Marriage versus living together Essay

Marriage is considered to improve well- being and the health of the world’s population. Findings from researches indicate that, in general, married couples are healthier physically, happier, experience better mental health, live longer, feel more contented and rarely suffer from physical abuse (McGowan, 2006). However, impacts of living together before legal marriage which is known as premarital cohabiting are very detrimental. Cohabiting is associated with increased aggression and conflict thus increasing the probability of separation in later marriages. It is noted that direct negative effect is created by living in pre marital union on later marital stability whereby living together before marriage undermines the legality of formal marriages thus reducing the required marriage commitment. This results to shifting from one partner to another by cohabitants seeking for the ‘right partner thus an average cohabitant is considered in a lifetime to have several partners. Young people nowadays consider living together then marrying later instead of marring then live together (McGowan, 2006). It is noted that most of the people who decide to live together before marriage their communication skills with each other are very poor which most likely leads to separation. This is as a result of failure for the partners to discuss their concerns or personal problems since they don’t feel that their partner has a right to hear about them or it’s none of their business. In marriage, your partners concerns and problems are yours too hence the relationship is strengthened through effective communication. The reason why conflicts are difficult to resolve in people cohabiting is that, they try to use a kiss or hug instead of establishing the capacity to talk through them. Marriages are considered to be held together through trust, openness, spiritual intimacy, true friendship, and honesty which need effort and to stand the test of time in order to develop. Extra marital affairs are more likely to increase in people who cohabit before marriage. Premarital behaviour and attitudes concerned with sex continue even in marriage whereby the probability of partners cheating in marriage is high if they used to live together before marriage (McGowan, 2006). The reason behind it is that, cohabiting is not founded on lasting relationship but it is based on momentary romance. Romance without relationship is known as the brief most excellent encounter. However, marriage has excellent relationships built upon enjoying and knowing each ones partner not only on sexual but also on recreational, social, divine, openness and intellectual levels. This explains why always married partners have higher levels of loyalty regarding to faithfulness in marriage. Cohabiting is considered as a private business founded on an emotional bond whereby there is no hope for the future, no public obligation and no official decree of responsibility and love. The partners stay together so long as their self driven interests are met in the relationship otherwise the obligation of the relationship is a month to month leasing contract and one can quit anytime. On the other hand, marriage is more than a love agreement (McGowan, 2006). Marriage encompasses societal and legal responsibilities thus it’s a public event. It unites not only two people but also families and communities. That is the reason all newlyweds vow â€Å"till death do us part†. In summary, cohabiting is a marriage of convenience which can be disposed any time. Married couples have marriage of commitment which never comes to an end regardless of challenges experienced. Work cited McGowan, J. (2006). Marriage versus Living Together. USA: Oxford University Press.

Notes on Frankeinstein

How much sympathy does the writer make the reader have for Victor Frankincense? How does she do this? The reader often feels ambivalent towards Victor. The traits that make him a powerful and admirable figure are the same ones that lead to his ruin. His self-contradictions become more frequent as his problems get bigger. Our Initial sympathy alters radically once we meet the monster (Victor should feel more remorse for abandoning the monster: his duty to family and humanity should have deed to him helping) but we should not underestimate the foulness of Williams murder.His death is tragic and he dies hoping that another man may succeed where he has failed. Shelley uses irony to help the reader take a critical attitude by using twists In the tale so that Victor's responses develop him Into a complex and realistic figure. 2. Examine the differences between the male and female characters. What does this tell us about the context? The women are portrayed as virtuous; Caroline Breakout's kindness towards the poor, her adoption of Elizabeth, the orphans Elizabeth, Justine ND Margaret act as surrogate mothers, Ghats and Sane show gentleness and kindness towards Delayed and Felix.The fathers unlike the mothers, fall in their parental role. The fathers of Clerical, Walton and Safe try to stop their children pursuing their interests. Allophones tyrannical behavior mirrors Victor's attitude to the monster. Women's roles at the time were entirely domestic, with assertive behavior seen as ‘unfeminine'. Men had control over women both morally and legally but women were believed to have a duty to bring the finer virtues to a man's fife particularly through marriage. Trench of women seen In their dialogue, reflecting their beliefs and attitude. Put into supporting roles (as was the reality of their situation) Women's role in creating life is diminished. 3. Trace the development of the relationship between the monster and Frankincense briefly. Does this help direct the re ader's emotions towards each? The monster is made from many people's parts. 4. How does Shelley use locations and weather to enhance our understanding of the novel? There are indoor and outdoor settings.Indoor settings are symbols of mental as well as physical imprisonment. Most outdoor scenes are barren, wild, or desolate. They often symbolism the separation of a character from his fellow beings. Journeys form a pattern. The monster keeps returning to meet Frankincense, a haunting feeling. Victor travels away from his family and returns with new pressures. 5. In what ways is Frankincense a book of emotions and the imagination? Imagination Is the living power and the primary agent of all human perception.Samuel Taylor Coleridge. The Romantics believed that art should have themes of great magnitude which could arouse emotional exhilaration in the audience. Frankincense belongs to 1 OFF stormy and dark settings, satanic imagery and themes of revenge and pursuit. 6. How reliable is Fra nkincense as a storyteller? Is he biased (duh! ) Victor feels himself to be a victim yet partially aware that his ‘mad scheme' is also to blame. 7. How does the way the story told, with three narrators, affect the way the reader sees the novel?We are introduced to the characteristics, desires and values of the narrators o we see things from their perspective but we can also question their character. The Chinese box narrative allows us to go deeper into the story as each narrative lets us know more about the different perspective, even if they are biased. This techniques has an effect on our feelings – we change our emotions towards each character as we meet each and have divided sympathies in the final section. There are contrasts and parallels in language, characters and settings. 8. How responsible is Frankincense for his own downfall?

Impact of Stock Split on Stock Return

Proceedings of ASBBS Volume 16 Number 1 THE IMPACT OF STOCK SPLIT ANNOUNCEMENTS ON STOCK PRICE: A TEST OF MARKET EFFICIENCY Garcia de Andoain, Carlos Longwood University carlos. [email  protected] longwood. edu Bacon, Frank W. Longwood University 2O1 High Street Farmville, VA 23909 [email  protected] edu Phone: 434-395-2131 Fax: 434-395-2203 ABSTRACT The purpose of this study is to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests â€Å"how† and â€Å"when† public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. A total of 36,714 observations for the announcement samples and the corresponding S&P 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms’ public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi- strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split. INTRODUCTION Stock split announcements have always been very common phenomena among firms and continue to be one of the least understood topics in finance. A stock split announcement increases the number of shares of a company while decreasing the price per share. The two for one split is most common, for example a company with 500 shares at $10 per share will issue 500 additional shares bringing the total to 1000 shares theoretically dropping the stock price to $5 per share. A stock split usually takes place after an increase in the price of the stock, and it carries a positive stock price reaction. (Asquith) This phenomenon has not yet been fully understood, regardless the numerous studies in the field. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 BACKGROUND Barker (1956) presented one of the most popular theories to explain stock split behavior. Barker findings failed to consider the split action itself. Barker’s study concluded that price changes occurred because of the increase in cash dividends and not from the split action. (Johnson). According to the â€Å"signaling hypothesis†, managers use stock split announcements to convey positive information about the firm (Ikenberry, Rankine, Strice). Investors see a stock split announcement as a positive thing, whereas a reverse split does not convey favorable information. Fama (1969) suggests that the stock market is â€Å"efficient†, meaning that stock prices adjust very fast to new information. The theory of market efficiency is concerned with whether prices reflect all the public available information or not (Fama 1970). Efficiency implies that it is impossible for the investor to earn an above normal return from public information. PURPOSE The purpose of this event study is to test market efficiency theory by analyzing the impact of three samples of stock split announcements on the firm’s stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. Specifically, how fast does the market price of the firms’ stock react to the samples of regular and reverse stock split announcements examined? The study tests whether the investor can make an above normal return by relying on public information imbedded in a stock split announcement, as well as if stock price is affected by a stock split announcement. This study investigates if acting on public information is enough to have an unusual return, or if there must be an illegal action such as inside trading to be able to â€Å"outperform† the stock market. Which form efficiency is the market? Research shows that the market is semi-strong form efficient. An above normal return can only be gained from inside information, and not when acting in public information. LITERATURE REVIEW Fama defined market efficiency in terms of how quick the stock market reacts to the information and suggested three kinds of market efficiency: Weak form, semi-strong and strong form efficiency. If market is weak for efficient, then stock price reacts so fast to all past information that no investor can earn an above normal return (higher than the market or the return on the S&P 500 index). This study shows how investors will not earn a high return from acting on public information (stock split announcement), while investors having access to inside information will make an abnormal return. A second kind of market efficiency is semi-strong. It states that stock price reacts so fast to all public information that no investor can earn an above normal return (higher than the market or the return on the S&P 500 index) by acting on this type of information. (Fama 1970). Splits usually result in high market valuations, but study done by Fama (1970), Dodd, Patell and Wolfson, found that there is no evidence of abnormal return after the release of public information. They concluded that the market assimilates and takes into consideration public information very fast, within 5 to 15 minutes after the disclosure (Malkiel). This supports the idea that an investor acting on public information will not earn an above normal return. When this happens the market is said to be semi-strong form efficient. If the market is strong form efficient, then stock price reacts so fast to all information (both public and private), that no investor can earn an above normal return (higher than the market or the return on the S&P 500 index) by acting on this kind of information. Studies made by Friend, Brown concluded that profit can only be gained by having access to private or inside information, which is illegal. Fama ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 presents evidence supporting that efficiency is not met in the strong form and that the semi-strong form is more accurate. This study agrees that stock split announcement are affected in a company stock price according to the semi strong form efficiency which states that stock prices reacts so fast to all public information that no investor can earn an above normal return after the announcement is made. An example would be information concerning a merger. If an investor would buy shares on the announcement day of the merger, the semi strong market efficiency believes that the investor would never be able to earn an above normal return, because adjustments had already been done in the stock price. The market has already been adjusted, so therefore the only way to outperform the market in this case would be by using inside information. METHODOLOGY: This study includes samples of companies that announced a two for one, three for two or reverse stock split announcement. These companies trade their stock in either the NYSE or NASDAQ. The Data for this study was collected from http://finance. yahoo. com/. The announcement date (Day 0) is the day that the stock splits are announced. Every stock return from the companies and from the S&P 500 index was also collected. The Event Study proceeds as following: 1. Historical prices for both the firms and the S&P 500 were collected from day -180 to day +30, being the event period -30 to +30 and Day 0 the announcement day. 2. Holding Period Return was calculated for all the companies as well as for the S&P 500 on the event period days (-180 to +30). HPR was obtained from the following formula: Current Daily Return = (current day close price – previous day close price) / prev. Day close price 3. A regression analysis was performed, being the current firm return the dependent variable and the S&P return the independent variable. The data that was used was the one belonging to the pre-event period (from day -181 to -30). The alpha and the beta were obtained from the regressions. 4. The expected return for each firm as well as for the S&P 500 was calculated: Expected Return = (Alpha + Beta) x S&P actual return 5. Excess Return was obtained from the difference between Actual and Expected Return. Excess Return = Actual Return – Expected Return 6. Average Excess Return (for the Event period) was calculated as: Average Excess Return (AER) = Total Excess Return / n (number of firms in the sample) 7. Cumulative Average Excess Return for the event period (Day -30 to Day +30) was calculated by adding the AER for each day in the event period. 8. A correlation test was done with AER and CAER. The graphs represent AER and CAER plotted against Time. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Table 1 describes 38 companies that split their stock on a two for one basis between December 1, 2006 and May 14, 2007, along with their respective alphas and betas. TABLE 1: TICKER AFAM ACLI COMPANY NAME Almost Family Inc. American Commercial Lines Inc Selective Insurance Group Inc. ZOLL Medical Corp Trimble Navigation Ltd. Albemarle Corp Guess? Inc. Cooper Industries Ltd Jacobs Engineering Group, Inc GameStop Corp Sealed Air Corp. Carlisle Companies Inc CarMax Inc. Harsco Corp. Amphenol Corp Cabot Oil & Gas Corp Nike Inc Cummins Inc Greif Inc DATE ANNOUNCED Dec 11 Feb 06 TRADED INDEX NASDAQ NASDAQ ALPHA 0. 01665915 -0. 000394377 BETA 0. 08530878 2. 602491516 SIGI ZOLL TRMB ALB GES CBE JEC GME SEE CSL KMX HSC APH COG NKE CMI GEF Jan 30 Jan 25 Jan 25 Feb 07 Feb 14 Feb 14 Jan 26 Feb 12 Feb 16 Feb 08 Feb 22 Jan 23 Jan 17 Feb 26 Feb 15 Mar 08 Feb 26 NASDAQ NASDAQ NASDAQ NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE -0. 000319706 0. 004077614 -0. 000187534 0. 0022 37728 0. 001589658 0. 000761731 0. 001074342 0. 000477979 0. 00085897 -0. 001167829 0. 003087277 -0. 001056001 0. 000467862 0. 000826123 0. 001079523 -0. 000720045 0. 02203648 1. 38328513 1. 207411999 1. 321541131 1. 327988752 2. 246784079 1. 308635864 1. 946533548 1. 721660362 1. 172042857 1. 346601558 1. 240366727 1. 658082593 1. 86971211 1. 568927816 0. 553921446 1. 980439113 1. 880200397 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS VLGEA AZZ ATR TSO GEO TSBK VSEC MRO GIL NRG CROX AGN PMFG MIDD SJR PVA GILD PBR STR Village Super Market Inc AZZ incorporated AptarGroup Inc Tesoro Corporation Geo Group Inc Timberland Bancorp Inc. VSE Corp Marathon Oil Corp. Gildan Activewear NRG Energy Inc. Crocs, Inc Allergan Inc PMFG Inc Middleby Corp Shaw Comm CL Penn Virginia CP Gilead Sciences Petroleo Brasileiro Questar CP Mar 21 Apr 09 Apr 18 May 01 May 01 Apr 25 May 01 Apr 25 May 03 May 02 May 03 May 02 May 04 May 04 May 10 May 08 May 08 May 11 May 14 NASDAQ NYSE NYSE NYSE NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NASDAQ NYSE NYSE Volume 16 Number 1 0. 00054113 0. 002118906 0. 00174286 0. 00160687 0. 002825174 0. 000615586 0. 001278324 0. 000144992 0. 003089016 0. 00241574 0. 00282982 -0. 000453038 0. 002024817 0. 02028334 0. 001186211 -0. 00050926 . 000009116 -0. 00064373 -. 000142796 1. 351096108 0. 681656728 0. 033542167 0. 973844695 1. 578867077 0. 107464578 2. 457597999 0. 986395517 0. 000111517 0. 316285515 1. 783171812 0. 952984111 0. 039990601 1. 964415725 0. 938731083 1. 1695925 1. 517629839 1. 817825121 . 706466451 Table 2 describes 39 companies that split their stock on a three for two bases between August 23, 2006 and May 15, 2007, along w ith their respective alphas and betas. TABLE 2: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS TICKER NGA EPIQ BAM WMS VIVO IEX ATLS VSEA BWS WCN RSG JCTCF MDCI PFBC CMCSA SWS BKE VOL SSI FMD CRVL GBCI AFG SPAR COMPANY NAME North AM Gav Epiq Systems Inc Brookfield Asset MGT V M S Industries Inc Meridian Bioscience IDEX Cop Atlas America Inc Varian Semicond Brown shoe corp Waste connections Republic SVCS Jewett Cameron Inc Medical Action IND Preferred Bank LA Comcast Cp A SWS Group Inc Buckle Inc Volt Info Science Inc Stage Stores Inc First Marblehead Corp Corvel CP Glacier Bancorp American Financial Group Spartan Motors Inc DATE ANNOUNCED May 15 May 10 May 02 May 07 April 19 April 04 April 27 April 24 March 08 Feb 12 Feb 01 March 13 Jan 09 Jan 25 Feb 01 Nov 30 Dec 12 Dec 20 Jan 09 Nov 10 Nov 13 Nov 29 Nov 15 Nov 02 TRADED INDEX NASDAQ NASDAQ NYSE NYSE NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NASDAQ NASDAQ NASDAQ NYSE NYSE NYSE NYSE NYSE NASDAQ NASDAQ NYSE NASDAQ Volume 16 Number 1 ALPHA -0. 001032797 0. 001183339 0. 000859066 0. 002219704 0. 0011736 22 0. 000243421 0. 000488161 0. 001788461 0. 000592124 -0. 000187979 -0. 000441765 0. 000124622 0. 001559912 0. 000301413 0. 001381697 0. 000530857 -. 000641295 0. 001338437 0. 000540995 0. 004563185 0. 003763906 0. 000329484 0. 000736169 0. 003450361 BETA 1. 997738247 1. 038735222 1. 251257403 1. 094503791 1. 550013068 1. 509306631 0. 38871871 2. 207840195 2. 599167684 0. 92152423 0. 761431985 -0. 512126102 1. 004029551 0. 867741293 0. 927831638 2. 477624454 1. 602298009 2. 358292804 1. 756904894 0. 830932855 2. 113368174 1. 743070573 0. 936337426 0. 519840545 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS SBIB AEO CTBK IRM PERY EAT AME WGNB ACAP UBSH EML MCBI CASS CCFH Sterlin Bancshares American Eagle Outfitters Inc Trico Bankshares Iron Mountain Inc Perry Ellis International Brinker International Inc Ametek Inc WGNB Corp American Physicians Cap Union Bankshares Corp Eastern Co Metrocorp Bancshares Cass Information Systems CCF Holding Co Oct 31 Nov 14 Nov 08 Dec 07 Nov 21 Nov 02 Oct 25 Sep 18 Sep 26 Sep 07 Sep 28 Aug 04 Jul 24 Aug 23 NASDAQ NYSE NASDAQ NYSE NASDAQ NYSE NYSE NASDAQ NASDAQ NASDAQ AMEX NASDAQ NASDAQ NASDAQ Volume 16 Number 1 0. 001127642 0. 003616084 0. 001058586 -0. 0000284 0. 002794647 -0. 000020642 0. 00005895 0. 00024115 0. 000317657 -0. 00058103 0. 000419721 0. 000941528 0. 003356848 0. 002118726 1. 165421403 1. 593723526 1. 432917191 0. 627633001 0. 919648907 0. 886164833 1. 31003146 -0. 00226624 0. 066171033 1. 663620313 0. 22686963 0. 121493122 0. 113211419 -0. 08732041 Table 3 describes 10 samples of companies that split their stock on a reverse basis between August 27, 2003 and September 15, 2008, along with their respective alphas and betas. TABLE 3: TICKER OPWV ERIC IWOV SIG COMPANY NAME Openwage Systems LM Ericcson Telephone Co Interwoven Inc Signet Jewelers LTD DATE ANNOUNCED Oct 09 Oct 18 Aug 27 Sept 11 TRADED INDEX NASDAQ NASDAQ NASDAQ NYSE ALPHA 0. 00680888 -0. 006696905 0. 001398048 -0. 000938713 BETA 2. 51286756 1. 949328188 1. 469236928 0. 891488791 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS BFLY REV CNXT IACI TMTA ERIC Bluefly Inc Revlon Inc Conexant Systems Inc. IAC/ InterActiveCorp Transmeta Corporation LM Ericcson Telephone Co April 3 Sep 15 June 2 June 09 Aug 15 April 09 NASDAQ NYSE NASDAQ NASDAQ NASDAQ NASDAQ Volume 16 Number 1 -0. 00449535 0. 000925943 -0. 004900502 -0. 001442165 -0. 002052045 -0. 004006643 0. 070525685 0. 902722337 1. 73193906 0. 982384488 1. 265168622 -0. 16807384 To test for semi-strong market efficiency the following null and alternative hypotheses are used for the three stock split samples: H10: The risk adjusted return of the stock price of the sample of firms announcing stock splits is not significantly affected by this type of information on the announcement date. H11: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly positively affected by this type of information on the announcement date. H20: The risk adjusted return of the stock price of the sample of firms announcing stock splits is not significantly affected by this type of information around the announcement date as defined by the event period. H21: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly positively or negatively affected around the announcement date as defined by the event period. QUANTITATIVETESTS AND RESULTS: Did the market react to the announcements of regular two for one, the regular three for two, and the reverse stock splits? Was the information surrounding the event significant? A’priori, one would expect there to be a significant difference in the Actual Average Daily Returns (Day -30 to Day +30) and the Expected Average Daily Returns (Day -30 to Day +30) if the information surrounding the event impounds new, significant information on the market price of the firms' stock. If a significant risk adjusted difference is observed, then we support our hypothesis that this type of information did in fact significantly either increase or decrease stock price. To statistically test for a difference in the Actual Daily Average Returns and the Expected Daily Average Returns over the event period day -30 to day +30, we conducted a paired sample t-test for the three samples and found a significant difference at the 5% level between actual average daily returns and the risk adjusted expected average daily returns. Average Excess Return (AER) graphs are shown below. Results here support the alternate hypothesis H21: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly affected around the announcement date as defined by the event period. This finding supports the significance of the information around the event since the market’s reaction was observed. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Is it possible to isolate and observe the samples’ daily response to the announcement from day -30 to day +30? If so, at what level of efficiency did the market respond to the information and what are the implications for market efficiency? Another purpose of this analysis was to test the efficiency of the market in reacting to the three samples of stock split announcements. Specifically, do we observe weak, semi-strong, or strong form market efficiency as defined by Fama, 1970, in the efficient market hypothesis? The key in the analysis is to determine if the AER and CAER are significantly different from zero or that there is a visible graphical or statistical relationship between time and either AER or CAER. T-tests of AER and CAER both tested different from zero at the 5% level of significance. Likewise, observation of the following CAER Charts (graphs of CAER from day –30 to day +30 for each sample) confirm the significant positive reaction of the risk adjusted returns for the two forward split samples up to 27 pre-announcement and a significant negative reaction for the reverse split sample up to 30 days prior to the stock split announcement. Two for one stock split announcements: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Three for two split announcement: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Reverse split announcement: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 There are three forms of market efficiency as defined by Fama, which are strong, semi-strong and weak form efficiency. Observation of the CAER graphs against time for two for one and three for two stock split announcements shows a positive reaction twenty seven days prior to the announcement date. Reverse splits are normally done in order make the stock more appealing for investors with an unusual low market price. (Lawson) Also, reverse splits might be used in order to reduce the number of shareholders of the company. As an example if a 1-10 reverse stock split is made effective, the investor will have ten times less shares than before, but at ten times the price. In the reverse split case, the CAER graph suggests that return falls from day -30 until day -15, while then increasing until day 10. After day 10 the stock starts to level off. CAER graphs for two for one and three for two stock splits show how excess return rises up to 27 days prior to the announcement day. From Day 0 until Day 30 stock returns start to level off. This evidence supports Hypothesis H10, which states that stock price is not affected by this type of information on the announcement date. The stock return has already been adjusted before the stock split announcement is made. The investor cannot outperform the market by using public information. The price has already been affected by the announcement of two for one and three for two stock split announcement. After the announcement day, from days 6 to 16 the return goes up, which is caused by investors that react favorably to the announcement by buying more shares. After this small increase, stock price decreases and levels off. The CAER graphs support the idea that the market is semi- strong form efficient. For the samples analyzed, public information does not affect stock price on the announcement day. Reaction is observed up to 27 days prior to the announcement date which suggests that to be able to â€Å"outperform† the market you must be aware of inside information. CONCLUSION: The purpose of this study was to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests â€Å"how† and â€Å"when† public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 10 reverse splits. A total of 36,714 observations for the announcement samples and the corresponding S 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms’ public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi- strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS REFERENCES: Volume 16 Number 1 Asquith, Paul, Paul Healy, and Krishna Palepu. â€Å"Earnings and Stock Splits. † The Accounting Review 64 (1989): 387-403. Barker, C. A. , â€Å"Effective Stock Splits,† Havard Business Review, XXXIV (January-February, 1956), pp. 101-106 Easely, David, Maureen O'hara, and Gideon Saar. â€Å"How Stock Splits Affect Trading: a Microstructure Approach. † The Journal of Financial and Quantitative Analysis 36 (2001): 25-51. Fama, Eugene F. Efficient Capital Markets: a Review of Theory and Empirical Work. † The Journal of Finance, 25 (1970): 383-417. 9 Dec. 2007 . Fama, Eugene F. , Lawrence Fisher, Michael C. Jensen, and Richard Roll. â€Å"The Adjustment of Stock Prices to New Information. † International Economic Review 10 (1969) : 1-21. 9 Dec. 2007 . Ikenberry, David L. , Graeme Rankine, and Earl K. Stice. â€Å"What do stock splits really signal?. † Journal of Financial and Quantitative Analysis 31. n3 (Sept 1996): 357(19). General OneFile. Gale. Longwood University. 9 Dec. 2007 . Johnson, Keith B. â€Å"Stock Splits and Price Change. † The Journal of Finance 21 (1966): 675-686. 9 Dec. 2007 . Lakonishok, Josef, and Baruch Lev. â€Å"Stock Splits and Stock Dividends: Why, Who, and When. † The Journal of Finance 42 (1987): 913-932. Lamoureux, Christopher G. , and Percy Poon. â€Å"The market reaction to stock splits. † Journal of Finance 42. n5 (Dec 1987): 1347(24). General OneFile. Gale. Longwood University. 9 Dec. 2007 . Lawson, Michael J. â€Å"Reverse Stock splits: The Fiduciary's obligations under State LAw. † California Law Review 63 (1975): 1226-249. Malkiel, Burton G. â€Å"Is the stock market efficient?. † Science 243. n4896 (March 10, 1989): 1313(6). General OneFile. Gale. Longwood University. 9 Dec. 2007 . ASBBS Annual Conference: Las Vegas February 2009

Narrative Essay- the Crucible Abigail Williams

Before the accusations: Dear Diary, I hate Elizabeth by heart. I am calling for revenge, oh God please hear me. And if God is not willing to fulfill my desire I will have to use other aid. I cannot stand the hurt in my bleeding heart anymore. John, oh John, it would be easier if you left your wife and flower out the purity of our love with me. We could leave; go to a place where we will be satisfied for the rest of our lives. But you broke my heart. I tried to couple with you. I still remember my accelerated heartbeat when our bodies came closer; you should have kissed me.But you did not. Instead, you do not want to know anything about me. I truly thought that you would fall in my arms. And I did not feel guilty about our forbidden love for one breath of my life. I would do it again, just for you John, for our love. I never felt such true love in my life. I never had a mother who would love me no matter what happens. You were the only light in my life. And this light disappeared when you decided to turn your back on me. You cannot resist me, I know that. You still love me, you have to love me, and I am the only one for you.So I will do whatever it takes to reunite with you again. I do not care about Elizabeth or her devilishly children, they should burn in hell. Oh yes, Elizabeth, you honest, well-behaved holy woman, you will perceive my choler. You will regret dismissing me. I am not the one to blame for the emptiness in your marriage. Besides I am the one of us two who makes him blessed to be a member of this world. I have a plan. I shall not rest until I receive what I deserve. People may die. But there is a price for every purchase in this world. In my case it is the craving for revenge.Revenge, revenge, you are sweet bitter. I need to make sacrifices. Witchcraft is the problem’s solution. Tituba will help me. She is from the Barbados and she is informed about other spirits. We used to meet in the woods. We dance. Sometimes we get naked. Last time we drank chicken blood in order to kill Elizabeth Proctor. I think Parris saw us dancing in the woods. Betty is not doing well. But I do not care about her state. If she says a word about us drinking blood I will kill her. I already warned her. She will listen, she is bright. All the other maids do not mind to manipulate Salem.It is a game. We will never give up because we started it. I am awfully enthused to see Elizabeth hang. Proctor is clever. He will know that I am behind all this mystic witchcraft. Maybe then he will know how important he is to me. Some people are going to die. I think we are going to name 19 people in the court. Mary Warren is a good girl, too good. She might tell the truth about everything. I need to be prepared. She will not be the one to destroy my genius plan. I already put too much effort in it. No one can stop me. No one can stop the girls from Salem. We are born to be successful.We are born to get what we want. We will kill inhabitants of Salem. We will be the winners of this game I write the rules. I am the leader. After the witch trials: Dear Diary, John is dead. I never wanted him to die. I loved him too much. He is gone now. He will never come back. I offered him to leave with me, I had the money but he did not want to be with me. He did not want me, Abigail Williams. I miss him; I miss his warm hands and his soft skin. I miss how he looked at me. Elizabeth it is your entire fault. You should have died. Why him and not you? I tried my best.I pointed at innocent people. Innocent people hanged because of us. We killed them. We had to kill them. They had to die. I enjoyed the relieving moment when someone was hanged. It felt right. I felt euphoric. They were the zenith of my life. I knew that Mary Warren would act Puritan. She is just like Elizabeth. I hate her. The Court did not believe her. We were too strong. She was too weak, poor girl. She was sweating like a hounded pig when the judge was questioning her. She needs to learn how to lie. When she knew that the judges would not believe her she gave up and came to our safe side.But now John is dead because of her. I am selfish. I take my life over his and I do not regret it. John had his chance to come with me. It was his choice to hang. I want to live and I will. I will find another man, a better man who appreciates my effort and love. I will be happy and blessed. Until then I will do everything to hide the truth from the light. Salem will never be clever enough to hunt the actual witches of the town. We are responsible for the death of 19 human lives. We are beasts. Try to catch us. The game goes on.

Twelve Days in France and Italy Essay Example | Topics and Well Written Essays - 1000 words

Twelve Days in France and Italy - Essay Example I learned that the French were quite different in temperament to the Italians and that I preferred the latter's approach to life. But I realized how open I am to the cultures of others, and how much I enjoy learning about them. Our first stop was the French capital, Paris. We arrived there late on a cold, rainy night and I remember how amazed I was, staring out of the window at the colorful Paris avenue, the famous Champs Elysee. As the bus moved through the city, I was impressed with the bustling yet organized activity, and the marvelous architectural structures, like the Arc de Triomphe, the famous museum of the Louvre, and eventually, I saw the Eiffel Tower. Everywhere, lights twinkled through the rain, as if all the city was alive with gentle movement. We had dinner that night in the Eiffel Tower's restaurant and I ate a typical French chocolate crepes. This was my first experience of French cuisine, so I had to take the opportunity and taste it. After dinner, I remember gazing with awe at the incredible lights of the perfectly laid out city of Paris. At last, I was capable of understanding why people refer to Paris as the "city of lights." On our way back to the hotel, I admired the reflection of the E iffel Tower's lights in the River Siene, and this has been an enduring memory of the beauty of the place, for me.The next morning we went to the famous Louvre Museum. It was incredible to see the variety of art that it contained; from ancient Christian sculptures, to the modern, contemporary paintings of Picasso. The museum provided countless artistic perspectives, showing life as seen from and within different cultures. ... Of course, I remember the Mona Lisa, it would have been impossible not to visit the Museum and not take time to gaze on her face.After having lunch at the Louvre, I decided to take a cup of coffee in a nearby restaurant. While in the coffee shop, I was impressed by the French people's elegance and courtesy. However, it seemed strange that it was so silent there. There were no televisions or radios blaring out noise, and people sat alone, having their coffee. Everybody in the coffee shop was silent, reading newspapers - some were even writing poetry. It was certainly very different from my Puerto Rican culture. The people in my country usually have their coffee in groups, listening to the radio or the television news. My impressions of the city were first, how beautiful and well-designed it was, and next, how calm and orderly the place, people and activity there appeared. After spending another five days in Paris, during which my first impressions were confirmed, we headed to our next destination, Italy. Rome was very different from Paris. On our way to the hotel, I could see, far away in the distance, the astonishing structure of the Roman Coliseum. The city was certainly a lot older than Paris. But I was delighted by the way in which the modern and ancient combined, with a lively, more vibrant 'buzz', going on, more chaotic than Paris, but people seemed happy. I was wondering how, in ancient times, the Romans could have constructed such amazing buildings, still standing and intact, after thousands of years. It was magnificent to be able to view all this history and grandeur. We arrived later in the afternoon, exhausted from the long journey. The group

What is wrong with the idea that human visual perception is achieved Essay

What is wrong with the idea that human visual perception is achieved by a single area of the brain that simply reflects the cisual information coming from the e - Essay Example the optic nerves which consist of about a million nerve fibers and contain axons arising from the inner, ganglion-cell layer of the retina (Guyton & Hall, 1996; Waxman, 2000). The arrangement at the optic chiasm allows the left hemisphere to receive visual information about the contralateral half of the visual world and vice-versa (Guyton & Hall, 1996; Waxman, 2000). Moreover, the fibers of each optic tract synapse in the dorsal lateral geniculate nucleus and from here, the geniculocalcarine fibers pass by way of the optic radiation to the primary visual cortex in the calcarine area of the occipital lobe (Guyton & Hall, 1996). The most important cortical region for visual processing is Area V1 in the occipital lobe because it is the first stop in the cortex and almost all of the signals that the other cortical regions get must pass through it which is why Area V1 is often referred to as the primary visual cortex or striate cortex (Coren, Ward, & Enns, 1999). Hubel and Wiesel found cells in the cortex with receptive fields that have excitatory and inhibitory areas and are arranged side-by-side rather than in a center-surround configuration (Goldstein, 2007). Simple cortical cells are cells which have these side-by-side receptive fields mentioned previously and these cells respond best to bars of a particular orientation (Goldstein, 2007). Other kinds of cells in Area V1 are even tuned to more complicated pattern properties of the stimulus such as complex cortical cells which respond best to movement of a correctly oriented bar across the receptive field, and at an even more complicated level of analysis than the complex cells are hypercomplex or end-stopped cortical cells that respond not only to the orientation and direction of movement of the stimulus but also to the length, width, or other features of shapes, such as the presence of corners (Coren, Ward, & Enns, 1999; Goldstein, 2007). Simple, complex, and hypercomplex cells are refer red to as feature

Review of an Academic Research Paper Literature Example | Topics and Well Written Essays - 750 words - 3

Of an Academic Research Paper - Literature review Example Educational validity is influenced by the representational validity problems, and methods of implementing the simulation (Stainton, Johnson and Borodzicz, 2010, p.707). The representational problems of validity emanate from algorithmic validity, and the percentage of reality that aims to achieve the necessary learning. Other factors that influence representational validity are prejudices that emanate from designers, and the effectiveness of simulators in helping partakers to understand the simulation representation (Stainton, Johnson and Borodzicz, 2010, P. 709) ). To achieve educational validity, it is important to apply the principles of experiential learning. Experiential learning involves the use of senses to construct learning by undergoing through different problems, and later on reflecting on them, for purposes of understanding the problem and its solution. Robinson (2005) also agrees with the articles proposition that, there is no process for the design, implementation, and validation of total enterprise simulations. For purposes of providing a structure for a validation investigation, the following are formulated theoretical prepositions. Klein (1985) agrees with the articles argument which states that simulation is successful is successful if participants manage to prove that their experiences during the process changed their attitudes regarding the management of businesses. This method gives investigators a chance to acquire meaningful and an all-inclusive characteristics of events that shape the real life. Case studies explain real life phenomena’s that are impossible for experiments and surveys to describe and offer a solution (Stainton, Johnson and Borodzicz, 2010, p. 712). The main aim of construct validity is to create accurate operational measures for purposes of using it during the process of data collection. Therefore, it is important to operationalize total enterprise simulation in order to measure it. External validity