The Difference in Leadership Styles of Malcolm X and...

More than likely, the Civil Rights movement of the 1960s would not have had the same impact if they had been led by Malcolm X as opposed to being led by Martin Luther King. This notion is primarily attributed to the divergent ideologies professed by these men. Essentially, there were two fundamental differences in the pursuit of Civil Rights as advocated by King and X. The first dealt directly with the question of violence. Martin Luther King was a practitioner of the non-violent demonstrations that Mahatma Gandhi had popularized earlier in the 20th century (Carson, 2001, p. 27). The turn the other cheek ideology propagated by Christianity was perfect in helping African Americans to adopt a martyr image that eventually was responsible for the so-called gains that were earned via the civil rights movement. The second fundamental ideological difference between the pair is that King advocated integration, whereas X and some of his proponents in the latter portion of the 1950s were in favor of a separation of the races. What is important about this divergent viewpoint between these men is the fact that Caucasian Americans were not willing to allow an autonomous, powerful African American state within the borders of the U.S. which is what X desired early on in his career (Haley, 1987, p. 113). The alternative then, was to eventually, and stubbornly, yield to a form of integration in which African Americans still received poor treatment, run down housing, police brutality,Show MoreRelatedMartin Luther King Jr. vs. Malcolm X1263 Words   |  6 Pages* Dr. Martin Luther King Jr. and Malcolm X are two people on different ends of the scales, with totally different up-bringings. * King was brought up by a rich black family,with a good education, and a good chance at life. He was a black aristocrat, and a wealthy man. * Malcolm X was brought up in the ghetto, and had to learn to defend himself against racist white children. He was deptived of his father, who was found dead, murdered by a white mob. His mother became mentally ill so he wasRead MoreWhose Filosophy Made the Most Sense for Merica in the 1960s? Malcom X or Martin Luther King Jr.?1036 Words   |  5 PagesMartin Luther King Jr. and Malcolm X grew up in different environments. King was raised in a comfortable middle-class family where education was crucial, and Malcolm X came from a family of low class. He was a self-taught man who received little schooling and became who he is on his own. Martin Luther King was born into a good family. Despite segregation, Martin Luther King s parents tried everything so that he could be secure and happy. He was a smart student and skipped two grades before enteringRead MoreEssay about Malcolm X vs Martin Luther King Jr1804 Words   |  8 Pagesopposed civil rights activists Dr. Martin Luther King Jr. and Malcolm X. In the 1960’s the African American community became increasingly active in the struggle for civil rights. Although the concept race is an arbitrary societal construct based on the color of an individual’s skin and his or her geographic origin, it has had a profound impact not only on the founding and formation of our country but also the development modern American society. King and Malcolm X are two powerful men in particularRead MoreEssay on The Civil Rights Movement1708 Words   |  7 Pagesactivists and national leaders to obtain for African Americans the basic rights guaranteed to American citizens in the Constitution. The key players in succeeding with the civil rights movement were the soldiers returning from the war, Martin Luther King Jr, Malcolm X, The Student Nonviolent Coordinating Committee (SNCC), and the anti-Vietnam War activists. During the civil rights movement, nearly every African American had experienced segregation at lunch stands. In a Journal by Melvin SmallRead MoreA Comparative and Contrasting Essay on 20th Century Black Political Leaders: Dr. Martin Luther King Jr. and Malcolm X2551 Words   |  11 PagesA Comparative and Contrasting Essay on 20th Century Black Political Leaders: Dr. Martin Luther King Jr. And Malcolm X This essay will discuss Martin Luther King’s integration and assimilation in addition to Malcolm X’s separatism and Black Nationalism. Through Manning Marable’s assessment I will demonstrate that the ideological belief of Martin Luther King’s integration is a favourable representative of 20th century Black politics. The Civil Rights Movement symbolized the challenge and oppositionRead MoreEssay about Civil Rights Historiography3569 Words   |  15 Pagesaspects of the movement, but ultimately they all agree that it was a combination of the leadership of such figures as Martin Luther King Jr. and Malcolm X, combined with the grassroots organizing done by the Student Nonviolent Coordinating Committee and the support of a liberal coalition of Northern Whites that made the movement successful; furthermore, all of the authors can agree that no one—not King, Malcolm X, the SNCC, the Lowndes County Freedom Organization—possessed static views during the movementRead MoreResearch on Martin Luther King Jr And The Letter from the Birmingham Jail3397 Words   |  14 PagesResearch on Martin Luther King Jr And The Letter from the Birmingham Jail To me, Martin Luther King, Jr. is not an unfamiliar name. His famous speech I have a dream is partly selected as our English text in China. Although I know he is well known for the strong and affective words, Letter from Birmingham Jail still gave me a very deep impression. It is perfectly organized in a logical and thoughtful arrangement. On the other hand, the words are strong and full of real, impressive emotion. Read MoreWhat does Tone have to do with it?1470 Words   |  6 Pageseffect were Dr. Martin Luther King Jr. and Malcolm X. King was a Baptist minister and humanitarian. X was a Muslim minister and activist. However, the two possessed diametrically opposed political philosophies. King pursued social reform by following in the peaceful tradition set forth by Mahatma Gandhi (Dasa). Malcolm X, on the other hand, was not averse to using violence. During the African-American Civil Rights Movement that occurred between 1954-1968 in the United States, X and King delivered a num berRead MoreHistory Notes on Cuban Missile Crisis and Protest in America in the 1960s4816 Words   |  20 Pagessegregation, it was not properly enforced. *However the was some success in the 50’s: Rosa Parks Montgomery Bus Boycott --gt; This boycott resulted in the Supreme Court outlawing the segregation of buses in ’56. As a result of this the minister Martin Luther King emerged as the leader of the CRM. How did the CRM gain momentum in the 1960’s? In 1960 black students at a North Carolina university staged a sit-in at a lunch counter who refused to serve black customers. Their example was followed by 70  000Read More The Saltation of Malcolm X Essay example3388 Words   |  14 PagesThe Saltation of Malcolm X Saltation is a geological term used to explain how a stream current transports and erodes a rock. The rock starts out as a sharp, coarse edged fragment on a stream bed. The current then lifts the rock from the stream bed and transports it down stream. The current, which rotates and spins the rock, slowly smoothes its edges. In saltation, a counter current or other events causes the rock to slam against the stream-bed and grind its ruff edges into a smooth exterior.

Brain Tissue Oxygenation Monitoring System and Subsequent...

According to the Centers for Disease Control and Prevention (CDC) (2010), approximately 1.7 million individuals are diagnosed with a traumatic brain injury (TBI). Within the medical and allied health care professions, various definitions are utilized to define what constitutes a TBI (Abelson-Mitchell, 2007). Despite such various definitions, a TBI essentially describes any form of trauma directed at the brain and its surrounding anatomical structures (Abelson-Mitchell, 2007). As with most injuries, a TBI is graded as mild, moderate, or severe; however, in contrast to most severe injuries, a severe TBI can detrimentally affect an individual’s motor and cognitive functioning (Abelson-Mitchell, 2007; CDC, 2010). Children and adolescents†¦show more content†¦Such changes often require immediate surgical intervention and subsequent preoperative and postoperative nursing interventions in order to protect the integrity of the brain. One of the most highly recommended surgica l interventions for pediatric patients, involves the placement of a brain tissue oxygenation (PbtO2) monitoring system (Noble, 2010; Hession, 2008). The PbtO2 monitoring system consists of a triple-lumen catheter and the actual monitoring system (Hession, 2008). During the procedure, one end of the catheter is inserted into the white mater of the brain while the other is connected to the PbtO2 monitoring system (Noble, 2010). Once in place, the monitoring system provides information pertaining to a patient’s cerebral oxygenation, brain temperature, and ICP (Hession, 2008). Of the three readings provided, cerebral oxygenation is a specific indicator that can identify early cerebral ischemia (McNett Gianakis, 2010). Through such early identification, appropriate treatment can be provided to reduce a patient’s risk of developing a secondary brain injury. Prior to the surgical implantation of the catheter, the nurse must ensure that all necessary nursing preoperative inte rventions occur. One example of an intervention includes ensuring

Nothing Free Essays

Asp Facility The Central Bank of the Philippines also known as the â€Å"Bangkok Central nag Philippians† was established during the regime of Ferdinand E. Marco’s. Its main objective is to manage the monetary policy and collect all the important wealth of our country. We will write a custom essay sample on Nothing or any similar topic only for you Order Now Our tour was In the Security Plant Complex of the BSP where the production of money and refinery of gold takes place. These two things are the blood of our economy that Is Important for us to achieve higher standards of competitive advantage over other SEAN countries. The Security Plant Complex or SSP of the Bangkok Central nag Pleasant was designed nearly for the prevention of copying our money supply. The overall structure of the compound Is a very unique one, making It a giant fortress Inside the city. Security measurements are high Like the censored doors, tinted mirrors, hardened walls, and exceptional level of technology enhancement. If we are going to talk about their machineries that they use in manufacturing and producing money, basing it from money reserved inside the facility, they still waste a lot of raw money (moneys that aren’t accepted because of some deficiencies). Lastly in terms of structural quality, I an say that it is a solid 10 because they have figure out how to give a pleasant atmosphere from the hallways up to the manufacturing facilities. Video-showing The Video showing we watched was about the History of our money, from the first generation to the modern generation of money and how these things are being created. They also let us watched how to create our money, the security features of each of our money have and the refinery of gold in the Philippines. History of Money The whole video was a good reference of the Philippines’ money history. They told us hat from coins, they have started creating bills in the Spanish Era to lessen the cost of production. In the American Era they have known our currency as the English Series since the American overtook us that time. That time was a big boom for the Philippine economy that’s why the â€Å"English series† was replaced by its new formal name the â€Å"Filipino series†. After the People Power Revolution, the establishment of â€Å"Basing Albanian† banknotes took place and replace the older banknotes. Lastly, the establishment of the BSP diminished all the remaining banknotes to create a more specific note that the people will accept as a legal tender. Last year they have created new banknote bills that are known as the modern generation of bills. These bills have special security features that prevent other people from copying and creating replicas. Bills that have lower value have lower safety features while bills with higher values have a higher safety features. This way of security is for the stability and safety of our Monetary Policy. Gold Refinery The SSP is also responsible for the refining the gold that is being legally sold to our country. They do this process to weld the gold into formal shapes which is stored somewhere in our country. The first process of refinery is melting the collected gold for it to be malleable and to turn into a formal shape. The next step is for the blacksmith to put the gold in a plate where it can be shaped. The last step is to wait for the gold to be cold enough to be handled by tongs and put it in the reservoir. This process is important to easily count and weigh the gold that is collected. The video also told us that even the dresses they used in the process are filtered because of the gold dusts it contains. The SSP always need to keep in touch with these things to protect our gold reserves. After the video, we then moved on to the tour around the production facility. They showed to us the facilities they used to process the things that we call the legal tender. The following below are the stages of creating banknotes; 0 Simultaneous printing The first process is simultaneous printing. The paper they used is 80% cotton and 20% abaca. For the ink to permanently stay on the paper, they must wait a week for it to be fully dry. Intaglio printing The second process is called intaglio. This is where they carved ink in the paper to make it look better and more appealing to the user. Checking This process is where they will check whether the money is acceptable in the market or not. This will also tell if the money is ready to be distributed or to be reused. Releasing The last process is the releasing of the money to the economy by distributing into different banks in the Philippines (they Just told us this process). As the day goes by, they produce thousands of bill yet they also waste thousands of it. This is because not every machine produces perfect printed money. During the Printing process, they also apply the intaglio and the serial number of the paper. Even if the money already had a serial number, it is still not acceptable not unless verified by the government. But before the verification, they must still check whether the money is acceptable or not. They have 2 ways of checking bills; automatic and manual. If a checker randomly pick 10 sheets of paper and all of it are in printed perfect, then the whole set where the 10 sheets are taken is sent to automatic checking but if one of them is not in good condition, then the whole set where the sheets is taken will be sent in manual checking. In automatic checking, they directly .NET the set of sheets in the intaglio process while in the manual process, each sheet in the set is checked for security measures. After all the acceptable sheet is collected it goes to numbering and then verifying. Lastly, the printed money is reserved for future purposes. Security documents and Special Medals While in the middle of the tour, we also saw that bills are not the only thing that they produced but also security documents like passports and land titles. They said that it will be much easier for them to produce it here than any other place for security. We awe how they compile each paper turning it into a new and ready to use passports. Use in creating these kinds of titles. It a bright yellow-green paper and has a border. They also produce special medals like honor medals and presidential medals which is used in special events. This medal is commonly made in gold that came from our gold reserves. Coins After touring us in the bills and documents facilities, they then took us in the coins compiling facilities. Here are the stages of coin processing; Production of blank coins Our tour guide said that the blank coins we used came from South Korea. These coins are made from nickel and silver and as same as the value of what it says. For example, a one peso coin also has a value of one peso in terms of metal value. This is used for the security value of the money and will prevent melting of coins to gain more money. Carving of coins The next process after the shipment of the coins is carving it into money which it will be used as a legal coin. They used a machine to do this process due to the supply. Compiling In this process they used a machine to produce a set of coins which is for the distribution of the coins. The machines cover the set with paper and then sent to another machine which sends the set of coins into a box where it will be distributed. The end of tour The tour guide said that the main objective of this Facility is to protect and create the monetary supply. We all know that the BSP objective is to stabilize the financial status of the economy. To do this, they must balance the monetary supply to prevent it from being produced by others using its security features. They must realize that they are one of the most important sectors of the government and without them; here will be no balance in the country. BSP as a whole, our tour guide said, is a foundation of the economies wealth and sustainability. BSP keeps the economy balance by controlling and regulating the monetary policy and managing all the banking and non-banking institutions in the country. Before we end our tour, our tour guide lets us ask questions about the tour. Most of us ask about the security measures of each bill and how can we really distinguish the real from the fake. The guide tells us that they sell simple Before we leave, she asks us if we want to buy some old commemorative bills. These ills have no monetary value but only as a souvenir. Some of bought some of it but I think that they Just waste their money because they Just used it to buy a non-legal Recommendation The Tour First of all, the tour is very educational but boring. So boring that the only thing that keeps me from sleeping and listening is myself chatting with others. They should have given us good tour guides which have both the skill and the charm. Second, they should only allow the tour if there is an activity in the refinery because it’s so unfair if only others saw it or much better if all the tour schedules is at the same date which the gold will be refined. Lastly, they should also make the tour a happy one that will cheer the student from listening. The Facilities Their facilities are good but they should also realize in wasted materials they used in creating bills and other products. As I have said before, they still waste thousands of bills and also thousands of products that should have been already distributed or used as a reservation for the future cases. They should improve their machineries and increase its accuracy to achieve a better potential and maximize our resources. The Video The video is also a life learning footage but it’s a little bit boring because all it does is explain and tackle everything about the history of money. They should apply at least some real life footage Just to wake us up or boost us. They could also use some games or tricks Just to keeps us in touch in them or make them see if we are still listening or not. The SSP The Sports complex must add more features in managing the whole process of manufacturing our monetary supply. To sum it up, they still need manage more things to do its duties and obligations in our country. How to cite Nothing, Papers Nothing Free Essays China and Vietnam sold their products In cheaper price than E local product and also cheaper than the products HTH being sold in home countries itself, China and Vietnam (dumping). In EX. point of view, China and Vietnam are market economies which means that those two countries domestic prices are artificial. We will write a custom essay sample on Nothing or any similar topic only for you Order Now According to financial times, anti dumping usually used in large scale business and capital intensive like steel and in this context, shoes making is not one of those. Shoes are not the only product that protected by anti dumping in ELI. In 2005, bicycle industry also being protected by anti dumping against China and Vietnam products. Some observers think that it was unfair to combine Vietnamese and Chinese product In the same trade slut but In other hand, European semicolons conclude that Vietnam and China bicycle have same type and distribution. The anta mumping causes low Import shoes product from China and Vietnam and It become opportunity to other country to enter the market since E consists of lots of countries and consumers. CASE 8- I DISCUSSION QUESTION 1 . When tariffs are imposed on European imports of shoes from China and Vietnam, who stands to gain? Who stands to lose? In the situation when tariffs are imposed against China and Vietnam, E countries will get more gain because if China and Vietnam still want to enter Ex.’s market, they must pay high tariff to E government which means, high Income for ELI. In addition, the situation can also give advantage for other country such as Indonesia to enter the market because E not Imposed ant’ dumping to Indonesian product, yet. Surely, the situation will make China and Vietnam go Into collapse because they must pay high tariff with uncertain profits. 2. European policy makers object to the fact that some Asian shoe production is government seized. But as an editorial in the Financial times noted † If Beijing and Hanoi want to subsidize European consumers to build their shoe collections, let them . Do you agree? I’m not agree with that. In my opinion, government of China and Vietnam have reason why they subsidize shoe production and that reason is to fulfill their people’s need rather than to fulfill other countries people. Penthouse exporting the products to other country can give Income to government but I think It will be better for them to satisfy local people need first and they can satisfy other countries need next. 3. Antiquating countries can be described as a form of protectionism. As the global retentions. Is this a positive trend or are such policies likely to prolong the recession? In my opinion, anti dumping can be described as protection to local product against the import one. Local product can help countries to help from crisis because the money flow only happened in one country. I think it is a positive trend and can make a country become more independent and survive from the crisis. If they don’t do antiquating, it can can harm their local product, make them more dependent to other country. How to cite Nothing, Papers

From the Writer#39s Desk free essay sample

On Anitas desk, 12/15, 6:06 p.m.: About 35 blank, folded printer-paper cards with names written in the corners with light pencil; statistics, history, and biology textbooks nearly hidden by the cards; a calendar marking today as the first day of winter vacation; a half-full cup of oolong tea, lukewarm; a list of people who have shown Anita new perspectives, made her laugh, or stopped her from doing something unimaginably embarrassing in the past year. On Anitas desk, 12/17, 3:12 p.m.: Eraser shavings and broken pencil tips; the aforementioned printer-paper cards on which there are now pencil-sketched  ­characters ranging from Davy Jones to Mulan to a sleepy-looking panda; a worn, incomplete box of 64 Crayola crayons; the remains of a ginger snap, baked by Anita and her sister earlier that day; a shopping list that includes postage stamps, envelopes, and Cheerios. On Anitas desk, 12/19, 9:34 a.m.: An explosion of crayon fragments, smudgy papers, and waxy, colorful homemade holiday cards; a list of addresses, some of them copied onto envelopes; a page of stamps, the kind that do not require licking; three nice gel pens lined up in preparation for the next few days; a bowl, formerly holding Cheerios, that Anita forgot to load into the dishwasher. We will write a custom essay sample on From the Writer#39s Desk or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page On Anitas desk, 12/21, 11:57 p.m.: Cards with almost-dry ink comics, raps, and poems inside, along with a brief thank-you message; one card with a dinosaur on the front bears a slam-poetry-style calculus verse: â€Å"Bens a good kid and wants to stay alive/Instead of makin MADD mad, hell think and derive/Never panicked on group quizzes, calmed Anitas nerves/Now were friends even closer than tangent lines on curves.† On Anitas desk, 12/23/10, 6:09 a.m.: Forlorn, unused envelopes and stamps; all the cards have disappeared to a mailbox outside, weathering the sharp raindrops in a tin shelter as Anita dances back across the street, up the stairs, and through the front door in a whirl of contentment, exhaustion, and ink-stained fingers; the desk is mostly empty. On Anitas desk, 12/28, 8:19 p.m.: A cell phone (which Anita rarely answers), its screen glowing comfortingly in the quiet house, playing voice messages: â€Å"Hey, Anita. Hope winter break is going great for you too. Thanks for the card. I loved the history jokes; you know me too well. See you soon!† â€Å"I tried to write a rap for you, but I decided it might not be as good as yours, so let me just say you are the coolest kid ever.† â€Å"Anita, your card reminds me of how we spent our study-group time drawing fish †¦ I wonder why? Thanks.† On Anitas desk, 12/28, 8:21 p.m.: Anitas arms, propping up her chin as she stares dreamily at the pink-and-green wallpaper, reassured that at least some generosity has been recycled and spread farther in the form of grins, silly poems read aloud, and printer-paper-and-crayon cards displayed on the mantelpiece.

Importance of Studying Economics

Introduction Economics is defined as a social science that deals with how people utilize the limited resources, to satisfy the unlimited needs and wants (Baumol and Blinder, 2008). Economics is applicable in our day to day lives, thus it is important to have some rudimentary understanding of economics. Many of the concepts learnt in economics are helpful to any person living in this ever changing world, as will be discussed below.Advertising We will write a custom research paper sample on Importance of Studying Economics specifically for you for only $16.05 $11/page Learn More Importance of Economic Concepts Scarcity is the most fundamental term in economics. It implies that there are hardly enough resources in this world such as money and time, to fulfill our unlimited wants and needs. It is therefore important that individuals learn how to distribute these scarcities to fulfill their needs (Baumol and Blinder, 2007). Everyday we must make choices and d ecisions that will assist us in allocating these scarce resources. For example, when you go out shopping in a supermarket, you might notice a trendy top or an expensive perfume that you have always fancied. However, due to scarcity of money you will not buy these items, but shop for necessities such as bread, groceries, milk, soap and cereals. Another economic term that is important and pertinent to our lives is specialization. Specialization refers to the situation where resources are mainly allocated to a particular task. Specializing resources, ensures these limited resources are more effectively utilized in producing services and goods that satisfy the human unlimited needs and wants (Baumol and Blinder, 2007). For example, if a student decides to open an ice cream parlor that operates after school or during weekends, they can decide to do all the tasks such as collecting the cash, cleaning the tables, serving and preparing the ice cream. However, productivity will increase if t he student invites some of the friends and one takes up cleaning the tables, the other one scooping and serving the ice cream and the other one collects cash. They will be able to sell more ice cream and serve customers better, if each one of them performs the required task. Opportunity cost is another essential economic term. This principle refers to the sacrifices that you make so that you can get something at its cost (Baumol and Blinder, 2008). A personal experience is that I had the choice of spending 8 hours in school or on leisure activities (watching movies, partying, camping, chatting on social networks etc) or working in a restaurant that pays $3 per hour.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More All these choices had an opportunity cost. If I worked in the restaurant for $24 per day, the opportunity cost is that I won’t have enough time for leisure and stud ies. This can lead to lower grades in school, which could lower any prospective future earnings. If I decided to concentrate on studies, I would give up pleasure and $30 dollars per day, which is the opportunity cost. However, in the long run, concentrating more in studies increases my chances of earning a better salary in the future. If I decided to engage in meeting my friends or partying, I would have a good time for a short time, but sacrifice schooling and working. Using this principle of opportunity cost, I decided to pursue education, since it has the most beneficial outcomes in the long term. Understanding macro economy is important, since leading economic indicators should always guide our decisions. Understanding perceptions on the economic outlook is vital when making investment decisions. For example, during times of economic recess, banks lower interest rates in an effort to encourage more borrowing and stimulate economic growth. If at this time you are to get a mortgag e, installment would be cheaper. On the other hand, savings would yield poor returns. During such harsh economics times, rates of unemployment and layoffs are high, so students can continue with their studies, as the chances of getting a job are slim. Conclusion From the arguments above, understanding basic economic terms such as opportunity cost, economic incentives, specialization and macroeconomics is important in our daily lives and when making investment decisions. References Baumol, W. Blinder, A. (2008). Macroeconomics: principles policy. New York: Cengage Learning.Advertising We will write a custom research paper sample on Importance of Studying Economics specifically for you for only $16.05 $11/page Learn More Baumol, W. Blinder, A. (2007). Economics: Principles and policy. New York: Cengage Learning. This research paper on Importance of Studying Economics was written and submitted by user Isaac Vincent to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Essay Starbucks Financial Statements

Essay Starbucks Financial Statements Essay Starbucks Financial Statements Starbucks Financial Statements Analysis 1. Starbucks is a globally well-known brand of specialty coffee over 60 countries. Founded in 1985, Starbucks has high reputation for selling high quality coffee as well as tea and other beverages and fresh food through a well decorated and elegant in-store environment. The main initiative for Starbucks is to â€Å"maintain Starbucks standing as one of the most recognized and respected brands in the world.† Aiming to achieve this goal, the globally disciplined expansion and continuous new coffee and categories are two main methods. 2. As the CEO mentioned in letters to shareholders, â€Å"First, we will remain committed to our coffee core. Second, we will exercise relevant, timely, and courageous innovation.† The most significant internal strengthen of Starbucks is the attention focused on core business-high quality and premium handcrafted coffee. In order to achieve this, Starbucks’s company-operated store in U.S. is about 61%. The internal weakness is also obvious, which is the price. Starbucks’s price is apparently higher than other competitors, which could easily lose customer in times of economic hardship. â€Å"In the China and Asia Pacific region in 2012, we once, again posted strong annual returns, including 11 consecutive quarters of double-digit comparable store sales growth.† The global expansion strategy of Starbucks enables Starbucks to compete in a worldwide stage and leverages the revenue with a huge potential, which is a considerable external opportunity. The major threat is from Starbucks’s competitors, McDonald’s and Dunkin Donuts. They are both offering low ends coffee and challenging Starbucks based on their large scale of sale. 3. In Starbucks case, the auditing firm offered unqualified opinion, which means† states that the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the entity, in conformity with generally accepted accounting principles.† 4. The net sale of 2012 was strong and achieved $6,630.5 million compared to $5,882.4 million in 2011 and $5,231.2 million in 2010. The selling, general and administrative expenses also increased modestly from $1,457.6 million to $1,596.2 million. Due to the strong in sale, the operating income rose to $782.1 million from $630 million in 2011. Moreover, the interest expense, net reduced from $5.6 million to $2.9 million as a consequence of reducing short term borrowing in order to achieve a more conservative capital structure. The net income achieved $488.3 million in 2012, compared to past two years was a great success due to the outperforming sale. Therefore, the basic net income per share ended with $4.06 per share and $4.03 diluted net income per share which was impressive. 5. The cash reduced slightly from $311.2 million in 2011 to $288.3 million in 2012. The short term investments turned to zero at 2012 compared to $174.8 million in 2011 as a way to slow down the domestic expansion. Besides, the long–term debt remained identical in the past year. The merchandise increased from $803.1 million to $867.4 million during 2012. Meanwhile the property, land and plant increased greatly from

International Marketing Coursework Example | Topics and Well Written Essays - 3000 words

International Marketing - Coursework Example d Fitch is among the organizations that have sought to venture into the international market, most notably in Europe, where different brands are made available in numerous outlets. For instance, the A&F brand is made available by the company through the experiential marketing policy, in which much emphasis is put on the sales outlets that are tasked with showcasing the brand values. This approach is seen as ideal in enabling the brand have a competitive edge over those provided by its competitors, since the brand offers the consumer a significant experience, as well as creating a brand community (Powers and Loyka, 2010). The company uses in-store experience as the marketing vehicle. Enhancing the product competitiveness and the general organizational profitability involves carrying out a situational analysis, where the company creates a clear knowledge of the respective markets, and eventually evaluates its importance for the company as well as for the other markets where the business operates. International business environment is more dynamic, competitive and complex, hence the need for the management to be knowledgeable of both the immediate situations and the potential impacts of the effected changes in the business area. The European market explored by the Abercrombie and Fitch Company could exhibit various similarities and dissimilarities, hence the need for the company to understand the implications and linkages of the marketing strategy changes in its brand operations. Modern companies have realized the need to target particular customers, since they cannot appeal to all buyers. The buyers are widely scattered and have varying needs and buying behaviors, making it inevitable for the companies to adopt different practices that include segmentation, differentiation, and positioning, in order to satisfy the specific customer needs and ensure their competitiveness and profitability in the market. The segmentation of A&F brand must take into consideration

State appeal courts Assignment Example | Topics and Well Written Essays - 250 words

State appeal courts - Assignment Example The decision making relies on the information recorded from other court proceedings (American Bar Association, 2004). This responsibility ensures justice prevails in the court system. The purpose of the courts is to ensure that the decision made in other court system is appropriate. Moreover, Hume (2009) is of the assumption that the state appeal courts ensure that all evidence available for a case are exhausted. The state appeal courts also analyze the decision process made for other courts. If the process is not clear and justified by legal provisions, the court may cancel the prior ruling made. The main purpose of the courts is to provide the final judgment of case. A case handled by the state appeal courts may be announced closed at the end of a trial. Different from other courts in the United States, the state appeal court make the final decision of a case. Its judgments cannot be appealed or challenged in other court

HIPAA Term Paper Example | Topics and Well Written Essays - 1750 words

HIPAA - Term Paper Example ..........................................12 APPENDIX 1.......................................................................13 APPENDIX 2........................................................................15 List of Figures 1. Health Information Security System Architecture. Executive Summary The Health Insurance Portability and Accountability Act (HIPAA) of 1996 has been a great leap forward in protecting the patients' rights by putting restrictions on the health data flow and usage. The renewed sense of privacy and security in health care sector attributed to it by this new legislation had its unique impact on technology as well. A whole set of technological applications evolved making possible a new way of handling data. But the threats to privacy and security that emerged from the very use of this new technologies, has to be addressed by technology itself. In this manner, health care information architecture and technology are seen as co-evolving to provide quality and ethi cal health care to all. To cope with the re-identification risk, more technological improvements have to be looked at. Technology and HIPAA Privacy Regulations: The Problem Becoming the Solution Introduction The Health Insurance Portability and Accountability Act (HIPAA) of 1996 and the Privacy and Security Rules under it, are meant to protect the many aspects of privacy and security of the health care services customer.1 The rules which protect privacy under this act are, the HIPAA Privacy Rule, that takes care of the privacy of the â€Å"individually identifiable health information

Development And Implementation Of Special Economic Zones Economics Essay

Development And Implementation Of Special Economic Zones Economics Essay A Special Economic Zone (SEZ) is a geographical region that has different economic and other laws and is more free market oriented in comparison to a countries established laws. India first passed the Special Economic Zone Act in the year 2005.This paper discusses the advantages and disadvantages of a Special Economic Zone and how it benefits Foreign Direct Investors and the scope of Project Development in India in a Special Economic Zone. There are various factors affecting the project development of a Special Economic Zone in India which will be discussed in depth. The main focus of the research is to develop a project development for a business in a Special Economic Zone in India. Statement of Research Question: According to me the statement of Research Question will be the Analysis of the facts from the past and from the present scenario in the Special Economic Zone developments and ascertain the future of the development of Special Economic Zones in the hosting country. Also, I will concentrate on presenting a real life example on understanding about developing and implementing in the Special Economic Zone. Theoretical Rationale: India is right now a fast growing economy and the Special Economic Zone play a major role in flourishing it. Special Economic Zones has led to increase in Foreign Direct Investment (FDI) by foreign investors in the form of International Business or Multinational Corporation (MNC). The Government of India has been active in the development of the Special Economic Zone by formulating polices, reviewing them regularly and have safeguarded that ample facilities are provided to the developers of Special Economic Zones and also to the companies setting up themselves in the Special Economic Zones in India. Special Economic Zones in India are created by the Government of India. The Special Economic Zones in India are run by Government-Private or solely Private ownership. They provide special provisions to develop the industrial growth in that area. The first Special Economic Zone was launched in 1965 in Kandla, Gujarat. There are various incentives and facilities provided to the units in the Special Economic Zones including Foreign Investment, Duty free import, Domestic procurement of goods for development, exemption of various taxes, exemption from customs/excise duties, operation and maintenance of the Special Economic Zones. Since the Special Economic Zones provide a lot of add-ons for investors it acts as a very eye catching zone to develop a business but, there are a lot of challenges that are to be faced by them. Also, the Special Economic Zone attracts the Foreign Investors due to the exemption of customs or excise duties, taxes and the like creates some added challenges that are to be faced by the Foreign Investors. The Foreign Investors face cultural, political and legal challenges in a different land. Developing the Special Economic Zone also benefits the country. It creates employment for a huge population improving the employment rate in the country and thereby, reducing poverty. The Foreign Direct Investment (FDI) that comes into the country generates flow of money in the country. John dunning provided a framework approach namely Ownership, location and internationalization (OLI Framework). Marco Neuhaus (2006) states that the framework points out some advantages of ownership one enterprise may come across by doing business overseas. The location suitability for the firm is also evaluated using this framework. This might help the decision of an enterprise to venture overseas for the business or not. Thirdly, the concept of internationalization is addressed by the OLI frame work which can help an enterprise in setting up an operations plan. Using the OLI framework, a multinational enterprise (MNE) would be able to assess the feasibility of setting up the business. I would like to formulate a Project Development of a Special Economic Zone (SEZ) in India. I would like to analyze the various challenges that are faced by a business that want to enter the Special Economic Zone. The Implementation Of The Research Project For Organisation: The organization that I would like to study in relation to my topic of research is Ireo. I would base my research on the Special Economic Zones in the context of developing a Special Economic Zone in India. Ireo in JV partnership with Panchshil Realtors (pune) has developed Indias first IT Special Economic Zone (SEZ), EON Free Zone at Kharadi, Pune, India. Ireo is the first Private Equity Fund dedicated to the Indian real estate sector with a fund size of US $2 billion with the backing of global blue chip investors and financial institutions. They have emerged as a major pan-India developer equipped with financial strength to fully leverage available opportunities in this sector. Since establishing their presence in 2004, they have evolved into a fully integrated real estate organization that is both the financer and developer of its projects. The company has a pan-India footprint of projects in prime locations across NCR (including Gurgaon), Haryana, Punjab, Tamil Nadu and Maharashtra under various stages of developments and implementation. Combining the best of Indian and international resources, their team consists of accomplished Indian and expatriate professionals from diverse backgrounds to lead initiatives and to deliver best in class products and services to their customers. Preliminary Literature Review: The literature review was compiled using library search and electronic resources. Since the Special Economic Zone concept is relatively new in India, There are considerably less number of journals and e-books in this field. A few of those resources and publications were reviewed for this preliminary literature review. Special economic zone Act is a program introduced by the state for the development of the country. It has been initiated by the Indian government to create a free market economy and free trade among nations, abolition of national boundaries and dismantling the nation state system giving priority to Market over the state. (Partha Mukhopadhyay; Jan 2008) Special economic zone is a geographic region that has economic laws more progressive than that of the countries typical economic laws. These zones are known by different names in different parts of the world like free trade zone(FTS), bonded free zones(BFZ) , industrial free zone (IFZ) and Export processing zone.( Jona Aravind Dohrmann;January 2006) Export processing zones is an ancestor of special economic zone. The main purpose is to attract industries which are export oriented by offering them favourable investment and trade condition as compared to the rest of the country. The UN industrial development organization (UNID) identifies five attributes of export processing zone they are 1) Dominated by market mechanism. 2) Restricted to a limited region. 3) Specialize in production of export goods and offer special encouragement for such productions. 4) The primary goal is employment generation, foreign investments and foreign exchange. 5) The Secondary goal is technology transfer, developmental linkages and regional development. The Free trade zone policy in 2000 was re launched by the Bharathiya janatha party (BJP). The name was changed from export processing zone to special economic zone. The policies purpose was to make SEZ an engine for economic growth supported by quality infrastructure complimented by an attractive fiscal package both at the central and state level with minimum possible regulations.( Jermy Grasset and Frederic Lady;January 2007) The features of SEZ scheme are No license required for import. Manufacturing or service activities allowed. SEZ units to be positive net foreign exchange earner within 3 years. Domestic sales subject to full custom duty and import policy in force. Full freedom for sub-contracting. No routine examination by custom authorities of export or import cargo. The UPA government enacted the special economic zone act 2005 which was passed in june 2005 and came into force on 10th feb 2006 with the notification of the SEZ rule in 2006. Three categories of SEZ Multi product SEZ Sector specific SEZ Free trade and warehousing zone The first category signifies the manufacturing of services of two or more goods in a sector or goods or services falling in two or more sectors. Contiguous area of 100 hectares or more is required. The second sector is meant exclusively for one or more products or services. This includes biotechnology, gems and jewellery, non conventional energy, hardware and software and electronics. Minimum area requirement of 100 hectares of contiguous and vacant land is required. The third sector the minimum area requirement is 40 hectares of contiguous or vacant land and the built up area should not be less than 10 hectares. 154 SEZ were notified under SEZ act 2005. IT sector has the maximum number. Many issues have been brought up in relation to SEZ in India the main being Locating land. Relaxation of labor laws Usage of water Farmers are protesting against for acquisition of land this leads to destructions of employment of peasants whose land is acquired and provide very little employment opportunity to highly skilled and educated individuals and the totally net employment generated may well be negative. In many cases valuable land has been given away at concessional prices. To conclude the implications of SEZ may cause increasing socio political crisis due to the complexity of the society. In order to avoid polarization of the society, civil society should engage to create a consensus on developmental issues. Hypothesis to be tested: Feasibility of special economic zones after 10-15 years. Availability of land in the future. Data Sources and the Justification for the Choice: Choice of data sources forms the most integral part of any good research. I would use the Peer reviewed Journal articles, articles from Business magazines, Newspapers, reports. Journals like Journal of Business Research, Journal of International Business Studies, Indian Journal of Economics and Business. Magazines such as Business World, Business Today, The Business Magazine, Forbes, Business Week etc. and newspapers like the Financial Times, The Economic Times, The Economists etc. Peer reviewed Journals, Magazines and newspaper form the most trusted source of information and is also available on the internet. Books are the first choice for trusted information. Use of the Aston library and e-library is the place to get these sources of information. Research Design: A Research Design is the plan for a study, guiding data collection and analysis. A Research Design helps the study to locate the problem and to follow economical procedures. The Research Design for my study will be as follows: Define Terms Background information of the topic of research Locate the problem Create priorities I will follow 2 main types of Research and they are Secondary Research and Qualitative Research techniques. The data that is already written or published by someone else for their purpose of study is classified as Secondary Research. Qualitative Research Techniques consists of Interviews, Focus Groups, and Questionnaire etc. Methodology to be employed: In doing this research I will use Primary Data and Secondary Data. As said earlier, Primary data will involve qualitative techniques such as Interviews, Focus groups, Questionnaire etc. For primary data collection I will choose a real life example of a firm entered the Special Economic Zone, as mentioned earlier Ireo. I will do research on how did the organization setup a Special Economic Zone. Since, the organization is a foreign company entering the Indian market I can gain first-hand information from the firm regarding the challenges they faced while setting up a business in a different country. For this purpose I will Interview certain employees of the firm get information on the research survey conducted by them during the setting up phase.   As far as the secondary data collection is concerned I will use Academic books, journal articles, Magazines articles and Newspapers. After putting through the data collected from both the sources i.e. secondary and primary I can get a clear picture of the past and the current scenario of the development of Special Economic Zones. Then I can answer questions of Hypothesis to be tested. Ethical Considerations: The research will comply with research ethics in terms of: Accurate transcription of data and findings Objectivity as a researcher Compliance with the principles of not harming anyone as a result of this research Compliance with Aston Business School rules on plagiarism Not obtaining information through illegal or restricted procedures Compliance with the respect of copyrights reserved for journals and published

Albinism :: essays research papers

Page:1 Albinism is a very serious disease that could end up in death. Albinism is a recessive inherited defect in melanin, which is metabolism in which pigment is absent from skin, hair, and eyes. Albinism in hair, skin, and eyes is called oculocutaneous albinism. Humans that have oculocotaneous albinism are not able to produce melanin. These people have white, yellow, or yellow brown hair, very light ( usually blue ) eyes, and very pale skin. Their eyes may appear pink because they have very little pigment.   Ã‚  Ã‚  Ã‚  Ã‚  Albinism just in the eyes is called ocular albinism. Which is a dark biological pigment that is formed as an end product of the metabolism of the amino and tyrosine. People with ocular albinism, which only the eye lacks melanin pigment, while everything else appears normal. People who have this have a variety of the eye disorders because of the lack of pigment impairs normal eye development. These effected are extremely sensitive to bright light. Treatment for ocular albinism includes the use of visual aids and surgery for strabismus.   Ã‚  Ã‚  Ã‚  Ã‚  Albinism is very rare in humans. There is a one to seventeen thousand chance that a person will have Albinism. Because of albinism if a person with the disease is exposed to ultraviolet rays they get very sick or get cancer.   Ã‚  Ã‚  Ã‚  Ã‚  Albinism occurs in all races, from white, black, to asian. Regardless of skin color the people are still paler than normal people. Their hair is white and they have pinkish red eyes. Page:2 There is another type of albinism which is called Hermansk-Pudlak syndrome. In the is type of the disease there could be problems with bleeding, and with lung and bowel disease as well. This is a very rare and uncommon type of albinism.   Ã‚  Ã‚  Ã‚  Ã‚  For almost all types of Albinism both parents or mates must carry an albinism gene in order for their child to have albinism. Because the body has two sets of genes, a person may have normal pigmentation but carry the albinism gene. If a person has one normal gene and one albinism gene that is still enough to pass the disease on to their children. Even if both parents have the albinism gene it does not mean they have the sickness. The baby will have a one out of four chance of getting the disease. This is inherited by autosomal recessive inheritance.

Kindred: A neo-slave narrative Essay

Often, man resorts to story-telling as a way of reconciling with a formidable incident in the past. By re-telling the story to another party, he comes to accept that this is a reality to be faced. He realizes that acceptance, rather than denial, is the best way of going about this trouble. Aside from the rehabilitating ability of story-telling with its contributory effect in dealing with a painful memory, others simply do this as a way of remembering. Concretizing the past as a piece of literature would ensure that the incident would not just be buried in the recesses of the memory; that it would be kept alive and the pains and suffering would not be without significance. In this light, it would come clear for readers how and why the proliferation and the presence of slave narratives came about. One may think that with the end of the painful era of slavery, all dialogues and discussion about the subject would also desist. For the African-American slaves and their descendants, this was not the case. The words of Robert Crossley of the University of Massachusetts rerated the thought: â€Å"First-person American slave narratives should have ceased being written when the last American citizen born into institutionalized slavery died. But the literary form has persisted, just as the legacy of slavery has persisted, into the present. † To be more specific, the birth and popularization of the slave narratives started in the nineteenth century. James Olney stated that each narrative â€Å"a unique production† as an autobiography, and â€Å"is not every autobiography the unique tale, uniquely told, of a unique life? † (148). Therefore, the uniqueness of each narrative from the others is a trait of this genre, as it narrates the experiences of the writers which are unique to another’s. However, certain characteristics are evidently similar in the work to be considered a part of the genre. For one thing, it has to tell the story of a black slave’s struggle for literacy and freedom, while testifying against the â€Å"peculiar institution/’ which in practice meant human bondage and humiliation (Gates, â€Å"Introduction† ix). By the second half of the twentieth century, a sub-genre of the slave narrative has arisen; called the â€Å"neo-slave narrative,† it is a fictional mutation of the slave narratives of nineteenth-century Americans (Crossley). This sub-set of the slave narrative genre is very similar with its umbrella genre in the sense that it presents personal accounts of slavery. However, the difference lies in the choice of the author to fictionalize existing accounts, and not his own personal experiences. The authors base the structure of their fictional work on the oral histories and existing slave narratives to make sure that the story would still echo true events in the historical sense. The birth of this sub-set of the slave narrative genre may be attributed to the void that it fills, or attempts to fill. Anita Wholuba in her paper said that the chasm which is attempted to be explored and filled is the ironic presence of silence in slave narratives, despite of the voice earned by the slave narrative writers. Wholuba said that â€Å"while a significant number of scholars have established that certain silences exist in the traditional narrative of history, neo-slave narrative authors have committed themselves to the task of identifying and sounding those silences where the representation of the American slavery era is concerned. † A novel titled Kindred, penned by Octavia Butler, is among the body of neo-slave narratives published in the last century. It was published in the year 1979, and speaks of an African-American woman’s sojourns to the past. The character Dana, lives in contemporary California, but is transported back in time to the antebellum South. In her involuntary travels to the past, she understands how difficult the situation for people before her ancestors actually was. As I was reading Kindred, I had the initial impression that it was just to be appreciated for its science fiction values. Although the science element in this novel was not so much as it was felt in other novels from the same genre, her meshing of science fiction and history was an innovation that should be noted and lauded. In any case, what caught my attention more was the similarity Kindred has with other novels we have read subsequently in the class, which were the Narrative of the Life of Frederic Douglass, Incidents in the Life of a Slave Girl, and Up from Slavery. Evidently, there were characteristics of a slave narrative in the novel Kindred. However, the text didn’t meet the five criteria for it to be called a slave narrative, the genre which the other works fell under. As Kindred is a work of fiction, it would naturally be categorized as a neo slave narrative, a concept I came to be familiar with after research. Kindred as a neo-slave narrative With the plot and simple and direct language employed by Butler, Kindred could not be missed as a neo-slave narrative. Characters that are actual African-American slaves and Caucasian American masters and violence inflicted on slaves are presented in the novel. On a deeper sense, on the other hand, the novel follows the same pattern present in other slave narratives. Wholuba in the same paper added that although the text refers to other slave narratives such as the work written by Douglass’, in an effort to explore existing themes, the novel still manages to introduce new themes. The new themes that this novel presented, according to Wholuba still, include a more blunt â€Å"analysis and depiction of the slave’s struggle for sexual autonomy, the experience of middle passage, and the concept of memory. † As was mentioned, the novel Kindred follows the typical pattern for a slave narrative, and this will be the thesis of the paper. It will attempt to discuss and prove the characteristics of a slave narrative present in Butler’s popular piece of art. Another writer mentioned some of the other patterns commonly found in neo-slave narratives. Lysik mentioned in her essay that neo-slave narratives portrayed the â€Å"vital slave culture† in a positive light as it could serve as a means of surviving the brutal reality they are subjected to (Lysik). What this implicates is that the writers of the neo-slave narratives provide a new perspective in terms of viewing the arduous tasks and obligations slaves have to fulfill. Most authors show how slaves then turn this otherwise appalling condition to something that they could actually seek refuge in. First and foremost, the novel carried a prefatory statement by a person from Caucasian American race attesting to the authenticity of the author. The second criterion which has to be satisfied is the movement from slavery to freedom. Kindred has been classified under slave narratives by critics as leans toward the freedom narrative category. This concept will be further discussed in the following paragraphs. Aside from this, the most obvious criterion which the novel has to satisfy is that the story should portray the physical, emotional, and spiritual deprivation of slavery. Kindred, undeniably, does not fall short on this end. As the journey through time and space allows Dana to witness the events during the period of slavery firsthand, the novel is rich with narration regarding the struggles of the African-American slaves. Through Dana’s experiences, the tales of the different forms of deprivation and coercion were regaled to the readers. James and his contemporaries talked of this in a paper, saying that many forms of violence and intimidation were observed to be used to maintain white dominance in the slave economy through the eyes of the character of Dana. These â€Å"preservation† measures, so to speak, included the sexual violence against black women that was common during slavery, the assault on black families, the difficult choices that black people were compelled to make in acts of love, survival, and resistance, and the outcomes of internalized oppression (James, et. al). A specific scene in the novel would be that time when Dana personally witnessed the beating of a slave. The slave was hunted by white patrollers because of a crime that would seem absurd for people of the modern times: the slave was found spending time with his wife in their own bedroom without the slave master’s permission.

Discuss the relationship between sexual selection and human reproductive behaviour in relation to the evolutionary theory

Differences exist between the male and female reproductive behaviours and according to evolutionary theory, these are due to different selective pressures. Characteristics that indicate reproductive success are selected for our mates. Dunbar and Waynforth found men valued physical attractiveness and youth in females, supporting the concept that males seek fertility and reproductive success in females. Females on the other hand value financial security in males to ensure they can support and provide for a family. These findings have cross-cultural strengths as Buss collected data from 33 countries. This suggests that these traits are genetically determined with an evolutionary value rather than a nurtured preference. However, Bereczkel et al found that women actually want males that are more family orientated therefore are less concerned about resources therefore contradicting this theory of choosiness and human reproductive behaviour. In addition, it has been argued that men prefer a youthful female because of social power. Younger women are easier to control and are therefore preferable as mates. But Kenrick et al found that that teenage males are attracted to females who were 5 years older. This therefore goes against the evolutionary explanation. Buss’s study also may not provide strong support for the relationship between sexual selection and human reproductive behaviour because answers they gained may be what they preferred but not what they had because they may have compromised. However, another study conducted by Buss of actual married couples supported the original results that men do marry women that are younger than them, thus increasing the validity of this explanation. According to Darwin selection processes shape are reproductive behaviours. Intersexual selection (competition between genders) is dominant within females, whilst Intrasexual selection (completion within the same gender) is more dominant in males. Therefore men’s best mating strategy is to have many sexual partners to ensure reproductive success as they have lots of small mobile sperm which they produce over a long period of time. Whereas women benefit from nurturing selected offspring as they produce, fewer larger eggs over a short time. Penton-Voak et al supported the idea that females use intersexual selection. They found that the female mate preference varied depending on menstrual cycle stages. During high contraceptive risk phase of the cycle, females preferred masculinised faces and short term sexual relationships. In contrast outside this stage, they focus on long-term relationships. This supports that our sexual selection is underpinned by reproductive behaviours and evolutionary origin. This is because short term mating is linked with childbearing and therefore key preferences could be strong genes and attractiveness emphasised by masculine measures, whereas long term the mores important traits are competence in raising a child and resources so softer features associated with support and nurturing. Miller et al’s research does suggest that despite gender stereotypes, women are biologically programmed from reproductive opportunities. He found that lap dancing females who were in the most fertile stage of the cycle gained more tips. Suggesting males are most attracted to females who are in the most fertile point. However, clear gender difference in the general willingness to engage in uncommitted sex. Clark and Hatfield found 57% of males would accept an offer for a one night stand with a stranger compared to 0 females. This suggests males have evolved a motivation for casual sex. The implications of the research were supported by Buss et al who found that women want less sexual partners then males. This approach suffers from a strong gender bias as males are accused of wanting to spread their seeds due to evolutionary reasons but this behaviour would not be learned without willing females. As a result, the role of females in this process is under evaluated. Grilling and Buss suggested that females could also profit from short term mating such as a way to leave a poor relationship or producing more genetically diverse offspring. Therefore, short term mating suffers from gender bias, particularly saying that women cannot be sexually promiscuous and that it is a male characteristic, which is isn’t in modern society. Overall, these explanations can be criticised for being reductionistic as they cannot explain homosexual relationships and the drive for these relationships, as there are no reproductive advantages. Reproductive behaviours have changed dramatically over the last century with non-heterosexual relationships, widespread of contraception and choosing to not have children. This implies we have more free will over our behaviour than implied by the evolutionary approach. The approach also supports gender stereotyping with men being players which suffers from ethical implications. Therefore a more holistic approach which included psychological rationale might be more appropriate form explain homosexual relationships and provide a more balanced explanation rather than an approach that suggests we are a product of our genes.

Differences Between the Words Device and Devise

Differences Between the Words 'Device' and 'Devise' The words device are devise are commonly confusedprobably because they sound similar and their meanings are related. However, device and devise are two different parts of speech. Definitions The noun device means an object, a gadget, or a piece of equipment made for some special purpose. The verb devise means to plan, invent, or form in ones mind. Examples A smartphone can be a handy device for avoiding work.The sink is a magnificent device: it fills with water, holds it awhile, and then, when the drain is released, it empties.(George Carlin,  Napalm Silly Putty. Hyperion, 2001)We need to devise new solutions to old problems.Scientists at the University of Bologna in Italy have  devised a hand-held device  that, when passed over the body, identifies different resonations of body tissues in response to a fluctuating frequency of microwaves.(The Science of Anti-Aging Medicine, ed. by R. Klatz and R. Goldman. American Academy of Anti-Aging Med, 2003) Usage Note A device is a machine or tool; to devise means to invent or concoct something. (To devise one must be wise. Will ones device work on ice?) The stable hand would like to devise a device that cleans up after the horses. (Phineas J. Caruthers,  Style Circumstance: The Gentlepersons Guide to Good Grammar. Adams Media, 2012) Idiom Alert: "Left to Our Own Devices" When were left to our own devices we use the learning-by-doing method. Left to our own devices means theres no one looking over our shoulder in front of whom we feel embarrassed if we fail.(Roger C. Schank,  Making Minds Less Well Educated Than Our Own. Lawrence Erlbaum, 2004)Have you received the message by now that our emotions dont treat us well when it comes to managing our money? Left to our own devices, we tend to do stupid things with our money.(A.J. Monte and Rick Swope,  The Market Guys Five Points for Trading Success. Wiley, 2011) Practice Exercise (a) We must _____ a way to rescue Lassie from the well. (b) Maybe a _____ involving pulleys and kittens will work. (c) My father, in the  firefly-rife backyard  of my first home, lights a bundle of little firecrackers and darts dramatically back, and we all stand around in an awed circle, at what we hope is a safe distance, as the _____ twists and jumps and shouts its furious, frustrated noise.(John Updike, The Fourth of July, 1991) (d) You can imagine, Watson, with what eagerness I endeavored to piece together our scientific findings and to _____ some common thread on which they might all  hang.(Sir Arthur Conan Doyle, The Adventure of the Musgrave Ritual, 1893) Answers to Practice Exercise (a) We must  devise  a way to rescue Lassie from the well.(b) Maybe a  device  involving pulleys and kittens will work. (c) My father, in the  firefly-rife backyard  of my first home, lights a bundle of little firecrackers and darts dramatically back, and we all stand around in an awed circle, at what we hope is a safe distance, as the  device  twists and jumps and shouts its furious, frustrated noise.(John Updike, The Fourth of July,  1991) (d) You can imagine, Watson, with what eagerness I endeavored to piece together our scientific findings and to  devise  some common thread on which they might all  hang.(Sir Arthur Conan Doyle, The Adventure of the Musgrave Ritual, 1893)

Strategic Management at Nokia Coursework Example | Topics and Well Written Essays - 1500 words

Strategic Management at Nokia - Coursework Example Strategic thinking is defined as â€Å"an intent-driven approach to a strategy based on critical theory and supported by a complex cluster of cognitive capabilities that are distinct and different from strategic planning†. It can be clarified further as a cognitive process that is quite different from the strategic planning process and can stand independently as a formally created planning process. It depicts itself differently irrespective of being generated by an organization, team or an individual (Grundy and Brown, 2002). The main purpose of strategic thinking is problem-solving and leading a rigorous process of challenging, exploring and examining the underlying premises of the strategy and at the same time, generating new options for creating a sustainable, innovative and winning strategy. Strategic thinking is imaginative, inclusive and based on critical-reflective process. The positioning of future competitive advantage for the organization is the heart of every strate gy. In this regards, strategic thinking should reflect this essence. Strategic thinking is the process that helps in driving the strategy. Positioning the future competitive advantage signifies that competitive advantage of an organization erodes with time and strategic thinking is required in this respect for continuously strengthening and developing it. In an organization, the executives, the policymakers and senior line managers are seen to exhibit strategic thinking. A similar situation is also observed in the case of Nokia. The smartphone strategy implemented by the CEO of Nokia, Stephen Elop is a manifestation of strategic thinking. This strategy change was necessary for the organization since it was facing a decline in its market share caused by the fierce competition in the smartphone segment. Nokia experienced profound changes after initiating the smartphone strategy and has marked the end of an era. Moreover, the CEO of Nokia had correctly found that the present battle in the smartphone segment was not about the devices but the ecosystem. In this context, the CEO of Nokia had shown strategic thinking and had foreseen the future. Thus, the company ended up merging with Microsoft as both of them has positioned themselves to construct a competitive and viable mobile ecosystem.

Psychology Research Paper Example | Topics and Well Written Essays - 750 words - 2

Psychology - Research Paper Example He was devoted in the field of physiology and even won the 1904 Nobel Prize for his work in physiology (Martin, 1988). Even though Pavlov was never a psychologist and never wanted to be associated with psychology, he is one of the greatest contributors to the field of psychology. He came through most of his findings through experiments that he performed on animals such as dogs. One of his greatest contributions to the field of psychology is classical conditioning. This is one of the most useful discoveries in the field of psychology and most psychology students have to pass through it in their early years of study. While studying the digestive system of his dog, he noticed something that was very interesting and that led to the development of classical conditioning. He noticed that whenever his assistant entered the room, his dog would immediately start salivating. In the experiment, they started introducing different items to measure the level of salivation that the dog had. He later went on to note that salivation was an automatic response or reflex process (Prokasy, 1965). From the experiments and their outcomes, Pavlov was able to conclude that salivation was a response that could be learned. He noted that the dogs were responding to different stimuli that were presented to them just before food was delivered. They therefore learnt to connect these things with food. He noted that there was the salivary response which came when the dog was presented the food and the conditioning reflex that came when the dog was expecting food. After several experiments, he noted that there was a conditioned stimulus which was food for the dogs and the response which in this case was salivation. This discovery is still the most important discovery in the field of psychology. Apart from the fact that this discovery led to the formation of behavioral psychology, the discovery is used today in the treatment of some health issues as well as the modification of behavior

Staistics for Managers Final Project Term Paper

Staistics for Managers Final Project - Term Paper Example Marketing is one of the most important functions within the organizations and as a result, the data collected on the marketing tool needs to be inclusive and properly structured in order to gain from the marketing policies and mechanisms employed. Statistical data on marketing is essential for a company and should be well-tabulated to ensure that the data is used in the marketing research applications that the data is meant to improve. The company may conduct a survey on advertising and other marketing tools such as product promotion and measure the level of sales that has been influenced by the marketing tools (Balakrishnan, 2010). The company needs to conduct customer surveys and come up with the best structure and techniques in marketing that are not only attractive to the customers in the market but also offer a competitive advantage over the competitors (Balakrishnan, 2010). The methods employed by the company need to be assessed statistically to measure if they are working within the company and also measure if they have worked in other companies through their records. The analysis part is particularly simpler since the statistical data ensures that the information is properly structured and therefore easy to analyze. In marketing data forms a critical part of research where it provides the information crucial in determining the research area. Acquiring the right data needs the research to identify the data collection method critical in the research and that provides sufficient information regarding the subject under the study (Mazzocchi, 2008). Before discussing the data sources available, it is important that one understands that there are two types of data that is critical to the research. These are primary and secondary data. These two types of data are crucial in the research work and should be utilized for the perfection of the results. In addition, the two types of data helps in confirmation of the existing theory from the primary data

Life Frankenstein Essay Example for Free

Life Frankenstein Essay Mary Shelley wrote Frankenstein in 1818. Frankenstein was a gothic novel and the book was based on Mary Shellys life as she had a lot of death in her life as her mother died giving birth to her she and she lost her only baby. Mary Shelly want to bring her back as that is what Frankenstein did when his mother die giving birth to his brother. There was a lot of increase of science at time which drove Frankenstein to make the monster. Chapter 5 is the most important chapter as it is when he brings the monster to life but when the monster comes to life Frankenstein would not take responsibility and would not go back to his house I did not dare return to the apartment which I inhabited. It shows that man should not play god if they are not willing to take responsibility for their action which Frankenstein didnt do. He runs out of his house seemingly to detain me, but I escaped, and rushed down stairs. Just because he didnt want to take responsibility for the  Monster. This chapter shows that he is a coward as he made the monster but when he saw it he was scary to him even though he was the one who made it. It also show he is very selfish as he doesnt think of the monster he only thinks of him self and what would happen if one of his friends sees it I dreaded to behold this monster but I feared still more that Henry should see it this show that he thinks more about him self then he does about the monster as he dont want Henry to see it as it would damage his reputation. Shelley used the language to create atmosphere like at the start it is depressing as Frankenstein realises that making the monster was morally wrong it was on a dreary night of November that I behold the accomplishment but at the end it becomes a scared atmosphere as he doesnt want to think of the monster could he allude to an object on whom I dared not even think. The time of day is night my candle was nearly burnt out.  The chapter talks about appearance and reality I behold the wretch the miserable monster whom I had created he called the monster a wretch which means he doesnt see him as a human and he thinks of him as a thing that he can just throw away when he feels like it and make something else just because he look different to every one else when really Frankenstein is the monster. The chapter also talks about isolation and loneliness as  During all that time Henry was my only nurse when he isolated him self he when insane as he wanted to finish his work and not to rest, but he doesnt ask his friends for help.  The chapter shows man should not play god as it is too much responsibility for them to take. Dreams that had been my food and pleasant rest for so long a space were now became a hell to me this show that mortals react to they emotions. Humans emotions change very quickly and this shows that they should not play god if they are not willing to play it out to the end and that no human can control they emotions. Studying this chapter has showed that man should not push science too far as it can cause very dangerous things that can hurt people but if we are going to play god which means we should not be allowed to change our emotions and take responsibility for what they have made or done. It also shows that just because you love someone you are aloud to give them a new life as this is going against god.

Relationship Between Developed and Emerging Stock Markets

Relationship Between Developed and Emerging Stock Markets Introduction Due to inclination towards liberalization and deregulation in the capital and money markets, global markets have tended to become highly integrated in recent times in case of developed as well as developing countries. There are many reasons as to why the linkages among the different stock markets should be studied some of the reasons are emerging markets have attracted a great number of foreign investors, removal of statutory controls over their capital market and foreign exchange, stock prices interconnection due to the global capital movements, regional policy and the presence of economic ties. Specialists of finance have given substantial attention to the linkages and the relationships between different stock markets, to explore and examine the potential benefits from international portfolio diversification. Most of the studies are done taking into account developing and emerging Asian markets. Interest of foreign investors have resulted in several fund management centres concentrating on Asian developing markets not only for the growth and development but also to diversify their risk. The aim of this paper is to study the relationship of developed and emerging stock markets. Literatures on the different prospects of stock market have been studied. Many researchers have focused on the integration among the stock market. While studying the literatures it has been seen that different areas are being covered and focused which includes dynamic linkages among stock market during pre and post Asian financial crisis and Russian financial crisis, effect of linkages on the portfolio diversification, effects of linkages on the daily stock prices and domination of developed markets over the developing markets. Further, examining of the empirical question in the literature on capital market integration between different economies is done. For the empirical analysis, data of twenty year for everyday closing stock prices of six indices have been taken from 3 January 1989 to 8 June 2009. Six indices are New York Stock Exchange (USA), London Stock Exchange (UK), Tokyo Stock Exchange (Japan), Bombay Stock Exchange (India), The Stock Exchange of Thailand (Thailand), Bursa Malaysia (Malaysia). In the econometrics literature, there exist a number of alternative methods to estimate cointegration. Econometrics techniques which are being used in this study are Augmented Dickey-Fuller test, Johansen’s cointegration test and Error Correction test. E-views software is used for the calculating the results. Empirical results obtained from the three test, it was found that time series are non stationary and null hypothesis is not rejected which suggest that they are highly cointegrated and to test whether any variations in one stock exchange can lead to fluctuations in other stock indices. Johansen cointegration test is conduct ed which shows that there is no evidence of cointegration between Indian stock index and other stock indices. Further, Error Correction test is conducted which shows that there is poor cointegration between Indian stock exchange index with other stock indices. Indian stock market appear to be least integrated with Malaysia, where as Malaysia stock market is integrated with all the other stock markets. Thailand stock market is seems to be more dependent on Japanese and Indian stock market than other stock markets. Little integration is seen between Japanese stock exchange and USA stock exchange. It is found that UK and USA are highly integrated. To conclude, stock exchanges of the developed economies are better cointegrated as compared to those of developing economies. Background What is stock market? In simple words stock refers to a supply. But in financial market terms, stock refers to the money which a company has raised. And the supply of the money comes from the people who invest in the company in hope that the company will make their money grow. Stocks exist because it enables the company to â€Å"sell† pieces of the business called as stocks (equity securities) in need of long term financing. When stocks are issued by corporations are owned by the public at large which includes both private investors and institution are said to be publicly held. A public place where things are bought and sold is called as Market. And the term stock market refers to a business where stock is bought and sold. Stock market can be splitted into two main sectors; the primary market and the secondary market. The primary market is the one where new issues are offered for the first time and primary market is the one where subsequent trading goes on. There are basically two types of stock namely common stock and preferred stock. A security which represents ownership in a corporation is known as common stock. Holder of the common stock has the power to vote and elect board members. If the company goes bankrupt, the common stockholder will not be paid until unless creditors, bondholders and preferred stockholders are paid their share of the leftover assets of the company. Where as, preferred stock is a stock which is issued when all the common stock has been issued. Preferred stock olders are given dividends. They have a preference that is why they are paid dividend before any dividends are paid to common stock holders. The stock market is not a specific place but still some people use the term â€Å"Wall Street† which is the main street in New York City’s financial district and it is referred to the US stock market. Why companies issue stock market and why people buy it? As every company wants to grow, so some owners build more factories and some develop new product which needs money. A company can actually get loan from the financial institution like banks but companies without going into debt by taking loans issues stock which raise money for the growth of a company. Only Business Corporation can issue the stock which has special legal rights and responsibility. A proprietorship or ownership cannot issue stock. A shareholder invests in a hope that company will grow and so will their money grow because if a company earns money, the shareholders will share the profits. There are different types of gains from the stock such as dividends, capital gains, short selling, risk and rewards for investing. Over the long term bases, investments in stocks have proven to be an excellent way to more than keep pace with erosive effects of inflation. Stock Exchange Stock market is an organised market for trading of stocks and bonds. These markets were originally open to all but now a days only members of the association can buy and sell directly and these members or stock broker can buy and sell for themselves or others by charging the commission for their provided service. A stock can only be bought and sold if it is listed on an exchange. There are stock exchange in all the financial centres of the world. Some of them are stated below; the New York stock exchange since 1792 which had the largest trading in the world of $7.3 trillion in 1998, Tokyo stock exchange, London stock exchange, Bombay stock exchange and NASDAQ. NASDAQ was the first exchange which recognised the role of electronics in stock market. History of the Stock Exchanges Japan In the decade of 1870s, introduction of a securities system initiated the public bond negotiation in Japan which resulted in the need of a public institution for trading and hence in May 1878, the â€Å"Stock Exchange Ordinance† was in enacted followed by establishment of Tokyo Stock Exchange Co. Ltd. On May 15, 1879 and trading began on June 1st. On June 30, 1943, establishment of a quasi-public corporation named the â€Å"Japan Securities Exchange† took place by uniting all 11 stock exchanges throughout Japan. During the Second World War, the trading sessions were suspended on August 10, 1945 but the trading restarted under the management of unofficial group transactions in December 1945. Japan Securities Exchange was dissolved on April 16, 1947. Three stock exchanges in Tokyo, Osaka and Nagoya were founded on April 1, 1949 and trading began on May 16 followed by formation of five additional stock exchanges in July in Kobe (dissolved, October 1967), Hiroshima, Kyoto (merged into Tokyo Stock Exchange, March 2001), Fukuoka and Niigata. In the beginning of the next decade of 1950s, margin transactions were introduced and bond trading started on April 2, 1956. October 1, 1966 observed the first listings of government bonds after the Second World War and in the following year, a new process of auction was put into action and â€Å"Baikai† trades (off-exchange trades) were eliminated. In April 1968, registration system was replaced by licensing system for securities companies and on July 1, 1969, Tokyo Stock Price Index (TOPIX) was launched. Joining the International Federation of Stock Exchanges (FIBV) along with starting of convertible bonds trading and Book Entry Clearing system were the major developments by TSE before listing of Yen-based foreign bonds and opening of Foreign Stock Section in 1973. The next 10 years observed major developments in technical fields such as introduction of Market Information System (MIS) and Computer-assisted Order Routing and Execution System (CORES). From February 1, 1986 to May 23, 1988, a total of 32 securities companies joined the TSE membership out of which 22 were foreign companies. Trading in TOPIX futures, TOPIX options, U.S. T-Bond futures and Japanese government bond futures began by May 1990. Other 10 securities companies including 3 foreign ones joined the TSE membership followed by introduction of Floor Order Routing and Execution System (FORES) by the end of that year. Major happenings in the next decade were: Starting of Central Depository and Clearing System on Oct 9, 1991; Listing of Nikkei 300 Stock Index Listed Fund on May 29, 1995; Initiation of 5-year Japanese government bond futures trading on Feb 16, 1996; Trading in equity options on July 18, 1997; Calculation of new stock price index series on Apr 2, 1998; introduction of ToSTNet and TDnet (Timely Disclosure Network) in 1998; restriction on off-exchange trading for listed securities abolished on Dec 1, 1998; 50th Anniversary celebrations on Apr 2, 1999; introduction of Target (TSE wide area network) on June 1; brokerage commission liberalized in October; establishment of MOTHERS market for emerging companies and growth on Nov 11, 1999; and merging of Hiroshima and Niigata stock exchanges into TSE along with introduction of TSE ARROWS in 2000. Demutualization of TSE resulted in the formation of Tokyo Stock Exchange Inc. in 2001 and later on August 1, 2007, Tokyo Stock Exchange Group, Inc. was established. Tokyo Stock Exchange Regulation was established on October 17th with its commencement on November 1, 2007. Thailand The present Thai market’s origin starts from the early years of 1960s when a private group established a stock exchange in July 1962 as a limited partnership which later turned into a limited company under the name of Bangkok Stock Exchange Co. Ltd. (BSE) in 1963. But BSE was relatively inactive irrespective of its good foundation as its annual turnover values reduced from being 160 million baht in 1968 to an all time low of 26 million baht in 1972, even when turnover in debentures were 87 million baht. So finally, BSE stopped operating in early 1970s and the major reasons behind its failure were limited understanding of equity market among the investors and no government support officially. But, BSE’s concept was able to attract enough attention to form an organized securities market with official support. Hence, a plan to establish a market having apt facilities and regulations for securities trading was proposed by the Second National Economic and Social Development Plan (1967-1971). On recommendation of the World Bank in 1969, the government gained the works of Professor Sidney M. Robbins from Columbia University who studied different methods for the development of Thai capital market. And in the same year, the Bank of Thailand also created a working group for the development of capital market which was given the job of establishing the stock market. After a year of intensive study, Professor Robbins generated an all-inclusive report named â€Å"A Capital Market in Thailand† and this report turned out to be the master plan required for the Thai capital market development in future. In 1972, the government brought some changes to the â€Å"Announcement of the Executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare† according to which the government now controlled and regulated the operations related to finance and securities companies. â€Å"The Securities Exchange of Thailand† also known as SET was passed in May 1974 after the amendments were made followed by the amending of the Revenue Code by the year-end. By 1975, the legislative framework was put into action and official trading at SET started on April 30, 1975. January 1, 1991 saw the changing of name from â€Å"The Securities Exchange of Thailand† to â€Å"The Stock Exchange of Thailand†. Malaysia In 1930, Singapore Stockbrokers Association was Malaysia’s first formal securities business organisation establishment and in 1937 was re-registered by the name of Malayan Stockbrokers Association. The public shares trading began after the establishment of The Malayan Stock Exchange in 1960 and the board system was having its trading rooms in Kuala Lumpur as well as Singapore, connected by usage of direct telephone line. The year 1964 saw the foundation of the Stock Exchange of Malaysia but in 1965, the withdrawal of Singapore from Malaysia forced the Stock Exchange of Malaysia to become the Stock Exchange of Malaysia and Singapore. In 1973, the Stock Exchange of Malaysia and Singapore was divided into two separate markets namely the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore due to ceasing of interchangeability of currency between Malaysia and Singapore. The Kuala Lumpur Stock Exchange integrated on December 14, 1976 as a company limited by guarantee took over the operations and management of the Kuala Lumpur Stock Exchange Berhad. On April 14, 2004, the demutualization exercise made the name to be changed to Bursa Malaysia Berhad. The main aim of this exercise was to boost competitive position and to act in response to trends in the exchange sector globally by becoming more market-oriented and customer-driven. The listing of Bursa Malaysia on the Main Board of Bursa Malaysia Securities Berhad took place on 18 March 2005. The certifications for conformance to the ISO 9001:2000 Quality Management System and ISO 14001:2004 Environmental Management System standards were received by the exchange on 5 October 2007. Faster processing and execution of orders and providing wider trading functions and features were done by introduction of Bursa Trade Securities as a new trading platform in Dec 2008. United States The New York stock exchange trace back to 172, when twenty four New York City stock brokers and merchants signed the Buttonwood Agreement. At that time five securities were traded in New York City out of which three were government bonds and two were bank stocks. It was agreed that securities will be traded on commission basis on signing the Buttonwood agreement by the brokers. After the war in 1815 securities market in New York began to grow. The New York stock and exchange board was formed on March 8, 1817. The name was shortened The New York Stock Exchange (NYSE) in 1863. More than 2800 companies are listed in NYSE which are having value exceeding $15 trillion. During the period 1824 to 1830 annual trading reached a peak of 380,000 shares. Average volume reached to 8500 shares which show that it increased a 50-fold in seven years. During 1836-1853 NYSEB prohibited trading in the street and in 1837 average daily volume fell down from 7393 in January to 1534 by June. Due to invention of telegraph, brokers and investors broaden the market participation outside New York City. It was a panic period during 1857 when Ohio Life Insurance Trust company collapsed, prices dropped eight to ten percent in the single trading session and there was 45% decline in market value in the beginning of the year. During 1860s first stock ticker came into existence, membership in NYSE became a â€Å"property right†, prohibition of issue of shares in secret known as watering stock and at the end on 24th September 1869, gold speculation resulted in â€Å"Black Friday†. In 1890s NYSE established clearing house, it also recommended that all listed companies will send their shareholder the annual report and in 1896. The Dow Jones Industrial Average was published by the Wall Street journal for the first time, with an initial value of 40.74. During that period DJIA topped 100 for the first time. Federal Reserve System Wall Street became world financial leader. Centralized stock clearing system was established and fraud bureau was established during the period. In the mid of 1929 Black Thursday came when market crashed on volume of over 16 million shares which was the beginning of the Great depression and the Dow finally reached bottom in July 1932. During 1960-1979, International Federation of stock Exchange and daily volume on the NYSE exceeded 4 million shares nearly triple the level immediately following the war. On February 03, 1977 foreign broker were permitted membership on the floor. The Inter market Trading system (ITS) was inaugurated. Taking about 20th century, first Global index was launched in 2000, DJIA experienced its largest one day point gain and new trading room at 30 Broad street was opened. In 2001, NYSE volume topped 2 billion shares. The NYSE is now a for-profit business. It is formed out of the merger of the NYSE and Archipelago Holding, Inc. And the merger is the largest ever among securities up to this time. United Kingdom The London Stock Exchange is one of the world’s oldest stock exchanges and traces its history back more than 300 years. It started in the 17th century in London coffee houses. Exchange grew quickly and became the city’s most important financial institution. John casting began in back 1698 to organise the market in Jonathan’s coffee house through a simple list of stock and commodity prices. The wave of speculative fever known as the south sea bubble burst in 1720. In 1761 a group of stock broker form a club at Jonathan’s to buy and sell shares and then in 1773 they put up their own building in Sweeting’s Alley with dealing room and members named it â€Å"The Stock Exchange†. On 3 March 1801, first regulated exchange comes into existence in London and the business reopens under a formal membership basis and the modern stock exchange was born. First codified rule book was created in 1812 and first regional exchange were opened in Manchester and Liverpool in 1836 and it was rebuilt in 1854. A new deed settlement came to existence in 1876. In 1914 after Great War, the exchange market was closed from the end of July till the New Year. During 1986, there was deregulation of market which is known as ‘Big Bang’. Ownership of member firms by an outside corporation was allowed. Brokers were able to operate in a dual capacity and minimum scales of commission were abolished. Trading was moved to computers and telephones from separate dealing rooms. The exchange became private limited company under the Companies Act 1985. The trading name became â€Å"The London Stock Exchange† in 1991. In 1997, SETS (Stock exchange Electronic Trading System) was launched. In 2003, EDX London was created, a new international equity in partnership with OM Group and later in 2004, LSE moved to new headquarters Paternoster Square. Latest in 2007, LSE merged with Borsa Italiana, creating London Stock Exchange Group. India The Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai. It was established in 1875 and is one of the oldest stock exchanges in Asia. Around 3600 companies in the country are listed on this stock exchange and have a substantial trading volume. The market capitalization of the BSE is about Rs.20 trillion (US$ 466 billion). The ‘Sensex’ is commonly used market index for the BSE and it is among the five big exchanges in the world in terms of number of transactions. Its history traces back to the time in mid 1850s, when an informal group of 22 shareholders used to trade under banyan tree in the Town Hall of Bombay. The association the native sharebrokers was formally organized as The Bombay Stock Exchange in 1875. The BSE is the oldest stock exchange in Asia and Premchand Roychand used to be the leading sharebroker in that time. He was the one who assisted in setting out procedures and conventions for the trading of stock at BSE. James M. Maclean inaugurated the Brokers Hall in 1899. in 1928, it was shifted to an old building in Town Hall, Bombay and later on the building was constructed on Dalal Street in 1930 where the BSE building now stands. The BSE follows the system of eTrading, which came into use in 1995. In 2000, BSE Sensex was used to open its derivatives market for trading Sensex future contracts, followed by development of equity derivatives in 2001 and 2002 which expanded its trading platform. Stock exchanges by providing a centralized and ready market, facilitates the business for financing through flotation of bonds and stocks. Sometimes speculation in stock can put stress on the instability of an economy. The reality of the Great depression was emphasised by the stock market crash in 1929. Financial Crisis Stock market crash of 1929 After the First World War, there was a growth in industrialisation and new technologies. During 1920s was the time of peace and prosperity because the economy was benefited greatly from the new life changing technologies. Many investors quickly purchased the shares on seeing Dow Jones industrial average surged. Due to the powerful economic boom the stocks were seen very safe to most of the economists. Stocks were purchased by the investors on margin. From 1921 to 1929, the Dow Jones rocketed from 60 to 400 and for every dollar invested; a margin user would borrow 9 dollars worth of stock. But on Thursday October 24, 1929 the Dow Jones Industrial Average fell 38 points to 260, which was a drop of 12.8 percent and across the two days its average fell 23 percent and finally at the end of the period on November 11, there was a cumulative drop of 40 percent. Overvalued stocks, low margin requirements, interest rate hikes and poor banking structure were the few causes of the crash. In total, 14 billion dollars of wealth were lost during this market crash. Stock market crash of 1987 Dow hit a record 2722.44 points on 25 August, 1987 but then the Dow started to head down. And valuation in the United States dropped around 36 percent from the days between October 14 to October 19, 1987. On black Monday October 19, 1987 the Dow Jones Industrial Average plummeted 508 points losing approx 22.6 percent of its total value and SP 500 dropped to 20.4 percent. Reasons for the crash were no liquidity, overvalued stock, program trading and the use of derivative securities software. During the crash half trillion dollars wealth were lost. Stock market crash of 2008 The failures of financial organizations in the USA due to exposure of credit default swaps and subprime loans resulted in a global crisis as banks all over the world failed and the values of shares and commodities fell drastically. The Indonesian Stock Market stopped operating on seeing a 10% drop in a day on October 8. Comparisons were made of this crisis with the one in 1987 but that lasted for just one day whereas the present one lingered on for the whole week. Dow Jones saw its worst ever decline of 18% during the week commenced on October 6. The failure of banks in Iceland devalued the Icelandic Krona and forced the country to the verge of bankruptcy which was saved by an emergency loan from International Monetary Fund (IMF). The main index of Iceland had a 77% decrement. October 24 saw the worst downfalls for many countries whereas Dow Jones industrial average was somewhat better at 3.6%. The value of United States Dollar and Japanese Yen increased whereas that of British Pound and Canadian Dollar was among the major losers. Literature review 1.1 Introduction The competition among different industrial countries markets was witnessed by their respective national stock exchange markets during the late 1980s and the economists observed that linkage or interrelation between the global markets existed. Due to the less restrictive climate towards capital movements, economists actually started thinking that the major financial markets of the world are systematically interrelated. Growth can be seen in reaction towards external developments in macro-economic policies and the world financial environment due to this interrelation. Technological developments in communications, trading system and the innovations of financial products have created global international investment opportunities. Linkages among stock market have important implication and significance for security pricing, trading strategies, hedging and financial market regulations. And also the presence of short term and long term relationship may be used to attain financial gains from international portfolio diversification and to also reduce systematic risk. International Market linkages have been widely investigated. Several studies have been conducted explaining the empirical and theoretical issues on linkages amongst stock market and mainly focused on the co-movement between developed and emerging markets. There is a wealth of literature on stock market interdependence and integration. However, depending on the data, methodology, and theoretical models used there is no clear resolution of the issue yet. Some previous work has have found that international stock markets are integrated and some found that stock markets are not interlinked. Most of the studies on stock market interdependence in emerging markets have been done on geographical groups of markets, such as markets in Central and Eastern Europe  and America  and in Asian countries. Further, I summarize some of the most recent findings. 1.2 Interdependence of Stock Markets A number of studies have examined stock market linkages among emerging stock market and the developed stock markets like Arshanapalli, Doukas and Lang 1995 and Chen, Firth and Rui, 2002. Arshanapalli, Doukas  and Lang (1995) report that after the 1987 crash international market linkages have strengthened in terms of increased number of co-integrating vectors in the post crash period. They investigated in their paper that presence of a common random variable trend between the US and Asian stock market movements during the post October 1987 period. They showed that the cointergating structure which actually ties the stock market together has significantly increased since October 1987. US stock market influence on the other markets was considerably found greater in the post crisis period. Their results indicate that the Asian equity market is more integrated with US equity market than Japan equity market. Where as, Masih and Masih (1997) and Masih and Masih (1999) found cointegration relationship among the equity markets of Malaysia, Thailand, US, UK, Japan, Singapore and Hong-Kong during pre-financial crises period 1987. Number of papers investigates the short term and long term linkages among Central and Eastern Europe (CEE) stock exchanges. Talking about long term relationship, Gilmore and McManus (2002) and Gilmore and McManus (2003) analysed that no long term relationship can be established among the CEE stock markets with the US and Germany stock markets, where as Voronkova (2004) shows the existence of long term linkages among the Central European markets and CEE. Hamao and Masulis (1990), King and Wadhwani (1990), Kasa (1992) and Arshanapalli and Doukas (1993) have found that the equity markets of developed markets are integrated and US equity market leads the other developed market like Japanese equity market, UK equity market and few other European equity markets. Yang, Hsiao, Li and Wang (2005) also examined the long run price relationship and the dynamic price transmission among USA, Germany and four Eastern European emerging stock markets. They paid particular attention to Russian crisis in their study. VAR analysis was conducted. It was concluded that both long run relationship and the dynamic transmission were strengthen among these markets after the crisis and Germany became dominant and noticeable only after the Russian crisis amongst all the Eastern European markets. Syllignakis and Kouretas also examined the short and long term relationship between ten central Eastern European stock markets and two developed stock market i.e US and Germany, they used Gowzalo and Granger method and indicated weak partial integration among these markets. They also indicated that the four big stock exchange market like Republic, Hungary, Poland and Slovenia together with Germany and the US stock market have substantial permanent factor which drives the system of stock market exchange in the long run. Egert and Kocenda (2006) analyse the co-movement and interdependence among three stock markets in Western, Central and Eastern Europe and found no robust cointegration relationship for any of the stock index pairs. Data from 2003 to 2005 for stock indices have been taken and applied wide range of econometric techniques like unit root and stationary tests, cointergration tests, Granger causality test, VAR estimation have been used. Results show that there are signs of short term spillover effects both in terms of stock price and stock return volatility. Granger causality test show the existence of bidirectional causality for both returns and volatility series and limited number of short term relationships using VAR framework. Limited interaction has been found among the market in case of Poland and Hungary by Li and Majerowska (2007) and also showed that emerging markets are weekly linked to the developed markets by using GARCH approach .In this paper linkages between the emerging markets of Warsaw and Budapest with the established market in Frankfurt and US were studied by using four-variable asymmetric GARCH-BEKK model. At the end it was implied that by adding the stock in the emerging markets to their investment portfolio they may benefit from reducing the risk. Further, looking at some more European counties Lucey andVoronkova (2008) examined relationship Russia and other equity markets over the period of 1995-2004 by using number of co-integration approach like Gregory-Hansen test, a stochastic cointegration framework, the non-parametric test for unit root and cointegration and found Russian market does not show strong evidence of increased long run convergence either with regional or developed markets, so therefore correlation is low. They also stated that Russian equity market in the long run was isolated from the influence of international markets and structural break in August 1998 did not alter the long term relationship nature. Ozdemir, Olgun and Saracoglu (2008) examined dynamic linkages between the equity market of US representing the center and emerging market using the Granger causality test as a result showed significant causal relation to all emerging markets and conclude that there is no evidence in the literature suggesting an effect of an emerging stock exchange market to that of large markets like US, Japan and UK. Where as Chinzara, examined to what extent South Africa equity market is integrated into world equity market using cointegration, VECM and VAR model and taking data for period 1995-2007. He fi Relationship Between Developed and Emerging Stock Markets Relationship Between Developed and Emerging Stock Markets Introduction Due to inclination towards liberalization and deregulation in the capital and money markets, global markets have tended to become highly integrated in recent times in case of developed as well as developing countries. There are many reasons as to why the linkages among the different stock markets should be studied some of the reasons are emerging markets have attracted a great number of foreign investors, removal of statutory controls over their capital market and foreign exchange, stock prices interconnection due to the global capital movements, regional policy and the presence of economic ties. Specialists of finance have given substantial attention to the linkages and the relationships between different stock markets, to explore and examine the potential benefits from international portfolio diversification. Most of the studies are done taking into account developing and emerging Asian markets. Interest of foreign investors have resulted in several fund management centres concentrating on Asian developing markets not only for the growth and development but also to diversify their risk. The aim of this paper is to study the relationship of developed and emerging stock markets. Literatures on the different prospects of stock market have been studied. Many researchers have focused on the integration among the stock market. While studying the literatures it has been seen that different areas are being covered and focused which includes dynamic linkages among stock market during pre and post Asian financial crisis and Russian financial crisis, effect of linkages on the portfolio diversification, effects of linkages on the daily stock prices and domination of developed markets over the developing markets. Further, examining of the empirical question in the literature on capital market integration between different economies is done. For the empirical analysis, data of twenty year for everyday closing stock prices of six indices have been taken from 3 January 1989 to 8 June 2009. Six indices are New York Stock Exchange (USA), London Stock Exchange (UK), Tokyo Stock Exchange (Japan), Bombay Stock Exchange (India), The Stock Exchange of Thailand (Thailand), Bursa Malaysia (Malaysia). In the econometrics literature, there exist a number of alternative methods to estimate cointegration. Econometrics techniques which are being used in this study are Augmented Dickey-Fuller test, Johansen’s cointegration test and Error Correction test. E-views software is used for the calculating the results. Empirical results obtained from the three test, it was found that time series are non stationary and null hypothesis is not rejected which suggest that they are highly cointegrated and to test whether any variations in one stock exchange can lead to fluctuations in other stock indices. Johansen cointegration test is conduct ed which shows that there is no evidence of cointegration between Indian stock index and other stock indices. Further, Error Correction test is conducted which shows that there is poor cointegration between Indian stock exchange index with other stock indices. Indian stock market appear to be least integrated with Malaysia, where as Malaysia stock market is integrated with all the other stock markets. Thailand stock market is seems to be more dependent on Japanese and Indian stock market than other stock markets. Little integration is seen between Japanese stock exchange and USA stock exchange. It is found that UK and USA are highly integrated. To conclude, stock exchanges of the developed economies are better cointegrated as compared to those of developing economies. Background What is stock market? In simple words stock refers to a supply. But in financial market terms, stock refers to the money which a company has raised. And the supply of the money comes from the people who invest in the company in hope that the company will make their money grow. Stocks exist because it enables the company to â€Å"sell† pieces of the business called as stocks (equity securities) in need of long term financing. When stocks are issued by corporations are owned by the public at large which includes both private investors and institution are said to be publicly held. A public place where things are bought and sold is called as Market. And the term stock market refers to a business where stock is bought and sold. Stock market can be splitted into two main sectors; the primary market and the secondary market. The primary market is the one where new issues are offered for the first time and primary market is the one where subsequent trading goes on. There are basically two types of stock namely common stock and preferred stock. A security which represents ownership in a corporation is known as common stock. Holder of the common stock has the power to vote and elect board members. If the company goes bankrupt, the common stockholder will not be paid until unless creditors, bondholders and preferred stockholders are paid their share of the leftover assets of the company. Where as, preferred stock is a stock which is issued when all the common stock has been issued. Preferred stock olders are given dividends. They have a preference that is why they are paid dividend before any dividends are paid to common stock holders. The stock market is not a specific place but still some people use the term â€Å"Wall Street† which is the main street in New York City’s financial district and it is referred to the US stock market. Why companies issue stock market and why people buy it? As every company wants to grow, so some owners build more factories and some develop new product which needs money. A company can actually get loan from the financial institution like banks but companies without going into debt by taking loans issues stock which raise money for the growth of a company. Only Business Corporation can issue the stock which has special legal rights and responsibility. A proprietorship or ownership cannot issue stock. A shareholder invests in a hope that company will grow and so will their money grow because if a company earns money, the shareholders will share the profits. There are different types of gains from the stock such as dividends, capital gains, short selling, risk and rewards for investing. Over the long term bases, investments in stocks have proven to be an excellent way to more than keep pace with erosive effects of inflation. Stock Exchange Stock market is an organised market for trading of stocks and bonds. These markets were originally open to all but now a days only members of the association can buy and sell directly and these members or stock broker can buy and sell for themselves or others by charging the commission for their provided service. A stock can only be bought and sold if it is listed on an exchange. There are stock exchange in all the financial centres of the world. Some of them are stated below; the New York stock exchange since 1792 which had the largest trading in the world of $7.3 trillion in 1998, Tokyo stock exchange, London stock exchange, Bombay stock exchange and NASDAQ. NASDAQ was the first exchange which recognised the role of electronics in stock market. History of the Stock Exchanges Japan In the decade of 1870s, introduction of a securities system initiated the public bond negotiation in Japan which resulted in the need of a public institution for trading and hence in May 1878, the â€Å"Stock Exchange Ordinance† was in enacted followed by establishment of Tokyo Stock Exchange Co. Ltd. On May 15, 1879 and trading began on June 1st. On June 30, 1943, establishment of a quasi-public corporation named the â€Å"Japan Securities Exchange† took place by uniting all 11 stock exchanges throughout Japan. During the Second World War, the trading sessions were suspended on August 10, 1945 but the trading restarted under the management of unofficial group transactions in December 1945. Japan Securities Exchange was dissolved on April 16, 1947. Three stock exchanges in Tokyo, Osaka and Nagoya were founded on April 1, 1949 and trading began on May 16 followed by formation of five additional stock exchanges in July in Kobe (dissolved, October 1967), Hiroshima, Kyoto (merged into Tokyo Stock Exchange, March 2001), Fukuoka and Niigata. In the beginning of the next decade of 1950s, margin transactions were introduced and bond trading started on April 2, 1956. October 1, 1966 observed the first listings of government bonds after the Second World War and in the following year, a new process of auction was put into action and â€Å"Baikai† trades (off-exchange trades) were eliminated. In April 1968, registration system was replaced by licensing system for securities companies and on July 1, 1969, Tokyo Stock Price Index (TOPIX) was launched. Joining the International Federation of Stock Exchanges (FIBV) along with starting of convertible bonds trading and Book Entry Clearing system were the major developments by TSE before listing of Yen-based foreign bonds and opening of Foreign Stock Section in 1973. The next 10 years observed major developments in technical fields such as introduction of Market Information System (MIS) and Computer-assisted Order Routing and Execution System (CORES). From February 1, 1986 to May 23, 1988, a total of 32 securities companies joined the TSE membership out of which 22 were foreign companies. Trading in TOPIX futures, TOPIX options, U.S. T-Bond futures and Japanese government bond futures began by May 1990. Other 10 securities companies including 3 foreign ones joined the TSE membership followed by introduction of Floor Order Routing and Execution System (FORES) by the end of that year. Major happenings in the next decade were: Starting of Central Depository and Clearing System on Oct 9, 1991; Listing of Nikkei 300 Stock Index Listed Fund on May 29, 1995; Initiation of 5-year Japanese government bond futures trading on Feb 16, 1996; Trading in equity options on July 18, 1997; Calculation of new stock price index series on Apr 2, 1998; introduction of ToSTNet and TDnet (Timely Disclosure Network) in 1998; restriction on off-exchange trading for listed securities abolished on Dec 1, 1998; 50th Anniversary celebrations on Apr 2, 1999; introduction of Target (TSE wide area network) on June 1; brokerage commission liberalized in October; establishment of MOTHERS market for emerging companies and growth on Nov 11, 1999; and merging of Hiroshima and Niigata stock exchanges into TSE along with introduction of TSE ARROWS in 2000. Demutualization of TSE resulted in the formation of Tokyo Stock Exchange Inc. in 2001 and later on August 1, 2007, Tokyo Stock Exchange Group, Inc. was established. Tokyo Stock Exchange Regulation was established on October 17th with its commencement on November 1, 2007. Thailand The present Thai market’s origin starts from the early years of 1960s when a private group established a stock exchange in July 1962 as a limited partnership which later turned into a limited company under the name of Bangkok Stock Exchange Co. Ltd. (BSE) in 1963. But BSE was relatively inactive irrespective of its good foundation as its annual turnover values reduced from being 160 million baht in 1968 to an all time low of 26 million baht in 1972, even when turnover in debentures were 87 million baht. So finally, BSE stopped operating in early 1970s and the major reasons behind its failure were limited understanding of equity market among the investors and no government support officially. But, BSE’s concept was able to attract enough attention to form an organized securities market with official support. Hence, a plan to establish a market having apt facilities and regulations for securities trading was proposed by the Second National Economic and Social Development Plan (1967-1971). On recommendation of the World Bank in 1969, the government gained the works of Professor Sidney M. Robbins from Columbia University who studied different methods for the development of Thai capital market. And in the same year, the Bank of Thailand also created a working group for the development of capital market which was given the job of establishing the stock market. After a year of intensive study, Professor Robbins generated an all-inclusive report named â€Å"A Capital Market in Thailand† and this report turned out to be the master plan required for the Thai capital market development in future. In 1972, the government brought some changes to the â€Å"Announcement of the Executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare† according to which the government now controlled and regulated the operations related to finance and securities companies. â€Å"The Securities Exchange of Thailand† also known as SET was passed in May 1974 after the amendments were made followed by the amending of the Revenue Code by the year-end. By 1975, the legislative framework was put into action and official trading at SET started on April 30, 1975. January 1, 1991 saw the changing of name from â€Å"The Securities Exchange of Thailand† to â€Å"The Stock Exchange of Thailand†. Malaysia In 1930, Singapore Stockbrokers Association was Malaysia’s first formal securities business organisation establishment and in 1937 was re-registered by the name of Malayan Stockbrokers Association. The public shares trading began after the establishment of The Malayan Stock Exchange in 1960 and the board system was having its trading rooms in Kuala Lumpur as well as Singapore, connected by usage of direct telephone line. The year 1964 saw the foundation of the Stock Exchange of Malaysia but in 1965, the withdrawal of Singapore from Malaysia forced the Stock Exchange of Malaysia to become the Stock Exchange of Malaysia and Singapore. In 1973, the Stock Exchange of Malaysia and Singapore was divided into two separate markets namely the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore due to ceasing of interchangeability of currency between Malaysia and Singapore. The Kuala Lumpur Stock Exchange integrated on December 14, 1976 as a company limited by guarantee took over the operations and management of the Kuala Lumpur Stock Exchange Berhad. On April 14, 2004, the demutualization exercise made the name to be changed to Bursa Malaysia Berhad. The main aim of this exercise was to boost competitive position and to act in response to trends in the exchange sector globally by becoming more market-oriented and customer-driven. The listing of Bursa Malaysia on the Main Board of Bursa Malaysia Securities Berhad took place on 18 March 2005. The certifications for conformance to the ISO 9001:2000 Quality Management System and ISO 14001:2004 Environmental Management System standards were received by the exchange on 5 October 2007. Faster processing and execution of orders and providing wider trading functions and features were done by introduction of Bursa Trade Securities as a new trading platform in Dec 2008. United States The New York stock exchange trace back to 172, when twenty four New York City stock brokers and merchants signed the Buttonwood Agreement. At that time five securities were traded in New York City out of which three were government bonds and two were bank stocks. It was agreed that securities will be traded on commission basis on signing the Buttonwood agreement by the brokers. After the war in 1815 securities market in New York began to grow. The New York stock and exchange board was formed on March 8, 1817. The name was shortened The New York Stock Exchange (NYSE) in 1863. More than 2800 companies are listed in NYSE which are having value exceeding $15 trillion. During the period 1824 to 1830 annual trading reached a peak of 380,000 shares. Average volume reached to 8500 shares which show that it increased a 50-fold in seven years. During 1836-1853 NYSEB prohibited trading in the street and in 1837 average daily volume fell down from 7393 in January to 1534 by June. Due to invention of telegraph, brokers and investors broaden the market participation outside New York City. It was a panic period during 1857 when Ohio Life Insurance Trust company collapsed, prices dropped eight to ten percent in the single trading session and there was 45% decline in market value in the beginning of the year. During 1860s first stock ticker came into existence, membership in NYSE became a â€Å"property right†, prohibition of issue of shares in secret known as watering stock and at the end on 24th September 1869, gold speculation resulted in â€Å"Black Friday†. In 1890s NYSE established clearing house, it also recommended that all listed companies will send their shareholder the annual report and in 1896. The Dow Jones Industrial Average was published by the Wall Street journal for the first time, with an initial value of 40.74. During that period DJIA topped 100 for the first time. Federal Reserve System Wall Street became world financial leader. Centralized stock clearing system was established and fraud bureau was established during the period. In the mid of 1929 Black Thursday came when market crashed on volume of over 16 million shares which was the beginning of the Great depression and the Dow finally reached bottom in July 1932. During 1960-1979, International Federation of stock Exchange and daily volume on the NYSE exceeded 4 million shares nearly triple the level immediately following the war. On February 03, 1977 foreign broker were permitted membership on the floor. The Inter market Trading system (ITS) was inaugurated. Taking about 20th century, first Global index was launched in 2000, DJIA experienced its largest one day point gain and new trading room at 30 Broad street was opened. In 2001, NYSE volume topped 2 billion shares. The NYSE is now a for-profit business. It is formed out of the merger of the NYSE and Archipelago Holding, Inc. And the merger is the largest ever among securities up to this time. United Kingdom The London Stock Exchange is one of the world’s oldest stock exchanges and traces its history back more than 300 years. It started in the 17th century in London coffee houses. Exchange grew quickly and became the city’s most important financial institution. John casting began in back 1698 to organise the market in Jonathan’s coffee house through a simple list of stock and commodity prices. The wave of speculative fever known as the south sea bubble burst in 1720. In 1761 a group of stock broker form a club at Jonathan’s to buy and sell shares and then in 1773 they put up their own building in Sweeting’s Alley with dealing room and members named it â€Å"The Stock Exchange†. On 3 March 1801, first regulated exchange comes into existence in London and the business reopens under a formal membership basis and the modern stock exchange was born. First codified rule book was created in 1812 and first regional exchange were opened in Manchester and Liverpool in 1836 and it was rebuilt in 1854. A new deed settlement came to existence in 1876. In 1914 after Great War, the exchange market was closed from the end of July till the New Year. During 1986, there was deregulation of market which is known as ‘Big Bang’. Ownership of member firms by an outside corporation was allowed. Brokers were able to operate in a dual capacity and minimum scales of commission were abolished. Trading was moved to computers and telephones from separate dealing rooms. The exchange became private limited company under the Companies Act 1985. The trading name became â€Å"The London Stock Exchange† in 1991. In 1997, SETS (Stock exchange Electronic Trading System) was launched. In 2003, EDX London was created, a new international equity in partnership with OM Group and later in 2004, LSE moved to new headquarters Paternoster Square. Latest in 2007, LSE merged with Borsa Italiana, creating London Stock Exchange Group. India The Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai. It was established in 1875 and is one of the oldest stock exchanges in Asia. Around 3600 companies in the country are listed on this stock exchange and have a substantial trading volume. The market capitalization of the BSE is about Rs.20 trillion (US$ 466 billion). The ‘Sensex’ is commonly used market index for the BSE and it is among the five big exchanges in the world in terms of number of transactions. Its history traces back to the time in mid 1850s, when an informal group of 22 shareholders used to trade under banyan tree in the Town Hall of Bombay. The association the native sharebrokers was formally organized as The Bombay Stock Exchange in 1875. The BSE is the oldest stock exchange in Asia and Premchand Roychand used to be the leading sharebroker in that time. He was the one who assisted in setting out procedures and conventions for the trading of stock at BSE. James M. Maclean inaugurated the Brokers Hall in 1899. in 1928, it was shifted to an old building in Town Hall, Bombay and later on the building was constructed on Dalal Street in 1930 where the BSE building now stands. The BSE follows the system of eTrading, which came into use in 1995. In 2000, BSE Sensex was used to open its derivatives market for trading Sensex future contracts, followed by development of equity derivatives in 2001 and 2002 which expanded its trading platform. Stock exchanges by providing a centralized and ready market, facilitates the business for financing through flotation of bonds and stocks. Sometimes speculation in stock can put stress on the instability of an economy. The reality of the Great depression was emphasised by the stock market crash in 1929. Financial Crisis Stock market crash of 1929 After the First World War, there was a growth in industrialisation and new technologies. During 1920s was the time of peace and prosperity because the economy was benefited greatly from the new life changing technologies. Many investors quickly purchased the shares on seeing Dow Jones industrial average surged. Due to the powerful economic boom the stocks were seen very safe to most of the economists. Stocks were purchased by the investors on margin. From 1921 to 1929, the Dow Jones rocketed from 60 to 400 and for every dollar invested; a margin user would borrow 9 dollars worth of stock. But on Thursday October 24, 1929 the Dow Jones Industrial Average fell 38 points to 260, which was a drop of 12.8 percent and across the two days its average fell 23 percent and finally at the end of the period on November 11, there was a cumulative drop of 40 percent. Overvalued stocks, low margin requirements, interest rate hikes and poor banking structure were the few causes of the crash. In total, 14 billion dollars of wealth were lost during this market crash. Stock market crash of 1987 Dow hit a record 2722.44 points on 25 August, 1987 but then the Dow started to head down. And valuation in the United States dropped around 36 percent from the days between October 14 to October 19, 1987. On black Monday October 19, 1987 the Dow Jones Industrial Average plummeted 508 points losing approx 22.6 percent of its total value and SP 500 dropped to 20.4 percent. Reasons for the crash were no liquidity, overvalued stock, program trading and the use of derivative securities software. During the crash half trillion dollars wealth were lost. Stock market crash of 2008 The failures of financial organizations in the USA due to exposure of credit default swaps and subprime loans resulted in a global crisis as banks all over the world failed and the values of shares and commodities fell drastically. The Indonesian Stock Market stopped operating on seeing a 10% drop in a day on October 8. Comparisons were made of this crisis with the one in 1987 but that lasted for just one day whereas the present one lingered on for the whole week. Dow Jones saw its worst ever decline of 18% during the week commenced on October 6. The failure of banks in Iceland devalued the Icelandic Krona and forced the country to the verge of bankruptcy which was saved by an emergency loan from International Monetary Fund (IMF). The main index of Iceland had a 77% decrement. October 24 saw the worst downfalls for many countries whereas Dow Jones industrial average was somewhat better at 3.6%. The value of United States Dollar and Japanese Yen increased whereas that of British Pound and Canadian Dollar was among the major losers. Literature review 1.1 Introduction The competition among different industrial countries markets was witnessed by their respective national stock exchange markets during the late 1980s and the economists observed that linkage or interrelation between the global markets existed. Due to the less restrictive climate towards capital movements, economists actually started thinking that the major financial markets of the world are systematically interrelated. Growth can be seen in reaction towards external developments in macro-economic policies and the world financial environment due to this interrelation. Technological developments in communications, trading system and the innovations of financial products have created global international investment opportunities. Linkages among stock market have important implication and significance for security pricing, trading strategies, hedging and financial market regulations. And also the presence of short term and long term relationship may be used to attain financial gains from international portfolio diversification and to also reduce systematic risk. International Market linkages have been widely investigated. Several studies have been conducted explaining the empirical and theoretical issues on linkages amongst stock market and mainly focused on the co-movement between developed and emerging markets. There is a wealth of literature on stock market interdependence and integration. However, depending on the data, methodology, and theoretical models used there is no clear resolution of the issue yet. Some previous work has have found that international stock markets are integrated and some found that stock markets are not interlinked. Most of the studies on stock market interdependence in emerging markets have been done on geographical groups of markets, such as markets in Central and Eastern Europe  and America  and in Asian countries. Further, I summarize some of the most recent findings. 1.2 Interdependence of Stock Markets A number of studies have examined stock market linkages among emerging stock market and the developed stock markets like Arshanapalli, Doukas and Lang 1995 and Chen, Firth and Rui, 2002. Arshanapalli, Doukas  and Lang (1995) report that after the 1987 crash international market linkages have strengthened in terms of increased number of co-integrating vectors in the post crash period. They investigated in their paper that presence of a common random variable trend between the US and Asian stock market movements during the post October 1987 period. They showed that the cointergating structure which actually ties the stock market together has significantly increased since October 1987. US stock market influence on the other markets was considerably found greater in the post crisis period. Their results indicate that the Asian equity market is more integrated with US equity market than Japan equity market. Where as, Masih and Masih (1997) and Masih and Masih (1999) found cointegration relationship among the equity markets of Malaysia, Thailand, US, UK, Japan, Singapore and Hong-Kong during pre-financial crises period 1987. Number of papers investigates the short term and long term linkages among Central and Eastern Europe (CEE) stock exchanges. Talking about long term relationship, Gilmore and McManus (2002) and Gilmore and McManus (2003) analysed that no long term relationship can be established among the CEE stock markets with the US and Germany stock markets, where as Voronkova (2004) shows the existence of long term linkages among the Central European markets and CEE. Hamao and Masulis (1990), King and Wadhwani (1990), Kasa (1992) and Arshanapalli and Doukas (1993) have found that the equity markets of developed markets are integrated and US equity market leads the other developed market like Japanese equity market, UK equity market and few other European equity markets. Yang, Hsiao, Li and Wang (2005) also examined the long run price relationship and the dynamic price transmission among USA, Germany and four Eastern European emerging stock markets. They paid particular attention to Russian crisis in their study. VAR analysis was conducted. It was concluded that both long run relationship and the dynamic transmission were strengthen among these markets after the crisis and Germany became dominant and noticeable only after the Russian crisis amongst all the Eastern European markets. Syllignakis and Kouretas also examined the short and long term relationship between ten central Eastern European stock markets and two developed stock market i.e US and Germany, they used Gowzalo and Granger method and indicated weak partial integration among these markets. They also indicated that the four big stock exchange market like Republic, Hungary, Poland and Slovenia together with Germany and the US stock market have substantial permanent factor which drives the system of stock market exchange in the long run. Egert and Kocenda (2006) analyse the co-movement and interdependence among three stock markets in Western, Central and Eastern Europe and found no robust cointegration relationship for any of the stock index pairs. Data from 2003 to 2005 for stock indices have been taken and applied wide range of econometric techniques like unit root and stationary tests, cointergration tests, Granger causality test, VAR estimation have been used. Results show that there are signs of short term spillover effects both in terms of stock price and stock return volatility. Granger causality test show the existence of bidirectional causality for both returns and volatility series and limited number of short term relationships using VAR framework. Limited interaction has been found among the market in case of Poland and Hungary by Li and Majerowska (2007) and also showed that emerging markets are weekly linked to the developed markets by using GARCH approach .In this paper linkages between the emerging markets of Warsaw and Budapest with the established market in Frankfurt and US were studied by using four-variable asymmetric GARCH-BEKK model. At the end it was implied that by adding the stock in the emerging markets to their investment portfolio they may benefit from reducing the risk. Further, looking at some more European counties Lucey andVoronkova (2008) examined relationship Russia and other equity markets over the period of 1995-2004 by using number of co-integration approach like Gregory-Hansen test, a stochastic cointegration framework, the non-parametric test for unit root and cointegration and found Russian market does not show strong evidence of increased long run convergence either with regional or developed markets, so therefore correlation is low. They also stated that Russian equity market in the long run was isolated from the influence of international markets and structural break in August 1998 did not alter the long term relationship nature. Ozdemir, Olgun and Saracoglu (2008) examined dynamic linkages between the equity market of US representing the center and emerging market using the Granger causality test as a result showed significant causal relation to all emerging markets and conclude that there is no evidence in the literature suggesting an effect of an emerging stock exchange market to that of large markets like US, Japan and UK. Where as Chinzara, examined to what extent South Africa equity market is integrated into world equity market using cointegration, VECM and VAR model and taking data for period 1995-2007. He fi