Research Methods (Human Resource)

Question: Examine about the Research techniques (Human asset)? Answer: Table 1 What are the upsides of utilizing interviews for this reason? this plan can be taken a gander at in considerably more force than practically some other strategy hopefuls are given the chance to complicated in a way that is unthinkable with different techniques like evaluation research interviewees can dispense data with scientists in their own language and from their own perspectives subjective meeting forms are expected to draw out extensive data about the subject of intrigue A respondents non-verbal communication, and even her or his choice of time and site for the meeting, may offer a scientist with important information (Creswell 2013) Up close and personal association probability What are the potential burdens? subjective cross examination relies upon respondents capacity to correctly and honestly bring out whatever points of interest about their living, situation, sentiments, perspectives, or practices are being gotten some information about subjective cross examination is time comprehensive and can be truly expensive (Ritchie et al 2013) Performing subjective meetings isn't just exertion comprehensive yet in addition expressively testing. Scientists jumping on a subjective meeting venture, for an issue like lewd behavior should remember their own capacities to regard stories that might be difficult to tune in gracefulness can end result in errors across meet measure of data excessively massive; might be difficult to duplicate out and trim down information In what capacity should the questioner guarantee the obscurity and secrecy of the interviewee? The methodology of predominance is the most regular procedure to ensure the respondents protection in human science. Under this technique, analysts must amass, examine and account information excluding the qualities of their respondents, and with no distinguishing data, assuming any Analysts typically give classification concurs toward the start of the information accumulation process Classification is concentrated during information association. Scientists remove identifiers to create a spotless arrangement of information. This set, likely, doesn't involve data that recognizes respondents, for example, a name or address. The names of respondents can be changed with pen names. Addresses can be expelled from the document once they are not any more valuable By what means should the questioner choose what number of representatives to meet? Bar the competitors who are not adequately before the procedure of meeting Pick the gifted people who fit precisely with the prerequisite basis make arrangements of fundamental and attractive abilities pick the potential applicants utilizing pre-screening procedures, for example, fitness tests and character profiles select the interviewees under an appropriate and specified system (Taylor, Bogdan and DeVault 2015) cautiously pick the up-and-comers who has clear and exact thought regarding the executives improvement approaches of the association, in other sense, pick the representatives whose gave data will be valuable to the business and choices can be taken relying upon their particular reactions What questions ought to be remembered for the meeting and why? Direct inquiries regarding family members, matrimonial status, age, otherworldly or stubborn connection are not authorized inside the business meet as it might hurt interviewees self image Inquiries to fairly approve the life of information on the tributes in respondents milieu as it straightforwardly identifies with research circumstance and discoveries Inquiries to break down how an interviewee would respond in an arrangement of conditions to examine his availability and related effects Inquiries to impartially survey past practices as a forecaster of forthcoming outcomes to approve present situation (Doody and Noonan 2013) Inquiries to fix up respondents past practices with express proficiencies, which assists with delineating point by point highlights of the method Representatives might be posed inquiries in meeting and how they would dissect and function through inactive case conditions to weigh up logical capacities and aptitude References Creswell, J.W., 2013.Research structure: Qualitative, quantitative, and blended strategies draws near. Sage distributions. Doody, O. what's more, Noonan, M., 2013. Getting ready and leading meetings to gather data.Nurse Researcher,20(5), pp.28-32. Ritchie, J., Lewis, J., Nicholls, C.M. what's more, Ormston, R. eds., 2013.Qualitative exploration practice: A guide for sociology understudies and scientists. Sage. Taylor, S.J., Bogdan, R. also, DeVault, M., 2015.Introduction to subjective exploration strategies: A manual and asset. John Wiley Sons.

Principles of Political Liberalism Article Example | Topics and Well Written Essays - 1000 words

Standards of Political Liberalism - Article Example In Political radicalism, all procedures, the general public spins to assist the parts of the bargains, who are considered as the focal point all things considered and organizations. Positions forced by the general public and its foundations, for example, government, government and organizations are held in less kindness to the privileges of the people to which the general public and these establishments depend on. In Political Liberalism, the people make the laws and standards of the general public. Such trademark is suggestive in spite of the fact that in a somewhat unique way, of the past thoughts on implicit understanding as thought of by Hobbes in his Leviathan and Rousseau in his treatise, The Social Contract. Fundamentally, the social contract3 holds that the people cause the laws to which they to consent to comply with, under the reason that people have the information on what is best for them. As it were, while the people are the premise of the laws, the people who all in all consent to maintain the law are each under the standard of the said law and have equivalent rights paying little heed to age, sex, race, monetary and societal position. Though in traditional radicalism, for example, in Hobbes' Leviathan, social contract3 alludes to the subjection of people to the sovereign, especially the person who administers, to which they are bound to by the assent under the contract, the cutting edge Political progressivism's accentuation on independence is contrary to such stand. Rousseau, in his Social Contract, sets that every individual is an individual from the group and should submit not to the administration however to the general will regardless of the individual enthusiasm, to benefit the general public, consequently, the term mainstream power. The standards of present day Political progressivism, be that as it may, are most normally connected with the works and speculations of John Rawl4. When all is said in done, the Political Liberalist hypotheses of Rawl expect a situation on equity just as a thought of decency that can be identified with the monetary game hypothesis. It means to give answers to current issues on the political solidness because of pluralism (Blunden 2003) by producing a perfect for a general public established on equity through ideas on citizenship and political instruction (Callan 1997). As per Larmore (1990), Political radicalism has been managing two fundamental issues. One of which is the issue of characterizing the cutoff points to the intensity of the administration which by quintessence restrains the opportunity and regard agreed to every person and in this way restricting the conditions in which each would be empowered with self-acknowledgment and satisfaction (Young 2002). Given the known majority of thoughts, which could quite often be negating, the issue lies in the trouble in characterizing the cutoff points to which the people can concede to (Young 2002). The subsequent issue, as indicated by Larmore (1990) is the distinguishing proof of the thoughts and qualities that would speak to the general will or the benefit of all. At the end of the day, it is the nearness and need of pluralism and assorted variety that makes the points of Political progressivism hard to accomplish. The test to Political radicalism currently is to make a lot of rules that would target equity without hindering decent variety. All things considered, the standards of Political progressivism are set to keep away from any danger to decent variety and with thought to such assorted variety that describes

A Note on the Growth of Research in Service Operations Management Free Essays

string(180) particular help tasks articles (see the Appendix for a total list) and recorded data on the author(s) and writer af? liation(s) at the hour of publication. Creation AND OPERATIONS MANAGEMENT Vol. 16, No. 6, November-December 2007, pp. We will compose a custom article test on A Note on the Growth of Research in Service Operations Management or on the other hand any comparative point just for you Request Now 780 â€790 issn 1059-1478 07 1606 780$1. 25 POMS doi 10. 3401/poms.  © 2007 Production and Operations Management Society A Note on the Growth of Research in Service Operations Management Jeffery S. Smith †¢ Kirk R. Karwan †¢ Robert E. Markland Branch of Marketing, Florida State University, Rovetta Business Building, Tallahassee, Florida 32306, USA Department of Business and Accounting, Furman University, 3300 Poinsett Highway, Greenville, South Carolina 29613, USA Management Science Department, Moore School of Business, University of South Carolina, 1705 College Street, Columbia, South Carolina 29208, USA jssmith@cob. fsu. edu †¢kirk. karwan@furman. edu †¢bobbym@moore. sc. edu e present an experimental evaluation of the efficiency of people and establishments as far as administration activities the executives (SOM) explore. We inspected ? ve standard tasks the executives diaries over a 17-year timeframe to produce an example of 463 articles identified with administration activities. The outcomes demonstrate that SOM investigate has been developing and key commitments are being made by a variety of analysts and establishments. Catchphrases: examine profitability; inquire about survey; administration activities Submissions and Acceptance: Original accommodation: Received November 2005; modifications got July 2006 and October 2007; acknowledged October 2007 by Aleda Roth. W 1. Presentation The change of industrialized economies from an assembling base to an assistance direction is a proceeding with wonder. The pattern is promptly evident in the United States where, by essentially all records, over 80% of private part business is occupied with a type of administration work (Karmarkar, 2004). In spite of this, onlookers of research in activities the executives (OM) have for quite some time been condemning of the ? eld for not changing likewise. One examination by Pannirselvam et al. (1999) checked on 1,754 articles somewhere in the range of 1992 and 1997 out of seven key OM diaries and detailed just 53 (2. 7%) tended to support related issues. Roth and Menor (2003) likewise voiced worry about a lack of research in introducing a Service Operations Management (SOM) look into plan for what's to come. Notwithstanding the specific ? gures, there is obviously tremendous potential and requirement for explore in the administration activities field. Late advancements inside the control are empowering. For instance, Production and Operations Management (POM) and the Production and Operations Management Society (POMS) have found a way to encourage investigate in administration activities. In the first place, the diary as of late distributed three concentrated issues on 780 assistance activities. Second, POMS made a general public region, the College of Service Operations, that has facilitated a few national and global gatherings. At last, the diary presently has an independent publication office committed to support tasks. Different activities to advance the administration tasks the board ? eld incorporate the foundation of IBM’s Service Science, Management, and Engineering activity (Spohrer et al. , 2007) and the Institute for Operations Research and Management Science Section on Service Science. To a huge degree, the administration activities ? eld has for quite some time been considered to involve a specialty inside tasks the board. In the event that administration activities the executives specialists are to build up themselves ? rmly inside the OM people group, it is our dispute that their hypothetical commitments to driving scholarly diaries must be all the more broadly perceived and their pertinence to rehearse recognized. As a piece of the push to empower this advancement, the reason for this note is twofold: (1) to exhibit that distributed work in the key tasks diaries is without a doubt indicating an upward pattern and (2) to encourage research of individual researchers by distinguishing the people and organizations that have contributed most to the ? ld of administration activities. Smith, Karwan, and Markland: Growth of Research in Service Operations Management Production and Operations Management 16(6), pp. 780 â€790,  © 2007 Production and Operations Management Society 781 2. Strategy and Results Although considerably more perplexing systems exist to gauge â€Å"contribution,† we depended on a clear way to deal with survey commitments by people and establishments. We thought about four issues: (1) the time span for the survey, (2) the diaries to be incorporated, (3) the measurement for profitability, and (4) the way to recognize the articles to be incorporated. Initially, we chose a 17-year time period starting with 1990 and going through 2006 in light of the fact that we accepted that this interim would give a complete image of the administration tasks ? eld as it has created, just as a chance to distinguish any general patterns. Next, we constrained our evaluation to the outlets identi? ed by the University of Texas at Dallas as the head diaries in tasks the board (see http://citm. utdallas. edu/utdrankings/). These incorporate 3 diaries committed to OM, the Journal of Operations Management (JOM), Manufacturing and Service Operations Management (MSOM), and POM, and two multidisciplinary diaries, Management Science (MS) and Operations Research (OR). Third, we evaluated insightful efficiency by tallying the quantity of research articles owing to the two people and their scholastic organizations, allocating a load of 1/n to a writer and their establishment if an article had numerous (â€Å"n†) writers. The ? al issue to decide was what established a SOM article. We ? rst dispensed with any article or research note that focused on horticulture, mining, or assembling. At that point, two writers filled in as free appointed authorities to decide if an article utilized a tasks center while tending to a help speci? c issue or circumstance. In situations where there was disTable 1 Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Totals Service % unders tanding between the two raters, the third creator made the ? al choice. Thus, an article was prohibited in the event that it built up a conventional activities model or included a tasks theme that was talked about in a general manner and was pertinent in either an assembling or an assistance domain. When an article made speci? c reference to support settings and expounded on them, it was incorporated. To explain this point, consider the instance of an article examining a stock situating approach between a maker and a progression of retailers. The article would be incorporated as relating to support activities on the off chance that it took the point of view of the retail activity however would be avoided on the off chance that it took the assembling perspective. Utilizing this strategy, we identi? ed 463 unmistakable help activities articles (see the Appendix for a total rundown) and recorded data on the author(s) and writer af? liation(s) at the hour of production. You read A Note on the Growth of Research in Service Operations Management in classification Paper models The numerical synopsis of articles is appeared in Table 1, with each journal’s portion of administration tasks articles. Over the 17-year time frame JOM, MSOM, and POM all surpassed 15% of administration articles as for the absolute number of articles distributed, with OR and MS distributing to some degree littler rates. Furthermore, there is an upward pattern in the complete number of administration articles showing up in all ? ve diaries, with a checked increment in the previous 3 years (see Figure 1). As to JOM and POM, some portion of this move is inferable from the production of extraordinary issues, which is a positive advancement since it exhibits an increased accentuation beginning at the article level. The absolute number of people showing up in the example pool was 799. In Table 2, we list 27 people Distribution of Service Operations Publications by Selected Journal and Year JOM 4 1 n/a 2 1 4 3 1 3 6 5 8 3 7 11 13 75 15. 4 MS 3 9 5 4 5 12 4 8 11 15 5 7 3 4 11 16 13 135 6. 5 MSOM n/a n/a n/a n/a n/a n/a n/a n/a n/a 0 3 5 3 1 5 6 28 16. 8 OR 10 5 10 12 6 8 6 7 10 5 9 5 8 6 11 16 150 10. 1 POM n/a n/a 3 1 2 3 2 3 11 2 4 14 11 3 9 75 17. 9 Total 17 15 18 19 14 27 16 18 27 34 25 26 28 45 51 57 463 Service % 7. 0 6. 7 6. 6 7. 8 5. 9 8. 9 6. 3 7. 0 9. 2 12. 5 9. 0 9. 2 8. 8 10. 7 15. 17. 2 17. 2 10. 0 Note. n/a (not appropriate) demonstrates that no issue was distributed in the speci? c diary in the objective year; aggregates show the entirety of all assistance activities articles in the prominent year/diary; administration % demonstrates the portrayal of administration articles in contrast with the complete number of articles distributed. 782 Figure 1 Smith, Karwan, and Markland: Growth of Research in Service Operations Management Production and Operations Management 16(6), pp. 780 â€790,  © 2007 Production and Operations Management Society Distribution of Service Articles over the Investigation Period 70 Number of Service Articles 60 50 40 30 20 10 2001 2004 1990 1993 1995 1998 2000 2002 2003 1994 1999 1991 1992 1996 1997 Year who contributed the most articles on SOM in the ? ve diaries. We led a similar investigation by establishment, and it brought about 343 associations showing up in the example. Columbia University contributed the most articles, with a score of 16. 17. Massachusetts Institute of Technology, the University of Minnesota, and the University of Pennsylvania followed with efficiency scores more prominent than 12. Table 3 records the rest of the 26 most gainful organizations. Albeit unmistakably subordinate upon the j

Testing For Efficiency Of Foreign Exchange Markets Finance Essay - Free Essay 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. 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' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Fundamentals are not observed well enough to allow forecasting of exchange rates. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ 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… ½Ãƒâ€šÃ‚ ±+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²-ft,k+ 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… ½Ãƒâ€šÃ‚ ²) such that the residual series  µt+k is stationary and (a,ÃÆ'Ã… ½Ãƒâ€šÃ‚ 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… ½Ãƒâ€šÃ‚ 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  µt+k. The problem is that the nonstationarity of the variables under consideration precludes an examination of the parameter restriction (a,ÃÆ'Ã… ½Ãƒâ€šÃ‚ 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.

Analysis Of Patricia Smith s Poem The Undertaker

Use of Social Commentary in Patricia Smith’s Poem â€Å"The Undertaker† In Patricia Smith’s poem â€Å"The Undertaker,† she makes use of social commentary by using imagery and other literary devices to appeal to the reader. This poem was created to help society realize that there is a much needed change with young men who lives are constantly ending due to gang violence. The poem focuses on an undertaker who specializes in recreating the natural state of dead bodies, ones that have been mutilated. The undertaker specializes in this recreation for a specific group of young men, â€Å"gang members†. The poem opens up explaining how when a gunshot enters the brain, the head explodes. The poem starts off catching the reader’s attention, because as a reader that is something no human wants to ever imagine happening to anybody or their selves. Smith states in lines 2-4, â€Å"I can think of no softer warning for the mothers who sit doubled before the desk, knotting their smooth brown hands, and begging, fix my bo x, fix my boy†(Smith 292).(what is the warning he is referring to?). Reiterating that there is nothing that could be done or said to help these mothers. The mother in this poem is begging â€Å"fix my boy†, wanting the undertaker to make a miracle. She shows the undertaker a picture, but it’s not the same person the undertaker sees laying inside the body bag. Patricia is illustrating a problem, young men being shot, grieving mothers,

Tragic Hero in Othelo by William Shakespeare - 996 Words

Conventions of Othello Shakespeare has been a part of the American Society for many years. Compared to other Authors, he has a different style of writing but within his own writings, they are all very much alike. He has written many plays including Othello and Romeo and Juliet. Shakespeare was a man who wrote plays that followed the same literary conventions. These conventions included tragic hero, fallacy, irony, and also suspense. A tragic hero is a male figure who is high in society and one who always has a tragic flaw. Most of them are rich and intelligent men. In the story of Othello, Othello is the tragic hero. He was a character of nobility. He was a high in class and had high standards. He was also the focal point of society.†¦show more content†¦Suspense in the story is something that makes us worry, or become questionable. There are two different types of suspense; Intellectual and emotional. At the end of Othello, the suspense level is high. The audience wants to know what is going to happen next and who it is going to happen to. Most people want to know if Iago’s plan will follow through. After all the tricks and schemes, someone, at least Othello, should recognize that Iago is being a manipulator and a liar. With that being said, while Iago was being manipulative he convinced Othello that Desdemona cheated on him and as a result he wanted her dead. In Romeo and Juliet you don’t know what to expect next. The audience wonders will Juliet marry someone else since she cannot be married to Romeo. The audience also wonders will Romeo really kill himself because he thinks that Juliet is dead. Many people today don’t realize how many literary conventions Shakespeare has included in his plays. He has included fallacy, tragic hero, irony and also suspense. Becoming familiar with these conventions will help one understand the play more. Mostly all of Shakespeare’s plays included the same literary devices. His plays left you begging to know more and how everything will turn out. Work cited: Aristotle. Poetics. Trans. Gerald F. Else. Ann Arbor: U of Michigan P, 1967. Dorsch, T. R., trans. and ed. Aristotle Horace

Professional Issue

Questions: A. Does this action violate property rights? B. Who is effected by Joes actions? C. Explain how they are effected? D. If you were in Joes position what would you do? E.Conduct research and explain how we could ascertain information on a website is authentic. Answers: A.No Joe does not violate any intellectual property rights because IP rights give three types of protection in Australia for computer programs that is copyright, patent and circuit layout [1]. Copyright copyright give protection for the code of the computer program, and protect the code from being copied. Patent- patent gives protect to that way through which the program makes computer work. Circuit layout rights- this gives protection to the design and layouts of the electronic circuit. In the present case Joe does not copy any code, way or design. Therefore he does not violate any IP rights [2]. B.Other students and his instructor are affected by the actions of Joe. Joe changes the time limit of his assignment and increases that limit which is not an ethical conduct. Conduct of Joe is not only unethical but its also against the rules. C.Students are affected because it is unfair with them that Joe gets extra time to complete its assignment, and it also affect the grades of Joe because due to more time limit Joe is able to complete his project in better way which is considered as cheating. In case of instructor Joe illegally operate the master account and increase the time limits of his project which results in breaking of rules. D.in case, if I am in Joe position I will never increase the time limit of the project, and try to complete my project within given time frame. What Joe did is not an ethical conduct. E.following are the ways through which we can ascertain whether information present on website is accurate or not: Accuracy- to determine the relevancy of information on website it is important to find who is operating the website. Such as websites operated by government agencies, universities, professional association, publisher, etc contains authentic information. Authority- for determining the authority of the website, it is important to check the information mention on the page about the author and any information related to other person who also contributes on the site. An authentic website always contains information related to contact of author. Objectivity- to determine the accuracy of website it is important to check whether the information is contributed by the same person or organization, and then check there is any reference for the content of information. Currency- it is important to check when the page was updated at last time, and also check whether website has any broken links. These things are the indications of an abandoned page. It is also important to check the number of new links appear on the website [3]. Coverage- to check whether website has covered complete information and compares the information on the other website also. Also compare the information mention on the website with books, journals, report etc. References- we can check the references present on the website for the information they provided [4]. Therefore after following the above steps we can check the accuracy of any website, and also information available on the internet sources. References: IP Australia. Patents for computer-related inventions. Available FTP: https://www.ipaustralia.gov.au/patents/understanding-patents/types-patents/what-can-be-patented/patents-computer-related. IP Australia. Types of IP. Available FTP: https://www.ipaustralia.gov.au/understanding-ip/getting-started-with-ip/types-of-ip. United Nations Framework Convention on Climate Change. Library and Documentation Centre. Available FTP: https://unfccc.int/essential_background/library/items/1420.php. Milstin Undergraduate Liabrary. Evaluating Online Sources. Available FTP: https://library.columbia.edu/locations/undergraduate/evaluating_web.html.