Primark Essay Essays

Primark Essay Essays Primark Essay Essay Primark Essay Essay The fashion Industry Is criticized widely for not maintaining the ethical standards. From the use of animal fur, exploiting child labor, low wages. Promoting superficial image of women and racial discrimination, the fashion industry has caused its fair share of controversy and bad press. The complex thing about ethics is that it has different meaning for different individuals. Some might consider a particular issue extremely offensive and unethical while, for a deferent individual the same issue would not be unethical or offensive. It Is a decision of an Individual to consider and different people have different feeling about Issues. For some wearing cloths made through child labor would not be a big deal but for another individual this would be a wrong act. Therefore this remains a controversial subject of which very few things can be spoken about with certainty. In order to under it in a more proper way, the example of Primary is taken. The company is a well renowned brand and a hit in the United Kingdom ever since It was launched. Primary has been found Involved In the use of child labor. In the current paper, the company Primary Is also being compared tit one of its competitors; the TX Max in terms of ethical codes and conducts. The paper cares to investigate the causes related to the issue in the case and also the response which was obtained from the general public. Table of Contents 1 Introduction Ethics and profits do not always go hand in hand. That is not to suggest that all profit making organizations go against the ethical standards, but certainly there have been many cases where ethics and standards have been compromised to sustain or and that is the moment where the true colors and course of the business are reflected. The fashion industry is criticized widely for not maintaining the ethical standards. From the use of animal fur, exploiting child labor, low wages, promoting superficial image of women and racial discrimination, the fashion industry has caused its fair share of controversy and bad press. Being in the spot light of media with all the glamour and glitz has also kept the glare of the media focused on this particular industry which can cause due and undue scrutiny. In a research, Enemies and Rajah (2011) stated that ethics means values, norms and general habits. The rights and wrongs are Judged through ethics. The dos and dont of the society are defined with the standardization to some level of good and bad. 1. 1 Unethical practices in the Fashion Industry The complex thing about ethics is that it has different meaning for different individuals. Some might consider a particular issue extremely offensive and unethical while, for a different individual the same issue would not be unethical or offensive. Alton and Junkyard (2003) analyzed the fashion industry and the way consumers look towards it. The author stated like any business it is eventually the consumers who make the final decision as they have the option of purchase or rejection of the reduce depending on their own Judgments about companys ethics. It is a decision of an individual to consider and different people have different feeling about issues. For some wearing cloths made through child labor would not be a big deal but for another individual this would be a wrong act. At times there is no legality attached to it. The legal system does not charge an individual who buys from such a fashion outlet, but it would remain an individuals decision. Hence, this remains a controversial subject of which very few things can be spoken about with certainty. 2 The Causes 2. The Case (Primarys use of Child Labor) Usually big brand try different methods to keep operations clean. They try their utmost to stay away from unwanted controversy and protect the image that has been built by extensive use of monetary and non monetary resources. Daily Mail (2008) exposed the case of Primary. The brand had been a tremendous hit in Britain ever since its opening. It had attained a positive and high status among the fashionable people of the country. The brand was considered high on quality but low on mice which made shopping at Primary a literal bargain. However, the reporter exposed the season or the tool through which the brand was able to produce quality at a lower price. The operations or manufacturing which is offshore located in India was practicing extreme child labor. Young children were made to work hard and long through the heat. The age of children started from 11. Their Job was to sew tiny beads and sequins onto the designed t-shirts by candle Light. The Company was alerted by a BBC program Panorama that children were being used as labor. An 1 1 year old boy named Matches was being paid about app for a days long toil. The boy claimed that the payment is based on the number of finished cloths and during ajar orders; raps could be made in a day which amounts to app. When a major order comes about, the problem expands as the sewing beads are tiny in size and to finish the order they have to work all the night. Electricity conditions and supply both On the contrary, another big name in fashion industry is of T. K Max (also known as T. J Max) is a bit in its native country; which is the United States of America. Unlike Primary, the company is well renowned not only for the goods that it tends to produce but also for its No to the unethical conducts and child labor. Critics have en looking for the flaws in the company but surprisingly they had not found any (T. K. Max, 2014). 2. 2 Unsafe Environment and Bad Working Conditions for Illegal, Underpaid and Overworked Employees Dihedral (2009) indicates that the workers who are hired in the Primarys suppliers factory TNT Knitwear at Manchester are working illegally and in poor conditions. TNT Knitwear is one of the major clothing suppliers for the Primary. BBC UK sent an undercover reporter to the TNT knitwear factory where it was discovered that workers were hired without any proper information or paperwork. The workers were quite overworked with working 12 hours in a day for seven days a week. The minimum work wage for the workers back then was E. 73 per hour but the workers at the TNT Knitwear used to be paid almost half that amount. The working conditions for the employees were quite disappointing as well because there was no heating in the factory and the workers had to work with their coats on and in an uncomfortable state. With the toilets being under repair, the males and the females had to share a toilet which was quite unhygienic. The kitchen at the TNT Knitwear was noted to be quite dirty so the workers used to sit on the hipping boxes of Primary to have their lunch. It has been highlighted that certain manufacturers or employers do not provide a satisfactory working environment for their employees in terms of cleanliness, sanitary and health safety. Environment that does not comply with the standards, doubtlessly gives an unpleasant and unhealthy spot to work in. For instance, this can significantly affect the health of employees and increase or spread particular sickness or infection around or among the working group. As a result, it can lead to inability to work because of the infection or sickness. Not to forget it can result in the spreading of disease or germs if the disinfection or sterilization procedures for the products in the factory are not carried out properly. The workers at the TNT Knitwear were illegally living in the UK as most of them had their asylum application under process and few had their visas expired almost a decade ago. Moore (2013) further indicates that the factory of Primary in Bangladesh had crashed din to no obvious mason other than weak construction, killing and injuring some workers. There is a lock of health and safety rules at the Primary stories in Bangladesh as the fire escapes are blocked and there is no ventilation available. Primary needs to work hard on providing its workers with better working conditions and needs to keep a check to see if they are authorized to work in the I-J. Being operating in the same very industry, T. K Max has never used any unlawful and unethical means and modes to manufacture its outputs. Rather, the company has set standards for carrying out operations. The top level management ensures that these set principles must not only be implemented but ought to regularly practice as well. As per the companys profile, T. K Max takes it as an obligation to take care of all the aspects of manufacturing fashion outfits and accessories, rather it is also concerned about the means and modes which its suppliers tend to use (T. K Max, 2014). 2. 3 Why do incidents like Prim ark happen? Stated that consumers today hold power. They could dictate terms with regard to ethics if the organization is not a monopoly. The concept of corporate responsibility has been widely studied and enforced through legislation and regulation. Scrutiny from media is also another vital factor. All these factors can be subsided with the introduction of globalization and modern day awareness of consumers. However, the author stated a different perspective and claimed that certain modern day pressures on corporate in a way divert them towards unethical means. Investor capital has much more mobile, economic activates: has become speculation driven. And rapid changes to technology have brought about a certain short sightedness about businesses. The idea is to be able to sell more and more in a short span of time. Hilton, Choc and Chin (2004) explained that with globalization, businesses have changed their working methods. National boundaries and distances are no longer an issue as such. However, this creates a sort of a void and grey area. For example, Primary which was selling cloths in Britain was getting its supplies from India. The circumstances, situations, society, norms. Saws and regulations, and more importantly laws implementation processes (or in many cases lack of it) creates a huge problem. Child labor and bad working conditions would be considered extremely immoral and incorrect in the eyes of a British audience. Child labor issue to be an example: Especially the norms. Culture. And ideas of the society make child labor, a thing to cut if and those who use children are not viewed with favorable view. On the other ha nd, in India especially in the more under developed areas. Where education is on the lower side, population growth higher. ND economic condition are in dire condition, child labor almost becomes a necessity. One man father more than half a dozen children, with no state support it is almost impossible to run a family like this. Hence, children labor becomes sort of a necessity for that child and his or her siblings to survive. It is a catch 22 like situation where if consumers stop buying from Primary. Eventually that kid is going to suffer and will not be able to bring home the money the family needs so very much of. There is another side of this case which was looked upon by Fletcher (2008). This was the consumers point of view. The question is that whether all the consumers who buy from companies who use child labor dont just care? Are they immune to it or they consider it fine to have such a working system? The answer provided by Fletcher (2008) stated that with the credit crunch some consumers an in a way pushed into buying such brands. The cost of products has gone upwards and the power of buying has gone downwards. Therefore. Brands like Primary continue their sales despite much resentment and negative publicity. The author stated that it is estimated that around 158 million children across the globe aged 5 to 14 have to work in conditions which can he termed hazardous. However, despite much noise and uproar about it, things keep going on and brands are able to shake off scandals and move forward. The author interviewed two middle aged mothers about how they feel about using brands which are using children as labors. One woman was of the opinion that she had no qualms about such practices being wrong. Children labor and bad working conditions are wrong practice but was unable to identify which brands were using them or which ones are not. She claims that some expensive brands also do it. Therefore, she would rather buy from Primary understand. The economic side of things takes over from the ethical values. For a brand which is widely reported to have used unethical practices is being preferred over other brands as its costs are lower and other brands are put in the unethical bracket on basis of hearsay or perception. Another mother who worked as her doctor followed the same beliefs. She stated that she had discussed with her children, forever stated that it is not Just Primary but other brands which are involved too. She blames her children for such her unethical shopping as she claims that when kids nag for new and slick dresses, ethics and morale are easy to forget. Management at T. K. Max believes that keeping customers happy and satisfied is the core ingredient of success. Nowadays, the customers have become more literate than before plus the level of awareness in them has also increased noticeably. This means that the customers cannot be dodged now. Therefore, in order to avoid all the uncertainties and unpleasant circumstances, the company T. K Max has certain guidelines and principle which keep the companys operations morally, ethically and environmentally upright. As per the companys rules, its authorized vendors cannot use any unethical mean like taking advantage of labor from the ones who are underage. If T. J. Max fined any such practice, it will cease all its contracts, bonds and alliances with the vendors (T. K Max, 2014). 2. 4 Allegations made regarding child labor on Primary in 2009 While the management of Primary had cut off supplies from those three particular suppliers, it operations remained outsourced and in the sub- continent. As discussed earlier. He issue was in a way down played made to look like an error of Judgment and selection on part of the corporate and individual foul play by suppliers. Hickman (2009) reported that fresh allegations regarding child labor from its suppliers in Bangladesh. While, the shareholders were delighted by the news of high profits, reports emerged in mainstream media that the company was once again involved its child labor and sexual harassment with respect of its suppliers. The code of conduct was not being followed. The difference from the 14 report was that BBC had named the companies which resulted in ending of contract tit those companies. As discussed earlier that was not a suitable solution and it would only complex the situation even further for children. So, in the latest investigation which was conducted by War on Want, they declined to name the supplier as it only meant that their contracts would be torn apart and workers who already were under great deal of problem would face further issues. The Impact Impact of Responsible Management on Overcoming the Issue According to the scholars and researchers of University of Winchester (2014), a management is said to be responsible when it follows and fulfills all of its corporate social responsibilities with full zeal and zest. Researchers have termed this very CARS (corporate social responsibility) as a tool which management of the company tends to incorporate in its planning. There are several issues which companies come across every now and then. Some of them are critical whereas some are as normal as routine. The issue of child labor is the burning question of all times. From social, economical and legal point of view, the induction and utilization of children for taking work from them more than their capacity and not paying them back Justly is omitting to be extremely focused upon and should be eliminated from the society something really serious, rather they only tend to care about more and more production in the least possible cost. It has also been noticed and observed that organizations make under age children to work completely but does not pay them the set amount of daily wages. In order to exemplify the scenario, the case of Primary can be considered; which was however famous for its product offerings but on the other hand it was also famous for unethical practices; that is child labor (All and Khan, 2012). When the company gets surrounded by critics due to its engagement in unethical practices like child labor, then it becomes the core duty of a responsible management to bring the companys name out of dirt. This is important because if such condition prevails, then the company; Primary primarily can lose the worth of its name not only in any one specific country, but everywhere where it operates. Therefore for serving the purpose, the management ought to consider and dig deep into the CARS activities. As a response to the child labor practices, the perception of people regarding Primary has changed. They, however, made the potential customers o like and appreciate the quality which they produce, yet failed to bond the relationship between them. Its competitors; that are T. J. Max took the advantage of it by sticking more their codes of conduct (T. K Max, 2014). 4 The Response 4. 1 Reaction by the general public about child labor Hopkins (2008) highlighted that, after the news went public, them was an outrage. Hundreds of people protested at the Oxford street gore of Primary. This was a direct response to the reports about child labor coming from Southern India. The protest was organized by War on Want which focused on the treatment of ill children in the manufacturing process. The protestors did not blame Just the Indian suppliers but they focused on the brand which they claimed had put so much pressure on the suppliers to reduce prices. It was inevitable to go through child labor. The report further stated that these scandals keep coming up time and again. They urged the British government to bring in regulations and legislation attempting to eliminate such practice. In response to these Sues, Primary was forced in a way to sack three cloth suppliers from India as they were told that the program staff had substantial evidence of child workers. Response of the aroused issue was seen negative in the case of Primary. However in the case of T. J. Max, customers are found happy and satisfied by the practices and activities of the company. This has led this very fashion firm to the unmatchable heights of success (T. K Max, 2014). However Primary could also be better if it abandons its unacceptable practices in the poor and underdeveloped countries in particular, where it was reported that Primary incorporates a huge amount of child labor in the production of its fashion clothes and other related accessories. 5 Possible Solution that Human Light Organizations ND Consumers Should Push for The way forward taken at that time by Primary can be termed as knee Jolt reaction to what the crowds and the media called for. However, what would have happened to those children and illegal employees who were working with Primary? This is a question the protestors should be asking themselves. Fletcher (2008) presented the answer to this question to child labor issue as well. The closure of the factory doesnt mean that those children would have started going to school. The RPR or app they were getting has been slopped due to have been that the protestors demanded that those children were given education n expense of the brand. This would have been a much better solution as it would have allowed the children to lead a better life in the long run. Stopping child labor abruptly when media exposes such practices will never end or even reduce the problem. It would further complicate the issue and those out of Job children might become subject to abuse or get into criminal activities. Cutting one or for that matter throe supplier off would not prove anything substantial about the companys behavior. Hickman (2009) stated that Primary looked towards creating more mechanism to control child labor. They created a website by the name of Ethical Primary. This was some steps towards becoming or trying to appear as an ethically correct organization.

Five reasons to ignore your grammar gremlins (for now) - Emphasis

Five reasons to ignore your grammar gremlins (for now) Five reasons to ignore your grammar gremlins (for now) Heres the good news: if you’re worried your documents are not as good as they could be, your grammar is probably not the problem. Dont get me wrong. Grammar matters. Of course it does. Getting it wrong can undermine your reputation (though probably not as much as you think – see below). Poor grammar can even completely change the meaning of a sentence. But focusing too much on it could actually be more damaging. Here are five reasons why you should get over your grammar hang-ups. 1. Poor punctuation matters more than grammar.  Colons and commas are vital sign-posts, so it’s important to put them in the right place. And a misplaced apostrophe (or, worse, a missing one) will make it look like you don’t care. On the other hand, I’d argue that no-one is going to get that worked up about whether you end a sentence with a preposition. 2. Grammar (and punctuation) issues usually indicate deeper problems. It’s probably not your imperfect understanding of a set of arcane grammar rules known only by master pedants that’s holding back your writing. It’s far more likely to be structural issues or focusing too much on your own aims rather than your readers’. In fact, worrying too much about your grammar can actually cause deeper problems. That’s because it seriously undermines your confidence, causing you to compensate with overly complex language or sentences. 3. Almost everyone struggles with it. Believe it or not, FTSE 100 directors and new graduates are often united in uncertainty over certain grammar points. Even experienced editors can spend a lifetime picking up the finer details. So waiting until you’ve perfected your grammar knowledge before you write anything is counter-productive – and futile. 4. Perfect grammar does not automatically mean perfect documents. Perfecting your knowledge of grammar will not automatically make you produce good documents, any more than memorising the workshop manual to your shiny new Ford or Volvo will make you a good driver. It’s perfectly possible to be technically perfect yet still produce an impenetrable tome stuffed with turgid professionalese. Focus on your readers’ needs, structure your document well and use the right level of language. Then you stand a very good chance of making a real impact – yes, even if you’ve misplaced a modifier or left a participle dangling helplessly. 5. It’s not too late to fill in the gaps. If English is your first language, you already know 95 per cent of the grammar you’ll ever need. (And if it’s not, take comfort from the fact that your knowledge of technical grammar rules is probably superior to that of most native English speakers, simply because we learn our first language through usage rather than studying grammar.) Native speakers beyond the age of four or five already know which common verbs are irregular. They’d never say, for example, ‘I digged a big hole in the sand’. They know that ‘dig’ becomes ‘dug’ in the past tense. They just don’t know that it’s called the past tense. (Nor, at that age, do they need to.) So the task of filling in the gaps is pretty straightforward. The odds are that the things you’re unsure about are the same ones that other people struggle with. (See point 3, above.) So, take heart. Focus first on what your reader needs to know, then tell them in as straightforward a way as possible. Then – and only then – look up any points of grammar you’re not sure about.

Clovis Points Essay Example | Topics and Well Written Essays - 1000 words

Clovis Points - Essay Example The interesting thing about these objects is the similarity in the technique used to make them and what it reveals about the residents of the area in bygone eras. Named after their first discovery site in Mexico, Clovis, the Clovis points are a representative of the Clovis Culture which is considered to be the earliest group of Paleoindians to occupy the North American regions and their time is believed to coincide with the time the first Americans arrived on the continent from Asia (Haynes, 2002). These tools are seen to be a proof that the people of the culture were mainly hunter-gatherers who relied on the availability of such tools to ensure a living based on hunting large animals. It seems that they built no enduring structures and remained only a few days or weeks in one area usually one which was near water and would have attracted their prey. Given the lack of knowledge about their overall lifestyles the Clovis points provide a unique insight to these people. The oldest Clovi s points date back to 13,000 years ago. Two recent discoveries made with regards to the Clovis Points bring some evidence about these assumptions. Firstly, bio chemical analysis of some of the tools from the Mahaffey Cache, found in  Boulder, Colorado showed the presence of animal protein on them. These tools were used to hunt and butcher ice-age camels and horses which were only present in North America around 13000 years ago- this analysis serves as evidence against the idea that the Clovis Points might have been ritualistic in nature with no practical exercise in mind. These tools were formed purely out a necessary need (University of Colorado, 2009). Another intriguing fact about the Clovis Points is that despite their wide distribution there was a distinctive similarity between the artifacts found in different caches. â€Å"New high-tech 3D computer analysis of 50 spear points made more than 10,000 years ago by North America’s mysterious Clovis people has revealed the stone points display an astounding symmetry despite having been found in caches as far apart as Maryland, Arizona and Colorado.† (Smithsonian science, 2012).The basic theories put forward were based around the ideas that the travelling nature of the people would have resulted in the loss of tools which were left behind or forgotten in places of rest and picked up by other tribes who would have seen the utility in them and attempted to copy the stone work. Or perhaps many different tribes all reached the same method of carving these tools based on trial and error and selection of the best option. But these theories were just that, theories without any scientific data to prove them either ways. Only very recently has a proper study been done to understand the factor behind the similarity and whether there could be anything more than simple coincidence or copy-cat behavior behind the construction of the Clovis Points. The researchers in question used â€Å"portable laser scanne rs to construct 3D surface models† of these artifacts so that they could study the nuances and contours of the scars, where flakes were removed from the stone, in greater depth. â€Å"Individual patterns of variation and symmetry were explored and

Job Assignment Example | Topics and Well Written Essays - 500 words

Job - Assignment Example The advertising sales agents perform several tasks in their job description. First, the advertising agents should prepare and deliver sales presentation to new and existing customers about the company’s products and services. Secondly, liaise with the company officials, sales departmental heads, and the advertising agencies to develop the promotional plans. Third, to identify new advertising markets and propose products that will suit the customers and in turn generate revenue to the company. The advertising agents attend sales meeting, trade shows and training seminars in order to gather information, promote the company products and services, expand network of contacts and increase knowledge due to exposure (United States Department of Labor, 2014). The agents also organize the commercial tapping sessions together with coordinating bidding and contract approval. In addition, the advertising sales agents determine the best advertising method to use and prepare sample advertisements to present to target customers using the proposed medium of advertising. Other tasks include providing clients with the estimates of the cost of the products and services, maintaining assigned account basis explaining to customers how specific types of advertising will help promote their products and services in the most effective way possible. The sales agents need a lot of confidence since not everyone will listen to them and so they have to learn to be strong when facing rejection (United States Department of Labor, 2014). For this job, a high school diploma is usually sufficient. However, some employers prefer the applicants to possess a bachelor’s degree as an added advantage together with excellent communication skills and a two or three years’ experience. Previous work related knowledge and skills increase the opportunity of an applicant or serves as an added advantage. Before embarking on the job, many employees need some few months of training

Behavioural Finance Essay Example for Free

Behavioural Finance Essay Hypothesis and the extent to which they can be explained by behavioural finance theories Finance that is based on rational and logical theories, such as the  capital asset pricing model  (CAPM) and the efficient market hypothesis (EMH). These theories assume that people, for the most part, behave rationally and predictably. The Efficient market hypothesis assumes that financial markets incorporate all public information and assets that share prices reflect all relevant to the firm information (Fama, 1970). Relevant information includes past information, publicly available information and private information. Efficient market is divided into three categories. Weak form efficiency is when stock prices reflect only the past information, semi-strong form is when past information and all publicly available information is reflected and strong form is when all the past, publicly available and information only available to company insiders is reflected on the stock prices. However, there are some anomalies and behaviors that couldnt be explained by EMH. Market participants often behaved very unpredictably. However there is a new study called behavioral finance that is trying to explain all these anomalies. Behavioral finance studies the irrational behavior of the investors. Weber (1999) makes the following observation: ‘Behavioral Finance closely combines individual behavior and market phenomena and uses the knowledge taken from both the psychological field and financial theory’. Behavioral finance attempts to identify the behavioral biases commonly exhibited by investors and also provides strategies to overcome them. Some of the main problems with EMH may be cause by heuristic responses to new information, psychological anchors, overconfidence, social fads, framing and regret avoidance and herd behavior. Overconfidence: According to Nevins (2004), overconfidence suggests that investors overestimate their ability to predict market events, and because of their overconfidence they often take risks without receiving commensurate returns. Odean (1998) finds that investors tend to overestimate their ability, unrealistically optimistic about future events, too positive on self-evaluations, over-weight attention getting information that is consistent with their existing beliefs, and over-estimate the precision of their own private information. Overconfidence about private signals causes overreaction and hence phenomena like the book/market effect and long-run reversals whereas self-attribution maintains overconfidence and allows prices to continue to overreact, creating momentum. In the longer-run there is reversal as prices revert to fundamentals. Psychological Anchors, Overreaction: Good news should raise a business share price accordingly, and that gain in share price should not decline if no new information has been released since. Reality, however, tends to contradict this theory. Oftentimes, participants in the stock market predictably overreact to new information, creating a larger-than-appropriate effect on a securitys price. Furthermore, it also appears that this price surge is not a permanent trend although the price change is usually sudden and sizable, the surge erodes over time. Heuristic responses to new information: Availability heuristic is used to evaluate the frequency or likelihood of an event on the basis of how quickly instances or associations come to mind. When examples or associations are easily brought to mind, this fact leads to an overestimation of the frequency or likelihood of this event. Example: People are overestimating the divorce rate if they can quickly find examples of divorced friends. People tend to be biased by information that is easier to recall. They are swayed by information that is vivid, well-publicized, or recent. People also tend to be biased by examples that they can easily retrieve. ( Tversky and Kahneman, 1974) Confirmation bias  is a cognitive bias whereby one tends to notice and look for information that confirms ones existing beliefs, whilst ignoring anything that contradicts those beliefs. It is a type of selective thinking. The reason for overconfidence may also have to do with hindsight bias, a tendency to think that one would have known actual events were coming before they happened, had one been present then or had reason to pay attention. Hindsight bias encourages a view of the world as more predictable than it really is (Shiller, 2000). This is the characteristic of investors, when looking back, seeing events that took place in the past as having been more predictable than they seemed before they happened. Likewise, things that didn’t happen seem, with hindsight, much less likely to have happened than they did beforehand. Self-attribution bias occurs when people attribute successful outcomes to their own skill but blame unsuccessful outcomes on bad luck (Shefrin, 1999). Availability bias is the availability deviation is a general rule or a mental shortcut which lets people guess the probability of a result and to what percent it may appear in their daily life. Those who commit such a deviation consider the easily recalled events more probable than those they can hardly imagine or perceive. Availability bias declares the persons tendency toward deciding and judging based on available and easily accessible data (Tversky and Kahneman, 1982). Herd behavior which is the tendency for individuals to mimic the actions (rational or irrational) of a larger group. Blackmore (1991) states ‘Within an hour of birth , humans engage in imitation’. There are a couple of reasons why herd behavior happens. Its unlikely that a large group could be wrong. After all, even if you are convinced that a particular idea or course or action is irrational or incorrect, you might still follow the herd, believing they know something that you dont. Recency bias is the tendency for people to place greater importance on more recent data or experience. This is the problem of putting too much weight on current events or data and not enough weight on past, historic trends. Many investors expect the market to continue rising in a current bull market; likewise, these same investors often expect a current bear market to get worse. Recency is shown in momentum investing when investors buy â€Å"hot† stocks simply on the basis of their recent strong performance. Kahneman and Tversky (1973) find that people usually forecast future uncertain events by focusing on recent history and pay less attention to the possibility that such short history could be generated by chance. It is believed the net effect of the gains and losses involved with each choice are combined to present an overall evaluation of whether a choice is desirable. However, research has found that we dont actually process information in such a rational way. In 1979, Kahneman and Tversky presented an idea called  prospect theory, which contends that people value gains and losses differently, and, as such, will base decisions on perceived gains rather than perceived losses. Thus, if a person were given two equal choices, one expressed in terms of possible gains and the other in possible losses, people would choose the former even when they achieve the same economic end result. Regret avoidance is the tendency to avoid actions that could create discomfort over prior decisions, even though those actions may be in the individual’s best interest. Researchers have argued that one of the reasons that investors are reluctant to sell losing positions is because to do so is to admit a bad decision. This reluctance can be linked to both regret avoidance and belief perseverance. To avoid the stress associated with admitting a mistake, the investor holds onto the losing position and hopes for a recovery. According to prospect theory, losses have more emotional impact than an equivalent amount of gains. Prospect theory also explains the occurrence of the disposition effect, which is the tendency for investors to hold on to losing stocks for too long and sell winning stocks too soon. The most logical course of action would be to hold on to winning stocks in order to further gains and to sell losing stocks in order to prevent escalating losses. The flip side of the coin is investors that hold on to losing stocks for too long. Investors are willing to assume a higher level of risk in order to avoid the negative utility of a prospective loss. Unfortunately, many of the losing stocks never recover, and the losses incurred continued to mount, with often disastrous results. The January-Effect is where the average monthly return for small firms is consistently higher in January than any other month of the year; in the UK this is observed in April. This contradicts with EMH, as EMH predicts that stocks should move at a random walk. January returns are greatest due to yearend tax loss selling of shares disproportionally (Branch 1977). Another anomaly of this type is the Weekend-Effect, where Fama (1980) found that returns on Mondays tend to be negative if compared to any other week day, but this has disappeared in the UK by the 1990s. Some theories that explain the effect attribute the tendency for companies to release bad news on Friday after the markets close to depressed stock prices on Monday. Others state that the  weekend effect might be linked to short selling, which would affect stocks with high short interest positions. Alternatively, the effect could simply be a result of traders fading optimism between Friday and Monday. Index effect is a phenomenon where the addition to, or deletion from, a stock index causes a change in the price, trading volume, volatility or operating performance of the stock concerned. A stock entering an index will automatically receive increased demand from institutional investors principally index tracker funds and exchange trade funds (ETFs) while a deleted stock will experience reduced demand. The fact that a stock jumps in value upon inclusion is once again clear evidence of mispricing: the price of the share changes even though its fundamental value does not. Another anomaly is P/E effect from CAPM model; portfolios with low P/E ratios outperform those with high. The low price-earnings ratio effect occurs because stocks with low price-earnings ratios are often  undervalued and their prices eventually rise because investors become pessimistic about their returns after a bad series of earning or bad news. A company with high price to earning tends to overvalued (De Bondt and Thaler, 1985). Winner-Loser anomaly De Bondt and Thaler (1985) found that shares which initially earn extreme positive return (winners) or extreme negative returns (losers) experience extended reversals in their performance over long horizons. De Bondt and Thaler (1985) suggested the overreaction hypothesis as an explanation of their result. This hypothesis claims that the market overreacts to information. That is, the market overweights the most recent information and underweights earlier information. However, this phenomenon is reversed when it is recognized that the market’s expectations were indeed an overreaction to the information released. This hypothesis also offers an explanation of the P/E effect. Fama and French (1992) showed that a powerful predictor of returns across securities is the ratio of the book value of the firm’s equity to the market value of equity. After controlling for the size and book-to-market effects, beta seemed to have no power to explain average security returns. One explanation is that investors overreact to growth aspects for growth stocks, and value stocks are therefore undervalued. According to some academics, the ratio of market value to book value itself is a risk measure, and therefore the larger returns generated by low MV/BV stocks are simply a compensation for risk. Low MV/BV stocks are often those in some financial distress. All of these anomalies may be explained by behavioral finance. Behavioural finance is the study of the influence of psychology on the behavior of financial practitioners and the subsequent effect on markets. Behavioural finance is of interest because it helps explain why and how markets might be inefficient. There are series of  behavioural biases  Ã¢â‚¬â€œ strange twists in human nature that cause us to act irrationally and against our own interests. On the other hand all of these anomalies may instead be an artifact of data mining. After all, if one reruns the computer database of past returns over and over and examines stock returns along enough dimensions, simple chance will cause some criteria to appear to predict returns. May be this is why some anomalies appear to be lost at some point of time e. g. the weekend effect during the 90s.

The Tempest - Barbarism versus Civilization :: English Literature Essays

The Tempest - Barbarism versus Civilization In Shakespeare’s play, "The Tempest," an underlying theme of barbarism versus civilization appears. Shakespeare creates characters that exemplify symbols of nature or nurture. The symbolism of the characters is derived from their actions. These actions show Shakespeare’s view of the uncivilized and the civilized, as well as help the reader develop his own opinion of each side. In this whimsical play, Prospero, the former Duke of Milan, after being supplanted of his dukedom by his brother, arrives on an island. He frees a spirit named Ariel from a spell and in turn makes the spirit his slave. He also enslaves a native monster named Caliban. These two slaves, Caliban and Ariel, symbolize the theme of nature versus nurture. Caliban is regarded as the representation of the wild; the side that is usually looked down upon. Although from his repulsive behavior, Caliban can be viewed as a detestable beast of nature, it can be reasonably inferred that Shakespeare’s intent was to make Caliban a sympathetic character. During the first encounter, Caliban comes across very bestial and immoral. While approaching Caliban’s cave, Prospero derogatorily says, "†¦[he] never/Yields us kind answer," meaning Caliban never answers respectfully. When Prospero reaches the cave, he calls to Caliban. Caliban abruptly responds, "There’s wood enough within." His short, snappy reply and his odious tone, reveal the bitterness he feels from leading a servile life. Caliban’s rudeness makes him seem like an unworthy and despicable slave. Also, Caliban displays an extreme anger toward Prospero. When Caliban is asked to come forth he speaks corruptly, "As wicked dew as e’er my mother brushed/With raven’s feather from unwholesome fen/Drop on you both!†¦And blister you all o’er!" Caliban’s attitude and disrespect is unfitting for a servant. However, his actions are justified. Until Prospero arrived on the island, Caliban was his own king. The island was left to him by his mother, Sycorax. Nevertheless, Prospero took charge of the isle and eventually enslaved Caliban. "†¦Thou strok’st me†¦I loved thee†¦" is part of a quote that illustrates Caliban’s relationship with Prospero before he was his slave. Prospero comforted Caliban and gave him water and berries; he taught him how to speak, as well. During this time Caliban loved Prospero and showed him the features of the island, "The fresh springs, brine-pits, barren place and fertile†¦" Caliban regrets helping Prospero as he says towards the end of his speech, "Cursed be I that did so!" Caliban feels this way due to his imprisonment.

What’s so Amazing About Grace Book Report

Cameron Peterson Mr. Oswald Romans Period 4 11 January 2012 What’s So Amazing about Grace? Book Report What’s So Amazing about Grace? is a book written by Philip Yancey. It begins with a twisted story of a prostitute living on the streets. She is unable to feed her two-year old child and has to find another way to earn money. She could not think of any other alternatives and began selling her child out for prostitution. She could make much more money this way than she could in one night.The woman began counseling and when asked if she had ever considered going to church, her response was that attending church would only make her feel worse about herself. Yancey describes Earth as a place full of â€Å"ungrace†. This is a term that Yancey uses to describe the absence of grace. He goes on to talk about grace, calling it one of the last â€Å"unspoiled† words today and highlighting the lack of it among the church. Yancey says that the world is filled with ung race and that we live in an atmosphere full of it. We are in danger of it becoming normal to us, and being desensitized to the lack of grace in the world.Yancey uses a few examples to show us what grace should be like in the world we live in. He gives an example using the movie Babette’s Feast. He shows that grace is something given with no strings attached or charge. In the movie, grace is given to those who definitely do not deserve it. In fact, these people barely know how to receive grace in the first place. Yancey also uses Jesus’ parables as examples for grace. One example he uses is the parable of the lost sheep. He explains that the shepherd shows grace to the one sheep that was lost among the other ninety-nine sheep.He points out that grace is not mathematical, and that it is not logical. Yancey tells us that this is what grace is truly about. Illogical giving with no strings attached. Yancey also talks about how grace is for everybody. He uses Jesus as an exa mple many times. Never did Jesus tell someone that they could not be forgiven if they only came to Him. This all-extending property of grace is important to remember. Because Jesus extended grace to all, we should do the same. There are none who are not deserving or worthy of our grace. This is important for us to remember.It is true that grace does not come easy, and that it is not necessarily easy to give. Grace is not a small display of kindness; it is a sacrifice and a gift to others. Just as Jesus gave us the gift of grace by suffering and dying on the cross for us, we should be able to give gifts of grace at our own expense to others. I very much enjoyed this book and was spiritually moved by it. I agree with most of what Philip Yancey has to say about lack of grace not only in the church, but in the world also. In today’s day and age, it seems that everyone is in it for themselves.Most do not take the time of day to stop and give their grace to the needy. It helped to strengthen my view that all of deserving of grace and that we, as Christians, should be reading to give our grace to others. While I do support that idea that we need to cure the world of â€Å"ungrace†, I do not feel that we need to do this in order to earn God’s grace. This is a view that Yancey supports in the book and I do not happen to agree with it. Grace is in fact, a gift and it is not something we have to earn by giving other’s grace.By following God’s example, we should also give others this same grace God gave us, but it is not a requirement in order for us to receive His grace. Overall, I feel spiritually strengthened by this book and would encourage others to read it. While it was difficult to understand sometimes, a little wordy, I find that many would also enjoy this book. It offers a lot of insight into grace and how it can be a blessing in our lives, both by receiving it and giving it. Works Cited Yancey, Philip. What’s So Amazing about Grace?. Zondervan, 1997.

Problem Young Adult Faced in Education Today

Problem young adults face in education today. Education is essential for everyone. It is the level of education that helps people earn respect and recognition. In my opinion, education is undeniable important for every single person. It goes without saying that education has a positive effect on human life. All people need to study. Only with the advent of education can people gain knowledge and enlarge their view over the world. For young adults, it is definitely necessary for them to continue their tertiary education either in private colleges or universities after completed secondary education.However, there are quite a number of problems that young adults face in education today, particularly in the aspect of financial situation, pressures of studying and peer pressures. Undoubtedly, financial condition turns out to be a major problem for young adults who wish to pursue their tertiary education in private colleges or universities nowadays. The expenses in such private colleges or universities are usually quite big in number because those expenses include tuition fees, resource fees, examination fees and so on.For some young adults, they come from weaker sections of the society and the financial situation of their house is not good enough. If a young adult is not financially equipped, it may obstruct his or her study. Furthermore, some young adults who are already studying in colleges or universities might also need to do a part time job for their own pocket money. In such situation, they have to divide their time properly so that they can balance up their work and studies. Otherwise, they may not be able to concentrate in their study and fail in some particular subjects.In short, financial condition is one of the problems young adults face in education nowadays. Besides, study curriculum has become more extensive and complex than ever before. Consequently, pressures of studying for young adults keep increasing from day to day. They also have to always bear in mind that their parents are paying for their education and there is no reason for them to fail or obtain bad results in any subjects. Thinking of that, young adults will try to do their very best and start giving themselves pressures because they are afraid of letting their parents and family down.Coursework and assignment distributed by lecturers might burdened them too if they do not know how to organize their work and time. In order to obtain results, young adults have to work very hard in every coursework and exam. To be frank, pressures are undeniable in studies but sometimes these pressures seem to be too heavy for some young adults who do not know how to manage their studies well. Moreover, peer pressure is also one of the problems faced by young adults in education. One of the peer pressures is the competition of results among friends.They are usually afraid of failing. Those who are studying know very well that the time of exams is very stressful and difficult. Some even find exam so bad that they become ill. From the other view, peer influence is also significant. For example, some of the young adults’ friends might develop an addiction for drugs, drinks and smoke. Those friends might affect the others to try them. If the others do not want to try them, they might get boycott. Young adults’ curiosity and being afraid of getting boycotted from the peers will cause them to try those unhealthy things.These example shows that young adults also face the problem of peer pressures in education today. In a nutshell, education is absolutely beneficial for society on the whole. It is life-long processes to each person that need to be reinforced throughout life. Despite of those problems faced in education, young adults should figure out solutions to solve every problem they faced so that they could be stronger to face the challenges in the future. They should always benefit their time with beneficial activities so that they can be well prepare d for their future.

Get Help Filling out the FAFSA Application

Get Help Filling out the FAFSA Application Applying for a student loan from the U.S. Department of Education is free. The application, called the FAFSA, stands for Free Application for Federal Student Aid and may be found on the website  fafsa.gov. The FAFSA can be a complicated form to fill out, and there was once an online service called Student Financial Aid Services, Inc. which helped students complete the complicated form for a fee. This service is no longer available but there are other solutions out there. FAFSA Services Available There are services available to help you fill out your FAFSA, however, the governments FAFSA site warns students that they dont have to pay to apply for a student loan from the government. There are scams out there but there are also legitimate services that can make your life a whole lot easier. Some ways to get assistance include: Exploring the resources available directly from the fafsa.ed.gov websiteVisiting your colleges office of student financial assistance or calling your university directlyAsking for help from your high school guidance counselor or college prep teacherHiring a professional, certified college aid planner from the National Institute of Certified College Planners, or an organization such as  CollegeAidPlanning.com How FAFSA Helpers Aid Students When scholarship scams were more prevalent, it was believed that â€Å"any help that you pay for can be received free from your school or Federal Student Aid. People often objected to paying a professional to prepare the federal student aid application, despite the 137 questions being more complex than most income tax forms, which they were likely to hire a tax consultant for. Neither high schools,  colleges nor the federal student aid telephone help desk has enough trained experts available to assist all college-bound and college students with their financial aid needs. No service is free as the federal help desk and high school counselors are paid with your tax dollars. College financial aid administrator’s salaries are covered by students’ tuition and fees charged. College financial aid offices help their students answer aid application questions, but they don’t have enough trained people or hours in the day to prepare every student’s federal student aid application. The Complexity of Filling out the Form Many people find the federal student aid form to be complex or too time-consuming to do themselves. College-bound students are sometimes unable to turn to a college financial aid administrator for help because they are not members of a college yet. While high school counselors at public and private schools offer college prep guidance, the great majority have no financial aid training nor the time to help every college-bound student prepare their application. The federal student aid helpline will answer individual questions but not advise on an individual’s specific circumstances. Recently, the federal government offered one-on-one phone service to several states on a limited basis. The FAFSA helpline is not open 24/7, such as on weekends and nights, when parents are likely to prepare their children’s FAFSA. Guidance From Student Financial Aid Services Student Financial Aid Services is available at least seventeen hours a day during peak aid application filing times. There is no limit on how often a client calls or how many people from an individual family are spoken to. Fees are relatively modest, ranging from $80 to $100 for a year, and a 100% money back guarantee is offered within sixty days of purchase. Advisors are rigorously trained and catch mistakes that even the Department of Education’s computer misses–mistakes that can deprive students of aid. Their job is to accurately prepare an application and advise clients so they receive the most aid possible, and they currently hold a 99% client recommendation rating. No legitimate FAFSA preparer charges for submitting the form. Fees are for the advice and expertise. The student financial aid system is complicated, as there are nine federal, 605 state,  and about 8,000 college programs each with their own deadlines and rules. All of this information is tracked including policy decisions, rule changes, and more. Disclosures U.S. law does authorize paid FAFSA preparation and the only condition is that a paid FAFSA preparer posts in all of their marketing and on their website that their commercial business is not the Department of Education. The website www.fafsa.com is a domain name the company founder, a college admissions administrator, purchased before the Department of Education had a FAFSA website. For transparency, the following is to be noted: The home page displays in a clear and conspicuous manner a notice that â€Å"We are not affiliated with the Dept. of Education.†The home page also states clearly that FAFSA can be filed for free, can be completed via paper or electronic form, and that professional assistance is not a requirement. It also states that the free service is available at www.fafsa.ed.gov.In the center of the home page, it is stated prominently that the website is the oldest and largest student aid advisory service and there is a fee for the service.Visitors are informed about the free FAFSA option in seventeen other prominent places on the website, and in total, forty-seven links are provided to www.fafsa.ed.gov.On every single page of the website, a disclaimer is included that says the website is not the Department of Education or FAFSA on the web. A link is provided to www.fafsa.ed.gov.The website provides a simple and clear side-by-side comparison of services that differ from the Department of Ed ucation and explicitly notes that the website is a paid service, and also notes that people can prepare the form themselves and file it for free on the other site. Every caller is informed that there is a free FAFSA option and that the FAFSA can be completed without professional help.In the â€Å"About Us† section of the  website, it is clearly stated, â€Å"Student Financial Aid Services, Inc. is a fee-based preparation and advisory company† and the role is outlined.In all of the marketing communications and sales materials, information about the free FAFSA option is included.

Nichomean ethics book IV essays

Nichomean ethics book IV essays In book VII, Aristotle discusses pleasure and pain. Aristotle says a philosopher must study pleasure and pain since he is an architect of the end. Aristotle informs you that children and animals pursue pleasures. Pleasure is not a chief good because it is not an end, but a coming to be. I believe that Aristotle states that children and animals pursue pleasures because he believes there minds to be uneducated in knowing what the virtues of life are and they enjoy simple pleasures because they can not see nor comprehend the grand scheme of life. Pleasure is not a chief good because it does not follow the proper guidelines to be a chief good. Pleasure is a short-formed way for someone to feel happiness for a temporary amount of time. They may achieve this by doing a simple action and experiencing the good produced by such action. One may find walking down a scenic route pleasurable but, once the walk is over the pleasure experienced will also be gone where the chief good will leave you feeling well for an infinite and indefinite amount of time. It is also said that not all pleasures are good. I agree with this statement. If one likes to smoke and every time one smokes, the chemical reaction caused by ingestion of cigarette brings pleasure to him. Now, the action of smoking ultimately pleasures him but he is surely poisoning himself. In some societies is perceived as dirty to smoke while in previous decades it was a refined habit to perform. Aristotle points out that there is a relativity of pleasure to remedy the situation. So pleasures depending on what they are i.e. (smoking, drinking, promiscuity)used to aide in the dealing with pain may in turn be a crutch or vice taking one further from the chief good by clouding judgment and sense of well-being. So even though some pleasures are bad there is no reason why some should not prevent on from ...

Shakespeare's Hamlet- Consider the significance and importance of the Essay

Shakespeare's Hamlet- Consider the significance and importance of the ghost to the play, to the other characters and to the audience, both contemporary and eliz - Essay Example The ghost may be the main reason for Hamlet’s continuing popularity. It is â€Å"the linchpin of Hamlet; remove it and the play falls to pieces† (Wilson 1935). The ghost drives the plot of the play, is a full-blown character in its own right, and it profoundly affects all the characters that encountered it. In addition to this, the ghost attracted the interest of the Elizabethan audience, for which the drama was first performed, and it continues to be the object of many current works of literary criticism. The ghost of Hamlet’s father appears in four scenes of the play. In two of these scenes (Act 1, Scene 1 and Act 1, Scene 4), the ghost appears to people other than Hamlet, specifically Horatio and Marcellus. Barnardo sees the ghost in the first scene, but he is not present in the fourth, or anywhere else in the play. In the other two scenes (Act 1, Scene 5 and Act 3, Scene 4), the ghost appears to Hamlet alone. It is interesting that only Hamlet can see the ghost in the fourth scene of Act 3, even though he is with his mother, in her bedchamber, at the time. Could it be that his contrived â€Å"antic disposition† (Jenkins 1982), the purpose of which was to help him discern the truth of what happened to his father, really did lead to an actual madness? Was he merely imagining the ghost’s presence, or was the ghost really there? It is true enough that at the beginning of the play, the ghost has every appearance of being real. Its presence is even enough to convince Horatio, the scholarly sceptic, that spirits exist. In his own words, â€Å"Before my God, I might not this believe without the sensible and true avouch of mine own eyes† (Jenkins 1982). Not only does Horatio believe that it really is a ghost he sees, but he is also convinced that the ghost is the spectre of Hamlet’s late father. He believes this because of the ghost’s costume. â€Å"Such was the very armour he had on when he

Do Entrepreneurs have Taits or Cognitive Biases that make them Essay

Do Entrepreneurs have Taits or Cognitive Biases that make them different from other Individuals - Essay Example It is hard to specify a personality pattern for the entrepreneurs. Probably, the varieties of personality among the entrepreneurs are just as many as the number of entrepreneurs. However, there are certain characteristics that are common in most of the entrepreneurs. â€Å"[E]ntrepreneurs are business creators that are characterized by the following cognitive aspects: they have a creative and knowing cognitive style, use intuition to make decisions, develop expert scripts, are self-ef?cient in the perception and development of opportunities, create an innovative environment, cope with unexpected challenges, develop investor relations, de?ne business goals, develop human resources, and are prone to innovation and risk taking† (Sanchez, Carballo, and Gutierrez, 2011, p. 436). Research conducted by David McClelland revealed a distinct cluster of personality traits typical of the founders of companies that exhibited rapid growth. McClelland found a high need for achievement among these entrepreneurs. The growth-oriented entrepreneurs have a strong need to succeed and accomplish tough tasks. These entrepreneurs derive the desire for independence from the very desire for achievement. Their need for achievement makes the growth-oriented entrepreneurs to keeping moving from one firm to another. They need constant recognition. Growth-oriented entrepreneurs are very articulate in their manner. They have a low need to conform. This means that although they listen to others, yet they are able to do as they wish. They may go out of the way to do a thing if they consider it right. These entrepreneurs normally work for anywhere between a sixty to eighty hours per week in order to achieve their goals irrespective of the amount of stamina it requires. Growth-oriented entrepreneurs accept risks. The risk involved in the work is too little as compared to the courage and confidence, and the need for achievement of these entrepreneurs. These five personality traits i.e. high need for achievement, low need to comply, persistence, high level of energy and immense tendency to take risk can be condensed into four basic attitudes that are typical of the successful entrepreneurs. These four basic attitudes are optimism, commitment, focus, and drive. Entrepreneurs are generally very optimistic in their approach of thinking and are opportunists (Keh, Foo, and Lim, 2002). The very optimism helps them deal with failures in the rational way. They are confident about the rightness of their cause. Entrepreneurs generally have an external locus of control. â€Å"The concept of locus of control refers to a generalized belief that a person can or cannot control his or her own destiny and individuals are classified along a continuum from very internal to very external† (Oben et al., 2011. p. 112). Pessimists consider failure a consequence of their personal mistakes and think that it would last long whereas optimistic entrepreneurs consider that failure occurs fr om a cause that is beyond their control and that it is short-lived. One of the most fundamental personality traits that entrepreneurs require to succeed is commitment. A business is not made successful overnight. It might take years for a business to reach a level wherein the entrepreneur can become successful. In the time that is spent in between, the entrepreneur