Saturday, February 8, 2020

The French revolution collapse of the feudal systems and monarchies of Essay

The French revolution collapse of the feudal systems and monarchies of 18th century Europe - Essay Example The French Revolution which took place between 1789 to 1794, â€Å"marked the advent of modern society†1, both bourgeois and capitalist, in the history of France. The revolution brought about the national unity of the country through destruction of the privileged feudal orders considered as remnants of the Middle Ages. It is historically significant because the revolution successfully established a liberal democracy. Due to these double outcomes, in the perspective of world history, it can be considered as a classical model of a bourgeois revolution. However, the history of the French revolution is an integral part of European history. Earlier revolutions in other European countries such as Holland in the 16th century, and two revolutions in England in the 17th century, as well as the 18th century revolution in America paved the way for the French revolution. In all the European countries, the evolution ultimately resulted in the formation of modern society. With the different revolutions opposing the old economic and social system with its feudalism, the bourgeoise could benefit to varying degrees. Thesis Statement: The purpose of this paper is to investigate the reasons for the French Revolution and the collapse of the ancient monarchies and feudal systems of eighteenth century Europe. The Revolution began an era of change from the nineteenth century onwards, with the evolution of a democratic and equitable modern society. The Bourgeoisie Uprising: Cause of the French Revolution Lefebvre2 was a lifelong socialist, under the increasing influence of Marxism which assigns the bourgeoisie with the key role of representatives and beneficiaries of capitalism. According to this scholar, the rise of the bourgeoisie was the main cause of the French Revolution. After several centuries of increasing in numbers and wealth, the bourgeoisie class took control of power in France in 1789. Medieval society had been ruled over by a landed aristocracy, because the only f orm of wealth was land. However, by the eighteenth century, â€Å"economic power, personal abilities and confidence in the future had passed largely to the bourgeoisie†3 who were supported by a new form of wealth and a new ideology that was clearly defined. In 1789, the bourgeoisie overthrew the remaining aristocratic, feudal lords who had retained their dominance despite their economic decline. It was possible for the bourgeoisie to overthrow the aristocracy because the monarchy’s political authority had collapsed due to the lack of adequate funds. The reason for their inability to pay was that the aristocracy or privileged classes of nobility and clergy clung to their age-old privileges and immunity from paying. Moreover, they used their political power to prevent the king fom undertaking necessary reforms4. Following their ousting, the bourgeoisie established a regime based on the new distribution of economic power. Significantly, Lefebvre5 refers to four revolution ary movements in France between 1787 to 1789. First came the revolt of the aristocracy, which destroyed the monarchy. It was the culmination of an aristocratic resurgence which took place for over a century, in which the nobility had struggled to regain their pre-eminence in the social order, which Louis XIV had removed. In order to carrry out their revolution, the nobility had sought the support of the bourgeoisie; however the successful implementation of the movement provided the bourgeoisie with ideas to resolve their own problems. In the September of 1788, the parliament of Paris which formed the driving force behind the aristocratic reaction, required that the Estates-General promised by the government for 1789 should be constituted as they had been in 1614 at their last meeting. For the bourgeoisie this was not acceptable, since the forms of 1614 underscored aristocratic predominance. Under these circumstances the revolution of the bourgeoisie

Wednesday, January 29, 2020

Love and Soul Mate Essay Example for Free

Love and Soul Mate Essay Knowing that I would get to spend the rest of my life with my best friend is the best feeling EVER! Even after being married for years, my love still grows every day! I know I am with my soul mate and still can’t believe we have made it and have overcome so much in our life Knowing that I would get to spend the rest of my life with my best friend is the best feeling EVER! Even after being married for years, my love still grows every day! I know I am with my soul mate and still can’t believe we have made it and have overcome so much in our life njkj kj kj Knowing that I would get to spend the rest of my life with my best friend is the best feeling EVER! Even after being married for years, my love still grows every day! I know I am with my soul mate and still can’t believe we have made it and have overcome so much in our lifeKnowing that I would get to spend the rest of my life with my best friend is the best feeling EVER! Even after being married for years, my love still grows every day! I know I am with my soul mate and still can’t believe we have made it and have overcome so much in our lifeKnowing that I would get to spend the rest of my life with my best friend is the best feeling EVER! Even after being married for years, my love still grows every day! I know I am with my soul mate and still can’t believe we have made it and have overcome so much in our life Knowing that I would get to spend the rest of my life with my best friend is the best feeling EVER! Even after being married for years, my love still grows every day! I know I am with my soul mate and still can’t believe we have made it and have overcome so much in our life

Tuesday, January 21, 2020

The Medicinal Marijuana Debate Essay -- Medicinal Marijuana Essays

The Medicinal Marijuana Debate For years research groups, certain state governments, pharmaceutical companies and even some physicians have battled with the federal government over the legalization of the marijuana plant for medicinal purposes. Large amounts of research have been devoted to both sides of the argument; however, many of the studies contradict each other when naming the benefits and risks of marijuana. How can we decide whether the therapeutic values of marijuana outweigh the hazards of the drug when there have been no definitive findings? First we must review what is known about marijuana, such as how the chemicals in it affect the body, and then pick which study results seem more scientifically sound. For over 4000 years and in many different cultures, marijuana has been used medicinally for pain relief and treatment of many ailments. These ailments include digestive disorders, hemorrhaging, congestion, asthma and insomnia. The drug has been administered orally, topically and through inhalation. It was not until 1937 that using marijuana became a federal offense with the introduction of the Marijuana Tax Act ((6)). Today, marijuana is classified as a Schedule 1 drug, which defines it as "highly addictive with no medical usefulness"-the same definition given to heroin ((4)). The opioids in heroin and the cannabinoids in marijuana are used similarly by the brain. They either bridge synapses in the brain so that messages can be transmitted, in which case they are acting as agonists, or they block the agonist's binding site so that messages cannot be transmitted across synapses. In the latter case, the cannabinoids or opioids are acting as antagonists ((3)). Cannabinoids and opioids do not cause identica... ...dicine but with severe restrictions. Why deny ill people almost definite relief? References 1) Marijuana and Medicine: Assessing the Science Base http://www.nap.edu/html/marimed/es.html 2) Medical Marijuana: full analysis of the Institute of Medicine's commissioned report http://www.360marijuana.com/marijuana/articles/041999.html 3) Scientific American: Healing Haze? http://www.sciam.com/missing.cfm 4) Drug Enforcement Administration: The Medical Myths of Marijuana http://www.usdoj.gov/dea/pubs/sayit/myths.htm 5) ARDPArk, Inc.: Synthetic THC/ Marinol http://www.ardpark.org/reference/marinol.htm 6) Why all the controversy? What does the research actually show? http://www.medmjscience.org/Pages/history/chapter.bhtml 7) New, Emerging Evidence of Marijuana's Medical Efficacy http://www.medmjscience.org/Pages/science/emerging.html

Monday, January 13, 2020

Impact of Stock Split on Stock Return

Proceedings of ASBBS Volume 16 Number 1 THE IMPACT OF STOCK SPLIT ANNOUNCEMENTS ON STOCK PRICE: A TEST OF MARKET EFFICIENCY Garcia de Andoain, Carlos Longwood University carlos. [email  protected] longwood. edu Bacon, Frank W. Longwood University 2O1 High Street Farmville, VA 23909 [email  protected] edu Phone: 434-395-2131 Fax: 434-395-2203 ABSTRACT The purpose of this study is to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests â€Å"how† and â€Å"when† public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. A total of 36,714 observations for the announcement samples and the corresponding S&P 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms’ public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi- strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split. INTRODUCTION Stock split announcements have always been very common phenomena among firms and continue to be one of the least understood topics in finance. A stock split announcement increases the number of shares of a company while decreasing the price per share. The two for one split is most common, for example a company with 500 shares at $10 per share will issue 500 additional shares bringing the total to 1000 shares theoretically dropping the stock price to $5 per share. A stock split usually takes place after an increase in the price of the stock, and it carries a positive stock price reaction. (Asquith) This phenomenon has not yet been fully understood, regardless the numerous studies in the field. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 BACKGROUND Barker (1956) presented one of the most popular theories to explain stock split behavior. Barker findings failed to consider the split action itself. Barker’s study concluded that price changes occurred because of the increase in cash dividends and not from the split action. (Johnson). According to the â€Å"signaling hypothesis†, managers use stock split announcements to convey positive information about the firm (Ikenberry, Rankine, Strice). Investors see a stock split announcement as a positive thing, whereas a reverse split does not convey favorable information. Fama (1969) suggests that the stock market is â€Å"efficient†, meaning that stock prices adjust very fast to new information. The theory of market efficiency is concerned with whether prices reflect all the public available information or not (Fama 1970). Efficiency implies that it is impossible for the investor to earn an above normal return from public information. PURPOSE The purpose of this event study is to test market efficiency theory by analyzing the impact of three samples of stock split announcements on the firm’s stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. Specifically, how fast does the market price of the firms’ stock react to the samples of regular and reverse stock split announcements examined? The study tests whether the investor can make an above normal return by relying on public information imbedded in a stock split announcement, as well as if stock price is affected by a stock split announcement. This study investigates if acting on public information is enough to have an unusual return, or if there must be an illegal action such as inside trading to be able to â€Å"outperform† the stock market. Which form efficiency is the market? Research shows that the market is semi-strong form efficient. An above normal return can only be gained from inside information, and not when acting in public information. LITERATURE REVIEW Fama defined market efficiency in terms of how quick the stock market reacts to the information and suggested three kinds of market efficiency: Weak form, semi-strong and strong form efficiency. If market is weak for efficient, then stock price reacts so fast to all past information that no investor can earn an above normal return (higher than the market or the return on the S&P 500 index). This study shows how investors will not earn a high return from acting on public information (stock split announcement), while investors having access to inside information will make an abnormal return. A second kind of market efficiency is semi-strong. It states that stock price reacts so fast to all public information that no investor can earn an above normal return (higher than the market or the return on the S&P 500 index) by acting on this type of information. (Fama 1970). Splits usually result in high market valuations, but study done by Fama (1970), Dodd, Patell and Wolfson, found that there is no evidence of abnormal return after the release of public information. They concluded that the market assimilates and takes into consideration public information very fast, within 5 to 15 minutes after the disclosure (Malkiel). This supports the idea that an investor acting on public information will not earn an above normal return. When this happens the market is said to be semi-strong form efficient. If the market is strong form efficient, then stock price reacts so fast to all information (both public and private), that no investor can earn an above normal return (higher than the market or the return on the S&P 500 index) by acting on this kind of information. Studies made by Friend, Brown concluded that profit can only be gained by having access to private or inside information, which is illegal. Fama ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 presents evidence supporting that efficiency is not met in the strong form and that the semi-strong form is more accurate. This study agrees that stock split announcement are affected in a company stock price according to the semi strong form efficiency which states that stock prices reacts so fast to all public information that no investor can earn an above normal return after the announcement is made. An example would be information concerning a merger. If an investor would buy shares on the announcement day of the merger, the semi strong market efficiency believes that the investor would never be able to earn an above normal return, because adjustments had already been done in the stock price. The market has already been adjusted, so therefore the only way to outperform the market in this case would be by using inside information. METHODOLOGY: This study includes samples of companies that announced a two for one, three for two or reverse stock split announcement. These companies trade their stock in either the NYSE or NASDAQ. The Data for this study was collected from http://finance. yahoo. com/. The announcement date (Day 0) is the day that the stock splits are announced. Every stock return from the companies and from the S&P 500 index was also collected. The Event Study proceeds as following: 1. Historical prices for both the firms and the S&P 500 were collected from day -180 to day +30, being the event period -30 to +30 and Day 0 the announcement day. 2. Holding Period Return was calculated for all the companies as well as for the S&P 500 on the event period days (-180 to +30). HPR was obtained from the following formula: Current Daily Return = (current day close price – previous day close price) / prev. Day close price 3. A regression analysis was performed, being the current firm return the dependent variable and the S&P return the independent variable. The data that was used was the one belonging to the pre-event period (from day -181 to -30). The alpha and the beta were obtained from the regressions. 4. The expected return for each firm as well as for the S&P 500 was calculated: Expected Return = (Alpha + Beta) x S&P actual return 5. Excess Return was obtained from the difference between Actual and Expected Return. Excess Return = Actual Return – Expected Return 6. Average Excess Return (for the Event period) was calculated as: Average Excess Return (AER) = Total Excess Return / n (number of firms in the sample) 7. Cumulative Average Excess Return for the event period (Day -30 to Day +30) was calculated by adding the AER for each day in the event period. 8. A correlation test was done with AER and CAER. The graphs represent AER and CAER plotted against Time. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Table 1 describes 38 companies that split their stock on a two for one basis between December 1, 2006 and May 14, 2007, along with their respective alphas and betas. TABLE 1: TICKER AFAM ACLI COMPANY NAME Almost Family Inc. American Commercial Lines Inc Selective Insurance Group Inc. ZOLL Medical Corp Trimble Navigation Ltd. Albemarle Corp Guess? Inc. Cooper Industries Ltd Jacobs Engineering Group, Inc GameStop Corp Sealed Air Corp. Carlisle Companies Inc CarMax Inc. Harsco Corp. Amphenol Corp Cabot Oil & Gas Corp Nike Inc Cummins Inc Greif Inc DATE ANNOUNCED Dec 11 Feb 06 TRADED INDEX NASDAQ NASDAQ ALPHA 0. 01665915 -0. 000394377 BETA 0. 08530878 2. 602491516 SIGI ZOLL TRMB ALB GES CBE JEC GME SEE CSL KMX HSC APH COG NKE CMI GEF Jan 30 Jan 25 Jan 25 Feb 07 Feb 14 Feb 14 Jan 26 Feb 12 Feb 16 Feb 08 Feb 22 Jan 23 Jan 17 Feb 26 Feb 15 Mar 08 Feb 26 NASDAQ NASDAQ NASDAQ NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE -0. 000319706 0. 004077614 -0. 000187534 0. 0022 37728 0. 001589658 0. 000761731 0. 001074342 0. 000477979 0. 00085897 -0. 001167829 0. 003087277 -0. 001056001 0. 000467862 0. 000826123 0. 001079523 -0. 000720045 0. 02203648 1. 38328513 1. 207411999 1. 321541131 1. 327988752 2. 246784079 1. 308635864 1. 946533548 1. 721660362 1. 172042857 1. 346601558 1. 240366727 1. 658082593 1. 86971211 1. 568927816 0. 553921446 1. 980439113 1. 880200397 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS VLGEA AZZ ATR TSO GEO TSBK VSEC MRO GIL NRG CROX AGN PMFG MIDD SJR PVA GILD PBR STR Village Super Market Inc AZZ incorporated AptarGroup Inc Tesoro Corporation Geo Group Inc Timberland Bancorp Inc. VSE Corp Marathon Oil Corp. Gildan Activewear NRG Energy Inc. Crocs, Inc Allergan Inc PMFG Inc Middleby Corp Shaw Comm CL Penn Virginia CP Gilead Sciences Petroleo Brasileiro Questar CP Mar 21 Apr 09 Apr 18 May 01 May 01 Apr 25 May 01 Apr 25 May 03 May 02 May 03 May 02 May 04 May 04 May 10 May 08 May 08 May 11 May 14 NASDAQ NYSE NYSE NYSE NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NASDAQ NYSE NYSE Volume 16 Number 1 0. 00054113 0. 002118906 0. 00174286 0. 00160687 0. 002825174 0. 000615586 0. 001278324 0. 000144992 0. 003089016 0. 00241574 0. 00282982 -0. 000453038 0. 002024817 0. 02028334 0. 001186211 -0. 00050926 . 000009116 -0. 00064373 -. 000142796 1. 351096108 0. 681656728 0. 033542167 0. 973844695 1. 578867077 0. 107464578 2. 457597999 0. 986395517 0. 000111517 0. 316285515 1. 783171812 0. 952984111 0. 039990601 1. 964415725 0. 938731083 1. 1695925 1. 517629839 1. 817825121 . 706466451 Table 2 describes 39 companies that split their stock on a three for two bases between August 23, 2006 and May 15, 2007, along w ith their respective alphas and betas. TABLE 2: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS TICKER NGA EPIQ BAM WMS VIVO IEX ATLS VSEA BWS WCN RSG JCTCF MDCI PFBC CMCSA SWS BKE VOL SSI FMD CRVL GBCI AFG SPAR COMPANY NAME North AM Gav Epiq Systems Inc Brookfield Asset MGT V M S Industries Inc Meridian Bioscience IDEX Cop Atlas America Inc Varian Semicond Brown shoe corp Waste connections Republic SVCS Jewett Cameron Inc Medical Action IND Preferred Bank LA Comcast Cp A SWS Group Inc Buckle Inc Volt Info Science Inc Stage Stores Inc First Marblehead Corp Corvel CP Glacier Bancorp American Financial Group Spartan Motors Inc DATE ANNOUNCED May 15 May 10 May 02 May 07 April 19 April 04 April 27 April 24 March 08 Feb 12 Feb 01 March 13 Jan 09 Jan 25 Feb 01 Nov 30 Dec 12 Dec 20 Jan 09 Nov 10 Nov 13 Nov 29 Nov 15 Nov 02 TRADED INDEX NASDAQ NASDAQ NYSE NYSE NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NASDAQ NASDAQ NASDAQ NYSE NYSE NYSE NYSE NYSE NASDAQ NASDAQ NYSE NASDAQ Volume 16 Number 1 ALPHA -0. 001032797 0. 001183339 0. 000859066 0. 002219704 0. 0011736 22 0. 000243421 0. 000488161 0. 001788461 0. 000592124 -0. 000187979 -0. 000441765 0. 000124622 0. 001559912 0. 000301413 0. 001381697 0. 000530857 -. 000641295 0. 001338437 0. 000540995 0. 004563185 0. 003763906 0. 000329484 0. 000736169 0. 003450361 BETA 1. 997738247 1. 038735222 1. 251257403 1. 094503791 1. 550013068 1. 509306631 0. 38871871 2. 207840195 2. 599167684 0. 92152423 0. 761431985 -0. 512126102 1. 004029551 0. 867741293 0. 927831638 2. 477624454 1. 602298009 2. 358292804 1. 756904894 0. 830932855 2. 113368174 1. 743070573 0. 936337426 0. 519840545 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS SBIB AEO CTBK IRM PERY EAT AME WGNB ACAP UBSH EML MCBI CASS CCFH Sterlin Bancshares American Eagle Outfitters Inc Trico Bankshares Iron Mountain Inc Perry Ellis International Brinker International Inc Ametek Inc WGNB Corp American Physicians Cap Union Bankshares Corp Eastern Co Metrocorp Bancshares Cass Information Systems CCF Holding Co Oct 31 Nov 14 Nov 08 Dec 07 Nov 21 Nov 02 Oct 25 Sep 18 Sep 26 Sep 07 Sep 28 Aug 04 Jul 24 Aug 23 NASDAQ NYSE NASDAQ NYSE NASDAQ NYSE NYSE NASDAQ NASDAQ NASDAQ AMEX NASDAQ NASDAQ NASDAQ Volume 16 Number 1 0. 001127642 0. 003616084 0. 001058586 -0. 0000284 0. 002794647 -0. 000020642 0. 00005895 0. 00024115 0. 000317657 -0. 00058103 0. 000419721 0. 000941528 0. 003356848 0. 002118726 1. 165421403 1. 593723526 1. 432917191 0. 627633001 0. 919648907 0. 886164833 1. 31003146 -0. 00226624 0. 066171033 1. 663620313 0. 22686963 0. 121493122 0. 113211419 -0. 08732041 Table 3 describes 10 samples of companies that split their stock on a reverse basis between August 27, 2003 and September 15, 2008, along with their respective alphas and betas. TABLE 3: TICKER OPWV ERIC IWOV SIG COMPANY NAME Openwage Systems LM Ericcson Telephone Co Interwoven Inc Signet Jewelers LTD DATE ANNOUNCED Oct 09 Oct 18 Aug 27 Sept 11 TRADED INDEX NASDAQ NASDAQ NASDAQ NYSE ALPHA 0. 00680888 -0. 006696905 0. 001398048 -0. 000938713 BETA 2. 51286756 1. 949328188 1. 469236928 0. 891488791 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS BFLY REV CNXT IACI TMTA ERIC Bluefly Inc Revlon Inc Conexant Systems Inc. IAC/ InterActiveCorp Transmeta Corporation LM Ericcson Telephone Co April 3 Sep 15 June 2 June 09 Aug 15 April 09 NASDAQ NYSE NASDAQ NASDAQ NASDAQ NASDAQ Volume 16 Number 1 -0. 00449535 0. 000925943 -0. 004900502 -0. 001442165 -0. 002052045 -0. 004006643 0. 070525685 0. 902722337 1. 73193906 0. 982384488 1. 265168622 -0. 16807384 To test for semi-strong market efficiency the following null and alternative hypotheses are used for the three stock split samples: H10: The risk adjusted return of the stock price of the sample of firms announcing stock splits is not significantly affected by this type of information on the announcement date. H11: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly positively affected by this type of information on the announcement date. H20: The risk adjusted return of the stock price of the sample of firms announcing stock splits is not significantly affected by this type of information around the announcement date as defined by the event period. H21: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly positively or negatively affected around the announcement date as defined by the event period. QUANTITATIVETESTS AND RESULTS: Did the market react to the announcements of regular two for one, the regular three for two, and the reverse stock splits? Was the information surrounding the event significant? A’priori, one would expect there to be a significant difference in the Actual Average Daily Returns (Day -30 to Day +30) and the Expected Average Daily Returns (Day -30 to Day +30) if the information surrounding the event impounds new, significant information on the market price of the firms' stock. If a significant risk adjusted difference is observed, then we support our hypothesis that this type of information did in fact significantly either increase or decrease stock price. To statistically test for a difference in the Actual Daily Average Returns and the Expected Daily Average Returns over the event period day -30 to day +30, we conducted a paired sample t-test for the three samples and found a significant difference at the 5% level between actual average daily returns and the risk adjusted expected average daily returns. Average Excess Return (AER) graphs are shown below. Results here support the alternate hypothesis H21: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly affected around the announcement date as defined by the event period. This finding supports the significance of the information around the event since the market’s reaction was observed. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Is it possible to isolate and observe the samples’ daily response to the announcement from day -30 to day +30? If so, at what level of efficiency did the market respond to the information and what are the implications for market efficiency? Another purpose of this analysis was to test the efficiency of the market in reacting to the three samples of stock split announcements. Specifically, do we observe weak, semi-strong, or strong form market efficiency as defined by Fama, 1970, in the efficient market hypothesis? The key in the analysis is to determine if the AER and CAER are significantly different from zero or that there is a visible graphical or statistical relationship between time and either AER or CAER. T-tests of AER and CAER both tested different from zero at the 5% level of significance. Likewise, observation of the following CAER Charts (graphs of CAER from day –30 to day +30 for each sample) confirm the significant positive reaction of the risk adjusted returns for the two forward split samples up to 27 pre-announcement and a significant negative reaction for the reverse split sample up to 30 days prior to the stock split announcement. Two for one stock split announcements: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Three for two split announcement: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Reverse split announcement: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 There are three forms of market efficiency as defined by Fama, which are strong, semi-strong and weak form efficiency. Observation of the CAER graphs against time for two for one and three for two stock split announcements shows a positive reaction twenty seven days prior to the announcement date. Reverse splits are normally done in order make the stock more appealing for investors with an unusual low market price. (Lawson) Also, reverse splits might be used in order to reduce the number of shareholders of the company. As an example if a 1-10 reverse stock split is made effective, the investor will have ten times less shares than before, but at ten times the price. In the reverse split case, the CAER graph suggests that return falls from day -30 until day -15, while then increasing until day 10. After day 10 the stock starts to level off. CAER graphs for two for one and three for two stock splits show how excess return rises up to 27 days prior to the announcement day. From Day 0 until Day 30 stock returns start to level off. This evidence supports Hypothesis H10, which states that stock price is not affected by this type of information on the announcement date. The stock return has already been adjusted before the stock split announcement is made. The investor cannot outperform the market by using public information. The price has already been affected by the announcement of two for one and three for two stock split announcement. After the announcement day, from days 6 to 16 the return goes up, which is caused by investors that react favorably to the announcement by buying more shares. After this small increase, stock price decreases and levels off. The CAER graphs support the idea that the market is semi- strong form efficient. For the samples analyzed, public information does not affect stock price on the announcement day. Reaction is observed up to 27 days prior to the announcement date which suggests that to be able to â€Å"outperform† the market you must be aware of inside information. CONCLUSION: The purpose of this study was to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests â€Å"how† and â€Å"when† public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 10 reverse splits. A total of 36,714 observations for the announcement samples and the corresponding S 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms’ public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi- strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS REFERENCES: Volume 16 Number 1 Asquith, Paul, Paul Healy, and Krishna Palepu. â€Å"Earnings and Stock Splits. † The Accounting Review 64 (1989): 387-403. Barker, C. A. , â€Å"Effective Stock Splits,† Havard Business Review, XXXIV (January-February, 1956), pp. 101-106 Easely, David, Maureen O'hara, and Gideon Saar. â€Å"How Stock Splits Affect Trading: a Microstructure Approach. † The Journal of Financial and Quantitative Analysis 36 (2001): 25-51. Fama, Eugene F. Efficient Capital Markets: a Review of Theory and Empirical Work. † The Journal of Finance, 25 (1970): 383-417. 9 Dec. 2007 . Fama, Eugene F. , Lawrence Fisher, Michael C. Jensen, and Richard Roll. â€Å"The Adjustment of Stock Prices to New Information. † International Economic Review 10 (1969) : 1-21. 9 Dec. 2007 . Ikenberry, David L. , Graeme Rankine, and Earl K. Stice. â€Å"What do stock splits really signal?. † Journal of Financial and Quantitative Analysis 31. n3 (Sept 1996): 357(19). General OneFile. Gale. Longwood University. 9 Dec. 2007 . Johnson, Keith B. â€Å"Stock Splits and Price Change. † The Journal of Finance 21 (1966): 675-686. 9 Dec. 2007 . Lakonishok, Josef, and Baruch Lev. â€Å"Stock Splits and Stock Dividends: Why, Who, and When. † The Journal of Finance 42 (1987): 913-932. Lamoureux, Christopher G. , and Percy Poon. â€Å"The market reaction to stock splits. † Journal of Finance 42. n5 (Dec 1987): 1347(24). General OneFile. Gale. Longwood University. 9 Dec. 2007 . Lawson, Michael J. â€Å"Reverse Stock splits: The Fiduciary's obligations under State LAw. † California Law Review 63 (1975): 1226-249. Malkiel, Burton G. â€Å"Is the stock market efficient?. † Science 243. n4896 (March 10, 1989): 1313(6). General OneFile. Gale. Longwood University. 9 Dec. 2007 . ASBBS Annual Conference: Las Vegas February 2009

Sunday, January 5, 2020

An Investigation Into Aristotelian Functionalism - 1751 Words

An Investigation into Supposed Aristotelian Functionalism In recent years, modern functionalists have taken to claiming Aristotle as one of their own or at the least a great grandfather of sorts. This essay will investigate the extent to which Aristotle was a functionalist, and once this question is resolved, we will evaluate to what degree his view reliably accounts for a valid philosophy of mind. Before we can explore the degree to which Aristotle’s philosophy aligns with that of modern functionalists, we must first account for the philosophy of modern functionalism. Principally, functionalists believe that mental states (e.g., beliefs, desires, feeling pain) are solely constituted by their function. This is their solution to the â€Å"mind/body problem†. Cartesian dualists claimed that a special mental substance (distinct from the body) is where the ultimate nature of the mental resides. Physicalists ( descendants of the materialists) equate mental states with brain states. On the other hand, functionalists assert that the mental states causal relations to one and other and to sensory inputs and behavioral outputs constitute these mental states. Some functionalists, often called computational functionalists, go as far as to say that these internal states operate in the same way as a computer program. Furthermore, this line of thought leads directly to the â€Å"transportability thesis†, which hypothesizes that a human mind could be transported into an electronic computer,

Saturday, December 28, 2019

The United States Armed Forces Essay - 865 Words

There are currently 2,204,836 people serving in the United States Armed Forces. Females currently make up 16.2% of those currently serving equating to 358,156 this number includes both enlisted, reserve, and the officer corps. While the Armed Forces has downsized, the percentage of females serving has increased with females now making up 17.8% of all active duty personnel and roughly thirty-nine thousand serving as active duty officers. With the increasing diversity of the military, Secretary of Defense Ash Carter officially opened all positions to females on 03-JAN-2016, in a move to better strengthen the Armed Forces. (Demographics, 2013) In 1981, the Supreme Court of the United States(SCOTUS) ruled on Rostker v. Goldberg that stated, women would not be required to register for the Selective Service System(SSS) because they are not able to serve in direct combat roles in any branch of the Armed Forces.(Rostker v. Goldberg) While females have gone to war and been on the front lines, they have always been there indirectly. Until the announcement by Secretary Carter on 03-DEC-2015 females were not allowed to directly serve in combat units, or special operations. This change in policy by the United States Armed Forces means there is precedence set by Rostker v. Goldberg in the case of females having to register for the SSS. The SSS currently registers all males between the ages of eighteen to twenty-five, in the occurrence that the draft is reenacted. Females, now have theShow MoreRelatedThe United States Armed Forces1725 Words   |  7 Pagestelevision, parents, or teachers. In America’s history, Americans have always been adamant about upholding the strength of their Armed Forces and making sure no other country becomes a threat of any sort. In the late 1800s, the United States Armed Forces created the military which consist of the Army, Navy, Marine Corps, Air Force, and Coast Guard. All these forces are obviously there for some reason which are reported on television becoming the talk of the American adults and onto their childrenRead MoreThe United States Armed Forces850 Words   |  4 PagesThe United States Armed Forces was founded in 1775. As of December 2013, 40 million men and women have served in the US Military (McGaugh). While a lot has changed over those years, and improvements have been made, it’s not hard to see that our service members are clearly undervalued. The men and women who serve our country risk their lives every day, and a large number never return home. Those who do return home often deal with physical and psychological challenges. It’s our job a s a country toRead MoreWomen Of The United States Armed Forces1213 Words   |  5 PagesWomen are vital to the stability and efficiency of all branches of the United States armed forces. Although women’s presence may be necessary to the operation of the military, their placement in combat positions would prove to be a devastating mistake. The body of a woman is not made to brave combat positions, and placing women into positions dominated by men could create a hostile working environment. The atmosphere of battle is already heated, and placing more problems into the equation could leadRead MoreUnited States Armed Forces Veterans1626 Words   |  7 PagesIntroduction We live in a time where war, armed conflicts, hate crimes, foreign and domestic terrorism are on the rise. Historically there has been a population of individuals that served their country however, when they returned home they were under-served. Many combat veterans returned home only to face new challenges with adjusting to the dynamic environment around them. United States Armed Forces Veterans are confronted with evolved challenges such as; the advent of social media, and increaseRead MoreThe United States Armed Forces Rotary Wing Aircraft1562 Words   |  7 PagesThe UH-60 Black Hawk has been in service for the better part of three decades. The Army has invested into a new program called Future Vertical Lift (FVL). This program will develop a replacement for the United States Armed Forces rotary wing aircraft that include the UH-60 Black Hawk, AH-64 Apache, and CH-47 Chinook. The aim of the program is to develop an airframe that will combine several roles into one aircraft, effectively cutting down costs for the military. Many different design conceptsRead MoreUnited States Armed Forces Are Only For The Rough And Tough1019 Words   |  5 PagesThe United States Armed Forces are only for the rough and tough. I learned about the military through commercials on television, my family members who veterans, and recruiters walking are thought my neighborhood and at school when I was a child. â€Å"Join the most powerful military in the world,† said a military poster I had seen walking home from work one day and the â€Å"Be All That You Can Be† Army commercials played while I was watching television. I believed that if I was rough and tough enough to joinRead MoreEqual Opportunity in United States Armed Forces: Minorities and Women785 Words   |  4 PagesEqual Opportunity in United States Armed Forces with a particular emphasis on Minorities and Women in the Military. The United States Armed Forces has the most diverse labor force in the Wor ld. There are five branches of the United States Armed Forces: Army, Air Force, Navy, Marines, and Coast Guard. The demographic profile of the all volunteer United States Military has changed dramatically over the last 20 years. The transformation that has occurred in the United States population do not alwaysRead MoreShould The United States Bring Back The Draft For The Armed Forces?1220 Words   |  5 PagesShould the United States Bring Back the Draft for the Armed Forces? The United States should not bring back mandatory military service, also known as â€Å"the draft†. I personally am not supportive of the draft due to many issues including health and mental concerns brought about by the war. These concerns include Post-Traumatic Stress Disorder (PTSD), Depression, and Substance Abuse, just to name a few. I also feel that the education of the soldiers would be limited because after age 18, most peopleRead MoreThe United States And Its Impact On The Nation Reconstruction And Redeveloping Regional Armed Forces3333 Words   |  14 Pagesfailing states and retraining their militaries. The practice is done for the purposes of advancement of political objectives, also the attempt to provide stability within a hostile region, saving a fragile nation from collapse, and to provide support to oppressed groups and populations aligned with similar value structures. It is not a new policy tactic for the United States, there have been several cases where A merica has played a big role in nation reconstruction and redeveloping regional armed forcesRead MoreCompare and Contrast of the Army and the Marines Essay example1004 Words   |  5 PagesMarine Corps Gary W. McCoy ENG 121 Julie Alfaro November 1, 2010 Compare and Contrast of the Army and the Marine Corps The United States Armed Forces are the military forces of the United States. They consist of the Army, Navy, Marine Corps, Air Force, and the Coast Guard. Although the United States Army and Marine Corps are both primarily ground- based forces and offer many similar career fields, the two branches are different in some very crucial areas. To accurately compare and contrast

Friday, December 20, 2019

Military Prostitution During Japan s Imperial Rule

Many historians have addressed the issue of military prostitution during Japan’s imperial rule and the United States role in it during their reign. For roughly 50 years’ comfort women were the silent victims of war. During the 1990’s and 2000’s many Korean comfort women came into the lime light by opening up about their experiences in the comfort system. The Feminist Studies journal published Na Young Lee’s scholarly work, â€Å"The Construction of Military Prostitution in South Korea during the U.S. Military Rule, 1945-1948†, in which the author argues the view held by Korean feminist NGO’s in light to the Untied States responsibility for the eradication of the prostitution system is exaggerated. In addition, Lee adds that it not only†¦show more content†¦Lee outlines many of the laws implemented by the U.S. government in relation to prostitution and disease control. In addition, the author adds the serious problem that the U .S. government faced in regards to STD contraction and the failure to suppress prostitution. Instead, the U.S. government with the support from Korean elites, took the initiative to control their dilemma. The belief that prostitution should be abolished lied widely on the shared thought that it was a remnant of the premodern, patriarchal rule in which the Korean people had escaped from. In addition to this belief, the abolishment of prostitution would also make advancement for a democratized, civilized, and independent society. In response to the added pressure of these beliefs, the U.S. Military government and the South Korean Interim Legislative Assembly passed the Abolishment of Public Prostitution Law. However, this law only abolished licensed prostitution, not private. The privatization of prostitution opened a gateway of new problems faced by the U.S. military. With the increase in population and the dislocation of many workers a lot of women turned to private prostitution. Th e U.S. government established The Women’s Bureau under the Department of Public Health and Welfare, in which, they were to take charge of the Japanese imperial policies in regards to prostitution but also the the post-abolition allocations. Lee states, inShow MoreRelatedch19 answers4110 Words   |  17 PagesBrief Global History with Sources Chapter 19 Study Guide, Internal Troubles, External Threats: China, the Ottoman Empire, and Japan, 1800-1914, Study Guide (Original: pp. 559-586; With Sources: pp. 877-903) The External Challenge: European Industry and Empire 1. What were the four dimensions of European imperialism that showed how China, the Ottoman Empire, and Japan were active participants in the global drama of the 19th C. world history and not merely passive victims or beneficiaries? 2.Read MoreEssay on Korean Comfort Women2590 Words   |  11 Pagessex slaves for the Japanese Imperial Army (Chunghee). Some of the women were dragged off with physical force as their families wept, while others were actually sold to the army by their destitute families (Watanabe). Still other were officially drafted by the Japanese Imperial Army and believed they would be factory workers or nurses (Hwang in Schellstede 4). Some Korean village leaders were ordered to send young women to participate in important business for the Imperial Army (Watanabe). Many JapaneseRead Moreap euro4567 Words   |  19 Pagespsychoanalysis, the process that drives unwanted thoughts into unconscious is known as repression 7. Social Darwinism was the application of of Darwin’s principle of organic evolution to the social order 8. In foundations of the 19th century, Houston S. Chamberlain predicted that Aryan race, under German leadership, must prepare to fight for Western civilization and save it from the destructive assaults of such lower races as Jews, Negroes, and Orientals the Aryans were the real creators of WesternRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesperiphery and a second round of even more devastating global conflict. The bifurcated international system that resulted from the cold war standoff extended the retreat of globalization, but nurtured the liberation of most of humanity from colonial rule. The collapse of the Soviet empire, and the freeing of its satellite states across Eastern Europe beginning in the late 1980s, marked another major watershed that further problematizes uncritical acceptance of the historical coherence of the chronologicalRead MoreModern History.Hsc.2012 Essay25799 Words   |  104 PagesTopic Four – World War I TOPIC ONE – USA 1919-1941 USA 1920’S * the radio age * felt like istory had turned a corner and never going back * stock market * black Thursday November 24 1929 * the jazz age * a speakeasyyyyyyy How significant were the Republican policies in causing the great depression? The significance of the republic policies were great, they brought a lot of growth in the 20’s allowing the market to strive over lots of trading and the purchaseRead MoreThe Acquisition of Singapore by the British4058 Words   |  17 Pagesa  Chinese  account of the  3rd century, probably a paraphrase of the  Malay  Pulau Ujong, island at the end . The  Sejarah Melayu contains a tale of a prince of  Srivijaya, Sri Tri Buana ,also known as  Sang Nila Utama, who landed on the island sometime during the  13th century. Catching sight of a strange creature that he thought was a  lion, he decided to found a settlement called Singapura, which means Lion City in  Sanskrit. It is unlikely that there ever were lions in Singapore, though  tigers  continuedRead MoreThe United Nations7583 Words   |  31 PagesThe failed coup resulted in Hitler s imprisonment, during which time he wrote his autobiography and political manifesto Mein Kampf (My Struggle). After his release in 1924, Hitler gained popular support by attacking the Treaty of Versailles and promoting Pan-Germanism, anti-Semitism, and anti-communism with charismatic oratory and Nazi propaganda. Hitler frequently denounced international capitalism and communism as being part of a Jewish conspiracy. Hitler s Nazi Party became the largest electedRead MoreThe Rise of China and Future of the West17670 Words   |  71 Pagesthe rules and institutions of the international system to better serve its interests, and other states in the system -- especially the declining hegemon -- will start to see China as a growing security threat. The result of these developments, they predict, will be tension, distrust, and conflict, the typical features of a power transition. In this view, the drama of Chinas rise will feature an increasingly powerful China and a declining United States locked in an epic battle over the rules andRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesand permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers