The pilgrimage of women in Laurences The Diviners Essay -- Margaret L

Women's liberation as characterized in the women's activist Dictionary (1985) is a development looking for the acknowledgment of the world upon a premise of sex equity and every single human connection, a development which would dismiss each separation between people upon the ground of sex, would cancel all sex benefits and sex troubles and would endeavor up to the acknowledgment of the normal humankind as the establishment of law and custom. Women's activist writing is a standard book, which depicts the sufferings of ladies, demands the requirement for ensuring their privileges and proposes implies on their liberation. Woman's rights might be considered as a social development. It thinks about ladies as the abused gathering, maintains their privilege by introducing them as people and individuals. It confirms their abilities to be independent, insightful, solid and fruitful. Women's activist literary works, then again, encapsulate in their works of creative mind a portion of these perspectives. These abstract writings question the current social suspicion, which they delineate as being emotional, biased and uneven. They catch the discouraging states of ladies, embroil proposing available resources for settling their issues. They argue for a sort of writing which would be liberated from the one-sided representations of people in light of their race, class and sex. Regardless of servitude and concealment, the ladies have contributed their scholarly and inventive may to the development and improvement of the general public and themselves. Toni Morrison, Barbara Smith, and Lorraine Hansberry , Margaret Laurence, Margaret Clarke, Margaret Atwood and Ethel Wilson are some of them, ?Journey is an excursion to a consecrated spot As a demonstration of strict dedication - it Likewise mean... ...e need to see a greater amount of. Be that as it may, such a large number of others, particularly those in Morag's current life are figures. Her little girl and girls' mates are cliché flower children of the time. Her educator spouse, her own companions and neighbors and grouped proprietors all appear to play out their account capacities and afterward mix offstage. Unmistakably Laurence composes withan familiarity with her hereditary past and accordingly composes with a foreigner cognizance. It is again this settler awareness working in her which represents the unavoidable nearness of excursion theme , for migration has consistently been in close relationship with venture, with development across reality. On account of Canadian outsiders, ventures were to bigin with, spurred by investigation and mission and later on prompted procedures of self-acknowledgment, character and character improvement.

Rebellion Essay Example For Students

Insubordination Essay Around 1900, after numerous long stretches of capitulating to the superiormilitary of the West, the Chinese went to bat for their nation. Chinawas a frail, in reverse, nation, misused by the West. They felt thatthey could counter the remote control, yet changes were uselessbecause they required the West to help with the changes. Be that as it may, somethingsparked their certainty, and they trusted themselves to be capable toconquer any remote force. This sparkle was the Society of HarmoniousFists, ordinarily known as Boxers. Joined with troubled individuals, andnew weapons innovation, the Chinese defied the foreignpowers. The primary explanation of this certainty was the Boxer Society, whichformed in North China after the Sino-Japanese war, however wasnt wellknown until 1898 in Shantung. This association was really a cult,following peculiar and crazy acts of resistance. It had no centralleaders, and the practices changed in various areas. Their goalwas to free China of the outside hazard. The fighters were distinctive frommost different revolutionaries of their time. They would direct open physicalexercises that should make an otherworldly shield to ensure oneagainst remote shots and shells. These seemed to be like a boxerstraining practices so the westerners nicknamed the individuals from theSociety of Harmonious Fists Boxers. Or maybe then utilizing foreignweapons, they depended on supernatural spirits and blades, blades, staves,and polearms to drive the outside villains from their valuable homecountry. The enrollment of this gathering comprised of generally thecriminals, poor, and uneducated of Chi na who wore a straightforward uniformconsisting of a red armband, scarf, or waistcloth. These individuals trulybelieved that enchantment would ensure them, and help evacuate the foreignersfrom China. That gave them enough certainty to attempt to pulverize theforeigners. Ministers were murdered, railways were wrecked, andchurches were scorched all for the sake of autonomy from foreignrule. Another key perspective in the uprisings against the west was aseries of cataclysmic events that cleared China during the most recent decade ofthe nineteenth century. Starvation struck, dry seasons forestalled the plantingof crops, and to top everything, the Yellow waterway overwhelmed, causing thedestruction of 1,500 towns and 2,500 square miles of open country. These catastrophe lead to misery of the individuals. So as to keepthem from turning on the legislature, the Dowager Empress, Tsu Hsi,encouraged the workers to oppose the outsiders. Some of theseangry individuals joined the Boxers, and others revolted alone, however theyhad the Empress behind them, giving them support, and makingthem feel prepared to take on the evil presences from the West. The third explanation that the Chinese felt prepared to confront the West,was another weapons innovation. This was the automatic weapon, which had bothphysical and representative force. It could truly slaughter a lot more peoplethen a customary rifle, in view of its capacity to splash shots and firemore then one round per pulling of the trigger. Emblematically, itrepresented a strategy which the west had used to stifle the Chinese,and now the Chinese were going to utilize it against the west. Thisinspired certainty and prepared the individuals to battle, knowing thatthey could battle automatic rifle with assault rifle. The Chinese were worn out on being looked down at by the west. Thepeople were miserable, furnished, or projectile confirmation, and the Queen encouragedthem to battle the west. With this help how might one be able to not feelready to battle the West?

How to Search For Essay Samples For Abortion

How to Search For Essay Samples For AbortionAbortion happens to be one of the topics that is often discussed in high school and college. Some teenagers wonder what effect it may have on their writing ability or if it can hinder their grades. If you have a friend who has recently experienced this kind of dilemma, then it would be best for you to try and find her essay samples for abortion.One of the easiest ways to gather essay samples for abortion is by asking your friends. You can ask them about their experiences, ask them to talk about how they felt, and tell them what they did. If they have written an essay and would like you to read it, ask them if they could provide you with their essay samples for abortion as well. This way, you will have a clear idea of the usual kinds of themes that are commonly used for essays about abortion.Another option you can take is by looking for essay samples for abortion in the library. If you know anyone who works in the library, or you can approac h the librarian and ask if they have any materials available. The library is the perfect place to search for such. They should have several books on the topic and more specifically, the topic of abortion. With just a little bit of research, you will surely find a number of such books and materials that you can use in writing your own essay.Another great resource that can be used to find out what kind of essay writing that has been written about abortion would be the internet. Internet is a very large database, containing tons of topics related to the field of information technology. There are plenty of websites that offer the ability to access their online collection of topics on abortion. They have thousands of topics available for you to choose from.With the easy access of the internet, there is no excuse not to utilize the web to write an essay about abortion. Also, you can always ask for help fromthe experienced members of the internet community. These experts may even be able t o suggest a topic that you would like to use as a theme.Aside from writing an essay about abortion, you can also ask other people for ideas. There are many people who are comfortable discussing their own abortion experiences. However, if you want to bring your essay to a new level, you should search for people who share your views and opinions.Aside from the internet, the local library is also another great resource. The people who work in the library are usually very friendly and willing to help students from different fields. You can use the help that they can give you in order to write an essay about abortion that will be able to encourage others.Through these resources, you will surely have no problems in finding essay samples for abortion. You should not have a problem with the topic as long as you can make a good decision for your topic.

Put Call Parity And Prices Of European Put Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3817 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? People who have done financial mathematics before or worked in financial area must be familiar with a terminology called put-call parity. The put-call parity (PCP) describes the relationship between the prices of European put and call options with the same exercise price and time to maturity. It shows that the value of a European call with certain strike price and exercise date can be deduced from the value of a European put with the same strike price and exercise date, and vice versa. Don’t waste time! Our writers will create an original "Put Call Parity And Prices Of European Put Finance Essay" essay for you Create order It is an option pricing concept that requires the value of call and put options to be in equilibrium to prevent arbitrage. The concept of PCP is especially important when trading synthetic positions. When there is a mispricing between an instrument and its synthetic position, an options arbitrage opportunity exists. Arbitrageurs would step in to make profitable, risk-free trades until the departure from put-call parity is eliminated. Knowing how these trades work can give the investor a better feel for how put options, call options and the underlying stock are all interrelated. 1.2 Aims and objectives of the research There are quite a lot studies on the test of the PCP. Tests of the put/call parity theory have yielded mixed results, though most have been supportive of the underlying concept. But in most of these tests, there had been a priori assumption that PCP theory was indeed valid. However, in reality, the extrinsic value of put and  call options are rarely in exact parity in option trading even though  market makers have been charged with the responsibility of maintaining PCP. When the outlook of a stock is bullish, the extrinsic value of call options tend to be higher than put options due to higher  implied volatility and when the outlook of a stock is bearish, the extrinsic value of put options tends to be higher than call options. This dissertation examines the basic validity of the PCP theory with no assumptions concerning its inherent validity and finds that PCP does not exist in the pricing of options contracts. Also, this dissertation is to work out the deviation from the put-call parity, investigates and explains the deviation by using econometric models. At last, the author will answer the question:why does the put-call parity not hold? As mentioned in chapter 2, we know the PCP is an important financial definition. However, since the PCP was developed, large amount of tests had been carried out. Tests of the PCP theory have yielded mixed results, but majority of the tests had a similar result: the put-call parity was invalid. 3.1 The put-call parity was valid As mentioned before, the PCP was developed by Stoll (1969) to establish a relationship between the prices of put and call options. However, later he recognised that in the real financial world, some factors like transactions costs and taxes could affect the results. By assuming the appropriate interest rate was the three-month Treasury rate and adding this rate into his data, Stoll tested two sets of data which were regular companies and new business. The results showed that there were problems with the coefficient of the interest rate term. He again recognised that there were some other factors could affect the interest rate term, so despite those the problems, Stoll then concluded that the PCP theory was reasonably valid. By looking through previous studies, Klemkosky and Resnick (1979) found that these studies consisted with the PCP, they also pointed out that in the relationship some inefficiency found to exist (put call parity and market efficiency). However, the options ma rket in 1979 is different from 10 years ago. They recognised that the structure of the options markets has been changed, therefore some of the previously noted defects needed to be amended. They added a dividend term into the original model. The empirical results showed that about half long hedges tests and short hedges tests were profitable. That means the models tested were consistent with the PCP theory. Later in 1980, Klemkosky and Resnick found that there was perfect foresight characteristic in their previous work, so they corrected their model by adding the time lag in. A number of hedges showed profitability as well. That was again concluded that PCP and market efficiency obtained. There were still other studies which concluded the PCP was valid, however, according to the objects of this dissertation which was trying to find out the invalidation of the PCP theory, we are now focus on the studies which concluded the PCP was invalid. 3.2 The put call parity was invalid 3.2A The put call parity on the European options Loudon (1988) tested the PCP by providing Australian evidence. He collected the data of the prices of identical put and call options together with the underlying share price from the Sydney Stock Exchange Market during the calendar year of 1985. The empirical results showed that observed violations of the theory are existed, which are the boundary violations. He did some analysis of these violations. He tested the effects of some factors: institutional factors, price non-simultaneity, transaction costs, stock price range, time to maturity and in or out of the money category. He found that these observed violations cannot be explained by the presence of non-simultaneous price data. There is no significant relationship was found between the extent of price non-simultaneity and observed violations. However, the existence of transaction costs shows to have the most significant influence on the violations observed. Taylor (1990) found the violation from PCP by providing evidence of t he pricing of options traded on the Australian Options Market (AOM). He collected AOM data for BHP and Woodside from 1982 to 1985. The derivation of put call relationship assumes frictionless markets, which mean transaction costs, differential of borrowing and lending rates and taxes are all assumed not to exist. He tested the PCP theory and found several evidences of violation of the parity conditions. But violations of this type were not that easy to develop after putting possible transaction costs into consideration. Although the existence of these violations cannot be explained by transaction costs, they do provide a rationale for their non-exploitation. According to Guo and Su (2006), the original PCP may not apply to the heavily traded options on dividend-paying securities, because the original put-call parity relations assumed that the underlying security does not pay dividends before the expiration of the options. However, in the real economic world a mass of stocks and a lmost all stock indices pay dividends. Therefore, their tests were based on the reality that the underlying security pays dividends; they improved the put-call parity formula. The tests presented a variation of the relations when the underlying securities pay dividends. The results provided theoretical scopes for the options prices when the underlying stock pays dividend. Also the results spread out application of put-call parity relations to all options on currencies and dividend-paying stocks and stock indices. Brunetti and Torricelli (2003) tested the PCP by focusing on a European market, the Italian Mib30 index option market (MibO), rather than on North American markets. They collected the data from the period 1 September 2002 to 31 December 2002. They tested the PCP in the total absence of frictions in the first step, and then in the second step they added the bid-ask spread into the analysis. Finally the commission costs had been included as well. The result showed that dur ing the analysis period, the Mibo market was efficient. Also the role of frictions in the tests of the PCP has been stood out. Ahn, Byoun and Park (2003) researched arbitrage opportunities of the KOSPI 200 options in Korea, a relatively new market but the fastest growing and the most actively traded index option market in the world. Their tests focus on the PCP conditions, such as: transaction costs. The data they used was composed of KOSPI 200 options from January 1998 to September 1999, but excluding the first several months because of possible unusual activities at the beginning section. They found that overall there were a reasonable quantity of violations of the PCP conditions. The frequency of violation ranges from 25.4% to 49.9% for different time periods. Li (2006) focused on the arbitrage efficiency of the Nikkei 225 index options market in the Osaka Securities Exchange (OSE) with the purpose of providing evidence on the size and frequency of the arbitrage opportuniti es in the PCP framework. He investigated the arbitrage efficiency of the Nikkei 225 options market by using both an ex post and ex ante test. The ex post test showed that there 2.74 percent of the sample violations of the PCP and 22.62 index points arbitrage profit for the OSE firms. The ex ante test showed that both the two numbers are decreased because of time lag. Then Li used the regression analysis to support the ex post and ex ante tests results. To conclude, there was no strong evidence against the efficiency of the Nikkei 225 options market. Kamara and Miller (1995) tested the PCP condition using European options to avoid the early exercise problem. They collected the data from the Standard and Poors 500 stock index traded on the Chicago Board Options Exchange (CBOE). By using daily and intra-daily prices, they found violations of PCP are much less frequent and smaller than those previously studies which using American options. The result showed that the deviations from P CP conditions are related to the liquidity risk in the stock and options markets. Therefore, the frequency and size of deviations increased with the increasing of liquidity risk. They pointed out that the bid prices of call and put options rise related to their PCP-implied bid prices and the ask prices fall related to their PCP-implied ask price. Moreover, the results suggest that the trading strategies underlying PCP are subject to significant liquidity risk. 3.2B Put-Call parity on the American options There are few studies of PCP on the American options. Merton (1973) showed PCP need not hold for the American options because the possibility of early put exercise cannot be completely eliminated when the portfolio is established. Evnine and Rudd (1985) used the SP100 options and Major Markets Index (MMI) to test both European PCP and American PCP. The result showed that there were a significant number of potential profit opportunities. The call overpricing violations for both the SP100 and MMI occurred throughout the period. The options frequently violate the arbitrage boundary and the PCP; also, the options are substantially mispriced relative to theoretical values. Gould and Galai (1974) tested the PCP on securities by adding the transaction costs in. They found that the transactions costs must be assumed to make the model comply with the data. The basic model was supported after including rather large transactions costs. They also found that similar deviations from the ef ficient market hypothesis have shown up in related study by other researchers; however their explanations of these results appeared to be incorrect on theoretical scopes. 3.3 Deviations from the put-call parity Any deviations from the PCP can be used by investors to make riskless profits. Martijn and David (2007) investigated violation from PCP by using different implied volatility or volatility spread between call and put options with the same underlying price, the same strike price and the same expiration date. They found that deviations from PCP contain information about later coming stock prices. There was significant evidence of predictability. By controlling for size, they found that deviations from PCP are more possible to appear when underlying stocks face more information risk. Overall, they suggested that the price of an option could be affected by its demands. Ariful, Meher and Geoffrey (2004) tested the impact of transactions cost on deviations from PCP properties. They used the foreign exchange options which traded on the Philadelphia Exchange (PHLX) from 01 August 2005 to 31 July 2006. By using the intra-daily option, they studied the impact of alternative measures of transaction cost on PCP deviations. Three measures of transaction costs were used: first, a minimum transactions cost that involve only initial bid-ask spreads; second, transaction costs associated with trades closed out prior to expiration; and third, a total transaction costs measure. The results indicated how transactions costs can impact the interpretation of deviations from PCP. 3.4 Summary As mentioned previously, there were many studies on the PCP; most of them had a similar result which indicated that the PCP was not hold in the real financial society. The transaction costs are one of the reasons that had been showed in most of the studies. Also, there are deviations from the PCP. Any deviations from the PCP can be used by investors to make riskless profits. Some studies indicated that transaction costs can impact the interpretation of deviations from the PCP. Chapter 4 Methodology This chapter describes the methodology in the study and the procedures for data collection and data analysis. Methodology includes the following concepts as they relate to a particular discipline or field of inquiry: a collection of theories, concepts or ideas; comparative study of different approaches; and critique of the individual methods. Methodology refers to more than a simple set of methods; rather it refers to the rationale and the philosophical assumptions that underlie a particular study relative to the scientific method. In this dissertation, the author is going to test the put-call parity by using the most recently options data. The author will work out the deviation from the put-call parity. By using the deviation as a dependent variable and put into a simple regression model, the author will find the factors that can affect the deviation. Also, the author will explain the bid and offer price which appear in the data. 4.1 The regression model Regression models are used to predict one variable from one or more other variables. Also, regression models provide the scientist with a powerful tool, allowing predictions about past, present, or future events to be made with information about past or present events. In order to explain the deviation from put-call parity, the author uses a regression model. The model is as the following: In this regression model, diff (the deviation) is the dependent variable, ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ (time to expiry), r (risk-free rate), St (the current price of the underlying), and K (strike price) are the explanatory variables. The error term is uÃÆ'Å’Ã ¢Ã¢â€š ¬Ã… ¡. The deviation (diff) is the difference between the two portfolios in the put-call parity. As what has been mentioned in chapter 2, Portfolio A is the call option + an amount of cash equal to K*exp (-r*ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾); Portfolio B is the put option + one share. Let diff = Portfolio B Portfolio A = (p + S t)-(c + K*exp (-r*ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾)). If diff is positive, that means portfolio B is over-priced relative to portfolio A, and vice versa. It is obvious that the put-call parity does not hold in the real economic world, there might be some reasons. By doing a simple regress on the above model, the author will find out which explanatory has significant effect on the dependent variable. In the option data the author collected, there are two different option prices, the bid and offer. So the above model will change to the following two models: 4.2 The option data The author is going to briefly describe the option data that has been used in the test of put-call parity. The European option data that used in the test is called CBOE RUSSELL 2000 INDEX-RUT. The CBOE Russell 2000 (RUT) Index is a leading benchmark for the performance of small-capitalization stocks. The CBOE Russell 2000 Index was created in 1984 by Frank Russell Company and was designed to track the performance of small-cap companies. RUT options make it simple to participate in the small-cap market. (COBE website, 2010) All the European options started at 1 to 30 April 2009, with variety ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ (time to expiry) from 2days to 626days. The American option data that used in the test is called AFLAC INC. AFLAC Incorporated (AFLAC) is a general business holding company and acts as a management company, overseeing the operations of its subsidiaries.  AFLAC sells supplemental health insurance policies to more than 40 million people worldwide. Because 80 pe rcent of the companys sales are made in Japan, it has been asking the federal government to pressure Japan to open its insurance markets to more competition. The company also lobbies on a variety of health care issues, including the battle over escalating prescription drug prices. (Open Secrets, 2010) All the American options started at 1 to 30 April 2009, with variety ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ (time to expiry) from 1days to 661days. The risk-free rate that is used in the model is the LIBOR rate. However, only up to one year LIBOR rate can be found, thus, the author left the options with more than 365days time to expiry out of the data. Then the ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ of all the European options is from 2 to 353, and ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ of all the American options is from 2 to 290. 4.3 Summary In this dissertation, the models are the main tool to investigate the topic. The stata is the main software that used in this dissertation. The most important models are only four, they are: Also, the author described the data that used in the dissertation, which are the most recently data collected from the yahoo finance. The LIBOR rate is also an important variable in doing the tests. The author collected the LIBOR rates from the ECOWIN, and used them into the tests. 5.3 Bid and Offer price The bid is the highest price that a prospective buyer is willing to pay for a specific security. The offer, also called the asking price, is the lowest price acceptable to a prospective seller of the same security. The highest bid and lowest offer are quoted on most major exchanges, and the difference between the two prices is called the bid-ask spread. The bid-offer spread is the amount by which the ask price exceeds the bid. This is essentially the difference in price between the highest price that  a buyer is willing to pay for an asset and the lowest price for which  a seller is willing to sell it. The size of the bid-offer spread in a security is one measure of the liquidity of the market and of the size of the  transaction cost. In the test of the European options, some differences had been showed between these two prices which are unexpected. Look back Figure 5.4, when bid prices are taken into the test, it was found that the deviation from PCP rises monotonically with increase in ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾. However, when offer prices had been used in the test, things changed. The deviation from PCP rises at a decreasing rate in ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾, and there is a peak point that the differences would start decreasing from that point if the time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾) keeps on increasing. The previous studies had looked at similar difference in unexpected differences found in the test show here. Kalman and Steven (1981) found transaction costs causes bid-offer spreads. Also, Thomas and Francis (1993) examined the cross-sectional distribution of bid-ask spreads in the SP 100 index options market, in which they found cross-sectional differences in bid-ask spreads are directly related to differences in market-making costs. According to Harold (1968), the bid-offer spread is a recognised measure of liquidity costs in exchange traded securities and commodities. Almost all of the transaction cost, such as: brokerage f ees and bid-ask spreads are contained in the two elements of any orthonormal exchange. Under rival conditions the bid-ask spread measures the transaction costs immediately. The liquidity cost is the difference in price paid by an urgent buyer and received by an urgent seller. Because brokerage commissions do not vary with the time taken to complete a transaction, differences in bid-ask spread indicate differences in the liquidity cost. Therefore, after the above discussing, it can be concluded that the unexpected difference between bid and offer prices appeared in the previous tests is because of the transaction costs. The transaction costs can be measured by the bid-offer spreads. 5.4 Summary The author did the tests in order to find out the deviations from the PCP and discuss and explain these deviations. In focusing on the relationship between time to expiry and differences, it is showed that the longer the time to expiry, the larger the deviations, ceteris paribus. Thus, the deviations from put-call parity are more likely to occur in options with underlying stocks that face more information risk because the longer the time to expiry, the more risk need faced. At the end, the author explained the bid and offer prices, which caused the unexpected results during the tests. Chapter 6 Conclusion By looking at what has been previously discussed and all the results, the author can draw following conclusion: The PCP does not hold for both European and American options used in the research. The differences (diff_bid and diff_offer) between the two portfolios, A and B, are positive or negative, never zero. There is always deviation from the PCP. From the above research, when use the deviation from the PCP as a dependent variable in a model, there is evidence that all the explanatory variables in the model have significant effects on the dependent variable. European option: diff_bid = -18.5974** + 20.4371**ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ 0.9803**r + 0.0477**St 0.0060**K diff_offer = -22.1961** + 5.7477**ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ + 2.0043**r + 0.0402**St + 0.0085**K American option: diff_bid = -0.4627** + 1.1301**ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ + 0.0643**r + 0.0173**St + 0.0013**K diff_offer = -0.5666** + 0.9446**ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ + 0.1312**r + 0.0020**St + 0.0175** K ** indicates strong significance (p-value 0.01) This dissertation is interested in the effect of the time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾) The results show there is evidence that time to expiry is positive significance, which the longer the time to expiry, the larger the deviations, ceteris paribus. There is an increasing heteroscedasticity relation between deviations and the time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾), which would causes the incorrect of standard errors, t-rations and confidence intervals. Through using an option called robust to correct the standards errors regardless of the form of the heteroscedasticity. Also, the results showed a non-linear relation between deviations and the time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾) when the squared of time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ²) was added into models. There is evidence that ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ² is also significant, but the effects are different depends on the option prices. There i s evidence that ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ² has negative effect on the deviations from the chosen American option whatever the prices are. However, evidence showed that ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ² has positive effects on the deviations from the chosen European option when the bid prices had been used and the effects are negative when the offer prices have been used. Later, after using a single polynomial regression model to work out the peak point of the difference at a certain time to expiry (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾), the results showed that, for the European option, when taken bid price, the ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ is a negative number which is impossible; when taken offer price, the peak point is equal to 10.7762 at ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾=1.2539. For the American option, peak point is 1.2090 at ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ = 1.3955 when its bid price; peak point is 1.1775 at ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã… ¾ = 1.4115 when its offer price. At last, the author used the previous lite rature to explain the unexpected differences showed in the results. The failure of the PCP relationship has implications to asset pricing models like the Black/Scholes option pricing model. When PCP is a theoretical basis of the pricing model, then the pricing model may need to be revisited to determine whether or not it can be improved.

Constructing a Questionnaire

The general format of the questionnaire is easy to overlook, yet it is something that is just as important as the wording of the questions asked. A questionnaire that is poorly formatted can lead respondents to miss questions, confuse respondents, or even cause them to throw the questionnaire away. First, the questionnaire should be spread out and uncluttered. Oftentimes researchers fear that their questionnaire looks too long and therefore they try to fit too much onto each page. Instead, each question should be given it’s own line. Researchers should not try to fit more than one question on a line because that could cause the respondent to miss the second question or get confused. Second, words should never be abbreviated in an attempt to save space or make a questionnaire shorter. Abbreviating words can be confusing to the respondent and not all abbreviations will be interpreted correctly. This could cause the respondent to answer the question a different way or skip it entirely. Lastly, ample space should be left between questions on each page. Questions should not be too close together on the page or the respondent might be confused as to when one question ends and another begins. Leaving a double space between each question is ideal. Formatting Individual Questions In many questionnaires, respondents are expected to check one response from a series of responses. There may be a square or circle next to each response for the respondent to check or fill in, or the respondent might be instructed to circle their response. Whatever method is used, instructions should be made clear and displayed prominently next to the question. If a respondent indicates their response in a way that is not intended, this could hold up data entry or cause data to be miss-entered. Response choices also need to be equally spaced. For example, if you’re response categories are yes, no, and maybe, all three words should be equally spaced from each other on the page. You do not want yes and no to be right next to each other while â€Å"maybe† is three inches away. This could mislead respondents and cause them to choose a different answer than intended. It could also be confusing to the respondent. Question-Wording The wording of questions and response options in a questionnaire is very important. Asking a question with the slightest difference in wording could result in a different answer or could cause the respondent to misinterpret the question. Oftentimes researchers make the mistake of making questions unclear and ambiguous. Making each question clear and unambiguous seems like an obvious guideline for constructing a questionnaire, however, it is commonly overlooked. Often researchers are so deeply involved in the topic being studied and have been studying it for so long that opinions and perspectives seem clear to them when they might not be to an outsider. Conversely, it might be a new topic and one that the researcher has only a superficial understanding of, so the question might not be specific enough. Questionnaire items (both the question and the response categories) should be so precise that the respondent knows exactly what the researcher is asking. Researchers should be cautious about asking respondents for a single answer to a question that actually has multiple parts. This is called a double-barreled question. For example, let’s say you ask respondents whether they agree or disagree with this statement: The United States should abandon its space program and spend the money on health care reform. While many people might agree or disagree with this statement, many would not be able to provide an answer. Some might think the U.S. should abandon its space program, but spend the money elsewhere (not on health care reform). Others might want the U.S. to continue the space program, but also put more money into the health care reform. Therefore, if either of these respondents answered the question, they would be misleading the researcher. As a general rule, whenever the word and appears in a question or response category, the researcher is likely asking a double-barreled question and measures should be taken to correct it and ask multiple questions instead. Ordering Items In A Questionnaire The order in which questions are asked can affect responses. First, the appearance of one question can affect the answers given to later questions. For instance, if there are several questions at the beginning of a survey that asks about the respondents’ views on terrorism in the United States and then following those questions is an open-ended question asking the respondent what they believe to be dangers to the United States, terrorism is likely to be cited more than it otherwise would be. It would be better to ask the open-ended question first before the topic of terrorism is put into the respondents’ head. Efforts should be made to order the questions in the questionnaire so they do not affect subsequent questions. This can be hard and nearly impossible to do with each question, however, the researcher can try to estimate what the various effects of different question orders would be and choose the ordering with the smallest effect. Questionnaire Instructions Every questionnaire, no matter how it is administered, should contain very clear instructions as well as introductory comments when appropriate. Short instructions help the respondent make sense of the questionnaire and make the questionnaire seem less chaotic. They also help put the respondent in the proper frame of mind for answering the questions. At the very beginning of the survey, basic instructions for completing it should be provided. The respondent should be told exactly what is wanted: that they are to indicate their answers to each question by placing a checkmark or X in the box beside the appropriate answer or by writing their answer in the space provided when asked to do so. If there is one section on the questionnaire with closed-ended questions and another section with open-ended questions, for example, instructions should be included at the beginning of each section. That is, leave instructions for the closed-ended questions just above those questions and leave the instructions for the open-ended questions just above those questions rather than writing them all at the beginning of the questionnaire. References Babbie, E. (2001). The Practice of Social Research: 9th Edition. Belmont, CA: Wadsworth/Thomson Learning.

How Information Technologies Have Accelerated the Risk of...

How Information Technologies Have Accelerated The Risk Of Identity Theft Introduction The pervasive nature of the Internet and its many technologies designed to streamline the delivery of information, customization of the user experience, and enable pervasive integration of systems has created the most fertile environment of identity theft as well. From a myriad of technologies that can spoof or impersonate entire websites (Acoca, 2008) to intercept bank account numbers and passwords (Lai, Li, Hsieh, 2012) the threat of identity theft online is very real and growing. What makes this area of crime so difficult to battle against is the fact that many of these steps taken to steal identity information is often completely unknown by the victim when, were and how it happened (Shareef, Kumar, 2012). This makes stopping identity theft very difficult as it is often accomplished quickly and with no indication to a victim or anyone else (Schreft, 2007). The intent of this analysis is to define strategies for reducing the risk of identity theft online. Reducing the Risk of Identity Theft Online for Business and Individuals The paradox of information technology is that for it to deliver value over the long-term, the systems and processes require a continual stream of identifying information. This is the case with many ea-commerce systems that key off of a customers account number, often including a reference within their systems to more confidential data including socialShow MoreRelatedChallenges Implementing New Technology : Electronic Health Record1725 Words   |  7 PagesChallenges Implementing New Technology Electronic health record. Electronic health record (EHR) is an electronic storage where a patients’ personal health information that comprises of the patient’s present health situation as well as every other connected data associated with patient care. 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Effective Factors of Any Primary School

Question: To what extent would you qualify your (primary) school as being an effective school? Answer: Introduction: The main aims plus values of the school was seen to emphasize on strong partnership amid parents and pupils, staff as well as local community. Such aims were embedded within all ways in which school works as well as is promoted in the daily life. Such aims plus values are actually the ethos of the school which affects the role as well as responsibilities of all the staffs and even parents in several ways. I tried to communicate with every stakeholder effectively, and tried to be very tolerant as well as patient while dealing with troubled parents plus children and also was approachable, kind, understanding plus caring (Eisemon, Hallett and Maundu, 1986). I also took some interest in the children's welfare through listening to all of their needs plus observing all the children when they were seen sad. This school has very large populace of some 1200 pupils. This is a proper five stream school which is even considered as extra high performing. The children here arrive from several diss imilar economic backgrounds. Parents are also well involved within education of the children still some demerits and gaps occur in the working of the school and these needs to be filled as soon as possible. Factors that makes any primary school effective: 1. Excellent organizational knowledge and skill teachers of primary school must ensure that every child understands learning objectives as well as gets properly associated concepts plus carries properly organized resources in addition to very smooth classroom schedule.2. Optimistic classroom climate All the teachers and children within the class must like plus respect each other (Eslea and Smith, 1998).3. Personalized teaching All the educators must be very sensitive towards individual requirements of children as well as provide resources that would match all those needs.4. Dialogic teaching as well as learning such element harnesses power of the talk towards extending and stimulating thinking of the student to proceed their learning as well as understanding. Analyzing the school: Learning any second language actually is an adaptation skill which establishes to be very essential when varied cultures come at one place. For instance, children belonging to diverse economic, linguistic and cultural backgrounds were seen in this school and they were taught English as a common language which helped them to bridge towards each other. The motivation for planning intended for children to learn English like an extra language also advocates that within planning for these children who learn English as extra language (HoÃ…Å ¸grr, 2012). Physical ecology of school and the classroom While entering this school, a very large map attempts to welcomes people along with a sign which reads: Welcome to our school. We come from all over the world and we speak 27 languages. For every language, it also was connected to nation of the origin as it was indicated in map. This sign also gives a humid welcome to people who visit school. An IT room also is available for all students to utilize whenever someone needs to use a computer intended for spelling otherwise grammar and/or anything which pertains to English language (Jing, 2012). A trained English teacher also is employed by school to support and facilitate cognitive, language as well as literacy growth and development of any foreign children. Even adults play vital role in development of language within the children, as they require someone who also uses simple language within proper form and also is flexible sufficiently to regulate his language for making a fit with the child's. The school also acknowledges and respects childrens dissimilar cultures and economic conditions. As an instance, the school has held a proper Polish mass which was celebrated by the Polish priest on every Tuesday. Here children are also empowered when their cultural grounds are celebrated. It was also observed that some teachers do not gravely consider the foreign students and also do not accept their native attitude, language and culture, such children feel literally unaccepted as well as unworthy to fit in their classes, thus display some inappropriate behavior and carry outs. They also become lost within terms of the academic achievement as well as develop insecurities regarding their skin, race, ethnicity and color and some time even about language accents. Alike embarrassment also develops stress otherwise anxiety in the class. These students' relatives and family might also seem withdrawn otherwise non-participative within schooling of their children and feel same intellect of not getting fit into novel culture that they presently joined (Teddlie and Liu, 2008). Observations Of Children It was observed that children in this school were never allowed to talk in their personal native language in classroom but these students were set free to talk it outside along with their friends. This was said as a part of learning English language within classroom. This might also be recognized by school like an effective path to immerse children within English language (Johnson and Holdaway, 1990). There were many foreign students who were enrolled within the school. I tried to approach few and then asked them few questions related to the learning of additional language. Two Portuguese students were seen to be peer-teaching. Sole was already confident in English language whilst the other still was seen struggling so more practiced one helped him to translate few words. It was also seen that few teachers in the school did emphasize a lot on local children and tried to ignore foreign students. This laid bad impression on the parents of the children who were ignored by them. Though school treated all the students equally yet it was biasness practiced by some individual staffs which was ruining the situation and practice of the school on overall basis. Two children who spoke Spanish were interviewed and asked whether they spoke to each other in their mother tongue or not, they said they merely speak their native language at home when they are with their relatives and family. They did never speak it within school premises and also said that they were extra happy speaking in a common language as English because majority of time that they spent in the school and along with friends required them to English as a common language for communication (Kurumei, n.d.). Overall school observation: Homework Teachers in this school were found to be excellent when it was about giving homework to student. Being an effective school, teachers here tried to set homework which was meaningful as well as more clearly attached to what children learned in the classroom sessions. They carried extra flexible loom towards setting the homework, and this was put to extend as well as deepen childrens knowledge and understanding. Though very few but some teachers were found to set the homework merely because it was mandatory to allot homework to students as per the curriculum of the school. There works did not seem to be specifically linked to things children learned in the class. Behavior management The dissimilarities amid the students due to varied culture, economic backgrounds and also dissimilar attitudes, every student is different from the other. The school was observed to deal with this fact very appropriately (Picaroni, 2004). Though it was seen that school did not allow use of native language which by some researchers is said to be negative element yet it is even true that use of a common language makes every student feel similar and alike and feeling of disparity vanishes. Personalized teaching as well as learning Teachers in this excellent plus good school were extra probable to personalize all of their childrens learning experiences. These teachers did this through being very sensitive to individual requirements of children within their classes as well as through providing the learning materials which were very rich plus extra varied. They even were rated extra low in the teacher detachment such as isolating themselves from the students by standing near their own desks and not giving any feedback and not noticing the requirements of students. These teachers were seen high when it was about supplying social support to the pupil learning, chiefly within the literacy. Teachers here were exceptionally sensitive towards needs of children as well as provided very outstanding materials for learning specifically selected and modified for the children. Approach of educators: The approach of teachers in the school was very optimistic and they were seen handling students leniently. Though such behavior and approach of educators sometimes pushed them into difficult situations where students went out of control and crossed the line of discipline, but this loom helped teachers to maintain a two way communication in the class (Rhodes and Brundrett, 2008). Sugessions: Culturally-oriented teaching can be attained by the teachers in this school. This might help them to make foreign students feel more comfortable and relaxed. Teachers might take into consideration all the cultural and economic background of students every time. They must consider all the cultural aspects within every communication with the pupils upon personal as well as educational levels. Pupils cultures, languages as well as experiences must to properly acknowledged, valued as well as used like an important resource of the education as they even deserve best that the community can supply them. The teachers must try to know details about each students' background as well as personal experiences and they must try to use these tools and mechanisms to make proper connections with the students. Some plans and tactics that teachers in this school can employ can be inclusion of various contributions, perspectives and histories, as well as some concerns pertinent to diverse environment of the pupils. Incorporating proper attitude and understanding will help the teachers to make the process of learning extra easy as well as meaningful. Also trying to indulge multicultural education and use of the literature from several cultures would also help them to children in the task of reading as well as writing plus would also make them very eager towards learning of the social otherwise cultural offerings made by several sets of people. Rationale for the planning intended for children to learn English as their additional language also suggests that children could have been provided free admittance to their main language for fully understanding their second otherwise additional language and thus classroom teacher has to be more merciful in permitting children to exercise their primary language within classroom as a mechanism towards learning their second language. The physical layout and infrastructure of the school has been seen perfect and simply no change is required within the same. At times teachers need to be somewhat strict with the students as extra leniency with pupils makes them feel free and sometimes this pushes them to path of indiscipline and tends to inculcate feeling of wrong behavior into their minds. Personalizing the teaching makes the task time taking, instead of personalizing teachers and lay emphasis upon some weak students and makes a set of bold and contended pupils for whom a common agenda could be set. Conclusion: Amongst all the things any schools could give to students for helping them to attain proper career and good success, efficient and proper teachers are best bet. In all the education process, having overall teaching and ambience consistently develops a need for extra care and concern and also make the schools extra attentive towards supplying proper education. Being a primary school this institute is almost perfect for any pupil. No such major gaps and demerits were observed and it was seen that overall all the elements of school was good and effective for any child to study in it. All the primary schools need to be extra efficient and careful in all aspects as they teach students in that state of mind when these students tend to grab each and everything easily and any negative step or element can leave them with everlasting negative impact. In a nutshell here are all the details of the school and its level to which it qualifies and attains a degree for becoming an effective primary school with all the positive elements needed for any student to be admitted into a primary institute References Eisemon, T., Hallett, M. and Maundu, J. (1986). Primary School Literature and Folktales in Kenya: What Makes a Children's Story African?. COMP EDUC REV, 30(2), p.232. Eslea, M. and Smith, P. (1998). The long term effectiveness of anti bullying work in primary schools. Educational Research, 40(2), pp.203-218. Hogrr, T. (2012). A Discussion of What Makes a Good Teacher: Opinions of Pre-Service Primary School Teachers. Procedia - Social and Behavioral Sciences, 55, pp.451-460. Jing, J. (2012). Teaching English Reading through MI Theory in Primary Schools. English Language Teaching, 6(1). Johnson, N. and Holdaway, E. (1990). Effectiveness of Primary Schools. International Journal of Educational Management, 4(3). Kurumei, W. (n.d.). Effectiveness of Inclusive Education in Public Primary Schools in Keiyo District Elgeyo Marakwet County, Kenya. SSRN Journal. Picaroni, B. (2004). When teaching makes a difference: a case study on language teaching in the final primary year. Improving Schools, 7(3), pp.255-266. Rhodes, C. and Brundrett, M. (2008). What makes my school a good training ground for leadership development?: classroom teachers from 70 contextually different primary and secondary schools in England. Management in Education, 22(1), pp.18-23. Teddlie, C. and Liu, S. (2008). Examining teacher effectiveness within differentially effective primary schools in the People's Republic of China. School Effectiveness and School Improvement, 19(4), pp.387-407.