Original Clock At The Basketball Court Essay - 1595 Words

Jade glanced up and looked at the analog clock at the corner of the room. It was six o’clock already; it was way past his working hours. He stood up gingerly and flung his tuxedo over his shoulder to exit the building with the word â€Å"POLICE† imprinted on the side. A dark blanket had draped across the sky already with stars flickering into view as Jade knelt in front of the reflecting glass door, checking that it was locked. He stood up again, but as he turned his heels away, he caught a glimpse of the tattered WANTED poster fluttering in the breeze. Printed out on June 6th, 2009 in Auckland. Man wanted for raping and making illegal profits from drugs. Last seen in Wellington, he read to himself before he strolled down the sidewalk. They would’ve gotten him already, he thought and stopped abruptly, staring out into the empty space and observing the scene unfolding in front of him nostalgically. Jade visited the basketball court everyday on his way back home after he finished working. It was part of his daily routine. He would always spend a good ten minutes walking around the perimeter of the court and studying the horde of children running across the court like lions chasing their preys. It reminded him of himself and his basketball team. However, he left later than usual today and the court was as empty as a desert. As he walked towards the center, not a single piece of litter could be found on the floor with the exception of a few withered, yellow leaves dancing in theShow MoreRelatedEssay about The Origin Of Basketball And I1572 Words   |  7 Pages Over the years since basketball was invented, its popularity has gotten very big. The game is played all over the world and has made a lot of people rich through its many professional leagues. 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Stand By Me Free Essays

In the film the four main characters are, Chris, who is the tough one, Teddy, who is the daring one, Gordie, Who’s the sensitive one and Vern, whos just stupid because he asks stupid questions. They hear that a kid has been killed by a train and they’ve gone to lookfor him. The story is about them growing up and becoming more mature, Friendship, Bullying and an adventure(themes). We will write a custom essay sample on Stand By Me or any similar topic only for you Order Now The Night scene takes place towards the end of the film. They are all smoking around the campfire talking about daft things such as what is Goofy?(the Disney character). This scene is important because it shows their friendship and how they are all close friends, asking Gordie to tell them a story because they all believe he is a really good story teller/writer. The night scene opens with a shot of the moon and then calmly moves down and into the woods to were they are all smoking around the campfire. There is no music at the start of the scene, but there is music towards the end of the scene (once they have finished talking some music comes on, the music is 50’s because it makes you feel as if the film is set in the fifties. There are sounds of birds and crickets (wildlife) at the start which makes you feel as if its real life. The Gang ask Gordie to tell them a story, so he tells them a story about a boy called Lardass, who enters a pie eating competition, he doesn’t want to win the competition he just wants revenge. Lardass is a overweight kid who is very unpopular, his brother and sister even call him Lardass (Lardass is his nickname). Before the competition he drinks a bottle of castor oil and one raw egg, this is all to do with his revenge. Halfway through the competition his plan had started to work, he was sick all over the champion of last year, then the champion was sick all over another person. Not until the smell reached the crowd did his plan really work, when the smell hit the crowd every body was being sick over everybody. Verns reaction to the story was that of stupidity, when he asks Gordie if Lardass had to pay to get in the competition. Teddy didn’t like the ending probably because it didn’t have anything to do with fighting or killing. He says the ending should be that Lardass goes home, shoots his dad then joins the Texas Rangers. Teddy thinks like that because deep down inside he hates his dad and that’s what he would do to his dad. Chris thought the ending was brilliant, as he was being very supportive and also saying it was brilliant. The story relates to the gang, as they are all outcasts like Lardass. You can also tell the story related to them because it was set in a very similar town to theirs. You could see the story as if it was on the television, physically seeing the story made you feel as if it was going into Gordies imagination. Once they had finished talking about the ending of the story, Chris turned on the radio which was playing fifties music, the music was fifties to remind you what year the film was set in, it also set the scene, gradually fading away as they start to talk. They show their friendship by talking to one another about daft things, such as what is Goofy. The camera fades from one person to another, it doesn’t let you hear the whole conversation, it just keeps changing subject. It also shows the friendship with camera shots around the campfire, looking cosy and warm. The mood of the scene changes when they hear the noises of the wildlife, at first only Vern showed that he was scared. Teddy was scaring Vern even more by saying it was the ghost of the dead boy. Teddy was saying that he wanted to look for the kids ghost and then all of a sudden a big howl echoed in the woods, at this point everybody was scared. Vern showed that he was the wimp of the gang by whispering â€Å"I think we should stand guard†. They gang approve of his comment and Teddy is first to stand guard, he was acting as if he was in a War of some sort. When Vern was guarding he was really scared, pointing the gun at every noise he heard. Gordie and Chris were talking because Gordie had a nightmare about his brothers funeral. His nightmare was that his dad whispered into his ear â€Å"It should have been you†. How to cite Stand By Me, Papers

Aria by Richard Rodriguez free essay sample

Aria The Cosmopolitan Tongue Language, Is it and art or is it a science? I will have to argue it’s a mix of both. Webster’s Dictionary defines Science as follows; A branch of knowledge or study dealing with a body of facts or truths systematically arranged and showing the operation of general laws. You must admit, it pretty much describes the study of any established language. Websters Dictionary also defines Art as follows; The quality, production, expression, or realm, according to aesthetic principles, of what is beautiful, appealing, or of more than ordinary significance. Case closed!Language is a marriage of art and science whom, through many eons, have produced many children. They, the children, in reference to languages that have come and gone, have been both ugly and beautiful†¦ but beauty is in the eye of the beholder, or â€Å"ear† in this case. In the memoir Aria, by Richard Rodriguez, he boldly argues that one must choose the â€Å"public† language so as to belong, or be part of, or be accepted and be able to find your true identity. I have to agree to some degree, for I find if you are not part of the â€Å"public† language it’s like driving the wrong way on a one way road, or better yet; freeway!Growing up in a predominantly Hispanic neighborhood, I can’t say I felt like a foreigner. My parents arrived in â€Å"gringolandia† as they affectionately call it (United States), around 1977. I was 3 years old, my younger siblings where soon to follow. I can sympathize with Richard in some cases. We also use the â€Å"private† language at home. When I got enrolled in school, luckily most of my classmates also brought their â€Å"private† language along with their school lunch bags filled with â€Å"burritos† or â€Å"tortas†.Going back to comparing a language to an art form; is like throwing away your guitar that you played with such joy, just because you’ve learned how to play the piano! Why not keep both! Make them complement each other. I have always thought; the more you know the merrier! I think that Richard came to resent the Spanish language because he felt it isolated him from the public. I felt he also had resentment towards his parents, especially his father, for not being fluent in the public language. But, in some weird way, I can sympathies with this also, sadly.I can remember when friends will come to visit when growing up. My parents will speak to me in Spanish in front of them and I will be embarrassed that they were not speaking to me in English! I will answer back in English, I will not talk that â€Å"beaner† language, God forbid my friend heard me talk such utterance! To which my mom will snap back â€Å"no te agas pendejo! †Ã¢â‚¬ ¦ah, my good old mom, always had a way of â€Å"grounding† me. I agree with Richard 100% on the fact that if the public has established a language, one as a foreigner or outsider, must find ways to adopt â€Å"their† language.Now a days there is no excuse not to do so, with the internet, youtube, languge apps for your ‘smartphones’ endless TV shows, learning institutions, or your own kids , it has become easier to assimilate into the public language; ENGLISH. It is fairly evident that to succeed in any society, one must be able to communicate clearly and eloquently. It’s like the musician that transmits that certain vibe when you hear him/her. This musician has practiced and studied music so as to master it and perform to the best of his/her ability.If we want to communicate to our best, we must also strive to perfect and master our language skills. But we are not going to do it in a tongue that the â€Å"public† is not familiar with, you will be driving the wrong way on a very fast one way highway, and find yourself in an accident of a sort. In â€Å"The Cosmopolitan Tongue: The Universality of English† by John McWhorter, I find he takes a more scientific approach on the use of language. After all he is a linguist and political commentator. But I can’t say I disagree with what he says. Inevitably, I guess in the future there will only be a handful of languages.As technology makes our world ever so smaller, we intertwine with a total stranger half way around the world via the internet or a videogame. I was playing with my nephew, who seemed ever so excited to show me his new game for his PS3. He quickly set it up and just as soon he was playing with other kids half way around the world! Killing each other! And they were so happy to do so! Scarry hu? But I did notice they all had something in common, other than the urge to blow each other’s brains out, ENGLISH! Maybe, as McWhorter comments, it’s because we isolate ourselves that we fabricate our own language within our own society.Able to leap tall buildings in a single bound. Look! Up in the sky! Its a bird. Its a plane. Its English! Yes, its English strange visitor from another planet who came to Earth with powers and abilities far beyond those of mortal men. English who can change the course of mighty rivers, bend steel with his bare hands, and who, disguised as†¦ok, ok I’ll stop, my mom says I can be overly dramatic sometimes. But in all seriousness, I think this is how I have always viewed the English language. I’ve always known since early on that for one to succeed, you must embrace English and he will come to your rescue like Superman!It’s amazing how much power there is in a language. All great men are remembered from what they said or communicated either through speech or grammar. So, if evolutionist are right when they say â€Å"survival of the fittest† I think it’s a hands down competition for the English language. As an art form, it is like the Mona Lisa; mysterious and thought provoking, or like the Statue of David; commanding and powerful with no shame speaking with the tongue of Shakespeare! As a science, it is Einstein and Newton. I know, I know†¦ I am being too abstract, but I find there is no other way to describe a language I grew up to appreciate and love!I thank God I grew up in America. I will always be Mexican, and proud of it! I love my culture and my Spanish tongue too. I am proud of the fact that I still read and write in Spanish, not to mention speak it, unlike a few family members who just totally forgot about their native tongue. But English†¦. is the future! I feel in the future we will just speak English and Spanish. Why Spanish? How will we order â€Å"burritos† or â€Å"tacos† or sing Mariachi songs to our girlfriends? Story Title 2nd t story Author Answer to homework questions: 1 2 3

Medicinal Drug Addiction Essay Example

Medicinal Drug Addiction Essay Ethical criteria for medicinal drug promotion World Health Organization Geneva 1988 ISBN 92 4 154239X O World Health Oganbatian, 1988 Publications of the World Health Organization enjoy copytight protection in accordance wiVl t e provisions of Protocol 2 of the Universal C o r n Convention. For rights of h reproduction or translation of W O publications, in part or in tom, application should H be made to the Gffice of Publications, World Health Organization, Geneva, S w i a n d .The World Heam Organization welcomes such applications. The designations employed and te presentation of the material in this publication do h not imply the expression of any opinion whatsoever on the part of t e Secretariat of the h World Health Organization concerningthe legal status of any country, territory, cky or area or of its authorities, or concerningthe delimitation of its frontiers or boundaries.The mention of specific companies or of certain manufacturers productsdoes not imply that they are endor sed or recommendedby the World Health Organhation in preference to others of a similar nature that are not mentioned. Errors and omissions excepted, the names of proprietary products are distinguished by initial capital letters. Typeset and printed in Switzerland 88/7708-WHO/Gloor43WO Ethical criteria f6r medicinal drug promoW~ Resolution WHA41. 17 Introduction Objective Ethical criteria Applicability and implementation of criteriaPromotion Advertising Medical representatives Free samples of prescription drugs for promotional purposes Free samples of nomprescription drugs to the general public for promotional purposes Symposia and other scientific meetings Postmarketing scientific studies, surveillance and dissemination of information Packaging and labelling Information for patients: package inserts, leaflets and booklets Promotion of exported drugs Appendix: Sample drug information sheet Ethical criteria for medicinal drug promotion Resolution WHA41. 7 adopted by the Forty-first Wo rld Health Assembly, 13 May 1988 Ethicalcriteriafor medicinal drugpromotion The Forty-first World Health Assembly, Recalling resolutions WHA21. 41 and WHA39. 27; Having considered the report of the Executive Board concerning the ethical criteria for medicinal drug promotion based on a draft prepared by an international group of experts; Convinced that observance of ethical criteria for medicinal l drug promotion by al parties concerned will contribute to a more rational use of drugs; 1. THANKS the international group of experts for its work; . ENDORSES the ethical criteria for medicinal drug promotion that are annexed to this resolution, on the understanding that they constitute general principles that could be adapted by governments to countries circircumstances as appropriate to their political, economic, cultural, social, educational, scientific and technical situation, their national laws and regulations, disease profile, therapeutic traditions, and the level of development of t heir health system, and that they do not constitute legal obligations; 3.URGES Member States: (1) to take account of these ethical criteria in developing their own appropriate measures to ensure that Ethical criteria for medicinal drug promotion medicinal drug promotion supports the aim of improving health care through the rational use of drugs; (2) to monitor and enforce, where appropriate, the implementation of the measures they have developed; 4. APPEALS to pharmaceutical manufacturers and distributors, the promotion industry, ealth personnel involved in the prescription, dispensing, supply and distribution of drugs, universities and other teaching institutions, professional associations, patient and consumer groups, the professional and general media (including publishers and editors of medical journals and related publications), and the public: (1) to use these criteria as appropriate to their spheres of competence, activity and responsibility; (2) to adopt measures based on th ese criteria as appropriate, and monitor and enforce their standards; 5.REQUESTS the Director-General: (1) to ensure the wide dissemination of these criteria in all official languages; (2) to follow the practice of these criteria and to report to the Executive Board from time to time as appropriate. Ethical criteria. for medicinal drug promotion Introduction 1. Following the WHO Conference of Experts on the Rational Use of Drugs held in Nairobi in November 1985, WHO prepared a revised drug strategy which was endorsed by the Thnty-ninth World Health Assembly in May 1986 in resolution WHA39. 27.This strategy includes, among other components, the establishment of ethical criteria for drug promotion based on the updating and extension of the ethical and scientific criteria established in 1968 by the Twenty-first World Health Assembly in resolution WHA21. 41. The criteria that follow have been prepared in compliance with the above on the basis of a draft elaborated by an international gr oup of experts. Objective 2. The main objective of ethical criteria for medicinal drug promotion is to support and encouragethe improvement of health care through the rational use of medicinal drugs.Ethical criteria 3. The interpretation of what is ethical varies in different parts of the world and in different societies. The issue in all societies is what is proper behaviour. Ethical criteria Ethical criteria for medicinal drug promotion for drug promotion should lay the foundationfor proper behaviour concerning the promotion of medicinal drugs, consistent with the search for truthfulnessand righteousness. The criteria should thus assist in judging if promotional practices related to medicinal drugs are in keeping with acceptable ethical standards. Applicability and implementation of criteria . These criteria constitute general principles for ethical standards which could be adapted by governments to national circumstances as appropriate to their political, economic, cultural, soci al, educational, scientific and technical situation, laws and regulations, disease profile, therapeutic traditions and the level of development of their health system. They apply to prescription and nonprescription medicinal drugs (over-the-counter drugs). They also apply generally to traditional medicines as appropriate, and to any other product promoted l as a medicine.The criteria could be used by people in al walks of life; by governments; the pharmaceutical industry (manufacturers and distributors); the promotion industry (advertising agencies, market research organizations and the like); health personnel involved in the prescription, dispensing, supply and distribution of drugs; universities and other teaching institutions; professional associations; patients and consumer groups; and the professional and general media (including publishers and editors of medical journals and related 4 -Ethical criteria for medicinal drug promotion publications). Al these are encouraged to use the cril teria as appropriate to their spheres of competence, activity and responsibility. They are also encouraged to take the criteria into account in developing their own sets of ethical standards in their own field relating to medicinal drug promotion. 5. The criteria do not constitute legal obligations; governments may adopt legislation or other measures based on , them as they deem fit. S ~ l yother groups may adopt l self-regulatory measures based on them.Al these bodies should monitor and enforce their standards. Promotion 6. In this context, promotion refers to all informational and persuasive activitiesby manufadurers and distributors, the effect of which is to induce the prescription, supply, purchase and/or use of medicinal drugs. Active promotion within a country should take place only with respect to drugs legally available in the country. Promotion should be in keeping with national health policies and in compliance with national regulations, as well as with voluntar y standards where they exist.All promotion-making claims concerning medicinal drugs should be reliable, accurate, truthfulI informative, balanced, up-to-date, capable of substantiationand in good taste. They should not contain misleading or unverifhble statements or omissions likely to induce medically Ethical criteria for medicinal drug promotion unjustifiable drug use or to give rise to undue risks. The word safe should only be used if properly qualified. Comparison of products should be factual, fair and capable of substantiation.Promotional material should not be designed so as to disguise its real nature. 8. Scientific data in the public domain should be made available to prescribers and any other person entitled to receive it, on request, as appropriate to their requirements. Promotion in the form of financial or material benefits should not be offered to or sought by health care practitioners to influence them in the prescription of drugs. 9. Scientific and educational activi ties should not be deliberately used for promotional purposes.Advertising (a) Advertisements in all forms to physicians and health-related professionals 10. The wording and illustrations in advertisements to physicians and related health professionals should be fully consistent with the approved scientific data sheet for the drug concerned or other source of information with similar content. The text should be fully legible. 11. Some countries require that advertisements should contain full product information, as defined by the 6 Ethical criteria for medicinal drug promotion pproved scientific data sheet or similar document, for a given period from the date of first promotion or for the full product life. Advertisements that make a promotional claim should at least contain summary scientific information. 12. The following list, based on the sample drug information sheet contained in the second report of the WHO Expert Committee on the Use of Essential Drugs1and appended for ease of reference, can serve as an illustration of the type of information that such advertisements should usually contain, among others: he name($ of the active [emailprotected](s) using either international nonproprietary names (INN) or the approved generic name of the drug; the brand name; content of active ingredient(s) per dosage form or regimen; name of other ingredients known to cause problems; approved therapeutic uses; dosage form or regimen; side-effectsand major adverse drug reactions; precautions, contra-indications and warnings; major interactions; name and address of manufacturer or distributor; reference to scientific literature as appropriate. WHO Technical Report Series, No. 722,1985,p. 43.Ethical criteria for medicinal drug pronotion 13. Where advertisements are permitted without claims (reminder advertisements),they ought to include at least the brand name, the international nonproprietary name or approved generic name, the name of each active ingredient, and the name an d address of the manufacturer or distributor for the purpose of receiving further information. (b) Advertisements in all forms to the general public 14. Advertisementsto the general public should help people to make rational decisions on the use of drugs determined to be legally available without a prescription.While they should take account of peoples legitimate desire for information regarding their health, they should not take undue advantage of peoples concern for their health. They should not generally be permitted for prescription drugs or to promote drugs for certain serious conditions that can be treated only by qualified health practitioners, for which certain countries have established lists. To fight drug addiction and dependency, scheduled narcotic and psychotropic drugs should not be advertised to the general public.While health education aimed at children is highly desirable, drug advertisements should not be directed at children. Advertisementsmay claim that a drug ca n cure, prevent, hs or relieve an ailment only if t i can be substantiated. They should also indicate, where applicable, appropriate limitations to the use of the drug. 15. When lay language is used,the information should be consistent with the approved scientific data sheet or 8 Ethical criteria for medicinal drug promotion other legally determined scientific basis for approval. Language which brings about fear or distress should not be used. 6. The following list serves as an illustration of the type of information advertisements to the general public should contain, taking into account the media employed: the name(s) of the active [emailprotected](s) using either international nonproprietary names (INN) or the approved generic name o the drug; f the brand name; major indication(s) for use; major precautions, contra-indications and warnings; name and address of manufacturer or distributor. Information on price to the consumer should be accurately and honestly portrayed. Medical re presentatives 17.Medical representatives should have an appropriate educational background. They should be adequately trained. They should possess sufficient medical and technical knowledge and integrity to present information on products and carry out other promotional activities in an accurate and responsible manner. Employers are responsible for the basic and continuing training of their representatives. Such training should include instruction regarding appropriate ethical conduct taking Ethical criteria for medicinal drug promotion into consideration the WHO criteria.In this context, exposure of medical representatives and trainees to feedback from the medical and allied professions and from independent members of the public, particularly regarding risks, can be salutary. 18. Medical representatives should make available to prescribers and dispensers complete and unbiased information for each product discussed, such as an approved scientific data sheet or other source of inform ation with similar content. 19. Employers should be responsible for the statements and activities of their medical representatives.Medical r e p resentatives should not offer inducements to prescribers and dispensers. Prescribers and dispensers should not solicit such inducements. In order to avoid overpromotion, the main part of the remuneration of medical representatives should not be directly related to the volume of sales they generate. Free samples of prescription drugs for promotional purposes 20. Free samples of legally available prescription drugs may be provided in modest quantities to prescribers, generally on request. 10 Ethical criteria for medicinal drug promotionFree samples of mmpresdption chugs to the general puWi for promotional purposes 21. Countries vary in their practices regarding the provision of free samples of non-prescription drugs to the general public, some countries permitting it, some not. Also, a distinction has to be made between provision of free drug s by health agencies for the care of certain groups and the provision of free samples to the general public for promotional purposes. The provision of free samples of non-prescription drugs to the general public for promotional purposes is difficult to justdy from a health hs perspective.If ti practice is legally permitted in any country, it should be handled with great restraint. Symposia and other seientiic meetings 22. Symposia are useful for disseminating information. The objective scientific content of such meetings should be paramount, and presentations by independent scientists and health professionals are helpful to this end. Their educational value may be enhanced if they are organized by scientific or professional bodies. 23. The fad of sponsorship by a pharmaceutical manufacturer or distributor should be clearly stated in advance, at the meeting and in any proceedings.The latter should accurately reflect the presentations and discussions. Entertainment or other hospitalit y, and any #S offered Ethical criteria for medicinal drug promotion to members of the medical and allied professions, should be secondary to the main purpose of the meeting and should be kept to a modest level. 24. Any support to individual health practitioners to participate in any domestic or international symposia should not be conditional upon any obligation to promote any medicinal product. Post+nadcet~ng scientific studies, suweiC ance and dissemination of information 25. Post-marketing clinical trials for approved medicinal drugs are important to ensure their rational use. It is recommended that appropriate national health authorities be made aware of any such studies and that relevant scientific and ethical committees confirm the validity of the research. Intercountry and regional cooperation in such studies may be useful. Substantiated information on such studies should be reported to the appropriate national health authorities and disseminated as soon as possible. 26.Post- marketing scientific studies and surveillance should not be misused as a disguised form of promotion. 27. Substantiated information on hazards associated with medicinal drugs should be reported to the appropriate national health authority as a priority, and should be disseminated internationally as soon as possible. 12 Ethical criteria for medicinal drug promotion Packaging and labelling 28. Appropriate information being important to ensure the rational use of drugs, all packaging and labelling material should provide information consistent with that approved by the countrys drug regulatory authority.Where one does not exist or is rudimentary, such material should provide information consistent with that approved by the drug regulatory authority of the country from which the drug is imported or other reliable sources of information with similar content. Any wording and illustration on the package and label should conform to the principles of ethical criteria enunciated in this docum ent. lrrfonnation for patients= package inserts, leaflets and booklets 29. Adequate information on the use of medicinal drugs should be made available to patients. Such information should be provided by physicians or pharmacists whenever possible.When package inserts or leaflets are required by governments, manufacturers or distributors should ensure that they refled only the information that has been approved by the countrys drug regulatory authority. If package inserts or leaflets are used for promotional purposes, they should comply with the ethical criteria enunciated i this document. The wording of the n package inserts or leaflets, if prepared specifically for patients, should be in lay language on condition that the medical and scientific content is properly reflected. Ethical criteria for medicinal drug promotion 30.In addition to approved package inserts and leaflets wherever available, the preparation and distribution of booklets and other informational material for patien ts and consumers should be encouraged as appropriate. Such material should also comply with the ethical criteria enunciated in this document. 31. Ethical criteria for the promotion of exported drugs should be identical with those relating to drugs for domestic use. It is desirable that exporting and importing countries that have not already done so should use the WHO Certification Scheme on the Quality of Pharmaceutical Products Moving in International Commerce.Ethical criteria for medicinal drug promotion Appendix Sample Drug Information Sheet1 Various types of information are needed by prescribem and consumers to ensure the safe and effective use of drugs. The following list is a sample that should be adjusted to meet the needs and abilities of the prescriber. (1) International Nonproprietary Name (INN) of each active substance. (2) Pharmacological data: a brief description o pharmacolf o i a effects and mechanism of action. gcl (3) Clinical information: (a) Indications: whenever appropriate, simple diagnostic criteria should be provided. b) Dosage regimen and relevant pharmacokinetic data: average and range for adults and children; dosing interval; average duration of treatment; special situations, e. g. , renal, hepatic, cardiac, or nutritional insufficiencies that require either ineased or reduced dosage. (c) Contra-indications. (d) Precautions and warnings (reference to pregnancy, lactation, etc. ). Reproduced from The use of essential dnrgs: s m n d report of the WHO fipert Committee on the Use of EssentialD ~ g (WHO Technical Report Series, No. 722, s %, P. 43). Ethical criteria f r medicinal drug promotion o e) Adverse effects (quanbfy by category, if possible). (f) Drug interadions (includeonly if clinically relevant; drugs used for self-medication should be included). (g) Overdosage: brief clinical description of symptoms; non-drug treatment and supportive therapy; specific antidotes. (4) Pharmaceutical information: (a) Dosage f o m . (b) Strength o f dosage form. (C) Excipients. (d) Storage conditions and shelf-life (expiry date). (e) Pack sizes. (f) Description of the product and package. (g) Legal category (narcotic or other controlled drug, prescription or non-prescription). (h) Name and address of manufacturerb) and importer(s).

Reflective presentation of the risk assessment con Essays

Reflective presentation of the risk assessment con Essays Reflective presentation of the risk assessment conducted in ealing christian centre 1 Introduction Under the permission of the head pastor of Ealing Christian Centre, Northfield, London, I was granted the permission to do my practical placement with the church in December 2008. I was directed to the staff in charge of the church's health and safety whose induction given to me in December 2008 and willingness to supervise me in my forty hour practical project scheduled to start on 11th January 2009 was beneficial to me. Since the church building and it surrounding environment are places where people often meet to fellowship, it is very important to ensure the safety of these places such as the Church, the Church halls, churchyards and ground are safe for worshipers and staff to use. If these places are ignored of assessing their risk of usage they can cause serious pain and suffering to people which may often disrupt the peaceful running of the church and its activities. Risk assessment by definition is suggested to be a progressive stage in risk management process, which determines measurable characteristic value of hazards in relation to definite situation and the identification of the threat. And in this practical reflective presentation, I will base the health and safety risk assessment I conducted in Ealing Christian Centre on the Systems put in place for safer place of worship as briefed by my supervisor at induction, and the Daily Time log on my observations. 2 Systems Put In Place for Safer Place of Worship 3 Security of the Church Building Ealing Christian Centre as I learned from my induction day, is a big building used as place of worship for both able and disabled adults, young people and children of various age groups. The boundaries of the church premises are clearly defined with concert walls and good wooden fencing. The door ways are protected such that they do not give cover to intruders. When not in use, all the entrances and windows are securely locked. There is no easy access from points such as lower adjacent structures, compounds, walls or pipes to the roof and has an intruder alarm installed there. I also learned that their musical instruments, computers and private files are securely protected from thieves. Vehicle access to the church grounds as I learned was controlled only on Sundays and any other major event in the church. There is a gate that is locked to prevent access when the parking spaces are full. 4 Theft and Damage There are storerooms for securing valuable items such as audio, visual and musical instruments when they are not in use. The church has offices which are also locked when not in use but all staff and members are advised to safeguard their personal belongings in the church. Cash is counted in a secure room out of sight, removed from the premises overnight and holdings are kept in the minimum, stored in safe installed for small valuable items. The offering how ever is not adequately protected from theft since the offering basket allows every hand to reach the collected money at its base. Items that could be used as missiles to commit damage are removed from around the building, and refuse stored safely away in metal containers from vulnerable areas. 5 Management and Practice The church has no specific annual budget for crime and vandalism prevention measures separate from any general repair funds. Even though staffs have suggested people should report acts of vandalism immediately on recovery, most people do not. However damages are quickly repaired to discourage further similar acts while criminal acts reported automatically to the police if known. Details of the nature, time, place and cost of theft or vandalism are to be recorded in logbooks but mostly it is not done. Advice has been sort from the Police Crime Prevention Office, Fire Prevention Office, the Insurer and the Security Industry so; there is detailed procedure for recording and investigating fires. The community through the police and Church watch scheme are involved in the in safeguarding the church building. But for security reasons there is no procedure put in place for the police and fire service to contact the church key holders in the occurrence of incidents in the building. 6 Other Established Methods There is a proper procedure for keys control and an established procedure for locking up the church. When the building is being locked after activities, the stewards are to inspect the kitchen, toilet, and store rooms to make sure no one is hiding in the building. I learned that the locks of the church are periodically

A Modern Day Sir Thomas More Essay Sample

Your assignment is to feign you are a modern Sir Thomas More in the United States of America. Just as Sir Thomas More highlighted jobs with European societies in Book I of Utopia. you are to discourse current jobs with American society today. Remember that More discussed unjust penalty for offense. a corrupt socio-economic system. the hoggishness of male monarchs. and misgiving in engineering. He besides closely analyzed the corruptness of advisers to the male monarch. These were all important jobs in 16th century England. What are the important jobs in 21st century America? Merely as More used fiction to convey his thoughts. you will be composing a short fiction book to picture the signicant issues of society in the twenty-first century. Make non simply list several jobs with American society. Pick two or three jobs as a focal point and so add inside informations through scene. stage way and duologue that to the full explain why these things are jobs. Talk about who has created the jobs and who is affected by them. Discourse how people are affected by these important jobs. Besides be cognizant that your instructor will be looking for you to pass on your thoughts efficaciously. so this will affect you utilizing prepositional phrases to vary sentence gaps. Once you have completed a unsmooth bill of exchange. if possible. subject your composing along with a rubric to a equal. a parent or a guardian to reexamine your bill of exchange and supply feedback. Use this feedback to do alterations to your bill of exchange. When you submit your book for a class. you should include the undermentioned: †¢ Evidence of prewriting ( bring forthing and forming thoughts ) †¢ Evidence of a bill of exchange ( should incorporate grounds of alteration and redacting ) †¢ A completed rubric ( Student Statement ) with grounds of reappraisal

Terrorism Term Paper Example | Topics and Well Written Essays - 2250 words

Terrorism - Term Paper Example Similarities and differences with insurgency Insurgency is not a conventional war or terrorism. It shares with terrorism the use of force to obtain a political end. Difference that arises between the two is the degree of violence. Terrorism does not lead to political change on its own but insurgency tries to bring forth change use of force of arms. Insurgents use ways like hit and run attacks and laying ambushes on the security forces. Insurgency unlike terrorism gets significant support from a large portion of the population. Insurgency is a movement or a political effort that has an aim. The major difference between terrorism and the insurgency is the intent of their activities. Insurgency contains nothing inherent that will need the use of terror. However, there exist other successful insurgencies that used terrorism and the terror acts, other formed into conflicts where the tactics of terror and terrorism became predominant. Other insurgencies renounced the use of terrorism total ly in their movement. The choice of using terrorism is to inspire increased resistance, destroying the government efficiency, and to mobilize support (Sageman 20). The goal of an insurgency is, to adequately challenge the present government for the control of the entire or a portion of its territory. Insurgents can also force different political concessions in sharing of political power. Insurgencies, however, need the tactic or active support of a portion of the involved population. The insurgents could also require support from foreign countries. This, however, does not bother them at all. A terrorist group does not need and minimally has empathy or support of a big fraction of the population. While the insurgents describe themselves frequently as guerillas or insurgents, the terrorists will never refer to themselves or their organization as terrorists. They describe or portray themselves using political or military terminology such as activists and freedom fighters. Terrorism dep ends on public impact, and relatively conscious of the benefits of avoiding the negative impacts of the term terrorists’ when identifying themselves (Simic 15). Terrorism acts do not try to fight the government forces directly, but will tend to change the perceptions as to the legitimacy or the effectiveness of the government in question. They achieve this by ensuring the greatest knowledge of terrorist acts of violence. The terrorists do not attempt to control any region, as this identifies them to a location which reduces their security and mobility. The terrorist avoid direct confrontations with the forces of government. Insurgents can have something to achieve from clashing with the government forces, like proving that they can efficiently challenge the government military and test their effectiveness. Terrorist organizations have nothing to gain from clashing with the governments. The terrorists groups will not engage in anything that resembles a fair fight or a war itse lf. They use ways that will neutralize the powers of the conventional forces. Terrorists tactics include; bombings of civilian targets where the military spend off duty time, ambushes of conveys that are not defended and the assassinations of poorly guarded individuals (Sageman 24). Insurgencies do not need the targeting of civilians, despite the fact that they expand the required legal definition of combatants to include the police and other security personnel

Explore the long and short term social and economic consequences of Essay

Explore the long and short term social and economic consequences of the dissolution of the monasteries under King Henry VIII (8th) - Essay Example Henry, working through his chief minister Thomas Cromwell, decided to cut England's ties with the papacy in Rome and introduce the Reformation into the kingdom. Historians have argued that the dissolution of England's monasteries was a social and economic revolution. It was the biggest change in the ownership of land in the kingdom since the Norman Conquest. In the 16th century, England needed more land because of a rise in the kingdom's population and improvements in agriculture, allowing previously uncultivated lands to be opened up. The Dissolution also allowed people outside the Church to take advantage of the monasteries' property, and nobles and the gentry bought much of it. A large part of England's wealth was thus taken out of the hands of the Church; this allowed the gentry to take a more important part in the kingdom's affairs because they could afford to attend university and sit as Members of Parliament. Many of the dismantled monasteries and friaries were sold for nominal amounts (often to the local aristocrats and merchants), and some of the lands the King gave to his supporters; there were also pensions to be paid to some of the dispossessed clerics. Many others continued to serve the parishes. Although the total value of the confiscated property has been calculated to be 200,000 at the time, the actual amount of income King Henry received from it from 1536 through 1547 averaged only 37,000 per year, about one fifth of what the monks had derived from it. Money from the monasteries helped to ensure that Henry would have no difficulty financing the Crown. Consequences of the Act for the Suppression of the Lesser Monasteries: Prior to 1536, Henry had ordered that Thomas Cromwell, his Vicar-General, carry out an audit of the monasteries, which he did with four men in just six months, resulting in some wrong decisions. Cromwell reported 'Manifest sin, vicious, carnal and abominable living is daily used and committed amongst the little and small abbeys'. The reports of Cromwell often differed with the reports of the relevant Bishops and he tended to brand all houses as corrupt. It was in this spirit of reform that the Act for the Suppression of the Lesser Monasteries, 1536 was passed. The Act clearly pointed out the worthiness of 'great and honorable monasteries right well kept', contrasting these with the smaller houses that were 'sunk irredeemably in iniquity' and had 'resisted all attempts at reform for 200 years or more', and it was these that should be closed down. The Act also stated that 'The idle and dissolute monks and nuns who live in these little dens of vice should be dispersed amongst the greater abbeys where they will, by discipline and example, be brought to mend their ways. The properties and endowments thus vacated can then be transferred to the King, to put to such better uses as he may think fit'. Henry used the money to finance the building of forts around the English coast, hardly a better use. According to the Act, all the land and property of a religious house that had an income of less than 200 a year was transferred to the Crown. The Act allowed for the abbots, priors, abbesses and prioresses to be compensated with generous pensions and other monks and nuns could be transferred to another house or return to the secular way of life. The new owners of the lands were encouraged

Chagall’s Apocalypse in Lilac, Capriccio Essay Example for Free

Chagall’s Apocalypse in Lilac, Capriccio Essay This painting was done by Marc Chagall, a Russian artist. It is a painting of Christ shouting at a Nazi soldier while also witnessing other forms of violence from his view. While He is being crucified, others were hanged, stabbed and crucified like him while an inverted clock falls from the sky. It was a response in the increasing number of casualties from the Holocaust. It was his tribute to the Jewish community. His art pieces, upon reaching the shores of Germany were prohibited by the Nazis by the order of Adolf Hitler himself, just like what happened to other modernist art pieces. (Chipp, 1968) The color scheme is black and white; it means that the artist conveys in the art piece that it is a grim incident which he wanted to record before he passes on. A set of symbols from different elements have been depicted in the art piece. First is the crucifixion of Christ, most of us have acknowledged that Christ is the redeemer of mankind. But here, He was depicted as a powerless man only capable of screaming at a soldier to stop the violence. The next symbol in this art piece is the violence around Christ; it was like the people forgetting that a God or His son exists. The violence goes on, while an inverted clock which spins in the other way, the last symbol, tells us that man is in reverse evolution at that time. We are slaughtering each other like animals for survival. Interpretation The location and the people centered on the art piece impacts me in a way that any other artworks with similar themes do. This is a humanist approach to telling people that â€Å"peace is in our hands. † I could say that after Delacroix’s Liberty Leading the People, the next piece a person would want to see is this artwork by Chagall. Comparing the two, the former is looking forward to progress, while the latter is looking forward to a series of regression, symbolized by the inverted clock in the sky. War became the motivation of Chagall in order to create this work. There are many artists who have been affected by war, Chagall was one example. It gave them an intense emotion, an intense desire to break free. Like in war, natural calamities also give artists a certain feeling of sadness. One example of this was Edvard Munch and his work The Scream, which he created during the time when the Krakatoa volcano erupted and claimed many lives. Chagall has been very open about his perspective on the war that is going on in Germany, how the Nazis seized the political power from the Weimar republic, and how it oppressed the Jewish people. He has viewed the society under a time of war. This was his answer, to paint propaganda about how God feels seeing that the race of his likeness is slaying each other. Chagall was also known as a chronicler of biblical events. He was fond of using The Bible as a reference for his works. But in the Apocalypse, he blended real-life events and the ones that happened in the Bible. For art historians, the Apocalypse was a rare Chagall painting. Through the symbols, I have interpreted it as propaganda against the Nazi rule on Germany. Others may interpret the artwork as a continuation of the peoples’ suffering in the time of Christ. Or putting it simply, Christ as the people is at its weakest and can do nothing to stop the violence around him. Though we may have different interpretations on Chagall’s painting, we all share a common view that the people depicted in the painting is suffering. In addition, with the inverted clock may be interpreted by others as a person peeking through history, or the past. It tells the person or the clock that â€Å"this is us in this time of day†. At exactly the same time and the same date, this is what is going on. Social Judgment I believe that moving the art in another setting would be just the same. But there are certain elements that can be replaced like the Nazis; it can be replaced with soldiers who have invaded powerless, poor countries. The violence can be replaced with soldiers who are torturing and killing innocent people who fought for the freedom of their country. These people who they claimed to be smaller than the invasive soldiers have been fighting a war for freedom with and without the use of weapons. Many times the weak and the small were not heard by the powerful. Many times the human rights have been violated. Many people are suffering today with their own wars, combating hunger, homelessness, ignorance and many other deficiencies due to the rights that were withheld from them. Today, the London Jewish Museum bought the painting for $43,000. It was exhibited in the museum in remembrance of the Jews who were killed, persecuted, tortured and subjected to forced labor by the Nazis. The painting fits the The last question is if I like this work. Yes, I do. I give the highest form of adoration in the work. It is because rare are the times that artists have a nationalist or humanist emotion when it comes to painting their work. Chagall belongs to the line of artists who believe that peace can still be achieved. Rare are the artists who used their skills not for commercial purposes, but rather to express what they feel in the current situation of their world. Rare are the chances that a person would see an artist concerned not only about his country but also for the countries of his brothers, especially in these times. Chagall was more than intelligent; he was proven a genius with the creation of his masterpiece. Conclusion Many scholars believe that art does not exist for its own sake. Rather, art has political, ethical, social values. Aesthetics is only a bonus. For a painting like the Apocalypse in Lilac, this also holds true. As long as there are human beings struggling for power, there will always be politics. Chagall was an artist concerned about the welfare of his European brothers. He was a humanist. Seeing the war through his eyes, he got inspired. He gathered his brushes and gave the first few strokes on his work. He was fond of using Biblical figures. For him, Christ was the most fitting of them all, for He is the people. Anyone who betrays the people betrays Him. It was a powerful symbol to convey. The artwork was a critique of the war, its illogic and its costs to the people. He also described the rule of Hitler through the painting, being ungodly and grim to the people who are part of his country. The innocent, being pained by the nooses of death and knives of the soldiers are his descriptions of Hitler’s approach to leadership. Because of this, Hitler banned Chagall and so are other modern artists who conveyed their feelings about Nazi Germany and the people who are not fraternal with the Jews they have forced into labor. Moving the setting of the painting, say in contemporary times, it would be just the same. It won’t change everything because this is exactly how the people feel when they are working under large corporations, when they are giving their maximum output while only earning their minimum wage. Hitler may be gone, but the repercussions that his spiritual successors have done still echo and can still be felt by the people. I recommend a viewing of Chagall’s work, which is timeless because we can still relate to it, we are living in a society like these, and the only difference is that the hierarchy has legal bases for their existence. Liking the painting is not enough like I’ve said. It is recommended to view it again and again and compare our societies with the one depicted in the art. This is to have a clear view of what we are and what we are to expect in the future. References: Chagall, M. , Owen, P. (2003). My Life. Cambridge, Masachussetts: Da Capo Press. Chipp, H. B. (1968). Theories of Modern Art: A Source Book by Artists and Critics. Los Angeles, California: University of California Press. Hopkins, D. (2000). After Modern Art: 1945-2000. New York, New York: Oxford University Press.

Use of Ethos in Political Campaigning :: Persuasion Rhetorical Analysis Essays

Use of Ethos in Political Campaigning Political campaigning, is it annoying? Many people would agree that it is, but if one looks closely behind the face value of the so-called annoying promotion, one may find a soon to be political figure using a perfect example of persuasion known as rhetoric. Breaking down the rhetorical theories applied to a campaign image can make the political figure seem a lot more interesting. Al Gore and the Democratic party, for example, used name and reputation to run for president of the United States in 2000. An advertisement found on the internet in 1999/2000 proves use of the three theories of rhetoric- ethos, pathos, and logos. Aristotle was one of the first persons to use rhetoric as well as apply it to speech and writing. By referencing to the rhetoric used, one can see how this ancient style of persuasion has lasted long into the twenty-first century. One can also see how rhetoric works on us as a society today. In a photogragh produced by the Democratic party of 1999/2000 situated ethos was used to promote Al Gore. He was vice president in the same year the advertisement was promoting him, and was using his reputation as vice president to run for president. So it was only fitting that Al Gore would be centered in the photograph. He was not the main focus of the photograph, but definitely big part of the advertisement. The main focus of the advertisement was the text. The text was very easy to notice with a background that appeared to be a hand-painted city of many colors. The city seemed to be something much like what one would see on a cartoon. In large, white print painted over the colorful city were the words A Voice for Working Families. By using this text the Democratic party was using honorific language (pathos). The colorful background could be interpreted as pathos by appealing to the audience visually. The text was being used as a tool to relate and speak to primarily middle Americans also known as the blue collars of society. With this text Al Gore was saying without speaking, he could relate on their level and he was willing to be their voice in government. Al Gore was using positive text by letting the Americans in the middle class know that he was taking their concerns seriously. As well as the city of colors, the white text, and Al Gore there were four people in the advertisement.

Current Childminding Legislation Essay

1.1 Current Childminding Legislation The following is an overview of the current legislation which has an affect on childminders, parents and children. Equality Act 2010 The act replaced previous anti-discrimination laws with a single act to make the law simpler and to remove inconsistencies. The act covers nine protected characteristics. The characteristics applying to home-based childcare include disability, race, religion or belief and gender. Childcare Act (2006) The act lays out registration and inspection arrangements, providing for an integrated education and care framework for the Early Years and general childcare registers. It introduced the Early Years Foundation Stage (EYFS) in England. The Early Years Register and the General Childcare Register provide a regulatory framework for childcare under the act. Children Act (2004) Identified as the most influential law for home-based childcare, it outlines that the general function of the Act is for the Children’s Commissioner to be concerned in particular with the views and interests of children so far as relating to the following aspects of their well-being: physical and mental health and emotional well-being; protection from harm and neglect; education, training and recreation; the contribution made by them to society; social and economic well-being. These five outcomes for children are recognised as the overarching aim of the Early Years Foundation Stage, namely the Every Child Matters outcomes of staying safe, being healthy, enjoying and achieving, making a positive contribution, and achieving economic well-being. Health Protection Agency Act (2004) Established the Health Protection Agency. The Agency has numerous functions in relation to health, including the prevention of the spread of infectious disease. Care of Substances Hazardous to Health (COSHH) Regulations (2002) COSHH deal with preventing or reducing workers’ exposure to hazardous substances. All parts of COSHH apply if a home-based childcare provider employs any staff. Special Educational Needs and Disability Act (2001) This act protects persons from discrimination on the grounds of a disability, and it requires that reasonable adjustments must be made to services, provisions and/or premises so that disabled persons do not suffer significant disadvantages compared to non-disabled persons. Children are covered by this legislation as they are persons in the eyes of the law. Data Protection Act (1998) It protects sensitive personal data being published without a persons consent. Where children are involved consent has to be given by a parent or guardian. Protection of Children Act (1999) The Act states that the Secretary of State shall keep a list of individuals who are considered unsuitable to work with children. Human Rights Act (1998) The Act incorporates the European Convention on Human Rights into UK law. Children are covered by this legislation although not specifically mentioned. Code of Practice for First Aid (1997) The Act sets out standard practice and guidance for trained first aiders and gives tailored advice to show different people in industry what they need to do to meet their legal responsibilities for health and safety. Food Safety (General Food Hygiene) Regulations 1995 This Act is not currently applicable to registered childminders but acquiring a basic Food Hygiene Certificate is considered good practice. Local authorities require registered childminders to register with their local Environmental Health Department and obtain the following document: ‘Safer food, better business for Childminders’ available from the Food Standards Agency. Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) (1995) This act specifies what kind of accidents and incidents that happen in the work place are required to be reported to RIDDOR. Code of Practice for the Identification and Assessment of Children with Special Educational Needs (1994, revised in 2001) This Code of Practice provides practical advice to educational settings, including early years settings, on carrying out their statutory duties to identify, assess and make provision for children’s special educational needs. Children Act (1989) This Act was introduced in an effort to reform and clarify the existing laws affecting children and the current child protection system is based on it. Children’s rights were acknowledged for the first time in UK law. Amongst other things, the act legislates to protect children who may be suffering or  are likely to suffer significant harm. Public Health (Control of Disease) Act (1984) This act states the need for notification and possible exclusion periods for certain infectious diseases. Exclusions for children include exclusion from schools, places of entertainment or assembly. Education Act (1981) This Act became law in 1983 and tried to provide adequate safeguards, rights and duties for all those concerned with the education of children with special educational needs and to ensure these children’s rights to be integrated into the life and work of the community. It also recognised parents’ rights regarding their children’s education. ROLE OF REGULATORY BODIES Regulatory bodies in the UK are Ofsted (England) Care and Social Services Inspectorate Wales (CSSIW) Standards (Wales) Scottish Commission for the Regulation of Care (Scotland) Local Health and Social Services Trust (Northern Ireland) The fundamental role of these regulatory bodies is to ensure that children receive the best possible care in all the settings a child attends away from their home. The systems they have in place will also reassure parents, guardians and carers who have to be able to entrust their child to an organisation or individual to look after. The following information looks at the role of regulatory bodies in relation to home-based childcare. All home-based childcare providers are required to register with the regulatory body of their country. The regulatory bodies in the UK all have similar registration requirements and regulations in place. The regulations make sure that all home-based childcare providers follow the same structure of care, learning and development for children, which also apply to all  other Early Years settings (daycare centres, nurseries, etc.). This structure is implemented to improve the quality and consistency of care in all Early Years settings and therefore also helps to create a framework for an important partnership – the partnership between parents and professionals. In England this structure is called the Early Years Foundation Stage (EYFS – birth to five years old) which promotes children to learn through play; covers basic welfare requirements such as safeguarding children; making sure that people who care for children are suitable as well as the premises and equipment used; covers the learning and development requirements for children. It also promotes equality of opportunity for all children Regulatory bodies have systems and processes in place to control the registration process and the inspections carried out on registered home-based childcare providers. They also have the power to investigate a complaint or concern raised against a childcare provider to make sure the welfare requirements are met. If it emerges that the necessary requirements are not met, regulatory bodies are in a position to take action against the childcare provider. All these systems are in place to ensure that children receive the best possible care in all the settings they attend away from their home.

An Inspector Calls- How Priestly Presents Arthur Birling Essay

Arthur Birling is a self-centred man intent on climbing the class ladder, even at the expense of his family and employees. He regularly uses his obsessive behaviour over status to invoke popularity or power within a particular crowd, which is evident in the very first scenes of the play when Birling says to Gerald: ‘It’s exactly the same port your father gets from him’, suggesting Mr Birling bought it in order to imitate a more prominent societal figure as well as to gain a rapport with Croft. Similarly, Birling tries this technique with the Inspector, however this time to gain leverage over him by asking if he sees much of ‘Chief Constable, Colonel Roberts’, following up his threat with a disclosure of his superiority; â€Å"He’s an old friend of mine†¦I see him fairly. We play golf together†¦Ã¢â‚¬ . This was intended to make the Inspector feel belittled and impressed by Birling’s relationship with the Chief Constable, however Priestly makes this decidedly lost on the Inspector, because as a symbol of socialism, he wouldn’t care. One thing Priestly in particular was grateful for after the World Wars was the newfound merging of classes, reflected her in An Inspector Calls by the Inspector’s indifference towards Birling’s titles and wealth. It shows that Birling, regardless of how much money he has or who he knows, is still being investigated for neglecting his social responsibilities. This ultimately shows Socialism as uncorrupted when juxtaposed against the 1912 society where the belief was that if you were rich enough, you weren’t guilty of anything, which is why Birling is outraged by the Inspector’s visit; â€Å"†¦we’re respectable citizens and not criminals!† Despite the possibility that Mr Birling perhaps had an uneasy upbringing, occasionally indicated by his faux pars, which his wife readily berates him for (‘(reproachfully) Arthur, you’re not supposed to say such things-‘), Priestly leaves no room for the audience to sympathise with Birling because in doing so, Capitalism would be accommodated for. To remedy this, Birling is presented as a fool to the modern and 1945 audience by describing the Titanic as ‘†¦unsinkable, absolutely unsinkable.’ As well as wrongly predicting that there wouldn’t be war. As a result, the audiences, likely emotionally affected by these events, would be angered at Mr Birling’s stupidity, making him instantly unlikeable. Coincidentally, J.B Priestly transforms the illusion of grand Capitalism to one of supreme naivety at  Birling’s failure to see past his own self-importance. This sides the audience with what seems to be the only other option that they won’t condemn themselves to this 1912 attitude; Socialism. In essence, Priestly shows that Birling and people like him are a negative part of society because of their refusal to hold any responsibility for anyone other than themselves; â€Å"I can’t accept responsibility†. This in turn steers the audience away from Capitalism by using Mr Birling’s selfishness as a warning to us all: If we don’t accept the responsibility we owe to other people, then no matter who we are, or which walk of life we come from, we will be as foolish as Mr Birling.

Creative Story Writing Lesson for ESL Students

Creative Story Writing Lesson for ESL Students Helping Students Write a Creative Story Once students have become familiar with the basics of English and have begun communicating, writing can help open up new avenues of expression. These first steps are often difficult as students struggle to combine simple sentences into more complex structures. This guided writing lesson is intended to help bridge the gap from simply writing sentences to developing a larger structure. During the course of the lesson students become familiar with the sentence connectors so and because. Aim: Guided Writing - learning to use the sentence connectors so and because Activity: Sentence combination exercise followed by guided writing exercise Level: lower intermediate Outline: Write a sentence with so and a sentence with because on the board: Example: We needed some food so I went to the supermarket. | He studied all night because he had a difficult test the next day.Ask students which sentence expresses a reason (because) and which sentence expresses a consequence (so).Now, write these variations of the sentences on the board: Example: I went to the supermarket because we needed some food. | He had a difficult test so he studied all night.Ask students to explain what has changed in the sentences. Check the students understanding of the differences between so and because.Give the students the sentence matching exercise. Students should match the two sentences that logically go together.Once students have completed this exercise, ask them to combine the two sentences in each pair using so or because. Check their answers as a class.Read the example story to the class as a listening exercise which also sets the tone for the follow Story:A young Swedish man na med Lars met a beautiful young French woman named Lise. They met in a cafe in Amsterdam during the afternoon. As soon as Lars saw Lise, he fell hopelessly in love because she was so beautiful and sophisticated. He wanted to meet her, so he introduced himself and asked her if he could speak to her. Soon, they were talking about their two countries and having a wonderful time. They decided to continue their discussion that evening so they made a date to have dinner in a wonderful restaurant. They continued to see each other every day because they had such a wonderful time together. Five months later, Lars moved to France and they married and lived happily ever after. Have students write a similar story using the guided writing prompts provided on their worksheet. Tell them they should be a creative as possible as that will make their story all the more enjoyable.Circulate around the room helping students with their short compositions.As a follow-up listening exercise which can be a lot of fun, have students read their stories aloud to the class. Results and Reasons I had to get up early.Im hungry.She wants to speak Spanish.We needed a vacation.Theyre going to visit us soon.I went for a walk.Jack won the lottery.They bought a CD.I needed some fresh air.She takes evening courses.Their friend had a birthday.We went to the seaside.I had an early meeting at work.He bought a new house.We havent seen them in a long time.Im cooking dinner. Writing A Short Story Quickly answer the questions below and then use the information to write your short story. Use your imagination to make the story as enjoyable as possible! Which man? (nationality, age)Loved who? (nationality, age)Where did they meet? (place, when, situation)Why did the man fall in love?What did he do next?What did the two do together that day?What did they do after that day?Why did they continue to see each other?How does the story end? Do they get married, do they separate?Is your story a sad or happy story?

Incentive program to reduce waste Research Proposal

Incentive program to reduce waste - Research Proposal Example inventive and dynamic incentive system in the forklift operational management needs to be designed to dramatically cut down accidents and risks to the barest minimum. This is a proposal for incentive program to reduce waste by forklift operators during shipping of goods. First the proposal would identify the kind of forklift operations that need incentive programs during movements. Next, it would recommend the kinds of incentive programs that could be conveniently implemented From a review of the company’s accident statistics, it is observed that the rate of losses due to forklift accidents are very high, sometimes average around 4-5 accidents per month. These accidents may occur due to mishandling of forklifts, improper or inadequate training to forklift operators or even due to negligent or careless supervision. The management needs to take firm and concrete steps not only in order to reduce and even eliminate the risks of heavy losses of materials due to forklift operations but also risk of personal injury to forklift operators or other stores personnel There is always the risk due to mishandling of goods while handling. This could be due to judgement errors of the forklift operator or if his view is blocked due to cartons in front of him, or if the pellets on which the materials are mounted are defective or broken. Lack of proper training, judgemental error or mechanical or electrical fault, or malfunctioning of the forklift could also lead to wastages, accidents and losses, determinate or indeterminate. In the event the forklift overturns while in operation, this could cause serious damages or even loss of life or limbs. Besides, there needs to be some self induced or regulatory measures by which such damages or losses could be sustained. The incentive programme is not a substitute for safety but to inculcate a sense of collective responsibility for denial of accidents or property damages. The damages may not be of the company’s items alone but could

Shaping Behavior Essay Example | Topics and Well Written Essays - 500 words

Shaping Behavior - Essay Example Skinner whose work with behavior modification earned him the moniker of Father of Behaviorism develop the theory of operant conditioning. The theory postulates that all behavior is essentially governed by the constant application of punishing and reinforcing stimuli. Behavior modification is designed to use a scheduled approach that consistently punishes undesirable behavior while rewarding desired behavior (Snowman, McCown & Biehler, 2012). . This concept as developed by Skinner is seen to be widely used in not only therapy, but also in a number of psychological settings. It can effectively be used in the treatment of a number of disorders including oppositional defiant disorder, autism and attention deficit disorder. In addition to this, the fundamentals of behavior modification can essentially be used to try and increase desired behavior in a given individual regardless of the person’s functional level. Reinforcement and punishment as based on the operant conditioning theory have been demonstrated to be effective in shaping behavior. In classical conditioning, organisms are trained to learn to associate a given new stimuli with biological and natural responses such as fear or salivation. The organism does not essentially learn something new, but instead is seen to being performing in what is an existing behavior in the presence of a given new signal. Operant conditioning takes a different approach as learning is based on the consequences of behavior and can at times involve the learning of new actions (Miltenberger, 2011). Punishment can be used to stop negative behavior among children. In operant conditioning, positive is seen to refer to the addition of a consequence that will serve to deter a child from repeating what is deemed to be negative behavior. Although positive punishment is essential in healthy discipline it

Historical Museum Marketing Plan Assignment Example | Topics and Well Written Essays - 4000 words

Historical Museum Marketing Plan - Assignment Example This plan includes the following sections: Analysis, where both an information audit and marketing audit inform the mission statement; Planning, where the key issues and market position applicable to the company are compiled into a strategic development structure; Implementation, where the aforementioned analysis is distilled into specific recommendations regarding product, placement, price, and promotion; and Control, where specific systems for monitoring and evaluation are framed within the context of the relevant organizational implications in terms of budget, staffing, and organizational structure. Appropriate use of the recommendations included herein will position the management of LEHM to guide the marketing of the company's products and services so as to maximize operational revenue, profitability, and funding of future growth. To assist with analyzing the company's market potential, I will perform an information audit designed to determine what needed information is lacking. I will perform a marketing audit to determine how well any current marketing resources are being used and then formulate a mission statement that management can use to help make employee's investment in the company's objectives undemanding. An information audit will provide me with the necessary parameters for developing the plan. Management has supplied me with extensive operational and historical data of good quality. There is sufficient information to understand the operations of the company, the environment in which it functions, and some of the organizational objectives it seeks to attain. Unfortunately, there is scant information in terms of marketing. The organization does not have a formal marketing strategy. Accordingly, the supplied information is helpful for general awareness but useless in terms of marketing. Complicating the process, the company does not have any procedures in place for collecting information relative to its market. As set forth in the information plan below, management will need to focus on obtaining several key elements before a successful marketing plan can be put in place. Specifically, we need several sets of data: Demographic, Competitive, Political, Economic, Socio-cultural, and Tec hnological. This information will allow the formation of an effective plan. Management should attain the necessary information by accepting the following objectives and implementing the specific procedures recommended. The information plan is charted, rated, and explained below: Information Requirements Information Availability Predicted Accuracy Timeframe to Complete Methodology Demographic Good Empirical Immediate Create Data Card Competitive Good High Immediate On-site Visitation Collect demographic data. As soon as practicable, management should utilize a simple data card to determine specific data on who is using the museum so that they can know their customers and identify any major market segments that could be targeted for marketing, i.e., their place in the market. This can be achieved by having visitors fill out a registration form upon entry to the museum, and staff completing the same form for school

Cross-Cultural Study of Sex and Gender Assignment

Cross-Cultural Study of Sex and Gender - Assignment Example It has been widely known that all of those given parameters contain provoking issues that affect the whole society throughout history. There is no excuse for all forms of societies around the world have one or more of those problems. Each problem has its own topics of debates among the societal members. The pros and the antis regarding specific issues take their stance by proving the other side as wrong. They present details to support their claims and arguments are sometimes placed in a book form where they show all of the details. They explain those arguments as much as they can and share those with other people. Though that may be the case, some books do not side with any argument as they try to objectively study, analyze and present the issues and the probable solutions from both sides. As mentioned above, those issues are very important to solve though they already exist for decades. One of those is the issue of sex and gender and how the society views it. As a topic, it is a broad and controversial concept with many issues deep within. The concept is not restricted to the view on the sex as an act pertaining intercourse but also includes genital health, pregnancy, gender orientation, gender equality, and many more. They are all important topics to be discussed since everybody is affected by one or the other. In the paper, three books are presented and are reviewed critically regarding the various issues in gender and sexuality in various settings. Each book tackles the different issue which is important to be disseminated to everyone to prevent oppression and negative effects. After looking deep into the issues, possible solutions are made and further studies can be done to strengthen the understanding and establish the solid answers to existing societal problems. The first book is entitled Fixing Men: Sex, Birth Control, and AIDS in Mexico written by Michael Gutmann based on the research he made in Oaxaca. He revealed some unfamiliar facts mixed with new findings regarding the role of men in reproduction as AIDS has become rampant.  Ã‚  

Capital Asset Pricing Model (CAPM)

Capital Asset Pricing Model (CAPM) 1. Introduction Markowtiz (1952) did the ground work for the CAPM (Capital Asset Pricing Model). From the study of the early theories we know that the risk of an underlying security is measured by the standard deviation of its pay off or return. Therefore, for a larger risk we will have higher standard deviation of the respective security return. Markowtiz argued that the standard deviations of security returns for any two securities are not additive if they are combined together unless the returns of those two assets are perfectly positively correlated. He also observed that the standard deviation of security return of a portfolio is less than the sum of the standard deviation of those assets constituted the portfolio. Markowitz developed the efficient frontier of portfolio, the efficient set from where the investors select the portfolio which is most suitable for them. Technically, an investor will hold a mean-variance efficient portfolio which will return the highest pay off to them with a given level of variance. Markowitz’s computation of risk reduction is very rigorous and tedious. Sharpe (1964) developed the single index model which is computationally efficient. He derived a common index where the asset return is related with the common index. This common index can be any variable which has influence on the asset return. We can apply this single index model to the portfolio as well since the expected return of a portfolio is the weighted average of the expected returns of the constituents of the portfolio. When we need to analyze the risk of an individual security, we have to consider the other securities of the portfolio as well. Because, we are interested about the additional risk being added to the portfolio when one addition security is added to the portfolio. Thus the concept of risk share of an individual security to the portfolio is different from the risk of that security itself. An investor faces two kinds of risks. One is called the systematic risk and the other is known as unsystematic risk. Unsystematic risk is a kind of risk which can be minimized or eliminated by increasing the size of the portfolio, namely, by increasing the diversity of the portfolio. The systematic risk is well known as the market risk. Because, it depends on the overall movement of the market and the financial condition of the whole economy. By diversifying the portfolio, we cannot eliminate the systematic risk. Theoretically CAPM offers very commanding predictions about how to measure risk and return relationship. However, the empirical evidence of CAPM is not very encouraging. One may conclude that these failings are rooted in poor construction of the model but once can argue that this failing arises because of the difficulties of building comprehensive and valid test model. The estimation strategy of CAPM is not free from the data-snooping bias. Because of the non-experimental nature of economic theory we cannot avoid this problem. Moreover a lot of investigations already have been done to test the validity of the CAPM. Thus, no attempt has been made in this paper to test the validity of the model. Here in this paper we will critically examine some literatures on CAPM testing. We will begin with understanding the model. We will briefly outline some mathematics required to understand the underlying assumptions of the model. Then we will focus on the single and multi-factor CAPM models to a nalyze the model assumptions and restrictions required to hold these models to be true. 2. The Capital Asset Pricing Model Explained   In 1959 Markowitz introduced the notion of mean-variance efficient portfolio. According to him it is optimal for an investor to hold a mean-variance efficient portfolio. The mean-variance efficient portfolio is a portfolio for an investor where he minimizes the portfolio return, given the expected return and maximizes expected return, given the variance. Later Sharpe (1964) and Lintner (1965b) further developed the work of Markowitz. In their work it has been showed that if the investors’ expectations are homogeneous and when the hold the mean-variance efficient portfolio then in the nonexistence of market friction the market portfolio will be a mean-variance efficient portfolio. There are two basic building blocks to derive the CAPM: one is the capital market line (CML) and the other one is the security market line (SML). In CAPM the securities are priced in a way where the expected risks are compensated by the expected returns. As we will be investigating different form of CAPM in this work it is worthy to review the basic notions of CML and SML. The capital market line (CML) conveys the return of an investor for his portfolio. As we have already mentioned, there is a linear relationship exists between the risk and return on the efficient portfolio that can be written as follows: On the Other hand the SML specifies the return what an individual expects in terms of a risk-free rate and the relative risk of a portfolio. The SML with security i can be represented as follows: Here the Beta is interpreted as the amount of non-diversifiable risk intrinsic in the security relative to the risk of the efficient market portfolio. The utility function of the market agent is either quadratic or normal All the diversifiable risks are eliminated The efficient market portfolio and the risk-free assets dominate the opportunity set of the risky asset. We can use the security market line can be used to test whether the securities are fairly priced. 3. The Logic of the Model: To understand the logic of CAPM, let us consider a portfolio M. To clear the asset market this portfolio must be on the efficient frontier. Thus the underlying concept that is true for minimum variance portfolio, must be true for the market portfolio as well. With the minimum variance condition for portfolio M when there are N risky assets, we can write the minimum variance condition by the following equation: Where is the expected return on the asset i and . The market beta for the asset is derived by dividing the covariance of the market return and individual asset return by the variance of the market return, In the minimum variance condition stands for the expected asset return whose market beta is zero which implies that the asset return is not correlated with the market return. The second term of the equation represents the risk premium. Here the beta measures how sensitive the asset return is with the variation in the market return. Sharpe and Lintner focused on three important implications. They are: 1)the intercept is zero; 2) Beta can completely capture the cross sectional variation of expected access asset return; and, 3)The market risk premium is positive. Sharpe and Lintner in their CAPM model assumed that the pay off from a risky asset is uncorrelated with the market return. In their model the beta becomes zero when the the covariance of a asset return offsets the variance of the other assets’ returns. When the borrowing and lending is risk free and when the asset return is not correlated with the market return then the asset return equals the risk free rate. In the Sharpe-Lintner model the relationship between the asset return and the beta is represented by the following equation: However, this assumption of riskless borrowing and lending is unrealistic. Black (1972) developed a CAPM model where he did not make this extreme assumption. He showed that the mean variance efficient portfolio can be obtained by allowing the short selling of the risky assets. The Black and Sharpe-Lintner model differ in terms of the . Black observed that has to be less than the expected market return which allows the premium for the market beta to be positive. In the Sharpe-Lintner model the expect return was the risk free interest rate. The assumption that Black made about short selling is not realistic either. Because, if there is no risky asset (Sharpe-Lintner version) and if there is unrestricted short selling of the risky asset (Black version) then the efficient portfolio is actually not efficient and there does not exist any relation between market beta and CAPM (Fama and French: 2003). So, the CAPM models are built on some extreme assumptions. To testify the validity of these models researchers have tested the model against the market data. In this paper we will investigate some of those empirical researches. 4. Literature on CAPM testing There are three relationships between expected return and market beta which is implied by the model. First, the expected returns on all the underlying assets are linearly related to their respective betas. Second, the premium for beta is positive which implies that the expected return on the market portfolio exceeds the expected return on assets. Moreover, the returns of these assets are uncorrelated with the expected return of market portfolio. Third, in the Sharpe-Lintner model we see that the underlying assets which are uncorrelated with the market portfolio have the expected returns which are equal to the risk neutral interest rate. In that model, if we subtract the risk free rate from the expected market return, we get the beta premium. Conventionally the tests of CAPM are based on those three implications mentioned above. 4.1 Tests on Risk Premiums Most of the previous cross-section regression tests primarily focus on the Sharpe-Lintner model’s findings about the concept and the slope term which studies the relationship between expected return and the market beta. In that model they regressed the mean asset returns on the estimated asset betas. The model suggests that the constant term in the cross-section regression stands for the risk free interest rate and the slope term stands for the difference between market interest rate and risk free interest rate. There are some demerits of the study. First of all, the estimated betas for individual assets are imprecise which creates the measurement error when we use them to explain average returns. Secondly, the error term in the regression has some common sources of variation which produces positive correlation among the residuals. Thus the regression has the downward bias in the usual OLS estimate. Blume (1970) and Black, Scholes and Jensen (1972) worked on overcoming the shortcomings of Sharpe-Lintner model. Instead of working on the individual securities they worked on the portfolios. They combined the expected returns and market beta in a same way that if the CAPM can explain the security return, it can also explain portfolio return. As the econometric theory suggests, the estimated beta for diversified portfolios are more accurate than the estimated beta for the individual security. Therefore, if we use the market portfolio in the regression of average return on betas, it lessens the cr itical problem. However, grouping shrinks the range of estimated betas and shrinks the statistical power as well. To tackle this researchers sort securities to create two portfolios. The first one contains securities with the lowest beta and it moves up to the highest beta. We know that when there exists a correlation among the residuals of the regression model, we cannot draw accurate inference from that. Fama and Macbeth (1973) suggested a method to address this inference problem. They ran the regression of returns on beta based on the monthly data rather than estimating a single cross-section regression of the average returns on beta. In this approach the standard error of the means and the time series means can be used to check whether the average premium for beta is positive and whether the return on the asset is equal to the average risk free interest rate. Jensen (1968) noted that Sharpe-Lintner model also implies a time series regression test. According to Sharpe-Lintner model, the average realized CAPM risk premium explains the average value of an asset’s excess return. The intercept term in the regression entails that â€Å"Jensen’s alpha†. The time series regression takes the following form: In early studies we reject Sharpe-Lintner model for CAPM. Although there exists a positive relation between average return and beta, it’s too flat. In Sharpe-Lintner model the intercept stands for the risk free rate and the slope term indicates the expected market return in access of the risk neutral rate. In that regression model the intercept is greater than the risk neutral rate and the coefficient on beta is less than . In Jensen’s study the p value for the thirty years period is 0.02 only which indicates that the null hypothesis is rejected at 5% significance level. The five and ten year sub-period demonstrates the strongest evidence against the restrictions imposed by the model. In past several studies it has been confirmed that the relationship in between average return and beta is too flat (Blume: 1970 and Stambaugh: 1982). With the low betas the constant term in the time series regression of excess asset return on excess market return are positive and it becomes negative for the high betas of the underlying assets. In the Sharpe-Linter model, it has been predicted that portfolios are plotted along a straight line where the intercept equals the risk free rate, , and the slope equals to the expected excess return on the market rate . Fama and French (2004) observed that risk premium for beta (per unit) is lower than the Sharpe-Lintner model and the relationship between asset return and beta is linear. The Black version of CAPM also observes the same where it predicts only the beta premium is positive. 4.2 Testing the ability of market betas of explaining expected returns Both the Sharpe-Lintner and Black model predict that market portfolio is mean-variance efficient. The mean-variance efficiency implies that the difference in market beta explains the difference in expected return of the securities and portfolios. This prediction plays a very important role in testing the validity of the CAPM. In the study by Fama and Macbeth (1973), we can add pre-determined explanatory variables to the month wise cross section regressions of asset return on the market beta. Provided that all the differences in expected return are explained by the betas, the coefficients of any additional variable should not be dependably different from zero. So, in the cross-section analysis the important thing is to carefully choose the additional variable. In this regard we can take the example of the study by Fama and MacBeth (1973). In that work the additional variables are squared betas. These variables have no impact in explaining the average asset return. By using the time series regression we can also test the hypothesis that market betas completely explain expected asset return. As we have already mentioned that in the time series regression analysis, the constant term is the difference between the asset’s average return and the excess return predicted by the Sharpe-Lintner model. We cannot group assets in portfolios where the constant term is dependably different from zero and this applies only the model holds true. For example, for a portfolio, the constant term for a high earning to price ratio and low earning to price ratio should be zero. Therefore, in order to test the hypothesis that betas suffice to explain expected returns, we can estimate the time-series regression for the portfolios and then test the joint hypothesis for the intercepts against zero. In this kind of approach we have to choose the form of the portfolio in a way which will depict any limitation of the CAPM prediction. In past literatures, researchers tend to follow different kinds of tests to see whether the constant term in the time-series regression is zero. However, it is very debatable to conclude about the best small sample properties of the test. Gibbons, Shanken and Ross (1989) came up with an F-test for the constant term that has the exact-small sample properties and which is asymptotically efficient as well. For the tangency portfolio, this F-test builds an entrant by combining the market proxy and the average value of an asset’s excess return. Then we can test if the efficient set and the risk free asset is superior to that one obtained by combining the market proxy and risk free asset alone. From the study of Gibbons, Ross, and Shanken (1989) we can also test whether market betas are sufficient enough to explain the expected returns. The statistical test what is conventionally done is if the explanatory variables can identify the returns which are not explained by the market betas. We can use the market proxy and the left hand side of the regression we can construct a test to see if the market proxy lies on the minimum variance frontier. All these early tests really do not test the CAPM. These tests actually tested if market proxy is efficient which can be constructed from it and the left hand side of the time series regression used in the statistical test. Its noteworthy here that the left hand side of the time series regression does not include all marketable assets and it is really very difficult to get the market portfolio data (Roll, 1977). So, many researchers concluded that the prospect of testing the validity of CAPM is not very encouraging. From the early literatures, we can conclude that the market betas are sufficient enough to explain expected returns which we see from the Black version of CAPM. That model also predicts that the respective risk premium for beta is positive also holds true. But at the same time the prediction made by Sharpe and Lintner that the risk premium beta is derived from subtracting the risk free interest rate from the expected return is rejected. The attractive part of the black model is, it is easily tractable and very appealing for empirical testing. 4.3 Recent Tests on CAPM Recent investigations started in the late 1970s have also challenged the success of the Black version of the CAPM. In recent empirical literatures we see that there are other sources are variation in expected returns which do not have any significant impact on the market betas. In this regard Basu’s (1977) work is very significant. He shows that if we sort the stocks according to earning-price ratios, then the future returns on high earning-price ratios are significantly higher than the return in CAPM. Instead of sorting the stocks by E/P, if we sort it by market capitalization then the mean returns on small stocks are higher than the one in CAPM (Banz, 1981) and if we do the same by book-to-market equity ratios then the set of stocks with higher ratio gives higher average return (Statman and Rosenberg, 1980). The ratios have been used in the above mentioned literatures associate the stock prices which involves the information about expected returns which are not captured by the market betas. The price of the stock does not solely depend on the cash flows, rather it depends on the present discounted value of the cash flow. So, the different kind of ratios discussed above play a crucial role in analyzing the CAPM. In line with this Fama and French (1992) empirically analyzed the failure of the CAPM and concluded that the above mentioned ratios have impact on stock return which is provided by the betas. In a time series regression analysis they concluded the same thing. They also observed that the relationship between the average return and the beta is even flatter after the sample periods on which early CAPM studies were done. Chan, Hamao, and Lakonishok (1991) observed a strong significant relationship between book-to-market equity and asset return for Japanese data which is consistent wit h the findings of Fama and French (1992) implies that the contradictions of the CAPM associated with price ratios are not sample specific. 5. Efficient Set of Mathematics The mathematics of mean-variance efficient set is known as the efficient set of mathematics. To test the validity of the CAPM, one of the most important parts is to test the mean-variance efficiency of the model. Thus, it is very important to understand the underlying mathematics of the model. Here, we will discuss some of the useful results of it (Roll, 1977). Here we assume that there are N risky assets with a mean vector ÃŽ ¼ and a covariance matrix ÃŽ ©. In addition we also assume that the covariance matrix is of full rank. is vector of the portfolio weight. This portfolio has the average return; and variance. Portfolio p is the minimum variance portfolio with the mean return if its portfolio weight vector is the solution to the following constrained optimization: We solve this minimization problem by setting the Lagrangian function. Let’s define the following: The efficient frontier can be generated from any two minimum variance portfolios. Let us assume that p and r be any two minimum variance portfolio. The covariance of these two portfolios is as follows: For a global minimum-variance portfolio g we have the following: The covariance of the asset return of the global minimum portfolio g and any other portfolio as defined as a is as follows: For a multiple regression of the return of an asset or portfolio on any minimum variance portfolio except the global minimum variance portfolio and underlying zero-beta portfolio we have the following: The above mentioned result deserves some more attention. Here we will prove the result. As . The result is obvious. So, we just need to show that and . Let us assume that r be the minimum variance portfolio with expected return . From the minimization problem we can write the following: Portfolio a can be expressed as a combination of portfolio r and an arbitrage portfolio which is composed of portfolio a minus portfolio . The return of is expressed as: Since , the expected return of is zero. Because, as mentioned earlier that it is an arbitrage portfolio with an expected return of zero, for a minimum variance portfolio q. We have the following minimization problem: The solution to the optimization problem is c=0. Any other solution will contradict q from being the minimum variance. Since, , thus taking the derivative gives the following expression: Setting the derivative equal to zero and by substituting in the solution c=0 gives: Thus the return of is uncorrelated with the return of all other minimum variance portfolio. Another important assumption of the CAPM is if the market portfolio is the tangency portfolio then the intercept of the excess return market model is zero. Here we will prove the result. Let us consider the following model with the IID assumptions of the error term: Now by taking the unconditional expectation we get, As we have showed above, the weight vector of the market portfolio is, Using this weight vector, we can calculate the covariance matrix of asset and portfolio returns, the expected excess return and the variance of the market return, Combining these results provide, Now, by combining the expression for beta and the expression for the expected excess return give, Therefore, the immediate result is 6. Single-factor CAP In practice, to check the validity of the CAPM we test the SML. Although CAPM is a single period ex-ante model, we rely on the realised returns. The reason being the ex ante returns are unobservable. So, the question which becomes so obvious to ask is: does the past security return conform to the theoretical CAPM? We need to estimate the security characteristic line (SCL) in order to investigate the beta. Here the SCL considers the excess return on a specific security j to the excess return on some efficient market index at time t. The SCL can be written as follows: Here is the constant term which represents the asset return (constant) and is an estimated value of . We use this estimated value as an explanatory variable in the following cross-sectional regression: Conventionally this regression is used to test for a positive risk return trade off. The coefficient of is significantly different from zero and is assumed to be positive in order to hold the CAPM to be true. This also represents the market price of risk. When we test the validity of CAPM we test if is true estimate of . We also test whether the model specification of CAPM is correct. The CAPM is single period model and they do not have any time dimension into the model. So, it is important to assume that the returns are IID and jointly multivariate normal. The CAPM is very useful in predicting stock return. We also assume that investors can borrow and lend at a risk free rate. In the Black version of CAPM we assume that zero-beta portfolio is unobservable and thus becomes an unknown parameter. In the Black model the unconstrained model is the real-return market model. Here we also have the IID assumptions and the joint normality return. Many early studies (e.g. Lintner, 1965; Douglas, 1969) on CAPM focused on individual security returns. The empirical results are off-putting. Miler and Scholes (1972) found some statistical setback faced when using individual securities in analyzing the validity of the CAPM. Although, some of the studies have overcome the problems by using portfolio returns. In the study by Black,Jensen and Scholes (1972) on New York stock exchange data, portfolios had been formed and reported a linear relationship between the beta and average excess portfolio return. The intercept approaches to be negative (Positive) for the beta greater than one (less than one). Thus a zero beta version was developed of the CAPM model. The model was developed in a model where the intercept term is allowed to take different values in different period. Fama and Mcbeth (1973) extended the work of Black et al (1972). They showed the evidence of a larger intercept than the risk neutral rate. They also found that a linea r relationship exists between the average returns and the beta. It has also been observed that this linear relation becomes stronger when we work with a dataset for a long period. However, other subsequent studies provide weak empirical evidence of this zero beta version. We have mixed findings about the asset return and beta relationship based on the past empirical research. If the portfolio used as a market proxy is inefficient then the single factor CAPM is rejected. This is also true if the proxy portfolio is inefficient by a little margin (Roll: 1977, Ross: 1977). Moreover, there exists survivorship bias in the data used in testing the validity of CAPM (Sloan, 1995). Bos and Newbold (1984) observed that beta is not stable for a period of time. Moreover, there are issues with the model specifications too. Amihud, Christen and Mendelson (1993) observed that there are errors in variables and these errors have impact on the conclusion of the empirical research. We experience less favourable evidence for CAPM in the late 1970s in the so called anomalies literature. We can think the anomalies as the farm characteristics which can be used to group assets in order to have a high ex post Sharpe ratio relative to the ratio of the market proxy for the tangency portfolio. These characteristics provide explanatory power for the cross-section of the average mean returns beyond the beta of the CAPM which is a contradiction to the prediction of CAPM. We have already mentioned that the early anomalies include the size effect and P/E ratio as we have already mentioned. Basu (1977) observed that the portfolio formed on the basis of P/E ratio is more efficient than the portfolio formed according to the mean-variance efficiency. With a lower P/E firms have higher sample average return and with high P/E ratio have lower mean return than would be the case if the market portfolio is mean-variance efficient. On the other hand the size effect shows that low market capitalization firms have higher sample return than would be expected if the market portfolio was mean-variance efficient. Fama and French (1992,1993) observed that beta cannot explain the difference between the portfolio formed based on ratio of book value of equity to the market value of equity. Firm has higher average return for higher book market ratio than originally predicted by the CAPM. However, these results signal economically deviations from CAPM. In these anomalies literatures, there are hardly any motivations to study the farm characteristics. Thus there is a possibility of overstating the evidence against the CAPM since there are sample selection bias problem in estimating the model and also there is a problem of data snooping bias. This a kind of bias refers to the biases in drawing the statistical inference that arises from data to conduct subsequent research with the same or related kind of data. Sample selection bias is rooted if we exclude certain sample of stocks from our analysis. Sloan (1995) argued that data requirements for the study of book market ratios lead to failing stocks be ing excluded which results the survivorship bias. Despite an ample amount of evidences against CAPM, it is still being widely used in finance. There is also the controversy exists about how we should interpret the evidence against the CAPM. Some researchers often argue that CAPM should be replaced with multifactor model with different sources of risks. In the following section we will analyze the multifactor model. 7. Multifactor Models So far we have not talked anything about the cross sectional variation. In many studies we have found that market data alone cannot explain the cross sectional variation in average security returns. In the analysis of CAPM, some variables like, ratio of book-to-market value, price-earning ratio, macroeconomic variables, etc are treated as the fundamental variables. The presence of these variables account for the cross-sectional variation in expected returns. Theoretical arguments also signal that more than one factor are required. Fama and French (1995), in their study showed that the difference between the return of small stock and big stock portfolio (SMB) and the difference between high and low book-to-market stock portfolio (HML) become useful factor in cross sectional analysis of the equity returns. Chung, Johnson and Schill (2001) found that the SMB and HML become statistically insignificant if higher order co-moments are included in the cross sectional portfolio return analysis. We can infer from here that the SMB and HML can be considered as good proxies for the higher order co-moments. Ferson and Harvey (1999) made a point that many econometric model specifications are rejected because they have the tendency of ignoring conditioning information. Now we will show one of the very important results of the multifactor model. Let us consider a regression of portfolio on the returns of any set of portfolios from which the entire minimum variance boundary can be generated. We will show that the intercept of this regression will be zero and that factor regression coefficients for any asset will sum to unity. Let the number of the portfolios in the set be K and is the (Kx1) vector of time period t of asset returns. For any value of the constant ÃŽ ¼, there exists a combination of portfolio and assets. Let us consider ÃŽ ¼ be the global minimum variance portfolio and we denote the portfolio as op. Corresponding to op is minimum variance portfolio p which is uncorrelated with the return of op. As long as p and op are efficient portfolios in terms of the minimum variance their returns are the linear combinations of the elements of , where and are (Kx1) vectors of portfolio weights. As p and op are minimum variance portfolio their returns are linear combinations of the elements of , Then for the K portfolios we have, By rearranging, we get the following, Substituting this value into ÃŽ ¼ returns the following: Now let us consider a multivariate regression of N assets on K factor portfolios, where a