Should Veil be Banned in the UK Essay Example | Topics and Well Written Essays - 2000 words

Should Veil be Banned in the UK - Essay Example Considering Sura 7:46, a veil acts as a separation between the resident of Heaven and the resident of Hell. In Sura 19: 16-17, a veil is remarked as the symbol of sovereignty and purity. Other explanations in the Quran also describe veil as a separation of evil with the good (Amer, 2000). On this note of an affirmative definition of veiling one shall think that why veil should be banned in the UK or any other country contradicting preaches of Islam and the belief of Islamic women. It was in the year 2006, when Mr. Jack Straw, a leader of the House of Commons in the UK stated ‘Hijab’ to increase the differences between Islamic religion and other religious groups and remarked the practice as a â€Å"visible statement of separation†. This incident was led by the suspension of an assistant teacher wearing veil in her workplace (Sultan-ul-Qalam, 2006). Since then, the practice of wearing veil in the UK by Muslim women has become debatable in relation to the judgment be hind banning the veil in the economic region. The paper presented here will intend to discuss various aspects related to this issue with due regards to local and global values regarding ‘Hijab’ or ‘Full Face Veil’ along with cultural imperialism and national sovereignty of the UK. The role of media will also be analysed to obtain rational in relation to the debated topic of banning veil in the UK. Local Values vs. Global Values Abraham (2007), in his study adroitly states â€Å"Just as complex discourses have developed around the metaphor of ‘the closet’ and ‘coming out of the closet’, the metaphor of ‘the veil’ and the concept of ‘lifting the veil’ have developed their own political debates†. With due consideration to this explanation of veil, the local values can be recognised in this context. Veil which is also called ‘Naqab’ or ‘Hijab’ originates as an Arabic word that refers to as barrier. Moving further from the lexicon explanation, veil has a broader meaning in the local values of Islam. It largely indicates towards the philosophy of modesty in both men and women (Long, 2009: 93-94). However, in the current day context, the most common metaphor of Hijab is an Islamic woman wearing on veil to cover her head, her face and her body. Furthermore, according to the Islamic values, a veil also tends to provide sexual space to the women in the society indicating that women should keep themselves covered in front of any unknown male figure with whom they were unable to theoretically be engaged, i.e. men who do not relate with their family (Long, 2009: 93-94; Abraham, 2007). Even in the current practices, veil is considered by Muslim women to provide them with space in terms of sovereignty and modesty as well as in terms of sexuality (Gabriel & Hannan, 2011). On the contrary, from a generalised point of view the global values of Islam have often presente d the religion as ‘barbaric’ restricting many natural flows of human life. In many instances, the religious beliefs are also stated to reflect the society to be male dominated. For instance, Islam states that men can have more than one wife provided he is able to render equal love and affection to each (Long, 2009: 92). Similarly, from the global perspective wearing a veil is considered to be a religious belief that creates a social difference between the Muslim women and men of the same as well as other religions. Thus, it is

Epic Party Essay Example | Topics and Well Written Essays - 250 words

Epic Party - Essay Example lan for a "School for the Art of the Theatre," sponsored by his admirers Yeats and Pound, he toyed with the idea that the school would "produce ONLY Hamlet" (although in so varied and imaginative a way that the production "will be able to be visited many times without the audience being able to say we have seen it before"). The play was to be repeated, with a difference, over and over again. World War I put an end to these plans; the space was requisitioned for another purpose, and the model stages dismantled. 35 This left the Kessler Hamlet, the Cranach Press Hamlet, as the only form in which Craig would realize his ideal "production" of the play. Craigs drawings for Stanislavski had included his famous "black figures," cutout characters in dramatic poses, included in photographs as three-dimensional cardboard or wooden miniatures, designed to communicate with the actors for the Moscow Hamlet. 36 Intrigued by the black figures, which looked uncannily like woodcuts, Count Harry Kessler, who had long been his patron and promoter in Germany, proposed that Craig might illustrate something for the Cranach Press: perhaps Antony and Cleopatra, or  Miltons Comus. To which Craig is said to have replied that they might as well do Hamlet.† (Easton, L.M.) The birthday present for Milton will be the DVD of a movie titled The Devil’s Advocate (1997) and the reason for chosen present is the relevance of this movie with that of Milton’s epic ‘Paradise Lost’.

Relationship Between Trade Volume and Stock Price Variation

Relationship Between Trade Volume and Stock Price Variation Relationship between trading volume  and the stock price  variation in the London Stock Market Chapter 1 Introduction Trading volume is the signal of activity occurring in a stock that is a product of some sort of stimulus. Stock price variations represent changes in stock pricing as a result of the same factor, outside stimulus. With the foregoing being the case, it is apparent that there is a definitive link between these two facets as they represent the activity that is the purpose of listing companies, to let the market determine their value. Nguyen and Daigler (2006) add illumination to the preceding by using a Wall Street adage that states â€Å"it takes volume to make prices move†, and that â€Å"volume is relatively heavy in bull markets and light in bear markets†. Karpoff (1987, pp. 109-126) adds that is a link that exists between trading volume and price change, and that there is a link between trading volume and the fluctuation level of price change. Thus, from the foregoing, trading volume and stock price variations are linked in their activity. Therefore, it is the nature of this linkage that represents the nuance of the question. The question is, what are the dynamics of that relationship and how does it work? Does trading volume move and affect stock price variations, or is it stock price variations that help to impact upon trading volume? How does trading volume increase or decrease and what are the stock price reactions that can be gleaned from these movements as represented by what cause and effect relationships. These contexts will be explored and examined, taking into account the market mechanism in which they occur, the London Stock Exchange, and how such dynamics interact upon each other. The London Stock Exchange was founded on 3 March 1801 and represents one of the world’s largest and most active stock exchanges, and its formation provided a market for securities as well as regulations in the manner in which business in the case of public companies should be conducted through monitoring and adjudication by a committee that was â€Å"†¦ enforced by the threat of expulsion †¦Ã¢â‚¬ . (Michie, 1999, p. 35). Stock markets represent an organized and regulated system where capital allocation occurs through the trading of securities that represent the shares of listed companies (Baumol, 1965, pp. 2-10). Companies that develop new products, build a reputation in consumer or industrial markets, earn dividends and returns, and allocate their resources to build internal value that is translated into stock pricing. The foregoing represents simplistic explanation of a process that in reality is an extremely complex matter. The anticipated and â€Å"†¦ exp ected future dollar benefits to be received by stockholders are dividends†, which represent the means via which returns on stockholder investment are transferred directly back to the shareholders (Bolten, 2000, p. 9). Thus shareholders and potential investors in companies look at a company’s past, present and future projected earnings as a factor in whether to acquire, retain and or hold onto a stock. There are numerous factors at work in the market a company operates in, as represented by competitive positioning, the overall economic situation, demand for products, goods and or services in the industry sector the company operates in, new developments and a host of other variables that can and do affect company performance, earnings and the ability to pay dividends, all of which represent risk. The importance of the preceding is that these risks can either result in positive or negative developments, thus, if a stock is projected to and or is returning dividends lower than when the stock was acquired, its price will reflect this and subsequently be lower, with the opposite also being true (Bolten, 2000, p. 10). However, the preceding alone does not explain and or portray stock pricing on its own as there are other variables that will be discussed and examined in this analysis to draw correlations to the relationship between trading volume and stock price variations. Trading volume represents the number of shares that are traded during a given time period (investorwords.com, 2007) thus the preceding is relatively straightforward and easy to visualise. However, there are other underlying factors that represent deeper and more complex determinants that are part of stock trading volume. The varied facets of stock pricing, reflecting the relative success and or position of the company in terms of is sales, competitive posture, earnings performance, dividends, management, future industry prospects, product innovations, public relations activity along with the correlation of price/earnings ratios and numerable other factors that have a bearing on and in this process (Lo and Wang, 2000, pp. 267-300). The forces inherent in the stock market itself as represented by shorting activity, bid/ask spreads, institutional, professional and individual traders as well as economic forecasts and interest rates all have differing influences and effects within the pre ceding dynamics (Lo and Wang, 2000, pp. 267-300). The foregoing is a summary of the highly complex process of stock price variations that are effected and influenced by the complex variable of factors that interact upon each other. There are a number of theories on trading volume, just as there are for stock price variation. Mingelgrin et al (2001, pp. 877-919) along with Anshuman et al (2001, pp. 3-32) put forth that when stocks are experiencing trading volume that is unusually high, or low, earn either positive, or negative abnormal returns rise or retreat during the next month. This is explained as being a result of what they term as the combined return effect that is due to the increased, or decreased, stock visability after the aforementioned high or low trading volume. In this theory, Mingelgrin et al (2001, pp. 877-919) and Anshuman et al (2001, pp. 3-32) argue that stock visability can affect price as a result of a number of rationales. Mayshar (1983, pp. 114-128) draws the conclusion that when a stock experiences either high volume, the effect suggests either optimisum, in the case of buying activity, or negativeism, in the case of selling, that triggers additional activity based upon the premise of at tracting, in the case of buying, additional investors or added buying by present stock holders causing the demand curve to shift upwards. Such effect can be the result of positive news regarding the company concerning sales, meeting profit and or sales targets, and or estimates, positive economic news, and other variables with the reverse, selling sctivity, is also true. Other theories and approaches to the explanation of trading volume can take the form of investor trading styles, beliefs and or theories. Some, investors, utilize trading styles that are based upon the characteristics of the stock correlated against the company’s size and or momentum at a particular point in time (Admati, and Pfleiderer, 1998, pp. 3-40). There are investors, such as professional traders that utilize technical analysis as well as quantitaive strategies for trading whereby if the conditions fit their parameters they invest in large blocks of stock, thus drawing attention to the stock inviting similar or more analysis and potential buying activity (Barberis and Shleifer, 2003, pp. 161-199). The basic unifying theory behind this type of investor trading style is that they tend to hold and acquire stocks that fit their defined characteristics. Conversely, when a stock selection no longer fits these pre-defined style paramters, they tend to be sold, thus creating an other type of trading volume swing if their share holdings are large enough, through the influencing of other shareholders, many of which utilize computer trading programs that detect and alert them to stock momentum swings (Barberis and Shleifer, 2003, pp. 161-199). Stock trading represents the opportunity for investors to profit on the upward movement of companies when their strategy is based upon price appreciation as opposed to dividend returns (Dow, 1999). Termed income stocks, dividend buying can occur at any time, but tends to happen mostly after an established period of earnings and dividend growth, whereas growth, or price appreciation trading is generally tied to positive company developments, news, acquisitions, new markets, innovation and changing industry conditions (Dow, 1999). Growth or price appreciation investors sell winners and sell losers or tend to hold or utilize what is known as averaging to buy additional stock as a lower price so that when it moves upward they can either retrieve losses or break even (Odean, 1998, pp. 1775 – 1798). The varied motivations, trading strategies, theories, trading styles and additional aspects are factors tied to company performance, news, market fundamentals, market cycles, stock price s, and other variables which shall be further examined in terms of the various components of trading volume and stock price variation. Chapter 2 – Trading Volume The factors influencing and affecting trading volume can range from the effects of institutional investments, professional traders, trading programs, company momentum, earnings growth, new product introductions and similar positive company news and or developments, economic forecasts, interest rates, speculation, price appreciation or growth, income or dividend investing, price earnings ratios and positive company fundamentals. Each of the preceding represents a factor or factors that investors utilizes in making a determination to buy or sell, thus creating trading volume. The first of these, institutional investing, represents one of the most influential forces in stock market trading as delegated portfolio management, as it is termed, represents investments made by pension and mutual funds representing huge sums of financial resources seeking growth, or price appreciation, returns (Naik and Maug, 1996). This group is the most influential of all the preceding categories as a result of their research staffs, analysts, corporate analysis programs, tracking programs and other measures as portfolio managers have access to the most complete cross section of economic, industry, individual company and overall stock market data. As a result of the large sums of money that portfolio managers control, their buying and selling activities are closely watched and observed by their peers, thus representing tremendous sums of money that can move into and out of stocks based upon developments that these individuals believe represent buying opportunities, or conditions earmarking sale (Naik and Maug, 1996). Portfolio managers in the U.S., as a result of their fiduciary responsibilities have a number of constraints governing their investment decisions and choices which represent â€Å"†¦ protective covenants †¦Ã¢â‚¬  put into place to mitigate agency problems concerning the actions of investment firms and their portfolio managers who are acting in the public trust (Almazan et al, 2004, p. 289). The preceding is a product of the pressures of the compensation based earnings incentives that portfolio managers operate under, and the risk taking decisions they are subject to. The incidence of peer watching in this industry is an important facet of their investment making decisions as opposed to the belief that they tend to act on individual information and analysis, which is the case for the brightest and most respected of this group, but by and large portfolio managers tend to be followers (Naik and Maug, 1996). The foregoing provides an explanation as to why there are huge monet ary movements into and out of stocks triggered by investment decisions of a key respected group. U.S. pension fund strategy tends to invest more heavily â€Å"†¦ in lower volatility domestic bonds than their UK counterparts †¦ (which tend to) †¦ have a far larger weighing in higher volatility equities† (Blake et al, 1998). In terms of regulations imposed upon UK portfolio managers represents the less restrictive â€Å"†¦ of externally imposed restrictions †¦ on their investment behavior †¦Ã¢â‚¬  found anywhere in the world (Blake et al, 1998). UK portfolio managers are basically â€Å"†¦ unconstrained by their liabilities †¦Ã¢â‚¬  and â€Å"†¦ trustee sponsors †¦Ã¢â‚¬  basically do not infer with their daily operations and investment choices, which is different from â€Å"†¦ their counterparts in continental Europe and elsewhere †¦Ã¢â‚¬  (Blake et al, 1998). This means that UK portfolio mangers can invest in basically â€Å"†¦ any security in any asset class in any currency †¦ and in any amount †¦Ã¢â‚¬ , however there are trustee resistances to derivatives as well as statutory differences regarding â€Å"†¦ self investment in the sponsoring company† (Blake et al, 1998). The preceding is in sharp contrast to portfolio mana gers in the United States who face substantial regulatory controls and litigation threats â€Å"†¦ over imprudent investment behavior †¦Ã¢â‚¬  (Blake et al, 1998). This relatively open and unconstrained investment climate gives UK portfolio managers a large degree of latitude, thus the effects of their investment decisions, monetary movements and reactions of peers and laggards, meaning those who tend to follow the buying and selling behaviours of the more astute managers, has a more profound effect on trading on the London Stock Exchange than in the United States and many other markets. The effect of the follow the leader approach, as put forth by Naik and Maug (1996), does have its supporting points. Fund managers are usually benchmarked against the performance of other fund managers, thus their having usual downward deviations as compared with the industry as a whole can have consequences in terms of their careers and or rankings, whereas standard returns represent the expected performance of the industry and thus investors in the fund are not negatively impacted (Naik and Maug, 1996). The preceding is referred to as a â€Å"†¦ relative performance evaluation element †¦Ã¢â‚¬  and this represents important factors that thus influence the decisions of the portfolio manager’s on how he allocations assets (Naik and Maug, 1996). The importance of the examination of the operational facets that portfolio managers operate under is important in the discussion of the relationship between trading volume and stock price variations in the London Stock Exchan ge as a result of the huge sums of money that portfolio managers control and how such impacts upon the decisions of other investor areas, professional traders, trading programs, style investors, and private investors as a result of their clout. The impact of the preceding is found in the highly concentrated nature of the fund management industry in the United Kingdom whereby a poor fund performance stands out more than in the United States, thus they stand the risk of losing substantial market share as a result of poor performance (Blake et al, 1998). Thus, while UK portfolio managers have less outside regulatory constraints, the market dynamics with regard to the reduced number of funds thus makes them more risk averse, thereby the decisions they make are viewed as being sound by their peers and the general public (AON, 2005). In equating the relative influence that UK portfolio managers have in the market is reflected by the fact that â€Å"†¦ fund assets for UK companies are around 27% (2004) of the market capitalization† of a company, as opposed to approximately 16% in the United States (AON, 2005). The preceding means, according to an analysis conducted by AON, that the theoretical â€Å"†¦ impact on the share price of UK companies †¦ (by funds is) †¦ 7% †¦Ã¢â‚¬  as compared to the impact of funds on share price in the United States that is estimated at 4%. To gain a perspective on the foregoing, one needs to have a broad picture of the ratio of pension funds in relationship to the Gross Domestic Product (GDP) for Organization for Economic Co-operation and Development (OECD) countries, which stood at an estimated 43% in 2004 (Roldos, 2004). The preceding represents significant influence that funds hold over the market and thus the share prices of companies by their investment decisions. Pension funds and other institutional investors have and do play an important part in the â€Å"†¦ substantial growth and structural changes in capital markets †¦Ã¢â‚¬  as a result of their providing a means for smaller investors to pool their risks thereby providing them with increased diversification as well as reduced risk and enhanced return (Roldos, 2004). The impact and influence of UK pension funds represent ownership of 16% of listed UK companies, or  £230 billion (FairPensions, 2007). The growth in the power of pension funds and other institutional funds is and has replaced savings in banks as the means for individuals to build retirement income thus representing the growth in the importance, impact and power of funds in the stock and other asset investment markets (Roldos, 2004). The preceding is a significant in that funds will continue to experience their growth patterns thus increasing their impact in investment vehicles and the corresponding influence over pricing and valuations. The importance, impact and influence of institutional funds, which in this context shall refer to pension as well as other fund types, which are at the core of the important relationship between economic development and finance which entails an understanding of the theories, rules, institutions and systems that interact with and impact financial markets and thus stock performance. One theory, ‘efficient market hypothesis’, is defined by Fama (1970, pp. 383-417) is one whereby security prices always reflect the available information regarding the fiscal standing of a listed company. Fama (1970, pp. 383-417) indicates that there are three types of ‘efficient market hypotheses’; the weak, strong and semi-strong forms. The ‘weak form’ suggests that past returns and or prices are a reflection of future returns and or prices, and this form has seemingly held true as a result of the inconsistencies in the performance of technical analysts (Fama, 1970, pp. 383-417). Fama (1970, pp. 383-417) expanded upon the ‘weak form’ concept, including the predicting of future returns utilizing macroeconomic variables and or accounting tools, with the factor of predictability representing the case for arguments against this form. The ‘strong form’ suggests the prices of securities are a reflection of all available data, even that which resides in the private sector, which is open to question in that the well known insiders trading profits are not immediately or readily incorporated into trading prices as put forth by Seyhun (1986, pp. 1337-1345). The ‘semi-strong’ form puts forth that the prices of securities is a reflection of all public information that is available, thereby indicating that securities are not over or under valued, which means that trading is not capable of generating superior returns (Fama, 1970, pp. 383-417). Pinkerton et al (1996, pp. 247-266) tested this hypothesis through intraday tests concerning the release of public information that provided evidence that such developments impacted the price of stocks within minutes, thereby validating this hypothesis in most instances. However, those changes were a result of selected availability to the information by traders and institutional investors whose buying or selling of stock represented the fuel for corrections, thus not proving the theory to hold true as to public information availability adjustments. This was proven via studies conducted concerning announcements such as earnings, stock splits, divestures, takeovers and capital expenditures whereby stock pricing adjustments, in general, happen in a day as opposed to the theory as put forth by the efficient market hypothesis. The ‘efficient market hypothesis’ makes the strong assertion that since new information is available and thus incorporated into the stock price, that such information (new) thus helps to spark increased buying or selling based upon the nature of such information. Ball and Brown (1968, pp. 159-178) conducted a study in the foregoing area with respect to earnings and indicated that the normal prediction of this area represents accountants calculating income from divisions, cost, production, overhead, depreciation, taxes, research and development, leases, and all manner of computations to arrive at projected earnings for a company based upon the information supplied at a given point in time. New and probable income and or market events are generally keep in the accounting area as scenarios that they can utilize to make adjustments to earning when any of the prior predicted occurrences happen, thus there is a delay in the transference of this new information into real terms, hence the statement of stock price corrections taking about one day to manifest themselves, which is contrary to the efficient markets hypothesis. Muscarella and McConnell (1985, pp. 399-422) in their study of capital expenditures found that unanticipated increases in this ar ea had a positive outcome on the market value of a company, and that the reverse was also true. Thus the announcement of such events first sends analysts scrambling to their computers to work in the new variables, thereby effecting a delay in the stock price, with immediate buying taking place as portfolio managers understanding the plus or minus connotations of such announcements and thus getting in of the anticipated stock rise before it happens, meaning volume drives the price before the figures are known and then the price settles in. Chapter 3 The Process of Buying and Selling Stocks To understand the dynamics with regard to the stock trading process, an understanding of the mechanisms is important. Every security that is traded on the London Stock Exchange has a market maker who thus provides a quote representing the buy and sell price of the stock, with the difference between the bid and offer spread representing where they make their profit (StockExchangeSecrets.com, 2007). Marker makers on the London Stock Exchange utilise the SEAQ, which brokers utilize to find out the current quotation, bid/ask price on a particular security (Pagano and Roell, 1990, pp. 63-115). The SEAQ is the Stock Exchange Automated Quotation System that is driven by quotes whereby it updates on a continues basis the bid and offer quotes established by market makers (Pagano and Roell, 1990, pp. 63-115). However the largest and heaviest traded securities use the SETS, Stock Exchange Electronic Trading System), that is utilized to trade blue chip UK stocks that matches buy and sell orders using a price/time basis (Pagano and Roell, 1990, pp. 63-115). The changes in the bid and offer price are reflective of changes that the market makers use based upon their information about the impacts of stock buying and selling as well as the formulas for a company’s market capitalisation, earnings and other variables. In most instances, the run up in price as a result of buying after an announcement tends to be in line with what the relative value of the announcement has in terms of the company’s position, price earnings ratio, market capitalisation and the weight of the past accomplishments of the company over a long period of time. In other words, when a stock initially goes public, investment bankers utilize highly complex formulas along with valuation methods to determine the value of a company via how many shares are to be offered and the price of those shares (investopedia, 2007). The initial price of a stock is a product of the calculated determination of the varied formulas and the relative attractiveness of a stock in terms of its anticipated public acceptance and build-up through advance interest on the part of institutional and private investors (GlobalInvestment Institute, 2007). As the company settles in to performance and achieving results, the stock price begins to change in what can be termed price adjustments as a result of the establishment of more history on the company and the public’s reaction to it via the laws of supply and demand, meaning the number of shares available and stock price correlations (Hischey, 1985, pp. 326-335). The overall facets determining the price of a stock is a complex set of variables. It represents an estimate that is performed of the cash, that includes the company’s future earnings, which can be extracted from the company factored by the fact that cash in the near term is more valuable that cash represe nting five years hence Chan et al (1990, pp. 255-276). In so doing, estimates are run to reach a determination of the risk involved in the receipt of said future cash, or business, along with the time period or periods necessary to accrue the calculated sum(s) (Brainard and Tobin (1968, pp. 99-122). Technical factors as well as the individual and collective sentiments representative of the market place that can thus be termed supply and demand, with technical factors a representation of facts that can be predicted or quantified. The foregoing represent aspects such as the aforementioned position of the company in its industry sector, the rating of its products, goods and or services relative to said industry, positioning of its competitors, its technical and innovative prowess, historical record in its market sector and effectiveness in combating its rivals, the extent of its products and market penetrations in comparison to its competitors as well as its capabilities and resources to deal with and respond to unforeseen events (Brainard and Tobin (1968, pp. 99-122). An example of a company in a solid current market position with sound prospects for the future is Dyson. Its revolutionary Dual Cyclone vacuum represented the first real innovation in the industry in decades, along w ith its revolutionary design, performance and value. The history of dramatic growth and successful expansion into international markets, coupled with its reputation, earnings and positioning as the top selling manufacturer in Western Europe as well as the leading company in the sales of upright vacuums in the large U.S. market in just 16 years represents an example of the preceding (UGS, 2007). The preceding illustrations concerning trading volume have been undertaken to provide the foundational background for a foundational understanding of stock price variation and trading volume on the London Stock Market. As indicated in the examples, factors, theories and explanations utilized represent a complex set of differing variables that are interconnected, yet separate aspects acting within the same context. And number of separate facets can trigger a surge in trading volume of an upward or downward nature that is usually first tied to investor sentiment, and in the case of institutional investors, their individual calculations, projections and analysis of company positions, financials and other factors. And for all of the preceding, it represents a series of initial educated guesses, backed up by technical information, market savvy, and doses of follow the leader, in the case of institutional firms. Chapter 4 – Relationship Between Trading Volume and Stock Price Variations on the London Stock Exchange The importance, impact and influence of trading volume as a compoent in the determination of stock price variations that has been examined through the effects of institutional investing trading volumes, regulations, the follow the leader and peer perspectives, impact of institutional funds as a factor of company and market percentages, efficient market hypothesis, and how stocks are brought and sold. Stock trading volume is linked to the activities conducted by companies as a component of their reputation, future business and earning prospects, the activities of public relations activities to keep the company in the minds of the investing and general public, the effectiveness of its products, goods and services in relationship with its competitors in its industry, and the relative position of the firm in its life cycle. Just as is the case with products that have what are termed their market introduction phase, period of growth, market maturity and sales decline that varying in lengt h and timing (Day, 1981, pp. 66-67), such is also true for companies. The company life cycle (QuickMBA, 2007) represents the stages that a company passes through which can vary in the period of time it remains in certain stages as a factor of its industry type as well as management innovation. The preceding has importance in an examination of stock price variations as well as trading volume in that newer firms will experience more stock price volatility than mature companies that are settled into their industries, such as General Motors, British Airlines, Marks and Spencer, and ASDA/Wall- Mart, as opposed to Dyson, Cambridge Display Technology and innocent. The relative position of a company in its life cycle standing of initial growth / emerging, rapid growth, mature and declining positioning represents a large difference in how the institutional and well as individual investor will view it in terms of it being speculative, growth, long term investment or income, meaning dividends (investopedia, 2007). The preceding represents facets that are reflecte d in its volatility, as initial growth / emerging companies represent a different investment as opposed to a mature company that has been around for decades and has an established stock price. As the later groups, mature and declining companies do not represent the optimum examples to examine stock price variation and their relationship to trading volume, they will be excluded from this examination, as their stock prices are relatively stable, show minor price variation swings and have steady established volume ranges whereby new developments, announcements, news and events, unless extremely dramatic, do not produce large stock price changes. And as is the case with trading volume, stock price variations can have a number of variables that represent differing factors in determining price at any given time. As explained in Chapter 3, The Process of Buying and Selling Stocks, the internal mechanisms of the London Stock Exchange operates in pretty much the same fashion as other major exchanges in that it utilizes market makers, bid and offer spreads and computerized quotation systems to provide brokers with information. As explained by Hischey (1985, pp. 326 – 335) companies are a product of their past and present industry performance as well as their reputation and appeal to the public representing supply and demand for its stock in correlation to that performance and projections of its performance in the future. Chan et al (1990, pp. 255-276) advises that the preceding also includes technical calculations of risk, and future performance along with cash positions and value. The ability of the company to demonstrate i ts potential to handle stable and unstable economic conditions as well as known and unforeseen events arising from competitors along with marketplace conditions, and its past history in the handling of these variables are also factors that are determinants of stock pricing (Brainard and Tobin, 1968, pp. 99-122). The correlation between the preceding and the effects of trading volume on stock pricing and how this impacts it, variations, represents a context that calls into play the aspects of trading volume referred to in Chapter 2 – Trading Volume, as well as Chapter 3 – The Process of Buying and Selling Stocks, and how these factors impact on stock price variations. Karpoff (1987, pp. 109-126) as well as Rogalski (1978, pp. 268-274) agree on the fact that there is a positive correlation between trading volume and price changes and that volume is related to price change magnitudes. The mixture of distributions hypothesis represents a dynamic method illustrating returns and trading volume when the information process regarding arrival has been identified (Andersen, 1996, pp. 169-204). Volatility in stocks represents the standard deviation of change in price that occurs in a specific time period (martinsewell.com, 2006). The mixtur

External Research Essay -- essays research papers

The External Business Environment Today, business has evolved into highly competitive industries who offer goods and/or services. Businesses are connected with society on all Political, Economical, Technological, and Socio-cultural levels. The Business environment has become chaotic as the world constantly changes and grows. The past decade has yielded advances in every field imaginable, and created a very dynamic, competitive free market in the U.S. The Consumer Services Industry:   Ã‚  Ã‚  Ã‚  Ã‚  Business today is made up of two types of industries, goods and services. Services in general face an extremely competitive market. Services are often intangible, and difficult to place value on. The consumer service industry is directly related to the state of an economy. Consumers must have the available free income to obtain the services, and become loyal users of it. The consumer must be made to perceive that the option does in fact lie within his/her reach and such an option will in fact enrich life for the customer. Also, the consumer must be made to see that time must be made available in order to take advantage of the opportunity. One of the most prevalent forms of competition in the consumer industry is differentiation. It’s important to be an innovator and original to stay on top. The service industry relies heavily upon consumer turnout. This heavy reliance has led to the consumer dictating much of the decision making. A service business must always hold t...

Tora: an emblem of New Woman

Ibsen was a powerful Norwegian playwright who left no stone unturned to explore all the critical problems of the society right from his Pillars of the Society ,Ghosts   to The Enemy of People. Ibsen was really disturbed to find that women were being turned into mere gewgaws of the household ,to decorate the house, to nod at every odd proposal put forth by her husband, i.e, the master of the household, to dance to his tune all the time to keep the peace and harmony of home intact. He was such aggrieved to observe this   unhealthy balance ,that he composed the brilliant play A Doll’s House, considered to be one of the best plays that marks a new epoch in the history of women’s emancipation. Ibsen himself wrote â€Å"The wife in the play ends by having no idea of what is right or wrong; natural feeling on the hand and belief in authority on the other have altogether bewildered her. A woman cannot be herself in the society of the present day ,which is an exclusively masculine society ,with laws framed by men and with a judicial system that judges feminine conduct from a masculine point of view.†[Cf. Ibsen, Henrik:Notes for the Modern Tragedy ] Hence, Ibsen was very much aware of the fact that the housekeeping woman-cum-wife was invariably looked down upon by the male chauvinistic husband. Why not look at Nora Helmer and her position in the household from   close   quarters? In the very first act , when she enters with a load of parcels in her hand and interacts with her husband Torvald , she is addressed at least more than once as â€Å"featherbrain†, â€Å"scatterbrain† so forth. It may be so taken for granted that Torvald driven by the unalloyed passion of love for her wife addresses her in like terms. So far as ‘songbird’ , ‘doll-wife’ go that may have some significance. But, when Torvald unhesitatingly utters, â€Å"You wouldn’t believe how much it costs a man when he’s got a little songbird like you†, his dormant chauvinism suddenly pops up to the open. Does he not mean to belittle the labor his wife is incessantly putting in to run the household smoothly , that too, not in expectation of any material gain for herself in turn? Yes, he does, whether   he intends to mean so or not. In Act One itself, it becomes crystal clear to us that Nora loved her husband so deeply that she never hesitated   to forge a document when it came to the decision of saving her husband’s life. She even confessed of working as a copywriter for sometime working late into the night burning her midnight oil and energy.Why? TO SAVE HER HUSBAND†S PRECIOUS LIFE!!And what did she get in turn? Nora’s interaction with Mr. Krogstad too was not out of the necessities of profession. The letter that he left shoving her to the brink of destruction was rectified later on by another letter of contrition. But , the matters had tuned worse by then. Our query to the playwright is ,if Nora got the taste of earning like a man by copywriting why did she not continue with it and accrue some   sort of self-complacency by seeing herself dependent? Perhaps, the subjugation of women in that era for which Mary Wollstonecraft and others of that period fought was stifling her to death from within! Knowingly, unknowingly, or whatever!! Mr. Krogstad at one point started pestering Nora to influence her husband for retaining him as his subordinate in the bank. Thereafter, this sneaking man went to such a daring extent that Nora could not disown him, knowing full well that this man was more venomous than a viper. Mr. Krogstad started blackmailing Nora with such incriminating statements like, â€Å"Your father died on the twenty-ninth of September. But look at this –your father has dated his signature the second of October. Isn’t that a curious thing, Mrs. Helmer?† [Nora is silent] Can you explain it?†[A Doll’s House,Act One] Nora was caught into the snare and lastly when the act of unintentional forgery stood exposed to Torvald in Act Three and he hit the roof ,accusing his doll-wife   with harsh words ,Nora   had every reason to give vent to her pent-up hurt feelings. She felt humiliated when Torvald pointed rude and naked finger to her dead father’s moral failings and detested her for inheriting so. Was it not the most heinous form of accusation? Torvald could demean her , could call her names even, but was it really ethical of him as a son-in-law to bring down the house at the expense of his dead father-in-law’s moral turpitude? That might be utterly baseless even! Even after such humiliation Nora could utter , â€Å"I’ve loved you more than anything in the world.† Torvald cast aspersions on her by calling her â€Å"liar†, â€Å"hypocrite† even worse, â€Å"a criminal†. She had inherited her father’s shiftless character by proving herself   irreligious, immoral, irresponsible! Nora went on listening all the odorous, obnoxious accusations maintaining her cool. And , even when Torvald thundered, â€Å"And I’m brought so pitifully low all because of a shiftless woman!† she remained surprisingly calm rejoining only, â€Å"Once I’m out of the way, you’ll be free.† Torvald went a step further and snowballed his unguarded comment, You will remain here in my house —that goes without saying—but I shall not allow you to bring up my children†¦.I shouldn’t dare trust you with them†, then could any motherly sentiment remain untouched ? Nora’s heart too bled profusely at such ruthless utterance. That was why, it took hardly a few seconds for her to decide to slam the door on her husband’s face at last! When the letter of repentance or redress reached Torvald, he in the same peremptory tone spoke out, â€Å"Nora, I’m saved.†Nora in a passive tone inquired of her position, â€Å"And I?† With intense passion,Torvald said, â€Å"You too of course.† After such mindless , pointless   humiliation , how could Torvald be so inane to belt out the words, â€Å"I’ve forgiven you..†?† We are surprised to see Nora turning back to look stern at him , thus intimidating him. Nora pulled up all her courage to blurt out on his face, â€Å"You’ve never loved me, you’ve only found it   pleasant to be in love with me.†Therafter , Nora went on expatiating her restrained attitude in both her father’s house and later at her husband’s . She admitted of dancing to both her father’s and husband’s tunes , as the cases might have been. Later on with much conviction the revelation dawned upon her, â€Å"You and Papa have committed a grievous sin against me: it’s your fault that I’ve made nothing of my life.† She never had the courage to express her own opinion. Now she mustered her guts to speak out and think independently with her own grey cells!! Now she was not hesitant to say that she was never happy at Torvald’s , but only â€Å"gay†. Nora felt the need of educating herself, she was keen on standing on her own feet ,if she was to know herself and the world outside. Her tongue did not falter to utter, â€Å"That’s why I can’t stay here with you any longer.†This daring statement could only suffice to bring   a New Woman   out of conventional Nora ,a   doll-wife ,in the era when voicing   a protest against a husband   was simply next to impossible!! Nora lastly hit the bull’s eye by saying that life could hardly be a real marriage for a couple who pretended all he time to be HAPPY!! It was the greatest miracle of all when Nora left the house slamming the door behind. The house appeared EMPTY to Torvald. We were being prepared throughout the play for this final action from Nora. Her unrequited love for her husband , for her family shoved her to the edge of utter denial . The children for whom she spent her last farthing to buy the costliest Christmas gift , too, could not be trusted with her!! Such utterance drove her desperate, insane and her decision seemed appropriate.However inane it might appear at the outset, it brought to the fore a revolutionary   and protesting self   of a woman who hated demeaning her womanhood. As economic freedom happened to be a significant criterion of a free woman , will it be very wrong to say that Nora of Ibsen foreshadowed Lily Briscoe of Virginia Woolf or her thought of an earning woman as a New Woman as appeared in her A Room of one’s Own?As in later days we find Michele Foucault arguing   about self-refusal rather than self-discovery,by which he meant to say that ‘to become what she was not at the beginning.† Thus, the concept of New Woman which was taking shape with Mother Courage of Brecht or Wife of Bath of Chaucer even much earlier found a veritable shape in Nora Helmer. Nora was truly justified to rise up in arms against the abominable subjugation inflicted on her and Ibsen was assiduously preparing the audience right from Act One for such a finale. Of course, Nora had every right to chime in with a contemporary woman-poet, Anna Laetitia Barbauld, â€Å"Yes,injured Woman!rise, assert thy right! Woman!too long degraded , scorned, oppressed; O born to rule in partial Law’s despite, Resume thy native empire o’er the breast.†[The Rights of Woman] Works Cited 1.Ibsen , Henrik[Tr. Peter Watts]:A Doll’s House and Other Plays, Penguin, England, 1965. 2.Cole, Toby ed: Playwrights on Playwriting,Colonial Press, USA, 1960. 3.Pritchard, R.E.ed:Poetry by English Women ,Elizabethan to Victorian, Continuum, New York, 1990. 4.Meyer, Michael:Ibsen, Penguin, England, 1967. 5, Gatting, Gary ed:The Cambridge Comapanion to Foucault, CUP, New York, 1994.            

Stefan’s Diaries: Bloodlust Chapter 22

I straightened the cuffs on my neatly pressed white shirt and buttoned my overcoat. The shiny brass buttons glinted in the lamplight as I turned the corner onto Laurel Street. I wiped my face, to make sure no blood lingered on my lips. Id visited my barmaid from Miladies, sating my hunger before my evening out on the town with Callie. The barmaids blood had tasted sweet, like lilies dipped in honey. The second the warmth had hit my tongue, my senses had become honed and the world had sharpened around the edges. Now the cicadas shrieked in my ears and the smell of roses assaulted my nose, but my stomach was calm and my veins were sated. I was ready for my date. The park at the end of the street was filled with magnolias and ancient elm trees, and in the center, a marble fountain was topped with a sculpture of a naked woman. Through the burble of the fountain, I could hear the beating of a human heart. â€Å"Hello?† I called. â€Å"Stefan!† Callie stepped out from behind a stone cherub into the weak light of a gas lamp. Her red hair, a flame in the flickering light, hung loose and curly around her shoulders. She wore a simple, cream-colored dress, with a lace bodice and a flouncy skirt that draped over her tiny hips. Blood raced through my body. â€Å"What?† Callie said, reddening as she noticed my stare. â€Å"You look, uh, like a girl,† I said. She looked beautiful. â€Å"Gee, thanks.† Callie rolled her eyes and softly slugged my shoulder. â€Å"Youre just used to seeing me in work clothes.† She gazed at me. â€Å"You look quite handsome.† I cleared my throat and tugged on my collar. Suddenly my clothes felt uncomfortable and constricting, and the night air stuffy. I wondered briefly if the barmaid had something in her blood that hadnt agreed with me. â€Å"Thank you,† I said formally. â€Å"Stefan?† Callie lifted her arm expectantly. â€Å"Oh, of course.† I took her arm in mine. Her freckled hand grazed my palm. I flinched and readjusted so that her hand was resting on the soft fabric of my jacket. â€Å"Where to, Miss Gallagher?† She looked up at me, a smile on her face. â€Å"Bourbon Street, of course.† Callie guided me through cobblestone side streets, where gardenias dripped from balconies. On a whim, I grabbed one and tucked it behind her ear. Back home in Mystic Falls, it was customary to bring flowers or a small token when visiting with a lady. â€Å"Want to know a secret?† Callie whispered. â€Å"What?† I asked, curious. I was already the bearer of too many secrets. But perhaps Callies could lead me to Damon She got up on tiptoe and cupped my ear with her hand. The sound of her blood pumping beneath her skin magnified tenfold. I gritted my teeth, forcing my fangs back down. â€Å"Your shirt has come untucked,† she whispered. â€Å"Oh,† I said, as I self-consciously smoothed down my shirt. â€Å"Thanks.† Callie let out a gleeful laugh. â€Å"You know what I really want to see?† she asked, grabbing my arm. â€Å"What?† I asked, trying to devote all my energy to not listening to the steady thrum of her blood. â€Å"A burlesque show. Madame X has a showeveryone'sbeen talking about,† she said. We walked together through the town, past bustling crowds and wavering street carts, ending up in a well-kept neighborhood in front of a pristine, stately house. A simple placard next to the door readMADAME Xin black script. Soft lamplight shone from all the windows, and carriages pulled up, one after another, to the front gate, releasing their well-dressed passengers into the depths of the club. I momentarily panicked. I didnt have any money. And I was wearing a schoolboys clothes that hadnt been in style since the turn of the century. â€Å"Callie, I think † I began, trying to come up with an alternate idea for our evening when the front door swung open to greet us. â€Å"Good evening. Are you guests of the house?† The mans eyes flicked down my old clothes. I was wildly underdressed for this venue, and I knew it. Callie, however, looked radiant. â€Å"Yes,† Callie jumped in, straightening her shoulders. â€Å"And your names?† From the way Callies lips flattened, I could tell she hadnt realized there was a guest list. I stepped in front of her, suddenly inspired. â€Å"Were the Picards. Remy and his wife, Calliope.† â€Å"One moment, sir.† The man waddled in his slippers over to a podium holding a list that almost certainly did not include Mr. Remy Picards name. He turned a page, then turned it back. â€Å"What are you doing, Stefan?† Callie whispered. â€Å"I have it under control,† I said quietly. â€Å"Just smile and look pretty.† The man returned, looking genuinely distressed. â€Å"Im terribly sorry, sir, but your name is not on our list for tonight.† He glanced around, as if ready to beckon a security guard if we made trouble. I want you to let us in without asking us any more questions, I thought, channeling all my energy. â€Å"Wed really like to come in,† I said aloud, concentrating on looking deep into his eyes, ignoring Callies curious gaze boring into my back. â€Å"Are you sure you didnt see our names on the list?† The mans eyes flickered. Let us in without looking at the list. â€Å"You know, I believe Imighthave seen your names. In fact, Im sure I did. The Picards! Im sorry. It was my confusion. Right this way,† he said, a slightly vacant expression on his face. He led us through large double doors and into a sumptuous parlor. Low crystal chandeliers hung from the ceiling, and the air smelled of jasmine, magnolia, and freesia. â€Å"Enjoy your stay at Madame Xs. And if I can be of any assistance to either of you, dont hesitate to come fetch me,† the man said, turning on his heel. â€Å"Thank you,† I said. Callie simply stood there, looking slack-jawed at me. â€Å"How did you do that?† I shrugged. â€Å"I just made him doubt himself. He wouldnt want to say no to the Picards, whoever they are. Besides, what if our nameswereon the list, and he said no to us, then we complained to the owner?† Secretly, I was thrilled. My Power was strengthening. â€Å"So I take it that this isnt your first time sneaking in where you dont belong?† I glanced at her slyly. â€Å"You of all people should know that to be true.† She laughed, and I gave her an impromptu twirl. People stared at us. Even though a pianist was playing a jaunty tune in the corner, this wasnt a room where people danced. Instead, guests drifted from one conversation to the next as they sucked on cigars and gulped down champagne. â€Å"Do you know anyone here?† I asked as we brushed past couple after couple, all clad in finery. Callie shrugged, the shadow of a frown crossing her face. She glanced around the room. â€Å"They all hate Father. They say hes a Unionist whos taking advantage of New Orleans with his business. And perhaps he is, but at least his show doesnt pretend to be something its not,† she said, jutting her chin. I shifted in my seat. Wasnt that exactly what I was doing? Pretending to be someone I wasnt? I couldnt look at her, in case she could see the depths of my lies in my eyes. A server came by with a tray laden with champagne. I grabbed two glasses. â€Å"Cheers,† I said, handing one to Callie. As we sipped the bubbling liquid, conversations swirled around us, growing louder and more boisterous with every tray of drinks the waiters brought out to serve. Mens movements grew more languid, women laughed more readily. â€Å"Is your father ready for the next show?† I asked, forcing a conversational note to my voice. â€Å"I suppose so.† â€Å"Who will the vampire be fighting?† â€Å"I dont know,† Callie said. â€Å"A crocodile, or maybe a tiger. It depends on what Father can get on such short notice. Why?† I shrugged noncommittally. â€Å"I want to place a bet.† â€Å"Father wants something cheap. Hes worried people wont pony up as much money for another animal fight. It seems the monsters much stronger than a beast.† â€Å"Oh,† I said, trying to process the information. â€Å"But lets not talk about work. Tonight is supposed to be fun! Lord knows we dont have enough of it in our real lives.† Callies voice grew melancholy. â€Å"Speaking of fun,† she said, pointing to a small crowd moving through a set of double doors at the back of the club, â€Å"I think the burlesque show is back there.† â€Å"Shall we?† I asked, offering my arm. The back room, much smaller than the first one, had numerous wooden tables crammed onto the floor. A stage was set up at the front of the room, and the space was dimly lit by candles. Instead of joining the crush toward the front, Callie and I sat back on a low-slung, red velvet bench beneath a large mirror in the back of the room. As soon as everyone settled into seats, a master of ceremonies took to the stage. I was surprised to see that he was a man wearing a dinner suit and cape. Id imagined a burlesque show to be louder, larger than this, with plenty of music and scantily clad women. â€Å"Good evening! As weve all heard, we have a vampire in our midst,† he said dramatically. Audience members tittered nervously. I glanced at Callie out of the corner of my eye. Was this some sort of trap? Did she know what I was? But Callie was leaning forward, as if mesmerized by the mans words. The master of ceremonies smiled, drinking in the suspense. â€Å"Yes, a vampire. Down at that two-bit circus by the lake.† Jeers filled the room. Callie hadnt been exaggerating when shed said her father was infamous in this town. I turned to look at her. Although her cheeks were as red as her hair, she gazed straight ahead, her elbows on her knees. â€Å"And eyewitnesses say Gallagher had to chain his up so it wont run away. But, here at Madame Xs, our vampire has come to visit all on his own.† â€Å"We can go if you want,† I whispered. But Callie shook her head and clasped my hand. It felt warm against my cool skin, but this time I didnt push her away. â€Å"No, I want to stay.† A thin man walked onstage, clad in a black cape. His face was powdered, and thin lines of fake blood were drawn from the corners of his lips. He smiled at the crowd, revealing fake fangs. I shifted in my seat. â€Å"I am a vampire, and you all are my prey! Come to me, my pretties!† he cackled, in an exaggerated voice that made me squirm. The â€Å"vampire† stalked around the stage, his teeth bared and his eyes scanning the audience. A woman in a pearl-embroidered gown stood up from a table in the front and walked toward the stage as if in a trance, emitting a low moan with each step. â€Å"The vampire has special eyes that can see through clothing. And this vampire, ladies and gentlemen, likes what he sees!† The master of ceremonies leered at the audience. At this, the audience applauded enthusiastically. I glanced at Callie again. Had she known this was a show about vampires? â€Å"But, now, the vampire has his hunger awakened. And what hell do to feed the hunger, you wont believe,† the master of ceremonies said as the vampire onstage waved his hands toward the woman, as if conducting an orchestra. As he did that, a trumpet player began playing a slow, mournful tune. The woman began to move her hips, slowly at first, and then more and more quickly until she looked as though she would topple over. â€Å"Maybe Father should give our vampire dance lessons,† Callie whispered, her breath hot on my cheek. Then, suddenly, the vampire stopped waving his arms. The music stopped, and so did the woman. The vampire lurched toward her, took hold of the sleeve of her dress, and tore it off, exposing her milky-white arm. â€Å"Do you feel wicked tonight?† the vampire called to the audience, waggling the fabric toward the crowd. Then he tore off the other sleeve. My stomach turned. â€Å"I ask you, do you feel wicked tonight?† he called again, tossing the fabric into the audience. The crowd cheered as the dancer continued her gyrations, rubbing her back against the â€Å"vampire.† Slowly, she peeled away her clothing, item by item, sending a silk stocking or a slip into the audience until most of her body was on display. As the music picked up speed, she got closer to becoming entirely nude. At last, she sat in a chair on the stage as the master of ceremonies pulled off the last bit of her top, forcing her to cover herself with her hands. â€Å"As he is a beast from hell, the only way to stop a vampire is with a stake to the heart. But they can also be kept away with a crucifix â€Å" At this, the dancer pantomimed a futile search for pockets that might contain a stake or crucifix. I slumped in my chair, thinking of my own attacks. Of Alice, of Lavinia, of the nurse whose name Id never known. There was nothing beautiful or romantic about those attacks. They were quick, bloody, deadly. Id ended their lives without a second thought, with swift violence and a thirst for more. â€Å"Are you okay?† Callie asked. For the first time, I realized how tightly Id been clutching her hand. I loosened my grip, and instantly she snuggled closer to me in my seat. Her blood pumped like sweet music through her body, and the warmth of her body soothed my anger. I relaxed into her, taking in the softness of her voice as she laughed at the play. Callie was warm and soft and so veryalive. I wanted this moment to freeze, to last into eternity, with nothing but me and Callie and her beating heart. There was nothing else I needed in that moment, not blood, not power, not D– My body tensed and I sat straight up. What was I doing? Had I forgotten my brother, what I had done to him, so quickly? I stood up. â€Å"Down in front!† a voice barked a few rows behind me. â€Å"I-Im sorry. I have to go,† I said, stumbling toward the door. â€Å"Stefan, wait!† she called. But I kept going until I was on the street, running from the late-night bustle all the way to the riverbank. As I stared down at my reflection in the swirling water, Percys words echoed in my head: â€Å"Youll either want to kill her or kiss her, and neither scenario will end well for you.† He was right. Because while I truly didnt know whether I wanted to kiss or bite Callie, I knew I wantedher.