Case of Genie Essay

1.Describe the instance of Genie. What befell her? For what reason is this case significant? Genie was left in outrageous disconnection. She was kept in a back bedroom,tied to a latrine. She got little incitement of any sort and was taken care of infant food.She was given no visual or other tactile stimulation.This case shows that early stages and youth are crucial occasions for mental health. 2.What have researchers found out about the way that the cerebrum creates in youngsters? Depict how this advancement occurs. They have discovered that there are basic periods for mental health. They found that guardians fill an imperative job in the advancement of their child’s mind through their associations with the child.Parents and parental figures must give legitimate incitement to help create associations. Researchers accepted that children’s cerebrums were foreordained by and large regarding how they would create. Notwithstanding, researchers presently realize that an infant’s encounters help decide how associations are framed and which pathways will create in the cerebrum. Along these lines, as opposed to being foreordained, an infant’s mind is a work in progress, affected by their hereditary qualities, yet in addition the encompassing scene. 3.Describe how discourse creating gadgets work. Clarify the significance of augmentive correspondence. Discourse producing gadgets are electronic gadgets that assist people with imparting verbally. Augmentive correspondence is significant in light of the fact that it assists people with delivering or fathom composed or spoken language.These specialized gadgets can be significant instruments to assist youngsters with discourse troubles speak with guardians, educators, companions, and others in their lives Basic Thinking Questions 1.What do researchers mean when they state that there are basic periods for mental health? For what reason are these periods significant? At the point when researcher state that there are basic periods for mental health theyâ mean that if a kid misses that period they’ll be observably not the same as others in a similar age gathering. These periods are significant in light of the fact that they’ll need them all through life.

Hematologic Discussion Essay

Question 1 Frailty is a state of the blood where the quantity of sound red platelets is low to meet the oxygen prerequisites of body tissues. It is fundamentally characterized based on erythrocyte morphology, physiology and plausible etiology. The arrangement dependent on morphology of red platelets considers the size of erythrocytes. Under this class microcytic iron deficiency happens if the red platelets are littler than ordinary. Normocytic pallor is available if the red platelets have the ordinary size however lower in number though macrocytic frailty happens when the red platelets are bigger than typical. In view of etiology, different conditions are viewed as which result in either blood misfortune, over the top demolition of red platelets and diminished or disabled creation of red platelets. On a similar note, the physiological grouping depends on hemoglobin level and happens in three phases. These remember the mellow stage for which the Hb level is 110-90g/l, moderate stage in which Hb level is 90-70g/l, and serious stage in which Hb level is Laboratory standards (Makama, 2010). The three kinds of sickliness are iron-lack frailty brought about by blood misfortune, for example, in instances of substantial or delayed menstrual periods, deficient iron flexibly or underutilization of iron in the body.â Aplastic weakness is brought about by failure of the bone marrow to create enough erythrocytes, platelets and white platelets. Sickle-cell weakness is brought about by an inherited imperfection which influences Hb creation in which the red platelets accept an unusual bow shape. It is important that the most widely recognized sort of pallor in the United States is iron-insufficiency paleness since most ladies are of kid bearing age and experience exorbitant blood misfortune during menses. Essentially, the signs and side effects of this kind of iron deficiency are fair skin, exhaustion, cerebral pain, wooziness, gastrointestinal aggravations, and dry mouth. Its treatment includes admission of iron rich eating regimen including iron enhancements (bodyandhealth.canada.com, 2009). Question 2 DIC is an abbreviation that represents scattered intravascular coagulation. It is a genuine issue where proteins which control blood coagulating become unusually dynamic bringing about arrangement of blood clumps inside veins. The stopping up of veins slices off blood flexibly to different organs, for example, the cerebrum, liver and kidneys. DIC can be brought about by specific sorts of blood malignancy, blood disease by growth or microbes and blood transfusion responses. Clinical signs incorporate unreasonable drain, hypertension, and blood clusters. DIC can be treated by utilizing plasma transfusions to supplant blood coagulating factors. Likewise heparin might be utilized to forestall blood thickening (nlm.nih.gov, 2010).

The ultimate 7 tips for re-sitting your exams

The ultimate 7 tips for re-sitting your exams The ultimate 7 tips for re-sitting your exams Re-sitting an exam can present a number of unique challenges, but with careful planning, you can sail through easily and painlessly. Like any other area of academic success, strategy is key. It helps to understand a little about how exams are most often structured. The majority of instructors, knowingly or unknowingly, tier the responses so that grades are distributed properly. Thus, an ideal exam and one nearly impossible to make will have enough questions to ensure that not everyone does badly, nor does everyone do incredibly well. Even essay questions are typically structured in such a way that an average can be met. Now, there are many reasons why an exam may need to be re-sat: maybe personal circumstances prevented you etc. In any case, the biggest issue to consider is how much time has passed between the course, the first exam, and the re-sit. Is it a few weeks? A full term? The following pieces of advice will likely help you better strategise your preparations. 1. Don’t assume the questions will be the same Probably the biggest error you could make is assuming that the questions you will be given will be the same as the previous exam. Even where you may not have taken the exam, an instructor will likely assume that you know someone from the class who might inform. They will most certainly make a unique exam that somehow covers the same material but is not the same exam. 2. Don’t assume the questions will be different However, just because the exam is likely to be different does not mean an old exam or a friend’s knowledge of the exam is unhelpful. Remember that there is usually a core of information that should carry you to at least an average mark. Very likely, that old exam has this core of information to help you get started. One caution, however: if you are getting information for an exam from a friend that took it, but you did not, keep in mind that their memory can be fallible and their need to perform well not as great as yours. 3. Know the format One aspect of sitting or re-sitting any exam is to know the format. Most instructors do not have any issue with telling students the format of the exam; whether it is multiple choice, fill in the blank, short answer, or essay. If you do not know, you should not have any reservations asking your instructor. But pressing to know anything more will be frowned on. 4. Make your own exam One of the most tried and true ways of preparing for an exam is to make the exam for yourself. Using your most recent exam as a model, try to find ways to make questions that are more difficult and challenging than the ones you already know. Think: what would a cruel and sadistic instructor ask on this exam? This is an excellent way to prepare yourself. 5. Find old exams Depending on the subject area there are often old exams from courses past available through the university. And if they are not, you can sometimes petition your instructor or their department to provide you with copies of old exams. This is a great way to study because seeing multiple exams can allow you an opportunity to spot trends and identify common themes across semesters. It is also worth noting that professors very often use old exams to give them ideas for their own. 6. Find other sources for exams The Internet can also be a good source of material for exams and exam questions. When it comes to potential theme based essay type questions, a really big help can be reading other student’s essays. There is an abundance of online content where university students have posted their own essays on topics online. This can allow you opportunities to shape a position or develop a line of argumentation well before you sit down. If, for instance, you know you have an essay exam on Shakespeare’s Hamlet, reading other essays about Hamlet alongside reading Hamlet is really going to help. And if you have more specific details, you can request model exam answers to be prepared for you through an online service. This can also further help you develop a line of argumentation and development well in advance of the exam. These, in fact, have the advantage of being original content and can thus provide fresh ideas that can set your exam apart. 7. Plan ahead Whatever line of attack you choose the one thing that you must do is plan ahead. More than likely you will know a reasonable time in advance that an exam will need to be re-sat and when that will be. It takes a long time to prepare properly, to gather materials as we have suggested above, or make exams for yourself. You do not want to wait too long, so start as soon as possible. Good luck. Revise the smart way with our model exam answers With our model exam answer service, an expert academic specialised in your subject area will provide you with a model answer to the questions that keep coming up. You can take this answer away, study it and build on it so that come exam day, you're prepared for the most likely questions. Find out more You may also like... 5 reasons you need your work edited by an academic Understanding feedback from your essay marker Marking: from a marker’s perspective exam resitsexam seasonexaminationsexamsresitsresitting examsstudent lifestudy skillsstudyinguniversity

Essay about Identity Theory - 1490 Words

In my opinion, mental states are not behavioural dispositions, as originally described by behaviourists. Behaviourism was primarily devised to address the flaws of Substance Dualism and present a solution to the mind-body problem. Since then, many other philosophical ideas have provided alternative solutions to the mind-body problem, as well as exposing weaknesses in behaviourism. Behaviourism states that behavioural dispositions are tendencies to react with a certain kind of stimuli. For example, if a person is confronted by a tiger, that person would be disposed to; run away, shout for help and assert ‘there is a tiger.’ This is what is known as a mental state, a stimulus and the relevant dispositions. This theory seems relatively sound†¦show more content†¦A criminal telling a lie may feign confusion, apathy and indifference, hoping to convince people that he is unaware of something. Another argument against behaviourism refers to the stimulus response exper iment of ‘Pavlov’s dog.’ The experiment showed that behavioural dispositions could be provoked by conditioning. A bell would be rung, signifying the arrival of food to the dog, whether there was any food or not. The dog would show all the relevant dispositions of hunger salivating etc. However this does not mean the dog was pressed into a mental state of hunger as a result of the conditioning. Simply put behavioural dispositions do not directly correspond with a mental state. Another flaw can be seen in the ‘Behaviour unnecessary’ argument. It suggests that certain mental states aren’t necessarily tied to behavioural dispositions. As an example, a person may have an unpleasant experience such as pain from a broken bone. They would still feel the sensation of pain no matter what they were disposed to feel. The feeling of pain is still present regardless of how you choose to react to it. An additional fault in the behaviourist argument is eviden t when applied to another group of Philosophers. The argument falls apart if the person experiencing the stimulus is a stoic. Stoicism is typically associated with the removal of emotion from one’s life. However ‘super stoics’ have complete control over their behavioural dispositions as well asShow MoreRelatedIdentity Theory And Social Identity1228 Words   |  5 PagesIdentity theory traces its root in the writing of G.H Mead, the American philosopher, sociologist and psychologist who says that the image or the feeling that a person creates for him or herself in a particular society is the result of other’s vision, which is created daily and is subjected to change. Richard Jinkens, the sociologist describes that social identity means who we are and who the others are and on the other hand what the other thinks about themselves and others. Further, Mead elaboratesRead MoreSocial And Social Identity Theory1860 Words   |  8 PagesTurner, the Social Ide ntity Theory (SIT) can be described as the comparison between the individual self and the social self. More specifically, it is the individual’s perception that is derived from their membership of a social group (ingroups and outgroups) or personal identities. The theory is divided into three different psychological mechanisms: social categorization, social comparison, and the tendency for people to use the group membership as a source to gain self-esteem. A theory is defined asRead MoreSocial Identity Theory861 Words   |  3 PagesSocial identity theory, it is a person’s sense that is based around the group they are in, either by their personal identity or with different kinds of social identities. That is, people will try to improve their own image of themselves. The theory was proposed by Henri Tajfel. People can increase their self-esteem by both their own achievement and interaction with a successful group of people. This shows the importance of social belonging . This theory is based around three mental processes, socialRead MoreOutline Of Social Identity Theory1278 Words   |  6 PagesOutline social identity theory and with reference to recent research critically evaluate the strategies individuals or groups might use to achieve a positive social identity. Social Identity Theory (SIT) is a relational term, defining who we are as a function of our similarities and differences with others. It is shared with others and provides a basis for shared social action and the meanings associated with any social identity are products of our collective history and present. Therefore SocialRead MoreIdentity Development Theory And Eriksons Theory Of Adolescence Development743 Words   |  3 PagesThe chart above denotes the major theories of adolescence development; however in this study we limit ourselves to Erik Erikson’s identity development theory. For Erikson (1950) adolescence is a period during which individuals seek to avoid dangers of role diffusion and identity confusion by establishing a sense of personal identity. Individuals have to find answers for two major questions â€Å"who am I?† and â€Å"what is my place in society?† Identity is a â€Å"conscious sense of individual uniqueness† andRead MoreAssignment On Social Identity Theory Essay1158 Words   |  5 Pages TATA INSTITUTE OF SOCIAL SCIENCES MUMBAI GROUP WORK ASSIGNMENT ON SOCIAL IDENTITY THEORY Submitted to: Professor Vijay Raman Enrollment No.: M2015CF026 SOCIAL IDENTITY THEORY The Social Identity Theory was developed by Tajfel and Turner in 1979. The theory was originally developed to understand the psychological basis of intergroup discrimination. Tajfel in 1971 attempted to identify the  minimal  conditions that would lead members of one group to discriminate in favour of the in groupRead MoreSocial Identity Theory And Theories Surrounding Intergroup Relations2244 Words   |  9 Pageson ideas presented from Social Identity Theory and theories surrounding intergroup relations. The main ideas from the theories being that people conform with others beliefs, usually following the opinions of the group to which they belong. Social Identity Theory, written by Tajfel and Turner in 1986 considers how people think and act towards a social group, and this is believed to mainly recognise social cognitive theories to be the main grounding for the theory. Turner in 1982 suggested a groupRead MoreNotes On Social Identity Theory1191 Words   |  5 PagesContextualizing BIRG: Social Identity Theory SIT (Tajfel et al., 1971; Tajfel Turner, 1979) has been explained briefly in the Introduction, which provided an overview on the nature of its construction (Galang et al., 2015) and its implications on ingroup inclusion, intergroup behavior, and self-esteem (Brewer Yuki, 2007). This theory is further discussed here, particularly its conception of group identification and esteem, to give context to BIRG and the framework of analysis that will be usedRead MoreAdolescent Identity Formation By Erik Erikson s Psychosocial Theory Of Identity Development2352 Words   |  10 PagesCarter, Lauren Professor Christan Amundsen Psych 2314 12, April 2015 Adolescent Identity Formation Adolescence is defined as the developmental stage between childhood and adulthood typically beginning at age twelve and ending at age twenty. This stage for most adolescents is a complex time in which physical, cognitive and social development is at its peak. The balance between life as a child and the quest to transition into the independence of young adulthood presents many challenges within theRead MoreCritically Evaluate Social Identity Theory2060 Words   |  9 PagesCritically evaluate Social Identity Theory. Who are you? Who am I? These are questions that we all ponder at some point or another in our lives. As human beings we are seemingly inundated with the desire to classify and categorise. We are constantly defining and analysing the differences that we observe in the world, it seems only natural that we would apply this method of classification to our position within our society. More specifically, we want to understand our social identities and this can be achieved

The Bp Deepwater Horizon Disaster - 1006 Words

Compliance and Regulation To maintain expected business practices, governments enact regulations through legislation as a means of ensuring that businesses operate within expected guidelines. Some regulations are proactive, such as Bill 198 (Better known as CSOX, the Canadian version of the Sarbanes and Oxley Act) which places additional expectations on the reporting and auditing of company financials (PriceWaterhouseCoopers, 2004). Other regulations are reactive; such as bill C45 that passed after the Westray mine disaster took the lives of 26 workers. This regulation looks to hold company executives personally liable for ignoring safety protocols and conducting behavior with criminal intent in the workplace (Canadian Center for Occupational Health and Safety, 2014). Regardless of their founding, regulations can impose stiff penalties upon companies that choose not to place focus on implementing the necessary controls in place to ensure compliance to them. The BP Deepwater Horizon Disaster On April 20, 2010, the British Petroleum (BP) leased Deepwater Horizon drilling rig took an unexpected kick of gas pressure from an oil well in the Gulf of Mexico. The release ignited, and through the failure of the blowout preventers progressed into a firestorm. The fire consumed the drilling rig platform, sinking it, causing 11 casualties, and the subsequent release of 4.9 million barrels of oil into in the gulf before the release contained (British Petroleum). The incident isShow MoreRelatedDeepwater Horizon Oil Spill: the Bp Disaster2305 Words   |  10 PagesAP Environmental Science Deepwater Horizon Oil Spill: The BP Disaster The Deepwater Horizon oil spill in the Gulf of Mexico was one of the most infamous industrial environmental disasters ever. On April 20, 2010, a marine oil-drilling dig called the Deepwater Horizon exploded, releasing hundreds of millions of gallons of oil into the Gulf of Mexico. 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The Hunters Moonsong Chapter Twenty-Four Free Essays

Giggling, Bonnie tripped on her way down the stairs, her foot coming right out of her high-heeled shoe. â€Å"Here you go, Cinderel a,† Zander said, picking up the shoe and kneeling in front of her. He helped slip her foot back into it, his fingers warm and steady against her instep. We will write a custom essay sample on The Hunters: Moonsong Chapter Twenty-Four or any similar topic only for you Order Now Bonnie gave a mock curtsy, muffling her laughter. â€Å"Thank you, m’lord,† she said flirtatiously. She felt fabulous, so sil y and happy. It was almost as if she was drunk, but she’d only had a few sips of beer. No, she was drunk. Drunk on Zander, on his kisses, his gentle hands, and his big blue eyes. She took his hand, and he smiled down at her, that long slow smile, and Bonnie just absolutely quivered. â€Å"Seems like the party’s wrapping up,† she said, as they hit the first floor. It was real y getting late, almost two o’clock. There were only a few groups of hard-core partiers left: a bunch of frat boys by the keg, some theater-department girls dancing with great wide swoops of their arms, a couple sitting hand in hand at the bottom of the stairs in deep conversation. Meredith, Stefan, Samantha, and Matt had disappeared, and if Elena had ever shown up, she had left, too. Zander’s friends had gone, or been kicked out. â€Å"Good-bye, good-bye,† Bonnie caroled to the few people who remained. She hadn’t real y gotten a chance to talk to any of them, but they al looked perfectly nice. Maybe next time she went to a party, she’d stay longer and real y bond with people she hadn’t met before. Look at al the new friends her friends had made on campus. Bonnie gave a special wave to a couple of people she’d seen Matt with lately – a shortish guy whose name she thought was Ethan and that girl with the dark curls and dimples. Not freshmen. She loved everyone tonight, but they deserved it most, because they had seen what a wonderful guy Matt was. They waved back at her, a little hesitantly, and the girl smiled, her dimples deepening. â€Å"They seem real y nice,† Bonnie told Zander, and he glanced back at them as he opened the door. â€Å"Hmmm,† he said noncommittal y, and the look in his eyes, just for a minute, made Bonnie shiver. â€Å"Aren’t they?† she said nervously. Zander looked away from them, back toward her, and his warm bril iant smile spread across his face. Bonnie relaxed; the coldness she’d seen in Zander’s eyes must have been just a trick of the light. â€Å"Of course they are, Bonnie,† he said. â€Å"I just got distracted for a sec.† He wrapped his arm around her shoulders, pul ing her close, and dropped a kiss on the top of her head. She sighed contentedly, cuddling up against his side. They walked together companionably for a while. â€Å"Look at the stars,† Bonnie said softly. The night was clear and the stars hung bright in the sky. â€Å"It’s because it’s starting to get colder at night that we can see them so Well.† Zander didn’t answer, only made a hmming sound deep in his throat again, and Bonnie glanced up at him through her eyelashes. â€Å"Do you want to get breakfast with me in the morning?† she asked. â€Å"On Sundays, the cafeteria does make-your-own waffles, with lots of different toppings. Delicious.† Zander was staring off into the distance with that same half-listening expression he had the last time they walked across campus together. â€Å"Zander?† Bonnie asked cautiously, and he frowned down at her, biting his lip thoughtful y. â€Å"Sorry,† he said. He took his arm off of Bonnie’s shoulders and backed away a few steps, smiling stiffly. His whole body was tense, as if he was about to take off running. â€Å"Zander?† she asked again, confused. â€Å"I forgot something,† Zander said, avoiding her eyes. â€Å"I have to go back to the party.† â€Å"Oh. I’l come with you,† Bonnie offered. â€Å"No, that’s okay.† Zander was shifting from foot to foot, glancing over Bonnie’s shoulders as if, suddenly, he’d rather be anywhere than with her. Abruptly, he surged forward and kissed her awkwardly, their teeth knocking together, and then he stepped backward and turned, walking in the other direction. His strides lengthened, and soon he was running away from her, disappearing into the night. Again. He didn’t look back. Bonnie, suddenly alone, shivered and looked around, peering into the darkness on al sides. She had been so happy a minute ago, and now she felt cold and dismayed, as if she had been hit with a splash of freezing cold water. â€Å"You have got to be kidding me,† she said aloud. Elena was shaking so hard that Damon was afraid she might just shake herself apart. He wrapped his arms around her comfortingly, and she glanced up at him without real y seeming to see him, her eyes glassy. â€Å"Stefan†¦Ã¢â‚¬  she moaned softly, and Damon had to fight down a sharp stab of irritation. So Stefan was overreacting. What else was new? Damon was here, Damon was with her and supporting her, and Elena needed to realize that. He was tempted to grab Elena firmly by the chin and make her real y look at him. In the old days, he would have done just that. Hel , in the old days, he would have sent a blast of Power at Elena until she was docile in his hands, until she didn’t even remember Stefan’s name. His canines prickled longingly just thinking of it. Her blood was like wine. Not that expecting Elena to give in to his Power meekly had ever worked particularly Well, he admitted to himself, his mouth curling into a smile. But he wasn’t like that anymore. And he didn’t want her that way. He was trying so hard, although he hated to admit it even to himself, to be worthy of Elena. To be worthy of Stefan, even, if it came right down to it. It had been comforting to final y have his baby brother looking at him with something other than hatred and disgust. Well, that was over. The tentative truce, the beginnings of friendship, the brotherhood, whatever it had been between him and Stefan, was gone. â€Å"Come on, princess,† he murmured to Elena, helping her up the stairs toward her door. â€Å"Just a little farther.† He couldn’t be sorry they kissed. She was so beautiful, so alive and vibrant in his arms. And she tasted so good. And he loved her, he did, as far as his hard heart was capable of it. His mouth curled again, and he could taste his own bitterness. Elena was never going to be his, was she? Even when Stefan turned his back on her, the self-righteous idiot, he was al she thought about. Damon’s free hand, the one that wasn’t cupping Elena’s shoulder protectively, tightened into a fist. They’d reached Elena’s room, and Damon fished in her purse for her keys, unlocking the door for her. â€Å"Damon,† she said, turning in the doorway to look him straight in the eyes for the first time since before Stefan caught them kissing. She looked pale stil , but resolute, her mouth a straight line. â€Å"Damon, it was a mistake.† Damon’s heart dropped like a stone, but he held her gaze. â€Å"I know,† he said, his voice steady. â€Å"Everything wil work out in the end, princess, you’l see.† He forced his lips to turn up in a reassuring, supportive smile. The smile of a friend. Then Elena was gone, the door to her room shutting firmly behind her. Damon spun in his tracks, cursing, and kicked at the wal behind him. It cracked, and he kicked it again with a sour satisfaction at the feeling of the plaster splitting. There was a muted grumbling coming from behind the other doors on the floor, and Damon could hear footsteps approaching, someone coming to investigate the noise. If he had to deal with anyone now, he’d probably kil him. That wouldn’t be a good idea, no matter how much he might enjoy it for the moment, not with Elena right here. Launching himself toward an open hal window, Damon smoothly transitioned to a crow in midair. It was a relief to stretch his wings, to pick up the rhythm of flying and feel the breeze against his feathers, lifting and supporting him. He flew through the window with a few strong beats of his wings and flung himself out into the night. Catching the wind, he soared recklessly high despite the darkness of the night. He needed the rush of the wind against his body, needed the distraction. How to cite The Hunters: Moonsong Chapter Twenty-Four, Essay examples

Canada Multiculturalism Immigrants and Citizenship †Free Samples

Question: Discuss about the Canada Multiculturalism Immigrants and Citizenship. Answer: Canada is significantly a very popular nation for the newcomers. This country becomes the perfect example of living in diversity and harmony. It can be said that living with and welcoming multiple cultures helps the Canadian people understanding each other and discarding hate, disgust and violence.This is evident that Canadawas started being recognized as amulticultural or cross-cultural society in the year 1971(Aknin, et al.). This essay will analyze the how multiculturalism is being developed in Canada. In this context, it will focus on the comparison between the view of Wayson Choys Im Banana and Proud of It and Will Kymlickas Canada Multiculturalism immigrants and citizenship. This is to be noted that two hundred traditional origins were marked in the Canadian population according to the 2011 National Household Survey (NHS) (Schultz and Caroline). It is evident that the traditional origins had exceeded significantly one million marks. This is to be mentioned as per the report authorized by AMP that significant migrants of Canadahas arrived from China, United Kingdom andNew Zealand. It is also to be noted that as per the 2006 Census by the particular Statistics Canada,783,795Canadian populationrecognized as black, marked as 2.5% of the overall population of Canada (Owusu-Bempah and Wortley). This is clearly evident that 11% of the black population is recognized as the cross-race of the black and white. The term banana in Im Banana and Proud of It refers to the yellow outwardly and white inwardly. According to Choy, the Chinese who are born in the North America act and behave like the white people but they still look like the Asians and therefore they are given the nickname of banana. He comments that the other cultures also earns other nicknames as well, like for example, the Indians are often said apples and the blacks are named as Oreo cookies. Where else, in Canada Multiculturalism immigrants and citizenship, it is said that Canada offers the perfect idea of Multiculturalism comprised with significant co-existence of diverse and different cultures (Modood). This is to be mentioned that the diverse culture comprises ethnic, spiritual, or traditional groups and is established in accustomed practices, cultural conventions and ethical values, thought process, and significant communicative skills and practices. As per the Canadian history, there is a clear and significant impact of E uropeanculture and ethnicity, exclusively Frenchand Britishon their culture by the individuality of the specific indigenous culture. This is to be noted that the important essentials of the cross-cultures of Canadian significant immigrant people have started playing a major role in the mainstream culture of Canada. Choy in his book reveal the very painful experiences of his parents that they endured while arriving in North America. His parents being belonging from the Chinese culture had faced racial bias from the people of North America. On the other side, Canada knows to identify and respect the significant society comprised with multiplicity and diversity among dialects, customs, and religious believes. This is to be noted that in the year1982multiculturalismwas recognized and rewarded by the particular section 27 of the significantCanadianCharter of Rights and Freedoms (Baldwin). The significantCanadian MulticulturalismAct was passed by Brian Mulroney, the former Canadian Prime Minister at that time. This is to be mentioned that thesignificant Canadian Multiculturalism Actis known as a particular law, authorized in the year of 1988. This significant lawhas an objective to realm and enrichmulticulturalism specifically in Canada. According to the multiple historical records thesignificant centralized government, led byPierre Elliott Trudeau,the former Prime Ministeracknowledged in the year 1971 that Canada would accept cross-cultural policy (GgraÃ… ¾ulis, Vladimiras, and Vladimiras).It can be said that Canadawould acknowledge and appreciatethe significant diversity in languages, civilizations, religious faith in the Canadian Society. Im banana and proud of it depicts the racial biases that people still suffers from while moving to some other nation and entering into their culture. However, Canada became significantly the first country in the entire world to adopt the practice multiculturalism as an official strategy in the year 1971 (Pfohman and Shannon). It is evident that the specificproclamationsignificantlyrefers to statement of former Prime Minister Trudeau in theHouse of Commons of Canada on the 8th October 1971(Pacione and Darren). This is to be noted that this incident took place afternegotiation, the strategies of multiculturalism and bilingualism would be applied in Canada.It is evident thatCanadian Multiculturalism Act (CMA) of 1988 was authorized as the outcome of this strategy statement(Hershey and Samantha). This is to be noted that Canada is playing a major role in order to executing the multicultural strategy as their official policy. The dedicated organization named Immigration, Refugees and Citizenship Canada (IRCC) is taking all the responsibilities related to thedevelopment of significant strategies and policies and handling specifically permanent and temporary abode visa, refugee security and citizenship submissions. They lead the significant refugees and immigrants to settle in Canada by the significant fund raising companies as the Canadian Caregivers Associationto offernew arrivals with significant and exclusive settlement events. These dedicatedcompanies are known as the significant service provider companies. Choy further acknowledges how the Chinese people risked their life during the Word War II by joining army and only after that they had gained the right to be the citizen of North America. He also considered the view point of the elders of china about the young generation of China who assimilated so very well into the life of North American. He claims that Chinese will never forget their roots as they look into the mirror, it always reflects back. He also pointed out the fact that they are been brainwashed by the lifestyle of North Americans. However, he realized that he is not from any of the world and he therefore tries to find out the foundation of his Chinese roots. And finally, he accepted that he is a banana and he is proud of being a Chinese. Hence, from the story Im banana and proud of it it can be analyzed that Wayson Choy argued about the tough times his parents faced as an immigrant and first nation in Canada, whereas in Canada Multiculturalism immigrants and citizenship Will Kymlicka argued that how Canada welcomes diversity spreading both its hands. Canada is known as one of the country marked by multiculturalism in the significant Western Government. They have already stated the example that immigration can be comprehended as significantly the first and foremost step to the citizenship. Canada has made people learn that the generosity of a country lies in the acceptance of an immigrant and transform the person into a citizen but the story of Choy differs from this. References: Aknin, Lara B., et al. "Prosocial spending and well-being: Cross-cultural evidence for a psychological universal."Journal of Personality and Social Psychology104.4 (2013): 635. Baldwin, Caroline Maureen.Canadian Roman Catholic Young Adults Who Persevered In Faith. Diss. 2015. Casella Colombeau, Sara. "Policing the internal Schengen bordersmanaging the double bind between free movement and migration control."Policing and society27.5 (2017): 480-493. GgraÃ… ¾ulis, Vladimiras, and Vladimirasmockien?. "Multiculturalism through the prism of history: experiences and perspectives and lessons to learn."human resources management ergonomics11.1 (2017). Hershey, Samantha.Ethical Pluralism and Informed Consent in Canadian Health Care: Exploring Accommodations and Limitations. MS thesis. University of Waterloo, 2017. Modood, Tariq. "Multiculturalism, interculturalisms and the majority."Journal of Moral Education43.3 (2014): 302-315. Owusu-Bempah, Akwasi, and Scot Wortley. "Race, crime, and criminal justice in Canada."The oxford handbook of ethnicity, crime and immigration(2014): 283-320. Pacione, Darren. "The FLQ trials, 1969-1971: judicial tensions and constitutional questions."Quebec Studies55 (2013): 101-118. Pfohman, Shannon.A Comparison of the Situation of Bosnian Refugees in Berlin and Chicago. Diss. FreieUniversitt Berlin, 2014. Schultz, Caroline. "Mapping of Population Diversity in Canada and Germany: Different Strategies, Similar Pragmatism."Review of European and Russian Affairs11.1 (2017).

Legt free essay sample

On completion of this week in you should be able to: Explain what is ‘unconscionable conduct’ within the meaning of the ACL Explain what is meant by ‘misleading or deceptive conduct’ in s 18, ACL and identify different types of conduct that might be misleading or deceptive Identify the different types of false representations set out in s 29, ACL Identify defences available for breaches of the consumer protection provisions Suggest possible remedies for breaches of the consumer protection provisions Explain what the law says about ‘no refund’ signs Sale of Goods/Product Liability Please note – in this unit we are NOT DEALING with: †¢ Sale of Goods †¢ Product Liability Therefore the following paragraphs in Latimer are NOT RELEVANT:  ¶7-011 to  ¶7-215 3 4 Competition and Consumer Act 2010 (Cth) †¢ As discussed last week, the Competition and Consumer Act (‘CCA’) is a federal/Commonwealth statute that: Regulates ‘RESTRICTIVE TRADE’ practices to produce greater competition and efficiency in the market for the benefit of consumers; and Protects the interests of consumers of goods, services and land against ‘UNFAIR PRACTICES’ †¢ Prior to 1 January 2011, the CCA was known as the Trade Practices Act 1974 (Cth) Australian Consumer Law (ACL) †¢ Consumer law and ‘unfair practices’ dealt with by the Australian Consumer Law †¢ Australia Consumer Law (ACL) is Schedule 2 of the Competition and Consumer Act 2010 (Cth) †¢ In this course we will focus on the following types of conduct: ss 20-22: unconscionable conduct s 18: misleading or deceptive conduct s 29: false representations 5 The Regulator Australian Competition and Consumer Commission (ACCC) †¢ Regulator responsible for administering the CCA †¢ Primary responsibility: to ensure individuals and businesses comply with Commonwealth consumer protection, fair trading and competition/trade practices laws †¢ Until 1995, was the Trade Practices Commission (TPC) †¢ Also see http://www. We will write a custom essay sample on Legt or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page accc. gov. au Australian Consumer Law (ACL) Who is a â€Å"consumer†? See Latimer at  ¶7-012 †¢ Supply of goods or services †¢ Cost less than $40K: s3(1)(a) †¢ Cost more than $40K and are â€Å"of a kind ordinarily acquired for personal, domestic or household use or consumption: s3(1)(b) 8 Australian Consumer Law (ACL) Note: The ACL implies non-excludable consumer guarantees for the supply of goods and services to â€Å"consumers†: to be discussed later Australian Consumer Law (ACL) Who is a â€Å"consumer†? See Latimer at  ¶7-012 †¢ Purchase of goods by a business will be a consumer contract if: goods are personal, domestic or household goods AND not used up in business (eg for re-supply or in the process of manufacture etc) Australian Consumer Law (ACL) †¢ Who is a â€Å"consumer†? See Latimer at  ¶7-012 †¢ Section 3 asks: whether goods are acquired to be used or consumed (a consumer transaction) OR whether goods are to be used up in a business (a non-consumer transaction) Unconscionable conduct †¢ The unconscionability provisions provide consumers (and small business) with protection from unconscionable (unfair) conduct 12 Unconscionable conduct †¢ Where one party to a transaction is at a disadvantage, because of: age sickness illiteracy financial needs lack of explanation when required language (i. e. on-English speaking) and the other party takes advantage of this for gain Unconscionable conduct Amadio’s case: The plaintiff has to establish: †¢ They were in a position of ‘special disadvantage’ †¢ That substantially affected their ability to protect themselves †¢ The defendant knew, or ought to have known, of the plaintiff’s disability and not taken advantage of it AND †¢ Actions of defendant wer e unconscionable 13 Unconscionable conduct †¢ Section 20 (ACL): defines unconscionability in general terms â€Å"A person must not, in trade or commerce, engage in conduct that is unconscionable†¦. Applies the common law principles from Commercial Bank of Australia Ltd v Amadio to business disputes Unconscionable conduct †¢ Section 22 Relative bargaining positions of the parties Did the consumer have to comply with conditions that were not reasonably necessary? Did the consumer understand the documentation? Was there any undue influence, pressure or unfair tactics? Could the consumer have obtained the same goods or services elsewhere †¢ Section 21: prohibits statutory unconscionability in connection with the supply or acquisition of goods or services †¢ Section 22: statutory checklist (see next slide) 15 See Latimer at  ¶5-756) 16 Misleading or deceptive conduct †¢ Section 18 (ACL): ‘A person shall not, in trade or commerce, engage in conduct that is misleading or deceptive or is likely to mislead or deceive’ Misleading or deceptive conduct †¢ Section 18 (formerly, s 52): most sued on piece of legislation in Australia †¢ Not restricted in its usage to consumers and can be equally enforced by competitors or suppliers against other competitors or suppliers Section 18 was formerly s 52 of the Trade Practices Act 1974 (Cth) 17 18 Misleading or deceptive conduct and the Financial Services Industry †¢ Misleading or deceptive conduct, misrepresentation and unconscionable conduct in relation to financial services are caught by the Australian Securities and Investments Commission Act 2001 and looked after by the Australian Securities and Investments Commission (ASIC) See Latimer at  ¶7-240 Misleading or deceptive conduct prohibited Section 18 is made up of the following elements: Conduct by a person In the activity of supplying goods or services in trade or commerce; and Who has engaged in misleading or deceptive conduct or conduct that is likely to mislead or deceive 19 20 What is misleading or deceptive? †¢ Conduct is misleading if it will: lead a consumer astray in action or conduct or lead a consumer into making an error Conduct is deceptive if it leads people to believe what is false, if it misleads as to a matter of fact: Weitmann v Katies Ltd, see Latimer at  ¶7-250 The test = question of fact to be determined in context of evidence/facts of each case 21 What is misleading or deceptive? †¢ Courts have formulated the test that a statement is misleading if: it would lead one ordinary member of the public, who is likely to read the statement or be influenced by it into error Case: Taco Company of Australia Inc v Taco Bell Pty Ltd See Latimer at  ¶7-250 †¢ †¢ 22 Relevant section of the public †¢ Who is likely to be misled or deceived by the conduct in question? †¢ Need to identify the class of persons who are prospective purchasers and who are likely to be affected by the conduct †¢ Ask: At whom was the conduct directed? Would those persons have been likely to be led into error by the conduct? Case: Taco Company of Australia Inc v Taco Bell Pty Ltd See Latimer at  ¶7-250 23 Relevant section of the public †¢ Once relevant section of public identified, consider all who come within it †¢ .. the astute and the gullible, the intelligent and the not so intelligent, the well-educated as well as the poorly educated, men and women of various ages pursuing a variety of vocations†¦. Case: Taco Company of Australia Inc v Taco Bell Pty Ltd See Latimer at  ¶7-250 4 What is misleading or deceptive? Whether conduct is misleading or deceptive is determined by the court using an objective test of: ‘†¦whether a reasonable person would be misled or deceived. ’ Standard for assessing conduct The standard should be set by reference to that section of the public who is exposed or potentially exposed to the relevant conduct 25 26 Likely to mislead or deceive †¢ Not necessary to pro ve that anyone was actually misled †¢ Need real possibility or not remote chance that someone might be misled Misleading/deceptive conduct What is ‘conduct’? †¢ Conduct has a broad meaning and includes: Statements of Opinion Broken promises and false predictions Statements that are literally true but which create a false impression Pre-contractual statements Silence BUT: puffery or self-evident exaggeration that are promotional statements in advertising and that cannot be taken literally (eg the juiciest oranges in Qld), will not be taken to infringe s 18 27 28 Silence Silence may be misleading or deceptive: TPC v The Colonial Mutual Life Assurance Society Ltd Silence †¢ Failure to communicate a relevant fact may cause the true representation of another fact to be misleading Abigroup v Peninsula †¢ No general duty of disclosure BUT conduct may be misleading or deceptive if facts give rise to a REASONABLE EXPECTATION OF DISCLOSURE See Latimer at  ¶7-250 †¢ Traditional secretiveness of a bargaining process is NOT a licence to deceive Poseidon Ltd v Adelaide P etroleum NL See Latimer at  ¶7-250 29 Misleading/deceptive conduct What is misleading or deceptive? †¢ Mere confusion or causing uncertainty will not amount to conduct that is misleading or deceptive. †¢ McWilliam’s Wines Pty Ltd v McDonald’s System of Australia Pty Ltd †¢ Parkdale Custom Built Furniture Pty Ltd v Puxu See Latimer at  ¶7-250 How to avoid acting in breach of s 18 †¢ Comparisons must be ACCURATE †¢ Compare like with like 31 32 Misleading/deceptive conduct Roadmap of s 18 †¢ See Latimer at  ¶7-251 False Representations False Representations: s 29 (ACL) Breach of section 29 will result in either: prosecution by the ACCC for a criminal offence OR the injured party being provided with civil remedies (eg damages). The section prohibits the making of false representations in connection with the promotion and supply of goods and services in 14 subsections†¦. See Latimer at  ¶7-290 to  ¶7-375 33 34 False Representations s 29(1)( a): No false representation about the standard, degree of quality, value, grade, composition, style, model, history or previous use of goods †¢ s 29(1)(b) no false representations regarding services †¢ s 29(1)(c): no false representations that goods are new †¢ s 29(1)(d): no false representations that goods or services have been ordered †¢ s 29(1)(e)/(f): no false representations regarding testimonials relating to goods or services †¢ s 29(1)(g): no false representations about performance characteristics, accessories, uses or benefits of goods or services †¢ s 29(1)(h): no false representations regarding sponsorship, approval or affiliation 35 False Representations †¢ s 29(1)(i): no false representations about the price of goods or services †¢ s 29(1)(j): no false representations about repair facilities or spare parts †¢ s 29(1)(k): no false representations about place of origin †¢ s 29(1)(l): no false representations about the need for any goods or services †¢ s 29(1)(m): no false representations about the existence, exclusion or effect of any condition, warranty, guarantee, right or remedy †¢ S 29(1)(n): no false representations concerning a requirement to pay for a contractual right 36 Other unfair practices Bait advertising – s 35, ACL: A person is prohibited from advertising of goods or services at a special price where it does not intend to offer those goods or services for a reasonable period and in a reasonable amount See Latimer at  ¶7-420 No wrongly accepting payment – s 36, ACL: Knowing you will not or cannot supply the promised goods/services See Latimer at  ¶7-440 No misleading representations about certain business activities – s 37, ACL: A business must not make false or misleading representations about business opportunities See Latimer at  ¶7-450 37 Other unfair practices Referral selling – s 49, ACL: A person shall not induce a consumer to acquire goods or services by representing that the consumer will benefit after the contract is made by providing names of prospective customers See Latimer at  ¶7-480 No harassment and coercion – s 50, ACL: No use of pressure tactics or physical force/undue harassment or coercion See Latimer at  ¶7-485 38 Other unfair practices Pyramid Selling – s 44 to 46, ACL: A trading scheme in which a promoter offers to sell to a participant both the right to sell a particular product or service and the right to introduce others into the scheme in the same way Both the promoter and participants trying to recruit others in the scheme are caught under this section See Latimer at  ¶7-470 Other unfair practices Unsolicited Credit Cards – s 39, ACL: Prohibits the sending of unsolicited credit or debit cards to a person unless they were requested See Latimer at  ¶7-460 Unsolicited goods or services – ss 43, ACL: Prohibits a business pushing a right to payment for unsolicited goods or services See Latimer at  ¶7-460 39 40 Defences Defences for breach include: reasonable mistake of fact breach caused by a third party or due to some cause beyond the control of the defendant defendant took reasonable precautions and exercised due diligence to avoid contravention publisher’s defence: reliance on information supplied by another person, information/advertisement received in the ordinary course of business and publisher had no reason to suspect that publication would breach the ACL See Latimer at  ¶7-530 41 Enforcement and Remedies The ACL provides that certain breaches of the law are sufficiently serious such that they may be treated as criminal offences, to which criminal sanctions apply See Latimer at  ¶7-510 to  ¶7-540, see especially Table 1 at  ¶7-510 Misleading/deceptive conduct: Remedies Breach of s 18 is not an offence resulting in a criminal penalty: see Latimer, Table 1 at  ¶7-510 †¢ Remedies for breach of s 18 include: injunction damages but the misleading or deceptive conduct must have caused the loss or damage suffered †¢ Enforcement and Remedies Penalties (except for s18): $1 100 000 per offence in case of a corporation $220 000 per offence in case of a natural person Undertakings Substantiation notices Public warning notices Infringement not ices Injunctions Damages Other orders: Varying or refusing to enforce a contract Refund money or return property Specific performance Community service Corrective advertising Compliance programs †¢ †¢ †¢ †¢ †¢ †¢ †¢ See Latimer at  ¶7-520 43 44 No refund signs †¢ No need to display signs about refunds †¢ BUT if sign is displayed, need to be sure that it does not mislead consumers about their rights under the ACL For example, cannot claim ‘No refunds’, ‘No refunds after 7 days’, Exchange or repair only, or We do not refund’ Signs like these are likely to create the impression that consumers have no right to a refund at all See Latimer at  ¶7-370 No refund signs †¢ Consumers are legally entitled to a refund if the implied guarantees have not been met †¢ See www. accc. gov. au: brochure on Warranty and Refund Obligations 45 Consumer Guarantees when goods are supplied The ACL implies into consumer contracts certain non-excludable conditions and warranties (by retailers/suppliers and manufacturers to consumers): Regarding title and right to dispose of the goods: s 51, ACL Undisturbed possession: s 52, ACL Freedom from undisclosed securities: s 53, ACL Goods are of acceptable quality: s 54, ACL Goods are fit for purpose: s 55, ACL Goods match their description: s 56, ACL Goods match the sample (or the demonstration model): s 57, ACL Repairs and spare parts will be available: s 58, ACL Next lecture †¢ Final lecture: week 12 †¢ Tutorials will continue until week 13 (Note the above are mirrored in State Sale of Goods legislation, NOT studied in this course) See Latimer at  ¶7-035 to  ¶7-100 47 48

Famous Inventions and Birthdays in February

Famous Inventions and Birthdays in February Not only is February the month of Valentines Day, its also when a great number of inventions were created and patented, trademarked, or copyrighted and when many great scientists, scholars, and famous figures were born. Whether youre looking for someone who shares your February birthday or just want to know what happened on this day in history, check out the following lists of events that have happened during this month throughout history. Patents, Trademarks, and Copyrights From the digital voicemail system to Kooky Doodles, February has celebrated the birth of many inventions and pieces of writing or art. Find out when some of the most popular inventions and literary works were first patented, trademarked, or copyrighted. February 1 1788 - The first US patent for an improvement to steamships was issued to Isaac Briggs and William Longstreet.1983 - Matthews, Tansil, and Fannin obtained a patent for a digital voice mail system. February 2 1869 - James Oliver invented the removable tempered steel plow blade1965 - Alfonso Alvarez received a patent for dual-vent windows. February 3 1690 - The first paper money in America was issued in the colony of Massachusetts.1952 - The first episode of the TV program Dragnet was copyrighted. February 4 1824 -  J. W. Goodrich introduced the world to the first rubber galoshes.1941 - Roy Plunkett received a patent in for tetrafluoro-ethylene polymers (TEFLON). February 5 1861 - Samuel Goodale patented the first moving picture peep show machine. February 6 1917 - Sunmaid raisins were trademark registered.1947 - Frank Capras Its a Wonderful Life was copyrighted. February 7 1804 -  John Deere, pioneer manufacturer of agricultural implements was born.1995 - Larry Gunter and Tracie Williams received a patent for a personalized interactive storybook February 8 1916 -  Charles Kettering received a patent for a self-starting automobile engine. February 9 1811 -  Robert Fulton was granted a patent for the practical steamboat. February 10 1976 - Sidney Jacoby was granted a patent for a combination smoke and heat detector alarm. February 11 1973 - National Inventors Hall of Fame was founded on the anniversary of Thomas Edisons birth in 1847. February 12 1974 - Stephen Kovacs received a patent for a magnetic heart pump.1983 - The circular thing that keeps the pizza from hitting the inside of the box top (called a package saver) was invented by a guy from New Jersey. February 13 1979 - Charles Chidsey received a patent for male baldness solution. February 14 1854 - Horace Smith and Daniel Wesson patented a firearm.The 14th is also Valentines Day and someone has patented romance. February 15 1972 -  William Kolff obtained a patent for the soft shell mushroom-shaped artificial heart. February 16 1932 - James Markham received the first fruit tree patent for a peach tree. February 17 1827 - Chester Stone patented a washing machine. February 18 1879 - Auguste Bartholdi was granted a design patent for the Statue of Liberty. February 19 1878 - Thomas Edison received a patent for the phonograph. February 20 1846 - John Drummond was granted a patent for molds for the manufacture of candles.1872 - Luther Crowell patented a machine that manufactured paper bags. February 21 1865 -   John Deere received a patent for plows. February 22 1916 - Ernst Alexanderson was issued a patent for a selective radio tuning system. February 23 1943 - The song As Time Goes By from the movie Casablanca was copyrighted. February 24 1857 - The first perforated United States postage stamps were delivered to the government.1925 -  His Masters Voice  was trademark registered. February 25 1902 - John Holland was granted a patent for a submarine. February 26 1870 - The first New York City subway line opened, and this short-lived line was pneumatically powered.1963 - Hobie surfboards trademark registered in 1963. February 27 1900 - Felix Hoffman patented acetylsalicylic acid, which is also known as  aspirin. February 28 1984 - Donald Mauldin received a patent for a knee brace. February 29 1972 - Kooky Doodles were trademark registered. February Birthdays Many famous inventors and scientists were born in February, and a few were even born on Leap Day, which falls on the 29th every four years. February 1 1905 - Emilio Segre was an  Italian physicist who won the Nobel Prize in Physics for his discovery of antiprotons, a sub-atomic antiparticle and an element used for the  atomic bomb  used on Nagasaki.1928 - Sam Edwards was a Welsh physicist who studied condensed matter physics. February 2 1817 - John Glover was the English chemist who discovered sulfuric acid.1859 - Havelock Ellis was an American physician sexologist who wrote The Psychology of Sex.1905 - Jean-Pierre Guerlain invented cosmetics pioneer. February 3 1821 - Elizabeth Blackwell of Bristol England was the first accredited woman physician. February 4 1841 - Clement Ader was a French inventor who was the first to fly a heavier-than-air craft.1875 - Ludwig Prandtl was a German physicist who is considered the father of aerodynamics.1903 - Alexander Oppenheim was a mathematician who wrote the  Oppenheim conjecture. February 5 1840 - John Boyd Dunlop  was a Scottish inventor who invented pneumatic rubber tires.1840 -  Hiram Maxim  invented the automatic single-barrel rifle.1914 - Alan Hodgkin was a British physicist who won the Nobel Prize in 1963 for his work on the central nervous system.1915 - Robert Hofstadter was an  American atomic physicist who won a Nobel Prize in 1961 for his work on electron scattering in atomic nuclei.1943 - Nolan Bushnell  was the founder of  Atari  and the creator of  Pong. February 6 1879 - Carl Ramsauer was a German research physicist who discovered the Ramsauer-Townsend effect.1890 - Anton Hermann Fokker was an  aviation  pioneer.1907 - Sam Green was a noted industrialist and inventor.1913 - Mary Leakey was a  British paleoanthropologist who discovered the first Proconsul skull, which belongs to a species of extinct ape that may be an ancestor of humans. February 7 1870 - Alfred Adler was the  Austrian psychiatrist first wrote about the Inferiority Complex.1905 - Ulf Svante von Euler was a Swedish physiologist who won the Nobel Prize in 1970. February 8 1828 - Jules Verne was a French writer who wrote From the Earth to the Moon and is considered the father of  science fiction.1922 - Joeri Averbach was a noted Russian chess grandmaster. February 9 1871 - Howard T. Ricketts was an American pathologist who studied typhus fever.1910 - Jacques Monod was a  French biochemist who  won the Nobel Prize in Physiology or Medicine in 1965 for work on enzyme and virus synthesis.1923 - Norman E. Shumway was a pioneer cardiac transplant surgery.1943 - Joseph E. Stiglitz was a noted American economist.1950 - Andrew N. Meltzoff was a noted developmental psychologist. February 10 1880 - Jesse G. Vincent was an engineer who designed the first V-12 engine.1896 - Alister Hardy was a  British scientist who was an expert on the marine ecosystems of everything from zooplankton to whales.1897 - John Franklin Ender was a microbiologist who won the Nobel Prize in 1954 for his research into polio.1920 - Alex Comfort was an English physician who wrote The Joy of Sex.1941 - Dave Parnas is a Canadian computer scientist who pioneered information hiding in modular programming. February 11 1846 -  William Fox Talbot  was a pioneer photographer and inventor.1898 - Leo Szilard was a  Hungarian physicist who worked on the A-Bomb and later became a peace activist.1925 - Virginia Johnson was an American psychologist and part of the noted medical team of Masters and Johnson.1934 - Mary Quant is an English fashion designer who invented the Mod Look. February 12 1809 - Charles Darwin  was an  English scientist who discovered the  theory of evolution  and wrote the Origin of Species.1813 - James Dwight Dana was an American scientist who pioneered the study of volcanic activity and theorized on the formation of continents.1815 - Edward Forbes was a British scientist who wrote extensively on marine biology.1948 - Ray Kurzweil was an American inventor who invented the flatbed scanner, the Kurzweil reading machine, the Kurzweil 1000 OCR software, the first commercially marketed large-vocabulary  speech-recognition  software, and the Kurzweil 250 Music Synthesizer. February 13 1910 - William Shockley was an American  physicist who co-invented the transistor and won the Nobel Prize in 1956.1923 - Chuck Yeager was an American test pilot and the first man to break the sound barrier. February 14 1838 - Margaret Knight  invented a method of making paper bags.1859 - George Ferris  invented the  Ferris Wheel, which is why the F is always capitalized in its name!1869 - Charles Wilson was an English physicist who invented the  Wilson cloud chamber  and won the Nobel Prize.1911 - Willem J. Kolff was an  American internist who invented the artificial kidney.1917 - Herbert A. Hauptman was an  American x-ray crystallographer who won the Nobel Prize in 1985. February 15 1809 -  Cyrus Hall McCormick  invented a mechanical reaper.1819 - Christopher Sholes invented  the  typewriter.1834 - William Preece was an English electrical engineer who was a pioneer in wireless technology.1934 -   Niklaus Wirth was a  Swiss computer programmer who invented the PASCAL computer language. February 16 1740 - Giambattista Bodoni was an  Italian printer who invented typeface designs. February 17 1781 - Rene-Theophile-Hyacinthe  Laennec  was a  French inventor who created the  stethoscope.1844 - Aaron Montgomery Ward founded the mail-order business, Montgomery Ward.1867 - William Cadbury was the English chocolate manufacturer who founded  Cadbury.1874 - Thomas J. Watson was an American scientist who founded  IBM. February 18 1743 - Alessandro Volta  was an Italian physicist who invented the  voltaic  pile, the  first battery.1898 - Enzo Ferrari was the car manufacturer who invented the Ferrari. February 19 1473 - Nicolaus Copernicus  was famous for formulating a model of the universe with the sun at its center rather than the earth.1859 - Svante August  Arrhenius was a  Swedish physicist and chemist who won the Nobel Prize in 1903.1927 - Rene  Firino-Martell was a  Cognac manufacturer who invented several types of Cognac. February 20 1844 - Ludwig Eduard Boltzmann is the  Austrian physicist who is considered the father of statistical mechanics.1901 - Rene Jules Dubos was a microbiologist who wrote Health and Disease.1937 - Robert Huber was the  German biochemist who won the Nobel Prize in 1988. February 21 1909 - Helen O. Dickens Henderson was an American physician and gynecologist. February 22 1796 - Adolphe Quetelet was a noted mathematician, astronomer, and statistician.1822 - Adolf  Kuszmaul was a German physician who invented the stomach pump and discovered Kuszmaul disease.1852 - Pieter K. Pel was an internist who discovered Pel-Ebstein fever.1857 - Robert Baden-Powell was the founder of Boy Scouts and the Girl Guides.1857 - Heinrich Hertz  was the first to broadcast and receive radio waves and helped to invent radar technology.1937 - Samuel Whitbread was a noted English brewer.1962 - Steve Irwin was an Australian biologist, zoologist, and nature TV show host who died while filming from a stingray attack. February 23 1898 - Reinhard Herbig was a German archaeologist.1947 - Colin Sanders is the British computer engineer who invented Solid State Logic.1953 - Sallie L. Baliunas is  a retired astrophysicist who studied global warming and ozone depletion. February 24 1955 -  Steve Jobs  co-founded  Apple Computer. February 25 1904 - Adelle Davis was a naturalist and the author of Lets  Stay Healthy. February 26 1852 - John Harvey Kellogg started the  flaked-cereal  industry and founded Kellogg Cereal.1866 - Herbert Henry Dow was a pioneer in the chemical industry and founded Dow Chemical. February 27 1891 - David Sarnoff founded RCA.1897 - Bernard F.  Lyot was a French astronomer who invented the Lyot filter.1899 - Charles Best co-discovered  Insulin. February 28 1933 - Geoffrey Maitland Smith founded Sears1663 - Thomas Newcomen  invented an improved  steam engine.1896 - Philip Showalter Hench was an  American physician who discovered cortisone and won the  Nobel Prize.1901 - Linus Pauling was a chemist who won the Nobel Prize in 1954 and 1962.1915 - English zoologist and immunologist, Peter Medawar won the Nobel Prize in 1953.1930 - Leon Cooper was an American physicist who won the Nobel Prize in 1972.1948 - Steven Chu is an  American scientist who co-won the Nobel Prize  for  Physics in 1997. February 29 1860 -  Herman Hollerith  the inventor of the first electric tabulating machine was born on a  leap year.

Compare and contrast Christianity with Islam and Judaism Essay

Compare and contrast Christianity with Islam and Judaism - Essay Example All of them rely not so much on internal experience or mystical contact and leadership, as sacred rituals, faith and work, which lead man to God. Each of these religions believes that God has a special â€Å"agreement† (covenant) with his followers, although â€Å"terms and conditions of an agreement† are different. Jews, Christians and Muslims are united by faith in one God. All we pray to one God, compassionate and merciful Creator, but cognize him, at the same time, in totally different ways. St. Simeon, the New Theologian, who lived in Byzantium at the turn of the first and second millennia, gave the best, in my opinion, interpretation of God’s cognition - God is cognized by us so far forth as we can see a boundless sea, standing at night on a coast with a small candle in hands (cited in Neusner, Chilton, and Graham 122). The oldest, out of the three, monotheistic religion of mankind is Judaism. It appeared 1000 BC approximately. The nomadic Hebrew tribes liv ed on the territory of ancient Egypt and around it. Their religious leaders, or prophets, partly borrowed their ideas from religious beliefs, which spread in the region by that time, but with one great difference – they practiced the religion in one Almighty God. Hebrews believe that God requires obedience to a strict moral code and claim that they have a monopoly on the truth, considering, thus, their religion as the only correct one. Christianity inherited from Judaism many of the views, which subsequently became its integral part. â€Å"Both Christianity and Islam recognize Judaism as being a foundation for their beliefs. And Judaism, for its part, recognizes that there is a human history that precedes it.†(Golomb 18)...Belief takes many different forms; these forms are called religions. The word â€Å"religion† is literally translated from Latin as â€Å"connection.† Connection with God. Connection with the Universe. Connection with people around. A l ot of different religions existed and exist now.The main concept of Christianity is a belief in Jesus Christ, the only God-Man, and Savior. Jesus was an orthodox Jew and Christianity emerged as a sect within Judaism. By the way, it is not clear still whether Jesus wanted to create his own religion. Another great truth of Christianity is the Trinity of God. Most Christians, and especially non-Christians, have a very poor understanding of the Tripersonality. Part of Jews and Muslims even believe that Christians are not monotheists, but tritheists. (Muslims believe in one God, who is called God the Father in Christianity). The Christian church included into the Bible Hebrew Scriptures – the Old Testament, a common sacred text of Judaism, Christianity and Islam. Islam, the second largest world religion, and Christianity have partly common origin. Islam comes from the teachings of the Prophet Muhammad, who lived in the VII century BC and is based on The Five Pillars of Islam - fiv e essential religious duties. Muslims believe that Allah has spoken through the previous prophets, including Moses and Jesus, who shared faith with Hebrews and Christians before the advent of Muhammad, whose doctrine is the most accurate expression of Allah’s will.

Realisms, Fantasy And Utopia Essay Example | Topics and Well Written Essays - 2000 words

Realisms, Fantasy And Utopia - Essay Example However, mansions and gold have proven to be resources of greed and unhappiness throughout human history and to be in the presence of God would be to stand in stark contrast to pure Grace, the human existence frail and without virtue in comparison, thus there is no way in which a human can understand what it would mean to live in a state of perfection. When trying to imagine Utopia, it is likely that it will change from individual to individual. Thus, Utopia, as it is represented as a community, cannot exist as perfection, a place in which perfect peace and harmony can be found, would not exist. There is little that can be found in this world that represents a one-sided place in which all things are found to have value and elevated meaning to all people who reside in this place. Utopia must be all things to all of its inhabitance, and there has been no place, time, or setting in which this type of nirvana has been reached. Human existence is defined by its struggles, by the way in wh ich one point of view comes into conflict with another. In fact, this type of conflict is necessary for the satisfaction of many people. Thus, a place with harmony and without conflict would be a hell for some people, their ambitions stilted by the inability to engage in conflicts of ideologies. Without those types of conflicts, dissatisfaction would be born of complacency, apathy, and boredom. To find perfection would kill the spirit, thus the humanity of human life would be discovered undone. Therefore, the only type of Utopia that could exist would not be in creating a place that left all people fulfilled and in peace, but one that changed the human nature to no longer have ambition. In this world, bliss would rule the human spirit, thus whatever existed within the space that was Utopia, would allow for harmony and satisfaction. The fact is that Utopia cannot be a place, it can only be a condition of life, a situated state in which the human need to strive and to be in conflict i n order to achieve greater achievement and enlightenment was no longer a part of the human experience. Utopia is not a place, thus it cannot be achieved. This type of place is not within the ability of human imagination. To write of existence is to frame a place in which nothing happens, thus there is no story to its existence. Nothing would happen because if it were a true place, if Utopia existed, the people within it would move through their days without highs and lows of emotions. Without these highs and lows, there is no measure of emotional feeling, thus to know joy would not exist because there would be no sorrow against which to measure it. People have understood this through their religious history. Of all things, religion is the ultimate proof that Utopia cannot exist. There is no religion that has been found in the research for this discourse that does not reveal the need for balance. The closest is the Judeo-Christian religion that sets a course of beliefs that intends t hat the balance of good, the evil that weights the darker side of

Analysis Of Hedge Fund Performances

Analysis Of Hedge Fund Performances 1. INTRODUTION: Hedge funds are actively managed portfolios that hold positions in publicly traded securities. Gaurav S. Amin and Harry M. Kat (2000) stated on their report that A hedge fund is typically defined as a pooled investment vehicle that is privately organized, administrated by professional investment managers, and not widely available to the public? It charges both a performance fee and a management fee. It allows a flexible investment for a small number of large investors (usually the minimum investment is $1 million) can use high risk techniques. Nowadays it is very clear that in the matter of alternative investment mutual fund is not performing well. As a high absolute returns and typically have features such as hurdle rates and incentive fees with high watermark provision hedge fund gives a better align to the interests of managers and investors. Moreover mutual funds typically use a long-only buy-and-hold type strategy on standard asset classes, which help to capture risk premia asso ciate with equity risk, interest rate risk, default risk etc. However, they are not very helpful in capturing risk premia associate with dynamic trading strategies. That is why hedge fund comes into the picture. This is the year of 2009, which takes the greatest history of the world in the following century. In the year of 2008 the world saw the greatest fall down of the world economy. Lots of people missing their jobs, lots of company were stopped. The world economy faced the highest losses in the history. These all factors are showing only one way to makeover from that greatest downfall that is hedging. 3The last couple of decades have witnessed a rapidly growing in the hedge funds. Relative to traditional investment portfolios hedge funds exhibit some unique characteristics; they are flexible with respect to the types of securities they hold and the type of the position they take. 1 Agarwal, V. and Naik, N. (2000). Multi-period performance persistence analysis of hedge fund s?. The journal of financial and quantitative analysis. Vol. 35, No,3. PP-327. 2 Agarwal, V. and Naik, N. (2004). Risks and portfolio decisions involving hedge funds?. The review of financial studies, Vol. 17, No.1. PP-64. 3 Journal of banking and finance 32(2008) 741-753- Hedge Fund Pricing and Model Uncertainty? by Spyridan D. Vrontos, Ioannis D. Vrontos, Daniel Giomouridies. 4The number of FOHFs increase by 40% between 2001 and 2003, and now comprised almost two third of the $650 billion invested in the USAs hedge fund market. Due to its nature it is difficult to estimate the current size of hedge fund industry. 5Van Hedge Fund Advisors estimates that by the end of 1998 there were 5380 hedge fund managing $311 in capital, with between $800 billion and $1 trillion in total assets, which indicates the higher number of recent new entries. So far, hedge fund is based on American phenomena. About 90% hedge fund managers are based in the US, 9% in Europe and 1% in Asia and elsewhere. Now a days around 5883 hedge funds are trading around the world. (*Barclay Hedge database) 4 Financial times, 29th October, 2003. www.vanhedge.com http://www.barclayhedge.com/products/hedge-fund-directory.html 1.1 Categories of Hedge fund investment objectives: Event Driven: Distressed securities- manager focuses on securities of companies in reorganization and bankruptcy, ranging from senior secured debt to the common stock of the company. Risk arbitrage- manager simultaneously buys stock in a company being acquired and sells stock in its acquirers. Global: International- manager pays attention to economic change around the world (except the United States) but more bottom-up oriented in that managers tend to be stock-pickers in markets they like. Uses index derivatives to a much lesser extent than macro managers. Emerging- Manager invests in less mature financial markets of the world, e.g. Hong Kong, Singapore, Pakistan, India. Because shorting is not permitted in many emerging markets, managers must go to cash or other markets when valuations make being long unattractive. Regional- Manager focuses on specific regions of the world, example- Latin America, Asia, and Europe. Global macro: Opportunistic trading manager that profits from changes in global economies typically based in major interest rate shifts. Uses leverage and derivatives. Market neutral: Long/short stocks- half long/half short. Manager attempts to lock-out or neutralize market risk. Convertible arbitrage- Manager goes long convertible securities and shorts the underlying equities. Stock index arbitrage- Manager buys a basket of stocks and sells short stock index futures, or the reverse. Fixed income arbitrage- Manager buys T-bonds and sells short index futures or the reverse. Short sales: Manager takes a position that stock prices will go down. Used as a hedge for long only portfolios and by those who feel market is approaching a bearish trend. U.S Opportunistic: Value â€Å" Manager focuses on assets, cash flow, book value, out-of-favor stocks. Growth â€Å" Manager invests in growth stocks, revenues, earnings, and growth potential are keys. Short term â€Å" Manager holds positions for a short time frame. Fund of fund: Capital is allocated among a number of hedge funds, providing investors with access to managers they might not be able to discover or evaluate in their own. Usually has a lower minimum than a hedge fund. Source: Carl Ackermann, Richard McEnally, and David Ravenscraft, The performance of hedge funds: Risk, Return and Incentives,? Journal of finance 54, no.3 (June 1999) figure 1, page-843. Reproduced from a hedge fund database firm named Managed Account Report (MAR) Inc, and distributed through LaPorte Asset Allocation System. 2. Literature review: Despite the increasing interest and recent development, few studies have been carried out on hedge funds comparing to other investment tools like mutual funds. An analysis of Hedge Fund performance 1984-2000? by Capocci Daniel using one of the greatest hedge fund database ever used on his working paper (2796 individual funds including 801 dissolved), to investigate hedge funds performance using various asset-pricing models, including an extension from of Carharts (1997) model combined with Fama and French (1998), Agarwal and Naik (2000) models that take into account the fact that some hedge funds invest in emerging market bond. At the end they found that their model does a better job describing hedge funds behaviour. That appears particularly good for the Event Driven, Global Macro, US Opportunistic, Equity non-Hedge and Sector funds. Since the early 1990s, when around 2000 hedge funds were managing assets totalling capital of $60 billion, the subsequent growth in the number and asset base of hedge funds has never really been refuted. The industry only suffered from a relative slowdown in 1998, but since then has enjoyed a renewed vitality with an estimated total of 10,000funds managing more than a trillion US dollars by the end of 2006. The growing trend of the sector remained remarkably sustained during the stock market collapse that started in March 2000, when the NASDAQ composite Index reached an all-time high of 5,132 and finished three years later with a floor level of 1,253. In the meantime, the global met asset value (NAV) of hedge funds continued to grow at a steady rate of 10.6% (Van Hedge Funds Advisors International, 2002), contrasting with a decrease of 2.7% in the worldwide mutual fund industry ( Investment Company Institute, 2003). In 2001, Capocci and Hubner(2004) estimated that there were 6,000 he dge fund managing around $400 billion. In 2007, Capocci, Duquenne and Hubner (2007) estimated that there were 10,000 hedge funds managing around $1 trillion. This is a growth of 11% in the number of funds and 26% in assets over six years (6PhD thesis paper by Daniel P.J. Capocci). Other studies from practitioners Hennessee (1994), and Oberuc (1994) also showed an evidence of superior performance in the case of hedge funds. Ackernann and Al. (1999) and Liang (1999) who compared the performance of hedge funds to mutual funds and several indices, found that hedge funds constantly obtained better performance than mutual funds. Their performance was not better than the performance of the market indices considered. They also indicated that the returns in hedge funds were more unstable than both the returns of mutual funds and those of market indices. According to Brown and Al. (1997) hedge funds showing good performance in the first part of the year reduce the volatility of their portfolio in the second half of the year (Capocci Daniel- An analysis of hedge fund performance 1984-2000). Taking all these results into account hedge funds seems a good investment tool. 6 PhD thesis paper by Daniel P.J. Capocci. Electronic copy available at: http//ssrn.com/abstract=1008319. 3. Research design and Methodology: In this section I would like to describe the empirical methodology to be used to measure the performance of hedge fund as well as the performance of FTSE 100 and SP 500. My aim is to identify which will give the better return for an investor. To investigate hedge funds performance and performance of FTSE 100 and SP 500 my study will follow some models like 4-factor model from of Carharts (1997) model, the 3-factor model from Fama and French (1993) models, the Sharpe ratio (1966) and Jensens alpha (1968) and CAPM. I divide my research into three sections. First section will analyse the performance of hedge funds, FTSE 100 and SP 500. This section sets out the models of performance measurement I will use. Second section will made correlation between Hedge fund vs. FTSE 100 and Hedge fund vs. SP 500 to find out the better portfolio. Third section will exposes a discussion as well as a description of my database and finally concludes the paper. 3.1. Performance measure models: The 4-factor model from Carhart (1997) Carharts (1997) 4-factor model is an extension of the Fama and French (1993) factor model. It not only takes into account the size of the firms, the book to market ratio, but there is an additional factor for the momentum effect. Grinblatt, Titman and Wermers (1995) define this effect as buying stocks that were past winners and selling past losers. This model is estimated with the following regressions: Rpt-Rft=ÃŽÂ ±p+ÃŽÂ ²pi (Rmt â€Å"Rft) + ÃŽÂ ²p2 SMBt +ÃŽÂ ²p3 HMLt + ÃŽÂ ²p4 PR1YRt + ept t= 1,2,,T Where SMBt= the factor mimicking portfolios for size; HMLt= the factor mimicking portfolio for book to market equity; PR1YRt= the factor mimicking portfolio for the momentum effect7 7 for a description of the construction of PR1YR see Carhart (1997). As stressed by Daniel et al. (1997), this model, which is effectively a four factor Jensen measure, assumes that betas with respect to the returns of four zero investment factor mimicking portfolios, are appropriate measures of multidimensional systematic risk. According to this model, in the absence of stock selection or timing abilities, the expected return for a fund is the sum of the risk free return and the products of the betas with the factor risk premium, which are simply the expected returns of each of these zero investment portfolios. The Carhart (1997) approach identifies a matching passive portfolio return for each fund return. This passive return, which is subtracted from the fund return to generate ÃŽÂ ±p, is a weighted average of the returns of the Carhart factor portfolios and the return of a one month T-bill (Capocci Daniel 2001, Journal- European Private Bankers, Nov, 2001). The 3-factor model from Fama and French (1993): Fama and French (1993) 3 factor model is estimated from an expected form of the CAPM regression. It takes the size and the book to market ratio of the firm into account. It uses the time series approach from Black, Jensen, and Scholles (1972) in the sense that the monthly returns on stocks are regressed on the returns to a market portfolio of stocks and mimicking portfolios for size and book to market. It is estimated from the following extension of the CAPM regression: Rpt-Rft=ÃŽÂ ±p+ÃŽÂ ²pi (Rmt â€Å"Rft) + ÃŽÂ ²p2 SMBt +ÃŽÂ ²p3 HMLt + ept t= 1,2,,T Where, SMBt= the factor mimicking portfolios for size, and HMLt= the factor mimicking portfolio for book to market equity. SMLt which comes from small minus big meant to mimic the risk factor in returns related to size, and HMLt which comes from high minus low meant to mimic the risk factor in returns related to book to market equity8. HML (respectively SMB) is neutral relative to the size effect (respectively to the book to market). This means that these factors do a good job isolating the firm-specific components of returns (Fama and French 1993, 1995, 1996 and 2000). 8 See Fama and French (1993) for a precise description of the construction of SMBt and HMLt. The Sharp Ratio (1966): The Sharp ratios (1966) calculate the ratio of the average excess return and the return standard deviation of the fund that is being evaluated. As such it measures the excess return per unit of risk. Assuming all asset returns to be normally distributed, the CAPM tells us that in equilibrium the highest attainable Sharpe ratio is that of the market index. In more general terms, the market indexs sharp ratio represents the set of return distributions that is obtained when statically combining the market index with cash. With the market index being highly diversified, these distributions offer the highest achievable expected return for every possible standard deviation (Gaurav S. Amin and Harry M.Kat (2002), Hedge fund performance 1990-2000). Jensens Alpha (1968): Jensens alpha was introduced in Jensen (1968) and equals the intercept of the regression: (Rh-Rf)= ÃŽÂ ± + ÃŽÂ ² (Ri- Rf) + eh, Where Rh is the fund return, Rf is the risk free rate and Ri is the total return on the market index. Like the Sharpe ratio, Jensens alpha is rooted in the CAPM. According to the CAPM, in equilibrium all (portfolios of) assets with the same beta will offer the same expected return, any positive deviation therefore indicates superior performance (Gaurav S. Amin and Harry M.Kat (2002), Hedge fund performance 1990-2000). Capital Asset Pricing Model: The first performance model that will be used is a capital asset pricing based single index model (CAPM). This model developed by Sharpe (1964) and Linter (1965) is the oldest performance evaluation model. Its formula is the following: Rpt â€Å" Rft = ÃŽÂ ±p + ÃŽÂ ²p (Rmt-Rft) + ept t= 1,2,, T Where, Rpt= return of fund p in month t, Rft= risk free return on month t, Rmt= return of the market portfolio on month t, ept= the error term, ÃŽÂ ±p and ÃŽÂ ²p= the intercept and the slope of the regression estimated. The intercept of this equation, ÃŽÂ ±p commonly called Jensens alpha (1968) is usually interpreted as a measure of out or under performance relative to the market proxy used. There are several extension of this model have been developed like- the Breeden (1979) intertemporal CAPM or the Ferson and Schadt (1996) CAPM that allows time variation in the expected returns and the risk (Capocci Daniel 2001, An analysis of hedge fund performance 1984- 2000). 4. Data Preparation: For data preparation my first step will be to collect the monthly data of the hedge fund index, FTSE 100 and SP 500. For my data collection I will use some sources like- Credit Suisse/ Tremont Hedge Fund Index (CSTHFI hereafter) which is an appropriate representative of the entire hedge fund industry, there are three biggest database of hedge fund in the world these are Managed Account Reports (MAR), Hedge Fund Research, Inc (HFR) and TASS Management (TASS). These databases were the most used in academic and commercial hedge fund studies. For the FTSE 100 and SP 500 I will use yahoo finance. 4.1. Bias in Hedge fund data: According to Ackermann et al. (1999) and to Fung and Hsieh (2000), two upward biases exist in the case of hedge funds. They do not exist in the case of mutual funds, and they both have an opposite impact to the survivorship bias. Survivorship bias is an important issue in mutual funds performance studies (see Carhart and al. 2000). This bias is present when a database contains only funds that have data for the whole period studies. In this case, there is a risk of overestimating the mean performance because the funds that would have ceased to exist because of their bad performance would not be taken into account. The two upward biases exist because, since hedge funds are not allowed to advertise, they consider inclusion in a database primarily as a marketing tool. The first phenomenon stressed by Ackermann and al. (1999) and called the self-selection bias is present because funds that realize good performance have less incentive to report their performance to data providers in order to attract new investors. The second point called instant history bias or backfilled bias (Fung and Hsieh 2000) occurs because after inclusion a funds performance history is backfilled. This may cause an upward bias because funds with less satisfactory performance history are less likely to apply for inclusion than funds with good performance history (Capocci Daniel 2001, An analysis of hedge fund performance 1984- 2000). To avoid these biases I will try to take all funds both living and dissolved into account. Once I have collected all the data that I need I will use SPSS to test the correlation between my two benchmarks FTSE 100 and SP 500. 5. Contingency Plan: To make my research effective I made a well constructed plan. I have drafted a project plan (Appendix A) with scheduled dates for when I intend to complete sections for submission. After completing my final exam I will jump in to this field. Advises from previous students who completed their dissertation, I made my project plan flexible to keep some things in mind like supervisors holiday and any unforeseen events such as my illness. I will try to keep a good communication with my supervisor for checking that I am in right track. I plan to make some formal meetings with my supervisor to discuss my progress and I will try to inform him about the state of my work. It is hard to spending too much time over one task and going off track, I hope I will manage this if there is no rush at the very last minute. Another worry is the collecting and analysing the data, that is why I plan to collect the data early June once I have finished my research design. If I face any kind of difficulties I will inform him and make a cut-off point where I should stop searching the board data and start my own primary data. As I do all SPSS classes and briefly touched about this, I think it will be easy to analyze the data but I need to increase a bit of use of control on it by practicing more. So I will set aside time for collecting data and practice more SPSS for regression analysis. I hope if all these go well, I will make my dissertation very effectively. Analysis Of Hedge Fund Performances Analysis Of Hedge Fund Performances 1. INTRODUTION: Hedge funds are actively managed portfolios that hold positions in publicly traded securities. Gaurav S. Amin and Harry M. Kat (2000) stated on their report that A hedge fund is typically defined as a pooled investment vehicle that is privately organized, administrated by professional investment managers, and not widely available to the public? It charges both a performance fee and a management fee. It allows a flexible investment for a small number of large investors (usually the minimum investment is $1 million) can use high risk techniques. Nowadays it is very clear that in the matter of alternative investment mutual fund is not performing well. As a high absolute returns and typically have features such as hurdle rates and incentive fees with high watermark provision hedge fund gives a better align to the interests of managers and investors. Moreover mutual funds typically use a long-only buy-and-hold type strategy on standard asset classes, which help to capture risk premia asso ciate with equity risk, interest rate risk, default risk etc. However, they are not very helpful in capturing risk premia associate with dynamic trading strategies. That is why hedge fund comes into the picture. This is the year of 2009, which takes the greatest history of the world in the following century. In the year of 2008 the world saw the greatest fall down of the world economy. Lots of people missing their jobs, lots of company were stopped. The world economy faced the highest losses in the history. These all factors are showing only one way to makeover from that greatest downfall that is hedging. 3The last couple of decades have witnessed a rapidly growing in the hedge funds. Relative to traditional investment portfolios hedge funds exhibit some unique characteristics; they are flexible with respect to the types of securities they hold and the type of the position they take. 1 Agarwal, V. and Naik, N. (2000). Multi-period performance persistence analysis of hedge fund s?. The journal of financial and quantitative analysis. Vol. 35, No,3. PP-327. 2 Agarwal, V. and Naik, N. (2004). Risks and portfolio decisions involving hedge funds?. The review of financial studies, Vol. 17, No.1. PP-64. 3 Journal of banking and finance 32(2008) 741-753- Hedge Fund Pricing and Model Uncertainty? by Spyridan D. Vrontos, Ioannis D. Vrontos, Daniel Giomouridies. 4The number of FOHFs increase by 40% between 2001 and 2003, and now comprised almost two third of the $650 billion invested in the USAs hedge fund market. Due to its nature it is difficult to estimate the current size of hedge fund industry. 5Van Hedge Fund Advisors estimates that by the end of 1998 there were 5380 hedge fund managing $311 in capital, with between $800 billion and $1 trillion in total assets, which indicates the higher number of recent new entries. So far, hedge fund is based on American phenomena. About 90% hedge fund managers are based in the US, 9% in Europe and 1% in Asia and elsewhere. Now a days around 5883 hedge funds are trading around the world. (*Barclay Hedge database) 4 Financial times, 29th October, 2003. www.vanhedge.com http://www.barclayhedge.com/products/hedge-fund-directory.html 1.1 Categories of Hedge fund investment objectives: Event Driven: Distressed securities- manager focuses on securities of companies in reorganization and bankruptcy, ranging from senior secured debt to the common stock of the company. Risk arbitrage- manager simultaneously buys stock in a company being acquired and sells stock in its acquirers. Global: International- manager pays attention to economic change around the world (except the United States) but more bottom-up oriented in that managers tend to be stock-pickers in markets they like. Uses index derivatives to a much lesser extent than macro managers. Emerging- Manager invests in less mature financial markets of the world, e.g. Hong Kong, Singapore, Pakistan, India. Because shorting is not permitted in many emerging markets, managers must go to cash or other markets when valuations make being long unattractive. Regional- Manager focuses on specific regions of the world, example- Latin America, Asia, and Europe. Global macro: Opportunistic trading manager that profits from changes in global economies typically based in major interest rate shifts. Uses leverage and derivatives. Market neutral: Long/short stocks- half long/half short. Manager attempts to lock-out or neutralize market risk. Convertible arbitrage- Manager goes long convertible securities and shorts the underlying equities. Stock index arbitrage- Manager buys a basket of stocks and sells short stock index futures, or the reverse. Fixed income arbitrage- Manager buys T-bonds and sells short index futures or the reverse. Short sales: Manager takes a position that stock prices will go down. Used as a hedge for long only portfolios and by those who feel market is approaching a bearish trend. U.S Opportunistic: Value â€Å" Manager focuses on assets, cash flow, book value, out-of-favor stocks. Growth â€Å" Manager invests in growth stocks, revenues, earnings, and growth potential are keys. Short term â€Å" Manager holds positions for a short time frame. Fund of fund: Capital is allocated among a number of hedge funds, providing investors with access to managers they might not be able to discover or evaluate in their own. Usually has a lower minimum than a hedge fund. Source: Carl Ackermann, Richard McEnally, and David Ravenscraft, The performance of hedge funds: Risk, Return and Incentives,? Journal of finance 54, no.3 (June 1999) figure 1, page-843. Reproduced from a hedge fund database firm named Managed Account Report (MAR) Inc, and distributed through LaPorte Asset Allocation System. 2. Literature review: Despite the increasing interest and recent development, few studies have been carried out on hedge funds comparing to other investment tools like mutual funds. An analysis of Hedge Fund performance 1984-2000? by Capocci Daniel using one of the greatest hedge fund database ever used on his working paper (2796 individual funds including 801 dissolved), to investigate hedge funds performance using various asset-pricing models, including an extension from of Carharts (1997) model combined with Fama and French (1998), Agarwal and Naik (2000) models that take into account the fact that some hedge funds invest in emerging market bond. At the end they found that their model does a better job describing hedge funds behaviour. That appears particularly good for the Event Driven, Global Macro, US Opportunistic, Equity non-Hedge and Sector funds. Since the early 1990s, when around 2000 hedge funds were managing assets totalling capital of $60 billion, the subsequent growth in the number and asset base of hedge funds has never really been refuted. The industry only suffered from a relative slowdown in 1998, but since then has enjoyed a renewed vitality with an estimated total of 10,000funds managing more than a trillion US dollars by the end of 2006. The growing trend of the sector remained remarkably sustained during the stock market collapse that started in March 2000, when the NASDAQ composite Index reached an all-time high of 5,132 and finished three years later with a floor level of 1,253. In the meantime, the global met asset value (NAV) of hedge funds continued to grow at a steady rate of 10.6% (Van Hedge Funds Advisors International, 2002), contrasting with a decrease of 2.7% in the worldwide mutual fund industry ( Investment Company Institute, 2003). In 2001, Capocci and Hubner(2004) estimated that there were 6,000 he dge fund managing around $400 billion. In 2007, Capocci, Duquenne and Hubner (2007) estimated that there were 10,000 hedge funds managing around $1 trillion. This is a growth of 11% in the number of funds and 26% in assets over six years (6PhD thesis paper by Daniel P.J. Capocci). Other studies from practitioners Hennessee (1994), and Oberuc (1994) also showed an evidence of superior performance in the case of hedge funds. Ackernann and Al. (1999) and Liang (1999) who compared the performance of hedge funds to mutual funds and several indices, found that hedge funds constantly obtained better performance than mutual funds. Their performance was not better than the performance of the market indices considered. They also indicated that the returns in hedge funds were more unstable than both the returns of mutual funds and those of market indices. According to Brown and Al. (1997) hedge funds showing good performance in the first part of the year reduce the volatility of their portfolio in the second half of the year (Capocci Daniel- An analysis of hedge fund performance 1984-2000). Taking all these results into account hedge funds seems a good investment tool. 6 PhD thesis paper by Daniel P.J. Capocci. Electronic copy available at: http//ssrn.com/abstract=1008319. 3. Research design and Methodology: In this section I would like to describe the empirical methodology to be used to measure the performance of hedge fund as well as the performance of FTSE 100 and SP 500. My aim is to identify which will give the better return for an investor. To investigate hedge funds performance and performance of FTSE 100 and SP 500 my study will follow some models like 4-factor model from of Carharts (1997) model, the 3-factor model from Fama and French (1993) models, the Sharpe ratio (1966) and Jensens alpha (1968) and CAPM. I divide my research into three sections. First section will analyse the performance of hedge funds, FTSE 100 and SP 500. This section sets out the models of performance measurement I will use. Second section will made correlation between Hedge fund vs. FTSE 100 and Hedge fund vs. SP 500 to find out the better portfolio. Third section will exposes a discussion as well as a description of my database and finally concludes the paper. 3.1. Performance measure models: The 4-factor model from Carhart (1997) Carharts (1997) 4-factor model is an extension of the Fama and French (1993) factor model. It not only takes into account the size of the firms, the book to market ratio, but there is an additional factor for the momentum effect. Grinblatt, Titman and Wermers (1995) define this effect as buying stocks that were past winners and selling past losers. This model is estimated with the following regressions: Rpt-Rft=ÃŽÂ ±p+ÃŽÂ ²pi (Rmt â€Å"Rft) + ÃŽÂ ²p2 SMBt +ÃŽÂ ²p3 HMLt + ÃŽÂ ²p4 PR1YRt + ept t= 1,2,,T Where SMBt= the factor mimicking portfolios for size; HMLt= the factor mimicking portfolio for book to market equity; PR1YRt= the factor mimicking portfolio for the momentum effect7 7 for a description of the construction of PR1YR see Carhart (1997). As stressed by Daniel et al. (1997), this model, which is effectively a four factor Jensen measure, assumes that betas with respect to the returns of four zero investment factor mimicking portfolios, are appropriate measures of multidimensional systematic risk. According to this model, in the absence of stock selection or timing abilities, the expected return for a fund is the sum of the risk free return and the products of the betas with the factor risk premium, which are simply the expected returns of each of these zero investment portfolios. The Carhart (1997) approach identifies a matching passive portfolio return for each fund return. This passive return, which is subtracted from the fund return to generate ÃŽÂ ±p, is a weighted average of the returns of the Carhart factor portfolios and the return of a one month T-bill (Capocci Daniel 2001, Journal- European Private Bankers, Nov, 2001). The 3-factor model from Fama and French (1993): Fama and French (1993) 3 factor model is estimated from an expected form of the CAPM regression. It takes the size and the book to market ratio of the firm into account. It uses the time series approach from Black, Jensen, and Scholles (1972) in the sense that the monthly returns on stocks are regressed on the returns to a market portfolio of stocks and mimicking portfolios for size and book to market. It is estimated from the following extension of the CAPM regression: Rpt-Rft=ÃŽÂ ±p+ÃŽÂ ²pi (Rmt â€Å"Rft) + ÃŽÂ ²p2 SMBt +ÃŽÂ ²p3 HMLt + ept t= 1,2,,T Where, SMBt= the factor mimicking portfolios for size, and HMLt= the factor mimicking portfolio for book to market equity. SMLt which comes from small minus big meant to mimic the risk factor in returns related to size, and HMLt which comes from high minus low meant to mimic the risk factor in returns related to book to market equity8. HML (respectively SMB) is neutral relative to the size effect (respectively to the book to market). This means that these factors do a good job isolating the firm-specific components of returns (Fama and French 1993, 1995, 1996 and 2000). 8 See Fama and French (1993) for a precise description of the construction of SMBt and HMLt. The Sharp Ratio (1966): The Sharp ratios (1966) calculate the ratio of the average excess return and the return standard deviation of the fund that is being evaluated. As such it measures the excess return per unit of risk. Assuming all asset returns to be normally distributed, the CAPM tells us that in equilibrium the highest attainable Sharpe ratio is that of the market index. In more general terms, the market indexs sharp ratio represents the set of return distributions that is obtained when statically combining the market index with cash. With the market index being highly diversified, these distributions offer the highest achievable expected return for every possible standard deviation (Gaurav S. Amin and Harry M.Kat (2002), Hedge fund performance 1990-2000). Jensens Alpha (1968): Jensens alpha was introduced in Jensen (1968) and equals the intercept of the regression: (Rh-Rf)= ÃŽÂ ± + ÃŽÂ ² (Ri- Rf) + eh, Where Rh is the fund return, Rf is the risk free rate and Ri is the total return on the market index. Like the Sharpe ratio, Jensens alpha is rooted in the CAPM. According to the CAPM, in equilibrium all (portfolios of) assets with the same beta will offer the same expected return, any positive deviation therefore indicates superior performance (Gaurav S. Amin and Harry M.Kat (2002), Hedge fund performance 1990-2000). Capital Asset Pricing Model: The first performance model that will be used is a capital asset pricing based single index model (CAPM). This model developed by Sharpe (1964) and Linter (1965) is the oldest performance evaluation model. Its formula is the following: Rpt â€Å" Rft = ÃŽÂ ±p + ÃŽÂ ²p (Rmt-Rft) + ept t= 1,2,, T Where, Rpt= return of fund p in month t, Rft= risk free return on month t, Rmt= return of the market portfolio on month t, ept= the error term, ÃŽÂ ±p and ÃŽÂ ²p= the intercept and the slope of the regression estimated. The intercept of this equation, ÃŽÂ ±p commonly called Jensens alpha (1968) is usually interpreted as a measure of out or under performance relative to the market proxy used. There are several extension of this model have been developed like- the Breeden (1979) intertemporal CAPM or the Ferson and Schadt (1996) CAPM that allows time variation in the expected returns and the risk (Capocci Daniel 2001, An analysis of hedge fund performance 1984- 2000). 4. Data Preparation: For data preparation my first step will be to collect the monthly data of the hedge fund index, FTSE 100 and SP 500. For my data collection I will use some sources like- Credit Suisse/ Tremont Hedge Fund Index (CSTHFI hereafter) which is an appropriate representative of the entire hedge fund industry, there are three biggest database of hedge fund in the world these are Managed Account Reports (MAR), Hedge Fund Research, Inc (HFR) and TASS Management (TASS). These databases were the most used in academic and commercial hedge fund studies. For the FTSE 100 and SP 500 I will use yahoo finance. 4.1. Bias in Hedge fund data: According to Ackermann et al. (1999) and to Fung and Hsieh (2000), two upward biases exist in the case of hedge funds. They do not exist in the case of mutual funds, and they both have an opposite impact to the survivorship bias. Survivorship bias is an important issue in mutual funds performance studies (see Carhart and al. 2000). This bias is present when a database contains only funds that have data for the whole period studies. In this case, there is a risk of overestimating the mean performance because the funds that would have ceased to exist because of their bad performance would not be taken into account. The two upward biases exist because, since hedge funds are not allowed to advertise, they consider inclusion in a database primarily as a marketing tool. The first phenomenon stressed by Ackermann and al. (1999) and called the self-selection bias is present because funds that realize good performance have less incentive to report their performance to data providers in order to attract new investors. The second point called instant history bias or backfilled bias (Fung and Hsieh 2000) occurs because after inclusion a funds performance history is backfilled. This may cause an upward bias because funds with less satisfactory performance history are less likely to apply for inclusion than funds with good performance history (Capocci Daniel 2001, An analysis of hedge fund performance 1984- 2000). To avoid these biases I will try to take all funds both living and dissolved into account. Once I have collected all the data that I need I will use SPSS to test the correlation between my two benchmarks FTSE 100 and SP 500. 5. Contingency Plan: To make my research effective I made a well constructed plan. I have drafted a project plan (Appendix A) with scheduled dates for when I intend to complete sections for submission. After completing my final exam I will jump in to this field. Advises from previous students who completed their dissertation, I made my project plan flexible to keep some things in mind like supervisors holiday and any unforeseen events such as my illness. I will try to keep a good communication with my supervisor for checking that I am in right track. I plan to make some formal meetings with my supervisor to discuss my progress and I will try to inform him about the state of my work. It is hard to spending too much time over one task and going off track, I hope I will manage this if there is no rush at the very last minute. Another worry is the collecting and analysing the data, that is why I plan to collect the data early June once I have finished my research design. If I face any kind of difficulties I will inform him and make a cut-off point where I should stop searching the board data and start my own primary data. As I do all SPSS classes and briefly touched about this, I think it will be easy to analyze the data but I need to increase a bit of use of control on it by practicing more. So I will set aside time for collecting data and practice more SPSS for regression analysis. I hope if all these go well, I will make my dissertation very effectively.