Small Firm Effect Essay Example

Small Firm Effect Paper At last, a conclusion about whether or not to use this anomaly earn profit will be provided. Explanation of small firm effect and its methodologies Small firm effect refers to a situation which the average risk adjusted returns of smaller firms are higher than the larger firms Band(1981). This situation shows the insufficient of CAMP in predicting the stock returns and counter-argues the efficient market hypothesis Band(1981). It was found by researching the relationship between the return and market value of common stocks in the New York Stock Exchange. The researchers build a generalized asset pricing model which adds the variable market value of security to the capital assets pricing model Band(1981). The constant measuring the contribution of market value of a stock to the expected return of the stock was found as a significantly negative number for the all-time period Band(1981). This indicates that the larger the market values the smaller the expected returns Band(1981). Supporting evidence There are several evidences support the small firm effect as an anomaly counter- argues the efficient market hypothesis in relate to the capital assets pricing model. Under the efficient market hypothesis, no persistent excess profits can be earned on a stock by using public available information. However, the research done by Band(1981) proves that about twenty percent risk-adjusted profits can be earned by using strategy of taking long positions in a portfolio of smaller firms and taking short position in a portfolio of larger firms in a year. Furthermore, the researches done by Brown, Klein and Marsh (1983) shows that excess returns can be earned in related to firm size but the effect is not stable over time. We will write a custom essay sample on Small Firm Effect specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Small Firm Effect specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Small Firm Effect specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Moreover, the study done by Kim(1983) also proves that there is a size related anomaly and its seasonality. Kim(1983) founds around fifty percent of abnormal returns related to firm size are earned in January, twenty-six percent are earned during the first trading week in a year and around eleven percent are earned in the first trading day. Small firm effect in different equity market The study done by Reengaging (1990) found that the relative price behaviors of larger and smaller firms on ETC stocks are different. The costs of trading for small stocks are different in different markets (Reengaging 1990). Thus, an analysis of the evidence for small firm effect in different equity market is important. Small firm effect not only happens in USA but also in the other countries. It has been proved existence in Australia by Brown, Kim, Klein and Marsh (1983). Furthermore, a study done by Chemung, Lounge and Wong (1994) on Korean Stock Exchange also proves the existence of small firm effect. In mean return analysis, the study shows the portfolio with smallest firm size got the highest average monthly return (Chemung, Lounge and Wong 1994). In risk-adjusted return analysis, they use the Sharpe-Lintier version of the two parameter assets pricing model to examine the influence of firm size and E/P ratio on the risk-adjusted portfolio returns (Chemung, Lounge and Wong 1994). The result shows the portfolio of small firms get the highest and only positive risk-adjusted returns (Chemung, Lounge and Wong 1994). Moreover, the small firm effect also exists in Belgium, Ireland, Japan, Mexico, Spain, Switzerland and United Kingdom (Hawaiian and Kim 2000). However, there are no significant relationships between firms size and returns in Canada and France and the size premium significantly different in different markets (Hawaiian and Kim 2000). Small firm effect in different time The researches done by Brown, Klein and Marsh (2001) on U. S. Stock market shows hat excess returns can be earned in related to firm size but the effect is not stable over time. Damson and Marsh (2001) believe that market anomalies apply to Murphys Law which if things can go wrong, it will eventually go wrong. That is, the excess return of small companies will eventually move towards reverse. They compared the stock return of small firms in the U. K. Stock markets with that in the U. S. Stock markets from 1955 to 1997. The study shows the stock returns of small firms were 6% higher than large firms during 1955 to 1986 then many founds Management Company launched between 1987 and 1988, followed a reverse on stock returns of small firms were 6% lower than the large firms from 1989 to 1997 (Damson and Marsh 2001). This may also be contradicts for the small firm effect. Reasons for existence of small firm effect Misprinting Some researchers explained the small firm effect as misprinting from the measurement or method error of assets price model, but Roll (1983) finds this is not the case. He believed that the frequency of trading and holding period can affect the beta estimates. The risks of small firm were undervalued and returns were overvalued for small firms in short holding period (Roll 1983). Furthermore, as small firms are traded not often, the daily stock returns were delayed, the risk was undervalued (Roll 1983). However, Reengaging (1982) use the method of aggregated coefficients to estimate the stock risks and finds undervalue of risks for small firms is not a strong evidence for small firm effect. The study done by Fame and French (1992) also shows firm size is better at explaining the excess returns on small firm than stock risks. Transaction cost The transaction cost for small firms are usually higher than that for large firms. Transaction cost includes direct cost and indirect cost. Indirect cost includes brokerage fees and bid-ask spread. Indirect costs include fees generated by information searching and portfolio management. Amid and Mendelssohn (1986) regard the bid-ask spread as representative of stock trading frequency. Larger bid- ask spread means market thinness. Then they built three models to test the relationship among stock returns, risk of stocks and bid-ask spread. The result shows relationship between stock returns and bid-ask spread are significant stronger than allegations between stock returns and risk of stocks at explaining the small firm effect (Amid and Mendelssohn 1986). Furthermore, Amid (2002) believed that expected market liquidity has a positive influence on ex-ante excess stock returns and return on stock is negatively related over time to contemporaneous unexpected liquidity. Liquidity has stronger influence on small firms (Amid 2002). Amid proved his hypothesis by examine stock in NYSE from 1964 to 1997. Less available information The third reason of existence of small firm effect is small firm has less available information. Theoretical research has proved that firms with less available information should, other variable remain unchanged, get higher returns to make up estimation risk (Manhattans). Thus, less average available information for small firms may be the reason of small firm effect. Nathan (1996) proved this hypothesis in his article. Different fundamental structure Different fundamental structure between large firms and small firms may be one of the reasons for small firm effect. Small firms in NYSE are less efficiently run and have higher financial leverage and these kinds of risks are not easy to be captured by arrest index compare to large firms (Chain and Chem. 1991). Thus the small firm should get higher stock return to make up the estimation risk. Exploit ability and limitation of profit-earning strategy This essay believes that small firm effect is not exploitable now. Somebody may argue that profit can be earned by taking long positions in a portfolio of smaller firms and taking short position in a portfolio of larger firms. In fact, it is hard to keep a portfolio with small shares which long and short position can be held and traded quickly in the real world (Bradford, Haney and Billion 2011). Furthermore, the transaction cost of take short position is larger than take long position (Bradford, Haney and Billion 2011). Moreover, the article written by Damson and Marsh (2001) points out excess return of small companies will eventually move towards reverse and their study shows stock returns of small firms were 6% lower than the large firms from 1989 to 1997 which indicate the small firm effect already move towards reverse in U. K.. Conclusion In conclusion, this essay does not recommend the fund manager use strategy of taking long positions in a portfolio of smaller firms and taking short position in a oratorio of larger firms to exploit as loss may occur.

How to Use Pinterest for Your Job Search

How to Use Pinterest for Your Job Search So yes, we all know of Pinterest as the go-to place to design a wedding mood board or pin recipes to try for summer barbecues. But did you know that you can also it for your job search? On this the fastest growing social media network, you can either waste endless amounts of time pinning â€Å"shoes to buy,† or you can spend your procrastination time by making a job board for yourself. Can’t hurt, might help! Here are a few ways you could use your Pinterest to help boost your job search.1. Pin your resume.Thousands of people do this. You might even see some traffic. Better yet- make a resume Pin Board and fill it with pins that represent all the different parts of your resume highlights. Pin links to the schools you’ve attended, the companies you’ve worked for, the projects you’ve worked on. Make those text boxes work for you- write commentary as you would in your resume for each pin.2. Link it up.Your beautiful Pin Board isn’t going to do yo u much good if no one knows where to find it. Add it to your LinkedIn portfolio, your Facebook and Twitter profiles, even advertise on your Instagram. Add the link to your email signature and business cards. Just make sure there’s nothing unprofessional on your Pinterest (or make those boards private) before linking far and wide.3. Be a follower.For both inspiration and career tips, try following the greats on Pinterest as well as other platforms. CareerBliss is a great place to start, as is your college career office, if they have an account. If you’re unemployed, try the 405 Club. FlexJobs and Brazen Careerist are other great options, but you can always just type â€Å"career advice† into the search bar and see what turns up!4. Stalk potential employers.If the company or companies you want to work for have Pinterest, follow them! You can learn a lot about company culture and what may be expected of you in an interview situation by studying what they post. Re-p in their content if you like it, establishing a connection or- at minimum- making sure they see your little account name pop up every time you do.5. Build your brand.Choose images and words that support the brand you’re cultivating across other platforms. Be professional, of course, but yourself. Never underestimate what a well cultivated Pinterest board can do to show your strengths and tastes and sell you at your best.6. Get inspired.If you’re feeling bored or discouraged in your job search, you can always sift through other job seekers’ Pinterest boards for inspiration. What are some creative ways other people are using social media sites to maximize their search and build their brand? Spend 20 minutes going down the rabbit hole and see whether a better idea strikes you!

Analysis Of Annual Report Of Bendigo And Adelaide Bank For Fy 2016

The title of the report is the analysis of the annual report of the company – Bendigo and Adelaide Bank. The annual report of the company consists of the financial statements of the company and the director’s report and the independent auditor’s report. The financial statements of the company tells about the financial performance of the company that it has gained during the reporting period and the financial position of the company that it has maintained at the end of the reporting period. Both the aspects go and work simultaneously and will inform about the working and functions of the company. The main aim of this report is to analyze the annual report of the company with respect to certain issues like assets and debts which will equip the users of the financial statements of the company including the stakeholders of the company about the working details of the company and to assess whether the company is working as desired by its stakeholders. With this consideration and the aim the report has been bifurcated into different section starting from the historical background of the company. After that the financial position of the company has been analysed by considering the balance sheet at the end of the reporting period. Thereafter the financial performance of the company has been analysed by considering the statement of profit and loss for the given reporting period. At the end the report has been ended by citing the conclusion stating the overall findings and the recommendation stating whether the stakeholders shall invest in this company. The company has its history started in the long back in late years of 1850’s. The company has been incorporated in the year of 1858 as Bendigo Mutual Permanent Land and Building Society to help the people who are migrating from Victoria to give them the better living and the better working conditions. After twenty years of the society formation, in the year of 1877 another society was formed namely Hind marsh Building Society which has only one aim of providing home to everyone who is in Australia. With this aim the society so created has gained the importance from many people. With the passage of the time, the society goes on growing and keeps on merging and acquiring the other societies and in the year 1982, Bendigo Building society has come up as the first financial institution which has introduced both visa and credit cards. In the year of 1993, Bendigo building society acquires the company namely National Mortgage Market Corporation Limited which is engaged in the busines s of mortgage and providing the introducers for the loans and acting as the brokers for arranging the loans. In the years of late 1990’s the company with the development in the field of banking has converted its name from the bendigo building society to Bendigo Bank (Intelligent Investor, 2017).   Bendigo bank opened its first branch office in Victoria and then has focused on the infrastructure projects of the country including the agricultural related business. The company has also been known as the company which has brought the account for offsetting the mortgage. This product has now standardized in the country of Australia. With this expansion and the growth in the business sector, the company in the year of 2007 has rejected the proposal from the Bank of Queensland for having the merger and merged with the well known bank namely Adelaide Bank. Soon after merging with the bank, the company with the approval of the members and shareholders of the company, the company has changed its name from Bendigo Bank to Bendigo and Adelaide Bank (Company Official Website, 2016). With this merger, the existence of the Bendigo and Adelaide bank has come and is now regarded as the fifth largest retail bank in the Australia employing more than 70000 employees across its all branches and serving millions of the customers across Australia for achieving their financial goals.   Ã‚  Ã‚   The financial position of any company is analyzed by critically evaluating the balance sheet of the company. The balance sheet of the company is prepared on the particular date therefore the financial position of the company has been analysed as on 30 th June 2016 (Company Official Website, 2016). There are also other issues like financial assets held for sale, trading and maturity, met loans and other receivable and the investment made in property plant and equipment and also the risk factors that have been mentioned separately in the annual report.   Ã‚  Ã‚  Ã‚  Ã‚   The financial performance of the company is analysed from the statement of income for the financial year ending 30 th of June 2016. Following issues have been identified (Company Official Website, 2016): Thus, apart from the above issues there other financial performance issues like Net Profit and the income tax expense, etc.  Ã‚  Ã‚   The banking industry plays very important role in not only the development of the country but also the development of the individuals by keeping their money safe and providing the interest on their funds and more importantly funding the company which requires for the development of any project which may be infrastructural or financial like agricultural related project or dam building project. Thus, in this way, the banking industry plays very important role in the development. The report has laid down how Bendigo and Adelaide bank has been formed and how the same have grown over the past 158 years at the increasing rate and still have the position of having more developments in the future. The report has analyzed the financial position and performance of the company and thus it is concluded that the report has raised the financial issues with regard to its recognition and presentation in the financial statements. It is recommended that the shareholders should invest and the stakeholder’s shall take interest in the company and shall make their decisions accordingly. Company Official Website, (2016), â€Å"Annual Report 2016†, available on https://www.bendigoadelaide.com.au   accessed on 23/05/2017. Intelligent Investor, (2017), â€Å"Bendigo and Adelaide Bank (BEN)†, available on https://www.intelligentinvestor.com.au/company/Bendigo-and-Adelaide-Bank-Limited-BEN-249121   accessed on 23/05/2017. accounting

Argument about how the spend the money in wors and not for study Essay

Argument about how the spend the money in wors and not for study - Essay Example Various cases particularly in budgeting clearly bring out how our government has attached much importance to wars rather than education over the past years and even currently. The funds used to sustain a single military officer can be adequate for paying one-year college fee for over thirty students in college. With the increasing college fees which is a result of cutting government funds on education, there are many students who do not make it to colleges due to lack of adequate funds to sustain the students in college. This implies that dreams may be shuttered as education plays a vital role in helping most people attain goals. According to (Gardner, Web) the cost of keeping one soldier in Afghanistan is nearly $ 850,000. This amount of money with no doubt can cater for one-year school fee for many students in college or high school. (Gardner Web) also adds that most of the US funding goes to the military as compared to any other government sector and the government tops all other countries in military expenses (Wittner, Web). This clearly shows how our government prioritizes wars over education. This may have serious consequences in the future if the situation is not addressed accordingly. Education is highly valued in most nations and even after the world war, the government of the United States considered education equally important. History shows that after World War II, there was an increase in quest for education, which was highly supported by the government. The government took the initiative to sensitize its citizens on the importance of education to the society. However, the big and controversial question is whether the government really values education as it claims to value it like wars. According to Osborne (Web), modern weapons can cost the government a fortune. For instance, cruise missiles may cost up to 1.5 million dollars (Osborne, Web). The huge amount of money spent on purchasing modern weapons compared to hiring teachers shows how the gove rnment is attaching much importance to wars rather than education. The 1.5 million dollars can pay the salary of over twenty-five teachers in the state schools or these sums of money can be directed in any other way to promote the education sector. There is a possibility of cutting down the military expenses and directing them to the education system without compromising the nation’s security. With the changing world, education has become an important aspect in the lives of people and therefore the US government need to set aside much funds on education just like in the military sector. However, the case has been quite different, the large populations of soldiers needed and the increasing numbers of veterans that need care is alarming. Funds from the government are used to cater for the needs of these war veterans, these are some factors that inflate the military budget. This implies that large amounts of money are needed to sustain these veterans. Although taking care of the se war veterans is as well important, in is as well important for the government or the military sector to come up with ways of generating income to help the veterans. In this way, the government is able to cut the expenses on the military, which can in turn be directed towards the education sector. According to the 2011 US budget, the government spent $ 115,000 more on the

Web Mining and Social Multimedia Research Paper

Web Mining and Social Multimedia - Research Paper Example However, how does data mining filters the information gathered from the web from undesirable and inaccurate data that is so often giving us difficulties in gathering valuable and high-quality results? It is common knowledge that the data found on the web is unstructured, dynamic, complex and huge in amount. This results in difficulties for analyzing such data. What techniques and applications are used in Web Mining to overcome these difficulties? The answers to these questions could benefit both research and industry communities. Web Mining and Social Multimedia Introduction Web mining refers to the application of data mining techniques to extract patterns from the web. Generally data mining allows for analysis of data in order to make rational decision based on the data report collected. It is common knowledge that the data found on the web is unstructured, dynamic, complex and huge in amount which results in difficulties for analyzing such data. Consequently the information gathere d by web mining can be further evaluated using various software or through the traditional data mining parameters such as classification, clustering and association. There are three main axes of web mining which include content mining, usage mining and structure mining. Content mining is usually applied in the examination of data collected by web spiders and search engines. On the other hand, structure mining is used when examining the structure of given websites while usage mining is generally used to study data related to user’s browser as well as the data collected by the forms users usually submit during their web transactions. When such data is being analyzed based on the web documents, especially with a wide spread of social multimedia, the information gathered can benefit research institutions, businesses and economy overall. Additionally web mining can potentially be used in customer relationship management by helping to evaluate the customer behavior, effectiveness o f the website as well as quantify the success of the marketing campaign used in the World Wide Web. Although web mining has numerous potential benefits particularly with regard to the interpretation of meaningful data, the technology has also been regarded as a disruptive technology due to some of the risks it poses both to personal and cooperate privacy (Domingos, 58). For example, the sophisticated technologies used in web mining have significantly increased the risk of information abuse as well as privacy violation. As many social media platforms continue to urge their users to become more transparent by revealing their personal information, the privacy of such users may be compromised. There are a number of data base technologies through which web mining can be used to discover the patterns in data. Some of the commonly used database mining techniques used in web mining include clustering, association and data classification. The difficulties in gathering quality data using web mining techniques usually arise from the fact that there are currently no agreed upon quality assessment models as well as the difficultly that arises from handling the quality of information particularly during the query processing and integration of data. In web mining, some of the scenarios in which the problem of data quality may arise include during the integration of scientific or business data and during the dissemination of the collected data. History of web mining The concept of web mining has rapidly grown in a short period of time both in terms of

Co Operative Society Essay Example for Free

Co Operative Society Essay What Is a cooperative society ? A cooperative (also co-operative or co-op) is a business organization owned and operated by a group of individuals for their mutual benefit. [1] A cooperative is defined by the International Cooperative Alliances Statement on the Cooperative Identity as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through jointly owned and democratically controlled enterprise. [2] A cooperative may also be defined as a business owned and controlled equally by the people who use its services or by the people who work there. Origins In 2001, it merged with 11 cooperative federations which had been its main suppliers for over 100 years. [citation needed] As of 2005, Coop operates 1,437 shops and employs almost 45,000 people. According to Bio Suisse, the Swiss organic producers association, Coop accounts for half of all the organic food sold in Switzerland. [citation needed] Euro Coop is the European Community of Consumer Cooperatives. [edit] Business and employment cooperative Main article: Business and employment co-operative Business and employment cooperatives (BECs) are a subset of worker ooperatives that represent a new approach to providing support to the creation of new businesses. Like other business creation support schemes, BECs enable budding entrepreneurs to experiment with their business idea while benefiting from a secure income. The innovation BECs introduce is that once the business is established the entrepreneur is not forced to leave and set up independently, but can stay and become a full memb er of the cooperative. The micro-enterprises then combine to form one multi-activity enterprise whose members provide a mutually supportive environment for each other. BECs thus provide budding business people with an easy transition from inactivity to self-employment, but in a collective framework. They open up new horizons for people who have ambition but who lack the skills or confidence needed to set off entirely on their own – or who simply want to carry on an independent economic activity but within a supportive group context. New generation cooperative New generation cooperatives (NGCs) are an adaptation of traditional cooperative structures to modern, capital intensive industries. They are sometimes described as a hybrid between traditional co-ops and limited liability companies. They were first developed in California and spread and flourished in the US Mid-West in the 1990s. [26] They are now common in Canada where they operate primarily in agriculture and food services, where their primary purpose is to add value to primary products. For example producing ethanol from corn, pasta from durum wheat, or gourmet cheese from goat’s milk. [27] Types of cooperative Housing cooperative [pic] [pic] Co-op City in New York is the largest cooperative housing development in the world with 55,000 people. [28] Main article: Housing cooperative A housing cooperative is a legal mechanism for ownership of housing where residents either own shares (share capital co-op) reflecting their equity in the cooperatives real estate, or have membership and occupancy rights in a not-for-profit cooperative (non-share capital co-op), and they underwrite their housing through paying subscriptions or rent Housing cooperatives come in three basic equity structures[citation needed]: †¢ In Market-rate housing cooperatives, members may sell their shares in the cooperative whenever they like for whatever price the market will bear, much like any other residential property. Market-rate co-ops are very common in New York City. †¢ Limited equity housing cooperatives, which are often used by affordable housing developers, allow members to own some equity in their home, but limit the sale price of their membership share to that which they paid. †¢ Group equity or Zero equity housing cooperatives do not allow members to own equity in their residences and often have rental agreements well below market rates. Main article: Building cooperative Members of a building cooperative (in Britain known as a self-build housing cooperative) pool resources to build housing, normally using a high proportion of their own labour. When the building is finished, each member is the sole owner of a homestead, and the cooperative may be dissolved. [citation needed] This collective effort was at the origin of many of Britains building societies, which however developed into permanent mutual savings and loan organisations, a term which persisted in some of their names (such as the former Leeds Permanent). Nowadays such self-building may be financed using a step-by-step mortgage which is released in stages as the building is completed. [citation needed] The term may also refer to worker cooperatives in the building trade. citation needed] Utility cooperative Main article: Utility cooperative A utility cooperative is a type of consumers cooperative that is tasked with the delivery of a public utility such as electricity, water or telecommunications services to its members. Profits are either reinvested into infrastructure or distributed to members in the form of patronage or capital credits, which are essentially divi dends paid on a members investment into the cooperative. In the United States, many cooperatives were formed to provide rural electrical and telephone service as part of the New Deal. See Rural Utilities Service. In the case of electricity, cooperatives are generally either generation and transmission (GT) co-ops that create and send power via the transmission grid or local distribution co-ops that gather electricity from a variety of sources and send it along to homes and businesses. [29] In Tanzania, it has been proven that the cooperative method is helpful in water distribution. When the people are involved with their own water, they care more because the quality of their work has a direct effect on the quality of their water. A remarkable development has taken place in Poland, where the SKOK (Spoldzielcze Kasy Oszczednosciowo-Kredytowe) network has grown to serve over 1 million members via 13,000 branches, and is larger than the country’s largest conventional bank. [ In Scandinavia, there is a clear distinction between mutual savings banks (Sparbank) and true credit unions (Andelsbank). [ The oldest cooperative banks in Europe, based on the ideas of Friedrich Raiffeisen, are joined together in the Urgenossen. Federal or secondary cooperatives Main article: Cooperative Federation

Harry S Truman-The Early Years :: essays research papers

Discuss Truman’s early life, including early business, his army service and his political life up through his career in the Senate. Harry S. Truman was born on May 8, 1884, in Lamar, MO. He was the son of John Anderson and Martha Ellen Young Truman. A family compromise between grandfathers middle names, Shipp and Solomon resulted giving him only the middle initial S. Sometimes he used a period (.), sometimes he didn’t. In his early childhood, he moved yearly from farm to farm. In 1890 the family moved to Independence, MO where they remained until 1902. After graduating from High School, Truman worked at several odd jobs until landing a position as a clerk at The Union National Bank. Eventually in 1906, Truman moved back to his grandmother’s farm with his parents and took over running the family farm. Truman had an interest in a zinc and lead mine in Oklahoma—the venture failed with a loss of $2,000. He also invested in oil leases in Texas, Oklahoma and Kansas. Truman and two partners had a well drilled on property in Eureka, Kansas, but Truman gave it up when he joined the Army. Had he stayed back and run the drilling company, he probably would have become a millionaire. Truman took an interest in the Masons and was appointed presiding overseer of a Masonic Lodge and was later elected the lodge Grand Master in 1940. Harry Truman met Elizabeth Virginia (Bess) Wallace in Sunday school when they were both very young, but went through school, graduating together. The two were friendly all through school, although their friendship lapsed when Truman was living and working in Kansas City. When a plate had to be returned to Mrs. Wallace, Bess’ mother, Truman returned the plate and started courting Bess. By early 1917 they were engaged. When the US entered WWII, Truman was sent to Oklahoma as part of the National Guard. He and an advance contingent of the 129th Field Artillery Regiment sailed for France aboard the ‘George Washington.’ Shortly after arriving, Truman was promoted to the rank of Captain and was given command of Battery â€Å"D†, the most unruly group in the regiment. Truman was forthright with the men and it was later recounted that the men ‘idolized’ their captain, referring to him as â€Å"Captain Harry† for the rest of their lives. After the war, Truman and an Army buddy, Ed Jacobson, opened a haberdashery—the shop failed after a few years.

Nigeria and South Africa Essay

The literature review was crucial to this dissertation since it was the major part of the dissertation that examined several secondary sources and reinforced the aim which is to critically analyse and investigate the extent to which physical infrastructure has influenced the tourism industry in Nigeria compared to South Africa. This dissertation has an adapted version of Handy’s (1994) Product Lifecycle Model because it shows the development of physical infrastructure in regards to accessibility within Nigeria and South Africa. This dissertation also has Butler’s TALC Model (1980) to demonstrate the development of tourism in Nigeria and South Africa. The dissertation assesses the impacts of the 3 A’s accessibility, Amenities and Ancillary Services by comparing Nigeria to South Africa. The dissertation answers whether physical infrastructure has positively or negatively influenced Nigeria and South Africa’s tourism industries. This dissertation also includes the Travel and Tourism Competitiveness Index indicators and the Global Competitiveness index indicators in order to compare the infrastructure rankings in Nigeria and South Africa. There are conclusions which evaluate what the researcher found throughout the dissertation. The recommendations stem from what the researcher discovered and discussed in the conclusions within the dissertation. Aim and Objectives Aim To critically analyse and investigate the extent to which physical infrastructure has influenced the tourism industry in Nigeria compared to South Africa. Objectives To scrutinise secondary research which discusses the state of physical infrastructure. To assess the impacts of the 3 A’s in Nigeria in comparisons to South Africa. To find out whether physical infrastructure had a positive or negative influence on both countries tourism industries. To critically analyse competitiveness indicators in relation to other data sources. To make several recommendations based on the conclusions in this dissertation. Rationale The main purpose of this dissertation is to answer the question- How has physical infrastructure influenced the tourism industry in Nigeria in comparison to South Africa? There are various reasons to why this dissertation is being written. The first reason is there is a gap in academic literature seeing that there is no existing research that compares how physical infrastructure has influenced the tourism industry in Nigeria and South Africa. This could be due to the fact that there are no qualified researchers who have been focusing on documenting such research since researchers may view Nigeria and South Africa as developing economies and would rather conduct research on other countries like England or United States of America. The second reason is that the researcher would be able to explore the aim in great detail through the usage of secondary research and secondary data. Nigeria and South Africa were chosen because both countries have significant roles and influence on the African Continent. Kwintessential (2011) states: â€Å"Along with South Africa, Nigeria is considered a super-power in the African continent. † Tourists frequently visit Nigeria and South Africa. In 2009/ 2010, more than forty-nine million tourists travelled to Africa. The top ten African Countries were Morocco which had nine point twenty-nine million tourists, South Africa had eight point nine million tourists and Nigeria had one point forty-one million tourists (TV3news, 2011). In 2011 Nigeria’s new President Goodluck Jonathan commissioned twenty-five trains and also in 2011 South Africa Transport Minister Sibusiso Ndebele introduced a law called Road Transport Management System (RTMS) which was implemented successfully. Secondary data from 2009, 2010 and 2011 was used because information linked to the Access, Amenities and Ancillary Services was available as major events closely linked to Access, Amenities and Ancillary Services occurred in Nigeria and South Africa. Contribution Secondary data would be required since quantitative data, such as statistical figures are of great importance because they are needed in order to effectively support the findings in this dissertation. The 3 A’s Accessibility, Amenities and Ancillary Services According to Buhalis (2000) there are six A’s which are Attractions, Accessibility, Amenities, Available Packages, Activities and Ancillary Services however for the purpose of this research, this dissertation will only focus on three A’s which are Accessibility, Amenities and Ancillary Services as tourists take these three A’s into consideration when travelling aboard. Accessibility is essential as it enables tourists to travel to visit numerous places within Nigeria and South Africa. Hall et al (2006) refers to Butler (1980) and Wolfe (1952) who believe that accessibility is important seeing that they acknowledge that when accessibility improves an area would experience a growth in tourist numbers. Amenities are vital since tourists need to stay and sleep in accommodation whilst in Nigeria and South Africa. Bhatia (2006) and Hall (2009) agree that accommodation gives tourists the opportunity to spend some time in a destination. Ancillary Services for instance medical facilities like hospitals are important because tourists may need medical assistance so travel insurance is recommended to cover medical emergencies. Cowie (2011) reveals that The Association of British Insurers (ABI) believe there has been an increase in the number of travel insurance claims from holidaymakers particularly holidaymakers over the age of sixty-five.

A Discussion of Assessment and Feedback Issues Essay

A discussion of assessment and feedback issues Assessment is an important part of teaching and learning, the most obvious reason for carrying out assessment is to evaluate the students learning/achievement s and whether the student is heading toward the course of qualification. Teaching within NVQ the criteria is laid out for me as a teacher my role is to prepare the students to observe their performances, question them, and use assessment to make a decision as to whether my learners are competent or capable. I must also to ensure that the assessment meets the criteria and objectives of the NVQ qualification. We as the teachers/assessors want to know whether learning outcomes have been achieved, or if the student is of a standard required to pass and achieve the grade /qualification. It also helps me as the tutor up most to help determine the development the student needs during the course. Assessment is also a away to provide information on individual teacher or the institution. For example; are the teaching methods affective, are the learning objectives appropriate- are they too easy or to difficult. Assessment within my teaching domain comprises of different components, performances in the work places, the use of realistic working environment. With NVQ teaching we have specific criteria that must be covered and include skills as well as knowledge, we the assessors have the decision as to how and where the assessment takes place. NVQ level 1-2-3 hairdressing comprises of units which must be cover die, Level 3 consists of 53 credits minimum split into mandatory units -48 credits and optional unit of which is 6 credits to pass and obtain the qualification. Following VTCT/HABIA critia guide lines and assessment work book. VTCT/HABIA strongly advocates a holistic approach for assessment of learners. Examples include using one assessment method to gather evidence for a number of criteria integrating knowledge into practical observation (i. e. through oral or evidenced on analysis sheets i. e. consultation forms). I myself as a teacher of hair and beauty believe in Habia and VTCT Assessment learning and teaching strategies I believe in engaging and exciting the learner whether it means I need to change the way I assess or how I bring my knowledge forward for learners to understand and help them complete their course. I measure the achievements against the standards set out. One of the advantages of NVQs is that the whole area to be tested is set out from the start. NVQ assessment is usually internal or external or a combination of the two. Internal assessment means myself is responsible for devising and marking assessments be it using case study’s which also help develop functional/key skills, observation ,oral ,informal,ect. These then tend to be verified by the centre internal verifier. I myself am required to set work that will improve practical skills knowledge and understanding. It’s my responsibility to guide learners on the evidence that is needed to be gathered to satisfy assessment. Within my course criteria (NVQ) we use formative and summative assessment as the main hold of the course. Unlike summative assessment which relates to assessment of learning, feedback relates to assessment for learning. Assessment 1998: Torrance and Pryor 1998) which helps the learners progress (Black and William We use formative assessment as formal or informal. For assessment to function formatively, the results have to be used to adjust teaching and learning. † (Black and William 1998: pp. -16) With formative assessment we use a range of activitys, case studies, multiple choice test, practical test, projects, questioning alone or within a group. To help students understand the frame work and what is needed we use in NVQ or within my institution mile stones of 13 weeks covering formative summative and mandatory test assessment. I strongly believe in formative a ssessment for the students and me the teacher for my own evaluation as well as theses; it contributes to the learner’s progress provided guidance on how to bridge the gaps to achieve the desired results, we use ILPS to also help within this process. ILPs individual learning plans, we use these to encourage the students also for means of developing their own targets and to motivate and encourage the students learning development. These documents are updated by learner and teacher throughout the course and are used as part of the formal course assessment. Summative assessment is used for grading or within my teaching domain it’s a simple pass or fail. As stated in (Teaching skills in the further and adult education 3rd addition David Minton p 288) progression and new technology. There is no reason why a teaching session in a hairdressing salon should not be video-taped or photo graphed and presented with by the teacher to explain whys/he did what, what happened, what was observed in a group or individual work. It’s a valuable tool for evaluation as well as valid evidence. It can be shared with mentor or other tutor to compare and evaluate work, to review Atcual teaching session also and assessment of students. I myself have used this and found it a good tool to be used. In regards to questions and feed back during assessment, It’s important to be specific on what can be improved and how. Effective feedback tells the student what they have achieved and where they need to improve. Questioning is used not only as a pedagogical tool but also as a deliberate way for myself the teacher to find out what knowledge and understanding the leaner’s have gained, also to helps myself the teacher see how successful my teaching has been and what areas need to be improved . Questioning is fundamental to effective teaching and learning. As stated by ( Fisher & Frey 2007) Checking for understanding through questioning should not be thought as a simple two step process but rather as a complex progression as the teacher formulates and then listens to the responses of the learners, IE making them from easy to hard and simplifying them for students own level of learning. Self and peer assessment can also be beneficial in feedback and evaluation on own and peers works. As state many academic teachers still tend to retain all ownership and power in the assessment process (Dorothy spiller teaching development wahonga Feb 2012 assessment matters). Self assessment is used during formative assessment which students reflects and evaluates their own work. Seeing their strengths weaknesses and areas they feel they need to improve, helps set self goals becoming more motivated. Self assessment within my teaching area requires the student to fill out self assessment feedback forms in relation to a practical activities carried out, this help them self –evaluate their work strengths and weaknesses. â€Å"SELF ASSESMENT WITH ITS EMPHASIS ON STUDENT RESPONAIBITIY AND MAKING JUDGMENT IS NECESSARY SKILL FOR LIFE LONG LEARNING â€Å"(Bond, 1995, P. 11,). In the3 same contexts Peer feedback can also be beneficial to individuals or groups of students who are keen to experiment and use new ideas. Peers assessment involving students giving feedback on peers work can help students make sense of gaps in their own work. I see self and peer assessment beneficial where certain points are present. Designed to enhance learning ,involving learners in judging own work, help improve and motivated owns mind and work . Boud, D (1995). Enhancing learning through self-assesment. London:Koger page. Boud, (1995 P. 11. ). (Black and William 1998: pp. 5-16) Douglas Fisher& Nancy Frey 2007 www. reading,org questioning. (Teaching skills in the further and adult education 3rd addition David Minton p 288)

Uniquely Monstrous Professor Ramos Blog

Uniquely Monstrous From an anthropological point of view, monsters in every culture display many of the fears of the individuals living in said culture. While it’s true that monsters instill a cultural anxiety, they also hold alternative purpose under the surface. In many ways, they’ve teach much about ourselves in their trail of fear. In this analysis, I’ll be reviewing the monsters from a series called Parasyte: The Maxum. Ive wholeheartedly enjoyed this series several times over and plan to do so again sometime in the future. Whether its for its animation, philosophy or well thoughout plot, there are plenty of reasons to give this show a try. This series premiered in the spring of 2016. Before that it was created as a (Japanese Comic) Manga issued in 1988! The monster in this series comes from an unknown origin, presumably outer space. When the eggs float down from the sky and hatch they have one goal in mind, and that is to find a host. One article by Mick Joest on geektyrant.com states it perfectly when he compares the show to being an â€Å"Alien meets Bodysnatchers† crossover. In the series the parasites subtlety become an epidemic as more parasites take over human brains and adapt to â€Å"hide in plain sight† amongst the humans. They slowly mend into the hierarchy of human society where they become increasingly difficult to spot. Most of these parasites resort to eating humans for sustenance. The main character of the series â€Å"Shinichi Izumi,† along with a couple of other characters he meets along the way, have a special case in where their parasites didn’t reach the human brain. This due to the fact that the parasites upon hatching from their eggs only have a minute amount of time to find a host. So in the case of the main character Shinichi, the parasite had to settle with his right arm. This sets up an interesting dynamic that forces the two to work together as they both start affecting each other’s personality as the story progresses. As many people know, many books that get adapted into films, for some reason, have a hard time keeping true to their source material. Many of the fans from this series have little to say as far as what was changed from the mediums. The most common points made in many of the online forums was that clothing and technology was modernized to fit the time the show aired. This monster is quite unique due to the fact that rather than pertaining directly to the fears or the Japanese culture from which it came. Much of the fears are very universal. This idea is also cemented in an interview with the creator (Hitoshi Iwaaki) found on kodanshacomics.com, when he is asked how he came up with the idea for the story. He said â€Å"I used to watching a lot of documentaries about the food chains in nature as a kid. I remember wanting to write about the â€Å"egotism of the human race over this planet,† but I didn’t want to look down on humans. I just wanted to tell the story from an ordinary person’s point of view.† When he uses the word human, he’s automatically thinking more objectively than subjective, which much of this series focuses on the fact that the world is more connected than ever, its relatively easy to see the connectivity. No matter where you’re from, the idea of a parasite is not unique to one culture. Although the effects of these parasites are amplified to that of reality, it stems from the same root of fear. This monster is not without its subjectivity. In the same interview on kodanshacomics.com, Hitoshi is also asked how he came up with the main character’s parasite â€Å"Migi.† Hitoshi stated â€Å"I don’t remember exactly how I came up with it. But in Japan, there are a lot of monsters in traditional folk tales that are just a hand with eyeballs or, like, a talking tumor.† One of the monsters he could be talking about is the Tenome of Japanese folklore. The name literally translates to â€Å"eyes on hands.† According to yokai.com, this faceless being stalks his prey in open fields and graveyards, using only the eyes on his hands to find its next victim. After reading the description from this creature, its easy to see why this could of inspired Hitoshi to create such a monster. The show doesnt just dazzle with its distinctive monster design, it also brings forth thought provoking senarios. One of the biggest questions this story is â€Å"What does it mean to be human?† One scenario that comes to mind is when Shinichi and Migi are going over the recent killings that the parasites have been committing around town. After Shinichi presens his concerns, Migi voices his confusion when he says â€Å"Your logic is a bit difficult to understand, my kind are just simply eating to stay alive and nothing more.† This moment shines an objective light on how Migi views the scenario. This is an important role the character continues to play throughout the story. Migi then contiues to say â€Å"You just find it unpleasant that it is your own kind thats being eaten.† This statement further drilling in his total lack of empathy. Shinichis then unconfidently says â€Å"of course, human life is a precious thing, isnt it?† This controntation of ideals early in the series marks the tone of existentialism throughout the story. This is also an important metaphorical backbone to the monsters that the parasites are. Theres a point in the series when the dynamic duo take care of the â€Å"final boss,† so to speak. They accomplish this feat only at the cost of Migis life. However this wouldnt be the last of Migi. He ends up reaching out to Shinichi in his dream. And tells him of how hes not dead but will be sleeping and not to worry about anymore parasites. The next day he finds himself in a predicament with another monster. Only this time it was another human. So rather than the parasite monsters hes been fighting with inhuman abilities, hes now facing one of his own kind. In a sense the monster escaped though the reflection on human kind. Not that we are all that way, just the fact that â€Å"not all monsters have tentacles.† I wish you were more self-reflective. Stories and plots where modern humans are pinned up against the â€Å"unknown† Tend to push the boundaries of the human psyche. Whether that be a monster or supernatural event. What’s compelling about this monster, being the parasite, is that there is a forced relationship between the monster and its host, similar to Dr. Frankenstein and his creation. So in that light, the viewer is also forced into a relationship with the parasite. Many thought provoking situations and questions are brought up along their journey. Overall, the parasites from this series is such an interesting case of a monster that reflect to become one with the perceiver to question the view of one self. So if you’re in to syfy, existential crises and are looking for a great new show to watch, I highly recommend this 25 episode psychological thriller! Annotated Bibliography Jeffery Jerome Cohen (1996). Analyzing monsters and their significance.Monster Theory: Reading Culture. Joest, Mick. â€Å"Review: PARASYTE THE MAXIM.†GeekTyrant, GeekTyrant, 25 Mar. 2015, geektyrant.com/news/review-parasyte-the-maxim-mjgt. Kido, Misaki. â€Å"Creator Interview: Hitoshi Iwaaki on Parasyte.†Kodansha Comics, 9 Dec. 2016, kodanshacomics.com/2016/11/02/creator-interview-hitoshi-iwaaki-parasyte/. Meyer, Matthew. â€Å"Yokai.com.† Tenome – Yokai.com, yokai.com/tenome/.

Micro & Macroeconomics and their impact on daily life Essay

Micro & Macroeconomics and their impact on daily life - Essay Example The term ‘micro’ has been derived from the Greek word ‘mikros’ which literally means small. Thus Microeconomics studies economic actions and behavior of individual units and small groups of individual units. Hence, Microeconomics engages in microscopic study of the economy and seeks to determine the mechanism by which different economic units attain their positions of equilibrium, proceeding from individual units to narrowly defined groups. In a modern economy Microeconomic theories and postulates play a very significant role in understanding economic behavior of rational units of an economy. Operation of an economy: Microeconomics explains how a free enterprise operates and functions. Most economies of the world are mixed economies consisting of both public and private sector enterprises where the private sector is much larger than the public sector. Microeconomics explains how a market economy with millions of customers and producers decides the allocation of scarce productive resources among millions of goods. Efficient use of scarce resources: One of the principal problems faced by every economy is to ensure efficient employment of scarce resources between competing ends. Microeconomics helps to understand the mechanisms involved in this regard and assists policy makers to take rational decisions that would achieve economic growth with stability. Economic welfare: The whole structure of welfare economics is built upon the Microeconomic theory of Perfect Competition since maximization of economic welfare is possible only under Perfect Competition.

South africa Essay Example | Topics and Well Written Essays - 1250 words

South africa - Essay Example The companies’ efforts were however met with government’s counter strategies to maintain the practice of apartheid. Caltex, owned jointly by Texaco and SoCal is one example of foreign company operating in South Africa whose shareholders on many occasions tried hard to pass resolutions that were anti apartheid. This paper seeks to highlight Caltex, its conception in the South African market, its operations and how it affected the growth or downfall of the practice of apartheid. First we consider whether the entry of Caltex in South Africa empowered apartheid. Whether or not the utilitarian benefits of Caltex’s operations stood above the moral rights and justice violations that its presence seemed to propagate. In 1975 Caltex sought to expand its investment in South Africa. The expansion could cost $135 million, increase south Africa’s refining capacity by 11% and it promised a return on interest of about 20% i.e. approximately $27 million annually. In essence, a Return on Interest of $27 million annually, had a strong utilitarian benefit. After all Caltex is a profit making company and profit making is the major focus. However, this expansion would consequently strengthen the economy of the very government that was steadfast at maintaining apartheid as its legal policy. A strong economy meant a strong government and thus widespread apartheid. The commitment that Caltex later showed to the plight of their black employees is another utilitarian benefit that requires consideration. They moved 40% of their black workers to refinery jobs initially held by whites and they moved a total of 29 to the topmost four of the white collar and skilled job categories. Even though most blacks remained in the lower job categories, Caltex had at least shown their commitment to eradicating apartheid. The utilitarian benefits of Caltex presenting better working conditions