Discuss Reliability and Validity of Diagnosis - 1012 Words

Discuss reliability and validity of diagnosis A reliable and valid diagnosis is one which is correctly reasoned from a satisfying premise and agreed upon by psychiatrists using the same diagnosis system. However, there are many factors that make the process of determining a diagnosis intricate. For one to obtain a reliable and valid diagnosis, one has to be sure that the classification systems themselves are valid and reliable. Because the concept of abnormality is so complex it is particularly difficult to define and this affects diagnosis. Also, there are a number of cultural and ethical considerations one must consider when making a diagnosis, some of these include culture-bound syndromes, culture blindness and racial/ethnic bias.†¦show more content†¦This makes it incredibly hard to determine whether the differences in diagnostics between different cultures is due to the environment or if there is real differences A third cultural consideration in diagnosis is culture blindness; this is the problem of identifying symptoms of a psychological disorder if they are not in the norm of the clinician’s own culture. There are also ethical considerations when diagnosing mental illness. One of these considerations was mentioned above; it is the idea of being stigmatized for having a mental illness. Many people are afraid that once they are given a diagnosis, society will look down on them as being inferior. Schell (1966) argued that once given a ‘label’ one will begin to act as they think they are supposed to, this is known as the self-fulfilling prophecy. This would lead to an increase of symptoms and hence, may lead to a misguided diagnosis. The concept of confirmation bias will also take issue when diagnosing a patient, the clinician may be lead to believe that because the patient is seeking help, he/she does infact need help In the late 1990’s GlaxoSmithKline claimed that they could cure shyness, in effect, 15% of children were diagnosed of social anxiety disorder. GlaxoSmithKline are now being sued for making this drug named Paxil. 4000 people who treated their kids with this noticed that it didn’t work and that their kids showed withdrawal symptoms. This goes to show that sometimes drugShow MoreRelatedQuestions And Multiple Choice Questions1632 Words   |  7 Pagesexamination only. Therefore, the purpose of this assignment can be divided into three parts. Firstly, the use of long essay format and MCQs in the specific conditions including the benefits and drawbacks of each will be discussed. Secondly, validity and reliability of MCQ exam will be tested. Finally, a case for using the oral examination will be presented in term of how to guarantee that the scoring is reliable. As for the first part, essay questions and MCQs can assess students’ knowledge regardingRead MorePsychopathology Diagnostic Classification Systems ( Dsm ) Or The International Classification Of Diseases ( Icd )1656 Words   |  7 Pagesthis paper will discuss the most important four main points that contribute to the subjective judgement of DSM and the limitations in validity, reliability and utility of DSM: subjectivity of DSM, medicalisation of psychiatric disorders, influence of pharmaceutical industry and cultural bias. A concern of the DSM is that all diagnostic criteria in DSM are based on symptoms that are largely subjective and descriptive as DSM does not provide lists of signs, as criteria for diagnosis (Johnstone, 2008)Read MoreShort Answer Questions on Assessments and Treatments of Mental Disorders1245 Words   |  5 Pagesclassification system such as the DSM-5 is judged by its reliability and validity. Define and discuss both reliability and validity and why they are important criteria for DSM-5. (312) When answering the question we first need to understand what reliability and validity means and why it is important to include them in the criteria to judge DSM-5. Reliability is the consistency of the assessment measurements throughout the test. Whereas validity is when the test actually measures what it is supposeRead MoreHow Personality Testing Is Used On A Daily Basis822 Words   |  4 Pagesassessments as the Thematic Apperception Test, Neuroticism, Extroversion, and Openness inventory and the Psychopathic Personality Inventory are instruments, which assist the psychologist in assessing an individual’s personality. The following paper will discuss each of these tests. Thematic Apperception Test Thematic Apperception Test (TAT) is a personality assessment instrument. Created in 1935 by Henry Murray and Christiana Morgan the purpose of the test is to reveal the participants emotions, drivesRead MoreTest Retest Reliability And Internal Consistency1450 Words   |  6 Pagesassess psychometric properties. A good test should be objective, so independent of the person being tested, reliable and valid as well as generalised and standardised. The author will discuss test-retest reliability, split-half reliability and internal consistency. For validity, content, face and construct validity. Psychometric tests can range from ability, intelligence and personality tests, that can be used in educational, occupational and neuropsychological contexts as discussed later on. Read MoreAnalysis Of Beck Depression Inventory, Second Edition ( Bdi II )1569 Words   |  7 PagesWhat evidence is provided for validity (e.g., how is the information presented, is it sufficient to make a decision whether or not to use, etc.)? When looking at the validity of this test we can see that content validity was developed to assess the depressive symptoms listed at the criteria for depressive disorder in the DSM-IV (Beck, et al., 1996). To test the construct validity there were several types of analysis. Specifically when looking at the convergent validity they found similar scores forRead MoreEssay On Community Based Wellness Program1659 Words   |  7 Pageseffectiveness of such programs with the PD population. Participants for this study were recruited from a Parkinson’s disease support group in the Upper Midwest. Purposive and convenience sampling was utilized, which involves selecting individuals who have a diagnosis of PD living in the community and who are willing to volunteer. Participants all signed informed consent forms prior to the administration of assessments and intervention, and completed a demographics form. Researchers collected data using anecdotalRead MoreEvaluation Of Screening For Bre ast Cancer1371 Words   |  6 PagesGGrones_Module 6_Initial Post 1. Choose one of the screenings listed in the USPSTF Guide to Clinical Preventative Services. Evaluate the screening using the following criteria: reliability, validity, sensitivity, specificity, and cost-benefit ratio. Discuss any ethical issues associated with this screening. In 2002, the U. S. Preventative Services Task Force (USPSTF, 2002, 2014) issued its’ recommendation statement regarding breast cancer screening for the general population. It looked at the efficacyRead MoreImplementing A Wellness Program For Health, Wellness, And Quality Of Life For People With Chronic Conditions Essay1431 Words   |  6 Pagescontrol group and uncontrolled variables, with potentially incorrect statistical analysis. However, as a result of the generally favorable results, Matuska et al. (2003) concludes a wellness program to improve QoL. Rimmer, Chen, Hsieh (2011) discuss the importance of understanding, evaluating, and managing secondary conditions in individuals with disabilities with a conceptual model associated with the International Classification of Functioning, Disability, and Health (ICF) model. Health professionalsRead MoreAnalyzing Sheet And Mark Appropriate1770 Words   |  8 Pagesless than 41, it indicates diagnosis of BN (Garner, 2004). This means that participants whose subscales were in elevated range were considered to be at risk for eating disorders (Garner, 2004). Reliability The authors determined test re-test reliability across two testing occasions with interval ranging from 1 to 7 days (Garner, 2004). The sample consisted of 34 female participants ranged in age from 15 to 55. The correlation coefficients for test re-test reliability were ranging from .93 and .98

The Cask Of Amontillado By Edgar Allan Poe - 1381 Words

Everybody has at one point been insulted, or insulted someone. The reaction to this many times is simply an argument, but it can lead to more serious ramifications. In literature, characters may take serious offense to an insult, and consider it a serious obstacle, vowing to retaliate. In Edgar Allan Poe’s â€Å"The Cask of Amontillado†, Montresor must overcome a hindrance, one that he establishes to be of vital importance. Fortunato, someone of a similar wealthy stature as that of Montresor, acted in a way that could not be tolerated after he insulted Montresor. In reaction to this, Montresor decides to lure Fortunato into his family tomb under the false pretense of Amontillado, a type of wine, chains him to a niche in the deepest recess of the catacombs and buries him while he is still living. Characters in literature overcome obstacles by manipulating their opponents, using logic and by taking advantage of their surroundings. Montresor uses manipulation so that Fortunato can be punished. For example, in the period before Fortunato s murder, Montresor continues to act in a friendly manner in his interactions with Fortunato, smiling â€Å"in his face, and [Fortunato] did not perceive [Montresor s] smile now was at the thought of [Fortunato’s] immolation†(7). To make his plan possible, Montresor has to keep Fortunato oblivious to his scheme, so by acting in a way that seemed normal, he manipulates Fortunato to his benefit. To achieve what he craves, Montresor conducts himself in aShow MoreRelatedThe Cask of Amontillado by Edgar Allan Poe888 Words   |  4 PagesThe Cask of Amontillado by Edgar Allan Poe In ?The Cask of Amontillado?, Edgar Allan Poe takes us on a trip into the mind of a mad man. Poe uses certain elements to convey an emotional impact. He utilizes irony, descriptive detail of setting, and dark character traits to create the search of sinful deceit. Poe also uses first person, where the narrator is the protagonist who is deeply involved. The purpose is to get the reader to no longer be the observer. He wants them to see with MontressorRead MoreThe Cask of Amontillado by Edgar Allan Poe836 Words   |  3 Pagesqualities in the story. In the story many things are used as symbols such as the actual cask of amontillado, the trowel, the jester costume and the setting in which there is two in the story. Another literary technique used significantly in the story is irony. Irony is the expression of ones meaning by using language that normally signifies the opposite. In the short story â€Å"The Cask of Amontillado,† Montresor a very troubled man who plans to seek revenge on another man named FortunatoRead MoreEdgar Allan Poe And The Cask Of Amontillado1384 Words   |  6 PagesWhat makes Edgar Allan Poe work unique? Other than being a strange individual, Poe has become a remarkable literature writer. The Raven, Annabel Lee, and The Cask of Amontillado are just a few of Poe’s work that staples the theme of gothic literature. This essay will allow you to see the gothic elements Edgar Allan Poe uses through his most common poems. Gothic literature has many elements which play into its definition. The actual definition is a style of writing that is characterized by elementsRead MoreThe Cask Of Amontillado By Edgar Allan Poe906 Words   |  4 Pages â€Å"The Cask of Amontillado† â€Å"The Cask of Amontillado† was written in 1846, by Edgar Allan Poe. Born in 1809, Poe never knew any of his parents. At the age of three, his mother died of tuberculosis, and his father deserted the family before he was born. Taking care of him was his foster parents in Richmond, Virginia. They loved Poe, but were not supportive of his decisions and kept Poe poor. Having debt and not being able to provide food and clothes for himself caused Poe to quit school. Later, heRead MoreThe Cask Of Amontillado By Edgar Allan Poe920 Words   |  4 Pageswhen that trust no longer exists? In â€Å"The Cask of Amontillado† written by Edgar Allan Poe, Fortunato is about to find the answer to this question. On the surface, Montresor seems friendly with Fortunato, but deep down he feels nothing but hate for him. Could this hatred have an irrationality that only Montresor understands? In different ways, both of these men are proud and affluent, yet both have downfalls that will l ead to a tragic ending. Edgar Allan Poe’s use of language contributes to the understandingRead MoreThe Cask Of Amontillado By Edgar Allan Poe1555 Words   |  7 PagesIn his writing, Edgar Allan Poe has multiple uses of direct and indirect characterization. In The Cask of Amontillado, Montresor had rules such as â€Å"I must not only punish but punish with impunity. A wrong is unredressed when retribution overtakes its redresser. It is equally unredressed when the avenger fails to make himself felt as such to him who has done the wrong† (Poe, 2). Poe used indirect characterization to show the reader that Montresor is an unreliable narrator because he justified hisRead MoreThe Cask Of Amontillado By Edgar Allan Poe1303 Words   |  6 PagesIn Edgar Allan Poe’s â€Å"The Cask of Amontillado,† the narrator recalls an extremely significant time in his life, and takes the reader along with him. Throughout the story, one experiences a perfectly planned murder which took place over fifty years ago, and still no one has discovered what truly happened to poor Fortunato as he was chained to a wall in a room that was then closed off, and torched to death due to all the nitre in the walls. As the story goes on, the reader can see some of Poe’s unfortunateRead MoreThe Cask Of Amontillado By Edgar Allan Poe1076 Words   |  5 PagesThe short story, The Cask of Amontillado, written by Edgar Allan Poe is a story of terror and betrayal. Like many of Poe’s literary works, the story has a dark undertone with a theme of terror and depression. More than half a century ago, Marshall McLuhan argued that though Poe was fascinated by evil, the evil that he had in mind was not that of Calvinism, but that of the split man and the split civilization. In general, McLuhan was right, but in this instance Calvinism, and its God, provided a darkRead MoreThe Cask Of Amontillado By Edgar Allan Poe707 Words   |  3 PagesIn the short story of The Ca sk of Amontillado, Edgar Allan Poe writes in first person point of view from the perspective of Montresor who seeks revenge against Fortunato. Montresor began to develop the perfect plan for revenge. During the carnival season, Montresor meets with Fortunato and decides to implement his plan carefully through irony. Poe s story describes the murderer s mind which has lived as a memory of Fortunato s death for fifty years. Poe uses different types of irony and symbolismRead MoreThe Cask Of Amontillado By Edgar Allan Poe985 Words   |  4 PagesEdgar Allen Poe is a well known author of short stories and poetry from the 19th century. He is known especially for his stories of horror and suspense. The Cask of Amontillado is one of his more famous pieces. The story follows the narrator, Montresor, as he exacts revenge on Fortunato. Montressor draws Fortunato into the wine cellar where eventually he chains Fortunato to the wall and encloses him inside it. Throughout the story the narrator continually proves that he is not the most reliable source

The Vampire Diaries The Fury Chapter Five Free Essays

string(59) " sense from those dogs down there\?† Damon murmured\." Dr. Feinberg, Elena thought wildly, trying to twist around to look and simultaneously press herself into the shadows. But it wasn’t the small, hawk-nosed visage of the doctor that met her eyes. We will write a custom essay sample on The Vampire Diaries: The Fury Chapter Five or any similar topic only for you Order Now It was a face with features as fine as those on a Roman coin or medallion, and haunted green eyes. Time caught for a moment, and then Elena was in his arms. â€Å"Oh, Stefan. Stefan†¦Ã¢â‚¬  She felt his body go still with shock. He was holding her mechanically, lightly, as if she were a stranger who’d mistaken him for someone else. â€Å"Stefan,† she said desperately, burrowing her face into his shoulder, trying to get some response. She couldn’t bear it if he rejected her; if he hated her now she would die†¦ With a moan, she tried to get even closer to him, wanting to merge with him completely, to disappear inside him. Oh, please, she thought, oh, please, oh, please †¦ â€Å"Elena. Elena, it’s all right; I’ve got you.† He went on talking to her, repeating silly nonsense meant to soothe, stroking her hair. And she could feel the change as his arms tightened around her. He knew who he was holding now. For the first time since she’d awakened that day, she felt safe. Still, it was a long while before she could relax her grip on him even slightly. She wasn’t crying; she was gasping in panic. At last she felt the world start to settle into place around her. She didn’t let go, though, not yet. She simply stood for endless minutes with her head on his shoulder, drinking in the comfort and security of his nearness. Then she raised her head to look into his eyes. When she’d thought of Stefan earlier that day, she’d thought of how he might help her. She’d meant to ask him, to beg him, to save her from this nightmare, to make her the way she had been before. But now, as she looked at him, she felt a strange despairing resignation flow through her. â€Å"There’s nothing to be done about it, is there?† she said very softly. He didn’t pretend to misunderstand. â€Å"No,† he said, equally soft. Elena felt as if she had taken some final step over an invisible line and that there was no returning. When she could speak again, she said, â€Å"I’m sorry for the way I acted toward you in the woods. I don’t know why I did those things. I remember doing them, but I can’t remember why.† â€Å"You’re sorry?† His voice shook. â€Å"Elena, after all I’ve done to you, all that’s happened to you because of me†¦Ã¢â‚¬  He couldn’t finish, and they clung to each other. â€Å"Very touching,† said a voice from the stairway. â€Å"Do you want me to imitate a violin?† â€Å"How did you get here?† said Stefan. â€Å"The same way you did, I presume. Attracted by the blazing beacon of the fair Elena’s distress.† Damon was really angry; Elena could tell. Not just annoyed or discommoded but in a white heat of rage and hostility. But he’d been decent to her when she’d been confused and irrational. He’d taken her to shelter; he’d kept her safe. And he hadn’t kissed her while she’d been in that horrifyingly vulnerable state. He’d been†¦ kind to her. â€Å"Incidentally, there’s something going on down there,† Damon said. â€Å"I know; it’s Bonnie again,† said Elena, releasing Stefan and moving back. â€Å"That’s not what I meant. This is outside.† Startled, Elena followed him down to the first bend in the stairs, where there was a window overlooking the parking lot. She felt Stefan behind her as she looked down at the scene below. A crowd of people had come out of the church, but they were standing in a solid phalanx at the edge of the lot, not going any farther. Opposite them, in the parking lot itself, was an equally large assembly of dogs. It looked like two armies facing each other. What was eerie, though, was that both groups were absolutely motionless. The people seemed to be paralyzed by uneasiness, and the dogs seemed to be waiting for something. Elena saw the dogs first as different breeds. There were small dogs like sharp-faced corgis and brown-and-black silky terriers and a Lhasa apso with long golden hair. There were medium-sized dogs like springer spaniels and Airedales and one beautiful snow white Samoyed. And there were the big dogs: a barrel-chested rottweiler with a cropped tail, a panting gray wolfhound, and a giant schnauzer, pure black. Then Elena began to recognize individuals. â€Å"That’s Mr. Grunbaum’s boxer and the Sullivans’ German shepherd. But what’s going on with them?† The people, originally uneasy, now looked frightened. They stood shoulder to shoulder, no one wanting to break out of the front line and move any closer to the animals. And yet the dogs weren’t doing anything, just sitting or standing, some with their tongues lolling gently out. Strange, though, how still they were, Elena thought. Every tiny motion, such as the slightest twitch of tail or ears, seemed vastly exaggerated. And there were no wagging tails, no signs of friendliness. Just†¦ waiting. Robert was toward the back of the crowd. Elena was surprised at seeing him, but for a moment she couldn’t think of why. Then she realized it was because he hadn’t been in the church. As she watched, he drew farther apart from the group, disappearing under the overhang below Elena. Someone had moved out of the front line at last. It was Douglas Carson, Elena realized, Sue Carson’s married older brother. He’d stepped into the no-man’s-land between the dogs and the people, one hand slightly extended. A springer spaniel with long ears like brown satin turned her head. Her white stump of a tail quivered slightly, questioningly, and her brown-and-white muzzle lifted. But she didn’t come to the young man. Doug Carson took another step. â€Å"Chelsea†¦ good girl. Come here, Chelsea. Come!† He snapped his fingers. â€Å"What do you sense from those dogs down there?† Damon murmured. You read "The Vampire Diaries: The Fury Chapter Five" in category "Essay examples" Stefan shook his head without looking away from the window. â€Å"Nothing,† he said shortly. â€Å"Neither do I.† Damon’s eyes were narrowed, his head tilted back appraisingly, but his slightly bared teeth reminded Elena of the wolfhound. â€Å"But we should be able to, you know. They ought to have some emotions we can pick up on. Instead, every time I try to probe them it’s like running into a blank white wall.† Elena wished she knew what they were talking about. â€Å"What do you mean ‘probe them’?† she said. â€Å"They’re animals.† â€Å"Appearances can be deceiving,† Damon said ironically, and Elena thought about the rainbow lights in the feathers of the crow that had followed her since the first day of school. If she looked closely, she could see those same rainbow lights in Damon’s silky hair. â€Å"But animals have emotions, in any case. If your Powers are strong enough, you can examine their minds.† And my Powers aren’t, thought Elena. She was startled by the twinge of envy that went through her. Just a few minutes ago she’d been clinging to Stefan, frantic to get rid of any Powers she had, to change herself back. And now, she wished she were stronger. Damon always had an odd effect on her. â€Å"I may not be able to probe Chelsea, but I don’t think Doug should go any closer,† she said aloud. Stefan had been staring fixedly out the window, his eyebrows drawn together. Now he nodded fractionally, but with a sudden sense of urgency. â€Å"I don’t either,† he said. â€Å"C’mon, Chelsea, be a good girl. Come here.† Doug Carson had almost reached the first row of dogs. All eyes, human and canine, were fixed on him, and even such tiny movements as twitches had stopped. If Elena hadn’t seen the sides of one or two dogs hollow and fill with their breathing, she might have thought the whole group was some giant museum display. Doug had come to a halt. Chelsea was watching him from behind the corgi and the Samoyed. Doug clucked his tongue. He stretched out his hand, hesitated, and then stretched it out farther. â€Å"Yes.† She could see his gaze unfocus with concentration; then, he shook his head, exhaling like a person who’s tried to lift some-thing too heavy. â€Å"It’s no good; I’m burnt out. I can’t do it from here.† Below, Chelsea’s lips skinned back from her teeth. The red-gold Airedale rose to her feet in one beautifully smooth movement, as if pulled by strings. The hindquarters of the rottweiler bunched. And then they sprang. Elena couldn’t see which of the dogs was the first; they seemed to move together like a great wave. Half a dozen hit Doug Carson with enough force to knock him backward, and he disappeared under their massed bodies. The air was full of hellish noise, from a metallic baying that set the church rafters ringing and gave Elena an instant headache, to a deep-throated continuous growl that she felt rather than heard. Dogs were tearing at clothing, snarling, lunging, while the crowd scattered and screamed. Elena caught sight of Alaric Saltzman at the edge of the parking lot, the only one who wasn’t running. He was standing stiffly, and she thought she could see his lips moving, and his hands. Everywhere else was pandemonium. Someone had gotten a hose and was turning it into the thick of the pack, but it was having no effect. The dogs seemed to have gone mad. When Chelsea raised her brown-and-white muzzle from her master’s body, it was tinged with red. Elena’s heart was pounding so that she could barely breathe. â€Å"They need help!† she said, just as Stefan broke away from the window and went down the stairs, taking them two and three at a time. Elena was halfway down the stairs herself when she realized two things: Damon wasn’t following her, and she couldn’t let herself be seen. She couldn’t. The hysteria it would cause, the questions, the fear and hatred once the questions were answered. Something that ran deeper than compassion or sympathy or the need to help wrenched her back, flattening her against the wall. In the dim, cool interior of the church, she glimpsed a boiling pocket of activity. People were dashing back and forth, shouting. Dr. Feinberg, Mr. McCullough, Reverend Bethea. The still point of the circle was Bonnie lying on a pew with Meredith and Aunt Judith and Mrs. McCullough bent over her. â€Å"Something evil,† she was moaning, and then Aunt Judith’s head came up, turning in Elena’s direction. Elena scuttled up the stairs as quickly as she could, praying Aunt Judith hadn’t seen her. Damon was at the window. â€Å"I can’t go down there. They think I’m dead!† â€Å"Oh, you’ve remembered that. Good for you.† â€Å"He’ll think you’re an interesting specimen, all right.† â€Å"Then I can’t go. But you can. Why don’t you do something?† Damon continued to look out the window, eyebrows hiking up. â€Å"Why?† â€Å"Why?† Elena’s alarm and overexcitement reached flash point and she almost slapped him. â€Å"Because they need help! Because you can help. Don’t you care about anything besides yourself?† Damon was wearing his most impenetrable mask, the expression of polite inquiry he’d worn when he invited himself to her house for dinner. But she knew that beneath it he was angry, angry at finding her and Stefan together. He was baiting her on purpose and with savage enjoyment. And she couldn’t help her reaction, her frustrated, impotent rage. She started for him, and he caught her wrists and held her off, his eyes boring into hers. She was startled to hear the sound that came from her lips then; it was a hiss that sounded more feline than human. She realized her fingers were hooked into claws. What am I doing? Attacking him because he won’t defend people against the dogs that are attacking them? What kind of sense does that make? Breathing hard, she relaxed her hands and wet her lips. She stepped back and he let her. There was a long moment while they stared at each other. â€Å"I’m going down,† Elena said quietly and turned. â€Å"No.† â€Å"They need help.† â€Å"All right, then, damn you.† She’d never heard Damon’s voice so low, or so furious. â€Å"I’ll-† he broke off and Elena, turning back quickly, saw him slam a fist into the window-sill, rattling the glass. But his attention was outside and his voice perfectly composed again when he said dryly, â€Å"Help has arrived.† It was the fire department. Their hoses were much more powerful than the garden hose, and the jet streams of water drove the lunging dogs off with sheer force. Elena saw a sheriff with a gun and bit the inside of her cheek as he aimed and sighted. There was a crack, and the giant schnauzer went down. The sheriff aimed again. It ended quickly after that. Several dogs were already running from the barrage of water, and with the second crack of the pistol more broke from the pack and headed for the edges of the parking lot. It was as if the purpose that had driven them had released them all at once. Elena felt a rush of relief as she saw Stefan standing unharmed in the middle of the rout, shoving a dazed-looking golden retriever away from Doug Carson’s form. Chelsea took a skulking step toward her master and looked into his face, head and tail drooping. â€Å"It’s all over,† Damon said. He sounded only mildly interested, but Elena glanced at him sharply. All right then, damn you, I’ll what? she thought. What had he been about to say? He wasn’t in any mood to tell her, but she was in a mood to push. â€Å"It’s all over,† Damon said. He sounded only mildly interested, but Elena glanced at him sharply. All right then, damn you, I’ll what? she thought. What had he been about to say? He wasn’t in any mood to tell her, but she was in a mood to push. He stiffened, then turned. â€Å"Well?† For a second they stood looking at each other, and then there was a step on the stair. Stefan had returned. â€Å"Stefan†¦ you’re hurt,† she said, blinking, suddenly disoriented. â€Å"I’m all right.† He wiped blood off his cheek with a tattered sleeve. â€Å"What about Doug?† Elena asked, swallowing. â€Å"I don’t know. He is hurt. A lot of people are. That was the strangest thing I’ve ever seen.† Elena moved away from Damon, up the stairs into the choir loft. She felt that she had to think, but her head was pounding. The strangest thing Stefan had ever seen†¦ that was saying a lot. Something strange in Fell’s Church. She reached the wall behind the last row of seats and put a hand against it, sliding down to sit on the floor. Things seemed at once confused and frighteningly clear. Something strange in Fell’s Church. The day of the founders’ celebration she would have sworn she didn’t care anything about Fell’s Church or the people in it. But now she knew differently. Looking down on the memorial service, she had begun to think perhaps she did care. And then, when the dogs had attacked outside, she’d known it. She felt somehow responsible for the town, in a way she had never felt before. Her earlier sense of desolation and loneliness had been pushed aside for the moment. There was something more important than her own problems now. And she clung to that something, because the truth was that she really couldn’t deal with her own situation, no, she really, really couldn’t†¦ She heard the gasping half sob she gave then and looked up to see both Stefan and Damon in the choir loft, looking at her. She shook her head slightly, putting a hand to it, feeling as if she were coming out of a dream. â€Å"Elena†¦ ?† It was Stefan who spoke, but Elena addressed herself to the other one. â€Å"Damon,† she said shakily, â€Å"if I ask you something, will you tell me the truth? I know you didn’t chase me off Wickery Bridge. I could feel whatever it was, and it was different. But I want to ask you this: was it you who dumped Stefan in the old Francher well a month ago?† â€Å"In a well?† Damon leaned back against the opposite wall, arms crossed over his chest. He looked politely incredulous. â€Å"On Halloween night, the night Mr. Tanner was killed. After you showed yourself for the first time to Stefan in the woods. He told me he left you in the clearing and started to walk to his car but that someone attacked him before he reached it. When he woke up, he was trapped in the well, and he would have died there if Bonnie hadn’t led us to him. I always assumed you were the one who attacked him. He always assumed you were the one. But were you?† â€Å"As a matter of fact, no,† he said. Elena let out her breath. â€Å"You can’t believe that!† Stefan exploded. â€Å"You can’t believe anything he says.† â€Å"Why should I lie?† Damon returned, clearly enjoying Stefan’s loss of control. â€Å"I admit freely to killing Tanner. I drank his blood until he shriveled like a prune. And I wouldn’t mind doing the same thing to you, brother. But a well? It’s hardly my style.† â€Å"I believe you,† Elena said. Her mind was rushing ahead. She turned to Stefan. â€Å"Don’t you feel it? There’s something else here in Fell’s Church, something that may not even be human-may never have been human, I mean. Something that chased me, forced my car off the bridge. Something that made those dogs attack people. Some terrible force that’s here, something evil†¦Ã¢â‚¬  Her voice trailed off, and she looked over toward the interior of the church where she had seen Bonnie lying. â€Å"Something evil†¦Ã¢â‚¬  she repeated softly. A cold wind seemed to blow inside her, and she huddled into herself, feeling vulnerable and alone. â€Å"If you’re looking for evil,† Stefan said harshly, â€Å"you don’t have to look far.† â€Å"Don’t be any more stupid than you can help,† said Damon. â€Å"I told you four days ago that someone else had killed Elena. And I said that I was going to find that someone and deal with him. And I am.† He uncrossed his arms and straightened up. â€Å"You two can continue that private conversation you were having when I interrupted.† â€Å"Damon, wait.† Elena hadn’t been able to help the shudder that tore through her when he said killed. I can’t have been killed; I’m still here, she thought wildly, feeling panic swell up in her again. But now she pushed the panic aside to speak to Damon. â€Å"Whatever this thing is, it’s strong,† she said. â€Å"I felt it when it was after me, and it seemed to fill the whole sky. I don’t think any of us would stand a chance against it alone.† â€Å"So?† â€Å"So†¦Ã¢â‚¬  Elena hadn’t had time to gather her thoughts this far. She was running purely on instinct, on intuition. And intuition told her not to let Damon go. â€Å"So†¦ I think we three ought to stick together. I think we have a much better chance of finding it and dealing with it together than separately. And maybe we can stop it before it hurts or-or kills-anyone else.† Elena stared at him. Of course it wasn’t her choice, if he meant romantically. She was wearing the ring Stefan had given her; she and Stefan belonged together. But then she remembered something else, just a flash: looking up at Damon’s face in the woods and feeling such-such excitement, such affinity with him. As if he understood the flame that burned inside her as nobody else ever could. As if together they could do anything they liked, conquer the world or destroy it; as if they were better than anyone else who had ever lived. I was out of my mind, irrational, she told herself, but that little flash of memory wouldn’t go away. And then she remembered something else: how Damon had acted later that night, how he’d kept her safe, even been gentle with her. Stefan was looking at her, and his expression had changed from belligerence to bitter anger and fear. Part of her wanted to reassure him completely, to throw her arms around him and tell him that she was his and always would be and that nothing else mattered. Not the town, not Damon, not anything. But she wasn’t doing it. Because another part of her was saying that the town did matter. And because still another part was just terribly, terribly confused. So confused†¦ She felt a trembling begin deep inside her, and then she found she couldn’t make it stop. Emotional overload, she thought, and put her head in her hands. How to cite The Vampire Diaries: The Fury Chapter Five, Essay examples

Concept of Market Value Assets

Question: Discuss about the Concept of Market Value Assets. Answer: Introduction Impairment happens when fixed assets depreciate in the concept of market value which is to be considered as fair.. It occurs when the value booked in accounts of goodwill or assets exceeds the recoverable amount. Impairment mostly calculated on long lived fixed assets like land, building, machinery, equipment etc. the impairment losses must be reported in profit and loss account. When company sold or abandoned the long term fixed assets because the company does not have any expectation that those assets will bring profits or value in long run operations of the company. Technically we can derive the impairment loss by deducting the depreciation from acquisition cost, or by subtracting the fair value of asset as per market (FMV stands for monetary value of the asset subject to its selling in the market) from carrying value, it is the decrease of the net carrying value. The shareholders of the public ltd company may lose their equity depending upon the type of asset being impaired. If the impairment happens the company must show the company has to decrease its value in balance sheet and indicate a loss in the income statement(Accountingtools, 2016). Discussion The impairment loss can be described as the amount by which carrying value of a long lived asset or the revenue generating asset crosses its recoverable amount. Every asset should be tested, if there is any indication of impairment. Every year the business has to identify the asset to be impaired and those assets must be reported to the statement. First step is to identifying what are the factors are responsible for impairment of the fixed asset, the factors may be the change in government policy, change in companys own policy, changes in the market or trends, new regulations, turnover or decrement of asset effectiveness so far functioning for long period. Considering a few cases may be health of the assets are fine, working smoothly but due to change in consumer behaviour or changes in technology or changes in techniques the fair market value goes down significantly. We can check this in our daily life also, many of us having cassette player in our home but when CD player comes it changes in technology and the cassette player losses the importance. So we call this this is carrying impairment loss. The concept of Fair market value is considered as the monetary value of the respective asset, if the same is being sold to the intended market. Sometimes this concept is being explained as intending cash flow of future because the a sset is expected yielding the business or revenue continuously. Also, it is termed or described as recoverable amount, it is the amount which can be produced from the fixed assets by selling or by using them. Comparison with the Carrying value comes in the indent of FMV is assigned. Asset is considered as impaired in case the determined cost of retention of the asset exceeding the calculated FMV. Impairment losses are determined either through the model of revaluation or through the model of cost It does also incur some tax relief for the identity, the realization of impairment is not an healthy sign for the entity with overall aspect, it also directs to further reinvestment(Wikihow, 2015). There are two methods are followed to calculate the impairment losses. The incurred loss model Expected loss model Incurred loss method (ILM) is the process of evaluating the credit loss. The incurred loss model simply describe the investments are already impaired as there is no longer any hope to generate cash or revenue or cash flow from the assets impaired. The company indicate impairment when triggering events happens with the assets(Iasplus, 2014). Financial difficulties is experienced Defaulted Bankruptcy or going through any major financial reorganization Major negative economic change The advantages of this method are the impairment can be recognized by an incident which brings a loss of the value of the credit. In such cases the impairment can be calculated be the simple formula Impairment cost = recoverable amount carrying value Derivation of Carrying value comes from the figures of balance sheet. The expected loss model As the name suggests expected loss that means the future cash flow. There are three stages for expected credit loss model . When any financial instrument is procured a credit loss of 12 month is estimated to be done and recognized by the Profit and Loss a/c and loss allowance is made. Without adjustment calculation of interest revenue is on the gross carrying amount. In case of arising of credit risk with the effect of worsening the resulting credit quality , full credit loss has to be recognized. The revenue calculation is same. If financial asset risk rises when assessing the financial asset individually, the interest rate will be calculate based on the amortised cost(Pwc, 2014). Conclusion The impairment loss is the depreciation or loss of the valuation of fixed assets so far fair market value is concerned which is proved to in excess of the book value of the asset as per the financial statement of the organization. Practice of impairment loss evaluation is necessary for every company not only that the impairment loss should be identified by the accounts statement of the organization. Every asset should be tested, if there is any indication of impairment. Every year the business has to identify the asset to be impaired and those assets must be reported to the statement. It is simple depreciation value of the fixed assets which includes the land, building, machinery equipment etc. there are certain methods of evaluating the loss of the assets which we have discussed one is incurred loss model and another is expected loss model. There are certain factors which can be responsible for this depreciation like change of regulations and legislations, change in technology, change in techniques or may happen due to change in consumer behaviour. Technically we can derive the impairment loss by deducting the depreciation from acquisition cost, or by subtracting the asset fair market value. The calculation of impairment loss is impairment cost= recoverable amount carrying value. The impairment loss may lead to the few tax relaxation allowed to the organization. The amount realised in the process is not good for the organization in overall aspect.. The effect of impairment loss indicates the need for reinvestment or increase of investment. Impairment loss journal entry: Journal Entry- CrossBow Ltd- impairment loss as on 30.06.2015 Date Particulars amount amount 30.06.2015 Impairment Losses A/c debit $29,000.00 Land A/c Credit $29,000.00 Being the impairment loss on land booked References: Accountingtools, 2016. Fixed Asset Impairment Accounting | Impairment Loss Accounting. [Online] Available at: https://www.accountingtools.com/impairment-loss-accounting [Accessed 21 September 2016]. Iasplus, 2014. Financial instruments Impairment. [Online] Available at: https://www.iasplus.com/en/projects/completed/fi/fi-impairment [Accessed 21 September 2016]. Pwc, 2014. IFRS 9 Expected credit losses. [Online] Available at: https://www.pwc.com/us/en/cfodirect/assets/pdf/in-depth/us2014-06-ifrs-9-expected-credit-losses.pdf [Accessed 21 September 2016]. Wikihow, 2015. How to Calculate Asset Impairments. [Online] Available at: https://www.wikihow.com/Calculate-Asset-Impairments [Accessed 21 September 2016].

The Day Of The Dead Essays - Mexican Culture, Mexican Art, Halloween

The Day Of The Dead Day of the Dead Imagine yourself in a cemetery, commemorating your great-grandpa. Dia De Los Muertos (The Day of the Dead) is celebrated in Mexico on November 2nd. The Day of the Dead is one of Mexico's traditional holidays reuniting and honoring beloved ancestors, family, and friends. To begin, the historical roots of this celebration date back to the pre-Hispanic cultures of Meso-America of the indigenous people, especially the Nahua (Aztecs, Mayans, Toltecas, Tlaxcaltec, Chichimec, Tecpanec) and others native to Mexico more than 3,000 years ago. Life was seen as a dream. It was believed that only in dying, a human being was truly awake. Death was not a mysterious and fearful presence but a realistic recognizable character as much a part of life as life itself. When Christianity was introduced in the 16th century, religion and its symbols became part of the altars we now find in Mexico today. November 1st, All Saints Day, is when the spirits of the children, called los angelitos (little angels), are expected to return. Traditionally, it is a time when family members share memorable stories that would commemorate their lives together. Secondly, there are many items that people do to celebrate the Day of the Dead. On November 2, family members clean and perhaps paint the headstones, arrange flowers, and lighting candles. Mexican families construct special home altars dedicated to the spirits of their deceased loved ones. The altars range from simple to the very elaborate and are usually filled with objects that provided pleasure to the departed person in life, including favorite food and drink. Altars dedicated to the spirits of deceased children often include toys, candy and other sweets. I think that building alters for the dead is a good concept. They teach the younger generations about the past, as well as commemorate the dead. No matter what kind of a person was, everyone leaves behind a legend. Some books, for example, are biographies, praising and telling about a person in the past or present. Like a book, the alters tell the history of a person. The alters tell a ?story? of the dead individual. Alters tell the age, their likes, and many other interesting facts about the dead individual's life. I think that these alters compensate the work of an earlier generation. The altars or ofrendas as they are called, also usually contain objects made from sugar or sugar sculpture known as alfenique. These objects may be small animals, such as lambs, miniature plates of food (enchiladas with mole), small coffins, often with pop-up skeletons, and of course, the sugar skull or calavera. The skulls are made by pouring a mixture of boiling water, confectioner's sugar and lime into clay molds, which have been previously soaked in water. The calaveras are decorated with paper foil for eyes and a kind of colored icing for hair. Names can be added to the skull and Mexican children often exchange named skulls with their friends. I think that the skeleton represents the spirit still living after it has left it's flesh on this earth. The spirit of an individual lives on forever. Ofrendas often include papel picado or Mexican cut-paper. Papel picado has a long folk tradition in Mexico and the little town of San Salvador Huixcolotla, in the state of Puebla, is known for its fine cut paper. Although papel picado is used as a decoration for many festive occasions such as weddings and baptisms, papel picado with themes relating to Day of the Dead is also very popular. The Mexican papel picado is similar to origami. Although origami is folded, it too has spiritual meaning. In conclusion, I think that Dias De Los Muertos is important for the family to maintain good relationships with the dead for it is they who intercede and bring food fortune to the living. It is a time to come to terms with our mortality and become aware of cycle of life and death. The Day of the Dead is a day for honoring are beloved ones.

Battle of Wounded Knee essays

Battle of Wounded Knee essays On the morning of December 29, 1890, the Sioux chief Big Foot and some 350 of his followers camped on the banks of Wounded Knee creek. Surrounding their camp was a force of US troops charged with the responsibility of arresting Big Foot and disarming his warriors. The scene was tense. Trouble had been brewing for months. The Battle at Wounded Knee was in part result of the growing support if the Ghost Dance religion. Founded by, a Paige Indian religious leader, the religion rapidly gained many followers though the Plains Indians. The belief of the Ghost Dance religion was the hope of returning to theold days?. It was taught that God would restore the Indian world to the way it was before the Americans arrived. With this praise, the Indians felt as though they were bring back there ancestors and the buffalo which were killed some of the Americans. The army leaders feared that this religion would lead to upraising with the Indians so they called in troops to kept things under control. To control that area of the Indians, the Americans sent in General Nelson A. Miles and Agent James McLaughlin with an army of over 5,000 soldiers. Agent McLaughlin was [mistakenly] reporting that 'this new religion was reported from the beginning and that it seem impossible that any person, no matter how ignorant, could be brought to believe such absurd nonsense?. On Dec 14,1890 having received word that Sitting Bull was determined to visit the Pine Ridge Agency south of standing rock, McLaughlin had him arrested immediately. During the arrest, Siting Bull began to protest. His followers, having heard his shouts began to act. One of them fired a shout a officer arresting Sitting Bull. As the shot began to fell in death he was able to fire one shout hitting Sitting Bull. Gunfire erupted, taking the lives of Sitting Bull, 6 policemen and eight of S itting Bulls followers. When he heard of Sitting Bull's death, Chief Big Foot led his people south to seek pro...

Gender and Family Research Paper Example | Topics and Well Written Essays - 750 words

Gender and Family - Research Paper Example Nevertheless, children from families with poor communication and structures have a high likelihood of turning deliquescent than their colleagues coming from well-structured families (Regoli, Hewitt & DeLisi, 2010). The attachment between parents and their children also plays a pivotal role in determining whether these children will tread the delinquent path or not. Children exposed to strenuous and hostile environments at a tender age are more likely to turn delinquent than those that are raised in favorable environments. It is the expectation of the society for parents and guardians to play their role of control to their children, failure to which, formal control measures can be instituted by state authorities such as the juvenile justice system. This research paper will try to dissect the issue of juvenile delinquency and discuss the impact of gender and family on street delinquency (Regoli, Hewitt & DeLisi, 2010). Gender differences between males and females not only affect the crime pattern but also the way the juvenile offenders are treated (Siegel & Welsh, 2010). Generally, harsh punishments are meted on male offenders than the female offenders of the same crime. This bias treatment by the juvenile justice system contributes to the gender gap in delinquency. Gender distinction between males and females also offers a partial explanation as to why males are more delinquent than females. The aggressive nature of boys and their capacity to forge associations and attachments are some of the factors contributing to the high rates of delinquency among the boys. In their associations, males are more susceptible to group pressures and peer influence, and this often leads them to engage in juvenile crimes (Siegel & Welsh, 2010). Gender differences in development and socialization may influence the delinquency pattern (Siegel & Welsh, 2010). Girls are socialized to control their emotions better than the boys. As the

BHS 411 &#8211 Issues of Terrorism Mod 4 SLP Essay

BHS 411 – Issues of Terrorism Mod 4 SLP - Essay Example According to White (2006), the FBI is loosely linked to all America's law enforcement agencies (p. 4). However, many federal law enforcement agencies and local police executives openly resent or do not trust the FBI (White, 2006, p. 4). Most of all, "there is no system to sift, sanitize, and disseminate information to local law enforcement" (White, 2006, p. 4). These are very good points why the FBI is a vulnerable subject to cyber attacks. To launch the attack, I will first design a web log where people who have "bad encounters" or negative criticisms with the FBI can post their blogs. This will be a sort of "character assassination" that can stir emotions against the FBI, and perhaps, loose confidence to this agency. The end result will be a weaker coordination by the American people in providing information for the FBI, thus, will make it so much difficult for the agents to gather evidences and information on terrorist activities. I will also devise a sp

Individual Case Analysis Essay Example | Topics and Well Written Essays - 1250 words - 1

Individual Case Analysis - Essay Example The precise ways in which a brand adds value can be recognised through gaining knowledge about the sources of brand equity (Keller, n.d.). In relation to the provided case scenario related to Red Bull, it can be comprehended that the company focused on the aspect of creating brand awareness as well as establishing their brand image. These two facets are the key sources of their brand equity. Development of the source of brand awareness has facilitated Red Bull to develop its brand equity. Red Bull has especially focused on the element of brand recall. Brand recall refers to the customers’ capability to distinguish a particular brand within different circumstances (Keller, n.d.). . With this notion, Red Bull concentrated on designing its products attractively. Moreover, within its growth strategy the company entered new markets by taking a slow method to optimize the anticipation as well as buzz from the company (Das, 2012). This was a key strategy to build brand equity of the company. Moreover, it focused on inventing the aspect of functional energy within the beverage category segment which facilitated it to create a distinct brand image among the customers. It also focused on above-the-line strategy with regard to marketing aspect to draw the attention of its customers. It created an eye-catching logo of two red bulls and a yellow sun. The animated message reinforced the value of Red Bull as a drink that gives an individual ‘wings’ i.e. it energizes the person. This has been the main notion conveyed by the company to its consumers which is the key source of brand equity for the company (Kumar & Robert 1988). Incorporation of a distinct flavour and packaging along with positioning were the other major facets for the company that facilitated it to develop its brand equity. In terms of packaging, under the logo of the company, highlighting the aspect of energy drink was a major consideration by the company. Moreover, it positioned the brand a s revitalizing substance for body and mind. The product started to create a buzz as a mixer element in varied markets, however, the company primarily attempted to go beyond this aspect and appeal to a broader section of consumers especially the young ones (Rehman, 2011). The company also concentred on participating in different events and sporting activities which substantially boosted up its name and logo, which are the imperative elements for success of a company in terms of augmenting its brand equity. Q:2. Analysis of Red Bull’s Marketing Programs in Terms of how it contributes to the Brand’s Equity Red Bull is using uncongenial adverting policies, as it has uniquely positioned itself in the beverage industry. Its distinctive positioning has allowed it to detain a significant amount of brand recognition in different nations. The company focused on creating a sense of mystique amid its customers through its marketing program. It initially focused on word-of-mouth tr aditional method of advertising technique, however, it wanted to spread the awareness of the brand even more (Collins & Rusktad, 2008). Red Bull’s promotion strategies had facilitated it to flourish in the facets of market share, income, and units sold (Sarah, 2009). Exceptional positioning strategies were focused on by the company by targeting high-school and colleges going

Scale, Scope and Diversity of the Hospitality Industry

Scale, Scope and Diversity of the Hospitality Industry AC1.1 Analyze the current scale, scope and diversity of the hospitality industry. In this research you will find the current scope and diversity of the hospitality industry, including the range of job roles and employment possibilities. An analytic overview will be made on the current scale, scope and diversity of the hospitality industry for further understanding. The last paragraph, a conclusion will be drawn on the scale, scope and diversity of the tourism in the UK. Merriam Webster (n.d) defined hospitality as generous and friendly treatment of the visitors and guest: providing, food, drinks but not only that, hospitality is an organization that provides shelter, food and other services to visitors and guest. Below are the listed scale, scope and diversity for the hospitality industry: Scale-Restaurant, bar and pubs, lodging, entertainment, caters, gaming, event management etc. Scope- The GDP contribution, turnovers, employment and job opportunities. Diversity- 1. sectors are linked with each other. 2.socioeconomic backgrounds. The hospitality industry is a wide and very diverse industry which most people is familiar with its lodging and food and beverage sector, it is actually much more than that. Is includes hotels, Bar and night clubs, catering services, hospital service, membership clubs and events and management and all so goods and services (Wikipedia 2016). There is also a wide range of jobs in the hospitality industry because of its demands to make the work more managable.eg. concierge, events manager, wedding planner, housekeeper. (reed, n.d). With that said the employment opportunities are available because its a very demanding industry (oxford economics, sept 2010, pg7). The hospitality industry is the world most popular industry according to SI-UK (2016), hiring over 60 million people worldwide. Due to the diversity and demand hospitality economy is forecast to grow to 2.66 million direct jobs (oxford economics,2014), thus enhancing job opportunities in all job roles available. It was also said by oxford economic (2014) that UK hospitality contributed an estimated  £57 billion to UK Gross Domestic Product (GDP) à ¢Ã¢â€š ¬Ã‚ ¦total turnover generated by the hospitality industry is estimated to have been  £118 billion (oxford economics.2014). Reynolds (n.d) defines diversity as individuals and groups with different socioeconomic backgrounds and physical capabilities who engage in a variety of languages from multiple countries .The diversity in the industry places some significance, for example the socioeconomic backgrounds of the costumers and employee, When handle guests offers increased opportunities to develop a vital tourism industry and employers and their associates are able to readily understand and accept the idea of equal employment opportunity says Reynolds (n.d).hospitality is also diversified by linking one sector to the next.example.in order for a guest to arrive to a particular hotel that person have to book a travel service like a bus or taxi service. Conclusion In conclusion the hospitality industry is very vast and is very beneficial to the UK industry, with its many sectors upon sectors which offers a mountain loads of job and job opportunities, with 2.66 million direct jobs and hiring 60 million people worldwide (SI-UK,2016). If this trend continues in this path, then it will be a continuously growing and vital part of our economy. The UK GDP contributed a whapping  £57 billion to the UK GDP (oxford economics,2014). the diversity of the industry is so amazing, interlocking to make one clean cut process to ensure customer satifaction.example, travel service to a particular hotel.no wonder the industry is booming and every growing, also with the verity of socioeconomic backgrounds from visitors and employees and the industry seamlessly manage to housed all.

Dialectic journal, Huck Finn Ch. 9-16 :: Adventures of Huckleberry Finn, Mark Twain

Quote 1: â€Å"’En all you wuz thinkin’ ‘bout wuz how you could make a fool uv ole Jim wid a lie. Dat truck dah is trash; en trash is what people is dat puts dirt on de head er dey fren’s en makes ‘em ashamed.’ Then he got up slow and walked to the wigwam, and went in there without saying anything but that. But that was enough. It made me feel so mean I could almost kissed his foot to get him to take it back. It was fifteen minutes before I could work myself up to go and humble myself to a ; but I done it, and I warn’t ever sorry for it afterward, neither. I didn’t do him no more mean tricks, and I wouldn’t done that one if I’d ‘a’ knowed it would make him feel that way † (83-84). Analysis: Huck plays this trick on Jim, but doesn’t realize it would hurt him so much. Jim is very hurt, and goes inside the wigwam. Huck has to bring up courage to apologize to Jim because he is black. This is sort of ironic because Jim was just talking about kissing Huck’s feet because he was glad he was back, but then Huck feels so bad for hurting Jim, that he could kiss Jim’s feet, even if he was black. Huck seems to have a moment which will help him along on the path of equality between whites and blacks as well. Quote 2: â€Å"’Jim, this is nice,’ I says. ‘I wouldn’t want to be nowhere else but here. Pass me along another hunk of fish and some hot corn-bread.’ ‘Well, you wouldn’t ‘a’ ben here ‘f it hadn’t ‘a’ ben for Jim. You’d ‘a’ ben down dah in de woods widout any dinner, en gittn’ mos’ drownded, too; dat you would, honey.’† Analysis: This part is actually ironic, because Jim is black, and Huck is white, and Jim has helped Huck a lot, possibly to the extent of saving his life. This is ironic because normally, a white person wouldn’t take the help of a black person. Dialectic journal, Huck Finn Ch. 9-16 :: Adventures of Huckleberry Finn, Mark Twain Quote 1: â€Å"’En all you wuz thinkin’ ‘bout wuz how you could make a fool uv ole Jim wid a lie. Dat truck dah is trash; en trash is what people is dat puts dirt on de head er dey fren’s en makes ‘em ashamed.’ Then he got up slow and walked to the wigwam, and went in there without saying anything but that. But that was enough. It made me feel so mean I could almost kissed his foot to get him to take it back. It was fifteen minutes before I could work myself up to go and humble myself to a ; but I done it, and I warn’t ever sorry for it afterward, neither. I didn’t do him no more mean tricks, and I wouldn’t done that one if I’d ‘a’ knowed it would make him feel that way † (83-84). Analysis: Huck plays this trick on Jim, but doesn’t realize it would hurt him so much. Jim is very hurt, and goes inside the wigwam. Huck has to bring up courage to apologize to Jim because he is black. This is sort of ironic because Jim was just talking about kissing Huck’s feet because he was glad he was back, but then Huck feels so bad for hurting Jim, that he could kiss Jim’s feet, even if he was black. Huck seems to have a moment which will help him along on the path of equality between whites and blacks as well. Quote 2: â€Å"’Jim, this is nice,’ I says. ‘I wouldn’t want to be nowhere else but here. Pass me along another hunk of fish and some hot corn-bread.’ ‘Well, you wouldn’t ‘a’ ben here ‘f it hadn’t ‘a’ ben for Jim. You’d ‘a’ ben down dah in de woods widout any dinner, en gittn’ mos’ drownded, too; dat you would, honey.’† Analysis: This part is actually ironic, because Jim is black, and Huck is white, and Jim has helped Huck a lot, possibly to the extent of saving his life. This is ironic because normally, a white person wouldn’t take the help of a black person.

Effects of computer games to students

The widespread belief that dopamine regulates pleasure could go down in history with the latest research results on the role of this neurotransmitter. Researchers have proved that it regulates motivation, causing individuals to initiate and persevere to obtain something either positive or negative. The neuroscience journal Neuron publishes an article by researchers at the Universitat Jaume I of Castellon that reviews the prevailing theory on dopamine and poses a major paradigm shift with applications in diseases related to lack of motivation and mental fatigue and depression, Parkinson's, multiple sclerosis, fibromyalgia, etc.  and diseases where there is excessive motivation and persistence as in the case of addictions.â€Å"It was believed that dopamine regulated pleasure and reward and that we release it when we obtain something that satisfies us, but in fact the latest scientific evidence shows that this neurotransmitter acts before that, it actually encourages us to act. In o ther words, dopamine is released in order to achieve something good or to avoid something evil,† explains Merce Correa. Studies had shown that dopamine is released by pleasurable sensations but also by stress, pain or loss.These research results however had been skewed to only highlight the positive influence, according to Correa. The new article is a review of the paradigm based on the data from several investigations, including those conducted over the past two decades by the Castellon group in collaboration with the John Salamone of the University of Connecticut (USA), on the role of dopamine in the motivated behaviour in animals. The level of dopamine depends on individuals, so some people are more persistent than others to achieve a goal.â€Å"Dopamine leads to maintain the level of activity to achieve what is intended. This in principle is positive, however, it will always depend on the stimuli that are sought: whether the goal is to be a good student or to abuse of dru gs† says Correa. High levels of dopamine could also explain the behaviour of the so-called sensation seekers as they are more motivated to act. Application for depression and addiction To know the neurobiological parameters that make people be motivated by something is important to many areas such as work, education or health.Dopamine is now seen as a core neurotransmitter to address symptoms such as the lack of energy that occurs in diseases such as depression. â€Å"Depressed people do not feel like doing anything and that's because of low dopamine levels,† explains Correa. Lack of energy and motivation is also related to other syndromes with mental fatigue such as Parkinson's, multiple sclerosis or fibromyalgia, among others. In the opposite case, dopamine may be involved in addictive behaviour problems, leading to an attitude of compulsive perseverance.In this sense, Correa indicates that dopamine antagonists which have been applied so far in addiction problems prob ably have not worked because of inadequate treatments based on a misunderstanding of the function of dopamine (http://www. sciencedaily. com/releases/2013/01/130110094415. htm) The effect of a dopamine agonist on dysarthric speech production: a case study.AbstractThe effect of Permax (pergolide mesylate), a dopamine agonist, was assessed in an individual with traumatic brain injury. The participant evidenced symptoms of hypokinetic dysarthria. His performance on and off Permax was evaluated in a BABA design. Measures were obtained across physiological systems. There were few differences in the on and off conditions. In the on condition, he evidenced an abnormally large velopharyngeal orifice area, dysfluencies in stimulus sentences, and less precise articulation. However, listeners perceived him to be more animated in the on condition. In addition, he reported better performance in the on condition.The study highlights potential discrepancies among participant report, listener perce ption, and objective measures. Learning outcomes: As a result of this activity, the participant will be able (1) to recognize the effect of dopamine agonists as an adjunct to other pharmacological interventions and (2) to determine potential discrepancies among participant report, listener perception and objective physiological and acoustic measures. (Transitional Learning Center, Department of Communication Disorders, University of Houston, TX 77204-6018, USA. [email  protected] edu/ http://www. ncbi. nlm. nih. gov/pubmed/11565961)

Bathymetry, Sediments and Plate Tectonics

On March 23, 1968 a Glomar Challenger ship was launched from Orange, Texas under the supervision of National Science Foundation and the Regents, University of California. This marked the beginning of a new era in the field of oceanographic explorations. The Glomar Challenger explored the Atlantic, Indian and Pacific Oceans as well as the Mediterranean and the Red Seas, drilled and cored the bottom of the ocean and collected core samples.These core samples became a definite proof for continental drift and sea floor renewal at rift zones. The theory proposed by Alfred Wegener that Earth once consisted of a single land mass now known as Pangaea was proved by their findings. The theories attempting to explain the formation of mountain ranges, deep sea trenches and earthquakes provided by the two geologists, W. Jason Morgan and Xavier Le Pichon also gained support from these findings.As for the evidence for sea floor spreading there are ample examples. Samples from the deep ocean floor sh ow that Basaltic oceanic crust and overlying sediment become much younger while nearing the mid ocean ridge. The sediment cover is thinner near the ridge. Moreover the age of the ocean is no more than 200 million years while the age of the Earth is roughly 3 billion years. Also evidence of periodic reversals in magnetic polarity of the Earth, or paleomagnetism proves the theory of sea floor spreading.The study of plate tectonics has advanced rapidly over the last 50 years. The advent of sophisticated oceanographic instruments has made the inaccessible regions easy to access. The easiest method of sampling sea floor includes coring using a long metal pipe weighted at the top. Gravity covers collects samples of sea floor sediments. There are machines that allow scientists to submerge beneath the water and observe the sea floor. Submersibles can carry up to a 5-person crew at a time.Most of these submersibles are geared with high frequency cameras, lights, mechanical arms for collectio n of samples, temperature measurers and other electromagnetic tools. Information regarding the sedimentation of the bedrocks can be obtained by shipboard gravimeters that can measure rock density and magnetometers, which measure the magnetic properties. Reflection of sound waves is used in seismic service and help in getting information about submarine topography and the thickness and folding and faulting of rocks covered with sediments.Seismic surveys are particularly helpful for finding out oil and gas deposits. Seismic surveys can be done by high voltage sparks, mechanical clappers or electronic pulse to create a spectrum of sonar frequencies. The Fundy Basin on Atlantic coast between New Brunswick and Nova Scotia is where the oldest ocean sediments can be found. References: xpubs. vsgs. gov/gip/dynamic/historical. html Wikipedia Glomar Challenger Wikipedia Mid Atlantic Ridge Answers. com

Where My Mind Wanders essays

Where My Mind Wanders essays My car slows as it approaches a stoplight. I take this opportunity to allow my mind to become engulfed with my surroundings: the bright, fierce red of the traffic light, the brilliant blue sky with its specs clouds, and the mass of hurried people. The four corners of the intersection are filled with people who are preoccupied with their fast-paced lives to notice the little things, such as animals and anxious cars awaiting the traffic light. My thoughts vigorously put all of the information that my mind has gathered from the intersection to order. My mind eagerly involves itself by engulfing my surroundings and giving them some meaning. The office workers, too busy to pay attention to the life that surrounds them catch my eyes first. They seem to be apathetic robots, preprogrammed to start at one location and go to another. They pay little attention to any detail unless it has to do with them. I chuckle at the automated behavior of these robots. Once my mind has come to a conclusion about the workers, this small little squirrel sitting on its hind legs eating a juicy apple catches my attention. Sitting there on the corner of the intersection, minding its own business, the squirrel devours the apple. Once done with its apple the squirrel throws the core to the side and remains there for a bit. My mind temporarily comes out of its lapse and I wonder if this squirrel is analyzing me, too. The neck of the squirrel seems to be a second hand on a clock, tick tock. It moves a bit then stops, then again moves continuing until it can no longer move its neck. A 1996 Ford Mustang next to my car revs the engine, and my mind loses interest in the squirrel and moves to the cars next to and opposite of me. There are two cars, a BMW, and an old pickup truck; the name is not visible. You can see the eagerness of each car; the impatience in these cars is more than of child the day before their birthday. These cars remain perpendicular to the lan...

Persuasive letter on being able to carry a concealed weapon on college Essay

Persuasive letter on being able to carry a concealed weapon on college campuses - Essay Example The process of obtaining a concealed permit is different according to every state’s legislature. It is not an easy process and can take a set amount of time based on the area that the individual is trying to obtain a permit. It requires a thorough background check and there are disqualifying factors such as violent behavior, felonies, and excessive drug use that can keep an irresponsible person from obtaining a concealed permit (Scheb 318). Also, there are rules, which prevent individuals from buying weapons at all. In most states, you have to be at least 18 years of age to buy rifles and at least 21 to buy a handgun. In addition, there are limitations to the armaments that a person can buy, which again is limited to more thorough background checks if you want to buy deadlier weapons such as fully automatic assault rifles, which are typically reserved only for military and civilian law enforcement organizations. The first and most obvious debate to the issue is that you are ta king the student’s right away to protect him or herself. Under the constitution, citizens of the United States have the right to bear arms. As stated previously, in order to obtain the right to carry a weapon, there are many processes that a person has to go through and if they do not meet the requirements, they are unable to purchase neither a firearm nor a permit. The reason that this was put into the constitution was because during the American Revolution, the British wanted to keep American patriots from being able to defend themselves and put up resistance (Fernandez, and Sarat 25-35). The key they’re being that they wanted to keep the populous benign and incapable of their own defense. By not allowing concealed carrying for responsible citizens, the government is doing to the population no different than what the British did during the revolutionary war, a war fought for freedom. ‘ In a specific instance, at some schools there are already weapons on campus. For example, North Georgia College and State University is a senior military college and still has an extremely large civilian population. Because of the highly militaristic nature and tradition of the school, the cadets that attend classes do train with military weapons such as the M16A2, M249B, and M240. It is common to hear gunfire on campus as the cadets train on how to fire and use this weaponry. This is a responsible instance in which military weapons are used on campus and no one has been injured. Another reason as to why there should be weapons on campus is the inherent crime, which surrounds campuses, especially in the city. Larger universities are like cities within cities; public safety cannot control every single portion of the campus at the same time. Especially in the case of females, they are vulnerable if they are not traveling with someone else. The only defense they can really have is maice and there is nothing that is going to stop someone from coming up with a g un and doing harm to them. There is no way to control criminals from coming onto campus with weapons as has been seen in some events; therefore why would we want to stop students from protecting themselves when criminals are not going to abide by the laws anyway? As can be seen, it is necessary and a constitutional right by which we are given our freedom to protect

Quantitative Research Study Critique Article Example | Topics and Well Written Essays - 1750 words

Quantitative Research Study Critique - Article Example The main problem is that this study is unique and it does not involve human factors so it may not be reliable to use the researches conducted by other people since they may not be directly linked to the problem identified. In other words, it may appear as if the results of this particular study are generalizations of the results found by other researchers. This entails that there is no new information generated from the study since it is mere reproduction of known information that is only interpreted in a different way. 2. The study presents well organized literature review from published medical researches on the quality education literature during the last five years. The study also utilises good citation. For instance, Cook, Berkman & Bordage (2007) reviewed articles reporting experimental studies in medical education in published in six well respected medical journals from 2003 -2004 (Yucha et al, 2011). Somehow, the literature provides rationale for the study. To a certain exten t, it can be noted that the literature reviewed is related to the area of study given that it focused on aspects impacting the quality of research in medical education such as funding. ... For instance, 45 % contained literature review, 55 % presented a theoretical framework, 76% presented a statement of study purpose. This shows the shortcomings of the literature reviewed which should be taken into consideration in order to ascertain the validity and reliability of the literature used in the study. 3. The framework of the study is explicitly stated since it is mentioned that the research will specifically focus on reviewing published literature related to quality methodological and scientific impact of nursing education reports. They state from the onset that the selection criteria for the articles to be used in this study will be based on variables such as purpose, objectives, rationale, design, evaluation, interventions and significance of the study. Yuchi et al (2011) also state that article inclusion also involves factors such as quantitative research, focus on nursing students, featured descriptive, experimental as well as observational design. They also indicate that article exclusion would involve qualitative research, meta analysis, systematic and literature review. This gives us a clear framework of the study as well as the basic areas to be covered in the research. It can be observed that the framework map for the study is quite clear since it outlines the issues for inclusion as well as exclusion in the study. In other words, the map of the study narrows the focus of the study to the desired research context. The stated framework of the study is related to nursing since it clearly outlines the intention and purpose of the research. The study indicates that literature will be reviewed for the purpose of identifying the link between quality and nursing education in relation to aspects of

The Lake School Poets Essay Example | Topics and Well Written Essays - 1000 words

The Lake School Poets - Essay Example As Romanticists, they have been staunch supporters of freedom and the French Revolution. For them, it was a noble cause for it promotes the tenets of Romanticism, although they deny being a part of the said movement. The French Revolution symbolized liberty from the trappings of wealth that was the French Royalty. Not only that, it symbolized the inequality of power between the people and the monarchs. Because of this love for liberty, they believed on France’s Revolution and had their passionate beliefs. However, after some time, they abandoned their liberalist beliefs, especially William Wordsworth, and became conservatives, largely believing now in constitutional monarchy and the power of the Protestant Church as the guiding light for the British. Is the shift because of Napoleon’s failure to reach the poets’ expectations of being a libertarian because he also intended to conquer Europe, or is it because their own personal struggles that lead them to prioritiz e their own individual beliefs? Was it because of their age? This essay proposes that they became conservatives because of their Napoleon failed their expectations. II. Summary and Critique According to Bertrand Russell, â€Å"In his youth Wordsworth sympathized with the French Revolution, went to France, wrote good poetry, and had a natural daughter. At this period he was called a 'bad' man. Then he became 'good,' abandoned his daughter, adopted correct principles, and wrote bad poetry.† This is an observation to the poet shifting from being a liberalist to a conservative. Romanticists are known to being ambivalent towards the society as they were politically involved but they were also distancing themselves from the public. And as romanticists, they strongly objected to the oppression and injustice. However, the Lake poets shifted to conservatism. There are many theories on why this has happened. There is a theory that it was because of Coleridge addiction to opium, the dea th of Wordsworth’s brother and their disenchantment on the French revolution. Coleridge’s addiction to opium was because of his chronic rheumatism. The doctors prescribed laudanum to him, an opium derivative, and became addicted for sixteen years. His condition never really affected his writings as he wrote good poetry even when he was high with drugs. His good friend Wordsworth even took him into his home and he spent two years there. When he moved out, he learned that Wordsworth told their mutual friend not to take him in because he had â€Å"a derangement in his intellectual and moral constitution† (Shmoop Editorial Team). This resulted in the breaking up of their friendship and they both wrote less poetry after the incident. Another theory is that Wordsworth’s brother’s death may have contributed to the shift of the poets to shift to conservatism. This happened in 1805 and has affected him strongly. This only happened to Wordsworth, not everyon e in their movement. Although they are all good friends, this could not have effected the others that much. The last theory proposed by Fairchild is that they were all disenchanted by the way Napoleon took over France after the French Revolution. Because after the Revolution ended, Napoleon began conquering other countries. This failed them because their cause about liberty and the revolution did not end up the way they wanted it to be as Napoleon also got into other

A Monologue for Love Essay Example for Free

A Monologue for Love Essay What becomes of the broken hearted? Nothing. You think you know love then that love turns out to be an egotistical self-involved bastard whos no braver than the house mouse living in your walls waiting til you least expect it. Ive made mistakes before. But nothing compares to the ones made with him. The ones made in his arms, his unloving false arms embrace that somehow once made me feel warm and made heart be tender. And in that false embrace I made mistakes under false illusions. Illusions that this.. boy, this child, could love me and make me feel like a woman! A woman I am not, I am but a child, a girl who has been broken by the same boy too many times and more. I tried to end it once, twice, and ended it be on the fifth. But this was all too little too late, as he had touched me and I him. And is it so much to ask that I be loved again? It must have been for once another man loved me A man this time. Not a child, a boy. A man. And this man I turned down. I gave him false reason. For the real reason was that I did wish to be with this man but I was too afraid. The fear growing inside of me, a seed planted by a boy. And in the heat of the moment I fell for that man only to wake the morrow to tell him it cannot be. Months later now, I thought I had convinced myself of this false reason. But in a moment of peace, no distractions to cloud my judgment, my heart caught up to my head and told me of the real reason. And now I am dead. The seed has stopped growing. But its venomous flower has already bloomed and done its damage. I am but one of many broken hearted souls with many mistakes done and many more to proceed, to follow. And I ask of you now What should a girl do? When she no longer welcomes love But instead wishes it she had never known?

Weak Form Efficient Market Hypothesis For Emerging Markets

Weak Form Efficient Market Hypothesis For Emerging Markets Literature Review The issue of market efficiency in emerging markets is of great significance for both foreign investors and policy makers in emerging economies. This project devotes large efforts to produce a thorough and in-depth literature review for this area. This topic is to be investigated from these aspects: theoretical foundation, methodologies of tests and empirical results. Firstly, traditional efficient market hypothesis (Fama, 1970; Makiel, 1973) and behavior finance theories developed in recent decades (Barbris, 1998; Shleifer, 2000) have formed two main schools of thought for the issue of market efficiency. Secondly, the evolution for a series of methodologies is important for testing market efficiency. Thirdly, the empirical evidence is reviewed by consideration three major factors: trade volume and non-linear behavior, structural breaks and market evolution through time. Finally, it also reflects some important policy implications for emerging markets. Many empirical studies have been widely carried to investigate the weak-form efficient market hypothesis for emerging markets, and the results are mixed. Generally, most of emerging markets are found to be inefficient. But for some countries, such as Istanbul, Egypt and Jordan, after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, equity markets are found to be efficient. When structure break factors are taken into account, market efficiency is powerfully rejected for countries such as Argentina, Brazil, Greece and India. There is also evidence showing that initially emerging markets are inefficient, but over time they are moving toward to be more efficient, such as in Estonian, Lithuanian and Russia duo to economic liberalization policies. These results reflect some important policy implications. Infrequent trading and illiquidity of capital markets negatively affects market efficiency, so economic policy makers should devote efforts to minimize the institutional restriction and barriers on capital flow in the financial markets and to impose strict disclosure requirements, so that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation. Introduction: Due to the increasing globalization of financial markets, fast economic growth and adoption of financial liberalization policies for equity markets in emerging economies, it is widely indicated that equity investment in emerging economies can provide superior returns. Past decades have witnessed spectacular growth in both size and relative importance of emerging equity markets. The market capitalization of emerging market economies accounts for twelve percent of world market capitalization and has more than doubled, growing from less than $2 trillion in 1995 to $5 trillion in 2006 (Nally, 2010). By 2015, it is estimated that the combined GDP of emerging-market economies will surpass that of the top 20 developed economies (ibid). In addition, emerging market returns are weakly correlated with returns in developed markets, so international diversification with these emerging equities can give lower portfolio risks (Levy Sarnat, 1970). The potential high rates of returns and diversific ation benefits has attracted large number of foreign fund investors, so the investigation on whether emerging markets function efficiently is significantly important. By knowing degree of market efficiency, economy policy makers and regulators can gain insights to develop right institutional and regulatory frameworks to allocate scare resources efficiently, form favourable investment condition and obtain further economic growth. Therefore, this essay is going to investigate the weak-form market efficiency in emerging markets. The efficient market hypothesis by Fama (1970), Random Walk module by Makiel (1973) and behaviour finance theories are directed related to this issue and form the theoretical foundations. Section 1 will critically give the theoretical review based on the two schools of thought that are EMH and behaviour finance theories. Section 2 will give a brief review of methodologies adopted in literature review. Section 3 will give empirical review of the weak-form EMH for emerging markets. Section 4 will indicate some brief policy implications for emerging economies and section 5 is the conclusion with some directions for further research. Theoretic Review of EMH VS Behaviour Finance Efficient Market Hypothesis Fama (1970) defines an efficient financial market as one in which security prices always instantaneously and fully reflect all available information. No investors can earn expected abnormal return by analysing past known information. Market efficiency is attained by two key forces: investor rationality and arbitrage activities (Fama, 1970). EMH assumes that investors are rational and can process information correctly and efficiently. Although some investors are irrational and may overact or underact to new information, these judgement errors are independent and random, hence can cancel out each other without affecting prices (Fama, 1998). Therefore, on average, the whole market is efficient. In addition, since numerous profit-maximizing investors are competing to analyse, value and trade securities based on all available information to exploit arbitrage opportunities, on aggregate level, security prices are adjusted quickly to reflect the effect of new information (Fama, 1998). Secur ity prices are driven close to intrinsic values. Expected returns implicit in the current price of a security should reflect its underlying risk, and higher returns are earned only as compensations for bearing higher risk. There are two main modules that explain EMH: fair-game model and random walk model (RWM). The fair-game model is expressed as: Zj,t+1 =rj,t+1-E(rj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t), E(Zj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t)=0 (Copeland, Weston Shastri, 2005). Information in à Ã‚ ¤t is fully utilized to determine equilibrium expected returns. On average, the expected return on an asset E(rj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t) equals its actual return (rj,t+1), so that no expected abnormal return can be gained from past information. RWM gives much stronger condition for EMH. It assumes that successive price changes have a same normal distribution and are independent. Its logic is that because new information is unpredictable and reaches market randomly, so under EMH, the resulting security price changes must be also unpredictable and random (Malkiel, 1973; Malkiel, 2003). No profit can be made from past information. There are three sub-hypotheses of EMH depending on the level of available information set (Fa ma, 1991). Firstly, market is weak-form efficient when prices reflect all security market information such as historical prices. Secondly, market is semistrong-form efficient when prices reflect all public information such as corporate news and financial statements. Thirdly, market is strong-form efficient when prices reflect all public and private information. Behaviour Finance Theories Figure1: Conceptual Framework of Behaviour Finance Source: Shleifer (2000) However, behaviour finance challenges EMH because it argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities (Shleifer, 2002). Psychological bias results into systematic overreaction or underreacion among investors. Many behaviour finance theories have been successfully developed to explain some market anomalies. Conservatism biases lead people adjust slowly to new information and hence the underreaction to new information leads to short-run momentum, while representativeness heuristic makes investors believe that past good stock performance will continue and people overreact to information (Barberis, Shleifer Vishny, 1998). Additionally, overconfidence causes investors to overestimate the precision of their own analyses and to neglect public signals (Daniel, Hirshleifer Subrahmanyam, 1998). Under positive (negative) private signal (which is shown in following graph), informed investors overreact and se curity is overpriced (underpriced). When public information becomes available, biased self-attribution causes security to be even more overpriced (underpriced). Eventually, public information proves initial investment judgement is wrong, so price is driven back to intrinsic value (Daniel et al, 1998). It explains that overconfidence leads to short-run return momentum and price correction leads to long-run return reversal. Figure 2: Overconfidence and Self-attributed bias Source: Daniel, Hirshleifer Subrahmanyam (1998) Moreover, classification is a human natural instinct to process information (Barberis Shleifer, 2003). Investors naturally classify stocks by styles, so styles returns are highly positive correlated. There are two kinds of investors: style switchers and fundamental traders. Style switchers are unsophisticated investors and chase investment styles based on past relative stock performance. When there is good news about stock X (shown following graph), they will drain funds away from less attractive style Y. It will push up stock Xs price, even higher than its intrinsic value, but further reduce stock Ys price. However, fundamental traders recognize stock Y is underpriced (Barberis et al, 2003). They arbitrage away mispricing opportunities and drive overpriced stocks back toward intrinsic value. Figure 3: Switchers and Fundamental Traders Source: Barberis Shleifer, (2003) On the other hand, limits to arbitrage may obstruct information to be impounded into prices, duo to the fundamental risk and implementation costs. Noise trader risk would prevent rational investors from arbitraging (Delong, Summer Waldmann, 1990). Pessimistic noise trader drive price below intrinsic value, arbitrageurs can buy the asset, but bear risk of further deviation from the intrinsic value when noise traders become even more pessimistic and price goes down even further (Delong et al, 1990). Arbitrageurs usually have short horizon and must liquidate before price recovers, so they will incur loss. The agency problems between professionals and investors also affect arbitrage (Shleifer Vishny, 1997), so not all mispricing would be arbitraged away to lead market become efficient. However, Fama (1998) argues that behaviour finance theories do well only on the anomalies they are specially designed to explain and cannot be generalized to the entire market. Rubinstein (2001) also argues that investor overconfidence would make market à ¢Ã¢â€š ¬Ã…“hyper-rationalà ¢Ã¢â€š ¬?. Methodologies Adopted to Test the Weak-form EMH Empirical researches on testing weak-form EMH can be divided into three broad categories. Firstly, they tests security return independence. If time-series pattern of security returns shows insignificant (significant) autocorrelations, then weak-form EMH holds (is rejected) (Copeland, Weston Shastri, 2005). Secondly, they test return momentum effect. If portfolio of stocks with higher returns in the short past continues to earn higher abnormal returns in the subsequent short term, then short-run past returns contain information that could predict future returns, so EMH will not hold (Copeland et al, 2005). Thirdly, they test technical trading rules. If no trading rules that consistently derive abnormal profits can be found, then weak-form EMH holds. A series of research methodologies have been developed to exam the EMH. The runs test is non-parametric, which is used to determine whether successive prices changes are independent. Unit root tests involve three different methods to test the null hypothesis of a unit root: the Augmented Dickey-Fuller (ADF) test (1979), the Phillips-Peron (PP) test (1988) and the Kwiatkowski, Phillioh, Achmidt and Shin (KPSS) test (1992). Multiple variance ratio (MVR) tests are adopted to detect autocorrelation and heteroskedasticity in returns (Chow Denning, 1993). Empirical Results of Weak-form EMH for Emerging Markets The research results for testing weak-form efficiency on the emerging markets are mixed. World Bank study reports significant market inefficiency for 19 emerging equity markets (Claessens, Dasgupta Glen, 1995). Latin American emerging markets of Argentina, Brazil, Chile, and Mexico are weak-form EMH (Urrutia, 1995), but under the variance ratio test, RWH is rejected (Ojah Karemera, 1999). Under ADF test, EMH is also generally supported for six Latin American stock markets (Choundhry, 1997). For the emerging markets in Asia, major Asian markets are weak-form inefficient, such as Korea and Taiwan (Cheung, Wong Ho, 1993), Singpore and Thiland (Huang, 1995), but some find it is efficient for Hong Kong, Singapore and Japan (Chan, Gup Pan, 1992). When the observed index levels are used, both RWH and EMH are rejected for three equity markets of Saudi Arabia, Kuwait, and Bahrain after adjusting for infrequent trading , but when the corrected true indices are used, RWH is accepted (Abraha m et al, 2002). RWH is rejected in five Middle Eastern emerging markets, Jordan, Morocco, Egypt, Israel, and Turkey (Omran and Farrar, 2001). Weak-form efficiency is rejected for Saudi and Palestinian financial market and inefficiency might be due to delay in operations and high transaction cost, thinness of trading and illiquidity in the market (Nourredine Kababa, 1998; Award Daraghma, 2009). Many researches find that emerging markets are becoming more efficient due to the liberalization policies. Istanbul stock exchange was inefficient in the early times but it becomes more efficient as the country started liberalization and deregulation (Antonios, Ergul Holmes, 1997). 4.1 Thin Trading and Non-linearity It is argued that such mixed evidences of the weak-form EMH in emerging markets are only reliable if the methodologies adopted take accounts for the institutional characteristics and trading conditions of the markets, such as thin trading and the presence of non-linearity (Antoniou, Ergul Holmes, 1997). Ignoring these factors may lead to statistical illusions regarding efficiency. The conventional tests of efficiency based on linear model have been developed to test markets with high levels of liquidity, sophisticated investors with access to reliable information and few institutional impediments (Antoniou, Ergul Holmes, 1997). Therefore they are not suitable for testing EMH for emerging markets with characteristics of thin trading, low liquidity and less well informed investors with access to unreliable information. Thin trading will bring serious serial correlation (Fisher, 1996), so the observed dependence does not necessarily represent serial correlation among securities return s. In addition, prices responds to information in a non-linear behavior especially during the early development stages of emerging markets (Schatzberg Reiber, 1992), so if the return generating process is non-linear but a linear model is used to test efficiency, then EMH may be wrongly accepted. This is because non-linear systems such as à ¢Ã¢â€š ¬Ã…“chaoticà ¢Ã¢â€š ¬? ones look very similar to a random walk (Savit, 1988). However, the conventional tests cannot recognize this problem. There are several reasons for the existence of non-linear reaction of price to information in emerging markets. Transaction costs are high, information is relatively not reliable and market is illiquid or there are restrictions on trading (Stoll Whaley, 1990). As a result, investors do not always respond instantaneously to the information, which contradicts the assumptions of investor rationality and linear response of price. Scheinkman and LeBaron (1989) and Peters (1991) also empirically support th e non-linearity of stock returns. A number of studies have researched the impact of thin trading (Fisher, 1966; Dimson, 1979; Cohen, 1978; Lo Mackinlay, 1990). Many empirical studies also have taken account of the non-linearity in price series and remove the impact of thin trading by the AR (1) model proposed by Miller (1994). Antoniou, Ergul and Holmes (1997) find that there is apparent predictability of stock returns for Istanbul stock market, but after considering the impact of thin trading, the random walk hypothesis is accepted and the market is informationally efficient for 1990 onwards. Abuzarour (2005) examines the effect of non-trading on market efficiency for three emerging Arabian equity markets: Jordan, Egypt and Palestine using the variance ratio test and the run test during the period of 1992 and 2004. Both random walk hypothesis and weak form efficiency are rejected when the observed index levels are used. However, when the indices are corrected by the Miller, Muthuswamy and Whaley methodologies (1994 ) to take account for thin trading, weak-form EMH is accepted for Egypt and Jordan stock market but it is still rejected for Palestine. All these empirical researches suggest that markets become more efficient when trading volume is high, information is much reliable and institutional frameworks are appropriate. 4.2 Structural Breaks Research on efficiency for emerging markets should not only take account for institutional characteristics and trading conditions, but also should take account for the structural breaks in the underlying series that arise from the liberalization. Ignoring structural breaks can lead to wrong inference that these indices are following random walks. Many emerging countries are liberalizing their financial markets with various degrees (IFC, 1997) and such structure changes would have affected their equity markets (Bekaert et al, 2002; Henry 2000). For instance, huge shocks occurred for equity index level for Greece, Malaysia and Philippines in late 1980s and early 1990s, which are around the same year of their market liberalization. As Perron (1989) have demonstrated that traditional standard tests for RWH in stock prices have low power against the alternative hypothesis in small samples, and the problem is especially serious when structural changes are involved. Thus failure to consider these breaking points may wrongly support the RWH. Therefore, many empirical researches try to incorporate the structural breaks factor by more powerful test methods, such as the Zivot- Andrew sequential test (Zivot Andrew, 1992). Chaudhuri and Wu (2001) adopt both the standard ADF test and Zivot- Andrew sequential method to test the EMH in seventeen emerging markets: Argentina, Brazil, Chile, Colombia, Greece, India, Jordan, Korea, Malaysia, Mexico, Nigeria, Pakistan, Philippines, Taiwan, Thailand, Venezuela, and Zimbabwe. Results for the ADF test without breaks to each series tend to show non-rejection of the RWH. However, results for the Zivot- Andrew test with structural breaks show that RWH can be powerfully rejected at the one percent significant level in ten markets: Argentina, Brazil, Greece, India, Malaysia, Mexico, Nigeria, Philippines, Taiwan and Zimbabwe (Chaudhuri Wu, 2001). 4.3 Market Evolution Although structural breaks have been taken into account in many researches, it is argued that standard techniques are still not fit to test the weak-form EHM for emerging market, because they are not able to evaluate the evolving efficiency in emerging markets. It is also argued that methods such as a time varying parameter model and Kalman Filter technique not only can indicate the movement of stock returns from inefficiency to efficiency, but also can measure the timing of the movement towards full efficiency(Rockinger Urga, 2000; Zalewska-Mitura Hall, 1999). It is generally agreed that emerging markets are evolving from inefficiency to efficiency with the higher disclosure degree of firm practices, high trading volume and lower institutional barriers to trade (Cornelius, 1994). According to Laurence (1986), the methods of OLS or GMM test market efficiency over the whole period and hardly capture the tendency towards efficiency, so under these methods, early inefficiency would wr ongly lead to the conclusion that there are profit opportunities based on the past asset price movement. In addition, the variance of the error process in the conventional test models is not constant over time, so if this changing variance structure is omitted and has a serial correlation property, then market efficiency would be incorrectly rejected (Hall Urga, G2002). Hall and Urga (2002) deal with these problems by using the Kalman Filter and combing the time varying parameter model with a standard GARCH-M model (generalized autoregressive conditional heteroscedasticity in mean). They apply this procedure to the two indexes of Russian stock market from 1995 to 2000. And find that with regard to RTS index (Russian Trading System), the market is initially inefficient and it takes about two and a half years to become efficient, while for the ASPGEN Index (Skate Press Agency General), the market is still predictable. There is evidence of a tendency towards being efficient. Kvedaras and Basdevant (2002) also investigate the market efficiency in the three Baltic States: Estonia, Latvia and Lithuania by using the time-varying variance ratio statistic robust to heteroscedasticity based on time-varying autocorrelations. They find a clear trajectory to weak-form efficiency in the Estonian and Lithuanian capital markets. Its relatively small inefficiency ca n be explained by transaction costs and information acquiring costs (Grossman and Stiglitz, 1980). In the Latvian market, it is inefficient even at the very end of the analyzed period. Policy Implications These results have some important implications for developing effective institutional and regulatory frameworks. Since infrequent trading negatively affects market efficiency and liquidity in emerging markets, economic policy makers should pay attention to minimize the institutional restriction and barriers on capital flow in the financial markets, impose strict disclosure requirements and ensure that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation. Conclusion 6.1 Short Summary In conclusion, as two main schools of thought in modern financial theories, there is a hot debate between efficient market hypothesis and behaviour finance. EMH asserts that financial markets are informationally efficient and equity stock prices instantaneously and fully reflect all known information. While behaviour finance argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities, so market is not efficient. There are wide empirical researches on the issue of market efficiency in emerging markets with mixed results. It is generally found that most of emerging markets are still inefficient, but after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, some researches find that equity markets are efficient for some countries such as for Istanbul, Egypt and Jordan. When structure break factors are taken into account, market efficiency i s powerfully rejected for most emerging countries such as Argentina, Brazil, Greece and India. There are also some evidence shows that duo to economic liberalization policies, many emerging markets are moving towards more efficiency such as Estonian, Lithuanian and Russia. 6.2 Limitations of Empirical Researches and Proposed Further Research However, there are some limitations involved in these empirical researches. Some researches ignore whether the distribution is normal or not. Others using equally weighted indices may bias the results. The possible auto-correlation might be due to the noise traders but doesnt imply return predictability (Cuthberston, 1996). Most of these studies focus on the test of time series of equity return to investigate EMH, but don not investigate the momentum effect or the profitability of technical trading to earn abnormal return. Therefore, further research can be extended in several dimensions. Firstly, it suggests trying to combine the tests of momentum effect or technical trading rules with the time series tests to make more robust conclusions. Secondly, since most of researches focus on traditional EMH, it can consider the factors of investor behaviour, such as psychologies bias and limits to arbitrage to do further in-depth testing of EMH. Finally, further researches for more novel and accurate methodologies of testing EMH are significantly essential. Weak Form Efficient Market Hypothesis For Emerging Markets Weak Form Efficient Market Hypothesis For Emerging Markets Literature Review The issue of market efficiency in emerging markets is of great significance for both foreign investors and policy makers in emerging economies. This project devotes large efforts to produce a thorough and in-depth literature review for this area. This topic is to be investigated from these aspects: theoretical foundation, methodologies of tests and empirical results. Firstly, traditional efficient market hypothesis (Fama, 1970; Makiel, 1973) and behavior finance theories developed in recent decades (Barbris, 1998; Shleifer, 2000) have formed two main schools of thought for the issue of market efficiency. Secondly, the evolution for a series of methodologies is important for testing market efficiency. Thirdly, the empirical evidence is reviewed by consideration three major factors: trade volume and non-linear behavior, structural breaks and market evolution through time. Finally, it also reflects some important policy implications for emerging markets. Many empirical studies have been widely carried to investigate the weak-form efficient market hypothesis for emerging markets, and the results are mixed. Generally, most of emerging markets are found to be inefficient. But for some countries, such as Istanbul, Egypt and Jordan, after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, equity markets are found to be efficient. When structure break factors are taken into account, market efficiency is powerfully rejected for countries such as Argentina, Brazil, Greece and India. There is also evidence showing that initially emerging markets are inefficient, but over time they are moving toward to be more efficient, such as in Estonian, Lithuanian and Russia duo to economic liberalization policies. These results reflect some important policy implications. Infrequent trading and illiquidity of capital markets negatively affects market efficiency, so economic policy makers should devote efforts to minimize the institutional restriction and barriers on capital flow in the financial markets and to impose strict disclosure requirements, so that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation. Introduction: Due to the increasing globalization of financial markets, fast economic growth and adoption of financial liberalization policies for equity markets in emerging economies, it is widely indicated that equity investment in emerging economies can provide superior returns. Past decades have witnessed spectacular growth in both size and relative importance of emerging equity markets. The market capitalization of emerging market economies accounts for twelve percent of world market capitalization and has more than doubled, growing from less than $2 trillion in 1995 to $5 trillion in 2006 (Nally, 2010). By 2015, it is estimated that the combined GDP of emerging-market economies will surpass that of the top 20 developed economies (ibid). In addition, emerging market returns are weakly correlated with returns in developed markets, so international diversification with these emerging equities can give lower portfolio risks (Levy Sarnat, 1970). The potential high rates of returns and diversific ation benefits has attracted large number of foreign fund investors, so the investigation on whether emerging markets function efficiently is significantly important. By knowing degree of market efficiency, economy policy makers and regulators can gain insights to develop right institutional and regulatory frameworks to allocate scare resources efficiently, form favourable investment condition and obtain further economic growth. Therefore, this essay is going to investigate the weak-form market efficiency in emerging markets. The efficient market hypothesis by Fama (1970), Random Walk module by Makiel (1973) and behaviour finance theories are directed related to this issue and form the theoretical foundations. Section 1 will critically give the theoretical review based on the two schools of thought that are EMH and behaviour finance theories. Section 2 will give a brief review of methodologies adopted in literature review. Section 3 will give empirical review of the weak-form EMH for emerging markets. Section 4 will indicate some brief policy implications for emerging economies and section 5 is the conclusion with some directions for further research. Theoretic Review of EMH VS Behaviour Finance Efficient Market Hypothesis Fama (1970) defines an efficient financial market as one in which security prices always instantaneously and fully reflect all available information. No investors can earn expected abnormal return by analysing past known information. Market efficiency is attained by two key forces: investor rationality and arbitrage activities (Fama, 1970). EMH assumes that investors are rational and can process information correctly and efficiently. Although some investors are irrational and may overact or underact to new information, these judgement errors are independent and random, hence can cancel out each other without affecting prices (Fama, 1998). Therefore, on average, the whole market is efficient. In addition, since numerous profit-maximizing investors are competing to analyse, value and trade securities based on all available information to exploit arbitrage opportunities, on aggregate level, security prices are adjusted quickly to reflect the effect of new information (Fama, 1998). Secur ity prices are driven close to intrinsic values. Expected returns implicit in the current price of a security should reflect its underlying risk, and higher returns are earned only as compensations for bearing higher risk. There are two main modules that explain EMH: fair-game model and random walk model (RWM). The fair-game model is expressed as: Zj,t+1 =rj,t+1-E(rj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t), E(Zj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t)=0 (Copeland, Weston Shastri, 2005). Information in à Ã‚ ¤t is fully utilized to determine equilibrium expected returns. On average, the expected return on an asset E(rj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t) equals its actual return (rj,t+1), so that no expected abnormal return can be gained from past information. RWM gives much stronger condition for EMH. It assumes that successive price changes have a same normal distribution and are independent. Its logic is that because new information is unpredictable and reaches market randomly, so under EMH, the resulting security price changes must be also unpredictable and random (Malkiel, 1973; Malkiel, 2003). No profit can be made from past information. There are three sub-hypotheses of EMH depending on the level of available information set (Fa ma, 1991). Firstly, market is weak-form efficient when prices reflect all security market information such as historical prices. Secondly, market is semistrong-form efficient when prices reflect all public information such as corporate news and financial statements. Thirdly, market is strong-form efficient when prices reflect all public and private information. Behaviour Finance Theories Figure1: Conceptual Framework of Behaviour Finance Source: Shleifer (2000) However, behaviour finance challenges EMH because it argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities (Shleifer, 2002). Psychological bias results into systematic overreaction or underreacion among investors. Many behaviour finance theories have been successfully developed to explain some market anomalies. Conservatism biases lead people adjust slowly to new information and hence the underreaction to new information leads to short-run momentum, while representativeness heuristic makes investors believe that past good stock performance will continue and people overreact to information (Barberis, Shleifer Vishny, 1998). Additionally, overconfidence causes investors to overestimate the precision of their own analyses and to neglect public signals (Daniel, Hirshleifer Subrahmanyam, 1998). Under positive (negative) private signal (which is shown in following graph), informed investors overreact and se curity is overpriced (underpriced). When public information becomes available, biased self-attribution causes security to be even more overpriced (underpriced). Eventually, public information proves initial investment judgement is wrong, so price is driven back to intrinsic value (Daniel et al, 1998). It explains that overconfidence leads to short-run return momentum and price correction leads to long-run return reversal. Figure 2: Overconfidence and Self-attributed bias Source: Daniel, Hirshleifer Subrahmanyam (1998) Moreover, classification is a human natural instinct to process information (Barberis Shleifer, 2003). Investors naturally classify stocks by styles, so styles returns are highly positive correlated. There are two kinds of investors: style switchers and fundamental traders. Style switchers are unsophisticated investors and chase investment styles based on past relative stock performance. When there is good news about stock X (shown following graph), they will drain funds away from less attractive style Y. It will push up stock Xs price, even higher than its intrinsic value, but further reduce stock Ys price. However, fundamental traders recognize stock Y is underpriced (Barberis et al, 2003). They arbitrage away mispricing opportunities and drive overpriced stocks back toward intrinsic value. Figure 3: Switchers and Fundamental Traders Source: Barberis Shleifer, (2003) On the other hand, limits to arbitrage may obstruct information to be impounded into prices, duo to the fundamental risk and implementation costs. Noise trader risk would prevent rational investors from arbitraging (Delong, Summer Waldmann, 1990). Pessimistic noise trader drive price below intrinsic value, arbitrageurs can buy the asset, but bear risk of further deviation from the intrinsic value when noise traders become even more pessimistic and price goes down even further (Delong et al, 1990). Arbitrageurs usually have short horizon and must liquidate before price recovers, so they will incur loss. The agency problems between professionals and investors also affect arbitrage (Shleifer Vishny, 1997), so not all mispricing would be arbitraged away to lead market become efficient. However, Fama (1998) argues that behaviour finance theories do well only on the anomalies they are specially designed to explain and cannot be generalized to the entire market. Rubinstein (2001) also argues that investor overconfidence would make market à ¢Ã¢â€š ¬Ã…“hyper-rationalà ¢Ã¢â€š ¬?. Methodologies Adopted to Test the Weak-form EMH Empirical researches on testing weak-form EMH can be divided into three broad categories. Firstly, they tests security return independence. If time-series pattern of security returns shows insignificant (significant) autocorrelations, then weak-form EMH holds (is rejected) (Copeland, Weston Shastri, 2005). Secondly, they test return momentum effect. If portfolio of stocks with higher returns in the short past continues to earn higher abnormal returns in the subsequent short term, then short-run past returns contain information that could predict future returns, so EMH will not hold (Copeland et al, 2005). Thirdly, they test technical trading rules. If no trading rules that consistently derive abnormal profits can be found, then weak-form EMH holds. A series of research methodologies have been developed to exam the EMH. The runs test is non-parametric, which is used to determine whether successive prices changes are independent. Unit root tests involve three different methods to test the null hypothesis of a unit root: the Augmented Dickey-Fuller (ADF) test (1979), the Phillips-Peron (PP) test (1988) and the Kwiatkowski, Phillioh, Achmidt and Shin (KPSS) test (1992). Multiple variance ratio (MVR) tests are adopted to detect autocorrelation and heteroskedasticity in returns (Chow Denning, 1993). Empirical Results of Weak-form EMH for Emerging Markets The research results for testing weak-form efficiency on the emerging markets are mixed. World Bank study reports significant market inefficiency for 19 emerging equity markets (Claessens, Dasgupta Glen, 1995). Latin American emerging markets of Argentina, Brazil, Chile, and Mexico are weak-form EMH (Urrutia, 1995), but under the variance ratio test, RWH is rejected (Ojah Karemera, 1999). Under ADF test, EMH is also generally supported for six Latin American stock markets (Choundhry, 1997). For the emerging markets in Asia, major Asian markets are weak-form inefficient, such as Korea and Taiwan (Cheung, Wong Ho, 1993), Singpore and Thiland (Huang, 1995), but some find it is efficient for Hong Kong, Singapore and Japan (Chan, Gup Pan, 1992). When the observed index levels are used, both RWH and EMH are rejected for three equity markets of Saudi Arabia, Kuwait, and Bahrain after adjusting for infrequent trading , but when the corrected true indices are used, RWH is accepted (Abraha m et al, 2002). RWH is rejected in five Middle Eastern emerging markets, Jordan, Morocco, Egypt, Israel, and Turkey (Omran and Farrar, 2001). Weak-form efficiency is rejected for Saudi and Palestinian financial market and inefficiency might be due to delay in operations and high transaction cost, thinness of trading and illiquidity in the market (Nourredine Kababa, 1998; Award Daraghma, 2009). Many researches find that emerging markets are becoming more efficient due to the liberalization policies. Istanbul stock exchange was inefficient in the early times but it becomes more efficient as the country started liberalization and deregulation (Antonios, Ergul Holmes, 1997). 4.1 Thin Trading and Non-linearity It is argued that such mixed evidences of the weak-form EMH in emerging markets are only reliable if the methodologies adopted take accounts for the institutional characteristics and trading conditions of the markets, such as thin trading and the presence of non-linearity (Antoniou, Ergul Holmes, 1997). Ignoring these factors may lead to statistical illusions regarding efficiency. The conventional tests of efficiency based on linear model have been developed to test markets with high levels of liquidity, sophisticated investors with access to reliable information and few institutional impediments (Antoniou, Ergul Holmes, 1997). Therefore they are not suitable for testing EMH for emerging markets with characteristics of thin trading, low liquidity and less well informed investors with access to unreliable information. Thin trading will bring serious serial correlation (Fisher, 1996), so the observed dependence does not necessarily represent serial correlation among securities return s. In addition, prices responds to information in a non-linear behavior especially during the early development stages of emerging markets (Schatzberg Reiber, 1992), so if the return generating process is non-linear but a linear model is used to test efficiency, then EMH may be wrongly accepted. This is because non-linear systems such as à ¢Ã¢â€š ¬Ã…“chaoticà ¢Ã¢â€š ¬? ones look very similar to a random walk (Savit, 1988). However, the conventional tests cannot recognize this problem. There are several reasons for the existence of non-linear reaction of price to information in emerging markets. Transaction costs are high, information is relatively not reliable and market is illiquid or there are restrictions on trading (Stoll Whaley, 1990). As a result, investors do not always respond instantaneously to the information, which contradicts the assumptions of investor rationality and linear response of price. Scheinkman and LeBaron (1989) and Peters (1991) also empirically support th e non-linearity of stock returns. A number of studies have researched the impact of thin trading (Fisher, 1966; Dimson, 1979; Cohen, 1978; Lo Mackinlay, 1990). Many empirical studies also have taken account of the non-linearity in price series and remove the impact of thin trading by the AR (1) model proposed by Miller (1994). Antoniou, Ergul and Holmes (1997) find that there is apparent predictability of stock returns for Istanbul stock market, but after considering the impact of thin trading, the random walk hypothesis is accepted and the market is informationally efficient for 1990 onwards. Abuzarour (2005) examines the effect of non-trading on market efficiency for three emerging Arabian equity markets: Jordan, Egypt and Palestine using the variance ratio test and the run test during the period of 1992 and 2004. Both random walk hypothesis and weak form efficiency are rejected when the observed index levels are used. However, when the indices are corrected by the Miller, Muthuswamy and Whaley methodologies (1994 ) to take account for thin trading, weak-form EMH is accepted for Egypt and Jordan stock market but it is still rejected for Palestine. All these empirical researches suggest that markets become more efficient when trading volume is high, information is much reliable and institutional frameworks are appropriate. 4.2 Structural Breaks Research on efficiency for emerging markets should not only take account for institutional characteristics and trading conditions, but also should take account for the structural breaks in the underlying series that arise from the liberalization. Ignoring structural breaks can lead to wrong inference that these indices are following random walks. Many emerging countries are liberalizing their financial markets with various degrees (IFC, 1997) and such structure changes would have affected their equity markets (Bekaert et al, 2002; Henry 2000). For instance, huge shocks occurred for equity index level for Greece, Malaysia and Philippines in late 1980s and early 1990s, which are around the same year of their market liberalization. As Perron (1989) have demonstrated that traditional standard tests for RWH in stock prices have low power against the alternative hypothesis in small samples, and the problem is especially serious when structural changes are involved. Thus failure to consider these breaking points may wrongly support the RWH. Therefore, many empirical researches try to incorporate the structural breaks factor by more powerful test methods, such as the Zivot- Andrew sequential test (Zivot Andrew, 1992). Chaudhuri and Wu (2001) adopt both the standard ADF test and Zivot- Andrew sequential method to test the EMH in seventeen emerging markets: Argentina, Brazil, Chile, Colombia, Greece, India, Jordan, Korea, Malaysia, Mexico, Nigeria, Pakistan, Philippines, Taiwan, Thailand, Venezuela, and Zimbabwe. Results for the ADF test without breaks to each series tend to show non-rejection of the RWH. However, results for the Zivot- Andrew test with structural breaks show that RWH can be powerfully rejected at the one percent significant level in ten markets: Argentina, Brazil, Greece, India, Malaysia, Mexico, Nigeria, Philippines, Taiwan and Zimbabwe (Chaudhuri Wu, 2001). 4.3 Market Evolution Although structural breaks have been taken into account in many researches, it is argued that standard techniques are still not fit to test the weak-form EHM for emerging market, because they are not able to evaluate the evolving efficiency in emerging markets. It is also argued that methods such as a time varying parameter model and Kalman Filter technique not only can indicate the movement of stock returns from inefficiency to efficiency, but also can measure the timing of the movement towards full efficiency(Rockinger Urga, 2000; Zalewska-Mitura Hall, 1999). It is generally agreed that emerging markets are evolving from inefficiency to efficiency with the higher disclosure degree of firm practices, high trading volume and lower institutional barriers to trade (Cornelius, 1994). According to Laurence (1986), the methods of OLS or GMM test market efficiency over the whole period and hardly capture the tendency towards efficiency, so under these methods, early inefficiency would wr ongly lead to the conclusion that there are profit opportunities based on the past asset price movement. In addition, the variance of the error process in the conventional test models is not constant over time, so if this changing variance structure is omitted and has a serial correlation property, then market efficiency would be incorrectly rejected (Hall Urga, G2002). Hall and Urga (2002) deal with these problems by using the Kalman Filter and combing the time varying parameter model with a standard GARCH-M model (generalized autoregressive conditional heteroscedasticity in mean). They apply this procedure to the two indexes of Russian stock market from 1995 to 2000. And find that with regard to RTS index (Russian Trading System), the market is initially inefficient and it takes about two and a half years to become efficient, while for the ASPGEN Index (Skate Press Agency General), the market is still predictable. There is evidence of a tendency towards being efficient. Kvedaras and Basdevant (2002) also investigate the market efficiency in the three Baltic States: Estonia, Latvia and Lithuania by using the time-varying variance ratio statistic robust to heteroscedasticity based on time-varying autocorrelations. They find a clear trajectory to weak-form efficiency in the Estonian and Lithuanian capital markets. Its relatively small inefficiency ca n be explained by transaction costs and information acquiring costs (Grossman and Stiglitz, 1980). In the Latvian market, it is inefficient even at the very end of the analyzed period. Policy Implications These results have some important implications for developing effective institutional and regulatory frameworks. Since infrequent trading negatively affects market efficiency and liquidity in emerging markets, economic policy makers should pay attention to minimize the institutional restriction and barriers on capital flow in the financial markets, impose strict disclosure requirements and ensure that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation. Conclusion 6.1 Short Summary In conclusion, as two main schools of thought in modern financial theories, there is a hot debate between efficient market hypothesis and behaviour finance. EMH asserts that financial markets are informationally efficient and equity stock prices instantaneously and fully reflect all known information. While behaviour finance argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities, so market is not efficient. There are wide empirical researches on the issue of market efficiency in emerging markets with mixed results. It is generally found that most of emerging markets are still inefficient, but after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, some researches find that equity markets are efficient for some countries such as for Istanbul, Egypt and Jordan. When structure break factors are taken into account, market efficiency i s powerfully rejected for most emerging countries such as Argentina, Brazil, Greece and India. There are also some evidence shows that duo to economic liberalization policies, many emerging markets are moving towards more efficiency such as Estonian, Lithuanian and Russia. 6.2 Limitations of Empirical Researches and Proposed Further Research However, there are some limitations involved in these empirical researches. Some researches ignore whether the distribution is normal or not. Others using equally weighted indices may bias the results. The possible auto-correlation might be due to the noise traders but doesnt imply return predictability (Cuthberston, 1996). Most of these studies focus on the test of time series of equity return to investigate EMH, but don not investigate the momentum effect or the profitability of technical trading to earn abnormal return. Therefore, further research can be extended in several dimensions. Firstly, it suggests trying to combine the tests of momentum effect or technical trading rules with the time series tests to make more robust conclusions. Secondly, since most of researches focus on traditional EMH, it can consider the factors of investor behaviour, such as psychologies bias and limits to arbitrage to do further in-depth testing of EMH. Finally, further researches for more novel and accurate methodologies of testing EMH are significantly essential.