Benefits of Mbo - 1860 Words

Running head: BENEFITS OF MANAGEMENT BY OBJECTIVES Benefits of Management by Objectives (MBO) Nicole I. Claro Grantham University Abstract In this research paper, I will explain Management by Objectives (MBO) as it has been developed and adapted throughout the years, but based on the works and theories of Peter Drucker, the inventor of MBO. I will also discuss in some depth, 5 benefits that come from implementing MBO within an organization. The MBO process has 4 major activities that must occur in order to be successfully achieved within an organization. These activities are to 1st set goals, 2nd develop an action plan, 3rd review progress and 4th appraise overall performance. The paper will explain why†¦show more content†¦Once organizational goals are in place it is up to management to make sure each employee has set their own personal goals and this is where S.M.A.R.T comes into play. S.M.A.R.T is a method used to help individuals know how to set their own objectives. S.M.A.R.T stands for: specific, measurable, achievable, realistic, and time based. The following is a breakdown of S.M.A.R.T provided in by Bogue (2005). The S is for Specific: In order for the objectives to be effective, they should be specific and should describe the result that is desired. As an example an employee wants to decrease the length of time spent on the telephone for customer sales, because time equals money in most situations, a decreased call time per call would allow for more customers to be served. The goal should specify reduce call time by â€Å"X† number of minutes, maintaining quality and satisfaction of the customer call. The M is for Measurable: The goals have to be measurable; this means through the process of the review step, the manager has to be able tell whether or not the objective was met. The A is for Achievable: When setting objectives, managers have to make sure that the employees are setting achievable goals. Using the example above of reduci ng call time; let us say that the employee specified that they wanted to reduce the call time to one minute; realistically it is not an achievableShow MoreRelatedManagement Analysis : Management Process906 Words   |  4 Pages Management by Objectives, MBO, is a management process where managers and employees decide together what goals the employee should work to achieve. The goals set for the employee are agreed upon by both the employee and the manager. The employee is evaluated based on these goals and may be given a raise or a promotion if they have achieved the set goals within some set period of time. This management process was first introduced by Peter Drucker in his 1954 book â€Å"The Practice of Management† withRead MoreChapter 5 Foundations Of Management850 Words   |  4 PagesFoundations of Management Read the following case and answer the questions that follow, APPLICATION OF MBO Kay was excited. She had just returned from a manger’s retreat where MBO had been discussed. This had never been used in her organization, and she was enthusiastic about implementing the program in her department. She received the OK from her manager, the division head, who remembered studying MBO programs in a workshop. Kay reviewed the handout she had received at the retreat. She was still aRead MorePerformance Management At The Retail Store1519 Words   |  7 Pagesbehaviors the company must embrace the Management by Objectives (MBO) approach. This is because this approach can benefit the company in three ways. Firstly, it can improve the planning procedures of the company because â€Å"MBO involves participative decision-making which makes objectives explicit and plans more realistic† (Kuldeep, n.d.). Secondly, the MBO approach can benefit the company a lot in respect of coordination policies because â€Å"MBO helps in clarify the structure and goals of the org anizationRead MoreManagement and Eastern Hemisphere967 Words   |  4 PagesOthers were of the old authoritarian school.; the managers here didn’t seem to be growing or developing; there were some problems with the existing management assessment and development system and it needed to be changed. Managers still were using a MBO-type system that had been replaced in the U.S. some time ago. Lancaster believed strongly in ADP and had seen it change the management and culture of Black Decker in the U.S. He also knew that 360。Feedback might not be universally embraced becauseRead MoreManagement Performance Evaluation Of Employees963 Words   |  4 Pagesto complications for the organization. Proper training can help make the appraisals are being accurately used, and the ratings and results from the appraisals are fair and useful to the organization. Using performance appraisals can lead to great benefits for an organization, if the appraisals are accurately and properly conducted. Performance appraisals can help improve employee performance at an organization. The ability for an employee to learn open, honest feedback about how they are performingRead MoreManagement And Management Challenges For 21st Century Essay1515 Words   |  7 Pagesapproach as well as examine a few examples of companies using the approach. 1 What is Management by Objectives about? Management by Objectives (MBO) as a concept first appeared in a 1954 book The Practice of Management. The author, Peter Drucker, has since become known as one of the world’s most influential business experts. Aside from developing the ideas around MBO, Drucker has revolutionised the corporate world with his views and theories on essential things such as leadership. His other famous booksRead MoreMotivation Essay1262 Words   |  6 PagesPractices at the Workplace Management by Objective (MBO) MBO is linked to goal-setting theory. Peter Drucker proposed this concept. Broadly speaking, MBO is a process of agreeing upon objectives within an organization. MBO is often accomplished by using set targets. Objectives should be SMART i.e. Specific, Measurable, Achievable, Realistic and Time-specific. Reliance Industries Limited in India has successfully implemented MBO programme. Any MBO initiative must be implemented along side suitableRead MoreEssay on Strategic HR Practices of the Organization940 Words   |  4 Pagesequal treatment with all the employees and equal distribution of wages and powers between all the employees (Fisher, Schoenfeldt Shaw, 2004). Anti discrimination legislation helps in attracting and retaining talented employees. Equal pay and other benefits are given for equal work. It is necessary to satisfy the employees if the company wants to gain success and develop its competencies. According to these policies, there is no discrimination on the basis of colo r, sex, caste, race, marital statusRead MoreOrganizational Behavior and Leadership Essay1204 Words   |  5 Pagescriteria are necessary to get a well-rounded view of an employee’s performance that includes both measurable performance and the subjective relationship criteria. Including managers, peers, and customers in the evaluation process produces some positive benefits. It produces a better rounded portrait of the employee under evaluation. The 360 degree evaluation is self-leveling by its design, reducing the evaluator’s bias. The 360 evaluation is important because employees may behave differently to differentRead MoreOperational Reorganization1661 Words   |  7 Pageschanges and set objectives, and a structured communication plan to reduce change resistance and insure that our message is being understood. Step 1 Ââ€" Analysis of Organizational Objectives (Week 1) The implementation of a Management by Objectives (MBO) program is an effective solution to make goal setting operational. (Robbins 206) Specific and measurable objectives must be set at the organizational level and then flowed to divisions, departments and individuals. The required budget cuts have

Common Core State Standards Essay - 872 Words

Common Core State Standards CCSS.ELA-LITERACY.W.1.3 Write narratives in which they recount two or more appropriately sequenced events, include some details regarding what happened, use temporal words to signal event order, and provide some sense of closure. CCSS.MATH.CONTENT.1.G.A.1 Distinguish between defining attributes (e.g., triangles are closed and three-sided) versus non-defining attributes (e.g., color, orientation, overall size); build and draw shapes to possess defining attributes Students will illustrate a picture to match their stories. Illustrations will incorporate accurate geometry shapes and meet the â€Å"good,† criteria on the assessment rubric. Students will write a narrative story to accompany their illustrations to†¦show more content†¦Students will be graded according to the assessment rubric. What is being assessed: †¢ Students apply their knowledge of geometry to use shapes in unique/creative ways in their Halloween designs. †¢ Students use their knowledge of narrative story parts to write a coherent story that relates to what we learned about the history of Halloween. Assessment accommodations: †¢ 4th grade students will be provided with shapes that they can trace on their illustrations. †¢ 4th grade students will be provided with pictures they can use to create their storyboards. †¢ 4th grade students and Brandon will be provided with a shape reference sheet †¢ 4th grade students and Brandon will be provided with a scribe Type of feedback that will be given to students: 1. During the writing process, teachers will monitor students’ progress and offer assistance 2. Once students are finished writing, teacher will check for proper writing mechanics. 3. As students are drawing their designs, they will receive oral feedback from adults in the room. 4. At the end of the activity, peers will be asked to share what they like about each story and/or illustration. Evaluation Criteria of Assessment (Entire Class) Awesome! Good Needs Work Writing Students write unique stories that include two or more things they learned from the â€Å"History of Halloween† lesson. Students storiesShow MoreRelatedEssay on The Common Core State Standards1431 Words   |  6 PagesThe Common Core State Standards (CCSS) are being deceitfully sold to the general public as a state-led initiative to reform the current curriculum taught in our public schools. In the standards there are very specific objectives that need to be met by the end of each school year for all grades Kindergarten through twelfth grade. So far the only subjects that have seen any change are mathematics, reading, writing, and literature. The standards are advertised as school, teacher, and administrationRead MoreCommon Core State Standards Essay633 Words   |  3 PagesCommon Core State Standards The National Governors Association Center for Best Practices made up a set of educational standards called the Common Core State Standards in Suwanee, GA which dealt with math and english-language arts for grades k-12. They were â€Å"developed in collaboration with a variety of stakeholders including content experts, states, teachers, school administrators and parents. The standards establish clear and consistent goals for learning that will prepare America’s children forRead MoreCommon Core State Standards Essay1246 Words   |  5 Pages45 states that have adopted the same educational standards called Common Core State Standards (CCSS). The initiative is sponsored by the National Governors Association and the Council of Chief State School Officers and seeks to establish consistent education standards across the states. The Common Core Standards is initiative state-led effort that established a single set of clear educational standards for kindergarten through 12th grade i n English and Mathematical standards. These standards helpRead MoreCommon Core State Standards Essay1085 Words   |  5 PagesThe Common Core State Standards (CCSS) identify expectations of what the students will be able to achieve by the end of the school year. The standards provide teachers and curriculum developers the opportunity to use their best findings and available tools to meet these ends (California Department of Education, 2013). The reader needs to understand that the teaching principles implemented by individuals who received extensive  training in college-based teacher training programs in order to understandRead MoreEssay Common Core State Standards919 Words   |  4 Pagesdifferent assessments with subjects like science, math, and language arts. However, within the past year many schools in the United States of America have switched their state standards to a new standard known as common core. Common core is now a nationwide standardized test with subjects like reading, writing, and math. Some standards that are evident in the common core are, â€Å"research and evidence based, clear, understandable, and consistent, aligned with college and career expectations, based on rigorousRead More The Common Core State Standards Essay2312 Words   |  10 Pagesdid not already know? Contrary to my expectation, the first day of class, I learned things about math that had never been brought to my attention. This paper will discuss what I have learned about subtraction, about students, about the Common Core State Standards, and how my concept map has changed since my first draft. Cardinality and Subitizing Cardinality and subitizing are not topics encountered in everyday life, unless you happen to be a math education specialist. Both were words I had notRead MoreEssay on Common Core State Standards and Its Impact on Curriculum 1641 Words   |  7 PagesCommon Core State Standards and Its Impact on Curriculum Introduction Common Core State Standards (CCSS) is a voluntary state led initiative that looks to establish clear expectations for learning in grades kindergarten through twelfth that are standard from state to state. The purpose of the standards is to make certain that there is uniformity in student proficiency and high school graduates have the know-how and ability needed for college and a competitive workforce in the twenty-first centuryRead MoreThe Problems With Common Core State Standards (CCSS) Essay1690 Words   |  7 Pagessupport common core state standards (CCSS), they have not received or researched the history of how CCSS introduced itself. Furthermore, they do not understand that local control is being taken away, which results in the eventual destruction of excellent, local schools, students, and future generations. Two private trade organizations located in Washington, D.C, wrote the CCSS at the request of Achieve, a company created by Bill and Melinda Gates. Thus, CCSS did not arise from the state level butRead MoreCommon Core Standards : A Standard Or A Type Of Curriculum?1713 Words   |  7 PagesWhat is Common Core? Is it a standard or a type of Curriculum? According to CoreStandards.org, common core is a set of high-quality academic standards in mathematics and English language arts/literacy (ELA). These learning goals outline what a student should know and be able to do at the end of each grade. The standards were created to ensure that all students graduate from high school with the skills and knowledge necessary to succeed in college, career, and life, regardless of where they liveRead MoreAndy Thomson: A Political Leader with Courage814 Words   |  3 PagesMy essay about a political leader who had courage is about Andy Thompson. I met Representative Thompson his first year running for State Representative and have helped with his campaigns since then. He served three terms on Marietta’s city council. He is now currently serving his second term in the Ohio House of Representatives. Representative Thompson serves the 95th district in Ohio, which includes Noble, Harrison, and Carroll counties, as well as parts of Washington and Belmont counties. He

Flash bulb memory Free Essays

Critically evaluate the claim that flashbulb’ memories are qualitatively different to other memories Memory In psychology is the physical series of events within the brain that encode, store and retrieve information within the human body. When information is encoded within our memory it reaches our primary five senses and is converted into chemical and physical stimuli. This stimuli is stored in the next stage of the memory process where information if retained for potentially decades of time within us. We will write a custom essay sample on Flash bulb memory or any similar topic only for you Order Now We can retrieve this information by locating it within our subconscious. This can be effortless or difficult but this is based around the type of memory concerned. Memory itself can be broken down into three areas as shown by this image (The Human Memory 2013) Long-term memory is the area of concern as this is where the topic of Flashbulb memory and the memories that it can be qualitatively analysed with are found. Long term memory is exactly what you would expect it to be and that is the storage of information within the brain over vast periods of time which is a seemingly never ending storage system. Information decays over time as people grow old but it is in ome debate whether humans ever really forget information or it simply becomes too strenuous on the brain to recall the information in question. (The Human Memory 2013) Flashbulb memory is the main topic and is within the category of long-term memory and in its most simple form it is the memories a person forms when they witness a shocking or very significant event within the world. An example of a ‘significant event’ in the world may be the assassination of a world leader or the day you won the lottery for instance as an example of what both a shocking and a significant event may be for someone in the world. An individual after having witnessed or experienced a life altering event may experience the effects of flash bulb memory and astonishingly be able to remember an event at a very high level of detail at the moment the event took place. For example an individual may have the ability to recall where they were at the time and who they were with, perhaps what they were wearing or what emotions they were feeling throughout the event when it took place. A quick example of an event that many said to have retained a precise and accurate account of in the United States what the assassination of President John F. Kennedy even decades after it has taken place. [1] It is the first type of memory that showed the potential interaction between emotion and the cognitive process of memory itself and how they can actually be linked together. However it is still being debated whether the flash bulb memory is simply a unique or special type of memory or is it the same and Just as unreliable as other types of memory. Brown ; Kulik created and experiment in 1977 from which they became the first ambassadors of notion that that flash bulb memory was triggered by important events in an individual’s life. It was the first type of memory that showed the potential interaction between emotion and the cognitive process of memory itself and how they can actually be linked together. Brown and Kulik describe flash bulb memory as the remembrance ot extremely detailed and vivid memories which are significant to the individual concerned. They also are memories that are extremely resistant to being forgotten over large quantities of time. In the Study Brown Kulik originally carried out in 1977 the way in which many viewed how they saw light bulb memory and in essence redefined it. The aim of this study was to find out if dramatic or ndividually momentous events would cause these so called flash bulb memories’. They initially asked forty white and black American citizens if they could remember vivid imagery when they heard that a major event in the past had happened in a questionnaire format. Examples given were the assassination of John F. Kennedy or the death of Princess Diana as well as others. They then tested their initial prediction (that these influential events would have caused and now cause recollection of light bulb memory) against non-consequential more monotonous events in a person’s life. Overall it was found that flash bulb memory was more likely to be remembered of a shocking, disturbing or momentous event in a person’s life. Issues personally relevant were also likely to be remembered with flash bulb memory. (1B Psychology (Diana) 2011) It is believed by many that a flash bulb memory can be more accurate and longer lasting than alternative memory types such as Brown ; Kulik who believed flash bulb memories were long term aspects of a person’s inherent memory in which they could remember specific instances and aspects they otherwise could not, while hey did believe these memories were not always accessible by the person as they deteriorate with age. They also believed that an event remembered with flashbulb memory would depend heavily on different factors. The proximity firstly between the person impacted and the event itself would affect the memory as the closer a person was to an event the more involved and immersed they would become in the scenario. The emotion the individual felt when the scenario played out is another key factor as this emotion may be so strong it triggers a light bulb memory. The distinctiveness of he scenario is very important. Was it common place and very much familiar and the person feels like they can simply discard the event or is it so unfamiliar it is almost disturbing or creates a burning curiosity and amazement which consequently leads to a flash bulb memory. So from this information Brown Kulik clearly feel that flash bulb memories are unique themselves and have special properties which set them apart from ordinary types of memory. (Wikipedia flash bulb memory 2013) Counter arguments created by Michael McCloskey were made in which he and his fellow olleagues analysed Brown Kuliks hypothesis and results to form their own findings on the subject of flash bulb memory. Their aim was to find out whether there was really a difference between ordinary trivial memories and distinctive ‘important’ ones and whether there really is a special mechanism used for a person’s flash bulb memory. The notion that flash bulb memories are simply memories of important events in an individual’s life that are completely viable and explicable in terms of the ordinary memory and do not show the existence of a new specific and special mechanism. Michael McCloskey also writes that an event may be seen by the person as more distinctive, influential and consequentially memorable but there is not a way a ‘qualitative distinction’ can potentially be shown between memories for learning about these shocking and important instances and memories for simply learning about monotonous trivial scenarios. How to cite Flash bulb memory, Papers

Macroeconomic Gross Domestic Product of UAE

Question: Discuss about theMacroeconomic for Gross Domestic Product of UAE. Answer: UAE Economy Overview: The economy of UAE is considered as the second largest in the Arab World having GDP of $570 billion. UAE has been able to diversify its economy however; it remains to be heavily depended upon oil. It is worth mentioning that petroleum and natural gas continues to be the highest contributor in the economy. More than, 85% of the UAE economy is highly depended upon exportation of oil and overseas sales forms 77% of the UAE state budget (Banerjee Majumdar, 2014). Comparison of UAE GDP from 2006-15: The Gross Domestic Product (GDP) of UAE increased by 3.45% in the year 2015, which is higher than the previous year. In addition to this, the annual GDP growth rate aggregated around 4.69 per cent from 2006 until 2015 (Tradingeconomics.com 2016). The GDP annual growth rate of UAE reached an all time high of 9.80 per cent during 2006 but also recorded a low of -5.20 per cent during 2009. Figure 1: United Arab Emirates GDP Annual Growth Rate (Source Tradingeconomics.com 2016) Service sector forms the largest sector of United Arab Emirates economy with 40 per cent of GDP. Wholesale, retail trade and repairs (12 percent GDP), transport and communication, warehousing (8 percent of GDP), real estate and business services (9 percent of GDP) forms the vital segment. Construction and electricity along with water and gas forms 13 per cent of the output whereas manufacturing contributes 8% of the GDP. Agriculture, cattle ranching and fishing contributes 1 per cent of the remaining GDP (Tradingeconomics.com 2016). UAE continues to ramp up oil production in October and attaining a new height of 2085 million barrels per day (mbph). Abu Dhabi supreme petroleum council approved the national oil corporation with a five-year plan, which advised a further increase in production of 3.5 mbph by combining with economic reforms to boost the degree of efficiency. Analysis of Oil Price Impact on Economy: During the month of April, the purchase index represented a drop of two points for UAE from 54 points in the month of March to 52.8. Anything above the metric reading of 50 represents economic growth however, the expansion was in the areas of manufacturing and service sector but the oil industry was slowing (Al-Shayeb et al., 2016). The emirates production accounts for 3 million b/d of crude oil however, the government revenues is experiencing a continuous fall. The revenues from crude oil accounted for 41% of the GDP during the year 2013, which declined, to 29% of the GDP in the year 2015. It should be also noted that in the environment of low oil price the government spending has been raising from 30 percent of GDP during 2013 to 34 per cent of GDP in the year 2015. As a result, surplus of 10.4% of GDP during 2013 it has turned into the fiscal deficit of estimated 5.2% of the GDP during the year 2016. It is noteworthy to denote that high real GDP growth rate of more than 6 per cent in the last decade has started to decline because of lower oil revenues. A closely watched indicator of Dubai economic health highlighted the first economic contraction of its private sector ever since the recession of 2009, which defined the increasing, effect of low oil prices and global economic jitters in UAE (Elbadawi, Selim, 2016). The primary reason for the decline in the oil price is due to the uncertain international economic expansion, instability in the monetary markets and low oil prices have weigh on sentiments and activity. On the other hand, the tourism and retail trade has been strongly impacted by a strong growth in US dollars as reported in the index tracker, which slipped to 48.9. Identification of Fiscal Policy: The government of UAE implements an active expansionary monetary policy, which is directed towards the growth of the economy and generating, desired economic objectives under stable price. This expansionary fiscal policy also includes reducing employment with sustained economic growth as UAE is aiming to sell large number of bonds so that it can finance various economic strategies. With more amount of money in hand, UAE will move forward with the plan of increasing real GDP with increased government spending on things such as infrastructure and investment in the aviation market (Arrow Kruz, 2013). The strategy aligns with government fiscal policy so that it can attain the economic goals. It should be noted that goals remains the same with more severe and potentially more disastrous implications. Explanation of the Selected Fiscal Policy: The central undertakes an open market operations and purchases securities in an open market. Hence, purchase and sell of securities from public or mainly from the commercial bank may lead to increase in bank reserves or the quantity of money available in the public (Hansen, 2013). With higher amount of reserves, commercial bank can issue large volume of credit amongst the businessperson and investors for undertaking additional investment. Large number of private companys investment will lead the average demand curve to shift upward. Hence, purchase and sell of securities will lead to expansionary effect. Provincially, the central bank may reduce the rate of bank interest or the rate of interest charged by bank on the amount of loan given to commercial bank. With lower amount of bank rate, the commercial bank might be encouraged to have a loan from the central bank and will have the ability to issue more credit at reduced rate of interest to businessperson and investors. This will not lead to cheaper borrowing but may also expand the accessibility of credit or supply of money in the economy (Arrow Kruz, 2013). Thus, expansion of credit or supply of money will ultimately increase the demand for investment, ultimately leading to increase the aggregate output and income. Lastly, the central may also cut down the cash reserve ratio, which should be maintained by the commercial banks. In UAE, this is an efficient method of credit expansion with increased availability of money in the economy by the central bank (Fats Mihov, 2013). It is noteworthy to denote that lower requirements of reserves and huge sum of funds are released to offer loans to businessperson and shareholders. Consequently, credit expansion and investment grows in economy leading to expansionary effect on both output and employment. Explanation of the Selected Fiscal Policy in UAE: Implications: Economic growth: UAE emphasis on buying and selling of bonds as the government believes that acquiring the cash and issuing bonds to the buyers at a certain rate can turnaround the situation by investing the cash into the channel in which it sees fit. Whether it is an infrastructure or aviation the government looks to payback the debt as soon as the investment becomes profitable. The plan faces several contingencies and hindrances on the capability of the UAE government to take complete advantage of putting back the money to work in an efficient way. The results may undoubtedly lead to higher GDP with large amount of active hands on monetary policy (Blanchard Leigh, 2013). Whereas, a hands off monetary policy would require no amounts of debt be issued rather than having sufficient cash to invest before moving forward on any project regardless of the profit deemed available for investment. Low unemployment: Under a hands-off market economy, implementing fiscal policy to attain the desired result of changing the supply of money by dispersing large number of issued government bonds to derive higher output of GDP is poor money management move. In contrary to the idea, even if the government goal of increasing the households overall income the risk of mortgaging could lead to uncertain consequences that are far-reaching and generational. An endless amount of wealth is generated from oil supplies and using hands on theory UAE will able to sell government issued bonds by using cash to build roads and airports (DeLong Summers, 2012). Hence, putting its citizen to work would effectively help in keeping up the unemployment rate at low level and resulting in high GDP. Stable prices: It is a well-known fact that increasing the supply of money ultimately increases the overall price both in short run and in long run. It is unwise to think that monetary policy is lone contributor of inflation as there are several other factors that must be considered but none seems to have direct impact on monetary policy (Rapetti, 2013). The short-term gains from Hands-on-monetary policy would however help in reducing the inflation rate and bringing back price on stable rate. Conclusion: To conclude with the economy of UAE is projected to remain attractive amid the situation of recovering oil prices and growth in the activities of public and private sector enterprises. It is anticipated that the GDP of UAE is subjected to grow by 4 to 5 per cent in the coming years. The current economic assumptions is based on the UAEs existing market of oil exports which revolves around aggregate oil price of $37 in 2016 and is anticipated to be $50 by the end of 2017. The economic forecast is primarily depended upon UAE government response towards economic challenges associated with de-regularisation of fuel prices along with diversification of non-oil sectors. Reference List: Afonso, A., Sousa, R. M. (2012). The macroeconomic effects of fiscal policy.Applied Economics,44(34), 4439-4454. Al-Shayeb, A., Al-Shayeb, A., Hatemi-J, A., Hatemi-J, A. (2016). Trade openness and economic development in the UAE: an asymmetric approach.Journal of Economic Studies,43(4), 587-597. Arrow, K. J., Kruz, M. (2013).Public investment, the rate of return, and optimal fiscal policy(Vol. 1). Routledge. Arrow, K. J., Kruz, M. (2013).Public investment, the rate of return, and optimal fiscal policy(Vol. 1). Routledge. Auerbach, A.J. Gorodnichenko, Y., (2012). Measuring the output responses to fiscal policy.American Economic Journal: Economic Policy,4(2), pp.1-27. Banerjee, R., Majumdar, S. (2014, September). Profitability Determinants of Commercial Banks in UAE-A Sure Model Approach. InThird Asian Business Research Conference(p. 74). Blanchard, O. J., Leigh, D. (2013). Growth forecast errors and fiscal multipliers.The American Economic Review,103(3), 117-120. Blanchard, O., Dell'Ariccia, G., Mauro, P. (2013). Rethinking macroeconomic policy: Getting granular. DeLong, J. B., Summers, L. H. (2012). Fiscal policy in a depressed economy.Brookings Papers on Economic Activity,2012(1), 233-297. Elbadawi, I., Selim, H. (2016).Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies. Cambridge University Press. Fats, A., Mihov, I. (2013). Policy volatility, institutions, and economic growth.Review of Economics and Statistics,95(2), 362-376. Flamos, A., Roupas, C. V., Psarras, J. (2013). GCC economies diversification: still a myth?.Energy Sources, Part B: Economics, Planning, and Policy,8(4), 360-368. Hansen, A.H., (2013).Fiscal policy business cycles. Routledge. Rapetti, M. (2013). Macroeconomic policy coordination in a competitive real exchange rate strategy for development.Journal of Globalization and Development,3(2), 1-31. Sarant, L. (2016). The Middle East: An end to oil dependency.Nature,537(7618), S6-S7. Sherif, S. (2013). Intra-Regional Trade, Evidence from the UAE: A Gravity Model Approach.International Journal of Economic Perspectives,7(3), 57-65. United Arab Emirates GDP Annual Growth Rate | 2000-2016 | Data | Chart. (2016).Tradingeconomics.com. Retrieved 6 December 2016, from https://www.tradingeconomics.com/united-arab-emirates/gdp-growth-annual United Arab Emirates GDP Growth Rate | 2000-2016 | Data | Chart | Calendar. (2016).Tradingeconomics.com. Retrieved 6 December 2016, from https://www.tradingeconomics.com/united-arab-emirates/gdp-growth Weale, M., Blake, A., Christodoulakis, N., Meade, J. E., Vines, D. (2015).Macroeconomic Policy: inflation, wealth and the exchange rate(Vol. 8). Routledge. Wright, R., Dong, M., Sun, L. (2015).Macroeconomic Policy and Household Economics(No. 15-3). Federal Reserve Bank of Minneapolis.

Evaluation of PEP Essay Example

Evaluation of PEP Essay Overall I enjoyed completing the circuit training and was very pleased with the way in which the PEP developed all the different aspects of my fitness.  The chosen method of training and the specific exercises were relevant to the game of basketball and the level of intensity was suitable for me. The overload and progression worked well and definitely made me work hard. I now understand how to implement gradual changes to the intensity without risking injury and fatigue. I also have a better understanding of the need for adequate recovery time and the importance of a proper cool down period. Before following this PEP is used to only spend time warming up. The exercises were followed safely and the quick safety check of equipment was carried out each session.  The retest results how I have improved in all areas of fitness. I was particularly pleased with the vertical jump and flexibility results. These improvements have allowed me to be more effective in the matches I am playing and I am starting to make less mistakes in my passing skills. I also seem to be more effective when in a ruck situation. However I still feel I need to develop my upper body strength.  I found the evaluation of each session useful and will continue to do this in the future, not only for training but matches to make my goal setting more effective. We will write a custom essay sample on Evaluation of PEP specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Evaluation of PEP specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Evaluation of PEP specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The PEP helped my levels of motivation as I wanted to constantly strive for improvement as well as my levels of concentration. Because I was getting tired I found I had to focus on the technique and I have started to transfer this to the game situation which has helped my skill performance.  I will continue to incorporate circuit training into my overall programme and aim to gradually increase the work intensity, after reducing the recovery time between the circuits. The session, although demanding was actually much better than last week. I even managed to complete two circuits on the pull-up station without stopping. This may have been due to the fact I felt highly motivated as this was the last session and was very focused on completing the exercise if I could.  The warm-up and cool-down both went well and I really noticed a  difference in my flexibility over the course of the PEP.  Considerations for next session  Now I have actually trained properly and followed a structured training programme I think I will continue to do so. I have seen a difference in my fitness levels and enjoyed seeing the improvement.

Free Essays on Personality

â€Å"Personality† Psychology covers a vast field, and one interesting aspect of it is personality. Personality by itself involves various issues. Some of which basic aspects are Psychoanalytic, Biological, Ego, Humanistic and Interactionist which can be found in chapter fifteen. Though personality as a subject fascinates me a lot, because personality is the way people behave. I believe Behavior determines human personality and is very interesting. You can tell what one is by his behavior, and one behaves according to what place he has in society. Personality plays a big part in everyone’s live and everyone is different and I think that is also what makes personality so interesting. I know I have learned a lot about myself over the years even though I don’t think that my personality really has not changed much. I understand now why I act the way I do and sometimes I try work on the thinks I do not like about my personality. Like my attitude and I have very little patients. I have worked on my patients a lot and now I am starting slow down and take a breath and don’t get my â€Å"patties in a wad†. I also believe that everyone get some of there personality from there parents just because you have been around them for so long. I also think that personality can be described in many ways and it is in the eye of the beholder to choose his definition of personality. I really do enjoy this class and I think I have learned a lot about myself through this class because of the some many different personalities. Everyone in class thinks differently and I like the way we have discussions because it brings out people personalities and helps me to get to know what other people think about certain things. But I wish we could spend more time on all the topics we talk about be I know we do have lots of time.... Free Essays on Personality Free Essays on Personality â€Å"Personality† Psychology covers a vast field, and one interesting aspect of it is personality. Personality by itself involves various issues. Some of which basic aspects are Psychoanalytic, Biological, Ego, Humanistic and Interactionist which can be found in chapter fifteen. Though personality as a subject fascinates me a lot, because personality is the way people behave. I believe Behavior determines human personality and is very interesting. You can tell what one is by his behavior, and one behaves according to what place he has in society. Personality plays a big part in everyone’s live and everyone is different and I think that is also what makes personality so interesting. I know I have learned a lot about myself over the years even though I don’t think that my personality really has not changed much. I understand now why I act the way I do and sometimes I try work on the thinks I do not like about my personality. Like my attitude and I have very little patients. I have worked on my patients a lot and now I am starting slow down and take a breath and don’t get my â€Å"patties in a wad†. I also believe that everyone get some of there personality from there parents just because you have been around them for so long. I also think that personality can be described in many ways and it is in the eye of the beholder to choose his definition of personality. I really do enjoy this class and I think I have learned a lot about myself through this class because of the some many different personalities. Everyone in class thinks differently and I like the way we have discussions because it brings out people personalities and helps me to get to know what other people think about certain things. But I wish we could spend more time on all the topics we talk about be I know we do have lots of time.... Free Essays on Personality A Critical Analysis of A Midsummer Night's Dream By: Mandy Conway E-mail: sweetpea_250@yahoo.com Mandy Conway Mrs. Guynes English 12 16 March 2000 A Critical Analysis of â€Å"A Midsummer Night’s Dream† William Shakespeare, born in 1594, is one of the greatest writers in literature. He dies in 1616 after completing many sonnets and plays. One of which is â€Å"A Midsummer Night’s Dream.† They say that this play is the most purely romantic of Shakespeare’s comedies. The themes of the play are dreams and reality, love and magic. This extraordinary play is a play-with-in-a-play, which master writers only write successfully. Shakespeare proves here to be a master writer. Critics find it a task to explain the intricateness of the play, audiences find it very pleasing to read and watch. â€Å"A Midsummer Night’s Dream† is a comedy combining elements of love, fairies, magic, and dreams. This play is a comedy about five couples who suffer through love’s strange games and the evil behind the devious tricks. This play begins as These us, the Duke, is preparing to marry Hippolyta. He woos her with his sword. Hermia is in love with Lysander. Egeus, Hermia’s father, forbids the relationship with Lysander and orders her to marry Demetrius. Demetrius loves Hermia, but she does not love him. On the other hand, Helena is in love with Demetrius. To settle the confusion, Theseus decides that Hermia must marry Demetrius or become a nun. In retaliation to her father’s command, Hermia and Lysander run away together. Amidst all the problems in the human world, Titania and Oberon, the fairy queen and king, continually argue about their various relationships that they have taken part in. (Scott 336) Titania leaves Oberon as a result of the arguments. Oberon is hurt and wants revenge on Titania. So he tells Puck, Oberon’s servant, to put a magic flower juice on her eyelids while she is sleeping. This potion causes the victim to desperately i...

The novel Passing by Stella Larsen Essay Example | Topics and Well Written Essays - 500 words

The novel Passing by Stella Larsen - Essay Example The fall of Clare is in haziness. The readers are forced t think about the major part played Irene in the fall of Clare Redfeild . Clare consciously accompanies Irene’s husband Brain in tea parties. During these outings Irene notices her ability with men. She has such a magnetic ability to charm and enthrall them with her beauty, pull them through her skilful speech. Irene is sure that Clare would go after anything that she desired with disregard to the feeling of others . â€Å"Why to get the thing I want badly enough, I would do anything, hurt anybody, throw anything away, I am not safe† p(81). The real Irene is one who wishes to enjoy the liberal life of Clare .But she now blames herself for hiding the fact of being Black. John Bellow is also unknown about her identity. But in the curse of the time Irene notices the influence of Clare even on her own husband. To Irene, security was the most important and desired thing in life .It was clear that Irene at a moment subconsciously wished for an end to Clare. When Clare confesses about the breaking of the china tea cup to Hugwentworth that it was a mindful effort, she reveals her mind. The white tea cup is really Clare herself who has the same white ancestors and live in the world through deception. Clearly the shattering of the tea cup with its white fragments is the shadows of the impending death of Clare

Soil strengthening of age-old-designed railway tracks Research Paper

Soil strengthening of age-old-designed railway tracks - Research Paper Example Superstructure consists of rails, fastening, and sleepers, and sub-structure consists of ballast, sub-ballast, and sub-grade. This research assignment studies the functions of substructure in track operation. Railroad substructure receives dynamic load from train movement and behaves according to the principles and laws of soil mechanics. Soil performance under loading in soil mechanics is governed by two characteristics: strength and deformation (STRATIGRAPHICS n.d.). Strength refers to the shear strength properties, and deformation refers to settlement. The proper functioning of substructure is characterized by the bearing capacity which implies that shear stresses caused by the cyclic loading has to be lower than the soil’s undrained shear strength value, and at the same time settlement will not develop plastic behavior in the soil. After a number of years of operation, instability of both super and sub structures is caused by the shear failure and plastic settlement of sub -grade. There are many factors that may contribute to the loss of soil-strength. Among them, poor drainage, and trapped water in ballast pockets play significant roles. According to Harry Cedergreen, drainage represents a significant issue for railroad construction and maintenance; stability and low maintenance cost can only exist when adequate drainage is provided (Cedergren 1989, p. 364). Sub-grade failure in railroad jargon is called â€Å"soft track† (Australian Rail Track Corporation a 2001). Soft track includes ballast failure, top formation failure, shallow sub-grade failure, embankment failure, and landslide failure. Water is one of the several contributors that cause these failures. The scope of this assignment is to study methods... The response to the cyclic loading of rail track is an interaction of superstructure and substructure. Ballast, sub-ballast, and sub-grade relates to substructure. Decades of operation bring structural changes of substructures. The sub-grades of the old existing rail tracks require rehabilitation to satisfy proper functioning and meet current technical operational standards. The scope of this assignment is to find the rehabilitation approach for the existing tracks of Australia. The solution must account that improvement of substructure by dismantling the railways is not an option due to the transport collapse, which is accompanied by financial losses. Rehabilitation of the existing railway is not a sheer issue that relates to Australia only; it is also a significant issue for the European countries, Canada, and USA. CSX Rail Line in Milstead, Alabama, USA faced excessive ballast settlement and soil pumping problems due to the poor sub-grade conditions. Moreover, Tallapoosa River run s parallel to the rail line. The rehabilitation of the track included raising the track, undercutting and removing the existing ballast, and use of filter fabric over the exposed sub-ballast, which was followed by a layer of Geogrid

Secure Computer System - Case Studies Study Example | Topics and Well Written Essays - 2750 words

Secure Computer System - Studies - Case Study Example Fire detection is very crucial therefore fire detection appliances should detect the smallest indication of fire through sparks and temperature rise. Fire suppression equipment need to be installed and should suppress the fire without damaging the server equipment. Water sprinklers are the most common fire suppression equipment. It would be better to consider other options like the use of carbon dioxide fire extinguishers (Nash, 1997, pg 23). Heating, ventilating and air conditioning as well as climate control equipment should be kept separate from the rest of the room to avoid damaging the network equipment. I would not place the ventilation equipment overhead because it would risk the server. The switch for the equipment would be placed inside the room to prevent accidental switching. Proper power at the right quality should be regulated through the use of power protection equipment. By use of reliable power supply and surge protection equipment, the power will be kept at the desired quality. Power should be safe and reliable and should not fluctuate often. The space for the equipment should be adequate enough to allow for future expansion. ... Considerations for installing additional components and intrusion detection and prevention system should be taken into consideration (Shirley, 2008, pg 34). Case Study Pg.432 Case exercise Question 1 page 432 Based on the case study, what security awareness and training posters had an impact in this incident. Pg.432 Question 1 In Amy's incident, the following security awareness posters and training documents may have contributed to it; posters requiring the immediate reporting of security problems, posters and documents requiring the practice of healthy computer security. Information and security tips on posters and documents. Company security policy documents also contributed to this incident. The following topics may also have contributed to the incident, these are; Password usage and management; this includes creation of passwords, frequency of changing the password and methods used in protection. Security training plays a pivotal and important role in preventing attacks on computer system by viruses, worms, Trojan horses, and other malicious code (Richardson, 2005, pg 2). More information that is needed in order to enhance information security is the creation of a policy poster indicating; implications of noncompliance to information security implications of receiving unknown e-mail/attachments implications of people browsing certain prohibited websites during working hours those allowed to use the web services and those who are prohibited and also stipulating penalties for those found breaching these rules and regulations Data storage and backup; data storage systems maybe centralized or decentralized. This information is placed on not only posters but also on, newsletters,

Study On The Objectives Of The Bse Sensex Finance Essay

Study On The Objectives Of The Bse Sensex Finance Essay BSE SENSEX is the short form of the BSE Sensitive Index. The index is widely used to measure the performance of the Indian Stock Market. It is a Market Capitalization Weighted index of 30 stocks representing a sample of large, liquid, well established and financially sound companies. The index is widely reported in both, the domestic and international, print and electronic media and is widely used to measure the performance of the Indian stock markets. The BSE Sensex is the benchmark index of the Indian capital market and one which has the longest social memory. In fact the Sensex is considered to be the pulse of the Indian stock markets. It is the oldest index in India and has acquired a unique place in the collective consciousness of investors. Further, as the oldest index of the Indian Stock Market, it provides time series data over a fairly long period of time. One of the most important attributes of Sensex is to maintain continuity with the past i.e. to update the base year av erage. The base year value adjustment ensures that the rights issue and new capital of the index scrips do not destroy the value of the index. The day-to-day maintenance of the Sensex is done by the Bombay Stock Exchange and special care is taken to include only those scrips, which pass through several filters. The Stock Exchange, Mumbai popularly known as BSE was established in 1875 as The Native Share and Stock Brokers Association. It is the oldest one in Asia, even older than the Tokyo Stock Exchange, which was established in 1878. It is a voluntary non-profit making Association of Persons (AOP) and is the first Stock Exchange in the country to have obtained permanent recognition in 1956 from the Government of India under the Securities Contracts (Regulation) Act, 1956. The Exchange, while providing an efficient and transparent market for trading in securities, debt and derivatives upholds the interests of the investors and ensures redressal of their grievances whether against the companies or its own member brokers. A Governing Board having 20 directors is the apex body, which decides the policies and regulates the affairs of the Exchange. The Governing Board consists of 9 elected directors, who are from the broking community (one-third of them retire every year by rotation), three SEBI nominees (Securities Exchange Board of India), six public representatives an Executive Director, Chief Executive Officer and a Chief Operating Officer. The Executive Director and the Chief Executive Officer are responsible for the day-to-day administration of the Exchange and he is assisted by the Chief Operating Officer and other Heads of Departments. OBJECTIVES The BSE Sensex is the benchmark Index of the Indian Stock Market with wide acceptance among individual investors, institutional investors and fund managers. The objectives of the index are: Æ’ËÅ" TO MEASURE MARKET MOVEMENTS Given its long history and wide acceptance, no other index matches the BSE Sensex in reflecting market movements and sentiments. Sensex is widely used to describe the mood in the Indian Stock Market. Æ’ËÅ" BENCHMARK FOR FUNDS PERFORMANCE The inclusion of the Blue chip companies and the wide and balanced industry representation in the Sensex makes it the ideal benchmark for fund managers to compare the performance of their funds. Æ’ËÅ" FOR INDEX BASED DERIVATIVE PRODUCTS Since Sensex comprises of leading companies in all the significant sectors in the economy, we believe that it will be the most liquid contract in the Indian market and will garner a pre dominant market share LISTING OF SECURITIES Listing means admission of securities to dealings on a recognized stock exchange. The securities may be of any public limited company, Central or State Government, quasi-governmental and other financial institutions/corporations, municipalities etc. The objectives of listing are mainly to: Æ’ËÅ" Provide liquidity to securities Æ’ËÅ" Mobilize savings for economic development Æ’ËÅ" Protect interest of investors by ensuring full disclosures. The Exchange has a separate Listing Department to grant approval for listing of securities of companies in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956, Securities Contracts (Regulation) Rules, 1957, Companies Act, 1956, Guidelines issued by SEBI and Rules, Bye-laws and Regulations of the Exchange. SELECTION CRITERIA The criteria for selection and review of scrips for the BSE Sensex can be explained in the following manner: A. QUANTITATIVE CRITERIA 1. MARKET CAPITALIZATION: The Scrip should figure in the top 100 companies listed by market capitalization. Also market capitalization of each of the scrip should be at least. 0.5 % of the total market capitalization of the Index i.e. the minimum weight should be 0.5%. Since the BSE Sensex is a market capitalization weighted index, this is one of the primary criteria for scrip selection. (Market Capitalization would be averaged for last 6 months). 2. LIQUIDITY: a. Trading Frequency: The scrip should have been traded on each and every trading day for the last six months. Exceptions can be made for extreme reasons like scrip suspension etc. b. Number of Trades: The scrip should be among the top 150 companies listed by average number of trades per day for the last one year. c. Value of Shares Traded: The scrip should be among the top 150 companies listed by average value of shares traded per day for the last one year. d. Trading Activity: The average number of shares traded per day as a percentage of the total number of outstanding shares of the company should be greater than 0.05 % for the last year. 3. CONTINUITY: Whenever the composition of the Index is changed, the continuity of historical series of index values is re-established by correlating the value of the revised index to the old index (index before revision). The back calculation over the last one-year period is carried out and correlation of the revised index to the old index should not be less than 0.98. This ensures that the historical continuity of the index is maintained. 4. INDUSTRY REPRESENTATION: Scrip selection would take into account a balanced representation of the listed companies in the universe of BSE. The index companies should be leaders in their industry group. 5. LISTED HISTORY: The scrip should have a listing history of at least 6 months on BSE. However, the Committee may relax the criteria under exceptional circumstances. B. QUALITATIVE CRITERIA 1. SCRIP GROUP: The Scrip should preferably be from à ¢Ã¢â€š ¬Ã… ¾Aà ¢Ã¢â€š ¬Ã… ¸ group. 2. TRACK RECORD: The company should preferably have continuous dividend paying record or / and promoted by management having proven record. S P CNX NIFTY The NSE -50 Index was launched by the National Stock Exchange of India Limited, taking as base the closing prices of November 3, 1995 when one year of its Capital Market segment was completed. It was subsequently renamed S P CNX Nifty- with S P indicating endorsement of the Index by Standard and Poorà ¢Ã¢â€š ¬Ã… ¸s and CNX standing for CRISIL NSE Index. The S P CNX NIFTY, also popularly known as the Nifty 50, is one of the most scientific indices in India that reflects the price movement of 50 blue- chips, large cap, liquid and highly traded stocks of 23 sectors. The Nifty is managed by India Index Services Products Ltd. (IISL). The total value of all Nifty stocks is approximately 70% of the traded value of all stocks on the NSE. Nifty stocks represent about 59% of the total market capitalization. OBJECTIVES The basic idea of this index is to ascertain the movements of the stock market as a whole by tapping the news which can affect the stock. The index also averages out the good stock specific news for a few companies and bad stock specific news for others and left with the news that is common to all stocks. The news that is common to all stocks is news about India, which is the sole purpose of NSE Nifty. According to NSE, the Index was introduced with the objectives of: 1. Reflecting market movement more accurately, 2. Providing Fund Managers with a tool for measuring portfolio returns vis-a-vis market returns, and 3. Providing a basis for introducing Index based derivatives. This paper discusses Efficient Market Hypothesis (thereby referred to as EMH), seasonalities and its implications in both advanced and emerging securities markets. EMH suggests that investors cannot expect to out perform the market consistently on a risk adjusted basis (Mayo, 2003). According to Fama (1965) who developed the Efficient Market Hypothesis, an efficient market is a market where there are a large number of rational profit-maximizers actively competing, with each trying to predict future market values of individual securities, and where important current information is almost freely available to all participants. In an efficient market, competition among the many intelligent participants leads to a situation where at any point in time, actual prices of individual securities already reflect the effects of information both on events that have already occurred and on events which, as of now, the market expects to take place in the future. In other words, in an efficient marke t at any point in time, the actual price of a security will be a good estimate of its intrinsic value. On the other hand, in an inefficient market, EMH would not hold. This suggests that existence of loop holes which could be exploited to make abnormal returns by predicting market price patterns, using past price information and insider information. These market inefficiencies, also called market anomalies have received as much research work as EMH. 2. THREE FORMS OF MARKET EFFICIENT HYPOTHESIS There are three forms of market efficiency in an informationally efficient market, where prices adjust quickly and accurately to new information (Emery et al, 2007). These forms show the degree of efficiency of security markets and attempt to answer the question of how efficient a market is. (Mayo, 2003 and Keane, 1983) 2.1 Weak Form Efficiency The weak form of EMH asserts that the current price fully reflects information contained in the past history of prices only. Stock market price information is available via most means of mass communication. Thus, investors should be unable to make superior profit from use of public information i.e. daily stock market prices or company results available to all. Again, many investment bankers and financial analysts devise investment strategies using technical analysis of past data to outperform the market and their competitors, in satisfying their clients demand for superior returns. Transaction costs of trading, investment advice, analysis and commissions when considered, affects the investors return, especially for investors who continue to use traditional full service brokers (Mayo,2003) 2.2 Semi Strong Form Efficiency The semi strong form of EMH, according to Brealey et al (2006), prices reflect not just past prices but all other published information, such as you might get from reading the financial press. Similarly, Fama (1969) defined it as publicly available information with examples of announcements of annual earnings and stock splits. Semi-strong form of EMH asserts that current prices fully reflects public knowledge about the underlying companies and that efforts to acquire and analyze this knowledge cannot be expected to produce superior investment results (Lorie Hamilton 1973). 2.3 Strong Form Efficiency The strong form of EMH suggests that share prices fully reflect not only published information but all relevant information including data not yet publicly available. It also asserts that not even those with privileged information (insiders) can often make use of it to secure superior investment results (Lorie Hamilton 1973). These three forms of EMH are not independent of one another. For the market to be efficient in the semi-strong form, it must also be efficient in the weak form, because if price movements follow a predictable path which the perceptive observer can exploit profitably, the implication is that the price has reacted slowly or capriciously to published information. Likewise, for the market to be efficient in the strong form it must also be efficient at the other two levels, otherwise, the price would not capture all relevant information (Keane, 1983). He went on to state that for an inefficiency (seasonality) to be operationally significant it must be exploitable. Keane (1983) analyses four criteria an exploitable inefficiency should satisfy, these are: (a) it should be authentic supportable by properly conducted statistical research. (b) It should be identifiable-not just strategies or people that beat the market but concrete and verifiable evidence. (c) It should be material- inefficie ncies are not exploitable unless they are sufficient to compensate for the costs and risks of pursuing them. (d) It should be persistent-the value of inefficiency is not just a record of its existence in the past but that it will continue to exist in future. These criteria are very important in understanding the different types of market seasonality or anomaly, their existence, prevalence and their implications for the EMH. 3. SEASONALITIES AND ITS IMPLICATIONS FOR THE EMH Seasonalities, as the name suggests are time regularities, patterns or predictable trends. In the financial securities market, seasonalities would suggest predictable time patterns in the behaviour of the stock market-volume of stock trades, stock returns etc. If it does exist, then investors can exploit the market for superior returns in all financial securities markets. Seasonalities as defined by Alagidede (2008) are evidences of market efficiency anomalies. These are also known as seasonal anomalies (calendar effects) which may be loosely referred to as the tendency for financial returns to display systematic patterns at certain times of the day, week, month or year. Calendar effects include: January effect, the month of the year effect, monthly effect, holiday effect, Monday effect / day of the week effect, weekend effect, turn of the year effect etc. (Guo and Wang, 2007). Discussing a few of them will be worthwhile. 3.1 The January Effect The January effect is where returns are much higher during the month of January than any other month, i.e. where investors can earn a disproportionately high amount of the total annual return available from both fixed income assets and equity in January Clare et al (1995). Most research conducted in developed economies confirm the presence of the January effect, although, in more recent times they seem to be disappearing. Keim (1983) and Reinganum (1983) show that the January effect and the size effect are highly interrelated. Blume and Stambaugh (1983) discovered, after controlling for upward biases in small stock returns, the size effect was only significant in January. An extensive amount of studies has gone into the month of the year effect. Mills and Coutts (1995) concluded that stock returns are much higher in the month of January in the UK using FTSE indices between January 1986 and October 1992(FTSE 100,Mid 250 and 350 indices). Gultekin and Gultekin (1983) using 17 countries also found evidence that the January return is much higher than other months returns, Alagidede (2008) tested for month of the year effect in emerging African markets and concluded that the January effect is positive and significant for Nigeria, Egypt and Zimbabwe. However Guo and Wangs (2007) study on the emerging Chinese stock market shows that there is no significant January effect in Chinese stock market. Many researchers have sought the cause of the January effect and arrived at a number of causes which include: tax-loss selling hypothesis, provision of new information at the end of a fiscal year, firm size had the significant higher risk in the beginning of the year than the rest of the year and the systematic tendencies for closing prices to be recorded at the bid in the last traded in December and at the ask in early January (Guo and Wangs, 2007) 3.2 The Holiday Effect The definition of a holiday is relative, subjective and would vary for different countries and their capital markets e.g. Christian, Muslim, public holidays etc. One definition of a holiday looks at days, other than Saturday or Sunday, upon which the market is closed (Alagidede, 2008). Ariel (1990) used US data reports to show that the trading day prior to holidays on average displays high positive returns, this result was supported by Kim and Park (1994) for US, Japan and UK .However, Cadsby and Ratner (1992) using UK data concluded that the holiday effect was insignificant This conclusion was challenged by Mills and Coutts (1995) in their study of calendar effects using London stock FTSE indices. Coutts et al (2000) showed that the holiday effect is present in their study of the Athens Stock Exchange (ASE), although, no similar study has been undertaken on the ASE which would have been used as a basis of comparison. Their results were consistent with international evidences. 3.3 The Weekend Effect One of the most prevalent anomalies appears to be a weekend effect where stocks display significantly lower returns over the period between Fridays close and Mondays close (Arsad and Coutts, 1995). Jaffe and Westerfield (1985) examined the daily stock market returns in 4 international stock markets including, the London stock Exchanges FT30 over the period 1950 1982 and found a significant weekend effect. Consistent with Jaffe and Westerfield (1985) findings, Condoyanni et al (1987) also found the existence of the weekend effect in the UK when examining the FT30 over the period 1979 1994. Arsad and Coutts (1996, 1997) also found the weekend effect in the FT30 from the period 1935 1994, although according to their research the effect was found not to be persistent. Board and Sutcliffe (1988) examined the weekend effect in the Financial Times all share index over the period 1962 1986 and found clear evidence of a weekend effect over the sample period, with the significance of the e ffect diminishing over time. This is consistent with later research done by Dubois and Louvet (1996) on the same index for the period 1969 1992, in which negative returns was found on Monday, which are compensated by abnormal positive returns on Wednesday. Agrawal and Tandon (1994) examined the weekend effect in 18 countries including the UK and found a negative Monday return when the market rises in the previous week. Furthermore, they found the effect disappearing in 1980. Mills and Coutts (1995) found evidence of the existence of the weekend effect in the UK when the FTSE 100, Mid 250, 350 and certain of the accompanying industry baskets was examined for the period from 1986 to 1992. Ajayi et al (2004) investigated day of the week stock return anomaly, using major market stock indices in eleven eastern European emerging markets for the period 1994 2002. The results show negative and positive Monday returns in six and five emerging markets respectively, of which only two of the six show negative Monday returns and one of the five show positive Monday returns and were statistically significant. Choudhry (2000) investigated the day of the week effect in seven emerging Asian stock markets from 1990 1995 and found significant weekend effect in some of the markets considered. 3.4 The Day of the Week Effect: The day of the week effect refers to existence of a pattern on the part of stock returns, whereby these returns are linked to the particular day of the week (Poshakwale 1996). The last trading days of the week, particularly Friday, are characterised by substantially positive returns while Monday, the first trading day of the week, differs from other days, even producing negative returns (Cross 1973, Lakonishok Levi (1982), Rogalski (1984), Keim Stambaugh( 1984) and Harris (1986). In other words, this effect relates to the difference in returns across different days of the week with the variance in stock returns found to be largest on Mondays and lowest on Fridays (Raj Kumari 2006). It should be noted that the day of the week effect in emerging capital markets has not been extensively researched and the presence of such an effect would mean that equity returns are not independent of the day of the week effect against random walk theory (Poshakwale 1996). On the other hand, the inte rnational evidence of the report has been somewhat mixed. Dubois and Louvert (1996) find returns to be lower for the beginning of the week (but not necessarily Monday) for European countries, Hong Kong and Canada. However, it was observed that the anomaly disappeared in the USA for the most recent periods. Agrawal and Tandon (1994), find negative Monday returns in nine countries and negative Tuesday returns in eight countries (out of a total of nineteen countries). Several theories have been put forward regarding specific time periods anomalies in the capital market. The day of the week effect has been explained by examining various kinds of measurement errors such as: settlement period hypothesis; which attributes the day of the week effect to the settlement dates with prices higher on the pay-in days as compared to the pay-out days. Calendar time(trading time) hypothesis; implies that since Monday returns are spread across three days (Saturday, Sunday Monday), the returns should be three times as high as other days. The negative Monday returns go against this reasoning, which lead to the proposed theory that returns should be proportional to trading time as opposed to calendar time (Raj Kumari 2006). Information flow hypothesis postulates that the difference in information flow over the weekend compared to other days of the week causes the Monday effect (Dyl Maberly 1988). Often companies hold back negative information till the weekend, g iving the investors two non-trading days to absorb the information before reacting with trading activity. Consequently, all sell orders get pushed to Monday, thereby giving negative returns (Raj Kumari 2006). Retail investor trading hypothesis, suggests that negative Monday returns could be the result of individual investor trading activity (Brooks Kim 1997). It was found that trading activity is significantly lower on Monday for large size trades, while small size trades have a higher percentage of sell orders on Monday as compared to other days of the week. 3.5 Trading Month Effect The trading month effect also called the turn-of -the-month effect which was first documented by Ariel(1987) using US data shows that returns are only positive around the beginning and during the first half of trading months, whereas during the second half they are on average zero. This study was replicated by Jaffe and Westerfield (1989), for the UK, Japan, Canada and Australia, in their study. However, only Australia shows a significant monthly effect. A conflicting evidence for the UK in a report from Cadsby and Ratner (1992) shows a significant trading month effect in the FT 500. Ariel (1988) offered three explanations for the trading month effect which include: new information concerning corporate cash flows, changes in risk free rate and changes in the preferences of market participants leading to variation in demand for securities which cannot be offset by supply. Mills and Coutts (1996) investigated the this effect using a large sample of daily returns from the Financial Time s Industrial Ordinary Share Index and found that a trading month effect is present but exists for a much shorter period than has been documented by previous studies for both the US and the UK. The information release hypothesis of French(1980) was accepted as an explanation of the trading month effect, only if the unexpected release of good and bad news has a tendency to fall in the final and first days of trading months, securities would be riskier during these periods , thus justifying the higher first half returns. Context of India: Published studies that have examined calendar effects in the Indian stock market appear to be limited. Kaur (2004) reports that few studies have examined the day-of-the-week effect in the Indian stock market, and further notes the absence of studies that examine monthly seasonality in the Indian stock market. Kaur utilized two Indian stock indexes, the Bombay Stock Exchange (BSE) 30 index and the National Stock Exchange (NSE) SP CNX Nifty stock index, to examine the day-of-the-week effect and the monthly effect. Kaur did not find a January effect in the Indian stock market, but did find that March and September generated substantially lower returns, whereas February and December generated substantial positive returns. Sarma (2004) adds that very few studies have examined calendar effects during the post reform era in the Indian stock market. Sarma investigated the BSE 30, the BSE 100, and the BSE 200 stock indexes to detect the day-of-the-week effect. Utilizing Kruskal-Wallis test statistics, Sarma concluded that the Indian stock market exhibited some seasonality in daily returns over the period January 1, 1996 to August 10, 2002. Bodla and Jindal (2006) examined several seasonal anomalies in the Indian stock market utilizing the SP CNX Nifty Index for the period January 1998 to August 2005. For the monthly effect, they did find some significant differences for their sub-period, January 2002 to August 2005. However, they were unable to find any significant differences among individual months. In an earlier study, Ignatius (1998) examined seasonality in a BSE index and in the Standard and Poors 500 stock index for the period 1979-1990. Ignatius found that December generated the highest mean returns , and that April and June generated high returns in the Indian stock index. Some studies examine seasonality in the Indian stock market as part of a broader analysis of seasonality in several major emerging stock markets. For example, Fountas and Segredakis (2002) investigated monthly seasonal anomalies in eighteen major emerging equity markets, including the Indian stock market. They examined the monthly effect for the period January 1987 to December 1995. For the Indian stock market, they found August returns were significantly greater than April, May, October and November returns. However, they did not find evidence consistent with hypothesized tax-loss selling in the Indian stock market, as the tax-year in India commences in April. Yakob, Beal and Delpachitra (2005) examined seasonal effects in ten Asian Pacific stock markets, including the Indian stock market, for the period January 2000 to March 2005. They state that this is a period of stability and is therefore ideal for examining seasonality as it was not influenced by the Asian financial crisis of the late nineties. Yakob, et al., concluded that the Indian stock market exhibited a month-of-the-year effect in that statistically significant negative returns were found in March and April whereas statistically significant positive returns were found in May, November and December. Of these five statistically significant monthly returns, November generated the highest positive returns whereas April generated the lowest negative returns. Evidence of monthly seasonality in the Indian stock market is somewhat mixed. This may be, in part, a consequence of the fact that the Indian economy is in transition and is therefore constantly evolving, supporting the notion that further research into these calendar effects in the Indian stock market is warranted.

Essay --

Aliza Lichy Ms. Hoff American Government 1/15/2014 The Importance of a Strong Middle Class Having a strong middle class indicates that America’s democracy will be effervescent and its economy will be beneficial, which will lead to the notion of precisely what America is all about. The setback is that the weakness of America’s middle class not only harms those affected by it, but all other individuals living in the U.S as well. America’s incomes are deteriorating or weakening, while items necessary to live increase in cost, and the probabilities of falling behind are beginning to develop. It is important that the gap between the upper class and the lower class is condensed, this way a strong middle class will be emitted. The modern persona of middle class citizens in America derives from the post World War II era. In 1944, the GI Bill was created to provide returning veterans with money to cover college, business, and home mortgages. This money gave servicemen the opportunity to afford a home of their own for the first time ever resulting in the vast pr oliferation of residential construction. This was how American subdivision commenced (Suddath). The fault in the subdivision initiated when the strong gap between the upper class and the lower class formed due to income inequality, race and gender disparities, education, and technology. The American government is working to rejuvenate the middle class and shorten the gap between the upper and lower class. In 2012, Vice President Joe Biden stated, "America's middle class is hurting, it is our charge to get the middle class — the backbone of this country — up and running again" (â€Å"A Strong† n.d.). The revitalization of America’s middle class is possible. In order to do so, the costs ... ...ny other ways that income is received consistently. Race and gender disparities are also a cause of the gap. The â€Å"gender earnings gap† in America as well as the â€Å"Gender Wage Gap† are other names for the difference in a male and females income year round. This information is gathered and used by economists and federal agencies as part of the current population survey. In 2010 the median income of year round workers was $42,800 for men, compared to $34,700 for women. The ratio of money earned was 0.81, reaching a somewhat higher ratio than that of 2008. The female-to-male earnings ratio of 0.81 means that, in 2009, female FTYR workers earned 19% less than male FTYR workers. The determination of the difference in income does not include the experience, education, skill, qualification, and more of the males and females as long as its full time (â€Å"Income inequality†).

Counseling and Ethical Standards

Core Assessment Jessica Ferguson PS 206 Introduction to Guidance and Counseling Abstract This core assessment will be my understanding of the concepts that I have learned in this course. I will define and give examples about the different therapy techniques that I have learned about. I will show that I can adequately explain that I am knowledgeable in my understanding of confidentiality and ethics in counseling. 1. (a) Empathic understanding is when a therapist correctly understands the client’s thoughts, feelings and meanings from the client’s point of view.When the therapist is able to look at the clients point of view it tells the client that his/or her point has value and the client feels accepted. Example: Client: I don’t know why my husband wants to come to therapy now; we have never been able to communicate. It doesn’t bother me anymore. I’ve accepted it, I wish he could. Therapist: Coning to therapy now doesn’t make much sense to you. Maybe you used to have feeling about your lack of communication with your husband, but it sound like you feel pretty numb about the whole situation now. b) Unconditional positive regard is when a client is able to talk about their thoughts and feelings without having to do anything in particular to earn the therapists understanding. This is done when the therapist accepts the client unconditionally and does not pass judgment. (c)Transference is when a client projects feelings or attitudes from the past onto the therapist.Example: When a female client begins to treat her female therapist with disdain and begins to close off from therapy because the female therapist reminds her of her mother that was overbearing and mean to her. d) Anxiety is a feeling that people experience in many different ways. Some people may feel nervous, anxious, and fearful. Most of the time anxiety is normal and a good part of our ability to deal with the world. However, anxiety can become a problem for some people if it becomes excessive and begins to interfere with our daily lives. Example: Normal anxiety would be if someone had a big project due at work and the good anxiety may push us to prepare more before you present your project. An xample of excessive anxiety is when a woman has to fly on an airplane and she begins to get extremely nervous and sick to her stomach and she begins to feel dizzy. She does not get on the plane because she had experienced excessive anxiety. (e) Projection is when a client blames other people for their actions. Example: Sandy is holding an expensive glass vase and Joe is trying to get his jacket on, in the meantime, Sandy drops the vase and screams at Joe, â€Å"See what you made me do! I dropped the vase because you were taking too long to put on your coat.Sandy blamed Joe for dropping the vase. (f) Irrational beliefs. As we develop we form beliefs about ourselves, others and the world. Most of the time our beliefs are truthful, healthy, and rationa l. However, through events and unfortunate circumstances we begin to develop false, unhealthy, and irrational beliefs about ourselves, others and the world. Example: A client that thinks that she has to be perfect in every way to please everyone and if she is not perfect in every way then no one will love her. 2. (a). Behavior therapy and person-centered therapyBehavior therapy believes that our behaviors are learned and that we are products of our environment. The client and therapist both take a very active role in learning more desired behaviors. Person- centered therapy believes that the client is their own best authority and they are capable of fulfilling their won potential for growth with minimal direction from the therapist. The behavior therapist will set goals, treatment plans and expected outcomes up front and does not believe that the therapist has to be overly warm with the client.A person-centered therapist will allow the client to decide what their own goals and treat ment plan will be and also believes that it is an important part of therapy to have the therapist is as open and warm as possible. Person –centered therapy places more emphasis on the client’s expressing and experiencing their feelings. Behavior therapy believes that people have to learn new behaviors. (b). Family and Psychoanalytic therapy Family therapy focuses on the fact that we are part of a family and that we each play a role in each other lives.Change happens with in relationships in the family not just one person. Family therapy is usually brief. The psychoanalytic approach focuses only on one person and change occurs within their own personality. Psychoanalytic approach can take several years to complete. The family therapist has to be able to listen and not pass judgment on any of the family members; the therapist must be open, honest and warm with everyone in the group. The psychoanalytic therapist does not believe that you should share any personal experien ces or their reaction with their clients.They believe that they should listen and analyze. 3. Part 1 (a). It is highly unethical to pursue a romantic relationship with a client during therapy. It is the therapist’s ethical duty to help the client with his or her problems not to add to them. Corey (2009), states that becoming emotionally or sexually involved with a current client is unethical, unprofessional, and illegal. As to a former client, a romantic relationship is unethical because the therapist already knows very personally and intimate details of the client’s life and the therapist could use that to their advantage.Part 2 (a). Confidentiality in counseling is very important in gaining trust from the client. The client needs to know that what they are discussing in therapy does not leave the room. But the client needs to know that confidentially does not mean keeping secrets. The client should know that confidentially may be broken if they client is going to har m themselves or someone else. The therapist needs to be discussing the fact that confidentially has boundaries and the client has to understand what those boundaries are before counseling begins.The counselor should provide written information on important aspects of therapy at the beginning of counseling, such as what the boundaries of confidentiality are, payments, complaints, ect†¦ Part 2 (b) â€Å"Duty to warn† would be necessary if I had a client that was 14 years old and she disclosed to me that her step-father had been touching her sexually. I would have a duty to warn the proper authorities because she is a minor. The ethical issue involved would be that I would have to break confidentiality of my patient by disclosing to outside person’s what we iscussed. Another example of duty to warn would be if I had a client that told me that he hated his co-workers and that he was going to shoot them. I would have to break confidentiality by contacting the authoriti es and letting them know that this person was a serious threat to others. Part 2 (c) Ethical standards are important in counseling because there has to be a professional standard for appropriate behavior, professional expectations and preventing harm to clients.When you are a profession where the therapist and clients relationship is built on trust, the therapist should engage in conduct that is safe and non-threatening to the client, so that the client can get the emotional and psychological healing that they deserve. 4. I could apply REBT therapy to my life because this therapy is very direct and challenges you to do something rather than just sitting and talking about problems. I have a problem saying no to people. I feel that I should help everyone when I am asked and if I just have to say no I feel very shameful and guilt ridden.I think that REBT’s method of disputing my irrational beliefs would help me. It could help me learn to ask myself, â€Å"Why must I say yes all of the time? and â€Å"what is the worst thing that could happen if I say no?. I also think that REBT’s method of doing homework would help me too. It could help me to put myself in situations where I would have to say no. And REBT’s shame attacking exercise would also help me. I feel very shameful when I have to say no to someone. This method would have me to do things that I would feel shameful dong and by doing those things the feelings of shame would eventually disappear or not be such a big deal anymore.I would also benefit from Gestalt therapy. I think that this therapy could benefit me by helping me to ask for help and to give me more awareness of myself. I have a huge problem asking anyone for help. I think that the empty chair technique would assist me to be able to tell my mother that I needed help when I was younger but I did not want to ask her for it because I did not want to bother her because she was always so busy. I would also use the rehearsal techn ique. The rehearsal technique would help me by giving me practice saying out loud that I need help. 5. a) Low self-esteem – I think that behavioral cognitive therapy would be the best method for low self-esteem. CBT helps a person to diminish negative beliefs about themselves; it helps the person to establish and strengthen more positive beliefs, and encourages the person to learn how to accept themselves for who they are. Some of the techniques used in CBT that would be helpful for a person with low self-esteem. One technique would be trying to direct the client to more positive strengths and qualities, the client would have to write down everyday what their positive qualities are.Another technique would be to have the client to look at the past and present to find out what or who is helping the client to support negative beliefs about themselves. Another technique would to be to have the client to re-evaluate their dysfunctional assumptions about themselves and begin to for mulate new more realistic alternatives. I think that the psychoanalytic approach may not work the best for someone with low self-esteem because it focuses mainly on the person’s past and does not really focus on present situations.A person with low self-esteem may need a therapist that is accepting and warm, the psychoanalytic therapist does not believe that the client should be treated with very much warmth. And this approach can be a very long process. (b). Phobias – Behavior therapy would be the best approach for a person with a phobia. Behavior therapy focuses on, â€Å"observable behaviors, current determinates of behavior, learning experiences that promote change, tailoring treatment strategies to individual treatment and change the problem† (Corey, 2009).Some of the methods that the behavior therapist would use with a client with a phobia would be exposure therapies. Exposure therapies are for helping client to treat their phobias and the bad responses to those phobias. The therapist would try In vivo exposure with the client, by exposing the client to their actual phobia. The therapist could also use flooding. The therapist could have the client to imagine the phobia or have the client to experience the phobia for an extended period of time allowing for the fear to diminish on its own.I think that the least effective therapy for a person with a phobia would be person-centered therapy. Person – centered therapy focuses on the person, not their phobia. A person with a phobia wants to get rid of it, not just talk about it. (c) Marital problems would best be worked on through family systems therapy. Family systems therapy believes that we can be understood when we can be observed with our families. Its focus is on each person, but it also focuses on how each person interacts with one another. I would use structural- strategic family therapy.This method helps to reduce problems and set boundaries and helps to define power and con trol. I think that psychoanalytic therapy may not work well with marital problems because this therapy is based too much on a person’s past and early development. The couple may want to focus on the present and get their problems solved quickly. 6. Three counseling and guidance models. Gestalt therapy emphasizes awareness and personal responsibility and it adopts a holistic approach giving equal awareness to mind and body. It also believes that the client should not focus in the past or the future but on the present.Gestalt therapy believes that we have unfinished business. Unfinished business is what happens when you have feelings that are left unresolved. Those unresolved feelings show up later in present day life causing emotional upheaval. Gestalt therapy does not believe that there a specific methods to therapy that should be followed. The gestalt therapist may use experiments in the course to therapy. One of the exercises is the rehearsal exercise. This allows the clien t to rehearse what their feelings are. Another exercise would be the internal dialogue exercise.This exercise allows the client to express out load what they have been telling only themselves. Adlerian therapy believes that people posses an innate tendency toward completions or wholeness and that people strive for superiority to compensate for feelings of inferiority. It also believes that people have the ability to freely shape their own behavior and personality. It believes that humans have their own unique style of life that include a person’s goals, self-concepts, feelings for others and attitude toward the world.Adlerian therapy has several techniques that it employs during therapy. One technique is the life style assessment, which allows the therapist to identify what needs to be worked on during therapy and to identify successes and mistakes in the client’s life. The adlerian therapist also uses encouragement as a powerful technique in therapy. Encouragement is used to build a relationship and to help facilitate client change. A therapist may also use role playing, this gives the client an opportunity to add missing experience into their lives and to explore and practice new behaviors.The psychoanalytic approach believes that all behavior and mental processes reflect constant and often unconscious struggles within people. These usually involve conflicts between our need to satisfy basic biological instincts, for example, for food, sex or aggression. The psychoanalytic therapist may use techniques such as free association where the client says anything that comes to mind. And dream analysis to find links in the client’s thoughts and behaviors and then interpret the dreams in terms of the client’s problems.References Corey,G. (2009). Theory and Practice of Counseling and Psychotherapy. (8th. Edition). Belmont,CA.

Free Essays on The Valley Of Fear

The Valley of Fear is a work of fiction written by Sir Author Conan Doyle. It takes place in the late 1800’s. The story describes the accounts of a man by the names of Jack Douglas, McMurdo, and Birdie Edwards. The man by these previously mentioned names is a detective following an evil organization entitled the â€Å"Eminent Order of Freeman†. Birdie Edwards is a Pinkerton detective, which is an elite group of detectives in the world. Edwards tracks the â€Å"Eminent Order of Freeman† to the Vermissa Valley and lives there under the name of McMurdo. Birdie Edwards eventually traps the evil men of the organization and puts them in jail. However, after he moves to England to settle down with his wife, Ted Baldwin, who was a man of which Birdie Edwards sent to jail, attempts to murder Edwards who is under the name of Jack Douglas. During the skirmish between Edwards and Baldwin, Edwards kills Baldwin in self-defense. Throughout Edwards’s adventures, he uses many techniques that are used today in the detective field of work. One detective technique Birdie Edwards uses is â€Å"going under cover†. In order for Birdie Edwards to be successful on his mission to take the â€Å"Eminent Order of Freeman† down, he must get involved in their society. Edwards does this by having a forged recommendation from his base in Chicago. However, although Birdie Edwards is in this evil organization, he does not take part in any of the activities. Instead of doing these evil things, Edwards makes the society think he is one of them just by his psychological thinking. One technique that Edwards uses is the changing of the name he goes by. Throughout the novel Edwards uses three different names including Birdie Edwards, McMurdo, and Jack Douglas. Changing identities are very important in operating â€Å"under cover†. Especially if one changes his or her name in the 1800s, then basically no one will know who one is because news did not tra... Free Essays on The Valley Of Fear Free Essays on The Valley Of Fear The Valley of Fear is a work of fiction written by Sir Author Conan Doyle. It takes place in the late 1800’s. The story describes the accounts of a man by the names of Jack Douglas, McMurdo, and Birdie Edwards. The man by these previously mentioned names is a detective following an evil organization entitled the â€Å"Eminent Order of Freeman†. Birdie Edwards is a Pinkerton detective, which is an elite group of detectives in the world. Edwards tracks the â€Å"Eminent Order of Freeman† to the Vermissa Valley and lives there under the name of McMurdo. Birdie Edwards eventually traps the evil men of the organization and puts them in jail. However, after he moves to England to settle down with his wife, Ted Baldwin, who was a man of which Birdie Edwards sent to jail, attempts to murder Edwards who is under the name of Jack Douglas. During the skirmish between Edwards and Baldwin, Edwards kills Baldwin in self-defense. Throughout Edwards’s adventures, he uses many techniques that are used today in the detective field of work. One detective technique Birdie Edwards uses is â€Å"going under cover†. In order for Birdie Edwards to be successful on his mission to take the â€Å"Eminent Order of Freeman† down, he must get involved in their society. Edwards does this by having a forged recommendation from his base in Chicago. However, although Birdie Edwards is in this evil organization, he does not take part in any of the activities. Instead of doing these evil things, Edwards makes the society think he is one of them just by his psychological thinking. One technique that Edwards uses is the changing of the name he goes by. Throughout the novel Edwards uses three different names including Birdie Edwards, McMurdo, and Jack Douglas. Changing identities are very important in operating â€Å"under cover†. Especially if one changes his or her name in the 1800s, then basically no one will know who one is because news did not tra...