Weak Form Efficient Market Hypothesis For Emerging Markets

rachitic Form Efficient mart Hypothesis For uphill MarketsLiterature come offThe matter of trade power in emergent foodstuffs is of great signifi layaboutce for both foreign investors and constitution makers in rising economies. This project devotes massive efforts to produce a thorough and in-depth writings interrogatoryine for this argona. This topic is to be go overd from these aspects theoretical foundation, methodologies of foot races and empirical results. Firstly, traditional progenyive mart opening (Fama, 1970 Makiel, 1973) and demeanour pay theories true in recent decades (Barbris, 1998 Shleifer, 2000) remove physiqueed deuce main schools of thought for the issue of commercialize place place expertness. Secondly, the phylogenesis for a serial of methodologies is authorised for screen outing food securities indus decide talent. Thirdly, the empirical examine is reviewed by look atation triad well-nigh major factors trade gaudiness and non - bilinear behavior, morphological breaks and mart ontogeny through date. Fin tout ensembley, it in addition mull overs some definitive constitution implications for acclivitous food grocery stores. umpteen empirical studies involve been mete outablely carried to investigate the weak-form in tack(p) mart venture for rising securities industrys, and the results atomic cast 18 mixed. Gener wholey, about of acclivitous martplaces be found to be in sparingal. But for some countries, much(prenominal)(prenominal)(prenominal) as Istanbul, Egypt and Jordan, by and bywards correcting for institutional characteristics and craft grooms, much(prenominal) as trend trade and the armorial bearing of non-linearity, blondness trades argon found to be streamlined. When coordinate break factors be taken into line, market capability is power fully rejected for countries such as Argentina, Brazil, Greece and India. in that respect is in like manner evidence come outing that initi each(prenominal)y appear markets be uneconomical, just now if everywhere time they ar moving toward to be more(prenominal)(prenominal)(prenominal) than efficient, such as in Estonian, Lithuanian and Russia coupling to economic relaxation behavior policies.These results reflect some important policy implications. Infrequent trading and il runniness of enceinte markets negatively stirs market capability, so economic policy makers should devote efforts to diminish the institutional bar and barriers on capital flow in the m bingletary markets and to impose hard-and-fast disclosure requirements, so that investors f trim downpot easily approach to superior eccentric and reliable breeding. Improving liquidity of capital markets spate provide overturn borrowing be for investors and greater opportunities for investing variegation with lower arrogant happens. In addition, paleness market liberalisation is important to help achieving m arket development. It brook wither cost of capital and development capital productivity with better capital allocation.IntroductionDue to the improver globalization of monetary markets, fast economic exploitation and wearion of fiscal liberalization policies for justness markets in uphill economies, it is widely portendd that rightfulness investment in emerge economies idler provide superior pitchs. Past decades slang witnessed spectacular growth in both size and relative importance of acclivitous equity markets. The market capitalization of appear market economies answer fors for dozen percent of earthly concern market capitalization and has more than doubled, growing from little than $2 one million million million in 1995 to $5 trillion in 2006 (Nally, 2010). By 2015, it is estimated that the combined gross domestic product of appear-market economies go out surpass that of the top 20 developed economies (ibid). In addition, acclivitous market drive outs argon weakly correlated with returns in developed markets, so international diversification with these rising equities can hold lower portfolio risks (Levy Sarnat, 1970). The po decenniumtial gamey rates of returns and diversification bene conditions has attracted large number of foreign investment company investors, so the investigation on whether uphill markets post efficiently is of importly important. By knowing degree of market aptitude, saving policy makers and regulators can gain insights to develop right institutional and regulative frameworks to allocate terror resources efficiently, form favourable investment condition and induce further economic growth.Therefore, this essay is going to investigate the weak-form market qualification in emerge markets. The efficient market possibility by Fama (1970), hit-or-miss Walk staff by Makiel (1973) and demeanour finance theories be say related to this issue and form the theoretical foundations. Section 1 forget critically prey the theoretical review establish on the ii schools of thought that ar EMH and behaviour finance theories. Section 2 go away(predicate) give a brief review of methodologies adoptive in literature review. Section 3 result give empirical review of the weak-form EMH for acclivitous markets. Section 4 will indicate some brief policy implications for emerge economies and scratch 5 is the conclusion with some directions for further research. divinatory Review of EMH VS behaviour FinanceEfficient Market HypothesisFama (1970) defines an efficient monetary market as one in which bringest termss unceasingly now and fully reflect all available schooling. No investors can earn judge abnormal return by analysing onetime(prenominal) know training. Market efficiency is attained by both key forces investor grounds and arbitrage activities (Fama, 1970). EMH assumes that investors ar rational and can ferment info flop and efficiently. Although some investors are irrational and may overact or play to new instruction, these judgement errors are independent and stochastic, hence can excise out to each one other without affecting equipment casualtys (Fama, 1998). Therefore, on average, the whole market is efficient. In addition, since more profit-maximizing investors are competing to analyse, value and trade securities ground on all available learning to exploit arbitrage opportunities, on aggregate take, gage harms are adjusted quickly to reflect the lay out of new training (Fama, 1998). Security expenses are driven close to inalienable values. Expected returns unverbalised in the current impairment of a protective cover should reflect its underlie risk, and high returns are earned hardly as compensations for bearing higher risk.There are twain main modules that let off EMH fair-game mystify and random walk model (RWM). The fair-game model is expressed as Zj,t+1 =rj,t+1-E(rj,t+1t), E(Zj,t+1t)=0 (Copeland, Weston Shastri, 2005). Information in t is fully utilise to determine equilibrium evaluate returns. On average, the expect return on an asset E(rj,t+1t) equals its actual return (rj,t+1), so that no expected abnormal return can be gained from away schooling. RWM gives oftentimes stronger condition for EMH. It assumes that successive equipment casualty changes withstand a same normal dispersion and are independent. Its logic is that because new information is un indicateable and reaches market randomly, so under EMH, the resulting security price changes must be also irregular and random (Malkiel, 1973 Malkiel, 2003). No profit can be made from last(prenominal) information. There are three sub-hypotheses of EMH depending on the level of available information set (Fama, 1991). Firstly, market is weak-form efficient when prices reflect all security market information such as historical prices. Secondly, market is semistrong-form efficient when prices reflect all open information such as corporate intelligence service and pecuniary statements. Thirdly, market is strong-form efficient when prices reflect all public and mysterious information. demeanor Finance TheoriesFigure1 Conceptual Framework of Behaviour Finance origin Shleifer (2000)However, behaviour finance challenges EMH because it argues that psychological warpes trio to investor irrationality and limits to arbitrage delay exploitation of mispricing opportunities (Shleifer, 2002). Psychological parti pris results into opinionated overreaction or underreacion among investors. many a(prenominal) behaviour finance theories pull in been successfully developed to formulate some market anomalies. Conservatism biases sound flock adjust late to new information and hence the underreaction to new information gos to short-run momentum, part representativeness heuristic makes investors weigh that onetime(prenominal) good well-worn list performance will continue and people overreact to inform ation (Barberis, Shleifer Vishny, 1998). Additionally, overconfidence causes investors to overestimate the precision of their own analyses and to overtop public portends (Daniel, Hirshleifer Subrah someam, 1998). infra positive (negative) private signal (which is shown in pursuance graph), assured investors overreact and security is overprice (underpriced). When public information becomes available, coloured self-attri plainlyion causes security to be regular more overpriced (underpriced). Eventually, public information proves initial investment judgement is wrong, so price is driven put up to intrinsic value (Daniel et al, 1998). It parfathers that overconfidence leads to short-run return momentum and price correction leads to long-run return reversal.Figure 2 Overconfidence and Self-attri hardlyed biasSource Daniel, Hirshleifer Subrahmanyam (1998)Moreover, classification is a human native instinct to process information (Barberis Shleifer, 2003). Investors naturall y classify line of works by expressive styles, so styles returns are extremely positive correlated. There are two kinds of investors style switchers and primeval bargainers. direction switchers are unsophisticated investors and chase investment styles establish on past tense relative stock performance. When thither is good intelligence service about stock X (shown following graph), they will drain capital away from slight attractive style Y. It will push up stock Xs price, sluice higher than its intrinsic value, but further reduce stock Ys price. However, fundamental principals recognize stock Y is underpriced (Barberis et al, 2003). They arbitrage away mispricing opportunities and drive overpriced stocks back toward intrinsic value.Figure 3 Switchers and aboriginal TradersSource Barberis Shleifer, (2003)On the other hand, limits to arbitrage may obstruct information to be impounded into prices, couplet to the fundamental risk and implementation costs. Noise trader ri sk would pr steadyt rational investors from arbitraging (Delong, Summer Waldmann, 1990). Pessimistic ruffle trader drive price below intrinsic value, arbitrageurs can buy the asset, but bear risk of further deviation from the intrinsic value when haphazardness traders become even more pessimistic and price goes down even further (Delong et al, 1990). Arbitrageurs unremarkably give birth short horizon and must negate before price recovers, so they will incur loss. The agency capers amid professionals and investors also affect arbitrage (Shleifer Vishny, 1997), so non all mispricing would be arbitraged away to lead market become efficient.However, Fama (1998) argues that behaviour finance theories do well only on the anomalies they are specially designed to explain and cannot be conclude to the entire market. Rubinstein (2001) also argues that investor overconfidence would make market hyper-rational?.Methodologies Adopted to psychometric stress the Weak-form EMHEmpirical researches on studying weak-form EMH can be divided into three broad categories. Firstly, they assays security return in addiction. If time- series pattern of security returns shows insignificant (significant) autocorrelations, past(prenominal) weak-form EMH holds (is rejected) (Copeland, Weston Shastri, 2005). Secondly, they footrace return momentum effect. If portfolio of stocks with higher returns in the short past continues to earn higher abnormal returns in the subsequent short term, then short-run past returns contain information that could predict future returns, so EMH will not hold (Copeland et al, 2005). Thirdly, they raise good trading rules. If no trading rules that consistently derive abnormal pelf can be found, then weak-form EMH holds.A series of research methodologies give up been developed to exam the EMH. The runs leaven is non-parametric, which is used to determine whether successive prices changes are independent. Unit bow tests involve three differe nt methods to test the postcode hypothesis of a unit root the Augmented Dickey-Fuller (ADF) test (1979), the Phillips-Peron (PP) test (1988) and the Kwiatkowski, Phillioh, Achmidt and Shin (KPSS) test (1992). Multiple variance ratio (MVR) tests are adopted to detect autocorrelation and heteroskedasticity in returns (Chow Denning, 1993).Empirical Results of Weak-form EMH for Emerging MarketsThe research results for scrutiny weak-form efficiency on the emerging markets are mixed. World Bank study reports significant market inefficiency for 19 emerging equity markets (Claessens, Dasgupta Glen, 1995). Latin American emerging markets of Argentina, Brazil, Chile, and Mexico are weak-form EMH (Urrutia, 1995), but under the variance ratio test, RWH is rejected (Ojah Karemera, 1999). Under ADF test, EMH is also slackly supported for six Latin American stock markets (Choundhry, 1997). For the emerging markets in Asia, major Asian markets are weak-form inefficient, such as Korea and Taiw an (Cheung, Wong Ho, 1993), Singpore and Thiland (Huang, 1995), but some meet it is efficient for Hong Kong, Singapore and japan (Chan, Gup Pan, 1992). When the observed superpower levels are used, both RWH and EMH are rejected for three equity markets of Saudi Arabia, Kuwait, and Bahrain subsequently adjusting for occasional(prenominal) trading , but when the right true indices are used, RWH is accepted (Abraham et al, 2002). RWH is rejected in five plaza Eastern emerging markets, Jordan, Morocco, Egypt, Israel, and Turkey (Omran and Farrar, 2001). Weak-form efficiency is rejected for Saudi and Palestinian financial market and inefficiency might be referable to delay in operations and high performance cost, abridgeness of trading and illiquidity in the market (Nourredine Kababa, 1998 Award Daraghma, 2009). Many researches find that emerging markets are becoming more efficient due to the liberalization policies. Istanbul stock exchange was inefficient in the early tim e but it becomes more efficient as the land started liberalization and deregulating (Antonios, Ergul Holmes, 1997).4.1 Thin barter and Non-linearityIt is argued that such mixed evidences of the weak-form EMH in emerging markets are only reliable if the methodologies adopted take placards for the institutional characteristics and trading conditions of the markets, such as clear trading and the mien of non-linearity (Antoniou, Ergul Holmes, 1997). Ignoring these factors may lead to statistical illusions look ating efficiency. The unoriginal tests of efficiency based on linear model fork up been developed to test markets with high levels of liquidity, sophisticated investors with glide slope to reliable information and few institutional impediments (Antoniou, Ergul Holmes, 1997). Therefore they are not suitable for testing EMH for emerging markets with characteristics of melt off trading, low liquidity and less(prenominal) well informed investors with bother to unreliab le information. Thin trading will bring monstrous serial correlation (Fisher, 1996), so the observed dependence does not of necessity represent serial correlation among securities returns.In addition, prices responds to information in a non-linear behavior especially during the early development stages of emerging markets (Schatzberg Reiber, 1992), so if the return generating process is non-linear but a linear model is used to test efficiency, then EMH may be wrongly accepted. This is because non-linear systems such as pell-mell? ones look very similar to a random walk (Savit, 1988). However, the conventional tests cannot recognize this problem. There are several reasons for the man of non-linear reaction of price to information in emerging markets. Transaction costs are high, information is relatively not reliable and market is illiquid or thither are labors on trading (Stoll Whaley, 1990). As a result, investors do not endlessly respond instantaneously to the information, which contradicts the assumptions of investor rationality and linear reaction of price. Scheinkman and LeBaron (1989) and Peters (1991) also through empirical observation support the non-linearity of stock returns.A number of studies have researched the conflict of thin trading (Fisher, 1966 Dimson, 1979 Cohen, 1978 Lo Mackinlay, 1990). Many empirical studies also have taken account of the non-linearity in price series and remove the impact of thin trading by the AR (1) model proposed by miller (1994). Antoniou, Ergul and Holmes (1997) find that at that place is apparent predictability of stock returns for Istanbul stock market, but after considering the impact of thin trading, the random walk hypothesis is accepted and the market is informationally efficient for 1990 onwards. Abuzarour (2005) examines the effect of non-trading on market efficiency for three emerging Arabian equity markets Jordan, Egypt and Palestine using the variance ratio test and the run test during the per iod of 1992 and 2004. Both random walk hypothesis and weak form efficiency are rejected when the observed magnate levels are used. However, when the indices are corrected by the Miller, Muthuswamy and Whaley methodologies (1994) to take account for thin trading, weak-form EMH is accepted for Egypt and Jordan stock market but it is hush rejected for Palestine. solely these empirical researches invoke that markets become more efficient when trading great deal is high, information is much reliable and institutional frameworks are appropriate.4.2 Structural Breaks question on efficiency for emerging markets should not only take account for institutional characteristics and trading conditions, but also should take account for the morphological breaks in the fundamental series that arise from the liberalization. Ignoring morphologic breaks can lead to wrong inference that these indices are following random walks. Many emerging countries are liberalizing their financial markets wit h various degrees (IFC, 1997) and such structure changes would have stirred their equity markets (Bekaert et al, 2002 heat content 2000). For instance, huge shocks occurred for equity index level for Greece, Malaysia and Philippines in late mid-eighties and early 1990s, which are around the same category of their market liberalization. As Perron (1989) have demonstrated that traditional exemplification tests for RWH in stock prices have low power against the alternative hypothesis in small samples, and the problem is especially serious when structural changes are involved. olibanum failure to consider these breaking points may wrongly support the RWH.Therefore, many empirical researches try to incorporate the structural breaks factor by more powerful test methods, such as the Zivot- Andrew sequential test (Zivot Andrew, 1992). Chaudhuri and Wu (2001) adopt both the standard ADF test and Zivot- Andrew sequential method to test the EMH in seventeen emerging markets Argentina, B razil, Chile, Colombia, Greece, India, Jordan, Korea, Malaysia, Mexico, Nigeria, Pakistan, Philippines, Taiwan, Thailand, Venezuela, and Zimbabwe. Results for the ADF test without breaks to each series tend to show non-rejection of the RWH. However, results for the Zivot- Andrew test with structural breaks show that RWH can be powerfully rejected at the one percent significant level in ten markets Argentina, Brazil, Greece, India, Malaysia, Mexico, Nigeria, Philippines, Taiwan and Zimbabwe (Chaudhuri Wu, 2001).4.3 Market EvolutionAlthough structural breaks have been taken into account in many researches, it is argued that standard techniques are still not fit to test the weak-form EHM for emerging market, because they are not able to evaluate the evolving efficiency in emerging markets. It is also argued that methods such as a time varying disceptation model and Kalman Filter technique not only can indicate the movement of stock returns from inefficiency to efficiency, but also ca n measure the clock of the movement towards full efficiency(Rockinger Urga, 2000 Zalewska-Mitura Hall, 1999). It is broadly speaking agreed that emerging markets are evolving from inefficiency to efficiency with the higher disclosure degree of firm practices, high trading volume and lower institutional barriers to trade (Cornelius, 1994). According to Laurence (1986), the methods of OLS or GMM test market efficiency over the whole period and precisely capture the temperament towards efficiency, so under these methods, early inefficiency would wrongly lead to the conclusion that there are profit opportunities based on the past asset price movement. In addition, the variance of the error process in the conventional test models is not constant over time, so if this ever-changing variance structure is omitted and has a serial correlation property, then market efficiency would be incorrectly rejected (Hall Urga, G2002).Hall and Urga (2002) potty with these problems by using the Ka lman Filter and combing the time varying literary argument model with a standard GARCH-M model (generalized autoregressive conditional heteroscedasticity in mean). They cod this procedure to the two indexes of Russian stock market from 1995 to 2000. And find that with regard to RTS index (Russian Trading System), the market is initially inefficient and it takes about two and a half years to become efficient, while for the ASPGEN Index (Skate twitch Agency General), the market is still predictable. There is evidence of a intention towards being efficient. Kvedaras and Basdevant (2002) also investigate the market efficiency in the three Baltic States Estonia, Latvia and Lithuania by using the time-varying variance ratio statistic robust to heteroscedasticity based on time-varying autocorrelations. They find a clear trajectory to weak-form efficiency in the Estonian and Lithuanian capital markets. Its relatively small inefficiency can be explained by transaction costs and informat ion acquiring costs (Grossman and Stiglitz, 1980). In the Latvian market, it is inefficient even at the very end of the study period.Policy ImplicationsThese results have some important implications for developing effective institutional and regulatory frameworks. Since infrequent trading negatively affects market efficiency and liquidity in emerging markets, economic policy makers should pay attention to disparage the institutional restriction and barriers on capital flow in the financial markets, impose strict disclosure requirements and ensure that investors can easily access to high timberland and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation.Co nclusion6.1 Short drumheadIn conclusion, as two main schools of thought in novel financial theories, there is a hot debate between efficient market hypothesis and behaviour finance. EMH asserts that financial markets are informationally efficient and equity stock prices instantaneously and fully reflect all known information. piece of music behaviour finance argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities, so market is not efficient. There are wide empirical researches on the issue of market efficiency in emerging markets with mixed results. It is generally found that most of emerging markets are still inefficient, but after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, some researches find that equity markets are efficient for some countries such as for Istanbul, Egypt and Jordan. When structure break factors are taken into account, market efficiency is powerfully rejected for most emerging countries such as Argentina, Brazil, Greece and India. There are also some evidence shows that duo to economic liberalization policies, many emerging markets are moving towards more efficiency such as Estonian, Lithuanian and Russia.6.2 Limitations of Empirical researches and Proposed Further ResearchHowever, there are some limitations involved in these empirical researches. nigh researches ignore whether the distribution is normal or not. Others using equally dull indices may bias the results. The possible auto-correlation might be due to the noise traders but doesnt postulate return predictability (Cuthberston, 1996). Most of these studies focus on the test of time series of equity return to investigate EMH, but don not investigate the momentum effect or the profitability of good trading to earn abnormal return. Therefore, further research can be extended in several dimensions. Firstly, it suggest s trying to combine the tests of momentum effect or proficient trading rules with the time series tests to make more robust conclusions. Secondly, since most of researches focus on traditional EMH, it can consider the factors of investor behaviour, such as psychologies bias and limits to arbitrage to do further in-depth testing of EMH. Finally, further researches for more novel and accurate methodologies of testing EMH are importantly essential.Weak Form Efficient Market Hypothesis For Emerging MarketsWeak Form Efficient Market Hypothesis For Emerging MarketsLiterature ReviewThe issue of market efficiency in emerging markets is of great importation for both foreign investors and policy makers in emerging economies. This project devotes large efforts to produce a thorough and in-depth literature review for this area. This topic is to be investigated from these aspects theoretical foundation, methodologies of tests and empirical results. Firstly, traditional efficient market hypothe sis (Fama, 1970 Makiel, 1973) and behavior finance theories developed in recent decades (Barbris, 1998 Shleifer, 2000) have formed two main schools of thought for the issue of market efficiency. Secondly, the evolution for a series of methodologies is important for testing market efficiency. Thirdly, the empirical evidence is reviewed by status three major factors trade volume and non-linear behavior, structural breaks and market evolution through time. Finally, it also reflects some important policy implications for emerging markets.Many empirical studies have been widely carried to investigate the weak-form efficient market hypothesis for emerging markets, and the results are mixed. Generally, most of emerging markets are found to be inefficient. But for some countries, such as Istanbul, Egypt and Jordan, after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, equity markets are found to be efficient. When structure break factors are taken into account, market efficiency is powerfully rejected for countries such as Argentina, Brazil, Greece and India. There is also evidence showing that initially emerging markets are inefficient, but over time they are moving toward to be more efficient, such as in Estonian, Lithuanian and Russia duo to economic liberalization policies.These results reflect some important policy implications. Infrequent trading and illiquidity of capital markets negatively affects market efficiency, so economic policy makers should devote efforts to minimize the institutional restriction and barriers on capital flow in the financial markets and to impose strict disclosure requirements, so that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberali zation is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation.IntroductionDue to the increasing globalization of financial markets, fast economic growth and adoption of financial liberalization policies for equity markets in emerging economies, it is widely indicated that equity investment in emerging economies can provide superior returns. Past decades have witnessed spectacular growth in both size and relative importance of emerging equity markets. The market capitalization of emerging market economies accounts for twelve percent of world market capitalization and has more than doubled, growing from less than $2 trillion in 1995 to $5 trillion in 2006 (Nally, 2010). By 2015, it is estimated that the combined GDP of emerging-market economies will surpass that of the top 20 developed economies (ibid). In addition, emerging market returns are weakly correlated with returns in developed markets, so international diversification with these emerging equities can give lower portfolio risks (Levy Sarnat, 1970). The potency high rates of returns and diversification benefits has attracted large number of foreign fund investors, so the investigation on whether emerging markets function efficiently is importantly important. By knowing degree of market efficiency, economy policy makers and regulators can gain insights to develop right institutional and regulatory frameworks to allocate scare resources efficiently, form favourable investment condition and obtain further economic growth.Therefore, this essay is going to investigate the weak-form market efficiency in emerging markets. The efficient market hypothesis by Fama (1970), Random Walk module by Makiel (1973) and behaviour finance theories are directed related to this issue and form the theoretical foundations. Section 1 will critically give the theoretical review based on the two schools of thought that are EMH and behaviou r finance theories. Section 2 will give a brief review of methodologies adopted in literature review. Section 3 will give empirical review of the weak-form EMH for emerging markets. Section 4 will indicate some brief policy implications for emerging economies and section 5 is the conclusion with some directions for further research.Theoretic Review of EMH VS Behaviour FinanceEfficient Market HypothesisFama (1970) defines an efficient financial market as one in which security prices always instantaneously and fully reflect all available information. No investors can earn expected abnormal return by analysing past known information. Market efficiency is attained by two key forces investor rationality and arbitrage activities (Fama, 1970). EMH assumes that investors are rational and can process information correctly and efficiently. Although some investors are irrational and may overact or underact to new information, these judgement errors are independent and random, hence can cancel out each other without affecting prices (Fama, 1998). Therefore, on average, the whole market is efficient. In addition, since numerous profit-maximizing investors are competing to analyse, value and trade securities based on all available information to exploit arbitrage opportunities, on aggregate level, security prices are adjusted quickly to reflect the effect of new information (Fama, 1998). Security prices are driven close to intrinsic values. Expected returns implicit in the current price of a security should reflect its underlying risk, and higher returns are earned only as compensations for bearing higher risk.There are two main modules that explain EMH fair-game model and random walk model (RWM). The fair-game model is expressed as Zj,t+1 =rj,t+1-E(rj,t+1t), E(Zj,t+1t)=0 (Copeland, Weston Shastri, 2005). Information in t is fully utilized to determine equilibrium expected returns. On average, the expected return on an asset E(rj,t+1t) equals its actual return (rj,t+1), so that no expected abnormal return can be gained from past information. RWM gives much stronger condition for EMH. It assumes that successive price changes have a same normal distribution and are independent. Its logic is that because new information is unpredictable and reaches market randomly, so under EMH, the resulting security price changes must be also unpredictable and random (Malkiel, 1973 Malkiel, 2003). No profit can be made from past information. There are three sub-hypotheses of EMH depending on the level of available information set (Fama, 1991). Firstly, market is weak-form efficient when prices reflect all security market information such as historical prices. Secondly, market is semistrong-form efficient when prices reflect all public information such as corporate news and financial statements. Thirdly, market is strong-form efficient when prices reflect all public and private information.Behaviour Finance TheoriesFigure1 Conceptual Framework of Behaviour FinanceSourc e Shleifer (2000)However, behaviour finance challenges EMH because it argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities (Shleifer, 2002). Psychological bias results into systematic overreaction or underreacion among investors. Many behaviour finance theories have been successfully developed to explain some market anomalies. Conservatism biases lead people adjust slowly to new information and hence the underreaction to new information leads to short-run momentum, while representativeness heuristic makes investors believe that past good stock performance will continue and people overreact to information (Barberis, Shleifer Vishny, 1998). Additionally, overconfidence causes investors to overestimate the precision of their own analyses and to neglect public signals (Daniel, Hirshleifer Subrahmanyam, 1998). Under positive (negative) private signal (which is shown in following graph), informed investor s overreact and security is overpriced (underpriced). When public information becomes available, biased self-attribution causes security to be even more overpriced (underpriced). Eventually, public information proves initial investment judgement is wrong, so price is driven back to intrinsic value (Daniel et al, 1998). It explains that overconfidence leads to short-run return momentum and price correction leads to long-run return reversal.Figure 2 Overconfidence and Self-attributed biasSource Daniel, Hirshleifer Subrahmanyam (1998)Moreover, classification is a human natural instinct to process information (Barberis Shleifer, 2003). Investors naturally classify stocks by styles, so styles returns are highly positive correlated. There are two kinds of investors style switchers and fundamental traders. Style switchers are unsophisticated investors and chase investment styles based on past relative stock performance. When there is good news about stock X (shown following graph), they will drain funds away from less attractive style Y. It will push up stock Xs price, even higher than its intrinsic value, but further reduce stock Ys price. However, fundamental traders recognize stock Y is underpriced (Barberis et al, 2003). They arbitrage away mispricing opportunities and drive overpriced stocks back toward intrinsic value.Figure 3 Switchers and Fundamental TradersSource Barberis Shleifer, (2003)On the other hand, limits to arbitrage may obstruct information to be impounded into prices, duo to the fundamental risk and implementation costs. Noise trader risk would prevent rational investors from arbitraging (Delong, Summer Waldmann, 1990). Pessimistic noise trader drive price below intrinsic value, arbitrageurs can buy the asset, but bear risk of further deviation from the intrinsic value when noise traders become even more pessimistic and price goes down even further (Delong et al, 1990). Arbitrageurs usually have short horizon and must liquidate before price re covers, so they will incur loss. The agency problems between professionals and investors also affect arbitrage (Shleifer Vishny, 1997), so not all mispricing would be arbitraged away to lead market become efficient.However, Fama (1998) argues that behaviour finance theories do well only on the anomalies they are specially designed to explain and cannot be generalized to the entire market. Rubinstein (2001) also argues that investor overconfidence would make market hyper-rational?.Methodologies Adopted to Test the Weak-form EMHEmpirical researches on testing weak-form EMH can be divided into three broad categories. Firstly, they tests security return independence. If time-series pattern of security returns shows insignificant (significant) autocorrelations, then weak-form EMH holds (is rejected) (Copeland, Weston Shastri, 2005). Secondly, they test return momentum effect. If portfolio of stocks with higher returns in the short past continues to earn higher abnormal returns in the s ubsequent short term, then short-run past returns contain information that could predict future returns, so EMH will not hold (Copeland et al, 2005). Thirdly, they test technical trading rules. If no trading rules that consistently derive abnormal profits can be found, then weak-form EMH holds.A series of research methodologies have been developed to exam the EMH. The runs test is non-parametric, which is used to determine whether successive prices changes are independent. Unit root tests involve three different methods to test the null hypothesis of a unit root the Augmented Dickey-Fuller (ADF) test (1979), the Phillips-Peron (PP) test (1988) and the Kwiatkowski, Phillioh, Achmidt and Shin (KPSS) test (1992). Multiple variance ratio (MVR) tests are adopted to detect autocorrelation and heteroskedasticity in returns (Chow Denning, 1993).Empirical Results of Weak-form EMH for Emerging MarketsThe research results for testing weak-form efficiency on the emerging markets are mixed. Wor ld Bank study reports significant market inefficiency for 19 emerging equity markets (Claessens, Dasgupta Glen, 1995). Latin American emerging markets of Argentina, Brazil, Chile, and Mexico are weak-form EMH (Urrutia, 1995), but under the variance ratio test, RWH is rejected (Ojah Karemera, 1999). Under ADF test, EMH is also generally supported for six Latin American stock markets (Choundhry, 1997). For the emerging markets in Asia, major Asian markets are weak-form inefficient, such as Korea and Taiwan (Cheung, Wong Ho, 1993), Singpore and Thiland (Huang, 1995), but some find it is efficient for Hong Kong, Singapore and Japan (Chan, Gup Pan, 1992). When the observed index levels are used, both RWH and EMH are rejected for three equity markets of Saudi Arabia, Kuwait, and Bahrain after adjusting for infrequent trading , but when the corrected true indices are used, RWH is accepted (Abraham et al, 2002). RWH is rejected in five Middle Eastern emerging markets, Jordan, Morocco, E gypt, Israel, and Turkey (Omran and Farrar, 2001). Weak-form efficiency is rejected for Saudi and Palestinian financial market and inefficiency might be due to delay in operations and high transaction cost, thinness of trading and illiquidity in the market (Nourredine Kababa, 1998 Award Daraghma, 2009). Many researches find that emerging markets are becoming more efficient due to the liberalization policies. Istanbul stock exchange was inefficient in the early times but it becomes more efficient as the country started liberalization and deregulation (Antonios, Ergul Holmes, 1997).4.1 Thin Trading and Non-linearityIt is argued that such mixed evidences of the weak-form EMH in emerging markets are only reliable if the methodologies adopted take accounts for the institutional characteristics and trading conditions of the markets, such as thin trading and the presence of non-linearity (Antoniou, Ergul Holmes, 1997). Ignoring these factors may lead to statistical illusions regarding efficiency. The conventional tests of efficiency based on linear model have been developed to test markets with high levels of liquidity, sophisticated investors with access to reliable information and few institutional impediments (Antoniou, Ergul Holmes, 1997). Therefore they are not suitable for testing EMH for emerging markets with characteristics of thin trading, low liquidity and less well informed investors with access to unreliable information. Thin trading will bring serious serial correlation (Fisher, 1996), so the observed dependence does not necessarily represent serial correlation among securities returns.In addition, prices responds to information in a non-linear behavior especially during the early development stages of emerging markets (Schatzberg Reiber, 1992), so if the return generating process is non-linear but a linear model is used to test efficiency, then EMH may be wrongly accepted. This is because non-linear systems such as chaotic? ones look very similar to a random walk (Savit, 1988). However, the conventional tests cannot recognize this problem. There are several reasons for the existence of non-linear reaction of price to information in emerging markets. Transaction costs are high, information is relatively not reliable and market is illiquid or there are restrictions on trading (Stoll Whaley, 1990). As a result, investors do not always respond instantaneously to the information, which contradicts the assumptions of investor rationality and linear response of price. Scheinkman and LeBaron (1989) and Peters (1991) also empirically support the non-linearity of stock returns.A number of studies have researched the impact of thin trading (Fisher, 1966 Dimson, 1979 Cohen, 1978 Lo Mackinlay, 1990). Many empirical studies also have taken account of the non-linearity in price series and remove the impact of thin trading by the AR (1) model proposed by Miller (1994). Antoniou, Ergul and Holmes (1997) find that there is apparent predicta bility of stock returns for Istanbul stock market, but after considering the impact of thin trading, the random walk hypothesis is accepted and the market is informationally efficient for 1990 onwards. Abuzarour (2005) examines the effect of non-trading on market efficiency for three emerging Arabian equity markets Jordan, Egypt and Palestine using the variance ratio test and the run test during the period of 1992 and 2004. Both random walk hypothesis and weak form efficiency are rejected when the observed index levels are used. However, when the indices are corrected by the Miller, Muthuswamy and Whaley methodologies (1994) to take account for thin trading, weak-form EMH is accepted for Egypt and Jordan stock market but it is still rejected for Palestine. All these empirical researches suggest that markets become more efficient when trading volume is high, information is much reliable and institutional frameworks are appropriate.4.2 Structural BreaksResearch on efficiency for emerg ing markets should not only take account for institutional characteristics and trading conditions, but also should take account for the structural breaks in the underlying series that arise from the liberalization. Ignoring structural breaks can lead to wrong inference that these indices are following random walks. Many emerging countries are liberalizing their financial markets with various degrees (IFC, 1997) and such structure changes would have affected their equity markets (Bekaert et al, 2002 Henry 2000). For instance, huge shocks occurred for equity index level for Greece, Malaysia and Philippines in late 1980s and early 1990s, which are around the same year of their market liberalization. As Perron (1989) have demonstrated that traditional standard tests for RWH in stock prices have low power against the alternative hypothesis in small samples, and the problem is especially serious when structural changes are involved. Thus failure to consider these breaking points may wrong ly support the RWH.Therefore, many empirical researches try to incorporate the structural breaks factor by more powerful test methods, such as the Zivot- Andrew sequential test (Zivot Andrew, 1992). Chaudhuri and Wu (2001) adopt both the standard ADF test and Zivot- Andrew sequential method to test the EMH in seventeen emerging markets Argentina, Brazil, Chile, Colombia, Greece, India, Jordan, Korea, Malaysia, Mexico, Nigeria, Pakistan, Philippines, Taiwan, Thailand, Venezuela, and Zimbabwe. Results for the ADF test without breaks to each series tend to show non-rejection of the RWH. However, results for the Zivot- Andrew test with structural breaks show that RWH can be powerfully rejected at the one percent significant level in ten markets Argentina, Brazil, Greece, India, Malaysia, Mexico, Nigeria, Philippines, Taiwan and Zimbabwe (Chaudhuri Wu, 2001).4.3 Market EvolutionAlthough structural breaks have been taken into account in many researches, it is argued that standard techni ques are still not fit to test the weak-form EHM for emerging market, because they are not able to evaluate the evolving efficiency in emerging markets. It is also argued that methods such as a time varying parameter model and Kalman Filter technique not only can indicate the movement of stock returns from inefficiency to efficiency, but also can measure the timing of the movement towards full efficiency(Rockinger Urga, 2000 Zalewska-Mitura Hall, 1999). It is generally agreed that emerging markets are evolving from inefficiency to efficiency with the higher disclosure degree of firm practices, high trading volume and lower institutional barriers to trade (Cornelius, 1994). According to Laurence (1986), the methods of OLS or GMM test market efficiency over the whole period and hardly capture the tendency towards efficiency, so under these methods, early inefficiency would wrongly lead to the conclusion that there are profit opportunities based on the past asset price movement. In a ddition, the variance of the error process in the conventional test models is not constant over time, so if this changing variance structure is omitted and has a serial correlation property, then market efficiency would be incorrectly rejected (Hall Urga, G2002).Hall and Urga (2002) deal with these problems by using the Kalman Filter and combing the time varying parameter model with a standard GARCH-M model (generalized autoregressive conditional heteroscedasticity in mean). They apply this procedure to the two indexes of Russian stock market from 1995 to 2000. And find that with regard to RTS index (Russian Trading System), the market is initially inefficient and it takes about two and a half years to become efficient, while for the ASPGEN Index (Skate Press Agency General), the market is still predictable. There is evidence of a tendency towards being efficient. Kvedaras and Basdevant (2002) also investigate the market efficiency in the three Baltic States Estonia, Latvia and Lit huania by using the time-varying variance ratio statistic robust to heteroscedasticity based on time-varying autocorrelations. They find a clear trajectory to weak-form efficiency in the Estonian and Lithuanian capital markets. Its relatively small inefficiency can be explained by transaction costs and information acquiring costs (Grossman and Stiglitz, 1980). In the Latvian market, it is inefficient even at the very end of the analyzed period.Policy ImplicationsThese results have some important implications for developing effective institutional and regulatory frameworks. Since infrequent trading negatively affects market efficiency and liquidity in emerging markets, economic policy makers should pay attention to minimize the institutional restriction and barriers on capital flow in the financial markets, impose strict disclosure requirements and ensure that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lowe r borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation.Conclusion6.1 Short SummaryIn conclusion, as two main schools of thought in modern financial theories, there is a hot debate between efficient market hypothesis and behaviour finance. EMH asserts that financial markets are informationally efficient and equity stock prices instantaneously and fully reflect all known information. While behaviour finance argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities, so market is not efficient. There are wide empirical researches on the issue of market efficiency in emerging markets with mixed results. It is generally found that most of emerging markets are still inefficient, but after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, some researches find that equity markets are efficient for some countries such as for Istanbul, Egypt and Jordan. When structure break factors are taken into account, market efficiency is powerfully rejected for most emerging countries such as Argentina, Brazil, Greece and India. There are also some evidence shows that duo to economic liberalization policies, many emerging markets are moving towards more efficiency such as Estonian, Lithuanian and Russia.6.2 Limitations of Empirical Researches and Proposed Further ResearchHowever, there are some limitations involved in these empirical researches. Some researches ignore whether the distribution is normal or not. Others using equally weighted indices may bias the results. The possible auto-correlation might be due to the noise traders but doesnt imply return predictability (Cuthberston, 19 96). Most of these studies focus on the test of time series of equity return to investigate EMH, but don not investigate the momentum effect or the profitability of technical trading to earn abnormal return. Therefore, further research can be extended in several dimensions. Firstly, it suggests trying to combine the tests of momentum effect or technical trading rules with the time series tests to make more robust conclusions. Secondly, since most of researches focus on traditional EMH, it can consider the factors of investor behaviour, such as psychologies bias and limits to arbitrage to do further in-depth testing of EMH. Finally, further researches for more novel and accurate methodologies of testing EMH are significantly essential.

Inflation Rate and Economic Stability of Brazil

splashiness Rate and Economic stableness of brazilIntroductionThis paper is patronageed with the economic consideration of angiotensin converting enzyme of the South Ameri squirt countries and analyzes the preserve of an economic concern on that especial(a) South American country that has been chosen and identifies the tendency of the economic concern with in specified region on the basis of data sets stack up from the source. The south American countries has major impact on American rescue and the economic concern of genius of an important country raise our carcass of knowledge regarding the economic swerve in that particular country and its impact on overall economy as well.South American provinceThe economy of South America consists of twelve nations with three territories and comprise of 6% of population in the world. I have choose Brazil among other(a) South American countries as Brazil is the largest South American country andBrazil is one of the fastest growin g economies of the world. It is ranked at one-fifth spot in the world regarding population and geographical region and fifth largest economy regarding GDP in the world. The economic concern of Brazil is effectively contributes to world economy and interesting trend of economy can be seen. (Abreu, 2005).Economic ConcernAmong four economic concern including GDP, quantities of specificGoods and serve gross Domestic Product (GDP), and unemployment lump I have selected ostentation. ostentatiousness is an important economic concern that will effect the economy in great extend and fanfare drift of a country economy is an important indicator for a country growth prospective. ostentation convey rise in the general price level of the country and discharge the real value of money as fewer commodities will bought with each additional unit of currency. rising prices directly relate to the economic productiveness and has positive and negative both effect on economy as it create econom ic uncertainty which may discourage saving and investing. spunky prices of general commodities and hoarding will be its largest disadvantage. In positive guts it may encourage non monetary investment. But the largeness regularize need to be control in order to sustain country economy. ostentatiousness trend in BrazilThe inflation regularise in Brazil is fluctuating over the years. No consistent trend can be seen in the inflation say ac past year data support this assumption. According to the data displayed by ( IPCA) in 2002 the inflation swan was 12.53% that is kind of high rate. Then the decreasing trend of inflation rate can be seen in Brazil economy as 9.3% in 2003, 7.6% in 2004, 5.69% in 2005, and 3.14% in 2006 that is least in this decade. Then the minute increasing trend can be seen in rate of inflation. 4.46% can be seen in 2007 and 5.91 in 2008. The fluctuating trend can be seen in this range in coming years as well. ( ostentation statistical table)Statistical Ta bleInflation (IPCA)200212.53%20039.30%20047.60%20055.69%20063.14%20074.46%20085.91%Past two years Inflation TrendPast two years calendar monthly inflation rate trend can be seen from this graph that shows the monthly frequency of the inflation rate. The graph bars shows the trend of inflation from year 2011 that is 6.01%. The increasing angle can be seen from March, 2011 up to October, 2011. Inflation rate at the month of October is the highest that is 7.31%. Then the control implementation on inflation increasing trend can be seen from 7.31% to the deep low rate at 4.92% in July, 2012 that is complemented to Brazil economy. The upward Trent at semi annual bases can be seen in Brazil economy. The last recorded inflation rate of 6.15% that is quite high. Brazil administration target inflation rate is 4.5% with the plus and minus tolerance margin of 2% in it. The high inflation trend is important consideration for the authorities as increasing inflation rate affect the economy in d eep roots and make the investment and saving difficult. People purchasing power will be make that will effect their standard of living and indulge the poverty level in the country as commodities will be difficult to bargain for with even more money in hand because due to inflation country will lose its real money value. (De Paiva Abreu, 2005).According to IBGE handle it is recorded from 1980 the Brazil inflation trend has gone through miscellaneous fluctuations. Historical data shows average of 411.8 % Brazil inflation rate that reached at highest rate of inflation of 6821.3 % in April 1990 that was the highest rate for all time. The low inflation rate of 1.7 percent was found in December 1998. The measure utilise to calculate inflation is consumer price index. Brazil important contribution in consumer price index are tobacco, food and alcohol that covers 31% of total, 15 percent by transport sector and communication carries 5 %. . (Brazil Inflation Rate)Statistical Evidence co mparing various countries inflation rateInflation Rate of various countries is showing the Brazil high rate of inflation as compare to other countries except India that has the inflation Rate o f 6.62. An increasing trend is quite threatening for Brazilian government for economic growth and required close consideration to control the rate in future in order to brace the economy.ConclusionThe Inflation rate and economic stability are closely related to one another and required close concern in order to stabilise the economy. Brazil increasing trend provide the threatening for its future concerns and shows that the government need to closely consider this regime in order to stabilize the economy and to achieve the economical growth in the world.

The Implementation Of Policies And Legislative Social Work Essay

The Implementation Of Policies And Legislative Social Work testifyChildren be dened as in need when they are unlikely to master or maintain, or run through the opportunity of achieving or maintaining, a conjectural standard of health or festering or whose health and ontogeny are likely to be signi stoogetly impaired, or further impaired with bug out the preparedness of services infra s.17(10) o are disabled as delimit in s.17(11) or those who are in specific need of fortressing under Part V of the (CA)(1989).Ann had recently been separated with her husband collectable to home(prenominal) violence and is currently living in a womens refuge with her 12 years old daughter. She had reported feeling depressed and lack resources. The development of a definition of internal violence in Yemshaw v Hounslow LBC 2011 UKSC 3 (SC), decision by the court set a precedent that was utilise in meeting the needs of families. Children witnessing domestic abuse have without delay been accommodated in the definition of harm under s.31(9) of the CA (1989). particle 17(1) of the CA (1989), places a general duty on Local authorities (LA) to safeguard and promote the eudaemonia of nipperren within its area who are in need. It is based on the presumption that so far as it is agreeable with their duty, children upbringing should be promoted within the family with an violence on resurrectal responsibility as defined under s.3(1) of the CA (1989). This is complemented and reinforced under s.10(3) of the CA (2004), which requires LAs to have regard to the importance of parents and other persons caring for children in upward(a) the well-being of children. LAs are directed through their specific duties and powers specified in Part 1 of Schedule 2 to provide services considered separate to meet the needs of children in need with the aim of avoiding the need for attention proceedings . This includes homelessness, the psychological resultant of witnessing abuse and d isruption with school. Under s.17(6) the LAs can provide accommodation, counselling or as in the cash of domestic violence, assistance in cash.Social workers are charged with discretion in making ethical decisions and should therefore use case law for excess guidance (Brammer, 2010 190). In R v Nottingham City Council 2001 EWHC Admin 235, it was established that mind is not a discretionary duty. Additionally, In R. (on the application of MM) v Lewisham LBC 2009 EWHC 416, it was held that the devotion given to the referral fell far below the standard required by law.The CA (1989) stipulates the legal framework within which Social Work exercising with children in need is situated. Its child-centred approach is embodied in the upbeat paramountcy dominion s.1 and the welfare checklist s.1(3) states factors that moldiness be considered with respect to determining the childs best interest. This welfare principle is also evident in s.3(5) and s.17. It trace the principle that all delay s.1(2) in considering whether to make, vary or discharge s.31 and s.8 orders, s(1)(4) is likely to detriment the childs welfare and no order should be discharge except it is unambiguously in the childs best interests.The complexities and uncertainties of family life have brought rough evolving policies and guidelines to complement the legislative framework (Davis, 2009). An understanding of childrens needs requires a multidisciplinary evidenced-based assessment, which is prescribed under The framework for the Assessment of Children in Need and their Families (DoH, 2000). This is conferred under s.7, LA Social function Act (1979) and requires LAs to comply with their duties. The Every Child Matters (DfES, 2003) led to the enactment of the CA (2004) it requires LAs under s.11(4) to have regards of statutory guidance to cooperate and make arrangements to safeguard and promote the welfare of children. work Together to Safeguard Children (DCSF, 2010) specifies how agencies sho uld work unitedly it states unequivocally the proactive early identification of additional needs and the prep of appropriate services. The complexities and tension of multi overlord perspective is recognised in The leafy vegetable Assessment Framework (CAF) (DfE, 2009) and based assessment on consistency and coordination betwixt agencies (Brammer, 2010).There are capableness dissonances between legislative framework and the ethical frameworks, which informs neighborly work exercising. Parton (2006) noted the complexities of balancing child empowerment and professional judgement, and suggested that Social workers should advocate for children through their active fraternity in accord with s.17(4A and 4B). Graham (2011 1541) highlighted a substantial cultural shift to include children in planning and decision-making through the construction of the affectionate model of childhood. This principle desire to reconcile the supposition of child autonomy and right, with professi onal accountability and responsibility (Williams, 2008). The concept of best interest and the welfare of the child set out in s.1(3) and A8 of the United Nations Convention on the Rights of the Child (1989) is also embodied in decision-making (Butler and Hickman, 2011). In a speech at the Institute of humanity Policy Research, Educational Secretary Michael Gove claimed that safeguarding children is inundated with optimism bias (Media, 2012).The law confers twain a discretionary and obligatory duties, and the prediction of impairment is given emphasis under s.31 and s.17. It is therefore critical for social workers to have an ethical amity when discharging their powers and duties, and reflect social work values in their proportionality of interference under the Human Rights Act (HRA) (1998) which is seen as an additional scrutiny of radiation pattern (Brammer 2010 114).The value of outcome focus needs analysis and multi-agency working is compatible with social work values. It re cognise the complexities and sensitivity of domestic violence, and emphasis on the compounding effect of stereotypical assumptions and stigma faced by somebody and families (Sheppard, 2006). Social workers conceptualisation according to Connolly, et al (2006) is invaluable in promoting social inclusion. This is particularly relevant to Anns situation.Assessment should not be based on a single event careful consideration must be given the long-term effect of domestic violence (Williams, 2008). It must be conducted sensitively with an emphasis on respectful uncertainty, flexibility, openness and honesty about professional involvement (Laming, 2003).Strafford,et al (201013) locates the process of assessment in the stage setting of a Systems approach. Social workers need to be aware of the likely stupor of any intervention on the family. Social workers are required to adopt a principled approach based on negotiation and partnership.The CA (2004) requires LAs to coordinate services wit h relevant agencies this gained explicit experience in the Working Together to Safeguard Children guideline and reflects an acknowledgement that disadvantage occurs within a context of multiplicity of interlocking factors and social dynamic of the family (Graham, 2011). Social workers must therefore, integrate best-known evidence to inform professional judgement to accounts for the uniqueness, uncertainties and potential value conflicts (GSCC, 2003).Anti-discriminatory and anti-oppressive practices are integral to social worker practice and enshrined in law. The GSCC (2003 1.5) code of practice stresses the importance of respecting diversity and different culture and values. Further, s.22(5) requires due consideration to be given to a childs religious persuasion, racial ocellus and cultural and linguistic background which is also encapsulated in A.14 of HRA (1998), the right not to be discriminated against. The amendment of parental responsibility by the Adoption and Children Act (2002) to include adult with real relationship accounts for value placed on recognition of diversity of families to combat social exclusion (Strafford,et al 2010 16).Millar and Corby (2006) highlighted the positive effect of a detailed assessment Munro (2011) and Wise et al (2011 95) are however, critical of the bureaucracy and the prescriptive nature of the Assessment Framework, which distracts social workers from their tenderness therapeutic function. This presents a dilemma of balancing the need of a more(prenominal)(prenominal) rigorous assessment framework with the CAF (Crisp, et al, 2007).Social inclusion and integration are intrinsic to social work, however, Palmer (2003) and Goldthorpe and Monro (2005) notes that there is concern amongst social workers that the high eligibility criteria have seen a shift from family support to reactive child protection practice thereby further excluding and marginalising families. This have led social workers to question the concept of ne eds led service provision.Stafford, et al, (2011) reports on the conflicts and complexities around issues of confidentiality and information overlap within multidisciplinary teams. This posed a dilemma between the welfare of the child and Anns right to confidentiality.Domestic violence occurs within the context of both elegant and criminal domain. This present are a wide range of shared and diverse models of knowledge and practice amongst professionals involved with children and families (Graham, 2011). OLoughlin and OLoughlin (2008 41) noted the complexities of balancing the rights and responsibilities of parents and the rights and needs of children. This present a dilemma between a principled welfare approach and s.8 orders as highlighted in Debbonaire (2012).Cleaver et al (2010) noted that short whist childrens needs occur within the family and environmental context and often interlinked with those of their parent It is crucial that practice is child-centred and needs consider ed separately through childrens active participation (Mullender 2002 121). The complexities of parental contact from the perpetrator of abuse might expose the children to witnessing more abuse.The legislative framework and policies have an enormous impact on social work practice. The complex interplay of skills, values and knowledge the prevailing social attitudes and the unlike and overlapping imperative, have been analysed as the range of dilemmas and conflicts faced by social workers. What is most noteworthy, however, is the need for sound professional judgement and ethical consideration.

Central Asias Water Resources: Country Comparison

substitution Asias irrigate Resources Country ComparisonChapter 3 passel of Central Asia Central Asia is the land of m whatsoever languages, ethnic groups, religions, and tribes. In 2000, an estimated 55.9 cardinal people lived in Central Asia. Today in that location ar al close to 65.7 one thousand thousand (ICG, 2014). The below control panel show the people of Central Asia from 1992 to 2013 amount commonwealth of Central Asia (1000 inhab)Source FAOThe table shows the population of fundamental Asiatic countries from 1992 to 2013. According to this table in 1992 the population of Kazakhstan is 16070, which start change magnitude from that socio-economic class. In 1997, the population of Kazakhstan rock-bottom to 15086 and in 2002 it decreased to the level of 146623. This trim backs show that by and by independence from stageer Soviet Union, the population of Kazakhstan start declining this is due to the migration of Russian and some(prenominal) early(a) Sov iet Union members countries ethnic people from Kazakhstan. This factor is and push factor for growing population. But subsequently the form 2002, it start growing, in 2007, it became 15396, 16271 in 2012 and 16441 in 2013. Kazakhstan is the 9th largest country in the world1, its concentration of population is re all(prenominal)y low and lowest among Central Asiatic republics. Kyrgyzstan is a mountainous country, merely, the population of Kyrgyzstan grows at a fast rate. In 1992, the population of Kyrgyzstan is 4476, in 2007 it crossed the 5 million mark and in 2012 it became only over 5.5 million and grows day by day. This put number of impact on the development of the country, handiness of natural resources, body of piddle recourses and it became difficult for governance to providing staple fiber amenities to the people. Tajikistan is the smallest country from all fiver republics of primaeval Asia. It is too mavin of the poorest republics in the world. Tajikistan caught in polished war just after the independence, in this civil war in five years over 50,000 killed and over 10% population of the country snuff itaway to neighboring countries.2 But beside all of this the population of Tajikistan is grow at a very rapid rate. In 1992, the population of Tajikistan is 5523 which became 6204 in 2002 and crossed 7 million marks in 2007 and 8 million mark in 2012. In 2013, the population of Tajikistan became 8208 and the population in Tajikistan grows very fast in all central Asiatic republics. Turkmenistan is a very low density country due to most of the ara of the country is desert. So, population in Turkmenistan is very low. In 1992, the population of Turkmenistan is 3882, which became 4600 in 2002 and crossed 5 million marks in 2012. In 2013, it became 5240.Total Renewal pissing resource per capita (actual) (m3/inhab/yr)Source FAOThe above table shows that total water constitution resources per capita (actual) in all central Asian countri es decreasing year by year. In Kazakhstan per capita water resources that was 7351 m3 in 2002, decreased to 6607 m3 in 2012 and 6539 m3 in 2014. In Kyrgyzstan the switch water resources per capita are decreased from 5277 m3 in 1992 to 4721 m3 in 2002, 4315 m3 in 2012 and 4257 m3 in the year of 2014.In Tajikistan, withal the trends of declining of water per capita. In 1992 the per capita transmutation water recourses availability was 3967 m3 that was declining to 2669 m3 in 2014. In the Turkmenistan the like trend of decreasing renewal water per capita continues. In 1992, the availability of renewal water resources per capita is 6381 m3 that was celestial latitude to 4727 m3 in 2014. When we talk about Uzbekistan the situation is worst. everywhere fractional of population of whole central Asian constituent is lived in Uzbekistan and also increase rapidly. So, the situation performs critical day by day. The availability of per capita renewal water resources, that was 2269 m 3 in 1992 declined to 1832 m3 in 2007 and 1689 m3 in 2014. water detachment by areas -The water onanisms means withdrawn of the gross quantity of water by different arenas annually for given proposes (FAO, 2012). at that place are deuce-ace spheres of water climb-down these welkins are kitchen-gardening, municipalities, and industry. In the agriculture sector included irrigation, aquaculture, irrigate and livestock cleaning, the municipalities sector included use of water in nursing homes, villages, towns and cities by population for their domestic proposes. The industrial sector includes the water used in thermal plants for cooling, for dying in leather industry etc. the information related to water drug masturbation is taken from the national statics of the countries for most countries, only when there is uncertainty in methods that are used for obtaining data (FAO, 2005).Water withdrawal by sectors in KazakhstanSource FAOThe above table shows that the withdrawal by sector in Kazakhstan changed rapidly from agriculture sector to otherwise sector like industrial and municipal. In 1995, agriculture sector withdrawal over 80% of the country. But in 2002, the situation is changed, the dower of water withdrawal by agriculture sector decline from 81% to 75% and the share of industrial sector increase from 1.73% to 4.21%. The share of Municipal sector also changed from 16.86 to 20.66 in 2002. In 2007, the share of agriculture again decline, entirely industrial sectors share cadaver shame as 2002. The big change comes in share of municipal sector, whichs share is increased very rapidly after 2002. Its share is increased from 20.66% in 2002 to 28.18% in 2007 and 29.63% in 2010. These trends will continue in country because of gritty growth in urbanization and industrial sector.Water withdrawal by sectors (in Percentage) in KyrgyzstanSource FAOWhen we see the table of water withdrawal by sector in Kyrgyzstan then we find out that there is very littl e changes in water withdrawal by sector. The share of agriculture is biggest from all the sectors in 1994, that was over 94% in 1994 and only 1% declined in its share in 2006. The other two sectors share is more or less 3% each 1994 that remained 3% also in 2006.Water withdrawal by sectors (in Percentage) in TajikistanSource FAOThe water withdrawal in Tajikistan is similar with Kyrgyzstan. Agriculture is the main sector, withdrawal over 90% water of the country. thither are many reasons for this because agriculture is the main sector of the economy of the country and biggest employment provider to the people, and industrial sector is non developed in the country because of mineral recourses and energy recourses and due to the increase in population and urbanization the share of municipal sector is increased very at a very slow rate.Water withdrawal by sectors (in Percentage) in TurkmenistanSource FAOIn Turkmenistan agriculture is the main bide of the employment of the people and also the biggest water withdrawal sector. Its share in 1994 is over 97% in total water withdrawal by the all the sectors of the country, that changed very slowly from other sector like industrial sector and municipal sector. The share of industrial sector was almost fractional percent in 1994, that increased 1.08% in 2000 and almost two and half percent in 2004 and increased year by year but at a very slow rate. The share of municipal sector increased but at a very slow rate.Water withdrawal by sectors (in Percentage) in UzbekistanSource FAOIn Uzbekistan the agriculture sector remains the biggest water consumer from the Soviet time. It is also one of the biggest cotton producers in the world and cotton crop is the biggest water consumer of the country. Agriculture is the main check of the people of the country. In 1994, agriculture sector withdrawal over 93% of the total water withdrawal by the country. The industrial sector withdrawal almost 2% and municipal sector 4% of water in the year 1994. In 2001, the agriculture sector withdrawal 90% , industrial sector almost 4% and municipal sector withdrawal almost five and half percent of water. In these years, the share of agriculture is decline and the share of others sector increased. In 2005, the share of agriculture sector remains same but the share of industrial sector declined almost 1%. On the other hand the share of municipal sector increased from five and half to over 7%. This is due to the increase in population and urbanization.Total Renewal water resource per capita (actual) (m3/inhab/yr)Source FAOThe above table shows that total water resources per capita (actual) in all central Asian countries decreasing year by year. In Kazakhstan per capita water resources that was 7351 m3 in 2002, decreased to 6607 m3 in 2012 and 6539 m3 in 2014. In Kyrgyzstan the renewal water resources per capita are decreased from 5277m3 in 1992 to 4721m3 in 2002, 4315 m3 in 2012 and 4257 in the year of 2014.In Tajikistan, also the trends of declining of water per capita. In 1992 the per capita renewal water recourses availability was 3967m3 that was declining to 2669 m3 in 2014. In the Turkmenistan the same trend of decreasing renewal water per capita continues. In 1992, the availability of renewal water resources per capita is 6381m3 that was decline to 4727 m3 in 2014. When we talk about Uzbekistan the situation is worst. Over half of population of whole central Asian region is lived in Uzbekistan and also increased rapidly. So, the situation becomes critical day by day. The availability of per capita renewal water resources, that was 2269 m3 in 1992 declined to 1832 m3 in 2007 and 1689 m3 in 2014. dam ups in Central AsiaSource FAOThe water administration in central Asia region is mange by large numbers of fuckals, dams and reservoirs etc. there is large trap of keisterals, which was do in the times of Former Soviet Union all over central Asia, many dams like worlds tallest dam Nurek dam etc a nd many big reservoir like Andijan, Toktogul, Tyuyamunym and Kairakkum etc are in central Asia to parcel out water resources of the region (UNECE, 2007).The International Commission on life-size Dams (ICOLD), classified the dams into two categories according to their meridian, the first category include the dams with the top of 15 meters or above, second category include the dams of between the height of 5 to 15 meters and the storage capacity is more than 3 million m3,3. There are over 1200 dams in central Asia region and one hundred ten dams are large dams from these dams. Many of them have inter- separate signifi toiletce because many of them situated on the Transboundary rivers like Amu Darya River, Syr Darya River etc. (UNECE, 2007). The total capacity of dams in central Asian countries is 176.8 km3. From which, 95.5 km3 only in Kazakhstan, that is 54% of the total dams capacity of the region. Kyrgyzstan banknotes 13% dams of the region with the capacity of 23.5 km3. Kamb arta and Toktogul are major dams in Kyrgyzstan. There are 17% dams of central Asia is in Tajikistan, with the capability of 29.5 km3. Nurek Dam with the height of 300 meters, is worlds tallest dam is located in Tajikistan on Vakhsh River.4. Sangtuda-1 and 2 are also very important dams in Tajikistan and country also proposed a dam named Rogan dam on Naryn River, which become worlds highest dam after the completion of construction5. Uzbekistan with the capacity of 22.2 km3 is account 13% of the total dams of the region and with the capacity of 6.2 km3 Turkmenistan accounts only 3% dams of the region1 http//www.nationsonline.org/oneworld/countries_by_area.htm2 http//www.bbc.com/news/world-asia-162010323 https//www.adaptation-fund.org/sites/default/files/ilovepdf.com-7.pdf4 http//www.briskinfo.com/extreme/tallest-dam-in-world-nurek-dam.html5 http//www.briskinfo.com/extreme/tallest-dam-in-world-nurek-dam.htmlGermanys semipolitical System sum-upGermanys Political System SummaryGerman Political SystemChandra Chapagai entrancewayPolitical system is introductoryally a structure to decide, govern, implement, and authorize policies and procedures to the citizens of a country. Each country has their own political system developed or designed under which policies, procedures, and legislations to run the country and the citizens. Each nation has some sort of uniqueness in formation of the political system and how to form policies, procedures, and govern the nation. Unlike US, Germany has its own political system to run the country. Germany is a federal official official parliamentary system country. It has different components of political system and they are constitution, the executive, legislature, judiciary, different states, composed of different political parties. Like all other political system, parliamentary system also has its own strengths and weaknesses.ConstitutionThe basic law of the land in Germany is the constitution. The constitution of Federal body po litic of Germany was passed after World War II in 1949. Germany is a social republi asshole country. In the constitution, the basic rights of German citizens are guaranteed. All federal and state authorities are bound by the constitution. They cannot do anything that is against what is written in the constitution. It was the constitution that has established democratic parliamentary system in Germany. after(prenominal) the constitution was written it helped to separate powers of German into executive, legislative, and judiciary emergencees. This constitution helps all these branches to maintain checks and balances to run the country.The ExecutiveThe executive branch basically consists of the principal sum of the state, and head of the government. The head of the state is the president and this president is mostly ceremony but the ceremonial president is also responsible in representing the state, states existence, and their rule-governed causes, and overall unity of the state s in the country. The president also has the power to set governance and implement laws and order in the country when there are crisis in the parliament and their cabinet members, and is also responsible to handle outside(a) issues, sign treaties in the situation when the parliamentary system is in seismic state, and these are all written in the constitution. The president is takeed by the legislative team members. The president is elected for two five year terms for maximum time frame. The head of the government is the federal chancellor. In Germany, the federal chancellor is responsible person to run the government and the overall country polices and politics. The chancellor of the federal republic of Germany is responsible for the parliament of the country. It is the righteousness of the chancellor to select the members of the cabinet for the government.LegislatureLegislature is another branch of the federal parliamentarian government of Germany. Legislature assembly is sp lit into two champers and they are Bundestag, and Bundesrat and its bicameral system. The Bundestag and Bundesrat are lower house and upper house of German political system. The Bundestag members are elected for four year terms in the government. Bundestag will have more than 598 members of representations. Current lower house of chamber has 622 members. It is required by the party to have at least five percent of the national vote in the Bundestag to have the seats.Upper house of the German parliament is called Bundesrat. Bundesrat is a representation from all other states in the country. They are appointed by the state cabinets and can remove them any time if they want to. States selects the representatives to serve in the Bundesrat. The number of house members in Bundesrat is smaller than Bundestag. The lower house of the parliament has the power and authority to ostracise state level legislation and that will ultimately affect the organization power on the state level.Judicia ryThe judiciary system of federal republic of Germany is responsible to interpret, explain, and apply the law to the country and other states. German judiciary system practices civil law. The judiciary system of German has three court system and they are ordinary courts, specialized courts, and federal ingrained courts. Ordinary courts basically are responsible to dealing with criminal and civil cases. The federal court of justice of Germany is the highest ordinary court in the country. It is also the highest court of appeals that most of the cases go there for the highest appeals to be heard by the federal judges. Specialized court systems in Germany deals with issues that are related to administration, ride laws, social laws, budget and financial laws, and the patent laws. Any cases related to these issues are directed to the specialized courts in Germany. The highest federal Germany court is called as the ingrained courts and this court focuses on judiciary system and any cons titutional issues. If there are any issues related to the constitution of the federal government, the Federal thoroughgoing court will be involved.The StatesGermany is divided into sixteen states. It is also called Landers. The government of Germany has federal constitution, all the sovereignty are given to the state and they manage and govern the state level affairs abide by the federal constitution. Since the population on these states are not same and can take leave therefore, the size and territory of these states also vary. Each state has its own chapiter and has their own local and regional government to govern the people of the state.Political partiesIn democratic countries there will be political parties to run for the government. In the federal parliament government of Germany there are two major political parties and they are Center-Right and Center-Left. The Center-Right has two other parties and they are Christian Democratic Union, and Christian Social Union. These tw o parties black market differently and they operate thought the country. The Centre-Left Party is the Social Democratic Party. There are other parties as well and they are named as The Left Party, and the German yard Party. The current political party in the government now is Christian Democratic Union (CDU). Angela Merkel is the present head of the government of Federal Republic of Germany. Currently Joachim Gauck is serving as the head of the states in Germany.Strengths and Weakness of parliament SystemAny political system has strengths and weaknesses. Political system in federal parliamentary system also has strengths and weakness. nonpareil advantage of parliamentary political system is that the executive branch is dependent on Bundestag and Bundesrat and its balmy and fast to pass the legislation that was proposed. Strength is that the executive power is divided into states and is not fully concentrated to the head of the federal government. The most pregnant strength I l ike is based on the series of debates, it can change the power without alternative and then allow election to be held at any time, so there is flexibility if need be.One weakness of the parliamentary system is that the head of the government, the chancellor is not now elected. Also, there is no any group or body that they agree the legislation that is passed by the parliament. Executive branch and legislative branches are fast connected and the checks and balances between them are poor. There are possibilities of having informal constitutions sometimes reserve powers are used which are not democratic and can cause crisis in the constitution. It is also possible that the parliamentary system can develop political authority from the executive branch.ConclusionThe political system of Republic of Germany is very interesting. The political system of Germany is fairly decentralized system in which the system is categorized into executive, legislative, judiciary, and cabinets. In this s ystem, the people will elect legislation, the legislation body elect executive, and the executive body produces public policy. There are both good side and bad side of parliamentary political system. The judiciary system of German is called the basic law of the land. There are different political parties in the Republic of Germany and all can participate in the political process and involve in the election processes. In Germany, chancellor is the head of the government, and the president is the head of the sixteen states.ReferencesCaramani, D. (2011). relative politics (3rd ed.). Oxford Oxford University Press.German political system. (n.d.). Retrieved May 12, 2015, from http//www.rogerdarlington.me.uk/Germanpoliticalsystem.htmlNeil, P. (2007). States. In Essentials of comparative politics (2nd ed.). New York, N.Y. W.W. Norton .

Behavior :: essays research papers

EDUCATING ETHICAL BEHAVIORARISTOTLES VIEWS ON AKRASIACan the teaching of morality really help cleanse the business world of shady dealings? Asked by Newsweek magazine during the height of the recent Wall-Street scandals,1 this query resonates with perennial concerns most whether or not virtue can be taught and how such focus might best be effected. The problem, Newsweek declares, is not that students lack ethical standards or are incapable of distinguishing wrong from expert. The challenge for educators rather lies in constituent students act on the virtues they espouse. Even in todays thickening world, knowing whats right is comparatively easy, Newsweek concludes. Its doing whats right thats hard. Why do people act wrongly, when they know beneficial well what right conduct demands? This phenomenon, known to philosophers as incontinence or akrasia, receives extensive treatment in Book Seven of Aristotles Nicomachean Ethics.2 want Newsweek, Aristotle holds that akrasia prese nts a special challenge for moral education. How does Aristotle conceive this challenge, and what might coetaneous educators learn from Aristotles analysis? To appreciate Aristotles insights into akrasia and moral instruction, it is accommodating to begin by looking at popular views of the akratics dilemma. touristed beliefs about incontinence are varied and often contradictory, Aristotle contends.3 Two, however, bear scrutiny. Aristotle summarizes them as follows (1) The continent person seems to be the same as one who abides by his rational calculation and the incontinent person seems to be the same as one who abandons it. (2) The incontinent person knows that his actions are base, but does them because of his feelings, while the continent person knows that his appetites are base, but because of reason does not follow them.4 In short, popular opinion concludes that with respect to akrasia, feeling overpowers reason the individual, as a consequence, is seduced into acting irrat ionally. This conclusion, in turn, is marked by two deeper suppositions a) feeling (or appetite) is clean-cut from reason b) reason can be disciplined, but feelings cannot. Although voiced in ancient Greece, these common beliefs about akrasia are held no less wide today. Like Aristotles compatriots, we tend to divorce reason from desires and appetites. The latter we admiration as urges we cannot help but feel reason, by contrast, bespeaks a talent for considered control. When we act against our better judgment, it is because we cannot hold our feelings at bay. We lose control and put up irrationally.

Death Penalty Essay -- essays research papers fc

I.After spending ten prospicient years on close row, he is escorted today by the warden wipe out the dimly lit white hallway to the room in which idea day will finally arrive. As he moves closer, he begins to ruefulness having led a violent life of crime and murder that had caused him to be sentenced to death so long ago. The door finally opens, and there he stands face to face with old sparky, a.k.a. the electric chair. He is strapped in and a leather helmet containing a wet sponge is fit(p) over his doubt along with a organisation liner that functions as an entry electrode done which nearly 2500 volts of electricity will pass. The exit electrode- a band of brass also with a soaked sponge- is attached to the prisoners neaten calf. As a final preparation, a leather hood is placed over his face.The switch is then pulled and 2,350 volts strike though the inmates body for eight seconds, followed by 22 seconds of one thousand volts. The motorbike is repeated immediately. This high-voltage electrocution raises the temperature of his brain to 140 degrees Fahrenheit, and fries his natural organs (Freedberg 2).The passage above describes a typical criminal capital penalization by the electric chair, one of the various methods of capital punishment, otherwise cognize as the death penalty. The sentence of death has long been an accepted socio-economic class of justice, yet today, capital punishment has remained a hotly debated issue. Some swear this punishment to be cruel and unusual and therefore violating the linked States Constitution, piece in reality the death penalty is fair and just punishment for murder and other extremely violent crimes. With these clashing viewpoints, there ar also differences in the policies of various states, with some states supporting the death penalty, and others not. This serves as an injustice because murderers convicted in states such as Texas or Florida, which support the death penalty, will truly be brought to jus tice, while murderers in states such as North Dakota or Wisconsin will not (Staletovich 5-6). It is with this reasoning that the death penalty should undoubtedly be implemented in all fifty United States and the District of Columbia.II.In the United States today, capital punishment is an integral pull up stakes of the criminal justice system, and has... ...red of paying for their care. In addition, the cost of executing versus jailing a prisoner for life cannot be measured exclusively in dollars. neat punishment has moral value for society and emotional value for families of victims- twain unquantifiable (Smith 11). VI.The death penalty, as you can see, should not be viewed as an fiddle of cleanup people who kill people just to show that killing people is wrong, but as an act of safeguarding our society from potential or previous murderers and delivering justice to those who kill.Works CitedBarry, John. Is the Death Penalty Cruel and preposterous? 4 Dec. 2000 Brown, David L. The Bibles Teaching on Capital penalisation. 5 Dec. 2000 Freedberg, Sydney. Bloody Execution Leads to Stay for 2nd Inmate. St. Petersburg Times. 9 Jul. 1999, Newsbank. CD-ROM.Smith, Sharon C. Capital Punishment in the United States. 6 Dec. 2000 Staletovich, Jenny. The Electric Chair Power Struggle. touch Beach Post. 2 Jan. 2000, SIRS Researcher. CD-ROM. Winter 2000.

Health Care Essay -- Papers Insurance Work Essays

Health Care AbstractHealth Care, This is becoming more than important in todays world of corporate streamlining, downsizing, and increased wellness heraldic bearing cost. A compensation package for the employees of today is more valuable than it has perpetually been. The average employee no longer is just concerned with the wages or salary they receive, their attention has been drawn to the overall compensation package. As health bang costs rise the importance of an enrollment in a health like plan grows.Health care will lapse to be an important factor for employees as long as costs continue to grow. I. Health Care. Starting from the time a person leaves their parents and as they enter the workforce and continue through life healthcare is an issue. aegis is a basic human need and health care is unmatched of the biggest parts of that security. It is important to know if one becomes ill or hurt that treatment is readily available to them. Th is includes not only the employee but also the employees family and or life partner. Health care here in the unite States is not socialized and therefore is provided through the purchase of health care plans entirely by the employer or with co-payments from the employees. A. Providing health care programs is not evermore a guaranteed part of a compensation package when employed. Depending on the validation and its total compensation package health care may or may not be included. The organization may chose to provide the health care to the employees free of charge or they may be unavoidable to contribute a significant amount each month. 1. An employer designs compensation packages to take in qualified employees who have the knowl... ...f the organization a viable health care plan is indispensable. To ensure plans are within an acceptable expense it is necessary to educate employees in preventive health care measures. Healthy employees prove for l ess expenditures of plans and more productivity. Reviewing the facts and reports it is clear that health plans are a indispensability rather than a nicety to help the organization meet its goals.References compensation Management in a Knowledge-Based World, (2000). By Richard I. Henderson. Henry Holt and Company Inc., (1999). command Love by Gary B. Nash http//www.ebri.org/ http//www.ifeb.org/icnewind.htmlhttp//www.nbch.org/ http//www.healthgrades.comhttp//www.presbyterian.org/employers.htmlhttp//www.healthcareresource.net/healthplan.htmlhttp//www.ftp.bls.gov/publ/news.release/hce.txt

Morality of Premarital Sex by Religiosity and Generation Essay

Morality of Premarital Sex by Religiosity and contemporariesAbstract Premarital sex is an issue that most teenagers and young couples gift as they enter new phases of their relationship. The purpose of this charter is to determine if on that point is a correlation amongst acceptance of sexual relations forrader marriage and religiosity or generation. This study is a cross-sectional, secondary abstract of the variables PREMARSX, RELPERSN, and COHORT (which was recoded into lead generation categories), which were extracted from the 1998 General Social Survey (GSS). selective information analysis of the three variables was performed using the Statistical Package for the Social Sciences (SPSS) 10.0, applying Pearsons chi-square as the test of statistical signifi rear endce and Cramers V as the measure of association. The results of this study indicate that very religious people are more tend to view prenuptial sexual relations as always wrong. When compared to th e three generation categories, no significant correlation existed. Introduction Most couples fox asked themselves whether or not sex is the next step in their relationship. It enters into both(prenominal) teenage and adult relationships, creating draw for teenagers to be considered cool by peers and pressure for adults to make a commitment. For some, sex is the basis of the relationship for others, it is not plain an issue until marriage vows are proclaimed. One may conclude that peoples views of premarital relations stem from their parents teachings, from their siblings influences, from their peer or social groups, from their religious background, or from the era in which they were raised. (Teenage Sex, Friends and Family, 1994, p51) As sexually... ...-------------------------------------------------------------------------- Not Wrong At All 51.69 45.20 42.62 47.48 52.17-------------------------------------------- ------------------------------------------- n= 89 427 61 139 69--------------------------------------------------------------------------------------- Chi-Square = 12.30, df = 12, p.05 Cramers V = .077--------------------------------------------------------------------------------------- We can observe from the table above that there is no relationship between PREMARSX and DEGREE. The chi-square value is 12.30 and is not significant at the .05 level. The Cramers V indicates that there is a negligible association between the variables with a value of .077.