No Romance Found in Hawthornes Young Goodman Brown :: Young Goodman Brown YGB

No Romance Found in Young Goodman Brown   â â â â Nathaniel Hawthorne, in his short story, Youthful Goodman Brown, creates a relationship in direct appear differently in relation to that of a genuine sentiment among the jobs of Faith and Young Goodman Brown.â Whereas, a genuine sentiment is the perfect sentiment, exhibitingâ temperate viewpoints, for example, trust, too as a consuming enthusiasm and an undying affection for one another.â The relationship which Young Goodman makes among himself and Faith is one that is lethargic , and depends on doubt and an ability on his part to forsake her.   â â â â Consequently, most definitely, somebody rapidly call Dr. Ruth since this marriage is in trouble.â After Faith asks Goodman not to leave that night, arguing, ask hesitate with me this night, dear spouse, of the entire evenings in the year, he answers her adage , my excursion must be done.â He at that point addresses the earnestness of her impossible to miss request asking whether she questions him.â Since when is it such a fantastical solicitation for a spouse to approach her significant other for organization on guaranteed night?â Does this solicitation connote an absence of trust in her husband?â If anything, it delineates an absence of fearlessness in himself just as a absence of trust in her.â what's more, in the wake of withdrawing his better half, Goodman Brown states to the baffling man he meets in the woods, that Confidence kept [him] back awhile.â This implies albeit the two his significant other, Faith, and his own confidence postpone him, they can't stop him and in this way aren't a higher priority than submitting this deed.   â â â â Furthermore, there is no proof of his trust for her in the marriage.â Immediately subsequent to seeing a pink lace vacillating down onto the part of a tree, Young Goodman Brown shouts out, my Faith is no more! By this announcement, Goodman implies that his better half has truly headed toward the fallen angel and that his confidence in her is gone.â This, along these lines demonstrates the nonattendance of trust in his wife.â When he sees Faith in the woodland, he shouts to her to oppose the fallen angel, however is uncertain of her ultmate choice. Subsequently, upon his arrival to town, Hawthorne composes after that night, he shrank from the chest of Faith.

Analysis for Jeep Grand Cherokee Essay Example

Examination for Jeep Grand Cherokee Paper The advert indicates a jeep on harsh territory driving past a wooden shack. The scene is set in the wide open where nothing can be seen for a significant distance. The reviewing takes a modest quantity of the entire page, which shows the promoters, need you to focus on the jeep rather then the text. The grapple on the advert could be deciphered in various manners to the expected one. 8 on the Richter scale shows the jeep is amazing and can overwhelm anything. Richter scale is likely the catchphrase as it implies thoughts of influence and quality. The wooden hovel seems as though it has been in a tremor however in reality the promoters needs to show you can drive it and feel ordering. At the base of the advert it educates you concerning the motor detail and the rich inside. The organization needs to flaunt the best bits of the vehicle. In the upper left hand corner it has the organization logo and the words THERES ONLY ONE. The advert functions in general by putting the signifier for power (V8 Engine) close to the logo Jeep. This speaks to customers just this jeep will give you the thoughts and ideally convince individuals to get one. The inscription will impact a customer in their view of the item: Jeep is a one of a kind 44 producer that high society individuals may drive around town to do their tasks or individuals who need to be amazing/telling and utilize the vehicle to its greatest breaking point. We will compose a custom article test on Analysis for Jeep Grand Cherokee explicitly for you for just $16.38 $13.9/page Request now We will compose a custom article test on Analysis for Jeep Grand Cherokee explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on Analysis for Jeep Grand Cherokee explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer This recommends it is indexical. Tremors are related with power/clamor and the seismic thunder from under the hood makes individuals need to get it. This implies to the vast majority, an implying that it is a decent, in vogue vehicle that will dazzle and everyone will need. The obscured foundation is additionally significant on the grounds that it indicates an impression of speed and colossal force, which will assist with selling the vehicle. Moreover the man in the vehicle isn't extremely youthful which is as it should be. The advert is planned, clearly, to target individuals who can bear the cost of the 30,000 jeep, thus the picture of the moderately aged man, who possibly has enough cash to get one, is significant. The photography of the vehicle is answerable for making the advert function also. Despite the fact that the obscured foundation is most likely PC produced, the vehicle is a photo. The camera never lies, yet here it has been decided to catch the picture when the wheel centers are obscured with speed and the slight gleaming off the hood and headlights adds to extravagance ride common individuals could be encountering. In taking a gander at the picture of the notable jeep, the advert indicates a vehicle going on a significant distance territory in a characteristic setting, which means that the jeep is equipped for dealing with harsh landscape too, a smooth ride. Additionally it is a practical portrayal of the sorts of streets the vehicle possibly going on and whatever it (or absence of it) tosses at you. The comparing of a dull sky and indigenous habitat implies a perfection and quality of puzzle, further suggesting to the buyer that it is attractive. This is the equivalent with the vehicle, as it is a dim shading as well. This dull/normal shading setting is typically proceeded to the jeep itself, with the goal that the shopper relates the qualities connoted by the regular setting to the item. The image of the jeep is on the left hand side where the sky is darker which recommends the vehicle has quite recently passed through the quake and endure. The advert is almost certain focused on men, who will in general be the fundamental cash workers and progressively intrigued by vehicles and furthermore the portrayal of shading for guys is typically dim, and for females, dim, which further suggests it is focused on men. The belief system at work here is noteworthy: the vehicle speaks to power and authority and subsequently, men figure out how to seek to such pictures. The notice causes the peruser to feel in charge and make individuals purchase the item at cost.

Major General Joseph Hooker in the Civil War

Significant General Joseph Hooker in the Civil War Conceived November 13, 1814, at Hadley, MA, Joseph Hooker was the child of nearby storekeeper Joseph Hooker and Mary Seymour Hooker. Raised locally, his family originated from old New England stock and his granddad had filled in as a skipper during the American Revolution. Subsequent to accepting his initial training at Hopkins Academy, he chose to seek after a military profession. With the help of his mom and his instructor, Hooker had the option to pick up the consideration of Representative George Grennell who gave an arrangement to the United State Military Academy. Showing up at West Point in 1833, Hookers colleagues included Braxton Bragg, Jubal A. Early, John Sedgwick, and John C. Pemberton. Progressing through the educational plan, he demonstrated a normal understudy and graduated four years after the fact positioned 29th in a class of 50. Appointed as a second lieutenant in the first US Artillery, he was sent to Florida to battle in the Second Seminole War. While there, the regiment participated in a few minor commitment and needed to suffer difficulties from the atmosphere and condition. Mexico With the start of the Mexican-American War in 1846, Hooker was relegated to the staff of Brigadier General Zachary Taylor. Participating in the intrusion of upper east Mexico, he got a brevet advancement to chief for his presentation at the Battle of Monterrey. Moved to the military of Major General Winfield Scott, he partook in the attack of Veracruz and the crusade against Mexico City. Again filling in as a staff official, he reliably showed coolness enduring an onslaught. Over the span of the development, he got extra brevet advancements to major and lieutenant colonel. An attractive youthful official, Hooker started to build up a notoriety for being a women man while in Mexico and was regularly alluded to as the Handsome Captain by local people. Between the Wars In the months after the war, Hooker had a dropping out with Scott. This was the aftereffect of Hooker supporting Major General Gideon Pillow against Scott at the formers court-military. The case saw Pillow blamed for disobedience following refusal to modify overstated after-activity reports and afterward sending letters to the New Orleans Delta. As Scott was the US Armys senior general, Hookers activities had long haul negative ramifications for his profession and he left the administration in 1853. Settling in Sonoma, CA, he started functioning as a designer and rancher. Supervising 550-section of land ranch, Hooker developed cordwood with constrained achievement. Progressively discontent with these interests, Hooker went to drinking and betting. He additionally took a stab at governmental issues however was crushed trying to run for the state council. Tired of non military personnel life, Hooker applied to Secretary of War John B. Floyd in 1858 and requested to be restored as a lieutenant colonel. This solicitation was denied and his military exercises were constrained to a colonelcy in the California volunteer army. An outlet for his military goals, he managed its first place to stay in Yuba County. The Civil War Begins With the flare-up of the Civil War, Hooker ended up coming up short on target to travel east. Marked by a companion, he made the excursion and promptly offered his administrations to the Union. His underlying endeavors were repelled and he had to watch the First Battle of Bull Run as an observer. In the wake of the destruction, he composed an enthusiastic letter to President Abraham Lincoln and was named as a brigadier general of volunteers in August 1861. Rapidly moving from detachment to division order, he helped Major General George B. McClellan in sorting out the new Army of the Potomac. With the start of the Peninsula Campaign in mid 1862, he told the second Division, III Corps. Progressing up the Peninsula, Hookers division partook in the Siege of Yorktown in April and May. During the attack, he earned a notoriety for taking care of his men and seeing to their government assistance. Performing great at the Battle of Williamsburg on May 5, Hooker was elevated to significant general compelling that date however he felt insulted by his bosses after activity report.â Battling Joe It was during his time on the Peninsula that Hooker earned the moniker Fighting Joe. Loathed by Hooker who thought it made him sound like a typical desperado, the name was the aftereffect of a typographical mistake in a Northern paper. Regardless of the Union turns around during the Seven Days Battles in June and July, Hooker proceeded with sparkle on the war zone. Moved north to Major General John Popes Army of Virginia, his men participated in the Union thrashing at Second Manassas in late August. On September 6, he was provided order of III Corps, which was redesignated I Corps six days after the fact. As General Robert E. Dregs Army of Northern Virginia moved north into Maryland, it was sought after by Union soldiers under McClellan. Hooker originally drove his corps fighting on September 14 when it battled well at South Mountain. After three days, his men opened the taking on at the Conflict of Antietam and connected with Confederate soldiers under Major General Thomas Stonewall Jackson. Over the span of the battling, Hooker was injured in the foot and must be taken from the field. Recouping from his injury, he came back to the military to locate that Major General Ambrose Burnside had supplanted McClellan. Provided order of a Grand Division comprising of III and V Corps, his men took substantial misfortunes that December at the Battle of Fredericksburg. Long a vocal pundit of his bosses, Hooker tirelessly assaulted Burnside in the press and in the wake of the latters bombed Mud March in January 1863 these heightened. In spite of the fact that Burnside expected to evacuate his enemy, he was kept from doing so when he himself was eased by Lincoln on January 26. In Command To supplant Burnside, Lincoln went to Hooker because of his notoriety for forceful battling and decided to disregard the officers history of straightforwardness and hard living. Expecting order of the Army of the Potomac, Hooker worked vigorously to improve the conditions for his men and improve resolve. These were to a great extent effective and he was popular with his troopers. Hookers plan for the spring required an enormous scope mounted force assault to upset the Confederate flexibly lines while he took the military on a broad flanking walk to strike Lees position at Fredericksburg in the back. While the rangers assault was to a great extent a disappointment, Hooker prevailing with regards to astounding Lee and increased an early favorable position in the Battle of Chancellorsville. In spite of the fact that effective, Hooker started to lose his nerve as the fight proceeded and expected an undeniably cautious stance. Taken in the flank by a daring assault by Jackson on May 2, Hooker was constrained back. The following day, at the tallness of the battling, he was harmed when the column he was inclining toward was struck by a cannonball. At first thumped oblivious, he was weakened the vast majority of the day however would not surrender order. Recuperating, he was constrained to withdraw back over the Rappahannock River. Having crushed Hooker, Lee started moving north to attack Pennsylvania. Coordinated to screen Washington and Baltimore, Hooker followed however he previously recommended a strike on Richmond. Moving north, he got into an argument about protective game plans at Harpers Ferry with Washington and imprudently offered his abdication in fight. Having progressively lost trust in Hooker, Lincoln acknowledged and designated Major General George G. Meade to supplant him. Meade would lead the military to triumph at Gettysburg a couple of days after the fact. Goes West In the wake of Gettysburg, Hooker was moved west to the Army of the Cumberland alongside the XI and XII Corps. Serving under Major General Ulysses S. Award, he immediately recaptured his notoriety for being a successful authority at the Battle of Chattanooga. During these activities, his men won the Battle of Lookout Mountain on November 23 and partook in the bigger battling two days after the fact. In April 1864, XI and XII Corps were merged into XX Corps under Hookers order. Serving in the Army of the Cumberland, XX Corps performed well during Major General William T. Shermans drive against Atlanta. On July 22, the leader of the Army of the Tennessee, Major General James McPherson, was murdered at the Battle of Atlanta and supplanted by Major General Oliver O. Howard. This enraged Hooker as he was senior and reprimanded Howard for the thrashing at Chancellorsville. Requests to Sherman were futile and Hooker requested to be diminished. Leaving Georgia, he was provided order of the Northern Department for the rest of the war. Later Life Following the war, Hooker stayed in the military. He resigned in 1868 as a significant general in the wake of enduring a stroke that left him in part incapacitated. In the wake of spending quite a bit of his resigned life around New York City, he kicked the bucket on October 31, 1879, while visiting Garden City, NY. He was covered at Spring Grove Cemetery in his wifes, Olivia Groesbeck, old neighborhood of Cincinnati, OH. Despite the fact that known for his hard drinking and wild way of life, the extent of Hookers individual adventures is a subject of much discussion among his biographers.

The Variables That Are Impacting On Stock Prices Finance Essay - Free Essay Example

In this chapter the available literature on the topic will be reviewed critically to enable a better understanding of the variables impacting on stock prices. This section examines different studies published by researchers, followed by empirical evidence on macroeconomic variables that could affect the stock price. 2.1 Theoretical Review In this study we will examine the relationship between macroeconomic variables and stock prices. Three variables namely money supply, inflation and exchange rate will be discussed. 2.1.1 Macroeconomic Variables and stock prices A firms economic; industry and stock analysis should be taken in account during the valuation process (Reily and Brown,2006; 361). The top down approach (the three-step) approach asserts that both the economy and industry affects the returns of individual stocks on the valuation process compared to the bottoms-up approach which indicate that it is possible to provide superior returns to find stock irrespective of the direction of the economy and state of the industry. The basic difference between these two approaches is how investors regard the importance of economic and industry influences on individual stock returns. Various studies analyzing the results of economic variables on stock returns have maintained the top-down investment process. The economic background and the performance of firms industry affect the value of security and its rate of return. Thus some macroeconomic variables would be regarded as a priori of risk that are common to all companies. The relationship be tween stock prices and macroeconomic variables is well illustrated by the Dividend Discount Model (DDM) proposed by Miller and Modigliani (1961) than any other theoretical stock valuation model. The stocks value is still just the present value of its future cash flows. Since the only cash flows an equity owner ever gets are dividends, the model is called the dividend discount model. Therefore, the current price of share of common stock is presented as follows: Where Po = the current stock price D = the expected cash dividend, n = the expected year in which the payment of dividend is expected k = the required rate of return. If an investor sells the stock, the purchaser of the stock is just buying the remaining dividend stream, so the stocks value is still determined by the dividend it pays. The most widely known DDM model is the Gordon growth model (Gordon, 1962). It expresses the value of a stock based on a constant growth rate of dividends. The equation shows that the value of a stock is determined by the current dividend, its growth rate and the discount rate. Gordon Growth Model has simplified the valuation of stock as follows: This equation simplifies to the infinite period dividend discount model. Projected stock value P=D/k-g where D = expected dividend per share one year from now; k = required rate of return for equity investor; G = growth rate in dividends This model is appropriate for finding the stock value with the assumptions that dividend are expected to continue growing at a constant rate and the growth rate is supposed to be lower than the required return on equity, ke In accordance with the model the current price of an equity share equals the present value of the future cash flows. Hence, the determinants of share prices are the required rate of return and expected cash flows implying that economic factors that affect the expected future cash flow and required rate of return influence the share price. (Humpe and Mcmillan, 2007, Gan 2006) Another method of associating macroeconomics variables and stock market returns is through arbitrage pricing (APT) (Ross,1976), where multiple risk factors can analyze asset returns. It may be used as a cumulative stock market scheme, where a change in a given macroeconomic variable could reflect a change in an underlying systemic risk factor affecting future returns. Some of the empirical work on APT theory, combining the state of the macroeconomic to stock returns, is identified by modeling a short run relationship between macroeconomic variables and stock price in terms of first difference, estimating trend stationarity. Subsequently, Chen, Roll and Ross (1986), have showed that economic forces affect discount rates, the ability of  ¬Ãƒâ€šÃ‚ rms to bring about cash  ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ows, and future dividend payouts, given the assumption that a long-term equilibrium existed among macroeconomic variables and stock p rices. Granger (1986) says that the efficacy of this asssumption can be analyzed using a cointegration analysis. In statistics, the existence of cointegration between appropriate factors indicates that a linear combination of nonstationary time series shows a stationary series. In economics, the presence of such a linear combination creates a long term equilibrium relationship. Chen, Roll and Ross 1986 analyze the impact of macroeconomics variables on the stock return. The economic theory says that stock prices should reflect anticipations about futures corporate performance which typically reflect the level of economic activities. Thus, if stock prices correctly reflect the underlying fundamentals, then the stock prices should be applied as crucial indicators of future economic activity. Nevertheless, if economic activities reflect the movement of stock prices, then the results should be the opposite, meaning economic activities should lead stock price. Thus the causal relations hip and correlations between economics factors and stock prices are important in formulating the countrys macroeconomic policy. According to Oberuc (2004), the economic factors commonly linked with stock prices by researchers are industrial production, dividend yield, interest rate, term spread, default spread, exchange rates, inflation ,money supply, GNP or GDP and previous stock returns, among others. 2.1.2 Money supply and stock prices Monetary policy influences the general economy through a transmission mechanism. In an expansionary monetary policy, the government creates excess liquidity through open market operation, resulting in an increase in bond prices and lowering interest rate which leads to lower required rate of return and thus higher stock price. Furthermore, higher money supply will lead to higher stock prices due to higher demand. Thus, resulting in higher inflation and higher nominal interest rate (Fisher equation). Higher interest rate leads to higher required rate of return and thus lower stock price. Friedman and Schwartz (1963) analyzed the relationship between money supply and stock returns by considering that the growth rate of money supply would affect the economy and thus the expected stock returns. Peter Sellin (2001) suggest that the money supply will affect stock price only if a change in money supply change assumption about future monetary policy. He suggests that a positive mo ney supply shock will compel people to predict tightening monetary policy in the future. The subsequent rise in bidding for bonds will raise the current rate of interest. As interest rate increase, the discount rates rise as well, and the present value of future earnings decline. Thereby decreasing stock prices. In addition, Sellin (2001) denotes economic activities diminish in accordance to a rise in interest rates, which further reduces stock prices. On the other hand, the economists argue that a positive money supply shock will lead to rise in stock prices. They explain that a change in the money supply supplies information on money demand, which is caused by future output expectations. If the money supply rise, it implies that money demand is rising, which, effectively, indicates a rise in economic activity. Higher economic activity means higher cash flows, causing stock prices to rise. 2.1.3 Inflation and stock prices Inflation rate varies from one period to another, it is important to consider the effect of inflation on stock prices. In theory stocks should be inflation neutral, with only unanticipated inflation negatively impacting stock prices. Inflation has a large impact on stock valuations. Therefore, lower inflation means higher price/earnings ratios and higher stock prices and vice versa. Fisher (1930) speculates that the nominal rate of interest is made up of two components: the expected rate of inflation (ÃÆ' Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬te) and the real rate of interest (rt): it = rt + ÃÆ' Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬te This simple equation is based on the fact that economic agents , need to be compensated if their purchasing power has decreased due to an increase in the price level. What has come to be concluded as fisher effect creates a one for one relationship between expected inflation and nominal interest rates and the ex ante real rate of interest that remains constant over the over the long-run. Applying the generalized Fisher hypothesis Gultekin (1983) study find a negative regression coefficient between inflation and stock returns for 26 countries from 1947 to 1979.Thus this indicates that it could not find support for this hypothesis. In literature a negative relationship is explained between inflation and stock prices by Fama and Schwert (1977), Chen, Roll and Ross (1986) because a rise in inflation rate is prone to lead to economic tightening policies which inturn raised the nominal risk free rate and hence the discount rate in the valuation model. A number of hypotheses have been advanced in the literature to explain this negative relationship. (i) The proxy hypothesis by Fama 1981 which include a correlation between expected inflation and expected real economic growth. He tried to explain the proxy hypothesis, the relationship between returns and inflation is not true relation, it is only the proxy relationship between stock return and growth ra te of real GNP with the inverse relationship between stock returns and inflation. It illustrates that high inflation rate may reduced money demand which lowers growth in real activity. Nevertheless, the rise in inflation rate decreases the future expected profit which will impact on the fall in stock prices through the Fisher (1930) hypothesis asserting that real returns are determined by real factors. The author believed that if real output growth is controlled the negative relation will cease. (ii) Modigliani and Cohn (1979) -inflation relation maybe that investors suffer from money illusion. If investors wrongly use the inflated nominal interest rate to discount future dividends they will minimize the value of equity with a resulting fall in prices. (iii)Fieldstein (1980)- the US inflation non-neutralities tax code which deforms accounting profits. He presents that taxation associated to depreciation and capital gain is affected by inflation which consequently affects asset valuation. He explained that rising inflation decreases share prices because of the interaction of inflation with the tax system. 2.1.4 Exchange rate and stock prices In literature a number of hypotheses support the relationship between exchange rate and stock prices. (i)Goods market approaches (Dornbusch and Fischer, 1980) This approach says that changes in exchange rates influence the competitiveness of a firm as fluctuations in exchange rate affects the value of the earnings and cost of its funds as many companies borrow in foreign currencies to fund their operations and hence its stock price. A currency depreciation makes exporting goods attractive and leads to an increase in foreign demand and hence revenue for the firm and its value would appreciate and hence the stock prices. Moreover, an appreciating currency reduces profits for an exporting firm because it leads to a fall in foreign demand of its products. Nevertheless, the sensitivity of the value of an importing firm to exchange rate changes is just the opposite to that of an exporting firm. Therefore an appreciating currency has both a negative and a positive effect on the domestic stock market for an export-dominant and an import-dominated country, respectively (Ma and Kao, 1990). Furthermore, variations in exchange rates affect a f irms transaction exposure. That is, exchange rate movements also influence the value of a firms future payables (or receivables) denominated in foreign currency. Hence on a macro basis, the impact of exchange rate fluctuations on stock market seems to depend on both the importance of a countrys international trades in its economy and the degree of the trade imbalance. (ii)Portfolio Balance approach This approach lays emphasis on the role of capital account transaction. (Tahir and Ghani, 2004). In this approach, rising (falling) of stock prices would attract capital inflows from international investors which may cause a rise in the demand for a countrys currency. An increase (decrease) in stock prices will lead to an appreciation (depreciation) in exchange rates due to an increase in the demand (supply) of local currency. However, an exogenous increase in domestic stock prices will lead to a rise in domestic wealth and as a result lead to an increase in the demand for money, thus increasing interest rates. High interest rates will cause capital inflows resulting in an appreciation of domestic currency (Krueger, 1983). 2.2 Empirical Review 2.2.1 Macroeconomics Variables and Stock prices The work introduced by Chen, Roll and Ross (1986) explained that macroeconomic variables were affecting asset returns systematically applying the APT models namely, the spread between long and short-term interest rate, expected and unexpected inflation , industrial production and the spread between high- and low- grade bonds using 20 equally weighted portfolios of US securities from1958 to 1984. They take Industrial production to proxy for the current real cash flows, inflation influences returns as nominal cash flow growth rates are not equal to expected inflation rate, the spread between long and short term interest rates and the high or low grade bond spread affect the choice of discount rate. He found that a long term equilibrium relationship exists between stock prices and macroeconomic variables and conclude asset prices react sensitively to economic news, especially to unanticipated news. However, Hamao (1988) analyze the Japanese equity market by applying the multi-facto r APT similar to Chen, Roll and Ross (1986) in US security market. Factors examined include (1) industrial production, (2) inflation, (3) investor confidence, (4) interest rate, (5) foreign exchange, and (6) oil prices. He found that stock returns are significantly affected by changes in expected inflation and unanticipated changes in risk premia and in the slope of the term structure of interest rates and that changes in monthly production and trade terms appear insignificant in asset pricing whereas unexpected changes in exchange rate and changes in oil prices are not priced in the stock market. Using the multivariate analysis, Mahmood et al (2009) analyzed the relationship between economic variables and stock price in six Asian Pacific countries . By using monthly data on foreign exchange rate , consumer price index, industrial production and stock price he finds that there is a long run relationship between the variables in Japan, Korea, Hong Kong and Australia. There is no s uch relationship between stock price and macroeconomic variables in the short run period for all countires except Thailand and Hong Kong. The results show evidence of short run relationship running from output to stock price in Thailand and between foreign exchange rate and stock price in Hong Kong. This relationship will help investors in taking effective investment decisions and policy-makers in implementing policies to support more capital inflow into the capital markets of the specific countries. . Employing cointegration analysis, Chowdhury A.R(1995) examine the issue of informational efficiency in the Dhaka Stock Exchange in Bangladesh. By using monthly data on narrow and broad money supply and stock price, he finds that the bivariate models indicate independence between stock prices and the monetary aggregated implying the market is informationally inefficient. Nonetheless, it is distinguished that bivariate models were unsuccessful to address the obvious possibility that the relationship may be driven by another variable acting both on the stock price and the money supply. Therefore the multivariate models were estimated by using two more variables namely industrial production index and the nominal exchange rate. This model demonstrates a unidirectional causality from the money supply to stock price. These results appear to be indifferent to the functional form of the variables used. Thus stock price do not reflect immediate changes in monetary policy and fail to anticipa te future growth in money supply thus the market is inefficient. Using Johansens (1998) VECM, Mukherjee and Naka (1995) examine the dynamic relationship between six macroeconomic variables and the Japanese stock market. They considered monthly data from January 1971 to December 1990 of Japanese stock market and macroeconomic variables, involving money supply, exchange rate, industrial production, inflation, long-term government bond rate and call money rate. A VECM model of seven equations was used. Obtained results illustrate that stock returns are cointegrated with a set of macroeconomic variables by providing long term equilibrium. He found a positive relationship between, money supply, exchange rate real activity and short term interest rate and a negative relationship between long term bond and inflation Using quarterly data from 1991 to 2007 Adam and Tweneboah (2008) analyzed the impact of macroeconomic variables on stock prices in Ghana using quarterly data from 1991 to 2007. They examined both the long-run and short-run dynamic relationships between the stock market index and the economic factors-inward foreign direct investment, treasury bill rate, consumer price index, average oil prices and exchange rates using a multivariate analysis and developed the following equation: Where ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 is a constant , ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1,ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 are the sensitivity of each of the macroeconomic variables to stock price and is a stationary error correction term. Variables Concept LDSI Log of stock index LCPI Log of consumer price index LXR Log of exchange rate LTB Log of treasury bills LFDI Log of foreign direct investment They found a long run cointegrating relation between macroeconomic factors and stock prices. The VECM analysis illustrates that the lagged values of inflation and interest rate have a significant impact on the stock market whereas the inward fore ign direct investments, oil prices, and the exchange rate show weak influence on price changes. To examine the informational efficiency of stock market in Malaysia, Ibrahim (1999) study the dynamic relation between stock prices and seven macroeconomic variables from 1977 to 1996 and suggests there is cointegration between credit aggregates, consumer prices, foreign reserves and stock prices and there is Granger causality between foreign reserves and exchange rate in the short run. The findings strongly suggest informational inefficiency of the Malaysian market. The analysis shows that stock prices expect variation in the money supply, industrial production, and the exchange rate while they respond to the changes from long run path of credit aggregates, consumer prices and foreign reserves. 2.2.2 Money and Stock Market Ho (1983) analyzed the relationship of money supply and stock returns for six Asian Pacific countries. The countries studied were Hong Kong, Australia, Philippines, Japan, Thailand and Singapore. By using monthly data for stock price and two money supply, M1 and M2 and by applying cointegration test and causality test , he found that there is a unidirectional causality from money supply to stock price in Japan and Philippines but found bidirectional causality in Singapore. However, Hong Kong, Australia and Thailand also found unidirectional causality but only for M2. Using quarterly data for the period 1961 to 1986 Friedman (1996), analyzed the role of the real stock price as a variable in the demand function for money .He found that real quantity of money (defined as M2) demanded relative to income is positively related to the deflated price of equities (Standard and Poors composite) three quarters earlier and negatively related to the simultaneous real stock price. The positiv e relationship seemed to reflect a wealth effect; the negative, a substitution effect. The wealth effect appears stronger than the substitution effect. The volume of transactions has an appreciable impact on M1 velocity but not on M2 velocity. 2.2.3 Inflation and Stock prices According to Famas (1981) proxy hypothesis, expected inflation is negatively correlated with anticipated real activity that there should be a negative relationship. Kaul (1990) examined the relationship between expected inflation and the stock market and found positive returns on the stock market. He clearly models the relationship between expected inflation and stock market returns rather than using the short term interest rate as a proxy for expected inflation; his finding is consistent with Famas (1981) proxy hypothesis and demonstrates that the relationship between stock returns and expected inflation in the US is significant and negative. Fama and Schwert (1977) found that common stock returns were negatively related to the expected component of the inflation rate and apparently also to the unexpected component from the period 1953-1971. They claimed, We can reject the hypothesis that common stocks are a hedge against the expected monthly inflation rate. Arjoon.R et al ( 2010) examine the long run relationship between inflation and real stock price in South Africa by employing the bivariate vector autoregressive methodology developed by King and Watson (1997). The results indicate that real stock prices are consistent to permanent changes in the long run. The impulse response showed a positive stock price response to a permanent shock in inflation in the long run, implying that any deviations in the short run stock price will be adjusted towards the long run. Hence, the long run estimates of the real stock price response to a permanent inflation shock that are zero or positive are theoretically reasonable. It is concluded that inflation does not lower the real value of stocks in South Africa at least in the long run. Maysami 2004, reported a positive relation between inflation and Singapore stock returns as such it is contrary to the results of Fama and Schwert (1977), Nelson (1976). Adam and Tweneboah for Ghana (2008) also reported a positive re lationship between inflation and stock returns. In case of CPI, the US and Japan shows a negative coefficient for the stock price.(Humpe Macmillan 2007).These results differ from the empirical works which have obtained a significant negative relationship between stock prices and inflation. 2.2.4 Exchange rate and Stock prices The results of these studies are, however, inconclusive. Authors Name Time Frame Methodology Results of Exchange Rates and Stock prices Aggarwal (1981) 1974-1978 US Correlation analysis Positive correlation Soenen and Hanniger (1988) 1980-1986 Correlation analysis Strong negative Abdalla and Murinde (1997) 1985-1994 Pakistan Granger causality test Unidirectional causality Amare and Mohsin (2000) 1980-1998 Philippines Long run relationship Muhammad and Rasheed (2002) 1994-2000 Inida Cointegration and Granger causality test, VECM No association between exchange rate and stock price Kim (2003) 1974-1998 U.S.A ECM and Variance Decomposition Negartive relationship between SP and the exchange rate Doong et al. (2005) Thailand Cointegration and Granger Causality Bidirectional causality Aggarwal (1981) analyzed the impact of exchange rate changes in US stock prices by using monthly data from 1974 to 1978 for the floating exchange rate period. Employing cointegration analysis he found that there is a positive relationship betw een the US dollar and the changes in stock prices. However, Soenen and Hennigar (1980) analyzed the exchange rate and stock price in the same market but at different time period found a negative relationship. Moreover, Solnik(1987) examine the influence of several economic variables including exchange rates on stock prices in nine industrialized countries. He found a weak positive relation between real stock return differentials and changes in the real exchange rates and found that this would support the idea that anticipated real growth has a positive influence on the exchange rate. Hence this weak relation might be generated by the fact that stock returns are a poor proxy for real economic growth and a more complete model should be designated. The result indicates that the exchange rate proved to be a non significant factor in explaining the development of stock price. By examining the relationship between exchange rate and stock price for eight advanced economies from 1985 to 1991 Ajay and Mougoue (1996) found that there are significant short run and long run feedback relations between these two financial markets. An increase in stock price has a negative short run effects as well as a positive long run effect on domestic currency value. Also, currency depreciation has a negative both short run and long run effect on the stock market. In applying both the Engle-Granger AND Johansens test Nieh and Lee (2001) found no significant long run relationship between stock prices and exchange rate in G-7 countries, and they conclude that each countrys difference in economic stage, government policy and expectation pattern may explain the differing results. Furthermore, they found significant short term relationships for these countries. Nevertheless, in some countries, stock prices and exchange rate may serve to predict the future paths of these variables. For instance, they found that currency depreciation stimulates Canadian and UK stocks markets with a on e-day lag, and that increases in stock prices cause currency depreciation in Italy and Japan, again with a one- day lag. Economists have tried to examine exchange rates-stock price relationship for a long time. Most studies find some relations and causality, other find no causality between these two variables. Furthermore, direction of causality changes from one economy to another. The inconsistency in the findings is due to the different time lags and frequency of data used. The reason for these differences can be explained by time period used for data, econometric models used and economic policies of countries. 2.3 Conclusion The relation between inflation and stock prices should be negative as hypothesized by Fama (1981),he argued that the main determinant of the stock price is the companys future earnings potential .If inflation and future expected output in the economy are negatively correlated, then inflation may proxy for future real output. This may lead to a negative relationship between stock price and inflation. As the result of studies is conflicting, the actual relationship between money supply and stock prices is an empirical question and the effect varies over countries and time. Likewise money supply and inflation, the relationship between stock return and exchange rate is not stable overtime and that there are differences among countries regardless of either developed or emerging markets. The relationship between stock prices and rate of interest should be negative. An increase in interest rates will increase the required rate of return, causing stock prices to fall.

To What Degree Did Amir Atone for His Sins and Gain...

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Globalization and Environmental Responsibility

Question: Discuss about the Globalization and Environmental Responsibility. Answer: Introduction: This case study deals with the market research analysis, which is conducted by Ad Lider Embalagens, SA for determining the variables in the market that might impact the launch of new drawstring trash bag product named Climp Fecha Facil. While conducting the research, the company has looked for the consumer habits, consumer preferences and the perceived competitive advantages. The research was divided into two stages, interviews of the focus group and the individual interviews in the market. From the analysis of the market, it can be observed that the company is primarily trying to target for 18.79% market share through this product in the market of trash bag with the handles. Instead of going for all the sizes in the trash bags the company should choose the large size of bags for this particular product as the smaller ones will not be sufficient enough to the regular usages. Also, the color is the prime perception for the bag, therefore, it should be black, it can also be some other color that is dark but it should not a transparent one. The company, which is located in Brazil, while planning to launch their product came up with the major management problem that is to recognize the main characteristics of the market that will affect their launch of the new product. Moreover, the management is also reconsidering it as they think the existing marketing product mix of the specific company will not be able to bring reasonable profits in long term. The company has fixed the successful launch of the product with the right marketing mix as their short term goals, whereas, adding diversification to the product can be considered as their long term management goals for attaining more profits. To manage these issues the company had conducted a market research, where it has been revealed that the product has a huge market of approximately 1.3 billion priced at US$ 120 million. The primary reason behind the research is to analyze the marketing mix of the product that will be followed in the future to make the trash bag product a successful one in the huge market. Consumer Preferences and Market Research The primary reason behind the consumer centric approach of the market research is that the company wants this to be incorporated in the product. As the consumers are broadly distributed in the market, therefore, the understanding of the specific preferences and the usages of consumers will certainly help the management to make the launch of the product a successful one. The consumer preferences are linked with the environmental issues that the consumers are facing every time in their daily life. Therefore, it has a strong impact on their individual consumption habits. As revealed in the case study, the market research has been dome in two of the metropolitan cities and it shows a huge variation in terms of choosing the size of the bags, the frequency of the usage, packaging and color. Therefore, if the product is launched without accurate knowledge of the consumer choice pattern, it will fail miserably. The cost benefit ratio of each of the consumer is significant because an individu al will never waste money randomly on a non-luxurious household good if the basic purpose is not served entirely. Therefore, before the detailing of the market research procedure, the economic classes in the market should be looked thoroughly. From the given data it can be understood that the A B class who has the lower population has taken the highest consumption rate. It was also indicated that these classes generally possess the highest income and this is the main reason of contributing towards the whole consumption. With all the key findings in the market research it can be concluded that the more capacity the bag offers that is better for the consumers, the more darker the color is that is the chosen one for the regular usages, the easier the packaging is better to be managed by the consumers. Furthermore, the company should choose the packaging keeping the target market segment of the products in mind. The handling should be proportional as the company should ensure that the particular needs of the consumers are served by the product. Also the lower the price is better for serving great b enefits for the company. As in most of the cases the product is dealt by the women of the household, the company should have a competitive price at the initial stage. Moreover promotional activities will fetch more brand recognition as advertizing will influence the purchasing choice of the women. Recommendation Therefore the company should bring the product in the market in larger sizes as the larger sizes are chosen by the consumers. The color of the product should be dark, specifically black. The bags may also be offered in rolls as most of the folded or the boxed trash bags are considered to be expensive ones. There should be good amount of promotions as the company needs the consumers aware of the utility and other benefits of the product and it can also increase the brand equity. These will certainly boost the sales of the product and fetch more consumers. Bibliography Braun, Y.A. and Traore, A.S., 2015. Plastic Bags, Pollution, and Identity Women and the Gendering of Globalization and Environmental Responsibility in Mali.Gender Society,29(6), pp.863-887. Hagberg, J., 2016. Agencing practices: a historical exploration of shopping bags.Consumption Markets Culture,19(1), pp.111-132. Sun, M. and Trudel, R., 2016. The Effect of Recycling versus Trashing on Consumption: Theory and Experimental Evidence.Journal of Marketing Research. White, K. and Simpson, B., 2013. When do (and don't) normative appeals influence sustainable consumer behaviors?.Journal of Marketing,77(2), pp.78-95.