Unemployment and People Essay Example for Free

Unemployment and People Essay Since the dawn of human history, individual needs have been prioritized by every human being. These individual needs can be met by proper sources of employment. After the transformation of the world from a feudal to an industrial society, the needs of an individual have risen sharply, giving due importance to finance. In Pakistan, due to gigantic rise in population, individual finances have been disturbed a lot. This is because of rising unemployment. According to Samuelson: â€Å"Unemployment occurs if there are qualified workers who would be willing to work at prevailing wages but cannot find jobs. Unemployment Situation in Pakistan: According to Economic Survey of 2010-11, population of Pakistan is 177. 1 million. Total labor force is about 54. 92 million out of which 51. 87 million is employed and remaining 3. 05 million is unemployed. Rate of male unemployment is 5. 6 % and female unemployment is Causes of Unemployment Every year many new graduates are added into the labor force but few of them get very good jobs; some others get a reasonable one but many keep on looking for jobs for a long time. There can be a number of reasons for young men to be unemployed. A lack of realistic approach is one of the reasons of being unemployed. Youth have their dreams and some are ambitious too. Their ambitious nature leads them to dream about very unrealistic goals in life. Degree holder youth usually aspire for a white collar job in a big company such as in a multinational. Their objective is to get a high salary. But when they don’t get such a job they keep on waiting for one and hence not only waste their time but also the opportunities to get some other low salary jobs. Illiteracy Literacy Illiteracy and literacy both are the causes of unemployment in Pakistan. Due to illiteracy people are not able to work and they remain unemployed. On the other hand number of educated is increasing annually but government is unable to create employment opportunities e. g. , students of B. Com. are increasing at very fast speed but they cannot find jobs and admissions for higher education. Rate of illiteracy in Pakistan is 42. 3 %. As in the backward areas of country, the education facilities are not available. Only 2. 7% of total GDP of the country is spent on Education. Even though there are more than 8000 ghost schools in Sindh province, which are not working but are under the control of local landlords. Government schools are unable to provide quality education due to imperfect syllabus, improper education policies, and inefficient teachers. That’s why the students are unable to build their strong base through education. Seasonal Variation There is seasonal unemployment in Pakistan. Seasonal unemployment exists especially in industrial sectors. For example, sugar industries and ice factories create seasonal unemployment. People only work for certain part of the year and mostly remain unemployed for remaining part of the year. Unskilled labor Most of the businessmen in Pakistan are illiterate, ill-trained and unskilled. They think that if they employ more persons they will have to pay more and their profit will decline. These unskilled businessmen cause nepotism and favoritism. It means selection according to relation not according to ability. Here deserving candidates do not get jobs and remain unemployed or under employed. High Population Growth Rate The population of Pakistan is increasing at a rate of 2. 1 %. Due to this high rate about two million people enter into the labor market each year. Such huge labor force cannot be provided jobs due to backward economic condition. People are so poor and illiterate that they cannot differentiate between wright and wrong. Money is there problem. They cannot think of sending their children to school at proper age. People have no regrets on having more children. People are not motivated and are deprived of basic necessities so they cannot think beyond that. High Age of Retirement The higher age of retirement in government sector has closed the employment opportunities for the young, literate and trained person. In Pakistan retirement age is 60 years. Lack of Technical and Professional Education Like the absence of other educational services, there are very few and inefficient institutes for professional training in the country, especially in the rural areas. It is the fact that most of the youth are not properly guided and motivated to choose their proper future career. The students choose the career which does not befit their personality and nature. Thus leading to failure in professional life and they cannot find suitable jobs and if they find one, they cannot deal with the challenges of the job. Technical, professional and vocational institutions are limited in number.

The India-Pakistan conflict: An overview

The India-Pakistan conflict: An overview INTRODUCTION/BACKGROUND India Pakistan conflict is one of long lasting and unresolved conflict of modern times. It started with the birth of Pakistan as a different state in 1947 after the Britain empire come to an end in India. On religious grounds, one country (i. e. India) was divided into two. In 1947, when British India got its independence, it was primarily divided into two countries: India and Pakistan. All areas with the majority of Muslim population were supposed to be the part of Pakistan. The dividing line between these two countries was bizarre. As major part of North West India after partition, was called West Pakistan and there were some territories in eastern part of India with majority of Muslim population, those areas were called East Pakistan (Bangladesh). Since the partition, these two south Asian countries have been the arch rivals. The rivalry has gone through several wars, terrorist activities and nuclear tests by these countries. (Ref: T.V. Paul, page 3). Both of these countries spend a great chunk of their funds in defense budgets. The race of becoming the superpower of South Asia has adversely affected the economic growth of both these countries. The origin of the India-Pakistan conflict is deep-rooted in the issues such as religion and the politics of revenge. Problem of Kashmir is the most important issue for the tension between India and Pakistan. (Ref: usamhi.army.mil) The some of the other issues between these two nations are problem of sharing waters, religion. KEY ISSUES/REASONS: Kashmir The Kashmir is the biggest cause of conflict between India Pakistan. After partition India and Pakistan were two nations. However, there were some princely states, and they were left to make their own decision to join Pakistan or India or remain independent. The ruler of Kashmir (also known as Jammu and Kashmir) decided to remain independent. However, the attack by Pakistan tribal forces in late 1947 forced the ruler of Kashmir to sign the agreement to accede Kashmir to India. The nature of that accession has long been the subject of debate. After a short war, a ceasefire agreement was signed by both the nations under the support of United Nations. According to the agreement a ceasefire line (later called as Line of Control) was established defining that, the two-thirds of the Kashmir will stay under Indias control and rest will stay under the control of Pakistan. The territory under Pakistans control is called Azad i.e. Free Kashmir by Pakistanis and Pakistan Occupied Kashmir (POK) by India. Since then, the issue of Jammu and Kashmir has been the root of dispute between these two nations. Pakistan claims it to be its territory, since the majority of population is Muslims. For the Pakistan, the partition of the Indian-subcontinent will remain incomplete until the Kashmir is unified with their state. On the other hand, Indians believe that the Kashmir is a legal part of their territory. According to them, the partition was completed in 1947. (Ref: T.V. Paul, pages 8-9). Security India has also been accusing Pakistan for not taking serious actions against Pakistan-based militant groups and training camps. Government of India says these militant groups pose a big threat for its national security. Indian government demands that Pakistan needs to take serious actions against the Pakistan-based militant groups and training camps. Indians also suspect that the Pakistani security agents support these groups. India is much worried about its national security issue because of the militant attacks in various India cities. (Ref: zeenews.com). India accuses Pakistan security agencies for supporting the militant attack in recent years such as attack on Indian Parliament House in year 2001 and Mumbai attacks in 2008. Water Another issue which is causing the problems with these two countries is the use of water. Many rivers rise from India and flow down to the Pakistan. Pakistan claims that India is not playing fair in terms of user of waters according to a treaty under which India can use the waters of three eastern rivers and Pakistan can use water of three western rivers. Pakistan says India is diverting these waters by building dams. Pakistan is very much dependant on these waters for the farming and other needs of its population. India, on the other hand, denies all these accusations by Pakistan. (Ref: zeenews.com) Religious Ideologies   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Both the countries have their religious ideologies. The foundation of Pakistan was laid down on the basis of religion. Muslim in British India felt that after the independence if a Hindu government takes the command of the nation, the Muslim community will be isolated from the political grounds. Therefore, they demanded their separate nation as Pakistan, a state of Muslim entity. Since partition, both the countries have become more reliant on their religious ideologies. Rise of Hinduism in India have made anti-Pakistan ideologies more strong. On the other hand, Pakistan has used their Islamic identity to defend their own political position, which has strengthened the rivalry. (Ref: T. V. Paul, page 22-24) KEY EVENTS The 1947-48 war The wounds of partition were not healed yet, when both the countries went to war in October 1947.Pakistani tribal troops attacked the Kashmir. The Kashmirs ruler asked India for help and he agreed for accession of the state to India. Thats how the first war between India and Pakistan started. This war ended in January 1949 with the involvement of United Nation and a ceasefire line was established between two countries. (Ref: news.bbc.uk) The 1965-war   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In the spring of 1965 two countries went to war again. A clash between border patrol forces on the south western border of Pakistan with India resulted in a major war. Pakistani forced entered the Indian-administered. Indian forces hit back by crossing the international border. Again with UN supported both countries agreed to cease fire. In year 1966, India and Pakistan signed an agreement in Tashkent (in former U.S.S.R.) to resolve their issues in peaceful manner. (Ref: news.bbc.uk) The 1971 war   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In 1971, two countries went on war with each other once again. However, the battle field this time was the border of India and East Pakistan (modern Bangladesh). In year 1971, Pakistan faced a civil war between West Pakistan army and East Pakistan. The civil war resulted in many people escaped to India from East Pakistan. After that, Indian army invaded the East Pakistan to help those people. Consequently, Pakistan army surrendered to Indian army and war came to end with the birth of another country, called Bangladesh. (Ref: news.bbc.uk) Kashmir Rebellion In 1989, the beautiful valley of Kashmir came under siege by armed resistance to India rule. Some extremist groups started rebellion movement against Indian Government, calling it war of Kashmirs independence and some groups called the movement for union of Kashmir with Pakistan. Indian government accused Pakistan of supplying arms to these revolting groups. During this period, many Islamic groups came into emerged in the region for the fight against India. (Ref: news.bbc.uk) Nuclear Tests In 1998, India conducted nuclear tests near the border of Pakistan and later on Pakistan too conducted some nuclear tests. These tests were criticized by United States and many European countries. After these tests, it was now clear that both the countries will think twice before attacking each other. In fact, the relations between India and Pakistan started to improve after the nuclear tests. (Ref: news.bbc.uk) Kargil war Just when it seemed like the rift between India and Pakistan has started to heal, the conflict erupted again after Pakistan army break into Indian Kashmir in year 1999. India responded with air strikes against Pakistan forces. Both the nations suffered from great economics loss; many people were force to leave their homes on both sides of the Line of Control (LOC). Under the pressure of United Nations, the contemporary prime minister of Pakistan withdrew his forces from the region. (Ref: news.bbc.uk) Mumbai Attacks   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The financial capital of India, Mumbai has always been the target of terrorist activities. The city has experienced many terror attacks since March 1993, when Muslim underworld joined to Pakistani militant group carried out a series of bombings on Mumbais stock exchange, trains, hotels and gas stations. In 2006, terrorists shocked the Mumbai with series of seven bombings on Mumbai railways within 11 minutes. According to officials the attack was carried out by POK based militant group Lashkar-e-taiba. In November 2008, terrorist attacks once again shocked the Mumbai. Pakistan based terrorist groups coordinated the shooting and bombing attacks in 10 different areas of the city. Again, the operation was carried out by Lashkar-e-taiba. (Ref: timesofindia)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Apart from the above, various other regions of India are also been the targets of Islamic terrorism activities. There were some plane hijacks by these militant groups. They even attacked Indian Parliament house in New Delhi. KEY GROUPS   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  It is very hard to point out the groups that are involved in this conflict. In fact, it is conflict between nations, governments, and religions. The security agencies of both the countries are also involved. Indians have always accused Pakistans top national security agency ISI (Inter-Services Intelligence) for supporting militant activities in India and on the other hand, Pakistan says that the Indian intelligence agency RAW (Research and Analysis Wing) was involved in the conspiracy of separating Bangladesh from Pakistan.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  During the decades of 1980s and 1990s the rivalry between India Pakistan was so intense that even their sports could not remain unaffected from the tension. For example, during this period the matches between Indian and Pakistani Cricket or Hockey teams used to be regarded as the battles between two countries. As far as, Kashmirs issue is concerned, there are some terrorist groups that have direct involvement in the conflict. A few of these Islamic extremist groups are as Harakat-ul-Mujahideen (HUM), Jaish-e-Mohammed (JEM), Lashkar-e-Taiba (LeT). All these groups belong to POK (Pakistan Occupied Kashmir) and were formed to seek to claim the region of Kashmir to Pakistan. Some officials claim that these extremist groups also have connections with Al-Qaeda. These groups are responsible for most of the terrorist activities in India. FUTURE   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In recent years, there have been a lot of efforts being made by both the sides to improve their relationship. There have been several peace talks between in India and Pakistan. However, militant attacks continue to obstruct the progress to maintain the peace. In 2001, Pakistan military ruler President visited India for a landmark summit. The summit held in Agra, the city of Taj Mahal, between Pakistan president and Indian prime minister. People on the both sides of the border were very optimistic about the meeting and hoped for peaceful resolution of some of the issues between the two countries. However, the summit ended without any agreement over the Kashmir conflict (Ref: news.bbc.uk). In year 2005, both the countries agreed to start a bus service across the LoC (Line of Control). Militants have tried to attack those buses. It has been proved that whenever some hope arises for maintaining the peace, extremist groups have tried to come up with som ething which deteriorates the relationship. After Mumbai attacks in 2008, India has put the hold on peace talks. Although there has been efforts being made by the governments on both sides, but the conflict doesnt seem to end, as long as, the issue of Kashmir is there. The issue of Kashmir can only be resolved by involving the people of Kashmir. The chances of which are not very bright, as the separatist leaders are not ready for anything less than the accession of Kashmir to Pakistan from India. Indian government claims that they own the Kashmir legally and they cannot afford one more partition. The majority of the population of Jammu and Kashmir is of Muslim. Many of them want Kashmir to be the part of Pakistan, and many wants to stick with India. Although the relations between India and Pakistan have improved a lot, but the hopes of peace between the two countries are not very strong. REFERENCES/BIBILOGRAPHY The India-Pakistan conflict: an enduring rivalry by T.V. Paul http://www.zeenews.com/news606880.html# http://news.bbc.co.uk/hi/english/static/in_depth/south_asia/2002/india_pakistan/timeline/default.stm http://www.usamhi.army.mil/USAWC/Parameters/03spring/malik.pdf http://timesofindia.indiatimes.com/India/India_a_major_terror_target/articleshow/3761676.cms ttp://www.cfr.org/publication/9135/ http://news.bbc.co.uk/2/hi/south_asia/1430367.stm http://www.globalpolicy.org/component/content/article/187/34567.html

Analysis of the Dar Es Salaam Stock Exchange

Analysis of the Dar Es Salaam Stock Exchange 3.0 Chapter Three 3.1 Research Methodology This chapter aims at explaining the methodology which has been adopted in this study. Research approaches or style have been categorized into mainly two groups, the phenomenological approach and positivist approach. The phenomenological approach studies the phenomenon through observation, no theory at outset while the positivist approach use an existing theory or develop a new theory and test its validity. Since this study has used the existing theory on market efficiency therefore positivist approach have been adopted with this study, the rationale behind the choice of this approach is due to the nature of the study. 3.2 Research Design Research design can be broadly classified as exploratory research and Conclusive research .This study is conclusive research design because it involves the testing of specific hypothesis and examination of relationships as well as the data analysis is quantitative and research process is formal. 3.3 Data types and sources Two types of data that has been used in this study, the daily closing stock of market index(Dar es salaam Stock Exchange Index-DSEI) and the weekly share prices for a sample of five listed companies from Dar es salaam Stock Exchange. The daily closing stock for market index has covered the period from July 2007 to August 2008 making total number of observation to be 280, excluding public holidays and non trading days. The daily data prior to July 2007 were not found therefore the study had to use the available data . The second type of data that has been used in this study are weekly share prices of the five companies/securities included in the study .The weekly data runs from Jan 2002 to August 2008, which makes the total number of observation to be between 90 and 266. The final date is the same for the all companies but the initial date differs depend on when the company joined the stock market. The weekly data refers to the Wednesdays closing stock price, however if Wednesdays data were not available then Thursday closing price were used, in absence of Thursday data , Tuesday was taken instead, but when both Tuesday and Thursday were not available as well , the data for that week was regarded as a missing data. The use of weekly data is appropriate for this kind of studies as Humphrey and Lont (2005) asserted that weekly data helped to mitigate any non-trading effects and also reduced the effects of noise trading. Even though the stock price was collected for the purpose of performing statistical tests, the actual test was conducted using natural logarithmic of the relative price. The stock return (denoted by R) was calculated by natural logarithmic difference of the weekly stock price given by the following equation = [- )] (1) Where: Rt = Return at time t P = Price at time t The reasons why change in log price was used instead of the normal change in price, has been explain by Fama (1965), he mentioned that logarithms neutralize price level effects as well as producing a series of continuously compounded returns. The daily closing stock for market index (DSEI) was used in performing the parametric serial correlation test and the weekly share prices for five listed companies was used to perform the non parametric runs test .In additional to the primary data (Stock prices) collected from Dar es salaam Stock Exchange, the study has also used the secondary source of data. The secondary data includes academic books, journals and other publications. 3.3.1 Thin Trading As discussed earlier in literature review section, infrequency trading or thin trading is big problem in most of emerging stock market and failure to take into account can results into serious biasness of statistical results. In this study this problem has been taken into account and the weekly data were collected from infrequency trading. The first step taken in controlling the infrequency trading was to eliminate the mostly thin traded securities / companies as Shanken (1987) depicted that some of researchers controls the thin trading problem by eliminating some of thin traded stocks. Initially the study was meant to include all ten companies listed in Dar es salaam Stock Exchange, however five companies were found to be very much affected by infrequency trading therefore were eliminated from the study. The actual correction of weekly data from thin trading for the five companies included in this study was based on approach by Atchison et al (1987) as adjusted by Milambo et al (2003;cited in Mabhunu 2004). They suggested correcting thin trading problem by adjusting approach by Atchison at el (1987) who used uniform process which allocates returns equally over the days in multi -days interval where security not traded. According to Mlambo et al (2003 ;cited in Mabhunu 2004), if a stock is not traded for example after 14 days of non trading, then a single entry given by the following equation (2) should be used as an oppose to 15 entries of equal value. Where: = Length of time between a trade in a period t and previous successive trade = Price of stock at time t = Dividend at time t Therefore the infrequency problem in this study have been controlled by applying equation 2 without taking into account the dividend adjustment as it has been suggested that adjustments of dividend does not have much effects.Also the use of weekly data instead of daily data for individual companies has helped to control this problem. 3.3.1 Test of goodness -of-fit One of the hypothesis in which the random walk has based on is about price changes to conform to some probability distribution. Therefore in testing the efficiency of stock market it is essential to identify the pattern and determine which known statistical distribution the pattern follows. In this study the Jarque-Bera test has beeen employed to test the normality of the stock return. This techniques has been used in several studies, includes the recent study of Market Return and Weak Form Efficiency: The case of Ghana by Frimpong and Oteng (2007). The Jarque-Bera test statistic is given by JB = T(+ ) (3) Where: JB = Test Statistic T = Number of observation S = Sample Skewness K = Sample Kurtosis. Kurtosis which denoted by (K) in equation (3) measures the sharpness / peakness or flatness of the distribution of a series and is given by the following equation K = (4) A normal distributed series has kurtosis of 3, therefore whenever kurtosis of a series exceeds 3, the distribution of that series is regarded as leptokurtic relative to normal and if the kurtosis is less than 3, then the distribution is regarded as platykurtic(flat) relative to normal. The skewness which denoted by (S) and computed by the following equation S = (5) Measures the asymmetric distribution of the series from its mean. A normal distributed series has skewness of zero, therefore if the skewness of the series is positive then the series is concluded to have a heavier right tail and if the skewness is negative the distribution is regarded as having a heavier left tail relative to normal. The results of the Jarque-Bera test together with the skewness and kurtosis of the return series employed in this study have been reported in table 1. 3.4 Methods employed As mentioned earlier this study aimed at achieving three main objectives, first to find empirical evidence of weak form efficiency hypothesis for Dar es Salaam Stock Exchange, secondly to identify the main barriers for the development of the Dar es salaam Stock Exchange i.e. the factors that hampers the growth of DSE and lastly to identify the quality of information available to investors at Dar es salaam Stock Exchange. Therefore in this chapter the methods used in achieving each objective have been explained in detail, starting with the first objective. 3.4.1 Objective 1: Empirical evidence for weak form efficiency hypothesis. In achieving the first objective, the study intended to answer the following two specific questions Is the Dar es Salaam Stock Exchange weak-form efficient? Do the stock prices in Dar es Salaam Stock Exchange follow the random walk? The study was guided by the following hypothesis Dar es salaam Stock Exchange is weak form market efficient. Stock price follows a random walk Various techniques have been used so far in testing for weak form hypothesis by different researcher as depicted in literature review section, the techniques includes the statistical test of independence and trading rules. In determining whether a stock market is a weak form or not using statistical test, the correlation / relationship between stock price and return over the successive time interval is identified. If no significant correlation found then the market is regarded as weak form market as past return can not be used to determine future return. The market will be regarded as weak form inefficient if significant correlation will be found. In testing our first null hypothesis, one statistical test of independence have been employed, the serial correlation test . The non parametric runs test was employed to test our second null hypothesis, the random walk hypothesis. The following is the explanation of each statistical test employed in this study. Serial correlation test It is among the widely used test of independence .The serial correlation test measures the correlation of a variable over consecutive time interval e.g. at time t and time t-1.The reasons why this approach have been chosen to be used in this study is because of its familiarity in this kind of study. Several studies have employed this technique for example Vaidyanathan (1994) in the study of efficiency of the Indian capital market employed this approach. Similarly, Baral and Shrestha (2006) studying the daily stock behavior of commercial banks in Nepal, used the same approach. In testing the weak form efficiency of the stock market using this approach, the correlation of log price/return series is determined, if autocorrelation is found the assumptions will be that the series does not follow the random walk, meaning that the stock price are not independent, past return can be used to determine the future return and hence the market is weak form inefficient. The test statistic for the serial correlation coefficient for lag p can be express as p = (5) Similarly written as P = (6) In determining the autocorrelation of the return in this study, the Ljung-Box test was used. This is a portmanteau test which measures the autocorrelation of the variable. The Ljung-Box test statistic is given by =T(T+2) (7) Where by: = Test Statistic T = Number of observations = Is the jth autocorrelation or autocorrelation coefficient (for lag j) K = Number of coefficients to test autocorrelation, in other words the number of lag to be Tested. Given the value of obtained from the test, the conclusion on the randomness of the log price/return can be reached if > , K at significance level ÃŽ ±, where by , K means the ÃŽ ±-quantile of the Chi-square distribution with K degrees of freedom. Alternatively if the p-value obtained from the statistical test is less than 0.05,then the test is significant at 95% level of confidence and therefore the null hypothesis of zero auto correction can be rejected. The results for this test have been reported in figure 1in the next chapter. Runs test This is the second test that had been employed in this study to test for the second null hypothesis. Unlike parametric tests such as serial correlation, a runs test is a non-parametric test which means that it does not require the normal distribution of the series. This is one of the advantage of using this approach and it is also the reason why this technique has been adopted in our study. A run can be define as a set of identical (or related) symbols contained between two different symbols or no symbol (such as at the beginning or end of the sequence)Spiegel et al (2000.p366). In performing this test, each change in return/price is classified as positive (+), negative (-) and zero change (0). Alternatively change in return could be classified alphabetically for example A ,could be each return that equal or exceeds the mean value and B could be each return that are below mean value. The test can be executed to obtained the actual number of runs (denoted by V), and then the actual number of runs (V) can be compared with the expected number of runs () which is given by the following equation = (8) Where = Expected number of runs N = Total number of return observations = Sample size of each category of price change If actual number of runs will be greater than expected runs, it will be indications of negative serial correlation and if actual runs fall below expected return it will indicate the positive serial correlation of the return. Alternatively the p-value obtained can be used to conclude on the results of this test, if p-value is less than 0.05, then the test is significant at 95% level of confidence and therefore the null hypothesis of randomness can be rejected. For a large sample i.e (N>30), the sampling distribution of V is approximately corresponds to a normal distribution and thus Z = (9) Where: Z = Z-Test Statistic V = Actual return = Expected return = Standard deviation given by the following equation = [{+ N (N+1)} 2N (10) Therefore at appropriate level of significance, the Z-statistic can be used to test for independence of return series. The reason why the randomness tests such as non parametric runs test are used to test for the efficiency of the stock market is because efficiency of the stock market is determined by the way information are incorporated in current stock price. For a well efficient market , new information is incorporated instantaneously and spontaneously and therefore no arbitrage opportunity can exist. Since new information is incorporated instantaneously and spontaneously in current stock price then stock price/returns will be generated in random fashion i.e there will be no any pattern. In relation to the weak form efficient market all past information is expected to be incorporated in current stock price in such a way that a positive change in returns is not expected to be followed by positive change in return or negative to be followed by negative as the returns generated randomly. However, for the weak inefficient market all past information are not incorporated instantaneously and spontaneously as the results the change in returns is generated in a pattern which can lead to opportunity of making fortune. Therefore testing of randomness helps to reveal the how new information is incorporated in current stock price and the way returns are generated, if its in a random fashion or with pattern. This helps in drawing conclusion regarding the efficiency of a stock market. The results for this non parametric runs test are shown in table 2 3 and discussed in the next chapter. Objective 2:Factors affecting the growth/ development of Dar es salaam Stock Exchange Despite aim of finding empirical evidence of weak form hypothesis, also the second objective of this study was to identify and discuss major factors/ challenges that have been affecting the development and progress of Dar es Salaam Stock Exchange. April 2008, the Dar es Salaam Stock Exchange celebrated its tenth years anniversary, however for the period of its ten years of operations; we have witness the slow growth / development of the stock market, only few companies have been listed so far. But what are the main causes of this slow growth? in terms of listing of companies?, what are the challenges faced by the stock market?. Further more the numbers of individuals participating in the market as investors is not so impressive, in a speech by the minister of finance and economic affairs on 10th anniversary of DSE , he said the market so far DSE has enable more than 116,651 Tanzanians to own shares. This is small figure to be as a minimum figure for the country with population of approximately 39.4 million people, we would expect a good number of individual to be aware of operations of the stock market and hence participating and a minimum figure could have been a million and above, however the situation is different then what is the real problem?, are there any efforts by the market authority to ensure the general public is aware of the stock market operations and hence increase the number of investors in the market?. Despite of the barriers and challenges for its growth, what measures have been and will be taken to ensure the stock market is growing? .What are the future prospects of the market? . In achieving our second objective the above mentioned questions will be addressed and discussed. This was done through reviewing and studying of the existing literature and publications regarding Dar es Salaam Stock Exchange and African stock markets in general, since most of the emerging African stock markets share the same kind of the obstacle/ challenges. The findings and discussion of these issues have been presented the following chapter. Objective 3: The quality of information to investor and other stakeholders at DSE. The last objective was to determine the quality of information available to investors and other stakeholders at Dar es Salaam Stock Market. There various sources of information for investors in any stock market and one of the sources is financial statements. Even though financial statements are sometimes subjective to the manipulation of management and by the time financial statements are published some changes might have already happen, yet financial statements remains to be crucial source of information for investors and analysts. Normally the existing investors as well as potential investors would like to know how the investment have been well managed as this will give them the overall picture on how safe investing in the company has been or will be. Using the published financial statements, investors and analysts can acquire valuable information which can help in their decision making. However, investors will be deprived from using this type of source of information, if the information provided with the financial statements are not of good quality and required standard. According to Benston (2003), if the information provided by financial statements is not useful and accurate then its reception will not give investors the kind of insight they wanted and as the results investors will incur costs to find information somewhere else. Therefore with this objective, the quality of information available to investors in DSE was determined and discussed. This was achieved through a comparison of financial statement of Tanzania Breweries Limited (TBL)- a company listed in Dar es salaam Stock Exchange and Sanisbury PLC a company listed in London Stock Exchange. The aim of the comparison was to determine if an investor in DSE using financial statement will get the same quality of information similar to an investor in London Stock Exchange. In this comparison in additional of looking the contents and standards in which these annual report have been prepared also the study looked at the general accessibility of the annual report and other companys information which might be helpful to investors between these company .Also the general overview of corporate governance between these two companies was analyzed and discussed. The results and discussions of this comparison have been presented in the following chapter. 3.5 Data Analysis Since the study had involve the statistical tests, therefore data was analyzed with the help of statistical packages. The parametric serial correction test and parametric runs test was performed using SPSS (Statistical Package For Social Science) and the Jarque -Bera test was performed using EVIEWS .Both quantitative and qualitative approach have been used in interpreting the results of analysis 4.0 Chapter Four: Data Analysis, Presentation Discussion of Findings 4.1 Introduction The aim of this chapter is to present the analysis and discuss the findings of the study. The chapter have been divided in three main part (A, B, C). The first part (A), reports the results and the discussions from statistical tests relating to the first objective of this study. Part B and C report the findings and discussions relating to the second and third objectives respectively . 4.2 Part A : Empirical evidence for weak form efficiency hypothesis In finding the empirical evidence for weak form efficiency hypothesis in Dar es salaam Stock Exchange ,three main statistical tests were performed , firstly the normality test i.e the Jarque Bera test, parametric serial correlation test and non parametric runs test, the findings of these test are presented in that order. 4.2.1 Test of goodness of- fit Since it is essential to determine the probability distribution of the series when performing efficiency tests /statistical tests, therefore the returns for the stock market index(DSEI) as well as the returns for the five companies used in the study were firstly analyzed to determine if the return series follows the normal distribution. The result of nomality test are shown in table 1 Table 1: Jarque- Bera Test DAHACO DSEI SIMBA TBL TCC TWIGA Mean 0.002166 0.000227 0.006390 0.002727 0.000724 0.008349 Median 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 Maximum 0.141970 0.021668 0.277632 0.202941 0.074108 0.287682 Minimum -0.182322 -0.024520 -0.253781 -0.146093 -0.117783 -0.072759 Std. Dev. 0.028979 0.002794 0.045971 0.027860 0.021852 0.040065 Skewness -0.462822 -0.623957 0.863549 2.133508 -0.934278 4.314131 Kurtosis 15.81011 39.73707 17.61886 23.35083 11.19382 29.39428 Jarque-Bera 1216.549 15707.35 1751.608 4792.031 532.6697 2891.643 Probability 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 Sum 0.383447 0.063240 1.239581 0.725336 0.130979 0.751392 Sum Sq. Dev. 0.147799 0.002170 0.407877 0.205694 0.085951 0.142861 Observations 177 279 194 266 181 90 Source : Analyzed data As shown in the table 1, the p-value of the jarque -bera test for stock market index series(DSEI) and the p-value for the five individual companies is below 0.05 i.e p-value As depicted in the table 1 above, the return for the market index(DSEI), TCC Ltd and DAHACO/SWISSPORT Ltd are negatively skew(heavier left tail) as their skewness less than zero. I,e skewness 0) which means that their returns are positively skew( a heavier right tail) relative to normal. A perfectly symmetrical distribution such as normal distribution has skewness which equal to zero. Regarding the kurtosis which describe the flatness or peaknedness of the distribution the results shows that the returns of both market index and individual companies have kurtosis greater than three i.e kurtosis > 3, which implies that the distribution of the returns are sharply peaked (leptokurtic) relative to normal. The p-value from test statistic, kurtosis and skewness indicates the rejection of normality for the returns so the general conclusion which can be drawn from the test of goodness-of-fit is that the returns employed in this study are not normally distributed and therefore non parametric statistical tests are more appropriate to be used than parametric statistical tests. 4.2.2 Results of Serial Correlations/ Autocorrelation Test Though it has been suggested that when the series is not normally distributed then non parametric tests wo

Breaking Up :: essays research papers

Once in a person's lifetime, everyone finds this one perfect person whom they fall hopelessly in love with and live happily ever after. That is a mere fallacy, in the real world, this simply does not happen. Yes, people do have common interests and therefore develop romantic involvement, but it is basic common sense that these relationships have a life span and simply cannot last. Real life relationships are definitely more like "The Real World" rather than "Romeo and Juliet". Romanticism is wonderful in itself, and thus two people can live in heavenly bliss, but it all must come to an end somehow. It is a fact of life that couples do break up, and there are many reasons why. There are countless reasons, ranging from cheating to lack of sex to abuse, attributing to breakups.One reason why couples might break up is money or a lack thereof. If one partner in a relationship is always paying or keeping up all the bills, his/her partner just might grow tired of it and decide that it is a valid reason to separate. For example, a woman who is always lending her boyfriend money for his rent, car note, and social expenses will probably eventually grow tired of it and leave him.More reasons why couples separate, addictions often result in ugly breakups. Whether it is an addiction to drugs, sex, gambling, or whatever, hardly anyone would be willing to take that on an everyday basis. Most people would agree that it is not pretty to see someone throw their life away on addictions. It is simply not attractive and thus, not many people would want to be with someone with an extreme problem like that.An unfortunate reason for a breakup, physical disabilities, also occurs at times. This can range from a paralyzing accident to impotence and infertility. To some people, having children is the most important priority in their adult life. Having a partner whom is unable to have children can very much hinder a relationship. Thus, it will not last. Likewise, having a partner who has a paralyzing disability might be too much for someone to take. Being with a person, who becomes handicapped, though unfortunate, is a big burden to place on a person.Growing apart, an instance in which two people just do not feel attraction towards each other anymore is very commonplace, resulting in an end of a relationship.

Comparing Terror in Franz Kafkas The Trial and The Man Who Disappeared :: Comparison Compare Contrast Essays

Nature of Terror in Franz Kafka's The Trial and The Man Who Disappeared "The only thing we have to fear is fear itself" (Roosevelt 93). In Franz Kafka's The Trial and The Man Who Disappeared (Amerika), the nature of terror is exposed to the fullest extent. The main characters in both works, Josef K. and Karl Rossmann are both used as pawns in the chess game also known as society. The dramatic impact from the major turn of events would create a tremendous change in both characters. Josef K., who was arrested for no apparent reason would have his life totally dominated by the judicial system. The road that Josef K. is forced to journey on became a one-way street and he was never able to turn back. Karl Rossmann, who was also used as a scapegoat, was sent off to America for something that was not his fault. Because he was new to the country, people immediately took advantage of him and treated him as an outcast of society. The so-called "American Dream" that Karl often heard about became only an illusion. The terrifying situations that Josef K. and Karl hav e to go through brought the best and worse of the characters but most often weaknesses and flaws in the character are exposed. The nature of terror is based on reactions from human instinct and often cannot be controlled by mind or thought. Fear is a part of our being that exists in our mind. "It was fear that first made gods in the world" (Statius 94). No matter what Josef K. tried to do, the fate of his case had already been decided. The judicial system had taken a chokehold on Josef K. and he was never able to get out of it. Josef K. tried his best to fight off the case because that was what his instincts inclined him to do. However, to no avail, Josef K. is killed at the end. The arrest under no accusation caused Josef K. to fight back in anyway he could because the thought of being defeated and put away for no reason was an act of injustice. "Judgement does not come suddenly; the proceedings gradually merge into the judgement" (164). Unfortunately, the final judgement is death, the dead end of the one-way street. For Karl Rossmann, going to America was a big change. He had to adapt to the new way of life and be accepted by others and that unfortunately did not happen.

Soldier X by Don L. Wulffson Essay -- Soldier X Don L. Wulffson

Soldier X by Don L. Wulffson Plot I read the book Soldier X by Don L. Wulffson that takes place during the world war II period. The main character of the book is a 16 year old German boy named Erik Brandt. Although Erik lives in Germany he is also half Russian and speaks Russian very well. Erik does not want to be a part of Hilters Nazi army during world war II but he is forced to fight on the side of the Nazis. During one battle of the war is he forced under a tank during a large scale battle with the Russians. He has no choice but to change clothes and gear with the Russian soldier and be now becomes part of the Russian army. He spends some time in the Russian army and then he gets wounded. He gets send to a Russian hospital and meets a nurse named Tamara. He falls in love with her but then one day the hospital is bombed and he has to escape with her and out of Russia. The story comes to an end with Erik and Tamara escaping Europe and making to over the Atlantic ocean to the United States to have kids and live the rest of there lives. How this book relates to Social Studies The book Soldier X is all about world war II. The book talks about many of the bad thing during World War II. Such as things that happened during battles and Hilters ideas to kill all Jews. And to rid the world of Judaism. It also relates because it talks about the tensions between Russia and Germany. What I Learned from reading this book While reading this book I learned about many wo...

The Effects of Sexism in schools

The subject about stereotypes and bias is truly of import in our society. Walter Lipmann is the adult male, who defines foremost the term stereotype in his book â€Å" How society thinks â€Å" ( 1922 ) . † He says that stereotype is something that helps us live in the world easy. That is the positive said, the negative is, that stereotype thought Michigans us from out of the box thought and unfastened head. Walter Lipmann besides defines the term stereotype – aˆz stereotype is a normally held popular belief about specific societal groups or types of persons, standardized and simplified constructs of groups based on some anterior premises. † Prejudice is a term, which defines our inclination for judging person before we know him. These footings have a positive said too- they make communicating easy for us. But I think that the negatives about stereotypes and bias are more than the positives. There are many stereotypes even in the instruction system. One of th e most common stereotypes is sexism. It affects every said of our lives. Almost every work forces and adult female have same stereotypes about the gender functions. The truly of import facet of this job is that sexism is good known in instruction system and many childs are enduring from it. It begins in simple school and continues till graduating from college, sometimes even after that. Small boys and misss are invariably told about their gender functions and how they should respond and act, because of those functions. They are given no pick – they should act as expected and no other manner. There is another facet of the job. In schools and colleges, instructors and professors expect different consequences by male childs and misss. The male childs are considered with less possible and everyone expects lower classs by them. Girls are considered as good in some things, but atrocious in math, natural philosophies and other scientific discipline like that. Those sentiments can do things truly hard for the kids, because they ca n't demo their existent abilities and accomplishments. â€Å" Sexism, which entered the vocabulary in 1970 as an parallel to racism, connotes a cardinal and permeant institutionalized prejudice on the footing of sex, with favoritism normally directed against adult female ( Frazier and Sadker 1973 ) .The principle for sexism is the biological difference between males and females that dictates differential societal functions, position, and norms ( Sleeter and Grant 1988 ) . † From â€Å" Sexism in single-sex and co-ed independent secondary school schoolrooms † by Valerie E. Lee, Helen M. , Marks and Tina Byrd. In thos pharagraf of theyre survey, they explain the term sexism. The survey begins with account that sexism begins manner back in the history. Likek other socialising establishments, the household and the church, have necessarily transmitted sociocultural sexism, so did the schools. † Classrooms, where the procedure of schooling mostly occurs, are primary sites for sexist socialisation. † aˆz In an ideal universe, kids would be raised in a society free of gender stereotypes. Such freedom from these stereotypes would let kids to exhibit behaviours and get accomplishments based entirely on their personal penchants devoid of the restraints of the social norms that surround their peculiar gender ( Bem 1983 ) . However, in the existent universe, from the minute of their birth, kids are placed into either a â€Å" male child † or â€Å" miss † class ( Bem 1983 ; Fagot andA Leinbach 1993 ; Kimmel 2004 ) . This apparently fundamentalA physiological differentiation is automatically surrounded by a system of social outlooks that determine whichA behaviours are appropriate for â€Å" male childs † and which are appropriate for â€Å" misss † ( Fagot and Leinbach 1993 ) and ease the creative activity and care of gender function stereotypes ( Ridgeway and Correll 2004 ) in Springer Science+Business Media, LLC 2010 Abstract Eagly ‘s societal function theory ( Eagly and Steffen 1984 ) . † From this paragraph, we can do the logical decision, that something in our society and educational system is incorrect. We raise our kids in a universe, in which these stereotypes are really common. These classs that we put childs in have an consequence on their full life. In school, male childs and misss come with some thoughts how to act. They learn that from their household direct, or by get bying theoretical accounts of behaviour. Since the first class, everyone continues to anticipate from kids to move as they are told to- like a miss or a male child. Girls ca n't play with autos and plaything soldiers, because they will go adult females, and this is non good for a adult female. The adult female should we nice and stamp. If the male childs are sometimes a small rude- this is non a job, because from them this is expected. If they want to play with dolls – this is non write, because they can turn up feminize. This is something that reflects truly difficult on kids psychic. When they grow up, they continue to follow that theoretical accounts of behaviour and that is cosign a batch of jobs. In the instruction is the same- the male child should we truly good in math, but if he can compose, this is a small unusual. A miss should compose beautiful, but cipher would belief, that she knows a batch about natural philosophies. This is a immense job, because it makes communication, turning up, developing a difficult and intense procedure, which is put in frame and ca n't travel out of it- other manner the child is consider as strange. As an illustration for that frames may be considered state of affairs of gender and mathematics in England and Wales. Teresa Smart wrote an article on that mater, which is explains why misss â€Å" abandon scientific discipline before go forthing school † – â€Å" Gender and mathematics in England and Wales † . In the article, Smart explains, that the stereotype- male childs are good in mathematics is seting misss under force per unit area and they prefer to concentrate on other scientific disciplines. The difference between male childs and misss are besides discussed in the survey â€Å" Gender differences in mathematical accomplishment related to the ratio of misss to boys in school categories † by Terje Manger and Rolf Gjestad. This survey discuss the importance of the figure of male childs and miss in the schoolroom. The writers are analysing a research, done in 3 class in categories with many male childs and less misss, many misss and less male childs, and a category with a balance. The consequences do non back up the single-sex instruction theory. That theory clames, that single-sex school gives an chance for developing to both sexes. In that survey, writers besides prove, that there is a difference between male childs and misss in mathematics: The differences in mathematical accomplishment between male childs and misss are good documented in the educational and psychological literature. While the differences in general samples are diminishing ( Feingold 1988 ) dispara te proportions prefering male childs are well-known in mathematically gifted samples, ( Benbow 1988 ; Benbow and Stanley 1983 ; Hyde, Fennema and Lamon 1990 ) .The differences besides vary harmonizing to mathematical subskills. Boys seem to execute better than misss on undertakings necessitating application of algebraic regulations or algorithms, every bit good as on undertakings in which the apprehension of mathematical constructs and figure relationship is required ( Mills, Ablard and Stumpf 1993 ) . The newest researches on that affair are turn outing something different- every one of us has different portion of the encephalon developed more than the other. Peoples, who have more developed write portion, are with better accomplishments in mathematics and other scientific disciplines like that ; people, who have more developed left portion of the encephalon are good in history, literature and other. That is a prove, that the difference is non coming from the gender. â€Å" From grade school to graduate school to the universe of work, males and females are separated by a common linguistic communication. This communications gender spread affects self-esteem, educational attainment, calling pick, and income. But its concealed lessons by and large go unnoticed. † â€Å" Sexism in the schoolroom: from grade school to graduate school † by Myra Sadker and David Sadker. Myra and David Sadker are researching schoolroom interactions in simple and secondary schools. Their article is concentrating on four of their decisions of the research. The first decision they made is: male pupils receive more attending from instructors and are given more clip to speak in schoolrooms. † The 2nd decision: â€Å" Educators are by and large incognizant of the presence or the impact of this bias. † . The 3rd decision: â€Å" Brief but focused preparation can cut down or extinguish sex prejudice from schoolroom interaction. † . The four deci sion: â€Å" Increasing equity in schoolroom interaction increases the effectivity of the instructor every bit good. Equity and effectivity are non viing concerns ; they are complementary † . Myra and David Sadker ‘s first survey is turn outing, that male pupils are involved in more interaction than females. Teachers are speaking more to them and let them to speak more in category. The instructors observed in this survey were both male and female ; they represented both white and minority groups ; they taught in the countries of linguistic communication humanistic disciplines, societal surveies, and mathematics. This proves, that the instructors were affect chiefly by the sexism stereotype in schoolrooms. The pedagogues are non cognizant of the impact of sexism in the schoolroom. They do n't recognize, that their behaviour in non equal. They do n't understand, that this manner they are halting females developing, and mooing their opportunities for having good instruction. This unknowingness of the pedagogues is a large job in schools. Sexism cant be removed, when cipher realizes that its there. All it takes, to taking sex prejudice from schoolrooms is to develop the pedagogues. They need to cognize, that sexism has to be removed from the schoolrooms, that this is cosign jobs to females non merely in school, but besides subsequently, when they are working. When there is sexism in the schoolroom, the instruction procedure can non be effectual. When instructors are non recognizing the job and ca n't take it, they ca n't be utile to the kids. If there is equity in the schoolroom, the procedure will be effectual, this will increase the opportunities of kids to hold a good instruction. In her paper: â€Å" Gender freedom and the nuances of sexist instruction † , Barbara Houston is discoursing the thought of gender-free instruction. â€Å" aˆÂ ¦ the undermentioned three distinguishable significances. In the first sense, the strong sense, a â€Å" gender-free † instruction would be one that made active efforts to ignore gender by killing gender distinctions which arose within the educational domain. aˆÂ ¦.Another illustration of this attack is the riddance of activities, such as wrestle, in which there are thought to be important gender differences in accomplishments due to natural and ineradicable biological differences between the sexes. † In her paper, Houston is concentrating on the instruction, that eliminates gender and its ignoring it. The thought is, that gender should be no longer used as a standard, that male childs and misss should non be separated and non be given instructions how to act, judged by their gander: â€Å" aË⠀ Ã‚ ¦ â€Å" gender-free † to intend freedom from gender prejudice. On this apprehension, a gender-free instruction would extinguish gender prejudice. † From this beginnings, discoursing the subject about sexism in school, can be made several decisions. Sexism, as sociological and civilization apprehension of the gender differences, exist in schools of all sorts. Sexism is the separation between male childs and misss, based on their biological differences and affects a batch their instruction. Male pupil are given precedence, females are underrated- they can non demo their existent potency. This is large job in schoolrooms, because sex functions are seting educational procedure in frames, they stop male childs and misss to develop, larn everything they want to, non what they supposed to. Teachers sometimes are non cognizant that there is sexism in their schoolroom and they do n't cognize how to extinguish it. The good instruction is one, that is gender-free, which is non focused on the gender differences and is taking this as a standard for educating.