X chromosomes. A male child who inherits the haemophilia defect on his X chromosome will most rebelliously will be a haemophiliac. A miss who inherits the faulty cistron on her X chromosome will be a bearer alternatively of haemophiliac, because the normal cistron on her Ten chromosome provides adequate for the most needful curdling factor. She might convey the faulty cistron to her kids. It is really rare for a miss to hold hemophilia. Most frequently hemophilia occurs in households who have a history of diseases which pass from gramps to grandson through the female parent who is a carry. It does start up in households which the disease hasn # 8217 ; t been old. This is non yet determine why. The major job for haemophiliac # 8217 ; s isn # 8217 ; t external cuts which can be treated with force per unit area and patchs, but it is uncontrolled internal hemorrhage. The sum of shed blooding assorted from individual to individual. The more terrible signifiers of hemophilia become seeable early in life. Newborns frequently show no marks of haemophilia unless the are circumcised. This causes extended hemorrhage. If the baby is non circumcised, marks of haemophilia Don # 8217 ; t show until a kid starts creeping or walking in which bruised markers appear were they have fallen or hit something. Hemophilia, in mild signifiers, may non demo up subsequently in life, until extended hemorrhage occurs merely after surgery, tooth extraction, or major hurt to any organic structure parts. A doctor can name haemophilias by utilizing specialised research lab trials to mensurate the curdling activity of factors eight and nine, or other factors for that affair. Further look intoing can on occasion turn up the status in other members of the household. The manner current medical intervention is progressing, people with haemophilia can hold a stopping point to mean life anticipation. Although the disease is life long, it can be controlled with medicine or the disposal of coagulating factors. This allows a comparatively normal life. Depending on how terrible the haemophilia is in a patient, it may be necessary to take excess attention to diminish hemorrhage as a consequence of physical activity. If haemophilia is in advanced phases, it may take to anemia as a consequence of inordinate and uninterrupted blood loss. Bleeding in the articulations can happen in this phase. It can do really painful swelling which over a long period of clip can take to lasting malformation and haemophilic arthritis. Sometimes the upset becomes more hard to command because antibodies develop to the coagulating factor that has been used in intervention. Treating shed blooding eruptions may affect the disposal of AHF entirely to rush up coagulating. Without intervention, reoccurring shed blooding into the articulations can go on. This causes chronic hurting and failing and can destruct articulations all together. Blood has besides been known to garner around the cervix, caput, or in the digestive system. This status is highly unsafe and highly serious. In order to forestall joint devastation all shed blooding episodes of a hemophilic should be treated right off by extract of a clotting factor replacing, a medical specialty called desmopressin. If you have haemophilias or believe you may transport the trait, antenatal testing and familial guidance can assist you wether or non your kid could inherit haemophilias. There is particular intervention for haemophiliac. Already the drug desmopressin was brought to your attending. This drug helps halt hemorrhage by exciting the release factor eight and doing blood contract. If you have hemophilia B or a more terrible instance of haemophilia A, shed blooding episodes may halt merely after the losing curdling factors are replaced by extract. These coagulating factors are derived from donated human blood and are supplied as purification dressed ores ( a curdling factor concentrate derived from donated blood ) . During the 1980 # 8217 ; s, 100s of haemophiliac became septic with the AIDS virus ( Acquired Immune Deficiency Syndrome ) after having interventions of coagulating factor contaminated with the virus. More than half of those infected have died of AIDS. Since 1985, the coagulating factor dressed ores were treated to forestall the transmittal of AIDS and this is greatly increased the safety of interventions with coagulating factor. With particular preparation through a doctor or regional haemophilia centre, a haemophiliac can larn to inculcate desmopressin, DDAVP, or some of these blood merchandises by himself every bit shortly as he shows some marks of shed blooding. Don # 8217 ; t utilize medicines that might decline shed blooding, such as acetylsalicylic acid. Thankss to modern blood bank techniques, measures of whole blood can be made readily available. Bed remainder and hospitalization may besides be recommended by a physician. Proper hygiene is really of import in a haemophiliac. Hemophiliacs should set every attempt into non allowing tooth decay happen. Parents of kids who have haemophilias should inform a tooth doctor so that every safeguard is taken to non do the kid bleed. Even the most common process such as a tooth extraction can be a major wellness jeopardy. Merely absolute necessary surgery should be performed on haemophiliac. If perennial internal hemorrhage has destroyed any of your articulations, a haemophiliac may take to hold the joint replaced surgically with an unreal articulation. Physical therapy can besides assist damaged articulations to work better. Swiming, walking, and biking can assist to construct up a haemophiliac musculuss, and this besides helps to protect your articulations. Do non under any fortunes engage in any contact athleticss.

Love Is Not the Destructive Force in Romeo and Juliet free essay sample

Love is not the destructive force in Romeo and Juliet Romeo and Juliet, written by William Shakespeare, is considered one of the greatest love tragedies of all time. It is a play about two young lovers, whose love was destined for destruction from the beginning because of the hatred  between the two families, Montagues and Capulets. The force that leads to this destruction hate and lust, as opposed to love. One of the forces that leads to destruction in Romeo and Juliet is hate. Hate is a destructive force, when it gets stronger that love. Hate killed Romeo and Juliet, and their love. It did this through the feud between the two families. The two teenagers were killed because they kept trying to go around the feuding between their families and go on with their lives. Here they had underestimated hate, which is also a very strong force, when given into it. We will write a custom essay sample on Love Is Not the Destructive Force in Romeo and Juliet or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In this case the Montegues and Capulets gave into their hate for one another. An example of why hate is destructive and not love is a point in act 3, scene one. Romeo refuses to fight Tybalt because they are now cousins. He says: â€Å"I love thee better that thou canst devise, Till thou shalt know the reason of my love, And so, good Capulet, which name I tender As Dearly as mine own, be satisfied†. This is an action out of love. Tybalt is furious and, when challenged by Mercutio, kills him. This revives Romeo’s hate. He says: â€Å"Away to heaven respective lenity, And fire-eyed fury be my conduct now! † This makes him kill Tybalt. These are actions out of hate. Therefore the force that keeps from destroying here is love, and the destructive force is hate. Also, when love turns into lust, this can be destructive. Lust can be a destructive force, because when people are driven by lust, their actions get impulsive and hasty. This causes them to not think properly about what they do. That the actions of Romeo and Juliet are occasionally driven by lust, can be seen for example because Romeo wants Juliet yet when he has only just met her. The very first time that Romeo sees Juliet, he says: â€Å"Oh, she doth teach the torches to burn bright! It seems she hangs upon the cheek of night, Like a rich jewel in an Ethiope’s ear, Beauty too rich for use, for earth too dear. So shows a snowy dove trooping with crows, As yonder lady oer her fellows shows. The measure done, I’ll watch her place of stand, And, touching hers, make blessed my rude hand. Did my heart love till now? Forswear it, sight! For I neer saw true beauty till this night. † He does not know her from the inside, but already wants to touch her because she is so beautiful on the outside. Lust destroys because this makes Romeo and Juliet act impulsive. When Romeo hears that Juliet died, he acts impulsive, and goes to her to kill himself. He does not think clearly the fact that he didn’t get news from Friar Lawrence, and also not about his love for his family. So lust is a destructive force when it overrules love. Furthermore, in Romeo and Juliet, love is not a force that destroys. When love overpowers hate, it is a source of happiness and welfare. There are many scenes in the play where love is a source of peace and happiness. Firstly, the love that Romeo and Juliet share lifts Romeo from his sadness over Rosaline. He states to Friar Lawrence I have forgot that name, and that names woe. This love makes Romeo happy instead of destroying him. Love on itself brings good things with it. Love reconciles the two feuding families, the Capulets and Montagues who have been bitter enemies. During the story, love faces harder and harder challenges. At the end of the novel, the love of Romeo and Juliet is destroyed because hate has overpowered love. But at that same moment love overpowers hate because Capulet and Montague make peace with each other after seeing that  their children were so in love with each other that they sacrificed  their lives for one another. This leads to construction, and not destruction, because the families will now work together instead of destroying one another. To conclude, love is a powerful force but not a destructive one. What is destructive is hate and lust. When hate and lust overpower love, this destroys. This is seen when the hate of the two feuding families leads to the deaths of Romeo and Juliet. When love overpowers hate and lust it can create new opportunities, such as the ending of the feud between the families.

Free Essays on Themes

The theme of a story represents the central conflict going on over the course of the whole story. A story can have several themes at one time. â€Å"Young Goodman Brown†, written by Nathaniel Hawthorne is an example of a story with many themes. The two major themes throughout the story are the conflict of good vs. evil and morality vs. temptation. Another more minor theme in story is person vs. insanity. In the theme of good vs. evil, Goodman Brown is faced with the decision of staying with his Christian faith or joining the evil side. When hiking through the woods to the Satan-worshiping spot with the other man, Goodman Brown wants to go back to Salem to be with his wife since he kept up his end of the bargain. He tells the other man, "Friend, having kept covenant by meeting thee here, it is my purpose now to return whence I came."(132) He says this because he feels like he is betraying his religion by staying with this man. Another way to relate this theme is that Goodman Brown seems like the only person in the town who has not yet converted to Satanism so he may drop his Christian ways just to be like everyone else. A final way to relate it is Goodman Brown trying to protect his wife from becoming a Satanist. At the dark mass he attempts to convince his wife that Satanism is not the way to go, and that she should maintain her current Christian beliefs. This theme of good vs. evil covers the entire story because the whole thing revolves around a man split between going to a Satanist mass or avoiding it and remaining a Christian. In the theme of morality vs. temptation, Goodman Brown has to either follow what he knows is right, or do what everyone else is doing. One time when he encounters this theme is when he thinks his wife is dead when he is out in the woods sitting. A pink bow falls from the sky, lands in his hands, and he thinks his wife is gone. When this happens he decides that the world is given to... Free Essays on Themes Free Essays on Themes The theme of a story represents the central conflict going on over the course of the whole story. A story can have several themes at one time. â€Å"Young Goodman Brown†, written by Nathaniel Hawthorne is an example of a story with many themes. The two major themes throughout the story are the conflict of good vs. evil and morality vs. temptation. Another more minor theme in story is person vs. insanity. In the theme of good vs. evil, Goodman Brown is faced with the decision of staying with his Christian faith or joining the evil side. When hiking through the woods to the Satan-worshiping spot with the other man, Goodman Brown wants to go back to Salem to be with his wife since he kept up his end of the bargain. He tells the other man, "Friend, having kept covenant by meeting thee here, it is my purpose now to return whence I came."(132) He says this because he feels like he is betraying his religion by staying with this man. Another way to relate this theme is that Goodman Brown seems like the only person in the town who has not yet converted to Satanism so he may drop his Christian ways just to be like everyone else. A final way to relate it is Goodman Brown trying to protect his wife from becoming a Satanist. At the dark mass he attempts to convince his wife that Satanism is not the way to go, and that she should maintain her current Christian beliefs. This theme of good vs. evil covers the entire story because the whole thing revolves around a man split between going to a Satanist mass or avoiding it and remaining a Christian. In the theme of morality vs. temptation, Goodman Brown has to either follow what he knows is right, or do what everyone else is doing. One time when he encounters this theme is when he thinks his wife is dead when he is out in the woods sitting. A pink bow falls from the sky, lands in his hands, and he thinks his wife is gone. When this happens he decides that the world is given to...

MUS 121 Research Paper on The Fulte Instrument

MUS 121 on The Fulte Instrument - Research Paper Example However, the most preferred flute is the Boehm`s flute. His modification was successful, as he changed the flute from wooden to silver. The silver flute produced the best tone, and the thin hard-drawn tubes increased the metal`s capacity for vibration. The development of the flute has changed from one shape and size to another, and these modifications have improved the tune and the sound of the flute. In modern days, the flute has numerous uses ranging from musical shows and concerts, movies, Broadway shows, as well as Jazz players. Keywords: Flute, Development, Boehm Flute, Murrays Flute, Music, Old System Flute, German Flute, Keys, Tone, Sound, Tune Introduction Many forms of wood-wind instruments began to appear in the late fourteenth century. Brass instruments and their brass sounds had earlier been the only forms of music in the church services in Europe. According to the Marshall Cavendish Corporation, â€Å"the only woodwind instrument to leave a mark was the flute, which str ongly influenced the popular music† (2003, p.2713). The flute was preferred for its softer tone compared to the brass instruments. It is the most flexible music instrument among the woodwind instruments. According to Moratz, â€Å"it can execute just about any style of music, from classical to jazz to rock. Other woodwinds like the oboe and bassoon don’t play mush jazz or rock, although they have a lot of classical repertoire† (2010, p.18). History and Development of the Flute Learning how to effectively play a flute is quite easy compared to other woodwind musical instruments. The â€Å"flute†¦.is a musical weed which springs up everywhere† (Toff, 2008, p.3). There is quite a close relationship between the history of the flute and history of flute music. The history of the flute is divided into two phases namely the old system or German flute, and the Boehm flute. The old system flutes existed in the Middle Ages, it â€Å"was constructed of a single piece of wood; cylindrical in shape and just under two feet in length, it sounded a primary scale of D major† (Toff, 2008, p.41). It was commonly known as fife, and was mostly used by infantry marches, together with a small drum. Although instrumental music was distinct during the Renaissance period, the vocal model of various voice types, soprano, alto, tenor, and bass was still followed in the construction of musical instruments. In 1529, a publication by Martin Agricola`s called Musica Instrumentalis Deudsch, â€Å"showed four flutes, called Schweizer Pfeiffen, and labeled Discantus, Altus, Tenor, and Bassus† (Toff, 2008, p.41). A family of transverse flutes, whose musical values were different from the military use of the fife, was discovered by Michael Praetorius. Toff points out that â€Å"each of the three sizes of flutes in Praetorius’s plates has a two octave range and four additional falset notes available only to the most skilled performers† (2 008, p.42). The first flute divided into two pieces in order to regulate the tuning of the ensemble was the bass flute. Two transverse flutes pitching D and G appeared in the 1636 work of Martin Mersenne called Harmonic Universalle. Spaced evenly on the cylindrical tube were six tones or finger holes. â€Å"Although these flutes had no keys, the farsighted Mersenne called attention to their absence and explained that the flute could be made fully chromatic by the addition of keys† (Toff, 2008, p.42). Despite the fact that Mersenne provided a sketch of what the

The Dreamer Examines His Pillow by John Patrick Shanley Essay

The Dreamer Examines His Pillow by John Patrick Shanley - Essay Example However, ultimately they manage to resist and continue feuding. It eventually comes out that Tommy has been sleeping with Donna's sister, Mona, who is still only a teenager. Donna takes the affair very personally, as if she has been betrayed by both her sister and her exboyfriend. She demands an explanation from Tommy who hedges and fails to offer a complete explanation. He waffles between admitting that he is still in love with Donna and acting like none of it bothers him. Donna demands that Tommy promise never to sleep with Mona again, but Tommy counters by insisting that Donna wouldn't care so much if she weren't still in love with him. Donna implies that Tommy is in danger because he has admittedly used both herself and her sister. They obviously share a father and fathers are protective of their daughters. To have offended two of them in one fell swoop is surely cause for Donna's father to assault Tommy. This does not compel Tommy to reverse his stance in their ongoing argument in the scene, however. Tommy claims that he loves her but he has to do what is best for himself, and Donna claims she has to get away from him to save herself. In the second scene, Donna goes to visit her father, announcing her arrival in the same angry fashion as she did in scene one.

Evaluation of Individual Stock and Sector Level

Evaluation of Individual Stock and Sector Level Is there any method of asset allocation within a stock portfolio that can repeatedly and over time outperform a passive index (buy and hold strategy)? The objective of this study is to compare strategies that have been used over the last decades by academics and professionals alike, and to expand on that study to create a real-time portfolio at the end of year t, to observe the portfolios behaviour during the next year (t + 1). This portfolio, unlike those created in previous studies, is not limited to the study of individual stocks, but instead gives importance to sector allocation. In addition, this study also focuses on implementing a long-short strategy in those assets: with the same overall exposure to the market, will a long-short strategy that depends on financial metrics exhibit a better risk-adjusted return than a 100% long strategy? In other words, are financial metrics capable of not only detecting undervalued stocks, but also of detecting those overpriced? Sector allocation is an especially important factor, with previous studies failing to consider sector allocations before moving to find the best classified assets within each sector; rather, they have jumped directly to stock selection. One of the most common strategies for stock picking in the asset management industry today relies on initially choosing sectors that, from a macro perspective, are expected to outperform the market. From this stance, analysts proceed to evaluate specific stocks to choose potential winners. Despite this being the industry standard, only a scarce number of studies exist that use common ratios between sectors to analyse and devise allocation strategies that are first sector-based and then based on individual stock. The objective of this project, therefore, is to focus on a set of financial metrics, both at individual stock level and at sector level, to examine if there is a positive relationship between these ratios and alpha creation. In order to achieve this, a portfolio will be constructed and rebalanced yearly, according to previous end-of-year data. Several traditionally-appraised financial measures, such as P/E ratio, free cash flow to enterprise value ratio and book-to-market value ratio will be employed, as will certain profitability ratios that include data from the income statement, such as gross profit, operating profit and EBITDA. The reasoning behind using measures higher up within the income statement is due to solely to accounting choices in comparison to net income these are less affected by an individual companys accounting process. In fact, revenue and other described measures of profit, are more consistent year to year than net income. Subsequently, this provides the rationa le that these measures are better able to predict future cash flows and, consequently, next years performance. Forward-looking measures such as analysts consensus recommendations and forward EPS will also be utilised and tested. Departing from the hypothesis that these individuals conduct an exhaustive analysis of the financial data at year end t to predict the performance during year t+1, the accuracy of the forecasts will be tested against those same financial measures and valuation metrics existing at year end t. Data will be extracted from a set of databases comprised of Compustat, CRSP and I/B/E/S. Fundamental data will be extracted from end-of-fiscal-year filing, to allow a time lag for the data release of a quarter period (3 months), before a portfolio is rebalanced. Hence, with a fiscal year ending in December of year t, a lag in the release of data will always exist and portfolios will be rebalanced at the end of the first quarter of year t+1. Monthly returns for every stock will be compounded throughout that year over 12 months. Each years universe of stocks will then be ranked by the different valuation metrics to construct a portfolio at year end t in order to assess the portfolios performance during t + 1. Three different sets of portfolios will be constructed for each financial metric each year and, within each set, two strategies will be implemented. For a stocks-only portfolio, only those stocks ranking in the upper quintile (top 20%) will be used each year. For the sector-only portfolio, a market capitalisation average of each sector will be calculated, and the portfolio will be formed by the top 20% sectors ranked in any given year. For the sector and stocks portfolio, an implementation of both criteria will be evaluated. That being said, the portfolio is formed from the top quintile stocks within the top quintile sectors each year. As a whole, this assumes a long strategy, buying in on those stocks on a value-weighted basis each year to constitute a portfolio. In the long-short strategy, the bottom quintile of each respective category will be shorted, and the proceeds used to buy an extra 30% of the top quintile of stocks. Using a long-short strategy will help the researcher examine the feasibility of using these ratios in recognising overvalued stocks as well as undervalued companies, and use this information to construct a more profitable portfolio. A 130/30 long short strategy is used, where a 150/50 long short strategy or other proportions could have also been tested. However, the 130/30 strategy is chosen following the creation and later popularisation of 130/30 mutual funds and investment vehicles. This choice stems from an initial study suggesting that 130/30 was the optimal proportion of long-short positions in a portfolio, even though no empirical data has been found that a 130/30 strategy later maximises alpha. Despite this, given its popularisation and position as an industry standard, our analysis proceeds with this strategy. Ultimately, performance attribution and portfolio statistics will be calculated, such as average return, total payoff, standard deviation, Sharpe ratio and alpha according to the Fama French 3 factor model, correcting for small minus big and high minus low book market value (Fama and French, 1992). This will help in our analysis of the results, to provide a clear and concise indication of which ratios perform best under each strategy and under each level (sector and stock). Literature Review Re-emphasising the importance of sector level asset allocation strategies, particularly at a time in the financial industry when performance attribution analysis stresses return on the relative weighting of sectors in portfolios, it is surprising that existing studies underscore the importance of certain ratios or fundamental data for stocks while lacking the ability to employ a method to identify undervalued sectors. Previous studies from Shiller and Bunn (2014) construct a 140-year regression series based on the relationship between the earnings of different sectors and their yields, creating a CAPE (Cyclically Adjusted Price Earnings) index that identifies sectors with upside potential. Their research indicates that market sectors show price mismatches that can be exploited. According to them, the CAPE index is capable of outperforming the market by an average of 4%. Therefore, the objective of this project is to expand on their results by examining a number of other ratios and fi nancial fundamentals, particularly those related to profitability measures, and to investigate whether these, both at individual and sector level, are capable of forming a portfolio that outperforms the broader index and a buy and hold investment strategy. Gray and Vogel (2012) try to depict not only the ratio that is able to predict higher performing stocks, but also those in the lower ranges; this implies being able to detect not only what are known in the financial investment world as value stocks, but also overvalued growth stocks. According to their research, some measures are more efficient than others in providing insight into which stocks are overpriced. Gray and Vogel (2012) therefore conclude that EBITDA/EV and GP/EV are the metrics that are best able to identify the overvalued stocks. The results in this dissertation agree that the GP/EV ratio is useful to identify overvalued stocks and is hence a good metric to build long/short strategies, but the results also consider free cash flow/EV as a favourite on a risk-adjusted basis for implementing a long-short strategy at stock level. The results of the following study show that stocks exhibiting a low FCF/EV experience low returns, demonstrating an ability to identify overvalue d stocks. Such a contradiction might be explained by the difference in the universe of stocks used or, more specifically, by the use of lag for data release, which corrects the assumption that results are available to the public at the end of fiscal year t. This lag is introduced by Hughen and Strauss (2015) in their comparable study of profitability ratios in portfolio allocation. The analysis in this project goes beyond what the Gray and Vogel (2012) study implies and develops a portfolio strategy to buy stocks that exhibit higher ratios, but also a complementing 130/30 strategy, which short sells stocks exhibiting poor ratios, and proportionally buys in excess those that exhibit a healthy ratio. As Miller (2001) shows in his work, overvaluation of stocks is far more common and of greater absolute value than undervaluation. This supports a rationale for this work. However, care should be taken when dealing with long-short strategies. As suggested by Michaud (1993), costs stemming from short sales in a portfolio could prove quite significant. However, Jacobs and Levy (1995) argue that these costs are not much higher than a long-only portfolio, and are well under those charged by active management. Professionals and practitioners alike have historically depended on several fundamental and financial measures to assist them in the portfolio selection process. Perhaps the most famous is the price-to-earnings ratio (P/E) along with the ratio between earnings before interest, taxes, depreciation, and amortization (EBITDA) and total enterprise value. Fama and French (1992) argue that book to market ratio perhaps most accurately explains the cross section return of stock, which they later include in their three-factor model. In our approach, we include these traditional metrics, while also relying on profitability measures, such as gross profit/EV, introduced by Novy-Marx (2010), and operating profit divided by market value, as presented in Fama and Frenchs (2015) 5-factor model. Ball et al. (2015) proves that the suggestions shown in Novy-Marxs (2010) paper, in which he proposes the existence of a very strong cross relation between gross profit and future returns, regardless of the financial leverage or structure of the firm, are true by constructing portfolios based on highly profitable firms as represented by gross profit/enterprise value. Novy-Marx (2010) concluded that because gross profit is the measure of profit less affected by accounting choices in the income statement, it results in a clear and normalised comparison between different companies. However, Ball et al. (2015) argue that gross profit is not significantly superior to net income (earnings) when analysing an extended time period. After analysing other measures of financial data, they conclude that operating profit, as a percentage of market value, does offer a significantly higher alpha. Therefore, this project continues with the aforementioned financial metrics, and focuses on sector and stock selection to create an annually-rebalanced real-time portfolio. Hughen and Strauss (2015) attempt to use different financial measures to construct portfolios at sector, stock and combined stock and sector levels. The following study complements and verifies the conclusions of Hughen and Strauss (2015) regarding the superior indicators of profitability measures versus traditional measures of valuation such as P/E and book to market in all three levels, and extends their research by looking at forward looking measures and a value weighted approach to the sector allocation, rather than the equal weight approach used in their research. The limitations of assuming sectors to be equally weighted across the portfolio, and not a function of the market value of the components of those sectors, contradict the notion of constructing a value-weighted portfolio. Their construction of portfolios at stock level is value-weighted, whilst at sector levels they equally weight each sector within their top quintile. This is a counterintuitive approach and this paper tackles that limitation by weighting the sectors accordingly respective to their components market capitalization, making periodical rebalances within the year unnecessary and increasing operational efficiencies in a real-life practical situation. It should be mentioned that the universe of stocks used in this study pertains to the SP500, which by definition is a market-weighted index. The project finds some discrepancies with respect to Hughen and Strauss paper, in particular surrounding the performance of the free cash flow ratio. A possible explanation for this is that this study states free cash flow as a percentage of total enterprise value, whilst Hughen and Strauss (2015) compute it as a percentage of market value. The approach taken within the subsequent study results in a much higher risk-adjusted return for the ratio, as measured by the Sharpe ratio, both for long strategies and to identify overvalued stocks. In their research of different financial ratios, Loughran and Wellman (2011) found that EBITDA over enterprise value offers superior performance to a predefined buy and hold benchmark. Their analysis, which comprehends data starting from 1963 to 2009, holds that EBITDA/EV possess a very significant regressive coefficient with future performance. Gray and Vogel (2012) confirm this hypothesis, analysing a time period of 30 years starting in 1980, in their research of different financial metrics. This paper confirms that, at a stocks-only level, EBITDA along with gross profit, both measured as a percentage of enterprise value, offer the highest risk-adjusted returns. For the analysis at both sector and stock level, EBITDA fails to show the same accuracy as the stock-only analysis. Therefore, the following study builds on the findings of previous studies by providing a more thorough examination at sector level. Gray and Vogel (2012) extended their research further by considering periods of economic crisis, in order to identify which financial ratio is most appropriate during high volatility economic downturns. However, they were unable to conclude which ratio is able to identify winners or losers during periods of financial distress, because none behaves in the same systematic manner during selected periods of extreme economic contraction. In their study of different economic coefficients and measures, Welch and Goyal (2007) conclude that the relationship between sector level performance and macroeconomic industrial data is unstable and at most, follows a random relationship. With that in mind, the focus of this paper is instead on building sector data as a market weighted average of the individual microeconomic company ratios and forecasts. Each individual constituent fundamental metric at year end will be used to position the allocation of each asset for the next year based on a ranked system. This construes that this analysis will be based on each stocks financial information at year end t to later construct sector level ratios and metrics, and is not based on macroeconomic or sector level data that, according to Welch and Goyal (2007), do not provide any significant cross-relation with future performance. Theory Development Although the focus of previous literature is in the attribution of portfolio performance to the different ratios and metrics used, the objective of this paper is to examine whether these same metrics, mainly traditional measures, forward looking estimates and profitability ratios, are able to exploit sector and stock level mispricing and generate real-time winner portfolios. Given the availability of forward estimates in the I/B/E/S database, a period from 1990 to 2016 will be examined in this paper. The choice of time period is not a random one; rather, to have consistency in data across the analysis and throughout all the variables used, this period is chosen from the start. To see the limitations of an extended data period, Gray and Vogels (2012) work show an exemplary illustration of such restrictions. They use a period of 30 years, starting in 1980, evaluating which financial metric can predict future performance. They complement their analysis on fundamental metrics by looking at analysts estimates and consensus forecasts, succeeding to recognise the lack of certain information in the beginning years of their timeframe, therefore failing to Nos interesa saber, al igual que el trabajo de Graham y Dodd (1934), cà ³mo el uso de normalizacià ³n de los diferentes ratios y fundamentos es capaz de cambiar nuestros resultados. Segà ºn sus estudios, la normalizacià ³n o media sobre cierto tiempo de estas mà ©tricas financieras, es capaz de mejorar la prediccià ³n de los resultados comparado con una estimacià ³n anual. Segà ºn su anà ¡lisis, la normalizacià ³n deberà ­a ser entre 7 y 10 aà ±os. Anderson y Brooks (2006) recientemente confirmaron esto, llevando a cabo un estudio de la mà ©trica P/E, la cual tambià ©n utilizamos en nuestro anà ¡lisis, pero a la inversa (Earnings/ Market Value). Segà ºn su estudio, basado sobre el mercado en U.K., usando el promedio de este ratio de 8 aà ±os en lugar de usar las mà ©tricas del aà ±o anterior, resulta en un crecimiento de las ganancias de un 6%, ya que es capaz de filtrar el ruido de earnings. Siguiendo estos anà ¡lisis, nuestro estudio abarcarà ¡ tambià ©n ratio s normalizados durante una serie de aà ±os, concentrà ¡ndonos en el universo de acciones del SP500, para confirmar que esta hipà ³tesis es apta en nuestro anà ¡lisis. Sin embargo, Data V.I Evaluation Metrics This paper will focus on three different categories of data inputs. There is an abundant choice of methods and variables in the accounting and financial research world, there is a large set of variables and measures to assess a firms valuation. In order to establish the model, an initial differentiation between these variables should be made. Traditional Metrics To start with, we look at the long standing traditional metrics that long have been appraised by the professionals in the financial industry. This involves the inverse of the P/E ratio, given as Earnings over Market Value of the firm, Book to Market value and Free Cash Flow to Enterprise Value. These ratios, introduced decades back in the origins of value investing by Graham and Dodd (1934), show mixed results according to existing literature. Including this long favourite measures in this research will prove useful when comparing to the other measures. Earnings/Market Value Earnings will be computed following Fama and Frenchs (2001) approach: Earnings = Earnings Before Extraordinary Items Preferred Dividends + Income Statement Deferred Taxes Book value/Market Value Book Value will again be calculated as Fama and French (2001) propose. Following on its definition, Book Value = Stockholders Equity Preferred Stock Free Cash Flow/Enterprise Value Analogous to Novy-Marxs (2010) work, we compute free cash flow as FCF = Net Income + Depreciation Amortisation Working Capital Change Capital Expenditures Enterprise Value will also need to be calculated. Following Loughran and Wellman (2011), we compute it as EV = Market Value + Short-term Debt + Long-term Debt + Preferred Stock Value Cash and Short-term Investments The enterprise value variable will be used again in multiple valuation measures. Profitability Metrics Profitability measures as reported in the income statement will also be used as valuation methods. The focus will be Gross Profit, EBITDA and Operating Profit. EBITDA and Gross Profit will be computed as a percentage of Total Enterprise value, as suggested by the work of Gray and Vogel (2012), whilst Operating Profit will be looked at as a percentage of Market Value. From here on, well expand on this and compute an average of this three profitability measures, in order to analyse if a composite metric is able to detect the cross relation between fundamentals and future returns. The reasoning behind using an average of these three different measures stems from the work of Hughen and Strauss (2015), as they find that the composite measure are less sensitive to changes in the firms structure across different sectors and within sectors, as well as providing more information than just a single variable. This implies that the average measure is less affected by differences in financial leverage across sectors, which results in a more standardised comparison between firms in different sectors. Gross Profit/Enterprise Value Once again following Novy-Marx (2010), we compute every years gross profit as Gross Profit = Revenue Cost of Goods Sold Operating Profit/Market Value Operating Profit, as define in the income statement will be used for this metric. EBITDA/Enterprise Value EBITDA, defined as Earnings Before Interest, Tax and Depreciation Amortisation is calculated by the simple sum of operating and non-operating income; EBITDA = Operating Income before Depreciation + Non-Operating Income Profitability Average Equally weighted average of the three profitability ratios. The reason for selecting profitability measures higher up the income statement, and not focusing solely on the inverse P/E ratio, Earnings/MV or expectations of forward earnings, is because the higher up the income statement we go, the more consistent data proves to be year on year: that is, figures are more normalized and suffer fewer variations, which could explain why they result in being better predictive models, filtering out excessive noise. According to Dichev et al. (2013), profitability metrics are more persistent than earnings and forecast future performance more accurately than net income. Earnings data is affected by accounting choices, whereas gross profit and operating income suffer fewer distortions from this. Forward Estimates Analysing a set of fundamental past data wont be the only proxy used to rebalance our portfolio: analysts stock recommendations will also be evaluated. Two different sets of forward data will be used. In the first place, an average of the consensus forecast of next fiscal years EPS divided by the current market value of each firm will be used. This forecast will be an average of the estimates of each analyst throughout the fourth quarter of year t for year t+1. The consensus mean recommendations from analysts from the fourth quarter of the year t for year t+1 will also be employed. These recommendations are a ranking from 1 to 5, with 1 signalling a strong buy and 5 a strong sell. This is the mean of the different analysts recommendation existing at that time for each individual stock. V.II Data Criteria and Universe To ensure a minimum amount of liquidity in our analysis, we pick the historical constituents of the SP500 Index as our universe of stocks. This results in our analysis not being driven by the performance of smaller capitalisation firms, for which data might not be readily available. As our analysis involves implementing a long/short strategy, the ability to do so with large capitalisation stocks in practice results much easier. Therefore, every year, the appropriate constituents in our portfolio are updated, reflecting the changes in the overall index. This implies that our universe of stocks closely replicate the SP 500 Index on a yearly basis. The constituents as of 1990 will first be extracted, and updated every year thereafter. The analysis is then limited to those companies with a positive market capitalization as of December of year t, as well as to those companies with at least 2 years of data, in order to perform all the analysis in a consistent universe of stocks. In order to conduct the analysis across sectors in a more uniform manner, certain companies were removed from the universe of stocks. This includes REITs, utility and financial firms, as denominated by CRSP. From this, a benchmark is constructed with our new universe of stocks; that is, all those fulfilling the above criteria. This benchmark is a value weighted portfolio of all the stocks for a given year, rebalanced yearly at the end of each previous year (December 31st). Therefore, being a market value weighted portfolio comprising most SP500 stocks, it should closely resemble the SP500 Index. Comparing the quarterly performance of both our benchmark and the index for the period to analyse between 1990 and 2015, and running a corresponding regression, it is found that they correlate with a coefficient of 99.17%. As seen by this observation, our universe of stocks bears similarities with the index, although the payoff at the end of the period differs. The benchmark provides a payoff of $11.13 for a $1 investment (or a 1113%) at the start of the period, in 1990. The SP500 index returns a payoff of $8.86 (886%) at the end of the period. This figures assume complete reinvestment of capital and a compounded growth rate. V.V Model We represent year t+1 to be the year for which the portfolios performance will be monitored, and year t to be the year in which the fundamental data which will estimate performance will be extracted. As most US companies have a fiscal year corresponding to the calendar year, our model will retrieve end of year fundamental data for these companies, corresponding to December year t, allow for a data release lag, and compute the portfolio. The lag in data release is introduced as companies dont disclose their annual financial statements until the quarter after their fiscal year end. This usually happens within two months, as observed from historical data. Taking this factor into account, the model will allow for a lag of one quarter, therefore allowing for information to be readily available to the public at each point in time. Denoting t.(x) as the xth quarter of year t, and t+1.(x) as the xth quarter of year t+1, the above implies extracting fundamental data as of t.(4), allowing for a lag in data release during t+1.(1) in order to construct the portfolio at t+1.(2). The performance will then be measured during one year from then. This model so far deals only with the companies which disclose their end of year information by the end of the calendar year, so a provision must be made for the proportionally low, but still significant, number of companies whose annual results are released at a different date. Hughen and Strauss (2015) tackled this issue by rebalancing quarterly their portfolio, but they recognized the limitations of using quarterly results rather than normalizing their ratios and profitability measures by using annual ones. Gray and Vogels (2012) work consists of an annually rebalanced portfolio as of June 30 every year. Their approach is to use, for firms with fiscal year ending within the last quarter of the previous year, or the first quarter of the year, those fundamentals. For companies with fiscal years ending after March 30, previous years fundamentals will be used. This implies that, no matter when the end of fiscal year is, the latest annual filling will always be employed to construct th eir portfolio, even when this filling is from the second quarter of the previous year. In the following model, the approach will be somewhat different, Therefore, first, a differentiation between the two strategies implemented should be made. Value weighted These buy-and-hold portfolios are attractive not only because they minimize trading costs, but because they are simple to implement from an operational perspective. Mention sector allocation using SICS merge Compustat and CRSP databases. Delisting returns. References Ball, R., Gerakos, J., Linnainmaa, J. and Nikolaev, V. (2015). Deflating profitability. Journal of Financial Economics, 117(2), pp.225-248. Bunn, O. and Shiller, R. (2014). Changing times, changing values. 1st ed. Cambridge, Mass. Dichev, I., Graham, J., Harvey, C. and Rajgopal, S. (n.d.). Earnings Quality: Evidence from the Field. SSRN Electronic Journal. Fama, E. and French, K. (1992). The Cross-Section of Expected Stock Returns. The Journal of Finance, 47(2), p.427. Fama, E. and French, K. (2006). Disappearing dividends: changing firm characteristics or lower propensity to pay?. 1st ed. Fama, E. and French, K. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), pp.1-22. Gray, W. and Vogel, J. (2012). Analyzing Valuation Measures: A Performance Horse-Race Over the Past 40 Years. SSRN Electronic Journal. Hughen, J. and Strauss, J. (2015). Portfolio Allocations Using Fundamental Ratios: Are Profitability Measures Effective in Selecting Firms and Sectors?. SSRN Electronic Journal. Jacobs, B. and Levy, K. (1993). Long/Short Equity Investing. The Journal of Portfolio Management, 20(1), pp.52-63. Loughran, T. and Wellman, J. (2011). New Evidence on the Relation between the Enterprise Multiple and Average Stock Returns. Journal of Financial and Quantitative Analysis, 46(06), pp.1629-1650. Michaud, R. (1993). Are Long-Short Equity Strategies Superior?. Financial Analysts Journal, 49(6), pp.44-49. Miller, E. (2001). Why the Low Returns to Beta and Other Forms of Risk. The Journal of Portfolio Management, 27(2), pp.40-55. Novy-Marx, R. (2010). The other side of value. 1st ed. Cambridge, MA: National Bureau of Economic Research. Welch, I. and Goyal, A. (2007). A Comprehensive Look at The Empirical Performance of Equity Premium Prediction. Review of Financial Studies, 21(4), pp.1455-1508.

Is costumer behavior a quantitative science or qualitativ

United International Business School Main Campus Brussels Prof. White Individual Assignment Student: Martinotta Lara Introduction All of us are consumers. We consume good everyday, we consume and buy products and services according to our needs, preferences and buying power. What we buy, how we buy, where and when we buy, in how much quantity we buy depends on our social and cultural background and our age and family but also on our perception, attitudes, beliefs and values, motivation, personality, and many other factors that are both internal and external to us.All this process is what we call in economics term consumer behaviour. It is important to say that we also consider before buying whether to buy or not to buy and, from which source or sellers. The marketers try to understand the needs of different consumers and having understood different behaviours require they study in their internal and external environment, they formulate their plans for marketing.I will try to develop an interdisciplinary approach of consumer behaviour starting from defining the concept moving to microeconomics methodological study and passing through the behavioural economics highly mphasizing on factors that influence the decision-making process of consumers behaviour I think two summarize more the concepts: â€Å"Customer behaviour reflects the totally of consumer decision with respect to the acquisition, consumption and disposing of goods, services, activities experiences, people and ideas by (human) decision-making†l . Customer behaviour means more than Just the way that a person buys tangible product such as cars.It also included peoples use of services, experiences and activities such as going to the doctor. Microeconomics and Behaviour economics I start with a brief overview of to microeconomics theory, which represents a starting point for examining costumer behaviour. The microeconomics theory makes the assumption that â€Å"Consumer behave rationally and given the chance they will choose the best alternative of with their level of income and preference2† Neoclassical economic coincided with the dominance of the positivist methodological position that judges a theory by its ability to make predictions that are supported by the evidence.In Microeconomics † the individual firm rationally maximizes profit through purchase decision†3. n sum the microeconomics theory balances tour elements tn consumer's available income, the price of the goods, the consumer's tastes or preferences, and the assumption of utility maximization. In such models, utility can best be thought of as levels of satisfaction, happiness or personal benefit. By using the assumption that individuals act in order to maximize personal subjective benefits, economists make costumer behaviour analyse quite simple as they â€Å"apply powerful mathematical techniques for modelling behaviour outcomes4†.The Microeconomics model of costumer behaviour often corr espond to how costumer ehave however clear and voluminous evidence from psychology has shown that the rationality assumption of standards economics are wrong. Evidence from psychology has shown that we often are irrational. â€Å"This selfish maximization principle of Homo economicus limits the application of neoclassical economics to other areas†5 Recognition of these difficulties had led to a series of new approaches to modelling the individual behaviour, mostly based on challenges to the assumption of neoclassical economics.At the end of the 20th century the strict neoclassical position came under attack from many different directions. Some of these merely suggested more complex objectives and constraints, while others took economics is new directions by putting an emphasis on uncertainty and risk†6. Simon argued that human behaviour is best modelled as aspiration-based, rather than as optimizing behaviour. In his view is important to achieve aspiration levels with s atisfactory outcomes indicating that â€Å"satisfy' behaviour is normal and optimizing behaviour is abnormal.

The Last Lecture

The Last Lecture In everyone’s life, there are people. Some of these people walk in our lives for a second, only to run right out. While others walk in and leave a mark on our hearts. Sometimes this mark only lasts for a little while and then slowly fades away, but other times, this mark lasts for a lifetime. There is one man in my life who has made a distinct mark on my heart — a mark that was created the first time he picked me up and held me in his arms. This mark has lasted ever since then. This man is my dad. My dad is an amazing man.He has taught me an awful lot in my fourteen years. He was the man who taught me how to ride my bike. He would hold on to my handlebars and run by my side as I pedaled. Though I feared that I would get hurt, I trusted my dad and knew that he would never let me fall. When he thought that I was ready, he would let go and watch me ride, making sure I would not tumble over. Although, when I did, he was by my side in a second, picking me up and dusting the dirt off my arms and legs. He would then stand my bike back up and we would try it again and again.With his help, I learned how to never give up. This lesson is not only important while riding a bike, but it is also critical when it comes to life experiences. If you mess up, you have to keep trying. You should not become frustrated and quit. My dad also taught me about money. â€Å"If you don’t need it, don’t buy it† is his motto. Though most of my friends love to shop, because of my dad’s words, I have never found it that eexciting . This applies to other material goods besides clothes. It is important to realize that simply wanting something is not enough.You should not merely collect items that you do not need. There are people in this world who have nothing. Therefore, when being given the oopportunity to shop, you should not buy everything that meets the eye. When I was younger, my dad and I enjoyed playing games together. One of the games he taught me how to play was chess. In chess there is a strategy. I learned this by watching my dad play. Some times, while we would play, I would get bored and start moving my pieces to whatever spot was open. I soon realized that you should not move the pieces randomly or you will lose.With the help of my dad, I learned how to think things through and plan things out. I learned that in order to succeed, one should think situations through, but have fun. One of my dad’s hobbies is planning vacations. Every year he plans a family trip for the summer. A few years ago, we traveled to Europe. While visiting France, we came across many unique foods. I am not fond of trying new things, but my dad taught me that the worst that can happen is I will not like it. Some of the foods that I tried were not the best, and I probably will never try them again.However, there were some foods, like crepes, that were absolutely delicious and I am glad that he was there to talk me into try ing something new. Another vacation he planned was to Hawaii. While in Hawaii, we all went snorkeling. At first I was scared that I would not be able to breathe, but my dad told me that was why we used a snorkel. I learned how to rely on something else to breathe. In life, this is like depending on others. It is important to learn how to do things on your own, but it is okay to need a helping hand every once in a while. My dad has always been there for me.He is always there to lend a hand. My dad is such an inspiration to me. Tthroughout my life he has been there for me, supporting me and cheering me on. Whether it is in sports or school, he is always there for me, encouraging me to do my best. My dad and I are inseparable. I am so grateful to be able to have a dad like him to lean on when I need help. I can always count on him to make me laugh when I am feeling down, to pick me up when I am hurt, and to help me find the answer when I have a question. There will always be a place fo r him in my heart. He has made a mark that will last a lifetime.

Sex in Advertising - 1358 Words

Sex in Advertising I chose sex in advertising for my research topic because I do not know about it well, even though a lot of sexual images and texts in advertisements. When I was a little kid, I often surprised by ads with sexy woman. Even now, I sometimes have my eyes glued to such kinds of advertising. I wonder that there are some physiological reasons why people pay attention to sex images. Also, learning about sex in advertising is useful for my career because I want to work for an advertising company in the future. I infer that sex sells has both good and bad aspects and I can use it effectively by learning it accurately. If I use it effectively, we can make much money. However, we also take a risk by using sex in ads because†¦show more content†¦However, sex appealing is effective to give an romantic image on something that people cannot be see, too. For the fragrance companies, it is not easy to identify themselves, and also customers may become confuse which f ragrance they want. This is because people cannot smell odor of perfume unless they test in the store. However, sex in advertisement give customers an idea that using the fragrance makes them sexy. For example, the fragrance company Jovan in Britain has used sexual appealing advertisement since the company launched their musk cologne. Since their sales of first year was 1.5 million dollars, it turned into 75 million dollars in 1978. After 11 years, their sales became 85 million dollars (Reichert, p. 260). Lastly, I want to know that how people react to sexual images in advertising. I infer that there are some similarities and differences between how men react and women do. In the most case, I think that boys are more likely to have their eyes gotten by sexy images but girls are more likely to be convinced by sexual appeal in the advertisement. Hultin and Lundh surveyed the response to the sexual advertisement. In the survey, they had interview with Swedish high school stud ents includes both boys and girls. Most boys answered that they would not change their brands that purchase because of sexual images but they agree that sexual images have anShow MoreRelatedSex in Advertising912 Words   |  4 PagesSex In Advertising An important controversial issue that America faces today is the debate of sex in advertising. Edward A. McCabe and John Carroll are two authors that present opposing arguments about this issue. McCabe persuades the reader into thinking that sex in advertising is no big deal, while Carroll explains why this is a major problem in America. Sex ads are defined as any type of advertising that shows pictures of partial nudity with wording that relates to the body in a sexual wayRead MoreSex in Advertising889 Words   |  4 Pagesfaces today is the debate of sex in advertising. Edward A. 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