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

Elevator History :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  An elevator is a mechanism for moving people and freight from level to level in a building or any other structure. The first elevator-like structure was built in 236 BC by the Archimeds. This construction was a hoist operated by ropes and pulleys. However, the first pragmatic elevator was not developed until the 19th century. Though sensible, this elevator has been modified many times throughout the course of history and is still updated with all of the new advancements in math and technology. From the start of the production of elevators through today, there have been numerous and boundless improvements made on their structure and how they operate: all due to the advancement of mathematics and technology.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  The first elevator developed was known as a manual elevator. This system of elevators used â€Å"relay logic†. Relay logic was a simple wiring based on circuits. This type of elevator did not transfer people from one level to another, only cargo. *****  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  The second type of elevators was developed in the 1800s. These elevators were powered by steam. At first, these elevators were used solely to transport freight in factories and ore in mines. Unfortunately, these elevators required a safety device to restrain the elevator from dropping if it’s supporting cable broke, and this had not been invented yet. Eventually, this necessity was discerned and acted upon. In 1852, Elisha Graves Otis designed the first safety contrivance for elevators. This device was a system involving spring-operated cams that affianced the guide rails in the elevator shaft when the cable broke. This secured the elevator from subsiding which enabled steam powered elevators to be used for transporting people along with cargo. This new use was caused by the precautions taken in improving the safety of steam powered elevators. It was first used for people in 1857 in New York’s own ‘Haughwout’ department store. This edifice was driven by steam power: unlike the manual elevator it had the capability of transporting people from floor to floor. Though this was a major amplification in the manufacturing of elevators, technology and mathematics were still improving allowing for even more types of ameliorated elevators to take the place of those already produced.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  As mathematics advanced, the third type of elevators was formulated. This being the hydraulic elevator was the first practical elevator with semblance to those of today’s time. The concept of hydraulics is somewhat based on Pascal’s Law. This stated that pressure exerted upon a liquid is transmitted in all directions at the same magnitude. This was theorized sometime in the mid-17th century yet it’s capability of advancing and Elevator History :: essays research papers   Ã‚  Ã‚  Ã‚  Ã‚  An elevator is a mechanism for moving people and freight from level to level in a building or any other structure. The first elevator-like structure was built in 236 BC by the Archimeds. This construction was a hoist operated by ropes and pulleys. However, the first pragmatic elevator was not developed until the 19th century. Though sensible, this elevator has been modified many times throughout the course of history and is still updated with all of the new advancements in math and technology. From the start of the production of elevators through today, there have been numerous and boundless improvements made on their structure and how they operate: all due to the advancement of mathematics and technology.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  The first elevator developed was known as a manual elevator. This system of elevators used â€Å"relay logic†. Relay logic was a simple wiring based on circuits. This type of elevator did not transfer people from one level to another, only cargo. *****  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  The second type of elevators was developed in the 1800s. These elevators were powered by steam. At first, these elevators were used solely to transport freight in factories and ore in mines. Unfortunately, these elevators required a safety device to restrain the elevator from dropping if it’s supporting cable broke, and this had not been invented yet. Eventually, this necessity was discerned and acted upon. In 1852, Elisha Graves Otis designed the first safety contrivance for elevators. This device was a system involving spring-operated cams that affianced the guide rails in the elevator shaft when the cable broke. This secured the elevator from subsiding which enabled steam powered elevators to be used for transporting people along with cargo. This new use was caused by the precautions taken in improving the safety of steam powered elevators. It was first used for people in 1857 in New York’s own ‘Haughwout’ department store. This edifice was driven by steam power: unlike the manual elevator it had the capability of transporting people from floor to floor. Though this was a major amplification in the manufacturing of elevators, technology and mathematics were still improving allowing for even more types of ameliorated elevators to take the place of those already produced.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  As mathematics advanced, the third type of elevators was formulated. This being the hydraulic elevator was the first practical elevator with semblance to those of today’s time. The concept of hydraulics is somewhat based on Pascal’s Law. This stated that pressure exerted upon a liquid is transmitted in all directions at the same magnitude. This was theorized sometime in the mid-17th century yet it’s capability of advancing and

Science Teaching: Yesterday, Today, and Tomorrow

Science Teaching: Yesterday, Today, and Tomorrow Science instruction can take on many forms. From the lecture hall, to the laboratory there are a variety of ways science can be taught. This essay explores the historical events and changes that have effected science education and made it what it is today and where it may be heading in the future. (Martin, 2009) Science education was created to share scientific data and events with students who are not part of the scientific community but benefit from scientific understanding. It is a way to make students scientifically literate about general concepts that pertain to scientific discovery. Elementary science education usually includes the subject areas of physical, life, earth, and space sciences. (Martin, 2009) The early days of science education began in the United Kingdom near the end of the 19th Century. Decades later the push for science education reached the United States. In the US science was taught in a somewhat disorganized manner until it was standardized in 1890. Following standardization, science curriculum slowly evolved without a great deal of mainstream excitement and focus until the 1950’s with the dawn of the space age. After the Soviet Union’s Sputnik program successfully launched several objects into space the United States became painfully aware that they were behind in science technology. From this point on in true American fashion the desire to compete on the world stage became the driving force for scientific discovery, specifically a race into space. This awareness that the United States had some catching up to do in order to rival the advances of other countries inspired support for higher quality science programs in classrooms across America in hopes that a crop of science- minded students would emerge. Martin, 2009) With the new focus on science education came billions of dollars to fund it. Educators were given the materials to teach ever-changing scientific concepts as well as the tools to provide a hands-on experience to students in the form of laboratories and field studies. Because discovery was changing at a rapid pace, science curriculum during this time was based on concrete scientific theory rather than the latest discoveries. The main goal was for students to gain a general understanding of science and to inspire students to become inquisitive and scientifically minded. Martin, 2009) Science teachers of the past and present share a common responsibility. They must convey a positive attitude about the subject of science to their students. Science teachers must present materials in and interesting, factual and creative way. They must engage their students in hands-on experiences. Teachers must give students the sense that they are able to gain an understanding of the world of science and build upon it to add to their knowledge. Teachers must make scientific understanding obtainable for students, sparking future inquisition and research. Martin, 2009) The ability for students to understand general sciences and beyond is a necessity. In the modern world, students will be required to use scientific information as they make choices on a daily basis. Also, students who are scientifically literate benefit from their ability to discuss, in an informed manner, many of the scientifically based issues the world community faces. Additionally, students will use scientific literacy in an ever-demanding workplace environment where they will be required to think creatively, solve problems, reason, and make decisions. National Academies Press, 1996) The science curriculum of today is moving in the direction of making students of the Unites States competitive on a worldwide stage. With technology changing at an extremely rapid pace it is essential that American science education prepare students to stay on pace with advances as well as forge new paths in the science of technology. Also, the sciences that focus on the natural Earth have taken center stage as the world addresses issues like global warming, and the availability of natural resources. In an article that promotes the new National Science Education Standards it is proposed that new American standards â€Å"will require major changes in much of this country's science education. The Standards rest on the premise that science is an active process. Learning science is something that students do, not something that is done to them. †Hands-on† activities, while essential, are not enough. Students must have â€Å"minds-on† experiences as well. † (National Academies Press, 1996) Today’s science curriculum should continue on their current path and focus on technological science and physical science. Although the space sciences are still fascinating, given the current needs for the United States to lead the world community in other areas it important that the most relevant sciences receive the most focus. References Martin, D. J. (2009). Elementary science methods: A constructivist approach (5th ed. ). Belmont, CA: Thomson Wadsworth. National Academies Press. (1996). National science education standards: An overview. http://www. nap. edu/openbook. php? record_id=4962&page=1

Mesopotamia vs. Egypt Essay

When you think about Mesopotamia and Egypt you may think that they are very different. They are, but they also have many similarities and differences as well. Both of these societies have done things that have effected the way we live today. One similarity is they were both polytheistic, meaning that they believed in many gods. Another similarity is the both had their own writing system. Two differences they have are their feelings about the afterlife and their rivers. A similarity between the Mesopotamians and Egyptians is they both had their own writing system. The Egyptians used hieroglyphics which used pictorial symbols that represented sounds, concepts, or syllables. Because it took so long to learn how to read and write using hieroglyphics, scribes and priest were mainly they only ones who used it. The Mesopotamians used cuneiform. Cuneiform was basically wed-shaped symbols that represented words or syllables. Because so many symbols had to be learned, literacy was confined to a very small group made up of priest and scribes. Cuneiform originated in Mesopotamia but was then used by the Sumerian and Akkadian. Another similarity is both the Mesopotamians and the Egyptians were polytheistic, meaning that they believed in many gods. Both believed that everything happened because of the gods, and if you made the gods mad then you would be punished. The Mesopotamians were a little more skeptical about the gods compared to the Egyptians, the Egyptians were very optimistic about the gods. Also, both groups were very dependent on the gods and prayed to them daily. Many of their gods had to deal with nature. A difference between the two is their rivers. The Egyptians relied on the Nile river. It would flood often, but it was predictable. Because of this, the Egyptians built their homes where they wouldn’t get destroyed. They would also used irrigation to help their crops when the river would flood. The Mesopotamians had the Tigris and Euphrates river. It would flood Mesopotamia at unpredictable times at least once a year. The floods would destroy many homes and buildings. Another difference between Mesopotamia and Egypt is their outlook on death. The Egyptians spent their whole lifetime planning for the afterlife, they even planned their burial. After death hey were mummified and buried with their prized possessions and things such as food to help them along their trip to the afterlife. But the Mesopotamians had a bad outlook on death. They believed they gods were harsh, and did not look forward to the afterlife. As you can see Mesopotamia and Egypt have many similarities and differences. They are similar by both having their own writing systems and they were both polytheistic. They are different because of their outlooks on the afterlife and the flooding of their rivers. Both of these civilizations have shaped us today. Without them we wouldn’t be the world we are now.

Jefferson Principles Essays - Thomas Jefferson, Free Essays

Jefferson Principles Essays - Thomas Jefferson, Free Essays Jefferson Principles ureAlex Marion Mr. Uremovic per 2 10/5/00 Thomas Jefferson is remembered in history not only for the offices he held, but also for his belief in the natural rights of man as expressed in the Declaration of Independence and his faith in the peoples ability to govern themselves. Through his political career, Thomas Jefferson advocated democratic principles and adhered to his liberal ideology. However, as a president he found it difficult to maintain these policies in the noisy arena of politics. Consequently, circumstances forced him to reverse himself in some degree on these concepts. When he was voted into the presidency, Jefferson devoted a major section of his inaugural address to the the essential principles of our government, and consequently those which ought to shape its administration (Cunningham). Here he reiterated his basic political principles and the leading policies that he had professed as a candidate, which he now restated as the guiding pillars of his administration. He began by affirming equal and exact justice to all his men, of whatever state or persuasion, religious or political. Next, Jefferson proclaimed, Peace, commerce, and honest friendship with all nations, entangling alliances with none. He then went on to affirm his commitment to the rights of the states and the preservation of the central government. Continuing to intermingle general principles and specific policies, that new president declared that he favored reliance for defense on a militia rather than an army, a small navy (Cunningham) and prosperity through economy, the payment o f debts, and the encouragement of agriculture and commerce as its handmaid. He also emphasized basic rights such as freedom of speech, freedom of the press, and impartially selected juries. These principles, Jefferson concluded, form the brightest constellation, which has gone before us and guided our steps through an age of revolution and reformation They should be the creed of our political faith, the text of civic instruction, the touchstone by which we try the services of those we trust. Unfortunately for Jefferson, marinating this creed would not be easy during this period of history. Jefferson maintained his governing principles throughout the most part of his presidency. Most of them, however, were forced to be compromised. One of the first examples deals with the excise tax, a policy left by Hamilton. Jefferson strongly disliked this tax because it bred bureaucrats and bore heavily on his farmer following (Bailey, Kennedy, Cohen). By repealing this tax, Jefferson was forced to abandon his belief on paying debts, thus costing the federal government about a million dollars a year in urgently needed revenue. Jefferson also had difficulty improving state rights and taking power from the federal government. As a result of the famous Marbury v. Madison case, Chief Justice John Marshall created the idea of judicial review by ruling that the Judiciary Act of 1789 was unconstitutional. This resulted in the Supreme Court having the final word on the interpretation of the constitution. Jefferson tried allotting this power to the states in his Kentucky Resolutions. Due to Marshalls ruling, Jefferson was unable to follow his principle of state rights and grant these states additional powers. Perhaps more contradictory to Jeffersons principles was the conflict with Tripoli and the Barbary pirates. Jefferson had long supported international pacifism and a small navy and militia. Pirate raids and tributes along the Barbary Coast eventually compelled Jefferson to desert these noninterventionist policies and dispatch a navy. He did so without congressional approval, an act contradictory to his belief of majority will. His expanded navy of small gunboats successfully ended the conflict with a treaty of peace in 1805. The Louisiana Purchase in 1803, moreover, was a more poignant example of Jefferson contradicting his principles. Spain was planning to cede Louisiana back to France, which Jefferson could not allow. With a leader like Napoleon nearby, conflict was inevitable. The result would force America into an alliance with Britain, which strongly violated Jeffersons anti-entanglement policy and would still lead to conflict. Jeffersons only other option was to purchase the Louisiana territory from France, which would greatly expand Americas western frontier. The price, however, was expensive and left a dent in Americas wallet. Jefferson also needed to act unconstitutionally in purchasing the land, which also violated his idea of

How to Make Thermite With Aluminum from an Etch-a-Sketch

How to Make Thermite With Aluminum from an Etch-a-Sketch You may have learned about exothermic reactions in chemistry class. In an exothermic reaction, chemicals interact and release heat and often light. Burning wood is an exothermic reaction. So is rusting of iron, although the reaction is so slow you dont notice much going on. You can react iron much more quickly and spectacularly using the thermite reaction, which burns aluminum. The classic method of performing the reaction involves iron oxide, aluminum powder, and magnesium, but you can make do with household materials: 50 grams of finely powdered rust (Fe2O3)15 grams of aluminum powder (Al) Iron Oxide Collect rust from a rusted iron object, such as rust from a wet steel wool pad. Alternatively, you can use magnesite as your iron compound, which may be collected by running a magnet through beach sand. Aluminum This is where your Etch-a-Sketch comes into play. The powder inside an Etch-a-Sketch is aluminum. If you crack open the Etch-a-Sketch, you have the perfect complement to the iron oxide from the previous step. However, if you cant find an Etch-a-Sketch, you can grind aluminum foil in a spice mill. No matter how you get it, wear a mask when dealing with aluminum powder because you dont want to breathe it in. Wash your hands and everything after working with the stuff. Etch-a-Sketch Thermite Reaction This is insanely easy. Just be sure to choose a location away from anything flammable. Use eye protection when viewing the reaction, since a lot of light is emitted. Mix together the iron oxide and aluminum.Use a sparkler to light the mixture.Move away from the reaction and let it burn to completion before cleaning it up. Once it is cool, you can pick up the molten metal and examine it. You can use a propane torch instead of a sparkler to initiate the reaction, but try to maintain your distance as much as possible.

The Primary Framework for Literacy and Mathematics Essay

The Primary Framework for Literacy and Mathematics - Essay Example These variations are built upon evaluation and research carried out since the late 1990s. The changes include: 1. Extending it to the beginning of funded education, to create greater coherence and continuity within and between stages of care and education 2. Creating a clearer set of learning objectives to support teachers and practitioners in planning for progression in literacy and mathematics, to help raise the attainment of all children, personalise learning and secure intervention for those children who need it 3. Bringing an increased sense of drive and momentum to literacy and mathematics through the primary phase, involving some scaling up of expectations and a greater focus upon planning for progression through a teaching sequence over an extended unit of work covering two or three weeks 4. Supporting schools and settings in implementing the recommendations of the Rose report through the provision of high-quality teaching of phonics and early reading 5. Supporting improved l eadership and management of literacy and mathematics to stimulate and improve standards further 6. Reducing workload and foster professional dialogue on how to use the Framework flexibly to meet the needs of the children. 7. Introducing a new, electronic format which allows for customised planning, teaching and assessment, with the ability to link quickly to a wide range of teaching and learning resources available through the Primary National Strategy. (DfES, 2006) The Primary Framework for literacy and mathematics differs from the 1998 Framework in that it involves an electronic version with simplified learning objectives. The electronic Framework provides a resource that will be added to and expanded, as well as providing additional materials and support and as the Framework project develops. This may include any necessary revisions to the Early Years elements, and the simplified learning objectives that give a broader overview of the literacy curriculum in the primary phase. The learning objectives of the framework are aligned to 12 strands that demonstrate progression in each of the strands. The 12 strands also create a direct link to the Early Learning Goals and aspects of English inside the National Curriculum. If the learning objectives are covered, this will enable the pupils to reach the desired Communication, Language and Literacy goals, and ensure that the appropriate National Curriculum levels are accomplished for the Key Stages. The strands of this framework include Speak and listening for a wide range of purposes in different contexts, Reading and writing for a range of purposes on paper and on screen Word recognition, Understanding and interpreting texts, creating and shaping texts, organisation and structuring of text, Engaging and responding to text, Sentence structure and punctuation, Word Structure, spelling and Presentation. (DfES, 2006) This framework also involves the Literacy Hour within which Pupils have daily literacy lessons where th ey are taught the knowledge, skills and understanding set out in the National Curriculum for English. The guidance in the renewed Framework still places emphasis on properly directed, carefully planned, purposeful learning and teaching. Initially, the context of the literacy framework required adequate attention to be given to how the lessons are organised and structured. The real challenge

Introduction of tourism management Essay Example | Topics and Well Written Essays - 3000 words

Introduction of tourism management - Essay Example Based on the issues recognised thereof, recommendations have been provided in the paper so that the industry can adjust with the changes and increase their revenue. In recent years, tourism was witnessed to experience tremendous growth. The growth is so large that the industry is expected to assume position of the fastest growing as well as largest industry worldwide by all measures. Tourism sector experienced strong domestic as well as international growth primarily because it delivers a myriad of several advantages to travellers, tourists and their hosts (Bosselman, Peterson and McCarthy, 1999). Another reason that was determined to be strongly responsible for growth of tourism across the globe is its inherent quality of transecting numerous sectors, interests and business levels within one activity in a comprehensive manner. The economic sectors that enjoy benefits of tourism are hotel industry, transport department, tourist board and operators and government organisations (Cater, 1995). Tourism has gained increasing attention from private and public bodies chiefly because of its contribution as a source of attracting foreign exchange, emplo yment generation, increasing tax revenue and profit generation (Mathieson and Wall, 1982). Despite the economic benefits, tourism is not free from criticisms. Tourism has been blamed by several organisations for environment pollution, excessive resource consumption and adverse impact on a nation’s cultural and social environment (Bosselman, Peterson and McCarthy, 1999). The paper, however, is more focussed on impact of macro and micro environmental factors on growth of tourism. The growth pace of tourism is slowing down because of a number of issues. The face of tourism is also changing as numerous relevant trends are evolving consistently (Cooper, et al., 2008). As tourism has been referred as a commercialised form of hospitality by Cohen (1984), hotel industry is an important dimension of the

English Class Essay Example | Topics and Well Written Essays - 250 words - 6

English Class - Essay Example Both articles also identify the parties involved in the incident and reasons behind the fracas, which finally culminates into the killing of five colonists by British Army. Another aspect of similarity is that the articles also carry the engraving of Paul Revere and mentions about one of the victims, Crispus Attucks, who later became a hero. The first article is a brief account of the incident, which is focused on the historical perspective of the occurrence. It is divided into different sections, each dealing with a specific aspect of the incident. Though the second article also provides an historical account of the incident, it is more focused on how Paul Revere, an artist who â€Å"capitalized on the Boston Massacre† to promote his engravings. (The Boston Massacre: A Behind-the-Scenes: Look at Paul Revere’s Most Famous Engraving 1). The former article also provides information about the trials that entailed the incident. On the other hand, the latter is silent on this aspect. The first article dwells on some myths about the Boston Massacre, and emphasizes the fact that â€Å"there were other historical milestones† that forced Boston to revolt (What was the Boston Massacre par. 9). The other article attempts to interpret the allusions shown in the engravings of Paul Revere. The Boston Massacre: A Behind-the-Scenes: Look at Paul Revere’s Most Famous Engraving. Boston Public Library. n.d. Web. 19 Sep. 2011.

Legalizing Marijuana for recreational use Research Paper

Legalizing Marijuana for recreational use - Research Paper Example Ethics, unlike law determines what is right from wrong in regards to this issue regardless of the law which may be in existence unlike law which heavily defends a legal position that has already been defined using the oratory skills. This paper proposes the justice of making marijuana legal at a federal level as a controlled substance while taking 2 standpoints where the drugs benefits is more than the associated risks and also since there are inconsistencies with the current legal policies on the issue of marijuana as compared to both legal and illegal drugs that are more dangerous. Specifically, the paper will compare benefits and risks of legalizing marijuana against those of the most common legal recreational drug that are currently being used today. In specific it will look at cigarettes and alcohol. This paper tries to avoid discussing legalization of medical marijuana since research show that12 states already have allowed the use of marijuana in medicinal purposes and today there are over 2000 legal marijuana dispensaries all over the nation. However, the possession and usage of the drug is still illegal under the federal law. Due to the popularity and historical usage of the substance, a new look needs be implemented so that this can be a legal recreational drug together or even to be made to replace alcohol and cigarette smoking. Marijuana is a dried blossom of the Cannabis Sativa and Cannabis Indica plants. It is the most regularly used illegal drug and thus is considered as being one of the most popular recreational drug in United States. Over the years there have been a lot of debates over the issue of legalizing the drugs with many individuals coming up with both positive and negative issues. In the 21st century marijuana is illegal in the United States due to concerns over violence, health related issues and crimes that are associated with marijuana. There have been some

Iphone 5 Term Paper Example | Topics and Well Written Essays - 2000 words

Iphone 5 - Term Paper Example Sales Presentation Preparation 11 A. Presentation Objectives 11 B. Business Contact Worksheet 11 C. Need Discovery Worksheet 11 D. Demonstration Worksheet 12 E. Negotiation Worksheet 12 F. Closing Worksheet 12 G. Follow Through, Follow Up and Expansion Services- List 13 VI. Appendices 13 References 14 I. Proposal Summary A. Buyer Problem or Need There is an identified need on the part of the buying organization to upgrade to a mobile infrastructure to address internal productivity needs, as well as to address the needs of customers wanting to interact with the firm using the platforms that the customers use on a daily basis (Google, 2012; Verizon Wireless, 2012; Apple, 2012; Canada, 2012; Beavis, 2012). B. User Problem’s Business Impact Productivity impacts the firm’s ability to sustain itself in the long term, and to be profitable. Customer interactions likewise drive business top lines and profits. The decision on the right mobile platform can affect the future of the business in a fundamental way (Google, 2012; Verizon Wireless, 2012; Apple, 2012; Canada, 2012; Beavis, 2012). C. Value Proposition We are selling a platform as well as an ecosystem that has global traction, unparalleled popularity and quality, and is proven to improve productivity for both firms and individuals (Google, 2012; Verizon Wireless, 2012; Apple, 2012; Canada, 2012; Beavis, 2012). II. Proposed Solution A. ... The new iPhone is also able to leverage the unparalleled ecosystem of applications, application developers, companies that cater to components and services tied to the iPhone, the app store and its providers of apps, the music store and the millions of copyrights belonging to the music industry and content creators, and even business productivity solutions all tied to the iPhone franchise (Canada, 2012; Apple Inc., 2012; Beavis, 2012). The product under consideration here, therefore, is not just the phone, but the whole ecosystem that goes with purchasing the new iPhone 5. This is not to say that the new iPhone is interchangeable with the older iPhone models, because as it is the new iPhone has features that make it stand out from the crowd, and represents the best in terms of the evolution of the device. A sampling of the outstanding new features of the phone, that sit on top of the great features of the ecosystem as described above, includes a 4-inch Retina screen, speedy wireless connectivity, new and powerful processor in the A6 processor chip. An 8 megapixel camera, a new OS in iOS 6, and the latest iteration of the cloud computing platform for Apple, the iCloud (Verizon Wireless, 2012; Apple, 2012; Canada, 2012; Beavis, 2012). B. Company Description Apple the company is in the business of the design, manufacture, and the marketing of mobile products for telecommunications and media consumption, in essence, even as it is known traditionally as a maker of computing products with its Mac line of computers. The products revolve around an ecosystem and a platform for the consumption of content, including music, books, and apps. The key