Friday, July 17, 2020
Social Work Direct Practice Skills Example Social Work Direct Practice Skills â" Assignment Example > Summary of the recordingThe summary recoding process will try to summarize all the activities that were undertaken during the whole interview session. In order to incorporate all the thoughts and feelings that are presented in the interview, then the summary recording process will be adopted. The summary recording focuses on four major parts namely the subjective, objective, assessment and finally the plan and it is for this reason that it has gain the acronym of SOAP. It was developed and first adopted in the 1960s by several health professionals since it helps to provide a snapshot of the whole session. The subjective part of the summary focuses on the gathering of information from the clients. In this way, the interviewer is able to gather information about some important aspects of the clients such as the reasons that made the client to come for the therapy. It is also possible in this case to understand the opinion of the client in terms of their view of the current problem a ffecting them, to what extent the problem is affecting them and finally, what they expect to gain from attending the service being provided. Here the relevant information needs to be collected but it should be as brief as possible. Similarly, it is important that the information being provided in this case to include any referrals that have been made to the client by others. in this interview, the interviewer made the subjective collection of information very effective and efficient since it only takes very little time. In the same way, the interviewer is able to gain information on the issues that brought them for the service, what they seek to achieve and the client also made it clear that she had been referred for the service by her younger sister. The objective summary in this case tries to gather the facts that are already known. The facts need to be identified from observations and the client should try to shed more light on the problem that they are facing in this case. Sim ilarly, it is also important that the client is assured of protection from the opinions and facts that they will discuss during the session. In the recording provided, the interviewer tries to remain neutral to the facts that are provided in the case. She does not make any form of judgemental calls or any form of labels. This improves the comfort of the client and she is able to open up more during the session. The interviewer also tries to push for facts to be developed during the session. She asks the client to try and provide information on the facts that she has been observing that are not normal. Some of the observable evidence that is collected in this case includes the fact that the clientâs sister has seen change in her emotions and she encourages her to seek professional help. Similarly, the client also observes that her friends have been discussing her behind her back. This made her uncomfortable and she has of late been staying indoors rather than spending her leisure and free time with her friends. Similarly, since she was living far from her parents, they had grown distant with them and she did not have the courage to face them and inform them of their problems. So the only person in her life that she could share her issues with was her younger sister.
Thursday, May 21, 2020
After the decline and disappearance of the Roman Empire, the Italian Renaissance was introduced to the European culture. The Italian Renaissance was the revival of the Greek and Roman cultures in forms of art, education, and literature. The Renaissance originally began in Florence, Italy during the time of 14 A.D and eventually began to expand throughout western and northern Europe in 15 A.D. The rebirthing of these ancient cultures brought much awareness and knowledge to the Italian society and resulted in change in their perspective toward the world and their culture. The Roman Empire was ruled by an emperor, but was controlled by the senate and multiple kings in the previous years. Because of the many unresolved issues during theirÃ¢â¬ ¦show more contentÃ¢â¬ ¦Leonardo was the first man to study a variety of subjects, and use the information he learned to apply to his creations. Using his creativity and knowledge in sciences, such as anatomy and botany, he was able to produced portraits that would appear to be a reflection to natural life. When crafting his paintings, he didnÃ¢â¬â¢t use the original egg, water, and powdered colorings that many artists would commonly use. He experimented with oil paint, which had many more benefits than the solution other artists would use. Oil paint dried slower than the egg mixture, which allowed you to fix mistakes unnoticeably. It also added more definition to paintings and produced new pigments which presented a distinctive style to his paintings. The Ã¢â¬Å"Mona LisaÃ¢â¬ and Ã¢â¬Å"The Last SupperÃ¢â¬ are two of his paintings known all across the world, along with many others. Michelangelo is another known individual from the Renaissance. Likewise, Michelangelo was a painter, but made many works of art through sculpting. MichelangeloÃ¢â¬â¢s presented one of his best paintings on a large surface. His famous work is exhibited on the ceiling of the Sistine Chapel, demonstrating the scenes from the book a Genesis. The project took him four years to complete. To this day, his masterpiece brings exclusive attention to the community and others from all over the world. Another one of his pieces, titledShow MoreRelatedEssay about Italian and Northern European Renaissance758 Words Ã |Ã 4 PagesItalian and Northern European Renaissance The Italian and Northern Europe Renaissances were both an important mark in history by changing the ideals of life, thought, culture, and art of the peopleÃ¢â¬â¢s of this time. In this paper I will explain the motive for change in these cultures, including the similarities and differences of the two cultures. The Italian and Northern European Renaissance was the marking point for leaving behind the old ways and moving into the more classicalRead MoreComparing The Italian And Italian Renaissance1748 Words Ã |Ã 7 PagesNorthern Renaissance and Italian Renaissance Differences between the Italian and Northern Renaissance The Renaissance was a period of great cultural and technological changes which swept Europe from the end of the 13 century. It was integral in developing Europe into a powerhouse. Although, each part of Europe was subjected to different changes, there were two primary renaissances which were most notable. They were the Italian and the Northern renaissance. Both of these renaissances had a profoundRead MoreThe Italian Renaissance Essay749 Words Ã |Ã 3 PagesThe Italian Renaissance The Italian Renaissance was one of the most colorful, vital, and exciting times in history. Renaissance eventually comes from the French word Renaistre, meaning to be born again. The Renaissance was a revival or a rebirth of cultural awareness and learning among art, law, language, literature, philosophy, science, and mathematics. This period took place between the fourteenth and sixteenth centuries. The Renaissance in Italy flourished in the 15th century andRead MoreThe Emergence Of Italian Nationalism1346 Words Ã |Ã 6 Pages The emergence of Italian nationalism began in the Renaissance Era and was then encouraged by key Italian figures, leading to the unification of Italy which was overall beneficial for the country. (mention benefits for Italy and how it is today) Before unification, Italy was a collection of different independent states. The Italian Wars, which went on from 1494 to 1559, were fought for the control of these Italian states by European powers. The most consistently fought over city-statesRead MoreAn Instrument For The Discovery Of Truth1301 Words Ã |Ã 6 Pagesdiscoursing about the Italian Renaissance man. Burckhardt disputes about the Italian Renaissance not producing an Italian Shakespeare. He proclaims that Shakespeare is the exception and then, he faults the Spaniards and the Church for not being able to produce an Italian Shakespeare. Burckhardt continues to praise the Renaissance man, but he still does not answer the question as to why Italy is not in the forefront of modernity. The Italians may have been active during the Renaissance, but then theirRead MoreTaking a Look at the Italian Renaissance690 Words Ã |Ã 3 Pages What did art represent in the Italian Renaissance? Explain the significance of the art in the Renaissance - using examples. Choose one of the artists from each of the eras of the Italian Renaissance: Early Renaissance 1330 -1450 Ã¢â â Donatello, Brunelleschi, Masaccio High Renaissance 1450 - 1500 Ã¢â â Piero della Francesca, Michelangelo, Leonardo Da Vinci Late Renaissance 1500 - 1700 Ã¢â â Raphael, Titian, Carlo Maderno, Artemisia Gentileschi Take notes on the contributions that the artist made to:Read MoreThe Renaissance And Its Impact On The European Renaissance1694 Words Ã |Ã 7 Pagesagain, a giant scale cultural revolution like never before was slowly beginning to sweep over Europe. Becoming what we now know as the European Renaissance, every aspect of European life changed because of this revolution. The Renaissance began a renewed interest in the people to seek knowledge and question what the world around them meant. The Renaissance wasnÃ¢â¬â¢t just about learning however, it included exploring the world, art, and focusing on what the human being had to offer in society. This focusRead MoreCompare and Contrast Italian Renaissance Painting and Sculpture to the Northern Renaissance Painting and Sculpture1731 Words Ã |Ã 7 Pagesthe Italian Renaissance to the artworks of the Renaissance in the North, you have to understand the roots of the Renaissance. Renaissance has a special meaning, referring to a period of the grand florescence of the arts in Italy during the 14th century and progressed and migrated, in the 15th and 16th centuries, to Northern Europe. The Renaissance was stimulated by the revival of the classical art forms of ancient Greece and Rome. The Ã¢â¬Å"re-birth of knowledge,Ã¢â¬ better known as the Renaissance, canRead MoreInfluence Of The Renaissance On Modern Europe1174 Words Ã |Ã 5 Pageswere more significant than the Renaissance, the Protestant Reformation, and the French Revolution. Of these three events, the Renaissance proved to be the most important event in shaping a modern Europe, with developments in education, class structure/order and social change issues, religion, building construction/use, Medici banking system, art and architecture, humanism, printing and the printing press, and the scientific and medical changes of the Islamic Renaissance. The changes in the developmentRead MoreAnalysis Of Girl With A Pearl Earring 1433 Words Ã |Ã 6 PagesDa Vinci was a main craftsman and scholarly of the Italian Renaissance who was known for his continuing work Mona Lisa. In Leonardo s account, it was said that his inquisitive personality and sharp judgment had permitted him to concentrate the laws of science and nature, which had extraordinarily influenced his work as a painter. At last had permitted him to have the capacity to impact incalculable different craftsmen amid the Italian Renaissance. Johannes Vermeer then again, was in a totally unique
Wednesday, May 6, 2020
PART 1 A Literature review on information security compliance behavior Introduction Information plays a significant role in ensuring an organization s business continuity, minimize business risk, and maximize return on investments and business opportunities. While the information is critical to organizations, it is also vulnerable to a range of threats from both inside and outside of organizations. Those security threats may bring organizations potential losses concerning financial, reputation and legal consequences (Loch, Carr, Warkentin, 1992; Straub Welke, 1998). One of the key challenges faced by an organization in information security is difficulty in understanding how individual within an organization affect the outcomes of information security. Although, computer criminals and hackers from outside are often highlighted as a significant threat, evidence from studies suggests that more information security incidents occur as a result of internal employee actions as cited in Hu, Dinev, Hart, and Cooke (2012). In fact, individual inside an organization are more dangerous than those outside the organization because of their daily access to critical data and sufficient knowledge of the organizational (Bulgurcu, Cavusoglu, and Benbasat (2010); Herath Rao, 2009). While experts have recognized the signiÃ¯ ¬ cant role of humans behavior in an organizational to information security, there are substantial differences in the literature about the causes of securityShow MoreRelatedAn Objective Of Information Security1620 Words Ã |Ã 7 PagesThe main objective of information security is to safeguard the integrity, confidentiality and availability aspects of information systems and data. from any threats and vulnerabilities, especially when such threats and vulnerabilities are on the rise. The 2015 annual Global State of Information Security Survey conducted by the Internet Development Group (IDG) subsidiaries CIO and CSO in conjunction with PricewaterhouseCoopers (PwC), shows information security incident increase of 48% from 2013-14Read MoreA Literature Review On Information Security Compliance Behaviour1987 Words Ã |Ã 8 PagesA Literature review on information security compliance behaviour Introduction Information plays a significant role in ensuring an organization s business continuity, minimize business risk, and maximize return on investments and business opportunities. While the information is critical to organizations, it is also vulnerable to a range of threats from both inside and outside of organizations. Those security threats may bring organizations potential losses concerning financial, reputation andRead MoreRegulatory Compliance Controls1712 Words Ã |Ã 7 Pagesinternal control deficiencies on firm risk and cost of equity. Retreived http://www.wbur.org/news/local/icd/icd.pdf This paper examined the cost-benefit of SOX, looking specifically at the potential for a lower cost of equity as a result of lower information risk. The findings indicate that, after controlling for other risk factors, firms with internal control deficiencies have significantly higher idiosyncratic risk, systematic risk, and cost of equity. Moreover, remediation of internal control deficienciesRead MoreEvaluation Of The Data Collection1166 Words Ã |Ã 5 Pagesresearcher in pinpointing exactly where the internal problems lie (Cooper Schindler, 2010). The researcher acknowledges that the focus groups comprised a total of 90 participants. 1. Sales/Marketing 40 2. Customer Service 25 3. Training 10 4. Compliance/Audit 15 The researcher wants all to understand the unevenness in the breakdown is due to department size and because of the nature of the business. The next phase of the research design consists of measurement instruments. The measurement instrumentsRead MoreEvaluation Of The Data Collection1135 Words Ã |Ã 5 Pagesresearcher in pinpointing exactly where the internal problems lie (Cooper Schindler, 2010). The researcher acknowledges that the focus groups comprised a total of 90 participants. 1. Sales/Marketing 40 2. Customer Service 25 3. Training 10 4. Compliance/Audit 15 The researcher wants all to understand the unevenness in the breakdown is due to department sixe and because of the nature of the business. The next phase of the research design consists of measurement instruments. The measurement instrumentsRead MoreUsing Technology For Managers ( Adm 310-01a )1345 Words Ã |Ã 6 Pagesdaughter Michaelee is eight years old. By using these phrases, it allows you to remember what the password means which allows you to remember easily the characters of the password. Creating these unique passwords allows hackers not to access important information you may have saved on your computer. If you are asked to help someone with a problem on their computer and you have to use their password, it is best that you do not ask them for their password. What you should always do is get up and allow themRead MoreThe Common Forms Of Cyber Theft1358 Words Ã |Ã 6 Pagesnarrow sense. The term cybercrime in a narrow sense is Ã¢â¬Å"Any illegal behavior directed by means of electronic operations that target the security of computer systems and the data processed by themÃ¢â¬ (Gercke, 2012). Also it has been defined in a broader sense as Ã¢â¬Å"illegal behavior committed by means of, or in relation to, a computer system or network, including such crimes as illegal possession and offering or distributing information by means of a computer system or networkÃ¢â¬ (Gercke, 2012). Also itRead MoreThe Common Forms Of Cyber Theft1373 Words Ã |Ã 6 Pagesnarrow sense. The term cybercrime in a narrow sense is Ã¢â¬Å"Any illegal behavior directed by means of electronic operations tha t target the security of computer systems and the data processed by themÃ¢â¬ (Gercke, 2012). Also it has been defined in a broader sense as Ã¢â¬Å"illegal behavior committed by means of, or in relation to, a computer system or network, including such crimes as illegal possession and offering or distributing information by means of a computer system or networkÃ¢â¬ (Gercke, 2012). Also itRead MoreThe Role Of Auditing From An Information Security2123 Words Ã |Ã 9 PagesConceptualization of the role of auditing in Information Security Governance Frameworks. Abstract Auditing aims to provide a well-informed assurance over information security efforts. The present work tries to understand the role of auditing from an Information Security perspective by reviewing three Information Security Governance Frameworks. An initial view of auditing from various literature is first constructed to understand the expected purpose of Auditing. This initial understanding then guidesRead MoreThe Role Of External Auditing On Promoting Good Corporate Governance Essay1646 Words Ã |Ã 7 Pagescan affect their decisions. As part of this role, the auditors assess the level of the companyÃ¢â¬â¢s adherence to its own code of ethics. External Auditing Since reliable financial information is essential for investors and other stakeholders to take adequate decisions, this reliability must be backed by independent review performed by independent and certified auditing firms, which are supposed to verify and certify financial statements issued by a companyÃ¢â¬â¢s management. If the auditor is not competent
Many people pair love along side of sex, thinking the two go hand in hand, when in reality, they donÃ¢â¬â¢t. Sex is an action out of lust, the fact that people can have casual hook ups, with no attachments illustrates this. Love is a deep emotion between two people, this leads to commitment, usually marriage, and sex, but a different kind, one that is purely an act of love. We will write a custom essay sample on Love vs. Sex or any similar topic only for you Order Now By combining the two in a literary work, it detracts from the aesthetic quality of it, undermining the message behind the poem, making it no longer about love, but lust. The poem Ã¢â¬Å"To His Coy MistressÃ¢â¬ is a perfect example of how placing love and sex together in a poem takes away from the work, leaving the reader less impacted by the poem as a whole. Love is an amazing emotion, something that no one can quite understand, and that never changes. Love has always been a large part of the human culture, something that will always be relevant, even in years to come. The need to be someoneÃ¢â¬â¢s Ã¢â¬Å"one and onlyÃ¢â¬ , what they live for from day to day, to have someone care about you that much is priceless. It is the need to be desired, and taken care of, that drives people to find love. You find someone with common interests, and you talk, you go out on a few dates, and then it happensÃ¢â¬â you begin to fall for that person, completely in love. Love leads to commitment, and then marriage, something that is so sacred, you promise to Ã¢â¬Å"love and cherishÃ¢â¬ that one person Ã¢â¬Å"Ã¢â¬â¢til death do you partÃ¢â¬ , never leaving their side, hurting when they hurt, joyous when they are joyous. An example of this from Ã¢â¬Å"To His Coy MistressÃ¢â¬ is found in the beginning of the poem, Ã¢â¬Å"for, Lady you deserve this state, nor would I love at lower rateÃ¢â¬ , this is stated after the narrator tells a young lady about how beautiful, and wonderful she is, trying to sweep her away with loving words, attempting to make her fall in love with him. Once you have this sort of love, you can link sex with it, but only then. Sex is an act of love that has been reserved for a husband and wife, the marriage bed, this act of sex is not of lust, but out of pure feeling and trust for the other person. By you giving your body to someone, you are showing them that you are also giving them your heart, proving your love to them, in the greatest way possible. Without love, sex is nothing but an action, being caught up in the moment, taking advantage of an opportunity that has been placed before you. In the next stanza of Ã¢â¬Å"To His Coy MistressÃ¢â¬ , Marvell states this Ã¢â¬Å"that long preserved virginity, and your quaint honor turn to dust, and into ashes all my lust. Ã¢â¬ Here, the narrator revels his true intentions, seeking only a one night stand, persuading the young lady to seize the opportunity, and spend the night with him. Sex is thought of so casually now a days, hardly having any meaning behind it anymore, with that being said, you can have sex with anyone you choose to, obviously having no romantic emotions for the other person. Hooking up with someone after a night at the bar cannot be compared to the interaction between people who have been together for years, working on building their relationship and an emotional connection. To be able to take something so pure and sacred and make it apart of an interaction with a stranger takes away from the meaning of love and sex, you can no longer pair the two together. For an author to link sex and love together in a poem, story, or essay is undermining the meaning and value of love, and the role it plays in sex. Marvell begins the poem wooing the young lady, Ã¢â¬Å"an hundred years should go to praise, thine eyes, and on thy forehead gaze, two hundred to adore each breast, but thirty thousand to the restÃ¢â¬ such romantic words that hint at love. Then the idea of love is washed away with lines like Ã¢â¬Å"the graveÃ¢â¬â¢s a fine and private place, but none, I think, do there embraceÃ¢â¬ , making the narratorÃ¢â¬â¢s true intentions of sex known. By mixing love, and sex together, the poemÃ¢â¬â¢s meaning loses its impact, no longer being romantic, but only a well planned pick up line. Ã¢â¬Å"Let us roll all our strength, and all our sweetness, up into one ball and tear our pleasure with rough strife, thorough the iron gates of lifeÃ¢â¬ solidifies the narratorÃ¢â¬â¢s true intentions, separating love from sex. Ã¢â¬Å"To His Coy MistressÃ¢â¬ clearly shows that love and sex cannot be linked together in literary works without undermining the principle of love and taking away from the message the author is trying to convey. How to cite Love vs. Sex, Essay examples
Saturday, April 25, 2020
Jude The Obscure By Hardy In Jude the Obscure, Thomas Hardy presents the characters Jude Fawley and Sue Bridehead, who violate the conventions of the repressive Victorian society while attempting to follow their natural instincts. By studying the novel, one sees that Hardy's intentions in doing this are to arouse the reader's sympathy for the characters, and to join in their ridicule of the codes of conduct they are breaking. The trial of Jude and Sue evoke a sympathetic response from the reader because the couple reflects the values which are prevalent in modern society. They suffer persecution for yielding to emotions which are no longer considered unacceptable or forbidden, as they were then. This portrays Victorian society as being cruel and unnatural, thus creating affection for the characters. Hardy understood the tendency for society to swing like a pendulum from one extreme to the other. He knew that the Victorian era would not last indefinitely, and that future generations would become more liberated. This is beautifully illustrated in this reflection of Sue's: 'When people of a later age look back upon the barbarous customs and superstitions of the times that we have the unhappiness to live in, what will they think?' (p.276) According to modern values, it is wrong to condemn people for following their pure and natural instincts, though they ?have wronged no man, condemned no man, defrauded no man.' (p.378) Therefore, by predicting these shifts, and exposing the injustice of Victorian society, Hardy evokes sympathy in the reader for Sue and Jude. Hardy also uses the two characters to reveal that he finds the society in which they live ridiculous. He joins Sue and Jude as they laugh at ?the artificial system of things, under which the normal sex-impulses are turned into devilish domestic gins and springes to noose and hold back those who want to progress. (p.279) In rare times of ?Greek joyousness' (p.366) Jude and Sue live by ?Nature's law' and are able to enjoy, unabated, the ?instincts which civilization has taken upon itself to thwart.' (p.413) It is during these times that the two are truly able to laugh at the conventions they have violated, as they are content and unaffected by the repercussions. Hardy takes these opportunities to laugh with them, as through their words and actions he reveals his contempt for the Victorian system. Thomas Hardy's novel Jude the Obscure, illustrates the attempts made by Jude Fawley and Sue Bridehead to defy the rules and customs of Victorian society. This evokes a sympathetic reaction from the reader and allows the author to prudently scorn the system along with the characters. This method of indirectly criticizing Victorian society is appropriate for a time when freedom of expression was a punishable crime.
Wednesday, March 18, 2020
A review of efficient market hypothesisÃ¢â¬from the point of view of current financial crisis The WritePass Journal
A review of efficient market hypothesis- from the point of view of current financial crisis 1 Introduction A review of efficient market hypothesis- from the point of view of current financial crisis 1 Introduction2 Overview of EMH2.1 Definition2.1.1 Descriptive Definition2.1.2 Formulated Definition2.2 Main points of EMH2.2.1 Main points from microeconomic perspective2.2.2 The preconditions of EMH2.2 Three Forms Efficient Market and Their Test2.2.1 Weak form efficient market and its test2.2.2 Semi-strong efficient market and its test2.2.3 Strong form efficient market and its tests3 Discussions of EMH from the current Financial Crisis3.1 The Evolution of Current Financial Crisis3.2 What does EMH faces in the financial crisis?3.3 What do we learn from financial crisis?4 ConclusionsBibliographyRelated 1 Introduction Since Fama (1970) published his paper Efficient capital markets: A review of theory and empirical work summarized the basic Efficient Market hypothesis (henceforth EMH) content and the tests based on it, the economics professors has never stopped to debate on it. According to Fama (1969), EMH is an interpretation about how do stock prices relate to the market information. EMH states that the security prices already incorporate and reflect all relevant information. Currently the whole world faces massive financial crisis while EMH and other theories based on it has faced opprobrium and questioning. This paper includes an overview of EMH and discussions about the strength and limitations from point of view of the current financial crisis. There are three parts in this paper. In the first part, I have summarized the EMH including the definition and three forms of efficient markets. In the second part, I have evaluated the strengths, and limitations of EMH from the point of view of current financial crisis. In the third part, I have given my own conclusion about EMH. 2 Overview of EMH 2.1 Definition According to Fama (1969) and Jensen (1978), EMH can be described as the text and mathematic formula as the following. 2.1.1 Descriptive Definition As Fama (1969) has stated, Efficient Market Hypothesis is an interpretation about how do stock prices relate to the market information. EMH means that the security prices already incorporate and reflect all relevant information. So it is impossible to beat the market to obtain extra profit. As Malkiel (2003) described Ã¢â¬Å"Markets do not allow investors to earn above average returns without accepting above-average risksÃ¢â¬ . 2.1.2 Formulated Definition Jensen (1978) has stated the formulization and model concepts of market efficiency. The joint distribution established based on the information consistent with the joint distribution of future price, the specific formulation is as (1.1). (|)Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã (1.1) indicates the joint density function of the correct future prices, while (|) indicates the joint density function of future security prices based on all the available information at the time point t. Then we can rewrite the formula as (1.2). =Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã (1.2). In this formula, indicates the expectation of true yield stock j at the time point t. Ã indicates the estimated expectation at time point t, which is equilibrium yield. That means the return expectation which is obtained from an economic activity is equal to its marginal cost. That is, when there is no cost of information collection, the return expectation should be 0. 2.2 Main points of EMH 2.2.1 Main points from microeconomic perspective From the microeconomic perspective, EMH is under the assumption of economic man which is from Adam Smith. It means people are rational and self-interest. Similarly, in the stock market, the people who trade stock are also this kind of economic man. In the financial market, every stock represents its company which is under strict surveillance of rational and self-interested people. They conduct fundamental analysis; estimate the companys future profitability to evaluate the companys stock prices, then discount future values to present value, cautiously choose between risk and return trade-offs. EMH shows the balance between demand and supply in markets. For every stock, the number of people who want to sell is equal to those who want to buy, that is, the number of people who think the stock is overvalued is equal to those who think the stock is undervalued. If somebody finds that it is unbalance between those two kinds of people, in other words, if there is a possibility of arbitrage, rational traders will immediately buy or sell stock to make them equal. This is the basic theory of supply and demand in economics. On the one hand, any fluctuation on the prices of commodities is a result of supply and demand changes. On the other hand, prices impact the relationship between supply and demand. 2.2.2 The preconditions of EMH As Fama (1970) has stated the efficient market is based on three preconditions. Firstly, the cost of information is 0. Secondly, the market is perfectly competitive market. Thirdly, all investors are rational. Firstly, according to the definition of Fama, the market is inefficient. Grossman and Stiglitz (1980) have proofed that no cost of information is the sufficient condition for efficient market.This condition exposes on questions on the market structure. It is unrealistic if transaction costs and taxes are 0. On contrary, huge transaction costs may hinder the possibility of arbitrage in real world. That may cause the stock prices do not increase with good information and information is not reflected in the price. The second precondition of EMH is the perfectively competitive market that leads to each investor can accept the price. However, under the situation that information costs exist, there is bargaining behaviour in market. Therefore, the market participants are not price-taker. For the third precondition, investors are rational and they can evaluate the securities rationally. Shleifer (2000) improves the three levels of rational market participants. The investors at the first lev el are perfectly rational. The ones at the second level are even if some of the investors are irrational; their trade generated randomly and can be cancelled out. For the third level, if irrational investorsÃ¢â¬â¢ behaviour is not random, arbitrageurs can eliminate noise traders influences on prices. Shleifer (2000) has argued that Ã¢â¬Å"With a finite a risk-bearing capacity of arbitrageurs as a group, their aggregate ability to bring prices of broad groups of securities into line is limitedÃ¢â¬ . That suggests the risk-free arbitrage opportunities may exist, but they cannot be the direct evidence of market inefficient. 2.2 Three Forms Efficient Market and Their Test Based on the different types of investment approaches Fama (1970) defined the efficient market to three forms- weak-form efficiency, semi-strong form efficiency and strong-form efficiency. 2.2.1 Weak form efficient market and its test As the description in FamaÃ¢â¬â¢s (1970) paper, a weak form efficient market is a kind of market in which the sharesÃ¢â¬â¢ prices fully reflect the historical information. So in weak form efficient market, investors cannot make a strategy to obtain extra profits through technical analysis. It is useless to analyze historical information to predicted future price, because the current market price has already contained all the information which acquired by technical analysis. The tests for weak form market include two methods. The first is the random walk model while the second is the filter approach. The first method is focus on whether the fluctuation of stock price is random which is first published by Osborne (1959). The filter approach can be described that in an efficient market, if there is no new information released, the price would randomly fluctuate between the resistance lines. 2.2.2 Semi-strong efficient market and its test As Fama (1970) has stated the semi-strong efficient market refers to the market in which the current stocks prices reflect not only historical price information but all available public information related to security companies. If the market is efficient in this sense, then it will not be possible to acquire abnormal profit through the analysis of a companys balance sheet, income statement, changes in dividend, stock split announcement and any other public information. The tests for the semi-strong efficient market mainly focus on determining the speed of share prices adjust to new information. Scholars have conducted a variety of tests. The most famous one is Ã¢â¬Å"Event StudyÃ¢â¬ which firstly published by Ball and Brown (1968). An event study measures the cumulative performance of stock from a specific time before and after information released. The semi-strong efficiency of market attracts a lot of studies to test it. Some empirical studies proof that the US stock market is a semi-strong market. Fama (1969) investigate 115 companies stocks and prove that the US stock market is semi-strong. 2.2.3 Strong form efficient market and its tests As Fama (1970) has stated the strong form efficient market is a market in which the share price reflect all the information includes the inside information. That means in strong form efficient market nobody can obtain abnormal profit even the insiders. The tests of strong form efficient market focus on the company insiders, stock exchange brokers, securities analysts and mutual fund performance, in order to verify whether they can earn extra returns. Some studies have showed that several markets are close to strong form. Maloney and Like several files on the professional investment managers study showed that after deduct the expense of trading, the randomly selected securities and index without conduction were nearly at the same return level with carefully analysis. Mulherin (2003) has conducted the analysis of the Challenger Crash and declared it supports the strong form efficiency. While the other scholars argue that the strong form efficient market will never exit in reality. 3 Discussions of EMH from the current Financial Crisis The following chapter provides analysis of EMH from the point of view of current financial crisis. The first section provides a review of current financial crisis evolution; the second section gives the critical analysis of the challenges that EMH faces, particularly from the view of information dissemination, information quality and the role of self-regulation of stock market; the third section provides suggestions to avoid financial crisis. 3.1 The Evolution of Current Financial Crisis The current financial crisis has root in credit crisis which is a financial storm along with bankruptcy of subprime mortgage lenders, close of investment funds and the turbulence stock market in the United States. As Tylor (2009) has described, the evolution of financial crisis were as follows. First, the U.S. commercial banks issued a large number of high-risk real estate mortgage loans (i.e. subprime mortgages), then sold these subprime mortgages to Fannie Mae and Freddie Mac in order to transfer the potential risk of mortgages and return the funds as soon. Fannie Mae and Freddie Mac created subordinated bonds through asset to security approaches, sold bonds to investment banks like Merrill Lynch. Investment banks seek for high returns create financial innovations by complex means and make subprime lending which under investment grade (BBB / Baa) into a so-called structured products to attract the risk-interested investors. These typical derivatives finally have been sold to financ ial institutions and investors through their marketing network all over the world. When the original debtor cannot repay the mortgage on time, the financial crisis broke out and rapidly spread to whole world by the chain which is also the risk transfer line. We can illustrate this process as graph 1. Graph 1 Evolution of Financial Crisis 3.2 What does EMH faces in the financial crisis? The financial crisis has proved that the precondition of EMH is too far from reality. In graph1, there is a stream which contains risk, information and cash transferred between people and market. If the original debtors are also investors, an information circulation mechanism has been established. Ding (2005) interprets in this process, as investors not only analyze the information in the market, but also think about other investorsÃ¢â¬â¢ potential activities in response to these changes. These changes in the market then become the basis for new thinking. A self-feedback loop established between the investors and market. Investors are both participants and observers. That is, the investors affect the market changes as well as are affected by the market, so the information that market participants obtained includes the information which is influenced by the participantsÃ¢â¬â¢ own behavior. Therefore, it is impossible to understand the market completely and objectively. As Baker (2 006) has suggested that the investorsÃ¢â¬â¢ behaviors need to be considered as one important factor in those theories like EMHÃ¢â¬â¢s perfect preconditions. From the view of information dissemination, false and short information commonly exists in market and it cannot be aware of. That is may be another reason for leading irrational behaviour. For instance, as Duncan reported (2009), on September 15th 2008, Lehman Brother collapsed with about $60 billion in toxic bad debts, and assets of $639 billion against debts of $613 billion. That made Lehman Brother, the largest investment bank, collapsed since 1990s. However, just five months ago, Lehman Brother held the annual shareholders meeting and the stock price was up to about 86 dollars per share. According to Fama (1970), investors operate stocks according to the information. When news spread on the stock market, the share prices begin to fluctuate. With the rapid dissemination of information, more and more people take part in the trade of stock. The share price will stay at a right level when all the people know the information. However from the Lehman BrotherÃ¢â¬â¢s example such evide nce has been provided that because of the information quality, the price cannot reflect the right value. As Barry and Harvard (1979) have stated that the sufficient uncertainty information frequent transacting may be deleterious to market. Another precondition of EMH is the market is a perfectly competitive market. The perfectly competitive market is a market without government intervention and everyone is a price-taker (Nicholson, 2005). In reality, the perfectly competitive market is impossible to exist, although the governments advocate the market liberalization to attract people to take part in trading. Some liberal economics like Levine (2001) have pointed out Ã¢â¬Å"financial liberalization leads to more efficient investments and that financial liberalization boosts productivity growthÃ¢â¬ , but the huge rescue is the biggest evidence of the failure of market liberalization. The disappearance of business profit model of investment banks, government managed commercial banks and mortgage institutions provide the most effective large-scale evidence. The large investment institutions cannot effectively regulate themselves. So there is no perfectly competitive market and all the theory based on this assumption seems to go to failure. 3.3 What do we learn from financial crisis? Financial crisis reveals that the preconditions of EMH cannot realize in present world. Information uncertainty and feed-back loop lead people irrational and the huge rescue policy proves market is never perfectly competitive. So the prices cannot inflect reflect information in the right level. Lack of regulation of information and financial innovations may be the main reasons for this financial crisis. The Lehman BrotherÃ¢â¬â¢s collapse indicates that financial markets potential failure really exists and that blindly believe in market lead to systemic collapse of financial markets. Therefore, only relying on the market self-regulation is insufficient, it needs government regulation and macroeconomic control to solve the problems. As the modern financial system in particular with the features of high leverage, high-relevance and high asymmetric, the market systemic risk and complexity have increased. In this case, government must play its leading role in financial supervision and take effective measures to curb excessive market speculation and the vicious competition among financial institutions. Particularly, government should strengthen the investment banking and financial regulations of derivatives to prevent financial institutions rely on excessive leverage to blind investment. 4 Conclusions The efficient market hypothesis provides an ideally situation that the stock prices reflect all relevant information in a perfectly competitive market in which the people are rational. Some valuable studies base on the concept of efficient market has been recognized. However, the extremely ideally preconditions of EMH lead people to rethink the application scope and its practice value. In the current financial crisis, EMH has faced huge challenges to the perfectly preconditions that perfectly rational man and perfectly competitive market cannot realize. These challenges are mainly from two aspects which are information and role of self-regulation in market. Firstly, with the rapidly information dissemination, an information circulation mechanism was established between investors and market. Investors not only absorb information from market, but also give their own views to market. So the information they get already includes their own views which is a reason to make investors irrational. Another problem about information is the uncertainty and inaccuracy that investment banks may use accounting method to blind investors and leads investors to operate stocks irrational. Secondly, EMH overemphasizes the role of self-regulation in the market. Howeve r, large investment institutions cannot regulate themselves effectively. The U.S. governments rescue policy is the greatest evidence of the failure of market liberalization. The departure from reality does not mean the complete failure of EMH. In future studies, EMH may be combined with other disciplines, in order to achieve a greater scope. Bibliography Barber, B. T. Odean (2001) Ã¢â¬ËThe Internet and the InvestorÃ¢â¬â¢ Journal of Economic Perspectives 15(1):41-54. Ball, R P. Brown (1968) Ã¢â¬ËAn Empirical Evaluation of Accounting Income NumbersÃ¢â¬â¢ Journal of Accounting Research 6(2):159-178 Barry, M. B. Harvard (1979) Ã¢â¬ËInformation dissemination, market efficiency and the frequency of transactionsÃ¢â¬â¢ Journal of Financial Economic 7(1):29-61 Baker, M. J. Wurgler (2007) Ã¢â¬ËInvestor Sentiment in the Stock MarketÃ¢â¬â¢ Journal of Economic Perspectives 21(2):129-151 Duncan, G. (2009) Ã¢â¬ËLehman Brothers collapse sends shockwave round worldÃ¢â¬â¢ The Times Sep 16th, 2008 Fama, E.F., L. Fisher, M. C. Jensen, R Roll (1969) Ã¢â¬ËThe Adjustment of Stock Prices to New InformationÃ¢â¬â¢ International Economic Review 10(1):1-22 Fama, E.F. (1970) Ã¢â¬ËEfficient capital markets: A review of theory and empirical workÃ¢â¬â¢ The Journal of Finance 25(2):383-417 Fama, E.F (1976) Foundations of Finance New York: Basic Books Grossman, S J. Stiglitz (1980) Ã¢â¬ËOn the Impossibility of Information Efficient MarketsÃ¢â¬â¢ American Economic Review 70(3):393-408 Jensen M.C. (1969) Ã¢â¬ËRisk, The Pricing of Capital Assets, and The Evaluation of Investment PortfoliosÃ¢â¬â¢ Journal of Business 42(2):67-247 Maloney, M.T. J.H. Mulherin (2003) Ã¢â¬ËThe Complexity of Price Discovery in an Efficient Market: the Stock Market Reaction to the Challenger CrashÃ¢â¬â¢ Journal of Corporate Finance 9(4): 453-479 Osborne, M. (1959): Ã¢â¬ËBrownian Motion in the Stock MarketÃ¢â¬â¢ Operation Research 7: 145-173. Malkiel B.G. (2003) Ã¢â¬ËThe Efficient Market Hypothesis and Its CriticsÃ¢â¬â¢ Journal of Economic Perspectives 17(1):59-82 Taylor, J.B. (2009) Ã¢â¬ËThe Financial Crisis and the Policy Responses: An Empirical Analysis of What Went WrongÃ¢â¬â¢ paper presented to Proceedings of FIKUSZ 09 Symposium for Young Researchers, Budapest, Hungary Nicholson, W. (2004) Microeconomic Theory 9th ed. 2005 South-Western College Pub Shleifer, A. (2000) Ã¢â¬ËInefficient Market- An Introduction to Behavioral FinanceÃ¢â¬â¢ Oxford: Oxford University Press
Monday, March 2, 2020
Difference Between Sawfly Larva and Caterpillar Caterpillars are the larvae of butterflies and moths, which belong to the order Lepidoptera. Many caterpillars, while they do feed on leaves and plants, are considered desirable because, of course, they metamorphose into beautiful monarch butterflies, painted lady moths, and other decorative species. Sawfly larvae look similar to caterpillars, but are an entirely different kind of insect. Sawflies are related to bees and wasps, and belong to the order Hymenoptera. Like caterpillars, sawfly larvae usually feed on plant foliage, but unlike most caterpillars sawfly larvae can quickly destroy a rose garden or defoliate an entire tree. What Are Sawflies? Sawflies are flying insects that live all over the world. There are more than 8,000 species of sawflies, so calledÃ because of the saw-like appearance of the female ovipositor, an organ used to deposit eggs in plant stems or leaves. While sawflies are related to stinging insects, they themselves do not sting. They feed on pollen and nectar, making them harmless to both people and plants. Sawfly eggs hatch into larvae which go through eight stages of growth. Typically, the larvae cluster together and are capable of eating an enormous amount of plant matter in a very short time. While sawflies are food for many animals in the wild, in cultivated areas they can be hard to manage. Sawfly management usually involves the use of chemical sprays. Sprays that work against caterpillars, however, are often ineffective against sawfly larvae. In addition, chemical sprays dont prevent sawflies from depositing their larvae. Chemical sprays should only be used when larvae are actually present. How Can You Tell Sawfly Larvae From Caterpillars? Caterpillars may have up to five pairs of abdominal prolegs (tiny limbs) but never have more than five pairs. Sawfly larvae will have six or more pairs of abdominal prolegs.Ã Ã There are, of course, exceptions to every rule. Caterpillars of the family Megalopygidae, the flannel moths,Ã areÃ unusual in having 7 pairs of prolegs (2 more pairs than any other Lepidopteran larvae). Some sawfly larvae are stem borers or leaf miners; these larvae may have no prolegs at all. Another notable difference, though it requires a closer look, is that caterpillars have tiny hooks called crochets, on the ends of their prolegs. Sawflies do not have crochets. Another, less obvious difference between caterpillars and sawfly larvae is the number of eyes. Caterpillars almost always have 12 stemmata, six on each side of the head. Sawfly larvae usually have just a single pair of stemmata. If You Have Sawflies If you have identified sawfly larvae on your trees, flowers, or foliage you may be able to simply remove them manually. If there are too many, youll probably need to spray. Choose your pesticide carefully or consult a professional: quite a few common pesticides (such as the bacteria Bacillus thuringiensis) work only on Lepidopteran larvae, and will not affect sawfly larvae. Before you apply any pesticide for a caterpillar problem, be sure to count the prolegs and identify your pest correctly.