Purposes of writing an essay
Planning A Paper On A Topic
Friday, August 28, 2020
Military vs Business Strategy Assignment Example | Topics and Well Written Essays - 250 words
Military versus Business Strategy - Assignment Example The adversary won't penance respect or pride effectively, regardless of whether now and again unreasonable. On the off chance that an outlet is left, at that point acknowledgment of the desperate circumstance can be made and the adversary will decide to give up. (Cantrell, 16) In the event that the adversary decides not to give up, the staggering bit of leeway that one side has by methods for military bit of leeway would before long close off the one residual outlet. On the off chance that the enemy is ââ¬Å"desperateâ⬠, the objective is to empower give up without taking part in further superfluous slaughter. Giles further expounded on what Tzu implied by this extract when he expressed that the item is to cause the adversary to understand that there is in any event one street to security. This forestalls ââ¬Å"his battling with the fearlessness of despairâ⬠. He next includes: ââ¬Å"After that, you may squash him.â⬠(Giles 72). We can see a closeness is respects business procedure. Pioneers of organizations have regularly contended energetically to get to the market position that they as of now hold. They normally feel that their organization, item or administration is the best, and ordinarily have an exceptional aversion of contenders for clear reasons. On the off chance that an organization feels excessively compromised without pause, they may participate in unreasonable practices by consuming immense measures of alarm assets to by one way or another beat the chances to beat the rival in one specific ââ¬Å"battleâ⬠. Nonetheless, if the organization with the advantage doesn't press pointlessly hard because of the conditions, the burdened contender may come to reason that they have to ease off of the current arrangement and refocus with another arrangement. This spares assets for all sides, since the result of the specific vital business fight is inescapable by then, notwithstanding some remote and unanticipated event. Organizations should remember that a fight is not quite the same as a war. Organizations will be at war for the length of their business activities by and large, and to seek after a success of
Saturday, August 22, 2020
Summary hardware, software findings Research Paper
Synopsis equipment, programming discoveries - Research Paper Example This is an extraordinary data framework that is secured uniquely in contrast to the remainder of the product. This data framework, be that as it may, isn't completely claimed by the Intel Corp organization. This is on the grounds that it is recruited from the cloud specialist co-op (Blundell, 2008). Another significant component of the engineering of equipment and programming of Intel Corp is that it has embraced the most recent innovations in their framework. There is the utilization of distributed computing in their system. This innovation assists with conquering the difficulties of having servers and entire applications on the neighborhood site. This framework and course of action are found in the manner the organization works the CRM programming. The CRM programming is gotten to from the cloud specialist organization. This implies the organization doesn't claim the product framework in full (Hamlet, 2010). Another significant perspective that can be found in the product is that of utilizing one seller to acquire the product. Most PCs are introduced with Windows Operating frameworks and Windows based programming applications, similar to office suites and utility projects. The equipment parts that are found in the organization are believed to receive customer server engineering in the vast majority of the structures that have been dissected and introduced up until this point. The majority of the PC equipment is organized so that the machines rely upon one another to get to the significant server parts of the equipment. One lack that I find with the product is that they are from one merchant. As expressed before, the vast majority of the applications are for Windows. In the event that there will be a need to have a redesign so that there different applications from different sellers, this could be a repetitive and troublesome assignment. This is on the grounds that there is no course of action that has been done to guarantee that the future establishments of various applications are very much dealt with. Another lack is that of effective
Friday, August 21, 2020
Recording, analysing and using HR information Essay
Recording, breaking down and utilizing HR data GFM needs to gather and record information for lawful and inside reasons. Legitimately we have to guarantee that we are conforming to the ââ¬Å"Working Time Regulations and pay rates for the Minimum Wage Act 1998 and assessment and national protection obligationsâ⬠, we likewise should be objection with the information assurance and opportunity of data act. We have to guarantee that representatives know why we are holding this data and how we secure it. Inside we utilize the data to send reports to chiefs on nonattendance, execution, pay, leavers and joiners, enlistment and wellbeing and security. We additionally utilize this data to assist us with imparting any important data in regards to themselves or organization arrangements to people. The accompanying information is gathered from a worker either before their initiation of business or the day that they start with us: CV/Application structure New representative structure, on this structure it requests individual data for example name, dob, contact numbers, address, conjugal status, national protection number, closest relative subtleties, bank subtleties (sort code, account number and bank address) P45 or P46 Wellbeing and security polls Equivalent open doors information Legitimate UK visa or full birth authentication Marked agreement The explanation the above data is gathered is to help the HR work in the accompanying manners: Legal/Compliance â⬠with WTR, MWA, DPA and FOI Correspondence â⬠To stay in contact with representatives, address for composed correspondence, telephone numbers for verbal correspondence and closest relative subtleties if there should be an occurrence of crisis. We have to illuminate representatives regarding any agreement changes and arrangement and strategy changes Finance â⬠to guarantee that we have the right subtleties on record so we can pay staff for the hours that they have worked in accordance with the Minimum Wage Act 1998 and duty and national protection commitments Data catch â⬠to create precise giving an account of nonappearance, enrollment, equivalent chances and wellbeing and security, discoveries are introduced to line supervisors for compelling managementâ of their groups This data we hold is put away on our safe HR electronic framework and physically in a bolted file organizer. Holding this data electronically implies that the data identifying with any representative or previous worker can be gotten to faster and the administration of worker archives is simpler. Another advantage of this is exactness, simple to scan for things contained inside somewhere in the range of ones record and less possibility of somebody elseââ¬â¢s subtleties being put away in another work force document. It additionally requires less physical extra room, so on the off chance that you are an organization with restricted extra room, at that point this is an extremely compelling arrangement. An advantage to having physically bolted file organizers would be that it is more affordable to set up , if the PC frameworks were to bomb you would at present approach all representative records and data, there would likewise be less danger of adulterated documents as well as loss of information should the electronic framework fizzle. Consistently any work force or information catch data identifying with a representative or association must be agreeable with the Data Protection and Freedom of Information Act. The Data Protection Act ââ¬Å"gives people the option to recognize what data is held about them, and gives a system to guarantee that individual data is held correctly.â⬠To HR this implies data must be held safely, ensured and that lone important data identifying with that worker is hung on their record. The Freedom of Information Act is the solicitation for open records identifying with something explicit. In HR on the off chance that we were approached to discharge data, explicitly identified with our head check or equity data we would be obliged to make this data accessible to people in general.
Tuesday, May 26, 2020
The Importance of Dissertation Writing
The Importance of Dissertation Writing What Everybody Dislikes About Dissertation Writing and Why From anywhere on the planet, talented dissertation writers can be working on your thesis as you sleep, as you go out with pals, or as you relax in a movie theatre for a while to yourself. Anyone may require some dissertation help from time to time. That means you should spare some time for a comprehensive revision and proofreading, as it might take quite a bit of time if you're aiming for good grades. Do not be worried about missing out on any learning opportunity since you will have sufficient time to experience the dissertation, so you may study it for your final presentation. The Basic Facts of Dissertation Writing A Qualitative Dissertation Outline basically tells you just how many chapters you need to write, and what keywords you're working on. Furthermore, the content of your customized dissertation will incorporate a list of citations, correctly formatted. In a situation like this, some dissertation help can be invaluable. As soon as you have tried our customized thesis penmanship, you will know that we provide the ideal online dissertation writing services. You may start to feel your dissertation won't ever be good enough, and that you want to revise it over and over. It's not simple to compose the very best dissertation. Dissertations aren't written overnight. Narrowing the reach of your research will allow you to specify a very clear agenda and outline for your dissertation. In some instances the PhD dissertation is also referred to as a thesis, but, at all 3 levels, the target is identical. Whether you require urgent assistance with thesis or dissertation, we can give you just what you're trying to find. It is essential that you're assertive about what it is you're arguing, but it is not likely that, in a dissertation project, you will have the ability to be definitive in closing an established academic debate. In such scenario, professional dissertation help can arrive in handy. You only have to look at our dissertation writing reviews to find the fact of that statement. Likewise a dissertation is a part of academic writing, only on a significantly bigger scale. There's still quite a ways to go between here and the last submission. Contrary to other types of writing which don't have any deadlines for submission, academic writin gs arrive with deadlines within which time they have to be submitted. No region of the customized dissertation is going to be a copy from some other literary source. If at all possible, look for a friend or fellow-student in the exact position with whom you're able to swap dissertations for proof-reading. A Startling Fact about Dissertation Writing Uncovered Without having the essential specialised abilities, it's not possible to make a high quality dissertation and find a top grade. Following that, you can choose for yourself whether you are prepared to claim that grade you have earned. Dissertation writing is a crucial role in student academics. Our dissertation writing company has the absolute most skilled and skilled writers, who are always prepared to provide support and help to students who wish to purchase a dissertation in order to get fantastic grades. Writing a dissertation will probably be the largest bit of work you're likely to tackle on your university program. Our dissertation writing service can make sure that you receive the mark you will need to move on a university or to be the most recent hire in the career you desire. Dissertation Writing: the Ultimate Convenience! Ideas for dissertation topics ought to be deep enough to find the gist of the given subject and create a valuable contribution. You are able to seek for a list of dissertation topics on the net and receive some valuable advice on their basis. Your dissertation topic ought to be within your reach of competence. The dissertation topic and question ought to be sufficiently focuse d that you are able to collect all the crucial data within a comparatively brief time-frame, usually about six weeks for undergraduate programmes. For instance, if your research design necessitates observation more than a two year period, you won't be in a position to finish the dissertation in a year or less. The dissertation research stage is likely to establish the overall maturation of your undertaking. When you are in need of a dissertation or thesis, pick the most trusted, custom-writing service in the business to aid you. A dissertation has become the most important part of your PhD and, consequently, should assume the vast majority of your attention and energy. Should you need dissertation help, you've come to the proper location! There are plenty of steps that have to be completed in order to complete the dissertation. The best approaches to remain focused on your dissertation and prevent stress is to snack on produce and prevent deep-fried foods. Establish a plan th at how you're likely to be writing your dissertation and ensure you adhere to it.
Friday, May 15, 2020
Testing For Efficiency Of Foreign Exchange Markets Finance Essay - Free Essay Example
Sample details Pages: 12 Words: 3537 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? A capital market is said to be efficient if prices in the market fully reflect available information. When this condition is satisfied, market participants cannot earn economic profits (i.e. unusual, or risk adjusted profits) on the basis of available information. Donââ¬â¢t waste time! Our writers will create an original "Testing For Efficiency Of Foreign Exchange Markets Finance Essay" essay for you Create order This classic definition, which was developed formally by Fama (1970), applies to the foreign exchange market as well as to other asset markets. As stated, the definition is too general to be tested empirically. The term fully reflect implies the existence of an equilibrium model, which might be stated either in terms of equilibrium prices or equilibrium expected returns. In an efficient market, we would expect to have actual prices conform to their equilibrium values, and actual returns conform to their equilibrium expected values. Foreign Market Efficiency The exchange rate between domestic and foreign currency is a major economic policy variable. Therefore, the efficiency or otherwise of a foreign exchange market is very important for policy makers of any country. An efficient foreign exchange market indicates that a government cannot influence the movement of exchange rates as the exchange rates are not predictable. The government can make informed decisions on exchange rates, take actions to reduce exchange rate volatility and evaluate the consequences of various economic policies for exchange rates. Participants in the foreign exchange market can devise various trading rules or techniques to make abnormal profits from transactions in the foreign exchange market. However, they should consider the costs involved in such activities to determine their profitability. Future researchers can corroborate the results of this study by employing other econometric techniques such as asymmetric and nonlinear models and high-frequency data. About a generation ago the Efficient Market Hypothesis was widely accepted by the financial economists to be the prevalent norm. It was the general belief that securities markets were extremely efficient in the sense that they were able to absorb information very quickly which was reflected immediately. This meant that investors cannot benefit either from the technical analysis. Previous studies have suggested an increase in correlation among the worlds FX markets as many developing countries have introduced capital account convertibility. The idea that the expected risk-adjusted excess return on foreign exchange is zero implies a sensible statement of the efficient markets hypothesis in the foreign exchange context: Exchange rates reflect information to the point where the potential excess returns do not exceed the transactions costs of acting (trading) on that information. In other words, you cant profit in asset markets (like the foreign exchange market) by trading on publicl y available information. This description of the efficient markets hypothesis appears to be a restatement of the first principle of technical analysis: Market action (price and transactions volume) discounts all information about the assets value. There is, however, a subtle but important distinction between the efficient markets hypothesis and technical analysis: The efficient markets hypothesis posits that the current exchange rate adjusts to all information to prevent traders from reaping excess returns, while technical analysis holds that current and past price movements contain just the information needed to allow profitable trading. What does this version of the efficient markets hypothesis imply for technical analysis? Under the efficient markets hypothesis, only current interest rates and risk factors help predict exchange rate changes, so past exchange rates are of no help in forecasting excess foreign exchange returns-i.e., if the hypothesis holds, technical analysis will not work. How do prices move in the hypothetical efficient market? In an efficient market, profit seekers trade in a way that causes prices to move instantly in response to new information, because any information that makes an asset appear likely to become more valuable in the future causes an immediate price rise today. If prices do move instantly in response to all new information, past information, like prices, does not help anyone make money. If there were a way to make money with little risk from past prices, speculators would employ it until they bid away the money to be made. For example, if the price of an asset rose 10 percent every Wednesday, speculators would buy strongly on Tuesday, driving prices past the point where anyone would think they could rise much further, and so a fall would be likely. This situation could not lead to a predictable pattern of rises on Tuesday, though, because speculators would buy on Monday. Any pattern in prices would be quickly bid away by market participants seeking profits. Indeed, there is considerable evidence that markets often do work this way. Moorthy (1995) finds that foreign exchange rates react very quickly and efficiently to news of changes in U.S. employment figures, for example. Because the efficient markets hypothesis is frequently misinterpreted, it is important to clarify what the idea does not mean. It does not mean that asset prices are unrelated to economic fundamentals. Asset prices may be based on fundamentals like the purchasing power of the U.S. dollar or German mark. Similarly, the hypothesis does not mean that an asset price fluctuates randomly around its intrinsic (fundamental) value. If this were the case, a trader could make money by buying the asset when the price was relatively low and selling it when it was relatively high. Rather, efficient markets means that at any point in time, asset prices represent the markets best guess, based on all currently available information, as to the fundamental value of the asset. Future price changes, adjusted for risk, will be close to unpredictable. Believers in efficient markets point out those completely random price changes-like those generated by flipping a coin-will produce price series that seem to have trends. Under efficient markets, however, traders cannot exploit those trends to make money, since the trends occur by chance and are as likely to reverse as to continue at any point. Grossman and Stiglitz (1980) identified a major theoretical problem with the hypothesis termed the paradox of efficient markets, which they developed in the context of equity markets. As applied to the foreign exchange market, the argument starts by noting that exchange rate returns are determined by fundamentals like national price levels, interest rates, and public debt levels, and that information about these variables is costly for traders to gather and analyze. The traders must be able to make some excess returns by trading on this analysis, or they will not do it. But if markets were perfectly efficient, the traders would not be able to make excess returns on any available information. Therefore, markets cannot be perfectly efficient in the sense of exchange rates always being exactly where fundamentals suggest they should be. Of course, one resolution to this paradox is to recognize that market analysts can recover the costs of some fundamental research by profiting from having marginally better information than the rest of the market on where the exchange rate should be. In this case, the exchange rate remains close enough to its fundamental value to prevent less informed people from profiting from the difference. Partly for these reasons, Campbell, Lo, and MacKinlay(1997) suggest that the debate about perfect efficiency is pointless and that it is more sensible to evaluate the degree of inefficiency than to test for absolute efficiency. Need For Conducting This Study- The miserable empirical performance of standard exchange rate models is another reason to suspect the failure of the efficient markets hypothesis. In an important paper, Meese and Rogoff (1983) persuasively showed that no existing exchange rate model could forecast exchange rate changes better than a no-change guess at forecast horizons of up to one year. This was true even when the exchange rate models were given true values of future fundamentals like output and money. Although Mark (1995) and others have demonstrated some forecasting ability for these models at forecasting horizons greater than three years, no one has been able to convincingly overturn the Meese and Rogoff (1983) result despite 14 years of research. The efficient markets hypothesis is frequently misinterpreted as implying that exchange rate changes should be unpredictable; that is, exchange rates should follow a random walk. This is incorrect. There is, however, convincing evidence that interest rates are not go od forecasters of exchange rate changes. According to Frankel (1996), this failure of exchange rate forecasting leaves two possibilities: ÃÆ'à ¢Ã ¢Ã¢â¬Å¡Ã ¬Ãâà ¢ Fundamentals are not observed well enough to allow forecasting of exchange rates. ÃÆ'à ¢Ã ¢Ã¢â¬Å¡Ã ¬Ãâà ¢ Exchange rates are detached from fundamentals by (possibly irrational) swings in expectations about future values of the exchange rate. These fluctuations in exchange rates are known as bubbles. Which of these possibilities is more likely? One clue is given by the relationship between exchange rates and fundamentals when expectations about the value of the exchange rate are very stable, as they are under a fixed exchange rate regime. A fixed exchange rate regime is a situation in which a government is committed to maintaining the value of its currency by manipulating monetary policy and trading foreign exchange reserves. Fixed exchange rate regimes are contrasted to floating regimes, in which the government has no such obligation. For example, most countries in the European Union had a type of fixed exchange rate regime, known as a target zone, from 1979 through the early 1990s. Fixed exchange rates anchor investor sentiment about the future value of a currency because of the governments commitment to stabilize its value. If fundamentals, like goods prices, or expectations based on fundamentals, rather than irrationally changing expectations, drive the exchange rate, the relationship between fundamentals and exchange rates should be the same under a fixed exchange rate regime as it is under a floating regime. This is not the case. Countries that move from floating exchange rates to fixed exchange rates experience a dramatic change in the relationship between prices and exchange rates. Specifically, real exchange rates (exchange rates adjusted for inflation in both countries) are much more volatile under floating exchange rate regimes, where expectations are not tied down by promises of government intervention. The above figure illustrates a very typical case: When Germany and the United States ceased to fix their currencies in March 1973, the variability in the real $/DM exchange rate increased dramatically. This result suggests that, contrary to the efficient markets hypothesis, swings in investor expectations may detach exchange rates from fundamental values in the short run. LITERATURE REVIEW- 1 Almeida, Alvaro, Charles Goodhart Richard Payne (1998), The Effects of Macroeconomic News on High Frequency Exchange Rate Behaviour, Journal of Financial and Quantitative Analysis, vol. 33, no. 3 (September), pp. 383-408; revised version of LSE Financial Markets Group Discussion Paper, no. 258(February 1997) This paper studies the high frequency reaction of the DEM/USD exchange rate to publicly announced macroeconomic information emanating from Germany and the U.S. The news content of each announcement is extracted using a set of market expectation figures supplied by MMS International. By using data sampled at a high (5 minute) frequency we are able to identify systematic impacts of most announcements on the exchange rate change in the 15 minutes post-announcement. The impacts of news on the exchange rate, however, can be seen to lose significance very quickly when the observation horizon for the exchange rate is increased, so that for most announcements there is little effect of news on the exchange rate change by the end of the three hours immediately after release. Both the responses to U.S. and German news are broadly consistent with a monetary authority reaction function hypothesis, i.e., the market expects the Fed or the Bundesbank to respond to news on increased real activity, for example, by raising short term interest rates in order to head off the possibility of future inflation. Further, the use of German data allows us to examine two questions the previous literature could not tackle, because, unlike U.S. announcements, German announcements are not scheduled. First, we show that the time-pattern of the reaction of the exchange rate to the U.S. scheduled announcements is different from the reaction to the German non-scheduled announcements, the former being much quicker. Second, we are able to examine the effect on the exchange rate change of the proximity of other events to the announcement. Results show that German news is most influential when released just prior to a Bundesbank council meeting. Finally, subsidiary results demonstrate the efficiency of the intra-day FX market with respect to these announcements and map the pattern of volatility these releases cause. 2 Andersen, Arrogant Torben Tim Bollerslev (1997b), Heterogeneous Information Arrivals and Return Volatility Dynamics: Uncovering the Long-Run in High Frequency Returns, Journal of Finance, vol. 52, no. 3 (July), pp. 975-1005; revised version of NBER Working Paper, no. 5752 (September 1996)- Recent empirical evidence suggests that the long-run dependence in financial market volatility is best characterized by a slowly mean-reverting fractionally integrated process. At the same time, much shorter-lived volatility dependencies are typically observed with high-frequency intradaily returns. This paper draws on the information arrival, or mixture-of-distributions hypothesis interpretation of the latent volatility process in rationalizing this behaviour. By interpreting the overall volatility as the manifestation of numerous heterogeneous information arrivals, sudden bursts of volatility typically will have both short-run and long-run components. Over intradaily frequencies, the short-run decay stands out most clearly, while the impact of the highly persistent processes will be dominant over longer horizons. These ideas are confirmed by the empirical analysis of a one-year time series of intradaily five-minute Deutschemark- U.S. Dollar returns. Whereas traditional time serie s based measures for the temporal dependencies in the absolute returns give rise to very conflicting results across different intradaily sampling frequencies, the corresponding semi parametric estimates for the order of fractional integration remain remarkably stable. Similarly, the autocorrelogram for the low-pass filtered absolute returns, obtained by annihilating periods in excess of one day, exhibit a striking hyperbolic rate of decay. 3 Baestaens, Dirk-Emma, Willem Max van den Bergh H. Vaudrey (1995), The Marginal Contribution of News to the DEM/USD Swap Rate, Proceedings of the First International Conference on High Frequency Data in Finance, 29-31 March, Olsen Associates, Zà ¼rich, vol. 3- This paper attempts to estimate the return on the DM/USD money market swap rate by both a linear regression and nonlinear neural network model. Since all variables strongly exhibited an hour of the (statistical) week effect both within- and out-of-sample, variables have been adjusted to remove this effect. The residual return pattern then is mainly driven by strongly negative autocorrelated lagged returns as well as by the impact effect of Reuters Money Market Headline news flashes. This effect has been measured by pairing standardised news sentences to successive return patterns in the train set and applying this information to predict the residual return out-of-sample. Some news flashes systematically generate positive (negative) residual returns. The set of 51,000 standardised news sentences established during the first six months accounted for most news flashes occurring during the second half of the dataset. News flashes therefore display a sufficiently systematic pattern to b e useful for prediction. The neural network model outperforms the regression model on the basis of the standard mean squared error again highlighting the fact that nonlinear modelling appears to be the most promising avenue to deal with this high-frequency dataset. TARGET AREA AND DATA SOURCE- A major European economy (with Germany under consideration- if data is taken in the pre-Euro period or U.K.- if data is taken in the post-Euro period). The reason for choosing an European Economy is the relative stability with respect to their foreign exchange markets as in comparison to the U.S or Latin American Economies. Data Source and Frequency- Yet to be determined based on availability and suitability of data. METHODOLOGY:- This study is aimed at testing the weak and semi-strong form efficiency of the forex market in the target economy. Weak-form efficiency is examined using unit-root tests while semi-strong form efficiency is tested using co-integration and Granger causality tests and finally using variance versions in the form decomposition analysis while testing for technical efficiency The traditional testing efficiency equations are reviewed and a model is developed that incorporates Bayesian revisions in the form of devaluation expectations. A number of propositions regarding the pattern of the coefficients in efficiency testing equations are established. The results are confirmed by empirical estimation of the model for the forex market. Another mode of estimation is investigation of the relative market efficiency in financial market data, using the approximate entropy method(ApEn) method for a qualification of randomness in time series. For that we can use data for multiple time periods of two nations to the test the relative market efficiencies during crisis periods. A major bone of contention is to model the return series while testing for efficiency base on the Efficient Market Hypothesis (EMH). Based on the returns data we can conduct either a macro-econometric study (when we take the countrys trade balance as returns data) or a micro level one when we conduct a study on a particular firm engaged in the forex business. This will be determined at later stages depending on the availability as well as suitability of data. Efficient Market Hypothesis Testing In this note we re-examine the foreign exchange market efficiency hypothesis, which is a hotly debated topic in the area of international finance. It is basically the theory of informationally efficient markets applied to the foreign exchange arena. The present literature is far from conclusive and inconsistencies abound. With the genesis of the concept of nonstationarity and cointegration came a new approach to testing market efficiency. A multitude of procedures are available, but the standard methodology has been to examine the forward market unbiasedness hypothesis, which tests whether forward rates are unbiased and efficient estimators of the future spot rate. Acceptance of this hypothesis implies that the spot and forward foreign exchange rates have a tendency to move together over time, i.e., they are cointegrated in the Engle-Granger (EG 1987) sense. The estimated model is St+k = ÃÆ'Ã
½Ãâà ±+ÃÆ'Ã
½Ãâà ²-ft,k+Ãâà µt+k -1 Where, st+k is the natural log of the future spot exchange rate k periods ahead, ft,k is the natural log of the k period ahead forward foreign exchange rate. If st+k and ft,k are I(1), i.e., nonstationary and integrated of order 1, then the necessary (weak form) and sufficient (strong form) condition for unbiasedness/market efficiency is the existence of a vector (a, ÃÆ'Ã
½Ãâà ²) such that the residual series Ãâà µt+k is stationary and (a,ÃÆ'Ã
½Ãâà ² ) = (0,1). Stationarity of the residuals from the estimation of equation (1) would indicate that the spot and forward rates are cointegrated. This is what we refer to as weak form efficiency. In addition to this, if the parameter restriction of (a,ÃÆ'Ã
½Ãâà ²)= (0,1) holds, then the forward rate can be called an unbiased and efficient predictor of the future spot rate, and we refer to this condition as strong form efficiency. EG propose a two-stage process in which we first estimate equation (1) by ordinary least squares (OLS) and then exam ine the stationarity of the residual vector Ãâà µt+k. The problem is that the nonstationarity of the variables under consideration precludes an examination of the parameter restriction (a,ÃÆ'Ã
½Ãâà ²) = (0,1). Phillips-Hansen (PH 1990) propose a fully modified (FM-OLS) method which corrects for both the long run endogeneity in the data and the asymptotic bias in the coefficient estimates, i.e., it can test for the parameter restrictions without imposing them. The weakness of this procedure is the assumption of no cointegration in the residual vector, a process which has low power against stable autoregressive alternatives with near unit roots. This is due to the fact that classical tests of unit roots in the residuals of the cointegrating regression (two variables will be cointegrated only if the residuals of the cointegrating regression are stationary) have a tendency to accept the null hypothesis of unit roots in the residual series (no cointegration) unless there is strong evidence against it. Thus, even if the root is close to unity (but not exactly equal to one), classical tests will still indicate the presence of unit roots in the residual series. CONCLUSION- Technical analysis is the most widely used trading strategy in the foreign exchange market. Traders stake large positions on their interpretations of patterns in the data. Economists have traditionally rejected the claims of Rational Expectations based on technical analysts because of the appealing logic of the Efficient Markets Hypothesis. More recently, however, the discovery of profitable technical trading rules and other evidence against efficient markets have led to a rethinking about the importance of institutional features that might justify extrapolative technical analysis such as private information, sequential trading, and central bank intervention, as well as the role of risk. The weight of the evidence now suggests that excess returns have been available to technical foreign exchange traders over long periods. Risk is hard to define and measure, however, and this difficulty has obscured the degree of inefficiency in the foreign exchange market. There is no guarantee, of course, that technical rules will continue to generate excess returns in the future; the excess returns may be bid away by market participants. Indeed, this may already be occurring. Continued research on high-frequency transactions data or experimental work on expectations formation may provide a better understanding of market behaviour. The Study will answer the question of whether the efficient market hypothesis is effectively applicable to the foreign exchange market.
Wednesday, May 6, 2020
Women s Equality For Women - 1407 Words
For many years, women have aimed for gaining equality with men. Theyââ¬â¢re opportunities were taken away because of the fact that they were women. Overtime feminism has expanded and diversified in many different aspects including approach and priorities. The changes in them are result of many different social economic groups of women because of the various goals set for methods of creating change, which are implemented within the movement. The feminist movement has been trying to give equal rights to women who have been destitute of their equality and privileges that man have never given them. Feminism is beneficial to men, women, and their families because it is allowing everyone to have an equal opportunity in life to achieve all they can without any discrimination based on their sex. Feminism is the movement that promotes equality for men and women in political, economic and social issues. Feminists believe that women are oppressed due to their sex based on the dominant ideology of patriarchy. Going against social norms of patriarchy will result in liberation for women, men, minorities, and gays. There are many different types of Feminism, which includes Liberal, Radical, and Social Feminism. Liberal feminism is reformist who believes in the viability of the present system, which includes education and employment. These types of feminists believe that oppression exists because of the way in which men and women are socialized, which supports patriarchy and keeps men in powerShow MoreRelatedWomen s Equality And Equality1204 Words à |à 5 PagesToday Women in America can scarcely imagine not having the right to vote or choose a career or attend a university. Young women in college take these opportunities and rights for granted, but it hasnââ¬â¢t been that lon g ago in human history that women found themselves in a very patriarchal, male dominated world. The rise of feminism in the United States has gradually brought about womenââ¬â¢s equality in just the past century and for that we women are very grateful. But are there exceptions to full equalityRead MoreWomen s Equality And Justice For Women1871 Words à |à 8 Pagesrights for women (Quirk, 2015). Since the end of the 19th century Canadian women have been fighting to redefine their place within society, demanding equality and justice for all women. The Womenââ¬â¢s Movement has achieved a formal degree of equality in regards to political, economical and legal means. The Womenââ¬â¢s Movement has allowed many of what we today feel as a right come into light and result in what we currently take for granted. January 28 1916 was truly an promising day for Manitoba women, ratherRead MoreGender Equality And Women s Equality1326 Words à |à 6 Pagesmany decades women have been f ighting for gender equality, both at home and in work place. Women have to suffering in unequal treatment in their life and struggling to be equal to men. Gender equality is really important in our society. People born equally but the society continues to push the tender roles. The gender discrimination becomes more and more common in our life but this needs to stop. People should respected each other with no matter what gender they are and gender equality is a more andRead MoreWomen s Rights Of Gender Equality And Women1005 Words à |à 5 PagesHistorically women have not been provided equal opportunities in competitive and collegiate sports. In the late 1800ââ¬â¢s, social perception was that females were weak and although they were admired by men, they were treated like objects (Lumpkin, 2013). Competitive and collegiate sports were dominated by males, with little opportunity for women to participate. Females eagerly wanted to participate, however sports were perceived ina ppropriate which would put their femininity in question and putRead MoreThe Issue Of Women s Equality1347 Words à |à 6 PagesIn the past 50 years, women have gained much more equality in America. That progress was a necessary step for our modern nation, but such a big change has been a factor in the breakdown of our nation s families. In the past 50 years, divorce rates have more than doubled. In the present day, it is just as likely that a married couple will divorce as it is that they will stay together (Marriage and Divorce). The push for women s equality has been a factor in the breakdown of the American familyRead MoreWomen s Equality Between Men And Women990 Words à |à 4 PagesWomen in the Workforce Equality between men and women has been a topic for discussion. Women inequality in the workforce has been a debate for many years. Tons of research has been conducted trying to find out why women get paid less than men in the workforce. The Equal Pay Act was created in 1963 that aimed to abolish wage disparity between genders. However, it can be seen that women are still paid less. Women are paid less than men because of the careers that they choose and their family responsibilitiesRead MoreThe Struggle Of Women s Equality1692 Words à |à 7 Pagesââ¬ËStill a way to go for women to achieve equalityââ¬â¢ Summary Women have had significant changes in their lives from the past to present in terms of employment as they are more and more being moved away from the household, being able to work like regular men today. Proportion of women in the total workforce is increasing and consequently they compete successfully for higher income jobs such as chief executives. They even have been moving into jobs that in the past were only allocated to men. While theseRead MoreWomen s Rights And Equality1135 Words à |à 5 Pagesdefinition of equality inquires that all genders have the same rights and opportunities. According to law women are able to work, talk, dress, act, and express freely in society. The 1st amendment reassures all Americans these freedoms. It does not assure that women can work, talk, dress, act, and express freely in society without concern of being socially accepted. We deserve the same rights men have had since the beginning of time. In the past, the public has written the role women should bear;Read MoreWomen s Fight For Equality991 Words à |à 4 Pagesfor equality has been fought for over a century. They have out lasted the longest of wars. The fight for equality seems like an epic battle out of a movie, as it is so drawn out. The history behind the feminist movement is rich in context. For most people when they think of the feminist movement they think of United States or Europe. But this movement is not just contained in those countries, it was a global movement that has spread like falling dominos. The Inter-American Commission of Women wasRead MoreThe Women s Movement For Equality1221 Words à |à 5 PagesThroughout the course of history, women and young girls have been viewed as the weaker sex. Females did not, and at times still do not, receive the same level of respect or opportunities as men. Leading up to the 1960ââ¬â¢s, womenââ¬â¢s primary physical activities were cheerleading and dancing, while the menââ¬â¢s were more geared towards foot ball and basketball. The womenââ¬â¢s movement for equality was in the late 1960ââ¬â¢s, during which women finally began to have their voices heard by others. As a result of the
Tuesday, May 5, 2020
Frees William Gibsons Neuromancer Neuroma Essay Example For Students
Frees William Gibsons Neuromancer Neuroma Essay ncer EssaysNeuromancer Neuromancer revolutionized the way people look at technology. Many people were scared of cyberspace. They felt it would change the way the world was run. Some even thought that meals would begin to be served in pill form, and the world be ruled by darn dirty primates. Throughout Neuromancer we see a very vivid dystopia. We see our first sign of the dystopia in chapter one. It begins with Case, whose name fits him very appropriately. He treats his body as an object. He uses it just to log onto cyberspace. Case has been injected with a poison that keeps him from surfing through cyberspace. This has created a dystopia within Case. He used to make his living through cyberspace. He now injects himself with drugs in an attempt to try and find a cure. Another way we see the dystopia through Case is the room he lives in. They are called coffins, which is a very appropriate name. These rooms are extremely small. Another sign of dystopia is when Case goes to Japan in h opes of finding a cure on Japans black market. They have a big supplier of organs there. This demonstrates the struggle in Japan. In Cases time there is such a high demand for organs that they will sell them illegally over the black market. The black market most of the time represents the scum of society. There crime runs rampant. People will get killed for their organs, just so someone can make a few extra dollars. The next sign of this book being a dystopia is Ratz. He is supposed to represent the experiments that society is playing on the people. His body is composed of mostly artificial goods. Gibson named him Ratz too, because he represents the lab rat of the book. He is supposed to represent what society will do to you if you give in to it. He has no control over what he has become, just like the little lab rat. Another sign of dystopia is the way the computers have changed everything. The computers run peoples lives in Neuromancer. It seems no matter where Case goes there is always someone watching him. Wintermute has the phones ring one time when Case walks by. This demonstrates the power that the Ais have in Neuromancer. The artificial intelligence is another example of the dystopia in Neuromancer. When an AI is running thing in the world, there are problems. When the Tessier-Ashpool family created these beings in a hope to better have control over the world. The plan backfired on them and they went insane. Neuromancer and Wintermute begin to battle over cyberspace. This created turmoil within the society. Throughout Neuromancer we see many signs of a dystopia. The society is flipped upside down. Gibson struck fear in many eyes because of this book. He made people view cyberspace from a totally different perspective. Through the vivid dystopia that his mind created he changed the minds of a lot of Americans.
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