Lithium And Treatment Of Bipolar Affective Disorder

Introduction Lithium is a mood-stabilizing drug that has been used effectively in the treatment of bipolar affective disorder for many years, and increasing evidence suggests its effectiveness in reducing the risk of suicide ( Sugawara, N.,Yasul-Furukori, N., Ishil, N., Iwata, N., Terao, T.2013). There are different ways lithium can be useful to everybody in a different ways. Lithium carbonate is a type of medication used to treat manic depression and bipolar. Another uses of lithium that is very important is in batteries for clinical equipment such as heart pacemaker, blood pressure machines, and respiratory BPAP machine. Rechargeable batteries for electric vehicles, digital cameras, mobile†¦show more content†¦This is our knowledge the first study investigating the potential health impact of long-time lithium exposure from drinking water and other environmental sources on thyroid system (Broberg, K., Concha, G., Engstrom, k.,Lindvall, M., Grander, M., Vahter, M., 2011). Be sides the public health related to high concentration of lithium in our drinking water, some studies have shown that it beneficiary to lower the mortality ratio for suicide was associated with presence of lithium in water. Lithium had been known all over the world for treating mood stability for psychiatric patients for many decades. It has a lot of side effect associated with renal system, respiratory system, gastrointestinal, obesity, and thyroid system. Literature Review Lithium is one the most popular psychiatric medication uses worldwide for treatment of depression and bipolar. Also it can also be found inside the drinking water as one the preserved chemical. The issue of lithium related to public health should not be over-looked, a study has shown that a high concentration of lithium in drinking water have adverse effect was found in Argentinean. 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Stability of Beta over Market Phases Free Essays

string(27) " of beta and its findings\." International Research Journal of Finance and Economics ISSN 1450-2887 Issue 50 (2010)  © EuroJournals Publishing, Inc. 2010 http://www. eurojournals. We will write a custom essay sample on Stability of Beta over Market Phases or any similar topic only for you Order Now com/finance. htm Stability of Beta over Market Phases: An Empirical Study on Indian Stock Market Koustubh Kanti Ray Assistant Professor, Financial Management at Indian Institute of Forest Management (IIFM), Bhopal, India. E-mail: raykk@iifm. ac. in Abstract The significant role played by beta in diverse aspects of financial decision making has forced people from small investors to investment bankers to rethink on beta in the era of globalization. In the present changing market condition, it is imperative to understand the stability of beta which augments an efficient investment decisions with additional information on beta. This study examined the stability of beta for India market for a ten year period from 1999 to 2009. The monthly return data of 30 selected stocks are considered for examining the stability of beta in different market phases. This stability of beta is tested using three econometric models i. e. using time as a variable, using dummy variables and the Chow test. The results obtained from the three models are mixed and inconclusive. However there are 9 stocks where all the three models reported similar signal of beta instability over the market phases. Keywords: Stability of Beta, Phase wise beta, Indian Market Beta, Dummy Variable, Chow Test 1. Introduction The Capital Asset Pricing Model (CAPM) developed by Sharpe (1964), Lintner (1965) and Mossin (1966) has been the dominating capital market equilibrium model since its initiation. It continues to be extensively used in practical portfolio management and in academic research. Its essential implication is that the contribution of an asset to the variance of the market portfolio – he asset’s systematic risk, or beta risk – is the proper measure of the asset’s risk and the only systematic determinant of the asset’s return. Risk is the assessable uncertainty (Knight, 1921) in predicting the future events that are affected by external and internal factors. Sharpe (1963) had classified risks as systematic risk and unsystematic risk . The elements of systematic risk are external to the firm. The external factors are changes in economic environment, interest rate changes, inflation, etc. On the other hand, internal factors are the sources of unsystematic risk. Unsystematic risks are categorized as business risk or financial risk specific to the firm. The systematic risk related with the general market movement cannot be totally eradicated through diversification. The unsystematic risk, which is confine to a firm, can be eliminated or reduced to a considerable extent by choosing an appropriate portfolio of securities. Some of the sources of unsystematic risk are consumer preferences, worker strikes and management competitiveness. These factors are independent of the factors effecting stock market. Hence, systematic risk will influence all the securities in the market, whereas unsystematic risk is security specific. International Research Journal of Finance and Economics – Issue 50 (2010) 175 Theoretically defined, beta is the systematic relationship between the return on the portfolio and the return on the market (Rosenberg and Marathe, 1979). It refers to the slope in a linear relationship fitted to data on the rate of return on an investment and the rate of return of the market (or market index). Beta is a technique of telling how volatile a stock is compared with the rest of the market. When the return on the portfolio is more than the return on the market, beta is greater than one and those portfolios are referred to as aggressive portfolios. That means, in a booming market condition, aggressive portfolio will achieve much better than the market performance. While in a bearish market environment the fall of aggressive portfolios will also be much prominent. On the other hand, when the return on portfolio is less than the market return, beta measure is less than one and those portfolios are treated as defensive. In case of defensive portfolios, when the market is rising, the performances associated with it will be less than the market portfolio. However, when the market moves down, the fall in the defensive portfolios would also be less than the market portfolio. In those situations where, the return of the portfolio accurately matches the return of the market, beta is equal to one that rarely happens in real life situations. Beta estimation is central to many financial decisions such as those relating to stock selection, capital budgeting, and performance evaluation. It is significant for both practitioners and academics. Practitioners use beta in financial decision making to estimate cost of capital. Beta is also a key variable in the academic research; for example it is used for testing asset pricing models and market efficiency. Given the importance of this variable a pertinent question for both practitioners and academics is how to obtain an efficient estimation. This study is aimed at testing the beta stability for India. Further the stability of beta is of great concern as it is a vital tool for almost all investment decisions and plays a significant role in the modern portfolio theory. The estimation of beta for individual securities using a simple market model has been widely evaluated as well as criticized in the finance literature. One important aspect of this simple market model is the assumption of symmetry that propounds the estimated beta is valid for all the market conditions. Many studies questioned this assumption and examined the relationship between beta and market return in different market conditions, but the results are mixed and inconclusive. In this paper, an attempt is made to investigate the stability of beta in the Indian stock market during the last 10 years i. . from August 1999 to August, 2009. With this objective, the paper is divided into five sections including the present section. Section 2 reviews the existing literature and discusses the findings of major empirical researches conducted in India and other countries. Section 3 describes the data sources and methodology. Section 4 outlines the results of tests for investigating the stabili ty of beta and its findings. You read "Stability of Beta over Market Phases" in category "Papers" Section 5 is dedicated to summary, conclusion and scope for further research in the area. 2. Literature review Several studies are carried out to study the nature and the behavior of beta. Baesel (1974) studied the impact of the length of the estimation interval on beta stability. Using monthly data, betas were estimated using estimation intervals of one year, two years, four years, six years and nine years. He concluded that the stability of beta increases significantly as the length of the estimation interval increases. Levy (1971) and Levitz (1974) have shown that portfolio betas are very stable whereas individual security betas are highly unstable. Likewise Blume (1971) used monthly prices data and successive seven-year periods and shown that the portfolio betas are very stable where as individual security betas are highly unstable in nature. He shows that, the stability of individual beta increases with increase in the time of estimation period. Similar results were also obtained by Altman et al (1974). In both the cases, initial and succeeding estimation periods are of the same length. Allen et al. (1994) have considered the subject of comparative stability of beta coefficients for individual securities and portfolios. The usual perception is that the portfolio betas are more stable than those for individual securities. They argue that if the portfolio betas are more stable than those for individual securities, the 176 International Research Journal of Finance and Economics – Issue 50 (2010) larger confidence can be placed in portfolio beta estimates over longer periods of time. But, their study concludes that larger confidence in portfolio betas is not justified. Alexander and Chervany (1980) show empirically that extreme betas are less stable compared to interior beta. They proved it by using mean absolute deviation as a measure of stability. According to them, best estimation interval is generally four to six years. They also showed that irrespective of the manner portfolios are formed, magnitudes of inter-temporal changes in beta decreases as the number of securities in the portfolios rise contradicting the work of Porter and Ezzell (1975). Chawla (2001) investigated the stability of beta using monthly data on returns for the period April 1996 to March 2000. The tability of beta was tested using two alternative econometric methods, including time variable in the regression and dummy variables for the slope coefficient. Both the methods reject the stability of beta in majority of cases. Many studies focused on the time varying beta using conditional CAPM (Jagannathan and Wang (1996) Lewellen and Nagel (2003)). These studies concluded that the fluctuations and events that influence the market might change the leverage of the firm and the variance o f the stock return which ultimately will change the beta. Haddad (2007) examine the degree of return volatility persistence and time-varying nature of systematic risk of two Egyptian stock portfolios. He used the Schwert and Sequin (1990) market model to study the relationship between market capitalization and time varying beta for a sample of investable Egyptian portfolios during the period January, 2001 to June, 2004. According to Haddad, the small stocks portfolio exhibits difference in volatility persistence and time variability. The study also suggests that the volatility persistence of each portfolio and its systematic risk are significantly positively related. Because of that, the systematic risks of different portfolios tend to move in a different direction during the periods of increasing market volatility. The stability of beta is also examined with reference to security market conditions. For example, Fabozzi and Francis (1977) in their seminal paper considered the differential effect of bull and bear market conditions for 700 individual securities listed in NYSE. Using a Dual Beta Market Model (DBM), they established that estimated betas of most of the securities are stable in both the market conditions. They experienced it with three different set of bull and bear market definitions and concluded with the same results for all these definitions. Fama and French (1992, 1996), Jegadeesh (1992) and others revealed that betas are not statistically related to returns. McNulty et al (2002) highlight the problems with historical beta when computing the cost of capital, and suggest as an alternative- the forward-looking market-derived capital pricing model (MCPM), which uses option data to evaluate equity risk. In the similar line, French et al. (1983) merge forward-looking volatility with istorical correlation to improve the measurement of betas. Siegel (1995) notes the improvement of a beta based on forward-looking option data, and proceeds to propose the creation of a new derivative, called an exchange option, which would allow for the calculation of what he refers to as â€Å"implicit† betas. Unfortunately the exchange options discussed by Siegel (1995) are not yet traded, and the refore his method cannot be applied in practice to compute forward-looking betas. A few studies are carried out to explore the reason for instability of beta. For example, Scott Brown (1980) show that when returns of the market are subjected to measurement errors, the concurrent autocorrelated residuals and inter-temporal correlation between market returns and residual results in biased and unstable estimates of betas. This is so even when true values of betas are stable over time. They also derived an expression for the instability in the estimated beta between two periods. Chen (1981) investigates the connection between variability of beta coefficient and portfolio residual risk. If beta coefficient changes over time, OLS method is not suitable to estimate portfolio residual risk. It will lead to inaccurate conclusion that larger portfolio residual risk is associated with higher variability in beta. A Bayesian approach is proposed to estimate the time varying beta so as to provide a precise estimate of portfolio residual risk. Bildersee and Roberts (1981) show that during the periods interest rates fluctuate, betas would fluctuate systematically. The change would be in tune with their value relative to the market and the pattern of changes in interest rate. International Research Journal of Finance and Economics – Issue 50 (2010) 177 Few research studies are available in the Indian context to examine the factors influencing systematic risk. For example, Vipul (1999) examines the effect of company size, industry group and liquidity of the scrip on beta. He considered equity shares of 114 companies listed at Bombay Stock Exchange from July 1986 to June 1993 for his study. He found that size of the company affects the value of betas and the beta of medium sized companies is the lowest which increases with increase or decrease in the size of the company. The study also concluded that industry group and liquidity of the scrip do not affect beta. In another study, Gupta Sehgal (1999) examine the relationship between systematic risk and accounting variables for the period April 1984 to March 1993. There is a confirmation of relationship in the expected direction between systematic risk and variables such as debt-equity ratio, current ratio and net sales. The association between systematic risk and variables like profitability, payout ratio, earning growth and earnings volatility measures is not in accordance with expected sign. The relationship was investigated using correlation analysis in the study. 3. Data Type and Research Methodology The data related to the study is taken for 30 stocks from BSE-100 index. The top 30 stocks are chosen on the basis of their market capitalization in BSE-100 index. These 30 stocks are selected from BSE100 stocks in such a way that the continuous price data is available for the study period. The adjusted closing prices of these 30 stocks were collected for the last 10 years period i. e. from August 1999 to August 2009. The stock and market (BSE-100) data has been collected from prowess (CMIE) for the above period. BSE-100 index is a broad-based index and follows globally accepted free-float methodology. Scrip selection in the index is generally taken into account a balanced sectoral representation of the listed companies in the universe of Bombay Stock Exchange (BSE). As per the stock market guideline, the stocks inducted in the index are on the basis of their final ranking. Where the final rank is arrived at by assigning 75 percent weightage to the rank on the basis of three-month average full market capitalization and 25 percent weightage to the liquidity rank based on three-month average daily turnover three-month average impact cost. The average closing price for each month of 30 socks is computed for the period August 1999 to August 2009. Therefore we have 120 average monthly prices for each of the 30 stocks included in the research. The following method has been used to compute the monthly return on each of the stock. P i,t – P i,t-1 ri,t = –––––––––– P i, t-1 Where: P i,t = Average price of stock â€Å"i† in the month t Pi,t-1 = Average price of stock â€Å"i† in the month t-1 r i,t= Return of ith stock in the month t. The monthly market return is computed in the following way: Bt – Bt-1 mt = –––––––––– B t-1 Where: Bt = BSE-100 Index at time period t Bt-1 = BSE-100 Index at time period t-1 mt = Market return at time period t. After the monthly stock and market returns are calculated as per the above formula, we identified the different market phases to compute beta separately. The market phases are identified, by creating a cumulative wealth index from the market returns. The cumulative wealth index data is presented in annexure-1. As per the cumulative wealth index, we identified five different market 178 International Research Journal of Finance and Economics – Issue 50 (2010) hases in BSE-100 index. We recognized that there are three bullish phases (Jan-1999 to Feb-2000, Oct-2001 to Dec-2007 and Dec-2008 to August 2009) and two bearish phases (Mar-2000 to Sept2001, Jan-2008 to Nov-2008). The summary of different market phases is depicted in Table -1 figure-1 below. Table-1: Different Market Phases Market Phases Phase I Phase II Phase III Phase IV Phase V Market Phase Timing Sta rt End Jan-1999 Feb-2000 Mar-2000 Sep-2001 Oct-2001 Dec-07 Jan-2008 Nov-08 Dec-2008 Aug-09 Market Type Bullish Bearish Bullish Bearish Bullish Figure-1: Different Market Phases After these five market phases are identified, the beta value has been computed for each stock for each market phases following the below mentioned regression equation. ri,t = ? + ? mt + e (1) ri,t = Return on scrip i at time period t mt = Market rate of return at time period t e = Random error ? = Parameters to be estimated The above regression equation is applied to calculate beta coefficient of each stocks for each market phases separately and taking the entire ten years period. As the objective of the paper is to test the stability of beta in different market phases, the hypothesis has been set accordingly. The null hypothesis (H0) being the beta is stable over the market phases, whereas the alternative hypothesis (H1) is that the beta values are not stable and varies according to phases in the market. The hypothesis has been tested with the help of three econometric models- using time as a variable, using dummy variables to measure the change of slope over the period and through Chow test. International Research Journal of Finance and Economics – Issue 50 (2010) 179 3. 1. Testing the Stability of Beta using time as a variable In case of measuring stability of beta using time as a variable, in the above regression model (1) another variable i. e. † t mt† is used as a separate explanatory variable. Where the time variable t takes a value of t=1 for the first market phase, t=2 for the second market phase and so on for all other market phases identified. In this method the objective is to see whether the beta values are stable over time or not. After including the tmt variable, the above regression model (1) can be written as: ri,t = ? + ? 1mt + ? 2( t*mt) + e (2) The above regression equation can be re-framed as below: ri,t = ? + (? + ? 2*t )*mt + e (2) To test the stability of beta, we basically have to see whether the expression ? 2 is significant or not. If it is significant, we need to reject the null hypothesis and accept alternative hypothesis. It is implied that the sensitivity of stock return to market return i. e. (? 1 + ? 2*t)* mt changes with time, and hence, beta is not stable. If ? 2 is not significant, (? 1 + ? 2*t)* mt will get reduced to ? 1*mt , implying that ? 1, or the beta of stock, does not vary with time and is thus stable over time. The statistical significance of ? 2 is tested using the respective p-values. . 2. Testing the Stability of Beta using dummy variable In case of the second method of testing the beta stability, dummy variables are used in above mentioned regression equation (1) for the slope coefficients. As five market phases discovered, there are 4 dummy variables used in the new equation (Levine et al. 2006). The new regression equation is reframed as follows: ri,t = ? 0 + ? 1* mt + ? 2*D1* mt + ? 3*D2* mt + ? 4*D3* mt + ? 5*D4*mt + e (3) Where: D1 = 1 for phase 1 (Jan 1999 to Feb 2000) data = 0 otherwise. D2 = 1 for phase II (May 2000 to Sept 2001) data = 0 otherwise D3 1 for phase III (Oct 2001 to Dec 2007) data = 0 otherwise D4 = 1 for phase IV (Jan 2008 to Nov 2008) data = 0 otherwise = return on stock I in period t. r i,t mt = retur n on market in period t. e = error term and ? 0, ? 1, ? 2, ? 3, ? 4 ? 5 = coefficients to be estimated. As there are 5 market phases, we use 4 dummy variables in the above equation (3). The use of 5 dummy variable would lead to a dummy variable trap. We treat the 5th phase viz. Dec-08 to Aug-09 as the base period. The significance of ? 2, ? 3, ? 4 and ? 5 will tell us whether the beta is stable over the time periods or not. For the beta to be truly stable over the entire period, all coefficients like, ? 2, ? 3, ? 4 and ? 5 should be statistically insignificant and where we need to accept the null hypothesis. The logic is that if ? 2, ? 3, ? 4 and ? 5 are insignificant, the equation reduces to the following, thus implying that beta is stable over time. ri,t = ? 0 + ? 1*mt + e (4) th 3. 3. Testing for Structural or Parameter Stability of Regression Model: The Chow Test In the third method, for structural or parameter stability of regression models, the Chow test has been conducted (Gujarati, 2004). When we use a regression model involving time series data, it may happen 180 International Research Journal of Finance and Economics – Issue 50 (2010) that there is a structural change in the relationship between the regress and the regressors. By structural change, we mean that the values of the parameters of the model do not remain the same through the entire time period. We divide our sample data into five time periods according to the different market phases identified earlier. We have six possible regressions for each stock (five regressions for each market phases and one for the whole ten year period). The regression equations are mentioned below. ri,t = ? 1 + ? 2mt + ut (5) (6) r i, t = ? 1 + ? 2mt + ut Equation (5) is for each market phases and equation (6) is for the whole period. There are 128 observations (n=128) for the whole period and n1=14, n2=19, n3=75, n4=11 and n5=9 are the number of observations for phase-I to phase-V respectively. The u’s in the above regression equations represent the error terms. Regression (6) assumes that there is no difference over the five time periods and therefore estimates the relationship between stock prices and market for the entire time period consisting of 128 observations. In other words, this regression assumes that the intercept as well as the slope coefficient remains the same over the entire period; that is, there is no structural change. Now the possible differences, that is, structural changes, may be caused by differences in the intercept or the slope coefficient or both. This is examined with a formal test called Chow test (Chow, 1960). The mechanics of the Chow test are as follows: First the regression (6) is estimated, which is appropriate if there is no parameter instability, and obtained the restricted residual sum of squares (RSSR) with df = [(n1+n2+n3+n4+n5) ? k], where k is the number of parameters estimated, 2 in the present case. This is called restricted residual sum of squares because it is obtained by imposing the restrictions that the sub-period regressions are not different. Secondly estimated the phase wise other regression equations and obtain its residual sum of squares, RSS1 to RSS8 with degrees of freedom, df = (no of observations in each phase ? ). Since the five sets of samples are deemed independent, in the third step we can add RSS1 to RSS8 to obtain what may be called the unrestricted residual sum of squares (RSSUR) with df = [(n1+n2+n3+n4+n5)? 2k]. Now the idea behind the Chow test is that if in fact there is no structural change (i. e. , all phases regressions are essentially the same), then the RSSR and RSSUR should not be statisticall y different. Therefore in the fourth step the following ratio is formed to get the F-value. F = [(RSSR ? RSSUR)/k] / [(RSSUR)/ ((n1 + n2+n3+n4+n5) ? 2k)] ~ F [k, ((n1+n2+n3+n4+n5) ? 2k)] (7) We cannot reject the null hypothesis of parameter stability (i. e. , no structural change) if the computed F value is not statistically significant (F value does not exceed the critical F value obtained from the F table at the chosen level of significance or the p value). Contrarily, if the computed F value is statistically significant (F value exceeds the critical F value), we reject the null hypothesis of parameter stability and conclude that the phase wise regressions are different. 4. Test Results and Findings Initially the beta coefficient is calculated using the Ordinary Least Square (OLS) technique as defined in equation (1). The estimation was carried out by using monthly return data for the 5 market phases for each of the 30 stocks. To compare the phase wise beta estimation with the entire 10 year period, the same estimation also carried out taking the whole 10 years for each stock separately. Stock wise beta values over 5 market phases and the entire period is reported in appendix-2. From annexure-2, it is revealed that there are 14 stocks beta value is greater than 1 in phase I. This figure (beta value greater than 1) has reduced to 6, 11, 12 and 10 for phase-2 to phase-5 respectively. It is also illustrated that, there are 8 stocks whose beta value is greater than 1 in respect to overall between Jan-99 to Aug-09 and highest being for Wipro of 1. 47. The stocks having beta value International Research Journal of Finance and Economics – Issue 50 (2010) 181 more than 1 are considered to be volatile securities. It is noticed that, as we increase the period of estimation to full ten years period, there are less number of stocks proved to be more volatile. Out of the total 30 stocks considered in the study, only one company i. e. LT has beta more than 1 in all phases including the overall period. But none of the company’s overall beta value is more than the phase wise betas. There are seven companies (RIL, NALCO, ITC, GAIL, Hindustan Lever, Hero Honda and Cipla) whose beta values are less than 1 all through the phases including overall period. These stocks are considered to be less volatile than the market. There are 3 companies (Cipla, ITC and Hindustan Lever) recent beta value (Dec 2008 to August 2009) is negative, where Cipla’s phase I beta value is also negative along with other two stocks like SAIL and NALCO. It is observed from annexure-2 that there are only two companies’ from the software sector (Infosys and Wipro) whose beta values are consistently declining over time. However there are 7 stocks viz. Cipla, Sunpharma, Wipro, Grasim, Hindustan Lever, Infosys and ITC whose beta values are showing a decreasing trend from phase 3 onwards, while Tata steel is the only stock whose beta values are showing an increasing trend during the same period. It is observed from the annexure-2 that, on an overall basis 29 out of 30 stocks have their beta values statistically significant at 5% level. This number has varied from 8 to 30 over the various phases, indicating that the beta values of the stocks have fluctuated significantly. This implies that the volatility of the stocks depend on the market phases i. e. bearish or bullish. Thus the result rejects the null hypothesis that the beta is stable over various market phases. The null hypothesis is rejected in 29 out of 30 cases in case of overall period, while 30 out of 30 cases in respect to phase-3. Since the period of estimation of beta is more in case of overall period and in phase-3, the obtained results are similar in both the cases. But the remaining phase wise results do not follow any pattern. In respect of period of estimating the value of beat the results are comparable to the finding of Baesel (1974) and Altman et al (1974). It is mentioned earlier that to examine the stability of beta over different market phases, three separate models have been used in paper. The results obtained from these models are interpreted in the following paragraphs. The estimated results for regression model-2 that includes t*mt as a separate variable are depicted in annexure-3. It is observed that the value of R2, a measure of goodness of fit varies from 0. 11 to 0. 61. It is only in 5 out of 30 regression results, the value is greater than 0. 50. The coefficient of mt (? 1) is found to be highly statistically significant at 5% level in 19 out of 30 cases. It is in 11 regressions, the coefficient is statistically insignificant. As discussed earlier, the significance of the coefficient of variable t*mt implies the rejection of the null hypothesis of stable beta over time. It is observed that the coefficient (? ) is significant in 14 cases out of 30. The regression results indicate that in 50% cases the null hypothesis of stability of beta over the market phases is rejected. This means 50% stocks reported stability of beta over different phases. So model (2) cannot infer that beta is not stable over market phases. The estimated results for coefficients for regression model-3 that incorporates dummy variables are depicted in annexure-4. It is noticed from the results that the R2 value fluctuates from 0. 15 to 0. 62 and in case of 8 stocks this value is greater than 0. 0. It is mentioned earlier that the null hypothesis of stability of beta will be rejected if any of the coefficients (? 2, ? 3, ? 4 ? 5) corresponding to D1*mt, D2*mt, D3*mt or D4*mt were found to be statistically significant. It is observed from the results presented in appendix-4, that there are 17 out of 30 stocks represented statistically significant at 5% level at least one of the coefficient. There are only 2 cases where 3 coefficients are significant and none of the stocks reported significant for all the 4 coefficients. Further in 6 cases where 2 out of 4 coefficients are reported significant, where as in 9 cases depicted significant only for one coefficient. The outcome of this model in brief can be stated that, in case of 17 stocks out of 30 stocks, the stability of beta hypothesis is rejected meaning, in rest 13 cases there is a stability of beta over the market phases. 182 International Research Journal of Finance and Economics – Issue 50 (2010) The estimated results of Chow test are depicted in annexure-5. The results show that, 12 out of 30 cases the F-value is statistically significant and rest 18 stocks are reported insignificant at 5% level. Based on the F- statistics and its corresponding p-values, the null hypothesis of beta stability over the market phases is rejected in 12 cases and accepted in 18 cases. The F-values are also supported by log likelihood ratio and it p-values, which also reported statistical significance in 12 cases. The outcome of Chow test confirms that the beta values are not stable or there is a structural change in 12 out of 30 stocks in different market phases. But the rest 18 stocks reported stability or no structural change in beta values over the market phases. From the above deliberations, it is observed that all the three models described above exhibit a mixed and inconclusive result. There are 14, 17 and 12 stocks are statistically significant as per model2, model-3 and model-7 respectively. This means as per model-2 the beta values of 14 stocks out of 30 stocks are instable over the period. But this number is 17 and 12 in case of model3 and 7 respectively. However, on the basis of results obtained from different models, it is not possible to conclude that the beta values of the stocks are stable or instable over the market phases. But if we closely glance at the results obtained from three models, it is very apparent that in case of 9 stocks where all the three models represented similar results and rejected the null hypothesis. These stocks include Sun pharmaceutical, Wipro, Tata motors, Tata Steel, Hindalco, Hindustan Unilever, HDFC, Infosys and Zee Entertainment. This indicates that beta values are not stable over the market phases in these 9 stocks. Similarly there are 6 stocks where two models recommended instability of beta and 4 stocks where only one model reported a change in beta values over the period. There are 11 cases where none of the models rejected the null hypothesis, which proved that the beta values are stable over the time in these stocks. 5. Conclusion The objective of the present study is to examine the stability of beta in different Indian market phases. For the purpose of the study monthly return data of 30 stocks for the period from 1999 to 2009 is considered. Considering the bullish and bearish condition in the Indian market, we divided the whole 10 years into 5 different market phases. Initially the beta has been estimated for different market phases and also taking the whole 10 years period. The results show that the beta values are not showing any particular pattern but in the overall phase almost all the stocks are statistically significant. Further the beta stability is examined using three different models. In the first method the beta coefficient is calculated considering the market phases as time variable. The results show that in 50% of cases the null hypothesis is rejected as the beta is stable over different market phases. In the similar line the results obtained in respect to model two states that in 17 out of 30 cases the null hypothesis is rejected. This confirms that in 17 cases the stability of beta is not there over the market phases but in rest 13 cases it stable over the market phases. In the third method of investigating beta stability, the Chow test has been conducted. The F-statistics under Chow test reveals that, beta is instable in 12 out of 30 stocks considered in the study in different market phases. We can thus finally conclude that the results obtained from different models are mixed and inconclusive in nature, where it is less ground to conclude that the beta values are stable or instable over the market phases. But there are 9 stocks which gives a strong indication that their beta values are not stable over the market phases. In these 9 cases, all the three models reported similar signal of beta instability over the market phases. The instability of beta has its implications in taking sound corporate financial decisions. Financial decisions should not be based on the overall beta of the company. Rather, the company’s periodical beta should be relied upon for taking certain managerial decisions. Considering the inconclusive results obtained from present study, it is suggested that the future research on beta in Indian market may be investigated from (a) industry wise stability of beta in different market phases (b) stability of beta from portfolio point of view (c) optimal time limit for stability of beta (d) forward looking beta and its stability (e) impact of market and company specific factors and stability of beta and (f) market efficiency study using phase wise beta under the event study methodology. International Research Journal of Finance and Economics – Issue 50 (2010) 83 References [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] Allen R G, Impson C M and Karafiath I (1994), â€Å"An Empirical Investigation of Beta Stability: Portfolios vs. Individual Securities†, Journal of Business Finance Accounting, Vol. 21, No. 6. Alexander, Gordon. , J. Sharpe. , Chervany, Norman L. (1980) â€Å" On the Estimation and Stability of Beta†, Journal of Financial Quantitative Analysis, Vol. XV, No. 1, March, pp. 123-137. Altman, Edward I. , Bertrand Jacquillat and Michel Levasseur (1974) â€Å"Comparative Analysis of Risk Measures: France and the United States† Journal of Finance, December, pp. 1495-1511. Baesel J B (1974), â€Å"On the Assessment of Risk: Some Further Considerations†, The Journal of Finance, Vol. 29, No. 5, pp. 1491-1494. Bildersee, John S and Robert, Gorden S. 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Knight F H (1921), Risk, Uncertainty and Profit, Houghton Mifflin Company: Chicago, Part 1, Chapter 1, Paragraph 26. Levitz Gerald D (1974), â€Å"Market Risk and the Management of Institutional Equity Portfolios†, Financial Analysts Journal, Vol. 30, No. 1, pp. 53-60. Levine, David, M. , David Stephen. , Timothy C. Krehbiel and Mark L. Berenson (2006) Statistics for Managers, Printice-Hall India, 4th Edition, pp-599-600. Levy Robert A (1971), â€Å"Stationarity of Beta Coefficients†, Financial Analysts Journal, Vol. 27, No. 6, pp. 55-62. Lewellen, J. and Nagel, S. (2003) The conditional CAPM does not explain asset-pricing anomalies, MIT Sloan Working Paper No. 4427-03. Lintner, John. 1965. â€Å"Security Prices, Risk, and Maximal Gains from Diversification. † Journal of Finance, V. 20: December, pp 587-616. 184 International Research Journal of Finance and Economics – Issue 50 (2010) [25] McNulty, J. , T. Yeh, W. Schulze, and M. Lubatin, (2002), What’s Your Real Cost of Capital? 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[26] [27] [28] [29] 30] [31] [32] [33] [34] 185 International Research Journal of Finance and Economics – Issue 50 (2010) Annexure-1: Month December 1998 January 1999 February 1999 March 1999 April 1999 May 1999 June 1999 July 1999 August 1999 September 1999 October 1999 November 1999 December 1999 January 2000 Febru ary 2000 March 2000 April 2000 May 2000 June 2000 July 2000 August 2000 September 2000 October 2000 November 2000 December 2000 January 2001 February 2001 March 2001 April 2001 May 2001 June 2001 July 2001 August 2001 September 2001 October 2001 November 2001 December 2001 January 2002 February 2002 March 2002 April 2002 May 2002 June 2002 July 2002 August 2002 September 2002 October 2002 November 2002 December 2002 January 2003 February 2003 March 2003 April 2003 May 2003 June 2003 July 2003 August 2003 September 2003 October 2003 November 2003 December 2003 January 2004 February 2004 Identification of Market Phases Closing Price Return (R) 1+R Cumulative Wealth Index Market Phases 1359. 03 1461. 52 1506. 95 1651. 37 1449. 64 1714. 02 1790. 51 1988. 06 2192. 94 2213. 33 2071. 50 2253. 29 2624. 49 2875. 37 3293. 29 2902. 20 2396. 22 2156. 99 2397. 06 2153. 26 2306. 07 2075. 67 1916. 99 2061. 18 2032. 20 2209. 31 2139. 72 1691. 71 1682. 1 1763. 35 1630. 02 1564. 46 1534. 73 1312. 50 1389. 17 1557. 01 1557. 22 1592. 27 1707. 72 1716. 28 1671. 63 1596. 71 1650. 34 1506. 23 1580. 55 1473. 88 1458. 78 1594. 03 1664. 67 1600. 87 1628. 72 1500. 72 1470. 31 1641. 44 1819. 36 1893. 45 2229. 25 2314. 62 2485. 43 2594. 34 3074. 87 2946. 14 2923. 99 0. 08 0. 03 0. 10 -0. 12 0. 18 0. 04 0. 11 0. 10 0. 01 -0. 06 0 . 09 0. 16 0. 10 0. 15 -0. 12 -0. 17 -0. 10 0. 11 -0. 10 0. 07 -0. 10 -0. 08 0. 08 -0. 01 0. 09 -0. 03 -0. 21 -0. 01 0. 05 -0. 08 -0. 04 -0. 02 -0. 14 0. 06 0. 12 0. 00 0. 02 0. 07 0. 01 -0. 03 -0. 04 0. 03 -0. 09 0. 05 -0. 07 -0. 01 0. 09 0. 04 -0. 04 0. 2 -0. 08 -0. 02 0. 12 0. 11 0. 04 0. 18 0. 04 0. 07 0. 04 0. 19 -0. 04 -0. 01 1. 08 1. 03 1. 10 0. 88 1. 18 1. 04 1. 11 1. 10 1. 01 0. 94 1. 09 1. 16 1. 10 1. 15 0. 88 0. 83 0. 90 1. 11 0. 90 1. 07 0. 90 0. 92 1. 08 0. 99 1. 09 0. 97 0. 79 0. 99 1. 05 0. 92 0. 96 0. 98 0. 86 1. 06 1. 12 1. 00 1. 02 1. 07 1. 01 0. 97 0. 96 1. 03 0. 91 1. 05 0. 93 0. 99 1. 09 1. 04 0. 96 1. 02 0. 92 0. 98 1. 12 1. 11 1. 04 1. 18 1. 04 1. 07 1. 04 1. 19 0. 96 0. 99 1. 08 1. 11 1. 22 1. 07 1. 26 1. 32 1. 46 1. 61 1. 63 1. 52 1. 66 1. 93 2. 12 2. 42 0. 88 0. 73 0. 65 0. 73 0. 65 0. 70 0. 63 0. 58 0. 63 0. 62 0. 67 0. 65 0. 51 0. 51 0. 54 0. 9 0. 48 0. 47 0. 40 1. 06 1. 19 1. 19 1. 21 1. 30 1. 31 1. 27 1. 22 1. 26 1. 15 1. 20 1. 12 1. 11 1. 21 1. 27 1. 2 2 1. 24 1. 14 1. 12 1. 25 1. 39 1. 44 1. 70 1. 76 1. 89 1. 98 2. 34 2. 24 2. 23 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 186 March 2004 April 2004 May 2004 June 2004 July 2004 August 2004 September 2004 October 2004 November 2004 December 2004 January 2005 February 2005 March 2005 April 2005 May 2005 June 2005 July 2005 August 2005 September 2005 October 2005 November 2005 ecember 2005 January 2006 February 2006 March 2006 April 2006 May 2006 June 2006 July 2006 August 2006 September 2006 October 2006 November 2006 ecember 2006 January 2007 February 2007 March 2007 April 2007 May 2007 June 2007 July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 January 2008 February 2008 March 2008 April 2008 May 2008 June 2008 July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 July 2009 August 2009 International Research Journal of Finance and Economics – Issue 50 (2010) 2966. 31 3025. 14 2525. 35 2561. 16 2755. 22 2789. 07 2997. 97 027. 96 3339. 75 3580. 34 3521. 71 3611. 90 3481. 86 3313. 45 3601. 73 3800. 24 4072. 15 4184. 83 4566. 63 4159. 59 4649. 87 4953. 28 5224. 97 5422. 67 5904. 17 6251. 39 5385. 21 5382. 11 5422. 39 5933. 77 6328. 33 6603. 60 6931. 05 6982. 56 7145. 91 6527. 12 6587. 21 7032. 93 7468. 70 7605. 37 8004. 05 7857. 61 8967. 41 10391. 19 10384. 40 11154. 28 9440. 94 940 4. 98 8232. 82 9199. 46 8683. 27 7029. 74 7488. 48 7621. 40 6691. 57 4953. 98 4600. 45 4988. 04 4790. 32 4516. 38 4942. 51 5803. 97 7620. 13 7571. 49 8176. 54 8225. 50 0. 01 0. 02 -0. 17 0. 01 0. 08 0. 01 0. 07 0. 01 0. 10 0. 07 -0. 02 0. 03 -0. 04 -0. 05 0. 9 0. 06 0. 07 0. 03 0. 09 -0. 09 0. 12 0. 07 0. 05 0. 04 0. 09 0. 06 -0. 14 0. 00 0. 01 0. 09 0. 07 0. 04 0. 05 0. 01 0. 02 -0. 09 0. 01 0. 07 0. 06 0. 02 0. 05 -0. 02 0. 14 0. 16 0. 00 0. 07 -0. 15 0. 00 -0. 12 0. 12 -0. 06 -0. 19 0. 07 0. 02 -0. 12 -0. 26 -0. 07 0. 08 -0. 04 -0. 06 0. 09 0. 17 0. 31 -0. 01 0. 08 0. 01 1. 01 1. 02 0. 83 1. 01 1. 08 1. 01 1. 07 1. 01 1. 10 1. 07 0. 98 1. 03 0. 96 0. 95 1. 09 1. 06 1. 07 1. 03 1. 09 0. 91 1. 12 1. 07 1. 05 1. 04 1. 09 1. 06 0. 86 1. 00 1. 01 1. 09 1. 07 1. 04 1. 05 1. 01 1. 02 0. 91 1. 01 1. 07 1. 06 1. 02 1. 05 0. 98 1. 14 1. 16 1. 00 1. 07 0. 85 1. 00 0. 88 1. 12 . 94 0. 81 1. 07 1. 02 0. 88 0. 74 0. 93 1. 08 0. 96 0. 94 1. 09 1. 17 1. 31 0. 99 1. 08 1. 01 2. 26 2. 30 1. 92 1. 95 2. 10 2. 13 2. 28 2. 31 2. 54 2. 73 2. 68 2. 75 2. 65 2. 52 2. 74 2. 90 3. 10 3. 19 3. 48 3. 17 3. 54 3. 77 3. 98 4. 13 4. 50 4. 76 4. 10 4. 10 4. 13 4. 52 4. 82 5. 03 5. 28 5. 32 5. 44 4. 97 5. 02 5. 36 5. 69 5. 79 6. 10 5. 99 6. 83 7. 92 7. 91 8. 50 0. 85 0. 84 0. 74 0. 82 0. 78 0. 63 0. 67 0. 68 0. 60 0. 44 0. 41 1. 08 1. 04 0. 98 1. 07 1. 26 1. 66 1. 65 1. 78 1. 79 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5 International Research Journal of Finance and Economics – Issue 50 (2010) Annexure-2: Beta values of individual securities over all the five phases Overall Phase I Phase II Phase III Phase IV ? p-val ? p-val ? p-val ? p-val ? p-val Bharat Heavy Electricals Ltd. 0. 86 0. 00* 0. 67 0. 21 1. 18 0. 00* 1. 10 0. 00* 0. 80 0. 02* Bharat Petroleum Corpn. Ltd. 0. 80 0. 00* 1. 02 0. 15 0. 66 0. 06 1. 13 0. 00* 1. 30 0. 06 Cipla Ltd. 0. 51 0. 00* -0. 04 0. 95 0. 75 0. 02* 0. 80 0. 00* 0. 51 0. 07 Sun Pharmaceutical Inds. Ltd. 0. 69 0. 00* 1. 13 0. 15 0. 80 0. 08 0. 57 0. 00* 0. 74 0. 00* Ranbaxy Laboratories Ltd. 0. 94 0. 00* 1. 19 0. 3 0. 63 0. 03* 0. 78 0. 00* 1. 07 0. 10 Wipro Ltd. 1. 47 0. 00* 2. 79 0. 02* 2. 63 0. 00* 0. 88 0. 00* 0. 87 0. 00* Reliance Infrastructure Ltd. 1. 24 0. 00* 1. 38 0. 02* 0. 26 0. 39 1. 20 0. 00* 1. 50 0. 00* Larsen Toubro Ltd. 1. 30 0. 00* 1. 12 0. 08 1. 70 0. 00* 1. 21 0. 00* 1. 07 0. 00* State Bank Of India 1. 01 0. 00* 1. 22 0. 08 0. 86 0. 00* 1. 03 0 . 00* 1. 08 0. 01* Tata Motors Ltd. 1. 20 0. 00* 1. 07 0. 08 -0. 13 0. 65 1. 11 0. 00* 1. 20 0. 00* Oil Natural Gas Corpn. Ltd. 0. 79 0. 00* 0. 43 0. 47 0. 59 0. 03* 1. 06 0. 00* 1. 03 0. 01* Steel Authority Of India Ltd. 1. 23 0. 00* -0. 31 0. 68 0. 99 0. 00* 1. 54 0. 0* 1. 12 0. 01* Tata Steel Ltd. 1. 22 0. 00* 0. 79 0. 17 0. 64 0. 05* 1. 25 0. 00* 1. 39 0. 00* Grasim Industries Ltd. 0. 94 0. 00* 1. 24 0. 13 0. 91 0. 01* 0. 95 0. 00* 0. 86 0. 00* H D F C Bank Ltd. 0. 79 0. 00* 1. 38 0. 03* 0. 36 0. 10 0. 68 0. 00* 0. 98 0. 00* Hero Honda Motors Ltd. 0. 47 0. 00* 0. 24 0. 64 0. 04 0. 85 0. 79 0. 00* 0. 93 0. 00* Hindalco Industries Ltd. 1. 00 0. 00* 0. 03 0. 95 0. 39 0. 06 1. 22 0. 00* 1. 44 0. 00* Hindustan Unilever Ltd. 0. 49 0. 00* 0. 78 0. 01* 0. 42 0. 06 0. 77 0. 00* 0. 67 0. 00* HDFC Ltd. 0. 74 0. 00* 0. 77 0. 01* 0. 50 0. 06 0. 85 0. 00* 1. 01 0. 00* Infosys Technologies Ltd. . 91 0. 00* 1. 33 0. 05* 1. 30 0. 00* 0. 73 0. 00* 0. 67 0. 06 G A I L (India) Ltd. 0. 49 0. 00* 0. 00 1. 00 0. 46 0. 11 0. 79 0. 00* 0. 34 0. 18 I C I C I Bank Ltd. 0. 84 0. 00* 1. 85 0. 05* 0. 06 0. 88 0. 50 0. 00* 0. 57 0. 14 I T C Ltd. 0. 37 0. 00* 0. 54 0. 13 0. 57 0. 01* 0. 42 0. 00* 0. 27 0. 24 National Aluminium Co. Ltd. 0. 49 0. 00* -0. 31 0. 75 0. 24 0. 37 0. 73 0. 00* 0. 21 0. 69 Indian Oil Corpn. Ltd. 0. 87 0. 10 0. 32 0. 56 0. 65 0. 00* 1. 24 0. 00* 0. 75 0. 01* Reliance Industries Ltd. 0. 51 0. 00* 0. 34 0. 47 0. 08 0. 81 0. 41 0. 00* 0. 74 0. 06 Sterlite Industries (India) Ltd. 1. 11 0. 00* 0. 99 0. 14 1. 3 0. 09 0. 87 0. 00* 0. 01 0. 96 Tata Communications Ltd. 0. 78 0. 00* 1. 10 0. 05* 1. 18 0. 00* 0. 87 0. 00* 0. 85 0. 09 Unitech Ltd. 0. 79 0. 00* 0. 47 0. 14 0. 48 0. 02* 0. 87 0. 00* 0. 21 0. 47 Zee Entertainment Ent. Ltd. 1. 00 0. 00* 1. 39 0. 08 0. 72 0. 07 0. 78 0. 00* 1. 13 0. 03* * indicates significance of coefficient at 5% level of significant Name of the Company Annexure-3: 187 Phase V ? p-val 0. 74 0. 00* 0. 48 0. 03* -0. 13 0. 65 0. 16 0. 55 1. 96 0. 01* 0. 78 0. 10 2. 46 0. 00* 1. 77 0. 00* 1. 55 0. 00* 1. 33 0. 02* 0. 94 0. 01* 1. 66 0. 00* 2. 07 0. 00* 0. 41 0. 29 0. 96 0. 00* 0. 29 0. 21 1. 63 0. 01* -0. 1 0. 68 0. 95 0. 00* 0. 07 0. 83 0. 38 0. 03* 1. 35 0. 02* -0. 01 0. 95 0. 50 0. 19 0. 98 0. 02* 0. 57 0. 10 0. 85 0. 03* 0. 43 0. 15 1. 27 0. 11 0. 74 0. 07 Estimates of regression equation using Time as a Variable Name of the Company Bharat Heavy Electricals Ltd. Bharat Petroleum Corpn. Ltd. Cipla Ltd. Sun Pharmaceutical Inds. Ltd. Ranbaxy Laboratories Ltd. Wipro Ltd. Reliance Infrastructure Ltd. Larsen Toubro Ltd. State Bank Of India Tata Motors Ltd. Oil Natural Gas Corpn. Ltd. Steel Authority Of India Ltd. Tata Steel Ltd. Grasim Industries Ltd. H D F C Bank Ltd. Hero Honda Motors Ltd. Hindalco Industries Ltd. Hindustan Unilever Ltd. HDFC Ltd. Constant 0. 02 0. 01 0. 02 0. 03 0. 01 0. 01 0. 01 0. 01 0. 01 0. 00 0. 01 0. 02 0. 01 0. 01 0. 02 0. 02 0. 00 0. 00 0. 02 mt (? 1) 0. 56 (0. 03) 0. 79 (0. 02) 0. 94 (0. 00) 1. 69 (0. 00) 0. 63 (0. 05) 3. 35 (0. 00) 0. 25 (0. 44) 1. 10 (0. 00) 0. 71 (0. 00) 0. 61 (0. 02) 0. 25 (0. 38) 0. 26 (0. 51) 0. 01 (0. 99) 0. 97 (0. 00) 0. 92 (0. 00) 0. 19 (0. 42) -0. 12 (0. 60) 0. 91 (0. 00) 0. 37 (0. 04) t*mt (? 2) 0. 10 (0. 22) 0. 00 (0. 96) -0. 14 (0. 10) -0. 33 (0. 00)* 0. 10 (0. 29) -0. 62 (0. 00)* 0. 33 (0. 00)* 0. 07 (0. 37) 0. 10 (0. 17) 0. 20 (0. 02)* 0. 18 (0. 03)* 0. 32 (0. 01)* How to cite Stability of Beta over Market Phases, Papers

Disruptive Innovation in Singaporean Taxi Industry †Free Samples

Question: Discuss about the Disruptive Innovation in Singaporean Taxi Industry. Answer: Introduction: Information about ComfortDelgro ComfortDelgro Corporation is a public limited company, which has its head office in Singapore and listed on the Singapore Exchange. The products of the company are facilities like bus, cab, insurance and outdoor advertising. ComfortDelgro has expanded its business into China, the United Kingdom, Ireland and Australia. Comfort Transport Limited is the subsidiary of ComfortDelgro and led by its CEO and directors. The vision of the company is to emerge as the leading provider of land transport services. The mission of the company is to provide round the clock service to passengers accompanied by skilful and dedicated drivers (comfortdelgro.com.sg, 2017). Information about the cab industry: The cab industry is an international industry providing round the clock pickup and drop facilities to passengers. The size of the market of this public transport facility is worth billions of dollars and employ millions of drivers all over the world. The service is particularly popular in markets like Singapore. The taxi market in Singapore consists of both taxis available on road, which do not require prior booking, and the ones operated by companies like Uber, which require prior booking. The drivers operating in the taxi markets need to acquire government license. The taxi market in Singapore is currently under the domination of Uber and Grab which is giving the Singaporean companies like ComfortDelgro tough competition (todayonline.com, 2017). Identification of business goals: The business goals of ComfortDelgro Corporation are to provide high quality taxi hiring services to the customers at their convenience and to maximise the capital the shareholders. The multinational vehicles hire leasing company seeks to foster an environment of sustainability by operating in more sustainable ways to ensure benefit of the entire community. It also keeps on conducting continuous study to gain knowledge about the growing needs of the consumers. Fulfilling of this business goal would help the company to offer more customer oriented products, which would in turn help the company to achieve its first business goal, providing better services to customers. Provision of excellent hire cab services would allow the cab company to achieve its second goal, causing capital maximisation for its shareholders (Farahani, et al., 2014). An analysis of the aim of ComfortDelgro shows that its aim is to analyse the training needs of its cab drivers and provide them with training. The aim is specific and the managers can analyse the training needs using methods like survey and interview. The training needs can be measured by monitoring the number of customer complaints and through methods like surveys and interviews. The responsibility of monitoring the cab drivers performances to recognise their training needs can be assigned to specific managers. Thus, the responsibility of assessing training needs can be assigned and is hence assignable. The aim of the company to analyse the training needs of the employee drivers is realistic. This aim can be achieved within a fixed time period. This discussion of the training need analysis of the drivers of ComfortDelgro shows that its aim is specific, measurable, assignable, realistic and time specific. Organisational training needs and SMART objectives: An analysis of the case study given shows that the emergence of personalised cab hire services have brought about fall in the demand for the public cab hire service providers. The multinational online can hire services like Uber provide personalised pickup and drop services. Their drivers are trained to operate new technology like general packet radio services (GPRS) to receive orders from the passengers and are well groomed. As a result they customer friendly conduct help in maximising customer satisfaction and earn these companies repeat business and high revenue. They should have detailed knowledge about the GPRS systems and roads and streets. The above discussion clearly point that the taxi companies who provide taxi services need to train their drivers to develop necessary skills like communication skills and technical skills to maximise customer satisfaction and profit, the first two business goals of the company. This situation calls for analysis of the training needs of the d rivers (Goetsch Davis, 2014). ComfortDelgro should analyse the training needs of the employees like drivers to ensure that they are aligned to the business goals of the company. The senior managers of ComfortDelgro can recognise the training needs of the drivers using the several analysis methods. The first method, which themanagement can use to recognise the training needs, is survey (Landy Conte, 2016). Themanagement can conduct surveys among the drivers to know about the degree of the technological knowledge and expertise. The managers would be able to recognise the areas where the drivers would require training like improvements in the expertise to operate GPRS. The second method the managers can use to recognise the training needs of the subordinates is observation. They can observe the employees work and point out their faults and defects in work. This would allow them to point out the areas where the drivers are weak and develop training plans to train in those areas. The third training need analysing met hod, which ComfortDelgro management can use, is interview. The managers and the HR can interview the drivers to know about their career goal and areas where they need training. The customer feedbacks would function as the fourth method. These methods would enable themanagement of ComfortDelgro to plan training sessions to improve the competencies and skills of the drivers to serve customers better. This would enable the taxi company to maximise customer satisfaction and earn huge revenue, two of its important business goals. Thus, the training needs should enable to drivers to achieve higher level of perform which would enable the company to realise its business goals. The managers and the human resource department must monitor the performances of the drivers to recognise any new training needs (Sung Choi, 2014). Task(functional) analysis: The managers and the human resource department should apply the four methods to analyse the training needs of the employees namely, survey, interview, customer feedback and observation. These four methods should be employed on regular basis to recognise any new area that may require training of the drivers. For example, if a new technology to book cabs or drive cars emerges in the taxi industry, the company should provide training to the drivers in these new ways. This will ensure that the drivers keep on providing services to the customers and maximise customer satisfaction. They would be able to create a pool of loyal customers who would use the services of ComfortDelgro and generate high revenue for the company, thus achieving its business goals (Neuendorf, 2016). Individual training needs analysis: The functional area recognised in the study would be drivers and the task would be providing cab services to the employees. Themanagement on regular basis must analyse the tasks allocated to employees according to their functional areas. For example, the managers should check the feedback the passengers give regarding the quality of service and riding experience on the official website. Positive feedbacks would indicate increasing efficiency of the drivers. Several low rating feedbacks would show that the driver needs to be trained. The managers on continuous basis analyse these feedbacks and combine them with other training need analysis methods like interview and surveys. This would allow them to recognise newly emerging training needs of the drivers and keep their efficiency level at par with the business needs of the company (Sumner et al., 2014). Identification of intended learning outcomes: The managers must identify the outcome of the training need analysis and the training session the company would provide the drivers. They must observe the performance of the drivers from the customer feedbacks like ratings on the official websites. The managers can interview the drivers to know about the problems they are facing while providing services to the customers to point out the areas where these drivers require developing. Then, based on the findings of these training needs analysis, the managers can plan the training schedule. The appropriate training sessions to improve the efficiency of the drivers would be the outcome of the training need analysis of the managers (Qu et al., 2014). Conclusion: The in-depth discussion conducted above point out that the cab companies require to undergo great deal of innovation like they should capable of taking online orders. The companies like Comfort should analyse the training needs of their drivers and provide them training to improve their technical knowledge like ability to respond to online orders from passengers. They should be groomed to satisfy the needs of the passengers. This would allow them to serve the passengers better to ensure high customer satisfaction and earn high revenue. Thus, finally it can be concluded that training the drivers would help them enable the company realise its business goals (Porter, 2014). References: ComfortDelGro Corporation Limited. (2017).Comfortdelgro.com.sg. Retrieved 9 November 2017, from https://www.comfortdelgro.com.sg/board-and-management.aspx?id=80 Coping with technological disruption in the taxi industry. (2017).TODAYonline. Retrieved 9 November 2017, from https://www.todayonline.com/singapore/coping-technological-disruption-taxi-industry Farahani, R. Z., Rezapour, S., Drezner, T., Fallah, S. (2014). Competitive supply chain network design: An overview of classifications, models, solution techniques and applications.Omega,45, 92-118. Goetsch, D. L., Davis, S. B. (2014).Quality management for organizational excellence. Upper Saddle River, NJ: pearson. Landy, F. J., Conte, J. M. (2016).Work in the 21st Century, Binder Ready Version: An Introduction to Industrial and Organizational Psychology. John Wiley Sons. Neuendorf, K. A. (2016).The content analysis guidebook. Sage. Porter, G. (2014). Transport services and their impact on poverty and growth in rural sub-Saharan Africa: A review of recent research and future research needs.Transport reviews,34(1), 25-45. Qu, M., Zhu, H., Liu, J., Liu, G., Xiong, H. (2014, August). A cost-effective recommender system for taxi drivers. In Proceedings of the 20th ACM SIGKDD international conference on Knowledge discovery and data mining (pp. 45-54). ACM. Sumner, S. A., Pallangyo, A. J., Reddy, E. A., Maro, V., Pence, B. W., Lynch, C., ... Thielman, N. M. (2014). Effect of free distribution of safety equipment on usage among motorcycletaxi drivers in TanzaniaA cluster randomised controlled trial.Injury,45(11), 1681-1686. Sung, S. Y., Choi, J. N. (2014). Do organizations spend wisely on employees? Effects of training and development investments on learning and innovation in organizations.Journal of organizational behavior,35(3), 393-412.

Observational Systems Discussion

The choice of the method of how different behaviors may be observed and categorized is considered to be one of the most difficult decisions that have to be made by a professional psychologist.Advertising We will write a custom essay sample on Observational Systems Discussion specifically for you for only $16.05 $11/page Learn More Flanagan (2005) admits that such difficulty is caused because get used to think about human behavior as something continuous and seamless instead of consider it as a particular system of behavioral components. As a rule, observations have to be conducted in the early stages of an assessment process and remain to be informal in order to see how a child behaves in an ordinary environment without some disturbing factors (Weiner, Freedheim, Graham, 2003). Unfortunately, it is not always possible to choose the most appropriate and easiest methods of observations, this is why the psychologists try to consider their opportunities and knowledge and define the behavioral peculiarities before the observational process. Current discussion offers two examples of a behavior: one is conducive for continuous measurement (a child with ADHD that can be easily distracted and cannot focus on one task for a long period of time), and another is conducive for sampling procedures (several children attend a concert with a teacher and demonstrate different reactions before, during, and after the event). The first example is focused on a child, who suffers from ADHD and cannot meet the expectations of his parents and teachers. On the one hand, it is easy to involve a child in different activities within a short period of time and prove the urgency of the chosen activity.Advertising Looking for essay on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, it is hard to explain how and why it is necessary to behave and follow the rules. To observe the peculiarities of the child’s behavior, it is necessary to become a participant in a class and avoid the cases of reactivity as the child should demonstrate his true intentions. If an observer comes for the first time, the child may be disturbed by this fact and does not show his true behavior and reactions. This is why it is necessary to get the child used to a person and his/her presence. As soon as the observer is a regular visitor, it is possible to record and analyze this kind of behavior. The second example deals with a group of children, who visit a concert with their teacher in order to get additional information and impression on a subject. As this group is the adolescent students, they can easily record their behavior independently and share their own emotions before, during, and after the event. The description of the event should take place at first to provide the psychologist with a solid background about the event and students’ expectations. Then, students may share the ir own thoughts and suggestions about the concert, its role in their educational process, and its overall effects. Such observational system may be regarded as unreliable as it is based on students’ emotions and attitudes only, still, it may be considerably improved if a psychologist uses another method (event-sampling observation) insensibly and visit the same concert anonymously in order to study the duration, frequency, and intensity of the behavior (Ostrov Hart, 2013). In this case, the chosen observational system will be effective and all-rounded. Students demonstrate different types of behavior: some of them follow attentively each piece of the concert, some of them are easily disturbed by a variety of surrounding factors, and some of them do not demonstrate any kind of emotion due to their neglect to the event. Their own records will serve as the best explanations of their behaviors. Reference List Flanagan, C. (2005). Research methods for AQA ‘A’ psychol ogy. Cheltenham, UK: Nelson Thornes.Advertising We will write a custom essay sample on Observational Systems Discussion specifically for you for only $16.05 $11/page Learn More Ostrov, J.M. Hart, E.J. (2013). Observational methods. In T.D. Little (Ed.) The Oxford handbook of quantitative methods, volume 1 (pp. 285-303). New York, NY: Oxford University Press. Weiner, I.B., Freedheim, D.K., Graham, J.R. (2003). Handbook of psychology, assessment psychology. Hoboken, NJ: John Wiley Sons. This essay on Observational Systems Discussion was written and submitted by user Ayaan Bruce to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The Governor Generals resignation essays

The Governor Generals resignation essays Dr Peter Hollingworth, the recently resigned Governor General of Australia and former Anglican Archbishop of Brisbane, was crucified by the media over a matter that did not affect his ability to act as a very efficient Governor General and consequently caused his resignation. There were two cases against him one he was accused of raping a women 37 years ago this was entirely uncorroborated, and the other was controversy over the decisions he made, dealing with a confessed pedophile in 1990. Through all of this we have to keep in mind Dr Peter Hollingworths immaculate record and life devoted to community service in the Anglican Church and Brotherhood of St Lawrence The rape alligation was made by a woman, Rosemarie Annie Jarmyn, from 37 years ago and consequently outside the stature of limits, and she was mentally unstable at the time of the accusation. Not long after the allegation she committed suicide at 56. The case against Dr Peter Hollingworth was discontinued. Dr Peter Hollingworth, as Brisbane Archbishop, was also under scrutiny over his handling of a case in 1990 where a priest who confessed to being a pedophile was allowed to continue to practice under some restrictions. There was a formal inquiry by the Anglican Church of Queensland into these allegations the results of which were released on May 1st this year. They found that his decision not to remove the priest in question were untenable. But we do need to take into account that it is hard to judge a decision made 13 years ago with a formal inquiry of today with todays attitudes. The decision Dr Peter Hollingworth made was then and the inquiry was now. If the media had not got so involved in this whole thing and started ripping into Peter Hollingworth then he would still be Governor General. For example take this article in the front page of the Age on May 26th titled Right decision at last but sadly, he still doesnt get it ...

A Reflective Paper On The Importance On Teamwork Nursing Essay

A Reflective Paper On The Importance On Teamwork Nursing Essay What is a team work? Team work can be defined as when actions of individuals are brought together for the purpose of a common goal. Each person in a team puts his efforts to achieve the objectives of large group. Teams make efforts to achieve the success but not necessarily the success is achieved every time. Within a team every member plays a role to achieve the team’s objectives. These roles add new and important dimensions to interactions of team members. Bruce Tuckman’s team development theory provides a way to tackle the tasks of making a team through the completion of the project. On the part of the team every member played an important role to achieve the success at the end of semester. â€Å"Our planning (or worrying about) what’s happening next gives us little opportunity or inclination to examine what has just passed† (Wallace, 2005). Writing from the angle of teacher student and team member relationships, it was appropriate to look then above q uote. I believe that many students in a team hesitate to step further for their next action during the proceeding of project. I need to be reflective in my action for the future performance in a team. â€Å"Groups of employees who have at least some collective tasks and where the team members are authorised to regulate mutually the execution of these collective tasks† (Delarue, 2003). â€Å"Group work is defined by a common task requiring interdependent work and successive or integrative action† (Hacker, 1998). Belbin (1981) developed a model on team roles which was extended in Belbin’s (1993) publication. On the basis of the Belbin’s model the team performance can be observed when a winning or losing task is set for the team. Each member with assigned role balances the team role in a group and strong representation of all roles is predicted with high performance. I have experienced the same the role of every member in my team. Belbin makes a difference b etween two terms team role and functional role. It is necessary for a team to keep the optimum balance both in functional roles and team roles. On the other hands the Tuckman’s theory describes the four stages of small group development as forming, storming, norming and performing. However a fifth stage of adjourning was added which involves the completion of tasks, termination of roles and dissolution of groups. Belbin’s theory is helpful to identify the different types of the teams; the characteristics define the work of the four categories. This model explains that during the team developments conflicts and interpersonal issues are found there and team development is dependent on the quality communication and relationship maturity with better performance. In traditional setting this model is useful for many practitioners and team leaders. According to this model all members work at the same place and are engaged in predefined work. This model works at the micro leve l of teams when new tasks are introduced and people involved have worked together not for long time.

International finance Essay Example | Topics and Well Written Essays - 4000 words

International finance - Essay Example Key estimating is focused around a recorded relationship and different financial variables and later focused on swapping scale, utilising relapse dissection, a settled measurable technique. many course readings portray the utilisation of the business sector based estimates inside the connection of efficient markets approach in which either present spot or future rates are the best indicators of tomorrows conversion standard (for an incredible examination see Eun and Resnick, pp. 149-150). This paper proposes undertaking obliging understudies to gauge the future estimation of an outside coin utilizing a central forecasting model. By the by, a standout amongst the most-disputable issues in the global money making concerns writing concerns the part and helpfulness of conventional financial essentials in clarifying conversion scale conduct. Meese and Rogoff (1983) inferred that monetary models could not beat a proficient markets theory. Goodman (1979) addressed the estimation of financial turned outside swapping scale-determining administrations. Levich (1982) assessed the exhibitions of 13 gagging administrations utilising the forward swapping scale as a benchmark. In a later study, Eun and Safherwal (2002) assessed the estimating exhibitions of 10 real business banks utilizing the spot conversion standard as a benchmark. In both studies, anticipating administrations overall neglected to beat business sector based rates. Albeit some of these administrations might not ha ve been giving estimates built singularly with respect to financial basics, this is a striking conclusion. Business area based standards are adequately accessible and cost less while anticipating administrations charge an expense. Major models, on the other hand, do have their supporters particularly as the gauge skyline stretches. It is contended that these estimates may be valuable under specific conditions and for particular corporate purposes. Gordon

Anger Management Essay Example | Topics and Well Written Essays - 1250 words

Anger Management - Essay Example Difference in cultural beliefs have been for a long time termed out as a one of the great obstacles and cause of anger in education settings. This not only refers to different cultures among the students, but also between teachers and students. Multiculturalism is not only a barrier in learning outcomes, but also a barrier in trying to maintain sound relationships among students. A multicultural environment causes misunderstanding among the students and slows down the ability of learning compared to other schools(Regoli, Hewitt &Delisi 2014, p. 34). As a result, this hinders the students the ability of learning from the teachers’ point of view. This is because in a multicultural school it is always time consuming and difficult for the students understand what they are being taught due to anger from violence arousing from misunderstanding. In addition, this results in students and teachers losing confidence as well as patience. Literature review Researches indicate that actions of teachers in a multicultural school have more impact on the achievement of the students compared to community involvement, assessment plans, and staff collegiality (Schmidt 2003, p. 67). Additionally, in a multicultural school, a large part of actions of teachers involve anger management. Anger management in multicultural schools is critically essential for middle year students because there is a possibility of them experiencing declines in self-esteem and academic decline due to anger caused by misunderstanding.

Dickens Hard Times Essay Example for Free

Dickens Hard Times Essay â€Å"Now, what I want is, Facts. Teach these boys and girls nothing but Facts. Facts alone are wanted in life.† (Dickens, 1854, p.1) With these beginning sentences of the novel â€Å"Hard Times†, Charles Dickens has made readers doubt whether it is true that facts alone are wanted in life. This question leads to the main theme of the story, fact against fancy, that author has never been written this kind of plot in his other stories before. In fact, Hard Times is considered as the unlike-the-rest of Dickens’ works (Collins, 1992, p. xi) because the plot is not involved the social problems in Victorian Age such as poverty or child labor, but it is an abstract that exalts instinct above reason. (Collins, 1992, p.xiii) Although it is not Dickensian, author still put his cliff-hanger characteristic on his work which makes the story enjoyable and worth reading for all-age-readers. Due to many interesting factors, this novel has been chosen to be the topic of this essay consisting of three parts that are the historical backgrounds, the facts about this novel and my critical reflections. To gain the comprehensive perspective of the story, we need to look back on historical backgrounds of the age that this novel took place which can be seen in three ways that are the economy, the social class and the education. Victorian Age is the period of economic progress that Industrial Revolution played important part in the British society. As a result, there were many factories located in town and it is imaginary described in a story that industrial Coketown is â€Å"where the piston of the steam-engine worked monotonously up and down, like the head of an elephant in a state of melancholy madness.† (Dickens, 1854, p.20). So, it shows that Hard Times is a realistic novel that author voiced a radically dissident attitude on Industrial Revolution in his story. (Lowy 2007 218) According to the growth of economy, there was the distinction found in social classes especially between labor and management (Cliffnote, n.d.) in this story that can be seen at Mr. Bounderby, a wealt hy manufacturer, considers himself as self-made man and later found that he is not, who is in upper class and has predominant power over Blackpool a hard working labor in Mr. Bounderby’s factory. However, the social class distinction is not raised as a serious problem in the story. Also, this economic progress has a great impact on the education system in which the schools are dominated with the Utilitarian spirit. From the plot, it shows that Dickens held a strong vision against the Utilitarianism, a theory that considers self-interest is maximum utility and denies on imagination (Diniejko, n.d.), that he ends the story with the tragic event caused by failure of the Utilitarian education system that teaches students only fact, but he oppositely admired hospitality of the Sleary’s circus that teaches the children with imagination. These are historical backgrounds that influenced the story and make it more understandable. As it is claimed at first that this novel is not like the other Dickens’ stories, it is contained some facts that makes the novel interesting which are its background, cliff-hanger plot and impressive critiques. Unlike Dickens’ usual shilling monthly numbers, Hard Times was a part in his two penny weekly edited magazine (Collin, 1992, p.xi), Household Words, which faced a shrinking circulation and falling profits (Enote editor, n.d.). Therefore, the story was written in form of serialization and finally titled Hard Times For These Times when it was gathered into fuller version. (Collin, 1992, p.xi) Although it is not a notably work, it has a Dickens’ famous cliff-hanger plot. The main theme is the conflict between fact and fancy in which Mr. Gradgrind teaches his students and his children to believe in fact, but the story turns out unexpected that two of his children have to live in misery; Louisa has a loveless marriage with Mr. Bounderby a friend of her father and a bank owner. Tom, Louisa’s brother, becomes a bank robber who almost cannot escape abroad. In order to help his son, Mr. Gradgrind eventually has to ask Sleary’s circus, who he never favour because they teaches children with imagination, for help and he comes to realize that his philosophy he has been teaching all along for his children is a failure. The story also contains many subplot stories such as an impossible love between Louisa and Mr. Harthouse, a secret life of Mr. Bounderby and a social class love. With his sharp and sarcastic writing skill, Hard Times receives impressive critiques from many admirers. The outstanding critique is one from Dr F. R. Leavis in 1948 that saysâ€Å"†¦ of all Dickens’ works the one that has all the strength of his genius, together with a strength no other of them can show—that of a completely serious work of art†¦Ã¢â‚¬  (Collin, 1992, p.xii). These three facts of this novel even make it more astonishing. A good novel not only gives reader an appreciation but also provides some points that need to be analyzed through critical thinking process. So does the Hard Times, it is a valuable novel that I favor and have critical reflections on the Dickens’ satire, the well-rounded characters and the comparison on the different abstract ideas. I was hooked by this novel right from the first three sentences, claimed at the beginning of the essay, because it provokes readers’ brain to think until we find the answer that it is wrong to lean on facts alone in life and that is the first satire in a story. There is the using of repeated word to sarcastically equate the teacher and Mr. Gradgrind with the mechanic engine as shown â€Å"Fact, fact, fact!’ said the gentleman. And ‘Fact, fact, fact!’ repeated Thomas Gradgrind† (Dickens, 1854, p.6). Moreover, all the well-rounded characters are formed in satirist way. For example, there is the difference between Lou isa and Sissy which we see the development of these two characters. The first is Louisa who was born and raised in a wealthy family teaching her only facts are wanted in life, but she ends up living in mournful as it says â€Å"†¦any hoarded scrap of which, is a blessing and happiness to the wisest? Did Louisa see this? Such a thing was never to be.† (Dickens, 1854, p.283). On the other hand, the second is Sissy, was born in circus and taught her with imagination, who ends up living with happiness as it says â€Å"trying hard to know her humbler fellow-creatures, and to beautify their lives of machinery and reality with those imaginative graces and delights† (Dickens, 1854, p.283). Lastly, I am very appreciated with the comparison on the different abstract ideas especially one in this example; the different perspectives of horse that the student in Mr. Gradgrind’s school describes in scientific and arithmetic way as shown: â€Å"Quadruped. Graminivorous. Forty teeth, namely twenty-four grinders, four eye teeth, and twelve incisive†¦Ã¢â‚¬  (Dickens, 1854, p.4), while the Sleary’s circus people describe it as beautiful imaginary way as shown: â€Å"The public house was the Pegasus’s Arms. The Pegasus’s legs might have been more to the purpose†¦Ã¢â‚¬  (Dickens, 1854, p.25). It can be interpreted that students see no abstract from object, they have blunted mind, while circus people, who live in Victorian Era the golden age of circus, have something that students do not have which are morality and hospitality. These are my critical reflections that makes Hard Times become one of my favorite novels. All of these are the historical backgrounds, the facts about this novel and my critical reflections for the Dickens’ Hard Times. It is a story of wrong philosophy that facts which are actually not the only needful thing in life. This novel gives readers the way to approach history of Victorian Age, also , an appreciation. And the most importantly, it persuades readers to live their lives happily with imagination and hospitality to everyone that will come into life. References Collins, Philip (1992). Introduction. Charles Dickens Hard Times(p. xi,xii,xiii). Berwick Street, London: The Millennium Library. Dickens, Charles (1854). Hard Times For These Times. Charles Dickens Hard Times(p. 1,4,6,20,25,283). Berwick Street, London: The Millennium Library. Diniejko, Dr Andrzej.Charles Dickens as Social Commentator and Critic. The Victorian Web: An Overview. Retrieved January 10, 2013, from http://www.victorianweb.org/authors/dickens/diniejko.html Hard Times Critical Essay by Charles Dickens. Study Guides, Lesson Plans, Homework Help, Answers More enotes.com. Retrieved January 10, 2013, from http://www.enotes.com/hard-times-essays/dickens-charles-hard-times-these-times Hard Times: Critical Essays: Dickens Philosophy and Style CliffsNotes . Get Homework Help with CliffsNotes Study Guides . Retrieved January 10, 2013, from http://www.cliffsnotes.com/study_guide/literature/hard-times/critical-essays/dickens- philosophy-style.html Lowy, M. (2007). The Current of Critical Irrealism. A concise companion to realism(p. 218). Malden, MA: Wiley-Blackwell.

Lead Toxicity: Its Effects on Fetal and Infant Development Essay

Lead Toxicity: Its Effects on Fetal and Infant Development Lead toxicity has been an area of unending research in recent years. There have been positive and negative correlation’s relating its toxic effects to both child developmental deficiencies and adult regression problems. This review will focus on the problems associated with the children. It will discuss various routes of entry of lead into the child’s system, both prenatally and postnatally, the mechanisms employed by lead to cause the dysfunction’s, and some of the neurological deficits believed to be caused by the lead exposure. The development of a child begins in utero and continues following birth; thus both of these time frames must be examined as possible periods of lead intoxication. During development, the fetus is at the mercy of its mother. If the mother has high blood lead levels during pregnancy, the developing fetus will have the same. This is due to the lack of a transplacental barrier to lead. Thus, the maternal levels are consistently equal to fetal levels throughout pregnancy. The mode of transport is not clearly understood. However, it has been suggested that it is a matter of simple diffusion for several reasons (1). First, is the close quantitative relationship between maternal and fetal blood lead levels. Second, is the experimentally modeled linear relationship between the transfer of lead from the mother to the fetus and the umbilical blood flow rate. An increase in blood flow rate coupled with the increased surface area of the placental barrier, 2 m2 to 11 m2, over the gestational peri od increases the transplacental diffusion (1). With this direct correlation in mind, it then becomes important to discuss possible sources of increased mater... ...991; 13: 203-211. 4.Bressler, J. P. and Goldstein, G.W. "Mechanisms of Lead Toxicity." Biochemical Pharmacology. 1991; 41: 479-84. 5. Dietrich, K. N. "Human Fetal Lead Exposure: Intrauterine Growth, Maturation, and Postnatal Neurobehavioral Development." Fundamental and Applied Toxicology. 1991; 16: 17-19. 6. Bellinger, D., Leviton, A., and Sloman, J. "Antecedents and Correlates of Improved Cognitive Performance in Children Exposed in Utero to Low Levels of Lead." Environmental Health Perspectives. 1990; 89: 5-11. 7. Bhattacharya, A., Shukla, R., Bornschein, R. L., et.al. "Lead Effects on Postural Balance of Children." Environmental Health Perspectives. 1990; 89: 35-42. 8. Ernhart, C. B. and Greene, T. "Low-Level Lead Exposure in the Prenatal and Early Preschool Periods: Language Development." Archives of Environmental Health. 1990; 45: 342-354. Lead Toxicity: Its Effects on Fetal and Infant Development Essay Lead Toxicity: Its Effects on Fetal and Infant Development Lead toxicity has been an area of unending research in recent years. There have been positive and negative correlation’s relating its toxic effects to both child developmental deficiencies and adult regression problems. This review will focus on the problems associated with the children. It will discuss various routes of entry of lead into the child’s system, both prenatally and postnatally, the mechanisms employed by lead to cause the dysfunction’s, and some of the neurological deficits believed to be caused by the lead exposure. The development of a child begins in utero and continues following birth; thus both of these time frames must be examined as possible periods of lead intoxication. During development, the fetus is at the mercy of its mother. If the mother has high blood lead levels during pregnancy, the developing fetus will have the same. This is due to the lack of a transplacental barrier to lead. Thus, the maternal levels are consistently equal to fetal levels throughout pregnancy. The mode of transport is not clearly understood. However, it has been suggested that it is a matter of simple diffusion for several reasons (1). First, is the close quantitative relationship between maternal and fetal blood lead levels. Second, is the experimentally modeled linear relationship between the transfer of lead from the mother to the fetus and the umbilical blood flow rate. An increase in blood flow rate coupled with the increased surface area of the placental barrier, 2 m2 to 11 m2, over the gestational peri od increases the transplacental diffusion (1). With this direct correlation in mind, it then becomes important to discuss possible sources of increased mater... ...991; 13: 203-211. 4.Bressler, J. P. and Goldstein, G.W. "Mechanisms of Lead Toxicity." Biochemical Pharmacology. 1991; 41: 479-84. 5. Dietrich, K. N. "Human Fetal Lead Exposure: Intrauterine Growth, Maturation, and Postnatal Neurobehavioral Development." Fundamental and Applied Toxicology. 1991; 16: 17-19. 6. Bellinger, D., Leviton, A., and Sloman, J. "Antecedents and Correlates of Improved Cognitive Performance in Children Exposed in Utero to Low Levels of Lead." Environmental Health Perspectives. 1990; 89: 5-11. 7. Bhattacharya, A., Shukla, R., Bornschein, R. L., et.al. "Lead Effects on Postural Balance of Children." Environmental Health Perspectives. 1990; 89: 35-42. 8. Ernhart, C. B. and Greene, T. "Low-Level Lead Exposure in the Prenatal and Early Preschool Periods: Language Development." Archives of Environmental Health. 1990; 45: 342-354.

Full Metal Jacket vs the Things They Carried Essay

I’m going to show you a short clip from the movie â€Å"Full Metal Jacket† directed by Stanley Kubart, the guy Mr. MacBride’s brother mentioned yesterday in the LMC. In this scene, this group of American soldiers finally found and wounded the sniper that had already killed 3 of their men. One of which is Joker’s, the protagonist’s, best friend, Cowboy. In the scene we just watched, the sniper was wounded, and Baldwin wanted to leave the sniper to rot, but Joker kills her instead. This leads the audience wonder: â€Å"Did Joker kill her because he wanted to end her misery, or did he kill her out of frustration and as way of revenge for his friend, Cowboy?† The significance isn’t in the answer, but in the question itself. The fact that this movie makes you doubt Joker’s motives shows that this is a true war story. There is no moral in Full Metal Jacket. There are no good guys and bad guys, and there isn’t a clear line drawn between justice and evil. You don’t feel hatred towards the Viet Cong sniper, and you don’t have undying support the American soldiers. It’s different from all the other clichà ©, patriotic war movies. Like Tim O’Brien writes â€Å"A true war story is never moral. It does not instruct, nor encourage virtue, nor suggest models of proper human behavior, nor restrain men from doing the things men have always done. If a story seems moral, do not believe it. If at the end of a war story you feel uplifted, or if you feel that some small bit of rectitude has been salvaged from the larger waste, then you have been made the victim of a very old and terrible lie.† No one would argue what Joker did was a â€Å"model of proper human behavior†, because no one knows if he killed the sniper out of sympathy or to fulfill his lust for vengeance. Baldwin wanted to do what â€Å"men have always done†; he wanted to let the sniper feel the amount of pain and sorrow he feels; he wanted her to die a slow, painful death, he wanted revenge. The ending doesn’t uplift you, and the situation the soldiers were in allowed no rectitude. All these factors integrated create a masterpiece to what O’Brien would proudly consider as a true war story. The Things They Carried is ironic in a way that it tells you how to tell a true war story, but the novel itself is a work of fiction. However, this doesn’t mean the stories themselves aren’t realistic; they are, as O’Brien would say, the story truth. Sometimes the story truth is truer than the happening truth, because it makes things feel present. Reading this book makes the reader feel confused, and even cheated, because by creating a â€Å"fictional† protagonist called Tim O’Brien, a soldier who fought in the Vietnam War, the author, Tim O’Brien, a Vietnam war veteran, is luring us into believing that these stories are true. By treating this work as a work of non-fiction, the reader sympathizes for the soldiers, and forms an emotional connection with the characters. In the chapter, â€Å"Good Form†, O’Brien tells you everything is made up. We, as readers, experience a sudden psychological change, and this change mirrors the psychological change the soldiers of the war experienced. We view the stories differently now, and the soldiers were forced to view life and death differently. Notice in â€Å"The Lives of the Dead†, everyone in O’Brien’s platoon shook hands with the dead Vietnam soldier, gave him a can of orange slices, and talked to him. In order to cope with the brutality of the war, these guys had to reanimate the dead. They had to see and treat him as if he was still alive to relieve their guilty conscience of murder. After we realize these tales are just tales, we readers are forced view these stories through a different lens, and those boys who went to war had to see the war through the lens of soldier. Much like how Lieutenant Jimmy Cross was trained not to see his men as individuals, but rather as interchangeable units of command. O’Brien’s intentional setup allows the reader to experience to a certain degree how the soldiers felt entering the war. If he just told us real stories, the happening truths, we would still empathize with them, but we wouldn’t truly understand. This is why the story truth is sometimes truer, and more expressive than the happening truth. The Things They Carried is truly a great form of art, not only because of its stylistic language, but because it abandons tradition and blurs the line between fiction and non-fiction, creating brand new possibilities in the world of literature.