Factors Affecting The Arbitrage Pricing Theory Finance Essay - Free Essay Example

Capital Markets play a vital role in the financial sector of each economy. The primary role of the capital market is to raise long-term funds for governments, banks, and corporations while providing a platform for the trading of securities. An efficient capital market can promote economic growth by attracting domestic and foreign capital. 1.1.2 Karachi Stock Exchange and its profile The Karachi Stock Exchange is an example of a capital market which is the biggest and most liquid exchange in Pakistan. It was declared the Best Performing Stock Market of the World for the year 2002. A total of 650 companies were listed on the Karachi Stock Exchange (KSE) as of endÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ March 2010, with paid up capital of Rs. 894.2 billion. Aggregate market capitalization as at end March, stood at Rs. 2,890 billion (US$ 35 billion). (Source: Economic Survey of Pakistan) 1.1.3 KSE- 100 INDEX The primary objective of the KSE100 index is to have a benchmark by which the stock price performance can be compared to over a period of time. In particular, the KSE 100 is designed to provide investors with a sense of how the Pakistan equity market is performing. The KSE-100 Index was introduced in November 1999 with base value of 1,000 points. The Index comprises of 100 companies selected on the basis of sector representation and highest market capitalization, which captures over 80% of the total market capitalization of the companies listed on the Exchange. Out 35 Sectors, 34 companies are selected i.e. one company from each sector (excluding Open-End Mutual Fund Sector) on the basis of the largest market capitalization and the remaining 66 companies are selected on the basis of largest market capitalization in descending order. This is a total return index i.e. dividend, bonus and rights are adjusted. The formula for calculating the KSE- 100 Index is: [(Sum of Shares Outstanding x Current Price) / Base Period Value] x 1000 Or (Market Capitalization / Base Divisor) x 1000 1.1.4 Top 30 KSE 100 Index Companies The following is a list of 30 companies with the highest market capitalization volume and their respective weightages in the index and account for over 80% of the KSE index as of February 20, 2008: Number Company Name Weightage (%) Market Capitalization (PKR) 1 OGDCL 14.14 550,948,930,000 2 MCB 7.17 279,583,150,000 3 National Bank of Pakistan 5.43 211,726,900,000 4 Pakistan Petroleum 5.06 197,201,080,000 5 Standard Chartered Bank 4.41 171,704,800,000 6 PTCL 4.28 166,810,800,000 7 United Bank Limited 4.13 161,025,160,000 8 Jahangir Siddiqui Company 2.66 103,600,000,000 9 Pakistan State Oil 2.08 81,034,440,000 10 Allied Bank Limited 2.01 78,371,670,000 11 Nestlà © Pakistan 1.93 75,280,250,000 12 Pakistan Oilfields 1.71 66,824,220,000 13 Fauji Fertilizer Company 1.68 65,607,390,000 14 ABN AMRO 1.63 63,666, 370,000. 15 Engro Chemical 1.45 56,492,990,000 16 Arif Habib Securities 1.40 54,660,000,000 17 NIB Bank 1.27 49,320,250,000 18 Kot Addu Power Company 1.19 46,565,400,000 19 EFU General Insurance 1.16 45,300,000,000 20 Bank of Punjab 1.13 43,869,030,000 21 Fauji Fertilizer Bin Qasim 1.06 41,474,480,000 22 Bank Alfalah 1.03 39,975,000,000 23 Adamjee Insurance 1.01 39,258,300,000 24 Pakistan Tobacco Company 0.99 38,707,280,000 25 Sui Northern Gas Pipelines 0.98 38,300,100,000 26 Hub Power Company 0.98 38,128,240,000 27 Dawood Hercules Chemicals 0.91 35,549,620,000 28 Habib Metropolitan Bank 0.91 35,354,280,000 29 EFU Life Assurance 0.89 34,750,000,000 30 Lucky Cement 0.86 33,593,480,000 Relevance of the Topic and Research Title This research aims to identify what extra market factors should be considered as likely candidates when investigating stock market volatility and in that lies this research titles relevance. The APT model is dependent on many variable factors and there are various adverse factors in Pakistan which affects stocks returns in the KSE like political tensions, law and order situation, water shortage, floods, earthquakes and flood and energy crisis. So this thesis paper will help to identify the factors which have a positive, negative or no correlation with stock returns. Impact of 2008 Economic/ Political Crisis on KSE 100 Index The KSE 100 Index had many swings during the fiscal year 2008 and the key factors affecting it were as follows: May 23: High inflation in the month of May, 2008 resulted in the unexpected increase in the interest rates by State Bank of Pakistan which eventually resulted in sharp fall in Karachi Stock Exchange and its indexes. July 16: KSE-100 Index dropped one-third from an all-time high hit in April, 2008 as rising pressure on Pakistans government to tackle Taliban militants worsens concern about the countrys economic woes. July 17: Angry investors attacked the Karachi Stock Exchange in protest at plunging Pakistani share prices which further led to a decrease in share prices. August 18: KSE 100 Index rose more than 4% after the announcement of the resignation of President Pervez Musharraf. So the chain of events/ facts shows how different incidents/ factors can affect the share prices in Pakistan and that is what this research paper will aim at. Background information and Evolution Capital Asset Pricing Model (CAPM) The capital asset pricing model states that the price of a stock is related to two variables; the time value of money and the risk of the stock.   The time value here is represented by the risk free rate of interest. The CAPM model keeps into account the overall stock market risk and that is the only factor which it incorporates, something which became dubious when this asset pricing model was used in earlier times. Later, researchers figured out that there were other factors as well which would affect stock returns so a new model for pricing was needed. Arbitrage Pricing Theory (APT) The APT states that each stocks return to the investor is influenced by several independent factors. It is given by the following formulae: Expected Return = RF + B1 x (factor 1) + B2 x (factor 2) + + Bn x (factor n) Where: RF = the risk free interest rate is the interest rate the investor would expect to receive from a risk free investment. b = the sensitivity of the stock to each factor. Factor = the risk premium associated with each factor. There are no specific factors for this model as theory doesnt suggest any, because the stock returns could vary as one stock might be more sensitive to one factor than another. For example the price of crude oil might be sensitive to the share of OGDCL but not to the share of MCB. There are other various macroeconomic variables which affect the arbitrage pricing model which includes Inflation, GNP, Shifts in Yield Curve and Investor Confidence. Characteristics of the Arbitrage Pricing Model Arbitrage Pricing Model considers the following risk factors: Company specific risk. Interest rate (time horizon risk). Inflation risk. Confidence risk. A multi factor or multi variable model best describes the arbitrage pricing model. It does not specify its risk factors. Timely and accurate information of the variables is required. The relationship should be theoretically justifiable on economic grounds. It works better for individual stocks rather than for a group of stocks. It is used less than the Build-up model, CAPM model or the Discounted Cash Flow model. 1.3.4 Difference between CAPM and APT model The difference between CAPM and arbitrage pricing theory is that CAPM has a single non-company factor and a single beta, whereas arbitrage pricing theory separates out non-company factors into as many as proves necessary to be included. Each of these requires a separate beta. The beta of each factor is the sensitivity of the price of the security to that factor. 1.3.5 Advantages and limitations of the APT model Following are the advantages of the APT model: It is not as restrictive as the CAPM in its requirement about individual portfolios and with respect to the information structure it allows. It allows multiple sources of risk which provides an explanation of what moves stock returns. Limitation of the APT model: APT expects investors to assume or perceive the risk sources. 1.3.6 Assumptions of the Arbitrage Pricing Theory Capital Markets are perfectly competitive. Investors always prefer more wealth to less wealth. Perfect competition prevails and there is no transaction cost in the market: frictionless market. Managerial Concerns pertaining to Research Decisions are made by managers every day. And in order to make fruitful decisions one needs to have firm knowledge over the issue or need to research and know about it to master at whatever they want to do. So the more important the decisions and their impact, the more important the research becomes. If decisions are made randomly then their consequences would be resulting in considerable harm to a large number of people related to it. Hence the research should be refined so that managers can use them to apply the theory and findings to their daily life. From this research, managers can get to know which factors affect their companys stock prices so they would devise policies with regard to that in the favor of their companies to avoid losses. Academic Concerns pertaining to Research Students and researchers might find it important to consult the research paper in order to understand the underlying concept of the topic researched on. It could be of vital importance if they want to derive on to something related to the topic. Also the research can be used to see how analysis is carried out in the case of stock returns and its factors and which factors affect the stock returns. Keywords and Definitions Arbitrage: It is the process of earning profits by taking advantage of differential pricing for the same asset. Arbitrage Pricing Theory: The theory focuses to calculate the returns in absence of arbitrage-condition of artificially overpricing or underpricing a product. It applies to economies that are regulated by the Law of One Price which states that two identical goods cant be sold at the same price. Arbitrage Pricing Model: An asset pricing model which predicts a relationship between the returns of a  portfolio and the returns of a single asset through a linear combination of many independent macro-economic variables. Stock Market: It is the market in which  shares are issued and traded either through exchanges or  over-the-counter markets. Also known as the equity market, it is one of the most vital areas of a market economy as it provides companies with access to capital and investors with a slice of ownership in the company and  the potential of gains based on  the companys  future performance. Multifactor Model: A multifactor model is an alternative to a single risk based model. It can either be from an Arbitrage pricing theory or from a multi-beta CAPM perspective incorporating multiple factors which are responsible for the asset returns. Study Objectives To find out which factors have a linkage with stock prices in general and with respect to Karachi Stock Exchange. To find out which factors have a positive, negative or no correlation with stock prices in the stock market. Chapter 2: Literature Review Various literatures were consulted for this research paper and it was found that the level of return achieved or expected from an investment is dependent on a variety of factors. The single index model or the CAPM was developed by Sharpe (1963) which was unsuccessful as its main shortcoming was that it used only the market return as a single factor to determine security return. This led way to the multifactor model or APT model developed by Ross (1976) which incorporated other variables affecting stock returns. 2.1 Evidence from Stock Markets 2.1.1 Evidence from the Japanese Stock Market A.A Azeez and Yasuhiro investigated the evidence of pricing of macroeconomic factors in the Japanese stock market during the bubble period using the Arbitrage Pricing Theory model. They also examined the pre and post bubble periods in order to compare the robustness of prices factors over the bubble period. The main objective of their study is to analyze empirically the asset pricing mechanism of Japanese stock market during the bubble economy by the use of macroeconomic based APT. The data is divided into the three bubble categories in order to analyze the results and in each period there are four factors which carry risk premiums in the Japanese stock market; money supply, inflation, exchange rate and industrial production. In choosing the variables special consideration is given to any economic announcements which will affect stock price movements if the new information revealed by announcements affects either expectations of future dividends or discount rates or both.  [1] 2.1.2 Evidence from Turkish Stock Exchange Ahmet gave evidence of effects from Turkish Stock Exchange stating seven macroeconomic variables (consumer price index, money market interest rate, gold price, industrial production growth index, oil price, foreign exchange rate and money supply) affecting the Istanbul stock Exchange Index- 100. He designed a multiple regression model and concluded saying that interest rate, industrial production index, oil price and foreign exchange rate have negative effect on ISE-100 index while money supply has a positive one. On the contrary inflation rate and gold price does not have any significant effect on the dependent variable. 2.1.3 Evidence from Indian Stock Exchange Aman from India has carried out a research based on literature review and has concluded the relevance of macroeconomic factor for stock markets. According to his findings stock markets are affected by macroeconomic factors which may be local or international. Key variables mentioned by him affecting in the longer run are industrial production, inflation, foreign exchange rate, interest rate and money supply. 2.1.4 Evidence from Italian Stock Market Arduino Cagnetti did an empirical study in the Italian Stock Market by comparing the APT and CAPM models and found that APT performs better than the CAPM in all aspects. Many of the factors that he found significant were inflation, interest rates, money variables, market indices, production indices and international trade variables. 2.1.5 Evidence from Karachi Stock Market Babar, Kashif, Aslam and Nadeem documented the results by examining the stock returns variations to specific economic variables by applying a multi factor model in context of Karachi Stock Exchange. The 32 firms for which data was taken were related from the two most important industries of Pakistan: Banking and Textile Industry which were the top performers at KSE-100 index. They incorporated variables like market index, consumer price index, risk free rate of return, exchange rate, industrial production growth rate, money supply and individual industrial production to run analysis using the GARCH model. Javed Iqbal and Aziz Haider provide evidence from the Karachi Stock Exchange by carrying out the exploratory factor analysis by breaking the sample for stability testing. They chose sixteen macroeconomic variables out of which some were interest rate, money market rate, long term interest rate yield and regional market. 2.2 Joint estimation of factor sensitivities and risk premia for the APT In this study Edwin and Marjorie maintained a linear factor model and used both measured and unmeasured factors to estimate a LFM, the APT, and a CAPM. They found that the January effect is an important determinant of expected returns. The existence of a January effect that is not explained by this set of factors is evident, but, it would be trivial to add a portfolio that exhibits a strong January effect and hence represents a January factor. 2.3 The Conditional relation between Beta and Returns In this paper, Glenn, Sridhar and Ike find a consistent and highly significant relationship between beta and cross-sectional portfolio returns. The key distinction between the tests is the recognition that the positive relationship between returns and beta predicted by the Sharpe-Lintner-Black model which is based on expected rather than realized returns. In periods where excess market returns are negative, an inverse relationship between beta and portfolio returns should exist. 2.4 Explaining the cross section of returns via a multi factor APT model This paper by Jianping uses an autoregressive approach to test a multi-factor model with time-varying risk premiums. A quasi-differencing approach is used to eliminate the unobservable factors in the model. It is found that the model is capable of capturing the size effect and the dividend yield effect, but is incapable of explaining the book-to-market effect and the earnings-price ratio effect. Thus, it is concluded that a constant-beta multi-factor model will not be able to explain the cross-sectional variation in expected returns. 2.5 Economic Forces and the Stock Market This paper tests whether innovations in macroeconomic variables are risks that are rewarded in the stock market. Financial theory suggests that the following macroeconomic variables should systematically affect stock market returns: the spread between long and short interest rates, expected and unexpected inflation, industrial production, and the spread between high and low grade bonds. It is found that these sources of risk are significantly priced. Furthermore, neither the market portfolio nor aggregate consumption is priced separately. Also the oil price risk is not separately rewarded in the stock market. 2.6 Macroeconomic factors do influence aggregate stock returns This paper helps to find that the stock market returns are significantly correlated with inflation and money growth. The impact of real macroeconomic variables on aggregate equity returns has been difficult to establish, perhaps because their effects are neither linear nor time invariant. GARCH model of daily equity returns is used for estimation, where realized returns and their conditional volatility depend on 17 macro series announcements. Six factors are used: three nominal (CPI, PPI, and a Monetary Aggregate) and three real (Balance of Trade, Employment Report, and Housing Starts). Popular measures of overall economic activity, such as Industrial Production or GNP are not used. Chapter 3: Methodology and Analytical Choices 3.1 Framework of Analysis Dependent Variable: KSE 100 index Independent Variables (Factors): Consumer Price Index (measure of inflation) Money supply Interest Rates Exchange Rates Gross Domestic Product (measure of output) Potential Factors which havent been incorporated: Business cycle/ Time Horizon Regional Market Return Political Events (corruption, Assassinations, law and order situation) Natural Disasters/ Calamities Gold Price Industrial Production Growth Rate Oil Price Shifts in yield curves Default risk premiums for bonds(measures investor confidence) Private placements January effect Bank mergers Announcement effects (mergers, monetary policy) 3.2 Statement of Research Hypothesis Hypothesis 1: Ho: Consumer Price Index has a significant impact on KSE 100 index. H1: Consumer Price Index does not have a significant impact on KSE 100 index. Hypothesis 2: Ho: Money supply has a significant impact on KSE 100 index. H1: Money supply does not have a significant impact on KSE 100 index. Hypothesis 3: Ho: Interest Rates have a significant impact on KSE 100 index. H1: Interest Rates do not have a significant impact on KSE 100 index. Hypothesis 4: Ho: Exchange rates have a significant impact on KSE 100 index. H1: Exchange rates do not have a significant impact on KSE 100 index. Hypothesis 5: Ho: GDP have a significant impact on KSE 100 index. H1: GDP do not have a significant impact on KSE 100 index. 3.3 Elements of Research Design Type of Research: Exploratory research as the problem has not been clearly defined and the problem has multiple sensitivities attached to it. Study Setting: Natural as the data will be derived without any intervention from the natural environment. Nature of Data: Time Series Data. Data Collection Preferences Data is to be calculated for a period of 10 years so that there is no potential bias due to time horizon. Variable Definition Sources KSE 100 index It is a stock index acting as a benchmark to compare prices on the Karachi Stock Exchange (KSE) over a period of time State Bank of Pakistan Consumer Price Index It measures changes through time in the price level of consumer goods and services purchased by households Federal Bureau of Statistics Gross Domestic Product It is the market value of all final goods and services made within the borders of a country in a year CIA World Fact book Money Supply Money and quasi money comprise the sum of currency outside banks, demand deposits other than those of the central government, and the time, savings, and foreign currency deposits of resident sectors other than the central government. This definition is frequently called M2 International Financial Statistics Interest Rate It is the money ma rket interest rate. State Bank of Pakistan Exchange Rate This entry provides the official value of a countrys monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar CIA World Fact book 3.5 Data Collection and Related Procedures Exploratory research often relies on secondary sources such as reviewing available literature or data so secondary sources will be used to collect data. That includes research papers and literature reviews taken online from various electronic journals and databases and course books for theory purposes. 3.6 Statement of Analytical Approach and Methodology Descriptive Statistics will be used initially and then covariance of dependent and independent variables will be seen to check for variables. When variables will be finalized, autocorrelation will be done to check for stationarity and then econometric modeling will be done by using multi regression model using the OLS to find out the hypothesis results. 3.7 Limitations With Arbitrage Pricing Model it is difficult to identify the appropriate relevant factors as theory does not suggest any specific ones. Monthly data was not available for all variables so yearly had to be taken into account which might affect the analysis results.

Globalization And Its Impact On The World - 1003 Words

GLOBALIZATION We live in a time of worldwide change. What happens in one part of the world impacts people on the other side of the world. People around the world are influenced by common developments. The term â€Å"globalization† is used to describe this phenomenon. According to Harris, the term is being used in a variety of contexts. In a very broad context, media use it almost daily to refer to a wide variety of political, sociological, environmental, and economic trends. The business world, however, uses this term in a much narrower context to refer to the production, distribution, and marketing of goods and services at an international level. Everyone is impacted by the continued increase of globalization in a variety of ways. The types if food we eat, the kinds of clothes we wear, the variety of technologies that we utilize, the modes of transportation that are available to us, and the types of jobs we pursue are directly linked to â€Å"globalization.† Globalization is changing the world we live in. Causes of Globalization Harris indicates that there are three main factors contributing to globalization. These factors include: †¢ The reduction in trade and environment barriers in the post-World War II period. †¢ The rapid growth and increase in the size if developing countries’ economies. †¢ Changes in technologies Trade Agreements Originally, each nation established its own rules governing foreign trade. Unfair regulations and tariffs were often the outcome,Show MoreRelatedImpact Of Globalization On The World1158 Words   |  5 PagesIntroduction: Globalization is a movement that evolves over time. It heavily involves trade and business that builds relationships with border countries and overseas. Technology is a critical part of globalization as it involves connecting people in many ways. â€Å"The number of minutes spent on cross-border telephone calls, on a per-capita basis increased from 7.3 in 1991 to 28.8 in 2006† (IMF Staff, p. 271). The growth of technology has made it possible for people to connect almost instantaneouslyRead MoreGlobalization And Its Impact On The World1744 Words   |  7 PagesThe Past Globalization, it could be argued, began when tribes first realized there were other tribes in the surrounding areas. With different specialties and skills, these groups began to trade. While these groups may not have been very geographically separated, the available world was expanding as more and more people groups began to connect and interact. Landmarks in the development of globalization can be traced through history: from the exchange of both goods and knowledge on the silk roads andRead MoreImpact Of Globalization On The World1244 Words   |  5 PagesIt is without a doubt that the world today has become a â€Å"Global village†. Nobody wants to do or wear or even eat something that’s old news, all are out to get the â€Å"new† thing in the market. People in every corner of the world have access to similar services and products. Let it be fashion, entertainment of even food. Everybody is adopting similar habits. That’s the power of globalization. Gl obalization is the process by which the world is interconnected through technology and powerful infrastructureRead MoreImpact Of Globalization On The World1262 Words   |  6 PagesThe impact that globalization provided to the world was a positive effect that expanded the influences from one country to another. Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Similarities on how national markets established themselves in other countries which increases not only international trade but also cultural exchange. This increases cultural trade because it gives countries the abilityRead MoreImpact Of Globalization On The World1787 Words   |  8 PagesThis report will discuss the multiple roles of globalization in providing and transferring new and advanced technologies which, despite their significance, can severely damage the environment. This report will also be covering multiple aspec ts such as what we mean by globalization as a anomaly of changes. What technologies mean. What are the factors of globalization that supported it and what are the variables of it. First the term â€Å"globalization† must be defined. There are various definitions ofRead MoreImpact Of Globalization On The World Essay952 Words   |  4 PagesThe flattening of the world due to free trade and globalization has had both negative and positive effects on states. Because the world market has begun to level out, more states are becoming technologically advanced thus increasing the global economy. However, while some states are beginning to catch up, others are remaining at the same level and are at risk for being surpassed, both technologically and economically. So, the flattening of the world is creating both winners and losers; it is importantRead MoreImpact Of Globalization On The World1179 Words   |  5 PagesThe world we live in today has witnessed a variety of changes, improvements and important events overtime. Yet, the most significant incident for many and especially for business related people is Globalisation. It is a term that is used to describe the exchange of knowledge, services, trade, information, cultures and capital between people, governments and organisations of different societies. According to The Economist (2013), economic historians’ opinions tend to differ when it comes to theRead MoreGlobalization And Its Impact On The World1435 Words   |  6 Pagesinfluence and shape the world? Globalisation is described by the financial times to be the ‘process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation.’ Integration across the planet brings every individual together with a shared sense of purpose where as interdependency goes beyond this. It implies that we rely on and need each other. Across the world there is an interdependencyRead MoreImpact Of Globalization On The World1229 Words   |  5 Pagesâ€Å"Globalization is the process by which everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world.† Presently, the world is considered more globalized than it has ever been. The world today has embarked on strong world relations through trade, exchanging both knowledge and goods. According to the World Trade Organization there are ten benefits of trading systems; the first entails the idea that â€Å"people are usually reluctant to fight their customersRead MoreImpact Of Globalization On The World1870 Words   |  8 PagesGlobalization can be defined as the process by which businesses or other organizations develop international influence or start operating on an international scale. (Oxford Dictionaries, 2016) Globalization is the buzzword of today as someone think it could develop the international. People can contact different things in their own place which are from other countries. Moreover, internet is more important things in globalization whatever for personal or society as it can let us to contact the things

Gender Equality In America - Free Essay Example

Sample details Pages: 3 Words: 967 Downloads: 10 Date added: 2019/04/15 Category Society Essay Level High school Tags: Women Rights Essay Did you like this example? The oppression of women has proved to be an issue since the United States declared its independence from Great Britain and continues be. The Constitution itself declares that all men, not women are equal. Equal rights for women is a centuries long battle that needs to be won. Although men and women are biologically different, they are equal as humans and should be treated as such. Men and women are equally important, each adding different, valuable aspects to American society. Womens suffrage has been a controversial topic, but it should not be. Women deserve contribute much to society and deserve equal rights, but they have been wrongly oppressed in all aspects of life including the workplace, the home, and in government. Americas founding fathers scoffed at the thought of Constitutional rights for women. Only two centuries ago, was it that the voices of the oppressed began to be heard by those who had power to make a change. Tamar Rothenberg writes that The 15th Amendment, ratified in 1869, said that race was no bar to voting, but made no mention of sex. Women would have to wait until the next century (Rothenburg par 21). It was not until the the early 18th century however, that American women loudly demanded that they be given the same rights as men. Elisabeth J. Friedman writes that all of these, campaigns were conceived of women (Friedman par 4). Don’t waste time! Our writers will create an original "Gender Equality In America" essay for you Create order Nearly all of these protests for womens suffrage were organized, performed, and supported by women and it was not until August 18th 1920, that women even had the legal right to vote. Even today women are battling for their rights. In 1914 women began to work in factories out of necessity during World War 1. Ivette Romero-Cesareo writes that, women were able to get away from their homes and participate in activities other than domestic work and childbearing (Romero-Cesareo par 2). As men and women began to work alongside one another, it became clear that having the same job did not make them equal. After over 100 years of participation in the workforce, women are still not viewed as equal to men or paid fairly. Today, the woman on average makes only 80 percent of the mans dollar for the same job. The role of women in society is still controversial. Many believe that it is a womans duty to assume the role of the homemaker. In the short story The Yellow Wallpaper, Charlotte Perkins Gilm an writes, that I am absolutely forbidden to work until I am well again (Gilman par 3). Work is often viewed as a burden on women and it is agreed by many that women should not work unless financially necessary. Women that choose to pursue a career rather than have children are looked down upon as selfish. However women add a new perspective that is needed in the workforce.Often womens value to society and to the workforce are often undermined unless it concerns there responsibility in the home. Friedman writes that, womens citizenship has often been restricted in ways that reflect societal assumptions about their duties as homemakers, specifically as mothers (Friedman par 4). Women by nature add different perspectives, ideas and opinions to society and the workplace. Throughout history women have brought about change that would not have been possible by the minds of men alone. This is made clear in the short story Trifles, by Susan Glaspell as she writes, Mrs. Peters, and keep an eye out for anything that might be of use to us (Glaspell p 3). In this story the two women are able to pick out abnormalities around the crime scene that the men would not have been able to because of their experience as women. Women have much to contribute to society, and when given the opportunity have pro ven this to be true. In 2018, almost a century after women have been given the right to vote, they are still fighting for equal rights. It has become obvious that there is a lack of female representation in government and in politics. There is less than 20 percent of women represented in Congress, and the United States ranks 98th in the world for female representation in government. Without women representing women in government it may be impossible to make the changes that need to be made. Women need female representation and t this is the only way that their voices can be truly heard. Friedman states that women need to be more active in politics as they offer a distinctively female perspective on social change. Women want equal pay, and the right to make decisions concerning their bodies, however these decisions have been and continue to be made by men. Rothenburg states that today, the struggle to improve the position of women in society continues. And, more people are recognizing that history is only half told without womens side of the story (Rothenburg par 36). History cannot be rewritten, but the course of the future can be changed as women take part in the making of it. Women have undoubtedly endured a long history of oppression in American society. Throughout history, gender roles and stereotypes have condemned females to lifetimes of childbearing and homemaking. Not even a century ago, women were granted the right to vote in America. And still, women are not completely equal to men. Women in the workforce still receive unequal pay and are often frowned upon by society for not pursuing their duties as mothers. However, women need to be empowered and given the opportunity by society to progress and help change the world. Men and women should view each other as partners in society who are both working towards the betterment of it. Equal rights are a crucial aspect of achieving changes necessary to the improvement of this nation. Female empowerment and equal rights will change this country for the better.

Descartes Argument For The Discovery Of Scientific Truth...

I will attempt to clearly explain an argument offered by Renà © Descartes in Rules for the Discovery of Scientific Truth. In order to accomplish this task, I will discern and explain Descartes’ argument, offer what I consider to be the most significant objection to the argument, and contemplate how Descartes would reply to my objection. For the purposes of explanation, I will temporarily put aside the first sentence of the paragraph in which Descartes’ argument can be found. The second sentence of the paragraph begins with Descartes discussing how in his college days, he â€Å"discovered that nothing can be imagined which is too strange or incredible to have been said by some philosopher† (195). This phrase is telling because it shows that the study of thought itself is one of the first fields to offer the thoughts which seem the craziest to a common person. How can the study of thought itself offer up such flawed thoughts? The simple answer is that it doesnâ₠¬â„¢t. Descartes continues that sentence by recognizing that â€Å"those with views quite contrary to ours are not on that account barbarians or savages, but that many of them make use of reason as much or more than we do† (195). In other words, just because someone holds a view in opposition to mine, does not mean they are uncivilized or uneducated. On the contrary, many of those who hold opinions that may seem stupid have used reason to the same degree as (or even more than) I have. Just as the arguments of so called uncivilizedShow MoreRelatedEnlightenment And Scientific Discovery Of The 17th Century1620 Words   |  7 Pagesperiod of enlightenment and scientific discovery of the 17th century, differing concepts of the scientific method emerged. Amongst these, Renà © Descartes and Sir Isaac Newton had some of the more prominent ideologies. Through The Discourse On Method Descartes describes his rules for â€Å"discovering the truth†(Sherman. P.74) based on his mat hematical background. Many of these are based on logical deductions and examining individual sections of a hypothesis to determine their truths. A few decades later, SirRead MoreDescartes Meditations On First Philosophy807 Words   |  4 PagesConner Ruhl Professor Copley Philosophy 1000C 4 May 2015 Descartes, Meditations on First Philosophy Rene Descartes was the first great philosopher of the modern era, He had a new approach which was focused on scientific and mathematical truths. Descartes came to reject the scholastic tradition, one of which he was educated, due to his pursuit of mathematical and scientific truth. Much of Descartes work was done to secure advancement of human knowledge through the use of the natural sciencesRead MoreDescartes Meditations On First Philosophy1264 Words   |  6 PagesDescartes’ Meditations on First Philosophy is a first-person record of Descartes’ descent into the bowels of disbelief, in order to eradicate all flawed belief from his life. 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Education Systems Of The Us Educational System - 886 Words

Education Systems in Other Countries â€Å"One of the biggest problems in the US educational system is the inadequate condition of many schools located in economically disadvantaged areas†(Morgan, p 291). Morgan’s article is about improving American school system based on how other countries school systems are performing. For the US â€Å"to close the achievement gap in the US [it] include[s] improving teacher education and professional development†(p. 294). According to the article, other countries fare better than the US because they require their teachers to be educated more thoroughly and to continue to educate themselves throughout the course of their career. One step in the right direction for Americas school system is beginning in the classroom with the teachers, which is also where America’s School-to-Prison Pipeline begins. Singapore Singapore starts at the beginning of the system with the way teachers are educated and selected to become teachers and administrators in the school environment. They believe if the teachers are better educated and more prepared to begin working with students they are at a more advantageous position than here in the United States. Before a teacher in Singapore begin working directly and solely with students they have â€Å"mentor teachers guide beginning and novices in the teaching profession also collaborate with other teachers and visit different classes for as long as 20 hours a week† (Morgan, p. 294). The country will gradually prepare the teachersShow MoreRelatedThe Program For International Student Assessment825 Words   |  4 PagesComparing Two Educational Systems The Program for International Student Assessment (PISA) report provides reliable data for policy makers and school leaders to use in the decision making process. 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Determine Pricing Strategy to Meet Organizational Goals

Learning Team A Reflection of Week Three Objectives Patrece James, Angela Roth, Michele King, Domingo Cuison University of Phoenix ECO/561 Professor David Flesh April 16, 2012 Week 3 learning objectives are 1) Determine pricing strategy to meet organizational goals; 2) Determine ways to create non-price barriers to entry based on market structure; 3) Determine ways to increase product†¦show more content†¦This works well if there are cost savings from selling in volume. Lastly, offering price discounts is another strategy used to meet marketing objectives. The discount could be based on quantity purchased or method of purchase. For example, cash purchasers could be offered a discount. Ways to Create Non-price Barriers. The factors that prohibit firms from entering an industry are called barriers to entry. Most utility companies, such as gas, electricity and water are government regulated and typically monopolies. In pure monopoly, strong barriers to entry effectively block all potential competition. Somewhat weaker barriers may permit oligopoly, a market structure dominated by a small number of sellers. Examples of this may be telephone and cable companies. So barriers to entry are pertinent not only to the extreme case of pure monopoly but also to other market structures in which there is some degree of monopolistic conditions and behavior. Ways to Increase Product Differentiation. One way to increase product differentiation based on a monopoly market structure is to categorize the market into elastic and inelastic groups. The example given in the book separates small business and students when selling a software package. Small businesses represent the inelastic group; they have the money to purchase software packages at a higher price and students are the elastic group and do not have the income toShow MoreRelatedMarketing Strategy : Price Is What Makes Profits And How Customers Perceive The Value Of A Product Or Service1486 Words   |  6 PagesMarketing Strategy: Price Price is what makes profits and how customers perceive the value of a product or service. Companies will determine prices based on their financial status; quality, costs and the nature of the good. According to Armstrong, G., Kotler, P. (2015), â€Å"price is the sum of all the values that customers give up to gain the benefit of having or using a product or service† (p. 266). 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According to the business dictionary, the meaning of effective communication is A two way information sharing process which involves one party sending a message that is easily understood by the receiving party. Effective communication by business managers facilitates info rmation sharing between company employees

Pollution Summary free essay sample

What is Air Pollution? The air we breathe supplies the oxygen that sustains life. Humans need oxygen to survive, and plants and animals need oxygen to survive. Our air supply has become contaminated by human activity. We have created machinery that has produced smog and acid rain. We have created a green house effect and have made holes in our ozone layer. Each of these acts can cause serious health problems for humans and animals, and can cause grave harm to our vegetation and ecosystems. There are seven main types of air pollutants. Raven (2008) describes them as particulate matter, nitrogen oxides, sulfur oxides, hydrocarbons, ozone, air toxics, and carbon oxides. Particulate matter can come from dust, soil, soot, and asbestos Nitrogen oxides come from gasses that are produced by chemical interactions between atmospheric nitrogen and oxygen. Sulfur oxides come from chemical interactions between sulfur and oxygen. Hydrocarbons come from chemical interactions between hydrogen and carbon. We will write a custom essay sample on Pollution Summary or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Ozone comes in two forms; (1) oxygen’s reaction with UV radiation in the stratosphere and, (2) oxygen reaction in the troposphere what creates smog. Air toxics can be radioactive substances, fluorides, and hydrochloric acid, and carbon oxides are carbon monoxide and dioxide. Causes of Air Pollution Chemicals, human sources, and natural sources contribute to air pollution. Air pollution can be traced all the way back to Ancient Roman times. â€Å"Every day, the average person inhales about 20,000 liters of air. Every time we breathe, we risk inhaling dangerous chemicals that have found their way into the air. † (Caroline, David, Michael, Mindy, Neil, and Vikas, 1999, The Environment: A Global Challenge. Air Pollution). Air pollution occurs in the atmosphere and can move easily from one location to another, it is a global concern. Air pollution is a problem both outdoors and inside homes. Chemicals There are seven main types of air pollutants according to a regulatory perspective. These are: particulate matter, nitrogen oxides, sulfur oxides, carbon oxides, hydrocarbons, ozone, and air toxics. Particulate matter is made of thousands of solid and liquid particles hanging in the atmosphere. Solid particulate matter is commonly known as dust; whereas as liquid articulate matter is known as mist. Particulate matter includes the following pollutants: soot, lead, asbestos, soil particles, sea salt, and sulfuric acid droplets. Nitrogen oxides are gases produced as a result of interaction between nitrogen and oxygen involves a supply of energy such as combustion of fuels resulting in high temperatures. Sulfur oxides are gases. These gases are a result of a chemical interaction between sulfur and oxygen. When combined with water, the result is sulfuric acid. Carbon oxides consist of carbon monoxide and carbon dioxide. Carbon monoxide has no color, smell, or taste and is second as an air pollutant only to carbon dioxide. Carbon dioxide is also does not have color, smell, or taste and is a greenhouse gas. Hydrocarbons consist are a varied collection of organic compounds including hydrogen and carbon. Small hydrogen molecules are gaseous at room temperature. Hydrocarbons include methane (colorless and odorless gas principally included in natural gas), benzene (which is a liquid at room temperature), and paraffin (which is a solid at room temperature). Ozone is a form of oxygen that is a pollutant in one area of the atmosphere but essential in another area of the atmosphere. Hazardous air pollutants (HAPS) consist of hundreds of other air pollutants such as chlorine, lead, hydrochloric acid, formaldehyde, radioactive substances, and fluorides. Humans Many chemicals that cause air pollution exist naturally in our world. These chemicals are harmful in both their natural form; however, become even more harmful when burned by humans for fuel, heat, or electricity. The two main causes of air pollutants in urban areas are transportation and fuel combustion from stationary sources. The stationary sources are heating and cooling for buildings and coal-burning power plants. Vehicles such as cars, trains, heavy-duty trucks, and airplanes, produce high amounts of carbon dioxide while fuel combustion produces high amounts of sulfur dioxide. Chlorofluorocarbons (CFCs) â€Å"are man-made compounds that were originally developed in 1930 as a safer alternative to the refrigerants then in use such as sulfur dioxide and ammonia.