Term paper on Capital market efficiency Essay Example | Topics and Well Written Essays - 6250 words

Term paper on Capital market efficiency - Essay Example In addition, reference is made to market ethics, at the level that ethics can secure, at least up to a level, market efficiency, being related to all three aspects of market efficiency, i.e. information, institutions and transactions. The literature developed in this field proves that existing research in regard to market risks and potentials focuses on the potentials of markets to become efficient but also on the ability of certain financial systems to promote market efficiency. This is the case of the Islamic finance system which is highly differentiated from the conventional finance system at the following point: in Islamic finance emphasis is given on the intervention of ethics in economic transactions. Because of this reason the reference to the Islamic finance system has been considered as quite necessary for evaluating the issues explored in this paper. It has been proved that it is not quite difficult for a market to be efficient, especially since efficient markets are not co nsidered as perfect markets. Still, it can be rather difficult for those managing financial products to promote ethics in all financial transactions. Indeed, certain aspects of each market are not aligned with the rules of market efficiency, as analyzed below. ... veloped in each market can be an indicative example of market efficiency, as described by theorists who have studied the particular subject (Palan 2007). It should be noted that market efficiency is also described as capital market efficiency (Kevin 2006). The two terms reflect almost the same phenomenon: the development of a high range of economic activities with no delays or other failures within an environment that it is highly influenced by ethics (Kevin 2006). The only difference between the above two terms is the following one: capital market efficiency refers to the potential of specific financial products to respond to the expectations of their investors while market efficiency refers to the expectations of all people living locally, i.e. within the territory in which the market involved is based, to take a return from their deposits or other investments (Palan 2007). The characteristics and the role of market efficiency have been highly explored in the literature. Different approaches have been used though for describing the particular concept (Mama 2010). In any case, it seems that the content of market efficiency is not standardized, depending on the market conditions and economic activities that the particular term has to reflect (Mama 2010). Reference can be made, in particular to the following forms of efficiency, as appeared in the modern market: a) transactional efficiency; this term is used in order to show the ‘costs and speed of reliably transferring funds between market participants’ (Mama 2010, p.10); b) from a different perspective, informational efficiency is a term used in order to show the efficiency in regard to information (Mama 2010, p.11), meaning not only the information gathered in regard to the performance of a particular market but

World civilization Essay Example | Topics and Well Written Essays - 1250 words

World civilization - Essay Example First and foremost, he goes fearlessly into battle to liberate the world and walks miles away to find answers that would benefit the people of his city. He believes in God for his strength especially in battles. He respects people he meets along his journeys. Gilgamesh has loyalty to people. For example, his friendship with Enkidu illustrates his loyalty to people who respected himself and his city (Danny 24). Is a strong to perfection.† He is also described as an awesome beast with unmatched strength. In addition, Gilgamesh leads his tribe into battle fearlessly. In fact, they defeat everybody they battle with. His people have all confidence in him to an extent of being aroused by small insults with a belief that, through his awesome leadership ability, they would definitely win the battle and that he would not let them down. He also portrayed his great strength by fighting the mighty beast Humbaba. In fact, even Urok’s gentle people feared Humbaba and even warned Gilgamesh to be careful when fighting with him. However, this did not deter him from battling with him although he was nervous about the battle as it is noted in Colum VI of Table II (Danny 19). Gilgamesh always returned home safely. Even after fighting with great enemies, Gilgamesh, always defeated them and returned home safely. Again, he portrays his fighting skills when he makes Ishtar mad at him and as a result, she directs Anu to release the might bull to fight Gilgamesh. However, Gilgamesh was again successful in the battle. When he manages to reach at the top of Mt. Mashu, the scorpion guard is astonished by his daring courage to go that far. Just to show how brave Gilgamesh was, the scorpion guard said that if Gilgamesh happened to fall from the top of the mountain, he would fall all day and night. However, the guard allowed him to pass through the gate. He then rowed the boat himself across the sea

Law Enforcement Challenges Research Paper Example | Topics and Well Written Essays - 250 words

Law Enforcement Challenges - Research Paper Example The country has three main broad categories of the law which include; civil law, criminal law and regulatory law. Therefore, there are no specific statutes that deal with the crimes that are perpetrated by cyber criminals. The government should collaborate with stakeholders in the information technology industry to come up with laws that will curb the harassment and obscenity involved in cyber stalking, bullying and exploitation. The law enforcement would be able to categorize the different cyber crimes (Brenner, 2010). Law enforcement agencies should also recruit individuals in the information technology sector to guide them in coming up with hackers and other cyber criminals out to exploit innocent people. States should have the ability to work with one another when a cyber crime is carried out across state lines. The law enforcement agencies in the different states should share the knowledge that they hold so that they put an end to the crimes that are committed by these criminals. Some of the most disturbing crimes that are carried out through the internet involve young innocent children by pedophiles (Reyes, 2007). States throughout the country should distribute any information that they might have concerning cyber crimes to ensure that no harm is done on innocent

How have you used reflection (during work experience at a preschool) Assignment

How have you used reflection (during work experience at a preschool) to enhance your own practice and how has this impacted upon your own learning and potential development - Assignment Example For example, when I joined the preschool for teaching, I have used reflective thinking in my relationship with the existing staff members of the school. The new environment of the school challenged me because I meet people from different backgrounds and having different personalities. The reflective analysis enabled me to determine which members of the staff were outgoing while some were reserved. Additionally, the reflection allowed me identify the status of one’s relationship with other staff members; that is if it is conflicting or healthy. Getting along well with other employees is a necessary idea. Therefore, reflection helped me improve my teamwork capabilities and developed positive interpersonal relationship that promotes harmonious existence at preschool (McCabe, 2006) Similarly, I used the reflective skills in examining the how effective I was in making the children enjoy their stay at the school, which I did by evaluating how the children behaved when I interacted with them. I reviewed the instances I have interacted with them; whether they were excited or bored during our meeting with them. Additionally, I considered on how they could look forward to our second meeting; whether they could enthusiastically wait for the meeting or just be disgusted at the thought of a possible meeting with them. Performance in a preschool teaching depends significantly on an individual’s ability to capture the attention of the kids and make them develop a liking towards the person interacting with them. Therefore, reflective thinking enabled me to improve my effectiveness in making the young learners develop a love for me as well as gain the knowledge at school. In other words, through reflection one learns the imperative factor that cements one’s s kills in the field of dealing with children. Nevertheless, I have employed the reflective thinking when evaluating my methods of imparting knowledge to the young children.

The causes and effects of smoking Research Paper - 1

The causes and effects of smoking - Research Paper Example In addition, it is seen that smoking kills more people than HIV, alcohol, road accidents, suicides, and other murders do. Furthermore, about 90% of lung cancer deaths are due to smoking (Smoking & Tobacco Use). However, when the question as to why do people smoke is raised, the answer comes from Hughes (1) that they smoke because they are addicted to nicotine. Another better clarified answer comes from Cockerham (4) that people continue smoking even though it provides an unpleasant sensation in the beginning because people learn how to smoke by having other persons interpret the experience for them and teach them how to enjoy the desirable sensation forgetting the undesirable. It seems that people learn smoking as a social activity, and it often originates in peer groups. It typically takes birth in adolescent groups who are highly likely to imitate adults to look mature. It is often used as a weapon to impress others. However, sooner or later, they start smoking even when they are alone, and develop their dependence on nicotine. In an interview with Gilchrist (How Best to Quit Smoking: Interview with Dr. Randy Gilchrist), he pointed out that people continue to smoke even when they know that their health is eroding because for the smokers, the smoking habit is connected with their many everyday activities and emotional states. Many of these activities act as the triggers to smoke, and in his words, for them, cigarette is something like a ‘reliable old friend that offers relaxation, comfort and focus’ (How best to quit smoking, Interview with Dr. Randy Gilchrist). According to Butler and Hope (362), there are seven reasons that can be pointed out at this juncture. The first one is that some people feel good using cigarette. It might be the feeling of social acceptance. According to some others it is the best way for relaxation. Yet another category is fond of the taste of cigarettes. Another vital revelation is that cigarette offers

Advertisement Essay- Disney Them Parks Essay Example for Free

Advertisement Essay- Disney Them Parks Essay The external environment of the theme park industry on the Gold Coast plays a significant role in determining if the industry is profitable. According to Hubbard, Rice and Beamish (2008), the external environment is the factors outside the organisation that influence strategy and is made up of two environments; the macro-environment and the industry environment. The macro-environment includes the general factors that affect growth of an industry, whereas an analysis of the industry environment determines the profitability of an industry. An analysis of the Gold Coast theme park industry environment will determine the industry’s profitability by analysing the strength of the following five forces; the threat of new entrants, bargaining power of suppliers, bargaining power of buyers, power of substitutes, and the intensity of industry rivals (Hubbard, Rice Beamish 2008; Porter 1980). Due to the strength of these forces being quite low, the analysis of theme park industry on the Gold Coast indicates a profitable industry. The threat of new entrants into the Gold Coast theme park industry is determined by the strength of the barriers to entry as well as the expected retaliation. Such a barrier to entry is product differentiation which means that ‘established firms have brand identification and customer loyalties, which stem from past advertising, customer service, product differences, or simply being the first into an industry’ (Porter 1980, 9). Therefore, for a new firm wanting to enter the Gold Coast theme park industry would need to invest in building a brand name as a way of trying to overcome existing customer loyalties to the other theme parks. This would require large capital requirements for up-front advertising which would be unrecoverable and along with the unknown brand name would indicate a significant barrier to entry (Hubbard, Rice Beaming 2008). The low threat of new entrants is also strengthened by the fact that all the theme parks on the Gold Coast are owned by two companies. Dreamworld and White Water World are owned by Macquarie Leisure Trust Group and Village Roadshow owns Warner Brothers Movie World, Wet ‘n’ Wild Water World, Sea World, Australian Outback Spectacular, and Paradise Country (Roller-Coaster 2008B, Online). This effectively means that any potential new entrant would be competing against two companies who have the established resources which would enable them to try and drive the new entrant out of the industry through increased advertising or by lowering their prices (Porter 1980). The strength of the possible retaliation as well as product differentiation and large capital requirements determine that the barriers to entry into the Gold Coast theme park industry are quite substantial and therefore the threat of new entrants is quite low. The bargaining power of suppliers could also have an impact on the profitability of the theme park industry on the Gold Coast (Hubbard, Rice Beamish 2008; Porter 1980). One factor that influences the power of suppliers is the supplier concentration relative to industry concentration (Hubbard, Rice Beamish 2008). In other words if there are a small number of suppliers then the suppliers are going to have the power. In terms of theme parks, the main input that needs to be supplied is the rides. These are the inputs that theme parks market their parks around and what attracts visitors to these parks. The bargaining power these roller-coaster suppliers hold over the theme park industry on the Gold Coast is quite weak due mainly to the large number of roller-coaster manufacturers that are located all around the world. If a theme park requires a roller-coaster to be designed for their park, the firm are able to choose between over 40 manufacturers to design their ride so as a result the power of the supplier is quite weak (Coaster Gallery 2008, Online). Furthermore the bargaining power of suppliers in the theme park industry is weak due to theme parks being roller-coaster manufacturers only industry in which they can sell their product. Therefore for the roller-coaster manufacturers, the theme park industry is an important customer and their fortunes are ‘closely tied to the industry and they will want to protect it through reasonable pricing and assistance’ (Porter 1980, 27). For the theme park industry on the Gold Coast this low level of power held by the roller-coaster suppliers means that any of the theme parks will be able to discuss their needs with a number of manufacturers due to the large number available to choose from and due to the suppliers reliance on the theme park industry to sell their products, prices will be reasonable which will also be helped by the fact that there is large competition between the suppliers due to their numbers. The profitability of the theme park industry on the Gold Coast can also be impacted by the bargaining power of buyers (Hubbard, Rice Beamish 2008; Porter 1980). One factor where the bargaining power of buyers is low is the industry concentration relative to buyer concentration. The theme park industry on the Gold Coast is quite large with seven theme parks located within the region; however these seven parks are owned by only two companies; Macquarie Leisure Trust Group and Village Roadshow (Roller-Coaster 2008B, Online). Therefore due to there only being two companies within the region, the amount of competition between the parks isn’t as fierce as it would be if each park had a different owner. For this reason the buyer doesn’t have as much power against each park based on price. This being said, the buyer still has the power to choose one company over another which provides the buyer some degree of power but not as much as would have been attributed to them with more than two companies. In the Gold Coast theme park industry, the decision makers’ incentives do give buyers a degree of power (Hubbard, Rice Beamish 2008; Porter 1980). Such incentives are prevalent in the industry and are aimed at enticing customers to each company’s respective theme parks. Village Warner offers â€Å"3 Park Super-passes† which provide customers unlimited entry into Movie World, Sea World and Wet ‘n’ Wild for 14 days at a discounted rate. Also Macquarie Leisure Trust Group offers a â€Å"World Pass† which provides customer’s access to both Dreamworld and White Water World at a discount rate. These incentives offered within the Gold Coast theme park industry gives buyers power to choose between the companies based on the perceived benefits of which they are offering. Therefore if one of these offers isn’t perceived to be as valuable as the other offer then the buyer has the power to choose one over the other which can have an impact on the company’s profitability either positively or negatively. The power of substitute experiences can also have an impact on the profitability of the Gold Coast theme park industry (Hubbard, Rice Beamish 2008; Porter 1980). The intensity of this power depends on a number of factors which includes the relative price/performance of the substitutes (Hubbard, Rice Beamish 2008; Porter 1980). This involves comparing the relative performance of the industry to the available substitutes as well as comparing the relative prices, both of which can impact on whether the industry in question or its substitutes better meet the needs of the potential consumer. In relation to the Gold Coast theme park industry, the performance aspect expected of their experience could be to have â€Å"fun†. Therefore, the possible substitutes of going to the beach, movies or shopping most likely wouldn’t meet the performance desired in comparison to going to a theme park. However, if the performance desired by potential customers was â€Å"thrill-seeking†, sky-diving may be a strong substitute. Along with performance, price also needs to be taken into consideration. Therefore, the substitutes of going to the beach or movies are quite cheap, which makes their price performance quite strong. However, skydiving in comparison to theme parks is quite expensive so its price performance is quite weak in comparison to attending a theme park. Overall the power of the substitutes is quite strong especially with their price performance and can therefore have an impact on the Gold Coast theme parks industry’s profitability. The level of ease in which buyers can switch from the industry product to substitutes can also impact on the Gold Coast theme park industry’s profitability (Hubbard, Rice Beamish 2008). This factor provides a lot of power to substitutes because customers within the theme park industry can easily switch to substitutes such as the beach, movies or skydiving because they can simply just experience those products rather than go to a theme park, there is nothing holding people back from doing so. Due to this fact and the favourable outcome for substitutes based upon performance and price, the power of substitutes is quite strong. The final force which impacts on an industry’s profitability according to Porter (1980) is the level of industry rivalry. Industry growth rate is a factor that impacts on the level of rivalry because if the ‘industry is growing fast, the amount of industry rivalry will be relatively low, because there will be room for most or all organisations to prosper’ (Hubbard, Rice Beaming 2008). The theme park industry on the Gold Coast is still experiencing growth mainly due to the overall Gold Coast tourism industry growing with domestic visitors increasing 6% to 3. 7 million in the year ending June 2007, and international visitors increasing 3. 5% to 858,000 in year ending June 2007 (Tourism Queensland 2007, Online). As a result Sea World, Movie World, and Wet ‘n ‘ Wild increased attendances 17%, 4. 3% and 22% respectively, while Dreamworld’s attendances decreased slightly by 2% (Roller-Coaster 2007A, Online). Due to there still being strong growth in the Gold Coast theme park industry the rivalry isn’t as intense as it would with little to no growth and will therefore have little impact on profitability. Industry profitability can also be impacted if organisations within an industry have undifferentiated products (Hubbard, Rice Beaming 2008; Porter 1980). By having undifferentiated products rivalry would be extreme due to organisations targeting the same markets, whereas if products were differentiated the organisations within the industry would target different market segments. The theme park industry on the Gold Coast has traditionally been quite differentiated with a water park, movie-themed park, thrill-ride park and a marine-life themed park. As a result the different theme parks were able to target differing market segments which meant the rivalry between the parks was evident but not that strong. Today however the rivalry between Macquarie Leisure Group Trust and Village Roadshow has intensified due to Macquarie Leisure opening a water park called White Water World which is in direct competition with Village Roadshow’s Wet ‘n’ Wild. This has lead to strong advertising campaigns and discount offers by both organisations in an attempt to gain market share. Due to the opening of the new water park which has created two undifferentiated products in the industry, the overall industry profitability could be impacted because both Macquarie Leisure and Village Roadshow are going to be competing fiercely to try and persuade potential customers to come to their respective water park which could have been avoided if they have differentiated products with different target markets. By analysing the Gold Coast theme park industry using Porter’s (1980) five forces it is evident that the industry is profitable due to an overall low level of power attributed by most forces. The low threat of new entrants is evident due to the barriers to entry of established product differentiation and the expected retaliation of Macquarie Leisure and Village Roadshow. Also the power of suppliers is low due the large number of competing roller-coaster manufacturers and their reliance on the theme park industry, furthermore the power of buyers is low due to two companies owning all the theme parks on the Gold Coast which reduces the level of competition between the parks and limits potential savings for buyers and helps the industry’s profitability. However, profitability in the industry can be impacted by the considerable strength of substitutes based upon price and the ease of which customers can switch to these substitutes. Furthermore, profitability will be further impacted by the increasing competition between the two water parks in the industry as they fight for market share. Despite the presence of these forces on industry profitability, there strength is quite weak and the Gold Coast theme park industry will remain profitable due to the other forces outweighing any negative impact on industry profitability. Reference List. Coaster Gallery 2008, ‘Roller Coaster Manufacturers’, Roller Coaster Information (online), Available: http://www. coastergallery. com/Manu. html [Accessed 13 April 2008]. Hubbard, G. , Rice, J. Beamish, P. 2008, Strategic Management: Thinking, Analysis and Action, 3rd edn, Prentice-Hall, Frenchs Forest. Porter, M. 1980, Competitive Strategy: Techniques for Analysing Industries and Competitors, The Free Press, New York. Roller-Coaster 2007A, ‘Attendance Up Across the Board’, Roller-Coaster Theme Park News (online), Available: http://www. roller-coaster. com. au/article.php? aid=143 [Accessed 14 April 2008]. Roller-Coaster 2007B, ‘Theme Park Performance Drives Village Profits’, Roller-Coaster Theme Park News (online), Available: http://www. roller-coaster. com. au/article. php? aid=142 [Accessed 14 April 2008]. Tourism Queensland 2007, ‘Business and Leisure Drives Gold Coast’s $2. 6 Billion Domestic Tourism Industry’, Tourism Queensland News (online), Available: http://www. tq. com. au/destinations/gold-coast/news/news_home. cfm? col2Includes=infopieces. dsp_story_fullobj_uuid=0195C856-CDFC-D308-72CF-6DC3FA3B4C62 [Accessed 13 April 2008].

Media Reaction Essay Example for Free

Media Reaction Essay Introduction The media reaction to immigration problem in the United States is as diverse as the cultures and people it impacts. While there does exist some common public and political views there is also factual information which could alter those positions. The media piece, discussed here, found on the website: Los Angeles Times Politics.. This paper will use the media format to address the questions on the media reaction toward immigration. What is the historical framework on this issue? On March 26, 2009, Sen. Richard Durbin introduced the Development, Relief, and Education for Alien Minors Acts of 2009, known as the DREAM Act. What is the political content of this issue? The DREAM Act is a bill that was reintroduced within the U. S. in 2011. According to Wikipedia (2013), â€Å"The DREAM Act is the latest issue in Immigration Reform. The DREAM Act is the Development Relief and Education for Alien Minor Act changed the lives of illegal immigrants. The DREAM Act extended price cuts for in-state college tuition and speeded up the citizenship process. † Conditional Permanent Residency allowed an individual to work, drive, and travel aboard for long periods, up to 365 days in total for six years. What message does the media piece attempt to portray? Per the article, the Republicans were against the DREAM Act wanting to deport the immigrants back to where they came from. What message does the media piece attempt to convey? Was the media coverage biased or unbiased? Was the issue sensationalized or portrayed objectively? How might the media coverage effect the public perception of the issue? Does encourage or discourage prejudice, discrimination or stereotyping? The article attempts to provide perspective which addressed both the concerns and different views of the DREAM Act immigration issue in the United State. The coverage present here was bias and portrayed objectively. Carol P. Harvey, â€Å"The exploration of the immigration policy and reform is a volatile and complicated issue socially, politically, and legally. â€Å"This media presentation reinforced that with it media representation of the â€Å"DREAM Act,† proposed by the Democratic Congress and opposed by their Republican counterpart. † â€Å"It further present arguments that Obama’s program, done by executive action, does not give such immigrants legal status but it at least protects them from deportation from two years. Amendment sponsor Steve King, is a strident opponent of relaxing U. S. immigration law. He said any changes to U. S. policy should be enacted by Congress, not orchestrated by the present. † (Mascaro, 2013). If you were a manager affected by this issue and its media coverage, what inclusion strategies from this week’s reading might you implement to moderate the media’s effect on your employees and to promote inclusion in the workplace? As a manager I would include all workers in the workplace. If the worker is undocumented or not, while in the work environment by law all workers are to be treated equally and fairly. The globalization of the work place, and the diversity it brings has all employees thinking of themselves as more than just an American, as such I cannot and should not take any action or allow any which maybe discriminatory or prejudicial in nature. I would uphold all the laws and policies of the company and until told otherwise, I would treat all employees on the presumption that I or the company did not â€Å"knowingly† higher an undocumented worker.