Asian economic history essays

Asian economic history essays Brief Economic History and Government Policy Korea was one of the poorest countries in world after experiencing two wars. World War II and Korean war (1950 ~ 1953). The country even experienced a food shortage so that it had to heavily rely on the foreign aid. Yearly per capita consumption was a mere $88 as late as 1965. However, since 1965, Korea has been transformed from its underdeveloped agricultural economy to a leading Newly Industrializing Country. Between 1965 and 1981, its gross national product GNP multiplied twenty times from $3 billion to $63 billion and per capita GNP increased sixteen times from $88 to $1,554. There have been many explanations for Koreas successful story. Among those, the strong role of government would be probably the most important one. At the same time, this would be also responsible for current recession. After Koran war, the government in fact had no sense of direction and also due to the unstable political situation, the country didnt have specific economic policy until 1961 when military government came to power and established the major institution guiding its economic planning called Economic Planing Board (EPB). This government set economic development as the top national priority and recognized the financial system in support of economic development plan. To achieve this purpose, it focused its policies mainly on export expansion moving its emphasis from import substitution. The result was considered quite successful for economic growth. Between 1965 and 1973, exports grew at average annual rate of 45%, from $175 million to $3,271 million. The success of the expansion was due primary to three factors (Kwack, 72). The first was a favorable international economic environment, which saw total world imports expand from $175 billion in 1965 to $536 billion by 1973. Thi s boom in imports of the world reflected the fact that the industrialized had not ...

tennessee williams essays

tennessee williams essays Tennessee Williams was a brilliant but disturbed author who led a very controversial life. He was a man of many complexities. His life was plagued by family problems, promiscuous sex, hypochondria, and frequent drug use. This essay will detail Tennessee Williams life from his childhood to his death. Tennessee Williams was born on March 26, 1911 in Columbus, Mississippi. Born Thomas Lanier Williams, he had one older sister and one younger brother. He spent much of his childhoods in the home of his Episcopal minister grandfather. Toms father was a traveling shoe salesman who spent much of his time away from the family. Tom spent much of his time reading and was usually sick. Tom soon left for college. He went to the University of Missouri. This is where he got his nickname of Tennessee. He dropped out before receiving his degree because of financial problems. In 1938, he returned to school at the University of Iowa and received his degree. While in college, Tennessee worked many odd jobs. One of these was working at the same company his father did Tennessees dad was an irregular presence in his childhood. He was a constant source of pain though. Tom loved to write as a child and because of this his father called him many names. One nickname his father had for him was Miss Nancy. For this, Tennessee hated his father for many years but later forgave him. Tennessees brother was also not in his life a lot. Later in Tennessees life, he disowned his brother for taking him to the hospital when he was overdosing on drugs. Tennessees sister was named Rose. She was a major part of his life. Even from a young age she was sensitive; most of the time she was moody and withdrawn. Just when Tennessees work was becoming popular, Rose was institutionalized. One minute she would be angry and the next she would be weeping. Roses health started to rapidly decline. Her outbursts got wilde...

Hitler's table talk Essay Example | Topics and Well Written Essays - 1250 words

Hitler's table talk - Essay Example He categorically states that our body follows the cycle of nature. He advises humans to conform to the laws of nature and take inspiration from it and that is the way one can triumph over religion. He asserts that in nature a will of stronger prevails and it is perfectly a natures way of doing the things (38). He vehemently put his views on social class stating that "as long as social classes existed, it was impossible to set free the forces of the nation" (108). He never believed in rejecting anyone from the national community (108). He was clear in his thinking that class prejudices had no place in a socially advanced state like Germany (255). Hitler believed in shaping the Germany in such a fashion that whosoever happened to visit Germany would be relieved off his or her prejudices against Germany (22). Hitler made a special mention about Germany describing its uniqueness in a sense that it was the only country having no unemployment issue (42). He also argued about the Germany having several towns in its fold of a high cultural level and because of that Germany did not suffer either from any inferiority complex or from any superiority feelings (47). His views on Church and Christianity described his philosophy to govern people as well. He did not believe in making a pact with the Church for it could not offer long lasting benefits. The scientific advancement sooner or later, in all likely hoods, would expose the harmful effects that such compromise might bring. For this reason he kept party matters separate from the religious beliefs – that is how one could keep confrontation between Catholic and Protestant groups. He further stated that it was better to be clever in this matter rather than invite the trouble in the long run. He accepted the fact that the human beings were afraid of so many unknown things of nature for which no explanation is available. Science would resolve enquiries of metaphysical nature

Marketing Channels and Logistics Coursework Example | Topics and Well Written Essays - 2500 words

Marketing Channels and Logistics - Coursework Example Supply chain management is an important business operation function that helps an organization to maintain efficiency in the resource allocation, manufacturing, processing, procurement, logistics, delivery and returning (Rushton, Oxley and Croucher, 2010, p.34). Overall business performance of an organization highly depends upon the effectiveness and efficiency of the supply chain network of an organization. Recently, the global organizations are trying to maintain sustainability in their supply chain management process. Implementation of green strategy in the supply chain management process helps an organization to maintain sustainability in the business operation process and offer products and services according to the market demand and needs of target customers. The study will consider the supply chain management process of Tesco Plc. Tesco is one of the leading UK based multinational retail chains that has the strong presence in several emerging global marketplaces. The organizat ion is considered as one of the leading players within the global; retail chain industry due to profitability and high employment generation. Tesco implemented several green and sustainable operational strategies in the supply chain management process in order to maintain its leading position in the marketplace. The study will analyze the principles of environmental and social sustainability that are adopted by Tesco in its business operation process. Supply Chain Activities of Tesco Tesco is the most prestigious organization among the stakeholders, employees, government of the country and customers or several business clients as the organization always tries to follow and maintain corporate values in several business operations. It is true that Tesco is one of the leading organizations within the global retail chai9n industry. Major objective of the organization is to maximize business profit by ensuring the sustainability of entire community and society. It is highly important for an organization to maintain effective sustainability in the supply chain management system as the governments of several countries have introduced various strict policies and regulations for the organizations. Tesco highly believes in centralized distribution process (Emmett and Sood, 2010, p.95). This centralized distribution process helps the organization to keep entire control of overall supply chain management performances. In addition to this, strong discipline and maintenance of high supply chain value helps the management of Tesco to ensure the sustainability in entire supply chain management process. The organization heavily relies on the innovation and core value of customers in the supply chain management. This sustainable business operation processes and high efficiency across the entire supply chain network in this world helped the organization to attain 100 percent efficiency level. The above figure is the overall sustainability performance of several leading global re tail chains.

The importance of authenticity in cultural tourism Essay

The importance of authenticity in cultural tourism - Essay Example The danger posed by cultural tourism is that culture may be lost. This is because the culture of the tourists and the culture of the natives may become intermingled, and there is no authenticity left. According to the view of those who coin the term â€Å"hyper-reality,† the result is that the distinction between inauthenticity and authenticity are collapsed. Therefore, authenticity is lost, and redefined according to a new paradigm that includes the mixing of tourist culture. This is obviously detrimental to the native populations, whose culture and rituals have been passed down from one generation to the next, and have a profound interest in keeping their culture alive. Another danger is that native people may be exploited through inauthentic cultural shows. A good example of this is the Maasai people who were on display at a Kenyan ranch owned by a wealthy Briton. The Maasai people put on a show for the wealthy visitors, and lived in mud huts on the property. They were not allowed to interact, and they were treated as one might treat animals in the zoo – strictly for display and entertainment. While the wealthy British people who viewed this spectacle politely clap, the Maasai are being stereotyped and humiliated. This is clearly the wrong way to go about cultural tourism. On the other hand, interactive experiences, where tourists immerse themselves in native culture, is authentic and allows natives to display their culture with pride. Other authentic displays of native rituals, such as the Balinese, who perform rituals not for the entertainment of the people but for the worship of their gods, is another good way for the natives to retain th eir culture while teaching tourists about the same. This paper will explore the theories behind cultural displays, why authenticity is important, what obstacles there are to authenticity, and will make a recommendation based on these findings. A theoretical discussion of authenticity and culture in tourism Authenticity in culture tourism takes place on a variety of planes and is impacted by a variety of things. Wang et al. (1999) posits that authenticity in cultural tourism is complex. The reason for the complexity is because authenticity may be either defined as objective, constructive or existential. Objective authenticity comes from the ability to judge authenticity in an objective manner. Therefore, even if the tourists feel that something is authentic, it may nevertheless be inauthentic if it is objectively judged to be so. Constructive authenticity, on the other hand, means that objects are judged to be authentic by shifting standards, according to power structures, points of view, beliefs or perspectives. Therefore, constructive authenticity cannot be objectively measured, as it is a relative standard, contextually determined and ever-evolving (Wang et al., 1999, p. 351). Moreover, cultural heritage may be politicized, in that heritage may defined or re-defined to serve national needs. Such is the case in China, and this contributes to constructive authenticity as well (Sofield & Li, 1998, p. 364). The third way that authenticity is defined, according to Wang et al. (1999) is existentially. This means that the person feels self-actualized while viewing these cultural items, and, basically, the

Inflation and Stock Returns in Nigeria

Inflation and Stock Returns in Nigeria This study empirically examines the relationship between inflation and stock returns in Nigeria during 1997-2006. The study focuses on different econometric models to investigation this relationship using monthly data of the All Share Price Index from the Nigerian Stock Exchange and Nigerian Consumers Index. The simple OLS regression result suggests that the residuals are stationary, which implies that stock returns and inflation are co integrated. Therefore we can conclude that there is a long run relationship between stock returns (LOGASI) and inflation (LOGCPI).The Engel co-integration results reveals that there is long run relationship between inflation and stock returns .the study further goes on to the determine the causal long run relationship using the Error Correction Model (ECM). This article offers evidence of a positive relationship between stock market returns and inflation. This result confirms that stock returns act as a hedge against inflation. CHAPTER ONE INTRODUCTION 1.1 Background to the Study The advent of oil boom in Nigeria in the early 1970s, has led to the instability of stock prices. This has been attributed to many factors such as: budget deficit monetization, inflow of foreign capital from crude oil sales and financial markets creation of excess private domestic credit. Since early 1970s, inflation rates in Nigeria has been highly unstable; the high inflationary change was in excess of 30 percent. This is evident in the high correlation of money supply growth and high inflation due to the fact that real economic growth is less in real term to money growth. This can be observed from the growth in money supply and some structural factors such as; supply shocks arising from famine, unfavorable terms of trade and devaluation of currency. Furthermore, Structural Adjustment Program (SAP) introduced by the government in the late 1980s also accounted for the increase in price level in the economy. Consequently, inflation in Nigeria has overtime responded to structural changes. These changes can be characterized into four periods based on the pattern and events that occur at that period. The first period of inflationary increase in Nigeria was noticed from 1974 to 1976; inflation increased by 30 percent. This inflationary pressure was as a result of the following: High cost of agricultural produce caused by drought in the Northern part of Nigeria, Excessive oil revenue monetization, increase in wage rate based on the recommendation of the Udoji commission of 1974, Folawewo (2005), and political instability The second period was from 1983 to 1985 when inflation rate reached 40 percent. This period noticed very little economic growth, The Nigerian government was under intense pressure from debtor groups to accept International Monetary Fund conditionalitys of devaluation of domestic currency because government debt has increased above 70 percent while excess money growth was around 41and 43 percent. This period also witnessed poor external trade performance.CBN (, 2006) The third period was from 1987 to 1989 when inflation rate hovered around 35 percent. During this period, the economy experienced high inflationary pressure brought about by fiscal expansion noticed in the 1988 budget, the debt for equity swaps conversion method adopted by the Government of Nigeria and the drastic contraction in monetary policy, all accounted for this change that span through to the early 1990s. Finally, the fourth period occurred between 1993 and 2000, as a result of fiscal deficit expansion which caused a 70 percent increase in money supply with a knock-on effect on domestic credit of the private sector of the economy.CBN, (2006) Overall, inflationary pressure can be largely attributed to structural factors such as; real income reduction caused by fluctuation in oil revenue, high nominal wages and debt obligation in form of expansionary fiscal deficit. These invariably mean that over the years, fluctuation in commodity price is a normal feature of the Nigerian economy. One major commodity considered in this study is the capital market stock, i.e. the Stock market. Stocks listed in Nigeria are traded on the floor of the Nigerian Stock Exchange (NSE) while the Securities and Exchange Commission (SEC) is the apex regulatory body which oversees the activities and affairs of the major players on the floor of the Stock Exchange. The Nigeria Stock Exchange was established in September 15, 1960 but commenced business on June 5, 1961 with 19 securities listed and traded on the Lagos Stock Exchange. Based on the recommendation of the Government Financial System Review Committee in 1976, the Lagos Stock Exchange was renamed and made part of the Nigerian Stock Exchange in December 5, 1977. The Nigerian Stock Exchange has nine branches established in major commercial cities in Nigeria. The main exchange of stocks of large enterprises are traded in the Nigerian Stock Exchange while small and medium scale enterprises are listed and traded in the Second tier Securities Market (SSM). From 1963 to 1990, the Nigerian stock exchange witnessed an overwhelming increase in government stock which exceeded the equities of industrial companies; however this trend changed from 1991. The value of equities of industrial companies increased to billions of Naira, while government stock traded on the Nigerian Stock Exchange was worth millions of Naira this decrease continues till date, a development to the deregulation of the economy. Despite the increase in market capitalization noticed in the economy at that period, the ratio of this amount to the Gross Domestic Product and Gross Fixed Capital Formation was still low. This increase was between 4.8% and 25.4% for gross domestic product while the ratio for gross fixed capital formation is between 28% and 55% from 1963 to 1990 (CBN, 2006). The ratio of market capitalization in the gross domestic product and gross fixed capital formation increased geometrically from 1990 to 1995. Although there was decrease in the share of market capitalization in gross domestic product and gross fixed capital formation, the return on investment did not follow the same pattern. This decrease noticed at that period was caused by a banking crisis in which a total of 26 banks were liquidated in 1998. However, with the recapitalization of the banking sector in 2005, the industry remains the most active participant in Nigerian stock market up till date. The trend in Nigeria Stock Exchang e causes the price and return on stocks to be highly volatile. 1.2 Problem Statement Price stability is essential in determining whether an economy is stable or not. Inflation which is the constant increase in price creates uncertainty in the economy; uncertainty makes both domestic and foreign investors unwilling to invest. In Nigeria inflation has led to increase in nominal interest rates which affect the value of interest payment of banks and financial institutions. Furthermore, determination of the problem caused by inflation depends upon the degree in which inflation is anticipated correctly or not. If inflation is anticipated correctly and the monetary authority is seen to be credible, the fluctuation in price would be managed effectively but if inflation is unanticipated, some economic agents will gain while others will lose. Unanticipated inflation impact negatively on saving ability of the citizens and as a result, low saving leads to a fall in the demand for stocks and equities as financial wealth. This decrease in demand causes the price of equities to fal l thereby reducing returns on equities and stocks. Furthermore, the prices of stock determine how effective and efficient the stock market allocates shares and equities based on preference and availability of market information. Increase or decrease in price of stock create uncertainty for the investors and in turn affect the demand and supply of stocks. Therefore, general increase in price level may affect peoples potential investors investment decision which has negative impact on the total returns on stocks in the economy at large. This situation is prevalent in the Nigerian economy; therefore there is the need to examine the effect of inflation on stock returns and its implication on investment. The Fishers hypothesis (Fishers effect) suggests that stocks or equities hedge or evade inflation, empirical investigation suggest that inflation and stock returns are negatively related. This study will be looking at relationship between inflation and stocks in Nigeria. The study of this relationship is essential in improving and in the understanding of stock markets, thus providing standards for decision-making about asset allocation.This study contributes to the existing literature by providing evidence for whether inflation affects stock returns both in the long run and in the short run. 1.3 Justification for the Study Despite the large number of empirical studies on the relationship between inflation and stock returns, there is no general consensus on the causal direction of this relationship. Empirical works as; Nelson (1976), Shwarts (1977), Fama (1981), Geske and Roll (1983), Gultekin (1983), Marshall (1992), Bakshi Chen, (1996), Zhao (1999), Chatrath et al (1997), Spyrou (2001), Omran and Pointon (2001), Crosby (2001), Gallagher and Taylor (2002) and Floros (2002), suggested a negative relationship between inflation and stocks while Boudoukh and Richardson (1993), Graham (1996) and Choudlery (2001) in different studies take the opposing view, i.e. that there exists positive relationship between inflation and stock returns. However, most of these studies were carried out in industrial nations and some selected developing countries most especially Latin American countries. Specific studies on the exact relationship between inflation and stock returns in Nigeria have not been explored rigorously. Furthermore, considering the negative impact of inflation on prices of commodities in Nigeria coupled with the volatility of stock returns, this study seek to provide a rigorous analysis of the dynamics of inflation and its implication on stock returns in Nigeria using an Error Correction Model to create a parsimonious and encompassing model that would show both short-run and long-run relationship between inflation and stock returns in Nigeria. 1.4 Plan of Study Following the introductory remarks in chapter one, chapter two will review the existing literature on this subject. While chapter three will focus on the theoretical framework, methodology, model specification, estimation technique and sources of data. The summary of result of the empirical analysis is presented in chapter four while the study will be rounded up in chapter five with summary of findings, policy implication and conclusion. CHAPTER TWO LITERATURE REVIEW 2.1 Introduction Section 2.2 of this chapter discusses the underpinning theories of inflation and stock returns. Section 2.3 examines the empirical literature review on inflation and stock returns this is to help identify the link between inflation and stock returns. Finally section 2.4 examines the methodological literature on inflation and stock returns. 2.2 Theoretical Literature Review on Inflation and Stock Returns The Fisher hypothesis suggests that there is a positive relationship between interest rates and inflation. (Berument Jelassi, 2002) Fisher (1930) argues that nominal interest rate is entirely a sign of the existing information in relation to the likely future values of the rate of inflation. This hypothesis has come to be known as ‘‘the Fisher effect in the economic literature; it states that expected nominal rates of interest on financial assets should move one-to-one with expected inflation. Choudhry (2001) Fisher hypothesis, in its strict sense, predicts a positive homogeneous relationship of degree one between stock return and inflation. (Luintel Paudyal, 2008) The proxy-hypothesis was introduced by Fama (1981) to explain the predominance of negative stock return-inflation trend. The main principle on which Famas version of the proxy-effect hypothesis is based on is the observed negative relationship between inflation and stock returns which appears to be spurious since this relationship is a result of the positive relationship that exist between stock returns and expected economic activity and an inverse relationship between expected economic activity and inflation. Inflation simply serves as a proxy for expected economic activity in a statistical relationship between stock returns and inflation. (Lee U. , Monday, June 22 1998) The proxy hypothesis states that the negative relationship between inflation and stock returns is spurious and really only proxies for the positive relationship between stock returns and real variables. Previous testes of the proxy hypothesis have used actual values instead of forecasted values for the real activity variable. (McCarthy, Najand, Seifert, 1990) did not find a support for the proxy hypothesis using only forecasted variables. Gonedes (1981) the failure to use indexation means that real income tax rates will vary directly with rates of inflation. This substantive effect of mere bookkeeping methods is frequently predicted even though it is known to have some adverse implications. This is the tax effects of inflation hypothesis. 2.3 Empirical Literature Review on Inflation and Stock Returns The empirical literature on the impact of inflation on stock returns records major contribution by different scholars over the years. But the empirical evidence provided by most of these studies has been mixed, and a consensus has not yet emerged. While studies like Pierrel and Kwok (1992), Geske and Roll (1983), Floros (2002), Ugur (2005), Yeh and Chi (2009), Pesaran et al (2001), Den Haan (2000), Crosby (2001), Syros (2001), Roohi and Khalid (2002) among others have found a negative relationship between inflation and stock returns; Boudoukh and Richardson (1993), Graham (1996), Choudhry (2001), Patra and Posshakwale (2006) and Lee et al (2000) among others reported positive relationship between these variables. Concerning the review of the approaches of modeling the effect of inflation on stock returns, Pierrel and Kwoks (1992) estimates and tests the alternative versions of hypothesis that explain the relationship between these two variables. The study employs distributed lags in order to empirically arrive at a dynamic structure of inflation. Pierrel and Kwoks concluded that this dynamic structure conform to Fama (1981), Benderly and Zwick (1985), and Geske et al (1983) hypothesis that suggest a negative relationship between inflation and return on stocks. Yeh and Chi (2009) tested the validity of the various Hypotheses that explain this relationship. The empirical result of this study on 12 OECD countries shows that these countries exhibit a short-run negatively significant co-movement between stock returns and inflation. Moreover, countries like Australia, France, Ireland and Netherland do not display a long-run relationship between the two variables in equilibrium. This result is consistent with the hypotheses of Fama (1981), Modigliani et al (1979) and Feldstein (1980) which suggested that an increase in inflation reduces real returns on stock. This result is also in line with Caporale and Jung (1997) and Rapach (2002). They argue respectively that there exist a negative significant effect of inflation on real stock returns after controlling for output shock and that inflationary trends do not erode returns on stocks. The Fishers Hypothesis was tested by Spyros (2002). His results reflect a contrary view that returns on stocks hedges inflation. This study shows that there is negative but not statistically significant relationship between inflation and stock returns in Greece from 1990 to 2000. In this same vein, Floros (2002) carried the same study on Greece economy and concluded that inflation and stocks in Greece should be treated as independent variables because the result of the various test conducted show that there is no relationship between inflation and stock returns in Greece. Crosby (2001) investigates the relationship between inflation and stock returns in Australia from 1875 to 1996 and found out that the Australian economy does not experience permanent changes in inflation or stock returns. The result shows that there exist short-run negative relationships between these two variables that depend on the period of time that is considered. On the contrary, Lee et al (2000) examine the impact of German hyperinflation in the 1920s on stock returns. This result of this study show that the hyperinflation in Germany in early 1920s cointegrates with stock returns. The fundamental relationship between stocks returns and both realized and expected inflation is highly positive. They concluded that common stocks appear to be a hedge against inflation during this period. Choudhry (2001) in his study on the impact of inflation on stock returns in some selected Latin and Central American countries (Argentina, Chile, Mexico and Venezuela) from 1981-1996, reveal that there is one- to-one relationship between the current rate of nominal return and inflation for Argentina and Chile. Their result also reveals that the lag values of inflation affect stock returns and this result infer that stocks act as a hedge against inflation. Patra and poshakwale (2006) conducted a study on the impact of economic variables on market returns in Greece from 1990 to 1999. Empirical results show that some macroeconomic variable like money supply, inflation, volume of trade and exchange have both short-run and long-run relationship with stock price in equilibrium in Greece while there was no short-run or long run relationship noticed between exchange rate and stock prices. Ugur (2005) in a study on the effect of inflation on return on stocks in turkey from 1986 to 2000 reveal that expected inflation and real returns are not correlated. The results suggest there is a negative relationship between inflation and stock returns which may be caused by the negative impact of unexpected inflation on stock returns. This results did not contradict Fisherian hypothesis because of the non correlation of inflation and real returns but the results is in line with the proxy hypothesis since a negative significant relationship exist between the two variables. Aperigis and Eleftheriou (2002) results also concurred that there is negative link between inflation and stock returns in Greece than in interest rate and stock returns. Similar study like Adrangi et al (1999) and sellin (2001) also support the proxy hypothesis. Khil and Lee (2000) in their study on ten pacific-rim countries and the US that all the countries except Malaysia reveal negative relationship between in flation and stock returns. The tax-effects Hypothesis which asserts that there is negative relationship between inflation and stock returns was tested by Geske and Roll (1983). Empirical result from the reveal that random negative or positive real shock affects stock returns which in turn, signal higher or lower unemployment and lower or higher corporate earnings. This has effect on the personal and corporate tax revenue leading to increase or decrease in the treasury through borrowing from the public. The economy paid for this debt by expanding or contracting money growth and this would lead to higher or lower inflation. They concluded that random shocks on stock returns are both fiscal and monetary in nature in the U.S.A. Roohi and Khalid (2002) considered the Efficient Market Hypothesis and Rational Expectation Theory to investigate the effect of inflation on stock returns. Empirical results of the study suggest that the relationship between real stock returns, unexpected inflation and unexpected growth are negatively significant. They concluded that the control of real output growth makes the negative relationship between these two variables to disappear over time. 2.4 Methodological Literature Review on Inflation and Stocks Returns The empirical relation between inflation and stock returns has been investigated through various approaches since the 1970s. Spyros (2001), adopted Vector-Auto regressive (VAR) model and the cointegration test to confirm if there was any relationship between inflation and stock returns in Greece. Pierrel and Kwok (1992) investigated the relationship between stock returns and inflation in the United State between 1962-1992 using Vector- Autoregressive (VAREC) model, and Granger Causality, Crosby (2001), used Vector-Autoregressive (VAR) model, Ordinary Least Square (OLS) and correlation analysis to examine the relationship between inflation and stock returns in Australia from 1875-1996. Floros (2002), investigated the relationship between stock returns and inflation in Greece from 1988-2002 by considering both the lag and lead periods of inflation and stock returns using Ordinary Least Square (OLS), Johansen Cointegration Test and Pairwise Granger Causality Test. In this same vein, Ugur (2005) used the Ordinary Least Square (OLS) and Standard Granger Causality to examine the relationship between inflation, stock returns and real activity in Turkey. Choudhry (2001), estimate the impact of inflation on stock returns in some selected Latin and Central American countries using the Auto-Regressive Integrated Moving Average (ARIMA), unit root test and spectral regression model. Lee et al (2000); and Geske and Roll (1983), also used ARIMA, OLS and unit root test to investigate the effect of German hyperinflation and stock returns, and the impact of inflation on stocks returns in the USA respectively. Patra and Poshakwale (2006) on the other hand, used the Error Correction Model (ECM), Johansen Cointegration Test and Pairwise Granger Causality Test to show if economic variables such as money supply interest rate, exchange rate, volume of trade and stock prices have impact on stock returns. Yeh and Chi (2009) in their study on 12 OECD countries measures correlation at different forecast horizon by using Autoregressive Distributed Lag (ARDL) bound test, unit root test and confidence interval method to investigate the inflation illusion hypothesis that suggest that there is negative relationship between inflation and stock returns. Pesaran et al (2001) and Den Haan (2000) also employ the same technique and arrive at the same result. This study examines the relationship between inflation and stock returns in Nigeria. Furthermore a test is carried out to see if theres a cointegration and causality within these variables. Methods used in this study are explained in chapter three. This study fundamentally aims to analyses the above relationship for a period of 1st of January 1997-31st of December 2006 .monthly values of the Nigerian Stock Exchange (NSE) and Nigerian Consumers Price Index (CPI). CPI was collected from the Central Bank of Nigerian Statistical bulletin (2006), while (ASI) All Share Index was collected from Nigerian Stock Exchange data bank. The reviews of literature above reveal that there are basically four major hypotheses discussing the relationship between inflation and stock returns. These theories are Fisherian hypothesis, proxy hypothesis, tax-effect hypothesis and inflation illusion hypothesis. Considering the level of price stability in Nigeria over the period of our study, the study seeks to adopt Fisherian hypothesis which suggest that stock hedges inflation. This is based on the fact that literature suggests that the price of stock is a major determinant of stock returns which is affected positively by expected or unexpected inflation (consumer price index). CHAPTER THREE MODEL SPECIFICATION AND METHODOLOGY 3.1 Introduction This chapter covers the theoretical framework, specification of the models utilized in the study as well as the methodologies that will be adopted. Accordingly, the estimation procedures, and data requirements; types and sources of data are also discussed in this section. 3.2 Theoretical Framework The reviews of literature in chapter two reveal that there are basically four major hypotheses discussing the relationship between inflation and stock returns. These theories are; 1. Fisherian hypothesis 2. Proxy hypothesis, 3. Tax-effect hypothesis and; 4. Inflation illusion hypothesis. The Fisherian hypothesis is thus specified; Where is the real returns, is the actual inflation which is the combination of the unexpected and expected inflation. While is the error term that is distributed randomly and normally with zero mean and constant variance. This sign of determine if the specification is in line with the fisherian hypothesis. Thus; a significant and positive sign suggest that stock hedges inflation while a negative sign suggest contrary. 3.3 Model specification Based on the outcome of our theoretical framework which attempts to explain the relationship between real stock returns and inflation, we specify the model for estimation. Stock return represented by all share indexes (ASI) is the dependent variable while the explanatory variables are, one-period lagged inflation represented by consumer indexes (CPI) and one-period lagged stock returns (ASI). This is based on the common belief that stock returns (ASI) takes some time to react to inflationary changes (ΔCPI) and changes in all share indexes (ΔASI). In this study, it is assumed that stock returns depend on a set of variables denoted as: Therefore, our empirical specification is stated as: 1 3.4 Methodology and Estimation Procedures This study makes use of Augmented Dickey Fuller (ADF) unit root test to check for the stationarity of the series used in this study, Engle and Johansen cointegration tests is used to confirm if the series have long run relationship while causal long run relationship is determine using an Error correction Model (ECM) which will reveal both the short run and long run relationship between inflation (LOGCPI) and stock returns (LOGASI). 3.4.1 Unit Root Test Assume we have the following AR (1) process: (1) and is a white noise error term. We can manipulate the above expression by subtracting from both sides; Thus: (2) In practice, instead of estimating equation 1, we estimate equation 2 and test the hypothesis that =0. If =0 then that is we have unit root meaning the time series is non-stationary ( for unit root is non-stationary). Thus we can take the first difference of and regress on to see if () is zero or not in order to confirm if the series are stationary or not. Under the null, the estimation for ÃŽ ´ is not distributed T-student, so the Dickey Fuller test is required. We use the Augmented Dickey Fuller (ADF) table to correct for possibility of the error term () been auto correlated. The ADF test is specified in the equation below: 3 Where is a white noise Error Term. 3.4.2 Co integration Tests Trended data can be regarded as potentially a major problem for empirical econometrics. Trends may give rise to spurious regression and uninterpretable t- statistics. The stack reality is that in economics most time series are subject to some type of trend while differencing in series until it becomes stationary is one major solution. This has been shown that differencing can lead to loss of long run properties of a series. Based on this the combination of series that are difference once I(1) will give us a model that is stationary I(0). In achieving this aim this study consider two different co integration tests which are; Engle and Granger co integration test and Johansen co integration test. According to Engle and Granger (1987), a time series and are said to be co integrated of order db where d ≠¥ b ≠¥ 0 written as: CI (db) if: Both series are integrated of order d There exists a linear combination of these variables say; which is integrated of order d-b. The vector and is called a co integrating vector. The Engle and Granger co integration test involve two steps; the first step is conducting an OLS regression on the variables in the model specification. The second step is to conduct an ADF test on the residual from the regression if the residual is stationary, then the series are said to be co integrated. The Johansen co integration test on the other hand involves the use of a VAR model and the different maximum likelihood ratios are used to determine the co integrating vectors. These tests are; trace test and maximum eigen value test. Different information criteria such as Akaike Information Criterion, Schwarz information criteria (SIC), Hannan-Quinn Information Criterion, Final Prediction Error and Sequential Modified test Statistic are used in determining the lag length. 3.4.3 Error Correction Model Co integration analysis provides a test for spurious correlation. Finding co integration between apparently correlated I(1) series validate the regression but failure to find co integration is an indication that spurious correlation maybe present thus invalidating the inferences drawn from such correlation. Co integration analysis also helps in formulating the process of dynamic adjustment. However time series data lose their long run properties when they are differenced; allowing only for conclusions on the short run determinations. Therefore there is a need to construct a model that would combine both the short run and long run properties of the variables in the model. As suggested by Engle-Granger representation theorem that if two series are co integrated then they will be efficiently represented by an error correction mechanism. The Error Correction Model is used to capture both the short run and long run properties of the series. The method involves developing a model from it g eneralized form (over parameterized) to a specific form (parsimonious). In addition if the series are co integrated these dynamic specifications will encompass any other partial adjustment model. The error correction of the Auto regressive distributed lag (ADL) takes the form: where the long run properties are derived from the proportionality between and. The above specification relates the short run change in the dependent variable to the short run change in the explanatory variable.this is called the impact effect () but ties the change to the long run impact through a feed-back mechanism. 3.5 Data The study will utilize monthly time series data from 1997–2006. Data for the variables will be sourced from Central Bank of Nigeria Statistical Bulletin (2006) and the Nigerian Stock Exchange Annual Reports (2006). The variables of interest in this study are all in logs. These variables are; consumer price indexes (CPI) as inflation series and all share indexes (ASI) as stock returns. CHAPTER FOUR SUMMARY OF EMPIRICAL RESULTS The summary of the statistics used in this empirical study is presented in the appendix. As can be observed from the Table, (see pagexx) the mean value of stock returns is 9.359606 while inflation is 8.442205. It is also observed that both LOGCPI and LOGASI are positively skewed. The kurtosis value is positively low and Jarque-Bera (J-B) statistic test value is relatively high. These suggest that the two series are skewed to the right. Figure1below depicts the graphical illustrations of the data that were used in this empirical analysis. The figure reveals that stock return witnessed significant increase within the period of this study. Figure 1: Graphical illustration of statistics used in the analysis Table 1: Stationarity Test Result Variables Levels First Differences ADF 1 ADF 2 ADF 1 ADF 2 LOGASI 0.712327

Charles Dickens and Samuel Clemens :: essays research papers fc

Charles Dickens and Samuel Clemens (1812-1870)  Ã‚  Ã‚  Ã‚  Ã‚  (1835-1910) Charles Dickens and Samuel Clemens lived in different parts of the world, England and America. Charles Dickens was twenty-three years old when Samuel Clemens was born. Charles Dickens was a boy who loved learning, while Samuel Clemens could hardly wait for school to end. Despite the fact that both authors reference Christianity and its customs, historians believe that Charles Dickens was a Christian whereas Samuel Clemens was not. The similarities between Charles Dickens and Samuel Clemens are numerous. Both authors are world famous legends who wrote many novels, created many characters, had an autobiographical character, and based characters on people in their lives. Samuel Clemens used the pen name Mark Twain and Charles Dickens, for a brief time, used the pen name Boz. Both authors worked as journalists and wrote until the day they died. Their life experiences were reflected in their writings and the period in which they wrote was merely an account of what was really happening in history. England in the early years of the seventeenth century enjoyed the regency of the Prince of Wales, went to war with the United States and watched Napoleon’s final defeat at the Battle of Waterloo. During this time, one of the world’s greatest morally and socially responsible novelists, Charles Dickens was born in Portsea, England in 1812. Charles was the second child and the oldest son of John and Elizabeth Dickens. Charles’ early years were happy especially during the ages of 5-9. He loved school, was imaginative and had a hunger for reading. Charles Dickens: A Literary Life page 47 describes the collection of books in the attic that Charles would read as if it were a matter of life or death. Don Quixote, Robinson Crusoe, Arabian Nights and The Tales of the Genii, was reading material not suitable for a child, yet all of these stories influenced the novels Dickens would eventually write. His father was a clerk in the Navy Pay Office. Charles had a carefree life. He and his friends wore white beaver hats and called themselves Giles’ Cats. His parents had many parties and invited many friends, but the problem was that they spent more money than they had. By the time Charles was ten his family had lived in six different houses and each one was poorer and poorer than the one before. There were eight children and the family fell deeper and deeper into debt.

The Plane – Creative Writing

Four pm Spanish time and we were in the Reus airport waiting to go home. We had really enjoyed ourselves in the sun, compared to wet and dreary Northern Ireland but we were really looking forward to getting home and seeing our family again. We had only been there about an hour when we were asked to go to the departure lounge. I thought this was great. We would be in the air promptly and I would see my friends before nightfall. We where flying with Monarch Airlines and we could see the plane over the horizon. As it was landing all that was in my mind were thoughts of home. The people were getting off the plane and they were rushing for the baggage reclaim. We could see our luggage being transported onto the plane and watched as it was being refuelled. As I took a look around I could see there were no engineers examining the plane. As we settled into our seats the Captain of the plane announced that we would be taking off within the next ten minutes. I was seated at the window, my sister next to me, my mum on the aisle and my dad in the next row. As the plane was powering up I became very nervous. The engines roared and it shot like a bullet along the runway and into the air. I looked out the window and watched. The airport became just a speck in the distance and I knew we were finally heading home. The cabin crew came along selling headphones for the televisions and I bought a pair and waited to see what was coming on. The TV sets came down but to my surprise they went back up, All the sets were doing this, up then down again and again. The cabin lights flickered and a cold mist came out of the ceiling, I thought this was very strange. We all knew by now something wasn't right. Then the Captain's speakers came on and he said in a frightful manner â€Å"could the cabin crew come to the cockpit for a briefing† I knew this was not normal. The speakers came on once more the captain saying, â€Å"I am sorry but we will have to return to Reus airport†. My heart started to pump faster. As he said that, the plane went over to the side. I looked out of the window and the ocean was like a magnet pulling the plane down. The Captain pulled back up again and the plane was going the opposite direction. I could see the airport that was just a spec and now was a safe-haven. The plane started its descent to the airport. As I peered out of the window the runway was getting closer. Then the right engine failed. I thought this was all right because we were almost on the ground. As I turned my head further round the window I saw fire engines and ambulances rushing down beside the plane. My hands gripped onto the arm of the chair like a vice on a piece of hard metal There were children crying but I couldn't, all I could do was watch the sky. The back wheels of the plane touched down and I held my breath for the final wheel touching the ground. As it did it was like Velcro sticking to the runway. The wheels screeched on the ground and the plane went off to the right and we came to an abrupt halt. Everyone on the plane was silent and all that could be heard were sirens. One man on the plane started demanding his baggage. Then the Captain announced that we had to go to the departure lounge. Anybody that was a smoker had started smoking on the plane. As we waited in the departure lounge all we were given was a free sandwich and a free drink. We were in the airport for two hours when a thunderstorm occurred. All I could think of was â€Å"it could only happen to me†. Then around an hour later the Captain came into the airport and announced that when we took off we had sprayed half our fuel supply over the runway. It was due to a burst fuel pipe and that was why we had such a bad landing. We were in the airport for a total of seven hours when we could hear a faint sound in the air. All the people came to the windows and looked out. In the distance we could see our new plane coming towards the airport through thunder and lightning. It looked like a superhero coming to our rescue as everybody cheered. As we got on the plane everyone was nervous. We went down the runway and into the air again. As this was happening you could almost hear everyone's heart beating. As we touched down in Belfast International Airport everyone cheered once more and the pilots wished us all a safe and happy onward journey.

Free Essays on Rap Censorship

. The project promotes literacy and cultural awareness and teaches black history. Pubic Enemy criticized for excessively violent lyrics, has even launched a Black Awareness program. The members have also raised and contributed money for various causes such as Urban Development Program, a nationwide program by which youths build houses for the homeless. In the States, Public Enemy toured 20 cities in the â€Å"Unity for Peace† tour and raised money for such local charities as the Boys and Girls club... Free Essays on Rap Censorship Free Essays on Rap Censorship Rap should not be censored because everybody has the right to their freedom of speech, as it is in Section 2 of Charter of Rights and Freedoms. â€Å"Us as rappers express our thoughts and the whole world is after us.† (pg. 171, Sexton) Rap has done a lot to our world; as a result our society has improved. Laws are stated for music censorship. Rap censorship is wrong; there are cases, songs, and interview to prove that. A lot of people think that rap music promotes violence and that it is negative to the society! While so much emphasis is placed on the detrimental effects of some rap music, there’s little acknowledgment of rap’s positive cultural contribution and social activism. Jive’s KRS-One, known to his community as â€Å"The Teacher† is just one example of the good work being done. KRS-One now lectures at universities such as Harvard, Yale, Vassar and Stanford on his philosophies â€Å"The deepest part of being black is being African. The dee pest part of being African is being human,† he has started. â€Å"The deepest part of being human is being universal. And the deepest part of being universal is being balanced. It’s all according to where to start and stop studying.† The rap artists have been involved with such organizations as Stop the Violence, Heal and the National Urban League (for which KRS-One raised $600,000) One of his projects â€Å"Break the Chain,† was made into an audiocassette soundtrack with his songs and spoken words. The project promotes literacy and cultural awareness and teaches black history. Pubic Enemy criticized for excessively violent lyrics, has even launched a Black Awareness program. The members have also raised and contributed money for various causes such as Urban Development Program, a nationwide program by which youths build houses for the homeless. In the States, Public Enemy toured 20 cities in the â€Å"Unity for Peace† tour and raised money for such local charities as the Boys and Girls club...

Atilla The Hun essays

Atilla The Hun essays No one characterizes the uncontrolled ferocity of barbarism as much as Attila the Hun. However, in the Five Readings on Attila from Williams Sterns and Davis, the accounts of him describe qualities of much more than a treacherous tyrant. The author unfolds the distinctiveness of a barbarian deity, and very in depth looks in to the imperial decisions of a barbarian. However, the authors approach to Attila is unbiased. He says that Attila was born to terrify and scourge all the nations and mankind. However, the nations only consist of the Romans and the Visigoths. It shows that he wants to use facts to keep his readers aware of how things actually were. Rumors are what made Attila the legend he is. The authors perspective looks at Attila through the many different eyes. Priscus shows the reader Attila as a governing force. They call an embassy to try and end Attilas fury. The author uses statements such as, in the presence of Attila The level of importance of the barbarian king has been raised just by the way he has the Huns respect Attila. However, in the Battle at Chalons in 451 AD the authors tone is one of setting the tone for Attilas fall. The battle is a colossal disagreement, fighting against towering figures of Late Antiquity, the stern and obsessive Attila and the noble Aetius. Despite Aetius' labors, when Attila crossed the Rhine with the Huns in 451, he endangered a faltering artifact of authority. He had not been able to hold back the surge of attacks that had moved over the West. One of the most mesmerizing features of the story of Attila and the Huns is the background. The Battle of Chalons is every bit as hypnotic as the actual warfare itself. It is ta les of yearn for sex and command, for money and land, and the principal actors are as colorful as any who ever lived. Attila was continuously making conquests whether it is Thrace or the Rhine Rive ...

2nd Amendment to the Constitution Research Paper

2nd Amendment to the Constitution - Research Paper Example With due regard on the issue, the discussion henceforth intends to briefly discuss about the Second Amendment enacted in the US Constitution taking into account the various controversial arguments related to the enactment.. With this concern, the discussion will also be focused on highlighting certain recent relevant court cases with respect to the issue. The Second Amendment to the Constitution of the US can be considered as one of the major controversial enactments in the history of the nation. The amendment was initially approved on 15th of December 1791which preserves the right of the US people to bear weapons irrespective of their military identification owing to their need for self-protection, defence and security in their residences. Since then, the amendment has been one of the most controversial issues in the civil legislation of the US. Recently, in the year 2008 the amendment was again questioned under the circumstances presented in the District of Columbia v. Heller, 554 U.S. 570 (2008). The civil court therefore had to rule out that the second amendment made in the Bill of Rights violated certain protection acts already enforced within the nation. However, owing to the circumstances of the criminal offence and the purpose of the second amendment, the court approved the decree that the enactment preserves an individualâ⠂¬â„¢s right to acquire a weapon or gun (Pollock 375). Although similar instances had been witnessed throughout the 19th century, no particular amendments were intended with concern to the policy measures enacted in accordance to the Second Amendment. The Supreme Court of the US stated that the Second Amendment does not block the regulation of the State with regard to possess firearms. For instance, as per the United States v. Cruikshank, 92 U.S. 542, 553 (1875), it was ruled by the Court that the Second Amendment restricts the control and power of the federal government in delivering adequate

Balanced Reading Program Part 3 Essay Example | Topics and Well Written Essays - 1500 words

Balanced Reading Program Part 3 - Essay Example Description of the balance literacy program, basic components, analysis of linguistic articles to supplement the strategy, design of comprehensive framework components, and metrics to assess the activities and timeline of strategies are the key points of the paper to achieve the desired improvement in the children. Many children struggle to achieve the academic competency despite existence of various viewpoints regarding the approach to teaching children how to read. â€Å"Read to Succeed† program creates the design of comprehensive framework for assisting children in reading and writing. Teachers and academicians faces dilemma regarding the choice of methodology that can serve as model of excellence for teaching and reading in classrooms. For instance, the skills based phonics process that stresses on the breaking down of individual word into several component sounds, or the relatively easier and child-centric approach that emphasizes on the reading of texts and simultaneously deciphering its meaning through fun-filled shared readings in classrooms strengthens the value of the program. Balanced literacy program addresses these issues. The balanced reading approach offers effective techniques for enhancing reading, writing, listening, viewing and speaking skills. Cohen and Cowen (2007) observes the inculcation of right aptitude and attitude in the student in which â€Å""The primary goal of a balanced literacy program is to teach reading, not as a skill broken into isolated steps, but as a lifelong learning process that promotes higher order thinking, problem solving and reasoning† (pp. 37). The basic components of a Balanced Literacy Program include Reading and Writing that can be divided into various sub-components such as ‘Reading Aloud’, ‘Shared Reading’, ‘Guided Reading’, ‘Independent Reading’, ‘Modeled/Shared Writing’, ‘Interactive Writing’, and ‘Independent Writing’.