The Treatment of Women in Hamlet Essay - 1014 Words

The Treatment of Women in Hamlet The treatment of women in Hamlet is very troubling. The leading female characters, Queen Gertrude and Ophelia, are pawns or puppets for the men around them. Like chess pieces, they are moved about and influenced by the men they love with little say of their own; in fact, Shakespeare does not even develop their characters. Of course, Hamlet is the whirlwind at the center of attention throughout the play, one who is incredibly difficult to understand. To me, he appears to be an adolescent completely out of control. Virtually everyone tries to pacify him, yet nothing seems to work, and the more they pamper the worse he becomes; reminds me of the old clichà ©, give an inch, take a†¦show more content†¦The concept of Gertrudes femininity was clear to me throughout the play, its significance lied in what was implied rather than spoken. Gertrude, Good Hamlet, cast thy knighted color off, and let thine eye look like a friend on Denmark [...] Thou knowst tis common: all that lives must die, passing through nature to eternity. (1.2.69-74) Gertrude speaking to Hamlet, Let not thy mother lose her prayers, I pray thee stay with us, go not to Wittenberge. (1.2.120-1) Gertrude to Ophelia, And for your part, Ophelia, I do wish that your good beauties be the happy cause of Hamlets wildness; so shall I hope your virtues will bring him to his wonted way again, to both your honours. (3.1.43-7) In defense of her sons murder of Polonius, speaking to Claudius, Oer whom his very madness, like some ore (gold) among a mineral of metals base, shows itself pure: he weeps for what he has done. In her final moments: Gertrude, No, no, the drink, the drink - O my dear Hamlet...The drink, the drink! I am poisoned. (5.2.288) Ophelia, on the other hand, is given far more lines than Gertrude. We learn much more about Ophelia during the play through her words, and a sort of osmosis through those she is surrounded, observed, and manipulated by: Polonius, Laertes, Hamlet, and Claudius. Upon myShow MoreRelatedEssay about Treatment of Women in Hamlet and Trifles2666 Words   |  11 PagesTreatment of Women in Hamlet and Trifles Of all Shakespeare’s thirty-seven plays, perhaps the best known and loved is Hamlet, Prince of Denmark. Many people think that it is unforgettable because of its poetic language and style. But, while these are factors that mark the play as a classic, it remains timeless because it explores many of the issues that are still important to people today. These issues, including loyalty to family and country, protecting loved ones, and deception are stillRead MoreHamlet s Attitude Towards Women Through His Treatment Of Ophelia848 Words   |  4 PagesWhat is revealed about Hamlet’s attitude towards women through his treatment of Ophelia? The character of Ophelia is most often represented in art and literature as morose, frail or and often dead. The fact that these are the traits residual in an audience’s memory since the conception of the character reflects something of her representation and her traditional interpretation. Typical to Shakespeare’s work, the play features a vein of ambiguity, which runs throughout the plot. One of the great ambiguitiesRead MoreHamlet s Treatment Towards Gertrude994 Words   |  4 PagesHamlet’s treatment towards Gertrude (mother) is not unreasonable but the way Hamlet treats Ophelia is a little harsh in the beginning when she is completely innocent. Further along through the play Hamlet’s treatment towards Ophelia can be considered reasonable since she basically decided to side with Claudius and Polonius. The way in which Hamlet treats Gertrude and Ophelia doesn’t seem to be a part of the misogyny in the culture. Hamlet does seem to possess a great hatred for women, especiallyRead MoreHamlet s Attitude And Treatment Of His Mother1522 Words   |  7 PagesModern folklore suggests women look at a man s relationship with his mother to predict how they will treat other women in their life. Hamlet is a good example of a son s treatment of his mother reflecting how he will treat the woman he loves because when considering Hamlet s attitude and treatment of the Ophelia in William Shakespeare s play, Hamlet, one must first consider how Hamlet treated his mother. A characteristic of Hamlet s personality is to make broad, sweeping generalizations andRead MoreThe And Human Nature s Love For Categorization1011 Words   |  5 Pagesexample of one of these underlying themes is Shakespeare’s Hamlet. Hamlet can be seen through a Feminist Literary Lens, revealing the patriarchal structure of society in this fictional work of literature. To begin with, one cannot look at a work through a Feminist Literary Lens until one knows what that is. To put it simply, a Feminist Literary Lens is a way of pointing out gender indifferences in a story, specifically the oppression of women in that society. This indifference comes in many differentRead MoreConflict Between Hamlet And Laerte By William Shakespeare1564 Words   |  7 PagesThroughout Hamlet, several characters die. For most, this happens through combat, such as the duel between Hamlet and Laerte, which kills them both. In the play, however, two characters die in quick, seemingly careless ways. The first, the fair Ophelia, is killed by her own madness in what seems to be suicide. The other, Gertrude, dies due to the carelessness of her husband, who accidentally poisons her. In both of these cases, their deaths, and the events that led to them, represent a differenceRead MoreHamlet Character Analysis1502 Words   |  7 PagesWritten by William Shakespeare, Hamlet has a strong relationship with the authors society and era, being the late 1500’s to early 1600’s. Hamlet, a character is confliction with his society, shows different views and actions to his fellow Danish men. Shakespeare could create a character whom through Hamlet’s life choices, his own historical and cultural context and the state of Hamlet being in confliction with the Elizabethan-era and Nihilism showed immense differences from his society, which ShakespeareRead MoreThe Juxtaposition of Hamlet Characters1658 Words   |  7 Pagesâ€Å"The Tragedy of Hamlet†, Ophelia and Laertes represent different aspects of prince Hamlets traits that further the understanding of his behaviour, thoughts, and over-all character. Laertes and Ophelia, like Hamlet, are children of murdered fathers. This connection helps create a link between the three that sends them passionately to their end. Ophelia has an important relationship and entangling affair with the prince. Hamlets and Ophelia’s actions in time lead the young women into a deep griefRead MoreHamlet, By William Shakespeare Essay1580 Words   |  7 PagesIn the play Hamlet by William Shakespeare, it is clear that Hamlet’s character is truly a puzzled one. It is no secret that Hamlet is displeased with his life and the relationships around him. William Shakespeare in evaluating Hamlet’s relationship with his mother Gertrude and lover Ophelia creates an interesting love-hate relationship. Gertrude and Ophelia both deeply care for Hamlet but he does not seem to recognize that love and is instead blinded by his father’s revenge. Throughout the play,Read MoreStruggle and Disillusionment in Hamlet Essays919 Words   |  4 Pageshis character Hamlet, contributes to the continued engagement of modern audiences. The employment of the soliloquy demonstrates Shakespeare’s approach to the dramatic treatment of these emotions. The soliloquy brings a compensating intimacy, and becomes the means by which Shakespeare brings the audience not only to a knowledge of secret thoughts of characters, but into the closest emotional touch with them too. Through this, the audiences therefore gain a closer relationship with Hamlet, and are absorbed

Vaccines A More Influential Achievement Than The...

If you were to question any public health professional as to what the greatest biomedical achievement of the last century was, they would likely struggle to find a more influential achievement than the development of vaccines. The struggling breaths of whooping cough, the horrendous birth defects caused by rubella, and the clunky braces used by children paralyzed by polio, all are only thought of as occurrences of the past by many Americans. Many find it hard to believe that less than a century ago; the infant mortality rate was a massive 20 percent (Alexandra, Markel, 2005). Fortunately, many of these devastating diseases have been eradicated because of the development and widespread use of vaccines. The history of vaccines is, however, very complex. The growth widespread use of vaccines requires a balance of scientific ingenuity and social acceptance. Vaccines historically have, and continue to, cause strong scientific, social, and cultural reactions. The concept of vaccines, b asically exposure to a disease to trick the body into forming immunity, has been controversial from its beginnings. The history of vaccines began in 1796 with Edward Jenner, a doctor from England, who performed the first immunization (Alexandra, Markel, 2005). Edward Jenner showed that a certain level of immunity could be accomplished by dosing patients with cowpox, which is a close relative of smallpox (Alexandra, Markel, 2005). He then tried, without success, to infect that sameShow MoreRelatedNovartis International Ag - Company Profile3015 Words   |  13 Pagesresearch for a multimillion-dollar investment. Novartis was created in 1996 from the merger of two Swiss-based chemical/life sciences giants; Ciba-Geigy and Sandoz Laboratories. Novartis is comprised of four business divisions: pharmaceuticals, vaccines and diagnostics, Sandoz Generics, and consumer health. 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The July 7, 2005 bombings in London brought the capital to a standstill. The public threats issued by various Islamic fundamentalist groups such as al-Qaeda are a clear indication of the constant danger that they pose. Foiled terroristRead MoreGp Essay Mainpoints24643 Words   |  99 PagesSingapore: Culture 4. Environment a. Developed vs. Developing b. Should environment be saved at all costs c. Are we doing enough to save the environment? d. Main reasons for environmental problems nowadays 5. Religion a. Religion divides more than it unites b. Religion and politics c. Science and religion 6. Terrorism a. Can terrorism ever be eradicated? 7. Sports a. True purpose of sports nowadays b. Sports and Media 8. Foreign Aid a. How effective is Foreign Aid? 9

Titian’s Venus and the Lutenist Free Essays

Titian, Venus and the Lutenist Titian’s Venus and the Lutenist depicts Venus laying in a courtly setting set on a larger pastoral landscape. The intertwining of both courtly and pastoral is common in the high Renaissance and appropriate for the painting as Venus is the queen of love, beauty, and nature. The painting was very possibly a wedding gift to a nobleman or ruler, and the theme of marriage is reflected in Venus’ ring and the wreath of flowers that Cupid places above her head. We will write a custom essay sample on Titian’s Venus and the Lutenist or any similar topic only for you Order Now Trademarks of the courtly, such as jewelry and sumptuous clothing, are inscribed with pastoral features. Indeed, Venus is set upon a pastoral and natural landscape because â€Å"there is none among [living things] which has not been derived from love as from its first and most reverend father. † (Bembo, Gli Asolani) By setting her indoors, laying on luxurious fabrics, Titian glorifies and places a higher value on Venus. It seems to set a hierarchy where she is at the top, and nature and humanity are underneath. She lays beside a nobleman playing the lute, which is in itself a courtly instrument and he is gazing at her in admiration. By portraying the nobleman as young, Titian gives Venus an almost maternal quality, playing on the idea that she is the mother of all things (she is occasionally compared to Mary. ) She is also set apart from the scene in the background by the difference in the activities being performed by the figures. In the background can be seen nymphs and satyrs dancing freely, in contrast to the higher, more civilized Venus in the foreground. Titian resolves contradictory values of the sixteenth century by ennobling and glorifying a figure of great sexuality and underlining Venus’ influence on all of nature through the larger pastoral landscape. How to cite Titian’s Venus and the Lutenist, Essay examples

Generational Accounting Theory and Application System

Question: Discuss about the Generational Accounting for Theory and Application System. Answer: Introduction The current research states the critical analysis of the topic named as Half a Defence of Positive Accounting Research and is written by the author Paul V Dunmore. The study investigated regarding the optimistic approach about accounting research, especially the article summary, theoretical framework, research questions of the paper. It will also state the obligations and the significance of the research and the deductions related to the current research paper. The current research analysed the epistemology and ontology of the research operations and widely explained the concept of optimistic accounting that are intended to establish various justifications related to the human behaviour with regard to the accounting aspect (Miller and Power 2013). It is found that the testing of statistical hypothesis is weaker as compared to the fabrication criteria. However, the primary issues involves the formation of various theoretical model that are required to be analysed, treating the various numerical figures as same way, relying on the validity of hypothesis analysis unnecessarily to assure the acknowledged surveillance and the theories as well as the principle to investigate various qualitative data instead of illustrating them (Ghanbari et al., 2016). The present study carried out a methodical investigation with regard to the epistemology and ontology of the positive research about accounting. It taken into consideration the reason why the practice for accounting research are not carried out efficiently and what are the issue it facing regarding following the research (Rogers and Van Buskirk 2013). However the evaluation of the study focussed on the optimistic strategy that are aimed to implement various justification regarding the behaviour of human associated with the accounting approach. Apart from this, the study also lists down various reasons behind the specific behaviour of individual in context of various business organizations where the formal interactions between the employees are substituted by informal approach of obtaining considerable data required for decision-making aspect of the business. Moreover, this study undertook various scientific approaches with rational investigation to establish the hypothesis of the res earch. Furthermore, the article provided critical analysis of various projects that has epistemological as well as ontological hypothesis and fount out the gap related to the optimistic research of accounting. These are more likely to create obligation from aiding to the undertaken projects. The study also explained the occurrence of positive research (Needles, Powers and Crosson 2013). The qualitative characteristic of the study reveals the causes of developing the understanding for the particular experience before going for the qualitative research. The price of the research explicated the relevant concepts of the scientific Epistemology and ontology and provides the development of hypothesis explanations and testing in the way the significant theories are prepared. Various other intention and purposes of the study are to value the theories and find out the strength and weaknesses associated with the theories. The process of the research also explains the requirement of a positive and effective research process that are inclusive of the systematic model of analytical assessment, susceptible models that are strongly verified and aimed mainly on the measurement of the research data and give less importance to replication and testing approach (Biondi and Zambon 2013). More detailed approach of analysis for getting the outcomes from the research study proposes that scopes are always there for improving the policies to analyse the theoretical models appropriately. Moreover, the concepts are required to be activated through searching the alternative approaches for various models. After finding the suitable alternative, the alternative shall be implemented on trial basis and shall be set-up as the standard for all the further studies instead of searching for further alternatives for the measurement of the models. Apart from this, the study suggests that the focus must be shifted from testing procedures to projection of the constraint of the research. It will assist in the comparison of various confidence intervals that will be compared with the constraints and state the projection of various theoretical models with regard to various parameters of measurements. Further, the documents related to the research paper must be documented for further measurem ents of various important concepts that will assist in particular theorys testing procedures. Moreover, there is requirement of all the comprehensive strategies that will authenticate the conclusions out of the hypothesis testing (Freeman et al. 2014). Assessment as well as the observation of the research data assists in drawing the conclusion regarding the result, which in future will provide various advises about how the research is to be carried out. Further, the study reveals that why there is a variance in the research trend. The research further suggest that based on the research outcomes special models that will be more explanatory shall be implemented to get the clear idea. However, these may be vulnerable at times but has to be carried out on a serious note to experience the fair analysis. However, the result shows depressing outcome that there is very less advancement in the field of positive research and the reason behind this is that most of the researcher use the ad-hoc approach while carrying out the research and it leads to probability of connections among two or more variables. It is further noted that the set-up models are not used exclusively or there are loopholes in the set-up models itself. Questions related to the research The questions of the research study are aimed to: Evaluate the way in which the various aspects of epistemology as well as ontology can impact the particular research procedures Crucially evaluate the limit to which the actual positive research program related to accounting can help in achieving the various scientific purposes Investigate the way in which the normal science can be released for positive accounting on the procedure of achieving the projections. Critically analyse whether the procedures of positive research can be accepted for broader concept rather than considering for the positive accounting theories. Subsequently, the questions for the research are framed as follows: How the various aspects of epistemology and ontology can leave their impact on the particular research process? How the positive research procedures for accounting can assist in attainment of various scientific intentions? How the testing approach, hypothesis approach and observation approach that is suggested by Kuhn can help in liberalization of accounting process particularly the positive accounting process? How do the weaknesses of the research are measured and in what manner they are minimised? Theoretical framework The framework of the study explains the theories of the research specifically the theories related to the positive accounting. As a result, the study explained the structure and the framework of the study that can assist in the entire process of the research and can support the theoretical concepts of the research process. The theoretical approach of the research procedures explains the origination of problem and the measures that can be taken to minimise the impact of the issues. Apart from this, the structure of the theoretical process also aims at the explanations regarding the scientific epistemology with the ontology objectives that are required for the positive accounting approach (Bryer 2014). Importantly, the accounting concept deals with wide philosophy of gains, sales revenue, expenses, earnings, depreciation, losses incurred and various other factors involved with the research procedures. However, when the accounting theory is viewed with regard to the theoretical approach es that there are various underlying propositions with regard to the establishment of reality that can be associated with the realistic theory of philosophy as explained may establish various aspects of research process. However, wide variance found on the specific assumption of ontology can be considered as insufficient if the outcomes along with the accounting roles with regard to the society and business concerns are accounted in detail. It can be further explained as the positive epistemology with the ontology that may not be accurate but not irrational or incompatible. Significance and limitations of the study The present research helps in gaining deep knowledge about the theory of positive accounting with regard to the broad aspect of research function that are targeted to increase the specific formal relations of accounting set-up with the human conduct. On the other hand, the study has made wide research regarding the intellectual projects in association with scientific research that can be used to make out the cause and effect relationship among the various research procedures. Moreover, the study further assists in getting the clear idea about specific scientific research procedure that are used in various sectors of economics, social science and many other sectors like accounting that can be marked as positive research (Bublitz, Philipich and Blatz 2015). Furthermore, the research explains through usage of various examples that the positive eresearch procedures is wider as compared to the positive accounting theory. It also helps in gaining knowledge of various theories as well as co ncepts and the way in which the normal science of Kuhn can be regarded as appropriate for the research of positive accounting theory. However, the major outcome includes the results that are statistically considerable and at the same time includes the theories that takes into consideration the uninterpretitive coefficients that are associated with wider uncertain dimensions that are considered as unstable. It is very normal that there exist some limitations to the study. The reason behind the statistical hypothesis testing for the analogues of Poppers falsification measure may be accounted as a delicate matter. Moreover, the implementation of various models can lead to the obligation for the procedures of positive research (Bonin 2013). Moreover, the illustration that is offered by Kuhn is considered as non-radical. As a result the association among the various notions with regard to epistemology along with ontology that is taken into account in this case and the wide varieties of r eal theories can be considered as illustrative. Another obligation associated with this is the progress rate of scientific projects is identified as slow. Therefore, with the objectives of making positive attributes to the scientific research procedures, the research in the field of accounting can be regarded as progressive and the rate of progress can be considered as misleading in nature. However, the concept does not explain the way in which the positive attributes can be provided to the projects of scientific research and the way to response quickly (Ardill 2015). Conclusion: The study analysed the epistemology and ontology for the research of positive accounting and found out how the present practice for research related to accounting are limited to carry out the research procedures efficiently. It has been found out that there is a requirement for progressive theoretical models, for instance, models that are highly specific and at the same time highly unpredictable and that are seriously taken into consideration for testing in detail. Next, it is found that there of a requirement for better measurement that will assist in precise testing of the models. The concepts are required to be carried out carefully through searching for the alternatives for the crucial concepts that can be proved to be reliable with the alternatives of the crucial concepts. Further, there is a need for shifting the focus from testing of hypothesis to projection of parameters. The confidence intervals associated with parameters shall be compared with the theoretical estimations. N ext, there is a requirement of data measurement archives for the crucial concepts, for both the specific theories as well as the contributories to the archives. Finally, there is a requirement for extreme replication for validating the outcomes of hypothesis testing and to confirm the measurement accuracy and finding out the limitation of the implementation of research findings. Reference: Ardill, A.W., 2015. The Ideology and rhetoric of positive accounting theory. Biondi, Y. and Zambon, S. eds., 2013. Accounting and business economics: Insights from national traditions. Routledge. Bonin, H., 2013.Generational accounting: theory and application. Springer Science Business Media. Bryer, A.R., 2014. Conscious practices and purposive action: A qualitative study of accounting and social change. Critical Perspectives on Accounting, 25(2), pp.93-103. Bublitz, B., Philipich, K. and Blatz, R., 2015. An Example of the Use of Research Methods and Findings as an Experiential Learning Exercise in an Accounting Theory Course.Journal of Instructional Pedagogies,16. Freeman, R.J., Shoulders, C.D., Allison, G.S., Smith Jr, G.R. and Becker, C.J., 2014. Governmental and nonprofit accounting: Theory and practice. JPAEJOURNAL OF PUBLIC AFFAIRS EDUCATION VOLUME 20 NUMBER 3, p.441. Ghanbari, M., Manesh, M.Z., Hamid Khorasani, M.H. and Nejad, H., 2016. PAT (Positive Accounting Theory) and Natural Science. Miller, P. and Power, M., 2013. Accounting, organizing, and economizing: Connecting accounting research and organization theory. Academy of Management Annals, 7(1), pp.557-605. Needles, B.E., Powers, M. and Crosson, S.V., 2013. Principles of accounting. Cengage Learning. Rogers, J.L. and Van Buskirk, A., 2013. Bundled forecasts in empirical accounting research. Journal of Accounting and Economics, 55(1), pp.43-65.

Business Information Systems

Discussion All organizations deal with information from various sources such as; suppliers, customers, government, manufacturers, and others. They must be organized in such a way that they utilize this information to operate efficiently and effectively.Advertising We will write a custom term paper sample on Business Information Systems specifically for you for only $16.05 $11/page Learn More The role of information systems in organizations is to manage information, make effective and efficient decisions, and improve execution of organizational business processes. Information systems assists in improving business processes as they are used to increase efficiency of available processes and enable new processes capable of transforming the manner in which organizations conduct business (Rainer, 2009). This paper demonstrates understanding of information systems and how they contribute to forming competitive advantage in business. How Organizational Systems a re transforming Business and their Relationship with Globalization Information systems have transformed the world from an industrial society to a knowledge based economy. Managers today depend on information technology in running daily business operations and making strategic business decisions. As instruments of this information age, computers perform complex operations as well as daily tasks like word processing and creating spreadsheets. The speed of change has been accelerated since personal computers became a necessary feature in most computer desks; individual units became part of the networks, accompanied by more sophisticated enterprise wide networks (Laudon, 2009). Powerful desk computers enable most workforces to speed their daily work. Specialized super computer centers also enables workforce to tackle massive computational problems. Jobs or tasks that took years on a personal computer can be performed in just hours on a super computer. Businesses use super computers to i mprove inventory and production management and product design (Thierauf, 1999). Information systems have had immense impact in transforming global business. Through the internet, organizations get opportunities to collaborate on international scale. This is in addition to computers and internal networks owned by businesses. Managers in organizations are able to share information with many people worldwide as easily as with colleagues stationed at other floors in same building.Advertising Looking for term paper on business communication? Let's see if we can help you! Get your first paper with 15% OFF Learn More Today, the internet and the web are critical business tools that facilitate communication within organization as well as customers. The size of electronic trading blocs has improved business thus leading to expansion of global economy. Through advancement of information technology, global electronic trading has gone beyond internet retailing. Special websites suc h as e-market places facilitate electronic trade between businesses in specific industries. Why Information Systems are so Essential in Running and Managing Business Today Information systems are critical for running and managing businesses today. They are essential in the sense that they support the distribution, processing, management and evaluation of data and information. Today, information systems are traced everywhere. They impact every aspect of people’s lives. For instance, the emergence and growth of the internet as an international information resource for all businesses has meant that computers are not only the way we communicate at work, but also with our family, friends and society at large (Laudon, 2009). One of the essential recent transformations in the way businesses operate, is how much they depend on networked technology. It is commonplace now for businesses to have a website. Access of such website is through both wired and wireless networks. To access inf ormation, both customers and employees may use networked technologies such as personal computers, laptops, blackberries and mini notebooks. In today’s business environment, absence of online presence by an organization makes it difficult for it enjoys advantages of global opportunities available for business (Laudon, 2009). How Information systems Support Major Business Functions and how they affect Business careers Information systems assist organizations to support their business processes. As businesses involve varying business processes, they need varying levels of software and support. Business information systems are sometimes specific to an area or groups of individuals. At other instances, offer services to the organization as a whole. In a functional view, business information systems are described by their business function, such as; sales and marketing, finance and accounting, manufacturing and production, and human resource (Stair, 2011). Sales and marketing is a functional area that caters for selling business products or services. The marketing function is concerned with identifying new and existing clients for organizations products and services. It also assists determine client needs or wants. Primarily, the sales function concerned with contacting clients, selling their products or services, and taking orders. It also deals with follow ups of initial sales with appropriate support and guidance. Information systems in sales and marketing function creates strategic advantage for companies through; customer management systems, online website monitoring tools, and business analytical tools. These tools are essential for better understanding of customers (Laudon, 2009).Advertising We will write a custom term paper sample on Business Information Systems specifically for you for only $16.05 $11/page Learn More The finance and accounting function is responsible for management of organization’s financial asse ts and managing firm’s capitalization, such as; determining new assets in stocks, bonds or other forms of debt. The function also involves maintenance of organizational financial records, such as; invoices, payments, receipts, stocks and payroll. Information systems supports financial and accounting function through establishing, building and managing of strategic products and services such as; financial advising, wealth management, risk management systems, credit services, and online financial services (Laudon, 2009). Manufacturing and production function governs production of organization’s goods and services. It is concerned with planning, development and maintenance of production infrastructure. It also deals with identifying production goals, procurement of materials, equipment and labor scheduling, and making of final products. Information systems aid this function by developing manufacturing and production systems that assist organization to compete by; reducing supply chain costs, increasing quality and enabling the firm to design and introduce new products in the firm (Laudon, 2009). The human resource function deals with management of company’s workforce. The human resource information systems support activities such as employee records, payroll, and training and skill programs. Information systems support this function by providing information and communication capabilities that reduce the cost of managing employees; organizing jobs, and work assignments to reduce operational costs. This gives an organization a strategic edge (Laudon, 2009).. How a Four-Step Method for Business Problem-Solving Helps in Solving Information System Relations Problem The four-step method for business problem solving assists in solving information system relations problems; as it includes generation of new ideas using creative computer software. Solving information relations problem requires a process exhibited in the four step method for business pr oblem –solving. The four steps involved in this method include; generation, evaluation, validation and establishment of boundaries (Thierauf, 1999). Generation is the most significant step in problem search. It involves probing of potential problems that might have an impact to the organization. It assists search for future problems as well. Once the problems are identified and analyzed, it provides a need to evaluate the cause and effect relationships of each problem and its possible effects on the organization currently.Advertising Looking for term paper on business communication? Let's see if we can help you! Get your first paper with 15% OFF Learn More The evaluation step reviews the problem uncovered in the generation stage for managerial concern, aided by cost benefit analysis. It also uses creative computer software to generate new ways to evaluate future organizational problems. Validation step builds on evaluation of the problem. Actual problems are selected at this stage for managerial concern currently and in future. Validation for problem solving is generally supported by cost benefit analysis and related organization’s essential success factors if necessary. The fourth step involves establishment of boundaries. Completion of problem validation necessitates definition of each problem within its boundaries (Thierauf, 1999) Conclusion Information systems have transformed the globe from industrial society to an knowledge-based economy. Organizational managers today depend on information technology for everything from conducting daily business operations to executing strategic business decisions. As tools of this inform ation age, computers perform complex operations as well as daily tasks like word processing and creating spreadsheets. Through the use of information systems, for instance, orders can be placed by clients from their own homes, payment can be taken and suppliers can be notified about which products to produce and where to ship them. All this can be done online through the internet, thus, enhancing efficiency in existing process of placing order. Reference List Laudon, K., Laudon, J. (2009). Essentials of Management Information Systems. New Jersey: Prentice Hall Publishers. Rainer, R., Cegielsky, G. (2009). Introduction to Information Systems. New York: Greenwood Publishing Group. Stair, R., Reynolds, G. (2011). Principles of Information Systems. New Jersey: Prentice Hall Publishers. Thierauf, R. (1999). Knowledge Management Systems for Business. New York: Greenwood Publishing Group. This term paper on Business Information Systems was written and submitted by user Trevon Trujillo to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Research Paper no Plagiarism

Research Paper no Plagiarism Research Paper no Plagiarism Research Paper no Plagiarism The objective pursued by tutors who assign research paper writing is to make student think critically and express thoughts logically.   This objective is easy to set, however, is not so easy to achieve.   Here are some helpful research paper ideas. First, as trite as it may sound, you should not put off writing a research paper to the last day, hoping that five pages college research paper is half an hour of work.   It does not mean that you have to set aside all of your plans and start writing you English research paper right now.   At least an hour a day should be devoted to researching, planning, writing, formatting, and editing.   While being in a shower, for example, you may think about your research paper writing. When the time comes and you decide to start research paper writing, you already know what you should write and what type of information is necessary. Secondly, although research paper writing excludes plagiarism, it is impossible to write a research paper without consulting and citing numerous publications. Therefore, you have to start collecting material. If you have enough time, it is a good idea to devote some of it to information gathering. Thirdly, it is good to discuss research paper topic with someone. It would be really wonderful to discuss it with research paper adviser. Besides, research paper adviser will propose you something interesting and help you narrow the topic. Your research paper adviser might shed light on your own vision of the topic.   Moreover, while talking with some, you can show your own intensive work of thought. Fourthly, it would be a good idea to explore the characteristics of your muse. Inspiration is rather a capricious thing. So, when your head is full of thoughts, the muse breathes in the neck, it is time to start research paper writing. Research Paper Help Research paper writing is a student's reflection on the assigned problem (or the one that is of interest to the student).   Research paper topic should be relevant to the course and be of interest to readers. Therefore, while writing a research paper, you must present different points of view.   Your ultimate goal is to demonstrate the depth of research and thorough understanding of the topic. You are welcome to quote other authors, but moderately and by the occasion. Footnote should be made at the bottom of the page (the author of the book or article, publication date, page). In addition, you should include a full list of consulted and cited literature.   Bibliography list is the final page of your research paper writing. College research paper writing it is absolutely an independent work written in your own style and language. PLAGIARISM must be EXCLUDED! Moreover, the plagiarized text is always visible for experienced tutor.   Placing an order at you receive r esearch paper no plagiarism. It means that your research paper is written from scratch and all sources are fully referenced at the end of the paper and within it.

Impact of Thomas Jefferson on John Adams based on David McCullough's Essay

Impact of Thomas Jefferson on John Adams based on David McCullough's bioigraphy - Essay Example Both men reveal an ongoing influence upon the other. In the later years, the author hints of a vilification of Jefferson to Adams in the mind of the popular press, yet the text itself implies otherwise, describing situations with a latent sympathy to the old comrades. Specifically, this paper will examine several key comparisons of the text which impart a moral description of Adams through ertain excesses of Jefferson. Jefferson is first introduced at the gathering of the Second Continental Congress, an opportunity the author uses to make a physical comparison with Adams, for where Adams was "stout, Jefferson was lean Where Adams was bald, Jefferson had a full head of thick coppery hair" (111). McCullough lists a number of other comparisons, of which the two most important ones were Adams hailing from Massachusetts while Jefferson came from a financially well-off Virginian aristocracy, thus, while both were extremely practiced in law, "Jefferson had never relished the practice of law as Adams had, nor felt the financial need to keep at it." (114). Jefferson is portrayed as speaking very little at this Congress, being deferential to Adams in almost all matters, although the gentlemen in general held a mutual respect and admiration for the other. Jefferson's assignment to write the Declaration of Independence is addressed by both men many years later. Jefferson recalls that he was asked and agreed, Adams claims that Jefferson tried to pass the work onto him (Adams), but that Adams refused for three reasons: 1) because that a Virginian representative should be involved in the forefront of the endeavor, 2) Adams saw himself as obnoxious and unpopular (a self-deprecation otherwise non-existent) and Jefferson the opposite, and 3) that Jefferson was the better writer. Despite Adams and the rest of the drafting committee, making minor changes, Adams promoting the skill of Jefferson's writing has proven to be a boon to successive American generations. When Jefferson was chosen as an ambassador to France in 1782 and sent to join Adams and Benjamin Franklin, who were already posted in Paris, Adams lauds the selection, claiming no one else compares to Jefferson character "in point of power or virtues." (318). This warmth is wholly absent from an earlier letter Jefferson had sent to James Madison, saying Adams's "vanity is a lineament in his character (and) his want of taste I had observed" (318). Despite some waffling, however, Jefferson does admit to Adams's integrity and usefulness in the position. To be fair, Jefferson was just leaving an unwelcome stint as governor of Virginia, a tenure culminating in his narrow escape from British invasion. Perhaps his vehemence in describing Adams is therefore related to an attempt to inflate his own worthiness, a latent desperation to receive the posting himself. For upon his arrival in Paris, Jefferson resumed very close relations with the entire Adams family. McCullough does point out a dis tinct difference in lifestyle here, for Jefferson, rather than assuming the modest lifestyle of the Adamses and living on the outskirts of the city, instead takes an apartment in the heart of the city and goes on wild shopping sprees. He lives in such a constant state of

BMW Consumer Research Essay Example | Topics and Well Written Essays - 2500 words

BMW Consumer Research - Essay Example Pg 1 - You say that your quotation in para 1 comes from BMW - where We need the publication details here. Has this first sentence come from the BMW web site If so, this should be referenced and critiqued - company web sites are not objective and valid sources of data this comes from BMW.com as stated in the reference page (BMW 2006). You are not 'supposed' to type a .com in a paragraph citation. BMW is listed in the reference page as BMW.com. That is why we have citation and then you look at the reference page. That is where this information is at. The scope of this research is to define factors that influence BMW's brand and image with an inference to create a program that increases customer value, satisfaction and loyalty towards the BMW brand and image. This will be done by examining the external environment in relation to Kotler and Keller's Marketing Management (2006), where: The societal marketing concept holds that the organization's task is to determine the needs, wants and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being. Customer Relationship Management (CRM) is a met... This can be achieved by understanding the factors that influence consumer behavior and by building a trustful and committed reputation for BMW that is in alignment with consumer needs (Little and Marandi 2003). To create a program that will effectively increase consumer satisfaction, the research proposed is secondary literary research and the applications to BMW's environment. This will allow BMW to define potential consumer's perceptions and lifestyles and the manner in which these factors are affected by external engagement. This research will deal with the people who purchase from BMW as well as the external factors that effect their purchase behaviors. 1.3 Research Justification While the application of such things as internet and email based surveys are quite wide-spread and appropriate in most areas of marketing research, we can assume that implementing a research program based solely on the application of primary research and conclusions of statistical inferences will not allow for a subjective review and will only be based on the consumers collective responses to a question (Craig and Douglas 2000) This does two things, first it removes the possibility of consumer interpretations towards marketing research and secondly it is only representation of a single sample, in this case BMW's previous research has been gathered around the current customers, but not inherently dependant on cultural factors that engage or disengage a consumer behaviour in relationship to external forces. Pg 3 - how do you know that BMW currently has primary information on consumers Where did you get this from How can you state that BMW is lacking in subjective and theoretical resear ch If this is true, it needs substantiating:

Leadership Research Paper Example | Topics and Well Written Essays - 3000 words

Leadership - Research Paper Example art U.S., â€Å"should work with OUR Wal-Mart to improve jobs at our company so that we have an opportunity to join the middle class, strengthen our company’s bottom line and improve our nation’s economy† (Ausick, 2014, para 2). This paper discusses Wal-Mart’s problem in ethical leadership, and proposes and defends solution to this dilemma. The proposed solutions are ethically grounded and based on principles of social justice and quality of life. OUR Wal-Mart publicly specified three issues that the former Wal-Mart leader, Bill Simon, failed to address: weakening brand image, dropping sales, and low wages. The organization refers to a research by Demos-- a public policy research institute-- that reported a higher wage rate for full-time workers of retail corporations that hire thousands of employees could significantly improve the quality of life of hundreds of thousands of women and their families (Tepel, 2014). The worsening performance of Wal-Mart U.S. has also been observed by some professional groups, and they claimed that Simon’s use of smaller stores was not the appropriate solution. The organization also mentions a survey of consumers that reveals â€Å"Wal-Mart’s pay and treatment of workers are influencing shopping habits† (Reuters, 2014, para 2). The poll revealed that a quarter of the overall number of the company’s most loyal customers is disappointed by how Wal-Mart handles its emplo yees, and that they, consequently, avoid shopping at the stores (Reuters, 2014, para 2-3). Although Wal-Mart’s terrible business practices have been known for several years, workers were not inclined to protest against it; but OUR Wal-Mart changes it. Since these courageous employees are not unionized, they were risking their jobs by protesting. In 2012, Wal-Mart publicly announced $444 billion in profits. Robson Walton, the successor of Wal-Mart, received roughly $420 million in 2011, while the company’s employees receive a meager annual salary of $15,500

Ethical Issues Of Internet Privacy Media Essay

Ethical Issues Of Internet Privacy Media Essay Privacy is a status wherein an individual can work on his/her information in seclusion, resulting in a selective revelation of ones identity and information. Privacy can mean anonymity in case a person wants to remain unidentified. Privacy can also be related to the security aspect of an individual or information. The definitions of privacy can differ across individuals and cultures. The invasion of privacy can be avoided by the issue of privacy laws.  Ã‚  [1]   Internet, which hosts an enormous information base, has given rise to the concept of information privacy. The vast information on the Internet faces security needs. Unauthorized access to the information is undesirable. Data privacy refers to the association between the technology and the legal rights related to it. Whenever any information about a person or a persons data is stored, privacy needs arise. Internet privacy is the control one has over what information about oneself, the person wishes to disclose. Internet privacy refers to having control on the access to information over the internet.  [2]   Ethical Issues concerning social networking sites: facebook. Internet privacy comes on the scene when it comes to website users giving out their personal details on the Internet. There are several issues about whether third parties should be allowed to store or read emails without informed consent. One of the main privacy concerns is that the third parties should be allowed to track visitors on a website or not.   Facebook have very few ways to protect and restrict the outside developers of games, quizzes etc. from accessing users profile information.  [3]   The other important Internet privacy issue concerning facebook is whether it is okay with the usersas they allow it to gather personally identifiable information on them and then display in public or give their contact information to others. An article, intelligent life on the web posted at Buzzle.com identifies two schools of thoughts on these issues. One school of thought denies the existence of Internet privacy while the other advocates the necessity of the Internet privacy. Complete anonymity is not the intent of Internet privacy. It rather intends to achieve a controlled disclosure of ones personal information. Internet is a network of networks and when a person uses the Internet, he/she connects to it and is identified by an address. In technical terms this address is known as an IP address. For security reasons, a website may wish to track these addresses of its users. Websites may collect the non-personally identifiable information of their users.  [4]   Such information is the one, which in no way can be used to uniquely identify a person. The disclosure of these forms of information is acceptable. It is actually the means by which websites track the users Internet activities. There is a controversy going on the privacy issue concerning these social networking sites.there are users who are unaware that their profiles, documents, pictures,etc are being marketed by such sites.there are people who afre confused whether or not to give their contact information,upload their photos: whether facebook abides by its privacy policy and if it does then why is there an argument.social networking sites especially facebook has become a ground where the boundary line between private and public is becoming blurred.By hacking ones account and gaining access to all the information posted by one can be gained.This poses threat as well as fear for the users.Some people fear the fact that they have a visibility over the Internet for such reasons. Its clear that privacy issues are top of mind for Facebook, and yet we found serious privacy gaps in the way the site operates, says Privacy Commissioner Jennifer Stoddart in an article posted on office of the privacy commission of Canada website. The investigation, prompted by a complaint from the Canadian Internet Policy and Public Interest Clinic, identified several areas where Facebook needs to better address privacy issues and bring its practices in line with Canadian privacy law. It directs attention to the problem that when the user deactivates his account from facebook.it does not delete it.the information is still contained on the page although it may not be visible to the user. A special issue of the Journal for Computer-Mediated Communications was dedicated to studies of social network sites.  [5]   it is need of the hour that these sites rise to action.facebook needs to define the trade-of demarcating line between whats public and whats private. Internet privacy is indeed important in case of the revelation of personally identifiable information on facebook. THE FUTURE OF SOCIAL NETWORKING SITES: SNEAK PEEK. Social networking has always been exisiting.however, online social networking came to the surface in 1995 when the first social networking site was established.Ever since, the number has been increasing at a pace that is unimaginable. According to Wikipedia there are around 200 social networking sites in existence today.these sites offer different features and are of various types and dedicated to different groups like affinity groups, etc We can take a sneak peek into the future of social networking sites like facebook by looking at the pace at which facebook has been growing.initially, the social networking site which started off for the university students to interact with each other began to grow and today has a population that would form a number greater than that of india and china, says a BBC documentary Constant innovation is needed in every business.the social networking sites which are innovating,offering entertaining services to the users are the ones who have the users addicted to them. facebook is one of them. These social networking sites are forming a platform for marketing where the marketers can display their advertisements and help gain access to interested customer information to contact them. This allows them to do target marketing and is becoming a leading substitute to offline advertisement as it is cheaper and considered more effective However, there are others who say that this is not the case. Some analysts point to the fact that with an aging group of people using the social network technology and less young people wanting to make facebook pages (as well as pages on other networks) the fate of the social networking site is to fade away.the younger generation according to them is more directed towards offline world and offline social interaction. All of this concludes to the fact that the future of social networking is gloomy and grim because now it is not thought out to be as a cool place among younger groups. Still others see the future in social networking sites as something that depends on technology. If the technology used for the networks changes and becomes even more powerful and full featured, more young people will want to use the networks. This will increase the amount of people on the social sites, and increase revenue and customer base for those who own them. These people do not see the social networking craze as having peaked yet, because there is always the potential for better technology. However, whatever school of thought we consider and whatever imagination we hold at the back of our mind, we simply cannot deny the impact that these networking sites are having on our daily lives. Facebook is undergoing a huge period of growth. With more than 150,000 new users signing up daily, it is growing three times as fast as rival MySpace. Mac Zuckerberg in his interview to the TIMES magazine describes Facebook as a social utility rather than a social network? RECCOMMENDATIONS: No matter how successful a business gets, it needs to constantly change, innovate, bring in new stuff for its target users. The facebook webpage should be made more interactive. It should include features like: user friendly tools, details about the privacy to help the first users gain trust and confidence in it. It should include more content on the help tool like google does.this could help ease the users and they would begin using facebook as a search site instead of google The search tab should be made more usable by including more content to it It should focus more attention on the privacy policy.The information of a person should be strictly confidential to that person and that person alone unless he aims to make it private.it should not be marketed by giving it to other search softwares like google It should also ensure that developers can only access the user information actually required to run a specific application,e.g: games,quizzes,etc It must not also disclose information of the users who are only browing through the application and not actually using it Adding an additional feature like picture rating scale as used by major social networking sites can help it gain more attention of users.the users can rate the pictures.it can alsouse this feature to generate revenue In order to stand different from its competitors it should adopt easily accessible softwares that can help users build their own blogs on facebook Since many young users are into editing photos.it can capitalize on this interest by adding simple, light load and easy to use photo editors As soon as a person deactivates his account from a group, his information should be immediately removed from the page FEATURES The basic purpose of a soial networking site is to provide a platform where different people of same interest, gendre,affinity,culture, or at least having something in common can come together and share their views, ideas and in this way make new friends.This like that of all other social networking sites forms the core product for facebook. However in order to stand out different from the crowd such site must offer more than just the basic tools.these are the supplementary services and tools that augment the core product. The producers of facebook augment the core product by providing supplementary features, the most important of which include: Quizzes Music player Games Social interviews Games groups events Sales discussion boards Quizzes poker Social interview network directory favourites news storage News New events Poker Platform for Social interaction : coresales profiles friends network network directory favourites e-mail storage chat message boards groups discussion boards membership management tools TECHNOLOGY AND CHANGES: Facebook has started to make a series of evolutionary moves over the recent past times.technolofy keeps evolving since it is human need to see and experience change in its life. Facebook ,like most other social networking site has been free for its users.the revenue model is based on advertisements and the users are not charged for the service.however, it is expected that since facebook has built its large userbase, it might shift to a fee based model. But since most other sites and even its competitors like twitter,etc are not charging its users,this might pose a threat to its established user base and brand name. The source for this cannot be quoted since its a discussion that is surrounding and is circulating on the web. CHALLENGES Although facebook has a large population of users around the world, it is still facing challenges going global. Last year,  Facebook  sued German social network  StudiVZ  for violating copyright laws, mimicking its logo, features and service, according to German website,  The Local. The two companies are currently battling out of court, but will begin trial in July if an agreement isnt met. Also an investigation was carried out by Privacy Commissioner Jennifer Stoddart on ethical issues concerning facebook.the details of which are posted on office of the privacy commission of Canada website. The investigation, prompted by a complaint from the Canadian Internet Policy and Public Interest Clinic, identified several areas where Facebook needs to better address privacy issues and bring its practices in line with Canadian privacy law The privacy issue concerning it has been brought to the surface and institutions are looking into this matter Facebook in reaction to it has although improved on its privacy policy but still it is claimed that the issue has not been fully resolved and it needs to further provide safety to the users. Apart from these legal and social challenges, facebook also has to deal with the challenge of competition.its direct competitors which include twitter,linkedin,etc are also rising above the surface with their increasing userbase and offering more services. In recent news reported in US magazine, Pakistan,published on April 30,2010 ,it is reported that twitter has announced a new service called promotd tweets which would allow businesses to buy keywords that would let them show advertising messages in search results,and will help turn the service intoa profitable business. This might be a major threat for facebook.the response for this can be taken by giving more opportunities to capitalize for the businesses so that it does not lose the base of users from business sector. Also, If the competitors offer more privacy or come up with some more innovative tools, itd be threatening for it. Face book must therefore constantly innovate to keep its users glued to its services. At the end of the day we all understand that no competitive advantage is sustainable. Anything can be imitated. so we cannot sit back and think of capitalizing on established user base and differentiated services for long. constant innovation and rapid response to change is the key to success for all businesses.

Substance Abuse in the Workplace Essay -- Illegal Drugs Alcohol Addict

Substance Abuse in the Workplace Substance abuse in the workplace is one of the top concerns in the United States today. â€Å"Studies show that 73 percent of drug users are employed, costing American businesses billions of dollars annually in lost production and staffing costs (Walsh).† â€Å"Due to higher employment rates and rising substance abuse, the chances that your organization employs one of these 8.1 million workers is greater today than it has been in the past several years (Walsh).† Studies also reveal that employees who abuse drugs have a tremendously harmful effect on the workplace. They are more likely to have extended absences from work, show up late, be involved in workplace accidents, and file workers compensation claims. Substance abuse includes anything from drug use, such as cocaine and heroin, to alcohol abuse. Before I start to discuss the various ways to get control of substance abuse I would like to give you a small background of the impact of substance abuse on the world today. The department of labor has gathered some of the following information and statistics to show the world how it is being affected: †¢Substance abuse in the workplace costs are estimated at $100 billion dollars annually. †¢Alcoholism causes 500 million lost work days each year. †¢Drug-using employees at GM average 40 days of sick leave each year compared to 4.5 days for non-users. †¢In Ohio substance abuse treatment has shown significant improvements: - 91% decrease in absenteeism. - 88% decrease in problems with supervisors. - 93% decrease in mistakes in work. - 97% decrease in on-the-job injuries. Page 2 As you can see substance abuse is a very ser... ... the warning signs and implement a policy to attack the problem. Most likely it is going on right under your nose and you do not even know it. Take the time to step back and help your employees, the people that really make a difference to your company. You never know it might save you money. Bibliography: Works Cited Campbell, Reginald L. Substance Abuse in the Workplace. New York: Mcgraw Hill, 1990. Harris, Michael. Human Resource Managment: A practical Approach. New York: Dryden Press, 1997. Largent, Richard J. Preventing Substance Abuse in the Workplace. Boston: Houghton Mifflin Company, 1996. Loomis, Loyd. Drug Testing: A Workplace Guide to Designing Practical Policies. Chicago: BNA Plus, 1990. Walsh, Michael J. Drug and Alcohol Abuse in the Workplace. New York: Target Investment Inc., 1996.

Modern Adaptation of Oedipus Rex (Scene)

Oedipus Rex Adaptation Original Scene: Laius meets the oracle and learns that his own son will kill him and marry his mother. Laius orders Jocasta to kill the baby. Jocasta hesitates and gives the baby to a servant so he could kill the baby. The servant leaves the baby to die in the sun. *A shepherd saves the baby and names him Oedipus. *optional to adapt Characters 1. King Laius / Lionel von Hudson – Jared Lionel von Hudson is a wealthy and powerful businessman. He comes from a line of elites and his family holds tremendous economic power in New York. . Queen Jocasta / Cassandra von Hudson – Ravina Cassandar von Hudson is the wife of Lionel von Hudson. She also comes from a long line of elites from the Hamptons. She is unwilling to kil her first born child. Sometimes, she’s also conceited and proud. 3. Oracle / Gypsy lady – Ratna A gypsy fortune teller who receives a vision and prophecy on the fate of the von Hudsons. Carries her fortune telling crystal w ith her. 4. Servant / Sherry the Attendant – Farah Sherry is the von Hudson’s attendant who act as both driver and personal bodyguard.A religious person but also fears her employers. She believes in fate. 5. * Corinthian Shepherd / Plumber – Jared A plumber who takes care of the sewer pipes. A person with a good heart. Setting: Modern day Upper East Side Manhattan, New York Scene 1 Setting: Outside Lionel’s office building Props: 2 chairs (car) and a â€Å"crystal† ball Lionel ask his driver to pull over at the office for a meeting. Lionel : Now, Sherry, the meeting will be till 2. I will be back at about 2:30. Sherry : Yes Mr. Lionel. I will be here. Have a good meeting Mr. Lionel, Mdm. Cassandra.Lionel and Cassandra exit the car and walk towards the office entrance when they were stopped by a gypsy lady with a crystal ball. Gypsy Lady : The couple there. Mr and Mrs von Hudson. [walks over to Lionel and Cassandra] Cassandra : Oh Lord woman. How do you know our names. But then again, we’re all over the news anyways. Gypsy Lady: I come with news, news you must hear, regarding your child and your fate. For I see your future. You are doomed Mr. von Hudson, doomed to death by the hands of your son. And you, Mrs. on Hudson, incest be upon you for when death befalls Mr. von Hudson, you will marry your child. Lionel: What nonsense. You foolish gypsy. Shut your mouth and stop this rubbish. I’m late for my meeting and you’ve just ruined my mood. Cassandra: I shall not believe in this nonsense either. Let’s go Lionel. Let’s leave this foolish lady. Lionel and Cassandra walks away. Gypsy Lady: [shouts] HEED MY WORDS VON HUDSON. FOR TRAGEDY WILL BEFALL YOU TONIGHT AND WE’LL SEE WHO THE FOOLISH ONE IS.Cassandra looks over her shoulder at the gypsy lady, a tinge of worry on her face. Scene 2 Setting: Elevator to the von Hudson’s penthouse. Props: none Lionel: What foolishness. That gypsy sur e knows how to get on my nerves. I’m still angry just thinking of her. Cassandra: Lionel dear, let’s not worry about her and open ourselves a bottle of champagne tonight. A fool will be a fool. DING! Elevator door opens. Lionel and Cassandra looks at their penthouse in horror and shock. Lionel : What in the world could have done this?! Look at our apartment.It’s trashed. Cassandra : Oh no. What if the Gypsy Lady was right? Lionel : SHERRY?! Sherry comes running in. Sherry : Yes, Mr. Lionel†¦Ã¢â‚¬ ¦.. [looks around in horror] I’ll get the maintenance to clear this up. Sherry runs out. Cassandra : Oh Lionel, what are we to do. She was right. Lionel : We have to save ourselves Cassandra. I will leave for a business trip tomorrow. When I’m back, I want the boy gone. Kill him before he kills us and land you in sin. Cassandra : But†¦ but he’s our flesh and blood. Lionel : It will be as I say. Scene 3Setting : Penthouse (clean again) Prop s: â€Å"baby† Cassandra : [on the phone] Sherry, could you come up here please. DING! Sherry : Yes, Mdm. Cassandra? Cassandra hands Sherry the baby. Cassandra : You have to do it Sherry. I can’t. Sherry: Do what madam? Cassandra : Kill him. Before he grows up and kill Lionel. Sherry : I†¦. I can’t†¦. Cassandra : You must. Cassandra covers her face and sobs. Scene 4 Setting: Sewers Props : â€Å"baby† Sherry : I’m sorry young master. What ordeal has come upon such a tiny soul. Oh God. Why?! I could not bring myself to do it.If it’s your fate to live, young master, then, may God send someone to save you. But if it’s your fate to die, let the crocodiles come to you first. Sherry leaves the baby on the ground and leaves. *optional Plumber walks in. Plumber: Now, where is that broken pipe? [hears baby’s cry, looks around and spots the baby] Oh dear god. Why? To an infant soul? [picks up baby] You poor thing. But I’ m too poor. I do hope that Mr. and Mrs. Goldstein would take him? They’ve been trying to have a child for ages. [looks at the baby, smiles] Hello there, Alfie.

Ellen Gates Starr Biography

Ellen Gates Starr Biography Ellen Starr was born in Illinois in 1859.  Her father encouraged her in thinking about democracy and social responsibility, and his sister, Ellen’s aunt Eliza Starr, encouraged her to pursue higher education.  There were few women’s colleges, especially in the Midwest; in 1877, Ellen Starr began her studies at Rockford Female Seminary with a curriculum equivalent to that of many men’s colleges. In her first year of study at Rockford Female Seminary, Ellen Starr met and became close friends with Jane Addams.  Ellen Starr left after a year, when her family could no longer afford to pay tuition.  She became a teacher in Mount Morris, Illinois, in 1878, and the following year at a girls’ school in Chicago.  She also read such authors as Charles Dickens and John Ruskin and began shaping her own ideas about labor and other social reforms, and, following her aunt’s lead, about art as well. Jane Addams Her friend, Jane Addams, meanwhile, graduated from Rockford Seminary in 1881, tried to attend a Woman’s Medical College, but left in ill health.  She toured Europe and lived for a while in Baltimore, all the while feeling restless and bored and wanting to apply her education.  She decided to return to Europe for another trip and invited her friend Ellen Starr to go with her. Hull House On that trip, Addams and Starr visited Toynbee Settlement Hall and London’s East End.  Jane had the vision of starting a similar settlement house in America and talked Starr into joining her.  They decided on Chicago, where Starr had been teaching and found an old mansion that had become used for storage, originally owned by the Hull family – thus, Hull House.  They took up residence on September 18, 1889, and began â€Å"settling† in with the neighbors, to experiment with how to best serve the people there, mostly poor and working-class families. Ellen Starr led reading groups and lectures, on the principle that education would help uplift the poor and those who worked at low wages. She taught labor reform ideas, but also literature and art. She organized art exhibits. In 1894, she founded the Chicago Public School Art Society to get art into public school classrooms.  She traveled to London to learn bookbinding, becoming an advocate for the handicrafts as a source of pride and meaning.  She tried to open a book bindery at Hull House, but it was one of the failed experiments. Labor Reform She also became more involved in labor issues in the area, involving immigrants, child labor and safety in the factories and sweatshops in the neighborhood. In 1896, Starr joined the garment workers’ strike in support of the workers. She was a founding member of the Chicago chapter of the Women’s Trade Union League (WTUL) in 1904.  In that organization, she, like many other educated women, worked in solidarity with the often-uneducated women factory workers, supporting their strikes, helping them file complaints, raising funds for food and milk, writing articles and otherwise publicizing their conditions to the wider world. In 1914, in a strike against Henrici Restaurant, Starr was among those arrested for disorderly conduct. She was charged with interfering with a police officer, who claimed she had used violence against him and â€Å"tried to frighten him† by telling him to â€Å"leave them girls be!†Ã‚  She, a frail woman of at best a hundred pounds, did not look to those in court like someone who could frighten a policeman from his duties, and she was acquitted. Socialism After 1916, Starr was less active in such confrontational situations. While Jane Addams generally did not get involved in partisan politics, Starr joined the Socialist Party in 1911 and was a candidate in the 19th ward for the alderman’s seat on the Socialist ticket.  As a woman and a Socialist, she did not expect to win but used her campaign to draw connections between her Christianity and Socialism and to advocate for more fair working conditions and treatment of all.  She was active with the Socialists until 1928. Religious Conversion Addams and Starr disagreed about religion, as Starr moved from her Unitarian roots in a spiritual journey that took her to conversion to Roman Catholicism in 1920. Later Life She withdrew from public view as her health grew poorer.  A spinal abscess led to surgery in 1929, and she was paralyzed after the operation.  Hull House was not equipped or staffed for the level of care that she needed, so she moved to the Convent of the Holy Child in Suffern, New York. She was able to read and paint and maintain a correspondence, remaining at the convent until her death in 1940. Ellen Gates Starr Facts Known for:  co-founder of Chicago’s Hull House, with Jane AddamsOccupation:  settlement house worker, teacher, reformerDates:  March 19, 1859 - 1940Also known as: Ellen StarrReligion: Unitarian, then Roman CatholicOrganizations:  Hull House, Women’s Trade Union LeagueEducation: Rockford Female Seminary Family Mother: Susan Gates ChildsFather: Caleb Allen Starr, farmer, businessman, active in the GrangeAunt: Eliza Allen Starr, art scholar

How Queen Elizabeth II and Prince Philip Are Related

How Queen Elizabeth II and Prince Philip Are Related Like many royal couples, Queen Elizabeth II and Prince Philip are distantly related through their royal ancestors. The practice of marrying within royal bloodlines has become less common as royaltys power is lessened. But so many in the royal family are related to each other, it would have been difficult for Princess Elizabeth to find an unrelated partner. Heres how Britains longest-reigning queen and her husband, Philip, are related. Did You Know? Elizabeth and Philip are third cousins through Queen Victoria and are also second cousins once removed through King Christian IX of Denmark. Background of the Royal Couple When Elizabeth and Philip were both born, it seemed unlikely that they would one day become the most prominent royal couple in modern history. Princess Elizabeth Alexandra Mary, as Queen Elizabeth was named when she was born in London on April 21, 1926, was third in line for the throne behind both her father George VI and his older brother who would become Edward VIII. Prince Philip of Greece and Denmark didnt even have a country to call home. He and the royal family of Greece were exiled from that nation shortly after his birth in Corfu on June 10, 1921. Elizabeth and Philip met several times as children. They became romantically involved as young adults while Philip was serving in the British Navy during World War II. The couple announced their engagement in June 1947, and Philip renounced his royal title, converted from Greek Orthodoxy to Anglicanism, and became a British citizen. He also changed his surname from Battenburg to Mountbatten, honoring his British heritage on his mothers side. Philip was granted the title of Duke of Edinburgh and the style of His Royal Highness on his marriage, by his new father-in-law, George VI. Queen Victoria Connection Elizabeth and Philip are third cousins through Queen Victoria of Britain, who ruled from 1837 to 1901; she was their great-great-grandmother. Philip is descended from Queen Victoria via maternal lines: Philips mother was Princess Alice of Battenburg (1885–1969), who was born at Windsor Castle. Princess Alices husband was Prince Andrew of Greece and Denmark (1882–1944).Princess Alices mother was Princess Victoria of Hesse and by Rhine (1863–1950). Princess Victoria was married to Prince Louis of Battenberg  (1854–1921).Princess Victoria of Hesse and by Rhine was the daughter of Princess Alice of the United Kingdom (1843–1878).Princess Alices mother was Queen Victoria (1819–1901). She married  Prince Albert of Saxe-Coburg and Gotha (1819–1861) in 1840. Elizabeth is a direct descendant of Queen Victoria through paternal lines: Elizabeths father was  George VI  (1895–1952). He married  Elizabeth Bowes-Lyon  (1900–2002) in 1925.George VIs father was  George V  (1865–1936). He married Mary of Teck (1867–1953) in 1893, a German princess raised in England.George Vs father was  Edward VII  (1841–1910).  He married Alexandra of Denmark (1844–1925), a Danish princess.Edward VIIs mother was  Queen Victoria  (1819–1901). She married Prince Albert of Saxe-Coburg and Gotha (1819–1861) in 1840. Connection Through King Christian IX of Denmark Elizabeth and Philip are also second cousins, once removed, through King Christian IX of Denmark, who ruled from 1863 to 1906. Prince Philips father is a descendant of Christian IX: Prince Andrew of Greece and Denmark  was Philips father. He was married to Princess Alice of Battenburg, listed above.George  I of Greece (1845–1913) was Prince Andrews father. He married Olga Constantinova of Russia (1851–1926) in 1867.Christian IX of Denmark (1818–1906) was George Is father. He married Louise of Hesse-Kassel (1817–1898) in 1842. Queen Elizabeths father was also a descendant of Christian IX: George VI, Elizabeths father, was the son of George V.George Vs mother was Alexandra of Denmark.Alexandras father was Christian IX. Queen Elizabeths connection to Christian IX comes through her paternal grandfather, George V, whose mother was Alexandra of Denmark. Alexandras father was King Christian IX.   More Royal Relations Queen Victoria was related to her husband, Prince Albert, as first cousins and also third cousins once removed.  They had a fertile family tree, and many of their children, grandchildren, and great-grandchildren married into other royal families of Europe. Britains King Henry VIII (1491–1547) was married six times. All six of his wives could claim descent through Henrys ancestor, Edward I (1239–1307). Two of his wives were royal, and the other four were from the English nobility. King Henry VIII is Elizabeth IIs first cousin, 14 times removed. In the Habsburg royal family, intermarriage among close relatives was very common.  Philip II of Spain  (1572–1598), for instance, was married four times; three of his wives were related closely to him by blood. The family tree of Sebastian of Portugal (1544–1578) illustrates how intermarried the Habsburgs were: he had only four great-grandparents instead of the usual eight. Manuel I of Portugal  (1469–1521) married women who were related to each other; their descendants then intermarried.

Management and Business Essay Example | Topics and Well Written Essays - 1750 words

Management and Business - Essay Example So the hue and cry by environmentalists to create such regulations does not seem too environment-friendly, after all [Bhagwati (2004), p.137]. The infant food manufacturers, of these Nestle was specifically targeted by social organizations, contributed to the death of infants from less developed countries (LDCs). They sold their products to people incapable of using them properly. The charges were that many third world nations have contaminated water supply and parents dilute the formula to stretch the supply. The defence by nestle stated that it has never advertised to substitute breast feeding with bottle feeding and that It had actually promoted formula as supplement to aid nutrition. Since mothers in poor nations have deficiencies or their work schedule does not permit them timely feeding. However, despite strong protests against the infant formula controversy, these multinationals are still strongly holding their place in LDCs [Auscampus (2009)]. When government reprimands a fac tory, through its regulations, for dumping hazardous waste into river or destroying environment by its activities, the company can obey the government by cleaning up environment or upgrading its processes. Alternatively it may move over to some other country, the LDC, for its operation. The LDC requires revenue generated by the company but does not use any high tech environment protection rules [VEXEN Crabtree (2006), pars. 2-3]. Are multinationals getting more powerful than state governments The answer could be obtained by evaluating the financial strength and extent of employment generated by these. If the revenue of General Motors and Ford put together, it would supersede the GDP for all of sub-Saharan Africa. The car multinationals are directly providing employment to more than 20 million people and to a lot more in the associated industries. Today these are in position to decide the fate of government. The ownership and power is same with other industries also. Today two corporations control 80 percent of the coffee production of world; merely four corporations account for 87 percent of the world's tobacco industry, and two corporations--Boeing and Airbus have almost monopoly over civilian airplane production by having a share of 95 percent. The top 200 firms now control one fourth of the world's monetary activity. Among the top 100 of these, increase in total assets has been extraordinary. Their assets have gone up to USD 4.2 trillion in 1995 from USD 0.5 trillion i n1980. For example, the wealth of the food and retail multinational Wal-Mart, after buying Asda in Britain, has become more than 161 countries including Israel, Poland and Greece. General Motors is bigger than Denmark while Ford is bigger than South Africa [Morgan (2000), pars.3-5]. These multinationals are better organized than the states where they invest their money. It gives them power to negotiate and manipulate deals particularly in weak and developing nations [Kehl (2009), p.2]. The globalization is not only changing the powers of state, it is also changing the territories of the states. Ohmae [1993 as cited in Axtmann (1996), p.119-120] explained that global economy is

Strategic Management Essay Example | Topics and Well Written Essays - 2500 words - 3

Strategic Management - Essay Example It is the process through which organizations follow a certain path to achieve desired short term and long term goals and can maintain a desired level of output. A proper strategic planning can help an organization to develop a clear long term vision and would help the management to visualize where the organization would be after five to ten years or may be even more than that. Strategic Planning can be treated as a milestone for each and every organization. Without strategic planning, the organization can actually never identify the present position in the industry and cannot develop a strategic guidance for the future (Henry, 2008, p. 89). This study has been conducted with a motive to develop a strategic plan for Tesco, one of the large retail supermarkets in the U.K. The study looks to focus all the aspects related to the development of a strategic plan of an organization including the assessment of the mission and vision statement, situation analysis and final development of the strategy to gain competitive advantage over the competitors. Here it needs to be mentioned that the although Tesco is a global retailer, but still the study has been conducted with respect to the UK market as it happens to be the home country and largest market of Tesco compared to other markets in the world. Getting Ready Choosing Organization Tesco PLC. Developing Organizational Profile Tesco PLC is a multinational retail grocery retailer and general merchandiser. The company is headquartered in Chest Hunt, UK. It happens to be the largest retailer in the United Kingdom and the third largest retailer in the world after Wal-Mart and Carrefour. The company was originally founded by Jack Cohen in 1919. As on April 2012, Tesco had 6,351 stores all over the world. The company has 2,975 stores in UK market. According to annual financial report of 2012 the total revenue of the company is ?64.539 billion. Specific issues to be addressed Over the past few years the retail business in the UK has seen a lot of changes. One of the key issues to look for while developing the strategic plan would be the effect of the changes external environmental factors and the impact of those on the company’s day to day business activity. The present industry scenario also plays a major role in the development of the business strategy and hence this has to be taken into account. Along with the external environment assessment, the internal environmental factors would also be reviewed as it would help the company to identify the core competencies, strengths as well as the weaknesses (Kolb, 2008, p. 92). Key Information to be collected To understand the impact of the external environmental changes, political, economic, social and technological factors need to be assessed. Also to understand the present market scenario especially market competitiveness, Porters Five Forces will be analysed. It consists of bargaining power of the buyers and suppliers, industry

Research Methods for Managerial Decisions Essay Example | Topics and Well Written Essays - 500 words

Research Methods for Managerial Decisions - Essay Example Therefore, the observed values would be different for each case, hence the difference in the results. Coming to the problem of optimization, the only variable that is used for estimating the optimal values is known as the coefficient of multiple determinations, which is denoted by R2. According to theory, R2 is used to determine the proportion of the variation in the dependent variable that is explained by the set of independent variables. For the above 2 cases, R2 was found to be 0.546 & 0.570 respectively. This signifies that in the analysis, only 54.6% and 57% of the variation in the revenue can be accounted for by the 3 variables taken into consideration. If indeed one were to make the solution optimal, then it can only be done if the model were to explain the results in terms of the largest variation in the dependent variables along with the use of the fewest number of independent variables. As such, it would be optimal to include all the lagged values in the regression equation (as they are dependent variables), but along with this it would also be necessary to include the normal values (current advertising expenditure as well as the price index). The estimated advertising costs (under normal values) must be excluded, as it is not required. Under this scheme, the R2 turns out to be 0,756, which is the largest obtained among all possible combinations, and hence the most optimal. Under the following scenario, we adopt the Normal distribu

Bystander Behavior and Concepts Essay Example for Free

Bystander Behavior and Concepts Essay Research reveals that the feeling of guilt can spur on the behaviour of helping. For instance, a survivor of a terrorist attack may be guilty of going to assist others. Lack of Personal Relationship Ideally, bystanders are more likely to assist when the know the person. In the case of emergency, people in the problem people may make personalized response even if strangers are keeping a distance. The bystanders’ presence in the scene of emergency limits the likelihood of any person will display any response to assist in violence. Schouml;llnberger, Mitchel, Redpath, Crawford-Brown Hofmann, (2007) notes that contrary to common sense, there is no safety in bystander in the presence of the bystander because they see and assume someone else will take responsibility. Both social norm and diffusion explanations predict a reduction in helping behaviour when a bystander is present. Pro-Social BehaviourThe psychological foundations of the pro-social behaviour are beneficial for doing my further research in my field of study. Besides, it can also assist me achieve my educational, criminal justice and social work in line of profession. More importantly, the theoretical understanding with practical implications can assist me in improving my health and philanthropy. The concept teaches the principles of help, sharing and giving that are all important for social relationships and assisting and being of benefit for one another in the society and finally feel good. Social Norms The principle of the social norm argues that people use other people’s actions to decide on when to help. Learning and understanding the social norms in the society will help me develop moral behaviour and learn how to make curate decisions. Making wiser choices is important for life developments and benefits of decisions. Humanism Humanistic psychology refers to a psychological perspective that major on the study of a person referred to as holism. The approach argues that the behavior of an individual is connected to his inner self-image and feelings. According to the humanistic perspective, every individual is unique and individual and is at liberty to change his or her lives at any moment. Because of the center view of the person or her or his personal, subjective perception and experiences of the world, the humanists argue that the scientific methods are inappropriate to study the behaviour. The most influential theory of holism is the cognitive theory (Schouml;llnberger, Mitchel, Redpath, Crawford-Brown Hofmann, 2007). The theory is relevant to my current and future life. Besides, the theory revolves around the studying of the mental process of acquiring knowledge. Since it deals with the perception attention and memory, it will help me achieve and maintain general healthy lifestyle. The theory can be use d to analyze mental illness hence providing healthy lifestyle. Behaviorist Perspective Behaviorists view people as controlled by the environment. Besides, it mentions that we are the result of what we have learnt in our environment. The perspective is important for learning how stimuli affect observable behaviour. The perspective highlights operant conditioning in which people learn from consequences and classical conditioning in which people learn by association. The perspective is beneficial for getting better academic and life grades. Understanding the concepts of learning will assist me achieve better learning procedures for justifying better grades. Reference Schouml;llnberger, H., Mitchel, R. E. J., Redpath, J. L., Crawford-Brown, D. J., Hofmann, W. (November 01, 2007). Detrimental and Protective Bystander Effects: A Model Approach. Radiation Research, 168, 5, 614-626. Source document

Analysis of the Capital Assets Pricing Model

Analysis of the Capital Assets Pricing Model Chapter I The QUARREL ON THE CAPM: A LITERATURE SURVEY Abstract The current chapter has attempted to do three things. First it presents an overview on the capital asset pricing model and the results from its application throughout a narrative literature review. Second the chapter has argued that to claim whether the CAPM is dead or alive, some improvements on the model must be considered. Rather than take the view that one theory is right and the other is wrong, it is probably more accurate to say that each applies in somewhat different circumstances (assumptions). Finally the chapter has argued that even the examination of the CAPMs variants is unable to solve the debate into the model. Rather than asserting the death or the survival of the CAPM, we conclude that there is no consensus in the literature as to what suitable measure of risk is, and consequently as to what extent the model is valid or not since the evidence is very mixed. So the debate on the validity of the CAPM remains a questionable issue. 1. INTRODUCTION The traditional capital assets pricing model (CAPM), always the most widespread model of the financial theory, was prone to harsh criticisms not only by the academicians but also by the experts in finance. Indeed, in the last few decades an enormous body of empirical researches has gathered evidences against the model. These evidences tackle directly the models assumptions and suggest the dead of the beta (Fama and French, 1992); the systematic risk of the CAPM. If the world does not obey to the models predictions, it is maybe because the model needs some improvements. It is maybe because also the world is wrong, or that some shares are not correctly priced. Perhaps and most notably the parameters that determine the prices are not observed such as information or even the returns distribution. Of course the theory, the evidence and even the unexplained movements have all been subject to much debate. But the cumulative effect has been to put a new look on asset pricing. Financial Researchers have provided both theory and evidence which suggest from where the deviations of securities prices from fundamentals are likely to come, and why could not be explained by the traditional CAPM. Understanding security valuation is a parsimonious as well as a lucrative end in its self. Nevertheless, research on valuation has many additional benefits. Among them the crucial and relatively neglected issues have to do with the real consequences of the models failure. How are securities priced? What are the pricing factors and when? Once it is recognized that the models failure has real consequences, important issues arise. For instance the conception of an adequate pricing model that accounts for all the missing aspects. The objective of this chapter is to look at different approaches to the CAPM, how these have arisen, and the importance of recognizing that theres no single ‘right model which is adequate for all shares and for all circumstances, i.e. assumptions. We will, so move on to explore the research task, discuss the goodness and the weakness of the CAPM, and look at how different versions are introduced and developed in the literature. We will, finally, go on to explore whether these recent developments on the CAPM could solve the quarrel behind its failure. For this end, the recent chapter is organized as follows: the second section presents the theoretical bases of the model. The third one discusses the problematic issues on the model. The fourth section presents a literature survey on the classic version of the model. The five section sheds light on the recent developments of the CAPM together with a literature review on these versions. The next one raises the quarrel on the model and its modified versions. Section seven concludes the paper. 2. THEORETICAL BASES OF THE CAPITAL ASSET PRICING MODEL In the field of finance, the CAPM is used to determine, theoretically, the required return of an asset; if this asset is associated to a well diversified market portfolio while taking into account the non diversified risk of the asset its self. This model, introduced by Jack Treynor, William Sharpe and Jan Mossin (1964, 1965) took its roots of the Harry Markowitzs work (1952) which is interested in diversification and the modern theory of the portfolio. The modern theory of portfolio was introduced by Harry Markowitz in his article entitled â€Å"Portfolio Selection, appeared in 1952 in the Journal of Finance. Well before the work of Markowitz, the investors, for the construction of their portfolios, are interested in the risk and the return. Thus, the standard advice of the investment decision was to choose the stocks that offer the best return with the minimum of risk, and by there, they build their portfolios. On the basis of this point, Markowitz formulated this intuition by resorting to the diversifications mathematics. Indeed, he claims that the investors must in general choose the portfolios while getting based on the risk criterion rather than to choose those made up only of stocks which offer each one the best risk-reward criterion. In other words, the investors must choose portfolios rather than individual stocks. Thus, the modern theory of portfolio explains how rational investors use diversification to optimize their portfolio and what should be the price of an asset while knowing its systematic risk. Such investors are so-called to meet only one source of risk inherent to the total performance of the market; more clearly, they support only the market risk. Thus, the return on a risky asset is determined by its systematic risk. Consequently, an investor who chooses a less diversified portfolio, generally, supports the market risk together with the uncertaintys risk which is not related to the market and which would remain even if the market return is known. Sharpe (1964) and Linter (1965), while basing on the work of Harry Markowitz (1952), suggest, in their model, that the value of an asset depends on the investors anticipations. They claim, in their model that if the investors have homogeneous anticipations (their optimal behavior is summarized in the fact of having an efficient portfolio based on the mean-variance criterion), the market portfolio will have to be the efficient one while referring to the mean-variance criterion (Hawawini 1984, Campbell, Lo and MacKinlay 1997). The CAPM offer an estimate of a financial asset on the market. Indeed, it tries to explain this value while taking into account the risk aversion, more particularly; this model supposes that the investors seek, either to maximize their profit for a given level of risk, or to minimize the risk taking into account a given level of profit. The simplest mean-variance model (CAPM) concludes that in equilibrium, the investors choose a combination of the market portfolio and to lend or to borrow with proportions determined by their capacity to support the risk with an aim of obtaining a higher return. 2.1. Tested Hypothesis The CAPM is based on a certain number of simplifying assumptions making it applicable. These assumptions are presented as follows: The markets are perfect and there are neither taxes nor expenses or commissions of any kind; All the investors are risk averse and maximize the mean-variance criterion; The investors have homogeneous anticipations concerning the distributions of the returns probabilities (Gaussian distribution); and The investors can lend and borrow unlimited sums with the same interest rate (the risk free rate). The aphorism behind this model is as follows: the return of an asset is equal to the risk free rate raised with a risk premium which is the risk premium average multiplied by the systematic risk coefficient of the considered asset. Thus the expression is a function of: The systematic risk coefficient which is noted as; The market return noted; The risk free rate (Treasury bills), noted This model is the following: Where: ; represents the risk premium, in other words it represents the return required by the investors when they rather place their money on the market than in a risk free asset, and; ; corresponds to the systematic risk coefficient of the asset considered. From a mathematical point of view, this one corresponds to the ratio of the covariance of the assets return and that of the market return and the variance of the market return. Where: ; represents the standard deviation of the market return (market risk), and ; is the standard deviation of the assets return. Subsequently, if an asset has the same characteristics as those of the market (representative asset), then, its equivalent will be equal to 1. Conversely, for a risk free asset, this coefficient will be equal to 0. The beta coefficient is the back bone of the CAPM. Indeed, the beta is an indicator of profitability since it is the relationship between the assets volatility and that of the market, and volatility is related to the returns variations which are an essential element of profitability. Moreover, it is an indicator of risk, since if this asset has a beta coefficient which is higher than 1, this means that if the market is in recession, the return on the asset drops more than that of the market and less than it if this coefficient is lower than 1. The portfolio risk includes the systematic risk or also the non diversified risk as well as the non systematic risk which is known also under the name of diversified risk. The systematic risk is a risk which is common for all stocks, in other words it is the market risk. However the non systematic risk is the risk related to each asset. This risk can be reduced by integrating a significant number of stocks in the market portfolio, i.e. by diversifying well in advantage (Markowitz, 1985). Thus, a rational investor should not take a diversified risk since it is only the non diversified risk (risk of the market) which is rewarded in this model. This is equivalent to say that the market beta is the factor which rewards the investors exposure to the risk. In fact, the CAPM supposes that the market risk can be optimized i.e. can be minimized the maximum. Thus, an optimal portfolio implies the weakest risk for a given level of return. Moreover, since the inclusion of stocks diversifies in advantage the portfolio, the optimal one must contain the whole stocks on the market, with the equivalent proportions so as to achieve this goal of optimization. All these optimal portfolios, each one for a given level of return, build the efficient frontier. Here is the graph of the efficient frontier: The (Markowitz) efficient frontier The efficient frontier Lastly, since the non systematic risk is diversifiable, the total risk of the portfolio can be regarded as being the beta (the market risk). 3. Problematic issues on the CAPM Since its conception as a model to value assets by Sharpe (1964), the CAPM has been prone to several discussions by both academicians and experts. Among them the most known issues concerning the mean variance market portfolio, the efficient frontier, and the risk premium puzzle. 3.1 The mean-variance market portfolio The modern portfolio theory was introduced for the first time by Harry Markowitz (1952). The contribution of Markowitz constitutes an epistemological shatter with the traditional finance. Indeed, it constitutes a passageway from an intuitive finance which is limited to advices related to financial balance or to tax and legal nature advices, to a positive science which is based on coherent and fundamental theories. One allots to Markowitz the first rigorous treatment of the investor dilemma, namely how obtaining larger profits while minimizing the risks. 3.2 The efficient frontier 3.3 The equity premium puzzle 4. Background on the CAPM â€Å"The attraction of the CAPM is that it offers powerful and intuitively pleasing predictions about how to measure risk and the relation between expected return and risk. Unfortunately, the empirical record of the model is poor poor enough to invalidate the way it is used in applications. The CAPMs empirical problems may reflect theoretical failings, the result of many simplifying assumptions.† Fama and French, 2003, â€Å"The Capital Asset Pricing Model: Theory and Evidence†, Tuck Business School, Working Paper No. 03-26 Being a theory, the CAPM found the welcome thanks to its circumspect elegance and its concept of good sense which supposes that a risk averse investor would require a higher return to compensate for supported the back-up risk. It seems that a more pragmatic approach carries out to conclude that there are enough limits resulting from the empirical tests of the CAPM. Tests of the CAPM were based, mainly, on three various implications of the relation between the expected return and the market beta. Firstly, the expected return on any asset is linearly associated to its beta, and no other variable will be able to contribute to the increase of the explanatory power. Secondly, the beta premium is positive which means that the market expected return exceeds that of individual stocks, whose return is not correlated with that of the market. Lastly, according to the Sharpe and Lintner model (1964, 1965), stocks whose return is not correlated with that of the market, have an expected return equal to the risk free rate and a risk premium equal to the difference between the market return and the risk free rate return. In what follows, we are going to examine whether the CAPMs assumptions are respected or not through the empirical literature. Starting with Jensen (1968), this author wants to test for the relationship between the securities expected return and the market beta. For this reason, he uses the time series regression to estimate for the CAPM ´ s coefficients. The results reject the CAPM as for the moment when the relationship between the expected return on assets is positive but that this relation is too flat. In fact, Jensen (1968) finds that the intercept in the time series regression is higher than the risk free rate. Furthermore, the results indicate that the beta coefficient is lower than the average excess return on the market portfolio. In order to test for the CAPM, Black et al. (1972) work on a sample made of all securities listed on the New York Stock Exchange for the period of 1926-1966. The authors classify the securities into ten portfolios on the basis of their betas.They claim that grouping the securities with reference to their betas may offer biased estimates of the portfolio beta which may lead to a selection bias into the tests. Hence, so as to get rid of this bias, they use an instrumental variable which consists of taking the previous periods estimated beta to select a securitys portfolio grouping for the next year. For the estimate of the equation, the authors use the time series regression. The results indicate, firstly, that the securities associated to high beta had significantly negative intercepts, whereas those with low beta had significantly positive intercepts. It was proved, also, that this effect persists overtime. Hence, these evidences reject the traditional CAPM. Secondly, it is found that the relation between the mean excess return and beta is linear which is consistent with the CAPM. Nevertheless, the results point out that the slopes and intercepts in the regression are not reliable. In fact, during the prewar period, the slope was sharper than that predicted by the CAPM for the first sub period, and it was flatter during the second sub period. However, after that, the slope was flatter. Basing on these results, Black, Fischer, Michael C. Jensen and Myron Scholes (1972) conclude that the traditional CAPM is inconsistent with the data. Fama and MacBeth (1973) propose another regression method so as to overcome the problem related to the residues correlation in a simple linear regression. Indeed, instead of estimating only one regression for the monthly average returns on the betas, they propose to estimate regressions of these returns month by month on the betas. They include all common stocks traded in NYSE from 1926 to 1968 in their analysis. The monthly averages of the slopes and intercepts, with the standard errors of the averages, thus, are used to check, initially, if the beta premium is positive, then to test if the averages return of assets which are not correlated with the market return is from now on equal to the average of the risk free rate. In this way, the errors observed on the slopes and intercepts are directly given by the variation for each month of the regression coefficients, which detect the effects of the residues correlation over the variation of the regression. Their study led to three main results. At first, the relationship between assets return and their betas in an efficient portfolio is linear. At second, the beta coefficient is an appropriate measure of the securitys risk and no other measure of risk can be a better estimator. Finally, the higher the risk is, the higher the return should be. Blume and Friend (1973) in their paper try to examine theoretically and empirically the reasons beyond the failure of the market line to explain excess return on financial assets. The authors estimate the beta coefficients for each common stock listed in the New York Stock Exchange over the period of January 1950 to December 1954. Then, they form 12 portfolios on the basis of their estimated beta. They afterwards, calculate the monthly return for each portfolio. Third, they calculate the monthly average return for portfolios from 1955 to 1959. These averaged returns were regressed to obtain the value of the beta portfolios. Finally, these arithmetic average returns were regressed on the beta coefficient and the square of beta as well. Through, this study, the authors point out that the failure of the capital assets pricing model in explaining returns maybe due to the simplifying assumption according to which the functioning of the short-selling mechanism is perfect. They defend their point of view while resorting to the fact that, generally, in short sales the seller cannot use the profits for purchasing other securities. Moreover, they state that the seller should make a margin of roughly 65% of the sales market value unless the securities he owns had a value three times higher than the cash margin. This makes a severe constraint on his short sales. In addition to that, the authors reveal that it is more appropriate and theoretically more possible to remove the restriction on the short sales than that of the risk free rate assumption (i.e., to borrow and to lend on a unique risk free rate). The results show that the relationship between the average realized returns of the NYSE listed common stocks and their correspondent betas is almost linear which is consistent with the CAPM assumptions. Nevertheless, they advance that the capital assets pricing model is more adequate for the estimates of the NYSE stocks rather than other financial assets. They mention that this latter conclusion is may be owed to the fact that the market of common stocks is well segmented from markets of other assets such as bonds. Finally, the authors come out with the two following conclusions: Firstly, the tests of the CAPM suggest the segmentation of the markets between stocks and bonds. Secondly, in absence of this segmentation, the best way to estimate the risk return tradeoff is to do it over the class of assets and the period of interest. The study of Stambaugh (1982) is interested in testing the CAPM while taking into account, in addition to the US common stocks, other assets such as, corporate and government bonds, preferred stocks, real estate, and other consumer durables. The results indicate that testing the CAPM is independent on whether we expand or not the market portfolio to these additional assets. Kothari Shanken and Sloan (1995), show that the annual betas are statistically significant for a variety of portfolios. These results were astonishing since not very early, Fama and French (1992), found that the monthly and the annual betas are nearly the same and are not statistically significant. The authors work on a sample which covers all AMEX firms for the period 1927-1990. Portfolios are formed in five different ways. Firstly, they from 20 portfolios while basing only on beta. Secondly, 20 portfolios by grouping on size alone. Thirdly, they take the intersection of 10 independent beta or size to obtain 100 portfolios. Then, they classify stocks into 10 portfolios on beta, and after that into 10 portfolios on size within each beta group. They, finally, classify stocks into 10 portfolios on size and then into 10 portfolios on beta within each size group. They use the GRSP equal weighted portfolio as a proxy for the whole market return market. The cross-sectional regression of monthly return on beta and size has led to the following conclusions: On the one hand, when taking into account only the beta, it is found that the parameter coefficient is positive and statistically significant for both the sub periods studied. On the other hand, it is demonstrated that the ability of beta and size to explain cross sectional variation of the returns on the 100 portfolios ranked on beta given the size, is statistically significant. However, the incremental economic benefit of size given beta is relatively small. Fama and French published in 1992 a famous study putting into question the CAPM, called since then the Beta is dead paper (the article announcing the death of Beta). The authors use a sample which covers all the stocks of the non-financial firms of the NYSE, AMEX and NASDAQ for the period of the end of December 1962 until June 1990. For the estimate of the betas; they use the same test as that of Fama and Macbeth (1973) and the cross-sectional regression. The results indicate that when paying attention only to the betas variations which are not related to the size, it is found that the relation between the betas and the expected return is too flat, and this even if the beta is the only explanatory variable. Moreover, they show that this relationship tend to disappear overtime. In order to verify the validity of the CAPM in the Hungarian stock market, Andor et al. (1999) work on daily and monthly data on 17 Hungarian stocks between the end of July 1991 and the beginning of June 1999. To proxy for the market portfolio the authors use three different indexes which are the BUX index, the NYSE index, and the MSCI world index. The regression of the stocks return against the different indexes return indicates that the CAPM holds. Indeed, in all cases it is found that the return is positively associated to the betas and that the R-squared value is not bad at all. They conclude, hence, that the CAPM is appropriate for the description of the Hungarian stock market. For the aim of testing the validity of the CAPM, Kothari and Jay Shanken (1999), study the one factor model with reference to the size anomaly and the book to market anomaly. The sample used in their study contains annual return on portfolios from the GRSP universe of stocks. The portfolios are formed every July from 1927 to 1992. The formation procedure is the following; every year stocks are sorted on the basis of their market capitalization and then on their betas while regressing the past returns on the GRSP equal weighted index return. They obtain, hence, ten portfolios on the basis of the size. Then, the stocks in each size portfolio are grouped into ten portfolios based on their betas. They repeat the same procedure to obtain the book-to-market portfolios. Using the Fama and MacBeth cross-sectional regression, the authors find those annual betas perform well since they are significantly associated to the average stock returns especially for the period 1941-1990 and 1927-1990. Moreover, the ability of the beta to predict return with reference to the size and the book to market is higher. In a conclusion, this study is a support for the traditional CAPM. Khoon et al. (1999), while comparing two assets pricing models in the Malaysian stock exchange, examine the validity of the CAPM. The data contains monthly returns of 231 stocks listed in the Kuala Lumpur stock exchange over the period of September 1988 to June 1997. Using the cross section regression (two pass regression) and the market index as the market portfolio, the authors find that the beta coefficient is sometimes positive and some others negative, but they do not provide any further tests. In order to extract the factors that may affect the returns of stocks listed in the Istanbul stock exchange, Akdeniz et al. (2000)make use of monthly return of all non financial firms listed in the up mentioned stock market for the period that spans from January 1992 to December 1998. They estimate the beta coefficient in two stages using the ISE composite index as the market portfolio. First, they employ the OLS regression and estimate for the betas each month for each stock. Then, once the betas are estimated for the previous 24 months (time series regression), they rank the stocks into five equal groups on the basis of the pre-ranking betas and the average portfolio beta is attributed to each stock in the portfolio. They, afterwards, divide the whole sample into two equal sub-periods and the estimation procedure is done for each sub-period and the whole period as well. The results from the cross sectional regression, indicate that the return has no significant relationship with the market beta. This variable does not appear to influence cross section variation in all the periods studied (1992-1998, 1992-1995, and 1995-1998). In a relatively larger study, Estrada (2002) investigates the CAPM with reference to the downside CAPM. The author works on a monthly sample covering the period that spans from 1988 to 2001 (varied periods are considered) on stocks of 27 emerging markets. Using simple regression, the authors find that the downside beta outperforms the traditional CAPM beta. Nevertheless, the results do not support the rejection of the CAPM from two aspects. Firstly, it was found that the intercept from the regression is not statistically different from zero. Secondly, the beta coefficient is positive and statistically significant and the explanatory power of the model is about 40%. This result stems for the conclusion according to which the CAPM is still alive within the set of countries studied. In order to check the validity of the CAPM, and the absence of anomalies that must be incorporated to the model, Andrew and Joseph (2003) try to investigate the ability of the model to predict book-to market portfolios. If it is the case, then the CAPM captures the Book-to-market anomaly and theres no need to further incorporate it in the model. For this intention, the authors work on a sample that covers the period of 1927-2001 and contains monthly data on stocks listed in the NYSE, AMEX, and NASDAQ. So as to form the book-to-market portfolios, they use, alike Fama and French (1992), the size and the book-to-market ratio criterion. To estimate for the market return, they use the return on the value weighted portfolios on stocks listed in the pre-cited stock exchanges and to proxy for the risk free rate; they employ the one-month Treasury bill rate from Ibbotson Associates. They, afterwards, divide the whole period into two laps of time; the first one goes from July 1927 to June 1963, and the other one span from July 1963 to the end of 2001. Using asymptotic distribution the results indicate that the CAPM do a great job over the whole period, since the intercept is found to be closed to zero, but there is no evidence for a value premium. Hence, they conclude that the CAPM cannot be rejected. However, for the pre-1963 period the book to market premium is not significant at all, whereas for the post-1963 period this premium is relatively high and statistically significant. Nevertheless, when accounting for the sample size effect, the authors find that there is an overall risk premium for the post-1963 period. The authors conclude then that, taken as a whole, the study fails to reject the null that the CAPM holds. This study points to the necessity to take into account the small sample bias. Fama and French (2004), estimate the betas of stocks provided by the CRSP (Center for Research in Security Prices of the University of Chicago) of the NYSE (1928-2003), the AMEX (1963-2003) and the NASDAQ (1972-2003). They form, thereafter, 10 portfolios on the basis of the estimated betas and calculate their return for the eleven months which follow. They repeat this process for each year of 1928 up to 2003. They claim that, the Sharpe and Lintner model, suppose that the portfolios move according to a linear line with an intercept equal to risk free rate and a slope which is equal to the difference between the expected return on the market portfolio and that of the risk free rate. However, their study, and in agreement with the previous ones, confirms that the relation between the expected return on assets and their betas is much flatter than the prediction of the CAPM. Indeed, the results indicate that the expected return of portfolios having relatively lower beta are too high whereas expected return of those with higher beta is too low. Moreover, these authors indicate that even if the risk premium is lower than what the CAPM predicts, the relation between the expected return and beta is almost linear. This latter result, confirms the CAPM of Black which assumes that only the beta premium is positive. This means, analogically, that only the market risk is rewarded by a higher return. In order to test for the consistency of the CAPM with the economic reality, Thierry and Pim (2004) use monthly return of stocks from the NYSE, NASDAQ, and AMEX for the period that spans from 1926-2002. The one -month US Treasury bill is used as a proxy for the risk free rate, The CRPS total return index which is a value-weighted average of all US stocks included in this study is used as a proxy for the market portfolio. They sort stocks into ten deciles portfolios on the basis of historical 60 months. They afterwards, calculate for the following 12 months their value weighted returns. They obtain, subsequently, 100 beta-size portfolios. The results from the time series regression indicate, firstly, that the intercepts are statistically indifferent from zero. Secondly, it is found that the betas coefficients are all positive. Furthermore, in order to check the robustness of the model, the authors split the whole sample into sub-samples of equal length (432 months). The results indicate, also, that for all the periods studied the intercepts are statistically not different from zero except for the last period. In his empirical study, Blake T (2005) works on monthly stocks return on 20 stocks within the SP 500 index during January 1995-December 2004. The SP 500 index is used as the market portfolio and the 3-month Treasury bill in the Secondary Market as the risk free rate. His methodology can be summarized as follows; the excess return on each stock is regressed against the market excess return. The excess return is taken as the sample average of each stock and the market as well. After estimating of the betas, these values are used to verify the validity of the CAPM. The coefficient of beta is estimated by regressing estimated expected excess stock returns on the estimates of beta and the regression include intercept and the residual squared so as to measure the non systematic risk. The results confirm the validity of the CAPM through its three major assumptions. In fact, the null hy