Dostoevskys The Brothers Karamazov Essay examples -- Brothers Karamaz

The Brothers Karamazov - Thriller The Brothers Karamazov is an enthralling thriller about the strive for self-redemption in the eyes of God as well as in the hearts of the Russians. The murder of Fyodor Karamazov, a foolish and heartless savage who betrays his own sons of a father's care, venomously seeps its way into Dmitri, Ivan, and Alyosha's lives causing innocence to request fault and suffering. With intricate characterizations, Dostoevsky magnificently presents the internal agony that derives from a wavering spirit. The religious teachings of the great elder Father Zosima engross the minds of the spiritually inadequate throughout the novel. Dostoevsky essentially carries these guidelines to peaceful immortality by means of the character Alyosha. At the death bed of the holy man, Alyosha absorbs the sanctified secrets and thus transmits them,through Dostoevsky's technique of linkage, into the minds of about all of the characters in the novel, creating a strong, common vine that integrates itself from the beginning paragraph to the epilogue. The main theory that ...

Consumer Preference on Infants Milk Essay

There is no question about breast milk being the best start a baby can have in life. It is firmly believes that breastfeeding is the best way to feed a baby and is strongly committed to its protection and promotion. Starting at about 6 months of age, the period of weaning is critical for the future development and growth of infants. The introduction of appropriate and nutritious complementary food from this age is extremely important. Infant formula milk is a manufactured food designed and marketed for feeding to babies and infants less than 12 months of age, usually prepared for bottle-feeding or cup-feeding from powder (mixed with water) as a substitute to breast feeding. Companies that manufacture infant formula used different strategies in order to market their product one of them is product positioning. Product positioning is an important part of a product marketing strategy. It helps buyers and users understand where a product ‘fits’ in terms what it offers, and how it compares with competing products. Product positioning is an important element of a marketing plan. Product positioning is the process marketers use to determine how to best communicate their products’ attributes to their target customers based on customer needs, competitive pressures, available communication channels and carefully crafted key messages. Effective product positioning ensures that marketing messages resonate with target consumers and compel them to take action. Product positioning and consumer buying behavior must be studied in order to prove the perception of consumer in purchasing infant formula. Statement of the Problem. This study aimed to determine the Product Positioning of Infants’ Formula Milk in selected Drugstores in Bacoor City. 1. What are the socio- economic characteristics of the consumers who are purchasing infants’ formula? 2. What are brands of infants’ formula consumer buys? 3. Which drugstore consumer purchased the infants’ formula milk? 4. How do drugstores position their infants’ formula milk product? 5. What are the buying attributes of consumer? Objectives: This core objective of the study is to identify the product positioning of infants’ formula in selected drugstores in Bacoor City. This study aimed to: 1. describe the socio-economic characteristic of consumers who are purchasing infants’ formula milk. 2. identify the brand of infants’ formula consumer buy. 3. identify the drugstore in which consumer purchases the infants’ formula milk. 4. determine on how drugstores position their infants’ formula milk. 5. determine the buying attributes of consumer. Importance of the Study: The findings of the study would create a deeper understanding about the product positioning of infants’ formula. It will be beneficial to the following: Buyer. This study would serve as a guide to buyers in making the right in choosing appropriate infants’ formula. Distributors. This study will serve as a guide to distributor to identify the attributes that buyer consider in purchasing infants’ formula milk, so that they can position their product effectively. Retailer. This study will serve as a guide to retailer to know what is the most preferred brand of infants’ formula milk buyer purchases so that they will know which brand of infants’ formula milk they will sell. Future Researcher. The researcher could gain insights in product positioning of infants’ formula milk. The information from this study can guide those who are interested to conduct the same study. Operational Defintion of Terms: In order for the reader to understand the study, the following terms are hereby defined operationally as they will be used in the study: Buyer. They are the individuals who purchase infants’ formula milk. Drugstore. It is a retailing store that offers infants’ formula milk. Socio- Economic Characteristics. This are composed of age, gender, civil status, monthly income, employment status and educational attainment of consumers who are buying infants’ formula milk. Product Positioning. It involves creating a unique, consistent, and recognized customer perception about a firm’s offering and image. A product or service may be positioned on the basis of an attitude or benefit, use or application, user, class, price, or level of quality. It targets a product for specific market segments and product needs at specific prices.

Outsourcing and insourcing and their roles within a telecommunications context

Outsourcing is the process in which an organization transfers ownership of a business process to another company. In other words, it is the process in which a company contracts the services of another company in performing a specific task which would otherwise have been undertaken by in-house employees. Many large companies distribute some of their processes like payroll processing and call center services to separate companies which specialize in them.Insourcing is the opposite of outsourcing and it involves the transfer of specific processes within an organization’s operational framework to an internal but totally stand-alone unit which specializes only in that particular process. Insourcing is practiced by organizations who wish to have more control of critical processes and is intended to give the organizations a higher probability of instilling required levels of competence in employees or units serving in specific areas of operation. Within the telecommunications framewo rk, outsourcing and insourcing find wide applications.Many companies prefer to contract the services of separate companies which specialize in call center operations to offer customer support. Outsourcing I also used in telecommunications in installation. If a telecommunications company is in the process of installing infrastructure, it will most likely contract a company which deals with installation to offer this service. Outsourcing is the preferred mode of executing processes which do not occur continuously. Insourcing is used to execute telecommunications processes that occur continuously and need to be monitored in real time by the company.These could include network management, billing and sales. I prefer outsourcing since it delegates the responsibility of specialized processes to people who are sufficiently competent in that particular process as they only specialize in it. Outsourcing minimizes the expenditure incurred in training a specialized unit to perform specific tas ks which could only happen occasionally, and it also leaves the traditional workforce in an organization with ample time to deal with other priorities. The firm does not need to cater for employee benefits of the people assigned these tasks.

Cornell University Johnson Graduate School Of Management

Traditional finance theories assume that financial market participants are rational, and argue that the financial market is always efficient and prices are always right.Behavioral finance, on the other hand, argues that securities market prices can be wrong, and that a lot of financial market phenomena can plausibly be understood only under the assumption that some market participants are not fully rational. This course gives an introduction to behavioral finance, and discusses its applications in investment management. We will first introduce the conceptual framework of behavioral finance, and then apply the framework to the study of individual stock trading and portfolio management. Topics covered in the course include: limits of arbitrage (i. e. why stock market mispricing can persist), investor psychology and behavior (and how to overcome our own irrational biases in stock trading), stock index predictability and market timing, stock portfolios that were shown to beat the market (including value, momentum, size, earnings quality, volume, earnings management, and many other effects), and applications of behavioral finance in quantitative asset management. As a summary of the course, we will apply the conceptual framework of behavioral finance to the understanding of China’s financial market (as an example of emerging markets).PREREQUISITES You must have taken an introductory level finance course that covers basic topics such as stocks and bonds, the CAPM, and the efficient market hypothesis. COMMUNICATING WITH ME My office hours are Monday, 4:30-6:00pm. You should also feel free to communicate with me by email. 1 TEXTBOOK AND SUPPLEMENTARY READINGS The required textbook is Richard H. Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. For each session, there will be required reading and (occasionally) optional reading.All required readings are either included in the course packet or wil l be handed out in class. All optional readings will be posted on Blackboard. All classroom handouts will also be posted on Blackboard. The following books are optional supplementary readings and can be purchased in many bookstores or from online vendors. Behavioral Finance: A User’s Guide, by James Montier, Wiley Finance Series, 2002. ? An introduction of behavioral finance from a practitioner’s perspective. Advances in Behavioral Finance, edited by Richard Thaler. The first volume preceding our textbook. Contains some important early academic articles on behavioral finance. Irrational Exuberance, by Robert Shiller. ? A great book on the Internet bubble. The Myth of the Rational Market – A History of Risk, Reward, and Delusion on Wall Street, by Justin Fox (2009). ? On the history of efficient market theory and behavioral finance. Behavioral Finance and Wealth Management – How to Build Optimal Portfolio That Account for Investor Biases, by Michael M. Pom pian. ? Written from the perspective of a wealth manager and practitioner.When Genius Failed, by Roger Lowenstein. ? An account of LTCM failure. CLASS PREPARATION There will be a reading, as well as an occasional case assignment, to prepare for each session. You are expected to be prepared for each session by doing the reading and working on the assignment for the case. Each individual is required to turn in the case assignment prior to the class during which the case is discussed. Those listed in the syllabus are subject to change during the semester, which will be announced in class when applicable. 2 GRADINGThe grade will be based on problem sets (10%), class participation and case assignments (10%), an exam (50%), and the final individual term project (30%). PROBLEM SETS Three problem sets will be assigned during the course, with the following preliminary schedule: Problem Set 1 Problem Set 2 Problem Set 3 Assignment Date 10/17 (Wed) – Session 2 10/29 (Mon) – Sessi on 5 11/7 (Wed) – Session 8 Due Date 10/24 (Wed) – Session 4 11/5 (Mon) – Session 7 11/ 14 (Wed) – Session 10 Problem sets are not included in the course packet, but will be handed out in class.Late submissions will not be accepted. You may work with other students in the class (from either section) for all the problem sets. (Of course, there is no reason to believe that an organized group is the best approach for everyone. ) A team of people need only submit one copy of their solution for a particular problem set. However, the number of students submitting one problem set solution is limited to no more than four. Every member of a group submitting a problem set solution will receive the same grade on that problem set. Solutions to each problem set will be made available.Grades on problem sets will be recorded by giving a â€Å"check-plus,† â€Å"check,† or â€Å"check minus. † Typically, the problem sets will not be discussed in clas s. EXAM There will be a (closed-book) in-class exam on Monday, November 19. TERM PROJECT A term project is the final requirement for the course. A detailed assignment on the term project will be handed out during the semester. Each individual needs to submit a written term project (into a box marked â€Å"NBA 5980† in 304 Sage Hall) no later than 1pm, December 6 (Thursday). ATTENDANCE POLICIES As mentioned above, class participation is a factor in determining the final grade.It is expected that all students attend all classes. It is also expected that students will be on time for class and will not disrupt the class by leaving early or by leaving and returning to class. We recognize that there are medical and other special circumstances that may cause a student to miss a class. Special circumstances may also arise that cause a student to miss part of a class. If such circumstances arise, students should contact the instructor (preferably by e-mail) and explain why it was nece ssary to miss part or all of a class session.This should be done before the absence if the absence is foreseen in advance and as soon as possible after the absence if the absence was unanticipated. Students who miss parts of class sessions or class sessions in their entirety without reasonable justification should expect that their class participation grade may be adversely affected in a significant way. 3 Schedule of Sessions and Reading List (Note: Advances is the abbreviation for our textbook: Richard Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. ) Session 1 0/15 (Mon) Topics: Introduction and Examples of Extreme Mispricing Overview of the course, efficient market hypothesis, and extreme examples of market mispricing. Advances (pp 1-2; 8-12), Chapter 1, sections 1; 2. 3 How Did Economists Get It So Wrong? by P. Krugman (in packet) Anomalies: The Law of One Price, by Lamont-Thaler (in packet) Greenspan Concede s Error in Regulatory View (NYT) (in packet) Ignoring the Oracles, by Justin Lahart (in packet) Has Financial Development Made the World Riskier? by Raghu Rajan (2005) (posted on Blackboard) Advances (pp 102-169), Chapters 3-4Required Reading: Optional Reading: Session 2 10/17 (Wed) Topics: Limits of Arbitrage LTCM and convergence bets, noise trader risk and other reasons for limits of arbitrage. Advances (pp 3-8), Chapter 1, sections 2. 1-2. 2 HBS Case: Long-Term Capital Management, L. P. (A) (in packet) Assignment on the Case of Long-Term Capital Management (to be submitted at the beginning of class on 10/17) How the Eggheads Cracked, by Michael Lewis (in packet) Advances (pp 79-101), Chapter 2 (academic and theoretical) Required Reading: Assignment: Optional Reading:Session 3 10/22 (Mon) Topics: Investor Psychology: Overcoming Our Own Biases Common human psychological biases in beliefs and risk preferences. How to overcome our own biases in stock trading? Advances (pp 12-22), Cha pter 1, section 3 Aspects of Investor Psychology, by Kahneman-Riepe (in packet) Required Reading: 4 Session 4 10/24 (Wed) Topics: Behavior of Individual Investors Behavior of individual investors, home bias and naive diversification, individual buying and selling decisions, disposition effects, individuals vs. institutions.Advances (pp 50-56), Chapter 1, section 7 Advances (pp 543-569), Chapter 15 Advances (pp 570-601), Chapter 16 Required Reading: Optional Reading: Session 5 10/29 (Mon) Topics: Stock Index: Predictability and Market Timing Stock index-return predictability, equity premium puzzle, market timing and tactical asset allocation Advances (pp 173-201), Chapter 5 Change Agent: How Greenspan Finally Came to Terms †¦, by Schlesinger (in packet) Advances (pp 22-35), Chapter 1, section 4 (academic and theoretical) Required Reading: Optional Reading: Session 6 10/31 (Wed) Topics: Anomalies in Stock Portfolio ReturnsPortfolios that beat the market (even after adjusting for beta); the price effect of investor mis-reactions, momentum and reversal, post-earning-announcement drifts, post-corporate-event returns Advances (pp 35-41), Chapter 1, section 5. 0 Does the Stock Market Overreact? by DeBondt-Thaler (in packet) Advances (pp 353-388), Chapter 10 Required Reading: 5 Session 7 11/5 (Mon) Topics: Value and Momentum – Theories and Explanations Explanations of value and momentum effect; combining value and momentum; using volume to improve return predictability Advances (pp 41-47), Chapter 1, sections 5. -5. 3 (theoretical) Contagious Speculation and a Cure for Cancer, by Huberman and Regev (in packet) Price Momentum and Trading Volume, by Lee and Swaminathan (on Blackboard) All the News That’s Fit to Reprint, by Tetlock (on Blackboard) Required Reading: Optional Reading: Session 8 11/7 (Wed) Topics: Earnings Quality and Corporate Governance How to measure earnings quality? How to rank firms’ corporate governance? Can we use them to p redict stock returns? Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? y Sloan (in packet) Corporate Governance and Equity Prices, by Gompers, Ishii, and Metrick (posted on Blackboard) Earnings Quality and Stock Returns, by Chan, Chan, Jegadeesh, and Lakonishok (posted on Blackboard) Required Reading: Optional Reading: Session 9 11/12 (Mon) Topics: Effect of Short-Sale Constraints on Stock Prices The asymmetry between buying stocks and shorting stocks; the costs and risks of short-selling stocks; disagreement of valuations among investors, short-sale constraints, trading volumes, and their effects on stock prices Read the Wikipedia coverage of stock short selling: http://en. ikipedia. org/wiki/Short_(finance) Disagreement and the Stock Market, by Hong-Stein (in packet) Short Sale Constraints and Overpricing, by Lamont (posted on Blackboard) Required Reading: Optional Reading: 6 Session 10 11/14 (Wed) Required Reading: Guest Speaker TBA None EXAM: 11/19 (Mon) 11/21(Wed): Monday, November 19, in class. No class, Thanksgiving Break Session 11 11/26 (Mon) Topics: Applications of Behavioral Finance in Asset Management Do value and momentum still work? What happened in August 2007?Discussion of issues in practical applications of portfolio strategies based on anomalies in behavioral finance Papers Study August Crisis, by Anderson (in packet) What Happened to the Quants in August 2007? by Khandani and Lo (posted on Blackboard) Required Reading: Optional Reading: Session 12 11/28 (Wed) Topics: Application: Understanding the Chinese Stock Market (As an Example of Emerging Markets) Try to appreciate that many other markets around the world are quite different from the US stock market; understanding the Chinese stock market as an example of emerging markets. None Required Reading: 7 Cornell University Johnson Graduate School Of Management Traditional finance theories assume that financial market participants are rational, and argue that the financial market is always efficient and prices are always right.Behavioral finance, on the other hand, argues that securities market prices can be wrong, and that a lot of financial market phenomena can plausibly be understood only under the assumption that some market participants are not fully rational. This course gives an introduction to behavioral finance, and discusses its applications in investment management. We will first introduce the conceptual framework of behavioral finance, and then apply the framework to the study of individual stock trading and portfolio management. Topics covered in the course include: limits of arbitrage (i. e. why stock market mispricing can persist), investor psychology and behavior (and how to overcome our own irrational biases in stock trading), stock index predictability and market timing, stock portfolios that were shown to beat the market (including value, momentum, size, earnings quality, volume, earnings management, and many other effects), and applications of behavioral finance in quantitative asset management. As a summary of the course, we will apply the conceptual framework of behavioral finance to the understanding of China’s financial market (as an example of emerging markets).PREREQUISITES You must have taken an introductory level finance course that covers basic topics such as stocks and bonds, the CAPM, and the efficient market hypothesis. COMMUNICATING WITH ME My office hours are Monday, 4:30-6:00pm. You should also feel free to communicate with me by email. 1 TEXTBOOK AND SUPPLEMENTARY READINGS The required textbook is Richard H. Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. For each session, there will be required reading and (occasionally) optional reading.All required readings are either included in the course packet or wil l be handed out in class. All optional readings will be posted on Blackboard. All classroom handouts will also be posted on Blackboard. The following books are optional supplementary readings and can be purchased in many bookstores or from online vendors. Behavioral Finance: A User’s Guide, by James Montier, Wiley Finance Series, 2002. ? An introduction of behavioral finance from a practitioner’s perspective. Advances in Behavioral Finance, edited by Richard Thaler. The first volume preceding our textbook. Contains some important early academic articles on behavioral finance. Irrational Exuberance, by Robert Shiller. ? A great book on the Internet bubble. The Myth of the Rational Market – A History of Risk, Reward, and Delusion on Wall Street, by Justin Fox (2009). ? On the history of efficient market theory and behavioral finance. Behavioral Finance and Wealth Management – How to Build Optimal Portfolio That Account for Investor Biases, by Michael M. Pom pian. ? Written from the perspective of a wealth manager and practitioner.When Genius Failed, by Roger Lowenstein. ? An account of LTCM failure. CLASS PREPARATION There will be a reading, as well as an occasional case assignment, to prepare for each session. You are expected to be prepared for each session by doing the reading and working on the assignment for the case. Each individual is required to turn in the case assignment prior to the class during which the case is discussed. Those listed in the syllabus are subject to change during the semester, which will be announced in class when applicable. 2 GRADINGThe grade will be based on problem sets (10%), class participation and case assignments (10%), an exam (50%), and the final individual term project (30%). PROBLEM SETS Three problem sets will be assigned during the course, with the following preliminary schedule: Problem Set 1 Problem Set 2 Problem Set 3 Assignment Date 10/17 (Wed) – Session 2 10/29 (Mon) – Sessi on 5 11/7 (Wed) – Session 8 Due Date 10/24 (Wed) – Session 4 11/5 (Mon) – Session 7 11/ 14 (Wed) – Session 10 Problem sets are not included in the course packet, but will be handed out in class.Late submissions will not be accepted. You may work with other students in the class (from either section) for all the problem sets. (Of course, there is no reason to believe that an organized group is the best approach for everyone. ) A team of people need only submit one copy of their solution for a particular problem set. However, the number of students submitting one problem set solution is limited to no more than four. Every member of a group submitting a problem set solution will receive the same grade on that problem set. Solutions to each problem set will be made available.Grades on problem sets will be recorded by giving a â€Å"check-plus,† â€Å"check,† or â€Å"check minus. † Typically, the problem sets will not be discussed in clas s. EXAM There will be a (closed-book) in-class exam on Monday, November 19. TERM PROJECT A term project is the final requirement for the course. A detailed assignment on the term project will be handed out during the semester. Each individual needs to submit a written term project (into a box marked â€Å"NBA 5980† in 304 Sage Hall) no later than 1pm, December 6 (Thursday). ATTENDANCE POLICIES As mentioned above, class participation is a factor in determining the final grade.It is expected that all students attend all classes. It is also expected that students will be on time for class and will not disrupt the class by leaving early or by leaving and returning to class. We recognize that there are medical and other special circumstances that may cause a student to miss a class. Special circumstances may also arise that cause a student to miss part of a class. If such circumstances arise, students should contact the instructor (preferably by e-mail) and explain why it was nece ssary to miss part or all of a class session.This should be done before the absence if the absence is foreseen in advance and as soon as possible after the absence if the absence was unanticipated. Students who miss parts of class sessions or class sessions in their entirety without reasonable justification should expect that their class participation grade may be adversely affected in a significant way. 3 Schedule of Sessions and Reading List (Note: Advances is the abbreviation for our textbook: Richard Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. ) Session 1 0/15 (Mon) Topics: Introduction and Examples of Extreme Mispricing Overview of the course, efficient market hypothesis, and extreme examples of market mispricing. Advances (pp 1-2; 8-12), Chapter 1, sections 1; 2. 3 How Did Economists Get It So Wrong? by P. Krugman (in packet) Anomalies: The Law of One Price, by Lamont-Thaler (in packet) Greenspan Concede s Error in Regulatory View (NYT) (in packet) Ignoring the Oracles, by Justin Lahart (in packet) Has Financial Development Made the World Riskier? by Raghu Rajan (2005) (posted on Blackboard) Advances (pp 102-169), Chapters 3-4Required Reading: Optional Reading: Session 2 10/17 (Wed) Topics: Limits of Arbitrage LTCM and convergence bets, noise trader risk and other reasons for limits of arbitrage. Advances (pp 3-8), Chapter 1, sections 2. 1-2. 2 HBS Case: Long-Term Capital Management, L. P. (A) (in packet) Assignment on the Case of Long-Term Capital Management (to be submitted at the beginning of class on 10/17) How the Eggheads Cracked, by Michael Lewis (in packet) Advances (pp 79-101), Chapter 2 (academic and theoretical) Required Reading: Assignment: Optional Reading:Session 3 10/22 (Mon) Topics: Investor Psychology: Overcoming Our Own Biases Common human psychological biases in beliefs and risk preferences. How to overcome our own biases in stock trading? Advances (pp 12-22), Cha pter 1, section 3 Aspects of Investor Psychology, by Kahneman-Riepe (in packet) Required Reading: 4 Session 4 10/24 (Wed) Topics: Behavior of Individual Investors Behavior of individual investors, home bias and naive diversification, individual buying and selling decisions, disposition effects, individuals vs. institutions.Advances (pp 50-56), Chapter 1, section 7 Advances (pp 543-569), Chapter 15 Advances (pp 570-601), Chapter 16 Required Reading: Optional Reading: Session 5 10/29 (Mon) Topics: Stock Index: Predictability and Market Timing Stock index-return predictability, equity premium puzzle, market timing and tactical asset allocation Advances (pp 173-201), Chapter 5 Change Agent: How Greenspan Finally Came to Terms †¦, by Schlesinger (in packet) Advances (pp 22-35), Chapter 1, section 4 (academic and theoretical) Required Reading: Optional Reading: Session 6 10/31 (Wed) Topics: Anomalies in Stock Portfolio ReturnsPortfolios that beat the market (even after adjusting for beta); the price effect of investor mis-reactions, momentum and reversal, post-earning-announcement drifts, post-corporate-event returns Advances (pp 35-41), Chapter 1, section 5. 0 Does the Stock Market Overreact? by DeBondt-Thaler (in packet) Advances (pp 353-388), Chapter 10 Required Reading: 5 Session 7 11/5 (Mon) Topics: Value and Momentum – Theories and Explanations Explanations of value and momentum effect; combining value and momentum; using volume to improve return predictability Advances (pp 41-47), Chapter 1, sections 5. -5. 3 (theoretical) Contagious Speculation and a Cure for Cancer, by Huberman and Regev (in packet) Price Momentum and Trading Volume, by Lee and Swaminathan (on Blackboard) All the News That’s Fit to Reprint, by Tetlock (on Blackboard) Required Reading: Optional Reading: Session 8 11/7 (Wed) Topics: Earnings Quality and Corporate Governance How to measure earnings quality? How to rank firms’ corporate governance? Can we use them to p redict stock returns? Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? y Sloan (in packet) Corporate Governance and Equity Prices, by Gompers, Ishii, and Metrick (posted on Blackboard) Earnings Quality and Stock Returns, by Chan, Chan, Jegadeesh, and Lakonishok (posted on Blackboard) Required Reading: Optional Reading: Session 9 11/12 (Mon) Topics: Effect of Short-Sale Constraints on Stock Prices The asymmetry between buying stocks and shorting stocks; the costs and risks of short-selling stocks; disagreement of valuations among investors, short-sale constraints, trading volumes, and their effects on stock prices Read the Wikipedia coverage of stock short selling: http://en. ikipedia. org/wiki/Short_(finance) Disagreement and the Stock Market, by Hong-Stein (in packet) Short Sale Constraints and Overpricing, by Lamont (posted on Blackboard) Required Reading: Optional Reading: 6 Session 10 11/14 (Wed) Required Reading: Guest Speaker TBA None EXAM: 11/19 (Mon) 11/21(Wed): Monday, November 19, in class. No class, Thanksgiving Break Session 11 11/26 (Mon) Topics: Applications of Behavioral Finance in Asset Management Do value and momentum still work? What happened in August 2007?Discussion of issues in practical applications of portfolio strategies based on anomalies in behavioral finance Papers Study August Crisis, by Anderson (in packet) What Happened to the Quants in August 2007? by Khandani and Lo (posted on Blackboard) Required Reading: Optional Reading: Session 12 11/28 (Wed) Topics: Application: Understanding the Chinese Stock Market (As an Example of Emerging Markets) Try to appreciate that many other markets around the world are quite different from the US stock market; understanding the Chinese stock market as an example of emerging markets. None Required Reading: 7

Do the Writings of Clausewitz have contemporary relevance? Essay

Carl Von Clausewitz has long been considered one of the most important writers in the field of military strategy and tactics. Born in 1780 he first saw action in 1793 when he was a Lance Corporal in the Prussian Army.1 He was to serve throughout the Napoleonic wars working for both the Prussians and the Russians. However: â€Å"throughout his military career he never held a command and was probably unsuited for such. He was essentially a student of war†¦Ã¢â‚¬ 2 However, despite this lack of command, Clausewitz had certainly gained enough experience during the Napoleonic wars to have a fairly comprehensive idea about what war was: â€Å"Before he was forty, he had taken part in some of the greatest battles in the history of warfare and had seen the armies of Napoleon storm their way across Europe to Moscow†¦ Alls this had been the result of military operations, but it was clear to Clausewitz as a young man that the explanation for the success or failure of these operations was not to be sought on the battlefield alone†.3 As a result of this, during his career he came up with many ideas of views on the nature and conduct of war, writing literally thousands of pages of manuscripts on a wide range of areas ranging from politics to tactics.4 After the wars end, he set about trying to write a comprehensive eight part ‘guide’ on his ideas. This collection of essays and manuscripts became known as â€Å"Vom Kriege† (On War). Clausewitz died in 1831 having only completed six of the eight parts.5 Indeed it is important to realise that despite the importance of his work, it is still unfinished and does not cover a number of areas: â€Å"On War contains a comprehensive analysis of the strategy operations and tactics of Napoleonic War, and of their 18th Century background. Left out of the account are most technological, administrative and organisational factors†¦ On War deals almost entirely with the ultimate issues as Clausewitz saw them: Political and strategic planning and the conduct of hostilities†6 Since his death, Clausewitz’s work has come to be regarded as probably one of the most important works on military thinking ever written. Bernard Brodie once wrote that: â€Å"His is not simply the greatest, but the only great book about war†7 Although Clausewitz is still seen as one of the greatest thinkers on war, the question remains – is he still relevant today? Given the immense changes in not only the way we conduct war, but also our attitudes towards war, does his thinking still have any relevance in an era of information warfare and peacekeeping missions? Also given the dramatic changes in the conduct of warfare are his works still important: â€Å"As one US army general has (said) â€Å"the digitisation of the battlefield means the end of Clausewitz†8 Given the large size of Clausewitz’s work it is impossible look at the whole of On War for its continuing relevance. Instead for this essay I have chosen to examine a number of ideas in detail including the idea of war as part of policy, the notion of decisive battle and also his idea of a ‘centre of gravity’. Due to lack of space I have decided not focus on other areas such as the trinity between the politicians, the people and the armed forces, as well as looking at other areas. At it’s simplest Clausewitz’s first book attempts to understand what war actually is and what it does. At it’s simplest he defined it as: â€Å"War is an act of force to compel an enemy to do our will†9 This seems to be true, even today it is hard to imagine a nation state going to war without a rational reason to do so – be it to regain territory or to right a wrong. More recently the growth of Peace enforcement operations such as the war in Kosovo is a classic example of forcing a nation state to bow to the will of others. As such it seems that Clausewitz’s most simple definition still rings true today Clausewitz’s next statement is far more controversial though: â€Å"Kind hearted people might of course think there was some ingenious way to disarm or defeat an enemy without too much bloodshed, and might imagine this is the true goal of the art of war. Pleasant as it sounds, it is a fallacy that must be exposed: War is such a dangerous business that the mistakes which come from kindness are the very worst†10 The above paragraph seems to be aimed at those who have studied the writings of Sun Tzu – the Chinese strategist to which Clausewitz is frequently compared. Sun Tzu felt that war was not about bloodshed – instead he felt that: â€Å"all warfare is based on deception†¦Ã¢â‚¬ 11 Michael Handle wrote that â€Å"Sun Tzu devotes considerable attention to the actions that precede war†¦ for him diplomacy is the best means of achieving his ideal of victory without fighting or bloodshed†.12 It seems that Sun Tzu’s theory of warfare is based more on the notion of avoidance of war rather than the fighting of war itself, whereas Clausewitz feels that war occurs once all other policy choices have been exhausted: â€Å"War is merely the continuation of policy by other means†13 This seems to suggest that in Clausewitz’s mind, War should be seen as merely as a logical progression in policy once other policies such as diplomacy have failed – essentially war is pursued in order to further a States national interest. However some question whether this is still the case: â€Å"Future war will be fought not to pursue national interests, but to kill enemy leaders, to convert opponents to one’s religion, to obtain booty, or sometimes for simple entertainment. Thus the core of Clausewitz’s .philosophy of war – that states wage war using armies in pursuit of political objectives will disappear. Others have maintained that nuclear weaponry, trans-national constabulary warfare, counter-terrorism, counter-narcotrafficking†¦ have rendered obsolete Clausewitz’s definition of war as an act of policy†.14 I believe though that his views are still relevant, in that once a war has begun it should be fought aggressively until its logical conclusion, however unlike in Clausewitz’s time, today the conditions required for victory may be very different and as such it may be harder to achieve a logical conclusion.15 Clausewitz seems more focussed on the idea that the only means of resolving a war is bloodshed (the so called idea of decisive battle) â€Å"The destruction of the enemies forces in war must always be the dominant consideration†16 While this may have been the ideal way of winning wars in the 19th Century it is arguable that in today’s world this view is obsolete for a variety of reasons. Firstly in the 19th Century the only real way of waging war was through lining up two opposing armies and fighting it out until one side one. This procedure was repeated until one country won the war. In today’s world the methods available to fight wars have changed – in place of armies, generals can use precision strikes with guided missiles fired from thousands of miles away to eliminate enemy units with minimal casualties. Special forces units can be used to eliminate key figures and deprive armies of leadership at critical times17. However the main reason why Clausewitz’s views of the objectives in warfare could be seen as obsolete is due to the changing nature of warfare itself. When On War was written, war was a two dimensional affair – fought primarily on land and sea.18 In 2001 though war can be fought on land, sea, air, space and also in cyberspace. In addition there are a wide variety of unconventional types of wars to be fought. As James Adams notes: â€Å"Today we are at war on several fronts. The fights against terrorism, organized crime, economic espionage and weapons proliferation are permanent conflicts that are likely to confront us through the next century†¦ In this new world the soldier will be the young geek in uniform who can insert a virus into Tehran’s electricity supply to plunge the city into darkness†19 There have been suggestions that since 1990 the world (or at least the West) has undergone a so called Revolution in Military Affairs – i.e. a total change in the way that war is fought. Given this, is the idea of decisive battle still relevant? Some institutions clearly feel that it is not – especially as the types of wars that will be fought are so different: â€Å"ironically the dominance that the US will gain from the RMA†¦ will be such that the nature of future conflict will force competitors to deliver asymmetric strategies, including weapons of mass destruction, to counter the US superiority.20 In these new types of conflicts, the search for Clausewitzian decisive victory will be far more elusive and far less relevant than in conventional conflicts†.21 Despite the above quote, I believe that the idea is still relevant – but that the methods that can be used to bring about a decisive victory have changed. As has been seen an enemy can be defeated without using conventional ground troops at all – instead a wide range of different assets could be used. Indeed one view of future warfare suggests that victory (but not necessarily destruction) over an enemy force could be achieved without the use of weapons: â€Å"First a computer virus is inserted into the aggressors telephone switching stations, bringing about a total failure of the phone system. Next computer logic bombs set to activate at certain times, destroy the electronic routers that control rail lines and military convoys†¦ meanwhile enemy field officers obey the orders they receive over the radios unaware that the commands are phoney†¦ US planes, specially outfitted for psychological operations, then jam the enemy’s TV broadcasts with propaganda messages that turn the populace against the ruler. When the despot boots up his PC, he finds that millions of dollars he has hoarded in his Swiss bank account have been zeroed out. Zapped. All without firing a shot†22 This example is quite interesting as it simultaneously supports the relevance of Clausewitz, while at the same time proving how his writings have become dated in places It supports the notion of decisive victory in that it shows how a country can conclusively defeat an enemy – thus supporting his idea of decisive victory. But at the same time it shows clearly that not all of Clausewitz is still relevant. For example Clausewitz seemed cynical about the idea of achieving victory without much (or any) violence: â€Å"How are we to counter the highly sophisticated theory that supposes it is possible for a particularly ingenious method of inflicting minor direct damage on the enemy’s forces to lead to major indirect destruction; or that claims to produce by means of limited but skilfully applied blows, such paralysis of the enemy’s forces and control of his willpower as to constitute a significant shortcut to victory†23 This argument clearly shows that not all of Clausewitz has aged well – obviously during the Napoleonic era the idea of information warfare did not exist – so it would have been next to impossible to win a war using non violent means – however as has been shown in this age it is at least technically possible to achieve such a victory. It suggests that some parts of Clausewitz’s work should perhaps be seen as less relevant to certain situations than others. One area which appears to still be relevant is Clausewitz’s comments on the application of force. In the West today public opinion seems to favour engagements with minimal casualties – the public seem to want intervention when scenes of suffering are on TV (the so called CNN effect), but at the same time seem unwilling to tolerate the idea of people dying to stop the suffering24. This is a situation where Clausewitz noted that: â€Å"If one side uses force without compunction, undeterred by the bloodshed it involves while the other side refrain, the first will gain the upper hand†.25 This idea seems to have been taken onboard by a number of third world leaders who have engaged in some form of conflict with Western Countries (primarily the USA). A good example of this is the conflicts in Somalia – when the USA sent in troops to help restore order to the country they were hampered by restrictive rules of engagement and limited amounts of equipment – for example tanks as these were felt inappropriate. 26On the other hand, the opposition led by self styled Warlord General Aideed had no such restrictions – and it showed – he was repeatedly able to gain the upper hand and when US/UN troops attempted to capture him he was able to ambush and kill literally dozens of them.27 The images of American bodies being abused were enough to force an immediate and humiliating withdrawal from Somalia – a classic Clausewitzian example of one side using force when the other was unwilling and gaining the advantage – in this case over the strongest power in the world. This lesson illustrates an area where Clausewitz’s views on war are still highly relevant – indeed it appears that other countries learnt from this experience – in Haiti for example when the US sent a landing ship into the country to enforce a UN brokered peace agreement in 1994 they were met by a bunch of thugs who: â€Å"shook their fists, waved placards and shouted threats at the US ship. They were hooligans who would have dispersed at the first sign of well armed troops. But among their slogans was one in particular â€Å"we are going to turn this place into another Somalia†. News of the ‘Welcome Party’ and its curses were flashed to Washington where it provoked a panic†¦. The Clinton administration immediately ordered the (USS) Harlan County to withdraw from Haitian waters and to sail back to the USA†28 Again this is another good example of how even the threat to employ violence against a country which is not prepared to do so can have a major influence out of all proportion to the size of the protestors. It also demonstrates the continuing influence of Clausewitzian ideas. The example used above of the American experience in Somalia and Haiti is also relevant to Clausewitz’s ideas on ‘The centre of gravity’ – an idea which Clausewitz defined as follows: â€Å"What the theorist has to say here is this: one must keep the dominant characteristics of both belligerents in mind. Out of those characteristics a certain centre of gravity develops, the hub of all power and movement on which everything depends. That is the point at which all our energies should be directed†29 Furthermore Clausewitz identified three key components of this idea: â€Å"The Opponents army, his capital and, if he had a stronger protector the army of his ally. Since all of these were vulnerable to attack, said Clausewitz, ‘the defeat and destruction of his fighting force remains the best way to begin, and will in any case be a very significant feature of the campaign'†30 A good example of this would be the case of the Royal Navy during the Falklands War – Argentina identified the carriers as the centre of gravity for the UK operation and spent a good deal of time trying to sink them. As the commander of the Task Force noted: â€Å"If they hit Hermes or Invincible the Royal Navy will somehow be publicly disgraced†¦Worse yet, the British military will become the laughing stock of the world, limping home in defeat. John Bull humbled at last. At sea.†31 Although Clausewitz did not write on maritime warfare this is a clear example of how important the destruction of a naval fighting component can be to the success of a war. Other good examples of a country identifying and targeting the centre of gravity include Iraq’s use of Scud missiles against Israel during the Gulf war – had Israel responded militarily then it is likely that the coalition against Iraq would have collapsed as it seems doubtful that Arab powers such as Egypt and Syria would willingly fight on the same side as Israel. This supports Clausewitz’s ideas of attacking the armies (or at least cities) of allies to win the war. 32 For the coalition however attacking and destroying the Iraqi army (primarily the Republican Guard) was of vital importance – not only as knocking it out would win the war – but also destroying the Republican Guard would remove Saddam Hussein’s power base and hopefully make it impossible for him to remain as leader of Iraq. The Gulf War is a good example then of Clausewitz’s ideas continuing to be highly relevant to the planning of a military campaign. However some commentators (QUOTE!!) feel that the Gulf War was probably the last large conventional war to be fought by the West and that the nature of war in the future has changed. I believe then that the centre of gravity idea is still highly relevant – however I feel that it has become more refined since Clausewitz’s time. Although Clausewitz feels that there are only three key areas to which it applies, I feel that today the centre of gravity can be practically anything. For example in Somalia and Haiti – the use of force and the threat to use force proved the Americans centre – when faced with even the possibility of casualties, the Americans withdrew. This suggests that today the centre of gravity can be anything from a capital city to a single infantryman – who if killed could cause a change in policy. Another change is that Clausewitz assumed that the centre of gravity would be identical for both sides – whereas today that is not the case – a good example is that of the asymmetric warfare that is being waged between the USA and the terrorist Osama Bin Laden – he recognised the Pentagon and World Trade Centre as key examples of American power and prestige and saw them as their centre of gravity in any terrorist action. The Americans on the other hand see Bin Laden as the key centre of gravity – The most powerful country on earth is fighting a war, with a single man as their key target. This is a dramatic change from the days of mass warfare which Clausewitz was used to, and demonstrates not only the rapidly changing nature of warfare, but also illustrates the way that Clausewitz’s ideas can continue to be adapted to look at warfare in the present day. During this essay I have looked at a number of Clausewitz’s ideas in an attempt to see whether they have continuing relevance in a world where warfare is very different from the time when On War was written. By and large I feel that Clausewitz’s ideas are still relevant – or at least able to be adapted into the present day. Where he is not so relevant is more due to the development of weapons and styles of warfare that he could not have possibly been aware of, rather than through any fault of his own. I feel that the following quote sums up nicely the relevance of Clausewitz to this day: â€Å"Of course not all of Clausewitz’s military thought has remained relevant. His vision of war did not include its economic, air, sea and space dimensions for example. But his concept of war†¦will remain valid as long as states, drug lords, warrior clans and terrorist groups have mind to wage it†33 1 Information taken from On War, p5, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press. 2 The Conduct of War 1789-1961, Chapter 4, p59. Major General J.F.C.Fuller, 1972 Methuen 3 Clausewitz, Michael Howard, p11, 1983, Oxford University Press. 4 Information taken from On War, p5, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press 5 Indeed there is evidence to suggest that by 1827 he considered only the first chapter of book one to be complete – the remainder needing revision. Source The Conduct of War 1789-1961, Chapter 4, p59. Major General J.F.C.Fuller, 1972 Methuen 6 Makers of Modern Strategy, p208, Oxford University Press, 2000 edition. 7 Clausewitz, Michael Howard, p01, 1983, Oxford University Press. 8 Quote taken from www.gov.au/lwsc/publications/CA%eEssays/RMA 9 On War, p75, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press 10 On War, p75, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press 11 Sun Tzu’s art of War, The modern Chinese interpretation, p95 General Tao Hanzhang, 1987, David and Charles 12 Masters of War, Sun Tzu, Clausewitz and Jomini, p32, Michael I.Handel 1992, Frank Cass 13 On War, p87, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press 14 Quote taken from www.Clausewitz.com, however text is from an article originally published in Joint Forces Quarterly, Winter 1995-1996 which is reproduced on the website. 15 For example – what are the current victory objectives in the campaign in Afghanistan and how will we know when victory has been achieved? 16 On War, p230, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press 17 For example the possible attempts at the time of writing by US/UK special forces to capture or eliminate Osama Bin Laden. 18 Even then Clausewitz did not attempt to write on maritime operations – concentrating solely on land warfare. 19 The Next World War,p14, James Adams, 1998 Hutchinson. 20 A good example of this prediction was seen with the terrorist attack on the 11th of September. 21 Quote taken from www.gov.au/lwsc/publications/CA%eEssays/RMA 22 Flashpoint World War Three, p153-154, Andrew Murray, 1997, Pluto Press 23 On War, p228, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press 24 Given the current situation in the USA it will be interesting to see whether the so called ‘body bag’ syndrome has ended or whether once US troops are killed, public opinion will change to demand a more peaceful solution. 25 On War, p75-76, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press 26 Information taken from Deliver us From Evil, (Chapter 4), William Shawcross,2000, Bloomsbury. 27 Total American losses in Somalia were 30 dead, 175 wounded, the UN lost 72 killed and 87 wounded (Source World Conflicts, Patrick Brogan, 1998, Bloomsbury) 28 Deliver us from evil, p103, William Shawcross, 2000 Bloomsbury. 29 On War, p596, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press 30 Clausewitz, Michael Howard, p39, 1983, Oxford University Press. (Professor Howard incorporates a quote from On War, p596, Carl Von Clausewitz, (edited by Michael Howard & Peter Paret), 1984, Princeton University Press) 31 One Hundred Days, p100, Admiral Sandy Woodward, 1992, Harper Collins 32 However – given the overwhelming amount of Western military power in the region and the political willpower to fight the war, it seems likely that Iraq would still have lost the war – whether Israel was a centre of gravity in the sense that it could remove the coalition from the war seems dubious. 33 Quote taken from www.Clausewitz.com, however text is from an article originally published in Joint Forces Quarterly, Winter 1995-1996 which is reproduced on the website.

Design Patterns - Behavioral, Creational, Structural Research Paper

Design Patterns - Behavioral, Creational, Structural - Research Paper Example There are several classifications of design patterns - this essay focus on three designs, including memento for behavioral patterns, singleton for creational patterns and lastly facade for structural patterns. Memento Pattern This is a software design pattern that has the capability of bringing back an object to its initial state. As a pattern, it allows the initial state of an object to be restored without interfering with the rules of encapsulation. This means that the arising object can be designed appropriately, though it can be restored to its original state. Therefore, memento pattern has the ability of restoring the internal state of an object without breaking the encapsulation rules. As a behavioral pattern, Memento indicates the manner through which communication between entities or classes is achieved (Schmidt, 1997). Basically, the design pattern is popular in applications with â€Å"undo’ functionality. Memento pattern has two participants: the caretaker and the o riginator. The originator restores memento to its internal state while the caretaker guarantees memento safekeeping. According to Gamma et al. (1995), memento does not allow access to other objects other than originator. It has two interfaces, including narrow and wide interface. Caretakers only find the narrow interface and pass memento to other objects while the originator finds the wider interface through which it allows access to data that enabling restoration of the initial state. Benefits and drawbacks Memento pattern has chain of responsibilities that offers great flexibility especially when processing an application. In this case, it manages complex events by dividing the responsibilities into simpler elements that allows a set of classes to behave as a whole. However, the flexibility of this pattern is hard to develop, debug and test. This is because the chain becomes extremely complex. In addition, failure to plan for varied forwarding possibilities could result to message s that lack a handler, hence failing to attract any response. Singleton pattern Singleton is a creation design pattern that ensures only one object of a given class is created. It has only one class that is accessible by clients from identifiable access points. The single class must be extensible and the clients should easily use extended instances without alteration to their codes. Therefore, this pattern is particularly useful when a single object is needed to manage actions across a system. Singleton ensures efficiency when creating numerous identical objects and it uses a particular algorithm that requires a single point of control to interact with a resource that cannot be shared. Benefits and drawbacks The singleton pattern exerts control over the instantiation process and therefore this class has the flexibility to change the instantiation process. In addition, singleton pattern ensures that every object accesses the singleton object and preventing other objects from instanti ating their own copies. However, weaknesses associated with singleton pattern includes introduction a global state into the program. It allows uncontrolled access to the program hence being one of the most used patterns. In this regard, programs that are heavily used are difficult to test. This is because it is not possible to test it without testing other

How the Anglo-American Special Relationship between Britain and Research Paper

How the Anglo-American Special Relationship between Britain and America was influenced during the American Revolution through the use and politics of eighteenth century newspapers and other media - Research Paper Example It is against such a backdrop that this paper analyzes the influence of media on the American Revolution from both angles. The American Revolution forms one of the most prominent events in the history of America. The themes of loyalists and patriots are synonymous with American Revolution in many historical discourses. These themes are usually accompanied with American icons, such as John Adams, George Washington and Thomas Jefferson.1 Even though the revolution is identified with few historical icons, the revolution agenda would not have materialized without the input from commoners and other factions. In essence, the Founding Fathers relied heavily on support from diverse factions in their quest to achieve social, political and economic emancipation. One of the factions that lend more credence to the American Revolution was the press.2 The Concept of American Revolution has always been confused or even synonymously treated the same as the American War. John Adams addressed himself to this issue, stating that the American Revolution and the American War are completely two different phenomena. The American Revolution preceded the American War. Adams, who became the second president of the United States, wrote that: â€Å"The Revolution was in the minds and hearts of the people†¦ This radical change in the principles, opinions, sentiments, and affections of the people was the real American Revolution.†3 In light of Adams sentiments, the answer as to why colonists were so unhappy to the point of challenging the strongest army in the world at the time (British Army) lies in printed word. Before 1776, American colonies were awash with small newspapers. Publishers and printers behind these newspapers were among the most rebellious and enlightened Americans. Some of notable publishers and printers included Samuel Adams of Boston (the founder of the Public