Friday, May 22, 2020

The Vampire Is An Embodiment Of Society s Deepest Fears

The vampire is an embodiment of society s deepest fears. Throughout literary history, the vampire has always been characterised as a vile figure of pure evil. However the depiction of the vampire is affected by the social, historical and political context of the time. As context shifts, so does the collective fear of society, with the portrayal of the vampire following suit. Dracula, I Am Legend and Twilight, three extremely popular books of vampire fiction created during vastly different periods in history, are representative of this shift. In Dracula, the titular character is depicted as an anti-christ figure by the author, Bram Stoker, who attempts to warn people about the dangers of straying from traditional Christian ideals. I Am Legend, a nineteen-fifties post-apocalyptic novel, emphasises the dangers of a world ravaged by environmental destruction. The wasteland, that was once earth, becomes populated by animalistic, brutal vampires that have been created as a result of an env ironmental plague. Finally, Twilight is a teen-angst novel written by Stephenie Meyer in 2005 and adapted into a movie of the same name in 2008. In a day and age where more people have begun to adopt humanitarian views, society has put a strong emphasis on rehabilitation and redemption. Contrary to this ideology, Edward Cullen, the main vampire, has a deeply ingrained fear that he is beyond saving thus reflecting society s fears that one can inherently be beyond redemption. Dracula embodies

Monday, May 18, 2020

The Atrocities Of The Holocaust - 864 Words

The atrocities of the Holocaust placed the German Jewish population in a quagmire of antisemitic persecution, but it also spread beyond Germany to affect Jews throughout Europe. Poland was such a country. The first nation invaded by Nazi Germany and the last to be liberated, the population of Polish Jews was nearly eradicated. How were the Nazis able to accomplish such a feat in a nation where antisemitism had not been as prevalent? Aside from forcibly introducing antisemitic policy into Poland, the Nazis relied on fear and self-interest to accomplish their goals. For the average Polish Catholic in 1943, a decision had to be made on where they stood regarding the â€Å"Jewish problem†. Should they sit idly by and do nothing, or perhaps even assist in the capture of the Jews? Or maybe they could risk everything by hiding and otherwise aiding the Polish Jews. If I were such a Polish Catholic citizen living in 1943 and the opportunity arose to help a Polish Jew, my conscienc e would prevent me from doing any less. Deciding to aid the Polish Jews is not a decision to be taken lightly. To aid any number of Jews would risk one’s very life. So what would cause an individual to take such a risk and assist the Jews faced with Nazi persecution? Whether I sympathize with the Jews’ religion or not, I would recognize that what the Nazis are doing is atrocious. Only if I were as malicious as the stereotypical Nazi would I think otherwise. I simply could not survive having done nothingShow MoreRelatedAtrocities of the Holocaust Essay1507 Words   |  7 Pagesinjustice against humanity in history, the Jewish Holocaust is one of the most prominent. From 1933 to 1945, the Nazis waged a vicious war against Jews and other lesser races. This war came to a head with the Final Solution in 1938. One of the most horrific results of the Final Solution were the scores of concentration and death camps spread across Nazi Germany, Poland, and other parts of Naz i-controlled Europe. In the aftermath of the Holocaust, people around the world were shocked by final talliesRead MoreThe Holocaust: A Morbid Atrocity that Made People Question Humanity1338 Words   |  5 PagesThe Holocaust, a morbid atrocity that made people question humanity, was the cause of millions of deaths. One of those victims of this brutality was Anne Frank, a young Jewish girl who hid from the Nazis along with her family. Although she was merely ordinary, Anne Frank kept a diary which became a significant, historical artifact in the modern world as it details her account of concealing her identity from the outside world. Her story, told in an innocent perspective, allows individuals to reflectRead MoreGermany s Postwar Silence : The Horrible Atrocities Of The Holocaust1604 Words   |  7 Pages Germany’s Postwar Silence The horrible atrocities of the Holocaust remain an important subject in World history. Although very few people are alive from the Nazi era the horrors of the era still haunt Germany. Should the generations of German people be held collectively responsible for the Nazi crimes? If you were born in 1940 the start of the war, you would be 75 years old today. The younger generation of German’s look at that period of history differently than those alive post war. How theRead MoreBelgian Congo vs. Holocaust1570 Words   |  7 PagesThe atrocities of the Belgian Congo and the Holocaust are two of the main events in history that have been responsible for the mass murdering of millions of people. Although these events significantly changed the course of humanity, and the story behind each one is very different, there are significant factors that make them alike as well as different. Many would agree that comparing two atrocities that affected the lives of so many people and gave a 180-degree turn to each of their countries wouldRead MoreArt and Empathy1536 Words   |  7 Pagesinhumane and horrifying events that happened during the Holocaust. When one thinks of a man, you think of father, solider and other manly things. A great deal of pride comes along with being and man. Along with pride, testosterone, intensity, and all sorts of other factors key into the characteristics of men. However, the Holocaust completely stripped men of most of these characteristics. The Holocaust did not allow men to be men. Holocaust art, the â€Å"Tale of the Sprinter† by Sudeep Pagedar, and VladekRead MoreEssay on Holocaust: The Unforgettable1569 Words   |  7 Pageshistory of the Holocaust is taught systematically in all school systems throughout America and most of the known-world. The atrocities committed by Nazi-Germany are well-known and are likely to never be forgotten. The proof behind Hitler’s Final Solution is undeniable. However, with the rise of Ho locaust deniers comes the grave danger of forgetting the truth behind the Holocaust, and dooming ourselves to repeating history once again. Holocaust deniers claim that certain events of the Holocaust never happenedRead MoreThe Nazi Party s Inner Circle Essay1538 Words   |  7 Pagespeople come to commit atrocities against defenceless victims? Hitler was an evil man, or at least was prepared to employ evil actions to achieve his goals. There is very little in literature to suggest anything contrary to this opinion. Most literature suggests that while Hitler had some level of power over Himmler and the rest of the Nazi Party’s inner circle, they were also well aware of the extent and implications of their actions. Despite this, the atrocities of the Holocaust were not carried outRead MoreThe Holocaust : An Special Incident958 Words   |  4 PagesOver the last two and a half millennia, the Jewish people have faced hardship and intolerance from various groups living beside them. A number of historians however believe that of all the atrocities committed against the Jewish people, none parallel the Holocaust. While these historians believe that the Holocaust was a unique occurrence, history rejects this notion of Nazi anti-semitism being an special incident. Disregarding preceding events, most notably the enslavement of the Jewish people byRead MoreThe s Argument That The Holocaust Is Only Available Through Representation758 Words   |  4 Pageslearning from traumatic experiences. Miller references Susan Suleiman’s argument that the Holocaust is â€Å"only available through representation†. Suleiman made this argument in response to Holocaust deniers who claim that fictitious memoirs confirm the inexistence of the Holocaust. However, the point supports the idea that art, including literature, allows the public to experience something like the Holocaust that otherwise would be not be available to experience. On the other hand, Miller successfullyRead MoreThe Holocaust And Western Imperialism And The Holocaust1271 Words   |  6 Pagessake of being evil. They always justify to themselves in some way that all of their actions are for the greater good and that the actions they have committed are not atrocities. This has to be done since normal individuals cannot justify to themselves that they are immoral. Both western imperialism and the Holocaust had their atrocities justified by the illusion of progress. Even though numerous millions of people were slaughtered in these campaigns, many of the people doing the killing, believed that

Thursday, May 7, 2020

The Trail Of Tears By James Collins - 1452 Words

James Collins Donald West History 201 December 1, 2015 TRAIL OF TEARS The trail of tears is also referred to as the period of Indian s removal. It was a period where Native Americans in the U.S were forcefully relocated following the removal of Indian Removal Act of 1830. Those who were forcibly moved were from Cherokee, Muscogee, Seminole, and Chickasaw and Choctaw nations in the southern U.S, an area initially referred to as the Indian Territory. Migration from Cherokee nation had begun in the early 1800’s where some Cherokee’s decided to move and settle in other parts of the country. A group of Old Settlers had moved there earlier in 1817 voluntarily to lands granted to them in Arkansas where they had a peaceful life. Afterward, they were forced to move into the I Indian Territory (A. Byers 27) Resentment of Cherokee from the whites had been building up ad it became worse after the discovery of gold in northern Georgia. White communities turned against their Cherokee neighbors due to the thirst for expansion and gold. Without consulting or questions asked, the U.S government decided that Cherokee had to be removed, leaving their lands, home and farm. Before their removal, the five groups lived together being referred to as the Five Civilized Groups. The white settlers from the southeast had been pressurizing the U.S government to remove the Native Americans. These settlers were on the Indian lands and wanted more for them. The move was initially opposed by many as it wasShow MoreRelatedHistorical Anyalysis Essay2125 Words   |  9 Pagesbrains behind the declaration of independence, although Ellis depicts him as not knowing much about the present issues of the time. We also learn he is a man of the people who believed in the power of the state, small farming and peoples li berties. James Madison is also noted a lot in this chapter as one of the most famous of the founding fathers and is called The Father of the Constitution. The man was small and shy, but he was brilliant and able to persuade politicians to side with him. The DinnerRead MoreIssues and Trends in the Automotive Industry: Implications for Eastern Ontario14151 Words   |  57 Pagesincreased by similar levels in the 1990s versus the 1980s (25.3 percent vs. 23.0 percent), which normally would have resulted in stable sales at best. But with a strong economy and lower gas prices usage increased by 36.0 percent. The resulting wear and tear on vehicles forced consumers to increase sales by 9.6 percent in the 1990s versus an increase of only 6.9 percent in the 1980s. 18 TABLE 13: VEHICLE SALES, USAGE AND OWNERSHIP - NORTH AMERICA CALENDAR YEAR TOTAL VEHICLES PER VEHICLE DURABILITYRead MoreStrategic Human Resource Management View.Pdf Uploaded Successfully133347 Words   |  534 Pagessuperior production facilities or a superior product are usually not enough to sustain an advantage over competitors. Physical facilities can be duplicated, cloned, or reverse-engineered and no longer provide a sustainable advantage.2 Strategists James Quinn, Thomas Doorley, and Penny Paquette have argued that â€Å"maintainable advantage usually derives from outstanding depth in selected human skills, logistics capabilities, knowledge bases, or other service strengths that competitors cannot reproduceRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesUniversity Jann Freed, Central College Crissie Frye, Eastern Michigan University Diane Galbraith, Slippery Rock University Carolyn Gardner, Radford University Janice Gates, Western Illinois University Ellen Kaye Gehrke, Alliant International University James Gelatt, University of Maryland University College Joe Gerard, University of Wisconsin at Milwaukee Matthew Giblin, Southern Illinois University Donald Gibson, Fairfield University Cindi Gilliland, The University of Arizona Mary Giovannini, Truman StateRead MoreProject Mgmt296381 Words   |  1186 PagesBruce C. Hartman, University of Arizona; Richard Irving, York University; Robert T. Jones, DePaul University; Richard L. Luebbe, Miami University of Ohio; William Moylan, Lawrence Technological College of Business; Edward Pascal, University of Ottawa; James H. Patterson, Indiana University; Art Rogers, City University; Christy Strbiak, U.S. Air Force x Preface Academy; David A. Vaughan, City University; and Ronald W. Witzel, Keller Graduate School of Management. Nabil Bedewi, Georgetown University;

Wednesday, May 6, 2020

Value Chain and Competitive Forces Essay - 1247 Words

Value Chain and Competitive Forces: Effects of Information Technology Module 2 Case John Dow ITM524: Fundamentals of Information Technology Management Dr. Somebody Somebody February 4, 2012 Introduction Businesses are established with the sole reason to provide a product or service to a customer with the intend to make a profit. The amount of time, effort, and resources spend should generate a profit. Then, the profit depends â€Å"on its effectiveness in performing these activities efficiently, so that the amount that the customer is willing to pay of the products exceeds the cost of the activities in the value chain† (NetMBA.com). Ideally, these products and/or†¦show more content†¦(2009). Within technology and the value system, this called for an emphasis on media relations to disseminate information to the local community and its leaders. Solid communication practices, i.e. strategic communications, was of the utmost importance to gain the respect and acceptance of the population. Perhaps by obtaining the acceptance of the local population, Rio Tinto was able to mitigate any threats from new entrants into the market at the specific location as wel l; allowing control of one of the five forces that shape industry competition to remain in check. Finally, helping to form the International Council on Mining and Metals should have allowed them strategic power over existing competitors (another of the 5 forces). Mini Case # 4 – General Electric General Electric’s (GE) challenge was to create a new business in sustainability. GE saw profitable business opportunity in helping companies save energy. To mitigate the ‘Rivalry among Existing Competitors’, GE’s focused on bringing new capacity and was still able to produce pressure on prices; mitigating negative price competition. As Porter mentioned: â€Å"Rivalry is especially destructive to profitability if it gravitates solely to price because price competition transfers profits directly form an industry to its customers.Show MoreRelatedValue Chain And Competitive Forces Models1795 Words   |  8 Pages1. Value Chain and Competitive Forces Models Value Chain Analysis Internal activities of an organization add value to the service and products that the organization produces and should be run at optimum level if the organization is to gain any real competitive advantage. If run efficiently, the value obtained should exceed the costs of running them, as in customers should return to the organization and transact freely and willingly. In a value chain analysis the organization is split into ‘primaryRead MoreThe Value Chain And Competitive Forces Model781 Words   |  4 PagesUse the value chain and competitive forces model to evaluate the impact of the internet on book publishers and book retail stores such as BN. â€Å"IT may be strategically important, not because it gives you a strategic advantage, but because failing to attend to it results in strategic disadvantage.† (Klemons and Kimbrough, 1986) Much like this quote, Barnes Noble and book publishers face an important decision in the Internet age. Barnes Noble’s traditional competitors, bookstores such as BordersRead MoreNike s Competitive Forces And Value Chain Models1769 Words   |  8 Pages105-7) answer the questions 1-3. 1. Evaluate Nike using the competitive forces and value chain models. Nike has a distinguishment then other its competitors. It provides sport products for children in more than one field in sport. Also, Nike alway tries to develop its product which gives Nike a strong reputation. For this reason it is difficult for competitors excel Nike. The combination of products and services gave Nike a competitive edge over other competitors. Nike launched applications relateRead MoreAnalyze Amazon and Walmart.Com Using the Value Chain and Competitive Forces Models7755 Words   |  32 PagesAnalyze Amazon and Walmart.com using The Value Chain and Competitive forces Models 2.1 Amazon.com 2.1.1 Amazon’s Value Chain Analysis 2.1.1.1 Primary Activities 2.1.1.1.1 Inbound Logistics Amazon has the advantage of avoiding the overhead and carrying large amounts of inventory because it orders the books from the distributors. They provide money and contracts to prospective authors and decide how many copies of a book to print. Typically a first run printing for a book varies from 5Read MoreAnalyze Amazon and Walmart.Com Using the Value Chain and Competitive Forces Models7767 Words   |  32 PagesAnalyze Amazon and Walmart.com using The Value Chain and Competitive forces Models 2.1 Amazon.com 2.1.1 Amazon’s Value Chain Analysis 2.1.1.1 Primary Activities 2.1.1.1.1 Inbound Logistics Amazon has the advantage of avoiding the overhead and carrying large amounts of inventory because it orders the books from the distributors. They provide money and contracts to prospective authors and decide how many copies of a book to print. Typically a first run printing for a book varies from 5, 000Read More* Analysis of Amazon.com Using the Competitive Forces and Value Chain Models Using Management Information Systems5173 Words   |  21 Pages 2009 MANCOSA Marvin Horkins [MANAGEMENT INFORMATION SYSTEMS ASSIGNMENT] ï ¿ ½ TABLE OF CONTENTS 3QUESTION 1: ANALYZE AMAZON.COM USING THE COMPETITIVE FORCES AND VALUE CHAIN MODELS ï ¿ ½ 11QUESTION 2: DISCUSS HOW AMAZON HAS RESPONDED TO PRESSURES FROM ITS COMPETITIVE ENVIRONMENT ï ¿ ½ 12QUESTION 3: DESCRIBE THE WAYS IN WHICH AMAZON.COM PROVIDES VALUE TO ITS CUSTOMERS ï ¿ ½ 14QUESTION 4: DESCRIBE AMAZONS EVOLVING BUSINESS STRATEGY AND EXPLAIN WHY AMAZON.COM DECIDED TO CHANGE ITS STRATEGY ï ¿ ½ 18QUESTIONRead MoreSmartphone Industry and Apples Iphone Analysis1350 Words   |  6 Pages Outline Industry Analysis Why? Driving Forces Dominant Features Five Forces Strategy Group Map Key Success Factors Company Analysis Overview Value Chain Analysis SWOT Analysis Competencies Business Analysis Competitive Strategy Recommen dations Outline Industry Analysis Why? Driving Forces Smart-phones allow users to: ï‚ž ï‚ž ï‚ž ï‚ž ï‚ž Dominant Features Five Forces Strategy Group Map Key Success Factors Company Analysis Overview Value Chain Analysis SWOT Analysis e-mail, internetRead MorePorters Five Forces Value Chain1396 Words   |  6 PagesDay #2 Porter’s Strategic Models: The Five forces and the Value Chain CIS Department Professor Duane Truex III The Information Systems Strategy Triangle Business Strategy Organizational Design Strategy ICT/Information Strategy Professor Truex E-CommercePrinciples 1 HOW CAN INFORMATION RESOURCES BE USED STRATEGICALLY? Professor Truex E-CommercePrinciples Aligning IS/ICT strategy (Infrastructures) with business strategy †¢ Using multiple approaches to evaluatingRead MoreBlackmores1291 Words   |  6 Pagesanalysis? Industry I d t analysis l i Competitive strategy analysis Corporate strategy analysis SWOT analysis Australian School of Business B i Class 2: Strategy Analysis gy y Dot Com – NASDQ index from 1 Jan 1996-30 Dec 2002 School of Business B i Australian A. Why Strategy Analysis †¢ †¢ Strategy drives the actions of an organisation Studying a firm’s strategy provides: – An understanding of what drives risks, profitability, and competitive advantages – A basis for future performanceRead MoreThe Role of the Internet in Supply Chain Management1872 Words   |  7 PagesSupply chain (SC) is made up of all the activities that are required to deliver products to the customer – from designing product to receiving order, procuring material, marketing, manufacturing, logistics, customer services, receiving payment and so on (Donovan, 2001). Hence, supply chain consists of a group of different companies working together to produce finished goods sold to customers out of raw materials. Company strikes to gain competitive advantages through improving their supply chain. Supply

Capital Markets and Market Efficiency Free Essays

Part 1 The Efficient market hypothesis states that all financial markets are efficient in their use of information to determine prices. This means that investors cannot expect to achieve excess profits that are more than the average market profits with similar risk factors, given all available information at the current time of investment, aside from through some form of luck. In part 1 of this report we will discuss the three different forms of market efficiency that Eugene Fama identified in her 1970 report. We will write a custom essay sample on Capital Markets and Market Efficiency or any similar topic only for you Order Now These can be explained as follows: 1) Weak form efficiency Fama (1970) observes that a market is efficient in weak form if past returns cannot be used to predict current stock price changes. It also assumes that prices on assets that are traded publicly already have and use all available information on the stock at any moment in time. It therefore stands to reason that the weak form of the market efficiency hypothesis means that past returns on stock are uncorrelated with future returns on the same stock. Future prices cannot be predicted by studying carefully the past prices of the stock. Excess returns cannot be earned over an extended period of time by using investment strategies that are based only upon the historical prices of shares or differing forms of historical analysis. This means that this style of technical analysis will not be able to produce high levels of returns on a consistent basis for investors. Overall one cannot expect future price changes to be predicted by using the past stock prices. Simply put weak form efficiency a ssumes that historical analysis on past stock data is of no use in predicting future price changes on stocks. 2) Semi-strong efficiency The semi-strong market efficiency form progresses from the aforementioned weak form market efficiency by stating that markets can adjust easily and very quickly to new information that is provided about various stocks. Fama (1970: 383) cites semi- strong efficiency as â€Å"whether prices efficiently adjust to other information that is publicly available. e.g. announcements of stock splits, etc†¦Ã¢â‚¬  Here it is assumed that asset prices fully reflect all of the publicly available information on the stocks meaning that only those investors who manage to possess additional unique information about the stocks could have an advantage over the market to make large gains. This form also asserts that any price outliers are found quickly and on this basis the stock market manages to adjust. In a semi-strong form efficiency share prices are able to react quickly to new information made available publicly in a quick manner so that no large returns can be gained from using the recent information. This leads us to imply that neither fundamental analysis or technical analysis will be able to produce consistent excess returns. Strong-form efficiency Strong-form efficiency assumes that prices reflect completely any type of new information about the market be that public or private information. Fama (1970: 383) says that strong form tests are concerned with â€Å"whether given investors or groups have monopolistic access to any information relevant for formation†, however Fama claims that the efficient hypothesis model still stands up well. The strong form claims the market price also includes different forms of insider information and not solely public information, and this is how it differs from the semi-strong form. The implications of this is that no one at all can therefore have any kind of advantage over the market in prediction of the stock prices as no possible additional data exists which would provide additional value to any investor. However, if any legal barriers exist which prevents the spread of useful information, such as insider trading laws for example, then this form of market efficiency is not possible. Part 2 The Efficient Markets Hypothesis was introduced by Eugene Fama in 1970. The main idea of the Efficient Market Hypothesis is predominantly that market prices must take into account all available information at any given point. Therefore meaning that no one can outperform the market by using readily available public information aside from through luck. A market is said to be efficient if the price fully reflects information about that market, for example if the price of the stock would be unaffected if all information surrounding it was revealed to all stakeholders in that market. Part two of this report will be critically discussing the evidence for and against the Efficient Market Hypothesis and whether it is possible to exploit market inefficiencies. The implications for investors and companies of the Efficient Markey Hypothesis will also be considered. Arguments For the Efficient Market Hypothesis To begin with following the birth of the efficient market hypothesis the theory was widely accepted, and it was widely assumed that the markets were very efficient in taking this information into account (Malkiel, 2003). It was accepted that when information came to the fore this would spread rapidly and would then be incorporated almost instantaneously into the share prices without hesitation. This meant that technical analysis, study of prior stock prices, nor any analysis of relevent information of a financial sense would lead an investment to achieve more successful returns than holding random stocks which have a comparable risk factor. Dimson and Mussavian (1998) observe that the evidence accumulated during the 1960s and 1970s was consistent with the Efficient Market Hypothesis view. There was a substantial backing for the weak and semi strong Efficient Market Hypothesis forms. Even though more recent times have seen an attack against the Efficient Market Hypothesis, Roll (1994) still observes that it remains incredibly difficult to make a high level of profit on a consistent basis even with the wildest variants of stock market efficiency. These violations of market efficiency are often sporadic events that do not last for a period of time. This can be seen by looking at the fact that on the whole profitable investment successes are referred to on a consistent basis as outliers (Dimson and Mussavian, 1998). Malkiel (2005: 2) says that: the strongest evidence suggesting that markets are generally quite efficient is that professional investors do not beat the market. Indeed, the evidence accumulated over the past 30-plus years makes me more convinced than ever that our stock markets are remarkably efficient at adjusting correctly to new information. This is showing that the markets must be efficient due to the fact that professional investors do not on the whole beat the market, and therefore all available information must be taken into account by the market prices and thus there is no gain to be had by any investors by using past prices, or publicly or privately readily available information. Arguments against the Efficient Market Hypothesis Malkiel (2003: 60) observes that by the beginning of the twenty first century â€Å"the intellectual dominance of the efficient market hypothesis had become far less universal† and academics were starting to question the premise and were not accepting it as they had done previously. Shiller (2003 ; 83) states that, â€Å"[contained in the EMH is] the idea that speculative asset prices such as stock prices always incorporate the best information about fundamental values and that prices change only because of good, sensible information.† However he then moves on to discuss how not all information is sensible and not all actors are rational, this would conflict with the efficient market hypothesis which relies on information having a large impact on the prices of stock. As well as this several recent reports have shown a range of empirical evidence which suggests that stock returns can actually possess components of a predictable nature, therefore also rejecting parts of the efficient market hypothesis which profess that looking at past trends do not allow for excess gains when investing on the stocks against the market. Keim and Stambaugh (1986) state that using forecasts based on a number of factors can find statistically significant predictability in a range of different stock prices. Lo and MacKinlay (1988) reject the random walk hypothesis, which is so often considered with the efficient market hypothesis theory, and show that it is not at all consistent with the stochastic nature of weekly returns. Empirical evidence of return behaviour which has been anomalous in the form of variables such as price to earnings ratio (Fama and French, 1992) has defied any kind of usual rational explanation and has resulted in a great number of researchers cons idering their views and opinions of market efficiency. Evaluation and Implications for Investors In conclusion, it is clear to see that market prices are not always predictable and that the markets have made large errors at certain points in time, for example at the recent dotcom internet bubble. Here it was obviously possible to exploit the market inefficiency to make money for investors. In the short run it may be possible to exploit these sporadic inefficiencies, but in the long term true value will always come to the fore. As long as these markets do exist, due to it being reliant on the judgement of investors, there will occasionally be errors made and some participants In the market are likely to behave in a less than rational manner, as is inherent in human nature. As well as this all information will not necessarily be sensible and investors are not likely to necessarily use it rationally. Thus irregular pricing or predictable patterns on stocks can appear and be exploited from time to time. In terms of the implications for investors in terms of the efficient market hypothesis, it is plain to see that all markets cannot be one hundred percent efficient all of the time or there would not be an incentive for people who are professionals in the field to discover different facets of information that is often quickly reflected by market prices (Grossman and Stiglitz, 1980). However, things such as the 1999 dot com bubble are exceptions rather than the rule to providing investors with extraordinary returns on their investments to exploit market inefficiencies. Therefore one could assume that the markets are efficient more often than not, and Fama (1970) is on the whole correct. This could lead to the conclusion in agreeing with Ellis (1998) and the overall idea that active equity management is indeed a ‘loser’s game’. Malkiel (2005) further advises on Ellis’ claim and professes that indexing is likely to produce higher rates of return than active por tfolio management. This is becoming more and more likely to impact investors as markets become more and more efficient, as Toth and Kertesz (2006) show in their examination of an increase in efficiency of the New York stock exchange. Therefore investors are required to question if it is indeed possible or feasible to exploit market inefficiencies using strategies the efficient market hypothesis calls into question. Bibliography Dimson, E. and Mussavian, M. (1998). ‘A Brief History of Market Efficiency’. European Financial Management. 4(1): 91-103. Ellis, C. (1998). Winning the Loser’s Game, McGraw-Hill: New York. Fama. E.G, (1970). ‘Efficient Capital Markets: A Review of Theory and Empirical Work’. The Journal of Finance. 25(2): 383-417 Fama, E. and French, K. (1988) ‘Dividend yields and expected stock returns’. Journal of Financial Economics.(22): 3-25. Fama, E. and French, K. (1992). ‘Common risk factors in the returns on stocks and bonds’. Journal of Financial Economics. (33): 3-56. Grossman, S. and J, Stiglitz. (1980). ‘On the Impossibility of Informationally Efficient Markets.’ American Economic Review. 70(3). 393-408. Keim and Stambaugh (1986). ‘Predicting returns In the Stock and Bond Markets’. Journal of Financial Economics. 357-290. Lo and MacKinlay. (1988) ‘Stock Market prices do not follow random walks : Evidence from a simple specification test’. Review of Financial Studies. (1): 41-66. Malkiel, B. (2003). ‘The Efficient Market Hypothesis and Its Critics Authors’. The Journal of Economic Perspectives, 17(1): 59-82 Malkiel, B. (2005). ‘Reflections on the Efficient Market Hypothesis: 30 Years Later’. The Financial Review (40):1-9 Shiller, R. (2003). ‘From Efficient Markets Theory to Behavioral Finance’. Journal of Economic Perspectives. 17(1) : 83-104. Toth, B. and Kertesz, J. (2006). ‘Increasing market efficiency: Evolution of cross-correlations of stock returns’. Physica 360(2): 505–515. How to cite Capital Markets and Market Efficiency, Essay examples

Describe how budgets can be used to set targets to monitor and control an organisation free essay sample

This report is to discuss the ways in which targets can be set to monitor and control the organisation. Financial resources in a business can be obtained internally such as the profits from last year’s sales, or externally such as a bank loan, having management is these areas can ensure the objectives in an organisation are accomplished they can do this through budgets; What is a budget; an estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals. Sales budget can be used as a starting point of any budget as it projects; the sales of products made by manufacturing business, and services provided by a service of the business therefore the sales budget monitors these aspects. Production budget can be used as a financial plan about the product in service of being manufactured, this budget then can determine an estimate of how many units will need to be manufactured to meet sales objectives and inventory requirements, therefore enabling a company to track costs. We will write a custom essay sample on Describe how budgets can be used to set targets to monitor and control an organisation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Purchases budget determines the amount of money and goods that will need to be purchased to ensure their goals, this is will help the organisation as if too much or too little stock is purchased the company can lose out which in turn helps monitor and control the business effectively. Labour budget determines the direct cost of labour such as wages, salaries, commissions, etc. it also determines the indirect cost of labour such as movement and handling of the product. This is useful for anticipating the number of employees who will be needed to staff the manufacturing area throughout the budget period. This allows management to anticipate hiring needs, as well as when to schedule overtime, and when layoffs are likely. Therefore equating to a more efficient and controlled organisation. Receivables budget determines when you will receive payments from customers made on credit, this is useful as it identifies when you will have funds and you can determine what things you will need to pay and when. Payables budget is the opposite of receivables budget as it identifies what things need to be paid to suppliers, having a payables budget helps achieve an organised business, as you will know exactly what, and when you need to pay to keep the company running and make it profitable. Cash budget determines the cash inflow and outflow, over a specific time period, these cash budgets also determine if there is enough cash to fulfil regular operations and/or whether too much cash is being left in unproductive capacities. These budgets are useful because it can monitor how much credit it can extend to customers before it begins to have liquidity problems therefore producing a more controlled business. When these resources are managed effectively it can improve the business by making sure all areas of the business aren’t losing out and are tracked, to make sure the company doesn’t lose out on sales or buys to many goods, keeping track of employees’ wages and other financial obligations, being able to credit customers and ensure no lose is made and the business doesn’t go into liquidity and help achieve maximum profit within the business. I hope this report has enabled you to understand how budgets can be used to set targets to monitor and control an organisation.