Fashion Industry China Csr Case Free Essays

string(170) Practices California Transparency in Supply Chains Act Terms of Engagement Supplier Protocol Control Supplier Code of Conduct Impact Effective cancelation of youngster labor. Style Industry China: CSR Case Subject Submission Date Class Team Members CSR cross-investigations on design Industry Tuesday 15, 2012 MBA Pudong †Corporate Social Responsibility Christiane Pagsisihan Damien Dandelot Jose Antonio Mallen Tendai Chitapi Vera Boisa Harbhajan Khalsa Executive Summary The examination paper trough four fundamental Corporate Social Responsibilities (CSR) issues (Children Labor, Working condition, Environmental effect and Environmental Sustainability) shows a few glaring patterns inside the style business. As a matter of first importance, there has all the earmarks of being a general advancement in the CSR practice and actives during the most recent decade in the style business. Besides, it appears to be clear that CSR is an ever increasing number of considered as significant issues in the design ventures whatever the determination and the market are. We will compose a custom article test on Style Industry China: Csr Case or on the other hand any comparable theme just for you Request Now At last, in the wake of having make a nearby examination between six style organizations, it appears that if organizations keep on building up its CSR activities in exercises, for example, eco-accommodating fixing sourcing, reasonable valuing, eco-producing, and proficient non-inefficient dispersion, just as corporate sponsorship, they will result upper hand. In reality, with the execution of CSR activities brands manufacture a positive picture and afterward are progressively ready to counter analysis for different issues that may influence the organization. Presentation Over the most recent decade, corporate social obligation has moved to the cutting edge of consumers’ minds and has inspired various reactions with respect to the design business. It ought not come as an unexpected given that it envelops the structure, producing, dispersion, showcasing, retailing, publicizing, and advancement of a wide range of attire (men’s, women’s, and children’s) from the most tenuous and costly high fashion (actually, â€Å"high sewing†) and planner styles to standard regular garments (Encyclopedia Britannica, 2012). Inside the business there are various types of exercises, for example, model offices, innovative organizations, media had some expertise in style (I. e. Style TV) and materials and so on. As indicated by Market Line Report, Global Textiles, Apparel Luxury Goods (2012), the worldwide materials, attire and extravagance products advertise (men, ladies and youngsters dress, materials, footwear and extravagance merchandise) had absolute incomes of about $3 trillion of every 2011, speaking to a Compound Annual Growth Rate (CAGR) of 3. 7% for the period 2007-2011. The presentation of the market is estimate to quicken, with a foreseen CAGR of 4. 2% for the five-year time frame 2011-2016, which is relied upon to drive the market to an estimation of more $3. trillion before the finish of 2016. Set forth plainly, the design business is a gigantic part and consequently merits a closer assessment regarding the human rights and ecological effects. Because of the way that the business envelops a bunch of organizations, we have chosen six organizations built up in China (Table 1 and Exhibits 1 to 6). In fact, in China, the material and garments industry is the biggest 1|Page Fashion Industry China: CSR Case †Team 7 MBA Pudong producing industry. There are around 24,000 undertakings that utilize 8 million laborers. Moreover, China is the biggest garments maker on the planet, and has the biggest creation limit with respect to material plant items comprising of cotton and silk (Qiu, 2005). Table 1 †General depiction of the six organizations chose (information from 2011) Company Inditex SA HM Gap Inc. Levi’s Hermes LVMH HQ Spain Sweden USA France Market Mid to low salary Mid to low pay Mid to upper pay Mid to upper pay Higher pay Higher pay Total income (billion) $ 17. 53 $ 15. 1 $ 14. 55 $ 4. 8 $ 4. 8 $ 30. 08 Net Profit (billion) $ 2. 45 $ 2. 76 $ . 83 $ 0. 14 $ 1. 2 $ 3. 81 Number of Stores 5,527 2,325 3250 470 283 3095 Number of Markets 82 43 44 110 57 60 Number of Employees overall 109,512 59,440 132,000 17,000 8370 98,000 CSR issues applicable to the design business Then, before proceeding onward, the major CSR issues in the style business are sketched out beneath (Table 2). Without a doubt, this table intends to feature the significant issues that style industry must consider in to rehearses. These table has been made concurring some data originating from various boards and site, however with a basically center around the Nordic Fashion Association, Code of Direct and Manual (2012). Table 2 †List and portray the CSR â€related issues applicable to the business CSR issues pertinent to the style business Description of the issue Human Rights Exploiting individuals for benefit. This worry is across the board all through the style business around the world. Opportunity of affiliation and the compelling Ensure that laborers taking part in associations are not dependent upon segregation acknowledgment of the privilege to aggregate dealing or reformatory disciplinary activities. Constrained Labor Trafficking and misusing people with the end goal of money related addition. Issues Child Labor Discrimination Working Conditions Wages, finance records and conclusions Labor contracts Environment Corruption and Bribery Ethical Animal Ethics Models Employing kids under the lawful age to work in manufacturing plants, sweatshops or even in their own homes. Unjustifiable treatment in favor or against an individual dependent on their strict association, skin shading, nationality, sexual orientation, race, financial class and so on. Constrained work. Broadened work hours with practically no remuneration. Word related wellbeing and security. Retaining pay and lawful documentation. Declining to haggle with associations. Maltreatment of intensity and authority. Poisonous waste. Substantial synthetic compounds and colors. Maltreatment of intensity by authorities, corporate or something else, for ill-conceived gain. Utilization of genuine creature hide or colorful creatures. Creature misuse and testing. Forgoing the advancement of out of reach body goals and unfortunate ways of life. Note that because of the way that the design business requires broad physical work and the utilization of crude material and synthetic concoctions, the two most basic worldwide issues as indicated by the order to the United Nations Global Compact (UNCG) are Human Rights and the Environment. Be that as it may, these classifications are still exceptionally wide; in this way, the examination will be part into four sub-classifications: ? Human Right: Child Labor, Working Conditions, Environmental: Impact and Sustainability. 2|Page Fashion Industry China: CSR Case †Team 7 MBA Pudong The six organizations are joined by the channel: UN: Human Rights †Child Labor Company LVMH I nditex SA Gap Inc. Levi’s H Hermes Main Action Supplier Code of Conduct Staff Sponsorship Supplier Protocol Based on Best Practices California Transparency in Supply Chains Act Terms of Engagement Supplier Protocol Control Supplier Code of Conduct Impact Effective cancelation of kid work. You read Design Industry China: Csr Case in class Paper models Provide financing instruction material. Create ventures for kids End constrained Child Labor/Human dealing Sponsoring kids to go to class Improvement of kid work conditions. Powerful abrogation of youngster work. Give financing and instruction material. Effect Train chiefs in â€Å"best practices†. Preparing and improvement of providers (security conventions). 50 CSR experts †End constrained work. Improve building and fire wellbeing norms. Train providers in their own language †they comprehend what to search for during production line reviews. Decrease in Chemicals Train chiefs in â€Å"best practices†. Effect Reduction of CO2 emanations Reduction of CO2 discharges Guidelines for manageable article of clothing creation Reduction of CO2 outflows Direct effect on the earth Control criminal operations of chasing. Certifiable/Greenwashing On the best approach to be Genuine yet at the same time Greenwashing. Real Greenwashing Genuine Greenwashing On the best approach to be Genuine yet at the same time utilization of the strategy is as yet Greenwashing. Certified/Greenwashing Elimination of constrained work. Opportunity of affiliation. Certifiable Greenwashing Genuine Elimination of constrained work. Opportunity of affiliation. Certified/Greenwashing Genuine Company Risk Reputation HIGH Reputation HIGH Reputation HIGH Reputation †HIGH Reputation HIGH Reputation HIGH UN: Human Rights †Work Conditions Company LVMH Inditex SA Gap Inc. Levi’s H Hermes Main Action Human Resources Development Develop science and innovation Code of Vendor Conduct Term of Engagement Improve working conditions. HR Development Main Action Environmental Task Force Criteria of eco-effectiveness Sustainable Apparel Coalition Forest Products Purchasing Policy Reduction of synthetic use. Socially dependable flexibly channel. Organization Risk Quality of item †HIGH Reputation HIGH Reputation HIGH Reputation MEDIUM/HIGH Reputation HIGH Quality of item †HIGH Company Risk Coherent notoriety picture †HIGH Reputation HIGH Reputation HIGH Reputation HIGH Reputation HIGH Coherent notoriety picture †HIGH Company Risk Coherent notoriety picture †HIGH Reputation Cost †HIGH Reputation †MEDIUM UN: Environment †Impact Company LVMH Inditex SA Gap Inc. Levi’s H Hermes UN: Environment †Sustainability Company LVMH Inditex SA Gap Inc. Principle Action Encourage biodiversity Staff Sponsorship Green activities. High EPA positioning. Effect Reforestation and social program Product lines that utilization 100% natural cotton Reduction of water use. Improve operational efficiencies in Chinese texture plants. Real/Greenwashing Genuine 3|Page Fashion Industry China: CSR Case †Team 7 MBA Pudong Levi�

Describe the Laptop Essay

In our way of life we utilize the Laptop to do our works. Like the schoolwork, activities and structuring. A PC is a PC that can be effortlessly conveyed and utilized in an assortment of areas. Numerous workstations are intended to have the entirety of the usefulness of a PC, which implies they can for the most part run a similar programming and open similar kinds of records. Nonetheless, a few workstations, for example, netbooks, penance some usefulness so as to be considerably progressively versatile. PC, called a note pad PC by makers, is a battery-or AC-fueled PC by and large littler than a folder case that can without much of a stretch be moved and advantageously utilized in impermanent spaces, for example, on planes, in libraries, transitory workplaces, and at gatherings. A PC ordinarily weighs under 5 pounds and is 3 inches or less in thickness. Among the most popular producers of PCs IBM, Apple, Compaq, Dell, and Toshiba. PCs cost more than PCs with similar capacities since t hey are progressively hard to plan and assembling. A PC can adequately be transformed into a personal computer with a docking station, an equipment outline that provisions associations for fringe input/yield gadgets, for example, a printer or bigger screen. The less competent port replicator permits you to associate a PC to various peripherals through a solitary fitting. Workstations as a rule accompany shows that utilization meager screen innovation. The dainty film transistor or dynamic framework screen is more splendid and perspectives greater at unexpected edges in comparison to the STN or double output screen. PCs utilize a few distinct methodologies for incorporating a mouse into the console, including the touch cushion, the trackball, and the pointing stick. A sequential port additionally permits a customary mouse to be joined. The PC Card is insertable equipment for including a modem or system interface card to a PC. Compact disc ROM and advanced adaptable circle drives might be implicit or connectable. Convenient and smaller PC with indistinguishable capacities from a work station. PCs a L-shape structure and the screen can be brought and shut down to take into account simple transportation of the machine. The essential component that draws in clients to PCs over work areas is their compactness. PCs clients the capacity to run the machine utilizing an interior battery or an outside force connector. Workstations have significantly diminished in size since their presentation in 1979. PCs are typically more expensiveâ than standard work areas and don't have a similar life expectancy as fixed PCs. The Laptop in my way of life has a significant spot, presently you can see each understudy and each business have their own Laptop and they are utilizing it for the work perpose. Previously, my way of life don’t truly relies upon the PC, however now a days the way of life have change and there is a ton of creating in the method of instructing and working for the nation and now we utilize the electronic gadgets a great deal , and we discover it additionally wherever we go in light of the fact that the way of life have been change and it become one of the way of life in our day by day life. Today, most PCs getting more slender and lighter to help total with different gadgets, for example, tablets. For the PC these PCs might be additionally alluded to as Ultrabooks.

Costs and Net Operating Income free essay sample

Trade Corp. is an organization that goes about as a facilitator in charge supported land trades. Such trades, know as 1031 trades, license members to keep away from a few or the entirety of the capital increases burdens that would somehow or another be expected. The accountant for the organization has been approached to set up a report for the organization to support its proprietor/administrator dissect execution. The principal such report shows up underneath: Note that the incomes and expenses in the above report are unit incomes and expenses. For instance, the normal office cost is $135 per trade finished on the arranging financial plan; though, the normal real office cost is $112 per trade finished. Lawful and search charges is a variable cost; office costs is a blended expense; and gear deterioration, lease, and protection are fixed expenses. In the arranging spending plan, the fixed segment of office costs was $5,200. The entirety of the company’s incomes originate from charges gathered when a trade is finished. We will compose a custom exposition test on Expenses and Net Operating Income or on the other hand any comparative theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Required: 1. Assess the report arranged by the clerk. 2. Set up an exhibition report that would support the proprietor/supervisor evaluate the presentation of the organization in May. 3. Utilizing the report you made, assess the presentation of the organization in May. Arrangement: 1. The report arranged by the accountant analyzes normal planned per unit incomes and expenses to average real per unit incomes and expenses. This methodology verifiably expect that all costs are carefully factor; just factor expenses ought to be consistent on a for every unit premise. The normal fixed expense should diminish as the degree of movement increments and should increment as the degree of action diminishes. For this situation, the genuine degree of action was more noteworthy than the planned degree of action. As a result, the normal expense per unit for any cost that is fixed or blended, (for example, office costs, hardware deterioration, lease, and protection) should decrease and show a positive difference. This makes it hard to decipher the fluctuation for a blended or fixed expense. For instance, was the positive $9 change per trade for lease due basically to the expanded volume or did the organization really set aside any cash on its lease? In light of this equivocalness, the report arranged by the accountant isn't as valuable as a presentation report arranged utilizing an adaptable financial plan. 2. An adaptable spending execution report would be significantly more accommodating in evaluating the presentation of the organization than the report arranged by the clerk. To build such a report, we first need to decide the cost recipes as follows, where q is the quantity of trades finished: Revenue $395q The income all originates from expenses. Legitimate and search charges $165q Variable cost Office costs $5,200 + $5q $5,200 is fixed; $5 = ($135 ? 40 ? $5,200)/40 Equipment deterioration $400 = $10 ? 40 Rent $1,800 = $45 ? 40 Insurance $200 = $5 ? 40 Exchange Corp Flexible Budget Performance Report For the Month Ended May 31 Planning Budget Activity Variances Flexible Budget Spending Variances Actual Results Exchanges finished (q) 40 50 Revenue ($395q) $15,800 $3,950 F $19,750 $ 500 U $19,250 Expenses: Legal and search charges ($165q) 6,600 1,650 U 8,250 950 U 9,200 Office costs ($5,200 + $5q) 5,400 50 U 5,450 150 U 5,600 Equipment deterioration ($400) 400 0 400 0 400 Rent ($1,800) 1,800 0 1,800 0 1,800 Insurance ($200) 200 0 200 0 200 Total cost 14,400 1,700 U 16,100 1,100 U 17,200 Net working salary $ 1,400 $2,250 F $ 3,650 $1,600 U $ 2,050 3. From one viewpoint, the expansion in the quantity of trades finished was sure. The general good movement of $2,250 demonstrates that the net working salary ought to have expanded by that sum as a result of the expansion in action. In any case, the net working pay didn't really increment by about that much. This was because of the ominous income difference and various horrible spending fluctuations, which should all be researched by the proprietor.

Essay --

This article offers a relevant, and hypothetical clarification regarding why Stereoscopes are a result of innovation: causing specific to notice the stereoscope - that empowers what numerous watchers see as a more prominent degree of authenticity in the realistic picture - , existing contentions around the theme which have been created to decipher and clarify its social centrality inside the advanced period. The conversation starts with an enlightening separation of the two belief systems, which we recognize as Modernism and Modernity; the subsequent section, is a concise foundation of the optical instrument which ideally seeps into the fundamental group of thoughts imagined from intensive research through David Trotter, Jonathan Crary and Goethe. My enthusiasm for this specific subject emerged out of observational information on cameras from contemplating Photography at A Level and an earlier theory I directed with respect to Capitalism: Slavery, an extract by movie producer Ken Jac obs. An allegorical screening considering the relationship of the two fields in their mutual cash structure as well as the distinction encompassing these two profoundly charged and complex sorts of bodies: the slave body and the corporate body which actually are the an organic structure and a riches structure. Innovation demonstrates a part of developments in craftsmanship (Impressionism, Post-Impressionism, Fauvism; Cubism; Expressionism; Dada, Surrealism, Pop Art. And so forth.) with unmistakable qualities, it solidly dismisses its old style point of reference and old style, what Walter Benjamin would allude to as â€Å"destructive liquidation of the conventional estimation of the social heritage†; and it investigates the etiology of a present verifiable circumstance and of its orderly types of hesitance in the West. Though Modernity is frequently utilized as ... .... 'It is a second when the noticeable breaks from the ageless ethereal request of the camera obscura and becomes stopped in another device, inside the precarious physiology and transience of the human body'. Crary further exhibits the move in vision's area from camera to body by analyzing the manner by which it was recreated in different optical gadgets designed during this equivalent period, explicitly the stereoscope, the kaleidoscope, the phenakistiscope, and the diorama. His assessment depends on a provocative reason: 'There is an inclination to conflate every single optical gadget in the nineteenth century as similarly ensnared in an ambiguous aggregate drive to increasingly elevated principles of verisimilitude' (110). As indicated by Crary, such a methodology will in general disregard totally how a portion of these gadgets were articulations of what he calls 'nonveridical' models of discernment.

Public Relations in Insurance Industry

Advertising in Insurance Industry There are different meanings of Public Relations. Lee Edwards underscore that there is no all around concurred meaning of PR because of the way that PR is utilized in a tremendous scope of businesses and in every one somewhat various abilities and capabilities have developed among specialists (Tench and Yeomans, 2009:4) In general we can recognize scholastic and professionals advertising definitions. For the scholarly perspective, Harlow offered the following definition: Public relations is a particular administration work which sets up and keep up shared lines of correspondence, getting, acknowledgment and participation between an association and its publics; includes the administration of issues or issues; causes the executives to keep educated on and receptive to popular conclusions; characterizes and underlines the obligation of the board to serve the open intrigue; assists the executives with staying informed concerning and adequately use change; filling in as an early notice framework to help envision patterns; and uses explore and moral correspondence methods as its chief instruments (Tench and Yeomans, 2009:4). It is a definition that covers most parts of PR. On the opposite side specialists use PR to substitute terms like corporate correspondences or authoritative correspondence. During the principal World Assembly of Public Relations Associations, in August of 1978 that was held in Mexico City the meaning of advertising was created as the workmanship and sociology of investigating patterns, anticipating their outcomes, directing hierarchical pioneers, and actualizing arranged projects of activity, which will serve both the association and the open premium. (Tench and Yeomans, 2009:6) What is protection? In the event that a layman should be clarified what protection is, it is tied in with overseeing dangers for the benefit of others. One of the most famous types of protection, life coverage, the insurance agency makes an endeavor to deal with the passing paces of its customers. The insurance agency charges premiums from the policyholders and afterward puts the cash in other generally safe ventures. The cash, alongside benefits is paid to the policyholder on development or to the recipients if there should be an occurrence of death of the policyholder. Insurance agencies utilize segment information to make life evaluations of policyholders. Qualities like age, sex and smoking and drinking propensities are contemplated to choose the excellent sum. Shorter the existence gauge, higher is the top notch payable. For different types of protection like wellbeing, property, car and so on., a similar standard applies. In the year 1999 in the United States, the Gramm-Leach-Bliley Act administered that banks, protection and business firms and different kinds of monetary foundations can combine and offer their clients progressively changed and complete scope of administrations. Because of this demonstration, particularly in the protection business, there have been some significant mergers and acquisitions. In the past certain years, most of the obligation protection endorsing in the US protection industry has experienced the greater firms while these organizations have been caught up with getting other littler protection firms. (The Industry Handbook: The Insurance Industry) Why PR: Insurance agencies are not altruistic associations. While overseeing hazard, they likewise hope to make benefits. The business is one of the most serious on the planet with different organizations competing for a spot in the market. It isn't phenomenal to discover new participants rolling in every once in a while. To keep up their solid footing, existing insurance agencies are required to think of new items very every so often. Insurance agencies are likewise represented by exacting guidelines and enactments and are required to distribute their monetary outcomes as and when the law states. It is additionally basic information that the protection business gets a ton of fire from policyholders, previous workers and the media. Thus, the job of advertising in the protection business is of most extreme significance. In contrast to different fields in protection, PR requires specialization in this field since it is a basic activity in the business. Social and financial effect of PR: The social effect of advertising is obviously noticeable. This line of employment is completely worried about speaking with the general population and the media. The force applied by advertising as a socially-installed calling is a concentration for expanding quantities of researchers in the field. Basic ways to deal with advertising analyze the way wherein the calling supports or produces social imbalance and incorporate hypothetical studies of insightful work by industry leaders like Aldoory and Pieczka. Notwithstanding these and different works concentrating on explicit parts of advertising, there have been more extensive examinations of advertising and its effect on society and the conversation is as yet advancing. (Bridgen Liz, Emotional work and the quest for individual branding:ã‚â Public relations specialists utilization of internet based life) The financial effect of advertising has gotten less consideration that it merits since it has consistently been viewed as an assistance industry. The financial effect of PR from instigated monetary yield of PR vis-Ã -vis purchaser and merchant exchanges is totally not the same as the solid figures. Till now, the computation of financial effect of PR was done similarly as it was accomplished for the publicizing business. Both were considered as capital escalated exercises yet the truth of the matter is that PR is all the more a work serious movement. So as to figure the monetary effect of PR, a three stage process is required Recognize the quantity of experts in the business. Gauge their yearly CTC. Receive a financial multiplier which represents the expanded efficiency conveyed by those experts, as it would appear to be silly for an association to put assets in exercises whose last worth is viewed as equivalent to or lower than their gross expenses. Falconi Toni M. (2006) Advertising and the Insurance Industry Scope From the discoveries expressed as of now, it appears to be very common that the protection business needs PR authorities. There are numerous organizations that re-appropriate their PR to proficient PR firms yet there are a lot more that have an in house group of PR pros. PR is a specific activity that must be taken care of by experts who have done a particular course in this field. While a PR proficient can possibly become famous in the protection business and gain great cash, there are some social and monetary settings that must be cleared right at the outset. The social effect of PR is hard to gauge in financial terms yet given the unpredictable exposure that insurance agencies get, it is essential for them to utilize PR experts who can deal with the outside world well. The internal functions of the protection business are constantly under the scanner and hypotheses are constantly overflowing about what occurs and what doesn't occur. It is the activity of a PR expert to deal with people in general, the administrators and the media. The protection business, considered by numerous individuals as an unremarkable, monster behemoth, needs a human face to show the world. What the world likes to see is a grinning, sure face that can deal with the awards just as the allegations. With respect to the financial effect, the figurings should be possible yet once more, fiscal terms matter less in PR. A few people may scrutinize the sum paid to PR experts yet the reality remains that these are specific individuals who are the essence of the business. Regardless of whether it is scattering data, completing the exposure or taking care of the weight from the individuals outside the business, it is the PR experts who accomplish the work for the protection business. As expressed above and emphasized, specialization is the key. Advertising What is required and what is normal? Significant necessities for PR experts: Advertising is about connection and correspondence of different structures. There are some essential characteristics that are required by PR experts. Successful correspondence Effective correspondence is an absolute necessity for PR experts. One must have the option to think and react quickly and react. There is no degree for response. Remember that talking reality obtusely may not be the best arrangement in a PR work. One should be straightforward yet strategic simultaneously. What is significant is a solid jargon and non-verbal communication. Statement is a key and it is essential to realize where to take a stand. Remember that individuals out there are prepared to jump and being an outgoing person and an alluring character is exceptionally valuable. A PR experts work isn't to distance individuals even in the most difficult conditions. In the event that you can't charm them, at any rate dont make adversaries out of them. Successful correspondence in PR implies connecting and contacting individuals of various age gatherings, various socioeconomics and distinctive social layers. Contingent upon the PR declaration one is making, the language should be tweaked by the crowds ability. For instance, a gathering of single men would not be intrigued if the PR proficient continued pestering the way that protection is for families. They should be told about reserve funds that could help them in future. A degree An expert Bachelors qualification is an unquestionable requirement for a PR work. One can't hope to get a new line of work in PR since the individual can talk obviously. There are complexities related with a PR experts work and just an expert degree can show the little-known techniques. A few people additionally choose a Masters certificate in PR and further improve their insight and expertise. Beginning from the earliest starting point One should be a determined worker to turn into a PR proficient and the taking in begins from the school. Individuals typically squander time during long excursions. The individuals who need to make PR a vocation invest their energy doing entry level positions with proficient PR firms so that get familiar with the abilities nee

How to structure an essay

How to structure an essay How to structure an essay This guide is for anyone looking to vastly improve their essay writing skills through better knowledge what is meant by good 'essay structure'. Essay writing is a key component to academic success at every level. It is, essentially, the way in which people within the academic community communicate with each other. Thus, there are fundamental ways in which academics structure their work and formal ways of communicating what they have to say. Writing essays is not simply a hoop for students to jump through. The vast majority of instructors and professors also write essays at a professional level, and they do not ask of their students anything less than the standard that is asked of them. Where too many students go wrong in writing their essays is in either failing to plan ahead (not giving sufficient, care, thought, or time to the process) or in not understanding the expectations of essay writing. Of these expectations, appropriate and effective essay structure is critical. Students often lose valuable marks by failing to structure their essays clearly and concisely to make the best of their ideas. So how do you structure academic writing? What is the best essay structure format? First, consider what an essay is. What is it supposed to do? At its core an essay is simply an argument. Now, by argument we don’t mean a slanging match between two angry people. Rather, we are talking about a formal argument. An idea or a claim, which is supported by logic and/or evidence. Imagine the following scenario: you feel the time has come to approach your boss about getting a raise at work. Imagine yourself walking into your supervisor’s office and requesting that raise. Almost automatically, your mind formulates a rhetorical structure. There are effective and ineffective ways of asking of making such a request. The effective strategy will have a logic and an order. You will firstly claim that you deserve a raise. And you will give evidence to support why you deserve that raise. For example: you are a hard worker, you are never late, you have the admiration and respect of your colleagues, you have been offered another position elsewhere and you want the pay matched. And so on. And you would probably wrap up your discussion with an overview of of why giving you more money is important. And that is fundamentally an essay. Every good essay has three basic parts: an introduction, a body, and a conclusion. This simple guide will show you how to perfect your essay structure by clearly introducing and concluding your argument, and laying out your paragraphs coherently in between. Your essay writing can be dramatically improved overnight simply by using the correct essay structure, as explained below. Where the essay starts When you are writing an essay, every sentence and every paragraph is important. But there is something extra important about introductions. Just like going out on a date for the first time, you want the introduction to be just right, almost perfect. You want to put your best self forward and create a great first impression. You should already know this, but most professors and instructors will start grading your work in their head as soon as they begin reading it. They will be sorting your essay, maybe not in terms of a grade, but most definitely in terms of strong/weak, interesting/dull, or effective/ineffective. And most will have some notion of where your essay falls on that scale before they even finish the introduction. It will be the rarest of markers who withholds judgement until the end. The introduction is something you absolutely must start strong. Always develop an introduction that clearly sets out the aims of what you are about to write and, if applicable, refers to the subject under investigation. State what the essay will try to achieve and briefly mention some of the main points you will consider. The idea is to give the marker an overview of your argument, to show that your thought process is logical and coherent and that you have carefully thought the question through. Don’t try to go into any of your key points in depth in your introduction â€" they will each be covered by a full paragraph later on. If the question is an ‘either or’ or a ‘how far do you agree’ question, it is useful to set out both sides of the argument briefly in the introduction in preparation for exploring the two sides later in the essay. Think of your introduction as a thumbnail picture of the whole essay. Anyone, but especially the marker, should know the essay subject and how you intend to prove or disprove it, just from having read just the introduction. Take the following example: You have been given this assignment: The main purpose of Gothic fiction is to break normal moral and social codes. Discuss. A strong introduction should read something like this: It is certainly true that many works of Gothic fiction manifest the transgression of normal moral and social codes as their major theme. Their emphasis on female sexuality, their breaking of the boundaries between life and death and their shocking displays of immoral religious characters would all suggest that this is indeed the case. However, it is also important to consider other major aspects of the genre that might be considered equally important in purpose, such as its fascination with the supernatural, its portrayal of artificial humanity and its satirical social attacks. This essay will explore these conflicting purposes with reference to several different Gothic texts to discover what might be best described as the ‘main’ purpose of the genre. Reread that paragraph. Does it tell you what the topic of the essay is? What the point is? What the essay plans to do? Now, without reading think about just the size of that paragraph. If a marker were to see an introduction that were any less than that they would automatically know, without even reading a word, that the topic was not going to be well introduced. That is not to suggest you simply fill up the paragraph, but that a certain amount of information in the introduction is expected. It is worth pointing out that in a much longer essay an introduction does not need to be limited to a single paragraph. Generally, however, it will be. The body of your essay The second part of the essay is the body. This is the longest part of the essay. In general, a short essay will have at least three full paragraphs; a long essay considerably more. Each paragraph is a point that you want to make that relates to the topic. So, going back to the ‘give me more money’ example from earlier, each reason you have for deserving a raise should be a separate paragraph, and that paragraph is an elaboration on that claim. Paragraphs, like the essay overall, also have an expected structure. You should start a new paragraph for each major new idea within your essay, to clearly show the examiner the structure of your argument. Each paragraph should begin with a signpost sentence that sets out the main point you are going to explore in that section. It is sometimes helpful to refer back to the title of the essay in the signpost sentence, to remind the examiner of the relevance of your point. Essay writing becomes much easier for you too this way, as you remind yourself exactly what you are focusing on each step of the way. Here's a signpost sentence example: One important way in which Gothic fiction transgresses normal moral and social codes is in its portrayal of the female heroine. Further sentences in this paragraph would then go on to expand and back up your point in greater detail and with relevant examples. The paragraph should not contain any sentences that are not directly related to the issue set out in the signpost sentence. So you are writing an essay that clearly separates its ideas into structured sections. Going back to the wage-raise example: in the middle of talking about how punctual you are, would you start talking about how you are a good colleague, then about that client you impressed, and then talk about your punctuality again? Of course not. The same rules apply: each paragraph deals with one idea, one subject. The end of your essay The last section of your essay is the conclusion. In general, this will also be a single paragraph in shorter essays, but can go on to two or three for slightly longer discussions. Every well-structured essay ends with a conclusion. Its purpose is to summarise the main points of your argument and, if appropriate, to draw a final decision or judgement about the issues you have been discussing. Sometimes, conclusions attempt to connect the essay to broader issues or areas of further study. It is important not to introduce any new ideas in the conclusion â€" it is simply a reminder of what your essay has already covered. It may be useful again to refer back to the title in the conclusion to make it very clear to the examiner that you have thoroughly answered the question at hand. Make sure you remind them of your argument by very concisely touching on each key point. Here an example of an essay conclusion: Overall, whilst it is certainly true that the characters, plots and settings of Gothic fiction seem firmly intended to break normal moral and social codes, the great incidence within the genre of the depiction of the supernatural, and in particular its insistent reference to social injustice and hypocrisy might suggest that in fact its main purpose was the criticism and reform of society. But where do I start??? Now you should have a solid grasp of a typical essay structure, but might not know how to actually begin structuring your essay. Everyone works differently. Some people have no trouble thinking everything out in their head, or putting together an outline, and starting with the introduction and finishing with the conclusion. If you are not confident, however, we suggest writing from the inside out and doing the body paragraphs first. Since each body paragraph is a main idea, then once you know what your main ideas are, these should come fairly easily. Then the introduction and conclusion after that. If you're really struggling - or just curious - you can also look into the Essay Writing Service from ourselves here at Oxbridge Essays. We can put together a comprehensive essay plan for you, which maps out your essay and outlines the key points in advance, and in turn makes the writing process much easier. One final thought to remember: good essays are not written, they are rewritten. Always go over your first draft and look for ways to improve it before handing it in. You may also like... Essay exams: how to answer To what extent How to write a masters essay Great essay writing in 8 steps essay helpessay structureessay tipswriting a good essaywriting tips

Business System Assessment Essay

Business System Assessment Essay This is a free sample essay on Business System Assessment: The information methods that can be used in analyzing requirements are the documentation, interview, observation, questionnaire, and the measuring methods. Each method can be an effective way to gather requirements but some can be better then others depending on what kind of business your company does. The documentation method can be an effective method of analyzing requirements if the company already has good documentation. The interview method is a good method to use for companies that are smaller and everyone is in one office. I feel that a face-to-face interview is more personable and more effective then doing an interview over the phone. The observation method is a good method because it allows you to see how the current processes are done. If the questionnaires ask the right questions and are effective in tracking certain aspects of the business, then this is an effective method. I have never used the measuring method but the book says that it can be a good method for gathering statistical information from the existing system. A process map is a graphical representation of the activities which make up the process It is a diagram which shows each step of the process, each input and output, and which uses agreed symbols to represent different process elements. It is similar in many ways to a flowchart of the process and, in common with a flowchart, the process map represents the logic necessary to achieve the desired result. The methods that should be used in process mapping are ones that you are comfortable with and ones that you have used before and have been successful in using. I dont know that the reading or lecture for this week actually went over actual mapping methods, but one method that was mentioned was the value chain principle. The mapping tools that should be used in documenting analysis are joint applications development/design (JAD) or rapid applications development (RAD) tools. These tools can be used to speed up the analysis and design of a system. Object oriented analysis (OOA), spiral, iterative or a combination of these tools are all good tools to use. These tools should be used along with the System Development Life Cycle (SDLC). An analyst would know if the methods and tools mentioned above are effective because hopefully he/she has enough experience and has used these tools and methods before. The analyst would first need to determine if the company already has a standard methodology that they use as a standard. If they do have an established methodology already, the analyst should try to use that method and get permission from the company before using a different method. Hopefully the method already established by the client is an effective method. The prototyping tools used by the analyst can be used to confirm if the requirements are effective. This can be done by either the measuring method or by using diagramming tools. By utilizing either of these methods, an output would be generated to measure the effectiveness of the enterprise-level system analysis. ______________ AdvancedWriters.com is a professional essay writing service which can provide high school, college and university students with 100% original custom written essays, research papers, term papers, dissertations, courseworks, homeworks, book reviews, book reports, lab reports, projects, presentations and other assignments of top quality. More than 700 professional Ph.D. and Master’s academic writers. Feel free to order a custom written essay on Business System Assessment from our professional essay writing service.

Consumerism Childhood and Consumer Goods Essay - 1753 Words

Consumerism is a very important aspect in the life of each and every individual. Everyday, people who live in developed countries are faced with endless choices. These choices appear every where in advertisements through television and radio commercials, advertisements posted in public places, magazines, etc. Consumerism takes form in these advertisements that makes us seem imperfect. Their goal is to make us buy products to satisfy ourselves. Children are born into a world of consumerism, asking parents to buy them things just because they want it. Most of us are lured into consumerism one way or another. Consumerism begins early in life; in fact, it begins when a child is born. When a child is brought into this world, parents are†¦show more content†¦If they receive a negative response, they start whining, crying, begging, etc. This is a response that consumerism wants children to have. Also, family members play a big role in gender associating their children. Girls usuall y imitate their mothers when they are young, and boys imitate their fathers. When you ask what they want to be when they grow up, girls tend to want to grow up like their mothers and boys like their fathers. As children grow a little older and become teenagers, their main goal is to fit in. To fit in, you must dress, act, and like the same activities. Subgroups are formed to differentiate different groups of people. Being popular isn’t always the most important goal in a teenager’s mind; it is making it through high school without drama. Again, this stage in life is associated with consumerism. But, it is this stage where consumerism plays its biggest role. The teenage years in life are an individual’s most influential period. Also, somehow teenagers have a lot of money to spend on consumer products. A reason why teenagers may be able to buy such expensive consumer goods is that they save money to obtain a prized possession which can later on be a source of prid e (Walsh, 1990).This is why the mass media focuses consumer products on teenagers. For teenage girls, there is the constant trying to look good to fit in. Since teenage girls follow Hollywood media almost every singleShow MoreRelatedâ€Å"Disney Constructs Childhood so as to Make It Entirely Compatible with Consumerism1617 Words   |  7 Pagesâ€Å"Disney constructs childhood so as to make it entirely compatible with consumerism† (Smoodin cited in Giroux, 2002; 105). Discuss this statement in relation to TWO animated films from the Disney canon. The Walt Disney Company is a diversified international entertainment company (Disney, 2010) with ownership of many media outlets including radio, cinema, television and literature as well as consumer products such as stationary and toys. The Disney brand has huge recognition globally especiallyRead MoreThe Impact Of Consumerism939 Words   |  4 PagesAccording to Dictionary.com, consumerism is defined as â€Å"the concept that an ever-expanding consumption of goods is advantageous to the economy.† Basically, this definition boils down to people getting more people to buy more products is a good thing. However, things aren’t always as they seem. In order to get people to be interested in your product, there is lots of advertisement involved and this of course costs money. Unfortunately, with lots of advertisements, they may not tell the whole truthRead MoreConsumer Culture And Contemporary Childhood Agency888 Words   |  4 Pagesrelationships of production and consum ption. By introducing children as consumers, it is opens up a wide range of areas to study their influence on consumer culture. It is evident through the child’s relationship with their parents, money, identity, and social relations that children have a crucial role in consumption patterns. New marketing and advertising techniques have been introduced accordingly, further emerging the child consumer and their influence on the economy. The child’s relationship withRead MoreConsuming Kids : The Commercialization Of Childhood850 Words   |  4 PagesCommercialization of Childhood† takes a closer look at how the negative impact advertising and marketing is having on the children who are the main targeted audience especially because they are easy to manipulate. The United States is a country that cares a lot about consumers. People are around advertisement and marketing all the time in every place they go. In fact, people live to buy, people need and want things con stantly and it will never stop. In the American economy consumerism may be a leadingRead MoreThe Deterioration of Childhood Innocence Due to Media and Consumerism 1708 Words   |  7 Pagessaid Neil Postman in his novel: The Disappearance of Childhood. In recent generations, the ideal of childhood innocence has been disappearing due to several factors of modernization. But the innocence of youth needs to be protected so children will learn and grow in healthy ways, rather than rush into adulthood. It is a grown-ups’ responsibility to build a metaphorical wall between a child’s innocence and various types of media and consumerism. Although it is becoming increasingly difficult due toRead MoreConsumer Consumption Essay1316 Words   |  6 Pagesculture of consumption. Consumerism brings out a passion in people to have things, be it objects or services that will make them feel better. This passion becomes a powerful force that makes people make some unwise decisions in t heir life. The money consumers spend on these goods could be going to the ever-surmounting needs for health care, poverty help, or other things that would help the society as a whole. This is why America is the prime example of a capitalistic consumer society and not a socialisticRead MoreThe Effects Of Advertising On Children s Physical And Mental Health1531 Words   |  7 Pagescertain consumer behavior which can result in negative impacts on children’s physical and mental health. Marketing directly to children is a factor in the childhood obesity epidemic, it also encourages eating disorders, previous sexuality, youth violence and family stress and contributes to children’s diminished capability to play creatively. Marketing children is a huge business because they are an easy target. In the following articles I will talk about how there is different types of consumers throughRead MoreGatby In The Great Gatsby Analysis1329 Words   |  6 Pagesmore of this figure, to discover his inner world and complexed characteristics. I want to explain the film and theThe film can explain American society in three aspects: Individual freedom and independentsindependence, stable social class, and the consumerism or (material wealth) . *Individual, independent Gatsby came from a poor family, but he was unwilling to live in this way. With ambitious ideals and dedication, he pursued the idea of becoming wealthy and gaining prominence one day. Gatsby did notRead MoreMe Against the Media2375 Words   |  10 Pages† The few students who have actually done the reading chuckle because they know that today’s class is about the pervasiveness of consumerism in popular culture and in the schools. Over the years, I’ve resorted to lots of gimmicks like these in my quest to teach students about consumerism. I try to make my students more aware of how the media naturalize consumerism through advertisements, product placement, and especially through advertiser-friendly programming. You might be surprised to hearRead MoreThe Disappearance Of Childhood By Neil Postman944 Words   |  4 PagesEven though childhood has change for the better there is an argument stating that childhood is disappearing â€Å"at a dazzling speed† (Postman, 1996) says that there is a closing gap between childhood and adulthood. Neil Postman (1996) claims this in his book â€Å"The Disappearance of Childhood†. Postman theory was purely based on the way that communications through technology were made which shapes society today. He thinks that due to the technology such as television and the Internet children nowadays

A Vindication Of The Rights Of Women By Mary Wollstonecraft

Mary Wollstonecraft was a woman who lived during the late 18th century and chafed under the societal expectations places upon her. Inspired by the writing, A Declaration of the Rights of Woman and the Female Citizen, which demanded equal rights for both men and women, Wollstonecraft published her book, A Vindication of the Rights of Women, which called for both men and women to realize their roles concerning inequality. The book also allowed for Wollstonecraft to express her ideas and methods for the improvement of equality between the sexes. Vindication went on to print many times throughout the 18th and 19th centuries. Because of this, Mary Wollstonecraft was one of the earliest feminist writers and her writings became a cornerstone of†¦show more content†¦She writes that the second type of women can become more useful members of society but they lack the greatness of mind and taste which allows them to do so, as a result of their education. Wollstonecraft believes that wo men in this state cannot be effective mothers because all of their power derives from their believed and implied superiors, men. She then examples many different vocations and career which would be suitable for women, and criticizes these professions for being vain or useless. She then goes on to state that women, should they ever need to support themselves should and could practice as physicians, lawyers, shopkeepers and politicians; however, their lack of education and status keeps them from being able to pursue vocations where they would be effective. The excerpt then finishes with two notions, the first being that men should release women from the proverbial chains that imprison them in their lives so they can become better mothers, wives and citizens. The second is the notion that, if given the freedom, women would emulate the high moral standards of men, otherwise known as virtue which is a central theme in Vindication. Despite being a feminist writer, aspects of the gender prejudices of her time period can be seen in Vindication.Show MoreRelatedAnalysis of Vindication of the Rights for Women by Mary Wollstonecraft 787 Words   |  4 Pagesliberality. You can be passionate about many things such as love, sports, food, or intimacy. However, it can also mean having a strong yearning for something. Vindication of the Rights for Women by Mary Wollstonecraft was published in 1792, during the French Revolution. Wollstonecraft preached that intellect will always govern to persuade women not to endeavor to acquire knowledge but convince them that the soft phrases, acceptability of heart, delicacy of sentiment, and refinement of taste, are mostRead MoreSummary Of A Vindication Of The Rights Of Women By Mary Wollstonecraft1208 Words   |  5 PagesAge of Enlightenment in the late eighteenth century, Mary Wollstonecraft presented a radical essay, A Vindication of the Rights of Women, that shed light on the largest, underrepresented groups of the time, women. The essay voiced the inequalities women at the time faced and called upon Wollstonecraft’s audience to invoke a revolution for the rights of women. Through her writing, she presented a compelling argument that slowly allowed women to question their â€Å"place† in society and demand changeRead MoreMary Wollstonecr aft s Vindication Of The Rights Of Women928 Words   |  4 PagesMary Wollstonecraft’s famous book, Vindication of the Rights of Women, is â€Å"one of the earliest expressions of a feminist consciousness.† Wollstonecraft claims that women are upset mainly due to the fact that they are not receiving the education they deserve, and goes on to explain how women are notorious for being weak, and mentally unstable. She blames the education system for this since all the books are written by men, and they claim that women are barley humans and are treated as another speciesRead MoreGroundbreaking Novel in A Vindication of the Rights of Women by Mary Wollstonecraft2004 Words   |  8 PagesA Vindication of the Rights of Women A Vindication of the Rights of Women by Mary Wollstonecraft is one of the most influential and groundbreaking pieces of literature or the Enlightenment. Wollstonecraft laid the foundation for women’s rights and gender equality, and women especially have her to thank for this. Wollstonecraft was far from the prototypical women in society during the 1700’s, which is evident by her writing of Vindication. Wollstonecraft was successfully able to logically and systematicallyRead MoreThe Vindication Of The Rights Of Women1369 Words   |  6 Pages Mary Wollstonecraft, a Futuristic Feminist This research project addresses the work of Mary Wollstonecraft, The Vindication of the Rights of Women. To investigate this, I will first summarize her work and someone else s interpretation of it, then analyze the author, voice, message and significance, and finally analyze the two works to answer the question, What are the current ideas about your philosopher? How have their ideas influenced us today?. My first souce will be the primary source ofRead MoreFeminism : Mary Wollstonecraft1734 Words   |  7 Pagesmore and more women in positions of power. However, feminism has changed and evolved since the first writers expressed their wish for more women’s rights, as do all movements. â€Å"It is time to †¦ restore to them their lost dignity—and make them, as a part of the human species, labour by reforming themselves to reform the world,† wrote Mary Wollstonecraft in her Vindication in the Rights of Women (Wollstonecraft 49). Mary Wollstonecraft, the mothe r of the feminist movement wanted women to be able toRead More Wollstonecrafts A Vindication of the Rights of Women Essay1291 Words   |  6 PagesEnlightenment, some women began to question this norm and to voice their unhappiness. The Enlightenment period was an intellectual movement that sought to reform society and advance knowledge (â€Å"Age of Enlightenment†). Even with all of the Enlightenment’s great advancements, women still did not possess many rights. Women continued to be â€Å"oppressed and kept to the private sphere,† separated from men (â€Å"Women in the Enlightenment†). Few women challenged these social norms, but a few existed such as Mary WollstonecraftRead MoreEssay about Mary Wollstonecraft: A Radical Englishwoman1273 Words   |  6 PagesMary Wollstonecraft: A Radical Englishwoman Mary Wollstonecraft lived in a time where women had no right to vote, no right to education beyond what their mother or governess taught them, and basically no right to individuality or an opinion. They were considered possessions and virtually had no mind of their own. She realized that this was a problem of society and openly voiced her opinions on the matter. She wrote the book A Vindication of the Rights of Women in response to a literaryRead MoreThe Feminist Philosphoy and May Wollstonecraft743 Words   |  3 Pagesfrom conventional Mary Wollstonecraft called for more equality between the sexes; she ignited the flame that would turn into the feminist movement we know today. Wollstonecraft was a key founder of feminist philosophy. A Vindication of the Rights of Woman (1792) stated her view that women should have a wider access to education, not taught to depend on their beauty. â€Å"A committed women’s liberationist cannot retire from the job, only die at it.† (Dann, 1985) Mary Wollstonecraft encompassed this perfectlyRead MoreWomen And Material Things : The Vindication Of The Rights Of Women997 Words   |  4 PagesAssignment 2 December 6, 2014 Women and Material things The Vindication of the Rights of Woman by Mary Wollstonecraft is a compelling arguement that argues for equality for women in society. The Weaver’s Complaint Against the Callico Madams explains outcome of women’s with equal rights would do to society. Sanshiro written by Natsume Soski, focuses the details and experience of his life spent at a prestigious Tokyo University. Three of these readings relate to women and material things because they

Children of Men Film Essay - 956 Words

Children Of Men. â€Å"Children of Men† Directed by Alfonso Cuaron. Is set in the year 2027, in a chaotic world in which humans can no longer procreate, Theo Faron a former activist, agrees to help transport a miraculously pregnant woman, Named Kee, to a sanctuary located out at sea, where her child’s birth could help scientists save mankind. In the film Children of Men, there are many crucial scenes to help convey the idea of the film, however I find one of these scenes particularly important; namely the apartment scene. In this scene Theo is being driven through the streets of London to the Ark Of Arts to visit his cousin Nigel. The director uses a number of techniques to help portray the themes and ideas, such as music, setting, lighting†¦show more content†¦The images and lighting are similar to images that record the suffering of people during the depression of the 1930s. However, inside the park the weather starts to brighten making everything look lush and vibrant. It se ems absurd to see such a strong contrast after passing through the imperial gates. This brings to mind the saying â€Å"The grass is always greener on the other side† This helps to show how the members of the public see this part of London as a desired thing and that everything is better, but this saying usually ends up being false; these people still live in the same world, it is all an illusion, Further on in the scene Theo says to his cousin Nigel, â€Å"A hundred years from now, there won’t be one single sad f**k to look at any of this (meaning his apartment). What keeps you going?† To which Nigel replies â€Å"You know what it is, Theo? I just don’t think about it†. He is just ignoring the inevitable. Mise-en-scene creates a shocking impact as the viewer draws on their prior knowledge to make connections to the symbols revealed in this sequence. As Theo crosses the bridge to the Ark of Arts, above the Battersea power station, you can see a floating pig, reminiscent of Pink Floyd’s album cover for â€Å"Animals†. As Theo enters the court in the background, you can see a painting of two policemen kissing which is quite a famous piece by the street artist Banksy. After Theo enters the apartment he is greeted by his cousin Nigel. Behind him isShow MoreRelatedChildren of Men Film Essay969 Words   |  4 PagesChildren Of Men. â€Å"Children of Men† Directed by Alfonso Cuaron. Is set in the year 2027, in a chaotic world in which humans can no longer procreate, Theo Faron a former activist, agrees to help transport a miraculously pregnant woman, Named Kee, to a sanctuary located out at sea, where her child’s birth could help scientists save mankind. In the film Children of Men, there are many crucial scenes to help convey the idea of the film, however I find one of these scenes particularly important; namelyRead MoreThe Time Of The Butterflies And The Happenings Of Women Essay1729 Words   |  7 Pagesthe strong ones of the world. The men are always seeking from women a little pillow to put their heads down on. They are always longing for the mother who held them as infants† These words by author Coco Chanel perfectly depict the central theme of the film In the Time of the Butterflies and the happenings of women in the Dominican Republic during the twentieth century. Throughout the hist ory of the Dominican Republic in the 1900’s women were seen inferior to men. The stereotypical ideal existed thatRead MoreThe Vampire Is The Pure Essence Of Freud s Theory Of Thanatos979 Words   |  4 Pagesrecognition and resentment for all of the bloodshed that he is responsible for. Within the film it is revealed that Dracula used his dark abilities to kill many in horrible ways and even drive men insane as he feeds into their desires of death and destruction. The atrocities he commits range from torture to the murder of not only men but women and children as well. The added blood and gore within the death scenes of the film are enough to satiate any blood loving horror enthusiast. Which only adds to the conclusionRead MoreEssay on Racism in Disneys Aladdin993 Words   |  4 Pagesdiscrimination which exemplifies stereotypical differences between the ethnic groups to which people belong. While Disney animated films are the ideal family movies, it is undisclosed to many that such racism is being portrayed. Disney’s movie Aladdin (1992), â€Å"was a high-profile release, the winner of two Academy Awards, and one of the most successful Disney films ever produced† (Giroux, 104); however, what is often disregarded is the obvious depiction of careless racism towards Arabs seen in theRead MoreMedia Violence And The Effect It Has On Actual Behavior1500 Words   |  6 PagesAssignment 1 PART B: Argumentative essay Title: Media Violence And The Effect It Has On Actual Behaviour. While many argue that film violence has little or no influence on actual behaviour, this essay will argue that media violence has a direct influence on actual behaviour in adolescence and adults. The main ideas I will put forward are. How Media Violence Increases Children’s tolerance of Real-Life Aggression, Violence Exposure in real-life, Violent Film Characters and their portrayal of violentRead MoreModule A - Joyeux Noel + Christmas Truce939 Words   |  4 Pagesï » ¿Module A- Comparative Essay Comparative essays serve to enhance the understanding of the themes, values and ideas represented in texts, by examining their different mediums, contextual values and purposes. Christian Carrion’s feature film Joyeux Noel, and Nic Young’s documentary, The Christmas Truce, are both 21st century filmic responses to a 20th century event. The similar values of the texts are showcased through different forms, and techniques. QUESTION. Carrion has created a sanitizing versionRead More Gender in Society as portrayed in Mary Wollstonecrafts A Vindication of the Right Woman and D.H. Lawrences Give Her a Pattern904 Words   |  4 PagesIn this essay I am going to show you how things like education, job and relationship between men and women have changed and things like support are still the same since Mary Wollstonecraft and D. H. Lawrence write about them. In the essay A Vindication of the Right of Woman by Mary Wollstonecraft, the author urges women to reject their conventio nal image of weakness. Mary Wollstonecraft uses her style of diction to convince the reader of her ideas. D. H. Lawrence, in his essay, Give Her a PatternRead MoreA Comparison and Contrast Between Flowers from Another World Ad Hi, Ar1485 Words   |  6 PagesENGLISH COMPARATIVE ESSAY ASSINGMENT II ‘A comparison and contrast between Flowers from another world and Hi, are you alone? This essay will attempt to compare and contrast two films directed by Spanish director actress Iciar Bollain. The films to be compared and contrasted are Hi, are you alone? (Hola,estas sola?) and Flowers from another world (Flores de otro mundo). The most apparent reason for comparing and contrasting these two films is that both focus their attentionRead MoreViolence In Films Essay720 Words   |  3 PagesViolence In Films In this essay I am going to compare 3 scenes of violence from 3 different genres and analyse their certifications and effects on young people and whether children are finding ways of viewing secretly, or are being allowed to see, too much violence in films, T.V or through any other median. There has always been violence in films, and there has always been public debate along with it, but as the violence becomes more shocking and more accessibleRead MoreThe Film Love Actually by Bridget Jones Essay1535 Words   |  7 PagesThe Film Love Actually by Bridget Jones Love Actually Essay The film trailers designed to promote the film Love Actually represent a particular view of modern love and relationships. Explore this idea within a media analysis framework. From the makers of Bridget Jones’s Diary and Notting Hill, the film Love Actually is a romantic comedy about igniting laughter, wrecking havoc, breaking hearts, daring commitment and forcing choices. The film is of a typical

Connecting McCarthyism and The Crucible Essay - 1375 Words

The horrors of history are passed on from generation to generation in hopes that they will never occur again. People look back on these times and are appalled at how horrendous the times were; yet, in the 1950s, history repeated itself. During this time, Joseph McCarthy, a United States senator from Wisconsin, began accusing people of being communists or communist sympathizers, which is parallel to the Salem witch trials in the late 1690s when innocent people were accused of practicing witchcraft. One of the people McCarthy accused was author and playwright Arthur Miller. To express his outrage at McCarthy’s actions, miller wrote The Crucible, intentionally drawing similarities between the McCarthy hearings and the Salem witch trials.†¦show more content†¦Like Abigail, McCarthy had no evidence against the people he blamed of being communists. His list contained 205 names of communists and â€Å"[was] mainly based on a vague report† (1). Although there was not e vidence against the accused communists, the American people were ready to believe that communists had infiltrated their country because the communist Soviet Union had already taken over other countries, including China, Korea, and North Vietnam (â€Å"Domino Theory† 1). Like the American people, the town folk of Salem were willing to believe that there were witches in their town since witchcraft had just been discovered in nearby Andover, where forty people were accused of witchcraft (Andover, Massachusetts† 1). Both McCarthy and Abigail were able to take advantage of the atmosphere of hysteria during their time period to get what they so desperately wanted. Yet their reigns of power did not last long. When Abigail accused highly respected people such as John Proctor and Rebecca Nurse, the townspeople were not so willing to accept that the people they respected were practicing witchcraft. Abigail’s credibility wavered. Likewise, when McCarthy accused officials in the United States Army of being communists and innocent children like Shirley Temple, people began doubting his credibility, especially with the lack of evidence (â€Å"The Red Scare: McCarthyism† 1). Although the periods that Abigail and McCarthy controlled people’s fear wasShow MoreRelatedArthur Millers The Crucible And The Second Red Scare1293 Words   |  6 Pages In Arthur Miller’s â€Å"Why I Wrote The Crucible†, Miller connects The Crucible and the Second Red Scare by highlighting his process of writing which in return displays the two different time era’s similarities. He states, â€Å"[W]hen I began to think of writing about the hunt for Reds in America, I was motivated in some great part by the paralysis that had set in among many liberals who, despite their discomfort with the inquisitors’ violations of civil rights, were fearful†¦of being identified as Communists†Read MoreSimilarities Between The Crucible And Salem Witch Trials725 Words   |  3 PagesThe Crucible and the Salem Witch Trials are very similar to the time of McCarthyism and it the most likely reason the why the book was written. â€Å"It was not only the rise of McCarthyism that moved me, but something which seemed much more weird and mysterious.† (Budick 1985) a quote by the author himself proving it was a factor that made him write the book. They were both witch hunts one literally one not so much a witch hunt as a communist hunt. Events in the play and events in McCarthyism areRead MoreEssay about Senator Joseph McCarthy and Communism1192 Words   |  5 Pagesreleased a monumental rampage across the United States. For fear of governmental infiltration by Communists, an outbreak of accusations swept the nation as a result of the Wisconsin senator, and helped create what is known as the second Red Scare (â€Å"McCarthyism†) Joseph McCarthy was born November 14, 1908 in Grand Chute, Wisconsin to dairy farmers, lived an average life until the age of sixteen. At this point in time, McCarthy dropped out of school until 1929, when he decided to go back and finish high

Financial Market Free Essays

International Journal of Islamic and Middle Eastern Finance and Management Emerald Article: Financial market risk and gold investment in an emerging market: the case of Malaysia Mansor H. Ibrahim Article information: To cite this document: Mansor H. Ibrahim, (2012),†Financial market risk and gold investment in an emerging market: the case of Malaysia†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. We will write a custom essay sample on Financial Market or any similar topic only for you Order Now 5 Iss: 1 pp. 25 – 34 Permanent link to this document: http://dx. doi. org/10. 1108/17538391211216802 Downloaded on: 26-09-2012 References: This document contains references to 13 other documents To copy this document: permissions@emeraldinsight. com This document has been downloaded 335 times since 2012. * Users who downloaded this Article also downloaded: * Mohamed Hisham Yahya, Junaina Muhammad, Abdul Razak Abdul Hadi, (2012),†A comparative study on the level of efficiency between Islamic and conventional banking systems in Malaysia†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 5 Iss: 1 pp. 48 – 62 http://dx. doi. org/10. 1108/17538391211216820 Muhamad Abduh, Mohd Azmi Omar, (2012),†Islamic banking and economic growth: the Indonesian experience†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 5 Iss: 1 pp. 35 – 47 http://dx. doi. org/10. 1108/17538391211216811 Samy Nathan Garas, (2012),†The control of the Shari’a Supervisory Board in the Islamic financial institutions†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 5 Iss: 1 pp. 8 – 24 http://dx. doi. org/10. 1108/17538391211216794 Access to this document was granted through an Emerald subscription provided y ASSUMPTION UNIVERSITY OF THAILAND For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www. emeraldinsight. com/authors for more information. About Emerald www. emeraldinsight. com With over forty years’ experience, Emerald Group Publishing is a leading independent publisher of global research with impact in business, society, public policy and education. In total, Emerald publishes over 275 journals and more than 130 book series, as well as an extensive range of online products and services. Emerald is both COUNTER 3 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. *Related content and download information correct at time of download. The current issue and full text archive of this journal is available at www. emeraldinsight. com/1753-8394. htm Financial market risk and gold investment in an emerging market: the case of Malaysia Mansor H. Ibrahim Market risk and gold investment 25 Department of Economics, Universiti Putra Malaysia, Serdang, Malaysia Abstract Purpose – The purpose of this paper is to examine the relation between gold return and stock market return and whether its relation changes in times of consecutive negative market returns for an emerging market, Malaysia. Design/methodology/approach – The paper applies the autoregressive distributed model to link gold returns to stock returns with TGARCH/EGARCH error speci? cation using daily data from August 1, 2001 to March 31, 2010, a total of 2,261 observations. Findings – A signi? cant positive but low correlation is found between gold and once-lagged stock returns. Moreover, consecutive negative market returns do not seem to intensify the co-movement between the gold and stock markets as normally documented among national stock markets in times of ? nancial turbulences. Indeed, there is some evidence that the gold market surges when faced with consecutive market declines. Practical implications – Based on these results, there are potential bene? ts of gold investment during periods of stock market slumps. The ? ndings should prove useful for designing ? ancial investment portfolios. Originality/value – The paper evaluates the role of gold from a domestic perspective, which should be more relevant to domestic investors in guarding against recurring heightened stock market risk. Keywords Malaysia, Emerging markets, Gold, Returns, Investments, Stock markets, Gold investment, Market return, Correlations, Market risk Paper type Research paper Introduction Over the past decades, the global ? nancial markets have witnessed a string of ? nancial crises, among them include the Mexican peso crisis in 1994, the Asian ? nancial ? in 1997/1998, the Russian crisis in 1998, the Brazilian crisis in 1999, the Argentine ? nancial crisis in 2001/2002 and most recently the US subprime crisis in 2007 and the Greece ? nancial crisis in 2009. Mentioning of these crises is likely to conjure up in the mind of many the images of excessive risk in stock market investment and to bring back interest in gold as an alternative investment asset. This interest is well-placed as gold used to be a standard of value, is still considered as a store of value and is universally accepted. Moreover, there seems to be a trong belief that gold can provide protection, as a hedge or a safe haven, against this heightened risk in the ? nancial markets. As noted by Baur and McDermott (2010), gold differs from other assets in that it reacts pos itively to adverse market shocks. As they mention, real gold value reached its historic high roughly in 1980 when the global economy faced the threat of stag? ation due to oil crises in 1970s. Likewise, at the time the US subprime crisis intensi? ed in September 2008, gold has responded with a surge in its value (Baur and McDermott, 2010). International Journal of Islamic and Middle Eastern Finance and Management Vol. 5 No. 1, 2012 pp. 25-34 q Emerald Group Publishing Limited 1753-8394 DOI 10. 1108/17538391211216802 IMEFM 5,1 26 Against a backdrop of recurring ? nancial crises and contagion as well as emerging interest in gold, several studies have attempted empirical investigation of gold hedging property. Notable among these studies are recent works by Capie et al. (2005), Hillier et al. (2006), Baur and Lucey (2010) and Baur and McDermott (2010). Capie et al. (2005) investigate an exchange rate hedge of gold using weekly data of gold price and sterling-dollar and yen-dollar exchange rates from January 1971 to February 2004. They ? nd supportive evidence for exchange rate hedging property of gold, although the strength of hedging tends to vary over time. Hillier et al. (2006) assesses the investment role of precious metals, namely gold, platinum and silver for the US market. They note low correlations between these three metals and stock market returns, which suggests diversi? cation bene? ts of gold investment. Baur and Lucey (2010) examines whether gold is a safe haven, i. e. maintaining its value in times of market stress or turmoil, for the US, UK and German markets. They document evidence suggesting the ability of gold to hedge against ? nancial risks and to serve as a safe haven in extreme market conditions for these markets. Most recently, Baur and McDermott (2010) extend the work of Baur and Lucey (2010) to a larger number of markets, which include both major developed and emerging markets. They analyze the relations between gold return and returns of world and emerging market indexes, various regional market indexes, and 13 individual market indexes. Their results demonstrate the ability of gold to provide a hedge and a strong safe haven for European and US markets. Thus, for developed markets, gold provides protection against losses during extreme market conditions. As they explain, investors in these markets sell stocks and buy gold when faced with heightened ? nancial risk. By contrast, the emerging markets seem to lack these properties indicating that investors tend to react differently to adverse shocks in emerging markets. Namely, they shift the composition of their portfolios by selling shares of emerging markets and seeking shelter in the developed markets, which are viewed to be relatively safe. In the present paper, we take lead from these studies and examine the investment role of gold for an emerging Asian market, Malaysia. We attempt to contribute to this line of inquiry in several aspects. First, in Baur and McDermott (2010), the investment role of gold for emerging markets is examined by looking at the relation between gold return and emerging market index return and individual market returns of four largest emerging markets, i. e. Brazil, Russia, India and China. We add to their study by looking at a smaller emerging market. Second, while the present study looks at gold investment from an international perspective, we look at the issue from a domestic perspective. All aforementioned studies employ gold price in US dollar in their analysis. Instead of using the dollar-denominated gold price and converting it into domestic currency unit as in Baur and Lucey (2010), we use domestic gold price instead. While we acknowledge that the Malaysian gold price may have depended on the global gold price, the use of gold price quoted domestically in ringgit screens out potential confounding effect of exchange rate movement and currency onversion. Finally, we bring out a new empirical perspective in evaluating the investment role of gold. Namely, we examine whether gold maintains its value or its relation with market returns when faced with consecutive negative daily returns. We focus on Malaysia due to deep interest in gold shown by Malaysian policymakers and academics in the face of 1997/1998 Asian ? nancial crisis. Tun Mahathir Mohamad, the then Prime Minister of Malaysia, voiced interest in this universally accepted asset and proposed the use of gold particularly in international trade settlement The News Strait Times, 2001). A series of international conferences have been organized on the subject of gold and gold Dinar[1], among them include International Conference on Stable and Just Monetary System and International Conference on the Gold Dinar in Multilateral Trade in 2002, International Conference on Gold in International Trade in 2003 and International Conference on Gold Dinar Economy in 2007. In July 2001, Malaysia became the 12th country in the world to have its own gold bullion coins through the launching of the gold bullion coins known as Kijang Emas by the Royal Mint Malaysia. This is followed by the issuance of Royal Mint gold Dinar in 2003 and Kelantan State gold Dinar in 2006. While the introduction of these gold coins is to serve primarily as a store of value or an alternative ? nancial asset for investment, the gold investment performance for the case of Malaysia has hardly received any empirical attention. The availability of daily domestic gold bullion price since 2001 provides us an opportunity to examine the investment role of gold from a domestic market perspective and, at the same time, widens the literature on emerging markets. The rest of the paper is structured as follows. In the next section, we provides the empirical framework used in the analysis. Then, we describes the data and present estimation results. Finally, we conclude with the main ? ndings and some concluding remarks. Empirical framework We specify our empirical model using an autoregressive distributed lag model along the line of Capie et al. (2005). Thus, we have: RG;t ? a ? rRG;t21 ? b1 RS;t ? b2 RS;t21 ? 1t ?1? where RG is the daily return of gold investment and RS is the corresponding return of stock investment. The lagged dependent is included to allow for autocorrelation structure in gold return. Meanwhile, the incorporation of once-lagged stock return is based on our presumption that, in emerging markets, the transmission of information among markets may take time. That is, the changes in stock return may be impounded into the gold return with lag. The total sensitivity of gold return to stock market ? uctuations is based on the sum of stock market coef? cients, i. e. b1 ? b2. If this sum is signi? cantly positive and is far from unity or the model explanatory is close to zero, we may conclude that gold serves as a diversi? cation asset (Hillier et al. , 2006). Meanwhile, if it is not signi? cant or is signi? cantly negative, then gold investment can provide a hedge against ? nancial market risk (Baur and Lucey, 2010; Baur and McDermott, 2010). We refer to equation (1) as our basic model. Based on equation (1), we ask further whether gold return dynamics remain similar under conditions of consecutive negative market returns. To this end, we adapt the framework used by Nam et al. (2005) in their analysis of stock return asymmetry by modifying equation (1) as: RG;t ? a0 ? a1 Nmt ? rRG;t21 ? ?b10 ? b11 Nmt ? ? RS;t ? ?b20 ? b21 Nmt ? ? RS;t21 ? 1t ?2? here Nmt is a dummy variable representing consecutive negative market returns. Five alternative dummies corresponding to days of consecutive negative returns are considered and they are de? ned as: Market risk and gold investment 27 IMEFM 5,1 N0 ? 28 † N1 ? N4 ? † † 1 if RS;t , 0 0 otherwise 1 if RS;t , 0; RS;t21 , 0 0 otherwise ?3? ?4? . . . 1 if RS;t , 0; 0 otherwise RS;t21 , 0; :::; RS;t24 , 0 ?5? Note that we include Nm as both intercept and interactive dummies. The intercept dummy is intended to capture the level effect of m ? 1 consecutive negative market returns, current return and the returns of last m days, on gold return. Meanwhile, the interactive dummy is to capture the changing relations between stock return and gold return under conditions of consecutive negative market returns, the main interest of the paper. In the paper, we denote these models with alternative de? nition of dummies, respectively, as model N0, N1, N2, N3 and N4. In equation (2), the sum b10 ? b20 captures the relation between the two markets under normal market conditions while b10 ? b20 ? b11 ? b21 measures their relation when the stock market experiences m ? 1 days of consecutive negative returns. Accordingly, the signi? cance of b11 and b21 re? cts the changing relations between gold return and market return in times of market downturns. If they are signi? cantly positive, then the gold return tends to move in closer tandem to stock market movement, weakening gold investment role as a diversi? cation asset. However, if they are signi? cantly negative, then gold investment is said to provide at least a hedge against ? nancial losses during market downturns. Finally, if they are insigni? cantly different from 0, the dynamics of gold return tends to resist the slumps in stock prices and preserves its relation to the stock market regardless of the market conditions. We believe that this perspective that we bring provides a nice complementary empirical exercise to the works of Baur and Lucey (2010) and Baur and McDermott (2010) that look at the relations between the two during extreme market conditions. In the implementation of equations (1) and (2), we take note of ample evidence that high-frequency asset returns tend to exhibit leptokurtic property or volatility clustering, the so-called autoregressive conditional heteroskedasticity (ARCH) effect. In ? nance literature, various error distributions have been assumed and variance equation speci? cations have been suggested. The error distribution is assumed to be distributed according to either the normal distribution (N), t-distribution (T), or generalized error distribution (G). Among the time-varying variance speci? cations include the generalized autoregressive conditional heteroskedasticity (GARCH), threshold ARCH (TARCH), and exponentional GARCH (EGARCH). The latter two allow for asymmetric responses of volatility to positive and negative shocks. To avoid arbitrary model selection, we follow Capie et al. (2005) by basing on the maximum of log likelihood as a selection criterion. We ? nd asymmetric volatility speci? cation (TARCH or EGARCH) to best ? the gold return dynamics and generalized error distribution to best describe the error distribution. The suitability of asymmetric volatility modeling for gold return is in conformity with the behavior of other asset returns (Lobo, 2000; Koutmos and Martin, 2003). Data We employ 2,261 daily observations spanning from August 1, 2001 to March 31, 2010. T he beginning date is dictated by data availability of gold bullion price. The selling prices of one troy ounce domestic gold bullion are used to represent domestic gold prices while the Kuala Lumpur composite index is used to represent aggregate prices of stock market investment. The data on the two prices are sourced, respectively, from Malaysia’s central bank, Bank Negara Malaysia, and Data Stream International. We compute gold and stock market returns as the ? rst difference of the natural log of respective series. Table I provides descriptive statistics of the two returns. We also plot these series in level and ? rst-differenced forms in Figure 1. Both gold and stock prices experience an upward trend over the sample period. While the daily average gold return is relatively higher than the daily average stock market return (i. e. 0. 6 percent against 0. 03 percent), it is more volatile than the market return as re? ected their respective standard deviations. This is accounted by the more extreme positive values of gold return (0. 1246) than the stock market return (0. 0426). Meanwhile, the extreme negative value of stock market return (2 0. 9997) is only slightly higher than the corresponding value of gold return (2 0. 0782). From the plots, we also note marked reduction of stock market prices around years of the Argentine ? nancial crisis in 2001/2002 and of the US subprime crisis in 2007/2008. While the gold return is positively skewed, the market return demonstrates a negative skewness. Both return series are characterized by excess peakness having kurtosis statistics to be substantially higher than 3. This suggests volatility clustering in the return series, which is apparent in the graphical plots. The Jarge-Bera statistics reported at the bottom of Table I soundly rejects the null of normality for both returns. These characteristics in the data seem to justify the use of GARCH-type models for model speci? cation. As a preliminary analysis, we report the cross-correlations between RG,t and RS,t for up to ? e lags. With the standard error in the order of 0. 021 in absolute value, the correlation of roughly 0. 042 and higher suggests signi? cance correlation between the two returns. We note very low and mostly positive correlations between gold return and contemporaneous and lagged stock returns. Among these correlations, only the DG Mean Median Maximum Minimum SD Skewnes s Kurtosis Jarque-Bera Probability Observations 0. 000305 8. 72 ? 102 5 0. 042587 2 0. 099785 0. 008518 2 0. 999659 15. 06466 14,082. 94 0. 000000 2,260 29 DS 0. 000561 0. 000000 0. 124645 2 0. 078182 0. 011909 0. 092587 12. 8588 8,656. 123 0. 000000 2,260 Market risk and gold investment Table I. Descriptive statistics IMEFM 5,1 8. 4 0. 15 0. 10 8. 0 0. 05 30 7. 6 0. 00 7. 2 6. 8 –0. 05 02 03 04 05 06 07 08 09 –0. 10 02 03 04 05 06 07 08 09 08 09 (b) Gold Return (a) Natural Log of Gold Price 7. 4 0. 08 7. 2 0. 04 7. 0 0. 00 6. 8 –0. 04 6. 6 Figure 1. Graphical plots of gold and stock prices and returns –0. 08 6. 4 6. 2 02 03 04 05 06 07 08 09 –0. 12 (c) Natural Log of Kuala Lumpur Composite Index 02 03 04 05 06 07 (d) Stock Market Return correlation between gold return and once-lagged stock return is signi? ant. Its correlation is positive, suggesting that the gold market tends to follow the stock market with one-day lag. The cross-correlations bet ween gold return and lead stock returns indicate the absence of signi? cation correlations. Accordingly, the gold market does not lead the stock market. This preliminary analysis seems to provide a basis for our one-equation empirical approach with no feedback from gold return to stock return and with the inclusion of once-lagged stock return in the mean equation of gold return. As regards to our main interest, it indicates at best the diversi? ation property of gold investment since its noted positive correlation is far from unity. However, this ? nding is only suggestive and must be subject to a formal analysis, which we turn next (Table II). Estimation results This section conducts a formal analysis of gold return and its relation to stock market return as speci? ed in equations (1) and (2) using GARCH-type models. We experiment with various error distribution assumption and variance speci? cation and choose the one that maximizes the log likelihood. The values of log likelihood functions for alternative models are given in Table III. This log likelihood criterion unequivocally suggests the generalized error distribution of error terms. It also suggests either TARCH or EGARCH speci? cation to best describe variance speci? cation. TARCH speci? cation is chosen for basic model, model N0 and model N1 while EGARCH speci? cation for other models. Note that the differences in the log likelihood values between the two speci? cations are marginal. Estimation of the TARCH (1, 1) model for the basic mean equation yields the following results (numbers in parentheses are p-values): RG;t ? ht ? 0:0004 20:0344RG;t21 20:0111RS;t ?0:016? ?0:046? 0:582? 0:0000014 ?0:008? ?0:07721221 t 31 ?0:0502RS;t21 ?0:014? 20:05351221 I t21 t ?0:000? Market risk and gold investment ?0:003? ?0:9413ht21 ?0:000? N ? 2; 259; GED Parameter ? 1:7025 ? 0:000? ; Log Likelihood ? 7; 168:42 where It ? 1 if 1t , 0 and 0 otherwise. The use of TARCH model implies that previous shocks have asymmetric effects on volatility. Since the coef? cient of 1221 I t21 is negative, t bad news (1t , 0) tends to dampen market volatility. In other words, once-lagged positive news (1t2 1 . 0) exerts a greater impact on gold return volatility than negative news does, which conforms to the ? ding of Capie et al. (2005). Moreover, gold return volatility tends to be highly persistent as suggested by large coef? cient of lagged volatility. Turning to our main theme, we note the signi? cance of only once-lagged stock return. This conforms to the correlation structure observed in the previous section. However, its coef? cient is small, in the order of 0. 05. Thus, a 10 percentage point k RG,t, RS,t-k RG,t, RS,t? k 0 1 2 3 4 5 0. 0032 0. 0579 2 0. 0224 0. 0127 2 0. 0085 0. 0173 0. 0032 0. 0240 0. 0151 0. 0254 0. 0258 2 0. 0167 GARCH Speci? cation Basic N0 N1 N2 N3 N4 GARCH-N GARCH-T GARCH-G TGARCH-N TGARCH-T TGARCH-G EGARCH-N EGARCH-T EGARCH-G 7,035. 569 7,146. 246 7,163. 378 7,046. 186 7,153. 767 7,168. 421 7,026. 377 7,158. 247 7,168. 083 7,035. 893 7,146. 520 7,165. 204 7,046. 458 7,154. 348 7,170. 701 7,026. 710 7,158. 82 7,170. 554 7,036. 291 7,146. 26 7,163. 645 7,046. 785 7,153. 782 7,168. 730 7,027. 169 7,158. 361 7,168. 641 7,034. 568 7,142. 140 7,159. 647 7,045. 231 7,149. 472 7,164. 399 7,031. 521 7,154. 147 7,164. 628 7,031. 221 7,138. 171 7,156. 706 7,043. 397 7,146. 017 7,162. 170 7,030. 436 7,151. 064 7,163. 104 7,030. 379 ,134. 302 7,152. 533 7,042. 447 7,141. 644 7,157. 886 7,031. 285 7,146. 542 7,159. 008 Table II. Estimated cross-correlations Model Table III. Log likelihood of alternative GARCH speci? cations IMEFM 5,1 32 reduction in stock returns is associated the decrease in stock return by 0. 50 percentage point on average and likewise for the stock market increase. Note that the coef? cient of lagged gold return is negativ e. This suggests that the gold return tends to exhibit a reversal pattern and that the long run impact on gold return of stock market variations is even smaller. In order to evaluate the dynamics of gold return during times of consecutive negative market returns, we estimate the chosen GARCH models (Table III) for the consecutive negative returns ranging from one to ? ve days (equation (2)). Results of the estimation are provided in Table IV. Note from the table that there are no changes in the results for the variance equation. Gold return volatility depends mostly on its past volatility and positive shocks tend to propel higher volatility. In the mean equation, we generally observe no level effect of consecutive negative market returns on gold return except for model 3. Similar to the basic model, we note signi? cant positive coef? cient of lagged stock return in all models except one, i. e. model N0. More importantly, there seems to be no changes in the relations between gold and stock returns in times of consecutive negative market returns. The coef? cients of interactive dummies are all indistinguishable from 0 except one, i. e. the N3 model. In the case of N3 model, the investment role of gold is further enhanced. In responses to four consecutive Estimated coef? cients Mean equation a0 a1 r b10 b11 b20 b21 Variance equation u0 u1 u2 u3 N0 (TARCH) 0. 0000 2 0. 0007 2 0. 315 * 0. 0465 2 0. 0602 0. 0352 0. 0254 N1 (TARCH) 0. 0003 2 0. 0004 2 0. 0320 * 2 0. 0054 0. 0263 0. 0545 * * 2 0. 0114 Model N2 (EGARCH) N3 (EGARCH) N4 (EGARCH) 0. 0004 * * 0. 0001 2 0. 0341 * * 2 0. 0093 0. 0110 0. 0474 * * 0. 0150 0. 0004 * * 2 0. 0025 * * 2 0. 0265 2 0. 0034 2 0. 0979 0. 0549 * 2 0. 2243 * * 0. 0004 * * 2 0. 0008 2 0. 0284 * 2 0. 0036 2 0. 0146 0. 0507 * * 2 0. 2640 0. 000001 * * * 0. 000001 * * * 2 0. 1156 * * * 2 0. 1064 * * * 2 0. 1261 * * * 0. 0809 * * * 0. 0776 * * * 0. 0858 * * * 0. 0830 * * * 0. 0923 * * * 2 0. 0575 * * * 2 0. 0539 * * * 0. 0595 * * * 0. 0603 * * * 0. 0592 * * * . 9402 * * * 0. 9410 * * * 0. 9942 * * * 0. 9950 * * * 0. 9936 * * * Notes: Signi? cant at: *10, * *5 and * * *1 percent, respectively; the estimated models are: Mean equation: RG;t ? a0 ? a1 Nmt ? rRG;t21 ? ?b10 ? b11 Nmt ? ? RS;t ? ?b20 ? b21 Nmt ? ? RS;t21 ? 1t Variance equations: TARCH: Table IV. Estimation results of extended models ht ? u0 ? u1 1221 ? u2 1221 ? I t21 ? u3 ht21 t t GARCH: p log ht ? u0 ? u1 j1t21 = ht21 j ? u2 1t21 =ht21 ? u3 log ht21 negative market returns, current and last three-day returns, the gold market tends to move in the opposite direction of stock market slumps. The coef? cient of interactive dummy-lagged stock return in the N3 model is signi? cantly negative and its magnitude (in absolute term) is substantially higher than the coef? cient of lagged stock return. Thus, there seems to be a movement of the gold market away from downward trend in the stock market. The evidence that we uncover, thus, supports strong resistance of the gold market to stock market downturns. This is in sharp contrast to the well-documented ? nding that national stock markets tend to have strong co-movements during times of market decline and turmoil, which limit potential diversi? cation bene? across national stock markets. The heightened reaction of domestic stock markets to downturns in other markets have been documented by Pagan and Soydemir (2001) and Bahng and Shin (2003) for several emerging markets. Moreover, the ? nancial crises are noted to propagate shocks more strongly through the contagion or domino effect (Dornbusch et al. , 2000; Hasman and Samartin, 2008; Markwat et al. , 2009). Thus, a ? ight to other markets for shelter during times of ? nancial crises may not help. In the case of gold investment, its diversi? cation bene? ts are not restrained in times of market downturns. Indeed, there is some evidence that the stock market may surge in value when the stock market posts a negative trend. Conclusion A series of ? nancial crises that erupted in different parts of the world and their accompanying excessive risk have raised serious concern over investment in stock markets and are likely to bring back interest in gold as an alternative investment asset. In light of this, we examine the relation between gold and stock returns and investigate whether it changes during times of consecutive negative market returns for an emerging market, Malaysia. Applying GARCH-type models to daily gold and stock returns over the period August 2001-March 2010, we uncover evidence indicating signi? cant positive relation between gold return and once-lagged stock return. However, the coef? cient of the once-lagged stock return in gold return equation is small and far from unity. We further note that, their relation has not strengthened during times of consecutive days of market declines. To the contrary, we ? nd some evidence that gold return tends to break from its positive relation with stock market return following four consecutive stock market returns. These ? dings are in sharp contrast to the observed strong co-movements among national stock markets in periods of market downturns, which are attributed to contagion or domino effect. Based on these results, we incline to suggest the favorable property of gold as an investment asset for the Malaysian emerging market. At least, gold provides a diversi? cation bene? t to investors in the Malay sian market. The domestic Malaysian gold market tends to have resistance to heightened risk in the stock market as its preserve its low positive relation with stock market variations regardless of the market conditions. At best, with evidence pointing to the negative relation between gold return and stock market return after four consecutive negative market returns, gold tends to possess a hedging property in times of market declines. In short, our results seem to support the initiative by Malaysia in introducing various gold coins, namely Kijang Emas, Royal Mint gold Dinar and Kelantan State gold Dinar, as a vehicle for preserving wealth in the midst of recurring ? nancial turbulences during the present time. Market risk and gold investment 33 IMEFM 5,1 34 Note 1. Dinar refers to the name of gold coin used in Islamic history. The interest in gold Dinar during the Asian ? nancial crisis is not only limited to its store of value role and its use in international trade settlement but also to the adoption of gold as a payment standard. References Bahng, J. S. and Shin, S. -M. (2003), â€Å"Do stock price indices respond asymmetrically? Evidence from China, Japan, and South Korea†, Journal of Asian Economics, Vol. 14 No. 4, pp. 541-63. Baur, D. G. and Lucey, B. M (2010), â€Å"Is gold a hedge or a safe haven? An analysis of stocks, bonds, and gold†, The Financial Review, Vol. 45 No. 2, pp. 217-29. Baur, D. G. and McDermott, T. K. (2010), â€Å"Is gold a safe haven? International evidence†, Journal of Banking Finance, Vol. 34 No. 8, pp. 1886-98. Capie, F. , Mills, T. C. and Wood, G. (2005), â€Å"Gold as a hedge against the dollar†, Journal of International Financial Markets, Institutions and Money, Vol. 15 No. 4, pp. 343-52. Dornbusch, R. , Park, Y. and Claessens, S. (2000), â€Å"Contagion: how it spreads and how it can be stopped†, World Bank Research Observer, Vol. 15 No. 2, pp. 177-97. Hasman, A. and Samartin, M. (2008), â€Å"Information acquisition and ? nancial contagion†, Journal of Banking Finance, Vol. 32 No. 10, pp. 2136-47. Hillier, D. , Draper, P. and Faff, R. 2006), â€Å"Do precious metals shine? An investment perspective†, Financial Analysts Journal, Vol. 62 No. 2, pp. 98-106. Koutmos, G. and Martin, A. D. (2003), â€Å"Asymmetric exchange rate exposure: theory and evidence†, International Journal of Money and Finance, Vol. 22 No. 3, pp. 365-83. Lobo, B. J. (2000), â€Å"Asymmetric eff ects of interest rate changes on stock prices†, The Financial Review, Vol. 35 No. 3, pp. 125-44. Markwat, T. , Kole, E. and van Dijk, D. (2009), â€Å"Contagion as a dom? no effect in global stock markets†, Journal of Banking Finance, Vol. 33 No. 11, pp. 996-2012. Nam, K. , Washer, K. M. and Chu, Q. C. 2005), â€Å"Asymmetric return dynamics and technical trading strategies†, Journal of Banking Finance, Vol. 29 No. 2, pp. 391-418. (The) News Strait Times (2001), â€Å"Practices in Islamic banking†, News Strait Times, June, p. 26. Pagan, J. A. and Soydemir, G. A. (2001), â€Å"Response asymmetries in the Latin American equity markets†, International Review of Financial Analysis, Vol. 10 No. 2, pp. 175-85. Corresponding author Mansor H. Ibrahim can be contacted at: mansorhi@hotmail. com To purchase reprints of this article please e-mail: reprints@emeraldinsight. com Or visit our web site for further details: www. emeraldinsight. com/reprints How to cite Financial Market, Essay examples