What You Dont Know About Test Magic Essay Samples

What You Don't Know About Test Magic Essay Samples If you don't plan you are more inclined to get lost halfway through your essay and the outcome is normally an extremely confused bit of writing that isn't easy to read. If you don't, you won't have the ability to move to the previous stage. There are several good persuasive essay topics to pick from. If you're looking for top essay writing companies, try out the mentioned above. For this reason, you are able to also have scholarship essay writing tips that will steer you in your writing. Apparently, writing an essay on this issue of marijuana is too general. Know that you could convince your readers to strengthen your status in the essay using three unique techniques. Sometimes employing a hook statement can be effective, but it's not required. When you're choosing an essay topic, it's important to select one that has lots of information and statistics to back up your viewpoint, nor exaggerate any info which you've chosen to write about. All you need to do is get the particular topic and decide what your perspective is. The writer ought to be in a position to bring an emotional link between the reader and the subject. You know how you're likely to produce your thesis. So the next time you're worried about the manner of essay, just bear in mind that you're in a position to write in your voice to a particular level. Descriptive Essay on Market can be employed by tourists or visitors that don't have any prior understanding of a marketplace. Students are going to have access to information from several sources and significantly lower the overreliance on teachers. Thinking of good ideas is among the most difficult sections of the test for a number of people. Having such an effect on the human race is truly hurting. Quality over quantity goes a very long way here. You are going to be graded on the level of your writing in addition to how well your response represents the key points of the audio clip and written passage and the way they relate to one another. Test Magic Essay Samples Can Be Fun f or Everyone Instead center on completing the essay, ensuring it has every important key concept, some support for every one of the vital ideas, and a crystal clear conclusion. If your thesis looks too broad, find a means to narrow it down. The conclusion plays a critical role in the feeling it ties up the full essay. Frequently a conclusion also functions as a call for action. The Upside to Test Magic Essay Samples The introduction usually starts out with some kind of background info. Otherwise, you'll need to narrow your topic. Make your examples a lot more specific. It's essential that you have some great examples so that it is possible to compare your writing and see whether you're on the right path. Finding the Best Test Magic Essay Samples You do not need to restate every argument you've made within the body, but you need to summarize your argument and restate your thesis in various words. Well, first you must find out more about the topic story and attempt to come up with a persuasive argument. You ought to choose a topic that you could formulate a clear thesis or argument about. Moreover, your topic sentence ought to be clear and precise. Your essay doesn't have to DO ALL THE THINGS in every single category so as to be given that score. For the Independent Writing task, you are going to obtain a question on a specific topic or issue. The article below will reveal to you the top 10 most frequent IELTS topics. One of the greatest methods to observe how you well you've scored objectively is to check at your ACT Writing percentiles. Learn all the ideas you need to understand to be able to ace TOEFL Writing! Finding out how to compose a persuasive essay might take a while. If you're thinking about getting your ACT Essay rescored (or obtaining a rescore on the remainder of the test), you wish to be sure it's well worth it. Completing practice essays can help you become more acquainted with what the prompts will look like (see next sect ion), and you also need to consider the rubrics TOEFL graders will use if grading your essays so that you receive a better comprehension of what you will need for a high score. The Pain of Test Magic Essay Samples Such last-minute searching never becomes futile, which causes unfinished essay assignments and ends in a poor grade. You should offer information which is pertinent to your thesis. In both, you have to take a specific topic and gather research on and after that write your paper. If you wish to find high excellent research and thesis papers punctually and for a sensible price, you should probably try out using EssaySupply.com.

Report on Characteristics and Consequences of an Aging...

Report on Characteristics and Consequences of an Aging Population An ageing population is a population that, for a number of reasons, is collectively and gradually growing older. The main reasons for this are falling birth rates while death rates remain static. An ageing population can, however, have severe consequences for a country, which will be described below. In this report, the characteristics and consequences of an ageing population will be described using specific case studies on a world, and regional scale. Areas where population is ageing will be shown and reasons why the population is ageing in these areas will be outlined. What are the Characteristics of an Ageing†¦show more content†¦The areas where there is an ageing population such as Europe, the USA, Japan and Russia for example, are all in stage 4 of the Demographic transition model, where are low death rates, and therefore a high life expectancy, but also low birth rates which are sometimes even lower than death rates, with this resulting in an ageing population, which is described under the previous heading. Conversely, the areas with young population (Africa and parts of Asia etc) are all either in stage 1 or stage 2, in some cases early stage 3 of the Demographic transition model where there are fallen death rates and consistently high birth rate with this resulting in an increasingly young population. Ageing Population- International Case Studies The UK - The population of the UK is in the process of ageing. This is due to, as mentioned above, the low death rate and consequent high life expectancy of the UK and low, decreasing birth. This results in the population pyramid of the UK being fairly top and middle heavy, with the base of the pyramid (where the youth population is shown) not being nearly as wide as the middle, and only marginally wider than the top, older areas, with this indicating that the population of the UK is in the process of ageing. This again shows that the UK is in stage 4, possibly even stage 5 of the Demographic Transition model, where there are lowShow MoreRelatedChinas One Child Policy954 Words   |  4 PagesIn 1980, the Chinese Government implemented population containment by way of a ‘ One-Child Police’, to alleviate its social and economic problems (Jiang, 2010). The population had been well-controlled during the past 30 years and according to the National Bureau of Statistics, the policy has helped prevent 400 million births and contributed greatly to economic growth (Government net, 2011). However, the one- child policy is like a double edged sword. Although there are positive outcomes, From theRead MoreWhat Does It Mean You Be Healthy? Essay1299 Words   |  6 PagesAlvarez Gonzalez, an American with a wide knowledge of the population of the region. What does it mean to be healthy? The state of healthy is when one enjoys a vigor of body, the mind or spirit. What are some of the largest health concerns for this population? The main health concern is based on the physical activity. Many people can remain healthy if they participate on daily physical activities. This will help prevent the occurrence of certain diseases such as cancers, diabetes and heart diseasesRead MoreSocial Policies : A Policy s Success Or Failures1286 Words   |  6 Pages(as cited in Gil, 1976, p. 166). Amartya Sen has a similar approach to evaluation of social policies by stating through distinguishing comprehensive and culmination outcomes. In culmination outcomes the analysis is confined to accounting for the consequences of determined inputs, with little consideration of the interactions, interests or unforeseen influence of actors and institutions throughout the process. Sen believes in contrast, comprise the process, institutions and actors, as well as the outcomesRead MoreGender Inequality And The Workplace1630 Words   |  7 Pagesnet worth and likelihood of receiving pension income (Anzick Weaver, 2001; Vartanian MacN amara, 2002). These gaps in economic well-being and employment are more conspicuous among men and women of lower socioeconomic statuses. A consequence of differences in economic inequities and well-being by gender have potential to effect inequity in material hardship. Food security, a component of material hardship, which is associated with poverty and labor participation, also shows gender differencesRead MoreThe Aging Population Model Of Geriatric Patients Essay730 Words   |  3 Pagesdepression is the most prevalent cause of emotional difficulty in later life and significantly reduces the quality of life in the elderly. For this discussion, I will select the aging population model. Geriatric patients who are routinely admitted to the hospital for various medical reasons are susceptible to the consequences of depression. Especially, if there is a component of physical inactivity and chronic pain that can lead to functional limitation. Our role as a physical therapist is to provideRead MoreEstate Career Options : Property Appraiser, Property Manager, And Real Estate Analyst Essay1485 Words   |  6 PagesIntroduction This report focuses on three real estate career options: property appraiser, property manager, and real estate analyst. These career options will be analyzed in detail regarding the responsibilities that each entails. Additionally, the nature of the work will be discussed along with the personal strengths and characteristics associated with each career option. This will provide a better context when conducting the comparison and contras. An explanation will be given about which careerRead MoreWhat Does The Big Five Domains Actually Do Not Capture The Full Spectrum Of Personality Traits?949 Words   |  4 Pagesself-reports, it would be good to show outcomes where they had been observed. Very few studies have assessed this information at the surface level. It would have been good to show how age can and should be respected in regards to the aging development. Not only do people develop their traits, but also everybody needs to develop their character. 1 Timothy 4:12 explains people are to examples with all that they do, such as â€Å"in speech, conduct, love, faith and in purity†. These characteristics wouldRead MoreThe Center For Disease Report810 Words   |  4 PagesFindings: The Center for Disease Report (CDC) for Mortality and Morbidity Weekly has reported falls as being the leading cause of injury among the elderly adult. According to stats released by the CDC, there are an estimated one to three falls that occur among the elderly resulting in a direct medical cost of $30 billion yearly. According to Barbour et al. (2012) falls often result in significant consequences for the elderly adult patients including, hip fracture, brain injuries, limited functionalRead MoreLevels of Health Care Essential to Any Health Care System Essay1650 Words   |  7 Pagesmechanisms that explain the beneficial outcomes: (1) wider access to health services; (2) improved quality of care; (3) emphasizing prevention; (4) the identification and early management of conditions; (5) the combined effect of the various characteristics of primary care systems; (6) reduction in unnecessary care by secondary and tertiary specialists (Starfield et, al., 2005). However, despite the near global agreement that PHC is a critical component of any health care system, there lies an imbalanceRead MoreEssay on Late Adulthood Sexuality1429 Words   |  6 Pageswith those problems. Discussion of Topic According to our textbook, Development Across the Lifespan, one eighth of the population in the United States is 65 years of age or older. Additionally, the fastest growing segment of the population are people who are 85 or older (Feldman, 2008). Clearly, over the last century, our life expectancy has increased! I am glad to report that as people grow older, they can indeed remain sexually active. Furthermore, the intimacy levels can be even higher than

Australian Housing Prices on its Performance - myassignmenthelp

Question: Discuss about theAustralian Housing Prices on its Economic Performance. Answer: The Impact of a fall in the Australian Housing Prices on its Economic Performance Introduction Australian housing prices has become a national threat for this country. The prices are very high such that the affordability has gone down to lower levels. Many people accuse the increased demand for housing by the Chinese buyers as the major factor that has pumped up the prices. However, Chau (2017) noted that the demand by the Chinese was too low to have a significant influence on the souring prices. He pointed out that the contribution of China to the real estate demand was less than 2% and thus blamed the increased prices on increased population growth and the low interest rate. There has however an increased spending of China on the Australian economy; the spending as at 2016 was $87.2 billion. This paper will determine the state of the Australian housing prices (whether overvalued or not); the overvaluation is determined by comparing the growth of housing prices to the growth of income. When the prices are higher, this is considered an economic bubble. Generally, every bubble is expected to burst after some time; the impact of a bubble burst has negative impacts on the economy that will be discussed below. The government policy actions are important in moderating the housing prices and preventing a bubble burst. The Impact of Falling House Prices The Australian housing prices according to various sources are overvalued. In the Australian largest states the overvaluation of housing prices is between 25 to 30pc and only a 10% fall is expected (Janda, 2017). The growth of Australian housing prices have been too high and a slugged growth in income; this provides enough evidence to believe that there is overvaluation of house prices. Paul Dale a Capital Economist provided information from his research that the current housing prices in Australia is way higher that of the U.S. before the global recession; the Australian housing prices are 38% higher than the fair value whereas the price for U.S. were 30% higher. The burst in the Australian housing bubble could harm the economic growth of the Australian economy and may at extreme case push it into a recession (Creighton, 2017). The Australian economy has been on a persistent low interest rate so as to promote its economic growth. This has facilitated the acquisition of cheap capital which has been directed to investment of properties. The availability of cheap capital is also the major factor for the U.S. housing bubble before 2007-09 global crises. Many people have borrowed to take such investment; thus a significant fall on housing prices would hurt many Australian investors. The increased investment on housing and rentals has created many jobs to the Australian which has seen a fall in the unemployment rate. Generally, a significant fall in housing prices would make it less attractive to the investors and the investment level would fall resulting in a reduction in the jobs creating. The unemployment rate would rise as a result since less j obs will be created and others will lose their jobs since some investors will sell their investment and withdraw out of the housing market. Just like in the U.S., the bubble burst would result in a loss in the value of the housing property. Consequently, the rental returns will be lower than the borrowing costs and thus this will mean that the investors will make losses (Burgess, 2017). The losses will undermine the ability of the investors to repay the loans they had initially obtained from banks; the default rates will rise and the banks will not have sufficient funds to loan to the investors (Ramlall, 2013). The increased default rates on mortgage will impact all other investments in Australia because the banks and other lending institutions will be tighter in advancing loans to avoid risking additional funds. There will be low funds available for lending; the economys investment will fall and unemployment would rise (Jones, White Dunse, 2012). Due to the increased unemployment rate, the inflation rate would also fall due to the inadequacy of demand; this is because the households will have insufficient income for de manding goods and services. The relationship between low inflation rate and high unemployment rate is represented in the Philips curve (Forder, 2014). Fig: The Philips Curve The other impact will be on the Australian GDP; the low demand for goods and services will lower the Australian GDP. Since production would fall the economic growth rate would be lower. The producers confidence would also fall since there is uncertainty of whether prices would continue falling. Australian Governments Policy Options to Protect the Economy from Falling House Prices Raising interest rate would only cause a significant fall in prices and this is thus not the best option. The best policies according to Brook (2017) are to control the additional ownership of houses by; An annual cut of immigration to 70,000. Increasing tax on empty properties left by investors. Stopping the purchase of Australian properties by overseas buyers. The Full time Airbnb properties should be banned. The rental properties no fault evictions should be terminated. Capital gains discount and the negative gearing on the sale of investment property should be phased out. Martin (2017) further recommended a greater use of land taxes. Conclusion The Australian housing prices are overvalued and crap policies of significantly lowering the price would have a negative impact on the Australian macroeconomic performance. The result from this would be a lower GDP value, lower GDP growth, low inflation rate, high unemployment rate and lost investors confidence. The policies to be taken would therefore mean to prevent additional investment on housing properties and thus an insignificant fall in price. References Brook, B. (2017). Affordable Housing Party launches claiming renters and first-home buyers are being ignored by Canberra. NewsComAu. Retrieved 7 October 2017, from https://www.news.com.au/finance/money/investing/affordable-housing-party-launches-claiming-renters-and-first-home-buyers-are-being-ignored-by-canberra/news-story/2113945ffb746837789d0af8e12d7818. Burgess, R. (2017). Australian house prices could have been so much lower. The New Daily. Retrieved 6 October 2017, from https://thenewdaily.com.au/money/finance-news/2017/08/30/house-prices-australia-cgt-negative-gearing/. Chau, D. (2017). Are Chinese buyers driving up Australia's housing prices? ABC News. Retrieved 6 October 2017, from https://www.abc.net.au/news/2017-10-06/impact-of-chinese-buyers-on-australian-house-prices/9021938. Creighton, A. (2017). If the housing bubble bursts economy will come tumbling down. Theaustralian.com.au. Retrieved 7 October 2017, from https://www.theaustralian.com.au/business/opinion/adam-creighton/if-the-housing-bubble-bursts-economy-will-come-tumbling-down/news-story/3012c2eb2dd2264d27dd8c3ff201925b. Forder, J. (2014). Macroeconomics and the Phillips curve myth. Oxford: Oxford University press. Janda, M. (2017). House prices overvalued by up to 30pc in Australia's biggest cities: economist. ABC News. Retrieved 6 October 2017, from https://www.abc.net.au/news/2017-09-20/house-prices-overvalued-by-up-to-30pc-in-biggest-capitals/8965150. Jones, C., White, M., Dunse, N. (2012). The challenges of the housing economy: An international perspective. Hoboken, N.J: Wiley-Blackwell. Martin, P. (2017). OECD warns of 'rout' in house prices if investors head for the doors. The Sydney Morning Herald. Retrieved 7 October 2017, from https://www.smh.com.au/business/the-economy/oecd-warns-of-rout-in-house-prices-if-investors-head-for-the-doors-20170302-gup0yw.html. Ramlall, I. (2013). The impact of the subprime crisis on global financial markets, banks and international trade: A quest for sustainable policies. Newcastle: Cambridge Scholars Publishing.

Origins And History Of The Electoral College Essays -

Origins And History Of The Electoral College Origins and History of the Electoral College In order to appreciate the reasons for the Electoral College, it is essential to understand its historical context and the problem that the Founding Fathers were trying to solve. They faced the difficult question of how to elect a president in a nation that: Origins of the Electoral College The Constitutional Convention considered several possible methods of selecting a president. One idea was to have the Congress choose the president. This idea was rejected, however, because some felt that making such a choice would be too divisive an issue and leave too many hard feelings in the Congress. Others felt that such a procedure would invite unseemly political bargaining, corruption, and perhaps even interference from foreign powers. Still others felt that such an arrangement would upset the balance of power between the legislative and executive branches of the federal government. A second idea was to have the State legislatures select the pres ident. This idea, too, was rejected out of fears that a president so beholden to the State legislatures might permit them to erode federal authority and thus undermine the whole idea of a federation. A third idea was to have the president elected by a direct popular vote. Direct election was rejected not because the Framers of the Constitution doubted public intelligence but rather because they feared that without sufficient information about candidates from outside their State, people would naturally vote for a favorite son from their own State or region. At worst, no president would emerge with a popular majority sufficient to govern the whole country. At best, the choice of president would always be decided by the largest, most populous States with little regard for the smaller ones. Finally, a so-called Committee of Eleven in the Constitutional Convention proposed an indirect election of the president through a College of Electors. The First Design In the first design of the Ele ctoral College (described in Article II, Section 1 of the Constitution): Each State was allocated a number of Electors equal to the number of its U.S. Senators (always 2) plus the number of its U.S. Representatives (which may change each decade according to the size of each State?s population as determined in the decennial census). This arrangement built upon an earlier compromise in the design of the Congress itself and thus satisfied both large and small States. The manner of choosing the Electors was left to the individual State legislatures, thereby pacifying States suspicious of a central national government. Members of Congress and employees of the federal government were specifically prohibited from serving as an Elector in order to maintain the balance between the legislative and executive branches of the federal government. Each State?s Electors were required to meet in their respective States rather than all together in one great meeting. This arrangement, it was thought, would prevent bribery, corruption, secret dealing, and foreign influence. In order to prevent Electors from voting only for a favorite son of their own State, each Elector was required to cast two votes for president, at least one of which had to be for someone outside their home State. The idea, presumably, was that the winner would likely be everyone?s second favorite choice. The electoral votes were to be sealed and transmitted from each of the States to the President of the Senate who would then open them before both houses of the Congress and read the results. n The person with the most electoral votes, provided that it was an absolute majority (at least one over half of the total), became president. Whoever obtained the next greatest number of electoral votes became vice president?an office which they seem to have invented for the occasion since it had not been mentioned previously in the Constitutional Convention. In the event that no one obtained an absolute majority in the Electoral College or in the event of a tie vote, the U.S. House of Representatives, as the chamber closest to the people, would choose the president from among the top five contenders. They would do this (as a further concession to the small States) by allowing each State to cast only one

buy custom General and Special Education essay

buy custom General and Special Education essay The purpose of this paper is to compare two instructional objectives topics. In this case, the paper seeks to compare how general education and special education teacher ensure that the student acquire the necessary life skills and literacy. Teachers decide on a number of issues in their everyday instruction that affect the learning of students. The differences in teaching materials, instructional activities, as well as means of assessment render it indispensible for teachers to design and implement instructional objectives. Second grade general education teacher, is a trained teacher who can instruct well the students without any disability whereas a special education teacher is one who is trained on how to instruct both youths and children with a range of disabilities (Tickle, 2002). The objective of both teachers is to ensure that the students acquire the necessary life skills and literacy. Instructional Curriculum Both the special education and the general education teachers will have to modify the existing curriculum of general education to suit the students needs and to ensure that the requisite remedial instruction is provided. In addition, the general education teacher will have to adjust the techniques used to facilitate learning to accommodate the needs of the student with disability. This will include the use of techniques such as intensive individualized tutoring, small group work and problem-solving coursework (Corte Verschaffel, 2006). With the tremendous growth in technology and its extensive use in special education, general educationist will have to incorporate the use of computer softwares as part of the curriculum materials. The familiarization will involve both the know-how and the installation of the software in their computers. For a special educationist, the curriculum will be individualized through the development of IEP (Individualized Education Program). The program puts into consideration the needs of the student and set goals to be achieved and how it should be achieved. Environmental and social factors will be the determining factors of future education. This implies that future curriculum will incorporate community needs since learners are part of the society together with the business world. The curriculum will also include skills such as problem solving. This implies that those skills that are required in solving educational problems should be part of the curriculum. The content of the future curriculum include futuristic education, immigrant education, electronic education, technical literacy, lifelong learning, international education, environmental education, nuclear education, health education and physical fitness, middle-grade education, aging education and for-profit education (Sugrue Day, 2002). The teachers role will change from providers of information to facilitators. With technology the way individuals work is modified, hence, the future curriculum should incorporate societys lifestyle, how learners feel as well as how they learn. Tea chers will play a primary role of instructional managers. The school curriculum represents work in progress involving a considerable number of stakeholders inside and outside the educational setting. Administrators, parents, businessman, students, community representative and teachers are among those who are responsible for curriculum development and design (Taylor, Marienau Fiddler, 2000). Identification of special needs General educationist identifies the needs of a student with disabilities either through observation or the parents worry about the child. Observations are based on monitoring their progress. When the achievements of the student are far below the expected it indicates a sign of disability. The special educationist will identify the special needs of student by use of early intervening services (EIS). The services include the use of screening tests. This will help in the identification of difficulties such as behavioural and learning or physical and sensory problems. There identification may be based on the students medical history. Methods of Assessment In order to facilitate the students with disability take a test, various techniques have to be used. For a general educationist, he/ she can give additional time during a test for those with disability or opt to read the material orally. This will make it easier for the disable to take an exam. Their assignments will also be simplified and shortened. Modification refers to changing the curriculum a bit to fit the needs of those with disabilities. In a broader sense, it means alternative assessment. For the general educationist, they give alternative assessment for the disable unlike the special educationist who administers assessment using the designed curriculum (Gronlund, 2009). How to support and meet the needs of students with disability Instructional accommodation will arise during the execution of the normal curriculum or when taking a test. For a general educationist to fully accommodate the needs of a student with disability, he/ she have to follow a developed IEP (Individualized Education Program). In the process, the general educationist will thrive to attain the set and tailored goals of the student. The program also incorporates the necessary steps to prepare well the student for middle school or for youths job or after secondary study. A general educationist should follow these steps. For the general educationist to support the IEP, he/she ensures that relevant materials and programs are available and the expertise of a specialist utilized (Rosenberg amp; McLeskey, 2008). The learner with disability should be given the required materials like computer, joystick among others to facilitate their learning process. All these can be accomplished if there is willingness to assist on the part of the educationist. O n another hand, special educationist develops the students IEP to suit the inabilities. In addition, they design and instruct appropriate curricula and assign work that perfectly matches the student disability. The teachers have to participate during the process of reviewing the IEP to best suit the student special needs. They also play a core role in the development of the appropriate behavior of the students with disabilities, socially and academically. This will help them to grow emotionally and interact well during social situations. The accommodation in broader sense will include the preparation of the disabled to face their future. This involves the provision of guidance and counselling together with life skills. These services will make it easier for the disable to lead a well-organized and better life after the schooling. The modifications should not lower the standards and expectations by which the students are evaluated. The modifications will have a change of the content, delivery and instructional levels (Kumar Bindhu, 2002). In addition, teachers participate in modification of the education system. The education system in the United States has undergone radical changes since the year 1940. The developments in the system have seen the country throughout its continued search for a curriculum that produces globally competitive graduates. The realization of the success has been made possible by the efforts that different stakeholders have undertaken to ensure reforms are implemented in the system. Their support extends to their willingness to provide financial support and involvement in different partnerships whose chief objective is to ensure success prevails among students. The education system has transformed the current dynamic society we are living in today, with its unrelenting pronounce of an integrated and equal society. This is evident with the eradication of aspects such as discrimination (Mertler, 2009). Discipline The special education teachers administer discipline for the disable through the BIP (behavioural intervention plan). On the other hand, general educationist administers discipline in reference to the IEP. Another consideration will be based on whether the behavior is a manifestation of disability or it is not. In case of a behavioural problem, that is not a manifestation of disability; the student will be punished just like the other students (Gronlund, 2004). Encouragement of students with disability For a general educationist, a student with special needs can be encouraged through guidance and capacity building. This will provide the student with the opportunity to perform his/ her functions without difficulty. On another hand, special educationist will encourage the students through equipping the student with life skills so that they can be people who depend on themselves. Inclusion and remediation General educationist take on inclusion is that it will create an opportunity where the existing social stigmas are reduced and student achievements improved. For a special educationist inclusion will limit the student from getting the required attention and practical skills. Laws governing instructional behaviour General education and special education teacher instruction are govern by laws. Laws can be defined as the body of rules and regulations that govern an individual conduct. For this case, we look at those laws that regulate the conduct of both teachers when they are discharging their duties. The government or state has the sole authority of setting or putting in place laws that govern teachers behaviour. In the United States, the National Education Association is responsible for laying down the laws to be adhered to by teachers during their work time. When adequate legislations are put in place, the education system will run smoothly and satisfying performance could be attained. The teachers are made aware of the penalties that their negligent behaviours could attract. The breach of the code of conduct normally attracts attention from the teachers governing body, and their redress may not be well with the accused teacher. The presence of the law helps to trim the way teachers carry th emselves. This is based on the provision that in instances where the teacher proves to be incompetent, the law provides for the suspension of the teacher (Hammond Bransford, 2005). The laws are put in place with the main objective of improving teacher-student relationship. The law stipulates how the teacher should relate well with the student. When the code of conduct provisions are adhered to fully the academic excellence of the students will be improved. The laws governing teachers will ensure that the teachers act reliably and professionally when associating amongst themselves as well as with students. This ensures that the students attain quality education and there is free flow of information that is relevant to the existing body of knowledge among the teachers. Where laws are clearly stated and outlined, the rights of students and teachers are well protected and confliction of the rights minimized. The teachers will be well aware of what they are required of them, hence maximum and respective services rendered (Mamlin, 2012). This will see the education system and performance undergo full vertical transformation. Learning styles In the same line of thought, learning style of both second grade and special education teacher encompasses individual physiological, cognitive, and affective behaviour processes. These processes represent more or less established indicators of how individuals perceive, relate, and react to learning opportunities. Learning styles are more or less permanent individual attributes that are not acquired easily. Consequently, a great deal of educational and psychological research has been devoted to the identification of learning styles and the relationship of personal differences to effective learning (Lindberg, 2007). In general, learning style researchers believe that curriculum and instructional strategies should be adjusted or tailored to individual learning styles. Learners who receive instruction adapted to their personal learning styles obtain higher test scores and more eagerly seek to learn and develop. In contrast, a disparity between learning style and instructional strategy fr equently causes both the teacher and the student to feel frustrated and aggravated. Finally, research findings suggest that the socio-economic, ethnic, and cultural environment of students need to be considered when identifying learning styles and planning instructional strategies (McKenzi Santiago, 2005). Learning theories It is important to examine some of the theories that have been developed in relation to how individuals learn, and are applicable in the achievement of instructional objectives. In this context, learning theory scholars have long examined how individuals learn. For example, developmental learning theories hypothesizes that learning occurs incrementally as an individual matures cognitively, emotionally, and physically. According to behaviourist learning theory, learning is demonstrated through behavioural changes that occur in the learners response to stimuli in their environment. Cognitive learning theories are concerned with how the brain processes and stores new information. Adult Learning Theory (andragogy) assumes that adults have learning needs that are unique from those of children and that adults prior experiences influence their learning (DeVries, 2002). Learning theory scholarship represents an effort to comprehend and describe how individuals learn. Three of the most widely recognized learning theories include: developmental learning theory, behaviourist learning theory, and cognitive learning theory. Apart from this point, there is the developmental learning theory. The foundation of developmental learning theory is the idea that learning occurs incrementally as an individual matures cognitively, emotionally, and physically. In general, developmental theories comprise the following fundamental principles: (a) Every healthy human being goes through specific stages of development, (b) Instructors should respect individual differences, which are a product of the individuals stage of development, (c) Instructors should pay attention to the strengths and limitations of students at different stages of development, (d) Teachers need to evaluate students developmental readiness to read and write, and (e) Teachers need to deliver instructi on appropriate for the students level of development (Day, 1999). The theory of adult learning, which is termed as andragogy is different from pedagogy, the traditional method of educating children, and addresses the following six attributes of the mature student: (a) the students need to know, (b) the students self-concept, (c) prior experience, (d) readiness to learn, (e) orientation to learning, and (f) motivation. The theory assumes that mature students participate in educational environments in order to satisfy an existing need (Spinelli, 2006). Moreover, adult learners have a wide variety of prior experience that will influence their learning. According to the adult learning theory, the instructor should acknowledge the needs and accumulated learning of the adult pupil and implement a collaborative classroom in which the instructor and student learn from one another. By so doing, the learning of the student will be made easy. Conclusion Special education and the general education teachers will have to modify the existing curriculum of general education to suit the students needs and to ensure that the requisite remedial instruction is provided (Arunachalam Gopal, 2010) . Learners who receive instruction adapted to their personal learning styles obtain higher test scores and more eagerly seek to learn and develop. In contrast, a disparity between learning style and instructional strategy frequently causes both the teacher and the student to feel frustrated and aggravated. In addition, the government or state has the sole authority of setting or putting in place laws that govern teachers behaviour. In the United States, the National Education Association is responsible for laying down the laws to be adhered to by teachers during their work time. Learning style of both second grade and special education teacher encompasses individual physiological, cognitive, and affective behaviour processes. These processes represent more or less established indicators of how individuals perceive, relate, and react to learning opportunities (Day, 1999). Learning theory scholars have long examined how individuals learn. For example, developmental learning theories hypothesizes that learning occurs incrementally as an individual matures cognitively, emotionally, and physically. According to behaviourist learning theory, learning is demonstrated through behavioural changes that occur in the learners response to stimuli in their environment. Cognitive learning theories are concerned with how the brain processes and stores new information. Buy custom General and Special Education essay

Awesome Jobs with Good Work Life Balance [Infographic]

Awesome Jobs with Good Work Life Balance [Infographic] So you want to have your life and live it, too- that doesn’t seem too much to ask, right? Yet some people seem to think career success comes at the steep price of giving up fun, family, and friends. Not so! Read on to find out how you, too, can attain that mythical and coveted â€Å"work-life balance† you’ve heard about, but never actually found. It’s there for the taking, really. You just need to know where to look.

Reports of Digital Investigations to Management Essay

Reports of Digital Investigations to Management - Essay Example Certainly, digital forensics investigations are time-consuming and resource-consumptive but are integral to the continued securitization of an organization's data and the protection of both its customers and its market status. Following a brief overview of the type of information which Digital Investigation Reports are expected to contain, this essay will examine the question of what organizational managers expect to see in these reports and why. Jones, Bejtlich and Rose (2005) explain that there are several types of digital investigation reports and the structure and content of each is ultimately determined by the person they were written for. If directed to either the IT Manager or the organization's Chief Security Officer, they are extremely detailed. The reports will, customarily, include all the relevant information surrounding the incident, the tools which were used to detect the penetration or attempted penetration, its consequences and the technologies employed for the investigation of the incident. The results of the investigation are comprehensively detailed. ... Digital investigation reports which are forwarded to the organization's Legal Department are similar to those composed for the Finance and Accounting departments (Jones, Bejtlich and Rose, 2005). As indicated above, the composition of digital investigation reports is a complex and complicated process. This is not simply because of their intricately detailed nature but because several reports are generated and the style and content of each differs according to intended recipient. 3 Reports to Management Digital Investigations Reports addressed to management are, quite possibly, the most important of all the digital forensic reports prepared by the organization. The reason, as explained by the IT Director, is that the organization's top management are its decision-makers; they allocate the budget and resources necessary for such investigations and, importantly, make the decision on follow-up action. These reports tell management what happened, the extent of the damages, if any, and why the incident occurred in the first place. Importantly, these reports may also contain suggestions for the avoidance of future incidents. From the IT Director's perspective, the reports addressed to management are intended to provide them with the information needed for them to arrive at a decision on future action and reaction. Stephenson (2003) similarly emphasizes the importance of the digital investigation reports submitted to management. As he argues, the information contained in these reports undoubtedly influence management decisions regarding subsequent action. For example, if the investigations revealed the incident to be serious and

Value Chain Model for PSU in Order to Receive Raw Materials from South Research Paper

Value Chain Model for PSU in Order to Receive Raw Materials from South Korea and China - Research Paper Example Having a shared vision enables the workers in all the locations to collaborate in delivering value. The process of receiving spare parts, storage, general inventory control, shipping scheduling should be managed with an aim of cutting any time delays. Immediately an order is registered, a process of simulation from the production plant should be initiated. 1.4 Operations. The assembling, packaging, equipment maintenance, product-testing as well as other activities must be streamlined with an aim of creating efficiency in delivering the final desired product. In fact, all necessary output measures should be aimed at enabling workflow as well as delivery performance to include dependable stock safety levels to avoid delays and understocking. This is where a forecast comes in to ensure the scheduling of end items. In reference to the activities needed to deliver goods to the market, the different locations need to share information as well as to operate in guidance by same policies so as to translate their cooperation into a synergetic relationship. Other areas of key concern are ordered fulfilment, the logistics involved in shipping as well as Material Requirements Planning or Distribution Requirements Planning system. By using a centralized in-formation model any demand changes will be detected well in advance and preemptive measures taken in advance. There need to be many resources committed to wooing buyers to purchase the cutting technology product. On top of that, how the distributors and dealers are selected goes a long way to determine whether sales targets will be achieved or not.  

Decision-Making Process Essay Example for Free

Decision-Making Process Essay Decision-making is a part of everyday life. One must decide on a daily basis; which route to take to work, which has less traffic, coffee or breakfast, or if the morning routine is altered by unexpected situations, which way to continue with the day ahead? According to Bateman and Snell (2011), the ideal decision-making process includes six stages; (1) identify and diagnose the problem, (2) generate alternative solutions, (3) evaluate alternatives, (4) make the choice, (5) implement the decision, and (6) evaluate the decision (p. 89). The process does not have to be thoroughly explained to realize many of the decisions one takes goes through these stages or some of them. One of the types of decisions one must carefully think and analyze before irrationally taking the plunge would have to be the purchase of one’s home. This type of decision is a very long-term commitment and a bit expensive. However, if properly acquire the decision; it is very worth-while. Buying a house or home starts at stage 1; one starts with identifying the problem or in this case the â€Å"wanting† to buy something to call home. It then follows to stage 2: generating alternative decisions. Stage 2 one is able to question if the house is really necessary. There are many suitable apartments and housing options as well. In this stage one also gets to question and calculate if it is within budget or if not, what one will have to do to be able to purchase the house. Once the financial side of the situation is evaluated and one still would like to continue it rolls into stage 3. Stage 3 consists of evaluating alternatives. In this stage one can go through the process of seeking locations, areas and house plans to choose what best fits with the ideal perfect home. This stage also allows to pick and choose what is best suitable for your home and knowing if there will be an upgrade made and changing the original price of the house. Staying with two suitable options and deciding from them will glide one to the next stage. Yes or No, Stage 4 is the decision-making part of the process. Once it has been decided to buy the house, the decision is implemented, Stage 5. Starting the necessary contracts and paper work to make this house one’s new home. The last step of the decision-making process is to evaluate the decision. In Stage 6 consists of one finalizing the process and setting down the last signature on the paper work and/or putting the down payment out on the table. In this type of choice all the steps in the decision-making process were followed. Nothing could have made it easier. As one can see the purchase of a new home, car, changing jobs and/or even choosing what school to send children to takes a decision-making process. Not all the steps are needed in some cases but some steps are automatically done like choosing alternatives.

What Were The Causes Of The Russian Revolution Essay -- essays researc

Before the war. Before the war, there were lots of problems which led up to the revolution and we call them the long term causes. The peasants working and living conditions were very bad but the government made it even worse by its own policies. Russia needed to develop its industries, so that it was a modern agricultural country instead of a backward one and also to remain in an important military power. To aid this dilemma the government invested in enormous amounts of money in improving Russia’s industries. Where did most of this money come from? From the pockets of the people in Russia! To do this, the peasants had to pay huge taxes not only on grain but on nearly all everyday items such as alcohol and salt! Nevertheless, the workers’ wages still stayed very low and did not increase much at all as the government wanted to squeeze the people for every penny they could get to put into industrial development. Soon later, all seemed well, iron and steel industries grew rapidly but then thousands of workers lost their jobs. This was a cause for strikes and rebellions against managers and the government. Also, things were not going very well in the country side. As if being taxed for all you were worth wasn’t enough, there were very bad harvests for a couple of years so now they were starving as well! To return the favour, the peasants became violent and started to burn landlords’ houses. Then the Tzar went to war with Japan which he thought would make the public believe in the government again. However, it backfired on him and caused all the same problems again but by a greater degree. That really infuriated the people! Leading up to the war the peasants and workers still had: *Inadequate clothing *Insufficient and unhealthy food *Long, hard hours at work *Inadequate housing/shelter *Self-made entertainment *Impoverished standard of life *Very low quality of life *Age of death-early 20's-30's. These were the huge differences in the quality of life between the rich and the poor as the rich had: *More than adequate clothing *More than adequate food *Lived on rising and unearned income *Entertainment was provided for them *Excellent standard of life *More than excellent quality of life *Age of death-late 50's, 60's and above In these years leading up to the... ...t. On the 12 March, soldiers refused to fire on crowds, some regiments shot their officers and joined in the demonstrations. They had had enough of the war and the way they were being treated! The soldiers joined the strikers and the women in the streets marched to the Duma to demand that they take control of the government. I think that this was a major turning point. In my opinion it would have taken a much longer time to overthrow the government without the soldiers joining in!! Conclusions. In my opinion, most of the above issues are long term causes, the short term ones were about the lack of equipment and hospital facilities, the incompetence of the officers, inadequate armour, weapons .etc., the massive loss of life and the 25% desertions!! In my opinion, it was not the Tzar’s fault intentionally to be a bad leader. It was his predecessors who did not train him properly. If they had really cared about what was to happen after they had died they would have done something about bringing up proper leaders. I think that they were very careless about choosing leaders but I also feel very sorry for the Tzar, it was NOT his fault!! What Were The Causes Of The Russian Revolution Essay -- essays researc Before the war. Before the war, there were lots of problems which led up to the revolution and we call them the long term causes. The peasants working and living conditions were very bad but the government made it even worse by its own policies. Russia needed to develop its industries, so that it was a modern agricultural country instead of a backward one and also to remain in an important military power. To aid this dilemma the government invested in enormous amounts of money in improving Russia’s industries. Where did most of this money come from? From the pockets of the people in Russia! To do this, the peasants had to pay huge taxes not only on grain but on nearly all everyday items such as alcohol and salt! Nevertheless, the workers’ wages still stayed very low and did not increase much at all as the government wanted to squeeze the people for every penny they could get to put into industrial development. Soon later, all seemed well, iron and steel industries grew rapidly but then thousands of workers lost their jobs. This was a cause for strikes and rebellions against managers and the government. Also, things were not going very well in the country side. As if being taxed for all you were worth wasn’t enough, there were very bad harvests for a couple of years so now they were starving as well! To return the favour, the peasants became violent and started to burn landlords’ houses. Then the Tzar went to war with Japan which he thought would make the public believe in the government again. However, it backfired on him and caused all the same problems again but by a greater degree. That really infuriated the people! Leading up to the war the peasants and workers still had: *Inadequate clothing *Insufficient and unhealthy food *Long, hard hours at work *Inadequate housing/shelter *Self-made entertainment *Impoverished standard of life *Very low quality of life *Age of death-early 20's-30's. These were the huge differences in the quality of life between the rich and the poor as the rich had: *More than adequate clothing *More than adequate food *Lived on rising and unearned income *Entertainment was provided for them *Excellent standard of life *More than excellent quality of life *Age of death-late 50's, 60's and above In these years leading up to the... ...t. On the 12 March, soldiers refused to fire on crowds, some regiments shot their officers and joined in the demonstrations. They had had enough of the war and the way they were being treated! The soldiers joined the strikers and the women in the streets marched to the Duma to demand that they take control of the government. I think that this was a major turning point. In my opinion it would have taken a much longer time to overthrow the government without the soldiers joining in!! Conclusions. In my opinion, most of the above issues are long term causes, the short term ones were about the lack of equipment and hospital facilities, the incompetence of the officers, inadequate armour, weapons .etc., the massive loss of life and the 25% desertions!! In my opinion, it was not the Tzar’s fault intentionally to be a bad leader. It was his predecessors who did not train him properly. If they had really cared about what was to happen after they had died they would have done something about bringing up proper leaders. I think that they were very careless about choosing leaders but I also feel very sorry for the Tzar, it was NOT his fault!!

Good vs Evil in the Last of the Mohicans Essay

In â€Å"James Fennimore Cooper’s† novel The Last of the Mohicans, the characters Hawkeye and Magua, shows a perfect example of good versus evil. Their chance meeting in the wilderness brings the two men together and ultimately ends in a battle of wills. As in many novels, good sometimes wins over evil. Hawkeye and Magua are alike in many ways. These two men are the main characters in the novel of â€Å"James Fennimore Cooper’s†. Hawkeye and Magua are considered heroes, good scouts, and excellent hunters. They both have special interested in the two sisters, Cora and Alice. They have earned respect from their own tribe. In the novel of The Last of the Mohicans, Hawkeye is the main protagonist. He was adopted by the tribe and lives amongst the Indians. Hawkeye can never look Indian, since he comes from European blood, but he dresses, talks and respect the laws of the tribe. Hawkeye is a good man with lots of qualities. In the other hand, Magua is a Chief in the Huron tribe. Magua’s nature is the complete opposite of those in the Mohicans’s tribe. He is a villain because the pain he suffered from the loss of his family in the hands of the Europeans. Magua dies in the end of the novel by the hand of Chingachgook, the adoptive father of Hawkeye. In conclusion, these two characters represent the good versus evil in the novel The Last of the Mohicans. It shows again the tremendous differences between right and wrong. Hawkeye and Magua, two different characters represent a perfect example of good hero and a deprivable villain.

Dhaka Stock Exchange Collapse of 2010â€2011 Essay

Dhaka Stock Exchange (Generally known as DSE) is the main stock exchange of Bangladesh. It is located in Motijheel at the heart of the Dhaka city. It was incorporated in 1954. Dhaka stock exchange is the first stock exchange of the country. As of 18 August 2010, the Dhaka Stock Exchange had over 750 listed companies with a combined market capitalization of $50.28 billion. 1.1 History First incorporated as East Pakistan Stock Exchange Association Ltd in 28 April 1954 and started formal trading in 1956. It was renamed as East Pakistan Stock Exchange Ltd in 23 June 1962. Again renamed as Dacca Stock Exchange Ltd in 13 May 1964. After the liberation war in 1971 the trading was discontinued for five years. In 1976 trading restarted in Bangladesh, on 16 September 1986 DSE was started. The formula for calculating DSE all share price index was changed according to IFC on 1 November 1993. The automated trading was initiated in 10 August 1998 and started on 1 January 2001. Central Depository System was initiated in 24 January 2004. As of November 16, 2009, the benchmark index of the Dhaka Stock Exchange (DSE) crossed 4000 points for the first time, setting another new high at 4148 points. In 2010, the index crossed 8500 points and finally crashed in the first quarter of 2011. 1.2 Formation Dhaka Stock Exchange (DSE) is a public limited company. It is formed and managed under Company Act 1994, Security and Exchange Commission Act 1993, Security and Exchange Commission Regulation 1994, and Security Exchange (Inside Trading) regulation 1994. The issued capital of this company is Tk.  500,000 which is divided up to 250 shares each pricing Tk. 2000. No individual or firm can buy more than one share. According to stock market rule only members can participate in the floor and can buy shares for himself or his clients. At present it has 238 members. Market capitalization of the Dhaka Stock Exchange reached nearly $9 billion in September 2007 and $27.4 billion on Dec 9, 2009. 1.3 Management The management and operation of Dhaka Stock Exchange is entrusted on a 25 members Board of Director. Among them 12 are elected from DSE members, another 12 are selected from different trade bodies and relevant organizations. The CEO is the 25th ex-officio member of the board. The following organizations are currently holding positions in DSE Board: Bangladesh Bank ICB President of Institute of Chartered Accountants of Bangladesh President of Federation of Bangladesh Chambers of Commerce and Industries President of Metropolitan Chambers of Commerce and Industries Professor of Finance Department of Dhaka University President of DCCI (Dhaka Chamber of Commerce and Industry) 1.4 Trading time The Dhaka Stock Exchange is open for trading Sunday through Thursday between 10:30am – 2:30pm BST, with the exception of holidays declared by the Exchange in advance. In the month of Ramadan, the exchange is open for trading between 10:30am – 1:30pm BST. 2. Previous major crash – Stock market crash in 1996 The number of BO account holders in 1996 was only 300,000 and most of them were new in the market. At that time it was not easy for investors to detect the fake shares from the genuine ones. Because during the crash of 1996, paper shares used to be sold in front of DSE.There was no automated trading system, surveillance was not strong enough, and there were no circuit breakers as well as international protection. From 1991 to the end of 1995, DSE General Index price gained by 139.3 per cent and reached 834 point. But  in 1996, the market experienced a dramatic change and pushed the price index up by 337 percent. DSE General Index recorded a high growth from July and stood at 3648.7 points on 5th November 1996. Besides, Chittagong Stock Exchange experienced the same change and grew by 258 percent. Chittagong Stock Exchange index increased from 409 to 1157 points in 1996 within a one year’s time. But the steps taken by the government did not work. The index lost over 233 points on November 6, 1996. After the bubble burst, DGEN index dropped to its lowest point and stood at 957 in April 1997. It stood at around the same point, where it was 10 months before and DSE General Price Index lost almost 70 percent from its highest point in November 1996. Then the index continued to decrease for the next 7 years until April 2004. During this long period, DGEN Index seldom crossed 1000 point. In short this can be described by using a graphical presentation. Figure 1. Scenario of Share price index points of Dhaka Stock Exchange 3. Cause of market crush in 2010-2011 The stock market crashed again in 2010-2011. The major causes are as follows- 3.1 Margin Calls & Illiquidity crisis When investors pay a part of future market contracting by cash or selected instruments in an account with a broker which is called Margin. To make sure obligations of investor when contract expired, more Margins is necessary if value of the contract decreases. The process is called Margin call. On â€Å"Black Monday†, price movement of future contracts created record amount of Margin calls for firms which were about 10 times the average size. Collected payments are paid to investors whose position had gained. Some investors lost their ability to enter new positions due to Margin calls and some needing to extend credit to make the payment. As investors were unable to pay margins, brokers placed emergency margin calls with exposed options positions which were assumed to be liquidated due to failure of meeting margin calls. It occurred repeatedly which possibly made selling pressure in the market and markets were not able to handle these sell orders. 3.2 Program Trading Summit Financial Advisors has stated that many analysts accused program trading, especially portfolio insurance as a major reason for the crash. In this trading, computers automatically order large stocks trades when certain market trends prevailed. Analysts blamed that the program trading blindly sold stocks when prices declined on 19th October. 3.3 Derivative Securities Investors not only invested in actual stock market but also in index options and futures markets. Option and future market are called derivatives as the value derives due to change of stock prices. The Brady Commission which was commissioned to examine the reasons of the crash found that the failure of stock mar-kets and derivatives markets to operate in sync was an important factor that contributed to the severity of the crash. 3.4 Role of market regulators and their employees The role of SEC to control & monitor capital market, working in favor of manipulators, approving unethical proposal and issuing wrong directives which lead to unexpected market conditions deteriorated the image of SEC. Investigation report mentioned some names of corrupt employees of the market regulators who were directly or indirectly responsible in the market manipulation. There is a job overlapping between SEC and exchanges. Such as, DSE & SEC both organizations have surveillance department for the same job but there is no co-ordination. Listing committee of DSE & CSE examines listing application of company but SEC doesn’t do it properly and approve it. Placement of Mutual fund & IPO at a price lower than the market value has become a new method of bribery for powerful employees of regulators. There is another accusation that these senior level employees received placement by using other`s name which is very difficult to identify. The report admits that SEC doesn’t have enough employees for example; qualified accountant, financial analyst and researcher to control and monitor the market. Rahman & Moazzem (2011) identified in their study that Dhaka stock exchange is becoming more volatile but the regulators are unable to defend it. They also suggested increasing manpower and quality of professionals in SEC. 3.5 Demutualization of Exchanges There are both elected & nominated members in DSE and CSE. Basically, elected members run the administration due to less interest & relation of nominated members. As a result, the players of the capital market act as controllers. Meanwhile, controllers are inactive during unethical activities due to conflict of interest. In the investigation report it was said that different stake holders of capital market and civil society support & demand for demutualization of exchanges. The meaning of Demutualization is separating controlling functions from controller’s functions, empowering controller and taking decisions without being motivated by the market players. 3.6 Investment of bank in the capital market In 2009 & 10 banks and financial institutions invested huge amount of deposit money in the stock market. As a result share prices sky rocketed until December 2010. When Bangladesh Bank restricted more than 10 percent investment of deposited money, increased CRR and SLR ratio, created liquidity crisis and market crashed. 3.7 Pre-IPO & IPO process Investigation committee considered that due to Pre-IPO & IPO manipulation share prices sky rocketed and that is the main reason for the share market crash. Manipulators illegally & unethically created a Kerb market in Pre-IPO stage. Without recommendation by the listing committee application for IPO was accepted. SEC did not examine abnormal asset revaluation and indicative price. As a result in Pre-IPO or IPO stage placement process and placement trade Kerb market overvalued share prices. This eventually generated liquidity crisis in the capital market. 3.8 Uniform face value of share During the meeting between investigation committee and different stake holders of share market, a most important reason for abnormal climbing of index was indicated to uniform face value of share at Taka 10. Splitting share does not change revenue or asset of a company and should not affect the share price. But Small investors showed their utmost inter-est to buy split share with their small investment and consequently pushed the price up. Up to 62 listed companies split their shares in 2009 & 2010. So, it  abnormally increased liquidity of the market and brought notable change in market capitalization. Investigation report shows that MC increased 655% of companies those adopted share uniform and MC increased only 46% of those that did not adopt. From July 2009 to December 2010 the role of total MC were 81.5% of companies which adopted share uniform and only18.5% those that did not adopt. 3.9 Placement trade / Kerb market Before issuing IPO, Issue manager or Issuer Company sell shares to their nominated person and that is called Private placement or pre-IPO placement. Private placement is risky because it doesn’t have accounting discloser. In the developed countries there are some fixed rules but in Bangladesh SEC didn’t have proper rules for it. As a result some manipulators used it as a tool of price manipulation. Investigation committee found that in most of the cases placement was offered at less than the IPO price. Though aim of public offering is participation of public but placement doesn’t make sure it. Eight companies issued convertible preference share in 2009 & 10 in which average 69% went for placement. So, participation of the public was hindered and that created placement trade or Kerb market. Some companies distributed 50-90 percent of their paid up capital in private placement. However, when a company raises too much paid up capital through private placement, the number of free-floating shares decreased. That’s why the difference between demand & supply push share prices up. Moreover, non-listed companies created liquidity crisis as huge investment was stuck up with these companies. Placement created new process of trading outside of the share market and that is illegal. By taking chance of placement many small companies raised capital from illiterate and un-informed investors with their artificial financial reports. 3.10 Omnibus account Investigation report found Omnibus accounts of ICB and merchant banks as another major reason behind the stock market debacle. Every branch of merchant bank operates only one omnibus account. There could be 3-10 thousands BO Accounts under the omnibus account which are not under the surveillance of SEC. So, information of individual accounts and its transaction are kept only with merchant banks. As investigation reports  shows that this kind of account made a lot of illegal transactions. It publishes name of 30 big players including ICB for a lot of suspicious transactions and says most manipulators traded from the omnibus accounts. It was also reported at least Taka 2.5 billion has been traded from hidden or omnibus accounts. 3.11 Asset revaluation & Rumor By taking chance of weak asset revaluation method companies have overvalued their asset. In this process dishonest auditors generated artificial audit reports. So, calculating of NAV on overvalued asset indicates wrong signal. Some companies issued Bonus shares against unrealized gain of revalued asset price which is a faulty accounting practice. There is rule to maintain provision against â€Å"deferred tax† during asset revaluation to pay tax in future, but companies are not following it. Investigation reports pointed some companies which got NAV more than 100% to 3,472% after asset revaluation. 3.12 Book building method It’s a procedure of determining price of IPO at which it is offered. The fair price is determined by the demand of a security from institutional investors and their indicative price. The main aim of introducing this method in Bangladesh stock market was to attract more firms for enlisting in the stock exchanges through fair share pricing. However, it was found as an instrument of manipulating market prices. Investigation report reveals that during the price discovery/bidding stage investors manipulated share prices for placement with too high price. High price was maintained only for the lock-in period and then investors offloaded their shares. As a result they pulled out a lot of profit within a short period and after that the share price did not increase. In this process corrupted Issuer and issue manager manipulated the price. 3.13 Serial and artificial trading Some manipulators created artificial active trading environment among themselves through bulk transaction and increased share prices. Moreover serial trading and price manipulation by many buy-sell orders through different accounts and broker houses which overheated the market. 3.14 Issue of Right and preference share Right Share is issued at a discount price to existing shareholders. SEC took 4/5 months to take the decision of right issue proposal which is mysterious. Meanwhile companies inform the market about Right issuance and increased the share price. Moreover, issuance of Right share increase number of share which should decrease share price but it did not hap-pen. Investing in Preference share is safe to get a fixed percentage of profit. To make the share attractive companies keep an opportunity to convert it and in that case it is called Convertible Preference Share. Companies issued preference share for only 2-3 months even for 1 month which is not common in other countries. The faults with convertible preference share were its time period (short), convertible process and private placement. Investigation committee found that SEC did not have proper guidelines for Right and Preference Share issuance. 3.15 Suspicious transaction of top players Investigation report reveals some names of individual and institutional investors as top buyers and sellers during abnormal increase and decrease of index in different time periods. The transactions of these investors were suspicious and affected the market heavily and liable for abnormal rise and fall. 3.16 Block placement There was a lot of suspicious block trading of mutual funds. Some investors got enormous amount of placement time to time. 3.17 Direct listing With the approval of SEC few companies have been directly listed in the stock exchange. These companies come to the market with inflated share prices. Investigation report mentioned that indicative prices of these companies were determined even 58 times more than EPS and 9 times of NAV. Though share prices of these types of directly listed companies have been artificially determined, but SEC or exchanges did not investigate the reason of abnormal price. 4. Impact of the crash Bangladeshi stock market experienced through inefficient and irrational fluctuation of DGEN Index in the year 1996 and 2011 . During 2010, the bullish market turned bearish with the exchange losing 1,800 points between December 2010 and January 2011. DGEN Index climbed at point 8918.51 on December 05, 2010 which was overvalued in all aspect. Then the market crashed at point 4877 in November 2011. Figure 3: Daily DGEN index of January, 2011 Figure 4: Showing the Movement of DSE General Index from June- ’10 to May- ‘11 Impacts of the crash were: As a result of the market crash, millions of investors have been rendered bankrupt. Because of free fall of share prices, Investors came out in the street again and started protesting against free fall of share prices and chanted slogans against market regulators. Random objects like wood and papers were set on fire in front of the DSE office in Motijheel. Investors came out in the street with processions and demonstrated against free fall of Share index in both bourses as well as suspension of trading. Investors from different parts of the country such as, Chittagong, Comilla, Narsingdi, Narayanganj and Jessore brought out processions and clashed with law en-forces in some places as well. Investors blamed the speculators and regulators for the bubble that finally burst. Economy faced liquidity crisis. Authoritites and government took steps to handle the crisis. But stock market of Bangladesh had already got the adjective of â€Å"the worst stock market in the world†. And an o ngoing market turmoil is still going on. 5. Measures taken to stabilize the stock market Since the collapse of the market in December 2010, a number of initiatives were undertaken by Ministry of Finance (MoF), Security and Exchange Commission (SEC), Bangladesh Bank, Government and Dhaka Stock Exchange (DSE)/ Chittagong Stock Exchange (CSE) to stabilize the market. 5.1 Steps taken by government- The government took a number of measures to inject money in the market. This included Tk. 600 crore worth of funds distributed to the state-owned banks and Investment Corporation of Bangladesh (ICB), and formation of a mutual fund titled Bangladesh Fund with an initial resource of Tk. 1,500 crore. Under the national budget of FY2011-12, government announced a number of incentives to recover the capital market situation. Some of these were re-introduction of tax rebate facilities, tax-free facilities for mutual funds, time extension for non-bank financial institutions (NBFIs) to adjust their investment in stock market (revised timeline is December 2013), and adjustment of single borrower exposure limit by the commercial banks (revised timeline is December 2013). All these budgetary measures have direct and indirect implications for raising fund for the ailing capital market. A probe committee was created by the government to identify the reasons, people and solution regarding the prob lem of the stock market. The Probe Committee and the MOF came up with a list of 36-point measures which were to be implemented in three phases (i.e. immediate, short and medium-term). 5.2 Steps taken by SEC- Security & Exchange Commissions applied a lot of directives to keep the market under control in 2010. SEC changed directive of margin loan ratio by increasing it from 1:0.5 to 1:1 on 13th December and later it was again hiked to 1:1.5 & 1:2 because of free fall of share prices. Actions were taken against persons found guilty for their fraudulent activities, investigation of allegations against the SEC officials who indulged in market manipulation, examination of assets of some of the companies alleged to have been involved in illegal trading, and initiation to probe allegations against several companies was also done. Criminal investigation against a number of companies and persons which was supposed to be carried out by the Anti-Corruption Commission (ACC) was started but without much visible progress. SEC under its new management has also prepared a 29-point work plan. Of these, eight activities were identified as ‘top urgent’, three as ‘urgent’, 14 as ‘short term tasks’ and four as ‘medium term tasks’. The MoF along with SEC and other stakeholders prepared the much-hyped Market Rejuvenation Package. This 21-point package focuses on greater participation of banks and other financial institutions in the stock market, besides setting up a ‘special scheme’ to provide support to small investors who lost their capital. 5.3 Steps taken by Bangladesh Bank- Bangladesh Bank pushed money into the market as liquidity support. Banks have reportedly kept buying shares despite suffering from liquidity crises themselves, and not selling any shares. 6. Outlook for the future To protect the share market of Bangladesh, the regulatory body should take some effective measures. It should introduce some monitoring systems to protect the price manipulations of the share. Provisions should be made to provide all the financial data to the investors so that they can get a proper idea about the company. The market should be free from fake certificates. The government should offer income tax rebate on the income of share market and encourage the banks and non banking institutions to come to the market directly. Some incentives package for the investors like getting financing at a low cost has to be offered to bring back the investors in the market. Market stabilization fund must be introduced so that it can help to meet up with crisis situation. Since Bangladesh is heading toward the developing nation, capital market can be the engine of growth for its economy if market becomes structured and efficient. Around the world well reputed stock markets like – New York Stock Exchange, London Stock Exchange, Shanghai Stock Exchange, Tokyo Stock Exchange, Australian Securities Exchange, Dubai Stock Exchange and so on, are regulated and running efficiently that provides significant contribution to their individual economy. Because, stock market is knowledge based game rather than a place of gambling; there must be rational win-lose situation always. But Bangladeshi stock market experienced through inefficient and irrational fluctuation of DGEN Index in the year 1996 and 2011 which resembles the place of gambling. To sum up, from our study, we have found that, there are problems like – Big Gap between the Demand and Supply of stock, extraordinary over pricing of stock, market manipulation, lack of knowledge about the stoc k market mechanism among the general investors, price distortion, inefficient regulations, political unrest, etc. These caused the steepest downward fall of DGEN Index in the financial year 2011.  As a result, about millions of investors lost their capital which turned them empty within few months. Security and Exchange Commission (SEC) of Bangladesh and government should take the short term and long term initiatives to stabilize the market. They should encourage more public limited companies to offer more share to meet the current demands. Income tax rebate, Injection of Market Stabilization Fund, Mandatory holding certain percentage of share among the board of directors, short term incentives packages should be introduced to get back the confidence among the existing investors. Regulatory bodies of Bangladesh stock market must educate the current and potential investors about the market mechanism and provide them the accurate information so that investors trade their shares carefully. Unless, appropiate corrective measures are well formulated and implemented, Bangladeshi stock market will be facing this irrational downward again in the near future. 7. ARAMIT from 2010- 2013 From the graph we see that, before the crash market price was above tk 450. And in the time of market crash from December 2010- January’11, the price of aramit started to fall and reached tk 436 at the end of January 2011. After that the market fluctuated and hit its lowest of tk 192.6 on february 2012. The current market price as of 24th February,2013 is tk 216. Profit Status: Based on Annualized EPS of 2012 (Q3): Basic Current Price Earning Ratio (P/E) (Based on Continuing operation) 12.65 Based on audited EPS of 2011 Current Price Earning Ratio (P/E) (Based on Continuing Operation) 15.15 Reference : 1. http://www.cpd.org.bd/pub_attach/WP95.pdf 2. http://publications.theseus.fi/bitstream/handle/10024/47195/saha_sangit.pdf?sequence=1 3. http://www.dsebd.org/displayCompany.php?name=ARAMIT 4. http://en.wikipedia.org/wiki/2011_Bangladesh_share_market_scam 5. http://en.wikipedia.org/wiki/Dhaka_Stock_Exchange 6. http://www.similarsites.com/goto/bdstock.com?pos=2&s=10

The Physics of Golf essays

The Physics of Golf essays As anyone who has played a round of golf will attest to, the sport is based around many fundamental principals of physics. These basic laws are involved with every aspect of the game from how a player swings the club to how the ball moves through the air on its way toward the pin. It is the challenge that physics presents to the golfer that has allowed the game, and equipment used, to develop so drastically over the past one hundred years. The first golf balls used were called featheries. They were made with a horsehide cover packed with wet goose feathers. When the balls dried they became extremely hard. The major flaw with the featheries was that they could not be used when the conditions were wet because they would soften again.[5] Despite the flaw of the featheries, they remained the only ball used up until the middle of the 19th century when the revolutionary gutta-percha ball was invented. The new ball, sometimes referred to as a guttie, was molded from the warmed, dried gum of the sapodilla tree.[5] These balls were cheap to manufacture and opened up the game of golf to a more diverse socio-economic group. This in turn made the game of golf very popular, which led to dramatic improvements in golf balls in the next decades. In 1900 a unique event occurred. Some claim that it can be called the first professional sports endorsement. The Spalding Company paid Englands Harry Vardon a considerable sum of money to come to the United States to demonstrate what he could do in winning tournaments using the latest ball design. He won the U.S. Open using the new rubber-wound Haskell ball.[5] This led to another major revolution in the design of the golf ball. Not only was this ball cheap to manufacture, but also it could be hit farther than any other ball previously used. The Haskell ball was such a success that it was not until 1968 that the two-piece balls of today emerged in the market. Obviously...

How to Self-Publish a Book in 2019 7 Steps to Bestselling Success

How to Self-Publish a Book in 2019 7 Steps to Bestselling Success How to Self-Publish a Book: 7 Simple Steps to Success Learning how to publish a book and getting your ideas into the world is easier than it’s ever been. There is a wealth of knowledge available online, shared by authors who have developed proven techniques for selling more books. There are also a number of ways new authors can get access to professional services without breaking the bank.In this post, Reedsy will share a common-sense, jargon-free approach to ascending the heights of the self-publishing world.A History of Self-PublishingHow to Get a Literary Agent for Your Book Read post So far, we’ve covered writing your book, editing and designing it, planning your launch, and growing your marketing efforts. You now have enough knowledge to actually go and self publish - assuming that your finances are in place...The Financial ImplicationsMoney is an obstacle that nearly all self-publishing authors will face at the start of their career. After all, they are solely responsible for funding everything to do with the book. That being said, it doesn’t always mean that the author needs to empty their savings account.The Cost of Self PublishingHere are two resources that can help you determine your costs and find alternate ways to cover them:How Much Does it Cost to Self Publish a Book? – Based on data pulled from the Reedsy marketplace, we’ve determined the average costs of book editing services and designing a book.Crowdfunding for Authors (Free Course) – Discover tips and hacks for running a crowdfunding campaign that will help fund your book’s production and boost your launch.The upside to all this, as we hinted at earlier, is that by bearing most of the costs, the self-publishing author also gets to enjoy most of the spoils.RoyaltiesTo give you an idea of the money you can expect to make from each copy sold, let’s look at the royalties offered to both independent and traditionally published authors.Author royalties on paperbacks:Traditionally published authors can expect around 5%.Indie authors will see 20-50% depending on printing costs.Author royalties on ebooks:Traditionally published authors tend to see 20-25% of net (after the retailer’s cut).Self-published authors enjoy up to 70% if their book is priced reasonably.This massive disparity is one of the reasons why J.K. Rowling has dipped her toes into self-publishing. The ebooks and audiobooks (great, incidentally, for road trips) of her Harry Potter series are now released by her own company, Pottermore, allowing her to take the publ isher’s share of sales as well  as the author's.Additional ResourcesKnowledge is power, and for indie authors, it’s also our greatest asset. There's plenty to learn when it comes to becoming a smart and efficient publisher, so as a send-off, here are a few more resources to help you on your way to the top of the bestseller charts:Scams and Publishing Companies to Avoid – Outlining the basic scams that await indie authors, including vanity presses.ISBN for Self Publishers: The Complete Guide – Everything (and more than) you wanted to know about International Standard Book Numbers.What is Ghostwriting? And Why Do People Turn to Ghostwriters? - An intro to the world of ghostwriting, including reasons why many indie authors employ their services.How To Copyright A Book: A Definitive Guide – Tackling a fear every author shares: having their intellectual property stolen!The journey to publishing a book can be treacherous, but if you prepare yourself a dequately, and surround yourself with the right people, it can also be one of the most satisfying challenges of your life.Do you have any thoughts or questions about how to self publish a book? Drop a comment in the box below and the folks at Reedsy will get back to you.

The Foundation of Orthodoxy and the Canon Research Paper

The Foundation of Orthodoxy and the Canon - Research Paper Example The best-selling book of all time is itself a compilation of books written by different authors. This paper shall outline how these books earned their place in the Bible. This paper shall discuss the key events and movements that were influential in the recognition of the canonical book. In addition, it shall look into the methodology used in determining these books as the inspired word of God. The canon of the Old Testament was apparently inherited from the Jewish faith. Jesus Christ himself recognized the authority of these books by making constant references to these books in his teachings to the apostles and to the very lucky people who had walked the earth with him and had listened to the voice of Jesus with their very own ears. The mere fact that Jesus Christ himself recognizes the authenticity and authority of the books in the Old Testament far exceeds any proof of its authority and divine inspiration. Moreover, majority of the contents of the Old Testament is also accepted as historical accounts of the ancient days. Hence, this paper shall focus on the canon of the New Testament. Although the New Testament is centered on Jesus Christ, not one book is attributed to him as the author. The books in the New Testament are accounts about the life and the teachings of Jesus Christ during his lifetime as well as the teachings of his disciples as they fulfill their duty of spreading the Word of God with the guidance of the Holy Spirit. In the furtherance of this divine duty, the Apostles and other learned followers of the young Christian faith wrote their eye-witness accounts of the acts and teachings of Jesus Christ. These writings are then passed around as the disciples’ letters to different groups of people as the Christian faith slowly grew in number. â€Å"About the end of the first century we find two collections of Christian writings beginning to circulate as collections among the churches: the Fourfold Gospel and the body of Pauline Epistles. Thi s was a step towards the acceptance of an authoritative collection, or Canon, of books of the New Covenant, as distinct from the authority which the individual Gospels and Epistles already had for those who first received them.†1 For years, the early Christianity blossomed on this collection of Gospels and Epistles. However, its authenticity and divine inspiration was challenged by the rise of the Gnostics, one of which was Marcion who declared that the entire Old Testament was nothing but a mere legend, that is, without divine authority and authenticity. As such, he published his own version of a Gospel wherein he removed all references to the Old Testament. In response, Apologists also came into existence to defend the faith and concomitantly its teachings and writings from those who want to destroy it. The Church Fathers, those who have been the students of the Apostles themselves, and who took over the reins of the young Christian faith when all of the Apostles passed away , also went into action in order to protect and preserve the faith. In response to Marcion’s heretic challenge, they declared that, â€Å"We do not believe that the New Testament books supersede the Old Testament; we place them alongside it as its proper sequel and fulfillment. We do not acknowledge one Gospel only, but four, and one of the four is the genuine edition of that Gospel which Marcion has mutilated. We do not acknowledge ten Pauline Epistles only, but thirteen: and in addition to these we also acknowledge the

VACUUM ASSIGNMENT Example | Topics and Well Written Essays - 2500 words - 1

VACUUM - Assignment Example were developed and used to meet the stringent demands on these semiconductor devices. However, the semiconductor films produced by these processes were not structurally equivalent t the bulk material and hence were not of device grade. The problem associated with vapor phase deposition processes was differential vapor pressure of different constituents. For example vapor pressure of Ga and As differs by as much as two orders of magnitude at temperatures useful for thin film deposition. Therefore, to achieve equal vapor pressure and hence equal flux of arrival of Ga and As on the substrate by thermal evaporation of separate As and Ga sources will require too stringent control on the temperature to be achieved [1]. Many research groups tried to overcome this limitation by innovative approaches. One remarkable approach by Collins et al [2] involved using two separate crucibles containing Ga and Sb to deposit films of GaSb onto a glass substrate by evaporating these substances. His basic idea was to exploit decrease in angular decrease in the flux and hence to place the substrate at an angular location with respect to the individual crucibles where the two atomic fluxes will be equal and hence a stoichiometric film will be produced. However, the films he could produce were polycrystalline. GÏ‹nter K. G. [3] tried to arrive at appropriate vapor ratio by control of the temperatures of the evaporating species and the substrate separately. However, he could also not produce quality ordered films. During those days (1960 s) it was not easy to characterize the condition of the substrate, the quality of the vacuum and the composition and crystallinity of the films. The researchers had to do electron-diffraction after growing the films and this was taking much longer. It was development of small mass spectrometers, auger electron spectroscopy and compact electron diffraction instruments which made it

How I will lead groups to become great teams Essay

How I will lead groups to become great teams - Essay Example As a member of the Large Learning Group, I noticed various issues that emerged in the process of our interaction and learning. To begin with there were various psychodynamic characteristics that emerged among the group members which are pertinent to any person with the ambition to lead and make decisions on large groups or team. The first lesson I learnt from the Large Learning Group is that it is pertinent for any group to define roles among the members. I will apply this strategy in my leadership program. I will begin by allocating roles to each member of the group; a process which will begin by identifying my roles and ultimately the roles of others. Allocation of roles is pertinent due to the fact that it allows the group members to focus on their specific duties and have a sense of direction. This process will be guided through proper communication and motivations as well as supervision in order to ensure that members follow direction and are enthusiastic in performing their duties. Proper communication also encompasses taking feedbacks from the group members in order to determine the challenges faced as they perform their duties and the development of solutions. Secondly, I also learned a common feature that existed between the Large Learning Group and the Peer Learning Group; the confirmation of authority. It is very crucial for any person aspiring to be a successful leader to be in a position to confirm his/her authority that is, it is imperative to determine and confirm your duties and responsibilities as well as the duties and the responsibilities of others. This step is arrived at by making agreements among the group members on each person’s responsibility as it will ensure that there are proper intra-group relationships and a harmonious flow of actions. As a leader, I am going to apply this strategy to ensure that the possibility of occurrence of conflicts is reduced and that

Stock Market Performance and Economic Activity Relationship

Stock Market Performance and Economic Activity Relationship Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935, basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gro wth. (Levine. R A spur to economic Growth) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the nonstationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. Cointegration long term common stochastic trend between nonstationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called cointegrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationarity of variables. ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). The following regression for the unit root test in Eviews: Is the white noise error tem. Is the difference operator. , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co –integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. Then, = – is representing the estimated residual vector. If the residual is itegrated with zero that means the series for the residual is stationary, and and are then co integrated. An in this situation (1, -) is called co-integrating vector. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger s operational causality definition depends of below hypotheses, Next cannot be the reason of past. 1. Next cannot be reason of past. Certain causality is possible only with past causes present time or future time. Cause is always to be come true before the result. In addition, this makes time lagged between causes and results. 2. Causality can be determined only stochastic process. It is not possible to determine the causality between two deterministic processes. After 1990s, Granger and Engle contributed to time series literature importantly. On these developments about time series analysis, some variations were done with Granger Causality test. According to this, possible long-term relationship would be tested and if 20 variables were co-integrated, long-term regression error equation s lagged value would be included in Granger Error Correction model as error correction term. Thus, Granger Causality test should be applied. If there is no co-integration between the variables, it can be continued with Granger Causality Test without including error correction terms. If there is a co-integration between the variables, Granger Causality Test will be failed and it will be certainly necessary to be included error correction term into the models. Granger Causality Test, which depends on time series data, is made by the estimation of the equations below with Least Squares Method (LSM). Xt = + j t j X + i t i Y + Ut Yt = + j t j Y + j t j X + Ut In Granger Causality test, there are three possible situations that one directional causality from x to y or y to x, opposite direction between x and y or one affect to other and independency of x and y each other. This situation changes according to chosen of null hypothesis and lagged values randomly in equations above whose parameters are whether equal to zero or not. According to researches, randomly choice makes causality incline to deviations importantly. To understand this test clearly it can be talked about below equation; t (LNGDP) = 0 + t inii (LNGDP)1+ t I nii (LND1)1+ Ut To apply Granger Causality test under null hypothesis, which illustrates coefficients of financial deepening variables (LND1) are meaningful (equal to zero) and then F-statistics can be calculated. If null hypothesis is not rejected then it is possible to say that Granger causality test accepts that financial deepening causes economic growth. The direction can be either negative or positive (Granger and Engle, 1987). Indicators of the economic growth and the financial deepening are variables, which are used for Granger Causality test. Moreover, this test can determine the effects of one variable on the other. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Form the result of Augmented Dickey Fuller test of the four countries variables (Log GDP and Log Share price) shows that the entire variable has unit root at level which proves that the series is not stationary. However, the result from the first difference shows the significance at 1%, 5% and 10% critical value and found to be stationary behaviour. Therefore, it suggests that all the variables are integrated of order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test USA Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -3.244801 -3.522887     -2.901779 -2.588280   2.866507   -4.088713   -3.472558 -3.163450 1st Difference -5.010864 -3.524233   -2.902358 -2.588587 -5.010864   -4.090602   -3.473447 -3.163967 Share Price Level -2.074732 -3.522887     -2.901779 -2.588280 -0.359637   -4.088713   -3.472558 -3.163450 1st Difference -8.181234 -3.524233   -2.902358 -2.588587 -8.735399   -4.090602   -3.473447 -3.163967 Augmented Dickey Fuller Statistic in case of the variable of USA LUSSP and LUGDP I have used the same method using intercept and intercept and trend in level and first difference. Th Stock Market Performance and Economic Activity Relationship Stock Market Performance and Economic Activity Relationship Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935, basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gro wth. (Levine. R A spur to economic Growth) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the nonstationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. Cointegration long term common stochastic trend between nonstationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called cointegrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationarity of variables. ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). The following regression for the unit root test in Eviews: Is the white noise error tem. Is the difference operator. , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co –integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. Then, = – is representing the estimated residual vector. If the residual is itegrated with zero that means the series for the residual is stationary, and and are then co integrated. An in this situation (1, -) is called co-integrating vector. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger s operational causality definition depends of below hypotheses, Next cannot be the reason of past. 1. Next cannot be reason of past. Certain causality is possible only with past causes present time or future time. Cause is always to be come true before the result. In addition, this makes time lagged between causes and results. 2. Causality can be determined only stochastic process. It is not possible to determine the causality between two deterministic processes. After 1990s, Granger and Engle contributed to time series literature importantly. On these developments about time series analysis, some variations were done with Granger Causality test. According to this, possible long-term relationship would be tested and if 20 variables were co-integrated, long-term regression error equation s lagged value would be included in Granger Error Correction model as error correction term. Thus, Granger Causality test should be applied. If there is no co-integration between the variables, it can be continued with Granger Causality Test without including error correction terms. If there is a co-integration between the variables, Granger Causality Test will be failed and it will be certainly necessary to be included error correction term into the models. Granger Causality Test, which depends on time series data, is made by the estimation of the equations below with Least Squares Method (LSM). Xt = + j t j X + i t i Y + Ut Yt = + j t j Y + j t j X + Ut In Granger Causality test, there are three possible situations that one directional causality from x to y or y to x, opposite direction between x and y or one affect to other and independency of x and y each other. This situation changes according to chosen of null hypothesis and lagged values randomly in equations above whose parameters are whether equal to zero or not. According to researches, randomly choice makes causality incline to deviations importantly. To understand this test clearly it can be talked about below equation; t (LNGDP) = 0 + t inii (LNGDP)1+ t I nii (LND1)1+ Ut To apply Granger Causality test under null hypothesis, which illustrates coefficients of financial deepening variables (LND1) are meaningful (equal to zero) and then F-statistics can be calculated. If null hypothesis is not rejected then it is possible to say that Granger causality test accepts that financial deepening causes economic growth. The direction can be either negative or positive (Granger and Engle, 1987). Indicators of the economic growth and the financial deepening are variables, which are used for Granger Causality test. Moreover, this test can determine the effects of one variable on the other. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Form the result of Augmented Dickey Fuller test of the four countries variables (Log GDP and Log Share price) shows that the entire variable has unit root at level which proves that the series is not stationary. However, the result from the first difference shows the significance at 1%, 5% and 10% critical value and found to be stationary behaviour. Therefore, it suggests that all the variables are integrated of order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test USA Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -3.244801 -3.522887     -2.901779 -2.588280   2.866507   -4.088713   -3.472558 -3.163450 1st Difference -5.010864 -3.524233   -2.902358 -2.588587 -5.010864   -4.090602   -3.473447 -3.163967 Share Price Level -2.074732 -3.522887     -2.901779 -2.588280 -0.359637   -4.088713   -3.472558 -3.163450 1st Difference -8.181234 -3.524233   -2.902358 -2.588587 -8.735399   -4.090602   -3.473447 -3.163967 Augmented Dickey Fuller Statistic in case of the variable of USA LUSSP and LUGDP I have used the same method using intercept and intercept and trend in level and first difference. Th