The Tatyana-caste :: English Literature Essays

The Tatyana-caste...Just as the besiege clouds ofttimes slay The scarcely breathing new born day. 1 One of the well-nigh popular of Tennysons poems, The Lady of Shalott relates the tragic story of an extremely lone(a) young lady longing for a soulmate. A poem of technical virtuosity, inspired landscape-painting base on precise observation, and a dreamworld of artistic beauty denying the commonplace2, turning to beauty as a possibility of a more free life3, it is one of the highlights of the authors early course of studys. This paper sh both attempt to wax my opinion that the work is very much parallel to an even more famous Russian narrative poem finished ab verboten the same year as The Lady of Shalott. I will omit discussing the poems popular critical interpretation concerning the contravene between the artists own sensual vision and his need to reckon life directly4 -- Ill rather concentrate on my individual, rather alienated thoughts and seeings arised during the poin ting, and I will not go into Arthurian considerations, either. Concerning both the submit of a yearning, introverted young lady and the bleak solution, Tennysons poem may be right away compared to two other, albeit larger scale, masterpieces of the early 1830s -- Balzacs Eugenie Grandet and, even more notably, Pushkins Onegin --, each(prenominal) dealing with the same kind of pastoral, embowered, dreamy, grave and generally misunderstood girls or young women. This caste sticks out of its rustic environment ilk a sore thumb, often being regarded by their own relatives and acquaintances as hopeless misfits, spinsters or nuns to be being passing sensitive, imaginative and deep-feeling, they find it exceptionally hard, even actually impossible, to experience accepted and understood within their immediate environment made up of generally cruder and simpler sorts. Thus, these girls feel obliged to create a world of their own as a progressive act of counterbalance and self-condolence , rich with remnants of childhood fantasy, romantic works theyve read and an air of bittersweet wistfulness. Pushkins memorable portrayal of Tatyana as a child may well resemble the early years of the Shalott Lady She was no beauty, like her sister, And had no roses on her cheeks, Which would attract admiring looks. A wild thing, despicable and retiring, Like a doe seen in a forest clearing, In the midst of all her kith and kin She seemed like something alien. She could not manage a kiss With ma or pa, or a soft touch.The Tatyana-caste English Literature EssaysThe Tatyana-caste...Just as the storm clouds often slay The scarcely breathing new born day. 1 One of the most popular of Tennysons poems, The Lady of Shalott relates the tragic story of an extremely lonely young lady longing for a soulmate. A poem of technical virtuosity, inspired landscape-painting based on precise observation, and a dreamworld of artistic beauty denying the commonplace2, turning to beauty as a possibil ity of a more complete life3, it is one of the highlights of the authors early years. This paper shall attempt to prove my opinion that the work is very much parallel to an even more famous Russian narrative poem finished about the same year as The Lady of Shalott. I will omit discussing the poems popular critical interpretation concerning the conflict between the artists own sensual vision and his need to experience life directly4 -- Ill rather concentrate on my individual, rather alienated thoughts and feelings arised during the reading, and I will not go into Arthurian considerations, either. Concerning both the subject of a yearning, introverted young lady and the bleak solution, Tennysons poem may be readily compared to two other, albeit larger scale, masterpieces of the early 1830s -- Balzacs Eugenie Grandet and, even more notably, Pushkins Onegin --, each dealing with the same kind of pastoral, embowered, dreamy, grave and generally misunderstood girls or young women. This ca ste sticks out of its rustic environment like a sore thumb, often being regarded by their own relatives and acquaintances as hopeless misfits, spinsters or nuns to be being highly sensitive, imaginative and deep-feeling, they find it exceptionally hard, even actually impossible, to become accepted and understood within their immediate environment made up of generally cruder and simpler sorts. Thus, these girls feel obliged to create a world of their own as a progressive act of counterbalance and self-condolence, rich with remnants of childhood fantasy, romantic works theyve read and an air of bittersweet wistfulness. Pushkins memorable portrayal of Tatyana as a child may well resemble the early years of the Shalott Lady She was no beauty, like her sister, And had no roses on her cheeks, Which would attract admiring looks. A wild thing, mournful and retiring, Like a doe seen in a forest clearing, In the midst of all her kith and kin She seemed like something alien. She could not mana ge a caress With ma or pa, or a soft touch.

Americas Economic Debate :: essays research papers

Government that governs least governs best. Thomas Jefferson43% percent of the National Income (spending) is controlled by state and local sectors instead of the prominent semiprivate sector. Why do they immediately control how deep in debt the whole country is in? In the end it is the following generation that will unwillingly be endowed with this record high national debt and growing deficit. It is said that in America our administration has marginal influence on our economy that it does not get involved with our market. Laissez-Fair for example a core policy which America proudly claims to practice, and is included in every US History book in the nation seems to be just that... history. Such accusations are being heard across the nation as Americans are greeted every morning with a newspaper headline or two reminding us of how much more in debt our country re every last(predicate)y is. Many are quick to point the finger at soulfulness anyone (Bush, Iraq etc.) But the truth is that Bush inherited a receding economy from the all famous Clinton administration. In addition to his inherited downward slope, the events that occurred on the eleventh of September did not help, in fact it had a cataclysmic effect on the economy. At this point America was confused it was only a niggling over a year ago that politicians were bragging about a $557 billion surplus(2001) The US was at an all time low and all it could do was sit back and wait for things to turn around, things that made our broad economy work like confidence, security, things that kept consumers want to keep spending. And like the great nation that America is slowly but surely things did begin to turn around, but the decision to retaliate the attack on our demoralized constitutional body politic proved to be just another setback on the latter of the goal to reach a strong and secure economic standard. This is not a history paper but this information will later be used to make a point.The total econom y is made up of 2 basic components the portion dependant on federal, state and local government spending is called the GOVERNMENT SECTOR, the part remaining is not dependant on government spending. In fact it depends on growth of national productivity, savings and real incomes. This portion of the economy is called the PRIVATE SECTOR.In the past the Private sector sincerely so was much larger than the Government sector, but as

Twelve Angry Men Essay -- essays research papers

Twelve Angry Men is a very interesting play about an unfortunate young man, who was convicted of cleanup his dad. The worst part was, the young man was only nineteen, and his life was just starting. The jurors listened to all the evidence, then came the hard part, making the decision guilty, or innocent. El tear down jurors verbalize guilty and only one said innocent. There was a lot of mates pressure involved. I decided to write about different peer pressures three of the jurors used. The three jurors I picked are juror 10, juror 7, and juror 8.The first juror I want to write about is 10. Juror 10 was using a lot of sarcasm, whenever he was trying to prove his point, or prove someone else wrong. I think that this method of peer pressure is one of the most powerful ones. I believes so, because when you are embarrassed in front of 11 other people (in this case jurors) you do not know, really lowers your self-esteem. It may lower it to the point where you will say guilty, eve tho ugh deep down inside, you will feel that the person is innocent. This is a quote I picked to garnish sarcasm skillfully used by 10 "Youre a pretty smart fellow, arent you?" I think this one sentence could really put anyone down, and represent anyone feel embarrassed, and maybe stupid. Another juror I decided to write about is 7. He was muscle flexing most of the time. Muscle flexing means, he was raising his voice, even screaming at everyone, as if he was the boss. Whenever 8 was trying to ...

Innocent Children, Violent Gangs Essay -- Exploratory Essays Research

Innocent Children, Violent Gangs 18, 059 violent felonies, 690 deaths, and 13,000 hard-core killers. What is the horrible cause of these striking statistics? Gangs. Gangs be a problem in nearly every state and 83 percent of the largest cities in the United States. The problem of gangs and their negative impact on the communities they inhabit in continues to grow and nothing seems to be able to stop this powerful growth. Gangs not only exist in just inner cities anymore, but in towns and suburban communities as well. Gangs are affecting more and more children everyday, and this problem needs to be stopped. No one knows exactly how many children and youth comprehensive are gang members or join a gang in an average day, but the numbers are astonishing and increasing. What is it about gangs that is so likable to children? Gangs offer identity which a child may not have felt he or she had before. Gangs also offer belonging, protection, money, sex, and status. The majori ty of the children who become tortuous in such groups as gangs usually dont have a sense family or belonging to anyone, are lonely, and are looking for friends. Some may sound off that gangs are actually a good thing in that they offer so many positive things to a childs life. That is where some go wrong, and make the biggest misidentify of their lives. Gangs are responsible for ten to twenty percent of the criminal activity in the United States, which estimates to an approximate thirty to sixty billion dollars of taxpayers money a year. Gangs are often associated with the use of drugs, including heroine and marijuana. Gangs also are connected to the illegal use of many weapons and as a result, many bloody murders. So, it is... ...f Violence A Study of Violence on the Street, Journal of Research in Crime and Delinquency, Vol. 30 NO. 1, February 1993, pg 88-112. Kotlowitz, Alex, There Are No Children Here, Anchor Books Doubleday, 1991. Krivo, Peterson, Disadvantag ed Neighborhoods and urban Crime, Social Forces, Vol. 75 No. 2 December 1996, pg. 619-645. Lo, Chun-Nui, A Social Model of Gang Related Violence, Free Inquiry In Creative Sociology, Vol 19 no. 1, May 1991, pg. 36-43. Sambar, Chuck. http//www.sambar.com/sambar/chuck/aregangs.htm Omega Boys Club. http//www.street-soldiers.org/omega/omega1.html Alanzo, Felipe and Zavala, Eric. http//www.cwrl.utexas.edu/%7Edliss/student_projects/final_project/felipe2/index.htm http//home.navisoft.com/requiredreading/Page6.html Cantrell, Mary Lynn. http//www.bluemarble.net/%7Enes/hot/htopicgang.html

The Enormous Lie Exposed in The Enormous Radio :: Enormous Radio

The wide Lie Exposed in The howling(a) Radio   John Cheevers The Enormous Radio begins with the Westcotts appearing like the perfect all-American family. Cheever recognises them as the kind of people who seem to strike that satisfactory sightly of income, endeavor, and respectability (Cheever 817). What is ironic about this recital is the Westcotts are far from being the perfect family, and the society they try to set to is just as flawed as the Westcotts themselves. A way the Westcotts try to aline to their bon ton is by keeping secret the fact that they listen to the radio and attend musical events. This is because these activities were not something members of their community did, much less talked about. The reader knows this because Cheever says the Westcotts differed from their friends, their classmates, and their neighbors yet in an interest in music. They went to a great many concerts although they never mentioned this to anyone (817). A particular instance that shows the Westcotts arent the perfect family and the society they try to conform to is just as imperfect, is the fight between the Osborns. This shows the Westcotts community is flawed because Mr. Osborn is overheard being an abusive husband. Irene tells Jim Mr. Osborns beating his wife Theyve been quarreling, and now hes strike her (822). This incident also causes the Westcotts to question the perfection of their suffer marriage, and Jim and Irene end up having a disagreement about dishonesty. And it is wide accepted that dishonesty and physical villainy are not qualities of a perfect marriage. Another way it is shown that the Westcotts are not flawless is when Jim makes his enraged lecture to Irene. This speech entails how hes hurl of her addiction to the radio and disgusted about her stealing jewelry and money from her sister and about the nonchalant agency in which she went to have an abortion (824). plane her rise up is symbolic in showing the true nature of the W estcotts. Irenes coat was of fitch skins, discolor to correspond mink (817). The fact that the coat was dyed to resemble something of higher status than it really was can be used as a metaphor to describe the Westcotts nature they were one way when presenting themselves to society (high class and socially conscientious, like the coat and the Westcotts marriage both appeared), and another way when they were in the privacy of their own home (not well made, like the coat and how their marriage really was).The Enormous Lie Exposed in The Enormous Radio Enormous Radio The Enormous Lie Exposed in The Enormous Radio   John Cheevers The Enormous Radio begins with the Westcotts appearing like the perfect all-American family. Cheever describes them as the kind of people who seem to strike that satisfactory average of income, endeavor, and respectability (Cheever 817). What is ironic about this story is the Westcotts are far from being the perfect family, and the community they t ry to conform to is just as flawed as the Westcotts themselves. A way the Westcotts try to conform to their society is by keeping secret the fact that they listen to the radio and attend musical events. This is because these activities were not something members of their community did, much less talked about. The reader knows this because Cheever says the Westcotts differed from their friends, their classmates, and their neighbors only in an interest in music. They went to a great many concerts although they never mentioned this to anyone (817). A particular instance that shows the Westcotts arent the perfect family and the society they try to conform to is just as imperfect, is the fight between the Osborns. This shows the Westcotts community is flawed because Mr. Osborn is overheard being an abusive husband. Irene tells Jim Mr. Osborns beating his wife Theyve been quarreling, and now hes hitting her (822). This incident also causes the Westcotts to question the perfection of their own marriage, and Jim and Irene end up having a disagreement about dishonesty. And it is widely accepted that dishonesty and physical abuse are not qualities of a perfect marriage. Another way it is shown that the Westcotts are not flawless is when Jim makes his enraged speech to Irene. This speech entails how hes sick of her addiction to the radio and disgusted about her stealing jewelry and money from her sister and about the nonchalant manner in which she went to have an abortion (824). Even her coat is symbolic in showing the true nature of the Westcotts. Irenes coat was of fitch skins, dyed to resemble mink (817). The fact that the coat was dyed to resemble something of higher status than it really was can be used as a metaphor to describe the Westcotts nature they were one way when presenting themselves to society (high class and socially conscientious, like the coat and the Westcotts marriage both appeared), and another way when they were in the privacy of their own home (no t well made, like the coat and how their marriage really was).

Essay --

As early as 2010, 35.7% of adult Americans are obese, which is the highest level of obesity in the history of the United States. There are a topic of environmental factors that contribute to obesity, the majority being the number of fast food restaurants and the recent outbreak of binge eating. Evidence shows that bingeing on sugary, tasty foods increases dopamine in the brain and in doing so possesses addictive habits. Apparently there have been several psychological and biological similarities between food addiction and do drugs dependence including loss of control and craving. superstar of the articles will look at environmental factors that might contribute to the obesity epidemic, and it will also compare the medical similarities and differences of drug dependence and food addiction. Growing rates of overweight adults and obesity have prompted the comparison between the uncontrolled intake of food and drugs. It has been smart to follow biological concepts from addict ion to explore obsessive food seeking a model is needed to understand how food and drugs differ in their ability to control behavior. other article will look at the difference and commonalities in the behavioral responses to food and to drugs of abuse, with the goal to identify and new treatments for drug addiction or obesity. One of the articles also focuses on eating disorder behaviors and posttraumatic stress. It states that this article was the first to reveal the relationship between PTSD and the occurrence of eating types of food such as sugar sodas and fast food. It mentions that the study had articulated mechanisms and behavioral pathways of how trauma and post traumatic stress can cause an increase in the causes of death in the United Sta... ...ect the impact of food addiction understandings on obesity and obese peoples.Studies found that seemingly strong public acceptance of neurobiological clarifications of obesity and gluttony can co-exist with the view tha t individual choice is the major cause of obesity. Obese people were more likely to support the opinion that obesity characterizes an addiction to true foods. The apparent disappointment of neurobiological explanations of overeating and obesity to change public views toward obese people and the treatment of obesity advises that these descriptions have not yet had the upright influences assumed by their supporters. As the idea of food addiction is established, its supporters need to pay greater attention to its effects on shame, treatment and policy and to assessing whether its gelt influence on public health is likely to be harmful or helpful.

Essay --

As early as 2010, 35.7% of adult Americans are obese, which is the highest level of fleshiness in the history of the United States. There are a number of environmental factors that contribute to obesity, the majority being the number of fast fare restaurants and the recent outbreak of binge eating. Evidence shows that bingeing on sugary, nice foods increases dopamine in the brain and in doing so possesses addictive habits. Apparently there have been several psychological and biological similarities between food colony and drug dependence including loss of control and craving. One of the articles will look at environmental factors that might contribute to the obesity epidemic, and it will also correspond the medical similarities and differences of drug dependence and food dependence. Growing rates of overweight adults and obesity have prompted the comparison between the uncontrolled intake of food and drugs. It has been keen to follow biological concepts from addictio n to explore obsessive food seeking a model is needed to understand how food and drugs differ in their competency to control behavior. A nonher article will look at the difference and commonalities in the behavioral responses to food and to drugs of abuse, with the goal to identify and new interventions for drug addiction or obesity. One of the articles also focuses on eating disorder behaviors and posttraumatic stress. It states that this article was the first to reveal the relationship between PTSD and the occurrence of eating types of food such as sugar sodas and fast food. It mentions that the study had articulated mechanisms and behavioral pathways of how trauma and post traumatic stress can cause an increase in the causes of death in the United Sta... ...ect the impact of food addiction understandings on obesity and obese peoples.Studies found that seemingly strong public acceptance of neurobiological clarifications of obesity and overeating can co-exist with the view that individual choice is the major cause of obesity. Obese people were more likely to support the opinion that obesity characterizes an addiction to certain foods. The apparent disappointment of neurobiological explanations of overeating and obesity to change public views toward obese people and the treatment of obesity advises that these descriptions have not yet had the beneficial influences assumed by their supporters. As the idea of food addiction is established, its supporters need to pay greater attention to its effects on shame, treatment and policy and to assessing whether its net influence on public health is likely to be harmful or helpful.

Equality diversity and inclusion in dementia Essay

The term take on capacity means for an adult to have the cogency to understand information relevant to making an informal or voluntary decision. A wide range of diseases, disorders, conditions and injuries can affect a somebodys ability to understand and give consent to information that has been relayed to them. Informed consent is a phrase often used in law to indicate that the consent from the psyche meets the certain minimum standards. In order to give informed consent the individual concerned must have adequate reasoning faculties and be in possession of all relevant facts at the time that the consent is given. Impairments to reasoning and judgment which may make it impossible for someone to give informed consent include such factors as basic intellectual or emotional immaturity, high levels of stress such as post-traumatic stress disorder or as severe mental retardation, severe mental illness, intoxication, severe sleep deprivation, Alzheimers disease, or being in a coma. Qu estioning and challenging decisions that atomic number 18 make by others this would depends on the mental capacity of the individual you want to support. First, you would obtain their allowance and then you must get them to explain as exactly as possible what help they reckon they need.Then you can offer further information, suggestions, and a plan to challenge such decisions. You could offer to be their spokesperson if they werent confident enough to speak out, or to accompevery them to any hearing or appointment. However if the person is mentally impaired, you would have to get their signed permission to speak and act on their behalf before any health or social care workers would listen to you because of issues of confidentiality, you either have to be next of kin, or obtain powers of attorney or guardianship. How individualism, self-image and self-esteem are linked is that self-esteem is how much you value yourself, in an ideal world this would be an equal to anyone rigorously on the basis of being human. Self-Image is the spinoff of countless self-esteem choices, and is basically your mental image of you as you are, usually not accurate. Identity is linked with this because everyone has their own identity and this is unique to each person. Peoples identity is built up on their self-image and self-esteem. Every part of your life is influenced by your state of wellbeing.These factors enhance persons wellbeing a happy relationship with a partner, enjoyable and fulfilling career, a good network of closefriends, a supporting family, enough money, secureness exercise, a balanced diet and fun hobbies and lei certain(a). There is lots of different uses for take a chance assessments for example there will al musical modes be a risk assessment carried out and the start of the day or the start of a shift, this is normally and formal risk assessment. You will also risk assess things as you are getting on with your work for example if there is an object in the mid dle of your path you will may move it out of the way or to the side so you and others can get past safely, these risk assessments you may not realise that you are doing them because they just seem obvious and roll in the hay so easy to you. You may also risk assess whether people that are in your care are not likely to get wound or lost by contractors that are also using the facilities.Every individual has rights of their own choices and decisions weather it is putting them at risk, this is why risk assessments are carried out to make sure the risks that the individual are willing to take is kept down to the lowest risk. As a carer you have responsibilities to make sure you and your service user are kept out of risks and danger. Risk assessments need to be regularly revised because peoples abilities change which could mean that they can no semipermanent use stairs so you will have to risk assess what may happen if they were to use the stairs and how to prevent them from being at any danger. You also have to risk assess your ability to carry out some activities. So they need to regularly revised because you never know when an purlieu is going to change.

Week 5 Reflection

Week Five Reflection Paper Team B will reflect on why it is important for management as well as institutionalizeors and creditors to understand the current and long-term liabilities. What makes it important to disclose contingencies as well as how do operating and capital leases relate to liabilities. It is important for managers to know what the company has as current or long-term liabilities because if they are not aware of what the funds note like they cannot affectively run the company. This knowledge helps a manager be more effective at planning and organizing what the companies priority are.Without taking time to learn this, managers could overdraft a companys bank account just trying to order supplies. External vendors would requisite to obtain this kind of information for a few reasons. One, investors who want to invest in your company they want to make sure they are making a very sound decision on their investment. Investors would not invest in a company if it was on the verge of filing for bankruptcy or going out of business. Creditor will also look at a companys current and long-term liabilities.If a business has too much or too little debit this could be a quality of not being stable. So for a creditor this would also a high risk if they did not take the time to do some research and crunching of the numbers pool to see where the business or individual stands. The importance of disclosing any contingencies is really to keep companies honest about how their business is doing. Per FASB disclosing of this information gives financial statement users the competency to understand the nature of a loss contingency, potential magnitude as well as if known the potential timing.With a capital lease the obligation relation would be equal, as you would list this lease on all financial statements, balance sheet, income statement as well as the cash give statement. With operating leases the effect would be listed on the income statement and the cash flow st atement but not the balance sheet. So team B has short reflected on the understanding of current and long-term liabilities, why is it important to disclose contingencies as well as how does operating and capital leases related to liabilities.

Study of Behavioural Finance: A Critical Evaluation

behavioral pay is a relatively new and popular expression out in the bea of pay which is being widely used in the transport grocery places world over. behavioural pay is the ponder of the psychology of the dedicateors in linkup with their financial decisions. It is usual that the investors fall(a) prey to the mistakes committed by their experience decisions or due to the advise of others by using their emotions in the invest construct forcet decisions.The say of behavioral pay tries to explain the boution of the people in forgetting the fundamental principles of financial decision making and making investments on the basis of emotions. 2. 0 basics of Market Efficiency An good inception(a) food market place place is one in which line of products prices fully shine available information. According to Andrei Shleifer (2000) there ar ternion determinants of market efficiency. They argon (1) tenability, (2) free-lance deviations from rationality, (3) arbitrage. 2. 1 RationalityUnder the conditions of rationality, it is assumed that when new information is released in the market place, all investors give fix their estimates of birth prices in a rational way, without heeding to their emotions. This is one of the foremost assumption and condition basic to classify the stock market as efficient. (Ross Wasterfield Jaffe) 2. 2 Independent Deviations from Rationality Due to emotional resistance it may so happen that some investors could just as easily react to the new information in a pessimistic manner.If the investors be primarily of this type the stock market prices atomic number 18 likely to rise less than the expectations of an efficient market conditions. On the other yield if a proportion of the investors was irrationally optimistic and reacts positively to the new market information then there is the likelihood of an increase in the stock market prices. Since the stock market will consists of investors of both kinds always the sto ck market would remain efficient. Thus this condition also leads to an efficient stock market. (Ross Wasterfield Jaffe) 2. 3 deal outThe stock market consists of both irrational amateurs and rational professional investors. Based on their irrational thinking some times the amateurs may carry the stocks any above or below their efficient prices. This irrational thinking comes as a effect of their emotions about the valuation of the stocks. The professionals on the other hand do not react on the basis of their emotions but evaluate the market information coolly and clearly and hold their investment decisions. This way the professionals leave more than confidence than that of the amateurs.This enables the professional to take larger risks on current stocks even knowing that such stocks argon mispriced, while the amateurs might take risk for a gnomisher sum. Here Arbitrage comes into place. Arbitrage generates profit from the simultaneous purchase and sale of unlike but substi tute securities. If the arbitrage of professionals dominates the speculation of amateurs markets would still be efficient. This is one of the determinants of market efficiency. (Ross Wasterfield Jaffe) 3. 0 Behavioural Challenge to Market EfficiencyAccording to Prof. Shleifer any of the above three conditions would will lead to market efficiency. parking lotly it is assumed that at lease one of the conditions would be prevalent in the real world. But many academicians argue that none of these conditions would hold good in reality. This institutionalize of view is based on what is called the deportmental pay. According to this hypothesis there are several factors that influence the investment decisions of the individuals like valuate planning as come up as profit maximization.By their employment the investors create commissions as well as taxation. This naturally brings irrationality into their investment decisions. However the behavioral guess states that not all investor s are irrational rather it is that some perhaps many investors are. On the question of deviations from rationality there are two principles of psychology namely representativeness and conservatism that female genital organ be applied to finance and market efficiency where people deviate from rationality.Under the condition of representativeness people act and draw expirys from too little data. This principle when applied to stock market, in a market dominated by representativeness there is every endangerment that the market may move toward a bubble. It may so happen that people see a sector of the market, for instance internet stocks having a short storey of high revenue growth may attract more investors in the hope that the revenue growth would continue for ever. When the growth inevitably stalls the stock prices have naturally to come down.Under the second principle of conservatism people are considered too slow in adjusting their beliefs to new information. The stock prices s eem to adjust slowly to the information contained in the earnings announcements due to slow reaction of the investors to adjust their belies to the new information under conditions of conservatism. (Bernard and doubting Thomas, 1990) Under arbitrage concept of efficient market it is suggested that the professional investors, even though they know certain securities are mispriced they could buy them by selling the correct priced or over priced substitutes.This might result in undoing of the misprice caused by the emotional amateurs. But the behavioural finance theory claims that calling of this sort is likely to be more risk. there is a possibility of this correction only when the amateurs act in opposite way to the way in which the professionals act. Moreover the volume handled by the amateurs should be relatively small for the professional investors actions to take effect. thither is also a possibility that the amateurs make further mispricing of the securities.This risk of furt her mispricing even when there is no new market information might demand the professionals to cut back their arbitrage position. Thus the near term risk would reduce the size of arbitrage strategies. In conclusion the arguments presented here suggested the determinants or conditions leading to efficient markets in reality do not exist. The behavioural finance theorists suggest that the investors may be irrational, irrationality may be carry ond across investors rather than cancelling out across investors and arbitrage strategies may involve too much risk to eliminate market efficiencies. 4. 0 Behavioural finance and Keynesian Approach A conventional valuation which is effected as the outcome of the mass psychology of a large hail of ignorant individuals is liable to change violently as a result of the sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield Since there will be no strong roots of conviction to hold it steady. (Keynes, 1936)Thus it may be observe that the relevance of the psychological factors to the operation of the stock market and the relative changes in the prices and their impact on the sparing development is not entirely confined to the check out by behavioural economic theories or financial theories. The origin of this phenomenon can be traced back to the works of Keynes with his remarks of animal spirits and the part played by uncertainty and confidence in contributing to the growth of the economy and creation of employment opportunities.According to Keynes the psychology of the economic agents is susceptible to disturbances and manipulation. It is viewed that psychology is one of the key elements in shaping up the economy which is in quite contrast with the view of the main stream where the emphasis is always placed on the rational behaviour of various economic agents. Hence there may arise an argument that the overturees of behavioural finance in describing the impact of th e psychological factors are mostly the confession of the Keynesian ideas.Kindleberger (1978) has ex run ford a description of the behavioural aspects of the financial markets closely resembling the ideas of Keynes. According to Livio Stracca (2004) the behavioral finance writings, however, contains some important innovative elements compared with the Keynesian approach, namely the stronger emphasis on experimental and in general empirical evidence and the larger use of formal models, which may lead to sharper predictions.So, one might discontinue that while behavioral finance is close in spirit to the Keynesian tradition, it makes use of a different methodology and analytical framework. 5. 0 Objectives of Behavioural Finance Though subjected to severe criticism the contribution by behavioural finance to modern finance is considerable. The main objective of behavioural finance is to understand and writing on the implications of the investors psychological reactions on the sy stematic market behaviour.It is important to consider the impact of such psychological reactions on the markets from an economic perspective especially on those markets which are large and does not have nay strategic interactions. (Mas-Colell, 1999) The existing theories of behavioural finance are not matured enough to provide a coherent and unified explanation for humane behaviour in the context of market transactions as is expected in the main stream political economy and modern finance have provided through the expected utility theories.However there are certain studies like the cumulative prospect theory contributed by Starmer and Sugden (1989) and Tversky and Kahneman (1992) provide better alternative theories on the behaviour of market agents acting under risk which may be considered as superior to the expected utility theory. The economic perspective of the behaviour of the agents on the basis of maximization of the expected utility is not accepted by the behavioural finance .The ground on which such rejection is essay relates to the evidences available to point out that market agents do not behave according to the axioms of expected utility both under circumstances of controlled experiments as well as in real life situations. (Starmer, 2000) According to Livio Stracca (2004) the focus of the behavioural finance is to describe the human behaviour in a positive way under conditions of risk and uncertainty instead of a normative approach of such behaviour which is typical under the mainstream approach. 6.0 Conflict in the midst of Modern Finance and Behavioural Finance The concept of behavioural finance has always been subject to criticism. Ball (1996) and Fama (1998) have contributed much in this direction. Apart from this there had been continued conflicts between the Modern Finance (also described as Financial Economics) and the behavioural finance theories. The modern finance has always tried to overrule the behavioural finance theory by adding its own methods and models on the latter without any major changes in its own methodology.In other word the modern finance has marginalized the behavioural finance by converting it to an anomalies literature as conceived by Frankfurter and McGoun, (2000) The results and findings of various studies in the area of Efficient Market Hypothesis and Capital Asset Pricing poseur combination have cast serious doubts on the ability of these concepts in establishing any satisfactory finance theories on the stock market behaviour in the modern finance area. This has also resulted in a potentially precipitating crisis for the modern finance theory.However instead of understanding and appreciating the seriousness of these problems, the theorists named them anomalies and accepted them to denote an acceptable group of aberrations once against common beliefs rather than viewing them as serious challenges to the whole beliefs themselves. The theorists like Fama (1998) also suggested that such anomalie s can be made to disappear by gathering more data with more diligence and putting the data so collected to rigourous statistical trys. However there were conflicting views to this approach and this form the basis for the behavioural finance theory. 7.0 Role of Anomalies in Behavioural Finance The word unusual person has gained a substantial recognition and prominence in the literature relating to finance as a branch of economics. The word also denotes a complete set of studies that have brought out evidences which are in contrast to the theory of efficient market hypothesis and/or the Capital Asset Pricing Model (CAPM) The conceptual purpose of anomalies has two dimensions in the study by These dimensions relate to the identification of the significance of the term in the area of finance and the role of anomalies in the growth of scientific knowledge in the financial world.The word anomaly has been defined differently by different scholars. But the word anomaly in financial econom ics focuses on the irregularity, or a deviation from the common or natural order, specifying an exceptional condition. In order to provide a meaning to these terms Thomas Kuhn (1970) states Discovery commences with the awareness of anomaly, i. e. , with the recognition that nature has somehow violated the paradigm-induced expectations that govern normal science. It then continues with a more or less extended exploration of the area of anomaly.And it closes only when the paradigm theory has been correct so that the anomalous has become the expected. (Kuhn, 1970) An extensive study of the anomalies would result in a scientific approach to the whole issue of the behavioural finance aspects. 7. 1 Post Earnings Announcement Drift and Behavioural Finance Most of the studies show that the stock returns are highly predictable after the announcement of the earnings. It so happens that the stock prices react instantly to the announcements about the earnings and will continue to change durin g the first three quarters in the same direction.The prices will override the direction partially in the last quarter. Chan et al (1996) have illustrated that the changes after the post-earnings announcements do not have any relation to the price momentum. It has also been established that the post-earnings announcement changes is closely correlated to the behavioural model in the same way as the prices react very slowly to the market information . Bernard and Thomas (1990) present a model in which the investors do not have any knowledge about the potential for the future earnings. 8. 0 Financial Anomalies and Behavioural FinanceA financial anomaly can be explained as a documented pattern or price behaviour which is not arranged with the prediction of traditional efficient markets, rational expectations asset pricing theory (Alon Brav and J B Heaton, 2002) This theory comprises of two characteristic features. The first one is that the investors have a through knowledge of the basi c structure of the economy and the second one is that the investors are expected to be rational information processors who are suitable of arriving at statistical decisions that are optimal.According to the Freidman (1979) the investors in the benchmark theory are able to possess knowledge and are able to access both to the correct specification of the true economic model and to unbiased estimators of its coefficients. However in view of the increased evidences against the traditional models, competing theories of financial anomalies have been evolved. On the evolution of these theories certain relaxations have been made to the two assumptions of full knowledge of the economy and the rational information processing capabilities. The second assumption has the relaxation backed by the behavioural explanation.The behavioural theory suggests that the investors due to the impact of the cognitive bias may not have the capacity to process the information rationally (Thaler, 1993). The res ults of the experiments conducted to study the behavioural finance theories provide the basis for many other behavioural theories that though the investors possess a sound knowledge of the basic structure of the economy the investors tend to act irrationally. Thus the irrationality found in the behavioural finance forms the basis for several theories that explain the financial anomalies.According to Shiller (1981) there are evidences to show that the stock prices vary to a large limit in close relation to news about future dividends etc. due to the financial anomalies emanating from irrationality. Here again it can be seen that the behavioural finance theory provides the basis for the financial anomalies. 8. 1 Behavioural Finance and Asset Pricing While the behavioural finance is considered to have identified the financial anomalies there are chances that these anomalies may affect the market prices of securities.On a survey these anomalies have been grouped under different categor ies by Livio Stracca (2003) in the paper Behavioural finance and asset prices Where do we stand? and the study extends further to assess how these anomalies may affect the stock market prices. The anomalies can be explained as the qualities of the behaviour of the economic agents that do not come under the purview of the expected utility model of the main stream economics. There are quite a number of anomalies identified by the behavioural finance based on the experimental evidences. Some of the anomalies are discussed hereunder finding HeuristicsOne of the major anomalies identified by the behavioural finance theory is the action of the representative agents in using available short cut methods and rules of sky while considering various alternatives since he may not have the ability to solve the problems that are complex in nature in view of the cost convolute in deliberating and optimizing the revenues. Emotions and Visceral Factors These factors do have a role in the decision making process of the agents (Loewenstein, 2000) Choice Bracketing This denotes the general tendency of the agents to constringe down the choices due to the complexities involved in the alternatives.One of the examples is the shorter time available for decision making. Stochastic and Context-dependent Preferences The theory has identified the presence of stochastic and context dependent preferences in the place of well defined and deterministic preferences which are a rarity. (Loomes & Sugden, 1995) Reference Dependent Models In the review of anomalies by the behavioural finance there is no precise and abstract definition of the preferences of the consumers in terms of consumption or other variables as has been dealt with in the standard approach rather there are reference points identified to denote the preferences.However, it must be noted that till date there is no precise behavioural finance model which has considered all the anomalies and made an analysis there of (Shleifer, 2000). 9. 0 Accounting Anomalies and Stock Market Efficiency Some part of the trading in securities which are subjected to behavioural aspects of human beings relate to the trading on the basis of the balance sheet data and opinions expressed by the statutory auditors of the listed companies. Hirshleifer et al.(2004) and Taffler, Lu and Kausar (2004) have documented the impact of trading on the basis of write up results and audit opinions and the abnormal returns resulting there from. However Sudipta Basu (2004) opines that the study has not taken into account the high transaction costs involved especially in selling transactions which would prove that the trading strategies on the basis of accounting results might become unprofitable. Sudipta Basu (2004) further argues that though the study of Hirshleifer et al.and Taffler et al cite the behavioural finance theories to explain the reasons for the abnormal returns, market inefficiencies may arise due to poor market designs, poor be nchmark models, regulatory interferences, test misspecification or other joint hypothesis violations (Sudipta Basu, 2004) He is of the opinion that there are some other factors other than behavioural finance theory that will explain the abnormal returns and the reaction of the stock market while trading merely on the basis of the accounting data and the audit traverses of the listed companies.10. 0 Behavioural Finance Theory Impact of Gender Differences The individual investor behaviour had been studied extensively by Odean (1998) and Barber and Odean (1999). The studies have provided normative and empirical results about the various investor behaviours. The studies have proved the basic facts that the investors trade in securities to a great extent and the trading largely reduce the net gains of investors. It has also been proved that the investors are reluctant to realize that they are making losses in such trading.The studies also show that there is more number of men dealing i n securities than women. In the fall in States 80 percent of the investors are males while women constitute only 20 percent of the investing public. Barber and Odean (2001) show that men trade 45 percent more than women. Trading reduces mens net returns by 2. 65 part points a year as opposed to 1. 72 percentage points for women. As a part of the behavioural finance L. Feng, M. S. Seasholes (2007) conducted a study on the participation of men and women in the securities trading in the Peoples Republic of China.The results of the study was in stark contrast to the existing studies in which it was found that both male and female investors take part almost equally in the stock trading in China. The study also reports that men have slightly larger portfolios and take greater risks than women. But the investment behaviour of both men and women are more or less similar in the following respects ? Both males and females suffer from an equal home bias. ? It is the tendency of the men to i nvest in stocks with higher betas and mostly the stocks women buy over-perform the stocks bought by men.Similarly the prices of stocks that are being sold by men go down to a larger extent than those being sold by women. In sum the performance of both genders remain more or less same on a statistical base. ? The trading intensity among both the genders remain the same though men tend to trade more before controlling the factors like the number of share and the ability to trade on the stocks over telephone. After giving effect to these factors the trading intensity of men and women remain the same.The study also revealed that the gender differences do play a role in the stock trading in China to the extent the facilities for remote trading through telephone and compute are available. This is understandable due to the fact most of the people trading in stocks are youngsters and the young women who have other occupations may not have the chance of trading by physically visiting the sto ck exchange. They need the support of the trading through telephone or computer and this affects their trading tendency.This interpretation of trading by young investors is corroborated by Barber and Odean (2002) by their study on the young men representing the active investors. This study goes to prove the application of the behavioural finance theory on the investment behaviour of the different genders and it is proved that both men and women behave in the same way as the behavioural finance theory assumes with irrationality and deviations from rationality depending on the circumstances. It can be observed that the gender makes no difference in the application of the behavioural finance theory with respect to the stock market trading.11. 0 Behavioural Portfolio Theory Hersh Shefrin and Meir Statman (2000) have developed a Behavioural Portfolio Theory (BPT) based on the lines of the work by Friedman and roughshod (1948). The authors have developed the theory on the foundation of t he prospect theory advocated by (Kahneman and Tversky (1979) which in turn was developed on the work of Friedman and Savage (1948). The BPT also suggests an efficient frontier which is not equivalent to the mean variance coefficient frontier.In mean-variance investors select the portfolios on the basis of the mean and variance where as the BPT investors take the judge wealth, their intention to ensure security and the potential aspiration levels that the investors want to reach as the base for their investment decisions. The optimal portfolio decided by the BPT investors is also different from that of the CAPM investors. The optimal portfolio of the investors under CAPM prefers a combination of a market portfolio and the risk factors associated with the securities. In the case of BPT the optimal portfolio mostly looks like a combination of bonds and lottery tickets.12. 0 Criticisms on Behavioural Finance Theory The important people among the theorists who raised sever criticisms a gainst behavioural finance are Ball (1996) and Fama (1998). Ball (1996) take a direct approach in leveling his arguments by saying that the Efficient Market Hypothesis has to be continued to be adopted because 1. There was no alterative theories available which can better explain the stock market behaviour 2. The Efficient Market Hypothesis was considered sufficient at that point of time taking into consideration the application of the principles of the theory and3. The Efficient Market Hypothesis had been accepted by everyone. Ball (1996) considered the contribution of DeBondt and Thaler (1985, 1987) to the behavioural finance as the only alternative to the Efficient Market Hypothesis and dismissed it by describing it as the investors myopia developed by DeBondt and Thaler (1985, 1987). He also found the work of these authors as grossly inconsistent with the possible notions of the modern stock markets which are highly competitive and also that the behavioural finance is also inef fective with its anomalies.The approach of Fama (1998) in criticizing the behavioural finance is different from that of Ball (1996) in which he made a comparison of the contributions by 20 different authors and formulated his own views and opinions to discredit the concepts of behavioural finance. Fama (1998) made a thorough screening of the papers selected and followed a systematic approach to discredit the empirical evidences in support of the behavioural finance. Based on this analysis he argues that since the evidences on the behavioural finance are only random and conflicting the behavioural finance itself presupposes the efficient market hypothesis.Fama (1998) selected the papers for study from the domain of post-event studies. By a study of these papers he arrived at the view that behavioural finance is nothing but a synonymous representation of the anomalies encountered in the event studies. Fama (1998) thus makes the point that in short, BF is nothing more than an aggregati on of so-far inexplicable phenomena encountered in testing the EMH/CAPM. It has no independent existence it is not a methodology in its own right it has been assimilated. 13. 0 ConclusionForm the foregoing discussion it is observed that the behavioural finance opposes the existence of the three determinants namely rationality, deviation from rationality and arbitrage decisions which form the basis of an efficient stock market. The behavioural finance theory thus aims at studying the psychological behaviour of the investors in their investment decisions. The theory encompasses views that are contradicting the concepts promoted by the efficient market hypothesis and also the capital asset pricing model.The theory has made an analysis of various financial anomalies in order to report the impact of such anomalies on the stock market operations and the stock prices. The behavioural finance theory can be regarded as an extension of the Keynesian views on psychology as it affects the econ omic development. It has been observed that there are certain accounting anomalies which also affect the behavioural pattern of the investors. It has also been observed that gender differences do not affect the concepts of the behavioural finance. There are different financial anomalies identified by the behavioural finance theory.The theory was also subject to severe criticism on its applicability to varying market situations. References Alon Brav and J. B. Heaton (2002) Competing Theories of Financial Anomalies The Review of Financial Studies, Vol. 15, No. 2, Special Issue Conference on Market Frictions and Behavioral Finance. (2002), pp. 575-606 Andrei Shleifier (2000) Inefficient Markets An Introduction to Behavioural Finance Oxford United Kingdom Ball, R. , 1996. The theory of stock market efficiency accomplishments and limitations. daybook of Financial Education 22, 113. Bernard, V. , Thomas, J.(1990) Evidence that stock prices do not fully reflect the implications of current earnings for future earnings journal of Accounting and Economics 13, 305340. Chan, L. , Jegadeesh, N. , Lakonishok, J. , 1996. Momentum strategies. Journal of Finance 51, 16811713. Fama, E. , (1998) Market efficiency, long-term returns, and behavioral finance Journal of Financial Economics 49, 283306 Frankfurter, G. M. , McGoun, E. G. , 2000. Market efficiency and behavioral finance the nature of the debate, The Journal of Psychology and Financial Markets 1, 200210. Hirshleifer, D. , Hou, K. , Teoh, S. H. , Zhang, Y., (2004) Do investors overvalue firms with bloated Balance sheets? Journal of Accounting and Economics Vol. 38 p 13 Keynes, J. M. (1936). The general theory of employment, interest and money Available http//cepa. newschool. edu/het/essays/keynes/gtcont. htm. Kuhn, T. S. (1970). The structure of scientific revolutions clams The University of lucre Press. Kindleberger, C. P. (1978). Manias, panics, and crashes Wiley Livio Stracca (2004) Behavioral finance and asset pri ces Where do we stand? Journal of Economic Psychology Vol. 25 p 373405 Mas-Colell, A. (1999). The future of general equilibrium.Spanish Economic Review, 1, 207214. Ross A. Stephen, Westerfield A. Tandolph Jaffe Jaffrey unified Finance Edition VII Tata-McGrawhill Publishing Company Ltd Shiller, R. J. (1987). Comments on Miller and Kleidon In R. M. Hogarth, & M. W. Reder Eds. ), Rational choice the contrast between economics and psychology ( pp. 317321). Chicago University of Chicago Press. The Oxford English dictionary (2nd ed). Oxford Clarendon Press. Starmer, C. (2000). Developments in non-expected utility theory The hunt for a descriptive theory of choice under risk. Journal of Economic Literature, 37, 332382. Starmer, C., & Sugden, R. (1989) Violations of the license axiom in common ratio problems An experimental test of some competing hypotheses. Annals of Operational Research, 19, 79102. Sudipta Bsau (2004) What do we learn from two new accounting based stock market anomalie s? Journal of Accounting and Economics Vol. 38 p 331348 Taffler, R. J. , Lu, J. , Kausar, A. , 2004. In denial? Market under reaction to going-concern audit report disclosures Journal of Accounting and Economics Vol. 38 p 13 Tversky, A. , & Kahneman, D. (1992) Advances in prospect theory Cumulative representation of uncertainty. Journal of Risk and Unc

Organization and Environmental Analysis Essay

Huawei Technologies technical diversification of its portfolio and value addition to its existing products is highlighted by Huawei creation ranked amongst the top 5 in the beingness in terms of essential UMTS patents. By June 2008, Huawei had filed 30,569 patent applications. (Huawei Corporate Information-Huawei Media release). The big inclination towards R&D and untouchable hail specialism has enabled Huawei Technologies to achieve what the new(prenominal) dominant players in the telecom industry have been struggling to achieve- customization .This strong customer focus is also the face of Huawei Technologies projected through its mug logo.The Huawei Technologies brand logo reflects its core principles of customer-focus, innovation, steady and sustainable growth, and harmony, conveying Huawei Technologies sincere commitment to helping its customers realizing their potential to launch a variety of competitive services through continuous innovation and an enterprising spirit . (Huawei Corporate Information-Huawei Media release). The Huawei Technologies logo was recently changed and modified to reflect harmony as also one of its key elements, so as to convey its social responsibility. Huawei Corporate Information-Huawei Media release). This has brought in the much needed image change required by Huawei Technologies primarily being seen as a Chinese vendor. Figure1 Huawei Contract Sales (Source Huawei Corporate Information-Huawei Media release) Opex & Capex leverage which Huawei Technologies has been able to offer its customers has enabled it to demonstrate cost leadership which is evident as 72% of its contract sales were from afield commercialize in 2007. Let alone in 2007, it had 45% increases in its contract sales revenue. See figure 1. Huawei Corporate Information-Huawei Media release). The strong hold which Huawei Technologies is being able to maintain also comes from the socio-political environment it works in as the labour cost in China is one sixth of that of United States or Europe. Thus it has become a key external environmental factor . Internally Huawei Technologies has capitalized on human resource and R&D. But has the cost differentiation been enough, will it still promise growth and more merchandise share? These are the biggest questions which need to be addressed for a guaranteed continuous growth.This question has make Huawei Technologies rethink its marketing strategy towards value proposition, and to value chain analysis (Porter 1985) for a bigger market share. Before that however lies another hurdle of distressing quality perception a question mark on the quality of Chinese branding. Issue 2- The dragon brand wagon. With the FMCG market taking blows after blows because of vitiated Chinese raw materials, the general consumer perception on Chinese quality is struggling to establish a stand.Though it specifically affects as said the FMCG market or the business dealing in B2C but the general perception affects all including B2B. And this has been one of the prime challenges. From 1998 to 2001 Huawei was looked at with distrust & doubt . With the Cisco fount the market penetration in the developed economies had become more difficult and required 1000 times more effort as compared to its American or European counterparts. (The Economist, Nov 2007). I believe that the focus needs to be shifted towards creating a strong brand if Huawei Technologies needs to keep its foothold in the global telecom market.Thus mediumening of the Huawei brand has become even more important. Remodeling to establish Huawei as a brand has been now the new focus to develop a better perceived quality & create brand equity. The need of brand recognition has also become very vital to be seen as a valued col perseveranceator for its customers. Brand development has never been big in China with large volume market brand recognition never existed in the Chinese market. Hence it becomes more essential as well as difficu lt for Huawei to develop its brand image to compete in the global economy.The strong need for branding and change for the marketing orientation to move towards the service sector becomes more vital when we look into the 5Cs of Huawei Technologies. Issue 4- The 5Cs. Exploring the 5 Cs of Huawei Technologies highlights the core competencies of Huawei and helps us in understanding why a new orientation approach is required . As discussed earlier Huawei Technologies dominates in cost differentiation and is armed with a strong R&D to achieve customization in a high barrier industry and it has been a key strength of Huawei Technologies.But a quick SWOT analysis brings out the lack of perceived quality in the market as one of the greatest threats Huawei Technologies faces. Its major(ip) competitor Ericsson currently leading the market share comes with a very strong branding and high perceived quality. The dilemma is not just the market perception but also the perception of the employees th emselves despite the fact that human capital is a key resource & strength of Huawei Technologies which also drives to low labor costs.