High Noon Essay Example for Free

High Noon Essay This is a case of a company, which is operating in Malaysia by the name of Alpha Plantations Sdn Bhd. The company has its origin in Britain and has been operational for over forty years now. This subsidiary located in Malaysia consists of one palm oil mill and one oil palm estate. According to the owners of the company, the main purpose of opening this subsidiary is to supply the mother company with crude palm oil. The mother company is involved in production of detergents. The subsidiary in Malaysia operates in three shifts and each shift has about 25 people manned by one supervisor.  In addition, majority of the top management persons working at the Malaysian subsidiary come from the United Kingdom where the mother company is. Issues This organization has been in operation for decades and it has perfectly performed. With the changes that are taking place within the company because of the new manager, workers will also experience some new changes in the way they will execute their duties. Issues arise from the fact that this new management wants to change even the structure of the organization. These changes bring conflict in the way the workers used to perform and in the process affect their team performance and rapport. (McShane, S. et al, 2006) This frustrates Mr. Ang who has worked with the company for over four decades. The results are his firing after a confrontation. The reason for his firing stated as misconduct. However, this misconduct resulted from the mixed up duties and responsibilities that he experiences on his line of duty. As McShane, S. et al, (2006), says it is necessary to have a clearly spelled out duties and responsibilities. This is the only way that the workers will be able to avoid conflict and confrontation. This does not happen in this company. In addition, the managerial team executes these changes so quickly such that the workers do not have time to adjust thereby resulting to frustrations. Analysis Over the years, the company has faced many problems. However, the recent one was the massive loss that the company was undergoing. The main cause of this loss is the current low prices of gases that were experience at that time, then in 1999. During this time, Captain Chubb was the manager of the company. He claimed that he had done all that he could but the prices were the one which pulled the company down. The top management of the company sort to hire a new manager the following year by the name of Ian Davison. They thought that the previous manager failed to perform. Even though he did not have any experience in management of an agricultural company, he had worked and succeeded in the detergent company and therefore the management expected much from him. To achieve this, he had to lower the cost of production and the only way was to make some recommendation. He therefore made recommendations some of which were beyond the company’s control. For instance, he claimed that the company allowed too much machine breakdown. It is advisable to note that wear and tear is normal processes and we can do absolutely nothing to prevent it. However, he offered a practical solution of reducing the workforce and introducing new machines. This is the point where issues cropped up. With the introduction of new machines and reduction of the number of workers per shift, the workers first adapted to the process but later moved back to their old habits. However, this time, the problem was bigger in that there were fewer workers. They no longer worked in a team and this created a big problem, as the workload was now bigger. In addition, with the new introduced structure in the organization, workers were now able to have a direct access to the manager. This reduced the powers that Mr. Ang had who has always been the supervisor for the company. He was not in a position to control the works anymore and this frustrated him. Furthermore, the workers would not fully respect his directions, as they knew they could still get directions directly from the manager. As McShane, S. et al, (2006) in their book says, poor communication will always affect our behavior towards each other at our places of work. They go ahead and say that leaders will tend to vent their frustration to their subordinate. This communication breakdown affected the relationship between Mr. Ang and the workers and at the end resulted to dictatorship type of ruling where Mr. Ang would make all the decision for the workers. The worst is that Mr. Ang was to blame for all this. The result is that Mr. Ang was devastated and become silent, unproductive to the company and the company fires him. Drive theory explains the reason why Mr. Ang feels frustrated by the actions of the manager. He was highly valued by the workers and after he goes home, the company somehow collapses. Solutions The current problems that are experienced are a serious loss and this is not due to local company structure but global factors that are beyond the company control. We can therefore argue that the methods that used to deal with this problem are way out of track. It is a good idea though to look for machines that are using new technology and to downsize the number of workers in the company. However, it is not a good idea to change the company structure, as this has nothing to do with the workers’ performance. (McShane, S. et al, 2006) The best solution for this problem therefore would have been the purchase of the machines using new technology, downsizing the firm and then leaving the workers to report to the supervisor who they have reported to all these years. This would have prevented the confrontation that Mr. Ang had with the top officials at the head office and the other confrontation that he had with the manager and therefore prevent the company from collapsing. Recommendation However, now that Mr.  Ang has already gone home and things are not working well at all at the company, it is a clear indication that even though during the last days, Mr. Ang seemed quiet, he was important and his presence was recognized by all the workers. In addition, Mr. Ang was never given time to explain what was happening. It would be recommendable to try to summon Mr. Ang, give him a chance to explain his point of view and give him back his job. He is the only one who can mobilize the team and make them work. Drive theory explains the reason why the company collapses because the workers are not motivated. They have nothing to drive them to work harder.

The History of Capital Punishment Essay -- History Crime Punishing ess

The History of Capital Punishment   Ã‚  Ã‚  Ã‚  Ã‚  Crime has been a plague on society from ancient times to present. In response to this plague, society has formed structured rules to deal with the perpetrators of crime. A crime can be defined as act that society’s government deems as illegal. Different societies have formed various methods and standards for evaluating crime and assigning corresponding punishment. What constitutes a crime has changed throughout the course of history. In ancient times, such extreme actions as the deliberate killing of another human being for the sake of family honor or religious rite was considered socially acceptable and therefore not legally wrong. Now, the majority of the modern world (with perhaps the exclusion of some Middle Eastern sects) view the deliberate killing of another human being as non-socially acceptable, and therefore legally wrong. The overall exceptions to this rule are the taking of human life in the act of war and in punishment for extreme crime(s) against humanity.   Ã‚  Ã‚  Ã‚  Ã‚  Punishment for crime has ranged from mild, in the form of fines, or incarceration, to severe, in the form of physical torture or death. In ancient times, punishment for serious crimes such as treason, theft, or murder was frequently severe and inhumane. Offenders were often tortured for hours to be either left to die a slow and painful death or be executed publicly. The use of the death penality has declined throught out the industrial Western world since the 19th century.   Ã‚  Ã‚  Ã‚  Ã‚  The concept of confinement for punishment dates back to ancient times. Imprisonment is generally a milder form of punishment which removes an individual from society and confines him/her in an institution with other offenders. Examples of historical places of confinement are London’s Tower and Paris’s Bastille. The Tower and Bastille were used to confine political prisoners, not criminals in the ordinary sense. The common jail has existed since approximately 1166, when King Henry II of England ordered places of confinement for criminals built. Jails mainly served the purpose for prisoners awaiting trial, while also holding unfortunate petty offenders such as beggars, vagrants, and debtors. The purpose for places of confinement remained the same until the development of the American prison system. The purpose of the American prison system posed a t... ... person recieving punishment, and (4) the death penalty lowers the goverment to the same level as the criminal.   Ã‚  Ã‚  Ã‚  Ã‚  All prudent people have concern for the sanctity of human life. No one enjoys having to be responsible for sentencing a person to death no matter what crime they have committed. However, as President George W. Bush recently said, â€Å"There are evil people in the world and we must respond appropriately.† Basically, what he is means is that there must be just and direct punishment for evil and heinous crimes. Therefore, capital punishment is and can be a deterrent for crimes of serious nature against individuals and society. This is an attempt to punish some and deter others. For certain, those sentenced to death will no longer be a threat to society. Works Cited McCuen, Gary E. â€Å"Reviving the Death Penalty† Copyright : 1985 Gary E. McCuen Publications Wekesser,Carrol - editor â€Å"The Death Penalty† Copyright: 1991 Greenhaven Press, Inc. Abelson & Friquegnon - editor â€Å"Ethics for Modern Life† Copyright: 1995 St. Martin’s Press, Inc Zimring, Franklin E. - The World Book Encyclopedia - â€Å"Capital Punishment† p. 193 Copyright: 1993 World Book, Inc

Jcp Case Study

James Cash Penny as one of the nation's first department stores. Mr.. Penny founded the company on the principle of always treating customers the way he wanted to be treated: fair and square. In 2012, Spinney stated that their vision is to become everyone's favorite store. In order to update their image, Spinney announced some new strategies to re-llama their brand.Some of the updated strategies Include: pricing, branding, and merchandising. Spinney wanted customers to enter their newly designed stores ND observe the straightforward fair and square pricing, month-long promotions, exceptionally curates products In artful presentations and unmatched customer service. These new strategies were announced In January 2012 and by June 2012 the medal/shareholders were calling for the resignation of the CEO, Ron Johnson.By performing more research on the state of Spinney, I hope to gain a better understanding of the new strategies they have put In place. As part of the research, I would also Like to analyze the Impact of the new strategies, and how these can be enhanced to meet the vision that the company has. As a former customer of Spinney, I feel that I can use my personal experiences to devise a strategy that will help them to once again become America's favorite store.

Use of ~ Kana at the End of Sentence

For new students learning Japanese, youll eventually come across sentences ending with kana. Sometimes from the context, its difficult to tell what kana means. How does it translate into a sentence? Heres the basic breakdown of this unusual Japanese sentence structure (unusual to English speakers, at least): When you see Kana at the end of a sentence, it is essentially inferring the English equivalent of I wonder. Its a relatively casual expression, and used quite often in conversation. Instead of just asking the question, its a way of couching it a bit, to encourage the listener to wonder as well.   Here are some examples: Ashita yuki ga furu kana.明æâ€" ¥Ã©â€º ªÃ£ Å'é™ Ã£â€šâ€¹Ã£ â€¹Ã£  ªÃ£â‚¬â€š I wonder if it will snow tomorrow. Ano hito wa supein-jin kana.㠁‚㠁 ®Ã¤ º ºÃ£  ¯Ã£â€š ¹Ã£Æ'šã‚ ¤Ã£Æ' ³Ã¤ º ºÃ£ â€¹Ã£  ªÃ£â‚¬â€š I wonder if he/she is Spanish. ~ kashira 㠁‹ã â€"ら can be replaced with ~ kana, though it is used only by females. Kore ikura kashira.㠁“ã‚Å'㠁„㠁 Ã£â€šâ€°Ã£ â€¹Ã£  ªÃ£â‚¬â€š I wonder how much it is. Dou shita no kashira.㠁 ©Ã£ â€ Ã£ â€"㠁Ÿã  ®Ã£ â€¹Ã£ â€"ら。 I wonder what happened. Here are some more phrases with ~ kana. Nani o kite ikou kana.ä ½â€¢Ã£â€šâ€™Ã§ â‚¬Ã£  ¦Ã£ â€žÃ£ â€œÃ£ â€ Ã£ â€¹Ã£  ªÃ£â‚¬â€š What shall I wear? Mattete kureru kana.Ã¥ ¾â€¦Ã£  £Ã£  ¦Ã£  ¦Ã£  Ã£â€šÅ'る㠁‹ã  ªÃ£â‚¬â€š I wonder if he/she will wait for me. Machiawase-basho machigaeta kana.Ã¥ ¾â€¦Ã£  ¡Ã¥ Ë†Ã£â€š Ã£ â€ºÃ¥   ´Ã¦â€°â‚¬Ã©â€"“é â€¢Ã£ Ë†Ã£ Å¸Ã£ â€¹Ã£  ªÃ£â‚¬â€š I wonder if I am waitingin the wrong place. Okane, ato ikura nokotteru kana.㠁Šé‡‘〠Ã¥ ¾Å'㠁„㠁 Ã£â€šâ€°Ã¦ ®â€¹Ã£  £Ã£  ¦Ã£â€šâ€¹Ã£ â€¹Ã£  ªÃ£â‚¬â€š I wonder how much money I have left. .æ  ¥Ã¥ ¹ ´Ã£  ¯Ã£ â€žÃ£ â€žÃ£ â€œÃ£  ¨Ã£ â€šÃ£â€šâ€¹Ã£ â€¹Ã£  ªÃ£â‚¬â€š I wonder if next year will bringsomething good. To ask the question and add an element of doubt or uncertainty I wasnt sure whether it would snow you would add  Ã£  ®(no) forming nokana.

Robert Gould Shaw Led Unions First Black Regiment

The son of prominent Boston abolitionists, Robert Gould Shaw was born October 10, 1837, to Francis and Sara Shaw. The heir to a large fortune, Francis Shaw advocated for a variety of causes and Robert was raised in an environment that included notable personalities such as William Lloyd Garrison, Charles Sumner, Nathaniel Hawthorne, and Ralph Waldo Emerson. In 1846, the family moved to Staten Island, NY and, despite being Unitarian, Robert  enrolled in St. Johns College Roman Catholic School. Five years later, the Shaws traveled to Europe and Robert continued his studies abroad. Education and First Job Returning home in 1855, he enrolled at Harvard the following year. After three years of university, Shaw withdrew from Harvard in order to take a position in his uncles, Henry P. Sturgis, mercantile firm in New York. Though he was fond of the city, he found that he was ill-suited for business. While his interest in his work waned, he developed a passion for politics. A supporter of Abraham Lincoln, Shaw hoped that the ensuing secession crisis would see the Southern states brought back by force or cut loose from the United States. Early Civil War With the secession crisis peaking, Shaw enlisted in the 7th New York State Militia with the hope that he would see action if war broke out. Following the attack on Fort Sumter, the 7th NYS responded to Lincolns call for 75,000 volunteers to put down the rebellion. Traveling to Washington, the regiment was quartered in the Capitol. While in the city, Shaw had the opportunity to meet both Secretary of State William Seward and President Lincoln. As the 7th NYS was only a short-term regiment, Shaw, who wished to remain in the service, applied for a permanent commission in a Massachusetts regiment. On May 11, 1861, his request was granted and he was commissioned as a second lieutenant in the 2nd Massachusetts Infantry. Returning north, Shaw joined the regiment at Camp Andrew in West Roxbury for training. In July, the regiment was sent to Martinsburg, VA, and soon joined Major General Nathaniel Banks corps. Over the next year, Shaw served in western Maryland and Virginia, with the regiment taking part in attempts to stop Major General Thomas Stonewall Jacksons campaign in the Shenandoah Valley. During the First Battle of Winchester, Shaw luckily avoided being wounded when a bullet hit his pocket watch. A short time later, Shaw was offered a position on Brigadier General George H. Gordons staff which he accepted. After taking part in the Battle of Cedar Mountain on August 9, 1862, Shaw was promoted to captain. While the 2nd Massachusetts brigade was present at the Battle of Second Manassas later that month, it was held in reserve and did not see action. On September 17, Gordons brigade saw heavy combat in the East Woods during the Battle of Antietam. The 54th Massachusetts Regiment On February 2, 1863, Shaws father received a letter from Massachusetts governor John A. Andrew offering Robert command of the first black regiment raised in the North, the 54th Massachusetts. Francis traveled to Virginia and presented the offer to his son. While initially reluctant, Robert was ultimately persuaded by his family to accept. Arriving in Boston on February 15, Shaw began recruiting in earnest. Assisted by Lt. Colonel Norwood Hallowell, the regiment began training at Camp Meigs. Though originally skeptical about the fighting qualities of the regiment, the mens dedication and devotion impressed him. Officially promoted to colonel on April 17, 1863, Shaw married his sweetheart Anna Kneeland Haggerty in New York on May 2. On May 28, the regiment marched through Boston, to the cheers of a massive crowd, and began their voyage south. Arriving at Hilton Head, SC on June 3, the regiment began service in Major General David Hunters Department of the South. A week after landing, the 54th took part in Colonel James Montgomerys attack on Darien, GA. The raid angered Shaw as Montgomery ordered the town looted and burned. Unwilling to take part, Shaw and the 54th largely stood and watched as events unfolded. Angered by Montgomerys actions, Shaw wrote to Gov. Andrew and the adjutant general of the department. On June 30, Shaw learned that his troops were to be paid less than white soldiers. Displeased by this, Shaw inspired his men to boycott their pay until the situation was resolved (it took 18 months). Following Shaws letters of complaint regarding the Darien raid, Hunter was relieved and replaced with Major General Quincy Gillmore. Seeking to attack Charleston, Gillmore began operations against Morris Island. These initially went well, however the 54th was excluded much to Shaws chagrin. Finally on July 16, the 54th saw action on nearby James Island when it aided in repulsing a Confederate attack. The regiment fought well and proved that black soldiers were the equals of whites. Following this action, Gillmore planned an attack on Fort Wagner on Morris Island. The honor of the lead position in the assault was given to the 54th. On the evening of July 18, believing that he would not survive the attack, Shaw sought out Edward L. Pierce, a reporter with the New York Daily Tribune, and gave him several letters and personal papers. He then returned to the regiment which was formed up for the assault. Marching over open beach, the 54th came under heavy fire from the Confederate defenders as it approached the fort. With the regiment wavering, Shaw sprung to the front yelling Forward 54th! and led his men as they charged. Surging through ditch surrounding the fort, the 54th scaled the walls. Reaching the top of the parapet, Shaw stood and waved his men forward. As he urged them on he was shot through the heart and killed. Despite the regiments valor the attack was repulsed with the 54th suffering 272 casualties (45% of its total strength). Angered by the use of black soldiers, the Confederates stripped Shaws body and buried it with his men, believing that it would humiliate his memory. After attempts by Gillmore to recover Shaws body failed, Francis Shaw asked him to stop, believing his son would prefer to rest with his men.

Essay on Cystic Fibrosis - 1025 Words

Cystic Fibrosis is a disorder where the exocrine glands secrete abnormally thick mucus, leading to obstruction of the pancreas and chronic infections of the lungs, which usually cause death in childhood or early adulthood. Some mildly affected patients may survive longer. Doctors can diagnose the disease by testing the patients perspiration because people with Cystic Fibrosis have high amounts of salt in their perspiration. Those with respiratory infections are treated with antibiotics, with aerosols that relieve constriction of the airways and liquefy the thick mucus, and by physical therapy to help patients cough up the obstructing secretions. Patients with pancreatic insufficiency can take pancreatic enzymes with meals.†¦show more content†¦The sickle-shaped red cells interfere with normal blood flow by plugging up small blood vessels. Sickle-cell anemia occurs when an individual inherits a sickle-cell gene from each parent. Programs have been initiated to detect carriers, who do not themselves show the trait; such carriers are informed that a child resulting from the union of two carriers runs a one in four risk of having sickle-cell disease. Therapy for sickle-cell anemia is largely symptomatic. Preventive administration of penicillin to affected children by the age of four months greatly decreases mortality from infections. For this reason, routine screening of newborns for sickle-cell anemia is currently carried out in more than 40 states within the United States. Down Syndrome Down Syndrome, which used to be called mongolism, is a congenital malformation accompanied by moderate to severe mental retardation, is caused by a chromosomal abnormality. People with Down syndrome are often short in height and have a small, round head with a high, flattened forehead and split, dry lips and tongue. A typical feature is a fold of skin, the epicanthic fold, on either side of the bridge of the nose. The palms show a single transverse crease and the soles have a straight crease from the heel to the space between the first and second toes. These people are also subject to congenital heart defects and tend to develop leukemia. TheirShow MoreRelatedCystic Fibrosis983 Words   |  4 Pages Can viruses used as vectors in the process of gene therapy be an effective treatment for Cystic Fibrosis? Firstly, Cystic Fibrosis is a genetic and recessive disease that mostly affects the lungs and pancreas. This leads to phlegm accumulation, salty sweat, male infertility, shortness of breath and increased risk of infection, which all contribute to premature death (CFF, 2017). Since it is recessive, you need two copies of the gene to manifest the disease, but 1/30 Americans have at least one copyRead MoreA Report On Cystic Fibrosis945 Words   |  4 PagesCystic Fibrosis Cystic fibrosis is described as a â€Å"congenital disorder affecting exocrine gland function, with respiratory effects, including excessive secretions, obstruction of the bronchial system, infection, and tissue damage† (Kowalczyk, 2014). Cystic fibrosis is also known as CF, and is the most common lethal disease in white children (Kowalczyk, 2014). People whom have CF have â€Å"histologically† normal lungs at birth. Lung damage occurs when secretions from the enlarged bronchial glands graduallyRead More Cystic Fibrosis Essay1129 Words   |  5 Pages Cystic Fibrosis is a severe hereditary disease that infects the lungs, digestive system, sweat glands and male fertility. The name Cystic Fibrosis derives from the Fibrous scar tissue that develops in the pancreas. First recognized in 1938, cystic fibrosis is generalized as an autosomal recessive disorder of the exocrine glands. About one in every 2500 Caucasians is affected, and one in 25 is a carrier of the cystic fibrosis gene. Cystic fibrosis is the most common fatal hereditaryRead MoreEssay on Cystic Fibrosis1790 Words   |  8 Pagesperson with Cystic Fibrosis. Cystic Fibrosis is a disease that forces a person to drown in mucus that fills their lungs while it wreaks havoc on the body. This chronic disease causes devastating health problems, has no cure, and forces patients to endure painful temporary treatments. Taking daily medications, maintaining a social life, and staying moderately healthy are a constant struggle for people with Cystic Fibrosis. Unlike many of the diseases that plague people today Cystic Fibrosis is givenRead MoreEssay on Cystic Fibrosis1134 Words   |  5 PagesCystic Fibrosis Cystic fibrosis is the most common lethal inherited disease, affecting about 30,000 patients worldwide. In the past decade, strides in patient management and the development of new pharmacological agents, coupled with scientific and technological advances, have increased the mean life expectancy of CF patients to approximately 30 years of age (approximately 50% of CF patients live to the age of 30). As early as 30 years ago, the median survival age was 8 years. ChronicRead MoreWhat is Cystic Fibrosis?903 Words   |  4 PagesCystic fibrosis is an autosomal recessive genetic disorder characterised by a mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) protein which acts as a chlorine channel that regulates water and ion levels across the epithelia. Cystic fibrosis can affect sweat glands, the respiratory system, digestive system and the reproductive system. In the lungs defects in the CFTR protein results in airway surface liquid depletion, triggering a cascade of events resulting in infectionRead MoreA Study On Cystic Fibrosis1042 Words   |  5 PagesCystic fibrosis is due to a mutation in the gene that encodes cystic fibrosis transmembrane conductance regulator (CFTR) protein. It effects the exocrine glands which are responsible for making mucus and sweat. It causes a thickening of the mucus in your body and increases the salt content of your sweat. These can lead to problems including problems absorbing oxygen, lung infections, inhibit digestive enzymes from reaching your small intestine, dehydration, increased heart rate, lower blood pressureRead MoreCystic Fibrosis : A Defect3451 Words   |  14 PagesRunning head: Cystic Fibrosis: A Defect in the CFTR Gene Cystic Fibrosis: A Defect in the CFTR Gene Alexandra L Allen Southern Union State Community College RAD212: Image Evaluation and Pathology Abstract What is Cystic Fibrosis? How does it affect people living with it? Cystic Fibrosis, also known as CF, is a life-threatening hereditary disease. It is inherited by a faulty cystic fibrosis transmembrane conductor (CFTR) geneRead MoreIntroduction. Cystic Fibrosis . Cystic Fibrosis (Cf) Is1323 Words   |  6 PagesIntroduction Cystic fibrosis Cystic fibrosis (CF) is a lethal autosomal recessive disorder with a clinical incidence of 1 in every 3500 newborns1. Currently, over 4000 Canadians have CF, with 60% being adults2. In the past, CF was considered a fatal disease with a life expectancy of less than two years, however, advances in enzymatic and antibiotic therapy have greatly improved the life expectancy of patients afflicted with CF3. Currently, the median age of Canadian CF patients is 50 years2. CFRead More Cystic Fibrosis Essay3952 Words   |  16 Pagessupplements, and other medications. In the past, the life expectancy of people with CF used to only be 8 years. However, with todays many medical advances, the average life expectancy is just under 30 years and is continuing to increase. Common cystic fibrosis symptoms involve: high amounts of salt (sodium and chloride) and potassium in sweat constant coughing and wheezing large amounts of mucus in the lungs recurring pneumonia failure to gain weight frequent, greasy

Capital Market Efficiency free essay sample

There are three types of market efficiency: O  Ã‚  Ã‚  Ã‚  Ã‚   when prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers, market is said to be allocationally efficient; O  Ã‚  Ã‚  Ã‚  Ã‚   when the cost of transfering funds is â€Å"reasonable†, market is said to be operationally efficient; O  Ã‚  Ã‚  Ã‚  Ã‚   when prices fully reflect all available information, market is said to be informationally efficient. Bachelier (1900): In the opening paragraph of his dissertation paper, he recognise that: â€Å"past, present and even discounted future events are reflected in market price, but often show no apparent relation to price changes†. Samuelson (1965): In his article, â€Å"Proof that properly anticipated prices fluctuate randomly†, he asserted that: â€Å"†¦competitive prices must display price changes†¦that perform a random walk with no predictable bias. † Therefore, price changes must be unforcastable if they are properly anticipated. Jensen (1978): says that prices reflect information up to the point where the marginal benefits of acting on the information (the expected profits to be made) do not exceed the marginal costs of collecting it. We will write a custom essay sample on Capital Market Efficiency or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Malkiel (1992): offered the following definition: â€Å"A capital market is said to be efficient if it fully and correctly reflects all relevant information in determining security prices. Formally, the market is said to be efficient with respect to some information set†¦if security price would be unaffected by revealing that information to all participants. Moreover, efficiency with respect to an informational set †¦implies that it is impossible to make economic profits by trading on the basis of (that informational set). † Lo and MacKinlay (1999): say: â€Å"†¦the Efficient Markets Hypothesis, by itself, is not a well-defined and empirically refutable hypothesis. To make it operational, one must specify additional structure, e. g. , investors’ preferences, information structure, business conditions, etc. But then a test of the Efficient Markets Hypothesis becomes a test of several auxiliary hypotheses as well, and a rejection of such a joint hypothesis tells us little about which aspect of the joint hypothesis is inconsistent with the data. † The â€Å"Bad Model† problem: Efficiency per se is not testable. It must be tested jointly with some model of equilibrium. When we find anomalus evidence on behavior of returns, the way it should be split between market inefficiency or a bad model of market equilibrium is ambiguous (Fama-1991) Tests of market efficiency: one must specify the information set used; * one must specify a model of normal returns (the classic assumpion is that normal returns are constant over time); * abnormal returns are computed as difference between the return on a security and its normal return, and forcast of the abnormal return are constructed using the chosen information set. If abnormal return is unforcastable, and in this sense â€Å"random†, then the hypothesis of market efficiency is not rejected. Tests of market efficiency – Weak-form tests The question is: How well do past returns predict future returns? The main assumption is that there should be no pattern in the time series of returns. Three theories of time series behaviour of prices can be found in the literature: * the fair-game model; * the martingale or submartingale model; * the random walk model. * Tests of market efficiency – Weak-form tests * The martingale model * Is also a fair game, where tomorrow’s price is expected to be the same as today (the expected return is zero).