Stocks Essay -- Business, Investment, Portfolio Information

In this study, we would measure an investor’s experience as closely as possible. Therefore, in a portfolio formation, we assume an investor who follows reported insiders trading information and at the end of each month, he forms his portfolio by including all stocks that have been traded by insiders in the same month. After that he gives equal weights to each stock in his portfolio. He keeps each stock in his portfolio for X months following insiders’ trades. Furthermore, he rebalances his portfolio every month to drop all stocks that have completed X months in the portfolio and add all stocks that have been just executed. For example, if X equals to three, the portfolio of January 2008 includes all stocks with insiders’ trades in November 2007, December 2007 or January 2008. There is higher change for multiple observations on the same firm in the portfolio that occur within X months of the initial observation, for example, an insider buys stocks of firm B in January 1, 2007 and another insider buys stock of firm B in March 1, 2007. Hence, in the March 2007 portfolio, firm B will have double weight in the portfolio compared to other firms. To overcome this problem, we would consider a number of firms in a portfolio not a number of trades. By following a number of firms in the portfolio, we would provide equal weights to each company, not each trade. The measurement of performance of the portfolio A central empirical issue to measure the performance of any portfolio condition on any event is to control all other factors that may produce excess returns except a particular event. Therefore, we require a model that seems to capture much of the cross-sectional variance in average stock returns. (Fama and French, 1998). We... ...ion model would be ã€â€"IAbã€â€"_bt-ã€â€"TAã€â€"_bt=ÃŽ ±_ +ÃŽ ²(R_(m,t)-R_(f,t) )+ÃŽ ¨Ã£â‚¬â€"SMBã€â€"_t+ã€â€"ÃŽ ³HMLã€â€"_t+ÃŽ »Ã£â‚¬â€"MOMã€â€"_t+ ÃŽ µ_t (7) In similar way, to test the extent to which insiders’ sell of intangible assets companies earn less profit than those in tangible assets, we would follow equation (8). In the equation (8), the dependent variable is the difference between the calendar –time portfolio return of tangible assets and intangible assets(ã€â€"TAã€â€"_s-ã€â€"IAã€â€"_s). For example, for Jun 2007 month portfolio, ã€â€"IAã€â€"_s, is equal weighted average return for all intangible assets companies whose insiders were net buyers between January 2007 and Jun 2007 , over ã€â€"TAã€â€"_s is equal weighted average return for all tangible assets companies whose insiders were net sellers between January 2007 and Jun 2007. The regression model would be ã€â€"IAã€â€"_st-ã€â€"TAã€â€"_st=ÃŽ ±_ +ÃŽ ²(R_(m,t)-R_ft )+ÃŽ ¨Ã£â‚¬â€"SMBã€â€"_t+ã€â€"ÃŽ ³HMLã€â€"_t+ÃŽ »Ã£â‚¬â€"MOMã€â€"_t+ ÃŽ µ_t (8)

Comparing the Human Condition in Rosencrantz and Guildenstern are Dead and Waiting for Godot :: comparison compare contrast essays

Comparing the Human Condition in Rosencrantz and Guildenstern are Dead and Waiting for Godot  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      Inspired by Beckett’s literary style, particularly in ‘Waiting for Godot’, Stoppard wrote ‘Rosencrantz and Guildenstern are Dead’.   As a result of this, many comparisons can be drawn between these two plays.   Stoppard’s writing was also influenced by Shakespeare’s ‘Hamlet’.   Rosencrantz and Guildenstern as minor characters exist within Shakespeare’s world providing Stoppard with his protagonists.   However, the play is not an attempt to rewrite ‘Waiting for Godot’ in a framework of Shakespeare’s drama.     In studying these texts, the reader is provoked into analysing, comparing and contrasting them.   In particular the characters in ‘Rosencrantz and Guildenstern are Dead’ provide intriguing material to consider the human condition.   The characters, their personality traits and responses to stimuli, as well as what directs and motivates them, is worthy of discussion.     Stoppard gives Rosencrantz and Guildenstern an existence outside ‘Hamlet’, although it is one of little significance and they idle away their time only having a purpose to their lives when the play rejoins the ‘Hamlet’ plot, after they have been called by the King’s messenger: â€Å"There was a messenger...that’s right.   We were sent for.†Ã‚   Their lives end tragically due to this connection with ‘Hamlet’, predetermined by the title, but the role provided them with a purpose to their otherwise futile lives, making them bearable.   Their deaths evoke sadness and sympathy leaving the reader grieving for them.   In contrast to Stoppard’s play ‘Waiting for Godot’ is much bleaker in the respect that Vladimir and Estragon seem to have no purpose or direction in their lives.   Their only hope rests on the mysterious Godot who never comes, however they do remain alive at the end.   This leads the reader to question which pair of characters are the most unfortunate.   Rosencrantz and Guildensten may not have been saved from death but they have been saved from the futility of life which Vladimir and Estragon exclaim:   â€Å"We can’t go on like this† yet ironically they are left to do so.     In ‘Waiting for Godot’, we know little concerning the protagonists, indeed from their comments they appear to know little about themselves and seem bewildered and confused as to the extent of their existence.   Their situation is obscure and Vladimir and Estragon spend the day (representative of their lives) waiting for the mysterious Godot, interacting with each other with quick and short speech. Comparing the Human Condition in Rosencrantz and Guildenstern are Dead and Waiting for Godot :: comparison compare contrast essays Comparing the Human Condition in Rosencrantz and Guildenstern are Dead and Waiting for Godot  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚      Inspired by Beckett’s literary style, particularly in ‘Waiting for Godot’, Stoppard wrote ‘Rosencrantz and Guildenstern are Dead’.   As a result of this, many comparisons can be drawn between these two plays.   Stoppard’s writing was also influenced by Shakespeare’s ‘Hamlet’.   Rosencrantz and Guildenstern as minor characters exist within Shakespeare’s world providing Stoppard with his protagonists.   However, the play is not an attempt to rewrite ‘Waiting for Godot’ in a framework of Shakespeare’s drama.     In studying these texts, the reader is provoked into analysing, comparing and contrasting them.   In particular the characters in ‘Rosencrantz and Guildenstern are Dead’ provide intriguing material to consider the human condition.   The characters, their personality traits and responses to stimuli, as well as what directs and motivates them, is worthy of discussion.     Stoppard gives Rosencrantz and Guildenstern an existence outside ‘Hamlet’, although it is one of little significance and they idle away their time only having a purpose to their lives when the play rejoins the ‘Hamlet’ plot, after they have been called by the King’s messenger: â€Å"There was a messenger...that’s right.   We were sent for.†Ã‚   Their lives end tragically due to this connection with ‘Hamlet’, predetermined by the title, but the role provided them with a purpose to their otherwise futile lives, making them bearable.   Their deaths evoke sadness and sympathy leaving the reader grieving for them.   In contrast to Stoppard’s play ‘Waiting for Godot’ is much bleaker in the respect that Vladimir and Estragon seem to have no purpose or direction in their lives.   Their only hope rests on the mysterious Godot who never comes, however they do remain alive at the end.   This leads the reader to question which pair of characters are the most unfortunate.   Rosencrantz and Guildensten may not have been saved from death but they have been saved from the futility of life which Vladimir and Estragon exclaim:   â€Å"We can’t go on like this† yet ironically they are left to do so.     In ‘Waiting for Godot’, we know little concerning the protagonists, indeed from their comments they appear to know little about themselves and seem bewildered and confused as to the extent of their existence.   Their situation is obscure and Vladimir and Estragon spend the day (representative of their lives) waiting for the mysterious Godot, interacting with each other with quick and short speech.

An Analysis of “The Klan’s Fight for Americanism” Essay

In 1926, Hiram Wesley Evans, then Imperial Wizard and Emperor of the Ku Klux Klan, published â€Å"The Klan’s Fight for Americanism†, a leaflet that set forth the principles and fundamentals of what many called the revival of the KKK in 1920’s America, a new version of the organization that was originally formed by Nathan Bedford Forrest after the Civil War in an effort to maintain the supremacy of the white man over the recently freed African-American slaves. The researcher will analyze and discuss Evans’ writing in this paper from the standpoint of his views and specific tenets to be found within â€Å"The Klan’s Fight for Americanism†. In addition, the researcher will present views as to whether or not Evans’ views agree with those of the researcher, and ultimately, a response to Evans’ view will be presented. Upon the conclusion of this paper, the reader will have a thorough understanding of Evans’ work as well as some possible alternative viewpoints on it. A Brief Overview of â€Å"The Klan’s Fight for Americanism† In order to fully understand the various elements of Evans’ writing, and to adequately interpret it, a brief overview of the work itself is in order. The previously mentioned revival of the KKK in the early 1920’s came in response to what the group called the â€Å"infestation by aliens† of America in the years immediately following World War I. As a result of the KKK’s revival, by 1926, the organization had over 3 million members. The KKK increased its list of those whom it hated to include Jews, Catholics, Communists, and those who were members of the labor unions that were gaining popularity in America during that time. Hiram W. Evans, upon assuming control of the KKK in 1926, wrote â€Å"The Klan’s Fight for Americanism† as a means to lay the groundwork for what would be a new expansion of the Ku Klux Klan in the 20th century. Americanism as Defined by Evans One of the key terms that Evans uses in his writing is the term Americanism, something that he claims is a hallmark of the KKK. The term Americanism in this context has its roots in patriotism, something that the KKK claims to have in abundance; however, the interpretation of patriotism that the KKK has varied greatly from what one would usually find in the belief systems of someone like Abraham Lincoln, for example. Patriotism, as the cornerstone of Americanism, in this case has some far reaching implications. First, consider the KKK’s definition of the American ideal within Americanism, which will first be presented by use of an actual quote from Evans’ work: â€Å"Americanism, to the Klansman, is a thing of the spirit, a purpose and a point of view, that can only come through instinctive racial understanding. It has, to be sure, certain defined principles, but he does not believe that many aliens understand those principles, even when they use our words in talking about them. . . .In short, the Klansman believes in the greatest possible diversity and individualism within the limits of the American spirit. But he believes also that few aliens can understand that spirit, that fewer try to, and that there must be resistance, intolerance even, toward anything that threatens it, or the fundamental national unity based upon It† (Evans, 1926) . What Americanism is, for the Klansman, is the concept of liberty and justice for all, as Americans recites in their Pledge of Allegiance, but â€Å"all† has its limits along racial, ethnic and religious boundaries. For the KKK, coming right from the pen of its leader at the time, the American Dream was available for those who qualified by being a certain race, nationality or religion, embodied in the KKK credo of â€Å"native, white, Protestant supremacy† (Evans, 1926). Using terms like â€Å"mongrelization† to describe the ethnic diversity that America was experiencing in large part due to the displacement of Europeans after World War I, Evans set up unlimited possibilities for a limited few, not much different from the slavery that America utilized prior to the Civil War. Another element of Evans philosophy was what he defined as â€Å"The American Race†. This race encompasses people who are white descendants from the ancient Nordic tribes of Europe, Protestant in religion. Evans makes a specific religious distinction, saying that â€Å"Rome shall not rule America†, meaning that the Roman Catholic Church, and more specifically the Pope, will not have any hold on what â€Å"The American Race† does in the United States (Evans, 1926). A Response to Evans’ View While Hiram W. Evans, as an American citizen, has the right to express his opinions and views, likewise it is appropriate for the researcher to respond to what Evans wrote and professed in â€Å"The Klan’s Fight for Americanism†. As a response, rather than embarking on a long tirade of random responses, his work will be discussed along the lines of carefully selected main points, which will give a better response to the overall work. Those key points are as follows: †¢ DIVERSITY IS THE BASIS OF AMERICAN GREATNESS- No one can debate that the many contributions made to America in terms of the arts, sciences, humanities, education and more would not have been very significant were it not for those of many different ethnic backgrounds who came to America seeking a better life and ultimately made America a better place for others. If America were only open to Evans’ â€Å"American Race†, the country likely would have been held back from its full potential. †¢ JUDGEMENT BY CONTENT OF CHARACTER- Decades after Evans’ ruled the KKK, Martin Luther King Jr. professed that he dreamed of an America where people would be judged not by the color of skin, but my content of character. By limiting his view of Americans to be only those of the white race, Evans excluded many fine individuals from inclusion in the American Dream. This exclusivity again would have compromised the ability of America to grow and thrive as it has. †¢ ONE NATION UNDER GOD HAS MANY MEANINGS- The belief in God cannot, and should not be available only to those of the Protestant faith that Evans advocates in his teachings and writings. A nation built on many faiths can provide a strong moral foundation and indeed has in the case of America. Aside from whether an individual’s belief in God comes from the Protestant, Catholic, Jewish or any of a number of other theologies, the teachings of respect for other people, peace, integrity and morality has helped to make America great. Agreement With Evans? The researcher has clearly shown that there is definite disagreement with Evans and the content of â€Å"The Klan’s Fight for Americanism†. Having the benefit of viewing the publication in hindsight, it is clearly seen that the American landscape would be vastly different in the 21st century if Evans ruled the 20th. Closing Thoughts It was once said that those who do not learn from history are condemned to repeat it. In the case of Evans’ teachings and writings, this is definitely true. Luckily, the hatred that he professed has not totally dominated the American culture, but does exist today. Therefore, it is important for every American to pay attention to the past to avoid pitfalls in the future. References Evans, Hiram W. (1926). The Klan’s Fight for Americanism. North American Review, 223, 38-39.

Harvard Business Review: Carter Racing Case Essay

This is a really tough decision and the mind is constantly changing against to the conclusion. But after a thorough consideration, I don’t think the team should race this time. John should get more data and information for the engine failure until he decides to race again for the next season. There are numerous ways to decide to race or not for John Carter when it comes to decision making. He can make the decision based on either his fellow chief mechanic Tom’s view, or the engine expert Paul’s assumption. However, regardless either way, the conclusion should be reached by some sort of quantitative analysis. At the first glance at the scenario, the immediate reaction was to throw all the numbers provided into the opportunity cost calculation, and compare the pros and cons between the options. However, in order to come up with the most accurate prediction on the expected value of the outcome, it is necessary to gather the all of the associated costs in dollars. John can easily calculate the cost to withdraw by adding up the fees from the data that was provided in the case. Yet, for the other options: race and win, race and fail, it is impossible for us to calculate the precise cost of â€Å"winning† and â€Å"failure† since there are no price tags for fames and sponsorship possibilities if the team wins the race, as well as the risks that might happen in relation of gasket failure such as life, and destructing in team reputation. Thus, without the inclusion of all the necessary factors, the result of calculated the expected value would be useless in measuring losses and gain s. The second reason that I think John should wait for the race is due to insufficient information provided in the case. In addition to the chart that was provided by Tom (exhibit 1), there should also be a chart showing the distribution on head gasket success is related to temperature since the race might begin in a day with fairly low temperature. Thus, if I were John, I would have to determine to postpone the race until further information is gathered. Of course it is not easy to convince someone on things that no one can be guarantee of. Thoughts and doubts gone through the mind such as: the race  itself is in the nature of a risky business; wondering if John should grab the opportunity right now before it flies away because next season is still unknown, etc†¦ Even after knowing insufficient information was available, it is still really tempting to choose racing rather than withdraw. This tension fighting unconsciously in the mind reminds me of the principle of scarcity , which people tend to value potential loss (the fees for racing) more heavily than potential gains (engine invested and human life). These feeling often caused managers to have bias on decision making. Besides the method of quantitative calculation on costs, the problem John faces also consists of the selection between two different sides of recommendations: one from his chief mechanic Tom who suggests for race, and the other engine mechanic Paul who opposes the race. The argument and data presented by these two mechanics act as a persuasion to John. Whereas, Tom and Paul both have extensive experience in racing, yet Paul â€Å"lacked the sophisticated engineering training† as mentioned in part B of the reading raised an interesting dilemma on whether John should shift more of his selection power towards Tom based on the insufficiency of Paul’s training. To tie this case to Mulvey’s article, the purpose of a team is increase the strength of the organization by forming and adding up the different perspectives together. For organization leaders, John, in this case, it is very important for him to balance the team dynamics to make sure each person’s voice is equally weighed in team function while such balance is very easy to lose grip once one side of the opinion is valued too heavily. This situation is well demonstrated between John, Paul, and Tom. At the beginning of the case , Paul showed his position as a strong opponent against the team to race. But as the case evolves, Paul’s attitude changed as Tom showed the chart in exhibit 1, and agreed to race at the end. It seems that Paul has given up his beliefs and agreed with the team on racing by accepting the data provided by Tom of who that has a higher rank than Paul even though the data seem to be insufficient to persuade Paul’s position from racing. This matches Mulvey’s views of the presence of someone with expertise and compelling argument since Tom is the chief of mechanic, which might have led an assumption to indicate higher level in  qualification. With such precedence assumption and numerous useless discussions on with John on the gasket problem, it is very likely for Paul to accept Tom’s data as long as it makes some sense in explaining the gasket problem. In addition, there is also a subtle sense that Paul may have felt the pressure from the team to cause him to conform. It is clear that the team leader, John, is feeling frustrated about the race sponsorship and eagerly wishing to get both of the mechanics’ approval to race. Being the only person that disagrees, Paul gradually lessened his voice. This illustrates the points of pressure from others to conform and dysfunctional decision making climate that Mulvey has brought up. In sum, as if I were John, it is essential for team leaders to manage the team with a great sensibility of each team member’s personality and expertise in order to maintain the participation spirit. A well balanced team would allow people like Paul to speak up his mind and not compromise his views, and still utilize Tom’s expertise. A well-functional team is the only way to have a possible appropriate decision making solution. work cited: Mulvey, Paul. â€Å"When teammates raise a white flag.† Academy of Management Executive. 1996 pp. 43

Substance Abouse while in prison Research Paper

Substance Abouse while in prison - Research Paper Example This paper will evaluate the prevalence of substance abuse in prisons and also their health implications to the users. Adequate literature will also be reviewed to identify the effective responses which have been formulated to deal with the problems of substance abuse in prison as well as the evidence of harm reduction strategies. This paper hopes to give insights and motivation for those countries going through the same menace to consider implementing such responses to curb the drug use in their prisons. The prison population is composed of a large percentage of drug users particularly in the developed countries. According to Zurhold, Stà ¶ver, & Haasen, (2004), there is an estimated fifty percent of prisoners who have been involved with substance abuse a time in their history in the European Union and an estimated 80% of prisoners in the USA. Injecting drug users are more than 50% of the entire population of the drug users in prison (Dolan et al., 2007), while in the contemporary community, they account for barely 1-3% which shows that drug use in prison is more dangerous than in the broader community (Aceijas et al., 2004). Many users of drugs in prisons are highly dependent on the drugs as more than 80% of prisoners in developed countries have been reported to have been under the influence of illicit substances while they were in prison. The situation is mostly prevalent because most of the notorious drug users have been in prison at a point in time. The collection of many large scale substance abusers at the same time and at the same place enhances exchange of ideas and practices such that the result of it is a population of heavy abusers of drugs and other illicit substances. Many prisons have put very strict measures to inhibit the entry of drugs in the prisons but in most countries, this has been very unsuccessful. Despite those

A real story happened in my life Essay Example | Topics and Well Written Essays - 1000 words

A real story happened in my life - Essay Example This essay explores how an opportunity to study in the US changed my life and gave me an opportunity to give back to society back at home. I was born in the outskirts of the beautiful city of Valparaiso that is known to Chile’s business and tourist hub. At this time, times got tough and my parents had to move in the city in search for better paying jobs and improved quality of life for my siblings and I. My parents did their best to give the best education for my siblings and I. My education experience in Chile was difficult as anticipated. I can confidently say that I wasted three years of my life going round in circles. When I was two years old, I enrolled in a special class for students with disabilities. Although this class was meant to form a solid foundation for my education, it turned out to be a huge disappointment to my parents, as I could not read a single word in Braille. I spent two years in regular kindergarten and one and a half years in first grade. My education was not getting any better and the oral lessons offered were of no use to me. My parents started looking for ways for me to access the kind of education I needed. We got a few rejections but eventually, the Arkansas school for the blind accepted my application. This was the first time I was away from my family and friends and I felt so lonely and scared. I had seen my parents try their best to give me a better education and was not going to disappoint them in any way. At the time I enrolled in the school, there were a few international students and we were treated better than the natives were (Isibor 73). The institution had excellent facilities for study and play and I felt that life had given me the chance to discover my talents and be an inspiration to children in Chile. As other children played during recess, I sat alone on the bench. The teachers were concerned and often encouraged me to join my peers in play. There has been a constant increase in the number of foreign student s seeking to pursue education in the US and this trend is likely to increase in future as shown in the graph below. Changes in the U. S. Population (U.S. Department of Labor) When I first came to the institution, I had to learn and adjust to new experiences. My former education experience was oral and I thought this would continue. In my first year, I learnt to write and read Braille. The teacher in charge was stern and firm and I quickly adjusted to her teaching style. She taught me some of the most valuable lessons that I have applied to date. I had not interacted with children from ethnic and cultural backgrounds and this opportunity enabled me to interact with them (Isibor 74). It also gave me the chance to make new friends away from home. I had never given much thought to being able to move around and carry out my routine activities independently. At the end of my first week in the institution, I was assigned a mobility instructor and I was presented my first cane after complet ing my first mobility test. The mobility instructors taught me on how to move around independently. Over time, my mobility skills improved immensely as I could walk around the school alone and handle activities including play better. My teacher helped me draft letters to my parents who were amazed at my progress and this encouraged me to be better every day. The greatest disappointment occurred during the holidays when the school social worker notified me that I would not be going home, as my parents could not

What Did Robert Adam Learn From the Grand Tour Essay

What Did Robert Adam Learn From the Grand Tour - Essay Example This essay stresses that many people seemed to like and appreciate these new designs, the idea of making fittings and other movable elements in houses prompted a great demand for their house designs as well as conference structures. Robert Did not fully create the designs that he had learnt on Rome and France, instead he decided to inculcate his own creativity into the final designs, something that brought about totally new methods of building houses and different structures. One of the motivations in their deign was to create houses to the simplest element that one may want to have in his house. To this effect, it can be said that the success that Adam brothers enjoyed was arose from their decision to create architectural designs down to the smallest detail. This creativity received great demand by many people in Britain and other places because it was said to create a sense of unity in their house design. This paper makes a conclusion that the great tour that was undertaken by Robert Adams is said to have had a great impact not only to the architectural designs of that time, but also to the modern time approaches in architecture. The Adams family pioneered most of the classical architectural designs used in modern practices in this industry, the desire to establish unique designs that would be used by many generations prompted Robert to take a tour and learn from different people.