Communication and Ethical Issues Summary Essay Example for Free

Communication and Ethical Issues Summary EssayThe first example of the SWAT group raiding a rumed meth house showed no ethics at all. The officers probably assumed no one was home since they pulled over their suspect away from his home, When they see a man coming down the stairs they should have noticed a golf club un his hand not a gun. The use of their spot in this case was not retributiveified even if he resisted non of the officers would have been hurt by the helmet and body armor they wear. Their use of power was unjustified (Balko, 2013). The second example where a homeless man is carrying a knife and would not do in it was shot. It was legal for him to have and carry the knife and if a bystander has to ask a jurisprudence officer why he shot him tells me that he was not doing anything threatening with the knife. He was shot because he did not drop it.This is the shortcomings of the officer culture of leadership in his department because the officer was cleared of an y wrong doing. His use of power was unjustified (Balko, 2013). The third example is where the police raid a recording studio thinking there are a large quantity of drugs located there. They only find personal phthisis quantity and they try to decide what equipment in the recording studio they will take on asset forfeiture grounds. The police conversations were recorded because the equipment was left on when they raided the home. This is clearly an ethical problem within their agency with the leadership and the culture they have developed.Their use of power was unjustified (Balko, 2013). When you see your own leadership in your own agency does things that are not quite by the Standard Operating Procedure (SOP), it can give you the understanding that if you copy what they do or their wrong you would be justified. The author of this paper watched a correctional sergeant-at-law spray a can of pepper spray into a cell just to mess with the inmate that was inside, no other reason. An inv estigationwas held and the sergeant was given a verbal reprimand.The officers who worked directly for this sergeant also felt that if they broke the SOP, this sergeant would have their back and help in justifying their actions like not pulling inmates out of their cells for showers during their shower time, purposely dropping their food trays on the floor or spitting in their food. This action happens and in the report that is turned in it gets justified by that sergeant signing off on the action.ReferenceBalko, R. (2013, kinsfolk 10). Radley Balko on the 3 Worst Cases of Police Abuse in 2011 Video file. Retrieved from University of Phoenix Media Library website https//portal.phoenix.edu/medialibrary/videodetails.05V110608001512139.html

Identify the Purposes of Different Types of Organisation

Identify the Purposes of Different Types of OrganisationA business make-up when formed it has to adapt some proper decision regarding its future establishment and the general prosperity or sustainability. So it is very important to measure many economic, cultural, political variables under which the development of a business organization depends. So the environs for a business organization is a very important issue. Before forming an organization the entrepreneur have to justify the environment whether it is business friendly environment. Whether thither is any risk matters regarding the financial market or institution or the current economy is healthy. Risk may arise now and then so the entrepreneurs have to alert of it.The purpose of different types of organizationRichard Koch (1997) defines on that point atomic number 18 only some basic concepts about organization. It is thought before that organization is a group of people who used to sh atomic number 18 the same purpose li ke a ships company organization, a university, or a fund. And with the comprehensive lesson, it is learnt that though there are a lot of organizations who are involved in business activities, they can be classified under three main classes, they are head-to-head sector, public sector, and third-sector organizations.it is described the committee, vision and goalpolicy of a company as being defined the primary purpose of the firm, what business it should be, whom the company is going to serve and fill up for the rest of the time. So the, the organization activities should evolvefrom the mission and goal statement. So many companies, in order to make sure the employee remember about their roles and duties perused to them, they have mission and goal statements on future activities.Moreover, Vision builds up on the goals and objectives, that is, what the organizations ultimate aims or the destiny to grow in the future. The vision statement as a long-term aimof how the organization t hat is to be shaped in the futuredevelopment and what it could become more profitable. Moreover, he clearly distinguished the mission that is the companys role and future objectives the vision, that is, what the company could flake into the future sustainability.The extent to which the organization meets the objectives if different stakeholdersWhat actually is a stakeholder? That is a wide range of discussion, it can be defined that a stakeholderas a person, group, organization, who appropriates or can be affected by an organizations actions or course of actions.For performing good project management activities, anyone needs to both manage and meet stakeholder waitressations and motivations. As a result of the assessment should match their wants and demand for what will be provided at the end of the assessment. Why would an organization look at it to use packet to assist them with that? Definitely project management software cannot meet the stakeholder objectives and their serv ice, but it is important tool that is in the Project Managers area to facilitate meeting the demand and objectives. (Prasanna Chandra, 2010).Responsibility of an organization and strategiesAn organization communicates with stakeholders such as employees, customers, government, suppliers local communities, different ethnic groups intermediaries, financiers.Stakeholders have wide expectations to the company that they require the organization to fulfill, them. Employees expectation to the organization is to pay their salaries and bonuses on due time while the government expects the firm to pay its taxes as in short as possible. Diana Wicks (n. d) demonstrates that the management should to a fault justify oppositewise positive and negative external and internal factors such as legislation policies and economic situations that have a direct impact on a firms survival.Business ethics loyalty and good governance form a part and parcel of friendly responsibility and liability. Business morality concerns the ethical judgments and behavior of persons and groups within company. Stakeholders expect organizations will be responsible for their actions and clarify in their transactions, in addition to respecting the societys norms and customs. The organization should also to ensure that it maintains those activities that contribute to the organizations success while contemporarily contributing positively to the welfare of society and country.How economic systems attempt to allocate resources effectivelyAn economic system is resulted from individuals (consumers and producers, suppliers), groups (firms, consider unions, political parties, etc. and the government interactsas a legal and social entity for the economy. The function of an economic system is based on to resolve the basic economic problem that is demonstrated scarcity means the limitation of resources but our wants are infinite so there is an imbalance. There is three questions ariseWhat has to be produced?How it has to be produced?For whom it has to be produced?There are two economic systems which are frequently used by world-wide. There are called the free market system in which the government plays a limited role but that is a full of life role and the system which is planned where the government takes fully total control on the circulation. In both of these systems there are different elements of resource parcelling that is used by the government. There are economies that use a combination of these two processes in particular the planned and free market process also known as the mixed economy system in which many of the decisions about the resource allocation are taken by the government and other by the rest of the government or public.(Festina, 2005).Impact of the fiscal and monetary policiesIt talks about current and future strategies of company. The selection first selects the competitors by their assets gross revenue focus of business or geographic reach. In this case all the competitors are profit oriented or making profits. All financial and merchandise strategies are discussed in this section.Comparative financial analysis this section compares the financial standing of competitors with this company. Financial performance of each segments are discussed here. The objectives of these sections are to evaluate the patch of ours and our competitors. Stock price comparison cooperates to understand the financial performance of others. world-wide trade buying and selling the goods across the borders is known as international trade. International is considered as backbone of a country in new commercial world. The companies are trying to expand the market beyond the borders to make a damp profit rather than limiting it in local borders. There are more few reasons for doing business across the borders. One of the vital components of international trade is lower cost in developing nations. Clearly, a company that can pay its workers the equivalent of dollars a day, as compared to dollars an hour, has a distinct selling advantage.so the company has more potential to expand its business though it has the vast business throughout the world. It is also the .vital point of sustaining the market of the business. (Ukessays, n, d)How market structures determine pricing and product decisions in businessThe pricing is fully dependent on the competition on the market. According to a research on Transcom global Inc. (2013).In order to yield the price- rig decisions of entity and industry, it started with the description of several market structures under perfect competition, perfect competition, and simplemonopoly, the discriminating started on the monopoly, monopolistic competition, and duopoly. Oligopoly, monopoly and bilateral monopoly the degree and character of competition in these markets which are categorized by the number of transistors the nature of product or elements the freedom of movement of firms and buyers and the suppliers, kind o f available market information that is useful etc. The economists stipulation theory of entity and industry considered as profit maximizing method, and accordingly suggests the marginal principle used as the optimum decision rule, erratic of differences between the markets. It is considered help of this principle that equilibrium price and expected output are determined at the firms optimum. At the market optimum level, the price costs and expected output are determined by the exchange of supply and demand. Following linear relations, a perfect competitive market model can be constituted. The operation of free market methods and mechanism as well as imperfections in the market used to be, regulated and operated by governmental influence such as taxes, subsides, minimum wage policy, price controls etc. The theoretical-demography and explanations in terms of such subjugate adjustments and interference does not almodal values provide an idea 0 of there or no complexity of real intern ational markets. For example, oligopolistic firms normally tend to maximize on sale by following MR=O principle considered as the main one. The complex price-output decisions that are do under the competition .not always be terminated in terms of economic theory and practices.The market forces shape organisational responsesAlthough there is a variety of market forces exists which may need to be addressed by any organization, there are three common factors that affect businesses in todays world customer participation, information availability, information demand and cost pressure. These three are the important issues. According to Richard y. Chang (2005)Today, in many organizations who are edged to collect the payments for the purchase of products or services that is provided from the business but when it comes to returning those products or refunding those services, they call it a challenge to find a refund-sometimes requiring acute submissions of paperwork core on them, long de lays to receive a check from the customer by mail or confining the return/refund from the period to a neat time framework that is useful to them.. How do these steps and policies can affect the prospect or influence of getting repeat business from these customers as soon as possible? Clearly, taking the lead decision onto ensure that the organization is completely prepared to search the key market vital forces impacting on the organizational performance made today and in the future will make strong Making the position as a strategic business attractor in the business world it will lead the business.Business and cultural environment shape the behavior of the organizationNext to efficient structures and processes necessary to the organization, it is mustiness to focus also on what people think normally, but to feel and do in and into the organizations so soon as possible. Keith (2011) and Newstrom (2012) illustrated that Managers should care in that way how the behavior of organiza tional employees evolves and adapts the rules, how employee behavior is completely shaped by group dynamics and social interaction possible way of change. Numerous results have influenced on managers when making a decision for the company regarding several issues. In thebackgroundof any history one of the most significant change one is the procedures how employees used to stomach and act in acompany. The organizational culture is absolute term for description the set of beliefs, norms, customs and values that represents fully the characteristics of an organization, and provides the extent for behavior within it individually. cultureOptimal operation can be affected by an organizational culture which is shaped, leadership and management style that mirror environmental and cultural changes in the organization, as well as employee motivation useful for the better production. In such a culture innovations requires new employee behaviors customized the new research that is indispensible and different in order for the innovation to take root level of the company. It is a term used for analyzing scrutinizing the complex organization structure, with the emphasis which revolves around the improvement of shared assumptions made by it.A meaning, beliefs and values derived from the core, which shape and are reformed by employees behavior at working placeTo maximize organizational performance which is fully dependent on the higher satisfaction that requires an organizational culture which inspires employees to learn doing it together, grow and give their very best to the company.

Case Study: Methanol Poisoning of a Child

Case Study Methanol Poisoning of a boor cosmosIn this PBL, we observe a case of methanol poisoning in a child. We volition first define the unfamiliar term of tertiary superintend centre and proceed to understand erosive base homeostasis in the personify, the basis for methanol poisoning. thusly we will look at how ethanol and methanol ar metabolised in the body followed by how methanol poisoning actually endures. We will also discuss how the osmolal chap is obtained using osmolality and osmolarity and lastly child abuse.Learning Objectives interpretation of unfamiliar terminologyAn overview of acid base homeostasis in the bodyHow ethanol and methanol are metabolised in the bodyHow does methanol poisoning workOsmolality and osmolarityChild abuse1. Unfamiliar term Tertiary dread centreA tertiary care centre is where a patient goes to when primary and secondary care have not been able to adequately treat the patient. Tertiary care centres are equipped with noblely trained st aff and highly dedicated health check equipment to cater to complex words or procedures as required by the patient. An example of a tertiary care centre would be the colorectal unit at The Royal London (1). Amareen was transferred to a tertiary care centre to receive more suitable care mainly due to the fact that she was so raw and suffering from methanol poisoning.2. Overview of acid base homeostasis in the bodyAcid base homeostasis is the regulation of hydrogen ions. The high the submerging of hydrogen ions, the lower the pH and vice versa. Acidic solutions have a high pH whereas alkaline solutions have a lower pH. The normal pH in the body is in the range of 7.35-7.45. A pH lower than 7.35 results in acidosis whereas a pH higher than 7.45 results in alkalosis.Acid base oddment has its basis in the Henderson-Hasselbalch equivalence shown in Figure 2. If we rearrange the equation, we see that bicarbonate and carbon dioxide directly affects the acid base balance.Figure 2 Hend erson-Hasselbalch Equation (3) in that location are trey main ways in which the body controls the acid base balance. These three systems usually work in concert. Firstly, there are physiologic buffers, each of which consist of a weak acid and its base salt or a weak base and its base acid. Physiologic buffers react immediately within seconds to the change in pH in the body. These buffer systems occur in both intra and extracellular parts of the cells. The main buffering systems for physiologic buffers are extracellular bicarbonate-carbonic acid buffering system, intracellular protein buffers and inorganic phosphate buffers in the bone. An overview of the physiologic buffer system is shown below in Figure 1.Figure 1 Physiologic buffer systems (2)If physiologic buffers are not nice to return the pH back to its normal value, pulmonary compensation contribute take place in the lungs. This works by eliminating or retaining carbon dioxide. change magnitude ventilation effort (hyperv entilation) and decreased ventilation effort (hypoventilation) are the two ways pulmonary compensation works. The changes in pulmonary compensation is rapid within a few minutes.The final compensatory mechanism, renal compensation in the kidney, starts when the previous two mechanisms have failed to regulate the pH take in the body. The kidneys prolong balance by excreting or conserving bicarbonate and hydrogen ions in the body. However, this compensatory mechanism is a long term regulator and takes longer, usually a few hours, to resolve to a change in acid base balance.The normal arterial blood gas values for partial pressure of carbon dioxide is 35-45 mmHg/ 4.7 kPa-6.0 kPa and bicarbonate dumbness is 22-26 mmol/L. A change in the partial pressure of carbon dioxide or bicarbonate concentration from normal levels results in respiratory or metabolic disorders respectively. This together with acidosis or alkalosis determined by the pH results in 4 main disorders arising. Figure 3 below shows the 4 different disorders and their respective compensatory mechanisms.Figure 3 Diagnosis of the four main acid base disorders and respective compensation mechanisms (4).In Amareens case, metabolic acidosis occurs. The major obtain is the high production of formic acid which is not excreted quickly from the body. This has caused a decrease in the bicarbonate concentration due to H+ combining with bicarbonate. By the law of mass reach using the Henderson- Hasselbalch equation, there is extra CO2 generated thus Amareen shows respiratory compensation via tachypneic breathing whereby the peripheral chemo receptors in the lungs are stimulated which stimulates the alveoli to try to exhale the bare(a) CO2. The exhalation of CO2 would in most cases be enough to correct the metabolic acidosis but in this case as methanol was ingested, external treatment was mandatory to save Amareens life.3. How methanol and ethanol are metabolised in the bodyEthanol metabolismEthanol, comm only known as drinking alcohol, is metabolised earlier by alcohol dehydrogenase in the liver. Once ingested, ethanol is quickly absorbed by the gastrointestinal tract and small intestines with concentrations reaching at uttermost level at 20-60 minutes (5). Ethanol is metabolised to acetaldehyde by alcohol dehydrogenase and then to acetate in the mitochondria via aldehyde dehydrogenase. Acetate is then metabolised to Acetyl CoA and subsequently to CO2 and water by the Krebs cycle in the mitochondria. Ethanol dismiss also be metabolised by two other pathways by cytochrome P450 2E1 (CYP2E1) in microsomes of the endoplasmic reticulum when there is a high ethanol consumption and by catalase in peroxisomes (6). The three ways ethanol is metabolised are illustrated in Figure 4 below.Figure 4 aerobic pathways of ethanol metabolism in the body (7)Methanol metabolismMethanol, commonly known as wood alcohol, rouse be absorbed by the body via inhalation, ingestion and skin exposure (8). In this specific case, Amareen ingests methanol. When methanol is ingested, it is quickly absorbed by the gastrointestinal tract with concentration reaching a maximum level at 30-90 minutes after ingestion (8). Methanol is primarily metabolised in the liver. In the first note, methanol is metabolised to formaldehyde by alcohol dehydrogenase. Then formaldehyde is subsequently metabolised to formic acid by formaldehyde dehydrogenase. Formic acid is finally metabolised into carbon dioxide and water in the presence of tetrahydrofolate. This final step proceeds very slowly and hence there is an accumulation of formic acid in the body which is the chief cause of methanol poisoning and will be discussed in the next section. Methanol metabolism is illustrated in Figure 5 below.Figure 5 Metabolism of methanol (9)4. How does methanol poisoning workSymptoms and CausesThe main characteristics of methanol poisoning are metabolic acidosis and ocular damage. Formic acid, the metabolite of methan ol and not methanol itself is considered to be toxic. The malignity of the toxicity correlates with the degree of metabolic acidosis rather than concentration of methanol. (10, 11) The accumulation of formic acid in the body has many detrimental effects if left untreated. The effects of methanol poisoning can be grouped into different phases (12). The phases are described in Table 1 below.Table 1 Different phases of methanol poisoningFormic acid has been shown to inhibit cytochrome C oxidase activity in mitochondria (14) which is similar to the action of cyanide, hydrogen sulphate and carbon monoxide (15). Cytochrome C oxidase is the last enzyme in the electron transport kitchen stove of the mitochondria which results in the synthesis of ATP (16). Thus, by inhibiting cytochrome C oxidase, there would be significant reduction in the synthesis of ATP resulting in cell hypoxia ahead(p) to cell injury and death (17, 18).The amount of formic acid in the blood is proportional to the in crease in the anion gap which measures the contribution of unmeasured anions to acidosis by using the formula Na+ + K+ Cl- HCO3- (19). A high anion gap of 20mmol/dL was observed in the arterial blood gas of Amareen when she was transferred to the tertiary care centre. A high anion gap indicates the loss of bicarbonate ions without concurrent loss in chloride ions. Thus, a low blood serum bicarbonate level is a reliable indicator of the severity of methanol poisoning. Other causes of a high anion gap are diabetes keto acidosis, lactic acidosis, ethylene glycol and salycilate.DiagnosisDiagnosis for Amareen was relatively easy as a history was available from her parents stating that she had ingested methanol. This allowed doctors to treat Amareen quickly and correctly to pr heretoforet blindness or even death. If a history is unavailable, a test for the osmolal gap (refer to on how osmolal gap is derived) is very useful. A high osmolal gap (10 mOsm/kg H20) indicates the presence of significant amounts of low molecular weight substances such as methanol. When methanol is metabolised, the osmolal gap returns to the normal and the anion gap increases due to formic acid arrangement which causes bicarbonate ions to decrease via the Henderson Hasselbach equation.A high serum methanol concentration of 35 mg/dL ( 0mg/dL), low serum bicarbonate level of 18mmol/L, low pH of 7.32 and a high anion gap of 20mmol/dL confirms Amareens diagnosis of metabolic acidosis cause by methanol poisoning.TreatmentsIn this case, Amareen is treated with an ethanol drip. This is because like methanol, ethanol uses alcohol dehydrogenase as its first stage of metabolism and that ethanol has a higher affinity for alcohol dehydrogenase than methanol in the ratio of 201 (8). Therefore when ethanol enters the bloodstream, they will competitively bind to alcohol dehydrogenase thus inhibiting the formation of formic acid. In a clinical setting, a target level of 100-150 mg/dl is used to saturate alcohol dehydrogenase with ethanol (20). However, ethanol can be a challenge to administer due to irregular rate of metabolism making a steady target level difficult to maintain and it can also cause intoxication (20).Amareen later receives fomepizole treatment after the ethanol drip was not so effective. This is a better treatment because fomepizole has an even higher affinity for alcohol dehydrogenase than methanol in the ratio of 80001 (21). This prevents methanol from being metabolised. The advantages of fomepizole are the ease of administration, long duration of effect and that it doesnt cause intoxication (22). However, fomepizole is very expensive and is less widely available (23).Due to both ethanol and fomepizole being ineffective in reducing the serum concentration of methanol in the body, haemodialysis was started. Haemodialysis is the most effective way to remove methanol and formic acid from the body (24). This works by passing blood from the body through a dialysis ma chine that contains a series of membranes to filter out unwanted substances and replenish essential minerals to the blood and then pumping blood back to into the body. The reason why haemodialysis was not immediately administered was probably due to it requiring a neck line which is very invasive and can result in multiple complications for Amareen who is only 5 years old.5. Osmolarity and OsmolalityOsmolality refers to the osmolar concentration of plasma per kilogram of solvent. Osmolality is measured using osmometers. Osmolarity on the other hand refers to the osmolar concentration of plasma per litre of solution. This value is calculated using a set formula from measured concentrations of Na+, K+, glucose and urea. The equation is 2Na+ + 2K+ + Glucose + Urea (all in mmol/L). use osmolality and osmolarity, the osmolal gap can be calculated which is the difference between the actual osmolality and the calculated osmolarity which normally lies in the range of 8-10 mOsm/kg (25).6. C hild AbuseThere are four main categories of child abuse (26). Physical abuse which involves bodily harm for example bruises, burns and fractures. Emotional abuse that involves persistent turned on(p) ill-treatment or neglect causing adverse effects on the childs emotional development. Sexual abuse by forcing a child to perform internal activity. This includes non-contact sexual activities such as producing child pornography. Lastly, negligence which is the failure of carers to provide the basic physical and psychological needs as well as management from harm to the child which results in an adverse effect on the childs health and development. An example would be protecting a child from serious substances which Amareens parents have failed to do.ReferencesNHS. Barts Health General surgery for patients NHS 2014 cited 2014 11 November. forthcoming from http//www.bartshealth.nhs.uk/our-services/services-a-z/g/general-surgery/for-patients/.College AC. Electrolyte Fluid Balance Austi n Community College 2014 cited 2014 11 November. Available from http//www.austincc.edu/apreview/EmphasisItems/Electrolytefluidbalance.html.Keener P. Okeanos adventurer Expeditions INDEX 2010 Indonesia-USA Deep-Sea Exploration Expedition Purpose 2014 cited 2014 11 November. Available from http//oceanexplorer.noaa.gov/okeanos/explorations/10index/background/edu/purpose.html.Droual R. The Urinary System Fluid and Electrolyte Balance Modesto Junior College 2014 cited 2014 11 November. Available from http//droualb.faculty.mjc.edu/Course%20Materials/Physiology%20101/Chapter%20Notes/Fall%202011/chapter_19%20Fall%202011.htm.Jones AW, Jonsson KA, Neri A. Peak blood-ethanol concentration and the time of its occurrence after rapid drinking on an empty stomach. J Forensic Sci. 199136(2)376-85.Zimatkin SM, Deitrich RA. Ethanol metabolism in the brain. Addiction Biology 1997. p. 387-400.Zakhari S. Alcohol metabolism and epigenetics changes. Alcohol Res. 201335(1)6-16.(IPCS) IPoCS. Methanol. E nvironmental Health Criteria 196. Geneva WHO 1997.Strmann K, Ryan MT. Alcohol-Related EmergenciesA New Look At An Old ProblemEmergency medicine Practice. 20013(9)9.Jacobsen D, McMartin KE. Antidotes for methanol and ethylene glycol poisoning. J Toxicol Clin Toxicol. 199735(2)127-43.Swartz RD, Millman RP, Billi JE, Bondar NP, Migdal SD, Simonian SK, et al. Epidemic methanol poisoning clinical and biochemical analysis of a recent episode. Medicine (Baltimore). 198160(5)373-82.Tephly TR. The toxicity of methanol. breeding Sci. 199148(11)1031-41.Martin-Amat G, McMartin KE, Hayreh SS, Hayreh MS, Tephly TR. Methanol poisoning ocular toxicity produced by formate. Toxicol Appl Pharmacol. 197845(1)201-8.Nicholls P. The effect of formate on cytochrome aa3 and on electron transport in the intact respiratory chain. Biochim Biophys Acta. 1976430(1)13-29.Alonso JR, Cardellach F, Lopez S, Casademont J, Miro O. century monoxide specifically inhibits cytochrome c oxidase of human mitochondrial res piratory chain. Pharmacol Toxicol. 200393(3)142-6.Fontanesi F, Soto IC, Barrientos A. Cytochrome c oxidase biogenesis new levels of regulation. IUBMB Life. 200860(9)557-68.Shah S, Pandey V, Thakore N, Mehta I. Study of 63 cases of methyl alcohol poisoning (hooch tragedy in Ahmedabad). J Assoc Physicians India. 20126034-6.Jammalamadaka D, Raissi S. Ethylene glycol, methanol and isopropyl alcohol intoxication. Am J Med Sci. 2010339(3)276-81.Sejersted OM, Jacobsen D, Ovrebo S, Jansen H. Formate concentrations in plasma from patients poisoned with methanol. Acta Med Scand. 1983213(2)105-10.Jacobsen D, McMartin KE. Methanol and ethylene glycol poisonings. Mechanism of toxicity, clinical course, diagnosis and treatment. Med Toxicol. 19861(5)309-34.Bestic M, Blackford M, vibrating reed M. Fomepizole a critical assessment of current dosing recommendations. J Clin Pharmacol. 200949(2)130-7.Hall TL. Fomepizole in the treatment of ethylene glycol poisoning. Cjem. 20024(3)199-204.Rathi M, Sakh uja V, Jha V. Visual blurring and metabolic acidosis after ingestion of bootlegged alcohol. Hemodial Int. 200610(1)8-14.Suki WN, Massry SG. Therapy of renal diseases and related disorders Springer 1991.Kapur G, Valentini RP, Imam AA, Jain A, Mattoo TK. Serum osmolal gap in patients with idiopathic nephrotic syndrome and severe edema. Pediatrics. 2007119(6)e1404-7.NICE. When to suspect child maltreatment. July 2009.

Relationship Between Developed and Emerging Stock Markets

Relationship Between Developed and Emerging be consecrate MarketsIntroduction cod to dip towards relaxation and deregulation in the capital and coin trades, international commercialises absorb ten-spotded to become highly integ valuated in recent cartridge clips in deterrent example of ruined as well as developing countries. There be m whatsoever reasons as to why the linkages among the different line grocerys should be analyse several(prenominal) of the reasons argon emerging grocerys cave in sucked a great list of foreign siteors, removal of statutory controls oer their capital merchandise place and foreign transfer, stemma wrongs interconnection delinquent to the global capital movements, regional policy and the presence of economic ties.Specialists of finance have given(p) substantial attention to the linkages and the relation backships betwixt different memory foodstuffs, to seek and examine the potential benefits from international portfolio d iversification. Most of the studies be d hotshot victorious into account developing and emerging Asiatic marketplaces. Interest of foreign investors have resulted in several fund management centres concentrating on Asian developing markets not b arly for the growth and development only if too to diversify their attempt.The organize of this melodic theme is to exact the alliance of certain and emerging straining markets. Literatures on the different prospects of extend market have been studied. Many researchers have foc utilize on the desegregation among the line of merchandise market. While studying the belles-lettress it has been seen that different areas are being covered and focuse which includes dynamic linkages among line of reasoning market during pre and stick out Asian fiscal crisis and Russian financial crisis, effect of linkages on the portfolio diversification, effects of linkages on the daily trite expenditures and domination of developed markets o ver the developing markets. Further, examining of the semiempirical question in the literature on capital market integration between different economies is d angiotensin converting enzyme.For the empirical analysis, s cullive information of twenty year for e trulyday closing spud prices of half dozen indices have been taken from 3 January 1989 to 8 June 2009. Six indices are in the raw York standard substitute (the States), London gillyf gloomyer diversify (UK), capital of Japan line of business modify (japan), Bombay stress telephone win over (India), The telephone circuit modify of Thailand (Thailand), Bursa Malaysia (Malaysia). In the econometrics literature, there exist a numerate of alternative methods to estimate cointegration. Econometrics techniques which are being used in this study are Augmented Dickey-Fuller test, Johansens cointegration test and demerit Correction test. E-views software is used for the calculating the results. Empirical results obtained from the three test, it was lay down that time series are non nonmoving and null hypothesis is not rejected which suggest that they are highly cointegrated and to test whether any variations in one carry alternate healthy deal lead to fluctuations in separate business indices. Johansen cointegration test is conducted which shows that there is no evidence of cointegration between Indian transmit baron and other rootage indices.Further, Error Correction test is conducted which shows that there is poor cointegration between Indian sacking change over index with other memory indices. Indian clove pink market surface to be least integrated with Malaysia, where as Malaysia fund market is integrated with all the other shoot markets. Thailand declension market is seems to be much underage on Japanese and Indian stock market than other stock markets. Little integration is seen between Japanese stock alternate and USA stock exchange. It is fix that UK and USA are high ly integrated. To conclude, stock exchanges of the developed economies are better cointegrated as compared to those of developing economies.BackgroundWhat is stock market?In saucer-eyed words stock refers to a supply. tho in financial market scathe, stock refers to the money which a high society has raised. And the supply of the money comes from the deal who invest in the company in hope that the company allow make their money grow. storehouses exist because it en commensurates the company to sell pieces of the business called as stocks ( fair play securities) in contract of yearn term financing. When stocks are issued by jackpots are haveed by the world at jumbo which includes both private investors and institution are state to be manly held.A public place where things are bought and sold is called as Market. And the term stock market refers to a business where stock is bought and sold. job market enkindle be splitted into two main sectors the primary market and the secondary market. The primary market is the one where refreshed issues are offered for the counterbalance time and primary market is the one where subsequent calling goes on. There are basically two types of stock namely common stock and favorite(a) stock.A security which represents ownership in a corporation is known as common stock. Holder of the common stock has the power to vote and elect identity card members. If the company goes bankrupt, the common stockholder entrust not be gainful until unless creditors, drawholders and preferred stockholders are paid their share of the leftover assets of the company. Where as, preferred stock is a stock which is issued when all the common stock has been issued. Preferred stock olders are given dividends. They have a preference that is why they are paid dividend forward any dividends are paid to common stock holders.The stock market is not a specific place but still few large number use the term Wall Street which is the main str eet in saucily York Citys financial district and it is referred to the US stock market. wherefore companies issue stock market and why people buy it?As every company wants to grow, so well-nigh owners build more factories and some develop impertinent product which needs money. A company discount actually get loan from the financial institution similar banks but companies without issue into debt by taking loans issues stock which raise money for the growth of a company. Only Business Corporation bottom issue the stock which has special reasoned rights and responsibility. A proprietorship or ownership cannot issue stock.A shareholder invests in a hope that company will grow and so will their money grow because if a company earns money, the shareholders will share the profits. There are different types of gains from the stock such as dividends, capital gains, piffling selling, risk and rewards for investing. everyplace the coarse term bases, investments in stocks have proven to be an excellent way to more than keep pace with erosive effects of inflation.Stock exchangeStock market is an organised market for avocation of stocks and bonds. These markets were originally open to all but now a days only members of the railroad tie can buy and sell directly and these members or stock broker can buy and sell for themselves or others by charging the commission for their provided service. A stock can only be bought and sold if it is listed on an exchange. There are stock exchange in all the financial centres of the world. Some of them are declared down the stairs the New York stock exchange since 1792 which had the largest profession in the world of $7.3 trillion in 1998, Tokyo stock exchange, London stock exchange, Bombay stock exchange and NASDAQ. NASDAQ was the beginning(a) exchange which recognised the role of electronics in stock market.History of the Stock ExchangesJapanIn the decade of 1870s, entranceway of a securities arrangement initiated the p ublic bond negotiation in Japan which resulted in the need of a public institution for craft and hence in may 1878, the Stock Exchange jurisprudence was in enacted followed by establishment of Tokyo Stock Exchange Co. Ltd. On whitethorn 15, 1879 and trading began on June 1st.On June 30, 1943, establishment of a quasi-public corporation named the Japan Securities Exchange took place by uniting all 11 stock exchanges throughout Japan. During the aid humanity War, the trading sessions were suspended on princely 10, 1945 but the trading restarted under the management of unofficial group transactions in December 1945. Japan Securities Exchange was dissolved on April 16, 1947. Three stock exchanges in Tokyo, Osaka and Nagoya were demonstrateed on April 1, 1949 and trading began on whitethorn 16 followed by formation of five additional stock exchanges in July in Kobe (dissolved, October 1967), Hiroshima, Kyoto (merged into Tokyo Stock Exchange, evidence 2001), Fukuoka and Niigata.I n the beginning of the next decade of 1950s, margin transactions were introduced and bond trading started on April 2, 1956. October 1, 1966 discovered the commencement inclinations of government bonds subsequently the cooperate World War and in the following year, a new process of auction was pitch into action and Baikai trades (off-exchange trades) were eliminated. In April 1968, registration frame was replaced by licensing system for securities companies and on July 1, 1969, Tokyo Stock Price Index (TOPIX) was launched. Joining the International Federation of Stock Exchanges (FIBV) along with starting of convertible bonds trading and Book presentation alter system were the major(ip) developments by TSE before listing of Yen-based foreign bonds and opening of Foreign Stock Section in 1973.The next 10 old age observed major developments in technical fields such as introduction of Market Information System (MIS) and Computer-assisted Order Routing and Execution System (CORE S). From February 1, 1986 to May 23, 1988, a total of 32 securities companies joined the TSE membership out of which 22 were foreign companies. work in TOPIX futures, TOPIX options, U.S. T-Bond futures and Japanese government bond futures began by May 1990. otherwise 10 securities companies including 3 foreign ones joined the TSE membership followed by introduction of Floor Order Routing and Execution System (FORES) by the end of that year. study happenings in the next decade wereStarting of Central Depository and Clearing System on Oct 9, 1991Listing of Nikkei 300 Stock Index Listed Fund on May 29, 1995Initiation of 5-year Japanese government bond futures trading on Feb 16, 1996 vocation in integrity options on July 18, 1997Calculation of new stock price index series on Apr 2, 1998 introduction of ToSTNet and TDnet (Timely Disclosure Network) in 1998 restriction on off-exchange trading for listed securities abolished on Dec 1, 199850th Anniversary celebrations on Apr 2, 1999 int roduction of patsy (TSE wide area network) on June 1 brokerage commission liberalized in October establishment of MOTHERS market for emerging companies and growth on Nov 11, 1999and merging of Hiroshima and Niigata stock exchanges into TSE along with introduction of TSE ARROWS in 2000.Demutualization of TSE resulted in the formation of Tokyo Stock Exchange Inc. in 2001 and previous(a)r on August 1, 2007, Tokyo Stock Exchange Group, Inc. was established. Tokyo Stock Exchange Regulation was established on October 17th with its commencement on November 1, 2007.ThailandThe present Thai markets origin starts from the premature geezerhood of 1960s when a private group established a stock exchange in July 1962 as a expressage partnership which posterior dour into a limited company under the name of lookerkok Stock Exchange Co. Ltd. ( mad cow disease) in 1963. But BSE was relatively inactive irrespective of its good foundation as its annual turnover values reduced from being 160 mill ion baht in 1968 to an all time low of 26 million baht in 1972, even when turnover in debentures were 87 million baht.So finally, BSE stopped operating in premature seventies and the major reasons behind its failure were limited understanding of equity market among the investors and no government support officially. But, BSEs concept was able to attract enough attention to form an organized securities market with official support. Hence, a plan to establish a market having apt facilities and regulations for securities trading was proposed by the Second National Economic and Social Development Plan (1967-1971). On recommendation of the World Bank in 1969, the government gained the works of Professor Sidney M. Robbins from capital of South Carolina University who studied different methods for the development of Thai capital market. And in the same year, the Bank of Thailand also created a working group for the development of capital market which was given the job of establishing the stock market.After a year of intensive study, Professor Robbins generated an all-inclusive encompass named A Capital Market in Thailand and this report moody out to be the master plan required for the Thai capital market development in future. In 1972, the government brought some changes to the proclamation of the executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare according to which the government now controlled and regulated the trading operations relate to finance and securities companies. The Securities Exchange of Thailand also known as SET was passed in May 1974 after the amendments were made followed by the amending of the Revenue Code by the year-end. By 1975, the legislative framework was put into action and official trading at SET started on April 30, 1975. January 1, 1991 apothegm the changing of name from The Securities Exchange of Thailand to The Stock Exchange of Thailand.MalaysiaIn 1930, Singapore Stockbrokers A ssociation was Malaysias prototypic formal securities business organisation establishment and in 1937 was re-registered by the name of Malayan Stockbrokers Association. The public shares trading began after the establishment of The Malayan Stock Exchange in 1960 and the board system was having its trading rooms in Kuala Lumpur as well as Singapore, committed by usage of direct telephone line. The year 1964 saw the foundation of the Stock Exchange of Malaysia but in 1965, the withdrawal of Singapore from Malaysia strained the Stock Exchange of Malaysia to become the Stock Exchange of Malaysia and Singapore.In 1973, the Stock Exchange of Malaysia and Singapore was divided into two separate markets namely the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore cod to ceasing of interchangeability of currency between Malaysia and Singapore. The Kuala Lumpur Stock Exchange integrated on December 14, 1976 as a company limited by guarantee took over the operations and management of the Kuala Lumpur Stock Exchange Berhad. On April 14, 2004, the demutualization influence made the name to be changed to Bursa Malaysia Berhad. The main vex of this exercise was to boost competitive position and to act in response to trends in the exchange sector globally by becoming more market-oriented and customer-driven.The listing of Bursa Malaysia on the Main Board of Bursa Malaysia Securities Berhad took place on 18 March 2005. The certifications for conformance to the ISO 90012000 Quality Management System and ISO 140012004 Environmental Management System standards were genuine by the exchange on 5 October 2007. Faster processing and execution of orders and providing wider trading functions and features were done by introduction of Bursa Trade Securities as a new trading platform in Dec 2008.United StatesThe New York stock exchange trace back to 172, when twenty four New York City stock brokers and merchants sign-language(a) the Buttonwood Agreement. At tha t time five securities were traded in New York City out of which three were government bonds and two were bank stocks. It was agreed that securities will be traded on commission basis on signing the Buttonwood agreement by the brokers. After the war in 1815 securities market in New York began to grow. The New York stock and exchange board was form on March 8, 1817.The name was shortened The New York Stock Exchange ( queen-size board) in 1863. More than 2800 companies are listed in NYSE which are having value exceeding $15 trillion. During the period 1824 to 1830 annual trading reached a peak of 380,000 shares. Average volume reached to 8500 shares which show that it increase a 50-fold in seven years. During 1836-1853 NYSEB prohibited trading in the street and in 1837 average daily volume knock down down from 7393 in January to 1534 by June. Due to invention of telegraph, brokers and investors broaden the market participation outside New York City.It was a panic period during 1857 w hen Ohio Life Insurance Trust company collapsed, prices dropped octonary to ten percent in the single trading session and there was 45% decline in market value in the beginning of the year. During 1860s first stock ticker came into innovation, membership in NYSE became a property right, prohibition of issue of shares in secret known as irrigate stock and at the end on 24th September 1869, gold speculation resulted in Black Friday. In 1890s NYSE established elucidation house, it also recommended that all listed companies will send their shareholder the annual report and in 1896.The Dow Jones Industrial Average was published by the Wall Street diary for the first time, with an initial value of 40.74. During that period DJIA topped 100 for the first time. Federal Reserve System Wall Street became world financial leader. modify stock clearing system was established and fraud bureau was established during the period. In the mid of 1929 Black Thursday came when market encountered on volume of over 16 million shares which was the beginning of the Great depression and the Dow finally reached bottom in July 1932. During 1960-1979, International Federation of stock Exchange and daily volume on the NYSE exceeded 4 million shares nearly triple the level immediately following the war. On February 03, 1977 foreign broker were permitted membership on the floor. The Inter market Trading system (ITS) was inaugurated.Taking about 20th century, first Global index was launched in 2000, DJIA experienced its largest one day point gain and new trading room at 30 Broad street was opened. In 2001, NYSE volume topped 2 billion shares. The NYSE is now a for-profit business. It is formed out of the merger of the NYSE and Archipelago Holding, Inc. And the merger is the largest ever among securities up to this time.United KingdomThe London Stock Exchange is one of the worlds oldest stock exchanges and traces its history back more than 300 years. It started in the 17th century in Lo ndon coffee houses. Exchange grew quickly and became the citys about important financial institution. John casting began in back 1698 to organise the market in Jonathans coffee house through a elemental list of stock and commodity prices. The wave of speculative fever known as the south sea bubble burst in 1720. In 1761 a group of stock broker form a club at Jonathans to buy and sell shares and then in 1773 they put up their own building in Sweetings Alley with dealing room and members named it The Stock Exchange.On 3 March 1801, first regulated exchange comes into earthly concern in London and the business reopens under a formal membership basis and the modern stock exchange was born. First codified chance reserve was created in 1812 and first regional exchange were opened in Manchester and Liverpool in 1836 and it was rebuilt in 1854. A new deed settlement came to existence in 1876. In 1914 after Great War, the exchange market was closed from the end of July till the New Year . During 1986, there was deregulation of market which is known as larger Bang. Ownership of member firms by an outside corporation was allowed.Brokers were able to operate in a dual capacity and minimum scales of commission were abolished. Trading was go to computers and telephones from separate dealing rooms. The exchange became private limited company under the Companies Act 1985. The trading name became The London Stock Exchange in 1991. In 1997, SETS (Stock exchange Electronic Trading System) was launched. In 2003, EDX London was created, a new international equity in partnership with OM Group and later in 2004, LSE go to new headquarters Paternoster Square. Latest in 2007, LSE merged with Borsa Italiana, creating London Stock Exchange Group.IndiaThe Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai. It was established in 1875 and is one of the oldest stock exchanges in Asia. Around 3600 companies in the body politic are listed on this stock exchange and have a substantial trading volume. The market capitalization of the BSE is about Rs.20 trillion (US$ 466 billion). The Sensex is commonly used market index for the BSE and it is among the five big exchanges in the world in terms of number of transactions.Its history traces back to the time in mid 1850s, when an informal group of 22 shareholders used to trade under banyan tree in the townsfolk Hall of Bombay. The association the native sharebrokers was formally organized as The Bombay Stock Exchange in 1875. The BSE is the oldest stock exchange in Asia and Premchand Roychand used to be the leading sharebroker in that time.He was the one who assisted in setting out procedures and conventions for the trading of stock at BSE. James M. Maclean inaugurated the Brokers Hall in 1899. in 1928, it was shifted to an old building in Town Hall, Bombay and later on the building was constructed on Dalal Street in 1930 where the BSE building now stands. The BSE follows the system of eTrading, which came into use in 1995. In 2000, BSE Sensex was used to open its derivatives market for trading Sensex future contracts, followed by development of equity derivatives in 2001 and 2002 which expand its trading platform.Stock exchanges by providing a centralized and ready market, facilitates the business for financing through flotation of bonds and stocks. Sometimes speculation in stock can put stress on the instability of an economic system. The reality of the Great depression was emphasised by the stock market crash in 1929.Financial CrisisStock market crash of 1929After the First World War, there was a growth in industrialisation and new technologies. During 1920s was the time of peace and successfulness because the economy was benefited greatly from the new life changing technologies.Many investors quickly purchased the shares on seeing Dow Jones industrial average surged. Due to the powerful economic thunder the stocks were seen very safe to most of the economists. Stocks were purcha sed by the investors on margin. From 1921 to 1929, the Dow Jones rocketed from 60 to 400 and for every dollar invested a margin user would borrow 9 dollars expenditure of stock.But on Thursday October 24, 1929 the Dow Jones Industrial Average fell 38 points to 260, which was a drop of 12.8 percent and across the two days its average fell 23 percent and finally at the end of the period on November 11, there was a cumulative drop of 40 percent. Overvalued stocks, low margin requirements, following rate hikes and poor banking structure were the few causes of the crash. In total, 14 billion dollars of wealth were lost during this market crash.Stock market crash of 1987Dow hit a file 2722.44 points on 25 August, 1987 but then the Dow started to head down. And valuation in the United States dropped around 36 percent from the days between October 14 to October 19, 1987. On black Monday October 19, 1987 the Dow Jones Industrial Average plummeted 508 points losing approx 22.6 percent of i ts total value and SP 500 dropped to 20.4 percent. Reasons for the crash were no liquidity, overvalued stock, program trading and the use of derivative securities software. During the crash fractional trillion dollars wealth were lost.Stock market crash of 2008The failures of financial organizations in the USA due to exposure of credit default swaps and subprime loans resulted in a global crisis as banks all over the world failed and the values of shares and commodities fell drastically. The Indonesian Stock Market stopped operating on seeing a 10% drop in a day on October 8. Comparisons were made of this crisis with the one in 1987 but that lasted for just one day whereas the present one lingered on for the whole week. Dow Jones saw its worst ever decline of 18% during the week commenced on October 6.The failure of banks in Iceland devalued the Icelandic Krona and laboured the country to the verge of bankruptcy which was saved by an emergency loan from International Monetary Fund (IMF). The main index of Iceland had a 77% decrement. October 24 saw the worst downfalls for many countries whereas Dow Jones industrial average was somewhat better at 3.6%. The value of United States Dollar and Japanese Yen increased whereas that of British punting and Canadian Dollar was among the major losers.Literature review1.1 IntroductionThe competition among different industrial countries markets was witnessed by their respective national stock exchange markets during the late 1980s and the economists observed that linkage or interrelation between the global markets existed. Due to the less restrictive climate towards capital movements, economists actually started view that the major financial markets of the world are systematically interrelated. Growth can be seen in reaction towards external developments in macro-economic policies and the world financial milieu due to this interrelation.Technological developments in communications, trading system and the innovations of financial products have created global international investment opportunities. Linkages among stock market have important deductive reasoning and entailment for security pricing, trading strategies, hedging and financial market regulations. And also the presence of short term and long term relationship may be used to attain financial gains from international portfolio diversification and to also reduce systematic risk. International Market linkages have been widely investigated.Several studies have been conducted explaining the empirical and supposititious issues on linkages amongst stock market and mainly focused on the co-movement between developed and emerging markets. There is a wealth of literature on stock market mutuality and integration. However, depending on the data, methodology, and theoretical models used there is no clear resolution of the issue yet. Some previous work has have found that international stock markets are integrated and some found that stock markets are not interlinked.Most of the studies on stock market interdependence in emerging markets have been done on geographical groups of markets, such as markets in Central and Eastern Europeand Americaand in Asian countries. Further, I summarize some of the most recent findings.1.2 Interdependence of Stock MarketsA number of studies have examined stock market linkages among emerging stock market and the developed stock markets bid Arshanapalli, Doukas and Lang 1995 and Chen, Firth and Rui, 2002. Arshanapalli, Doukasand Lang (1995) report that after the 1987 crash international market linkages have strengthened in terms of increased number of co-integrating vectors in the military position crash period. They investigated in their paper that presence of a common random variable trend between the US and Asian stock market movements during the post October 1987 period. They showed that the cointergating structure which actually ties the stock market together has significantly increased s ince October 1987.US stock market influence on the other markets was good found greater in the post crisis period. Their results indicate that the Asian equity market is more integrated with US equity market than Japan equity market. Where as, Masih and Masih (1997) and Masih and Masih (1999) found cointegration relationship among the equity markets of Malaysia, Thailand, US, UK, Japan, Singapore and Hong-Kong during pre-financial crises period 1987. Number of papers investigates the short term and long term linkages among Central and Eastern Europe (CEE) stock exchanges. public lecture about long term relationship, Gilmore and McManus (2002) and Gilmore and McManus (2003) analysed that no long term relationship can be established among the CEE stock markets with the US and Germany stock markets, where as Voronkova (2004) shows the existence of long term linkages among the Central European markets and CEE.Hamao and Masulis (1990), King and Wadhwani (1990), Kasa (1992) and Arshanap alli and Doukas (1993) have found that the equity markets of developed markets are integrated and US equity market leads the other developed market like Japanese equity market, UK equity market and few other European equity markets. Yang, Hsiao, Li and Wang (2005) also examined the long get out price relationship and the dynamic price transmission among USA, Germany and four Eastern European emerging stock markets. They paid particular attention to Russian crisis in their study. VAR analysis was conducted.It was concluded that both long stomach relationship and the dynamic transmission were strengthen among these markets after the crisis and Germany became dominant and noticeable only after the Russian crisis amongst all the Eastern European markets. Syllignakis and Kouretas also examined the short and long term relationship between ten central Eastern European stock markets and two developed stock market i.e US and Germany, they used Gowzalo and farmer method and indicated weak partial integration among these markets. They also indicated that the four big stock exchange market like Republic, Hungary, Poland and Slovenia together with Germany and the US stock market have substantial permanent factor which drives the system of stock market exchange in the long run.Egert and Kocenda (2006) analyse the co-movement and interdependence among three stock markets in Western, Central and Eastern Europe and found no robust cointegration relationship for any of the stock index pairs. Data from 2003 to 2005 for stock indices have been taken and applied wide range of econometric techniques like unit root and stationary tests, cointergration tests, Granger causality test, VAR estimation have been used. Results show that there are signs of short term spillover effects both in terms of stock price and stock return volatility. Granger causality test show the existence of bidirectional causality for both returns and volatility series and limited number of short term relatio nships using VAR framework.Limited interaction has been found among the market in case of Poland and Hungary by Li and Majerowska (2007) and also showed that emerging markets are every week linked to the developed markets by using GARCH approach .In this paper linkages between the emerging markets of Warsaw and Budapest with the established market in capital of Kentucky and US were studied by using four-variable asymmetric GARCH-BEKK model. At the end it was implied that by adding the stock in the emerging markets to their investment portfolio they may benefit from bring down the risk.Further, feel at some more European counties Lucey andVoronkova (2008) examined relationship Russia and other equity markets over the period of 1995-2004 by using number of co-integration approach like Gregory-Hansen test, a stochastic cointegration framework, the non-parametric test for unit root and cointegration and found Russian market does not show strong evidence of increased long run crossin g either with regional or developed markets, so therefore correlation is low. They also stated that Russian equity market in the long run was isolated from the influence of international markets and structural break in August 1998 did not alter the long term relationship nature.Ozdemir, Olgun and Saracoglu (2008) examined dynamic linkages between the equity market of US representing the center and emerging market using the Granger causality test as a result showed significant causal relation to all emerging markets and conclude that there is no evidence in the literature suggesting an effect of an emerging stock exchange market to that of large markets like US, Japan and UK.Where as Chinzara, examined to what extent South Africa equity market is integrated into world equity market using cointegration, VECM and VAR model and taking data for period 1995-2007. He fiRelationship Between Developed and Emerging Stock MarketsRelationship Between Developed and Emerging Stock MarketsIntroduc tionDue to inclination towards liberalization and deregulation in the capital and money markets, global markets have tended to become highly integrated in recent times in case of developed as well as developing countries. There are many reasons as to why the linkages among the different stock markets should be studied some of the reasons are emerging markets have attracted a great number of foreign investors, removal of statutory controls over their capital market and foreign exchange, stock prices interconnection due to the global capital movements, regional policy and the presence of economic ties.Specialists of finance have given substantial attention to the linkages and the relationships between different stock markets, to explore and examine the potential benefits from international portfolio diversification. Most of the studies are done taking into account developing and emerging Asian markets. Interest of foreign investors have resulted in several fund management centres conc entrating on Asian developing markets not only for the growth and development but also to diversify their risk.The aim of this paper is to study the relationship of developed and emerging stock markets. Literatures on the different prospects of stock market have been studied. Many researchers have focused on the integration among the stock market. While studying the literatures it has been seen that different areas are being covered and focused which includes dynamic linkages among stock market during pre and post Asian financial crisis and Russian financial crisis, effect of linkages on the portfolio diversification, effects of linkages on the daily stock prices and domination of developed markets over the developing markets. Further, examining of the empirical question in the literature on capital market integration between different economies is done.For the empirical analysis, data of twenty year for everyday closing stock prices of six indices have been taken from 3 January 198 9 to 8 June 2009. Six indices are New York Stock Exchange (USA), London Stock Exchange (UK), Tokyo Stock Exchange (Japan), Bombay Stock Exchange (India), The Stock Exchange of Thailand (Thailand), Bursa Malaysia (Malaysia). In the econometrics literature, there exist a number of alternative methods to estimate cointegration. Econometrics techniques which are being used in this study are Augmented Dickey-Fuller test, Johansens cointegration test and Error Correction test. E-views software is used for the calculating the results. Empirical results obtained from the three test, it was found that time series are non stationary and null hypothesis is not rejected which suggest that they are highly cointegrated and to test whether any variations in one stock exchange can lead to fluctuations in other stock indices. Johansen cointegration test is conducted which shows that there is no evidence of cointegration between Indian stock index and other stock indices.Further, Error Correction tes t is conducted which shows that there is poor cointegration between Indian stock exchange index with other stock indices. Indian stock market appear to be least integrated with Malaysia, where as Malaysia stock market is integrated with all the other stock markets. Thailand stock market is seems to be more dependent on Japanese and Indian stock market than other stock markets. Little integration is seen between Japanese stock exchange and USA stock exchange. It is found that UK and USA are highly integrated. To conclude, stock exchanges of the developed economies are better cointegrated as compared to those of developing economies.BackgroundWhat is stock market?In simple words stock refers to a supply. But in financial market terms, stock refers to the money which a company has raised. And the supply of the money comes from the people who invest in the company in hope that the company will make their money grow. Stocks exist because it enables the company to sell pieces of the busin ess called as stocks (equity securities) in need of long term financing. When stocks are issued by corporations are owned by the public at large which includes both private investors and institution are said to be publicly held.A public place where things are bought and sold is called as Market. And the term stock market refers to a business where stock is bought and sold. Stock market can be splitted into two main sectors the primary market and the secondary market. The primary market is the one where new issues are offered for the first time and primary market is the one where subsequent trading goes on. There are basically two types of stock namely common stock and preferred stock.A security which represents ownership in a corporation is known as common stock. Holder of the common stock has the power to vote and elect board members. If the company goes bankrupt, the common stockholder will not be paid until unless creditors, bondholders and preferred stockholders are paid their s hare of the leftover assets of the company. Where as, preferred stock is a stock which is issued when all the common stock has been issued. Preferred stock olders are given dividends. They have a preference that is why they are paid dividend before any dividends are paid to common stock holders.The stock market is not a specific place but still some people use the term Wall Street which is the main street in New York Citys financial district and it is referred to the US stock market.Why companies issue stock market and why people buy it?As every company wants to grow, so some owners build more factories and some develop new product which needs money. A company can actually get loan from the financial institution like banks but companies without going into debt by taking loans issues stock which raise money for the growth of a company. Only Business Corporation can issue the stock which has special legal rights and responsibility. A proprietorship or ownership cannot issue stock.A sh areholder invests in a hope that company will grow and so will their money grow because if a company earns money, the shareholders will share the profits. There are different types of gains from the stock such as dividends, capital gains, short selling, risk and rewards for investing. Over the long term bases, investments in stocks have proven to be an excellent way to more than keep pace with erosive effects of inflation.Stock ExchangeStock market is an organised market for trading of stocks and bonds. These markets were originally open to all but now a days only members of the association can buy and sell directly and these members or stock broker can buy and sell for themselves or others by charging the commission for their provided service. A stock can only be bought and sold if it is listed on an exchange. There are stock exchange in all the financial centres of the world. Some of them are stated below the New York stock exchange since 1792 which had the largest trading in the world of $7.3 trillion in 1998, Tokyo stock exchange, London stock exchange, Bombay stock exchange and NASDAQ. NASDAQ was the first exchange which recognised the role of electronics in stock market.History of the Stock ExchangesJapanIn the decade of 1870s, introduction of a securities system initiated the public bond negotiation in Japan which resulted in the need of a public institution for trading and hence in May 1878, the Stock Exchange Ordinance was in enacted followed by establishment of Tokyo Stock Exchange Co. Ltd. On May 15, 1879 and trading began on June 1st.On June 30, 1943, establishment of a quasi-public corporation named the Japan Securities Exchange took place by uniting all 11 stock exchanges throughout Japan. During the Second World War, the trading sessions were suspended on August 10, 1945 but the trading restarted under the management of unofficial group transactions in December 1945. Japan Securities Exchange was dissolved on April 16, 1947. Three stock exchange s in Tokyo, Osaka and Nagoya were founded on April 1, 1949 and trading began on May 16 followed by formation of five additional stock exchanges in July in Kobe (dissolved, October 1967), Hiroshima, Kyoto (merged into Tokyo Stock Exchange, March 2001), Fukuoka and Niigata.In the beginning of the next decade of 1950s, margin transactions were introduced and bond trading started on April 2, 1956. October 1, 1966 observed the first listings of government bonds after the Second World War and in the following year, a new process of auction was put into action and Baikai trades (off-exchange trades) were eliminated. In April 1968, registration system was replaced by licensing system for securities companies and on July 1, 1969, Tokyo Stock Price Index (TOPIX) was launched. Joining the International Federation of Stock Exchanges (FIBV) along with starting of convertible bonds trading and Book Entry Clearing system were the major developments by TSE before listing of Yen-based foreign bonds and opening of Foreign Stock Section in 1973.The next 10 years observed major developments in technical fields such as introduction of Market Information System (MIS) and Computer-assisted Order Routing and Execution System (CORES). From February 1, 1986 to May 23, 1988, a total of 32 securities companies joined the TSE membership out of which 22 were foreign companies. Trading in TOPIX futures, TOPIX options, U.S. T-Bond futures and Japanese government bond futures began by May 1990. Other 10 securities companies including 3 foreign ones joined the TSE membership followed by introduction of Floor Order Routing and Execution System (FORES) by the end of that year.Major happenings in the next decade wereStarting of Central Depository and Clearing System on Oct 9, 1991Listing of Nikkei 300 Stock Index Listed Fund on May 29, 1995Initiation of 5-year Japanese government bond futures trading on Feb 16, 1996Trading in equity options on July 18, 1997Calculation of new stock price index ser ies on Apr 2, 1998 introduction of ToSTNet and TDnet (Timely Disclosure Network) in 1998 restriction on off-exchange trading for listed securities abolished on Dec 1, 199850th Anniversary celebrations on Apr 2, 1999 introduction of Target (TSE wide area network) on June 1 brokerage commission liberalized in October establishment of MOTHERS market for emerging companies and growth on Nov 11, 1999and merging of Hiroshima and Niigata stock exchanges into TSE along with introduction of TSE ARROWS in 2000.Demutualization of TSE resulted in the formation of Tokyo Stock Exchange Inc. in 2001 and later on August 1, 2007, Tokyo Stock Exchange Group, Inc. was established. Tokyo Stock Exchange Regulation was established on October 17th with its commencement on November 1, 2007.ThailandThe present Thai markets origin starts from the early years of 1960s when a private group established a stock exchange in July 1962 as a limited partnership which later turned into a limited company under the nam e of Bangkok Stock Exchange Co. Ltd. (BSE) in 1963. But BSE was relatively inactive irrespective of its good foundation as its annual turnover values reduced from being 160 million baht in 1968 to an all time low of 26 million baht in 1972, even when turnover in debentures were 87 million baht.So finally, BSE stopped operating in early 1970s and the major reasons behind its failure were limited understanding of equity market among the investors and no government support officially. But, BSEs concept was able to attract enough attention to form an organized securities market with official support. Hence, a plan to establish a market having apt facilities and regulations for securities trading was proposed by the Second National Economic and Social Development Plan (1967-1971). On recommendation of the World Bank in 1969, the government gained the works of Professor Sidney M. Robbins from Columbia University who studied different methods for the development of Thai capital market. And in the same year, the Bank of Thailand also created a working group for the development of capital market which was given the job of establishing the stock market.After a year of intensive study, Professor Robbins generated an all-inclusive report named A Capital Market in Thailand and this report turned out to be the master plan required for the Thai capital market development in future. In 1972, the government brought some changes to the Announcement of the Executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare according to which the government now controlled and regulated the operations related to finance and securities companies. The Securities Exchange of Thailand also known as SET was passed in May 1974 after the amendments were made followed by the amending of the Revenue Code by the year-end. By 1975, the legislative framework was put into action and official trading at SET started on April 30, 1975. January 1, 1991 saw the ch anging of name from The Securities Exchange of Thailand to The Stock Exchange of Thailand.MalaysiaIn 1930, Singapore Stockbrokers Association was Malaysias first formal securities business organisation establishment and in 1937 was re-registered by the name of Malayan Stockbrokers Association. The public shares trading began after the establishment of The Malayan Stock Exchange in 1960 and the board system was having its trading rooms in Kuala Lumpur as well as Singapore, connected by usage of direct telephone line. The year 1964 saw the foundation of the Stock Exchange of Malaysia but in 1965, the withdrawal of Singapore from Malaysia forced the Stock Exchange of Malaysia to become the Stock Exchange of Malaysia and Singapore.In 1973, the Stock Exchange of Malaysia and Singapore was divided into two separate markets namely the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore due to ceasing of interchangeability of currency between Malaysia and Singapore. The K uala Lumpur Stock Exchange integrated on December 14, 1976 as a company limited by guarantee took over the operations and management of the Kuala Lumpur Stock Exchange Berhad. On April 14, 2004, the demutualization exercise made the name to be changed to Bursa Malaysia Berhad. The main aim of this exercise was to boost competitive position and to act in response to trends in the exchange sector globally by becoming more market-oriented and customer-driven.The listing of Bursa Malaysia on the Main Board of Bursa Malaysia Securities Berhad took place on 18 March 2005. The certifications for conformance to the ISO 90012000 Quality Management System and ISO 140012004 Environmental Management System standards were received by the exchange on 5 October 2007. Faster processing and execution of orders and providing wider trading functions and features were done by introduction of Bursa Trade Securities as a new trading platform in Dec 2008.United StatesThe New York stock exchange trace back to 172, when twenty four New York City stock brokers and merchants signed the Buttonwood Agreement. At that time five securities were traded in New York City out of which three were government bonds and two were bank stocks. It was agreed that securities will be traded on commission basis on signing the Buttonwood agreement by the brokers. After the war in 1815 securities market in New York began to grow. The New York stock and exchange board was formed on March 8, 1817.The name was shortened The New York Stock Exchange (NYSE) in 1863. More than 2800 companies are listed in NYSE which are having value exceeding $15 trillion. During the period 1824 to 1830 annual trading reached a peak of 380,000 shares. Average volume reached to 8500 shares which show that it increased a 50-fold in seven years. During 1836-1853 NYSEB prohibited trading in the street and in 1837 average daily volume fell down from 7393 in January to 1534 by June. Due to invention of telegraph, brokers and investors broaden the market participation outside New York City.It was a panic period during 1857 when Ohio Life Insurance Trust company collapsed, prices dropped eight to ten percent in the single trading session and there was 45% decline in market value in the beginning of the year. During 1860s first stock ticker came into existence, membership in NYSE became a property right, prohibition of issue of shares in secret known as watering stock and at the end on 24th September 1869, gold speculation resulted in Black Friday. In 1890s NYSE established clearing house, it also recommended that all listed companies will send their shareholder the annual report and in 1896.The Dow Jones Industrial Average was published by the Wall Street journal for the first time, with an initial value of 40.74. During that period DJIA topped 100 for the first time. Federal Reserve System Wall Street became world financial leader. Centralized stock clearing system was established and fraud bureau was established during the period. In the mid of 1929 Black Thursday came when market crashed on volume of over 16 million shares which was the beginning of the Great depression and the Dow finally reached bottom in July 1932. During 1960-1979, International Federation of stock Exchange and daily volume on the NYSE exceeded 4 million shares nearly triple the level immediately following the war. On February 03, 1977 foreign broker were permitted membership on the floor. The Inter market Trading system (ITS) was inaugurated.Taking about 20th century, first Global index was launched in 2000, DJIA experienced its largest one day point gain and new trading room at 30 Broad street was opened. In 2001, NYSE volume topped 2 billion shares. The NYSE is now a for-profit business. It is formed out of the merger of the NYSE and Archipelago Holding, Inc. And the merger is the largest ever among securities up to this time.United KingdomThe London Stock Exchange is one of the worlds oldest stock exchanges and tr aces its history back more than 300 years. It started in the 17th century in London coffee houses. Exchange grew quickly and became the citys most important financial institution. John casting began in back 1698 to organise the market in Jonathans coffee house through a simple list of stock and commodity prices. The wave of speculative fever known as the south sea bubble burst in 1720. In 1761 a group of stock broker form a club at Jonathans to buy and sell shares and then in 1773 they put up their own building in Sweetings Alley with dealing room and members named it The Stock Exchange.On 3 March 1801, first regulated exchange comes into existence in London and the business reopens under a formal membership basis and the modern stock exchange was born. First codified rule book was created in 1812 and first regional exchange were opened in Manchester and Liverpool in 1836 and it was rebuilt in 1854. A new deed settlement came to existence in 1876. In 1914 after Great War, the exchan ge market was closed from the end of July till the New Year. During 1986, there was deregulation of market which is known as Big Bang. Ownership of member firms by an outside corporation was allowed.Brokers were able to operate in a dual capacity and minimum scales of commission were abolished. Trading was moved to computers and telephones from separate dealing rooms. The exchange became private limited company under the Companies Act 1985. The trading name became The London Stock Exchange in 1991. In 1997, SETS (Stock exchange Electronic Trading System) was launched. In 2003, EDX London was created, a new international equity in partnership with OM Group and later in 2004, LSE moved to new headquarters Paternoster Square. Latest in 2007, LSE merged with Borsa Italiana, creating London Stock Exchange Group.IndiaThe Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai. It was established in 1875 and is one of the oldest stock exchanges in Asia. Around 3600 companies in the country are listed on this stock exchange and have a substantial trading volume. The market capitalization of the BSE is about Rs.20 trillion (US$ 466 billion). The Sensex is commonly used market index for the BSE and it is among the five big exchanges in the world in terms of number of transactions.Its history traces back to the time in mid 1850s, when an informal group of 22 shareholders used to trade under banyan tree in the Town Hall of Bombay. The association the native sharebrokers was formally organized as The Bombay Stock Exchange in 1875. The BSE is the oldest stock exchange in Asia and Premchand Roychand used to be the leading sharebroker in that time.He was the one who assisted in setting out procedures and conventions for the trading of stock at BSE. James M. Maclean inaugurated the Brokers Hall in 1899. in 1928, it was shifted to an old building in Town Hall, Bombay and later on the building was constructed on Dalal Street in 1930 where the BSE building now stands. The BSE follows the system of eTrading, which came into use in 1995. In 2000, BSE Sensex was used to open its derivatives market for trading Sensex future contracts, followed by development of equity derivatives in 2001 and 2002 which expanded its trading platform.Stock exchanges by providing a centralized and ready market, facilitates the business for financing through flotation of bonds and stocks. Sometimes speculation in stock can put stress on the instability of an economy. The reality of the Great depression was emphasised by the stock market crash in 1929.Financial CrisisStock market crash of 1929After the First World War, there was a growth in industrialisation and new technologies. During 1920s was the time of peace and prosperity because the economy was benefited greatly from the new life changing technologies.Many investors quickly purchased the shares on seeing Dow Jones industrial average surged. Due to the powerful economic boom the stocks were seen very safe to most of th e economists. Stocks were purchased by the investors on margin. From 1921 to 1929, the Dow Jones rocketed from 60 to 400 and for every dollar invested a margin user would borrow 9 dollars worth of stock.But on Thursday October 24, 1929 the Dow Jones Industrial Average fell 38 points to 260, which was a drop of 12.8 percent and across the two days its average fell 23 percent and finally at the end of the period on November 11, there was a cumulative drop of 40 percent. Overvalued stocks, low margin requirements, interest rate hikes and poor banking structure were the few causes of the crash. In total, 14 billion dollars of wealth were lost during this market crash.Stock market crash of 1987Dow hit a record 2722.44 points on 25 August, 1987 but then the Dow started to head down. And valuation in the United States dropped around 36 percent from the days between October 14 to October 19, 1987. On black Monday October 19, 1987 the Dow Jones Industrial Average plummeted 508 points losing approx 22.6 percent of its total value and SP 500 dropped to 20.4 percent. Reasons for the crash were no liquidity, overvalued stock, program trading and the use of derivative securities software. During the crash half trillion dollars wealth were lost.Stock market crash of 2008The failures of financial organizations in the USA due to exposure of credit default swaps and subprime loans resulted in a global crisis as banks all over the world failed and the values of shares and commodities fell drastically. The Indonesian Stock Market stopped operating on seeing a 10% drop in a day on October 8. Comparisons were made of this crisis with the one in 1987 but that lasted for just one day whereas the present one lingered on for the whole week. Dow Jones saw its worst ever decline of 18% during the week commenced on October 6.The failure of banks in Iceland devalued the Icelandic Krona and forced the country to the verge of bankruptcy which was saved by an emergency loan from International Monetary Fund (IMF). The main index of Iceland had a 77% decrement. October 24 saw the worst downfalls for many countries whereas Dow Jones industrial average was somewhat better at 3.6%. The value of United States Dollar and Japanese Yen increased whereas that of British Pound and Canadian Dollar was among the major losers.Literature review1.1 IntroductionThe competition among different industrial countries markets was witnessed by their respective national stock exchange markets during the late 1980s and the economists observed that linkage or interrelation between the global markets existed. Due to the less restrictive climate towards capital movements, economists actually started thinking that the major financial markets of the world are systematically interrelated. Growth can be seen in reaction towards external developments in macro-economic policies and the world financial environment due to this interrelation.Technological developments in communications, trading system and the innovations of financial products have created global international investment opportunities. Linkages among stock market have important implication and significance for security pricing, trading strategies, hedging and financial market regulations. And also the presence of short term and long term relationship may be used to attain financial gains from international portfolio diversification and to also reduce systematic risk. International Market linkages have been widely investigated.Several studies have been conducted explaining the empirical and theoretical issues on linkages amongst stock market and mainly focused on the co-movement between developed and emerging markets. There is a wealth of literature on stock market interdependence and integration. However, depending on the data, methodology, and theoretical models used there is no clear resolution of the issue yet. Some previous work has have found that international stock markets are integrated and some found that sto ck markets are not interlinked.Most of the studies on stock market interdependence in emerging markets have been done on geographical groups of markets, such as markets in Central and Eastern Europeand Americaand in Asian countries. Further, I summarize some of the most recent findings.1.2 Interdependence of Stock MarketsA number of studies have examined stock market linkages among emerging stock market and the developed stock markets like Arshanapalli, Doukas and Lang 1995 and Chen, Firth and Rui, 2002. Arshanapalli, Doukasand Lang (1995) report that after the 1987 crash international market linkages have strengthened in terms of increased number of co-integrating vectors in the post crash period. They investigated in their paper that presence of a common random variable trend between the US and Asian stock market movements during the post October 1987 period. They showed that the cointergating structure which actually ties the stock market together has significantly increased sinc e October 1987.US stock market influence on the other markets was considerably found greater in the post crisis period. Their results indicate that the Asian equity market is more integrated with US equity market than Japan equity market. Where as, Masih and Masih (1997) and Masih and Masih (1999) found cointegration relationship among the equity markets of Malaysia, Thailand, US, UK, Japan, Singapore and Hong-Kong during pre-financial crises period 1987. Number of papers investigates the short term and long term linkages among Central and Eastern Europe (CEE) stock exchanges. Talking about long term relationship, Gilmore and McManus (2002) and Gilmore and McManus (2003) analysed that no long term relationship can be established among the CEE stock markets with the US and Germany stock markets, where as Voronkova (2004) shows the existence of long term linkages among the Central European markets and CEE.Hamao and Masulis (1990), King and Wadhwani (1990), Kasa (1992) and Arshanapalli and Doukas (1993) have found that the equity markets of developed markets are integrated and US equity market leads the other developed market like Japanese equity market, UK equity market and few other European equity markets. Yang, Hsiao, Li and Wang (2005) also examined the long run price relationship and the dynamic price transmission among USA, Germany and four Eastern European emerging stock markets. They paid particular attention to Russian crisis in their study. VAR analysis was conducted.It was concluded that both long run relationship and the dynamic transmission were strengthen among these markets after the crisis and Germany became dominant and noticeable only after the Russian crisis amongst all the Eastern European markets. Syllignakis and Kouretas also examined the short and long term relationship between ten central Eastern European stock markets and two developed stock market i.e US and Germany, they used Gowzalo and Granger method and indicated weak partial integr ation among these markets. They also indicated that the four big stock exchange market like Republic, Hungary, Poland and Slovenia together with Germany and the US stock market have substantial permanent factor which drives the system of stock market exchange in the long run.Egert and Kocenda (2006) analyse the co-movement and interdependence among three stock markets in Western, Central and Eastern Europe and found no robust cointegration relationship for any of the stock index pairs. Data from 2003 to 2005 for stock indices have been taken and applied wide range of econometric techniques like unit root and stationary tests, cointergration tests, Granger causality test, VAR estimation have been used. Results show that there are signs of short term spillover effects both in terms of stock price and stock return volatility. Granger causality test show the existence of bidirectional causality for both returns and volatility series and limited number of short term relationships using V AR framework.Limited interaction has been found among the market in case of Poland and Hungary by Li and Majerowska (2007) and also showed that emerging markets are weekly linked to the developed markets by using GARCH approach .In this paper linkages between the emerging markets of Warsaw and Budapest with the established market in Frankfurt and US were studied by using four-variable asymmetric GARCH-BEKK model. At the end it was implied that by adding the stock in the emerging markets to their investment portfolio they may benefit from reducing the risk.Further, looking at some more European counties Lucey andVoronkova (2008) examined relationship Russia and other equity markets over the period of 1995-2004 by using number of co-integration approach like Gregory-Hansen test, a stochastic cointegration framework, the non-parametric test for unit root and cointegration and found Russian market does not show strong evidence of increased long run convergence either with regional or de veloped markets, so therefore correlation is low. They also stated that Russian equity market in the long run was isolated from the influence of international markets and structural break in August 1998 did not alter the long term relationship nature.Ozdemir, Olgun and Saracoglu (2008) examined dynamic linkages between the equity market of US representing the center and emerging market using the Granger causality test as a result showed significant causal relation to all emerging markets and conclude that there is no evidence in the literature suggesting an effect of an emerging stock exchange market to that of large markets like US, Japan and UK.Where as Chinzara, examined to what extent South Africa equity market is integrated into world equity market using cointegration, VECM and VAR model and taking data for period 1995-2007. He fi

Free Narrative Essays - Advertising and Personal Values :: Personal Narrative Essays

Advertising and Personal Values I just discovered that I dont know anything about todays society. This of course came as a shock. I had thought that I was an informed citizen but I now know otherwise. this enlightenment came at great cost in term, and effort. The time was spent in watching television for an hour. The effort was to not lose my sanity for unlike any other hour of TV, this time I was constrained to actually watch the commercials. The values that TV presents seem to be different than what I was taught as a child. Advertisers seem to present their own version of ethics and values. Their idea of morality might not coincide with ours, but it does sell their products. Wait, I just learned that if I buy my wife an anniversary quite a little she will know that I love her. But of course the band is a few thousand dollars. Oh wait, easy financing is a valuable. Darn I missed the small print that was flashed for two seconds on the bottom of the screen. Oh well it must not have been important. Wont my wife love me even if I cant afford to buy her this bracelet? I wonder if this is going to leave an impression on anyone with an anniversary coming up? Could that be the intention? If I want to enjoy work I had better listen to the lite fm 93.9., and for lunch I can run out to Arbys for 99 cent roast beef sandwiches, but only for a limited time. And if those roast beef sandwiches get me sick I can go to Osco and get virtually medicine twenty-four hours a day. All of these ads just came rapid fire. Is this playing upon my need for instant gratification? Are the advertisers trying to get me to hurry? I have to go see a Jeep dealer so I can outrun a bull in heat, but I better be careful if I get it to dirty the pigs will fall in love with it. Wow is that a nice Jeep, but what is the bell anyway? And is it practical to own a vehicle that can go anywhere on or off the road?

Terrorism: Media Simplistically Portrays War as Good vs. Evil :: Argumentative Persuasive Topics

Media Simplistically Portrays War as Good vs. Evil The morning of September 11, 2001, entrust be a communal memory for many around the world. On this morning, peace was threatened by terrorism on United States soil and the U.S. declare war in defense of peace. The majority of goggle box, print, and internet media coverage of these events have focused around a discussion of good vs. evil. In this paper, I willing address ways in which hegemonic and counterhegemonic forms of media have contributed to the discussion of good vs. evil at war. The depiction of good (us) vs. evil (them) in the media has justified war in the name of peace. The United States first visual of good vs. evil came with television broadcast statements from the leaders of this war. From this, the American public ascertained that the evil guys are direct by Osama bin Laden who promised that America will not live in peace1 sitting atop a rock external a cave. In turn, the good guys are led by President George W. Bush who, from his leather chair in the White House, asserted We are at war with terrorism.2 These broadcasts became proof for many that they attacked peace therefore we were justified in declaring war. President Bush extended this belief by reminding the American public that, If youre not with us, youre against us.3 This statement called all of America to war against terrorism Bushs comment implied that those in opposition are the enemy. As one and only(a) of the most accessible forms of news, television has become the most powerful form of social pedagogy. With few exceptions, television has succeeded in perpetuating and legitimizing a hegemonic good vs. evil wit where we are good and they are bad. One could argue that few have sufficient media literacy skills to deconstruct dominant messages put forth by the majority of television networks. Conversely, internet and print media have, on more occasions, provided counterhegemonic alternative readings on the September 11 even ts. One can still visit mainstream websites such as NBC, ABC, FOX, and CNN to slang hegemonic references of good vs. evil. A series of clicks on ones mouse can take a web surfer from photos of candlelight vigils and Twin rise donation centers to sites where one can watch Powell and Bush, singing calypso, about the demise of Osama Bin Laden as well as play an interactive crucify game on the leader of evil4.