Friday, March 13, 2020
Literature Essay on Ã¢â¬Å"Fern HillÃ¢â¬ as a Nostalgic Panegyric to Youth Essay Example When I grow up, I want to be a spaceman! said a little boy. I cannot wait anymore to grow up. When I grow upWhen just I grow up. The little boy finally grew up and truly left his youth in the rear. He wanted for nary a thing which he had wished away, did he? Prudence is a small compensation for youth loss and some people do not receive even this small amends. This wisdom allows people to keep in mind the youth days full of wonder, joy and childish imagination. Unfortunately, the time passes so fast, that everyone is unable to notice this. It is true; the green period cannot last forever. This is a concept Dylan Thomas written his poem Fern Hill around. This nostalgic panegyric to youth is an exciting story about the man, who remembers his youthful past and wonderful childhood, his longing for the loss of the world of innocence. The wonder of Fern Hill comes from Dylan Thomas as a narrators affection for the perfect memories of his youthfulness. In his poem author uses the right word choice which reflects green and carefree youth natural world, childish imagination, authors own explorations, enjoying the simple things as an act of climbing a tree or hunting, the little boy is satisfied with everything he sees around. The act of herding brings the child an enormous happiness. The joy in the running the house high hay and awaking to the first cover of snow make the child consequently pleased. The poem has a nostalgic nature, which imparts the person who reads the same melancholy. These nostalgias cause memories, which connect the reader to the storyteller on an individual level. The little boy recalls his carefree, easygoing and cheery life. Rich meadows, wood valleys, friendly playgrounds and attractive apple orchids surround the narrator during his childhood. The author remembers the time when he was lying c arefree under the apple tree, dark with a shadow and having no care about the world. And honored among wagons I was prince of the apple towns (6). It is the most emotional line to the regard shows the childish thoughts in all its beauty. Thomas uses such phrases as once upon a time which are the traditional beginning of a fairy tale, once below a time adds here the idea of timelessness, because yet this time has not become important for a little boy. In the second stanza, the author carries the same feelings And as I was green and carefree (10), and Time let me play and be (13). The storyteller says, And the Sabbath rang slowly (17), which conveys a sense of time passing slowly, as it often seems in childhood. There is a special sense of happiness during the children lifetime, which author tries to show the reader in remembrance of youthfulness. As it is already known, typically every child dreams to be a knight, a superhero, a prince or a princess. The author, like most other children, pretend to be something, or someone else, which is a reference to the youth dreams the reader heartstrings to a compulsory beat. It is a peculiar form of a connection between a reader and the author in separate-but-equal remembrance and desire. As the season passes so does the youth fleets from the youthful in a due time, and Dylan Thomas uses simple, but yet powerful, concept to describe the reader his feelings and worrying about his past time on the farm, and his memories dedicated to it. He describes this time as a fairy tale, as his own, narrators, real life tale. Suddenly the youthfulness disappears and the narrator says And then to awake (28). These words begin the fourth stanza which focuses on the metaphorical rebirth. At this time, the author experiences an adulthood. He says Like a wanderer white with the dew, come back (28-29), while he desires to be a lighthearted kid just the once again. Dylan Thomas says It was all shining, it was Adam and maiden (29-30), symbolic of the authors romantic experiences. Dylan Thomas contains the whole adulthood in one stanza. The author dedicates first three stanzas to remember his childhood and last two stanzas to old age. When the author says And nothing I cared, at my sky blue trades, that time allows (42), happens something restraining. He tells about being careless again, the same way as in the babyhood, but now he is careless out of sour apathy, as a replacement for childish innocence. The fourth stanza draws the picture of the farm. That time, the sun was a bright warm. The boy could listen the wind whistling through the chimneys, it remained him a friendly melody. As a night approaches, the boy remembers other childish memories as he goes to sleep to the sound of the night: As I rode to sleep the owls were bearing the farm away, All the moon long I heard, I blessed among stables, the nightjars, Flying with the ricks, and the horses Flashing into the dark. (24 27) Many night creatures are introduced to the reader, as owls, horses and a nightjar. This description adds images and sound to create somber surroundings. Sleeping in this poem represents the loss of innocence that equates the Adam and Eve who were sleeping after the fall from the Grace of God. This commencement of the world of prime of life entails the pasting of Edenic bliss, freedom, innocence and grace. Furthermore, writer loses creative thoughts and fantasies in which a joining mutually with the natural world was achievable. The next stanza author describes the seasons, how frequently they flown in the farm during his childhood. First spring, with its green blaze and sparkling bloom. After that summer, with its heat and idle streams. The next is autumn, with its house high hay, the season of harvest. The last is winter, with its alabaster shine and light, cool sunlight. Suddenly the youthfulness disappears and the narrator says And then to awake (28). Therefore, the first four sta nzas originate, and then give the way to the next two which are able to show the speakers prudence. Probably some retrospection unfairness in narrators admiration of and enjoyment at the follies of his adolescence, although there is a suggestion of regret, as it was predictable to lose his childhood, while the storyteller says, Time held me green and dying/Though I sang in my chains like the sea (53-54). In the final stanza, the time is moving so quickly that the author says In the moon that is always rising (48). It is not the same as it was before, in the childhood. The author speaks more about caring and his childish memories. The final few lines of the poem bring the writer back to a real world that life is full of sadness and joys. All superior things approach the end. While the end draws near someone, person starts to understand how perfect the life was, why it was not appreciated. Everyone also keeps in mind what a future can bring. In early days, living seems to be longer an d never-ending. As the youthfulness pasts the days turn out to be also shorter. Emotional Picture ofFern Hill Fern Hill provides the reader a sense of quiet melancholy in consequence making it a result of understanding almost worthy of the trade of adolescence. This elegiac poem focuses on one mans nostalgia into the early days passed by. The author, Dylan Thomas, uses the whole thing from language to notch to get the readers concentration and join the reader to the poem-text. This poem reminds people to hold on and realize the infancy reminiscences. People have to appreciate childhood memories, as they are extremely important and play an integral role in everyones adulthood. When people grow up, they start to reflect the babyhood. Childhood is the happiest period, as it is carefree. Everything seems to be perfect, beautiful and hatred free. A child dreams to grow up as fast as possible, because it seems that youngster will be able to realize all his funny and childish dreams. Unfortunately, dreams not often come true, and the person realizes it just in the adulthood, when he or she achieve s some wisdom during the lifetime. With the advent of wisdom comes the desire of becoming adolescent, always to stay young. For none are resistant to the working of times genuineness: time will pass, heartless, rude. Anyone cannot change this, in spite of enormous wish. Everyone wishes to turn back to the youth and to relive own life one more time, even without changing anything. Becoming an older makes a person lose the world of innocence. Older people become crueler and do not think marvelous things often about all around the world. As one unknown author told, It is in the remembering that we can cherish the joys of what were; it is in the same memories we can be sad for that which is no more, and it is in knowing both, that we realize that we can live life to the fullest.
Tuesday, February 25, 2020
Microeconomy principle - Essay Example It is also referred to as personalized pricing because the consumer is willing to pay any price for the units sold. On the other hand, third degree price discrimination refers to the charging of different prices for the same good but in different market segments. The price that is set for a product depends directly on the readiness of the customer to pay for the good. The prices of the products do not depend on the cost of production. As a result, third degree price discrimination, compared to first, depends on the elasticity of demand. First degree price discrimination is also referred to as perfect discrimination (Chakravarty 2009). This is because the seller has capacity to take out all consumer surplus from the consumers. The producer is able to convert customer surplus into producer surplus because of the unique features of his goods that allow him some discretion over price of the product. In competitive markets, just by selling goods at different prices to customers can give t he producer discretion over price and increase his profits. First degree price discrimination constitutes a type of different degree of price discrimination which includes second and third degrees. It is the price that all sellers aim for but is rarely achieved in the real world. On the contrary, third degree price discrimination is the most common form of price discrimination practiced. In order to achieve first degree price discrimination, the seller needs to have an idea of the highest demand price that buyers are ready to pay for every output bought. It is the difficulty with which this information is made available which makes it rare for sellers to achieve perfect price discrimination. In order to accomplish first degree price discrimination the seller must be able to meet three prerequisites. These include: 1. Having the capacity to influence price and to have market control. 2. Being able to recognize and estimate the market prices which customers are ready to pay. 3. Preven ting the buyer from selling the product back. On the other hand, third degree price discrimination is characteristic of market segmentation based on two parameters, i.e. by time and by geography. For instance, organizations who are selling their good abroad in a market where demand is inelastic may place a high price on them as compared to the prices charged when they are sold in the host country. This is because the consumer surplus to be extracted is more since the demand is not affected by changes in price. Another element associated with first degree price discrimination is the efficiency that the monopoly is able to accomplish. The organization is able to achieve maximum profits because it is able to balance marginal revenue and marginal cost. The following graph shows how the customers are willing to pay the amount the seller asks for. The customer is willing to pay the highest price for the first unit. As a second unit is bought, the customer pays less since the maximum price for the second unit is set less than that of the first one. Moving down the demand curve, the customer is willing to pay the maximum price as dictated by the demand of that unit. The subsequent units bought after the first one have a lower maximum price than the first one. The monopoly does not sell subsequent units at the same price as the first one. The monopolist is able to extract greater total revenue than if a uniform price was charged for all the goods
Sunday, February 9, 2020
Fringe Benefits Tax - Essay Example This value is taxed on the top marginal tax rate. A statutory formula is prescribed for the payment of the FBT based on the value of the car and the distance travelled during the year irrespective of whether the vehicle was used for business or personal purposes. The lease payments or the running costs do not matter for the calculation of the FBT. If the car is made available for the personal use of the employees only for a certain period of the year then the FBT payable is calculated on a proportionate basis with the employer paying the FBT for the period for which the vehicle was actually used by the employee for his/her personal use instead of the whole year. Under this method the employee is allowed to reduce the FBT liability by making their own contributions towards the running expenses of the car. These contributions are to be deducted from their after tax salary. The amount of running expenses spent by the employee goes to reduce the same amount of FBT liability subject however to the maximum limit of the capital cost multiplied by the statutory fraction as specified by the Tax Office plus 10% GST. This implies that the personal taxation liability of the employee on the post-tax contribution is likely to be substantially less than the applicable FBT rate which is the maximum marginal rate of taxation. Robert Smith Cost of the Vehicle $ 44,000 Distance Travelled 20,000 Kms Lease Rent $ 12000 Running Cost and Maintenance $ 3300 Statutory percentage 20 percent of the FBV Amount of FBT payable $
Thursday, January 30, 2020
Traditionally since Essay Traditionally since its inception, The Black Church in America has been a symbol of unity in the Black community. In times of crisis it has cut across various religious positions and has served as a spiritual base camp for Blacks in America for many years. It has also played a role in community participation, social activities and provided care for the sick and a place of refuge for the poor. During the civil rights movement the Black community looked to the church leaders as an instrument that could effect change for their social conditions. During that time, Black church leaders were influential to many of the social changes that we partake of today. Any important institution of society will have a number of roles and functions, and thus, an impact upon its membership. The Black church is no exception. In his study of the Black church, distinguished social scientist E. Franklin Frazier included a chapter, Ã¢â¬Å"The Black Church: Nation within a Nation,Ã¢â¬ in which he saw the church as an Ã¢â¬Å"agency of social control,Ã¢â¬â¢Ã¢â¬â¢ as an Ã¢â¬Å"economic cooperative,Ã¢â¬â¢Ã¢â¬â¢ as an Ã¢â¬Å"educational institution,Ã¢â¬â¢Ã¢â¬â¢ as an Ã¢â¬Å"arena of political life,Ã¢â¬â¢Ã¢â¬â¢ and as a Ã¢â¬Å"refuge in a hostile white world: (Frazier, 1964). These functionsÃ¢â¬âpolitical, economic, social, and securityÃ¢â¬âall attest to the secular scope of the Black church. Some students of the Black church have supported this view of the churchÃ¢â¬â¢s secular function. An example is Joseph Washington, Jr. (1964), referring to the work of the late Rev. Martin Luther King, Jr. as an extension of the religious role of the church into the civil rights area. Although Washington viewed KingÃ¢â¬â¢s philosophy as a perversion of the uses of Christian theology, and tended to view this activity as negative, his rationale was based on a lack of emphasis on theology in the Black church. Other writers have tended to support the view that, the function of the Black church was not so much to foster the spiritual growth of its members by its adherence to and development of the normal Christian theology of the church, as it was to serve their spiritually-related secular needs. St. Clair Drake and Horace Cayton, for instance, say in their study of the Black church in Chicago in the 1930Ã¢â¬â¢s: The Negro Church is ostensibly a Ã¢â¬Å"religious organization,Ã¢â¬â¢Ã¢â¬â¢ but Bronzeville expects it, too, to Ã¢â¬Å"advance the race. Ã¢â¬ Negro Baptists think of their congregation as a Ã¢â¬Å"Race Church,Ã¢â¬ and their leaders concern themselves with such matters as fighting the job ceiling and demanding equal economic opportunity as well as Ã¢â¬Å"serving the Lord. Ã¢â¬ (Drake and Cayton, 1970 Pg 167). Kelly Miller also says that the Black church Ã¢â¬Å" was not yet able to formulate a theological statement of its doctrine,Ã¢â¬â¢Ã¢â¬â¢ that it broke from the white church and Ã¢â¬Å"decided to go worship God under its own fig tree,Ã¢â¬ and in so doing, developed a distinctive orientation (Miller, 1968). Others, however, such as Gayraud S. Wilmore and James Cone, built on the Drake and Cayton notion of the Black church as a Ã¢â¬Å"race church. Ã¢â¬ They outlined the tendency of the Black church to be responsive to the dominant forces in the Black community by pointing to the compatibility between the Ã¢â¬Å"BlacknessÃ¢â¬ of the church and the dominant ideologiesÃ¢â¬âsuch as Black powerÃ¢â¬âin the community (Wilmore, 1973; Cone, 1969). Assuming these notions are true, it should be possible to test a theory of the responsiveness of the Black Church. Learning more about the function of the Black church is made urgent by the increased necessity for it to be responsive to the social needs of the Black community. The nature of these social needs is made urgent by the many new problems, of this age. STATEMENT OF THE PROBLEM AND PURPOSE TodayÃ¢â¬â¢s problems which relate to the role of the church in secular activities is in its relationship to Black families. The number of Black families headed by Black females has continued to rise over the years verses other ethnic groups. This dramatic rise may be attributed to an increase in babies born out of wedlock, divorce and separations, all of which have more serious underlying causes, and which also have ramifications on the ability to maintain adequate income for provisional needs. The church formerly was the home for many entire extended families in the Black community; as such, it played a role in establishing standards of conduct; legitimizing births, marriages, and deaths; educating and caring for children; and counseling married individuals. Consequently, the church was a resource center for the Black family, and played a role in its survival. If there are now new pressures on the family whichÃ¢â¬âin addition to employment-related difficultiesÃ¢â¬âthreaten the survival of the family, it is also worthwhile to assess the modern role of the church and the extent to which it provides services to meet these new needs. In light of the current problems facing the Black community, it is appropriate and necessary that a new assessment be made of the various institutions within the community which played a role in its progress. PURPOSE OF THIS STUDY The purpose of this study is to ascertain the present-day role of the Black church as a community institution, particularly with respect to the views of the churchÃ¢â¬â¢s leadership, membership, and individuals in the community. To what extent, if any, does the church leadership believe that the Black church should be involved in the community? How do church members perceive the scope of the church as it relates to non-secular activities? And to what extent do residents, especially non-church members, view the church as a community resource?
Wednesday, January 22, 2020
Blaise Pascal was born in Clermont France on June 19, 1623 to Etienne Pascal. His mother died when he was only 3. He was the third of four children and the only boy. He was described as a man of: small stature, poor health, loud spoken, somewhat overbearing, precious, stubbornly persevering, a perfectionist, highly pugnacious yet seeking to be humble and meek. Pascal's father had somewhat unorthodox views on education, so he decided to teach his son himself. He forbade any mathematic teachings or material to be given to him and had any such texts removed from their house. Blaise became engulfed with curiosity due to this rule. He started to work with geometry on his own at the age of 12. He discovered that the sum of the three angles of a triangle is equivalent to two right angles. When his father discovered this he then allowed Blaise a copy of Euclid. At the age of 14 Blaise began accompanying his father to Mersenne's meetings. Mersenne was a member of a religious order of Minims. His cell held many meetings for the likes of Gassendi, Roberval, Carcavi, Auzout, Mydorge, Mylon, Desargues and others. By the time he was 15 Blaise admired the work of Desargues greatly. At 16 Pascal presented a single piece of paper at a Mersenne's meeting in June 1639. It held many of his geometry theorems, including his mystic hexagon. In December 1639 he and his family left Paris and moved to Rouen where his father Etienne was appointed tax collector for Upper Normandy. Soon after settling down in Rouen his Essay on Conic Sections was published in February of 1640. It was his first great work. Pascal also invented the first digital calculator to aid his father in his tax collecting duties. For three years he worked 1642 - 1545. Dubbed the Pascaline, it resembled a mechanical calculator of the 1940's. This almost assuredly makes Pascal second only to Shickard who manufactured the first in 1624. Pascal faced problems with the design of the calculator due to the design of French c urrency at the time. There were 12 deniers in a sol, and 20 sols in a livre. Therefore there were 240 deniers in a livre. Hence Pascal had to deal with more technical problems to work with this odd way of dividing by 240. Yet the currency system remained the same in France until 1799, but Britain's similar system lasted until 1971.
Monday, January 13, 2020
In recent years the testing of market anomalies in stock returns has become an active field of research in empirical finance and has been receiving attention not only from academic journals but also from the financial press as well. Among the more well-known anomalies are the size effect, the January effect and the day-of-the week effect. According to this phenomenon, the average daily return of the market is not the same for all days of the week, as we would expect on the basis of the efficient market theory. The objective of this paper is to examine the existence of day of week effect in Indian stock market.Daily closing prices of S&P CNX Nifty index have been analyzed over fifteen years period commencing from January 1994 to December 2008. A set of parametric and non parametric tests has been used to test the equality of mean returns and standard deviations of the returns. The mean returns on Monday and Tuesday are negative while on Wednesday these are highly positive. Also, the i mpact of introduction of rolling settlement on the stock returns is observed. The results show that before rolling settlement came in 2001, Tuesday was showing highly negative returns and Wednesday highly positive.But after the introduction of rolling settlement, the seasonality in the distribution of the mean returns across different days of the week ceased to appear. Thus the markets have become more efficient over a period of time. KEY WORDS: Market Efficiency, Calendar Anomalies and Day-of-the-Week Effect INTRODUCTION A Stock Exchange is a common platform where buyers and sellers come together to transact in securities. It may be a physical entity where brokers trade on a physical trading floor via an Ã¢â¬Å"open outcryÃ¢â¬ system or a virtual environment.The Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) are the India's two leading stock exchanges. Indian security market is one of the oldest markets in Asia. It has come a long way from earlier days of flo or trading to the present day screen and net based trading. This study is an attempt to have a deeper insight in to the behaviour and patterns of stock price distribution in the Indian stock market. The price of a security should vibrate around its intrinsic worth in any efficient market.In finance, the efficient-market hypothesis (EMH) asserts that financial markets are Ã¢â¬Å"informationally efficientÃ¢â¬ , or that prices on traded assets, e. g. , stocks, bonds, or property, already reflect all known information. The efficient-market hypothesis states that it is impossible to consistently outperform the market by using any information that the market already knows, except through luck. Therefore, the past price movements can in no way help in speculating the prices in future. The price of each day is independent. It may be unchanged, higher or lower from he previous price, but depends upon new pieces of information being received each day. So seasonalities cannot be used to form ulate trading strategies to earn abnormal returns according to efficient market hypothesis theory. Calendar anomalies are cyclical anomalies in returns, where the cycle is based on the calendar. It describes the tendency of stocks to perform differently at different times. For example, a number of researchers have documented that historically, returns tend to be higher in January compared to other months (especially February).There are three types of efficiencies as explained in efficient market hypothesis. So calendar anomalies mainly explain weak form of efficiency which says that previous price changes or changes in return are useless in predicting future price or return changes. Some of the calendar anomalies are Month-of-the year effect, Month-of-the quarter effect, Week-of-the month effect, Day-of-the-week effect or Weekend effect, Monday effect, Hour-of-the-day effect or the End of the-day effect, holiday effect and turn of the month effect etc. Among them the day-of-the-week effect is most widely documented across the countries and markets.In context to stock market the majority of research findings, indicates that the stock returns remain low or negative on Monday. This paper examines the day-of-the-week effect in Indian stock market, using S;P CNX Nifty data of last fifteen years from January 1994 to December 2008. REVIEW OF LITERATURE There is an extensive literature on the day-of-the-week effect in the stock returns. This section examines a few research works on the day of the week effect in Indian and international stock markets. Ziemba (1993) investigated the weekend hypothesis for the Japanese market using daily data from 1949 to 1988.Tuesday recorded negative returns following a one day weekend and Mondays declined after two days weekends. Balaban (1994) found day of the week effect in an emerging stock market ISECI of a developing country Turkey for the period 1988 to 1994. Highest returns on Friday and lowest returns on Tuesday were observed. Mishra (1999) studied day of the week effect in Indian stock market using Sensex and Natex for the period 1986 to 1998 indicating the presence of day of the week effect in Indian stock market. Friday returns were found highest and significantly different from the mean returns of other days. Hence there exists a Friday effect.Berument and Halil Kiymaz (2001) tested the presence of the day of the week effect on stock market volatility by using the S;P 500 market index during the period of January 1973 and October 1997. The findings showed that the day of the week effect is present in both volatility and return equations. While the highest and lowest returns were observed on Wednesday and Monday, the highest and the lowest volatility were observed on Friday and Wednesday, respectively. Further investigation of sub-periods reinforced findings that the volatility pattern across the days of the week was statistically different.Sarma (2004) examined seasonality across the days of week in Indian stock market using BSE indices- SENSEX, NATEX and BSE 200. Highest variance on Monday was found and weekend effect was confirmed by this study. Nath and Dalvi (2004) examined the day of the week anomaly in Indian stock market for the period from 1999 to 2003 using index S;P CNX NIFTY data. The study found that before introduction of rolling settlement in January 2002, Monday and Friday were significant days. However after the introduction of the rolling settlement, Friday became significant. Mondays were found to have higher standard deviations followed by Fridays.Davidsson (2006) found evidence of day of week effect in S;P 500 index. Davidsson found Wednesday was the weekday with highest rate of return and Monday was weekday with lowest rate of return. Also Monday was the only day with negative rate of return. WednesdayÃ¢â¬â¢s returns were found approximately four times of MondayÃ¢â¬â¢s returns. Badhani (2008) examined the presence of day-of-the-week effect on stock retu rns, trading volume and price volatility at the NSE during the period of 10 years from 1995-2005. Wednesday effect was found during earlier weekly settlement regime which now disappeared.Monday and Tuesday returns were consistently low but during recent sub period these were not significantly different from other days of week. Also on Monday the average trading volume was significantly low and price volatility was high consistently across the entire sample period. Mangala (2008) examined day-of-the-week effect in sub periods in Indian stock market using S;P CNX Nifty data. Highest returns on Wednesday and lowest on Tuesday were observed. Also findings showed that seasonality in return distribution across weekdays was confined to pre rolling settlement time period; thereafter seasonality vanished.DATA AND METHODOLOGY This study covers a sample period of fifteen years from January 1, 1994 to December 31, 2008 comprising a total of 3695 observations(days). The stock prices are represen ted by S;P CNX Nifty index. The closing values of this index have been obtained from the official website of National Stock Exchange (www. nseindia. com). There was trading on certain weekly closing days (i. e. 18 Saturdays and 3 Sundays); these days have been excluded from the sample. During the above sample period of fifteen years many structural changes also took place in the market.For example rolling settlement was introduced in place of weekly settlement system. Therefore, the behaviour of stock prices has been studied on an yearly basis so as to gauge the impact of these changes on the stock prices. Measuring the Daily Returns Daily percent return on the index for a given day of the week has been calculated by subtracting the closing price of the previous trading day from closing price of that day, then dividing the resulting no. by closing price as on the previous trading day and multiplying by 100. Rt = Pt-Pt-1 * 100 Pt-1 Rt is daily return on the share price index for day tPt is the closing value of index for the dayÃ¢â¬ËtÃ¢â¬â¢ and Pt-1 is the closing value of the index for the preceding day. Hypothesis and Testing Procedure The null hypothesis is that there are no differences in the mean daily returns across the weekdays. The non parametric Kruskall- Wallis (H) test has been applied to test seasonality in returns across weekdays to test the hypothesis. Null hypothesis is: Ã¢â¬â Ho: Ã µ1= Ã µ2= Ã µ3= Ã µ4= Ã µ5 Here, Ã µ1, Ã µ2Ã¢â¬ ¦Ã µ5 represent mean returns of different trading days of week. It means that mean returns across all the five days of week are equal. Alternative hypothesis is: Ã¢â¬â H1: Ã µ1? Ã µ2? Ã µ3? Ã µ4? Ã µ5It implies that there is significant difference in mean returns across the trading days in a week. Different statistical tools have been used to find the results like mean, standard deviation, range, skewness ; kurtosis etc. Then the most scientific and logical non-parametric Kruskall-Wallis (H) test h as been applied to check the hypothesis. The Kruskall Wallis test requires the entire set of observations being ranked Ã¢â¬â higher the value, higher is the rank and vice-versa- then arranged into nj ? 5 matrix where nj represents the rank of the return and columns represent the day of the week (Monday through Friday).The value of H is calculated by formula: |H |= |12 |( |[pic] |(Rj)2 |) |Ã Ã¢â¬âÃ |3(N+1) | | | |[pic] | | |[pic] | | | | | | |N(N+1) | | |nj | | | | | | | | | | | | | | Where: Rj= sum of ranks in the jth column nj = number of cases in the jth column N = sum of observations in all the columns The calculated H value has been compared with the table value of the chi-square(? 2) distribution with (k-1) degree of freedom, where k stands for the number of trading days in a week.Hence H0 is rejected if H;gt; ? 2 H0 is accepted if H;lt; ? 2 The value of H in our study is taken as the critical value at 1% as well as 5% level of significance. Further DunnÃ¢â¬â¢s mul tiple pair comparison test based on rank matrix built in K-W test has been used to find seasonality by a pair wise multiple comparison procedure. It identifies whether particular day of the week differs from other days of the week. The test procedure relies on Kruskall-Wallis rank sum Rj. The data in the rank-day matrix prepared for Ã¢â¬ËHÃ¢â¬â¢ test is used for this purpose. For a given level of ? decide ? Ã µ ? ? if |Ru-Rv| ? Z [? /k(k-1)] [N(N+1)/12]1/2 [1/nÃ µ + 1/nv]1/2 Where, Ã µ = 1, 2Ã¢â¬ ¦Ã¢â¬ ¦k-1 v= +1,Ã¢â¬ ¦Ã¢â¬ ¦. k k = 5 N = total number of observations nÃ µ = corresponding number of observations in the uth column nv = corresponding number of observations in the vth column Ru = Average K-W rank sums in the uth columns of the rank matrix Rv = Average K-W rank sums in vth columns of the rank matrix Z[? /k(k-1)] = the upper percentage point of the unit normal distribution for a given significance level for 99 percent confidence level is 2. 575 Further the retu rns have been analyzed for two sub-periods i. e.Sub period-1 before rolling settlement (weekly settlement period) ; sub period-2 after the rolling settlement was introduced. In weekly settlement time period, Tuesday used to be as the settlement day on NSE. In 2001, rolling settlement was introduced which shifted settlement cycle from a fixed day of the week to fixed settlement lag. Tuesday settlement might be the possible reason for the observed seasonality in stock returns. DATA ANALYSIS Here the day of the week pattern of the S;P CNX Nifty data from January 1994 to December 2008 has been tested, results of which have been depicted in Table 1.It is observed from the table that the mean returns on Monday i. e. -0. 08563 percent are minimum followed by Tuesday. Mean returns on Wednesday, Thursday and Friday are positive out of which WednesdayÃ¢â¬â¢s return with 0. 303 percent is maximum across all the days of the week. The mean return on Wednesday is about 8 times the overall mean return. The variation in mean returns measured in terms of standard deviation is found maximum on Monday (1. 870303 percent) followed by Friday (1. 740897 percent). It shows that trading on week start and week end is more volatile than other days of week.Skewness is positive only on Wednesday while other days of week have negatively skewed distributions. Kurtosis tells us the extent to which a distribution is peaked or flat topped when compared with a normal curve. The return distribution on Monday, Tuesday and Friday is leptokurtic while on Wednesday and Thursday are platykurtic. Through table it is also observed that range on Monday is highest which is also a measure of Dispersion. There is a significant difference in mean returns across different the different days of the week as evident by K-W (H) statistics (21. 78) which is highly significant at 1 percent level of significance. Therefore the null hypothesis of equality of mean returns across various days of the week stands rej ected. |Table 1. Summary Statistics of Daily Stock Returns of S;P CNX Nifty(Jan 1994-Dec. 2008) | |Ã |Monday |Tuesday |Wednesday |Thursday |Friday |All Days | |Mean |-0. 08563 |-0. 07615 |0. 30300 |0. 1895 |0. 03221 |0. 03838 | |Standard Deviation |1. 87030 |1. 50858 |1. 62655 |1. 55153 |1. 74090 |1. 66944 | |Skewness |-0. 71612 |-0. 15909 |0. 40400 |-0. 05609 |-0. 35999 |-0. 24662 | |Kurtosis |4. 29741 |4. 47636 |1. 79652 |1. 53957 |5. 66062 |3. 98682 | |Range |7. 54838 |8. 29523 |7. 9590 |6. 30507 |7. 83089 |20. 53297 | |No. of Observations |741 |742 |740 |744 |728 |3695 | |K Ã¢â¬â W(H) Statistics 21. 278* | * Significant at 1 percent level for 5-1 degrees of freedom Table 2 represents actual and expected multiple comparison values as per DunnÃ¢â¬â¢s multiple pair comparison test to study pair wise comparison among different days of the week. This test is based on rank matrix built in Kruskall Wallis Test.The calculation of actual and expected values is shown in table 3 wh ile the deviation of actual from expected ranks is shown in table 3. So it is observed from the table 3 that there is inequality in Monday Ã¢â¬â Wednesday, Tuesday Ã¢â¬â Wednesday, Wednesday Ã¢â¬â Thursday and Wednesday Ã¢â¬â Friday pairs as these are showing positive deviation of absolute rank sum values from the corresponding Z value or expected value. It means these pairs are showing more inequality in returns than expected and Tuesday Ã¢â¬â Wednesday is showing highest positive deviation. Also it is observed from the table that Wednesday appears in all above pairs.It means Wednesday returns are significantly different from the other days of week. Wednesday is showing highly different mean returns from rest of the days. So a trading strategy of buying on Tuesday and selling on Wednesday may help an investor to earn abnormal returns. |Table 2. Actual and Expected Multiple Comparison Values | | | |Ã |Actual |Expected | |Ã ||RU ?Rv| |Z |[N(N+1)/12]1/2 |(1/nu+1/n v)1/2 |Z[N(N+1)/12]1/2 (1/nu+1/nv)1/2 | |Monday-Tuesday |40. 64 |2. 575 |1066. 799 |0. 0519 |142. 6521 | |Monday-Wednesday |197. 07 |2. 575 |1066. 799 |0. 0520 |142. 7620 | |Monday-Thursday |30. 38 |2. 575 |1066. 799 |0. 0519 |142. 5697 | |Monday-Friday |50. 24 |2. 75 |1066. 799 |0. 0522 |143. 3388 | |Tuesday-Wednesday |237. 71 |2. 575 |1066. 799 |0. 0520 |142. 7070 | |Tuesday-Thursday |71. 02 |2. 575 |1066. 799 |0. 0519 |142. 5147 | |Tuesday-Friday |90. 88 |2. 575 |1066. 799 |0. 0522 |143. 3114 | |Wednesday-Thursday |166. 69 |2. 575 |1066. 99 |0. 0519 |142. 6246 | |Wednesday-Friday |146. 83 |2. 575 |1066. 799 |0. 0522 |143. 3938 | |Thursday-Friday |19. 86 |2. 575 |1066. 799 |0. 0521 |143. 2015 | |Table 3. Deviation of Actual from Expected Rank Differences | |Monday-Tuesday |-102. 12 | | | |Monday-Wednesday |54. 308 | | | |Monday-Thursday |-112. 190 | | | |Monday-Friday |-93. 099 | | | |Tuesday-Wednesday |95. 03 | | | |Tuesday-Thursday |-71. 495 | | | |Tuesday-Friday |-52. 431 | | | |Wednesday-Thursday |24. 065 | | | |Wednesday-Friday |3. 436 | | | |Thursday-Friday |-123. 41 | | | Table 4 represents the yearly distribution of mean returns on S;P CNX Nifty for different days of the week from 1994 to 2008. Also to test whether these differences in the mean returns on different days are statistically significant or not, the non parametric Ã¢â¬ËHÃ¢â¬â¢ statistics has been used. The table value of the chi-square (? 2) distribution at 1 percent level of significance is 13. 277 and at 5 percent level of significance is 9. 488. If we look at year wise KW statistics, up to year 1999 Ã¢â¬ËHÃ¢â¬â¢ statistics is highly significant and after 1999 it is insignificant. |Table 4.Yearly Distribution of Mean Returns on S;P CNX Nifty by Day-of-the-Week | |(January 1994 Ã¢â¬â December 2008) | | | | | |Year/Day |Monday |Tuesday |Wednesday |Thursday |Friday |KW Statistics | |1994 |0. 47012 |-0. 16573 |-0. 36687 |0. 01075 |0. 32745 |9. 945** | |1995 |-0. 51580 |-0. 33583 |0. 25709 |-0. 6627 |0. 11756 |11. 145** | |1996 |-0. 35599 |-0. 35342 |0. 53600 |0. 18662 |0. 07796 |10. 114** | |1997 |-0. 46253 |-0. 14396 |1. 04706 |-0. 16222 |-0. 06761 |19. 917* | |1998 |-0. 12914 |-0. 52606 |0. 78280 |-0. 15417 |-0. 22507 |13. 245** | |1999 |-0. 00553 |0. 07532 |0. 98097 |0. 10327 |-0. 00305 |14. 48* | |2000 |-0. 16997 |-0. 28629 |0. 49777 |-0. 10239 |-0. 16992 |4. 989 | |2001 |-0. 21325 |0. 11775 |0. 30553 |0. 08010 |-0. 60214 |4. 987 | |2002 |0. 00508 |-0. 15830 |-0. 05939 |0. 07054 |0. 22584 |4. 226 | |2003 |0. 15214 |0. 13598 |0. 26208 |0. 13987 |0. 38014 |2. 323 | |2004 |-0. 4126 |0. 26824 |0. 04482 |0. 02138 |0. 07889 |1. 236 | |2005 |0. 29696 |0. 04875 |0. 02291 |0. 08195 |0. 18711 |1. 806 | |2006 |-0. 09098 |0. 01140 |0. 22203 |0. 22753 |0. 33653 |1. 198 | |2007 |0. 24310 |0. 32425 |0. 02874 |0. 30801 |0. 02442 |2. 139 | |2008 |-0. 36369 |-0. 13064 |-0. 04547 |-0. 5441 |-0. 24632 |1. 46 | | All Years |-0. 08563 |-0. 07615 |0. 30300 |0. 01895 |0. 03221 |21. 278* | | | | | | | | | |*Significant at 1% level | | | |**Significant at 5% level | | |Further entire study period has been divided into two sub periods: Period 1 (January 1994 to Decemeber 2001) and period 2 (January 2002 to December 2008). Period 1 represents the time when weekly settlement was operational and during this time frame NSE had fixed settlement day Ã¢â¬â Tuesday. Period 2 represents the time period when rolling settlement was introduced in place of weekly settlement cycle. | | | | | | | | |Table 5.Mean Daily returns on S;P CNX Nifty by Day of the Week for Sub-Periods | |Ã |Monday |Tuesday |Wednesday |Thursday |Friday |KW Statistics | |Subperiod-1 |-0. 17276 |-0. 20228 |0. 50504 |-0. 01304 |-0. 06810 |42. 752* | |Subperiod-2 |0. 00197 |0. 05294 |0. 09734 |0. 03923 |0. 12735 |2. 84 | | | | | | | | | | | |*Significant at 1% level | | | It is analyzed from the above table that in sub period 1 (1994 to 2001) all days except Wednesday gives negative rate of retu rn. This is clearly the impact of Tuesday settlement that returns on Tuesday are lowest and on Wednesday it is highest positive. It means beginning of settlement cycle ives maximum returns while last day of settlement cycle called settlement day gives lowest returns. Also a very high value of KW statistics i. e. 42. 752 represents a high degree of seasonality in sub period 1 (before rolling settlement time period). To bring more frequency in the transactions and to bring Indian markets at par with the international markets rolling settlement on T+5 basis was introduced in December 2001. So in sub period 2 when rolling settlement was introduced, returns on all the days have become positive and Friday is giving maximum returns and Monday is giving lowest returns.This hints towards the presence of some sort of weekend seasonality. But the value of Ã¢â¬ËHÃ¢â¬â¢ statistics is very low i. e. 2. 684. From this it can be inferred that the return distributions are not significantly diffe rent across the week days and the null hypothesis stands rejected in the sub period 2. Thus it may be concluded that with the introduction of rolling settlement on NSE the stock markets have become more efficient. CONCLUSION During the period 1994 to 2008, S;P CNX Nifty index recorded highest positive returns on Wednesday and most negative returns on Monday with highest volatility on Monday and Friday.It means week start and week end tend to be more volatile in Indian stock market. Also it has been analyzed that Wednesday is giving significantly higher returns than other days of the week which points towards the existence of Wednesday effect in Indian stock market. There was presence of day of the week effect in pre-rolling settlement period which gradually phased away with the introduction of the rolling settlement. Markets have become efficient after rolling settlement has been introduced.So in present scenario we canÃ¢â¬â¢t rely on a trading strategy formulated on the basis of historical return movements on different days to earn abnormal returns as seasonality has disappeared in the recent years of the study period.
Sunday, January 5, 2020
Physician assisted suicide is looked at as an ethical issue that is highly controversial and not commonly accepted, especially in the United States. There are many different forms of assisted suicide. There are those that are legal and illegal. The forms of assisted suicide that I would like to consider in this study are those that are legal or potentially legal and I also would like to reveal what parts of the world it is legalized. Physician assisted suicide is the suicide of a patient suffering from an incurable disease, effected by the taking of lethal drugs provided by a doctor for this purpose. This format in many cases, is vigorously controversial and has its highs and lows when being debated upon. Assisted suicide can stem from a number of different reasons and most of them in the medical and health care setting arise because of the suffering and agony of a patient. 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