Media issues in india Essay Example for Free

Media issues in india Essay The Indian media display certain defects. These should ideally be addressed and corrected in a democratic manner. But if the media prove incorrigible, harsh measures may be called for. The time has come when some introspection by the Indian media is required. Many people, not only those in authority but even ordinary people, have started saying that the media have become irresponsible and wayward, and need to be reined in. Only a couple of days back I read in the newspapers that the Union government has issued some regulations regarding licences for news channels, to which there was a lot of reaction. Under the Constitution of India, freedom of the media is part of the freedom of speech guaranteed by Article 19 (1) (a). However, no freedom can be absolute, and reasonable restrictions can be placed on it. One of the basic tasks of the media is to provide truthful and objective information to the people that will enable them to form rational opinions, which is a sine qua non in a democracy. But are the Indian media performing this role properly? I may only mention certain defects in the functioning of the India media today. Twisting facts One of the defects is that the media often twist facts. I would like to give an example. One day, a leading English newspaper published on its front page a photograph of Justice Gyan Sudha Misra of the Supreme Court with the caption: â€Å"Supreme Court Judge says that her daughters are liabilities.† This was a distorted and fallacious item of news, published on the front page. Supreme Court Judges have to disclose their assets and liabilities. Against the liabilities column, Justice Misra had written: â€Å"two daughters to be  married.† Strictly speaking, it was not necessary to mention this because liabilities mean legal liabilities, for example, housing loan, car loan, and so on. Justice Misras intention was obviously to say that she would have to spend on her daughters future marriage. She has three daughters (no son), only one of whom has been married. Justice Misra never said, nor intended to say, that her daughters were liabilities. The news was false and defamatory, with the obvious intention of creating a sensation. Paid news A second defect concerns the issue of paid news that has become prominent of late. In the 2009 elections, it was a scandal. How this vicious practice could be stopped needs to be discussed. Incidentally, in compliance with an order of the Chief Information Commissioner dated September 19, 2011, we have placed the 71-page report of the Committee consisting of Paranjoy Guha Thakurta and Sreenivas Reddy on our website, www.presscouncil.nic.in with the disclaimer that the Press Council had rejected this report at its meeting held on April 26, 2010. Non-issues as real issues A third defect is that the media often portray non-issues as real issues, while the real issues are sidelined. The real issues in India are economic, that is, the terrible economic conditions in which 80 per cent of our people are living, the poverty, unemployment, lack of housing and medical care and so on. Instead of addressing these real issues, the media often try to divert the attention of people to non-issues. Such as that the wife of a film actor has become pregnant, whether she will give birth to a single child or to twins, and so on. Are these the real issues facing the nation? At a Lakme India Fashion Week event, there were 512 accredited journalists covering the event in which models were displaying cotton garments, while the men and women who grew that cotton were killing themselves at a distance of an hours flight from Nagpur, in the Vidharbha region. Nobody told that story, except one or two journalists, locally. Is this a responsible way for the Indian media to function? Should the media turn a Nelsons eye to the harsh economic realities facing over 75 per cent of our people, and concentrate on some ‘Potemkin villages where all is glamour and show biz? Are not the Indian media behaving much like Queen Marie Antoinette, who said that if the people had no bread, they should eat cake? No doubt, sometimes the media mention farmers suicides, the rise in the price of essential commodities, and so on, but such coverage is at most 5 per cent to 10 per cent of the total. The bulk of the coverage goes to showing the life of film stars, pop music, fashion parades, cricket and astrology. Tendency to brand Here is a fourth defect. Bomb blasts have taken place near the Delhi High Court, in Mumbai, Bangalore and so on. Within a few hours of such a bomb blast, many TV channels started showing news items that said that the Indian Mujahideen or the Jaish-e-Mohammed or the Harkatul-Jihad-e-Islam had sent e-mails or text messages claiming responsibility. The names of such alleged organisations will always be Muslim ones. Now, an e-mail can be sent by any mischievous person, but by showing this on TV channels and the next day in the newspapers, the tendency is to brand all Muslims as terrorists and bomb-throwers. The truth is that 99 per cent of the people of all communities, whether Hindu, Muslim, Christian or Sikh, and of whatever caste or region, are good. But the manner in which such news is shown on TV screens and published in newspapers tends to create the impression that all Muslims are terrorists, and evil — which is totally false. The person who sends such e-mails or text messages obviously wants to create hatred between Hindus and Muslims, which is the old British divide-and-rule policy continuing even today. Should the media, wittingly or unwittingly, become part of this policy of divide-and-rule? No doubt there are defects not only in the media but in other institutions also, for example, the judiciary, the bureaucracy, and so on. There are two ways to remove these defects in the media. One is the democratic way, that is, through discussions, consultations and persuasion — which is the method I prefer. The other way is by using harsh measures against the media, for example, by imposing heavy fines on defaulters, stopping government advertisements to them, suspending their licences, and so on. In a democracy we should first try the first method to rectify the defects through the democratic method. For this purpose, I have decided to have regular get-togethers with the media, including the electronic media, so that we can all introspect and ourselves find out ways and means to rectify the defects in the media, rather than this being done by some government authority or external agency. I propose to have such get-togethers once every two or three months, at which we will discuss issues relating to the media and try to think of how we can improve the performance of the media so that it may win the respect and confidence of the people. If the media prove incorrigible, harsh measures may be required. But in my opinion, that should be done only as a last resort and in extreme situations. Ordinarily, we should first try to resolve issues through discussion, consultation and self-regulation. That is the approach which should be first tried in a democracy. I, therefore, request the Union government to defer the implementation of its recent decision regarding news channel licences, so that we can ourselves discuss the issue thoroughly, and ourselves take corrective measures. Till now the function of the Press Council was only adjudication. I intend to make the Press Council an instrument of mediation in addition, which is in my opinion the democratic approach. For this purpose, I need help,  cooperation and advice from the media. India is passing through a transitional period in its history, from a feudal agricultural society to a modern industrial society. This is a very painful and agonising period. The media must help society in going through this transitional period as quickly as possible, and by reducing the pain involved. This they can do by attacking feudal ideas, for example, casteism and communalism, and promoting modern scientific ideas.

Tim Burton and Johnny Depp

Tim Burton and Johnny Depp They are two giants of films of our times or the Modern Cinema. Together, the magic they have created for big screen is certainly worthy of discussion as it is the longest lasting partnership between an actor and a director till date and that too only to produce unique cinematic masterpieces of their own kind. Indeed the legendary Director Tim Burton and the pliable acting machine Jonny Depp are under discussion here. How and why have they managed to play together the most successful innings of all times? Who are they? What are the films they have collaborated in? How do they think about each others art? But the most important of all the thoughts would be that Why Tim Burton almost always depends on Johnny Depp and how predictably Mr Depp proves to be a Burton-magnet equally? Why are they inseparable? My essay is going to explore and throw a light on this unique partnership that is continuing to entertain us for the years to come, how it is affecting the viewers and critics alike and if it is worth practicing this bond almost every time? Tim Burton has used his vision to embark on Hollywood genre filmmaking, gathering an international audience and fans. His work also influences a young generation of artists working in film, video and graphic industries. Tim Burton: the name alone enlivens up the images of Gothic landscapes, demonic clowns, and the sombre pleasantness of a loner struggling to find his way into un-accepting world. Like Alfred Hitchcock before him, Tim Burton has become mythical persona, known as much for his physical appearances, alternately described as endearingly passà ©, dork chic, or dishevelled for its highly stylized films. His films have been able to rise above both genre and explanation. The ideas and the material that appear in his work are both universal and timeless. His films, in first place, affect people emotionally rather than being intellectual. This resulted in Tim Burton becoming one of the filmmakers who based their films on their personal visions, the other being Woody Allen, Mart in Scorsese, Stanley Kubirck, David Lynch and Spike Lee. Timothy Walter â€Å"Tim† Burton was born (1958) and grew up in suburban California. He was into drawing and painting since early childhood together with a thing for movies and that too, monster movies. Trying his weird ideas of â€Å"home-made† animation through stop motion in his back yard resulted in his first proper short came into being which was produced by Burtons friend, Rick Heinrichs. Tim Burton managed to get screened and noticed at Chicago Film Festival. Following this, his first live action film Hansel and Gratelfor Disney Channel was released. It kind of went nearly un-noticed and only recently has been un-earthed. Next was the live-action short Frankenweenie which got the attention of the American actor Paul Ruebens who provided Burton the opportunity to materialise his first feature based on Ruebens popular character ‘Pee-Wee Herman into the Pee-Wees BigAdventure (1985)which proved a box office success. When the time came to make Edward Scissorhands, there were many considerations for main role of the film. One prominent of all was to cast Tom Cruise, who was the top shining star of the period who was nearly finalised for the film, due to his star power, the film studios needed. But Tim Burton and the producer Denise di Novi fell for the auditioned, the bored television star, Johnny Depp, who had never done a feature before. John Christopher â€Å"Johnny† Depp was born (1963) in Kentucky, USA. He was mostly known for strange and unusual characters, playing as a garage band musician in his early teens. He covered many a mile stones while staying within the music circles. His make-up artist wife introduced him to Nicolas Cage, and it was him who advised Depp to pursue an acting career. According to Squidoo (2010), Depps talent was first recognised in television series 21 Jump Streetby audience and he was regarded as a teen idol. Depp diverted his focus to suitable film roles because of uncomfortable characterization in television roles. It was then, when ‘Edward Scissorhands stepped into his life to change his fate forever. Depp recalls the memorable encounter with Burton in his exclusive present of forewords for a book, â€Å"Burton on Burton† based on interviews of the director, when he wasnt doing much, rather stuck up with a television series and after even finishing it, its post traumas. He received a script which referred to a story of boy with scissors for hands. It was certainly a change, a breath of fresh air that he got quite excited and obsessed with the script and read a couple times. Under-estimating his selection as a possible candidate for the ‘Edward, he went on to meet Burton and the producer in LA. Post three hour long meeting, Depp remembers the thought of certainty of him not being the Edward of Burtons film. Weeks later he couldnt believe his fate when he got a call saying â€Å"you are Edward Scissorhands†. There was a path that seemed to be appearing in front of Depp. Salisbury (2008) stated that after their first work together, i.e. Burtons Edward Scissorhands (1990), both of them have taken their relation to produce some of the best work of their respective careers. Johnny Depp is not only lead by Burton but by his own interpretation of a character, whether it is razor-fingered Edward Scissorhands, cross-dressing film director Ed Wood or creepy confectionery king Willy Wonka. Theyve since made five films together including Ed Wood, Sleepy Hollow, Charlie and the Chocolate Factory; the animated Corpse Bride, Depp doing the voice over for lead character) and, most recently, Sweeney Todd. According to Cortez (2004), Depp again worked with Tim Burton in Ed Wood (1994) proving his flair and winning a. This movie is one of the Burtons highly praised films. In the movie, other than Johnny Depp, there were some vibrant performers including Bill Murray, Sarah Jessica Parker, and Martin Landau as Bela Lugosi. Both of them, Depp and Burton, once again collaborated in 1999 in Sleepy Hollow. The film was a hit at box office; it was recognised as Burtons extra-ordinary work rather than being seen as Depps star power, as stated by Cortez (2004). For the movie, Depp incorporated some of his own attributes into the character of an officer, named Ichabod Crane having a prudish nature, who is on to solve some mysterious murders taken place recently in and around the town. Depp was able to gain reputation with other directors and the critics also showed some confidence in his abilities. Depps career was at peak with an Oscar to his name for the film Finding Neverland, a Pirates sequel was on line and Tim Burtons eagerly awaited Charlie and the Chocolate Factory was about to be released. As stated by Terry Gilliam after completing Fear and Loathing, â€Å"As far as Im concerned, Johnny Depp is the best actor of his generation. I think hes capable of anything theres no limit to his abilities He doesnt cheat by giving you all these cheap emotions. He wont make you comfortable for him that would be a foot in the grave. â€Å"In reply to this Depp said that he decided to have patience in selecting the roles. He also said that he preferred roles of his interest and not the roles with chance of his career advancement. He also added that he never wanted to be remembered because he was a star. Depp turned down every offer, with full confidence, which did not attract him or was not interesting. Mostly, he rejected the offers because they were in his way of acting in Burtons film. He rejected the offer of acting in Speed and Interview with the Vampire and instead he acted in Tim Burtons best film Ed Wood (1994). Since their first movie together Edward Scissorhands, Burton and Depp shared a strong bond between each other and both individuals are so perfectly similar that Depp became Burtons first and convenient choice for his every movie. According to Winter (2005), Burton once stated, â€Å"Johnny is like a character actor in a leading mans body. He could do it all.† No one had any idea of the consequences of their imaginative collaboration. They both had already made seven blockbusters and their partnership has not ended yet. The classy understanding they both have developed with each other at work, over the years, is one of the important trait of their teamwork at work. They do not face difficulties in explaining anything to each other. They would be speaking normal language, though shorter sentences, on the sets with everyone present but no one would be able to understand it but the person who it is intended for. A Little saying, a gesture and certain look of the director will get look out of the actor that will be termed as â€Å"just what the doctor ordered†. In order to make a grasp of Burtons and Depps style of collaborating, we need to have an insight of their methodology or simply their way of working while developing â€Å"things†. Tim Burton and Johnny Depp worked together in Sweeney Todd (2007) paying a respect, both visually and verbally, to the horror movies they watched in their childhood. Salisbury (2008) stated that both of them have a common favourite movie named Mad Love (1935), with actor Peter Lorre and sharing an expensive acting style like Boris Karloff and Lon Chaney. Depp said, â€Å"Its almost a lost art! [John] Barrymore was a master, but the king for me was Lon Chaney. You go back and watch films like The Penalty and see this rage and sadness, this huge range of emotions, without the luxury of dialogue.† According to Salisbury (2008), Sweeneys lines were cut down every day on set to bare minimum. Burton told, â€Å"Johnny can, just by looking and not saying anything, project pain and sadness and anger and longing. Thats what all those actors could do without a word and that was the exciting thing about this. The storys told through the eyes and the singing. â€Å"As in Edward Scissorhands and Ed Wood, Depp played a similar role in Sweeney Todd helping Burton to connect emotionally and psychologically. Depp recalled, â€Å"There were moments when Burton used to say that this is his favourite character.† Johnny also expresses about their bond and the expectations, â€Å"By now people know that when Tim and I get together, they should expect the unexpected. Audiences are again getting to set for yet another beautiful artistic version of Burtons Alice in the wonderland,(rel,Mar,2010) in which by the look of it, we get to see his stars, including Depp again, dazzle in a startlin g look. Film journalist, Geoff Boucher, mentions in Los Angeles Times about his recent telephonic-conversation with Tim Burton on the sets of Alice in Wonderland, â€Å"I told Burton that it seems as if Depp (who has other upcoming roles as an Old West hero, a pirate and a vampire) approaches his acting choices the same way a gleeful kid rummages through a trunk of dress-up clothes; the filmmaker let out a loud laugh†. According to Boucher (2008), Burton replied, â€Å"Its true. Yeah we have a big dress-up clothes trunk here. We take it with us wherever we go.† After all these years and a good load of successful experiences, it is no surprise that Johnny has become a ‘yes man to his Burton. He is never short of words each time when he has to talk about his mentor and which he has memorably expresses on several occasions. As stated by Salisbury (1995, xii) that in Johnny Depps own words, â€Å"You cant label what he does. It is not magic, because that would imply some sort of trickery. It is not just skill, because that seems like it is learned. What he has is very special gift that we dont see every day. It is not enough to call him film-maker. The rare title of ‘genius is better fit, in not just films, but drawings, photographs, thought, insight and ideas.† At another place, stated by Salisbury (1995), the most humble and defining remark comes from the actor himself, â€Å"My life is my life because of Tim,† he once declared. Same is the case in their private lives. In order to analyse the inseparable nature of both the individual professionally, we cannot ignore the importance of their bonding on personal fronts. The once an essential relationship of an actor and director turned-friendship has now turned to something that is much more than mere friendship that holds a unique bond of trust and has personal life touch to it. Depp is now the Godfather to Burtons four year old child. Flipping through the pages of memories, he remembers that â€Å"who would have ever thought it possible that their progeny would be swinging on swing-sets together, or sharing toy cars, toy monsters, and even potentially exchanging chicken pox? This is the ride he never imagined.† Salisbury (1995) stated that Depp showed his emotional side for the director, â€Å"seeing Tim as proud papa is enough to send me into an irrepressible weeping jag, because, as with almost everything, it is in the eyes. Tims eyes have always shone: no question about it, there was always something luminous in those troubled/sad/weary peepers. But today, the eyes of old pal Tim are laser beam! Piercing, smiling contented eyes, with all of the gravity of yester years, but bright with the hope of spectacular future. This was not the case before. There was a man with presumably everything- or so it seemed from the outside. But there was also something incomplete!† There have been numerous arguments on both Burtons and Depps creative partnership on many levels; from newspapers to interviews or from books to online blogs. Some of the members of the public, especially the younger generation consider the â€Å"magical† film relation of both the artists a bit overrated or in some cases, annoying. But this opinion obviously takes its birth from freedom of expression of modern day and need not to be taken very seriously as there is a substantial amount of followers who can never have enough of the results both Burton and Depp churn out. In this context, obviously the critics and the writers have more weighting and almost all of them are the applauding lot of their work. There are some exceptions as well like, although he is all praise for the talented duo, but in one article for Radio Times the known film writer Andrew Collins expresses that he was relieved when Alice inWonderland (to be released, march 2010) was announced that he realised tha t Depp couldnt take the title role. â€Å"But guess what? Hes playing the Mad Hatter. And after that, Burton plans to make Dark Shadows, a vampire story†¦starring Johnny Depp.† Commenting on his article were many, but one particular member of the public responded to it like this: â€Å"This article is like saying that people should stop putting maple syrup on pancakes because people do it too often. Just because they work together often does not mean the work that they accomplish together gets any worse. The pancakes still taste good. The movies are still entertaining. They make amazing movies together so why should they stop?† By exploring the â€Å"strategic† partnership of both the talented ones on most of the projects I would frankly say Why Not? I do not feel hesitant to express that it is no doubt a God-send bonding which has never failed to amuse and amaze us and I am of the opinion that there is nothing wrong with it if they carry on to make more cinematic pieces together in future. While doing that the least they can do, like they always do, is to strive for their repute and continue to bemuse the audiences by weaving more dreams. But still, being somewhat well researched in my own manner and by equally respecting the different argument I cannot turn my back to an interesting and important comment at a film blog by an unknown blogger and I will sum up my essay with that, â€Å"Just the fact that he used Ewan McGregor instead of Depp for Big Fish was refreshing and a big plus for the movie to me. Its like a painter deciding hes only going to use red and yellow for the rest of his career, whe n Id really like to see what he can do with some other colours.† Bibliography  · Answers (2010). â€Å"Tim Burton.† Available at http://www.answers.com/topic/tim-burton [Accessed: 2nd April 2010];  · Boucher, G. (2008). ‘Hero Complex; Tim Burton on Johnny Depp. Los Angeles Times;  · Collins, Andrew. â€Å"Tim Burton Johnny Depp: Joined at the hip?†Radio Times, 30th January 2009. http://www.radiotimes.com/blogs/558-andrew-collins-on-tim-burton-johnny-depp/ [Accessed: 2nd April 2010];  · Los Angeles Times (2010). â€Å"Hero Complex.† Available at http://latimesblogs.latimes.com/herocomplex/2008/10/tim-burton-talk.html [Accessed: 2nd April 2010];  · Fraga, Kristian. â€Å"Tim Burton Interview. Mississippi, USA: University Press. 2005;  · Salisbury, Mark. â€Å"Burton Depp: Partners in crime.† The Envelope (Los Angeles Times), January 2nd 2008. http://www.deppimpact.com/mags/transcripts/envelope_02jan08.html [Accessed: 1st April 2010];  · Salisbury, Mark. â€Å"Burton on Burton†. United Kingdom: Mackays of Charham. 1995;  · SquiWho (2010). â€Å"Who is Johnny Depp?† Available at http://www.squidoo.com/Johnny_Depp13 [Accessed: 2nd April 2010];  · Tim Burton Collective News (2010). â€Å"Alice #1 at Box Office: $116 Mil. Opening Weekend.† Available at http://www.timburtoncollective.com/labels/charlie%20and%20the%20chocolate%20factory.html [Accessed: 3rd April 2010];  · Winter, Jessica. â€Å"Depp and Meaningful.† Time Out (UK), April 6-13 2005. http://www.deppimpact.com/mags/transcripts/timeout_06apr05.html [Accessed: 1st April 2010]; http://www.timburtoncollective.com/labels/charlie%20and%20the%20chocolate%20factory.html

Supply Chain Management & IT Essay -- Supply Chain Management Papers

Supply Chain Management & IT Introduction Supply Chain Management (SCM) has become such an integral and essential part of every day business that entire fields of major are dedicated solely to it. SCM, pioneered by Wal-Mart, has grown in the last few years to include not only the management of the physical aspects of SCM, but also the electronic components, such as the Internet and many SCM tools, for instance SAP. Inventory being held across the retail supply chain at any one time amounts to $1 trillion, according to a report by Benchmarking Partners, based on U.S. Dept. of Commerce data. The Cambridge, Mass.-based consulting firm estimates 15 percent to 20 percent of those inventories ($150 billion to $200 billion worldwide; $40 billion to $50 billion in the United States) could be eliminated through improved planning, forecasting and replenishment. This is a major motivation for firms everywhere to reduce costs by applying supply chain management tools. What is Supply Chain Management? Traditionally, the phrase Supply Chain Management meant assembly lines, warehouses, truckers and time sheets. Earlier, manufacturers had the luxury of taking years to develop, market and sell their products. Back then, there were few variations in packaging and in the products themselves. In only a few years, the very fundamentals of manufacturing in virtually every industry have changed. Changes have taken place in the relationships between producers of primary products, manufacturers and retailers. Companies are looking at how to provide greater flexibility in moving parts globally. In a quest for greater efficiency and lower costs, there's been growing importance given to managing the supply chain effectively for the benefit of al... ...older wealth is rising, making investors happy, whilst giving the technological industry (computers) a boost. Bibliography / References / Works Cited: McGraw-Hill, Irwin, Management Information Systems, Sixth Edition O’Brien ISBN: 0- 07-282311-9, 2004 Supply Chain Management Research Center http://www.cio.com/research/scm/edit/012202_scm.html Is Supply Chain Management What I Need? http://stylusinc.com/WebEnable/Sales/SCM.php What is SCM? http://scrc.ncsu.edu/public/s1whatis.html SCM: What does it mean to Industry now? http://logistics.about.com/cs/supplychainmgmt/a/uc102803.htm Integrated Supply Chain Management http://www.dod.mil/comptroller/icenter/learn/iscm.htm How Wal-Mart Keeps Getting it Right http://www.businessweek.com/bwdaily/dnflash/apr2003/nf20030416_2930_db016.htm SAP – Deutschland http://www.sap.com/germany/index.aspx

Finance and Positivism

Introduction According to Little (2005), philosophy of social science is a scholarly discipline that attempts to analyse the logic, methodology, modes of explanation of the social sciences, in which its studies include psychology, sociology, anthropology, history and economics. Social science provides understanding of everyday interactions of individuals and interactions among human society in social institutions. Providing prediction and explanation for human behaviour and its consequences are some of the main aims of social science (Rosenberg, 1988).The purpose of this paper is to examine how philosophy of social science can help in explaining speculators’ behaviours. This paper is divided into five sections. It will begin by explaining the speculative behaviours of stock traders on lottery type of stocks, the probable data source and methodology. This will be followed by introducing the concept of positivism and identifying the reasons for selecting positivism. This paper w ill also provide some criticisms to positivism. Lastly, the paper ends with a summary.Speculative Behaviours of the Stock Traders in Lottery Type of Stocks My research will be mainly focus on the speculative behaviours of the stock traders, such as fund managers and retail speculators on lottery type of stocks. Speculation is different from investment, in which according to Peers (2003), On the one hand, speculation involves taking large amount of risks attempting to earn quick profit. Speculation is a game where expected return and risk are both indeterminate.As a result, speculators need to take relatively large amount of risk with respect to attempt to predict the future. A simple example of speculation is purchasing gold. Speculators might think that buying gold is a better use of money due to the inflation. Since gold depends more on inflationary rate and relies less on global economy, buy gold during period of financial crisis will help speculators to generate quick profit. Ho wever, gold prices are now extremely high, and there is no guarantee that prices will keep increasing in the future.Since there are huge fluctuations in gold prices, speculators are very likely need to bear large amount of risk when they purchased gold. On the other hand, according to Taylor Frigon Capital Management LLC (2007) investment involves analyzing the future earning and the preference of participating in those future earnings. The expected future value of investment is higher than the cost of the investment. Expected future value takes into account for all of the potential good or bad events multiply by the probability of those events.Investors usually search for definable expected future value, minimize risk and investors have nominal risk aversion, which means that investors will prefer a more guaranteed payout and the uncertain one, otherwise, investors will need a higher expected returns in order for them to undertake the risk. Using the gold example to differentiate i nvestor and speculator, investors purchase gold and hold it for decades, because after couple of decades, the returns from selling those amounts of gold will be higher than the initial cost of buying those amounts of gold, even after subtracting the returns from the transaction costs.Furthermore, gold will still be considered as one of the most precious metal after couple of decades. Investors do not need to worry that the value of gold will worth nothing, thus expected future value is more guaranteed and risk is minimized to some extent. Speculators purchase gold during the periods of financial crisis, and sell gold in order to buy stocks during periods of bubble. This strategy can help speculators to generate quick profit, however, it is extremely hard to predict when bubble or crisis will occur, and this uncertainty might cause speculators to experience huge amount of loss as well.Lottery Type of Stocks According to Kumar (2009), some stocks are classified as lottery type because they have prominent characteristics of lottery. Lottery type of stocks has low prices and relatively high potential payoff, just like jackpot in lottery. The expected returns of lottery type of stocks are negative but low, and they have risky payoffs. The price distribution of lottery type of stocks has very high variance, and most particularly, the probability of earning a huge profit is extremely small.Since lottery type of stocks has a very big probability of experiencing a loss and a very small probability to generate a huge gain, both risk and expected future value are indeterminate. By applying the definition of investors and speculators that we mentioned earlier, only speculators will have the preference of buying lottery type of stocks, due to their risk loving behavior, while investors do not, because risk-averse investors prefer to minimize risk even though there is a small change to earn huge profit.Positivism One of the main topics in philosophy of social science is pos itivism. According to the Merriam-Webber’s Dictionary, â€Å"positivism† is a view of scientific methods and a philosophy approach that defines positive knowledge is based on natural phenomena and their properties and relations as verified by the empirical sciences, and defines theology and metaphysic as earlier imperfect modes of knowledge.According to Perry, Riege and Brown (1999), some of the ontological assumptions of positivism are that the world exists externally, it is characterized by natural laws and it can be objectively observed by using a scientific way. In other words, positivism can be viewed as an appropriate methodology of social science, which emphasizes empirical observation. Positivism is also associated with empiricism, only the events, things or creatures that can be observed based on sense, experience and positive verification via the five senses can be considered as authentic knowledge.According to Creswell (2003), the underlying epistemological assumption of positivism is that there is an independent researcher of the research project, who is value and bias free, and has no influence on the result of research or data collected. Furthermore, Ticehurst and Veal (2000) states that the methodological approach for positivism is restricted in term of explanation and discovery of facts. Researcher uses developed theories and frameworks to describe behaviours based on the observations and facts collected.As a result, scientific, empiricist, experiental, deductive or quantitative approaches are involved in the research. In addition, Guba and Lincoln (1994) state that the paradigm stresses the value-free theory testing instead of theory building. Some of the key assumptions of the positivism paradigm, according to Phillips and Burbles (2000) include, first of all, researchers use null hypothesis because founded evidence in their research is usually fallible and imperfect. Secondly, majority of quantitative researches begin with the test of a theory.Researches can be considered as a practice of making claims, and subsequently either abandoning or refining them. Thirdly, knowledge is shaped by the data, evidence and rational considerations. Furthermore, research attempts to develop statements those are relevant and true, in which they are able to provide descriptions and explanations for the situation or causal relationship. Lastly, one of the most important parts of a competent inquiry is to being objective. Data and MethodologyIn order for lottery type of stocks to match the main characteristics of lotteries, first of all, the data will mainly focus on the stock with low prices (under one pound per stock). Within the set of stocks with low prices, my PhD research will focus on stocks with higher stock specific skewness, because these are the stock with higher potential payoff and they appears to be more attractive to speculators. Lastly, among the set of stocks with higher stock specific skewness and prices be low one pound, my PhD research will focus on stocks with higher idiosyncratic volatility.It is because stocks with higher idiosyncratic volatility are more likely to be considered as lottery type of stocks, because speculators might believe that when volatility is high, there is larger probability to realize the extreme returns that occurred in the past (Kumar, 2009). The methodology will be similar to Kothari and Warner (2006), in which the return of any given security at any given time can be obtained by adding the expected return based on expected return models, like Fama-French three factors model, to the abnormal return. The abnormal return of a given time eriod can be obtained by averaging all the abnormal returns of the given period. Given the test statistics provided by Kothari and Warner (2006), the paper will test the null hypothesis, comparing the returns of lottery type of stocks and index returns. If the test statistics are significantly lower, then the evidence may sug gest that the returns of lottery type of stocks underperform index returns, or vice versa. Criticisms to Positivism Some of the criticisms to the positivism is that the ontological position of positivist vis-a-vis reality that social reality exists in an independent way to the researcher (Schutz 1954).It is not helpful for the exploratory research, because the research attempts to understand meaning of the speculating process and varying perception of speculators. Berg (2004) claimed that people, events, objects and situation do possess meaning themselves; these elements confer meaning due to human interaction. Furthermore, it is inappropriate to ask the positivistic position on the epistemological question of â€Å"In what way one can obtain knowledge from a particular reality? † due to the postulation that investigating in such a reality provides no change to that reality.Moreover, one of the main criticisms of the positivism paradigm, according to Hussey and Hussey (1997), is that it is impossible to consider to people as being separate from the social contexts and they cannot be understood without apprehending their views of their own activities. A rigorously structured research design will impose some constraints on the results, and it might ignore more relevant findings, because researchers might carry their own value and interest to the research. The researchers cannot be objective because they are also part of what they are trying to observe.Lastly, statistical variables could be misleading as it is trying to capture complex phenomena. Reasons for Selecting the Positivist Paradigm Positivism is chosen to fit my PhD project, because according to Phan (2006), first of all, ontologically, stock markets is a financial world in which investment decisions can be considered as an external world, objectively adjusting itself, and individual perceptions or desires cannot have any influence. Secondly, quantifiable results are mainly the concerns in the wo rld of financial markets; it is impossible to make any alteration to the reality or to make any different perception.Thirdly, epistemologically, the researchers should be independent of their research projects, in other words, they should be free of bias and personal value, and should have no influence on the collection of data or the results of researches. Moreover, one of the main objectives of the PhD projects is to test hypothesis regarding to the returns of indexes and returns of lottery type of stocks, not to construct new theory or to implement any reform. Lastly, objectivity is important in the financial world in order to provide explanation to phenomena and causal relationships.To summarise, the PhD projects will be mainly focus on making measurements in a statistical and systematic way in order to provide validity, generalization, reliability for the measurements, as well as its predictive cause and effect (Casell and Symon 2004). Summary To sum up, my PhD research will be mainly focus on the speculative behaviours of the stock traders, such as fund managers and retail speculators on lottery type of stocks. The paper will be carry out using quantitative method and positivism fits very well in my research, as positivism is a methods that define positive knowledge which can be verified by empirical sciences.There are some criticisms about the ontological and epistemological assumption of positivism, nevertheless, the benefits of applying positivism exceeds it costs as my PhD research will mainly focus on making measurements in a statistical and systematic way to predict the cause and effect of different research topics, as well as their validity, generalization and reliability of the measurements. Reference: Berg, B. L. (2004) Qualitative Research Methods for the Social Sciences. 5th Edition, Pearson Education, Inc. Boston.Casell, C and Symon, G (2004), Essential Guide to Qualitative Methods in Organisational Research, Sage Publications Ltd, London, UK Creswell, J (2003), Research Design: Qualitative, Quantitative and Mixed Methods Approach, 2nd Edition, Sage: Thousand Oaks, CA. Guba, E and Lincoln, Y (1994), Competing paradigms in qualitative research, Handbook of Qualitative Research, Sage, Thousand Oaks, CA. Hussey, J. and Hussey, R. (1997) â€Å"Business Research† Macmillan Press Ltd, Basingstoke Kumar, A. (2009) â€Å"Who Gambles in the Stock Market†, The Journal of Finance, Vol 64, No 4, 1889-1993Little, D. (2005) â€Å"Western Philosophy of Social Science† Peking University Lohpetch, D. andCorne, D. (2010) Outperforming Buy-and-Hold with Evolved Technical Trading Rules: Daily, Weekly and Monthly Trading, EvoApplications 2010, Springer LNCS Phan, A 2006, â€Å"Hedge funds and China’s stock market: a study on factors influencing investment decisions by fund managers†, DBA thesis, Southern Cross University, Lismore, NSW. Peers, M. (2003) â€Å"A Guide To: Gambling, Investment, and Speculati on† Available at: www. math. byu. edu, Accessed on January 15, 2012Perry, C, Riege, A & Brown, L 1999, â€Å"Realism's role among scientific paradigms inmarketing research†, Irish Marketing Review, vol. 12, no. 2, pp. 16-23. Phillips, DC and Burbules, NC (2000), Postpositivism and educational research, Lanham, MD: Rowman and Littlefield. Rosenberg, A. (1988) â€Å"Why a Philosophy of Social Science? † In Philosophy of Social Science. Boulder, CO:Westview Press 1-21. Schutz, A (1954), Concept and Theory Formation in the Social Sciences, The Journal of Philosophy, Vol. 51, No. 9, 257-273 Ticehurst, GW and Veal, AJ (2000), Business Research Methods: A Managerial Approach, Pearson Education: NSW Australia

Essay on Qwsd Da

Essay on Qwsd Da Essay on Qwsd Da Revision Date: August 29, 2007 M ART IA L C A P I TA L W H I T E PA P E R : WH AT ABO UT THE E F F I C I E N T M A RK ET H Y P OTHE SI S? www.martialcapital.com Those who believe in the Efficient Market Hypothesis, which includes the vast majority of professional investors worldwide, will say that it is impossible to sustain the kinds of returns Martial Funds has demonstrated in our backtest and in our short period of live investing. This White Paper talks about their concerns and our response. The Efficient Market Hypothesis, developed by Prof. Eugene Fama at the University of Chicago in the early 1960s, says that everything that can be known about a stock has already been incorporated into the price of that stock. From this hypothesis have come many of the theories that we use to explain the financial markets: the arbitrage principles of Miller and Modigliani, the portfolio principles of Markowitz, the Capital Asset Pricing Model of Sharpe, Lintner, and Black, and the Option-Pricing Model that won for Black, Sholes, and Merton the Nobel Prize. Investment professionals globally have embraced the Efficient Market Hypothesis. It is taught thr oughout the world in schools and in CFA licensing courses. It is used in particular by investment managers to explain their almost-index performance to their clients. Virtually all of current day financial theory is based in one form or another on the Efficient Market Hypothesis. The most important consequence of this hypothesis (for this discussion) is that it is not possible to outperform the market (adjusted for risk) over the long term. Random chance may allow a specific portfolio (a fund or privately-managed account) to do better in one year than the index, perhaps much better, but random chance will smile on some other portfolio manager next year so that over the long term, the hypothesis says, no managed fund can do better than the market. Our reply is two fold:  Look at the assumptions underlying the Efficient Market Hypothesis and judge for yourself if they are reasonable, and  Look at our results. Page 1 Â © 2007 Martial Capital Ltd. Reproduction in whole or part without written permission is prohibited. Revision Date: August 29, 2007 www.martialcapital.com WHAT A BOU T T H E E FFI C I E NT MAR KET HY PO THESI S? Among the assumptions the Efficient Market Hypothesis makes are:  Investors are rational.  Markets are rational.  There are no taxes – or, more specifically, taxes play no part in financial decision-making.  There are no transaction costs.  An investor is indifferent between a dollar in dividends and a dollar in capital gains.  A company (and its investors) are indifferent between a dolar of aditional debt and a dollar of additional equity. The list is much longer, but you get the point. Our second argument is straightforward: How long does a fund have to convincingly beat the index before a follower of the EMH agrees that someone has proved they can beat the market? Between 1977 and 1990 – 13 years – Peter Lynch at the Magellan Fund achieved an average annual return of 29% after fees and expenses1. Is that not an example of a fund having convincingly beaten the market? The biggest problem for advocates of the Efficient Market Hypotheses is that many funds have proven they can outperform the market. Peter Lynch at Fidelity. The Harvard and Yale Endowment Funds. Warren Buffet. Our own Martial Funds have (with our backtest period plus our live experience) beaten the market every year since 1990 in the case of our Canadian portfolio, and every year since 1998 in our US portfolio. This could not be possible if the Efficient Market Hypothesis was true. To reconcile this paradox let us look more closely at the academic studies that prove that no managed fund can beat the market over the long term. The essence of their argument is that there never has been such a fund. These studies show that the results of all managed funds looks more like a

Mammal Species Characteristics

Mammal Species Characteristics Have you ever thought about what makes mammal species different from other vertebrates? If not, Im sure that you have noticed the differences between a snake, which is a reptile, and an elephant. Being a mammal myself, I have always found this particular class of vertebrates very interesting. As you will see, mammals have certain characteristics that differentiate them from other vertebrates. Lets take a look at some of these characteristics. Mammal Characteristics To begin with, mammal species are in the Class Mammalia, within the Subphylum Vertebrata, under the Phylum Chordata, in the Kingdom Animalia. Now that you have that straight, lets look at some specific traits of mammals. One main characteristic that mammals have is a feature that usually stands on end in frightening situations. Can you guess what it is? Yes, its hair or fur, whichever the case may be. This trait is useful in maintaining the constant body temperature that is important to all endothermic animals. Another characteristic is the ability to produce milk. This comes in handy while nourishing babies which are usually born fully developed (exceptions are the monotremes and the marsupials). Fertilization occurs within the reproductive tract of the female and most have a placenta that provides nutrients to the developing embryo. Mammalian young are usually slow to leave the nest, which allows for a longer period of time for the parents to teach skills that are necessary for survival. Respiratory and circulatory features of mammals include a diaphragm for proper lung ventilation and a heart that has four chambers to ensure that blood is circulated appropriately. Mammals can comprehend and learn things, which can be attributed to a larger brain size as compared to vertebrates of similar size. Finally, the existence of teeth that are different in size and function is a trait that is seen among mammals. All of these characteristics (hair, maintaining a constant body temperature, production of milk, internal fertilization, young born fully developed, highly developed circulatory and respiratory systems, larger brain size, and differences in the size and function of teeth) make mammal species unique among the vertebrates.

Free Essays on Bodega Dreams

Bodega Dreams The novel Bodega Dreams, written by Ernesto Quinonez, appears to suggest that in the case of the antagonist Willie Bodega, the ends do justify the means. Though positive results were manifested in the community, the way in which they were accomplished were far from positive. The controversially ethical issue of whether the end justify the means or the means justify the end seems to be the concern of the novel. In history many peoples’ lives have been destroyed to improve the gain of others. The forefathers of this country murdered and destroyed Native Americans’ lives for their own personal gain, Germans murdered Jews for their own gain, and like Willie Bodega drug dealers sell drugs for their own financial gain. Though some people attain success in a less extreme manner, for instance, one may see a co-worker being fired as an opportunity for a promotion. The novel seems to suggest that in order to attain success one will inevitable be forced to step on people on the way up. Analyzing Willie Bodega’s rise to the top, how he got there, and his reasoning for the way he got there, will help to develop an understanding for t he reason why the novel suggests that the means do justify the end ends. The novel opens by introducing the protagonist and narrator Julio Mercado also known as Chino and his life long best friend Enrique, also known as Sapo. The novel introduces the two characters during their childhood growing up in the ghettos of East Harlem New York, better known as Spanish Harlem, to explain how their friendship began and developed. During their years in school Sapo would always take up for Chino and even fight for him. The novel is constructed into three books in which refer to its chapters as rounds, which symbolically represents the struggle within their Spanish Harlem neighbor hood and how one literally has to become a fighter and fight to survive the adversity and destitution forced upon residents... Free Essays on Bodega Dreams Free Essays on Bodega Dreams Bodega Dreams The novel Bodega Dreams, written by Ernesto Quinonez, appears to suggest that in the case of the antagonist Willie Bodega, the ends do justify the means. Though positive results were manifested in the community, the way in which they were accomplished were far from positive. The controversially ethical issue of whether the end justify the means or the means justify the end seems to be the concern of the novel. In history many peoples’ lives have been destroyed to improve the gain of others. The forefathers of this country murdered and destroyed Native Americans’ lives for their own personal gain, Germans murdered Jews for their own gain, and like Willie Bodega drug dealers sell drugs for their own financial gain. Though some people attain success in a less extreme manner, for instance, one may see a co-worker being fired as an opportunity for a promotion. The novel seems to suggest that in order to attain success one will inevitable be forced to step on people on the way up. Analyzing Willie Bodega’s rise to the top, how he got there, and his reasoning for the way he got there, will help to develop an understanding for t he reason why the novel suggests that the means do justify the end ends. The novel opens by introducing the protagonist and narrator Julio Mercado also known as Chino and his life long best friend Enrique, also known as Sapo. The novel introduces the two characters during their childhood growing up in the ghettos of East Harlem New York, better known as Spanish Harlem, to explain how their friendship began and developed. During their years in school Sapo would always take up for Chino and even fight for him. The novel is constructed into three books in which refer to its chapters as rounds, which symbolically represents the struggle within their Spanish Harlem neighbor hood and how one literally has to become a fighter and fight to survive the adversity and destitution forced upon residents...