Top 10 Excuses You use to Put Off Writing That Paper - EssaySupply.com

Top 10 Excuses You use to Put Off Writing That Paper Top 10 Excuses You use to Put Off Writing That Paper One of the most difficult parts of writing a paper is getting started. There's something about taking that first step and sitting down to research and right that is so challenging to students. It is for this reason that you and other students often come up with excuses to put off the writing you should be doing right now. In fact, we've discovered that some excuses are really popular among students. Check out our top ten list of excuses that students like you use to put off writing that paper. Then, read our suggestions for getting past each excuse so that you can begin writing.         1. The Dorm Room is too Hectic Right Now First, take a minute to consider what you can do to make your place less hectic. Can you ask visitors to come back later? Can you turn down the volume on the tv? Can you close your bedroom door? If these steps don't solve your problem, there are plenty of quiet places to write on campus.          2. I am too Stressed Out From my Busy Day to Think Straight This is a valid reason to give yourself a thirty minute break. Take that time to watch an episode   of a television show, to check your Facebook, or to take a nice hot shower. Then, start writing.  There's no need to waste an entire evening without being at least a little productive.          3. I May not be Writing But I am Thinking About the Assignment If you do this, you are probably coming up with some very good ideas. Unfortunately, if you aren't writing them down, you won't recall most of these ideas later on. At the very least, you should be typing your thoughts into Evernote.          4. I Do My Best Work During the Day/Night Everybody has times when they are more productive than others. If you are truly better off with research paper writing during another time of day, that is fine. This is when you should be working on the more intense portions of your paper. However, you can still do a bit of note taking or light editing right now.          5. There are New Episodes of Orange is the New Black on Netflix This is totally understandable. Go ahead and watch one episode, but then write for at least thirty  minutes before watching another.          6. I Haven't Gone Out With Friends in Over a Week Unfortunately, you may have to make it another day without your friends. If you really want to  see your friends, invite them over for a homework session.                        7. I'll Do it Right After I Clean my Room This is fine if your room is truly so messy that it is distracting. Just make sure that you aren't rearranging your CD collection two hours later instead of writing your paper.          8. I Need to Get Some Sleep. I Will Start in the Morning If you are truly sleep deprived, you are making a good decision. If your version of sleep is  scrolling through Tumblr while laying in bed,   you can probably at least get out a paragraph or    two.          9. I Cannot Think of a Topic Good news! There is a solution to this. It involves sitting down and brainstorming topic ideas. If  you are truly stuck, try hitting the internet for some inspiration.         10. I Just Don't Understand the Subject Focus on what you do know. If you aren't able to get any writing done, you can try spending  some time writing out some questions for your instructor. This way you can get a bit of clarification.

Biography of Christopher Columbus

Biography of Christopher Columbus Christopher Columbus (1451-1506) was a Genoese navigator and explorer. In the late 15th century, Columbus believed that it would be possible to reach the lucrative markets of eastern Asia by heading west, instead of the traditional route which went east around Africa. He convinced Queen Isabella and King Ferdinand of Spain to support him, and he set off in August of 1492. The rest is history: Columbus discovered the Americas, which had been unknown until then. All in all, Columbus made four different journeys to the New World. Early Life Columbus was born to a middle-class family of weavers in Genoa (now part of Italy) which was a city well-known for explorers. He rarely spoke of his parents. It is believed that he was ashamed to have come from such a mundane background. He left a sister and a brother behind in Italy. His other brothers, Bartholomew and Diego, would accompany him on most of his travels. As a young man he traveled extensively, visiting Africa and the Mediterranean and learning how to sail and navigate. Appearance and Personal Habits Columbus was tall and lean, and had red hair which turned prematurely white. He had a fair complexion and a somewhat reddish face, with blue eyes and a hawkish nose. He spoke Spanish fluently but with an accent which was difficult for people to place. In his personal habits he was extremely religious and somewhat prudish. He rarely swore, attended mass regularly, and often devoted his Sundays entirely to prayer. Later in life, his religiosity would increase. He took to wearing the simple robe of a barefoot friar around court. He was a fervent millenarist, believing that the end of the world was near. Personal Life Columbus married a Portuguese woman, Felipa Moniz Perestrelo, in 1477. She came from a semi-noble family with useful maritime connections. She died giving birth to a son, Diego, in 1479 or 1480. In 1485, while in Cà ³rdoba, he met young Beatriz Enrà ­quez de Trasierra, and they lived together for a time. She bore him an illegitimate son, Fernando. Columbus made many friends during his travels and he corresponded with them frequently. His friends included dukes and other noblemen as well as powerful Italian merchants. These friendships would prove useful during his frequent hardships and bouts of bad luck. A Journey West Columbus may have conceived of the idea of sailing west to reach Asia as early as 1481 due to his correspondence with an Italian scholar, Paolo del Pozzo Toscaneli, who convinced him it was possible. In 1484, Columbus made a pitch to King Joo of Portugal, who turned him down. Columbus proceeded to Spain, where he first proposed such a trip in January of 1486. Ferdinand and Isabella were intrigued, but they were occupied with the reconquest of Granada. They told Columbus to wait. In 1492, Columbus had just about given up (in fact, he was on his way to see the King of France) when they decided to sponsor his trip. First Voyage Columbus’ first voyage began on August 3, 1492. He had been given three ships: the Nià ±a, the Pinta and the flagship Santa Maria. They headed west and on October 12, sailor Rodrigo de Triana spotted land. They first landed on an island Columbus named San Salvador: there is some debate today as to which Caribbean island it was. Columbus and his ships visited several other islands including Cuba and Hispaniola. On December 25, the Santa Maria ran aground and they were forced to abandon her. Thirty-nine men were left behind at the settlement of La Navidad. Columbus returned to Spain in March of 1493. Second Voyage Although in many ways the first voyage was a failure–Columbus lost his biggest ship and did not find the promised route west–the Spanish monarchs were intrigued with his discoveries. They financed a second voyage, whose purpose was to establish a permanent colony. 17 ships and over 1,000 men set sail in October, 1493. When they returned to La Navidad, they discovered that everyone had been killed by irate natives. They founded the city of Santo Domingo with Columbus in charge, but he was forced to return to Spain in March of 1496 to obtain supplies to keep the starving colony alive. Third Voyage Columbus returned to the New World in May of 1498. He sent half of his fleet to resupply Santo Domingo and set off to explore, eventually reaching the north-eastern part of South America. He returned to Hispaniola and resumed his duties as governor, but the people despised him. He and his brothers were bad administrators and kept much of the little wealth generated by the colony for themselves. When the crisis reached a peak, Columbus sent to Spain for help. The crown sent Francisco de Bobadilla as governor: he soon identified Columbus as the problem and sent him and his brothers back to Spain in chains in 1500. Fourth Voyage Already in his fifties, Columbus felt he had one more trip in him. He convinced the Spanish crown to finance one more journey of discovery. Although Columbus had proven a poor governor, there was no doubting his sailing and discovery skills. He left in May of 1502 and arrived to Hispaniola just ahead of a major hurricane. He sent a warning to the 28-ship fleet about to depart for Spain to delay but they ignored him, and 24 of the ships were lost. Columbus explored more of the Caribbean and part of Central America before his ships rotted. He spent a year on Jamaica before being rescued. He returned to Spain in 1504. Legacy of Christopher Columbus Columbus’ legacy can be difficult to sort out. For many years, he was thought to have been the man who â€Å"discovered† America. Modern historians believe that the first Europeans to the New World were Nordic and arrived several hundred years before Columbus to the northern shores of North America. Also, many Native Americans from Alaska to Chile dispute the notion that the Americas needed to be â€Å"discovered† in the first place, as the two continents were home to millions of people and countless cultures in 1492. Columbus’ accomplishments should be considered in conjunction with his failures. The â€Å"discovery† of America would certainly have taken place within 50 years of 1492 had Columbus not ventured west when he did. Advances in navigation and ship construction made contact between the hemispheres inevitable. Columbus’ motives were mostly monetary, with religion a close second. When he failed to find gold or a lucrative trade route, he began collecting slaves: he believed that a trans-Atlantic slave trade would be quite lucrative. Fortunately, the Spanish monarchs outlawed this, but still, many Native American groups correctly remember Columbus as the New World’s first slaver. Columbus’ ventures were often failures. He lost the Santa Marà ­a on his first voyage, his first colony was massacred, he was a terrible governor, he was arrested by his own colonists, and on his fourth and last voyage he managed to strand some 200 men on Jamaica for a year. Perhaps his greatest failure was his inability to see what was right before him: the New World. Columbus never accepted that he had not found Asia, even when the rest of Europe was convinced that the Americas were something previously unknown. Columbus’ legacy was once very bright–he was considered for sainthood at one time–but now he is remembered as much for the bad as the good. Many places still bear his name and Columbus Day is still celebrated, but he is once again a man and not a legend. Sources: Herring, Hubert. A History of Latin America From the Beginnings to the Present.. New York: Alfred A. Knopf, 1962 Thomas, Hugh. Rivers of Gold: The Rise of the Spanish Empire, from Columbus to Magellan. New York: Random House, 2005.

Evaluation of Demand Elasticity Research Paper Example | Topics and Well Written Essays - 2000 words

Evaluation of Demand Elasticity - Research Paper Example The value of elasticity (e) for a product lies in the range of 0 to 1. If the elasticity for a product is 0 (perfectly inelastic), then the sellers can easily manipulate changes in the price of the product. However, if the demand elasticity for the product is 1 (perfectly elastic), then the sellers must be very careful while changing the price of the product (as the demand is highly sensitive). This research paper will concentrate on the business price elasticity analysis of a Hamilton Beach 4 Speed Blender. The learnt from the paper will help the researcher to analyze the most optimal business strategy for the product (Arnold 167). Section 1: Relative Price Comparison This part of the paper will explain the relative price comparison table for the concerned product, Hamilton Beach 4 Speed Blender. This is a table that would compare the prices of the product with its close substitutes. Relative Price Comparison Table (Source: Author’s Creation) The above table explains the rela tive price comparison table for the Hamilton Beach 4 Speed Blender. The three selected locations are the different cities of Los Angeles. These are West Hollywood, Culver City and Santa Monica. The table would compare the prices of Hamilton Beach 4 Speed Blender in these three locations (prices of the same group products in three different markets in nearby geographic locations) (â€Å"Hamilton Beach 54615 Wavestation Express Dispensing Blender with 48-Ounce Jar, Black†). The two close substitute product of the Hamilton Beach 4 Speed Blender are the Hamilton Beach Big Mouth Juicer and the Hamilton Beach Stainless Steel Peeler of Fruit and Vegetable. It should be considered that there is no perfect substitute for the mixer grinder. This is the reason for which peeler and juicer are the closed substitutes of the product. The table would also compare the prices of the close substitutes of the Hamilton Beach 2 Speed Blender in the same markets (â€Å"Hamilton Beach Big Mouth Jui ce Extractor†). Before the table is analyzed, one has to understand the meaning of a substitute product. Products are substitutes of each other if the features inbuilt in the product satisfy the same type of demand (hence, utility) for consumers. Cross price relation of substitute products is positive. For example, Coke and Pepsi are substitutes of each other and thus, the rise in the price of Coke would decrease its quantity demanded (law of demand) and increase the price for Pepsi (â€Å"Hamilton Beach Stainless Steel Fruit & Vegetable Peeler – 03066†). Price of Coke Quantity Demanded for Pepsi (Source: Author’s Creation) The relative price comparison table in the above graph reflects the price differentials among the close substitutes in the three nearby markets (Hamilton Beach 4 Speed Blender, Hamilton Beach Big Mouth Juicer and Hamilton Beach Stainless Steel Peeler of Fruit and Vegetable) and almost no price differences in the same group of product (H amilton Beach 4 Speed Blender) in the chosen locations in these three markets (Culver City, West Hollywood and Santa Monica). Before the in-depth analysis, the cause for this situation can be explained by theory of simple economics. The close substitutes are actually products with different characteristic

Chronic Pain or Mental Illnesses Assignment Example | Topics and Well Written Essays - 750 words

Chronic Pain or Mental Illnesses - Assignment Example There are numerous causes of chronic pain and these including different underlying chronic pathologies such as congenital abnormalities in the structure of the spinal cord, trauma, obesity, ageing and other underlying conditions such as multiple sclerosis, AIDS and cancer. When carrying out an assessment of an individual with chronic pain, there are several issues which have to be addressed; however, among these issues there are three main questions that are important for the physician. The first question is the extent of the disease affecting the patient; the magnitude of the disease in terms of suffering and pain and how these intrude into the everyday life of the patient; and finally, whether the complaints of the patient are in coherence with the disease or if there are some signs of exaggeration indicating a psychological component to the condition of the patient. There two patients that were examined and one was a 45 year old male with a history of brachial plexus injury and the other a 75 year old woman suffering from tendonitis. The 45 year old male complains of pain that has lasted for approximately a year. The patient complains of pain that is associated with a tingling sensation in the form of an electric shock. Upon examination, the patient displays weakness in the arm and he also says he feels numbness in his right arm. The 75 year old woman has a history of tendonitis which is approximately 25 years. The patient reports pain that is predominantly in her wrist area and there is also significant swelling in the wrist area. Upon examination, the patient was found to have swelling at the area of the thumb and was diagnosed with DeQuervain’ tenosynovitis. The patients both went through a psychological examination and this indicated that there was no exaggeration of pain among these patients and it was in coherence to the medical co nditions which they were found to have. The

The Psychology of Parenting Styles Essay -- Psychological Raising Chil

The Psychology of Parenting Styles Would you have come out different if your parents used a different parenting style? If you are considered â€Å"cool† now could you have come out a nerd if your parents would have used a different parenting style? â€Å"Parenting style is one of the primary determinants of your child’s outcome whether he succeeds, achieves, meets the challenges, flounders, gives up, or runs from or fails in handling life.† (6) The purpose of this paper is to describe the outcomes, processes, labor, and techniques of parenting in a psychological point of view. Parenting styles are defined as the â€Å"manner in which parents express their beliefs on how to be a good or bad parent.† (4) Each parenting style has its weaknesses and strengths. All parents incorporate love and limit in their style of parenting. There are four different types of parenting styles: authoritarian, permissive, democratic, and uninvolved parents.   Ã‚  Ã‚  Ã‚  Ã‚  The first type of parenting style is called authoritarian. In this parenting style the parents are the boss. They make strict rules and they enforce them. They focus more on restrictions than a loving relationship with their child. They believe it is their job as parents to catch their children being bad and punish them. These parents use external control on their children instead of taking time to tell the kid what they did wrong and why they should not do it again. Something these parents do not realize is that they do not catch their kids being good. Authoritarian parents are firm and unsympathetic. Authoritarian parents love to use discipline. An example can be if Timmy decides he wants to go to a party on Friday. His parents tell him he has to be back by 9:00 pm. He gets angry and decides to come back home at 11:00 pm. When he gets home his parents punish him by beating him with a stick. They do not explain to him why they are hitting him or they do not take the time to ask why he has arrived home late. As a result to this form of discipline the children usually react quickly and do not make an attempt to negotiate with their parents in fear that they will receive more discipline. The outcome of this type of parenting style is that the child usually becomes unfriendly, anxious, distrusted, and withdrawn. Most of them also have a low self-esteem. A positive outcome is that the child becomes academically successful beca... ...d not do it again. All parents want to be good parents. When parents use the parenting style that their parents once used it is usually because they do not know any other parenting style to use. Or they think that since their parent’s parenting style worked on them, then it will work on their children. Making decisions to help mold your child into a good person can be controversial amongst families. The â€Å"lowest point in marriage† is when kids in the family reach teenage years. (2) Think twice next time before you discipline your child. Think about which parenting style is best so that they will grow up to become magnificent people. Works Cited: 1. Galdwell, Malcolm. The Tipping Point: How Little Things Can Make a Big Difference. Little, Brown & Company. January 2002. 2. Stahl Michael, Phillip. Parenting After Divorce. Psychology, October 2000. 3. Phelan, Thomas. Surviving Your Adolescents Parentmagic, Inc. January 1998. 4. Reichlin, Gail. The Pocket Parent. Workman Publishing Company, Inc. October 2001. 5. http://www.kidsource.com/better.world.press/parenting.html 6.http://www.lifeway.com/lwc/article_main_page/0%2C1703%2CA%253D150741%2526M%253D50018%2C00.html

Efficient Market Hypothesis and Behavioral Finance †Is a Compromise in Sight

Legend has it that once upon the time two economists were walking together when one of them saw something that struck his mind. â€Å"Look,† he exclaimed, â€Å"here’s a great research topic! † â€Å"Nonsense,† the other one said, â€Å"If it were, someone would have written a paper on it by now. † For a long time this attitude governed the view of economists toward the stock market. Economists simply believed that the stock market was not a proper subject for serious study.Indeed, most of the pre-1960 research on security prices was actually done by statisticians. The Pre-History: Statistical Research Most of the early statistical research of the stock market concentrated around the same question: are security prices serially correlated? Do security prices follow a random walk? Are prices on any given day as likely to go up as they are to go down? A number of studies concluded that successive daily changes in stock prices are mostly independent. Th ere seemed to be no pattern that could predict the future direction of price movements.One of the most interesting (and currently relevant) research projects of that earlier era was undertaken by Harry Roberts, a statistician at the University of Chicago. In his paper, â€Å"Stock Market ‘Patterns’ and Financial Analysis,† published in the Journal of Finance in 1959, Roberts wrote: If the stock market behaved like a mechanically imperfect roulette wheel, people would notice the imperfections and, by acting on them, remove them. This rationale is appealing, if for no other reason than its value as counterweight to the popular view of stock market â€Å"irrationality,† but it is obviously incomplete.Roberts generated a series of random numbers and plotted the results to see whether any patterns that were known to technical analysts would be visible. Figure 1 provides an example of Roberts’ plot: Efficient Market Hypothesis And Behavioral Financeâ€⠀Is A Compromise In Sight? Figure 1. Simulated stock price path Those somewhat acquainted with technical patterns might recognize a familiar head and shoulders formation, which technical analysts believe to be one of the surest indicators of a trend reversal. At this point, the reader may take pause. Are these stock price patterns of value or not?If they work even on decidedly random series, isn’t there a contradiction? Maybe not. Consider a hypothetical example of a stock price path in Figure 2. If tomorrow the price of this stock goes down, there will be a clearly visible head and shoulders pattern, which should signal a trend reversal. If, however, the price goes up, the resulting formation will look more like a pennant pattern, which, according to market technicians, signals the renewal of the trend. In other words, technical patterns are easy to see only when it is too late to act on them. P P t Figure 2. Hypothetical example of technical patterns formation tToday, anyo ne can replicate Roberts’ results using a common spreadsheet program. In his popular textbook, Financial Modeling, Simon Benninga of the Wharton Business School devotes an entire chapter to simulating stock price paths using Microsoft Excel. 2 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? Returning to Harry Roberts, his paper turned out to be almost prophetic in one major respect. He wrote: Perhaps the traditional academic suspicion about the stock market as an object of scholarly research will be overcome. As we shall see during the rest of this presentation, Roberts was right.The Pre-History: CRSP Another enabling factor for the soon-to-follow boom in stock market research was provided by an initially small outfit based at the University of Chicago, the Center for Research in Securities Prices (CRSP). CRSP was established by James H. Lorie in 1960 and provided comprehensive data on all stocks traded on the New York Stock Exchange since 1926. From day one, CRSP data were available in machine-readable form, a rare and pleasant occurrence to anyone involved in economic research at the time. Also important is the fact that CRSP data contained a negligibly small number of errors.Overall, CRSP database was one of the richest data sets available. Everything was ready for a revolution. Indeed, the revolution was soon to begin. The Origin of the Efficient Market Hypothesis The introduction of the term â€Å"efficient market† is usually attributed to Eugene Fama. In his 1965 paper, â€Å"Random Walks in Stock Market Prices,† published in the Financial Analysts Journal, Fama cites, among other things, his earlier study of serial correlations in daily price changes of 30 stocks that comprise the Dow Jones Industrial Average index (â€Å"The Behavior of Stock Market Prices†).He concluded that daily changes had a very small positive correlation, approaching zero for practical purposes. The stock market seem ed to work in a way that allowed all information reflected in past prices to be incorporated into the current price. In other words, the market efficiently processed the information contained in past prices. Fama defined an efficient market as: a market where there are large numbers of rational profit maximizers actively competing, with each trying to predict future market values of individual securities, and where important current information is almost freely available to all participants. Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? Note that this description is very similar to that of a perfectly competitive market out of a microeconomics textbook. And in a perfectly competitive market, every seller earns a normal profit, i. e. , the amount of profit sufficient to stay in business, but insufficient to attract a competitor. If we assume that this is true of the stock market, it follows that any new information that becomes available to the m arket will be very quickly reflected in the prices.Otherwise, there will be opportunities for abnormal returns. In Fama’s own words, In an efficient market, on the average, competition will cause the full effects of new information on intrinsic values to be reflected â€Å"instantaneously† in actual prices. The efficient market hypothesis has been formulated. The time has come to test it. Tests of Market Efficiency in the 1960s A number of different approaches were used to test the efficient market hypothesis. One of the most obvious ones was to do more studies on serial correlation of security prices.A variation of this approach would be to test various trading strategies recommended by technical analysts to see if they have any investment value. Both have been tried, and invariably came back with mostly negative results. An interesting area of research dealt with the nature of return distributions. There are some clearly visible asymmetries in stock returns. If we lo ok at the ten biggest one-day movements in S&P 500 index since 1947, nine of them would be declines. The market crash of October 1987 resulted in a negative return that was 20 standard deviations away from the mean.It turned out that stock returns are not normally distributed. They follow some sort of distribution, but, to our knowledge, no one has figured out what kind of distribution it is. On several occasions, stable Paretian distribution and Student t-distribution were found to be better approximations than the normal distribution. Needless to say, this poses a huge methodological problem for researchers who, for lack of a better assumption, are still assuming normal distributions for drawing statistical inferences. An important breakthrough in testing market efficiency came with the advent of the â€Å"event study† methodology.In an event study, researchers take a sample of similar events that occurred in different companies at different times and determine how, on aver age, this event impacted the stock price. And what would a researcher expect to see as the outcome of an event study? Assuming that we are studying favorable events, the outcome would depend on whether or not the event is anticipated by the market and, of course, on whether or not the market is efficient. In all cases, we would expect the stock price to go up. The question is, when? 4Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? Consider an unanticipated event first. If the market were efficient, the stock price would adjust upward very quickly. If not efficient, it will drift upward for some time following the event (see Figure 3). P Efficient Market P Inefficient Market Event Time t Event Time t Figure 3. Market reaction to an unanticipated favorable event If the event were anticipated, the price would drift upward for some time before the event, and, in an efficient market, likely stabilize on the event date (see Figure 4). PEfficient Market P Inefficient Market Event Time t Event Time t Figure 4. Market reaction to an anticipated favorable event The first event study was designed and conducted by Eugene Fama, Lawrence Fisher, Michael Jensen, and Richard Roll. Their article, â€Å"The Adjustment of Stock Prices to New Information,† was published in the International Economic Review in 1969 and quickly earned itself a nickname, â€Å"the FFJR study. † FFJR studied the stock market reaction to announcements of stock splits. Typically, stock splits are believed to be seemingly inexplicable good news for investors.One possible reason was reported by FFJR themselves: they found that 72% of firms in their sample announced above-average dividend increases in the year after the split. Stock splits seemed to â€Å"signal† future dividend increases. (Actually, the term â€Å"signaling† was proposed in the early 1970s by Michael Spence, who won the 2001 Nobel prize for, among other things, his research on signaling in labor markets. ) 5 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? What FFJR found is that, on average, stock prices around the date of the split behaved as shown in Figure 5. Figure 5.Averaged stock price performance around the split date According to FFJR findings, the market begins to anticipate a stock split more than two years before it actually happens and figures out the consequences of the split the day it is announced. The event study techniques were further refined by other researchers. Some of the research designs are quite clever. A bizarre example appeared in a 1985 article in the Journal of Accounting and Economics by Johnson, Magee, Nagarajan, and Newman. The title of the article, â€Å"An Analysis of the Stock Price Reaction to Sudden Executive Deaths,† is self-explaining.The authors found that unexpected CEO deaths are associated with stock price decreases. However, in cases when the CEO was the company foun der, the stock market tends to react by a price increase, begging the inference that the ability to create a business is different from the ability to run one. The efficacy of professional investors is another enduring question. Can they, on average, provide better investment performance? The research here was focused primarily on mutual funds. Regrettably, most professional money managers are not able to provide superior returns.By 1975, the preponderance of evidence argued that markets were efficient. Statistical studies showed that technical analysis did not add value (consistent with the weak form of market efficiency). Event studies found that the market quickly reacts to new information (consistent with the semi-strong form of market efficiency). And studies of professional investors’ performance made a strong case for the strong form market efficiency. Tests of Market Efficiency after 1975 As more and more researchers tested the efficient market hypothesis, some rather controversial evidence began to appear. Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? In 1976, Rozeff and Kinney published their article on stock market seasonality. They found that January stock returns were higher than in any other month. In 1981, Gibbons and Hess reported â€Å"the Monday effect† – stock prices tended to go down on Mondays. Both of these findings were clearly inconsistent with the weak-form market efficiency. Interestingly enough, Gibbons and Hess noticed that the Monday effect seemed to decrease over time (see Figure 6).Figure 6. The Monday effect In the nine-year period of 1962-1970, the S&P 500 returned about -0. 16% on an average Monday. In the following nine-year period, 1970-1978, the S&P 500 would only drop by 0. 10% on average. It appears that the effect has been known to some market participants for a while, and they were taking advantage of this private information, which, in turn, caused their gains to decrease over time. A growing body of research indicated that profitable selection rules could be based on publicly available information.In particular, stocks with low price-earnings ratio and high dividend yield outperformed the market. And, while small capitalization stocks have a greater risk than large-cap stocks, the return premium seemed to be too large for the degree of additional risk taken. The discovery of these and other â€Å"market anomalies† prompted the editorial board of the Journal of Financial Economics to publish a special issue in June 1978 on a dozen of those market anomalies. An unexpected blow to the efficient market hypothesis came from academic economists.In 1980, Sanford Grossman and Joseph Stiglitz published their article â€Å"On the Impossibility of Informationally Efficient Markets† in the American Economic Review. They argued that if all relevant information were reflected in market prices, market agents would have no incentive to acq uire the information on which prices are based. This line of reasoning came to be known as Grossman-Stiglitz paradox and, along with his other contributions, earned Joseph Stiglitz his Nobel prize in 2001. The empirical research, of course, did not stop there. 7Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? In 1981, Henry Oppenheimer tested stock selection criteria developed by Benjamin Graham. Most of us probably know Ben Graham as the author of the classic, Security Analysis, but he also wrote another, somewhat less technical, book, called The Intelligent Investor. In each new edition of the book, Graham updated his investment advice to his readers, whom he called â€Å"defensive investors†. Oppenheimer back-tested this advice as if he purchased every edition of The Intelligent Investor and acted on it after reading it.It turned out that Graham’s advice did have significant value. Moreover, it actually had more value than Graham h imself claimed. In 1982, Rendelman, Jones, and Latane published their article, â€Å"Empirical Anomalies Based on Unexpected Earnings and the Importance of the Risk Adjustments,† in the Journal of Financial Economics. They studied earnings surprises and their effect on the stock price. They divided their sample into ten categories (deciles in statistical parlance) according to how positive or negative the earnings surprise was.Then they calculated averaged price paths for stocks in each decile. Figure 7 presents a summary of their findings. Figure 7. Stock price paths around earnings announcement by decile While the market did react to earnings surprises quickly, the prices also drifted in the direction of the earnings surprise following the announcement. In other words, the market commonly underreacts to the quarterly earnings announcements. This suggests the validity of an â€Å"earnings momentum† strategy (buying stocks that just had a positive earnings surprise).A number of later studies produced results consistent with this thinking. However, in a somewhat puzzling twist, there were studies which suggested that the stock market actually overreacts to certain announcements. In 1981, Robert Shiller published his article, â€Å"Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends? † in the American Economic Review and concluded that they do. This phenomenon came to be known as â€Å"excess volatility†. 8 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight?In 1985, Werner De Bondt and Richard Thaler published their article, â€Å"Does the Stock Market Overreact? † in the Journal of Finance. Their conclusion was that the stock market tends to overreact to long series of bad news. So by 1985, there were enough anomalies discovered to seriously doubt the validity of the efficient market hypothesis. Reconciling the Theory and the Reality This is a good point at which to consider the efficient market hypothesis and identify those assumptions that may be inconsistent with reality as we know it.First of all, as ironic as it sounds, there is no way to test market efficiency per se. We can only test a joint hypothesis stating that, first, the market is efficient in equating asset prices with their intrinsic values, and, second, we know what the intrinsic values are; i. e. , we have a perfect asset pricing model. Whenever an anomaly is found, we don’t know (and have no way of knowing) which part of this joint hypothesis did not work. Returning to Fama’s definition of an efficient market, he assumes that important current information is almost freely available to all participants.This appears to be an accurate assumption; however, both the processing of this information and the subsequent action have associated costs. An institutional investor must hire security analysts and portfolio managers. Even an individual investor faces an opportunit y cost with every portfolio evaluation. Both face transactional costs; large portfolios, in addition, may be subject to additional costs caused by market impact. The transactional cost considerations prompted Michael Jensen to argue that an efficient market should adjust prices within limits imposed by the cost of trading.In his 1978 paper, â€Å"Some Anomalous Evidence Regarding Market Efficiency,† published in the Journal of Financial Economics, he insisted that if, for example, transactional costs are 1%, an abnormal return of 1% must be considered within the bounds of efficiency. Indeed, if inefficiency cannot be exploited for profit net of costs, is the market really inefficient? This, of course, begs a question: what is the level of transactional costs at which we can no longer call a market efficient in spite of its being within the bounds of efficiency?There may also be some effects caused by the way security prices are reported (market microstructure effects, in the financial economics lingo). A typical research assumption has been that trades can be executed at the closing price as recorded by a data provider such as CRSP. However, the average NYSE-AMEX stock has a quoted bid-ask spread of about 3%. For NYSE-AMEX stocks priced under $5, the average spread is about 6%. In addition, sometimes it is impossible to execute at quoted spreads because of illiquidity or market impact. 9 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight?In fact, Donald Keim used precisely this argument to explain â€Å"the January effect. † In his 1989 paper, â€Å"Trading Patterns, Bid-Ask Spreads, and Estimated Security Returns,† published in the Journal of Financial Economics, he reported that stocks tend to close near the bid in late December, but close prices move toward the ask in early January (although we still have to come up with the explanation of why it happens). Also, there is a short-selling issue. In an effic ient market, short sales are unrestricted. In reality, 70% of mutual funds state in their prospectus that they will never engage in a short sale.Interestingly enough, recent empirical evidence seems to suggest that, while undervalued investments are hard to come by, overvalued ones are much more common. For example, a 1999 article by Mark Finn, Russell Fuller, and John Kling, â€Å"Equity Mispricing: It’s Mostly on the Short Side,† in the Financial Analysts Journal concludes that in 1983-1998 overvalued large-cap U. S. stocks tended to be overpriced by as much as four times the amount of underpricing observed in undervalued large-cap U. S. stocks. Finally, there is the unavoidable issue of investor heterogeneity. Investors are not identical.Even if they have precisely the same information available to them, they are likely to interpret it differently. More importantly, they tend to act on it differently. One obvious example is tax status. Tax-exempt, tax-deferred, and taxable investors acting rationally will often choose different courses of action when presented with the same problem. Liquidity needs can also play a role. Speaking more broadly, is Fama-style rational profit maximizing the only possible model of investor behavior? Are there other models? This, of course, leads us straight into the brave new world of behavioral finance.An Alternative Behavioral Model? Since the early 1980s, there has been a movement toward incorporating more behavioral science into finance. The proponents of behavioral finance cite several key areas where the reality seems to be most at odds with the efficient market hypothesis. One is the excess volatility problem that we discussed above. Price movements seem to be much greater than an efficient market would allow. A related puzzle is that of trading volume. If everyone knows that everyone (including themself) is rational, then every trader might wonder what information the seller has that the buyer doesn’ t, and vice versa.Figuring out exactly how little trading should be occurring under the efficient market hypothesis is difficult, because people have liquidity and rebalancing needs, but the proponents of behavioral finance believe it is safe to say that a billion or so shares a day on NYSE alone is a little more than one should expect in an efficient market. 10 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? Next is the great dividend puzzle. In a perfect world according to Modigliani and Miller, investors should be indifferent between dividends and capital gains.In the real world, because of the structure of the U. S. tax system, investors should prefer capital gains to dividends, and companies should prefer share repurchases to dividends. At the same time, most large companies do pay dividends. In addition, stock prices tend to rise when dividends are increased or initiated. The current literature treats dividends as yet another instance of sig naling—companies that increase or initiate dividends send a signal of their financial health to the investors. Another puzzle is that of the equity premium.Historically, this benefit has been much greater than can be explained by risk alone. (To the defense of the efficient market hypothesis, the equity premium implied in dividend yields tends to be significantly lower. ) Finally, it seems that future returns can, at least partially, be predicted on the basis of various historic measures such as price-earnings and price-to-book ratios, earnings surprises, dividend changes, or share repurchases. However, in spite of all these irregularities, real-world portfolio managers are still having a hard time trying to beat the market.Most of the studies of mutual funds and pension fund performance still show that, on average, active managers do no better than the market. Moreover, good performance this year consistently fails to predict good performance next year. With this in mind, le t's examine the case for behavioral finance. First of all, what is behavioral finance? In short, it postulates that investors have cognitive biases. What is a cognitive bias? Simply put, it is an imperfection in human perception of reality. (Have you ever noticed how much bigger the moon looks when it is just above the horizon compared to when it is high? Here are a few of the most common cognitive biases in finance. Mental accounting. It seems that the majority of people perceive a dividend dollar differently from a capital gains dollar. Dividends are perceived as an addition to disposable income; capital gains usually are not. Biased expectations. People tend to be overconfident in their predictions of the future. If security analysts believe with an 80% confidence that a certain stock will go up, they are right about 40% of the time. Between 1973 and 1990, earnings forecast errors have been anywhere between 25% and 65% of actual earnings.Reference dependence. Investment decisions seem to be affected by an investor’s reference point. If a certain stock was once trading for $20, then dropped to $5 and finally recovered to $10, the investor’s propensity to increase holdings of this stock will depend on whether the previous purchase was made at $20 or $5. 11 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? Representativeness heuristic. In cognitive psychology this term means simply that people tend to judge â€Å"Event A† to be more probable than â€Å"Event B† when A appears more representative than B.In finance, the most common instance of representativeness heuristic is that investors mistake good companies for good stocks. Good companies are well-known and in most cases fairly valued. Their stocks, therefore, may not have a significant upside potential. One of the most peculiar manifestations of cognitive biases in finance is the reluctance to realize losses. Investors seem to have a problem adm itting to themselves that they have made a mistake and avoid selling securities at a loss, even though such sale has some tax incentives.Now, what are the implications of behavioral finance for the markets? In his 1999 article, â€Å"The End of Behavioral Finance,† published in the Financial Analysts Journal, Richard Thaler offers this simple model: Suppose a market has two kinds of investors: rational investors (rationals), who behave like agents in economics textbooks, and quasi-rational investors (quasi’s), people who are trying to make good investment decisions but make predictable mistakes. Suppose also that two assets in this market, X and Y, are objectively worth the same amount but cannot be transformed from one into the other.Finally, assume that the quasi’s think X is worth more than Y, an opinion that could change (quasi’s often change their minds) while rationals know that X and Y are worth the same. What conditions are necessary to assure tha t the prices of X and Y will be the same, as they would be in a world with only rational investors? This question is complex, but some of the essential conditions are the following. First, in dollar-weighted terms, such a market cannot have too many quasi’s (in order for the rational investor to be marginal).Second, the market must allow costless short selling (so that if prices get too high, the rationals can drive them down). Third, only rational investors can sell short; otherwise, the quasi’s will short Y when the two prices are the same because they believe X is worth more than Y. Fourth, at some date T, the true relationship between X and Y must become clear to all investors. Fifth, the rationals must have long horizons, long enough to include date T. These conditions are tough to meet.Thaler seems to suggest that the belief by quasi-rational investors that certain assets are undervalued may lead to an asset bubble, which will burst as soon as quasi-rational inve stors sentiment changes. (Did somebody say Internet? ) Why is behavioral finance important? 12 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? As most marketers know, any product has its unique set of utilitarian and valueexpressive characteristics. The value-expressive characteristics are the most visible in jewelry and almost absent in laundry detergents.An interesting question to ask, then, is, do investments have value-expressive characteristics? If they do, we should not be surprised that pricing differences exist between otherwise identical investments, based entirely on their value-expressive characteristics. A casual look at stock exchange advertisements suggests a positive answer to this question. The NYSE promotes itself as solid, while NASDAQ claims it is innovative. A review of mutual funds marketing can also give us a few insights. In 1983, Fidelity Investments put Charles Jarvie in charge of marketing its mutual funds.Prior to joinin g Fidelity, Jarvie marketed Tide and Pringles at Procter ; Gamble. Jarvie immediately noticed two deficiencies in Fidelity’s marketing. Fidelity’s flagship product, the Magellan fund, was not advertised as Fidelity Magellan; the company was underemphasizing its brand name. Also, almost no attention was paid to cross-selling. Under Jarvie’s leadership, Fidelity redefined itself as a â€Å"family of funds† and built itself one of the strongest brands in the financial services industry. Other mutual fund companies followed quickly.Even more interesting are the studies of investment clubs. Over 35,000 of these clubs exist in the United States. An investment club usually includes 10-15 members (friends, co-workers, or relatives) who, on average, contribute $25 a month to the club’s account. In 1998, Brad Barber and Terrance Odean of the University of California at Davis studied performance of 166 investment clubs that had accounts with a large brokerage firm and found that 60% of the clubs lagged the market. The average underperformance was 3. 8% a year. So it seems that investment clubs lack utilitarian characteristics.What about value-expressive ones? Also in 1998, Brooke Harrington of Harvard University studied the identity formation in investment clubs. Her sample included three clubs: an all-men’s club where all members were sports car hobbyists, an all-women’s club where all members belonged to the American Association of University Women, and a mixed-gender club where all members met each other through a church singles group. She concluded that investment clubs are also social clubs. In terms of our marketing approach, they do have strong value-expressive characteristics.The importance of behavioral finance and its role in the professional’s decision making process appears self-evident. While it may fail to enhance our capacity to beat the market, it can help us understand the beliefs and motivations of our clients and improve the service provided. Is a Compromise in Sight? Are the differences between traditional finance and behavioral finance irreconcilable? Recent literature suggest a negative answer to this question. 13 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? One the one hand, the sensible proponents of behavioral finance recognize the limitations of this approach.Meir Statman of Santa Clara University said it best: Market efficiency has two meanings. To some, market efficiency means that there is no systematic way to beat the market. To others, it means that security prices are rational – that is, reflect only â€Å"fundamental† or â€Å"utilitarian† characteristics, such as risk, but not â€Å"psychological† or â€Å"value-expressive† characteristics, such as sentiment†¦ I argue that finance scholars and professionals would do well to accept market efficiency in the beat-the-market sense, but reject it in the rational-pricing sense.On the other hand, the standard finance begins to produce some research that models effects of opinion differences. Earlier, we talked about the seemingly excessive trading volumes. It appears that trading volume varies directly with the difference in investors’ opinions. Figure 8 provides a simple Marshallian cross analysis of a widening difference in opinions. Both supply and demand for a particular security shift to the right as both number of buyers and number of sellers increase.While the effect on price cannot be determined without additional information such as relative magnitude of shifts in supply and demand, the volume is bound to increase. P (price) S S’ D D’ Q0 Q1 Q (volume) Figure 8. Opinion difference and trading volume An interesting thing to discuss here would be the work of Joseph Chen and Harrison Hong of Stanford University and Jeremy Stein of Harvard Business School. In their 1999 paper, â€Å"Differen ces of Opinion, Rational Arbitrage and Market Crashes,† Hong and Stein propose the following model. 14 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight?There are two investors, A and B, and a class of fully rational, risk-neutral arbitrageurs. A and B each receive a different private signal affecting their rational perception of the value of the same stock. Both signals are useful, but A only pays attention to his signal, even if that of B is revealed to him, and vice versa. Arbitrageurs, on the other hand, recognize that the best estimate of the stock’s value is to be found by averaging both signals. However, if A and B face short sale constraints and the signals they receive are negative, the arbitrageurs simply will not see those signals.In other words, the negative private information will not have any effect on market price. This is consistent with the empirical research findings of equity mispricing being mostly on the short side. So if the arbitrageurs only hear the good news, the stock price may well be trending up, until some of the arbitrageurs begin to suspect overvaluation and take short positions in the stock. As a result, the trading volume would increase, reflecting the increasing difference of opinion among the arbitrageurs. If the stream of good news consequently ceases or private signals of A and/or B become public information, the stock price would collapse.In a later paper, â€Å"Forecasting Crashes,† Chen, Hong and Stein found that the probability of a crash is positively correlated with an increase in trading volume relative to trend over prior six months and positive returns over the prior thirty-six months. Overall, it appears that many stock market anomalies can be explained through either behavioral biases or institutional imperfections. In fact, Richard Thaler suggests applying the behavioral model to institutional investing and corporate finance. What immediately comes to mind he re is a Nobel-winning economist Herbert Simon and his 1947 book, Administrative Behavior.Here is how the outcome of Simon’s research was summarized by the Nobel committee: He rejects the assumption made in the classic theory of the firm as an omniscient, rational, profit-maximizing entrepreneur. He replaces this entrepreneur by a number of cooperating decision makers, whose capacities for rational action are limited, both by a lack of knowledge about the total consequences of their decisions, and by personal and social ties. A classic example of this approach is a 1956 paper by John Lintner, â€Å"Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes,† published in the American Economic Review.Lintner started by interviewing the corporate executives about their dividend policy decisions. These interviews led him to a very simple model. Companies move the dividend toward a desired payout ratio, but try to avoid having to cut the dividend. This model remains an accurate description of dividend policy to this day. Conclusion We conclude this presentation by quoting Meir Statman: 15 Efficient Market Hypothesis And Behavioral Finance—Is A Compromise In Sight? People are â€Å"rational† in standard finance; they are â€Å"normal† in behavioral finance.Rational people care about utilitarian characteristics, but not valueexpressive ones, are never confused by cognitive errors, have perfect selfcontrol, are always averse to risk, and are never averse to regret. Normal people do not obediently follow that pattern. Standard finance asks for too much when it asks for market efficiency in the rational sense, and investment professionals ask for too much when they insist that the primary contribution of behavioral finance is its potential help in beating the market.

Racism Is Not A Secret Against Black Men - 853 Words

Negativity seems to draw people like a magnet to young African American males. They are often depicted as a physical threat, condemned by society determining their final destination. â€Å"National public opinion data citied in a statement from the University of Chicago’s Black Youth Project reveals that black youth â€Å" recent killings Eric Garner, Michael Brown, and Trayvon Martin, among others, serve as grim reminders to young, disadvantaged men of color that their lives are undervalued in their own country† (Knight ). History shows that prejudice is not a secret against black males and it is typically barefaced without apology. Christopher Paul Curtis retells history in The Watson’s Go to Birmingham-1963 using the theme of hate, utilizing the character of Byron to symbolically embody the aptitude we share to be cruel or the capacity to stand up towards cruelty. African American Review should consider The Watson’s go to Birmingham-1963 as a part of the literary tradition to solidify the body of work presented by Curtis as a true representation of the African American experience and influence more schools to include the book in classroom reading selection. Christopher Paul Curtis was born in Flint, Michigan. He graduated from the University of Michigan. His first published book is The Watson’s Go to Birmingham-1963, receiving a Newbery Honor and Coretta Scott King Honor book citation in 1996. Curtis wrote as a refuge and found inspiration from his family and teachers. HeShow MoreRelatedBlack Women And Domestic Violence Essay1701 Words   |  7 PagesBlack women experience a lot of things in life differently from others, because of their intersectionality of being not only a woman, but also black. They are a double minority and they feel this double minority through many different aspects within their lives. 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