Nishat Linen Business Analysis

Nishat Linen Business Analysis Official Summary The market for apparel, home material and adornments has consistently been tremendous and full to the edge with potential. An ever increasing number of individuals are getting on board with to the temporary fad and concocting their own brands of texture clothing with tall cases of high caliber and uniqueness. Amidst so much rivalry, Nishat Linen rose to the top with restrictiveness as its distinguishing strength. This report talks about in the accompanying areas, the current market position of Nishat Linen comparative with its rivals, its business portfolio, its qualities and openings, channels of dispersion, promoting techniques lastly, the general spending plan and activity programs. Nishat Linen An Introduction High in decent variety, Nishat Group has been one of the main and dynamic businesses in South Asia where it has cleared its way in the fields of material, concrete and money related administrations. Nishat Linen is a piece of the organization which has given an entirely different measurement and viewpoint to the material business. Nishat Linen is known for its quality and perceived for its structures and moderate costs and has been serving the business throughout the previous 14 years and is presently perceived as its very own brand. The positive picture it has made in the brains of its clients in unsurpassable which can't be discolored by huge rivals in the material business. Current Marketing Situation In Pakistani material market the idea of a one-stop shop isn't new as there are numerous stores like Ideas, ChenOne and Habitt which are endeavoring hard to furnish their clients without breaking a sweat and solace of one-stop it. These stores are solid with their image names and acknowledgment where they give their clients high caliber and structure varieties in order to make the component of uniqueness particular in the customers mind. Thus solid rivalry has surfaced among these material goliaths which are contending energetically and quick to hold and developed their client share in the market Nishat Linen rose, amidst such predictable and intense rivalry, as a wonder of Nishat Group; one of the main and most broadened business bunches in South Asia. Consistently, Nishat has made its place as one of the market heads in satisfying the home and individual needs of buyers. At present Nishat is getting a charge out of a castle inside the psyches of its objective market that help it keep up a particular royal residence among its rivals. Nishat is the market head in its classification because of its boss quality, an all around created brand name, showcasing endeavors that hit its objective section appropriately and ceaselessly changing the item structures and highlights to address the issues and necessities of its significant powerful clients. This all has encouraged Nishat to increase a separated picture in the market that has it an esteem image. Market Description Todays purchaser has developed with a specific arrangement of requirements and requests which are plainly characterized in their brains and are more than fit in settling on buying choices where they assess every item highlight to their psychological scale and buy just in the event that it rates higher in their observation. Nishat is presently just not a store any longer, rather the outlets are something to which the client can identify with and would feel great in returning to it if need be. Their brands mirror a specific picture and class to the buyers who purchase the items to improve their effectively prepped character. Endeavoring hard on these lines Nishat Linen has positively shaped the market where it particularly focuses on those recognizing clients who look for uniqueness, quality, structure, design and style in the items they purchase without settling on evaluating. No doubt the objective market of Nishat Linen involves clients who have a particular arrangement of requests where they center around item uniqueness, quality and structure which would separate them from different females. From housewives looking to dazzle others through great kitchen and bed material to socialites and experts with a complex and select feeling of dressing, Nishat is extremely fruitful as it obliges a favored market section that can pay for high caliber and style. Item Review Nishats product offering is profoundly broadened where it sells bed material to kitchen arranges, upholstery to clothing giving it huge situating and infiltration in the market to oblige the clients who need a one-stop shop understanding Nishats complete product offering is as per the following: Nisha Clothing Line for ladies Naqsh Clothing Line for men Bed Kitchen Linen and Accessories Bed sheets Blankets Quilts (customary/marriage sets) Kitchen (table material, mats, table cloths, bread boxes, covers) Pads ((Zari, 6 piece sets, coordinated with bed sheets) Fillings Jai Namaz Design Accessories Bands Bangles Wraps Stoles Totes Grips Fragment NEEDS AND CORRESPONDING BENEFITS OF NISHATS PRODUCT LINE TARGET Fragment Client NEED Relating BENEFIT Multifaceted, style cognizant ladies (shopper showcase) To be at the pinnacle of high design. To be selective and mirror the status of progress and force. Relating advantage is as Nisha the apparel line for ladies that was propelled in 2004. In view of a wide assortment of textures including grass, chiffon, voile, karandi, material, khaddar, silk and so forth; it takes into account each style impulse of ladies. Recognized men (purchaser showcase) Garments that reflect sheer manliness and tastefulness yet can be worn effortlessly and solace whenever of the day. Comparing advantage is as Naqsh the garments line for men. Free texture just as prepared to wear shalwar kurtaz for all events that are easygoing yet novel. Housewives, kids, ladies to-be (customer showcase) To have the option to communicate style and uniqueness while adorning houses. To adapt kitchen, rooms, front rooms and so forth; to be capable tidy up any room. Comparing advantage is as a wide assortment of Bed and Kitchen cloth and adornments with another assortment each season. Cooks not just housewives looking for open to bedding and kitchen frill, Nishat has a material range solely for children and ladies to-be, thus giving a total home consideration answer for each life cycle stage. In vogue high school young ladies (buyer showcase) To be perceived as a design goddess, a diva. Relating advantage is as design adornments extending from packs, grips, bangles and so on for teenagers in a hurry. Serious Review Design industry of Pakistan is developing on regular schedule as it faces a progression of ceaseless changes in the market patterns. Following the way of the design business, females likewise have been preparing close by where the quite a while in the past held idea of a female having a place in kitchen has been changed to a trendy and present day person who deals with her prepping, her dressing and her appearances. The clients are presently centered around plans and how each would speak to and set off their picture in the brains of their companions and family members. These are the principle territories of concerns the client face while picking something to wear for themselves or in any event, for their families. With the embracing of famous people the opposition in the market have expanded manifolds as the clients are barraged with ads in which the significant VIPs have been supporting their items causing disarrays in the investigation of the item by the clients. Nishat Linen Competitors: *Al-Karam Textile Mills Perhaps the biggest maker of Fashion and Basic Beddings, Al-Karam has been fruitful in its capacity in getting a handle on the greatest piece of the overall industry. They offer an enhanced arrangement of items which are high in quality and structures which incorporates Apron, Egyptian cotton, bed cloth, Hand Towel e.t.c. They are additionally connected with in house structure arrangements also. Al-karam is pleased to have a demonstrated record of offering support quality on schedule. *Chenone Pakistan It is one of Pakistans driving material gathering and perhaps the biggest exporter of home material items from Pakistan. Chenabs handling unit is viewed as truly outstanding in the nation with a total preparing range. Its primary items that it offers incorporate Home Textile, Garments, Foot Wear and Furniture. Its material items satisfy neighborhood request as well as sent out to a few different nations. *Ideas Thoughts is one of the other huge contender of Nishat in the market where it offers a comparable scope of item offering including bedding, kitchen, shower furniture e.t.c. They are likewise offering explicit scope of cotton and yard with new and dynamic hues. Their forte is their novel structure garments with a dynamic palette of hues and weaving. *Habitt Habitt gives a wide assortment which incorporates wide scope of draperies, bed sheets, couch sets, quilts, shelves; eating tables and normally exceptionally regular house hold things are accessible here. Habitt is drawing in showcase by giving appealing offers and generally low cost. *VLawn VLawn is again in rivalry with Nishat Linen in garments industry. VLawn is a brand of Vaneeza Ahmed which is a famous figure in style industry. At first she began with various Lawn plans and now she is offering shiffon, rawsilk and khadi wear. Brand Item Category Value Range Force Habbit Furniture Moderate High-High Red Interwood Furniture Moderate High-High Dark Go across Roads Easygoing Clothing Moderate High-High Red Suppliers Easygoing Clothing Moderate High-High Red Fifth Avenue Easygoing Clothing Moderate High-High Blue Shirt Tie Formal Clothing Moderate High-High Red Meals Formal Clothing Moderate High-High Blue Mens Store Formal Clothing High Red Stone Age Easygoing Clothing Moderate High-High Red Cotton Formal Clothing Moderate High-High Red Cambridge Formal Clothing Moderate High-High Blue Bonanza Formal Clothing Moderate High-High Blue Oxford Formal Clothing Moderate High-High Blue

Romeo and Juliet by William Shakespeare Essay Example For Students

Romeo and Juliet by William Shakespeare Essay The play Romeo and Juliet composed by William Shakespeare, an English artist, is about taboo love. The play centers around two sweethearts, Romeo and Juliet, whose families are fighting adversaries. This powers the youthful sweethearts to wed stealthily and deceive their families. In retribution to his companions demise Romeo murders Tybalt who is Juliets cousin (Lord Capulets nephew) and the beneficiary to the Capulet fortune. This squeezes Lord Capulet, Juliets father, to discover a counterpart for his little girl that wont simply wed her for their fortune. At last Romeo and Juliet both end it all in an unfortunate end. In Elizabethan occasions family jobs were diverse contrasted and present day times. It was normal for union with be masterminded influence or cash and it was unbelievable for a union with occur without the guardians assent. In a family the dad held the force in the family a spouse and little girl needed to comply. Children would be the beneficiaries to the family fortunes, assuming any. In Capulets case Juliet was his unrivaled kid so Tybalt would have been the one that would acquire the cash when Capulet kicks the bucket. The reason for this paper is to show how Capulet change of temperament is appeared through the words he employments. Likewise how Juliet and Capulets relationship changes and how this is appeared through Shakespeares utilization of language in act 3 scene 5. In the start of act 3 scene 5 the crowd see Juliet and Romeo part from one another, this makes Juliet upset. When Juliet chats with her mom, woman Capulet, Juliet can't shroud her feelings, and she says aside (just the crowd can hear what Juliet says) God Pardon him! I do, with everything that is in me she is alluding to Romeo and how she excuses him for what he did to her Cousin Tybalt. The crowd are given proof that Juliet is a generous individual. Before Capulet enters the scene the crowd get an early impression of him as a dad. Woman Capulet portrays him as a mindful dad. The crowd can tell this when she says thou hast a cautious dad. By Shakespeare utilizing this expression cautious dad the crowd get a prompt impression of Capulet being minding towards Juliet and that they have a caring relationship. Not long before Capulet enters the scene Lady Capulet advises Juliet that her dad has orchestrated a marriage for Juliet with a youthful and respectable man of his word, The County Paris this imminent Thursday. Juliet answers insubordinately I won't wed at this point. Juliet follows on by saying It will be Romeo. As opposed to Paris. This is a two sided connotation. Woman Capulet feels that she is so expectation on not wedding Paris that she would prefer to wed the family foe Romeo who killed her cousin Tybalt. However, the explanation that Juliet doesnt need to wed is on the grounds that she is as of now wedded with Romeo. The crowd would now be able to comprehend that she is that much infatuated with Romeo she would oppose her folks. In Elizabethan occasions not accomplishing something as extensive as not wedding whom your folks advise you to was absurd. When Capulet at last enters the scene the crowds strain rise drastically however he doesn't know about his spouses discussion with his little girl yet. Juliet is as yet crying uncontrollably so Capulet says thou counterfeitst a bark, an ocean he is alluding to Juliets body being a pontoon in her very own ocean tears. He additionally says little body alluding to Juliet and how in their relationship he despite everything considers her to be a little youngster, his little kid. Capulet then proceeds to state that on the off chance that she continues crying like this she will overset, he implies that on the off chance that she doesnt quit crying like this she will self-destruct. Shakespeare decision language doesnt simply mention to the crowd what Capulet implies however he does it in a fascinating manner, he places it in allegories so the crowd can decipher what he implies voluntarily. Juliet being this disturbed and not disclosing to her folks whats wrong shows the crowd that she doesn't confide in her folks and that they dont have an open relationship. The crowd don't feel tense now in light of the fact that Capulet is quiet. This shows Capulet controls what's going on in front of an audience. Woman Capulet says something that would shock crowds from Elizabethan occasions and present day times. I would the simpleton were hitched to her grave what woman Capulet implies is basically that she is so irritated with her resisting girl that she would prefer Juliet were dead. At the point when Lady Capulet discloses to Capulet that Juliet wont do as he says and wont wed Paris his mod of compassion changes into a mind-set of rage. The crowd can obviously feel the pressure ascending in front of an audience when Capulet questions Juliet and asks Lady Capulet, How! Will she none? Doth she not give us much appreciated? Is it true that she is not pleased? Doth she not tally her fortunate. Capulet is fundamentally asking in what manner can she not wed him, dont she express gratitude toward us for discovering her a commendable man. Job of Society and Honor codes in causing clashes in blood wedding EssayThen when he at long last found an appropriate individual, Juliet wont wed him, I can't cherish, I am excessively youthful, says Capulet wryly. Capulet tails us on by saying And you be mine, evil offer you to my companion. Again the crowd see a controlling side of Capulet. Presently their relationship has reached a sensational conclusion, the crowd know this when Capulet says hang, ask, starve, pass on in the boulevards. When Capulet at last leaves the crowd are given the feeling that he isn't only leaving from the room however leaving from Juliets life. The crowd are given this impression by the language Shakespeare utilizes not long before Capulet exits. Capulet says by my spirit, Ill neer recognize thee. As the greatest wellspring of intensity has left Juliet she currently goes to the second greatest wellspring of intensity, Lady Capulet. She requests that her mom Delay this marriage for a month, seven days. Juliet clearly feels like she needs an ideal opportunity to think. Presently Juliet takes steps to end it all if her mom doesn't support her. The crowd know this when Juliet says on the off chance that you don't, make the marriage bed in that diminish landmark where Tybalt lies. Woman Capulet has a similar reaction as her better half. Talk not to me, for Ill not express a word, this shows Lady Capulets loyalties lie with her better half over her little girl. At the point when woman Capulet exits the crowd get a similar impression as when Capulet left, the feeling that she has left from Juliets life. This is appear through Shakespeare decision of language, when Lady Capulet says I have finished with thee. This jargon shows that Lady Capulet is done with Juliet. With both of her folks relinquishing her Juliet presently goes to her trusty Nurse for guidance, as she is the one in particular that thinks about Romeo and has helped her wed him. This as opposed to what Juliet gets. Medical caretaker concurs with Juliets guardians. She was the one that helped Juliet wed Romeo yet now she is stating that she ought to do what her folks order and wed Paris. The crowd know this through the language Shakespeare employments. Medical caretaker looks at Paris and Romeo, Romeos a dishclout to him. Shakespeares thinks about Romeo to being a dishrag contrasted with Paris. Obviously this isn't what Juliet expected and needed to hear. This is appeared through the language Shakespeare use. The crowd know this when Juliet says mockingly thou hast support me glorious much. Juliet now realizing that she wont get no assistance from Nurse, she arranges her to disclose to her mom that she is going to Friar Lawrence to make an admission. Juliet says the explanation she is going to Friar Lawrence is on the grounds that disappointed my dad. The crowd realize that it was minister Lawrence that married Romeo and Juliet so the crowd may get the feeling that she is going there for another explanation and not for an admission. At the point when Nurse leaves, the crowd get the feeling that Nurse like Capulet and Lady Capulet is leaving Juliets life until the end of time. The crowd get this impression by the language Juliet utilizes before Nurse leaves. Clearly there is a tremendous hole between Elizabethan occasions and the advanced period that we are in. Juliet is almost fourteen and it is normal for her to get hitched at this age in Elizabethan occasions, in present day times this would be exceptional as well as illegal in certain nations. Elizabethan occasions the crowd would have most likely concurred that Juliet ought to wed Paris since he is rich and ground-breaking however in current occasions marriage ordinarily happens in view of adoration so they would presumably imagine that Capulet isn't right to constrain Juliet to wed Paris. A few pieces of the play the various periods of crowds would respond distinctively a few sections they may respond the equivalent. My own reaction to the scene is compassion. I feel thoughtful towards Juliet in light of the fact that she is experiencing an exceptionally awful difficulty and know appears to support her or get her. I additionally feel thoughtful towards Capulet in light of the fact that his nephew has simply kicked the bucket and hes been buckling down top discover his little girl a commendable individual and when he at long last discovers one he has had it tossed back in his face. I think the message that Shakespeare and the play he has composed is giving is that battling consistently prompts torment. On the off chance that there were no battling between the Capulets and the Montagues Tybalt would have not been murdered. On the off chance that there were no battling between the Capulets and the Montagues Romeo and Juliet would have most likely had the option to wed with their folks favoring as the two families are of equivalent riches and influence. I think this message is as yet important and will consistently be applicable regardless of what time ever.

Influences on Achievement of Funding Goals

Effects on Achievement of Funding Goals Donna R. Lowe The reason for the accompanying exposition, A substance examination of Kickstarter: The impact of confining and compensating inspirations on crusade achievement (Sauro) was to look at the ramifications of message encircling in deciding the achievement or disappointment of Kickstarter battles. The investigation additionally investigated to what degree restrictive collaboration impacts the accomplishment of subsidizing objectives. The investigation applied confining hypothesis on the dynamic procedure, which has huge earlier research yet not with respect to crowdfunding. Sauro (2014) utilizes a definition utilized in a past report by Dr. Inge Sorenson. Crowdfunding is characterized as â€Å"the small scale financing of individual undertakings, and is cooked for online by locales like indiegogo.com, sponsume.com, crowdfunder.co.uk, pledgie.com, and kickstarter.com (Sorenson, 2012). Sauro (2014) likewise utilizes the term venture based networks â€Å"meaning a one of a kind network of early adopters and speculators of another item or administration that sharpen and accumulate financing promises. One hundred and twenty Kickstarter crusades were arbitrarily chosen and inspected. The key discoveries were separated by look into questions. The principal inquire about inquiry looked to reveal to what degree did the decision of confining techniques influence achievement or disappointment of the crowdfunding efforts. The finding was battles that pre-owned surrounding had an essentially higher pace of accomplishment instead of crusades that utilized no encircling. â€Å"Out of all crusades that were effective, 83.3% used an endorsed surrounding technique, restricted to 40.8% of fruitless battles that did not† (Sauro, 2014, p. 24). The finding of research question two recommends a solid connection between's effective battles and restrictive participation measures. The investigation distinguished a connection between restrictive collaboration and gift levels toward t he finish of set financing periods over every single clear cut level (low, medium, and high). Supplemental information was additionally given. Extra factors that affected the likelihood of a fruitful crowdfunding effort were distinguished. The discoveries were factors, for example, including a self-story, expressing individual capabilities, and having a lower subsidizing objective impacted the result. Sauro (2014) discovered â€Å"of the crusades that were fruitful, a self-account was available 82.0% of the time, instead of 62.2% when battles were unsuccessful† (p. 29). Proposals for additional examination incorporated the need to utilize a bigger example size from all undertaking classifications and proceeded with examination of individual stories impact. There was likewise a proposal to remember look into for whether content based, video-based, or blend encircling messages could be effectively used to accomplish goals. Sauro (2014) utilized possibility hypothesis and message encircling as drivers for the crowdfunding giver dynamic procedure. Prospect hypothesis endeavors to clarify the dynamic procedure dependent on the manner in which the material is introduced (Sauro, 2014, p. 8). In includes a choice issue, leader, and a choice casing. Sane chiefs â€Å"will settle on the possibility that offers the most noteworthy expected utility† (Tversky Kahneman, 1981, p. 453). Prospect hypothesis communicates results as positive or negative deviations (additions and misfortunes) with respect to a S-bend. Message confining is a significant idea for crowdfunding and the investigation by Chun-Tuan Chang and Yu-Kang Lee (2010) was utilized to help Sauro’s thesis. Encircling is â€Å"the introduction of one of two distinctive yet proportionate worth results to chiefs, where one result is introduced in positive and the other in negative terms† (Chang Lee, 2010, p 197). Consistence is support ed utilizing confining showing additions and misfortunes. Bruno S. Frey and Stephan Meier directed a field analyze about beneficent giving and contingent collaboration in 2004. The test upheld the hypothesis on restrictive participation and found that if individuals realize others are making magnanimous commitments, the probability of them making commitments increments yet is as yet connected to past beneficent practices (Frey Meier, 2004, p. 1717). Individuals will in general contrast themselves socially with others and are slanted to make beneficent gifts dependent on those they relate to. These works are critical and the establishment for understanding giver conduct while looking into crowdfunding. Crowdfunding is a moderately new idea. It includes correspondences, gathering pledges, innovation, and a web-based social networking stage. Sauros (2014) utilized possibility hypothesis, surrounding, and contingent participation as components of impact for effective crowdfunding efforts. Daniel Kahneman and Amos Tversky (1979) built up the possibility hypothesis. Kahneman and Tversky’s study â€Å"Prospect Theory: An examination of choice under risk† presents one of the most cited speculations in financial brain science. Created during the 1980s, the hypothesis has had significant effect on seeing how choices are determined utilizing additions and misfortunes. The hypothesis of surrounding was presented by Erving Goffman (1974). Goffman was considered â€Å"the most persuasive American humanist of the twentieth century† (Fine Smith, 2000). Goffman composed a few books and on a very basic level changed the manner in which we consider social connections. His work i s viewed as unrivaled and he is widely refered to in conduct contemplates. His most prominent commitment to social hypothesis is his investigation of emblematic cooperation, which started in 1959. He examined social request, connections, marks of shame, routine exchanges, human conduct, and so on. He was not a conventional humanist and his work was affected by Durkheim, Freud, Mead, Simmel, and Radcliffe-Brown (Yakkaldevi, 2013, p. 74). Albert Bandura is related with social learning hypothesis. As per Bandura (1977), Learning would be exceedingly relentless, also unsafe, if individuals needed to depend exclusively on the impacts of their own activities to educate them what to do. Luckily, most human conduct is found out observationally through displaying: from watching others one structures a thought of how new practices are performed, and on later events this coded data fills in as a guide for action.† Bandura is notable for his celebrated Bobo doll try where kids were shown to learn animosity through perceptions and cooperations (Bandura, Ross, Ross, 1961). His work is viewed as a component of the psychological unrest in brain science. References Bandura, A. (1977). Social Learning Theory. New York: General Learning Press. Bandura, A., Ross, D. Ross, S.A. (1961). Transmission of hostility through impersonation of forceful models. Diary of Abnormal and Social Psychology, 63, 575-82. Chang, C., Lee, Y. (2010). Impacts of message confining, striking quality congruency and measurable surrounding on reactions to good cause publicizing. Worldwide Journal of Advertising, 29(2), 195-220. Fine, G. A. Smith, G. W. (2000). SAGE Masters of Modern Social Thought: Erving Goffman (Vols. 1-4). London: SAGE Publications Ltd. doi: http://dx.doi.org/10.4135/9781446261545 Frey, B. S., Meier, S. (2004). Social examinations and ace social conduct: Testing contingent participation in a field test. The American Economic Review, 94(5),1717-1722. Sauro, J. J. (2014). A substance investigation of Kickstarter: The impact of surrounding and remunerating inspirations on crusade achievement (Doctoral exposition). Accessible from ProQuest Dissertations and These Database. (UMI No. 1556435) Sorenson, I. E. (2012). Publicly supporting and re-appropriating: The effect of web based subsidizing and dissemination on the narrative film industry in the UK. Media Culture and Society, 34, 726-743. doi:10.1177/0163443712449499 Tversky, A., Kahneman, D. (1979). Prospect hypothesis: An investigation of choice under hazard. Econometrica, 47(2), 263-291. doi: 10.2307/1914185 Tversky, A. Kahneman, D. (1992). Advances in prospect hypothesis: Cumulative portrayal of vulnerability. Diary of Risk and Uncertainty, 5(4), 297â€323. Yakkaldevi, A. S. (2013). Phenomenology and Enthomethodology. India: Laxmi Book Publication.

Essay Cold War Social Changes free essay sample

What social changes were produces to residents in the United States during the Cold War? The Cold War started in light of a discussion between two world superpowers, the United States and the USSR. The USSR worked as Communist government and the United States worked with Capitalism. After the United States wound up winning the Cold War and the Soviet Union crumbled, the United States turned into the main world superpower and still is today. That rolls out gigantic social improvement in American culture. Social developments start to show up, which battled for self-assurance and correspondence The individual is political. (Joan D. 2012) That’s an expression that speaks to the new social change in US during the 60s and 70s; the Womens Liberation Movement was one of them. During the 60s, ladies were reject initiative positions and exercises were denied and they didn’t have any acknowledgment earned. By the center of 1960s, ladies begin to respond and persuade themselves to dissent for their privileges. We will compose a custom exposition test on Exposition Cold War Social Changes or then again any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page First in the social liberties development, with an announcement composed by Mary King and Casey Hayden, and in the counter war development ‘‘women radicals started to request value and regard as activists. ’ According to Reich, Western human advancement, or private enterprise government, had caused individuals to get some information about sexual profound quality. Be that as it may, on account of different current social and logical associations or gatherings, sexuality will be just because a wellspring of data and will bring full human self-governance. The principal contraception pill, went available inâ 1960. As indicated by Nancy L, after five years, 6 million American ladies were on the Pill. Adolescents or youthful grown-ups were the genuine warriors on this sexual upheaval. They were the once who assumed control over their sexuality. Theâ hippieâ was an initially subculture across the United Statesâ during the 60s. They just because experience the biggest uncontrolled plague with medications everything being equal. Youll burrow it, its awesome.  Was the reason for them to devour all sort of medications and get high. They imagine that you were made to appreciate life as far as possible, without any second thoughts. That was opportunity for them. Another huge development that hipsters begin to help was the gay marriage. Individuals begin to feel with more freedom to pick with whom they need to go through their time on earth. The law may not consider their relationships authentic, however the couples that wedded absolutely did. Private enterprise message is: be free and uncover yourself. To be or would whatever you like to do, as long as you don’t damage the privilege of others. The privilege of other is the common furthest reaches of your opportunity. Conversely, in communism the state figures out which practices are affirmed or not thinking in the ‘‘common good’’. Cohen, N. L. (20 de February de 2013). How the Sexual Revolution Changed America Forever. Obtenido de Alternet: http://www. alternet. organization/story/153969/how_the_sexual_revolution_changed_america_forever Holz, M. (20 de February de 2012). Whatever Happened to the Sexual Revolution? Obtenido de Processedworld: http://www. processedworld. com/Issues/issue18/i18what. htm Mandle, J. D. (20 de February de 2013). How Political is the Personal? : Identity Politics, Feminism and Social Change. Obtenido de WMST-L: http://userpages. umbc. edu/~korenman/wmst/identity_pol. html sexology, M. h. (20 de February de 2013). THE SEXUAL REVOLUTION. Obtenido de Magnus hirschfeld chronicle for sexology: http://www2. hu-berlin. de/sexology/ATLAS_EN/html/the_sexual_revolution. html Stone, S. (20 de February de 2012). Radicals amp; Drugs. Obtenido de Hipplanet. : http://www. hipplanet. com/books/atoz/drugs. htm

Asses sociological explanations for ethnic differences in educational achievement Essay Example for Free

Asses sociological clarifications for ethnic contrasts in instructive accomplishment Essay Ethnicity alludes to shared social practices, points of view, and differentiations that set apart one gathering of individuals from another. That is, ethnicity is a mutual social legacy. The most widely recognized qualities recognizing different ethnic gatherings are heritage, a feeling of history, language and religion. Present day Britain is supposed to be a multicultural society comprised of a wide range of ethnic gatherings. Accomplishment inside training is changed across societies, with whatever as Chinese and Indian understudies performing over the normal, and African-Caribbean and Pakistani understudies performing admirably underneath normal. There are numerous elements which can decrease a youngster from an ethnic foundations achievement. For example, Material hardship. Material hardship centers around salary disparity and the material issues that are related with it. A case of such an examination is J. W. B Douglas, The Home and The School (1964). He contended that an interlocking system of imbalances existed which worked against many common laborers understudies. This included, differential impacts of local and varieties in instructive arrangement and use. Likewise, lodging and natural variables. Which prompted odds of access to great grade schools. Subsequently, obstructing the opportunity of access to top streams. Thus, minority ethnic kids are bound to live in low-pay family units. This implies they face the issues that Douglas featured, the material elements, for example, low quality lodging, no working space and even conceivably terrible impact of companions. One other purpose behind contrasts in instructive accomplishment between ethnicities is the fundamental family life. African-Caribbean people group have a significant level of solitary parenthood. All things considered, it is assessed half of African-Caribbean family units have a solitary parent . This can imply that many face monetary issues, this can prompt lower accomplishment in school (Douglas’ material components). On the other hand, single parents can be a positive good example or impact for some, little youngsters, which means they perform better in training. Another clarification for ethnic contrasts is Language. For some offspring of an ethnic minority English isn't their essential language. This can be a disservice since they may not comprehend tests just as others. Additionally they may battle to communicate with restricted English. At long last, a few instructors may confuse poor English with an absence of insight, when really this could be totally false, implying that a cunning kid might be let somewhere near the educator who probably won't push the understudy to their maximum capacity. In any case, you could contend that Chinese and Indian understudies first language isn’t English, then again in these two societies it is the standard to learn English as a solid second language. Consequently, they are not obstructed constantly language hindrance, instead of Bangladeshi’s for instance. Language was such a major issue, that Bernstein (1973) arranged understudies into two gatherings. Explained and limited. On account of an explained code, the speaker will choose from a generally broad scope of options. Anyway on account of a confined code the quantity of these options is frequently seriously restricted. Bernstein’s work was not generally lauded. For example, Labov (1974) contended that youthful blacks in the United States, in spite of the fact that utilizing language which absolutely appears to be a case of the limited code, by the by show an unmistakable capacity to contend consistently. Their absence of information concerning the subject may arrive at farther than simply the tests they need to take. For example, because of the huge measure of bombing dark Caribbean’s and Bangladeshi’s (a joined aggregate of 41% figured out how to get 5 A* C grades), instructors might be subliminally biased against ethnic minorities. This can bring down the understudies accomplishments from multiple points of view, one is that the instructors give the understudy lower grades. Another way is that the educator contrarily marks an understudy of ethnic minority which can prompt unavoidable outcome. Prejudice can likewise prompt clash among understudies and educators, making learning an a lot harder undertaking. Finally, prejudice can prompt low-confidence among ethnic minorities. A scientist who considers this was Howard Becker (1971). Becker Interviewed 60 Chicago secondary teachers. He found that they passed judgment on understudies as indicated by how intently they fitted picture of â€Å"ideal pupil†. Their lead appearance affected judgment. White collar class was nearest to perfect, common laborers farthest away named as seriously acted. Therefore you can see, if instructors marked understudies on what they look like, you can envision how they would name an entire ethnic race. Another factor for ethnic contrasts in instructive accomplishment is the ethnocentric educational plan. There are a few reasons why ethnic minorities may battle because of this educational plan. One is that the subjects frequently center around British culture; normally White British understudies will have grown up with this culture, so they may have a more prominent comprehension of the substance than understudies who experienced childhood in an alternate culture. Another explanation is that the substance of the educational plan could bring down ethnic minorities confidence, this is on the grounds that frequently the white character is viewed as â€Å"good† and predominant while the ethnic minorities are viewed as â€Å"not as academic†. Be that as it may, it is urgent not to overlook that each ethnic minority underachieves at this level. Truth be told, in the UK, Chinese and Indian understudies score preferable evaluations over the â€Å"White† ethnic race. One of the primary purposes behind this is the help of the guardians. Research has indicated that a few guardians of ethnic minority, for example, Chinese and Indian, look into their child’s instruction, they likewise empower their youngster more than other in different societies. This clearly prompts higher accomplishment for the youngster. Not just the guardians have an influence. A few educators may generalization some ethnic minorities to be canny and dedicated. This consolation and kind of help can help an understudy in raising their evaluations. To finish up, there are numerous sociological clarifications for the ethnic contrasts in instructive accomplishment, from language hindrances to family life at home. Be that as it may, it is critical to recall not every single ethnic minority to underachieve. Rafi Kentafi Lindill 12P.

Is Marijuana Really Addictive

Is Marijuana Really Addictive Addiction Drug Use Marijuana Print Is Marijuana Addictive? Its Rare, but Addiction Can Happen By Buddy T facebook twitter Buddy T is an anonymous writer and founding member of the Online Al-Anon Outreach Committee with decades of experience writing about alcoholism. Learn about our editorial policy Buddy T Medically reviewed by Medically reviewed by Steven Gans, MD on January 06, 2017 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on February 21, 2020 Medioimages/Photodisc Collection/Photodisc/Getty Images More in Addiction Drug Use Marijuana Cocaine Heroin Meth Ecstasy/MDMA Hallucinogens Opioids Prescription Medications Alcohol Use Addictive Behaviors Nicotine Use Coping and Recovery The majority of pot smokers do not develop a marijuana addiction, but some smokers do develop all the symptoms of an actual addiction after chronic marijuana use.?? Most marijuana users never come close to being addicted to weed. They do not lose control of its use; they generally use the amount they want to use and when they want to use it. When they use marijuana, they get the exact results they expect and intend to get.?? Marijuana Addiction The fact that most users never develop an addiction doesnt mean that it never happens. Some marijuana users will exhibit all the classic behaviors of someone who has an addiction. Prevalence The National Institute on Drug Abuse previously reported that about 1 in 7 marijuana users would develop problematic use with the drug. Now the agency is reporting that 30 percent of marijuana users will develop problems with its use, known as marijuana use disorder. Users who begin smoking marijuana before they reach the age of 18 and 4 to 7 more likely to develop a disorder compared with those who wait until after 18 to smoke, according to the NIDA.?? Marijuana Addiction: What You Need to Know Higher Potency Factor The NIDA also reports that the higher potency of marijuana available today may be another factor in the rising number of people who develop a problem. Marijuana confiscated by law enforcement today contains an average of 9.6% of THC compared to 3.7% in weed confiscated in the 1990s.?? Marijuana that is consumed in products that are made from marijuana extract can contain from 50% to 80% THC. Researchers are investigating if higher potency is the reason for an increase in emergency department visits by people testing positive for marijuana. Marijuana Abuse v. Dependence There is a difference between marijuana abuse and marijuana dependence. Marijuana abuse occurs when someone continues to use the drug despite negative consequences, such as losing a job, poor academic performance or getting arrested.?? Just as with other drug use disorders, people who continue to use marijuana in spite of continued negative consequences, by definition, have a marijuana use disorder. But, is it an addiction? Classic Addictive Behavior Someone who becomes addicted or dependent upon marijuana is also an abuser, but will also display some of the classic behavioral symptoms of addiction:?? Will begin to lose control, needing increasing larger amountsWill spend more time thinking about usingWill deny claims from those close to him that he has changedSubstance use will begin to take a central role in lifeWill spend more time and money acquiring more marijuanaWill become irritable or agitated if they run outAs negative consequences mount, they will continue to use What Are the Signs and Symptoms of Addiction? Physical Dependence Most experts agree that dependence on a substance is accompanied by a build-up of tolerance to that substance, requiring increasing larger amounts, and withdrawal symptoms when someone stops using the substance. Most marijuana smokers do not experience either tolerance or withdrawal.?? Most early research into marijuana addiction revealed that marijuana use rarely produced tolerance and withdrawal. But the marijuana that is available today is more powerful than the marijuana of the 1960s, containing higher levels of the active ingredient THC.?? Withdrawal Symptoms Todays research shows that tolerance does develop to THC and that withdrawal symptoms do occur in some users. Studies of chronic marijuana users who quit smoking show that some experience these withdrawal symptoms:?? Anxiety and insomniaLoss of appetiteExcessive salivationDecreased pulseIrritabilityIncreased mood swingsIncrease in aggressive behavior Researchers believe that because todays pot is much more potent it makes it more likely to develop physiologic dependence in some users. Even if not physically or chemically dependent on marijuana, some users will at the very least develop a psychological dependence upon the drug. Seeking Treatment Whether marijuana has become more addictive or not, the number of people seeking treatment for marijuana abuse has increased significantly. According to studies, the number of children and teenagers in treatment for marijuana dependence and abuse has increased by 142% since 1992.?? As with most substances of abuse, people who abuse marijuana usually decide to seek help when their use of the drug becomes painful due to increasing negative consequences. Many who seek treatment for marijuana do so due to pressure from family, friends, schools, employers or the criminal justice system. How Effective Is Drug Treatment?

Behavior Around Earnings Announcement Events For Emerging Markets - Free Essay Example

1. INTRODUCTION 1.1 Background of Research Question Stock prices show a tendency to behave in a manner not consistent with what current finance theory proposes or expects. This gap may be the result of flawed assumptions presently used as a basis in existing theory. Conventional modern finance theory rests on the assumption of investor rationality. Efficient market hypothesis (EMH), representing an integral part of conventional finance theory, further assumes security prices reflect (to varying degrees) all available information as processed by rational investors. Modern portfolio theory (MPT) suggests[1], a stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s price represents the present value of future expected cash flows and therefore, is dependant on investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectations of estimated forecasts of earnings growth rates into the future. Actual short-term stock price behavior indicates anomalies and significant divergences of prices away from fundamental intrinsic values, long-term averages, or expectations as implied by MPT. Behavior finance takes the approach of understanding these price anomalies through a study of cognitive and emotional biases. This thesis investigates the possibility of investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s making mistakes (through irratio nal behavior) in their forward expectations of future corporate cash flows, resulting in short-term overreaction to earnings information releases due to influence of representative bias (a cognitive bias). This proposal attempts to examine the existence, relationship and, impact of overreaction as a determinant of securities price behavior in emerging markets of Far East. The aim of this study is to discover representative bias, a tendency of investors to overweigh most recent information in making future forecasts, as one possible cause leading to overreaction in securities prices. This thesis tests investor responses to corporate earnings announcements, specifically surprises, to determine overreaction behavior and to identify representative bias as the cause of such overreaction. The results may contribute, by offering a missing piece of the puzzle, of understanding stock price behavior (towards the search for a unified theory), into existing research work for behavior finance. In addition, a better understanding of what drives stock prices would be a highly useful forecasting and policy tool for participants concerned with asset pricing. 1.2 Motivation for Research The field of behavior finance focuses on the question; what drives investor behavior?. It is divided into two main groups. Cognitive and emotional biases, which are further sub-divided into two sub-groups, individual and collective biases. Behavior finance has been seeking to discover the causes of investor irrationality within the investment decision-making framework. Significant empirical and theoretical studies have been conducted, which suggest cognitive and emotional biases affect investor rationality. Indeed, the field of behavior finance directly challenges the conventional finance framework, which uses within its paradigm the assumption that investors are rational decision makers, and securities prices reflect all available information (EMH[4]. According to Fung (2006), it seems clear that EMH and CAPM[5](pillars of the current financial theory), despite mounting evidence against their validity, remain widely in use. One reason for this is the fact that these models cannot be empirically falsified due to their dependence on layers of assumptions, which support each other. The other reason is a lack of an alternative asset-pricing model taking cognitive biases into consideration, which does not exist so far. Behavior finance offers just such an alternative, and after observing price anomalies as a trader in the financial markets, I have become interested in pursuing empirical work in this direction to understand and discover a better way to price financial assets. Furthermore, only limited research exists for capital markets covered by this thesis namely Malaysia, Thailand, and Singapore, despite the fact these markets have outperformed western markets recently and continue to offer potential for future growth. 1.3 Statement of Problem This thesis focuses on the following problem: à ¢Ã¢â€š ¬Ã…“What is the relationship between representative bias and overreaction, as it relates to individual as well as a series of earnings surprise announcements, on investor behavior in the stock markets of Far East?[6]à ¢Ã¢â€š ¬? 1.4 Research Questions Objectives This proposal consists of three components. First, the study aims to discover existence of investor overreaction (derived and tested from stock price behavior) in the stock markets of Malaysia, Thailand, and Singapore based on overreaction hypothesis (ORH) as proposed by Thaler (1985). Thereafter, the second objective of this thesis is to test for overreaction in response to corporate earnings surprises (positive and negative). Third and last objective of the study is to determine if representative bias (cognitive bias) is a source of this investor irrationality, in response to earnings surprises, as demonstrated through price behavior in the respective stock markets. In other words, to contribute an answer to the key question behavior finance is seeking; what drives investor behavior in the stock markets?, this study tests emerging stock markets of far east for investor overreaction. Subsequently, this thesis focuses on representative bias as one cognitive attribute of investor behavior, which may cause overreaction to occur. Following are some of the research questions this study will attempt to answer. Research Questions: This study attempts to answer the following research questions: Research Question 1: Does investor overreaction exist in emerging stock markets? Research Question 2: Do investors overreact to positive earnings surprises? Research Question 3: Do investors overreact to negative earnings surprises? Research Question 4: Is representative bias present during investor overreaction to earnings surprises? Research Question 5: Does representative bias cause investor overreaction when earnings surprises are positive? Research Question 6: Does representative bias cause investor overreaction when earnings surprises are negative? Research Question 7: What is the relationship between representative bias and overreaction as it relates to a series of earnings surprise announcements, both positive and negative? 1.5 Research Significance The motivation behind this research is to contribute a better understanding of determinants of stock pricing in the context of investor decision making. The results of this study will be useful in furthering current empirical research on cognitive biases affecting stock price behavior, specifically investor overreaction and representative heuristic, (as it relates to earnings surprises), as well as provide useful understanding for investment decision making, forecasting, and policy making for financial market participants in the asset management field. In addition, contribution towards a piece of the stock-pricing puzzle, as well as further research questions may also be discovered. 2. LITERATURE REVIEW 2.1 Cognitive Biases Overreaction Hypothesis (ORH) Behavior finance seeks to understand effects of psychology on financial behavior. However, a unified model, which can replace the conventional mainstream models such as the efficient market hypothesis and CAPM (capital asset pricing model), has yet to be discovered, Fung (2006). Keynes (1973, original publication 1936) wrote in his General Theory: à ¢Ã¢â€š ¬Ã…“ Day-to-day fluctuations in the profits of existing investments tend to have an altogether excessive, and even absurd, influence on the marketà ¢Ã¢â€š ¬? (1973, pp. 153-154). This became the starting point for a study on overreaction by De Bondt and Thaler (Fung 2006, p.29). Keynes remark infact implied the possibility of systematic mispricing of securities by investors. Indeed, this argument led to directly challenging the efficient market hypothesis, a mainstream concept used for financial asset pricing invented by Fama (1970). Fama created an empirically testable model to price securities based on this concept called the à ¢Ã¢â€š ¬Ã…“fair gameà ¢Ã¢â€š ¬? which implied the notion that markets cannot have expected returns in excess of equilibrium expected returns (ibid., p.385). This particular notion is questioned in De Bondt and Thalerà ¢Ã¢â€š ¬Ã¢â€ž ¢s, 1985 paper, proposing instead the stock market overreaction hypothesis (ORH). They suggest, stock prices fluctuate from their intrinsic values (PV of expected future cash flows of the firm) due to optimism and pessimism prevailing amongst investors. In addition, De Bondt and Thaler (1985) suggeste d two other hypotheses: 1. à ¢Ã¢â€š ¬Ã…“Extreme movements in stock prices will be followed by subsequent price movements in the opposite directionà ¢Ã¢â€š ¬? 2. à ¢Ã¢â€š ¬Ã…“The more extreme the initial price movement, the greater will be the subsequent adjustment. Both hypotheses imply a violation of weak form market efficiencyà ¢Ã¢â€š ¬? (1985 p.795). In other words, their hypothesis suggested the existence of the possibility of earning excess returns above equilibrium returns. This may be accomplished by investing in stocks, which have performed poorly relative to the average (a new contrarian strategy). In addition to casting a doubt on the EMH, De Bondt and Thalerà ¢Ã¢â€š ¬Ã¢â€ž ¢s paper (1985) also brought into question the validity of the CAPM (Fung, 2006). According to CAPM, an assets return is a function of the asset risk premium and the risk free rate. In other words, higher the systematic risk (Beta) of an asset, higher the assets return (represented by a linear relationship between risk and return). However, the findings of De Bondt and Thaler discovered low Beta (low systematic risk) portfolios (L) generating higher returns and high beta portfolios (W) producing low returns. This result contradicts the basic risk-return relationship as proposed by CAPM. Fama and French in their 1992 paper were the first to confirm this CAPM contradiction through empirical study based on discovering the (positive) relationship between size and beta. They suggested CAPM did not fully measure and adjust for the higher risk of smaller(size) firms. In summary, empirical research has discovered that consistent anomalies exist between risk-return relationship as proposed by the widely used EMH and CAPM (the traditional financial theory paradigm). However, no comprehensive theory exists to explain why some stocks do better than others. Lakonishok et al. (1994) confirm in their paper that value stocks outperform glamour stocks. Thereby they suggest cognitive bias as a possible explanation for this anomaly. à ¢Ã¢â€š ¬Ã…“Putting excessive weight on recent past history, as opposed to a rational prior, is a common judgment error in psychological experiments and not just in the stock marketà ¢Ã¢â€š ¬? (ibid., p.1575). It seems clear that EMH and CAPM (pillars of the current financial theory), despite mounting evidence against their validity, remain widely in use. Behavior finance seems to offer an alternative to the current financial theory, and therefore it is imperative to pursue empirical work in this direction in order to understand and discover a better way to price financial assets. 2.2 Investor Overreaction Earnings Surprises Research in Behavior Finance has taken different approaches to discovering cognitive biases and their impact on asset pricing. Odean (1998) and Daniel, Hirshleifer and Subrahmanyam (1998) focused on overconfidence, while Hong and Stein (1999) investigated mispricing by positive feedback trading. De Bondt and Thaler (1985) have empirically investigated overreaction, and concluded investors overreact to information. Their research focused on NYSE stocks and cumulative returns for three years (event window). They concluded specifically that stocks with previous abnormally low returns performed better than those with previous abnormally high returns. This return reversal indicated investor reaction to be over-weighted in response to information, which was later corrected in prices over the longer term. The overreaction anomaly has been empirically established in finance through multiple studies. Kaestner (2006) points out that Poteshman (2001) tests overreaction in the options market; Cutler, Poterba, and Summers (1991) for gold market; Chui, Titman and Wei, (2000) and Bhojraj and Swaminathan (2001) for international stock markets. In addition Chopra, Lakonishok, and Riter (1992) as well as De Bondt and Thaler (1987) have confirmed overreaction in stock markets. The main gap, which remains in empirical research, is establishing the determinant or driver of overreaction (Kaestner 2006, pp.3). This particular cognitive bias has recently been tested as a driver of overreaction in a few markets only. Kaestner (2006) further points out that Poteshman (2001) has researched for representative bias and overreaction in the options markets through investor responses to changes in variance of the underlying asset. De Bondt and Thaler, (1985 and 1987), Chopra, Lakonishok, and Ritter, (1992) look at representative bias as the potential driver of overreaction basing their studies on current earnings, forecasted changes in earnings and past performance without directly testing for it. Kaestner (2006) directly tests for this link between representative bias and overreaction for NYSE stocks related to earnings surprises. 2.3 The Representative Heuristic Representative heuristic belongs to the family of cognitive biases within the field of behavior finance. Tversky and Kahneman (1974) suggest this bias may affect an investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s decision-making framework by causing the investor to over weight most recent fundamental information regarding a stock while making estimations of future earnings forecasts. Because of representative bias, investors may over/under estimate a stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s intrinsic value[7]resulting in subsequent anomalous security price behavior. According to Tversky and Kahneman (1974), representative bias involves estimating: à ¢Ã¢â€š ¬Ã…“ the probability of an uncertain event, or a sample, by the degree to which it is similar in its essential properties to the parentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ populationà ¢Ã¢â€š ¬? (ibid.). In other words, investors place too much weight on recent small sample datasets (law of small numbers) when projecting future cash flows for a stock. Kaestner (2006) suggests that when a series of such recent earnings data (in the same direction) is presented to the investor, this series is interpreted as a pattern and thereby becomes the basis for future projections of a stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. Such projection thus leads to over/under estimation of future projected probability distributions of expected price performance. Kaestner (2006) argues that if representative bias affects investors then evidence of two related phenomenon would be present. à ¢Ã¢â€š ¬Ã…“First, statistical results would indicate a marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s overreaction to some disclosed information. Second, the overreaction will be increasing in the extent to which the series of similar information is longà ¢Ã¢â€š ¬? (ibid., pp.10). Although De Bondt and Thaler (1987 and 1990) only tested for overreaction in their paper, they do mention the representative bias as a possible reason. Poteshman (2001) tests for representative bias and relates it to overreaction in the options markets. However, Kaestner (2006) for the first time directly tests the representative heuristic and links it to overreaction in the U.S. stock markets. 3. METHODOLOGY 3.1 Methodology Overview The literature has identified a variety of research methodologies, used to test for cognitive biases. This proposal extends the methodology of testing for overreaction used by De Bondt and Thaler (1985) for U.S markets, to Asian markets. Subsequently, the main focus of this study, à ¢Ã¢â€š ¬Ã…“representative biasà ¢Ã¢â€š ¬? as a driver of investor overreaction in response to earnings surprises is tested based on Kaestnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s paper (2006) which also only explored the US stock markets. De Bondt and Thaler (1985) tested the overreaction hypothesis by constructing winner(W) and loser (L) portfolios of NYSE stocks. These were selected based on past three yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s residual stock performance, which was, defined as monthly returns minus monthly market returns. The hypothesis test was run for the period January 1926 through December 1982. Positive results constituted the (W) and negative results the (L) portfolios. The two residual return results of prior and post three-year event periods (total of six years) were tested using the cumulative residual returns (CRS), a sum of the post formation monthly residual returns over three years. CRS was calculated for all sets of portfolios from 1930-1982 and each portfolioà ¢Ã¢â€š ¬Ã¢â€ž ¢s component residual returns were averaged to determine the cumulative average residual returns (CARS). Average of the CARS was calculated as the next step for all (L) and (W) sets of portfolios. CAPM was used in determining the ma rket portfolio return. Overreaction hypothesis suggested that (L) portfolios would perform better than market and vice versa. Results supported the hypothesis. This finding directly challenged the EMH implicit assumption that arbitrage gaps are filled rapidly by rational investors, since markets find an equilibrium price where excess returns are not possible and occur only as a result of luck. In essence, De Bondt and Thaler (1985) discovered the possibility of earning better than market returns. 3.2 Sample Data Characteristics Data for stocks will be acquired for Malaysia, Thailand, and Singapore stock exchanges directly, and/or from other information providers for the period 1990-2008. A total of eighteen years will cover three event windows and two economic cycles. This would also include the 1990 U.S. recession, 1997 Asian crises, and current 2008 global market fallout data. Daily stock prices in the form of open, high, low, and close would be used to determine daily returns and same data set would be required for the market index to get a proxy for market returns. In addition, quarterly EPS (earnings per share), earnings announcements by the company, and earnings consensus estimates of analysts would be gathered. For time line analysis, EPS estimates and actual EPS values will need to be obtained for preceding 4 quarters. To adjust for size, company capitalization data (shares x stock price) will be recorded at the beginning of each year in the sample set through the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financia l statements. In addition, Beta estimates for all companies would also be required for the sample period. Most of this data is available in digital form through research sources including online internet subscriptions and the stock exchange itself. Stock selection criteria are detailed in the following sections. 3.3 Dependant and Independent Variables Dependant variable is the excess return derived as the difference between stock raw daily return and market daily return as an indicator of investor reaction. Independent variable is the data of actual earnings surprises in relation to analystà ¢Ã¢â€š ¬Ã¢â€ž ¢s estimates. 3.4 Overreaction Test Overreaction will be tested using sort-ranking procedure, as used by De Bondt and Thaler (1985) and repeated by Kaestner (2006) based on past stock return performance. Stocks will be ranked according to their past performance over three year event windows as a proxy for prior information and will be included into portfolios based on this performance. Post-formation performance will be assessed to test the ORH. 3.5 Portfolio Construction Portfolios of best performing (W) and worst performing (L) stocks will be constructed using past performance as a criteria. Each stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s historical monthly closing prices will be used to determine past performance over three-year event windows. The monthly return (Rist ) for stock i, based on its monthly closing stock price minus the monthly market return (Rmt ) derived from the closing market index price (for the same period) will generate the excess return (ARiet ) for stock i. ARiet = Rist Rmt This excess return (ARiet) will be defined as a performance measure for stock i, at time t, where the à ¢Ã¢â€š ¬Ã…“eà ¢Ã¢â€š ¬? represents excess and à ¢Ã¢â€š ¬Ã…“sà ¢Ã¢â€š ¬? represents stock specific return. Positive excess return (+ARiet) stocks would indicate best performers (W) while negative excess return (-ARiet) stocks would become part of the worst performers (L). The next step will calculate the cumulative excess (abnormal return denoted by AR) returns (CARi(p,q)) by summing the monthly returns for the 36 month formation event window for all stocks. q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet t=p p = time at beginning of event window (t=0) q = time at end of event window (t=3 yrs) Thereafter, stocks will be ranked from high to low, based on their cumulative excess returns of previous three years (formation period), and subsequently be added to either the best performers (W) portfolio or the worst performers (L) portfolio. To provide for progressive multiple tests, this portfolio formation process will be repeated for all non-overlapping event windows covering the entire test period with new portfolios formed every 3 years to be tested against their performance in the post-formation 3-year periods. Overreaction hypothesis suggests that (L) stocks should perform better than the market in the subsequent three-year post-formation event window as compared with the previous three years, whereas the reverse should be true for (W) stocks. This implies (L) stocks should have positive excess returns (+ARiet) while (W) stocks should generate negative excess returns (-ARiet) in the post event three-year period. A total of six years data will be required for the stocks und er consideration. For the market return (Rmt), an equally weighted monthly arithmetic average of stock returns in the sample will be used as proxy for market return (De Bondt and Thaler 1985). For each (W) and (L) portfolio, cumulative excess return (CARi(p,q)) for three-year post-formation event window will be calculated and repeated for all sets of portfolios. Finally, a mean of all member stock CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s in each portfolio will be computed and referred to as MCARi(p,t). Thus, two MCARi(p,t)à ¢Ã¢â€š ¬Ã¢â€ž ¢s will be obtained for each of these portfolios during the formation period of 36 months, and this will be repeated for all progressive portfolios over different event windows of the entire test period. In summary, CARi(p,q) and MCARi(p,t) will be calculated for the post-formation 3-year event window to test with formation event portfolios. If overreaction exists, then it is expected worst performing portfolios (L) should generate positive excess returns and vice versa for the best performing portfolios (W), i.e. negative excess returns. This return reversal would imply initial prices had overshot rational values (investor overreaction) as a short-term reaction and therefore adjusted back to rational values subsequently. Here, W-MCARi(b,t) = best performer portfolios L-MCARi(w,t) = worst performer portfolios The overreaction hypothesis (De Bondt and Thaler, 1985) expects post-formation results as follows: W-MCARi(b,t) 0 L-MCARi(w,t) 0 Such that, L-MCARi(w,t) à ¢Ã¢â€š ¬Ã¢â‚¬Å" W-MCARi(b,t) 0 3.6 Overreaction Due to Earnings Surprise Events Test Overreaction in response to earnings surprises will be tested based on sort-rank for single event and selection-ranking event method, for series analysis, as used by Kaestner (2006). The study will use portfolio-study approach as proposed by Ball and Brown (1968). Portfolios will be constructed based on stock earnings announcement events, ranked on highest to lowest surprises, for stocks in the sample. Highest earnings positive surprise stocks will be added to portfolio (+Ä ¤p ) and highest negative surprise stocks will constitute portfolio (-Ä ¤n ). Standardized Earnings Surprise criteria Quarterly earnings surprises will be computed based on standardized surprise earnings (Ã…Å ¾SÄ–q) represented by the difference between the actual released earnings (AÄ–q) and the one month prior to announcement consensus estimate for earnings (EÄ–q), scaled by the standard deviation of the individual estimates for each stock (à Ã†â€™est-q). Therefore, quarterly standardized surprise would be as follows: Standardized Surprise measurement: Ã…Å ¾SÄ–q = (AÄ–q EÄ–q) / à Ã†â€™est-q Excess Returns Measurement Excess returns (ARiet) for each stock will be computed on daily basis using closing stock prices as described in section 3.5. These returns will use size-adjusted approach[8](Kaestner 2006) and will be calculated as the difference between stock daily return (Rist ) and the equally weighted daily return of the stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s own portfolio (Rmt ). Thus excess return will be, as explained earlier in section 3.5: ARiet = Rist Rmt Thereafter, post-formation cumulative excess returns (CARi(p,q) ) will be derived based on event windows of 0 (0 represents the announcement date) to 1, 3, 10, 30 and 60 days for each portfolio Ä ¤p and Ä ¤n . The cumulative excess return for an event window will be: q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet t=p where; q= 1,3,10,30 or 60 day post-formation event window Overreaction to earning surprises expects stock prices to overshoot in the direction of the surprise, represented as follows: Positive cumulative excess returns for positive surprise portfolios and vice versa. CARi(p,q) 0 for +Ä ¤p CARi(p,q) 0 for -Ä ¤n Such that, Positive surprises (+Ã…Å ¾SÄ–q 0): CARi(p,q) 0 Negative surprises(-Ã…Å ¾SÄ–q 0): CARi(p,q) 0 Null Surprises ( Ã…Å ¾SÄ–q = 0): CARi(p,q) = 0 3.7 Representative Bias a Driver of Overreaction to Earnings Surprises According to Kaestner (2006), two expected phenomenon should be present, if representative bias plays a role in investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ overreaction to earnings surprises. First, a confirmation of overreaction to released information events, as tested earlier in this thesis, must exist. Second, this overreaction phenomenon should be increasing in relation to a similar series of earnings surprises over consecutive event windows[10]of future expected cash flows). This tendency to misjudge future prospects of a company causes investors to overreact in response to earnings surprises (both positive and negative), and would be reflected through securities prices. As a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s actual earnings information is released, investors would have to readjust their expectations (if they had overreacted) of cash flows based on the new real (actual) information and therefore the stock price must correct itself over time, if overreaction had occurred in the first instance. Representative bias causing overreaction due to earnings surprises will be tested by measuring investor reaction to a series of same sign surprises (Kaestner 2006). A non-parametric significance test will be used as proposed by Foster, Olsen, and Shevlin (1984) and later reviewed by Lyon, Barber, and Tsai (1999)[11]. This test relaxes the assumption of normality, constant variance of security returns over time, and cross-sectional independence in residuals (Kaestner 2006). The test focuses on establishing a companion empirical sample distribution, and then comparing its cumulative excess return (CARi(p,q)) with the observed CARi(p,q) to assess for statistical significance. Empirical distribution is generated by randomly selecting one event in the parent population for each event, computing equally weighted CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s for the companion sample, and ranking the companion sample CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s from highest to lowest based on a repetition of the first two s teps 2,500 times in order to obtain the empirical distribution. If representative bias exists and investors rely heavily on most recent earnings surprise information, then in the event of positive surprises, they will project overly optimistic future surprises and overreact immediately after the event on the positive side, subsequently reversing the price direction upon next earnings release (should the actual surprise not meet their expected higher surprise, (Ã…Å ¾SÄ–q =0). To test a series of events of earnings surprises, the sequential sort-ranking procedure will be used (Kaestner 2006). The initial portfolio is constructed for all individual null-surprise event stocks (Ã…Å ¾SÄ–q,t=0) and then ranked based on their most recent surprise events (Ã…Å ¾SÄ–q,t-1) relative to this null-surprise, as compared with the stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s last surprise (t-1). In fact all subsequent sorting will be in relation to a starting most recent null-surprise (Ã…Å ¾SÄ–q =0), so that post null-surprise period can be studied. These rankings are used to construct three equal sized portfolios labeled as positive, neutral, and negative (Ã…Å ¾SÄ–q,t-1) surprise portfolios. These three portfolios are then each sub-divided into three more portfolios based on rankings of stock surprises at (Ã…Å ¾SÄ–q,t-2) which means 2 quarters behind in a series. Similarly, these are sub-divided into three more portf olios at t-3, and t-4, giving rise to a total of 5 quarters backwards surprise series-related portfolios. In this way, series of similar earnings surprises in sequence are separated for testing while keeping the current surprise at zero (null). For each family of series of portfolios (including one null surprise) which gives rise to different number of stocks in the sample, CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s are computed for different event windows (i.e 0;1, 0;3, 0;30 and 0;60). This will allow for a study of the impact of similar preceding surprises on overreaction to the most recent earnings surprise. Portfolios will be tested for investor reactions for four event windows. Representativeness hypothesis (Kaestner 2006), suggests investors will overreact initially to a surprise due to overweighting of this information in future projections. And in the case of a series of such surprises, the overweighing of future expectation will be stronger, giving rise to greater overreaction. However, when the actual earnings number results in no surprise, investors readjust their view in the opposite direction, causing a correction to the initial overreaction. This hypothesis suggests then, that a correction will ensue post the current null-surprise event causing CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s to be of the opposite sign of the surprise and also, this reversal should be stronger for longer series of such similar surprises as opposed to shorter series, implying that investors overreaction is affected by the representative bias. Thus, for positive surprises, CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s should be negative in relation to the empirical distribution generated by the null-surprise sample portfolio and positive for the negative surprise portfolios. For the empirical distribution sample and null-past surprise series, the CARi(p,q) should be = 0. 3.8 Empirical Results Statistical Significance Representativeness hypothesis expects: Non-surprise portfolios: Where  : (Ã…Å ¾SÄ–q = 0) CARi(p,q) = 0 (no significant market reaction) For positive surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q) 0 (negative subsequent post event correction beyond null-surprise) For negative surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q) 0 (positive subsequent post event correction beyond null-surprise) Such that: For positive surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q-3) CARi(p,q-2) CARi(p,q-1) CARi(p,q) For negative surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q-3) CARi(p,q-2) CARi(p,q-1) CARi(p,q) 3.9 Summary of Research Objectives Note: details of methodology appear in relevant sections above. This section indicates only a summary of already discussed objectives for ease of reading. Objective 1: Does investor overreaction exist in emerging stock markets? W-MCARi(b,t) 0 L-MCARi(w,t) 0 Such that, L-MCARi(w,t) à ¢Ã¢â€š ¬Ã¢â‚¬Å" W-MCARi(b,t) 0 Objective 2: Do investors overreact to earnings surprises? Null Surprises: (Ã…Å ¾SÄ–q =0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet = 0 t=p Objective 3: Do investors overreact to positive/negative earnings surprises? Positive surprises: (+Ã…Å ¾SÄ–q 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet 0 t=p Negative surprises: (-Ã…Å ¾SÄ–q 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet 0 t=p Objective 4: What is the relationship between representative bias and over- reaction as it relates to earnings surprises? Is representative bias present during overreaction? Non-surprise portfolios: (Ã…Å ¾SÄ–q = 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet = 0 t=p (No significant market reaction) Objective 5: Does representative bias cause overreaction when earnings surprises are positive? For positive surprise portfolio: (Ã…Å ¾SÄ–q 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet 0 t=p (Negative subsequent post event correction beyond null-surprise) Objective 6: Does representative bias cause overreaction when earnings surprises are negative? For negative surprise portfolio: (Ã…Å ¾SÄ–q 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet 0 t=p (Positive subsequent post event correction beyond null-surprise) Objective 7: What is the relationship between representative bias and overreaction as it relates to a series of earnings surprise announcements, both positive and negative? For positive surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q-3) CARi(p,q-2) CARi(p,q-1) CARi(p,q) For negative surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q-3) CARi(p,q-2) CARi(p,q-1) CARi(p,q) 4. EXPECTED CONCLUSION The contribution this research would make is extending current empirical research on cognitive biases affecting stock price behavior, and testing for investor irrationality, specifically investor overreaction and representative heuristic, as it relates to earnings surprises. This study may also provide further understanding of the drivers of stock prices for investment decision-making, forecasting, and policy making relevant to financial market participants. In addition, contribution towards a piece of the stock pricing puzzle, as well as further research questions may be discovered. It seems clear that EMH and CAPM (pillars of the current financial theory), despite mounting evidence against their validity, remain widely in use. Behavior finance seems to offer an alternative to the current financial theory, and therefore latest empirical research in asset pricing, is towards this direction in order to understand and discover a better way to price financial assets. This thesis expects, based on Thalerà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1985) ORH, investor overreaction in the emerging markets (Malaysia, Thailand, and Singapore) as demonstrated through securities prices to be confirmed through empirical testing. In addition, this study expects to identify representative bias as a source of such overreaction. This study offers to contribute empirical research towards the field of behavior finance in understanding better the notion of investor irrationality and its consequent impact on asset pricing. 5. PROPOSED RESEARCH OUTLINE THESIS OUTLINE Sections: Introduction Brief History of Research Question Theoretical Framework Research Objectives Statement of Problem Research Significance Literature Review 1) Prior Research and Gaps 2) Investor Overreaction 3) Representative Heuristic 4) Research Questions Methodology 1) Methodology Overview 2) Research Hypothesis 3) Model Configuration 4) Dependent and Independent Variables 5) Sample Data and Characteristics 6) Construction of Test Portfolios 7) Measuring Abnormal Returns and Earnings 8) Empirical Results and Statistical Significance 9) Does Representative Bias drive Overreaction? 10) Limitations of Study Conclusions References Appendix/Exhibits