No topic just 4 questions Research Paper Example | Topics and Well Written Essays - 250 words

No theme only 4 inquiries - Research Paper Example The law based way to deal with harmony includes thinking about the privileges of the individuals. At the point when the rights such the privilege to life, development and discourse are constrained prompts languishing. Popular government gives equivalent opportunities to the warring networks to practice their privileges. When the rights are watched, they will quit battling. In serene settlement, it includes discourse and understanding over issues causing the disturbance between the warring ethnic gatherings. The technique for struggle settlement can be the most suitable on the grounds that there is no utilization of unnecessary power. The over the top power cause more mischief The liberal will utilize two techniques to settle the contention. They will utilize military and financial strategies. In the military perspectives they will compel the two ethnic gatherings to stop and give up their weapon. Inability to do as such, they will be constrained by the, military to give up strongly. The financial arrangements include extending the reliance between poor people and the rich for the poor to ceaselessly rely upon the rich. They will undermine the warring country with financial assent where they need to agree. Inability to consistence prompts all out withdrawal of the help. All in all, the two parts of contention settlement: pragmatist and liberal have the points of interest over the other. The liberal is more mighty than the pragmatist. It very well may be utilized in barely any cases when contrasted with the authenticity that is innocuous and watch human

Energy crises of Pakistan

The unabated spate of burden shedding all through Pakistan has made life hard to live in this sizzling summer. The ceaseless vitality emergency with power blackouts for over 15 hours on consistent schedule has additionally managed an extreme hit to the national economy. Resultantly, specialty units and industrial facilities are getting closed down and cutbacks of the laborers are accounted for to be running in several thousands with grave ramifications for previously prospering joblessness and destitution. As per a cautious gauge, the distinction among request and gracefully is over 5,000 megawatts, which is probably going to increment as the climate gets much more sizzling in the long periods of June and July. The beast of burden shedding originally brought its head up in 2007 and the national force scene has been getting uglier as time passes. There have been minor variances and corrections among request and flexibly because of climate and water factors yet the emergency all in all has stayed reliable in its lethality and offensiveness. The criticality of circumstance justified earnest strategy reaction at the most significant level however the equivalent was not imminent, on account of red-tapism and perpetual discomfort tormenting our dynamic procedures. The inquiries emerge out of sight of seriousness of the emergency: has Pakistan actually been denied of fortune of vitality? Do we have no elective framework to create power in the nation? Would we be able to build up vitality showcase, the greatest in the district through joint effort with neighboring India and different nations? These are the issues whose answers ought to be in the positive, which ought not be not exactly a happy tiding for the individuals hit hard by emergencies of various nature. Resort to discharge guarantees, a most loved side interest of the legislature, would not help. The time has come for the legislature made down to earth procedures to determine the vitality emergency on the war balance premise immediately. Topographically Pakistan is situated in a district where neighboring nation, India, is developing as a monetary mammoth. In spite of gigantic utilization of vitality to satisfy the developing needs of monetary turn of events, there is no heap shedding in India. Among different nations of the district, Bangladesh is the main nation whose neighborhood supplies of intensity are more than that of Pakistan. Financially, India is in front of Pakistan and Bangladesh yet as far as acting naturally adequate in power, even Bangladesh is a long ways in front of Pakistan. Islamabad remains at number three in the field of intensity age. Regardless of this force age potential, the nation experiences the most noticeably terrible episodes of intensity emergency kindness inside and outside elements. On the off chance that Pakistan, India, Sri Lanka, Bangladesh and different nations of the locale dispatch power age activities together, they can't just reinforce their strategic and financial ties yet additionally procure valuable outside trade by sending out the overflow power. These nations are home to tremendous common wellsprings of vitality. All nations of South Asia can dispatch a joint venture of intensity framework. Nepal and Bhutan are two nations favored with limit of gaseous petrol, which is utilized more than power. Then again, there are issues with respect to arranging of characteristic assets and establishment of electrical cables to guarantee stream of power in these nations of the area. Notwithstanding this, when we take a gander at the characteristic assets in these nations, it turns into sure that lone these nations framing the vitality alliance would remain to profit later on vitality situation. Nonetheless, they would need to find a way to pull in the consideration of global financial specialists. In the event that these nations prevail to define a joint methodology, it would assist them with conquering their vitality crunch, yet additionally set up an exchange alliance South Asia. A concise detail of a portion of the models is given here underneath to become independent in the force part: According to an investigation attempted in the nations of South Asia, it has become realized that in the event that they plan long haul approach of normal assets, they can spare power from 6% to 13%. South African nations had embraced this trial as a matter of first importance by which the nations of the area had the option to set aside to 100 billion dollars. On the off chance that the South Asian nations take a leaf from the book of their African partners, there is no motivation behind why they don't become independent in vitality assets. Usage of this model would likewise advance the intra-local exchange other than offering answer for the force emergency. Pakistan ought to be a solid defender of this model given its immense vitality shortage and request. A drawn out arrangement should be worked out traversing more than 10 to 12 years. The expansive shapes of arrangement would incorporate force understandings, long haul approach, and collaboration in the field of building, and so forth. The legislature of Pakistan has just defined a ten-year plan yet it isn't in a state of harmony with the ground real factors. There is a contrast among assets and arranging. By following up on this model named s South Asian Power Pool, Pakistan, India and other territorial nations can become examples of overcoming adversity in the protection and independence of characteristic assets. The significant advantages gathering from this model are the exit from present force emergency and upgrade of provincial exchange through striking of special exchange understandings. Import of hydropower from India, Bhutan and Nepal can give us a major push to proceed with this arrangement. Last yet not the least, the South Asian nations can ink a territorial understanding known as South Asian Regional Energy Trade (SARET) in view of progressive strides to improve vitality exchange the locale. Nonetheless, so as to back out the circumstance, critical estimates should be taken. This incorporates the equivalent dissemination of burden shedding all through Pakistan with no special case. The issues of non-installment to IPPs and round obligation should be sifted through as an issue of need to produce power as per full introduced limit. The matter of import of power from Iran ought to be managed on need premise other than working out serviceable methodology to chop down line misfortunes, which are the significant wellspring of wastage of power in the nation. To close, it very well may be said that vitality crunch is both provincial and worldwide issue and local endeavors should be made to conquer this shortfall. Time is long past when issues of earnest nature were continued pending because of political practicality. Pakistan, a nation hit hard by power emergency, needs to contact Iran, Turkey and other focal Asian nations for import of power on pressing premise to back things out. Time to act is presently.

Effects of Video Games to the Academic Performance free essay sample

Impacts of Video Games to the Academic Performance of Second year High School Students of Miraculous Medal School, School Year 2010-2011 The Problem and its Setting Introduction A computer game is an electronic game that includes cooperation with a UI to create visual criticism on a video gadget. Various stages can be utilized to play computer games, a model is PCs. Computer games regularly utilize different methods for giving collaboration and data to the players permitting them to feel like they’re truly in to the game permitting it to be increasingly addictive and fun. Computer games, as most other media, might be ordered into sorts dependent on numerous components, for example, technique for game play, kinds of objectives, craftsmanship style and the sky is the limit from there. Since classifications are reliant on content for definition, types have changed and advanced as more up to date styles of computer games have appeared. Regularly propelling innovation and creation esteems identified with computer game improvement have cultivated more life-like and complex games which have thus presented or upgraded classification prospects (e. g. virtual pets), pushed the limits of existing video gaming or now and again include additional opportunities in play, (for example, that seen with titles explicitly intended for gadgets like Sonys Eye Toy). A few sorts speak to mixes of others, for example, enormously multiplayer online pretending games, or, all the more usually, MMORPGs. It is additionally basic to see more significant level type terms that are aggregate in nature over every other kind, for example, with activity, music/musicality or ghastliness themed computer games. (Wikipedia) Previously, scholarly execution was frequently estimated more by ear than today. Instructors perceptions made up the main part of the evaluation, and todays summation, or numerical, strategy for deciding how well an understudy is performing is a genuinely late development. Evaluating frameworks appeared in America in the late Victorian time frame, and were at first censured because of high subjectivity. Various educators esteemed various parts of learning more profoundly than others, and albeit some normalization was endeavored so as to make the framework more pleasant, the issue proceeded. Today, changes have been made to fuse separation for singular understudies capacities, and investigation of substitute strategies for estimating execution is continuous. The following of scholastic execution satisfies various purposes. Territories of accomplishment and disappointment in an understudies scholarly profession should be assessed so as to encourage improvement and utilize the learning procedure. Results give a system to discussing how understudies charge in school, and a steady standard to which all understudies are held. Execution results additionally permit understudies to be positioned and arranged on a scale that is numerically self-evident, limiting grumblings by considering educators and schools responsible for the parts of every single evaluation. Lamentably, playing computer games may affect the scholastic execution of understudies if at any time they won't balance their time between playing computer games and having advance examinations for their exercises at school. This examination is directed to investigate the particular impacts of computer games to the scholarly exhibition of the second year secondary school. Articulation of the Purpose This investigation expects to introduce the impacts of playing computer games on the scholarly exhibition of the second year understudies of Miraculous Medal School. In particular, this examination tries to: 1. Distinguish the particular impacts of computer games to the scholarly presentation of the second year understudies. 2. Point out the favorable circumstances and detriments of computer games to the second year understudies. Criticalness of the Study Playing computer games relatively affects the understudies. As indicated by Robert Weis, a therapist from Denison University of Ohio, understudies who play computer games have lower execution in school than understudies who don’t play computer games. Further research by Angeles Llorca Diez from the Department of Didactics of Musical, Plastic, and Corporal Expression at the University of Granada, alongside educators Dolores Alvarez Rodriquez(University of Granada) and Angeles Diez Sanchez college of Salamanca) claims that computer games doesn’t have impacts on the scholastic execution of understudies. Indeed, their exploration asserts that computer games can have a constructive outcome on the scholastics of understudies, when utilized with some restraint. Different inquires about that have been directed are ordinarily centered around the social impacts of youngsters when playing computer games. These examinations additionally center around the negative impacts of playing computer games. There are additionally considers that state computer games can be very irresistible. The investigations of Robert Weis and Angeles Llorca Diez together with educators Dolores and Angeles says that when understudies center more around playing computer games, they can negatively affect their presentation in school yet on the off chance that there will be balance in playing it can likewise effectsly affect understudies. This examination is significant on the grounds that it can help in taking care of the issues of understudies in their scholarly exhibition. The low execution of understudies in school can without much of a stretch explained and likely changes can be found in the presentation of understudies in school. Likewise this will assist understudies with being propelled to reduce their time in playing computer games for them to have the option to have higher evaluations in school. Furthermore, this will be a major assistance to guardians and instructors the same, for they will have the option to plan procedures in dealing with understudies to stay away from so much computer game playing. Clarification on the Conceptual Framework Video games is one of the most celebrated and generally utilized by the young today.

The Sampling and Data Collection Procedures used in market research - Free Essay Example

This study is based on 60 monthly observations from April 2005 to March 2010 inclusive. The period was chosen to provide enough observations to obtain reliable parameter estimates. The totality of the data was obtained from Yahoo Finance, Bank of England, and Office for National Statistics. Despite that historical Stock data is available on daily, weekly and monthly basis; monthly data was obtained because historical data for some other independent variables like inflation and money supply were only available monthly. FTSE100 Index was selected amongst the London Stock Exchange (LSE) FTSE group as it represents the share index of the 100 most highly capitalized UK companies and constitute about 80% of the market capitalisation of the entire LSE thus it is likely to lead to more robust estimates. For the selected macroeconomic variables, Interest rate data was obtained from Bank of Englands Monetary Policy Statistics, and Money supply data were sourced from Bank of England Publications: Bankstats (Monetary Financial Statistics). UK representative of Inflation rate, Consumer Price Index (CPI) data were obtained from Office for National Statistics (ONS). CPI for all items based on monthly percentage change was used. Data for Inflation rate, Money supply and Interest rate are measured by rates of change rather than absolute values as this facilitates comparison with stock returns. 3.2 Measure of Variables 3.2.1 Stock Return (SR) Dependent Variable LSE FTSE 100 Index Monthly Close Stock data adjusted for dividends and splits were downloaded from Yahoo Finance. From the monthly adjusted close data, the monthly stock return was calculated as follows: SR = log (Qt/Qt-1) 1 Where Qt is adjusted close price of t time, and Qt-1 = adjusted close price of t-1 time. Stock return was used as dependent variable to determine how the three macroeconomic variables (Inflation rate, Interest rate and Money supply) affect it. 3.2.2 Money Supply Independent Variable There is an abundance of literature which treats deposit modeling from a macroeconomic point of view. By money supply we mean the total stock of monetary media of exchange available to a society for use in connection with the economic activity of the country Ahuja (2004). According to the standard concept of money supply, it is composed of two elements (1) currency with the public and (2) demand deposit with the public. Central banks introduced monetary aggregates to monitor the money supply in the economy and the different monetary aggregates are M0, M1, M2, M3, M4 and MZM as defined below: M0 The physical currency (coins and bank notes) and the accounts of Central Bank exchangeable into physical currency; M1 M0 plus the amount in the demand accounts (checking accounts, current accounts, etc) M2 M1 plus the amount in savings account, money market accounts and small certificate of deposit accounts (CDs under $100,000). M is called the quasi-money, i.e the deposits wi thout maturity that could without any risk and quasi instantly be converted in cash; M3 M2 plus large CDs, repurchase agreements and currency deposit (Eurodollars in the US). In some countries, M3 takes into account all the ultra liquid and risky investments easy to sell into the market: institutional money funds, short term investment funds, term deposits, etc. M4 M3 plus medium term treasury bonds. In UK, M4 is defined as M3 plus private sector holdings of building society shares and deposits and sterling certificates of deposits. MZM represents the Money Zero Maturity i.e all the deposits without any maturity. In the US, MZM is M less small-demonian. Money Supply is the amount of money in an economy at a given time. The simplest definition is the actual amount of bank notes and coins in circulation. There are various variations on the above listed types and the exact definition of money supply varies from country to country. In the UK, there are only two Money S upply measures: M0 and M4. The exact definitions are revised from time to time by the Bank of England. M0 represents notes and coins in circulation with the public plus UK private sectors non-interest bearing sterling sight deposits with banks in the UK; plus UK private sectors interest-bearing retail sterling deposits with banks in the UK and is referred to as the wide monetary base, or narrow money. M4 represents UK private sectors holdings of: Sterling notes and coins; plus Sterling deposits with banks in the UK; plus Building society shares, deposits, and sterling certificates of deposit and is referred to as broad money or simply the money supply. Seasonally adjusted and non-seasonally adjusted broad money supply M4 are published monthly by Bank of England in its Quarterly Bulletin (BEQB). Thus the seasonally adjusted broad money aggregate M4 is a measure of the quantity of UK money supply and will be used in this study as one of the independent variables. Monthly seas onally adjusted growth rate data (percentage) were obtained from Bank of England, Bankstats (Monetary Financial Statistics) Tables Growth rates of M4 monthly seasonally adjusted data (Table A2.1.1). 3.2.3 Interest Rate Independent Variable Mankiw (2000) defines interest rate as, the market price at which resources are transferred between the present and the future. He further adds that interest rate is the return of saving and the cost of borrowing. A rise in interest rate could influence investors decision to switch from the stock market to the money market. Reduced interest rates also encourage demand for cash mainly for speculative purposes. Thus, the lower the yield on bonds and debt instruments, the higher the stock returns and the higher the yield on bonds and debt instruments, the lower the stock returns. The interest rate used in this study is the official bank rate that Bank of England charges banks for secured overnight lending as most bank lending rates are tied to the official bank rate. Data were obtained from Bank of England, Statistical Interactive Database Official Bank Rate history. In the UK, changes to the official bank rate are based on recommendations made by the Monetary Policy Committ ee and subsequently enacted by the Governor, Bank of England. Changes in interest rates are thereafter announced after a decision has been made following the Thursday meeting of the Monetary Policy Committee. Such change becomes effective after the announcement thus, there were instances where interest rates are changed within the month. To harmonize the monthly data for interest rates, data were adjusted where there is a change within a month by calculating the number of days based on the old rate and number of days based on the new rate. Results for the two rates are thereafter added to arrive at the interest rate for the month and used as an independent variable in this study. 3.2.4 Inflation Rate Independent Variable Inflation is a rise in the general level of prices of goods and services in an economy over a period of time. Inflation rate is the measure of price inflation. Inflation rate affects investors attitude and decisions on where to invest funds. Where inflation rate is high, real income would decline; investors will sell their assets which includes stocks and shares to improve their purchasing power as each currency buys fewer goods and services. However, where inflation rate is low, real income increases and investors will buy assets with their strong purchasing power. High inflation rate and hyperinflation can be caused by excessive growth of the money supply. High inflation rates negatively affect stock returns while low inflation rate boost stock returns. Inflation rate data was obtained from Office for National Statistics, Consumer Price Index monthly percentage change data. 3.3 Models Models used in this study are: The Unit root test Granger Causality test Multiple Regression analysis test. 3.3.1 Unit Root Test It is important to check whether a time series variable is stationary or non-stationary for the following reasons: To avoid spurious regressions. Where two variables are trending over time, a regression of one on the other could lead to a high R2 even when the two are totally unrelated. To avoid misleading results as the stationarity or non-stationarity of a series could influence its behavoiur and properties strongly. Also, where variables in the regression model are not stationary, standard analysis assumptions will not hold, thus the hypothesis test of the regression parameters would be invalid. As different unit root test can be employed, the Augmented Dickey-Fuller test was employed in this study. The objective of the test is to test the hypothesis H0: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´ = 0 (Unit Root) H1: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   0 Where ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´ = p 1 The Dickey-Fuller unit root test was based on the following regression forms: ÃÆ'  ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Yt = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´Yt-1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼t ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ Yt is a random walk (without constant and trend) ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Yt = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´Yt-1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼t ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ Yt is a random walk with drift (with constant) ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Yt = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²T + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´Yt-1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼t ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ Yt is a random walk with drift around a stochastic trend (with constant and trend) The Augmented Dickey-Fuller unit root test was based on the following regression forms: ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Yt = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²T + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´Yt-1 + yi ÃÆ'Ã… ½Ãƒâ€šÃ‚ £ÃƒÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Y t-1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µt Where ÃÆ'Ã… ½Ãƒâ€šÃ‚ µt is a pure white noise error term ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚   Y t-1 = (Y t-1 Y t-2), ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Y t-2 = (Y t-2 Y t-3) etc To test if ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´ = 0, Decision rule: Where t ÃÆ'†¹Ãƒâ€ Ã¢â‚¬â„¢ Augumented Dickey-Fuller critical value ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ do not reject null hypothesis, i.e. unit root exists. Where t ÃÆ'†¹Ãƒ ¢Ã¢â€š ¬Ã… ¡ Augumented Dickey-Fuller critical value ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ reject null hypothesis, i.e. unit root does not exists. To transform data from non-stationary to stationary, the Difference-Stationary Process (DSP) was used. The regression equation is: ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  (ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Yt) = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´ÃƒÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Yt-1 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µt Differencing was applied to render the series stationery. The use of 1st difference or 2nd difference generated the stationarity. 3.3.2 Granger Causality Test Despite that multiple regression analysis deal with the dependence of one variable on other variables, it does not imply causality. Granger causality test is implemented to identify how much one factor is significant in forecasting the other one. Granger (1969) discussed the important problem of apparent instantaneous causality and suggested that the problem often arises due to slowness in recording information or non usage of sufficiently wide class of possible causal variables. Thus, the results are not coefficients of the real dependence or indicators of the actual causality; rather it is just a sign of existing linear interdependency of one factor on another. The hypothesis is to hold only if one factor follows the other and the initial is a potential reason for the follower. Granger (1969) proposed a time-series data based approach to determine causality. In this study, Granger causality test was conducted to examine the direction of causality between Inflation rate, Intere st rate, Money supply and Stock returns. For example, does Inflation rate granger-cause Stock returns (INFR ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ SR) or does Stock return granger-cause Inflation rate (SR ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ INFR) with the arrow indicating the direction of causality. In a simple Granger-causality test, there are two variables and their lags. As required by the Granger test, each variable was first transformed to achieve stationarity and then lagged. Based on the above illustration, the following two equations can be specified where it is assumed that the disturbances ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼1t and ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼2t are uncorrelated: (INFR)t = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i(INFR)t-1 + Tj(SR)t-j + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼1t (SR)t = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¸ + Øi(SR)t-1 + ÃÆ' Ãƒâ€¹Ã¢â‚¬  j(INFR)t-j + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼2t Subsequently, four different hypotheses can be formulated: Unidirectional causality from SR to INFR. Here, INFR i ncreases the prediction of SR but not vice versa i.e. Tj ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   0 and ÃÆ' Ãƒâ€¹Ã¢â‚¬  j = 0. Unidirectional causality from INFR to SR. Here, SR increases the prediction of INFR but not vice versa. Thus, Tj = 0 and ÃÆ' Ãƒâ€¹Ã¢â‚¬  j ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   0. Bilateral or Feedback causality. Here, the sets of SR and INFR coefficients are statistically significantly different from zero in both regressions i.e. an increase in SR increases the prediction of INFR and vice versa. Thus, Tj ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   0 and ÃÆ' Ãƒâ€¹Ã¢â‚¬  j = 0. Independence. Here, the sets of SR and INFR coefficients are not statistically significant in both the regressions i.e. an increase in SR increases the prediction of INFR and vice versa. Thus, there are no granger causalit in any direction i.e. Tj = 0 and ÃÆ' Ãƒâ€¹Ã¢â‚¬  j = 0. Granger causality was tested using EViews Pairwise Granger Causality Test. A common difficulty in perfor ming Granger-causality test is the lag length as results are not independent from the chosen lag structure. Since Granger causality test is very sensitive to the number of lags, lag 2 and lag 10 was used along with the conventional 5 percent level of significance value to confirm that lagged terms are important in the causality test, and also because I did not use Akaike or Schwarz information criterion to select the lagged terms. 3.3.3 Multiple Regression Analysis test Regression analysis test is a statistical analysis utilized for the investigation of relationships between variables i.e. it is used to ascertain the causal effect of one variable on another variable. In this study, correlation and multiple regression analysis was used to predict the direction of change and estimate the quantitative effect of the causal variables on the variable that they influence. Thus, the study investigated the relationship between Inflation rate, Interest rate, Money supply, and Stock returns by examining the relationship between the dependent and explanatory variables using regression analysis. Regression analysis helps to understand how the typical value of the dependent variable changes when any one of the independent variables is varied, while the other independent variables are held fixed. The method to be performed is outlined below: Estimated regression model Response variable and regression coefficient Estimating the coefficient of multiple determination 3.3.3.1 Estimated Regression Model Three explanatory variables: Money supply (X1); Interest rate (X2); and Inflation rate (X3), were investigated for their relationship with a response variable FTSE 100 Index returns (Y) model. According to Studenmund (2006), the multivariate regression model with K independent variable is represented as detailed below: Yi = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1X1i + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2X2i + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3X3i ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²KXKi + i Where i goes from 1 to N and indicates the observation number. ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 indicates the constant term ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² indicates the coefficient of the function. X1i indicates the ith observation of independent variable X1. X2i indicates the ith observation of another independent variable X2 X3i indicates the ith observation of another independent variable X3 i indicates the error term. The coefficient ÃÆ'Ã… ½Ãƒâ€š  ²1 measures the impact on Y of a one-unit increase in X1, holding constant X2, X3, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.. and XK but not holding constant any relevant variables that might have been omitted from the equation. Multivariate regression coefficient indicates that a change in the dependent variable associated with a one-unit increase in the independent variable in question holding constant the other independent variables in the equation. In this study, where there are three independent variables -money supply, interest rate and inflation rate, the above equation will be written as follows: SR = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1MS + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2INTR + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3INFR + i Where, SR = Monthly percentage change in adjusted close in the FTSE 100 Index MS = Monthly seasonally adjusted M4 INTR = Monthly Bank of England Base rate. INFR = Monthly CPI rate. With ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 as the constant term, where MS, INTR and INFR = 0, then SR = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0. Since Beta is the coefficient of the function, it therefore predicts the variance in SR from MS, INTR and INFR. Thus a negative beta coefficient indicates that MS, INTR and INFR affect SR negatively and a unit increase in MS, INTR and INFR will decrease SR by the coefficient amount. Also, a positive beta coefficient indicates that MS, INTR and INFR affect SR positively and a unit decrease in MS, INTR and INFR will increase SR by the coefficient amount. p-value was used to measure how reliable MS, INTR and INFR can predict SR. Were the p-value is greater than 0.05, it implies no statistical significant relationship with SR. 3.3.3.2 Testing the response variable and Regression Coefficients I used student t-test to examine if explanatory variables are significant predictor of the response variable. The t-statistics is given as: Where is given as: Sb = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²iÃÆ'â„ ¢Ãƒâ€šÃ‚ ­ is the hypothesised value, K is the number of parameters and n is the number of sample observation. Then we set the hypothesis: H0: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²iÃÆ'â„ ¢Ãƒâ€šÃ‚ ­= 0 H1: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²iÃÆ'â„ ¢Ãƒâ€šÃ‚ ­ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   0 If the hypothesised value is ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²iÃÆ'â„ ¢Ãƒâ€šÃ‚ ­= 0, then the testing amounts to deciding if the explanatory variables are a significant predictor of the response variable. However, in testing the overall significance of the regression we set the hypothesis: H0: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 = 0 H0: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   0 This t est aims at finding out whether the explanatory variables do actually have any significant influence on the response variable. The easiest way to reach a decision is by means of p-values. A p-value less than 5% suggests that the estimated model is significant. 3.3.3.3 Estimating coefficient of multiple determination The coefficient of multiple determination (denoted by R2), in the four variable-model shows the percentage of the total variation of the response variable, Y that is explained by changes in the explanatory variables,X1, X2 and X3. Therefore: R2Y.X1X2X3 = ÃÆ'Ã… ½Ãƒâ€šÃ‚ £( The value of lies between 0 and 1. The higher the greater the percentage of the variation of response variable (the better the goodness of fit) explained by the regression plane (Koutsoyiannis 2003). At this point, we need to note that our model has not been check for the assumptions about the random variable and the explanatory variables. Therefore, I did not check if our data has presence of seasonality, serially correlated, heteroscedasticity, multicollinearity and autocorrelation. Chapter 4 Empirical Results and Analysis 4.1 The Unit Root Augmented Dickey Fuller unit root stationarity test are presented below: Table 1 Unit Root and Stationarity Test for FTSE 100 at level Null Hypothesis: FTSE100 has a unit root Exogenous: Constant, Linear Trend Lag Length: 3 (Automatic based on SIC, MAXLAG=10) t-Statistic   Ãƒâ€šÃ‚  Prob.* Augmented Dickey-Fuller test statistical -1.921036   0.6304 Test critical values: 1% level -4.130526 5% level -3.492149 10% level -3.174802 The computed Augmented Dickey-Fuller test-statistic (-1.921036) is greater than the critical values (-4.130526, -3.492149 and -3.174802 at 1%, 5% and 10% significant level respectively). I cannot conclude to reject H0. This implies that FTSE 100 has a unit root problem and the series is a non-stationery series i.e. not stationery at level. This position requires further testing at 1st level. Table 2 Unit Root and Stationarity Test for FTSE 100 at 1st Difference Null Hypothesis: D(FTSE100) has a unit root Exogenous: Constant, Linear Trend Lag Length: 2 (Automatic based on SIC, MAXLAG=10) t-Statistic   Ãƒâ€šÃ‚  Prob.* Augmented Dickey-Fuller test statistic -10.51879   0.0000 Test critical values: 1% level -4.130526 5% level -3.492149 10% level -3.174802 The computed Augmented Dickey-Fuller test-statistic (-10.51879) is smaller than the critical values (-4.130526, -3.492149 and -3.174802 at 1%, 5% and 10% 1st significant level respectively). Thus, I can reject H0. This implies that FTSE 100 does not have a unit root problem and the FTSE 100 series is a stationery series at 1%, 5% and 10% 1st significant level i.e. stationery at 1st difference Table 3 Unit Root and Stationarity Test for Inflation at level Null Hypothesis: INFLATIONRATE has a unit root Exogenous: Constant, Linear Trend Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic   Ãƒâ€šÃ‚  Prob.* Augmented Dickey-Fuller test statistic -8.527799   0.0000 Test critical values: 1% level -4.121303 5% level -3.487845 10% level -3.172314 The computed Augmented Dickey-Fuller test-statistic (-8.527799) is smaller than the absolute critical values (-4.121303, -3.487845 and -3.172314 at 1%, 5% and 10% significant level respectively). Therefore, I can reject H0. This implies that INFLATIONRATE does not have a unit root problem and the series is a stationery series at 1%, 5% and 10% significant level i.e. stationery at level. Table 4 Unit Root and Stationarity Test for Interest rate at level Null Hypothesis: INTERESTRATE has a unit root Exogenous: Constant, Linear Trend Lag Length: 1 (Automatic based on SIC, MAXLAG=10) t-Statistic   Ãƒâ€šÃ‚  Prob.* Augmented Dickey-Fuller test statistic -1.936709   0.6226 Test critical values: 1% level -4.124265 5% level -3.489228 10% level -3.173114 Computed Augmented Dickey-Fuller test-statistic (-1.936709) is greater than the critical values (-4.124265, -3.489228 and -3.173114 at 1%, 5% and 10% significant level respectively). Thus, I cannot conclude to reject H0. This implies that INTERESTRATE 100 has a unit root problem and the series is a non-stationery series at level i.e. not stationery at level. This result requires further testing at 1st level. Table 5 Unit Root and Stationarity Test for Interest rate at 1st Difference Null Hypothesis: D(INTERESTRATE) has a unit root Exogenous: Constant, Linear Trend Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic   Ãƒâ€šÃ‚  Prob.* Augmented Dickey-Fuller test statistic -2.960972   0.1520 Test critical values: 1% level -4.124265 5% level -3.489228 10% level -3.173114 Computed Augmented Dickey-Fuller test-statistic (-2.96092) is greater than the critical values (-4.124265, -3.489228 and -3.173114 at 1%, 5% and 10% significant level respectively). This implies that (D)INTERESTRATE 100 has a unit root problem and the series is a non-stationery series at 1st level i.e. not stationery at 1st level. Again, I cannot conclude to reject H0 at this point as the result requires further testing at 2nd difference. Table 6 Unit Root and Stationarity Test for Interest rate at 2nd Difference Null Hypothesis: D(INTERESTRATE,2) has a unit root Exogenous: Constant, Linear Trend Lag Length: 1 (Automatic based on SIC, MAXLAG=10) t-Statistic   Ãƒâ€šÃ‚  Prob.* Augmented Dickey-Fuller test statistic -6.816662   0.0000 Test critical values: 1% level -4.130526 5% level -3.492149 10% level -3.174802 At 2nd level, the computed Augmented Dickey-Fuller test-statistic (-6.816662) is smaller than the absolute critical values (-4.130526, -3.492149 and -3.174802 at 1%, 5% and 10% significant level respectively). Therefore, I can reject H0. This implies that DINTERESTRATE2 does not have a unit root problem and the series is stationery at 1%, 5% and 10% 2nd significant level. Thus the 2nd-difference of INTERESTRATE becomes stationery. Table 7 Unit Root and Stationarity Test for Money Supply at level Null Hypothesis: MONEYSUPPLY has a unit root Exogenous: Constant, Linear Trend Lag Length: 0 (Automatic based on SIC, MAXLAG=10) t-Statistic   Ãƒâ€šÃ‚  Prob.* Augmented Dickey-Fuller test statistic -5.787052   0.0001 Test critical values: 1% level -4.121303 5% level -3.487845 10% level -3.172314 Computed Augmented Dickey-Fuller test-statistic (-5.787052) is smaller than the absolute critical values (-4.121303, -3.487845 and -3.172314 at 1%, 5% and 10% significant level respectively). Therefore, I can reject H0. This implies that MONEYSUPPLY does not have a unit root problem and the series is a stationery series at 1%, 5% and 10% significant level i.e. stationery at level. Unit root test conducted on the four variables: Stock Returns; Interest Rate; Inflation Rate; and Money Supply were reliable as they all passed the Durbin-Watson test. The Durbin-Watson statistics were quite significant to reject the autocorrelation at 1.933634 for FTSE100 (1st difference); 1.935061 for Interest Rate (2nd difference); 1.984945 for Inflation Rate; and 1.978578 for Money Supply. 4.2 Granger Causality Augmented Dickey-Fuller test has been calculated as Granger causality requires that the series should be covariance stationary. .Granger Causality test was computed using EViews for lagged 2 terms at 5% level of significance with the following results. Table 8 Pairwise Granger Causality Test between FTSE100 DINTERESTRATE Lags: 2   Null Hypothesis: Obs F-Statistic Prob. Â  DINTERESTRATE does not Granger Cause DFTSE100   55   4.84185 0.0120   DFTSE100 does not Granger Cause DINTERESTRATE   5.29129 0.0082 At lagged term 2, I will accept the null hypothesis that Interest rate does not granger-cause FTSE100 and that FTSE100 does not granger-cause Interest rate as the p-values are both below 0.05. However, the fact that Interest rate does not granger-cause FTSE100 does not imply that FTSE100 is independent of Interest rate and vice versa as granger causality refers to the ability of Interest rate to forecast FTSE100. Table 9 Pairwise Granger Causality Test between FTSE100 INFLATIONRATE Lags: 2   Null Hypothesis: Obs F-Statistic Prob. Â  INFLATIONRATE does not Granger Cause DFTSE100   56   1.40244 0.2553   DFTSE100 does not Granger Cause INFLATIONRATE   0.32788 0.7220 The p-values above 0.05 suggest that Inflation rate granger-cause FTSE100 and vice versa. Thus I reject the null hypothesis H0. Table 10 Pairwise Granger Causality Test between FTSE100 MONEYSUPPLY Lags: 2   Null Hypothesis: Obs F-Statistic Prob. Â  MONEYSUPPLY does not Granger Cause DFTSE100   56   0.59881 0.5533   DFTSE100 does not Granger Cause MONEYSUPPLY   1.99209 0.1469 Similar to the results in Table 9 above, I reject the null hypothesis H0 because the p-values are higher than 0.05 in both regressions. Money supply does granger-cause FTSE100 and FTSE100 does granger cause Money Supply. Table 11 Pairwise Granger Causality Test between DINTERESTRATE INFLATIONRATE Lags: 2   Null Hypothesis: Obs F-Statistic Prob. Â  INFLATIONRATE does not Granger Cause DINTERESTRATE   55   3.78624 0.0294   DINTERESTRATE does not Granger Cause INFLATIONRATE   2.31506 0.1093 Table 11 postulates that Inflation rate does not granger-cause interest rate but Interest rate does granger-cause Inflation rate. P-value of 0.0294 is less than 0.05 (accept the null hypothesis) while p-value of 0.1093 is higher than 0.05 (reject the null hypothesis). Table 12 Pairwise Granger Causality Test between DINTERESTRATE MONEYSUPPLY Lags: 2   Null Hypothesis: Obs F-Statistic Prob. Â  MONEYSUPPLY does not Granger Cause DINTERESTRATE   55   1.52566 0.2274   DINTERESTRATE does not Granger Cause MONEYSUPPLY   0.47661 0.6237 Money supply does granger-cause interest rate and Interest rate does granger cause Money supply. The null hypothesis is rejected in the two regressions because the p-value in the two instances are more than 5% level of significance. Table 13 Pairwise Granger Causality Test between MONEYSUPPLY INFLATIONRATE Lags: 2   Null Hypothesis: Obs F-Statistic Prob. Â  MONEYSUPPLY does not Granger Cause INFLATIONRATE   58   1.04867 0.3576   INFLATIONRATE does not Granger Cause MONEYSUPPLY   0.25617 0.7750 Similar to the result in Table 12 above, since the p-values are higher than the 5% level of significance, the null hypothesis H0 is rejected in the two situations. Thus, Money Supply granger-cause Inflation rate and vice versa. Granger causality test carried out with lag 10 produced a different result as illustrated in Table 14. 4.4 REGRESSION TABLE 15 CORRELATION USING EVIEWS FTSE100 INTERESTRATE INFLATIONRATE MONEYSUPPLY DFTSE100   1.000000 INTERESTRATE -0.233544   1.000000 INFLATIONRATE   0.172117 -0.002656   1.000000 MONEYSUPPLY -0.316644   0.400237 -0.278901   1.000000 Correlation matrix amongst FTSE 100, Inflation rate, Interest rate and Money supply are listed in Table 12 above. The result shows that there is negative correlation between FTSE 100 and the macroeconomic variables Money supply and Interest rate. However, there is a positive correlation between FTSE 100 Index and Inflation rate. Also, among the macroeconomic variables, there is negative relationship between Interest rate Inflation rate, and Inflation rate Money supply. These are in line with what is generally explained in economic theory. As inflation increases the market reacts negatively (Varian, 2003). There is a positive correlation between Interest rate and Money supply. Results were further analysed using Excel and similar results were obtained In all macroeconomic variables, the pair-wise correlation was very low which suggest that there are no collinearity problems. With above result, there is need to verify the existence of multi collinearity by running the regression. Table 15: Regression results without testing for stationarity and unit root in Excel SUMMARY OUTPUT Regression Statistics Multiple R 0.352636386 R Square 0.124352421 Adjusted R Square 0.077442729 Standard Error 0.043224995 Observations 60 ANOVA  Df SS MS F Significance F Regression 3 0.014858768 0.004952923 2.650889742 0.057519925 Residual 56 0.104630409 0.0018684   Total 59 0.119489177     Coefficients Standard Error t Stat P-value Intercept 0.027716505 0.014080199 1.968473987 0.05397107 MS -0.017252571 0.010733585 -1.607344751 0.11360312 INTR -0.003263929 0.00317997 -1.026402297 0.30911525 INFR 0.012988814 0.015847688 0.819603093 0.41591714 From Table 15 above, Inflation rate affects Stock return positively as shown by ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² coefficient 0.01298. This further indicates that one unit increase of Inflation rate would cause Stock return to increase by 0.01298 units. However, Money Supply and Interest rate affects Stock return negatively with ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² coefficient of -0.01725 and -0.00326 respectively. This also indicates that a unit increase in Money supply and Interest rate would result to reduction in Stock returns by 0.01725 and 0.00326 units respectively. The statistical significance of Money supply, Interest rate and Inflation rate on Stock return is 0.11, 0.31 and 0.42 r espectively. Since the p-values are more than 0.05, it is a sign of low significance. R2 of 0.124 represents the prediction level of variance in Stock returns by Money Supply, Interest rate and Inflation rate. This also implies that only 12% of stock returns are predicted by combination of the three macroeconomic variables and other macroeconomic variables not covered in this study predicts stock return by 88%. Table 16: Regression results after testing for stationarity and unit root in EViews Dependent Variable: DFTSE100 Method: Least Squares Date: 08/23/10 Time: 16:16 Sample (adjusted): 4 60 Included observations: 57 after adjustments Coefficient Std. Error t-Statistic Prob.  Ãƒâ€š CONSTANT -0.024102 0.026751 -0.900944 0.3717 DINTERESTRATE -0.126212 0.049943 -2.527110 0.0145 INFLATIONRATE 0.014430 0.037484 0.384960 0.7018 MONEYSUPPLY 0.023353 0.021515 1.085388 0.2827 R-squared 0.162273   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Mean dependent var 0.000545 Adjusted R-squared 0.114854   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  S.D. dependent var 0.096607 S.E. of regression 0.090890   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Akaike info criterion -1.890737 Sum squared resid 0.437835   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Schwarz criterion -1.747365 Log likelihood 57.88599   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Hannan-Quinn criter. -1.835017 F-stat istic 3.422132   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Durbin-Watson stat 3.065866 Prob(F-statistic) 0.023644 Results from Table 16 above, where data was tested for unit root and stationarity, differs from what obtains in Table 15. Inflation rate and Money supply affects Stock return positively as shown by ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² coefficient 0.0144 and 0.0233 respectively. This implies that one unit increase of Inflation rate and Money supply would cause Stock return to increase by 0.0144 and 0.0233 units respectively. However, only Interest rate affects Stock return negatively with ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² coefficient of -0.1262. Thus, a unit increase in Interest rate would result to reduction in Stock returns by 0.01262 units. The statistical significance of Interest rate, Inflation rate and Money supply on Stock return is 0.01, 0.70 and 0.28 respectively. Since the p-values for Interest rate on Stock return is 0.01, which is less than 0.05, it implies that Interest rate predi cts effect on Stock return. Statistical significance of Inflation rate and Money supply is more than 0.05 and indicates a sign of low significance. R2 of 0.162 represents the prediction level of variance in Stock returns by Money Supply, Interest rate and Inflation rate. This implies that only 16% of stock returns are predicted by combination of the three macroeconomic variables and other macroeconomic variables not covered in this study predicts stock return by 84%.

Themes in Poetry - 586 Words

Themes in poetry are about the topics the poet chooses to write about. It represents how the poet feels and thinks about the subject. Themes like childhood, comedy, war and imagination often appear in poetry. In Robert Frost’s poems â€Å"Out, Out† and â€Å"Birches† he uses the theme of death. Emily Dickinson also uses death for the theme in her poems â€Å"I heard a Fly buzz - when I died† and â€Å"Because I could not stop for death.† In the poem â€Å"Out, Out† by Robert Frost a young man in New England was using a buzz saw to cut firewood. When it started getting late, the boy’s sister tells him that it’s time for supper and, out of joy, the boy unknowingly cuts his hand off. He asks his sister not to let those doctors amputate his hand not realizing that he had lost massive amount of blood. He then dies under anesthesia and everybody else goes on with their business like nothing ever happened. Death showed in the last seve n lines of the poem describes the boy slipping into death: The doctor put him in the dark of ether. He lay and puffed his lips out with his breath. And then-the watcher at his pulse took fright. No one believed. They listened at his heart. Little-less-nothing!-and that ended it. No more to build on there. And they, since they Were not the one dead, turned to their affairs (Frost 681). Robert Frost made the theme of this poem death because it concentrates on the people’s reaction to death and on death itself. On the other hand, in the poemShow MoreRelatedThemes in Poetry: Death761 Words   |  4 PagesThemes in Poetry: Death There are many frequently occurring ideas in poetry. The basic message of a poem is called a theme. All poems have a certain theme that they revolve around, such as love, nature, life, and confusion. In different poems by different poets, the same themes correlate with each other because they all revolve around the same subject matter. 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Aristotles Philosophy on Purpose Essay - 884 Words

Aristotle, the last of the great Greek philosophers. He roamed Ancient Greece from 384 BC until his death in 323 BC. In this time, he wrote an enormous amount of works, a variety of books from metaphysics to politics and to poetry. His variety is exceptionally impressive. His greatest known works are the Athenian Constitution and Nicomachean Ethics. Aristotle’s works of Ethics explore a vast area of topics. He states, â€Å"The goal of the Ethics is to determine how best to achieve happiness.† In order to achieve happiness, one must live a virtuous life, in the mind of Aristotle. Interest is sparked in this area that Aristotle writes of because there is a natural need for Ethics in human life. John K. Roth states, â€Å"Aristotle assumes that†¦show more content†¦The intellectual virtue provides one with the skill to calculate outcomes and make rational decisions. This character trait contributes to the unity of virtues because; if one lacks this component, the ‘practical’ part of wisdom is eliminated. As Aristotle says, â€Å"Wisdom must be intuitive reason combined with scientific knowledge.† By analyzing this quotation, it is understood that ‘intuitive reason’ is referencing moral virtue and ‘scientific knowledge’ is referencing intellectual virtue. He is saying that moral and intellectual virtue must co-exist to create wisdom. To support moral virtue Aristotle states, â€Å"We are what we repeatedly do. Excellence, then, is not an act, but a habit.† The reason one needs the intellectual v irtue is because there is always a variable in life. Every situation is always different, slightly or drastically, but different none-the-less. This commands a skill to decipher these situations, which Aristotle calls the virtue of intellect. However, this virtue cannot do it’s job of deciphering situations properly on it’s own, resulting in the need for the virtue of morality. It is equally important to have the virtue of morality because, one can decipher a situation with pure intellect, but it will result with a solution morally incorrect. It would be beneficial, but it will lack any standard of justice or honour. With the lack of moral correctness, Eudaimonia is notShow MoreRelatedAristotle s Views On Fortune1154 Words   |  5 PagesIn this paper, I will discuss Aristotle’s and Boethius’ (Through Lady Philosophy) views on fortune, reflected in the Book 1 of the Nicomachean Ethics and Book 4 of The Consolation of Philosophy. Furthermore, I will present and analyze their arguments, present the conclusion, and make a claim about which ancient philosopher makes the best argument. 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Angels in America Essay Sample free essay sample

Rabbi Chemelwitz says in his eulogium ( Millennium ) that the â€Å"Great Voyages† of the past no longer be. Does the drama bear out the truth of his belief or non? If non. what are the new great ocean trips? Tony Kushner’s drama. Angels In America. explores the tests of the journey of human life through the development of his characters throughout the drama. When Rabbi Chemelwitz says â€Å"Great Voyages is this universe do non any more exist. † ( Millennium 16 ) he speaks merely the partial truth. It is true that none of the characters at the funeral can do the same sort of trip Sarah Ironson made. the pilgrims journey from her place to a foreign land across the Atlantic. However. the ocean trip to America Sarah took and the assorted struggles the characters face have many analogues. Alternatively of the physical tests of Sarah’s great ocean trip. they are faced with every bit as hard emotional jobs that cause them to do certain picks in the great ocean trip of their lives. We will write a custom essay sample on Angels in America Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Every character faces some psychological journey throughout the drama that takes them to new topographic points emotionally. physically. and spiritually. The best illustration of all three of these journeys is Prior’s development through the drama. Prior’s great ocean trip is the most obvious and widely explained of any of the characters in the drama. We first run into Prior at what he knows is a turning point in his life: relation Louis he has AIDS. He says â€Å"K. S. babe. Lesion figure one. † ( 27 ) stating Louis he is traveling to decease. This is clearly an vastly hard determination or Prior because he so goes on to state how afraid he is that Louis will go forth him. This is the first existent measure in Prior’s â€Å"great ocean trip. † Everything else that happens to Prior is a consequence of this one act. The most immediate and drastic alteration brought approximately by this determination is that Louis confirms Prior’s frights and leaves him. After Louis leaves. Prior is thrown into a deep province of depression. His emotional battle at this point is a perfect analogue for the initial adversities suffered by immigrants instantly after they leave place. In both instances. their lives are drastically changed by some determination which leads to some signifier of adversity. For the immigrant. it is the physical adversity of seting to life at sea and the emotional adversity of losing their place. For Prior. it is the physical adversity of his ain organic structure bewraying him due to his AIDS and the emotional daze of necessitating to populate without holding Louis as a portion of his life. The point where we genuinely see Prior’s ocean trip is in Perestroika when he climbs the ladder to heaven. The ocean trip to heaven and endorse is Prior’s physical great ocean trip in the drama. Everything else has lead up to this apogee of his journey. Anterior: But still. Still. Bless me anyhow. I want more life. I can’t assist myself. I do. I’ve lived through such awful times. and there are people who live through much worse. but†¦You see them populating anyhow. When they’re more spirit than organic structure. more sores than tegument. when they’re burned and in torment. when flies lay eggs in the corners of the eyes f their kids. they live. ( Perestroika 267 ) When Prior says this. it shows that even though he recognizes that his life is atrocious. and life in general can be atrocious. he wants to travel on life. While it may look contradictory. it ends up working out for him in the terminal when he and Louis make up in the epilogue. or concluding chapter of Prior’s great ocean trip. Prior manages to change by reversal all of the bad about him. except for the AIDS. and even that he is able to crush with his want for more life. Harper’s great ocean trip is besides another ocean trip in which the character taking it changes wholly. She starts the drama as a hopeless drug addled homemaker. unable to even truly take attention of herself. This is shown in her debut to the drama. She is portrayed as a semi-mad adult female who talks to her hallucinations more than existent people. Harper even realizes this is incorrect when she says â€Å"Weird material happens†¦ like you. for case. † ( Millennium 23 ) She realizes something is clearly incorrect yet does nil about it. As the drama progresses though. she additions more assurance in herself and finally confronts Joe about his homosexualism. She comes out and straight asks him. â€Å"Are you a gay? † ( 43 ) after her hallucination with Prior. This is a immense measure for her because she has ever had her intuitions about Joe but has neer confronted him about it before. Now nevertheless. she begins to alter. She additions assurance and wind s up go forthing Joe. It is at this point when she takes a journey with Mr. Lies to seek to acquire off from her life in New York. Unfortunately. the hallucinations are merely a impermanent distraction as first. Joe finds his manner into them and 2nd. she finally comes back to her senses and is arrested for firing a tree in Central Park. Finally. at the terminal of her great ocean trip. she additions adequate assurance and confidence to do a physical ocean trip all the manner out to San Francisco. A 3rd character who goes on a great ocean trip through the drama is Louis. He originally starts out unable to cover with the world of Prior holding AIDS so he leaves him. However. although he left Prior. he feels genuinely guilty and atrocious about it so tries to cover it up. He foremost tries to bury it by non concentrating on it. This is shown by his full address at Belize. He doesn’t truly desire to speak about political relations and racism in America. it is his manner of get bying with the soul-eating guilt that is killing him. He subsequently tries to bury it through sex. â€Å"Keep traveling. Infect me. I don’t attention. I don’t attention. † ( 63 ) He says this to a random alien bespeaking that he feels so guilty. he would instead catch AIDS and decease than unrecorded with his guilt. He doesn’t stop after this though. He says â€Å"I have to happen a manner to salvage myself. † ( 85 ) indicating that although Prior is the 1 with AIDS. he is still merely disquieted about himself. Finally. he continues his downward spiral with Joe. He says â€Å"Let’s halt speaking. Or if you have to speak. talk dirty. † This show that he is truly non worried in the slightest about Prior at this point and is still merely disquieted about himself. Finally though. he start to lose Prior. shown when he tells Joe â€Å"I just†¦ demand to see him once more. † He has the realisation that he has greatly wronged Prior and goes back to seek and do damagess. However. Anterior refuses to take him back and although they are no longer lovers. he and Prior are at least back to friends in the epilogue. Louis’ great ocean trip is an emotional roller coaster in which he finally does the right thing and makes up with Prior. All of these characters go through great ocean trips over the class of the drama. They change emotionally. physically and psychologically due to them. While Rabbi Chemelwitz may hold been technically right when he said they could non travel on a great ocean trip because they are already in America. he is talking the actual truth. However. the drama does non genuinely bear this out as every character undergoes some cardinal alteration after traveling through what can merely be described as a great ocean trip.