Asean Solution for Rohingya Plight Essay Example for Free

Asean Solution for Rohingya Plight Essay WHY is Asean silent on the issue of Rohingya Muslims, who have been suffering for centuries under the Myanmar army junta? Recently, they were told to leave the country to a third world nation willing to receive them. This is cruelty towards their own people and it seems that the world is just watching the injustice done to them, without any assistance, support or solution. In June 2012, over 2000 people were displaced in sectarian violence in Myanmar, in which most victims were Muslims. The government promised a full investigation. Representatives from different religions and minorities condemned the atrocities inflicted on the Rohingya Muslims which is a serious human rights violation that the United Nations should stop immediately. In June 2012, 11 innocent Muslims were killed by the Burmese Army and the Buddhist mobs after bringing them down from a bus. A vehement protest was carried out in the Muslim majority province of Arakan, but the protesters fell victims to the tyranny of the mob and the army. People were reported killed and millions of homes destroyed in fires as Rohingyas and Buddhist-ethnic Arakanese clashed in western Myanmar. Myanmar has a Buddhist majority. The Muslim minority in Myanmar are mostly the Rohingyas and the descendants of Muslim immigrants from India (including what is now Bangladesh) and China, as well as descendants of earlier Arab and Persian settlers. Indian Muslim were brought to Burma by the British to aid them in clerical work and business. After independence, many Muslims remained in the country. Over the years, thousands of Rohingyas have fled to Thailand. According to reports, there are roughly 111,000 refugees housed in 9 camps along the Thai-Myanmar border. In February 2009, there was evidence of refugees being towed to sea and abandoned and other reports of brutality by the Thai military in which Thailands then prime minister Abhisit Vejjajiva said that there were some instances in which Rohingyas were pushed out to sea. Will the present generation see the light of day? They are part of mankind, why then are we responding apathetically towards them? Asean must respond immediately to solve their issues. Please be sympathetic and empathetic towards the Rohingyas.

Child Developement :: essays research papers

Volunteering at the YMCA was a great experience. I conducted a two-hour craft class with approximately seventeen children between five to seven years of age. Two â€Å"Y† counselors assisted me with the children. The project I selected was a magazine collage based on nutrition and fitness. The children enthusiastically participated. I brought a large scaled laminated version of the food pyramid. We began by discussing the food groups and they assisted in the assembly of the pyramid. We then discussed the importance of breakfast, good after school snacks and junk food. They energetically engaged in conversation. The children were given black construction paper and magazines to look through to find pictures, they would cut or tear the pictures into small pieces and sort the pieces and glue the pieces onto their paper. The children were sensitive to the needs and feelings of the others around them. They varied widely in a number of different ways. Some of the children could make their own decisions and work independently, while others looked for adult approval. Some worked very quietly when others were noisy. Others were wiggle worms when some were concentrating and working intensely. One beautiful little girl was acting out, vying for even negative attention, when she was no longer the center of attention. She reacted emotionally when she received a written referral from the counselor. When one asked to go to the bathroom suddenly half a dozen children had to go to the bathroom! Based on the Eight Stages of Development developed by psychiatrist, Erik Erikson in 1956 stages three and four were present. Stage (age) Psychosocial crisis Significant relations Psychosocial modalities Psychosocial virtues Maladaptations & malignancies III (3-6) -- preschooler initiative vs. guilt family to go after, to play purpose, courage ruthlessness -- inhibition IV (7-12 or so) -- school-age child industry vs. inferiority neighborhood and school to complete, to make things together competence narrow virtuosity -- inertia 3. Learning Initiative Versus Guilt (Purpose) Erikson believed that this third psychosocial crisis occurs during what he calls the "play age," or the later preschool years. During it, the healthily developing child learns: (1) to imagine, to broaden his skills through active play of all sorts, including fantasy (2) to cooperate with others (3) to lead as well as to follow. Immobilized by guilt, he is: (1) fearful (2) hangs on the fringes of groups (3) continues to depend unduly on adults and (4) is restricted both in the development of play skills and in imagination 4. Industry Versus Inferiority (Competence) Erikson believed that the fourth psychosocial crisis is handled, for better or worse, during what he calls the "school age," presumably up to and possibly including some of junior high school.

The Teen Pregnancy

Teen pregnancy wasn't always a problem. Even a hundred years ago, men and women married and started their families young: life expectancy was far shorter than it is today; school wasn't nearly as important or widely available; and young families conformed to the established social norm. However, today in the developed world, teen pregnancy is a problem that causes a wide range of social and economic problems. The United States leads the developed world in teen pregnancies, with over twice as many per year as Great Britain or Canada, four times as many as France, and ten times as many as Japan or the Netherlands (Popenoe). As many as 34% of all teenage girls become pregnant at least once before they are 20 years old, resulting in an astounding rate of 820,000 pregnancies a year. Nearly all of those pregnancies are out of wedlock and unwanted and so about half of those pregnancies result in abortion. Poverty and race are correlated with teen pregnancy, too, as teen mothers are more likely to be poor and remain poor if they start a family. Teen mothers are unlikely to finish high school: fewer than one-third of teen mothers receive their degree and a mere 1. 5% receive a college degree before they are 30 (â€Å"The National Campaign To Prevent Teen Pregnancy†). Additionally, teenage pregnancies frequently result in short- and long-term health problems for both mother and child. Long-term social effects include the perpetuation of poverty and the weakening of the economic muscle of the nation; clearly something must be done to prevent teen pregnancy in the United States. Many people believe mistakenly believe that sex education and birth control distribution will solve the epidemic of teen pregnancy. The underlying message is that if the birth control methods and education fails, then at least the teen can have an abortion to prevent starting a family. Sex education focuses on safe sex: the proper use of birth control devices including prophylactics and hormonal contraceptives. Barrier birth control devices like condoms can prevent sexually-transmitted diseases as well as pregnancies. Many schools, community and health centers distribute condoms for free to encourage teens to practice safe sex. The birth control approach to teen pregnancy is based on an assumption that teenagers are going to have sex no matter what, because sex is a natural biological instinct or because of peer pressure. By teaching safe sex, teachers and parents feel that at least they are minimizing the chances of causing a pregnancy or spreading a sexually transmitted disease. Sex education also eliminates the need to address the complex moral and psychological issues associated with teen pregnancy: issues that are controversial politically and difficult to discuss. In spite of the rationale behind the prophylactic approach to teen pregnancy, distributing birth control freely to teenagers will fail to solve the epidemic and in fact contributes to the problem of teen pregnancy. Telling teens that they should use birth control and then handing them birth control devices is frankly condoning and even encouraging premarital teen sex. The practice is irresponsible and irrational, because teen pregnancies are far more common now than they were in the 1960s, when birth control and sex education were not a part of the school curriculum. Moreover, sex education starts at a young age, in many cases before the young person is even interested in having sex, increasing the likelihood of misunderstanding, misinterpreting, or misapplying the information. In many cases students do not pay attention either. Contrary to what many people believe, teenagers in the modern industrialized world do not have the mental or emotional maturity to understand the ramifications of sexual intercourse. In the old days, teens married young and their pregnancies usually occurred within wedlock and in a socially-sanctioned setting. Now, teen pregnancies lead to social and economic problems. Furthermore, all birth control devices fail occasionally and many are difficult to use properly by adults, let alone inexperienced teens. At least half of all teen pregnancies result in abortion, which many teens begin to view as a form of backup birth control. The emphasis on birth control and sex education compound the underlying moral degeneracy that causes teen pregnancy in the United States, contributing to racial, gender, and social inequity, to poverty as to the denigration of life. Teaching abstinence is the only meaningful way to reduce teen pregnancy because teaching abstinence addresses the root causes of the problem and provides an effective long-term solution. Abstinence is not a religious idea or a superstitious idea; abstinence is a practical solution to a serious problem. Parents and teachers should teach abstinence first, before they teach children about birth control. Teaching abstinence now won't be easy because teens expect to have sex and because the media targeted at teens reinforces a view that having sex is normal, cool, and healthy. A message of abstinence goes against what teens see on television so many teens as well as adults may resist the idea. The idea of abstinence may be linked to religious beliefs and therefore many will construe the teaching as being biased. It's not biased. Teaching abstinence is a universal, practical, simple way to prevent teen pregnancies and the concurrent health, social, and economic problems that go along with it. Teaching abstinence requires a two-fold plan. First, abstinence must be taught from an early age, in school and at home. Second, abstinence teaching must be continued throughout junior and high school and reinforced through community messages and outreach. Teaching abstinence from an early age ensures that the individual will develop an emotional and cognitive framework that will last through their lives. When taught from an early age, abstinence becomes the norm, replacing sexual promiscuity or experimentation as the norm. Teaching abstinence at a young age, from late elementary school, is inexpensive and easy, requiring no special materials or funding. The education does not need to be presented from a religious perspective, but young students should learn about the moral and social ramifications of pregnancy so that they can independently choose abstinence when they reach puberty. Abstinence is a preventative teaching that must be reinforced throughout the pre-teen and teen years. Because they are influenced heavily by the media and by their peers, teenagers must receive continual guidance and support, and regular exposure to the message of abstinence. Therefore, abstinence education must continue into junior high and high school, if not in a formal class setting than through posters, pamphlets, and other accessible material. Parents must also participate by regularly talking to their teenage children, asking them questions about their social life, answering the teen's questions as honestly and frankly as possible. Basically, abstinence must become a state of mind, a new social norm. Reducing the alarming and embarrassingly high rate of American teen pregnancies requires not a more aggressive birth control campaign but a more systematic abstinence campaign. If we fail to teach abstinence soon, from an early age, and systematically, then teen pregnancies will continue to plague young American women, contributing to social and economic injustice as well as widespread health issues. All Americans can see the negative of teen pregnancy; it is a problem shared by all of us and therefore all of us are responsible for changing the underlying social norms that contribute to the problem and promoting abstinence.

Negative Effects Of Technology Essay - 886 Words

Corey Hughes D. Sterling English 101 23 October 2017 Negative Effects of Technology There will always be problems in the world no matter what we do. Even when new technology is created to fix many problems, it just brings a whole set of problems to society. Technology changes so much in a short span of time that the negative effects are very visible. Although technology seems to become more advanced each day, it has many negative effects in the world that includes the lack of privacy, lack of social skills, and the decline in health of people today. In today’s world, you will see less and less of people actually interacting with each other in person face to face. People are more used to talking online through text or social media.†¦show more content†¦Information put online is really never deleted. If you post some questionable content, pictures or your location online you can easily not be hired for a job, or be tracked about your whereabouts if you are somewhere where you are not supposed to be. Hackers have been taking many celebrities social media sights and posting negative things to ruin their careers. They have also leaked personal photos, emails, and text to the world that should be kept personal. Younger kids see more things that they shouldn’t see on the Internet at a younger age. Protecting them from the outside world is very important to how they grow and think. People are entering their social security numbers, bank accounts, card numbers, and much other information online. They are doing this to order things, to make life easier to remember information, and to send that information to others. This can cause many problems because hackers can easily get their hands on this information and steal your identity. Someone can take your bank account and credit card information and go order anything they want online. They can also use your social security number apply for things on credit under your name and ruin your line of credit for a long time. It is extremely diffic ult and time-consuming to fix your credit scores and get money back that was stolen. The increase in technology brings a major decrease in mental and physical health. People skip exercising many times to stayShow MoreRelatedNegative Effects of Technology Essay2094 Words   |  9 PagesTechnology is one of life’s most impressive and incredible phenomena’s. The main reason being the shockingly high degree to which our society uses technology in our everyday lives. It occupies every single realm, affecting people both positively and negatively. There are so many different forms of technology but the two most often used are cell phones, and the internet/computers in general. Today’s younger generation was raised alongside technological development. Kids now a days learn how to operateRead MoreNegative Effects Of Technology Essay778 Words   |  4 Pagesadvancements, but many people are wondering whether or not the positive effects of technology outway the negativ e effects. The ability for people to quickly learn how to use an iPhone the day it comes out isn’t necessarily a bad thing, but when they are handed an unfamiliar assignment, they may fail to pick up on it as fast. Technology negatively impacts our thinking, communication, and the environment. First, technology has hindered humans’ ability to connect with one another. For example, inRead MoreNegative Effects of Technology Essay examples3080 Words   |  13 PagesNegative effects of technology Several factors can be attributed to the construction of the modern world in the past few hundred years. However, technological changes can be said to have had the most substantial contribution. These changes became prominent during the industrial revolution throughout the eighteenth century. Technology led to a new mode of human existence, namely, the industrial civilization. The industrial revolution saw a shift from traditional agriculture to a mechanizationRead MoreEssay on Technology and the Negative Effects on Society1601 Words   |  7 PagesIntroduction Since the industrial revolution, society has become more and more dependent on technology. So much so that we sometimes lack the willingness to think before we act. We become impatient if it takes more than a few seconds to download a copy of the morning news paper. We expect immediate responses to our email, and we expect someone to answer their cell phone whenever and wherever we call. â€Å"Industrialization resulted in rapid and sustained economic growth and a massive increaseRead MoreTechnology and its Negative Effect on Society Essay1583 Words   |  7 Pagesacross America today. It’s the digital age, technology is booming at such a rapid pace we cannot even wear out our devices before the newer up-to-date models arrive. Technology has negative effects on society, because it is causing our critical thinking and social interaction skills to decline, it is disrupting the American family unit, and it has caused us to become a distracted society that is constantly di srupted from our priorities. Firstly technology is causing a decline in our critical thinkingRead MoreThe Negative Effects of Technology on Society Essay949 Words   |  4 Pages Technology has more negative effects on today’s society than positive. Due to technology in the past few decades Canine Shock Collars have been increasingly popular. Students in school pay more attention to texting than they do their classes. Violent addictive video games have made their way into American homes. Parents encourage their children to not text as much, but them to face the problem of constant communication. The Internet gives the students easier ways to cheat in schoolRead MorePositive and Negative Effects of Technology on Communication Essay1391 Words   |  6 PagesTechnology today has a myriad of gadgets and tools to facilitate communication and this has transformed the way people communicate with each other. From the invention of the telegraph to the internet, technology has allowed people connect with family, friends, and colleagues at any location. Moreover, people can express their opinions to larger groups of people instantly that would no t have been possible without the advent of technology. However, electronically mediated communication is a doubleRead MoreExposing the Negative Effects of Technology on Kids Essay1926 Words   |  8 Pagescurrent generation of children is completely different from the preceding ones. They are living in the digital age. â€Å"Technology has blended in with daily activity to become a way of life and children today take for granted all of which is automated. It is hard for kids today to imagine a world that existed without all of the gadgets, electronics and seamless operations that computer technology provides.† (Goessl) â€Å"Children in the United States devote some 40 hours a week to television, video games and theRead MoreEssay about Negative Effects of Technology Outweigh the Positive1099 Words   |  5 PagesIn todays society there is no escape from technology. We are completely submerged in our iPhone, ipads, computers, and gaming systems. These gadgets give us the op portunity to be connected to each other and the rest of the world at all times. But, this is not a glorious step in history. Technology blinds us from the real world. As John Tudor said, â€Å"Technology makes it possible for people to gain control over everything, except technology.† We may run our lives with the help of our iPhones and computersRead MoreEssay about The Recent Negative Effect Of Technology On Society1731 Words   |  7 Pages The Recent Negative Effect of Technology on Society nbsp;nbsp;nbsp;nbsp;nbsp;Ever since the Industrial revolution, technology has been changing at a fast pace. People are always wanting a better lifestyle therefore there is always something new arising so humans can cope with their physical environment. One of the most important breakthroughs for technology was the agricultural system. The agricultural system was the basis for the technology of the future. The agricultural system

Weak Form Efficient Market Hypothesis For Emerging Markets - Free Essay Example

Sample details Pages: 12 Words: 3590 Downloads: 9 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? Literature Review The issue of market efficiency in emerging markets is of great significance for both foreign investors and policy makers in emerging economies. This project devotes large efforts to produce a thorough and in-depth literature review for this area. This topic is to be investigated from these aspects: theoretical foundation, methodologies of tests and empirical results. Don’t waste time! Our writers will create an original "Weak Form Efficient Market Hypothesis For Emerging Markets" essay for you Create order Firstly, traditional efficient market hypothesis (Fama, 1970; Makiel, 1973) and behavior finance theories developed in recent decades (Barbris, 1998; Shleifer, 2000) have formed two main schools of thought for the issue of market efficiency. Secondly, the evolution for a series of methodologies is important for testing market efficiency. Thirdly, the empirical evidence is reviewed by consideration three major factors: trade volume and non-linear behavior, structural breaks and market evolution through time. Finally, it also reflects some important policy implications for emerging markets. Many empirical studies have been widely carried to investigate the weak-form efficient market hypothesis for emerging markets, and the results are mixed. Generally, most of emerging markets are found to be inefficient. But for some countries, such as Istanbul, Egypt and Jordan, after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non- linearity, equity markets are found to be efficient. When structure break factors are taken into account, market efficiency is powerfully rejected for countries such as Argentina, Brazil, Greece and India. There is also evidence showing that initially emerging markets are inefficient, but over time they are moving toward to be more efficient, such as in Estonian, Lithuanian and Russia duo to economic liberalization policies. These results reflect some important policy implications. Infrequent trading and illiquidity of capital markets negatively affects market efficiency, so economic policy makers should devote efforts to minimize the institutional restriction and barriers on capital flow in the financial markets and to impose strict disclosure requirements, so that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification wit h lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation. Introduction: Due to the increasing globalization of financial markets, fast economic growth and adoption of financial liberalization policies for equity markets in emerging economies, it is widely indicated that equity investment in emerging economies can provide superior returns. Past decades have witnessed spectacular growth in both size and relative importance of emerging equity markets. The market capitalization of emerging market economies accounts for twelve percent of world market capitalization and has more than doubled, growing from less than $2 trillion in 1995 to $5 trillion in 2006 (Nally, 2010). By 2015, it is estimated that the combined GDP of emerging-market economies will surpass that of the top 20 developed economies (ibid). In addition, emerging market returns are weakly correlated with returns in developed markets, so international diversification with these emerging equities can give lower portfolio risks (Levy Sarnat, 1970). The potential high rates of returns and diversif ication benefits has attracted large number of foreign fund investors, so the investigation on whether emerging markets function efficiently is significantly important. By knowing degree of market efficiency, economy policy makers and regulators can gain insights to develop right institutional and regulatory frameworks to allocate scare resources efficiently, form favourable investment condition and obtain further economic growth. Therefore, this essay is going to investigate the weak-form market efficiency in emerging markets. The efficient market hypothesis by Fama (1970), Random Walk module by Makiel (1973) and behaviour finance theories are directed related to this issue and form the theoretical foundations. Section 1 will critically give the theoretical review based on the two schools of thought that are EMH and behaviour finance theories. Section 2 will give a brief review of methodologies adopted in literature review. Section 3 will give empirical review of the weak-form E MH for emerging markets. Section 4 will indicate some brief policy implications for emerging economies and section 5 is the conclusion with some directions for further research. Theoretic Review of EMH VS Behaviour Finance Efficient Market Hypothesis Fama (1970) defines an efficient financial market as one in which security prices always instantaneously and fully reflect all available information. No investors can earn expected abnormal return by analysing past known information. Market efficiency is attained by two key forces: investor rationality and arbitrage activities (Fama, 1970). EMH assumes that investors are rational and can process information correctly and efficiently. Although some investors are irrational and may overact or underact to new information, these judgement errors are independent and random, hence can cancel out each other without affecting prices (Fama, 1998). Therefore, on average, the whole market is efficient. In addition, since numerous profit-maximizing investors are competing to analyse, value and trade securities based on all available information to exploit arbitrage opportunities, on aggregate level, security prices are adjusted quickly to reflect the effect of new information (Fama, 1998). Sec urity prices are driven close to intrinsic values. Expected returns implicit in the current price of a security should reflect its underlying risk, and higher returns are earned only as compensations for bearing higher risk. There are two main modules that explain EMH: fair-game model and random walk model (RWM). The fair-game model is expressed as: Zj,t+1 =rj,t+1-E(rj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t), E(Zj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t)=0 (Copeland, Weston Shastri, 2005). Information in à Ã‚ ¤t is fully utilized to determine equilibrium expected returns. On average, the expected return on an asset E(rj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t) equals its actual return (rj,t+1), so that no expected abnormal return can be gained from past information. RWM gives much stronger condition for EMH. It assumes that successive price changes have a same normal distribution and are independent. Its logic is that because new information is unpredictable and reaches market randomly, so under EMH, the resulting se curity price changes must be also unpredictable and random (Malkiel, 1973; Malkiel, 2003). No profit can be made from past information. There are three sub-hypotheses of EMH depending on the level of available information set (Fama, 1991). Firstly, market is weak-form efficient when prices reflect all security market information such as historical prices. Secondly, market is semistrong-form efficient when prices reflect all public information such as corporate news and financial statements. Thirdly, market is strong-form efficient when prices reflect all public and private information. Behaviour Finance Theories Figure1: Conceptual Framework of Behaviour Finance Source: Shleifer (2000) However, behaviour finance challenges EMH because it argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities (Shleifer, 2002). Psychological bias results into systematic overreaction or underreacion among investors. Many behaviour finance theories have been successfully developed to explain some market anomalies. Conservatism biases lead people adjust slowly to new information and hence the underreaction to new information leads to short-run momentum, while representativeness heuristic makes investors believe that past good stock performance will continue and people overreact to information (Barberis, Shleifer Vishny, 1998). Additionally, overconfidence causes investors to overestimate the precision of their own analyses and to neglect public signals (Daniel, Hirshleifer Subrahmanyam, 1998). Under positive (negative) priv ate signal (which is shown in following graph), informed investors overreact and security is overpriced (underpriced). When public information becomes available, biased self-attribution causes security to be even more overpriced (underpriced). Eventually, public information proves initial investment judgement is wrong, so price is driven back to intrinsic value (Daniel et al, 1998). It explains that overconfidence leads to short-run return momentum and price correction leads to long-run return reversal. Figure 2: Overconfidence and Self-attributed bias Source: Daniel, Hirshleifer Subrahmanyam (1998) Moreover, classification is a human natural instinct to process information (Barberis Shleifer, 2003). Investors naturally classify stocks by styles, so styles returns are highly positive correlated. There are two kinds of investors: style switchers and fundamental traders. Style switchers are unsophisticated investors and chase investment styles based on past relative stock p erformance. When there is good news about stock X (shown following graph), they will drain funds away from less attractive style Y. It will push up stock Xà ¢Ã¢â€š ¬Ã¢â€ž ¢s price, even higher than its intrinsic value, but further reduce stock Yà ¢Ã¢â€š ¬Ã¢â€ž ¢s price. However, fundamental traders recognize stock Y is underpriced (Barberis et al, 2003). They arbitrage away mispricing opportunities and drive overpriced stocks back toward intrinsic value. Figure 3: Switchers and Fundamental Traders Source: Barberis Shleifer, (2003) On the other hand, limits to arbitrage may obstruct information to be impounded into prices, duo to the fundamental risk and implementation costs. Noise trader risk would prevent rational investors from arbitraging (Delong, Summer Waldmann, 1990). Pessimistic noise trader drive price below intrinsic value, arbitrageurs can buy the asset, but bear risk of further deviation from the intrinsic value when noise traders become even more pessimistic and price goes down even further (Delong et al, 1990). Arbitrageurs usually have short horizon and must liquidate before price recovers, so they will incur loss. The agency problems between professionals and investors also affect arbitrage (Shleifer Vishny, 1997), so not all mispricing would be arbitraged away to lead market become efficient. However, Fama (1998) argues that behaviour finance theories do well only on the anomalies they are specially designed to explain and cannot be generalized to the entire market. Rubinstein (2001) also argues that investor overconfidence would make market à ¢Ã¢â€š ¬Ã…“hyper-rationalà ¢Ã¢â€š ¬?. Methodologies Adopted to Test the Weak-form EMH Empirical researches on testing weak-form EMH can be divided into three broad categories. Firstly, they tests security return independence. If time-series pattern of security returns shows insignificant (significant) autocorrelations, then weak-form EMH holds (is rejected) (Copeland, Weston Shastri, 2005). Secondly, they test return momentum effect. If portfolio of stocks with higher returns in the short past continues to earn higher abnormal returns in the subsequent short term, then short-run past returns contain information that could predict future returns, so EMH will not hold (Copeland et al, 2005). Thirdly, they test technical trading rules. If no trading rules that consistently derive abnormal profits can be found, then weak-form EMH holds. A series of research methodologies have been developed to exam the EMH. The runs test is non-parametric, which is used to determine whether successive prices changes are independent. Unit root tests involve three different methods to test the null hypothesis of a unit root: the Augmented Dickey-Fuller (ADF) test (1979), the Phillips-Peron (PP) test (1988) and the Kwiatkowski, Phillioh, Achmidt and Shin (KPSS) test (1992). Multiple variance ratio (MVR) tests are adopted to detect autocorrelation and heteroskedasticity in returns (Chow Denning, 1993). Empirical Results of Weak-form EMH for Emerging Markets The research results for testing weak-form efficiency on the emerging markets are mixed. World Bank study reports significant market inefficiency for 19 emerging equity markets (Claessens, Dasgupta Glen, 1995). Latin American emerging markets of Argentina, Brazil, Chile, and Mexico are weak-form EMH (Urrutia, 1995), but under the variance ratio test, RWH is rejected (Ojah Karemera, 1999). Under ADF test, EMH is also generally supported for six Latin American stock markets (Choundhry, 1997). For the emerging markets in Asia, major Asian markets are weak-form inefficient, such as Korea and Taiwan (Cheung, Wong Ho, 1993), Singpore and Thiland (Huang, 1995), but some find it is efficient for Hong Kong, Singapore and Japan (Chan, Gup Pan, 1992). When the observed index levels are used, both RWH and EMH are rejected for three equity markets of Saudi Arabia, Kuwait, and Bahrain after adjusting for infrequent trading , but when the corrected true indices are used, RWH is accepted (Abra ham et al, 2002). RWH is rejected in five Middle Eastern emerging markets, Jordan, Morocco, Egypt, Israel, and Turkey (Omran and Farrar, 2001). Weak-form efficiency is rejected for Saudi and Palestinian financial market and inefficiency might be due to delay in operations and high transaction cost, thinness of trading and illiquidity in the market (Nourredine Kababa, 1998; Award Daraghma, 2009). Many researches find that emerging markets are becoming more efficient due to the liberalization policies. Istanbul stock exchange was inefficient in the early times but it becomes more efficient as the country started liberalization and deregulation (Antonios, Ergul Holmes, 1997). 4.1 Thin Trading and Non-linearity It is argued that such mixed evidences of the weak-form EMH in emerging markets are only reliable if the methodologies adopted take accounts for the institutional characteristics and trading conditions of the markets, such as thin trading and the presence of non-linearity (Antoniou, Ergul Holmes, 1997). Ignoring these factors may lead to statistical illusions regarding efficiency. The conventional tests of efficiency based on linear model have been developed to test markets with high levels of liquidity, sophisticated investors with access to reliable information and few institutional impediments (Antoniou, Ergul Holmes, 1997). Therefore they are not suitable for testing EMH for emerging markets with characteristics of thin trading, low liquidity and less well informed investors with access to unreliable information. Thin trading will bring serious serial correlation (Fisher, 1996), so the observed dependence does not necessarily represent serial correlation among securities retu rns. In addition, prices responds to information in a non-linear behavior especially during the early development stages of emerging markets (Schatzberg Reiber, 1992), so if the return generating process is non-linear but a linear model is used to test efficiency, then EMH may be wrongly accepted. This is because non-linear systems such as à ¢Ã¢â€š ¬Ã…“chaoticà ¢Ã¢â€š ¬? ones look very similar to a random walk (Savit, 1988). However, the conventional tests cannot recognize this problem. There are several reasons for the existence of non-linear reaction of price to information in emerging markets. Transaction costs are high, information is relatively not reliable and market is illiquid or there are restrictions on trading (Stoll Whaley, 1990). As a result, investors do not always respond instantaneously to the information, which contradicts the assumptions of investor rationality and linear response of price. Scheinkman and LeBaron (1989) and Peters (1991) also empirically s upport the non-linearity of stock returns. A number of studies have researched the impact of thin trading (Fisher, 1966; Dimson, 1979; Cohen, 1978; Lo Mackinlay, 1990). Many empirical studies also have taken account of the non-linearity in price series and remove the impact of thin trading by the AR (1) model proposed by Miller (1994). Antoniou, Ergul and Holmes (1997) find that there is apparent predictability of stock returns for Istanbul stock market, but after considering the impact of thin trading, the random walk hypothesis is accepted and the market is informationally efficient for 1990 onwards. Abuzarour (2005) examines the effect of non-trading on market efficiency for three emerging Arabian equity markets: Jordan, Egypt and Palestine using the variance ratio test and the run test during the period of 1992 and 2004. Both random walk hypothesis and weak form efficiency are rejected when the observed index levels are used. However, when the indices are corrected by the Mi ller, Muthuswamy and Whaley methodologies (1994) to take account for thin trading, weak-form EMH is accepted for Egypt and Jordan stock market but it is still rejected for Palestine. All these empirical researches suggest that markets become more efficient when trading volume is high, information is much reliable and institutional frameworks are appropriate. 4.2 Structural Breaks Research on efficiency for emerging markets should not only take account for institutional characteristics and trading conditions, but also should take account for the structural breaks in the underlying series that arise from the liberalization. Ignoring structural breaks can lead to wrong inference that these indices are following random walks. Many emerging countries are liberalizing their financial markets with various degrees (IFC, 1997) and such structure changes would have affected their equity markets (Bekaert et al, 2002; Henry 2000). For instance, huge shocks occurred for equity index level for Greece, Malaysia and Philippines in late 1980s and early 1990s, which are around the same year of their market liberalization. As Perron (1989) have demonstrated that traditional standard tests for RWH in stock prices have low power against the alternative hypothesis in small samples, and the problem is especially serious when structural changes are involved. Thus failure to consid er these breaking points may wrongly support the RWH. Therefore, many empirical researches try to incorporate the structural breaks factor by more powerful test methods, such as the Zivot- Andrew sequential test (Zivot Andrew, 1992). Chaudhuri and Wu (2001) adopt both the standard ADF test and Zivot- Andrew sequential method to test the EMH in seventeen emerging markets: Argentina, Brazil, Chile, Colombia, Greece, India, Jordan, Korea, Malaysia, Mexico, Nigeria, Pakistan, Philippines, Taiwan, Thailand, Venezuela, and Zimbabwe. Results for the ADF test without breaks to each series tend to show non-rejection of the RWH. However, results for the Zivot- Andrew test with structural breaks show that RWH can be powerfully rejected at the one percent significant level in ten markets: Argentina, Brazil, Greece, India, Malaysia, Mexico, Nigeria, Philippines, Taiwan and Zimbabwe (Chaudhuri Wu, 2001). 4.3 Market Evolution Although structural breaks have been taken into account in many researches, it is argued that standard techniques are still not fit to test the weak-form EHM for emerging market, because they are not able to evaluate the evolving efficiency in emerging markets. It is also argued that methods such as a time varying parameter model and Kalman Filter technique not only can indicate the movement of stock returns from inefficiency to efficiency, but also can measure the timing of the movement towards full efficiency(Rockinger Urga, 2000; Zalewska-Mitura Hall, 1999). It is generally agreed that emerging markets are evolving from inefficiency to efficiency with the higher disclosure degree of firm practices, high trading volume and lower institutional barriers to trade (Cornelius, 1994). According to Laurence (1986), the methods of OLS or GMM test market efficiency over the whole period and hardly capture the tendency towards efficiency, so under these methods, early inefficiency would wrongly lead to the conclusion that there are profit opportunities based on the past asset price movement. In addition, the variance of the error process in the conventional test models is not constant over time, so if this changing variance structure is omitted and has a serial correlation property, then market efficiency would be incorrectly rejected (Hall Urga, G2002). Hall and Urga (2002) deal with these problems by using the Kalman Filter and combing the time varying parameter model with a standard GARCH-M model (generalized autoregressive conditional heteroscedasticity in mean). They apply this procedure to the two indexes of Russian stock market from 1995 to 2000. And find that with regard to RTS index (Russian Trading System), the market is initially inefficient and it takes about two and a half years to become efficient, while for the ASPGEN Index (Skate Press Agency General), the market is still predictable. There is evidence of a tendency towards being efficient. Kved aras and Basdevant (2002) also investigate the market efficiency in the three Baltic States: Estonia, Latvia and Lithuania by using the time-varying variance ratio statistic robust to heteroscedasticity based on time-varying autocorrelations. They find a clear trajectory to weak-form efficiency in the Estonian and Lithuanian capital markets. Its relatively small inefficiency can be explained by transaction costs and information acquiring costs (Grossman and Stiglitz, 1980). In the Latvian market, it is inefficient even at the very end of the analyzed period. Policy Implications These results have some important implications for developing effective institutional and regulatory frameworks. Since infrequent trading negatively affects market efficiency and liquidity in emerging markets, economic policy makers should pay attention to minimize the institutional restriction and barriers on capital flow in the financial markets, impose strict disclosure requirements and ensure that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation. Conclusion 6.1 Short Summary In conclusion, as two main schools of thought in modern financial theories, there is a hot debate between efficient market hypothesis and behaviour finance. EMH asserts that financial markets are informationally efficient and equity stock prices instantaneously and fully reflect all known information. While behaviour finance argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities, so market is not efficient. There are wide empirical researches on the issue of market efficiency in emerging markets with mixed results. It is generally found that most of emerging markets are still inefficient, but after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, some researches find that equity markets are efficient for some countries such as for Istanbul, Egypt and Jordan. When structure break factors are taken into account, market efficiency is powerfully rejected for most emerging countries such as Argentina, Brazil, Greece and India. There are also some evidence shows that duo to economic liberalization policies, many emerging markets are moving towards more efficiency such as Estonian, Lithuanian and Russia. 6.2 Limitations of Empirical Researches and Proposed Further Research However, there are some limitations involved in these empirical researches. Some researches ignore whether the distribution is normal or not. Others using equally weighted indices may bias the results. The possible auto-correlation might be due to the noise traders but doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t imply return predictability (Cuthberston, 1996). Most of these studies focus on the test of time series of equity return to investigate EMH, but don not investigate the momentum effect or the profitability of technical trading to earn abnormal return. Therefore, further research can be extended in several dimensions. Firstly, it suggests trying to combine the tests of momentum effect or technical trading rules with the time series tests to make more robust conclusions. Secondly, since most of researches focus on traditional EMH, it can consider the factors of investor behaviour, such as psychologies bias and limits to arbitrage to do further in-depth testing of EMH. Finally, further researche s for more novel and accurate methodologies of testing EMH are significantly essential.

Symptoms And Treatment Of Skin - 887 Words

Skin tags are common, obtained benign skin buildup that looks like a small balloon of hanging skin. Skin tags are harmless growths that can range in numbers from one to hundreds. Males and females are alike liable developing skin tags. Being overweight is related with skin tag development. Although some skin tags may fall off unexpectedly, most stay once formed. The medical name for skin tag is acrochordon. Skin tags are bits of flesh colored or darkly pigmented tissue that projected from the surrounding skin from a small, narrow stalk. Skin tag removals are very common, harmless. Early stages of skin tars may be as small as a flattened pinhead sized bump, at approximately one third to one half the size of a pinky fingernail. However some skin tags may become as large as a big grape.Skin tags tend to occur on the eyelids, neck, armpits, and under the femalesbreast, upper chest. Skin tags are typically thought to occur where skin rubs against itself or clothing. Not only males and fem ales tent to get a skin tags, they are more affected in females than males.They are also, much more common in middle age, and increase up to age 60. Even though it is less common in children, it may occur in babies who are plump may also develop skin tags in areas where skin rubs against skin, like the sides of the neck. Younger children may develop skin tags at the upper eyelids, often in areas where they rub. Older children and teens my develop skin tags in the under arm area fromShow MoreRelatedSymptoms And Treatment Of Skin1446 Words   |  6 Pages and trouble breathing. Severe edema is one of the major causes for impaired skin integrity. Skin integrity is defined as â€Å"the state in which an individual’s skin is at risk of being adversely altered† (kloop, Storey, Bronstein, 2012). There are three major factors that can relate to client’s skin alteration: decreased tissue perfusion, prolonged bed rest, and pulmonary edema. One factor that can cause impaired skin integrity is decreased tissue perfusion. Decreased tissue perfusion refers toRead MoreSymptoms And Treatment Of Skin Cancer1774 Words   |  8 Pages Skin Cancer Research Paper Sarah Klein was once a teenager with psoriasis, skin build up that causes an itchy patch. Her primary doctor had recommended her to use ultraviolet rays as a solution, but little did they know that was going to cause her to have stage IV metastatic melanoma once she was older with a family. In the human body there are the processes of mitosis and apoptosis, the necessary functions the body needs for proper growth and development. But there are times when newRead MoreSymptoms And Treatment Of Skin Tears1079 Words   |  5 PagesSkin tears are traumatic wounds, which usually occur on the extremities of the elderly. Not to mention the amount of deaths that occur when skin breakdown doesn’t get treated. The article, â€Å"Preventing in –facility Pressure Ulcers, â€Å" states that, â€Å"60,000 U.S. patients will die from complications related to hospital-acquired Pus†. (Preventing, 2013). When you think about all the different diseases and illness that can kill someone, pressure ulcer don’t normally come to mind. If we have less skin breakdownRead MoreSkin Cancer : Symptoms And Treatment1462 Words   |  6 Pages Skin Cancer Project Wong,KaYan. Li,Suzy. Chen,Xu 10/06/2015 Tuesday ^-^ Skin Cancer Skin cancer is one of the most common cancers in our society. It also can be said that it is the abnormal growth of the skin cells. The Skin Cancer Foundation reports that one in every five Americans will experience skin cancer during their lifetime. Cancers are mostly caused by the overexposure of UV radiation that damages the human DNA which lead to DNA mutation. There are three types of skin cancer, squamousRead MoreSymptoms And Treatment Of Skin Cancer1357 Words   |  6 Pagesincidence of non melanoma skin cancer and actinic keratosis (AK) has increased. The tumours are treated with the help of chemotherapy, radiotherapy, surgery, and topical therapies to manage superficial carcinoma and actinic keratosis. This review briefs about skin physiology, non melanoma skin cancer, relationship between actinic keratosis(AK) and skin cancer, different drugs used in dermal preparations for management of actinic keratosis and novel approaches for targeting drugs to skin neoplasm and actini cRead MoreSymptoms And Treatment Of Dry Skin Brushing1948 Words   |  8 Pagesheard of dry skin brushing, but it is something I ve been doing for most of my adult life and has become an important part of my daily routine. I know that dry skin brushing is a practice that is centuries old and is something that spas and salons offer as a cellulite treatment. (Of course, I don t have cellulite) As a detox exercise, skin brushing has been one of the most effective things I ve ever used to improve my health and well being. Skin brushing feels good. Not just for the skin, but forRead MoreCellulitis Essay886 Words   |  4 PagesDescription Main purpose of cellulitis treatment process is reduction of severity cellulitis infection, fast recovery, pain relieve, cure affected skin and prevention of recurrence - definition of treatment for cellulitis. In most cases healing process contains treatment with antibiotics drugs. Antibiotics are used orally or intravenous depending of severity of affected skin area. Period for using oral antibiotics (by mouth) is 10 to 14 days. In this period is crucial to take every single pillRead MoreSymptoms And Treatment Of Melanoma982 Words   |  4 Pages(cancer) cells form in the skin cells called melanocytes (cells that give the skin color). It can also occur in the eye and is called intraocular or ocular melanoma; however it can happen anywhere on the body. It is the most dangerous of the common forms of skin cancer and oftens appears as a growing coloured skin spot, usually occuring in adults, but it is sometimes found in children and adolescents. The disease is more aggressive than ba sal cell skin cancer or squamous cell skin cancer. CAUSE: MelanomaRead MoreTreatment Options For Excoriation Disorder1232 Words   |  5 PagesTreatment Options for Excoriation Disorder Sarah Rebecca Carter Auburn University School of Nursing â€Æ' Treatment Options for Excoriation Disorder Excoriation disorder, also known as skin picking disorder, is characterized by the frequent scratching or picking of the skin. Picking most commonly occurs in areas of the body that the patient can reach, such as the arms, inner thighs, face, fingers, and upper back (Turner, Sutton, Sharma, 2014). The incessant skin picking can cause physical and/orRead MoreWhy Rosacea Affects Those Who Show Symptoms Of The Disease While Mentioning The Possible Treatments And Preventions1405 Words   |  6 Pagesshow symptoms of the disease while mentioning the possible treatments and preventions. It also discusses the reasons to why there has not been a cure to the disease and how it negatively affects a person’s daily life. Rosacea is a skin disease that is very common in people with fair skin and causes undesirable appearances. The disease can sometimes be confused with acne because of its similar appearances. However, rosacea has no cure and can only be dealt with through medication an d treatments to relive

In the constructivist classroom Essay Example For Students

In the constructivist classroom Essay Are you a constructivist? Or, are you a good questioner? Are theythe same or different? Since we have learned about and launched theemergent curriculum, we can understand about constructivism. However,even though we may have understood constructivism, it is not easy toapply it in teaching. Because younger children can learn many thingsquickly like a sponge absorbing water and their ability to think isdeveloping equally fast, EC educators need to inspire them to findquestions. Even if we do not give them questions, children can developtheir own questions. However, as an EC educator, I would like to be also agood questioner and would like to help them to think and create their ownideas because asking a question is a fundamental of education like in theSocratic teaching and questioning. Thus, I believe that constructivisteducators can bring a fresh approach to children and EC education, and arenaissance of EC education. First of all, according to the article, traditional educationbelieves that a teacher pours knowledge into passive students. Basically Ido not deny this traditional understanding, because sometimes we need tolearn certain things, such as traditional (performing) arts. However, inthe general education field, especially in EC education, I do not thinkthat a teacher can deal with all childrens questions and interests throughthis traditional education method. One of the qualities of constructivistsis being a good questioner. For example, in my previous placement, a boywas very interested in transportation. He knew about many different kindsof transportation. Therefore, I asked him to tell me a story of trains andto draw me pictures of his favourite transportation. He loved both theseactivities. I believe that I was a good questioner and could help himdeveloping his imagination and drawing skill through asking his favouritethings. Furthermore, in the constructivist classroom, students often canfind answers or methods with their friends while in contrast students in atraditional teaching class just listen to a teacher. In the latter theyremember an answer but in the former they remember an approach because theconstructivist does not need to remember the answer only ways to find ananswer. There is no right or wrong way in the childrens exploring and evenif they do not find an answer to a question, but they surly can findsomething new or different from each other. Collaboration is one of theessentials in constructivism because learning is not just individual butalso social. Each student may have a different idea and thus they can finda lot of ways to lead to solutions. In this process children can learn tobe cooperative and sociable and these skills will be very important for thechildrens future. There are some problems such as in the constructivist classroomeveryone needs to be active to learn. However, some students might be shyand do not like to speak in front of others. Since the constructivism isnot only for major group but also for everyone, a teacher needs to find howto help the quieter or alternative idea child to have a voice. Oftenminority opinions are ignored and these sorts of children will become morehesitant to speak out loud. From my personal experience, I recognize thatchildren would like a teacher to listen to them. Therefore, whenever I findchildren who do not feel comfortable with speaking in public, I try to bewith them and listen to them carefully. Also I try to get them used tospeaking in public little by little by asking and breaking down a question. In Socratic teaching, teachers give questions to a student, but they answerthem. A teacher is not an authority but a helper in the constructivismclassroom, however, a teacher should always be the model of a goodinquirer. .u250fbbf040ca5dd680c50b65a5ac5dc9 , .u250fbbf040ca5dd680c50b65a5ac5dc9 .postImageUrl , .u250fbbf040ca5dd680c50b65a5ac5dc9 .centered-text-area { min-height: 80px; position: relative; } .u250fbbf040ca5dd680c50b65a5ac5dc9 , .u250fbbf040ca5dd680c50b65a5ac5dc9:hover , .u250fbbf040ca5dd680c50b65a5ac5dc9:visited , .u250fbbf040ca5dd680c50b65a5ac5dc9:active { border:0!important; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .clearfix:after { content: ""; display: table; clear: both; } .u250fbbf040ca5dd680c50b65a5ac5dc9 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u250fbbf040ca5dd680c50b65a5ac5dc9:active , .u250fbbf040ca5dd680c50b65a5ac5dc9:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .centered-text-area { width: 100%; position: relative ; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u250fbbf040ca5dd680c50b65a5ac5dc9:hover .ctaButton { background-color: #34495E!important; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .u250fbbf040ca5dd680c50b65a5ac5dc9-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u250fbbf040ca5dd680c50b65a5ac5dc9:after { content: ""; display: block; clear: both; } READ: The Metamorphosis: Gregor Was An Unselfish Person EssayIn conclusion, basically I support the constructivism because ECeducators need to extend childrens possibilities as much as possible. Therefore, we should be good questioners to model this skill and throughquestioning and searching answers we can let children collaborate eachother in order to enhance social development. Also it is important we donot forget about minority voices. EC constructivist educators are notauthority figures but helpers for children. It might be not easy to be agood constructivist, but we are all in the process!