How to Write a Good Argumentative Essay Using the Essay Writing Software

How to Write a Good Argumentative Essay Using the Essay Writing SoftwareWriting a good short argumentative essay is no easy task, but it is possible with the right essay writing software. For those who are struggling to come up with a strong argumentative essay, or even if you are just writing one for a final examination, there are many different tools that can help you.One of the most important parts of the quick essay is the topic. The topic will be the beginning of the essay. You must have a clear, concise topic and then you must write about the subject thoroughly in order to make the reader interested in reading the rest of the essay. To help you write your topic, there are some tips and tools that you can use.First, you must start by thinking about what kind of writing you want to do. Some people love to write scientific papers, while others prefer to write books and other publications. Whatever type of writing you like to do, you should use this tip to help you.Next, you should think about your theme. For example, do you want to write about something which is already known, such as the age of the earth? Or do you want to think about something that is new and revolutionary, such as living on Mars?Think about what you are going to write about, and then pick a simple subject that will interest your readers. A good theme will help you get your topic across easily. If you have no theme, you will need to come up with an idea that will help you do so. Make sure that the topic and the other tools that you use are related to the topic that you have chosen.For you to have a clear idea of what you are going to write, do a bit of research. Find out the topic that is already known and the facts that are out there and then pick a topic for your essay. For example, if you are writing about the age of the earth, you can choose a topic that is more recent. Since the topic is already known, it will be easier for you to build your essay around it.When you have a good topic and all the tools needed to write your essay, you will find that the process of writing the essay becomes much easier. There are many ways that you can structure your topic so that it will help you come up with an effective argumentative essay. As long as you know what you are writing about, and choose a topic that is related to the topic, then you will have no problem coming up with a very interesting essay.

THE TREATY OF WAITANGI Essay Research Paper free essay sample

THE TREATY OF WAITANGI Essay, Research Paper Her Majesty Victoria Queen of the United Kingdom of Great Britain and Ireland sing with Her Royal Favour the Native Chiefs and Tribes of New Zealand and dying to protect their merely Rights and Property and to procure to them the enjoyment of Peace and Good Order has deemed it necessary in effect of the great figure of Her Majesty # 8217 ; s Subjects who have already settled in New Zealand and the rapid extension of Emigration both from Europe and Australia which is still in advancement to represent and name a functionary decently authorised to handle with the Natives of New Zealand for the acknowledgment of Her Majesty # 8217 ; s autonomous authorization over the whole or any portion of those islands # 8211 ; Her Majesty therefore being wishful to set up a settled signifier of Civil Government with a position to debar the immorality effects which must ensue from the absence of the necessary Laws and Institutions likewise to the native population and to Her topics has been gracefu lly pleased to authorise and to empower me William Hobson a Captain in Her Majesty # 8217 ; s Royal Navy Consul and I, Lieutenant Governor of such parts of New Zealand as may be or hereafter shall be ceded to Her Majesty to ask for the confederated and independent Chiefs of New Zealand to agree in the undermentioned Articles and Conditions. We will write a custom essay sample on THE TREATY OF WAITANGI Essay Research Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Article the first The Chiefs of the Confederation of the United Tribes of New Zealand and the separate and independent Chiefs who have non become members of the Confederation cede to Her Majesty the Queen of England perfectly and without reserve all the rights and powers of Sovereignty which the said Confederation of Individual Chiefs severally exercising or possess, or may be supposed to exert or to possess over their several Territories as the exclusive crowned head thereof. Article the 2nd Her Majesty the Queen of England confirms and warrants to the Chiefs and Tribes of New Zealand and to the several households and persons thereof the full sole and undisturbed ownership of their Lands and Estates Forests Fisheries and other belongingss which they may jointly or separately possess so long as it is their wish and desire to retain the same in their ownership ; but the Chiefs of the United Tribes and the single Chiefs output to Her Majesty the sole right of Preemption over such lands as the owners thereof may be disposed to estrange at such monetary values as may be agreed upon between the several Owners and individuals appointed by Her Majesty to handle with them in that behalf. Article the 3rd In consideration thereof Her Majesty the Queen of England extends to the Natives of New Zealand Her royal protection and imparts to them all the Rights and Privileges of British Subjects. [ signed ] W. Hobson Lieutenant Governor Now therefore We the Chiefs of the Confederation of the United Tribes of New Zealand being assembled in Congress at Victoria in Waitangi and We the Separate and Independent Chiefs of New Zealand claiming authorization over the Tribes and Territories which are specified after our several names, holding been made to the full to understand the Provisions of the foregoing Treaty, accept and enter into the same in the full spirit and significance thereof in informant of which we have attached our signatures or Markss at the topographic points and the day of the months severally specified Done at Waitangi this Sixth twenty-four hours of February in the twelvemonth of our Godhead one time thousand eight 100s and 40. The Chiefs of the Confederation [ This English pact text was signed at Waikato Heads in March or April 1840 and at Manukau harbour on 26 April. A sum of 39 heads signed. The text became the official version. ]

Keynes Ideas After the First World War essays

Keynes Ideas After the First World War essays What Impact did the First World War have on the development of Keynes's Ideas? John Maynard Keynes (1883-1946) is one of the most prominent figures in the study of the field of Economics. However I do not specifically regard Keynes as strictly an Economist, this is because if you look at his early life, he was greatly influenced by G.E. Moore. From reading Keynes, My Early Beliefs, he found a new religion, in the sense of what the real purpose of life is for him. From Moore's influence he found out that the most vital importance to him was the States of Mind and the human relationships that co-exists from it. Keynes graduated from Cambridge with a Mathematics degree and was part of the "Bloomsbury group". This was a very elite and secret group and they use to talk about their experiences through the influence of Moore. Hence his morality and Ethics is very central to Keynes's Economics. The war had a large impact on Keynes's ideas. He resigned from the Treasury because he did not agree with the Allies the method and the amount Germany should pay. So he wrote a book called the Economic Consequences of the Peace (1919) and from that you can see the impact the War had on his Ideas. He believed that Germany should be given help in rebuilding the Economy, and he also believed that it was not morally right for the German people to suffer. His ideas also developed to believe that Europe works, as a family hence if you destroy one you will destroy most of them. Therefore Keynes gives alternative solutions for the Reparations, and also believes in a free trade union. Keynes's is concerned for the redevelopment of the Economies of Europe and advocates a large loan from the Americans. Keynes's ideas further developed in reference to Essays in Persuasion concerning War Debts and the United States (Cancellation 1921) to which he believed that all War Debts should be cancelled. This is because it would be devastating to the European Community ...

Your pick of this week's news Week8 Essay Example | Topics and Well Written Essays - 250 words

Your pick of this week's news Week8 - Essay Example The search for the debris is made more difficult by the strong and unpredictable currents in the Indian in addition to the isolated and vast area to be searched. The report was not only factual but also incisive because it gave background of the first objects found in the satellite that were not confirmed. The difficulty of finding the debris was also described giving the readers an idea why it takes sometime to verify the objects. Third party expert opinion was also given to make the news balance and credible. The efforts made and the assets deployed to confirm the find were also adequately described. In general, I find the article incisive because it did not only report the recent find but â€Å"contextualized† the report by providing the reader a background to fully appreciate the development. Other parties were also interviewed to make the news more balanced such as aviation experts in the person of Peter Marosszeky and and Alan Kin-Tak Lau. Denyer, Simon , and Jia Lynn Yang. "China issues new satellite image, Australia spots small unidentified debris."Washington Post. N.p., n.d. Web. 23 Mar. 2014.

Manipulative advertising Essay Example | Topics and Well Written Essays - 6000 words

Manipulative advertising - Essay Example the objection on the core purpose of marketing gets validated because the latter strategy that would make buying environment optimal for purchase without logical cost-value analysis would render customers as worse in real economic terms. The very practice of manipulative advertising by various companies aims at optimizing the profits while entirely ignoring the consumer morale and satisfaction. This essay will elaborate the manipulative advertising and the way manipulative advertising impacts the working of laissez-faire economy. It will also discuss whether manipulative advertising should be resisted or not. Then it will discuss the different advertising regulations and institutions in charge to implement those regulations. This would also include a critical analysis of the effectiveness and implementation capacity by institutions for implementing the advertising related regulations. LAISSEZ FAIRE (FREEDOM OF MARKET) AND MANIPULATIVE ADVERTISING: Economists have been the major criti cs of manipulative advertising on grounds of its ability to restrict consumers to make their choices freely. Free choice of consumers in their buying process is something at the heart of capitalism. Laissez- Faire economy works on the basis of free flow of information to consumers in making optimal choices in their purchase decisions. In laissez-faire economy it is believed that more the consumers are informed about the product more rational and optimal choices they will make in their buying decisions. This will automatically clear unwanted goods from market and the expensive goods will become cheaper because of the firm’s goal to attract the consumers. Advertising, in its modest sense, is believed to transmit the useful information about product features to the consumers in market and... This "Manipulative advertising" essay outlines the consumer's behavior and society overall. Economists have been the major critics of manipulative advertising on grounds of its ability to restrict consumers to make their choices freely. Free choice of consumers in their buying process is something at the heart of capitalism. Laissez- Faire economy works on the basis of free flow of information to consumers in making optimal choices in their purchase decisions. In laissez-faire economy it is believed that more the consumers are informed about the product more rational and optimal choices they will make in their buying decisions. This will automatically clear unwanted goods from market and the expensive goods will become cheaper because of the firm’s goal to attract the consumers. Advertising is believed to transmit the useful information about product features to the consumers in market and thus it comes to the heart of market economy, ideal of flow of information to consumers to make optimal choices. But unfortunately advertising ideal of providing the information to the consumers for their optimal purchase decision is viewed skeptically by many of the critiques from different fields of study. Advertisement promises features in the product that do not really exist. Ad campaigns are designed in a way that lure the customers unduly and hamper their ability of applying persuasion knowledge i.e. the ability to understand and smell when they are being persuaded by advertisement and make their decisions accordingly using their rational cost-value analysis.

Study on the Market Response to Stock Splits

Study on the Market Response to Stock Splits The market response to stock splits is investigated with the dataset from an emerging country – India for period 2006 March 2009. study reports significantly positive abnormal returns on day of split execution and next trading day. regression analysis suggests that the reaction can be attributed to liquidity hypothesis. The postsplit period experiences abnormally high negative which wipes out any positive gain during split execution. This seems mostly explained by presplit price increase and size of firms suggesting that the have experienced a in period are ones suffer worst returns. In theory, stocksplits are cosmetic corporate events as they simply increase the number of outstanding shares and decrease the price of each outstanding share. Hence, there should be no significant effect on the value of the firm. A stock split does not change the revenue or assets of a company. So, stocksplit should cause no change in price other than the adjustment warranted by the split factor. There should also be no change in distribution of stock returns around exdates of stock splits. Exdate refers to the date on or after which a security is traded without a previously declared dividend or distribution. However, empirical evidence suggests that the market generally reacts favorably to stock splits. In different developed markets, for instance, UK and US, significant positive abnormal returns and increase in variance and volumes of trade have been documented around stock split announcements as well as exdates. The contradiction between theory, which expects no change in firm va lue consequent to stock splits, and the reality, with scores of evidence of significant market reaction, triggers the present study. In February 1981, the Indian ministry of finance issued a guideline that denomination of equity shares be fixed uniformly at Rs.10, and that the denomination of the then existing shares other than Rs.10 be converted into denomination of Rs.10. In another guideline in January 1983, the Indian government clarified that denomination of shares of Rs.100 need not be changed to denomination of Rs.10, i.e. shares of all companies were required to be in denominations of Rs.10 or Rs.100 only. Even so, several companies converted the denomination of shares of Rs.100 into that of Rs.10 on the grounds that it generated better liquidity, as also a higher value for the shares. However, in March 1999, the Securities and Exchange Board of India (SEBI) decided, with the objective of broadening the investors base, to dispense away with the requirement of standard denomination of Rs.100 or Rs.10 and gave freedom to companies to issue shares of any denomination but not below Re.1. Companies that had issued shares of the face value of Rs.10 or Rs.100 were also permitted to avail of this facility by consolidation or by splitting their existing shares. To reap benefits of splitting, a number of existing listed companies having denomination of Rs.100 or Rs.10 have split their stocks into different denominations, e.g., Re.1, Rs.2 or Rs.5, etc. These recent changes in the Indias regulatory environment offer a unique opportunity to gain further insight into the stock splits with reference to their effects on variables like stock prices, return, volatility, and trading volume. With the increased integration of international markets in general and a wave of liberalization and globalization, the importance of understanding these stock events has increased dramatically. Further, there a re different capital gains tax laws in India. Under these circumstances, splits may have different effects contrary to what has been reported in various literatures. Furthermore, compared to the worlds major stock exchanges, there are proportionally more small firms listed on Indian exchanges; consequently, many firms are thinly traded. Hence, these differences between Global and Indian markets necessitate studying split events in India. The results of the present study shows significantly positive cumulative abnormal returns on and the next trading day after split execution, following which there is a major decline in share prices which wipes out most of the gain of the execution period. The signaling hypothesis and the trading range hypothesis do not seem to provide any explanation for the significant CAR around execution date, while the liquidity hypothesis seems to contribute significantly towards the positive CAR occurring on and immediately after the execution. The small firm hypothesis also 6 shows weak explanatory power for the change in wealth. The post execution negative reaction is mostly explained by run up of stock prices preceding the execution, implying that the stock split has induced a revision of stocks fundamentals, probably bringing prices to a more fundamental level. 7 2. . Literature review There have been numerous researches on the effect of stock splits on different parameters of capital markets. Fama etal (1969) has been the pioneering study to examine the share price performance of splitting firms. Although the economic literature has not yet found a definitive explanation for either the abnormal returns observed around the announcement and execution dates, or the reasons why managers decide to split, different explanations, not necessarily mutually exclusive have been proposed. The more prominent hypotheses are the signaling hypothesis, the trading range hypothesis, the liquidity hypothesis and the neglected firm hypothesis. One such research paper advocates considering the three different market efficiencies (weak form, semistrong form, and strong form) that the investor can make an above normal return by relying on public information impounded in a stock split announcement. This study agrees that according to the semistrong form market efficiency, the stock split announcement do impact the company stock price. The study done by Desai, Jain (1997) elaborates more on longrun performance of common stock following stock splits announcement and hence concludes that the capital market doesnt fully react to the information conveyed in the stock split announcement. Considering the ignored studies of small firms, the paper examined firm portfolio of different sizes and more diversity in terms of industries. Taking a large sample of stock information for a period of 1976 – 91, the research paper concluded that the market does not incorporate the full effect of the stock split announcement in the month of announcement. It is evident that managers believe that stock split results in optimal trading price of a stock that attract small investors and hence enhances liquidity. Joshipura (2008) studied the price and liquidity effects associated with stock split surrounding its announcement and execution 8 dates in Indian stock exchanges. The results suggested that though there were some positive abnormal return associated surrounding announcement and execution dates of the stock split, but it reverses in just a few days after the event dates, and ultimately generates significant negative abnormal return in slightly longer postexecution window. It also found that there was a significant improvement seen in liquidity surrounding announcement and execution dates of stock split. Desai and Nimalendran (1998) examined the effect of the change in trading activity after stock splits on volatility and spread. The results of the study show that the increase in volatility cannot be attributed solely to microstructure biases arising from the bidask bounce and price discreteness. Even after correcting for these two biases, the study found a significant increase in volatility after the split. The study also found an increase in the number of trades after the split, and the increase in the biasadjus ted volatility was positively related to this increase in the number of trades. The study decomposed volatility into transient and permanent components and found that both components of volatility increase after the split. Attributing transient volatility to noise traders and permanent volatility to informed traders, the study suggested that trading by both types of traders increases after the split. Ikenberry, etal (1996) discusses that splits are used to move stock prices into a trading range to increase liquidity and that they are used by management as a signal of positive private information. The study found evidence that is consistent with the view that splits are typically used to realign stock prices to a normal trading range. The study also confirmed that splits convey favorable information, thereby validating the signaling hypothesis. It was found that market reaction was greater for small firms, low booktomarket firms and firms splitting to low share prices. The study also found an inverse relationship between the presplit run up and postsplit excess returns, suggesting that the results were not attributable to momentum. 9 There are various studies devoted to studying the effect of stock splits in specific geographies. Asquith, etal (1989) examined stock splits in the US market and found that stock splits do convey earnings information. The results indicated that firms split their shares after a significant increase in earnings. Before the stock split announcement, the market expects these earnings increases to be temporary. The split announcement leads investors to increase their expectations that the past earnings increases are permanent. The study also found that the markets reaction to the split announcement cannot be attributed to expectations of either future earnings increases or nearterm cash dividend increases. Elfakhani, etal (2003) examined the market behavior surrounding stock split announcements in the Canadian market for the 1977–1993 period and the effect of the 2year before compared to the 2year after the announcement. Using the event study methodology, the findings indicated tha t positive abnormal returns exist on both the announcement days (0,1) and the 11day period surrounding stock split announcements. The results also showed that following the split event, bidask spreads decrease, while both trading volume and the number of transactions increase thus suggesting that split events enhance liquidity. Further, the study observed that earnings grow in the 2year period following split events, thus implying that split events signal future performance of the firm. Wulff (2002) investigated market reaction to stock splits using a set of German firms and in line with the US findings, found significant positive abnormal returns around both the announcement and the execution day of German stock splits. The study also observed an increase in return variance and in liquidity after the exday. The study found that abnormal returns around the announcement day are not related to changes in liquidity, but (negatively) to firm size, thus lending support to the neglected f irm hypothesis. Despite noting a substantial increase in liquidity after the split, the study did not find support for the liquidity 10 hypothesis. Menendez, etal (2003) analyzed the motivations and valuation effects of stock splits in the Spanish market. The findings of the study suggest that splitting firms present a presplit stock price above the normal trading range, and that, after the split, the number of transactions and the average transaction size increase significantly. Moreover, positive abnormal returns are observed around the announcement dates and around the exdate. For the latter, however, these positive wealth effects are outweighed by the negative abnormal returns observed closely afterwards. The study found that liquidity, or the optimal trading range hypotheses prevailed over other hypotheses as an explanation for stock splits in the Spanish market. The findings of the study suggest the main reason behind a stock split and for the positive market reaction around the stock split announcements is a higher share price than the normal trading range. The reduction of this higher price seems to attract s mall investors and thus significant increases in the number of transactions and reductions in the trading volume per transaction after the split are observed, without there being any significant variation in the volume of shares traded. This adjustment of the firms stock price to a normal trading range is valued positively by investors. Most of these studies are concentrated mainly around market reaction at the announcement date. In a study on the UK equity market, specifically concentrating on the exsplit date, Staikouras etal, (2009) has documented positive abnormal returns on and around the exsplit date which are partially predictable using the publicly available information prior to the exsplit date. The study also observed a persistent increase in the post split volatility of the stocks in the UK equity market with this increase being better explained by the daily trading volume. This is in contrast to the US findings where the daily number of trades was found to better capture the increase in volatility. 11 In this study, the market response to stock splits is investigated with the dataset from an emerging country – India, which is distanced from the west in terms of geographical location, economic development, institutional and legal framework. Not much is available in the Indian context with a focus on the exsplit date, so far, except for the commendable work by Mishra (2007), which documents negative effect on price and return of stocks following splits. The study also reports a positive effect on volatility and trading volume following the split events. The present paper tries to provide a few additional insights on the issue and therefore, differs from Mishras (2007) study in the following ways. Firstly, an attempt is made to explain the significant cumulative abnormal returns around the split execution dates with the help of regression analysis. Secondly, the independent variables cover issues like small firm hypothesis, price run up, deviation of price from market average, which are unexplored in his paper. Thirdly, the data set of the present study covers the period post Mishras study, i.e., from 2006 to March 2009. HHHHyyyyppppooootttthhhheeeesssseeees s ffffoooorrrrmmmmuuuullllaaaattttiiiioooon n TTTThhhhe e ssssiiiiggggnnnnaaaalllliiiinnnng g hhhhyyyyppppooootttthhhheeeessssiiiis s The signaling hypothesis proposes that, in a scenario of asymmetric information between managers and investors, managers may use stock splits to signal positive information to the market about the firms future expectations. The presence of positive abnormal returns around the stock split announcement that is found in many empirical studies provides evidence for the signaling hypothesis. 12 Trading range hypothesis According to the optimal trading range hypothesis, stock splits are used as tools to realign the share price to a desired price range so that it is more affordable for small investors to buy round lots of shares. If the presplit share price is at a high level, then a stock split is justified for improving the marketability of the shares. Empirical findings suggesting an increase in the daily number of transactions after the split do not reject this optimal range hypothesis. TTTThhhhe e lllliiiiqqqquuuuiiiiddddiiiitttty y hhhhyyyyppppooootttthhhheeeessssiiiis s The managements motivation to bring the share price to an optimal trading range arises from the desire to improve liquidity. According to literature there is an observed increase in trading volume during the postsplit period, and hence provide support for the liquidity hypothesis of stock splits. Staikouras etal, (2009) in their study of the UK equity market document a strong and positive relationship between the measures of trading activity and the returns volatility over the preand postsplit horizons. SSSSmmmmaaaalllll l ffffiiiirrrrm m hhhhyyyyppppooootttthhhheeeessssiiiis s Small firm or neglected firm hypothesis suggests that since the smaller firms have fewer announcements published in the financial press, the split announcement is expected to create greater market interest than it would be in case of larger firms. So, small firms may have an incentive to adopt the stock splits to grab more attention. Based on the discussion above, we can lay down the objectives of this study. The study proposes to, using data from the Indian stock market, examine the presence of positive abnormal returns over the stock split 13 period and, if found to be true, to study whether the returns can be explained using any of the hypotheses mentioned above. We formulate the following hypotheses: HHHH1111: There is no significant abnormal return around the exsplit date. HHHH2222: If H1 rejected, returns are identical for all firms in sample. HHHH3333: and H2 the abnormal observed around event window [1,+1] can be attributed to publicly available information based on one or more of theoretical hypotheses above. HHHH4444: If H3 is true, a similar explanation can be made using this data for different time horizons around the exdate. An event study framework is employed to test the above hypotheses. An OLS regression model is used for determining the factors for the occurrence of abnormal returns across the event window. 14 3333. . DDDDaaaatttta a aaaannnnd d MMMMeeeetttthhhhooooddddoooollllooooggggy y 3333.1 DDDDaaaatttta a CCCCoooolllllllleeeeccccttttiiiioooon n The basic sample is comprised of all Bombay Stock Exchange (BSE) equity stocks that have split between January 2006 and March 2009. The National Stock Exchange website was used to download list of stocks that have undergone a stock split in this period. There were a total of 151 stock splits during the period. All financial data series for these stocks like daily closing adjusted prices, market capitalization, trading volume and market indices were downloaded from Thomson DataStream. The following criteria have been applied to include a company in the sample. i) The stock price data is available for 260 days prior to the exsplit date. ii) Data for 260 days are available for the postsplit period. iii) Where a stock has split more than once in the sample period, the first exsplit date was considered. iv) Other required financial information is available. After filtering on the basis of the above criteria, the number of firms on which the analysis could be carried out was 99. 3333.2 DDDDaaaatttta a AAAAnnnnaaaallllyyyyssssiiiis s Table 1A Table 1B below show summary statistics of the sample stocks used for this study. There is an even distribution of stock splits in each year of the sample period indicating normal stock split activity in the Indian equity market 15 for the given period. However, analysis on a monthly basis reveals that August, September and October are the most active months for stock splits, possibly indicating a preference by firms to execute the split around that time. More than 40 percent of the firms in the sample have the stock split in this period. 5:1 split is the most common split ratio (57 firms) in the sample followed by 10:1 and 2:1 split ratios. For the 4:1, 6:1 and 5:2 split ratios, there is only one stock in the sample period. Therefore, summary statistics for these stocks were not calculated as any observations made would be a result of a very firm specific performance and not a general conclusion. The average price for the 2:1, 5:1 and 10:1 split sizes are Rs. 229.99, Rs. 192.30 and Rs. 215.27 respectively. No conclusive relation between the stock price and the split ratio can be inferred from the maximum and minimum values shown below. The average marketcap for the 2:1, 5:1 and 10:1 split sizes are Rs. 13068.56 million, Rs. 57129.56 million and Rs. 87126 million respectively. The average market capitalization is observed to increase with higher split ratio possibly indicating that the largecap stocks are the ones that usually opt for the higher split ratio. 16 TTTTaaaabbbblllle e 1111AAAA: : SSSSttttoooocccck k SSSSpppplllliiiit t ssssaaaammmmpppplllle e ddddiiiissssttttrrrriiiibbbbuuuuttttiiiioooon n TTTTaaaabbbblllle e 1111BBBB: : SSSSttttoooocccck k SSSSpppplllliiiit t ssssuuuummmmmmmmaaaarrrry y ssssttttaaaattttiiiissssttttiiiiccccs s 17 3333.3 MMMMeeeetttthhhhooooddddoooollllooooggggy y EEEEvvvveeeennnnt t bbbbaaaasssseeeed d ssssttttuuuuddddy y Event studies start with hypothesis about how a particular event affects the value of a firm. The hypothesis that the value of the company has changed will be translated in the stock showing an abnormal return. Coupled with the notion that the information is readily impounded into prices, the concept of abnormal returns (or performance) is the central key of event study methods. How does a particular event affect the value of a company? We must be careful because at any time we observe a mixture of market wide factors and a bunch of other firm events. To correctly measure the impact of a particular event we need to control for those unrelated factors. The selection of the benchmark to use or the model to measure normal returns is therefore central to conduct an event study. The empirical model can be stated as follows: when an event occurs, market participants revise their beliefs causing a shift in the firms return generati ng process. For a given security, in non event periods, Rt = xt B + et while in event periods, Rt = xtB + FG + et Rt is the return of the security in period t, xt is a vector of independent variables (for example the return of the market portfolio) in period t, B is a vector of parameters, such as the security beta, F is a row vector of firm characteristics influencing the impact of the event on the return process. G is a vector of parameters measuring the influence of F on the impact of 18 the event and et is a mean zero disturbance term possibly differing in event and non event periods. Hypotheses usually centre on the parameters that measure the influence of the event (G) and most of the times F is set to unity. The null hypothesis is that such an event has no impact on the return generating process. Event study methods are the econometric techniques used to estimate and draw inferences about the impact of an event in a particular period or over several periods. The most common approach involves three steps: (1) Compute the parameters in the estimation period; (2) Compute the forecast errors (and obtain variance/covariance information) for a period or over an event window; aggregate across firms and infer about the average effect; (3) Regress crosssectional abnormal returns on relevant features of the stock supposed to influence the impact of the event. In this study, the event is the split execution date, defined as day 0. The event splits the sample into two sets – the presplit period and the postsplit period. The presplit period considered in this study is a period of 260 days prior to the event date (260 days to 1 day) and the postsplit period is the period of 260 days after the event date (+1 day to +260 days). This leads to a total period of 521 trading days data for each stock (including the split date) centered around the event date for that stock. In essence, all stocks are aligned according to their event timeline. The estimation window is the 220 day period from 260 to 41 trading days. A similar event based alignment of data was performed for the other financial data namely market capitalization, market index and trading volume. In this study, the benchmark index chosen for running the regression for the market model is the BSE 100 index. The index price was also aligned according to the split date for each stock t o obtain comparable market 19 return at and around the event date. The Brown and Warner (1985) methodology is applied to test for the significance of abnormal returns. Regressions to estimate the parameters of the market model The standard single index asset pricing model is used to estimate the market parameters ( ÃŽ ² and c). The market model used to estimate the parameters is given as below: Ri = ÃŽ ²Rm + c where Ri – expected return of stock i Rm – market return c constant of regression

Cinderella †Family Therapy Essay

Cinderella’s case conceptualized using a Bowenian transgenerational model According to Bowen, one of the pioneers of family therapy, family can be understood as an emotional unit, which can be best analyzed through a multigenerational framework. Cinderella’s story, which was told by many professional storytellers, including brothers Grimm (19 century) and Charles Perrault (17 century), as many other famous fairytales lacks many important details and characters’ descriptions that a therapist would need for administering family treatment involving transgenerational model. If we would speculate knowing some information about Cinderella’s family members, the transgenerational model would work beautifully. A chronic anxiety of Cinderella, her unstable, submissive behavior, could be explained by anxiety transmitted over several generations. Goldenbergs bring our attention to a few important emotional patterns of an individual:†the selection of a spouse with similar differentiation level and the family projection process that results in lower level of self-differentiation† (p. 89, 2008). Bowen would even build a prognosis for Cinderella’s children to have a reduced level of self-differentiation and being increasingly vulnerable to anxiety (Goldenberg & Goldenberg, 2008). Bowen emphasized that the multigenerational transmission programs not only the levels of self – differentiation, but also programs family’s roles and interactions. Cinderella’s marital problems could be understood very well through the lens of her family behaviours (The Bowen Center, n. d. ). My only major concern about application of transgenerational model in Cinderella’s case would be the early death of Cinderella’s parents ( her genogram is hard to build) and her latter life with the wicket, very directive stepmother, who evidently influenced Cinderella’s fragile and indecisive mind structure. Cinderella’s ability and inability to build attachments to her family members, which were not all â€Å"angels†, should be also considered when providing her with a therapy. Once again, her attachment to her loving father, her godfairy, her stepmother and stepsisters, could be easily incorporated into transgenerational model. Cinderella’s case conceptualized through Bowen’s concepts of triangulation. According to Goldenberg and Goldenberg (2008), the Bowen’s concept of triangulation would allow understanding better Cinderella’s marital problems. Probably, a few first years of Cinderella’s marriage were happy, because it was a big relieve for her to escape the stepmother cruelty. However, even her first marital years could have some initial problems. For example, the prince, who was brought up in a â€Å"normal† family, could not understand or could not believe Cinderella’s stories she told about her family. He would smile when she would share her violent memories with him. The prince mistrust and his ironic smile could initiate some negative feelings and despair in Cinderella. In this case, the stepmother’s figure would be present in Cinderella-prince conflict through Cinderella’s stories. It is particularly interesting that the third person does not need necessarily be present to create a conflict in triangulation (The Bowen Center, n. d. ). When children were born from a person (or two persons) with low self-differentiation, many other triangles and possible shifts and tensions could occur. Cinderella’s case and the object-relations model Goldenberg and Goldenberg (2008) provide a deep insight into Cinderella’s story based on the object-relation model, which is connected to the early Freudian concept of mother-child bonds. Even though the Cinderella’s relationship with her mother was very short before her mother past away, it appeared to be a foundation of many Cinderella’s later issues, such as her idealization of some women characters (godmother; later, some older women-friends), a few conflicts between her ego and id, suffering from deprivation of early attachments, developing insecurity and low self-esteem, and others. All these issues that the object-relations model would discover, could be projected to Cinderella’s later marital problems. A person who survived a trauma of loosing her both parents and the hardship of living with evil stepmother and stepsisters could have a lot of troubled thoughts and experiences that could be projected into her relationship with her spouse and children. I believe that the object-relations model (psychodynamic in its core) could provide the best insight when dealing with Cinderella’s marital problems.