Friday, March 20, 2020
Time Lags in Fiscal Policy Essays Time Lags in Fiscal Policy Paper Time Lags in Fiscal Policy Paper Fiscal policy is the change in taxes and spending that affect the level of GDP (OÃ¢â¬â¢Sullivan, p. 212, 2008). When fiscal policies are put into place, the goal is to see the economy grow to healthy levels. Other reasons for fiscal policies could include stabilizing the economy. These policies are supposed to help the economy run at its full potential. Congress and the President are supposed to be constantly working to maintain a healthy economy. There are times however, that a poorly timed move could hurt and destabilize the economy. The problem with trying to implement policies that will move the economy to its highest potential output is that there can be delays. Trying to forecast the economy is like trying to forecast the weather. When policy makers make mistakes, they create proverbial rain at our picnic. When the economy starts to slow down, government officials try to get the economy to run at its full potential again. The problem with this is that sometimes, the economy can correct itself without policies being established. There are usually delays, or lags in the policies being implemented. Just like normal, regular people, there are times that policy makers are slow to realize that there is problem that needs correcting. When they finally realize that there is an issue at hand, it may take the policy makers time to react. Two types of lags can cause problems inside lags and outside lags. Inside lags involve the time it takes to formulate a policy while outside lags involve the time it takes for the policy to actually work (OÃ¢â¬â¢Sullivan, p. 214, 2008). The biggest problem with the inside lag is the time it takes policymakers to recognize shifts in economic indicators. Policymakers try to rely on their forecasting skills. Sometimes their forecasting is correct, while other times, they are wrong. This can cause big discrepancies in the economy. Another issue is the time it takes for policy makers to realize that there is a problem and then fix the problem at hand. With outside lags, policies such as tax cuts take time to actually work. Outside lags are normally short, but if they are timed incorrectly, the economy could actually become destabilized. The worst problem with lags is that economists are playing the role of the weatherman in forecasting what will happen to the economy. It is hard for them to know whether an economic slowdown is just temporary or if it will be a long recession. For example, if economists predict that the economy is going to be working over its potential, and the government implements a policy to get the economy to its full potential, but not over it, and then the economy becomes weak before the policy takes place, the entire economy could become destabilized. Policy makers must understand this possibility and do their best to minimize errors. Reference OSullivan, Shefferin, Perez. (2008). Economics: Principles, Applications, and Tools. Upper Saddle River, NJ: Pearson Education, Inc.
Tuesday, March 3, 2020
ESL Learners Test Preparation Its important to prepare well for big tests - especially for exams like the TOEFL, IELTS or Cambridge First Certificate (FCE). This guide will help you take steps towards doing your very best on the big day. Know Your Test First things first: Find out about the test! Reading test-specific preparation materials will help you understand your strengths and weaknesses on specific topic areas covered in the test. Understanding which types of problems are easiest and which are most difficult will help you develop a study plan for the test. While developing your plan, take note of grammar, vocabulary, listening, speaking and writing expectations. Also, take note of specific exercise types on your exam. Preparing for the TOEFLPreparing for the First Certificate ExamPreparing for the IELTS Practice, Practice, Practice Once you have established a study plan, youll need to do lots of practice. Practice begins with understanding the subjects that will be included in reading, writing and listening. If youre not taking a course, using advanced level resources at this site can help you study up and practice grammar, build vocabulary, as well as improve writing techniques and listening skills. Advanced Grammar ResourcesAdvanced Writing ResourcesAdvanced Vocabulary Resources Practice Specific Types of Test Problems So youve studied up on your grammar, writing, and vocabulary, now youll need to apply these skills to specific types of exercises you will find on your exam. There are a number of free and paid resources available on the Internet. Cambridge Exams Practice Materials Take Practice Tests After you have become familiar with the types of exercises on your test, youll want to practice taking the test as often as possible. For this purpose, the best thing to do is purchase one of the many books that provide practice tests for the TOEFL, IELTS or Cambridge Exams. Top TOEFL Study MaterialsTop First Certificate Study Materials Prepare Yourself - Test Taking Strategy Shortly before the big day, youll also want to spend some time developing specific test taking skills. These skills include strategies on multiple choice questions, timing, and other issues. Effective Test Taking Strategies Prepare Yourself - Understand the Test Structure When you understand the general techniques required to do well on a test, youll also want to study specific exercise techniques to help you develop a strategy for each type of question. These links focus on specific exercises that youll find on the Cambridges First Certificate Exam. However, these types of exercises are found on most of the major exams in one form or another.
Sunday, February 16, 2020
United States National Security - Article Example Policy developers will have to address these energy encounters Ã¢â¬â but none of them are an interrogation of yes or no, either, do or donÃ¢â¬â¢t. As an alternative, how the United States encounter those challenges will need choices-strategy judgments about infrastructure investment, government policy, investigation funding, and even external policy. The American security plan has a strong program scrutinizing how America-and the world-uses and yields energy. It is thought that the way Americans consume energy is unfavorable to their national security, their monetary well-being, and their environs. Without prejudice, we seek solutions. We focus on long-term, strategic sets that will control the well-being of their country until the next century. At this time, the fears for their security areas composite and varied as complex and diverse as extremism, the spread of weapons of mass devastation, climate change, deteriorating states and economic downfall. Many of these national trials will require answers that go beyond military capacity and utilize all the tools at their clearance. The American security mission is prominent in the development of new state security hallucination and strategy that generate a new American store for the twenty-first century that is open to the challenges and changes we face as a nation. The United States encounters many defies around the world that are composite because they are irregular in nature. Uneven challenges are those where the unlike performers and components have not the same welfares and proficiencies, but nonetheless, intermingle compound ways to make policy tremendously difficult.Ã
Sunday, February 2, 2020
Assignment Two Option 3 - Case Study Example This provides a set of issues and matters that must be examined and critiqued on the basis of Australian law and other Common Law provisions. The issues involve: In order to provide answers to the various issues raised above, there is the need to draw into important statues and Common Law provisions that regulate actions related to the persons involved in the case. This will involve the identification of important elements and features that form the fundamental obligations and requirements of directors in the position of persons involved in the case illustrated above. Companies are formed by various shareholders who come together to pool their resources to raise capital. There is a complete separation of ownership and control in corporate law. Hence, companies are run by people who are nominated and by the shareholders, which is the board of directors. The board of directors are given power by the owners of the business (shareholders) to run a company and they do this by taking decisions and supervising activities in the organisation. The right to use the firms resources gives rise to the agency problem which involves the directors seeking to satisfy their own personal interest ahead of the interest of the company1. This is an issue that can be traced back to the early propositions of Adam Smith that sought to provide major regulatory systems for the control of affairs in corporate entities. This has reflected in the national legal systems which have evolved over the years to include various corporate laws and principles. Conflict of interest has been an issue that was prohibited and restricted by Common Law. In Cook V Deeks3 it was held that directors of a company will have to act in the best interest of the company. And where they subjugated the companys interest in favour of a personal interest of some of the directors, a fraud is committed on the shareholders who stand to
Saturday, January 25, 2020
Broadband Access Wired Mediums Broadband Access High speed internet access is also called as Broadband. With the help of broadband access we can send large amount data at a same time through a medium. ItÃ¢â¬â¢s also called as Ã¢â¬Å"Broad BandwidthÃ¢â¬ connection. Bandwidth can be defined as the amount of data transmitted or in other word it can be defined as the width of the connection. Bandwidth can be expressed in bits per second that is the amount of bit of data that can flow through a line. But nowadays the bandwidth speed has changed thatÃ¢â¬â¢s from bps to Kbps to Mbps and now in Gbps. We have two type of medium through which we can get broadband access one is Ã¢â¬Å"Wired MediumÃ¢â¬ and the other is Ã¢â¬Å"Wireless MediumÃ¢â¬ . Wired Medium There are many wired mediums through which broadband internet access can be obtained. Few are listed below. Cable. HFC. XDSL. Fiber OpticÃ¢â¬â¢s. Power Line Access. Cable Internet It uses the same co-axial cable which is used for viewing Television. In order to provide this Cable internet to the subscriber the cable operator has to upgrade his equipments. The Cable subscriber can obtain this cable internet service by using cable modem and connect this modem to the computer. The cable modem works like Television but its differs in the output, the output in the television is a TV program but in cable internet itÃ¢â¬â¢s a web page. The cable has a storage or space, through which the television program can be transmitted and this space is called as the Ã¢â¬Å"BandwidthÃ¢â¬ . So this bandwidth will bring webpage and television program to the end user. The cable modem transmits full duplex with great speeds ranging from 10 -20 Mbps (regardless of distance) but degrades when itÃ¢â¬â¢s shared by multiple users at the same time. Cable Internet Access is reliable but not secure.By using firewall and proper password protection we can over come the security problem. Hybrid Fiber Coax (HFC) HFC is an extension of Cable internet.The signals from headend system to the customer pass over a combination of fiber and coaxial cable. Fiber optic cables will connect the head end system to the neighboring node and co-axial cable is used to connect households to this node. Figure 2: Hybri Fiber Coax In HFC the signals will flow in both forward direction (Downstream) that is from head end system to customer via node and reverse direction (Upstream)that is from customer to head end system via node. Since coaxial cable (shared medium) is used for connecting node and customer there will be lot of interference in Upstream and Downstream of signals. To avoid this interference in coaxial cable the frequency is split into two. In HFC the Downstream is allocated with more frequency bandwidth than the Upstream because more video content is sent to the homes, so for this reason Ã¢â¬Å"Non-SymmetricalÃ¢â¬ process is followed to configure HFC network. By Ã¢â¬Å"Non-Symmetrical we mean path in one direction (Downstream) has more data carrying capacity. Earlier the upstream was used for information like ordering movie, audio etc.. But now extra features like internet and telephone are added to HFC network and hence the upstream is utilized more. xDSL The generic name for DSL technology family is xDSL.DSL (Digital Subscriber Line) uses telephone line to provide high speed internet broad band access the speed of which can be 1.5 Mbps for a typical residential connection or more. The various type of xDSL are shown below: ADSL RADSL SDSL HDSL HDSL2 VDSL ADSL (Asymmetric Digital Subscriber Line) This technology uses existing phone connection to provide high speed internet broadband access. The word Asymmetric means the Downstream and upstream speed differs in other words more data is transmitted in Downstream than Upstream, Digital means the data is converted into digital form i.e. 1Ã¢â¬â¢s and 0Ã¢â¬â¢s and by Ã¢â¬Å"Subscriber LineÃ¢â¬ it mean simple copper wire is used for this. In the telephone exchange this ADSL can be implemented with special equipments and in the customer side it can be obtained by connecting a the phone connection to ADSL modem and ADSL modem is connected to the computer. One major disadvantage of ADSL is that the speed will get reduced as distance between the ADSL provider and Customer increases. ADSL uses the Frequency Division Multiplexing technique for data transmission. The communication link is divided into three non overlapping frequency band, two-way telephone channel (0 to 4 KHz band-POTS),medium speed Upstream (4KHz to 50 KHz band) and High speed Downstream(50KHz to 1MHz) RADSL (Rate-adaptive Digital Subscriber Line) RADSL differs from ADSL .In RADSL depending upon the length and the quality of the line, the modem can adjust the speed of the connection. SDSL (Symmetric Digital Subscriber Line) In SDSL Upstream and Downstream have the same speed. SDSL can transfer data up to 3Mbps in both directions. The figure below shows the difference between ADSL and SDSL. From the figure itÃ¢â¬â¢s clearly seen from ADSL the Sending (Upstream) have small pipeline where as in the SDSL both Upstream and Downstream have same pipeline size Figure 3:SDSL With ADSL webpage access is not an issue. But ADSL faces problem when it needs to download large amount of data. HDSL (High Bit Rate Digital Subscriber Line) HDSL will provide speed up to 1.5 Mbps in both the directions (Upstream and Downstream) which can be used for businesses that hosts websites. HDSL 2(High Bit Rate Digital Subscriber Line 2) This advanced version of HDSL this HDSL2 will provide same throughput in single copper wire and provide telephone service. VDSL (Very high bit-rate Digital Line Subscriber) This VDSL is advanced version of DSL technologies which has very high downstream speed (52 Mbps) and upstream (12 Mbps) bandwidth. VDSL architecture is based on two technologies QAM (Quadrature amplitude modulation) or DMT (Discrete multitone modulation) that are not compatible. The most commonly used technologies are DMT. Fiber OpticÃ¢â¬â¢s In Fiber OpticÃ¢â¬â¢s data is transmitted via optical fibers. Optical fiber is a thin wire made up of pure glass with .These Optical fibers are bundled together to form a Optical cable that transmits data to long distances. The Figure shown below will discuss about the various parts of the Optical Cable.Optical Cable has three parts namely the Core, the Cladding and the Coating. Core: The inner most layer of the Optical Cable made up of glass. In this layer the data is transmitted in the form of light. Cladding: This layer is above the inner core. This layer is also made up of glass. The main use of this layer is to reflect light back into the core. Coating: This is outermost layer of the cable. The main use of this layer is to protect the cable from damage. This optical fiber cable is covered with an outer jacket. The are two types of Optical fiber, Single mode and Multimode. The Single mode uses laser beam to transmit data, the inner core of which is small in diameter and hence has less to nil modal dispersion. On the contrary, the Multimode has a larger diameter, uses LED and suffers from modal dispersion. Broadband over Lines (BPL) This technology provides high speed broadband internet access to homes via electrical outlets. By combining the concepts of modem, radio and wireless networking ,the BPL developers developed a way to send data via power lines to homes at speed of 3Mbps. The BPL developers by adjusting the Power Lines with the help of special equipments can send data on it. The BPL developers could partner with power companies and Internet service providers to bring broadband to everyone with access to electricity. There are two types of BPL services, In-house BPL that is used to network inside buildings and Access BPL that provides Broadband internet via power lines Figure 5: Broadband Over Line Silicon Chipset in modem helps in getting the data from an electrical outlet and uses modulation technique and adaptive algorithm to handle noise in the power lines. From the figure above we can see that the modem looks like a common adapter which c an be plugged into electrical socket, and an Ethernet wire from the modem will connect to the computer. Wireless Medium (Micro Wave) Satellite This technology uses satellites and satellite dish to provide high speed broadband internet connection and uses microwaves to transmit data signals. With the help of this technology we can link two or more base stations on earth. The signals from the base station are passed to the satellite on one frequency and the satellite will regenerate the signal or increase the signal strength with the help of repeater and will send it to the destination base station. There two type of satellite used for this purpose, geostationary satellite and low altitude satellite. Geostationary satellite remain at the same spot above the earth (36000 Km) .Because of the huge distance between the base station and the satellite, it will induce a propagation delay and its used mainly in telephone service . Low altitude satellites revolve around the earth and provide continuous coverage for all the area. There are two types of satellite broadband access, two way satellite internet services and one way satellite internet services. In two way the data can be transmitted in both the direction and in order to do this the satellite dish must be large. In one-way its can only receive data not send data. There are two types of satellite system asynchronous satellite system and synchronous satellite system.In asyn the upstream and downstream speed will be different where as in synch the speed in both the direction will be same. Major advantage of this technology is that it can provide high speed broadband internet access to the place where wired medium is not possible. The speed of download is 600k and upload is 128K. Major disadvantage is the price and reliability of the service ( it may get affected due to bad weather). Wireless Medium (Radio Wave) Fixed Wireless This technology uses Radio waves to provide high speed broadband internet access. There are two types, point-to-point fixed wireless and point-to-multipoint fixed wireless. In Point-to-Point signal is transferred from one antenna to other antenna(indoor or outdoor) which is on ground station .The main disadvantage in Point-to-Point is line of sight .Signal cannot reach the destination antenna if its not in the line of sight of the first antenna. In Point-To-Multipoint the only difference is that the signals via radio waves can be transmitted to many receivers rather than one dedicated receiver. It has the same drawback line of sight. Wi-Fi Here it uses radio waves to send and transmit data. To implement this we need a wireless adapter card and a wireless router. The digital information (web page request) from the computer is converted to radio wave with the help of wireless adapter. These radio waves are captured by wireless router which in turn will convert the radio signals back to digital signal and send the information to net via Ethernet cable. The response (webpage) will reach the wireless router which converts them into radio waves which is in turn converted into digital signal by wireless adapter. WiMax The main disadvantage of wireless broad band is that it is very expensive and cant be widespread. Wi-Fi works only in Hotspots. To over come these difficulties WiMax technology is introduced which is like a cell phone with broadband access. It basically has 2 parts WiMax Tower and WiMax Receiver. Wifi max tower work the same way as the cellular tower and has a very large coverage area. The wimax tower is connected to internet always or it can be connected to other wimax tower using line of sight microwave link .WiMax receiver is like a wireless adapter used in Wi-fi technology Wimax provides two type of wireless service. Ã¢â¬Å"Non Line of SightÃ¢â¬ service in which the computer uses an antenna to connect it to the tower. Ã¢â¬Å"The line of sight inÃ¢â¬ which the antenna is fixed in a roof top and pointed directly to the wimax tower.
Friday, January 17, 2020
Part 1 The Efficient market hypothesis states that all financial markets are efficient in their use of information to determine prices. This means that investors cannot expect to achieve excess profits that are more than the average market profits with similar risk factors, given all available information at the current time of investment, aside from through some form of luck. In part 1 of this report we will discuss the three different forms of market efficiency that Eugene Fama identified in her 1970 report. These can be explained as follows: 1) Weak form efficiency Fama (1970) observes that a market is efficient in weak form if past returns cannot be used to predict current stock price changes. It also assumes that prices on assets that are traded publicly already have and use all available information on the stock at any moment in time. It therefore stands to reason that the weak form of the market efficiency hypothesis means that past returns on stock are uncorrelated with future returns on the same stock. Future prices cannot be predicted by studying carefully the past prices of the stock. Excess returns cannot be earned over an extended period of time by using investment strategies that are based only upon the historical prices of shares or differing forms of historical analysis. This means that this style of technical analysis will not be able to produce high levels of returns on a consistent basis for investors. Overall one cannot expect future price changes to be predicted by using the past stock prices. Simply put weak form efficiency a ssumes that historical analysis on past stock data is of no use in predicting future price changes on stocks. 2) Semi-strong efficiency The semi-strong market efficiency form progresses from the aforementioned weak form market efficiency by stating that markets can adjust easily and very quickly to new information that is provided about various stocks. Fama (1970: 383) cites semi- strong efficiency as Ã¢â¬Å"whether prices efficiently adjust to other information that is publicly available. e.g. announcements of stock splits, etcÃ¢â¬ ¦Ã¢â¬ Here it is assumed that asset prices fully reflect all of the publicly available information on the stocks meaning that only those investors who manage to possess additional unique information about the stocks could have an advantage over the market to make large gains. This form also asserts that any price outliers are found quickly and on this basis the stock market manages to adjust. In a semi-strong form efficiency share prices are able to react quickly to new information made available publicly in a quick manner so that no large returns can be gained from using the recent information. This leads us to imply that neither fundamental analysis or technical analysis will be able to produce consistent excess returns. Strong-form efficiency Strong-form efficiency assumes that prices reflect completely any type of new information about the market be that public or private information. Fama (1970: 383) says that strong form tests are concerned with Ã¢â¬Å"whether given investors or groups have monopolistic access to any information relevant for formationÃ¢â¬ , however Fama claims that the efficient hypothesis model still stands up well. The strong form claims the market price also includes different forms of insider information and not solely public information, and this is how it differs from the semi-strong form. The implications of this is that no one at all can therefore have any kind of advantage over the market in prediction of the stock prices as no possible additional data exists which would provide additional value to any investor. However, if any legal barriers exist which prevents the spread of useful information, such as insider trading laws for example, then this form of market efficiency is not possible. Part 2 The Efficient Markets Hypothesis was introduced by Eugene Fama in 1970. The main idea of the Efficient Market Hypothesis is predominantly that market prices must take into account all available information at any given point. Therefore meaning that no one can outperform the market by using readily available public information aside from through luck. A market is said to be efficient if the price fully reflects information about that market, for example if the price of the stock would be unaffected if all information surrounding it was revealed to all stakeholders in that market. Part two of this report will be critically discussing the evidence for and against the Efficient Market Hypothesis and whether it is possible to exploit market inefficiencies. The implications for investors and companies of the Efficient Markey Hypothesis will also be considered. Arguments For the Efficient Market Hypothesis To begin with following the birth of the efficient market hypothesis the theory was widely accepted, and it was widely assumed that the markets were very efficient in taking this information into account (Malkiel, 2003). It was accepted that when information came to the fore this would spread rapidly and would then be incorporated almost instantaneously into the share prices without hesitation. This meant that technical analysis, study of prior stock prices, nor any analysis of relevent information of a financial sense would lead an investment to achieve more successful returns than holding random stocks which have a comparable risk factor. Dimson and Mussavian (1998) observe that the evidence accumulated during the 1960s and 1970s was consistent with the Efficient Market Hypothesis view. There was a substantial backing for the weak and semi strong Efficient Market Hypothesis forms. Even though more recent times have seen an attack against the Efficient Market Hypothesis, Roll (1994) still observes that it remains incredibly difficult to make a high level of profit on a consistent basis even with the wildest variants of stock market efficiency. These violations of market efficiency are often sporadic events that do not last for a period of time. This can be seen by looking at the fact that on the whole profitable investment successes are referred to on a consistent basis as outliers (Dimson and Mussavian, 1998). Malkiel (2005: 2) says that: the strongest evidence suggesting that markets are generally quite efficient is that professional investors do not beat the market. Indeed, the evidence accumulated over the past 30-plus years makes me more convinced than ever that our stock markets are remarkably efficient at adjusting correctly to new information. This is showing that the markets must be efficient due to the fact that professional investors do not on the whole beat the market, and therefore all available information must be taken into account by the market prices and thus there is no gain to be had by any investors by using past prices, or publicly or privately readily available information. Arguments against the Efficient Market Hypothesis Malkiel (2003: 60) observes that by the beginning of the twenty first century Ã¢â¬Å"the intellectual dominance of the efficient market hypothesis had become far less universalÃ¢â¬ and academics were starting to question the premise and were not accepting it as they had done previously. Shiller (2003 ; 83) states that, Ã¢â¬Å"[contained in the EMH is] the idea that speculative asset prices such as stock prices always incorporate the best information about fundamental values and that prices change only because of good, sensible information.Ã¢â¬ However he then moves on to discuss how not all information is sensible and not all actors are rational, this would conflict with the efficient market hypothesis which relies on information having a large impact on the prices of stock. As well as this several recent reports have shown a range of empirical evidence which suggests that stock returns can actually possess components of a predictable nature, therefore also rejecting parts of the efficient market hypothesis which profess that looking at past trends do not allow for excess gains when investing on the stocks against the market. Keim and Stambaugh (1986) state that using forecasts based on a number of factors can find statistically significant predictability in a range of different stock prices. Lo and MacKinlay (1988) reject the random walk hypothesis, which is so often considered with the efficient market hypothesis theory, and show that it is not at all consistent with the stochastic nature of weekly returns. Empirical evidence of return behaviour which has been anomalous in the form of variables such as price to earnings ratio (Fama and French, 1992) has defied any kind of usual rational explanation and has resulted in a great number of researchers cons idering their views and opinions of market efficiency. Evaluation and Implications for Investors In conclusion, it is clear to see that market prices are not always predictable and that the markets have made large errors at certain points in time, for example at the recent dotcom internet bubble. Here it was obviously possible to exploit the market inefficiency to make money for investors. In the short run it may be possible to exploit these sporadic inefficiencies, but in the long term true value will always come to the fore. As long as these markets do exist, due to it being reliant on the judgement of investors, there will occasionally be errors made and some participants In the market are likely to behave in a less than rational manner, as is inherent in human nature. As well as this all information will not necessarily be sensible and investors are not likely to necessarily use it rationally. Thus irregular pricing or predictable patterns on stocks can appear and be exploited from time to time. In terms of the implications for investors in terms of the efficient market hypothesis, it is plain to see that all markets cannot be one hundred percent efficient all of the time or there would not be an incentive for people who are professionals in the field to discover different facets of information that is often quickly reflected by market prices (Grossman and Stiglitz, 1980). However, things such as the 1999 dot com bubble are exceptions rather than the rule to providing investors with extraordinary returns on their investments to exploit market inefficiencies. Therefore one could assume that the markets are efficient more often than not, and Fama (1970) is on the whole correct. This could lead to the conclusion in agreeing with Ellis (1998) and the overall idea that active equity management is indeed a Ã¢â¬ËloserÃ¢â¬â¢s gameÃ¢â¬â¢. Malkiel (2005) further advises on EllisÃ¢â¬â¢ claim and professes that indexing is likely to produce higher rates of return than active por tfolio management. This is becoming more and more likely to impact investors as markets become more and more efficient, as Toth and Kertesz (2006) show in their examination of an increase in efficiency of the New York stock exchange. Therefore investors are required to question if it is indeed possible or feasible to exploit market inefficiencies using strategies the efficient market hypothesis calls into question. Bibliography Dimson, E. and Mussavian, M. (1998). Ã¢â¬ËA Brief History of Market EfficiencyÃ¢â¬â¢. European Financial Management. 4(1): 91-103. Ellis, C. (1998). Winning the LoserÃ¢â¬â¢s Game, McGraw-Hill: New York. Fama. E.G, (1970). Ã¢â¬ËEfficient Capital Markets: A Review of Theory and Empirical WorkÃ¢â¬â¢. The Journal of Finance. 25(2): 383-417 Fama, E. and French, K. (1988) Ã¢â¬ËDividend yields and expected stock returnsÃ¢â¬â¢. Journal of Financial Economics.(22): 3-25. Fama, E. and French, K. (1992). Ã¢â¬ËCommon risk factors in the returns on stocks and bondsÃ¢â¬â¢. Journal of Financial Economics. (33): 3-56. Grossman, S. and J, Stiglitz. (1980). Ã¢â¬ËOn the Impossibility of Informationally Efficient Markets.Ã¢â¬â¢ American Economic Review. 70(3). 393-408. Keim and Stambaugh (1986). Ã¢â¬ËPredicting returns In the Stock and Bond MarketsÃ¢â¬â¢. Journal of Financial Economics. 357-290. Lo and MacKinlay. (1988) Ã¢â¬ËStock Market prices do not follow random walks : Evidence from a simple specification testÃ¢â¬â¢. Review of Financial Studies. (1): 41-66. Malkiel, B. (2003). Ã¢â¬ËThe Efficient Market Hypothesis and Its Critics AuthorsÃ¢â¬â¢. The Journal of Economic Perspectives, 17(1): 59-82 Malkiel, B. (2005). Ã¢â¬ËReflections on the Efficient Market Hypothesis: 30 Years LaterÃ¢â¬â¢. The Financial Review (40):1-9 Shiller, R. (2003). Ã¢â¬ËFrom Efficient Markets Theory to Behavioral FinanceÃ¢â¬â¢. Journal of Economic Perspectives. 17(1) : 83-104. Toth, B. and Kertesz, J. (2006). Ã¢â¬ËIncreasing market efficiency: Evolution of cross-correlations of stock returnsÃ¢â¬â¢. Physica 360(2): 505Ã¢â¬â515.
Thursday, January 9, 2020
The term accent has various meanings, but in speaking, an accent is an identifiable style of pronunciation, often varying regionally or even socioeconomically. It can be contrasted with a persons dialect, which includes regional vocabulary. Standard English has nothing to do with pronunciation, wrote Peter TrudgillÃ (Dialects.Ã Routledge, 2004). In fact, most people who speak Standard English do so with some sort of regional pronunciation, so that you can tell where they come from much more by their accent than by theirÃ grammarÃ or vocabulary. George Mason University holds a speech accent archive, where people have been recorded reading the same English passage, for linguists to study, for example, what makes accents distinct from one another.Ã More on Dialects Versus Accents A dialect is a verbal departure from standard language. Dialects are characteristic of a particular group of speakers and have their own charm as well. Yall in the South, Yah in Minnesota, Eh? in Canada. The regional dialects of Brooklyn, the rural South, New England, and Appalachia, not to mention the greater contributions of Canada and Britain, and those of various ethnic cultures, have certainly enriched the English language. An accent is a particular way of pronouncing a language. Warsh for wash in Cajun Louisiana, New Yawk for New York among native New Yorkers, aboot for about in Canada. The appeal of dialects and accents comes from our appreciation of their musical intonations, imaginative word choices, and emotive speech rhythms. (James Thomas, Script Analysis for Actors, Directors, and Designers. Focal Press, 2009) Regional and Social Accents Accents are not just regional but sometimes contain information about a persons ethnicity, such as in the case of nonnative English speakers; education; or economic status. Within each national variety [of English] the standard dialect is relatively homogeneous in grammar, vocabulary, spelling, and punctuation. Pronunciation is a different matter, since there is no equivalent standard accent (type of pronunciation). For each national variety, there are regional accents, related to geographical area, and social accents, related to the educational, socio-economic, and ethnic backgrounds of the speakers. (Tom McArthur, The English Languages. Cambridge University Press, 1998) Phonetic and Phonological Differences Even though pronunciation differs, meanings of the same words often remain the same, such as around North America or between Britain and Australia.Ã Differences between accents are of two main sorts: phonetic and phonological. When two accents differ from each other only phonetically, we find the same set of phonemes in both accents, but some or all of the phonemes are realised differently. There may also be differences in stress and intonation, but not such as would cause a change in meaning. As an example of phonetic differences at the segmental level, it is said that Australian English has the same set of phonemes and phonemic contrasts as BBC pronunciation, yet Australian pronunciation is so different from that accent that it is easily recognized.Many accents of English also differ noticeably in intonations without the difference being such as would cause a difference in meaning; some Welsh accents, for example, have a tendency for unstressed Ã¢â¬â¹syllables to be higher in pitch than stressed syllables. Such a difference is, again, a phonetic one...Phonological differences are of various types...Within the area of segmenta l phonology the most obvious type of difference is where one accent has a different number of phonemes (and hence of phonemic contrasts) from another.(Peter Roach, English Phonetics and Phonology: A Practical Course, 4th ed. Cambridge University Press, 2009) Why So Many British Accents? Though Britain is a relatively small place, English spoken there can sound quite different from one end of the country to another. There are more accents per square mile in Britain than in any other part of the English-speaking world.This is because of the hugely diverse history of English in the British Isles, with the originally Germanic dialects of Europe mixing with the Norse accents of the Vikings, the French accents of the Normans, and wave after wave of immigration from the Middle Ages down to the present day.But its also because of the rise of mixed accents, as people move house around the country and pick up features of the accent wherever they find themselves.(David Crystal and Ben Crystal, Revealed: Why the Brummie Accent Is Loved Everywhere but Britain. Daily Mail, October 3, 2014) The Lighter Side I sometimes wonder if Americans arent fooled by our [British] accent into detecting brilliance that may not really be there.(Stephen Fry)You know, Fez, unfortunately there are some people in this world that are going to judge you on the color of your skin or your funny accent or that girly little way you run. But you know what? Youre not alone. Why do you think the Martians wont land here? Because theyre green, and they know people are going to make fun of them!(Ashton Kutcher as Michael Kelso in Bring It on Home. That 70s Show, 2003)[Yankees] are pretty much like SouthernersÃ¢â¬âexcept with worse manners, of course, and terrible accents.(Margaret Mitchell, Gone With the Wind, 1936)