Effectiveness of Cancer Treatment Research Assignment - 1375 Words

Effectiveness of Cancer Treatment Research Assignment (Research Paper Sample) Content: Effectiveness of Cancer TreatmentNameSchoolExperimental DesignI chose cancer experimental design, and I found out that experimental cancer design involves preclinical and clinical studies. Doctors and scientists conduct pre-clinical and clinical trials on the test drug candidate. In vitro and in vivo assays are used in cancer drug bio screening. The first phase of experimental studies is pre-clinical trials. Researchers use animal analogs like mice to study the genesis of cancer, cancer progression and the effectiveness of the test drug candidate on cancer cells. The second phase of experimental studies is clinical trials. Pharmacokinetics and pharmacodynamics of the test drug are investigated. Clinical trials can either be open blind, single-blind or double-blind. In open blind both the researcher and the volunteer are aware of the treatment, in single blind only the researcher is conscious, and in double-blind both the researcher and the patient are not mindful. A p lacebo a drug that resembles the test drug but is pharmacologically inactive is used in the double blind trial(Cancer.Net, 2017).I used the existing standard cancer anti-agents for pre-clinical trials. In vitro assays gave the idea on how anti-cancer agents may work in vivo, Its effect on enzyme systems, nucleic acids, and biomolecules in the body. In vivo assays gave the idea on the effectiveness and potency of the present anti-cancer drug agents. I subjected mice to different carcinogenic chemicals to trigger the development of cancer cells, and later I tried to treat the cancer cells with the existing cancer therapy. As for clinical trials, I interviewed an oncologist and a patient. I had to find out the mechanism of action of cancer drugs, their side effects, and effectiveness in therapy. In spite of the success of this experiment in determining the potency of the current cancer drugs, there were limitations. Specific anticancer agents were ineffective in some animal models unle ss their genome was manipulated genetically. Genetic engineering is another tedious process(Gengenbacher, Singhal and Augustin, 2017).ObservationWhen mice were exposed to carcinogens tumorigenesis process began, and the rapid and uncontrolled proliferation of cells became visible to the human eye. Spontaneous mutations triggered by the carcinogens resulted in the growth of malignant tumors (Balmain and C.Harris, 2017). There were some significant changes I observed. The mice were writhing in pain as a result of tumor progression. They experienced weight loss, changes in feces and urine, eye, and nose discharge, changes in their coat from fine to rough and loss of appetite. They also looked depressed, and they had restricted mobility (Iacuc.ucsf.edu, 2017).I chose the intraperitoneal route of drug administration as my preferred route and administered the most effective dose. Later I observed the changes that were taking place. There was a definite response in 60% of the population . The rest showed resistance to the existing medications. The ones that were responding to medications stopped writhing in pain as a result of the slow down of tumor progression.InterviewsI interviewed an oncologist who explained to me the process of pharmacodynamics and pharmacokinetics of cancer drugs in clinical trials as well as their potency and therapeutic effectiveness. I found out that most cancer drugs are administered intravenously to avoid first-pass metabolism hence a 100% bioavailability is attained thus ensuring that the whole active dose reaches the target cancer cell. I also found out that cancer cells are cytotoxic therefore clinicians use monoclonal antibodies to target neoplasms. Monoclonal antibodies are specific hence they will deliver the cytotoxic agent to its particular target cell (Oncohema Key, 2017). I learned that the efficacy of the existing cancer drugs is low and its only useful in the early stages of cancer (Anon, 2017). This explains why cancer is a regarded as a killer disease. The oncologist stressed on the need to support cancer research programs and the creation of awareness of this pandemic. The public should be mobilized to go for cancer screening at least twice a year to prevent a possible resistance to cancer treatment. He admitted that much still has to be done to win the battle against cancer.Cancer patients go through hell psychologically and physiologically. Contracting cancer is like a death sentence to some of these patients. Some respond to medications while others just take medicines in the hope of getting better someday. I interviewed two cancer patients, a stage IV and stage II patient to be precise. The cancer stage II patient was responding well to medication while the stage IV patient was reacting slightly. Stage IV cancer is advanced metastatic cancer unlike stage II which has not migrated too far hence treatment in stage II is more manageable than stage IV. I learned that both patients developed a post-tr aumatic disorder. They had anxiety and emotional pressures from the diseases. The chronic pain itself enhanced the development of post-traumatic confusion and fear. Chemotherapy and cancer treatment inflicted physiological stress. They lose sleep and appetite, get fatigued and feel nauseated after chemotherapy hence its a horrible condition, sometimes they are forced to change medications especially when chemotherapy is not working. The actual cost of cancer treatment is high; this is another stressing factor among cancer patients especially the less privileged ones.I learned that the current cancer treatment is not potent enough to all types of cancer. Some patients do not respond to cancer chemotherapy. I also found out the need for counseling cancer patients to help them overcome fear and anxiety. The government should also support cancer patients by subsidizing cancer treatment.ProcedureI had 100 healthy mice as animal models, a weighing balance, vinyl chloride a carcinogen, 10 00ml of 0.05 M sodium arsenite also a carcinogen and two Avastin 25mg/ml concentrated solution an anticancer agent as well as 2...

The Inflation And Stock Returns In Nigeria - Free Essay Example

This study empirically examines the relationship between inflation and stock returns in Nigeria during 1997-2006. The study focuses on different econometric models to investigation this relationship using monthly data of the All Share Price Index from the Nigerian Stock Exchange and Nigerian Consumers Index. The simple OLS regression result suggests that the residuals are stationary, which implies that stock returns and inflation are co integrated. Therefore we can conclude that there is a long run relationship between stock returns (LOGASI) and inflation (LOGCPI).The Engel co-integration results reveals that there is long run relationship between inflation and stock returns .the study further goes on to the determine the causal long run relationship using the Error Correction Model (ECM). This article offers evidence of a positive relationship between stock market returns and inflation. This result confirms that stock returns act as a hedge against inflation. CHAPTER ONE INTRODUCTION 1.1 Background to the Study The advent of oil boom in Nigeria in the early 1970s, has led to the instability of stock prices. This has been attributed to many factors such as: budget deficit monetization, inflow of foreign capital from crude oil sales and financial markets creation of excess private domestic credit. Since early 1970s, inflation rates in Nigeria has been highly unstable; the high inflationary change was in excess of 30 percent. This is evident in the high correlation of money supply growth and high inflation due to the fact that real economic growth is less in real term to money growth. This can be observed from the growth in money supply and some structural factors such as; supply shocks arising from famine, unfavorable terms of trade and devaluation of currency. Furthermore, Structural Adjustment Program (SAP) introduced by the government in the late 1980s also accounted for the increase in price level in the economy. Consequently, inflation in Nigeria has overtime responded to structural changes. These changes can be characterized into four periods based on the pattern and events that occur at that period. The first period of inflationary increase in Nigeria was noticed from 1974 to 1976; inflation increased by 30 percent. This inflationary pressure was as a result of the following: High cost of agricultural produce caused by drought in the Northern part of Nigeria, Excessive oil revenue monetization, increase in wage rate based on the recommendation of the Udoji commission of 1974, Folawewo (2005), and political instability The second period was from 1983 to 1985 when inflation rate reached 40 percent. This period noticed very little economic growth, The Nigerian government was under intense pressure from debtor groups to accept International Monetary Fund conditionalitys of devaluation of domestic currency because government debt has increased above 70 percent while excess money growth was around 41and 43 percent. This period also witnessed poor ex ternal trade performance.CBN (, 2006) The third period was from 1987 to 1989 when inflation rate hovered around 35 percent. During this period, the economy experienced high inflationary pressure brought about by fiscal expansion noticed in the 1988 budget, the debt for equity swaps conversion method adopted by the Government of Nigeria and the drastic contraction in monetary policy, all accounted for this change that span through to the early 1990s. Finally, the fourth period occurred between 1993 and 2000, as a result of fiscal deficit expansion which caused a 70 percent increase in money supply with a knock-on effect on domestic credit of the private sector of the economy.CBN, (2006) Overall, inflationary pressure can be largely attributed to structural factors such as; real income reduction caused by fluctuation in oil revenue, high nominal wages and debt obligation in form of expansionary fiscal deficit. These invariably mean that over the years, fluctuation in commodit y price is a normal feature of the Nigerian economy. One major commodity considered in this study is the capital market stock, i.e. the Stock market. Stocks listed in Nigeria are traded on the floor of the Nigerian Stock Exchange (NSE) while the Securities and Exchange Commission (SEC) is the apex regulatory body which oversees the activities and affairs of the major players on the floor of the Stock Exchange. The Nigeria Stock Exchange was established in September 15, 1960 but commenced business on June 5, 1961 with 19 securities listed and traded on the Lagos Stock Exchange. Based on the recommendation of the Government Financial System Review Committee in 1976, the Lagos Stock Exchange was renamed and made part of the Nigerian Stock Exchange in December 5, 1977. The Nigerian Stock Exchange has nine branches established in major commercial cities in Nigeria. The main exchange of stocks of large enterprises are traded in the Nigerian Stock Exchange while small and medium scal e enterprises are listed and traded in the Second tier Securities Market (SSM). From 1963 to 1990, the Nigerian stock exchange witnessed an overwhelming increase in government stock which exceeded the equities of industrial companies; however this trend changed from 1991. The value of equities of industrial companies increased to billions of Naira, while government stock traded on the Nigerian Stock Exchange was worth millions of Naira this decrease continues till date, a development to the deregulation of the economy. Despite the increase in market capitalization noticed in the economy at that period, the ratio of this amount to the Gross Domestic Product and Gross Fixed Capital Formation was still low. This increase was between 4.8% and 25.4% for gross domestic product while the ratio for gross fixed capital formation is between 28% and 55% from 1963 to 1990 (CBN, 2006). The ratio of market capitalization in the gross domestic product and gross fixed capital formation increased geometrically from 1990 to 1995. Although there was decrease in the share of market capitalization in gross domestic product and gross fixed capital formation, the return on investment did not follow the same pattern. This decrease noticed at that period was caused by a banking crisis in which a total of 26 banks were liquidated in 1998. However, with the recapitalization of the banking sector in 2005, the industry remains the most active participant in Nigerian stock market up till date. The trend in Nigeria Stock Exchange causes the price and return on stocks to be highly volatile. 1.2 Problem Statement Price stability is essential in determining whether an economy is stable or not. Inflation which is the constant increase in price creates uncertainty in the economy; uncertainty makes both domestic and foreign investors unwilling to invest. In Nigeria inflation has led to increase in nominal interest rates which affect the value of interest payment of banks and financial institutions. Furthermore, determination of the problem caused by inflation depends upon the degree in which inflation is anticipated correctly or not. If inflation is anticipated correctly and the monetary authority is seen to be credible, the fluctuation in price would be managed effectively but if inflation is unanticipated, some economic agents will gain while others will lose. Unanticipated inflation impact negatively on saving ability of the citizens and as a result, low saving leads to a fall in the demand for stocks and equities as financial wealth. This decrease in demand causes the price of equities to f all thereby reducing returns on equities and stocks. Furthermore, the prices of stock determine how effective and efficient the stock market allocates shares and equities based on preference and availability of market information. Increase or decrease in price of stock create uncertainty for the investors and in turn affect the demand and supply of stocks. Therefore, general increase in price level may affect peoples potential investors investment decision which has negative impact on the total returns on stocks in the economy at large. This situation is prevalent in the Nigerian economy; therefore there is the need to examine the effect of inflation on stock returns and its implication on investment. The Fishers hypothesis (Fishers effect) suggests that stocks or equities hedge or evade inflation, empirical investigation suggest that inflation and stock returns are negatively related. This study will be looking at relationship between inflation and stocks in Nigeria. The stud y of this relationship is essential in improving and in the understanding of stock markets, thus providing standards for decision-making about asset allocation.This study contributes to the existing literature by providing evidence for whether inflation affects stock returns both in the long run and in the short run. 1.3 Justification for the Study Despite the large number of empirical studies on the relationship between inflation and stock returns, there is no general consensus on the causal direction of this relationship. Empirical works as; Nelson (1976), Shwarts (1977), Fama (1981), Geske and Roll (1983), Gultekin (1983), Marshall (1992), Bakshi Chen, (1996), Zhao (1999), Chatrath et al (1997), Spyrou (2001), Omran and Pointon (2001), Crosby (2001), Gallagher and Taylor (2002) and Floros (2002), suggested a negative relationship between inflation and stocks while Boudoukh and Richardson (1993), Graham (1996) and Choudlery (2001) in different studies take the opposing view, i.e. that there exists positive relationship between inflation and stock returns. However, most of these studies were carried out in industrial nations and some selected developing countries most especially Latin American countries. Specific studies on the exact relationship between inflation and stock returns in Nigeria have not been explored rigor ously. Furthermore, considering the negative impact of inflation on prices of commodities in Nigeria coupled with the volatility of stock returns, this study seek to provide a rigorous analysis of the dynamics of inflation and its implication on stock returns in Nigeria using an Error Correction Model to create a parsimonious and encompassing model that would show both short-run and long-run relationship between inflation and stock returns in Nigeria. 1.4 Plan of Study Following the introductory remarks in chapter one, chapter two will review the existing literature on this subject. While chapter three will focus on the theoretical framework, methodology, model specification, estimation technique and sources of data. The summary of result of the empirical analysis is presented in chapter four while the study will be rounded up in chapter five with summary of findings, policy implication and conclusion. CHAPTER TWO LITERATURE REVIEW 2.1 Introduction Section 2.2 of this chapter discusses the underpinning theories of inflation and stock returns. Section 2.3 examines the empirical literature review on inflation and stock returns this is to help identify the link between inflation and stock returns. Finally section 2.4 examines the methodological literature on inflation and stock returns. 2.2 Theoretical Literature Review on Inflation and Stock Returns The Fisher hypothesis suggests that there is a positive relationship between interest rates and inflation. (Berument Jelassi, 2002) Fisher (1930) argues that nominal interest rate is entirely a sign of the existing information in relation to the likely future values of the rate of inflation. This hypothesis has come to be known as à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã‹Å"the Fisher effect in the economic literature; it states that expected nominal rates of interest on financial assets should move one-to-one with expected inflation. Choudhry (2001) Fisher hypothesis, in its strict sense, predicts a positive homogeneous relationship of degree one between stock return and inflation. (Luintel Paudyal, 2008) The proxy-hypothesis was introduced by Fama (1981) to explain the predominance of negative stock return-inflation trend. The main principle on which Famas version of the proxy-effect hypothesis is based on is the observed negative relationship between inflation and stock returns which app ears to be spurious since this relationship is a result of the positive relationship that exist between stock returns and expected economic activity and an inverse relationship between expected economic activity and inflation. Inflation simply serves as a proxy for expected economic activity in a statistical relationship between stock returns and inflation. (Lee U. , Monday, June 22 1998) The proxy hypothesis states that the negative relationship between inflation and stock returns is spurious and really only proxies for the positive relationship between stock returns and real variables. Previous testes of the proxy hypothesis have used actual values instead of forecasted values for the real activity variable. (McCarthy, Najand, Seifert, 1990) did not find a support for the proxy hypothesis using only forecasted variables. Gonedes (1981) the failure to use indexation means that real income tax rates will vary directly with rates of inflation. This substantive effect of mere b ookkeeping methods is frequently predicted even though it is known to have some adverse implications. This is the tax effects of inflation hypothesis. 2.3 Empirical Literature Review on Inflation and Stock Returns The empirical literature on the impact of inflation on stock returns records major contribution by different scholars over the years. But the empirical evidence provided by most of these studies has been mixed, and a consensus has not yet emerged. While studies like Pierrel and Kwok (1992), Geske and Roll (1983), Floros (2002), Ugur (2005), Yeh and Chi (2009), Pesaran et al (2001), Den Haan (2000), Crosby (2001), Syros (2001), Roohi and Khalid (2002) among others have found a negative relationship between inflation and stock returns; Boudoukh and Richardson (1993), Graham (1996), Choudhry (2001), Patra and Posshakwale (2006) and Lee et al (2000) among others reported positive relationship between these variables. Concerning the review of the approaches of modeling the effect of inflation on stock returns, Pierrel and Kwoks (1992) estimates and tests the alternative versions of hypothesis that explain the relationship between these two variables. The study employs distributed lag s in order to empirically arrive at a dynamic structure of inflation. Pierrel and Kwoks concluded that this dynamic structure conform to Fama (1981), Benderly and Zwick (1985), and Geske et al (1983) hypothesis that suggest a negative relationship between inflation and return on stocks. Yeh and Chi (2009) tested the validity of the various Hypotheses that explain this relationship. The empirical result of this study on 12 OECD countries shows that these countries exhibit a short-run negatively significant co-movement between stock returns and inflation. Moreover, countries like Australia, France, Ireland and Netherland do not display a long-run relationship between the two variables in equilibrium. This result is consistent with the hypotheses of Fama (1981), Modigliani et al (1979) and Feldstein (1980) which suggested that an increase in inflation reduces real returns on stock. This result is also in line with Caporale and Jung (1997) and Rapach (2002). They argue respectively t hat there exist a negative significant effect of inflation on real stock returns after controlling for output shock and that inflationary trends do not erode returns on stocks. The Fishers Hypothesis was tested by Spyros (2002). His results reflect a contrary view that returns on stocks hedges inflation. This study shows that there is negative but not statistically significant relationship between inflation and stock returns in Greece from 1990 to 2000. In this same vein, Floros (2002) carried the same study on Greece economy and concluded that inflation and stocks in Greece should be treated as independent variables because the result of the various test conducted show that there is no relationship between inflation and stock returns in Greece. Crosby (2001) investigates the relationship between inflation and stock returns in Australia from 1875 to 1996 and found out that the Australian economy does not experience permanent changes in inflation or stock returns. The result shows that there exist short-run negative relationships between these two variables that depend on the period of time that is considered. On the contrary, Lee et al (2000) examine the impact of German hyperinflation in the 1920s on stock returns. This result of this study show that the hyperinflation in Germany in early 1920s cointegrates with stock returns. The fundamental relationship between stocks returns and both realized and expected inflation is highly positive. They concluded that common stocks appear to be a hedge against inflation during this period. Choudhry (2001) in his study on the impact of inflation on stock returns in some selected Latin and Central American countries (Argentina, Chile, Mexico and Venezuela) from 1981-1996, reveal that there is one- to-one relationship between the current rate of nominal return and inflation for Argentina and Chile. Their result also reveals that the lag values of inflation affect stock returns and this result infer that stocks act as a hedge against inflation. Patra and poshakwale (2006) conducted a study on the impact of economic variables on market returns in Greece from 1990 to 1999. Empirical results show that some macroeconomic variable like money supply, inflation, volume of trade and exchange have both short-run and long-run relationship with stock price in equilibrium in Greece while there was no short-run or long run relationship noticed between exchange rate and stock prices. Ugur (2005) in a study on the effect of inflation on return on stocks in turkey from 1986 to 2000 reveal that expected inflation and real returns are not correlated. The results suggest there is a negative relationship between inflation and stock returns which may be caused by the negative impact of unexpected inflation on stock returns. This results did not contradict Fisherian hypothesis because of the non correlation of inflation and real returns but the results is in line with the proxy hypothesis since a negative signi ficant relationship exist between the two variables. Aperigis and Eleftheriou (2002) results also concurred that there is negative link between inflation and stock returns in Greece than in interest rate and stock returns. Similar study like Adrangi et al (1999) and sellin (2001) also support the proxy hypothesis. Khil and Lee (2000) in their study on ten pacific-rim countries and the US that all the countries except Malaysia reveal negative relationship between inflation and stock returns. The tax-effects Hypothesis which asserts that there is negative relationship between inflation and stock returns was tested by Geske and Roll (1983). Empirical result from the reveal that random negative or positive real shock affects stock returns which in turn, signal higher or lower unemployment and lower or higher corporate earnings. This has effect on the personal and corporate tax revenue leading to increase or decrease in the treasury through borrowing from the public. The economy paid for this debt by expanding or contracting money growth and this would lead to higher or lower inflation. They concluded that random shocks on stock returns are both fiscal and monetary in nature in the U.S.A. Roohi and Khalid (2002) considered the Efficient Market Hypothesis and Rational Expectation Theory to investigate the effect of inflation on stock returns. Empirical results of the study suggest that the relationship between real stock returns, unexpected inflation and unexpected growth are negatively significant. They concluded that the control of real output growth makes the negative relationship between these two variables to disappear over time. 2.4 Methodological Literature Review on Inflation and Stocks Returns The empirical relation between inflation and stock returns has been investigated through various approaches since the 1970s. Spyros (2001), adopted Vector-Auto regressive (VAR) model and the cointegration test to confirm if there was any relationship between inflation and stock returns in Greece. Pierrel and Kwok (1992) investigated the relationship between stock returns and inflation in the United State between 1962-1992 using Vector- Autoregressive (VAREC) model, and Granger Causality, Crosby (2001), used Vector-Autoregressive (VAR) model, Ordinary Least Square (OLS) and correlation analysis to examine the relationship between inflation and stock returns in Australia from 1875-1996. Floros (2002), investigated the relationship between stock returns and inflation in Greece from 1988-2002 by considering both the lag and lead periods of inflation and stock returns using Ordinary Least Square (OLS), Johansen Cointegration Test and Pairwise Granger Causality Test. In this same vein , Ugur (2005) used the Ordinary Least Square (OLS) and Standard Granger Causality to examine the relationship between inflation, stock returns and real activity in Turkey. Choudhry (2001), estimate the impact of inflation on stock returns in some selected Latin and Central American countries using the Auto-Regressive Integrated Moving Average (ARIMA), unit root test and spectral regression model. Lee et al (2000); and Geske and Roll (1983), also used ARIMA, OLS and unit root test to investigate the effect of German hyperinflation and stock returns, and the impact of inflation on stocks returns in the USA respectively. Patra and Poshakwale (2006) on the other hand, used the Error Correction Model (ECM), Johansen Cointegration Test and Pairwise Granger Causality Test to show if economic variables such as money supply interest rate, exchange rate, volume of trade and stock prices have impact on stock returns. Yeh and Chi (2009) in their study on 12 OECD countries measures corr elation at different forecast horizon by using Autoregressive Distributed Lag (ARDL) bound test, unit root test and confidence interval method to investigate the inflation illusion hypothesis that suggest that there is negative relationship between inflation and stock returns. Pesaran et al (2001) and Den Haan (2000) also employ the same technique and arrive at the same result. This study examines the relationship between inflation and stock returns in Nigeria. Furthermore a test is carried out to see if theres a cointegration and causality within these variables. Methods used in this study are explained in chapter three. This study fundamentally aims to analyses the above relationship for a period of 1st of January 1997-31st of December 2006 .monthly values of the Nigerian Stock Exchange (NSE) and Nigerian Consumers Price Index (CPI). CPI was collected from the Central Bank of Nigerian Statistical bulletin (2006), while (ASI) All Share Index was collected from Nigerian Stock Exc hange data bank. The reviews of literature above reveal that there are basically four major hypotheses discussing the relationship between inflation and stock returns. These theories are Fisherian hypothesis, proxy hypothesis, tax-effect hypothesis and inflation illusion hypothesis. Considering the level of price stability in Nigeria over the period of our study, the study seeks to adopt Fisherian hypothesis which suggest that stock hedges inflation. This is based on the fact that literature suggests that the price of stock is a major determinant of stock returns which is affected positively by expected or unexpected inflation (consumer price index). CHAPTER THREE MODEL SPECIFICATION AND METHODOLOGY 3.1 Introduction This chapter covers the theoretical framework, specification of the models utilized in the study as well as the methodologies that will be adopted. Accordingly, the estimation procedures, and data requirements; types and sources of data are also discussed in this section. 3.2 Theoretical Framework The reviews of literature in chapter two reveal that there are basically four major hypotheses discussing the relationship between inflation and stock returns. These theories are; 1. Fisherian hypothesis 2. Proxy hypothesis, 3. Tax-effect hypothesis and; 4. Inflation illusion hypothesis. The Fisherian hypothesis is thus specified; Where is the real returns, is the actual inflation which is the combination of the unexpected and expected inflation. While is the error term that is distributed randomly and normally with zero mean and constant variance. This sign of determine if the specification is in line with the fisherian hypothesis. Thus; a significant and positive sign suggest that stock hedges inflation while a negative sign suggest contrary. 3.3 Model specification Based on the outcome of our theoretical framework which attempts to explain the relationship between real stock returns and inflation, we specify the model for estimation. Stock return represented by all share indexes (ASI) is the dependent variable while the explanatory variables are, one-period lagged inflation represented by consumer indexes (CPI) and one-period lagged stock returns (ASI). This is based on the common belief that stock returns (ASI) takes some time to react to inflationary changes (ΆCPI) and changes in all share indexes (ΆASI). In this study, it is assumed that stock returns depend on a set of variables denoted as: Therefore, our empirical specification is stated as: 1 3.4 Methodology and Estimation Procedures This study makes use of Augmented Dickey Fuller (ADF) unit root test to check for the stationarity of the series used in this study, Engle and Johansen cointegration tests is used to confirm if the series have long run relationship while causal long run relationship is determine using an Error correction Model (ECM) which will reveal both the short run and long run relationship between inflation (LOGCPI) and stock returns (LOGASI). 3.4.1 Unit Root Test Assume we have the following AR (1) process: (1) and is a white noise error term. We can manipulate the above expression by subtracting from both sides; Thus: (2) In practice, instead of estimating equation 1, we estimate equation 2 and test the hypothesis that =0. If =0 then that is we have unit root meaning the time series is non-stationary ( for unit root is non-stationary). Thus we can take the first difference of and regress on to see if () is zero or not in order to confirm if the series are stationary or not. Under the null, the estimation for ÃŽÂ ´ is not distributed T-student, so the Dickey Fuller test is required. We use the Augmented Dickey Fuller (ADF) table to correct for possibility of the error term () been auto correlated. The ADF test is specified in the equation below: 3 Where is a white noise Error Term. 3.4.2 Co integration Tests Trended data can be regarded as potentially a major problem for empirical econometrics. Trends may give rise to spurious regression and uninterpretable t- statistics. The stack reality is that in economics most time series are subject to some type of trend while differencing in series until it becomes stationary is one major solution. This has been shown that differencing can lead to loss of long run properties of a series. Based on this the combination of series that are difference once I(1) will give us a model that is stationary I(0). In achieving this aim this study consider two different co integration tests which are; Engle and Granger co integration test and Johansen co integration test. According to Engle and Granger (1987), a time series and are said to be co integrated of order db where d à ¢Ã¢â‚¬ °Ã‚ ¥ b à ¢Ã¢â‚¬ °Ã‚ ¥ 0 written as: CI (db) if: Both series are integrated of order d There exists a linear combination of these variables say; which is integrated of o rder d-b. The vector and is called a co integrating vector. The Engle and Granger co integration test involve two steps; the first step is conducting an OLS regression on the variables in the model specification. The second step is to conduct an ADF test on the residual from the regression if the residual is stationary, then the series are said to be co integrated. The Johansen co integration test on the other hand involves the use of a VAR model and the different maximum likelihood ratios are used to determine the co integrating vectors. These tests are; trace test and maximum eigen value test. Different information criteria such as Akaike Information Criterion, Schwarz information criteria (SIC), Hannan-Quinn Information Criterion, Final Prediction Error and Sequential Modified test Statistic are used in determining the lag length. 3.4.3 Error Correction Model Co integration analysis provides a test for spurious correlation. Finding co integration between apparently correlated I(1) series validate the regression but failure to find co integration is an indication that spurious correlation maybe present thus invalidating the inferences drawn from such correlation. Co integration analysis also helps in formulating the process of dynamic adjustment. However time series data lose their long run properties when they are differenced; allowing only for conclusions on the short run determinations. Therefore there is a need to construct a model that would combine both the short run and long run properties of the variables in the model. As suggested by Engle-Granger representation theorem that if two series are co integrated then they will be efficiently represented by an error correction mechanism. The Error Correction Model is used to capture both the short run and long run properties of the series. The method involves developing a model from it generalized form (over parameterized) to a specific form (parsimonious). In addition if the series are co integrated these dynamic specifications will encompass any other partial adjustment model. The error correction of the Auto regressive distributed lag (ADL) takes the form: where the long run properties are derived from the proportionality between and. The above specification relates the short run change in the dependent variable to the short run change in the explanatory variable.this is called the impact effect () but ties the change to the long run impact through a feed-back mechanism. 3.5 Data The study will utilize monthly time series data from 1997à ¢Ã¢â€š ¬Ã¢â‚¬Å"2006. Data for the variables will be sourced from Central Bank of Nigeria Statistical Bulletin (2006) and the Nigerian Stock Exchange Annual Reports (2006). The variables of interest in this study are all in logs. These variables are; consumer price indexes (CPI) as inflation series and all share indexes (ASI) as stock returns. CHAPTER FOUR SUMMARY OF EMPIRICAL RESULTS The summary of the statistics used in this empirical study is presented in the appendix. As can be observed from the Table, (see pagexx) the mean value of stock returns is 9.359606 while inflation is 8.442205. It is also observed that both LOGCPI and LOGASI are positively skewed. The kurtosis value is positively low and Jarque-Bera (J-B) statistic test value is relatively high. These suggest that the two series are skewed to the right. Figure1below depicts the graphical illustrations of the data that were used in this empirical analysis. The figure reveals that stock return witnessed significant increase within the period of this study. Figure 1: Graphical illustration of statistics used in the analysis Table 1: Stationarity Test Result Variables Levels First Differences ADF 1 ADF 2 ADF 1 ADF 2 LOGASI 0.712327 -2.440634 -9.385773* -9.586827* LOGCPI 0.244088 -2.680445 -9.152876* -9.113796* SOURCE: Authors Computation NOTE: The Augmented Dicky Fuller test ort the null Hypothesis of the presence of Unit root in LOGASI and LOGCPI. ADF 1 includes a constant; ADF 2 includes a constant and a trend while ADF 3 includes none in the test regression as exogenous. Akaike Information Criterion was used to select lags automatically. * denotes significance at all levels (1%, 5% and 10%). The results from the unit root test are introduced in table 1. the above results, shows that the data are not stationary in level, since the critical values are high when compare to the ADF statistics and probability value is very high indicating that it is not statistically significant at all significance levels in ADF 1 and ADF 2 Furthermore, the variables became integrated of order one at first difference in ADF1 and ADF2 considering the low probability value and critical values that are significant at 1%, 5% and 10% when compare to the ADF test statistics. The result in table 1 show that LOGASI and LOGCPI are both nonstationary series at level are both I (1) series. This implies the above Augmented Dickey Fuller (ADF) tests suggest that LOGASI and LOGCPI are of the same order of integration. next, we test for co integration to ascertain if the two series have a long run relationship since the linear combination of I(1) series will give an I(0) series which imply stationarity. The Engle and Granger co integration approach is adopted for this task. This approach involves two steps; the first step involves the estimation of a static OLS regression which captures any possible long-run relationship between LOGASI and LOGCPI. The OLS regression model is specified as follows: (1) Secondly an ADF test is conducted test on the residuals of the OLS regression specified in equation one above. For co integration to exist, the residuals () must be I (0) meaning, the residuals term must be integrated to the order of zero. If the null hypothesis (has unit root) is rejected then and are co integrated. The OLS regression result and ADF test on the residuals are presented in table 2 and table 3 respectively. Table 2: OLS result Dependent Variable: ASI Method: Least Squares Variable Coefficient Std. Error t- Statistic Prob A -0.418581 0.166356 -2.14971 0.0133 0.542636 0.258431 2.099735 0.0380 -0.424224 0.257403 -1.648089 0.1021 1.059213 0.092307 11.47485 0.0010 -0.120618 0.090882 -1.327150 0.1871 = 0.9921 Adjusted = 0.99178 Durbin Watson: 2.04929 Note: model: Table 3: ADF Test on Residual () Lag Length: 0 (Automatic based on AIC, MAXLAG=1) t-Statistic Prob.* Augmented Dickey-Fuller test statistic -11.59144 0.0000 Test critical values: 1% level -2.584877 5% level -1.943587 10% level -1.614912 *MacKinnon (1996) one-sided p-values. Augmented Dickey-Fuller Test Equation Dependent Variable: D(RESIDUAL) Note: the lag length was determine automatically based on AIC using EViews statistical Package In the above test, constant or trend are not included because the test is conducted on the residuals of the OLS regression conducted in equation one above. The result suggests that the residuals stationary which implies that stock returns and inflation are co- integrated. Therefore we can conclude that there is a long run relationship between stock returns (LOGASI) and inflation (LOGCPI). The Engel co-integration results above reveal that there is long run relationship between inflation and stock returns therefore we can determine the causal long run relationship using the Error Correction Model (ECM). The Hendrys modeling strategy of selecting the most appropriate model by going from general to specific is adopted .we use for this purpose information criterion such as Akaike (AIC) Model Specification: (2) The result of the regression conducted on the over parameterized model is presented in table 4 below. Table 4: Regression result of the Over Parameterized Model Dependent Variable: Variable Estimates à ¢Ã¢â€š ¬Ã‹Å"t Statistic Constant 0.0006 0.10087 -0.0794 -2.9266* 0.3131 1.1815 0.3203 1.2232 0.1829 0.7046 0.0869 0.9469 0.1266 1.3634 Note: * indicate 1% significant level From the above results, it is observed that only the lag value of the residual is statistically significant. The model arrived at, is regarded as the more parsimonious model that encompasses both the short run and the long run relationship between stock returns and inflation. Table 5 below, is the presentation of the ECM model. Model Specification: (3) Table 5: Error Correction Model Equation:à ¢Ã¢â€š ¬Ã‹Å"cause Dependent Variable: Variable Estimates à ¢Ã¢â€š ¬Ã‹Å"t Statistic Constant 0.00627 1.11380 -0.06111 -2.28680* 0.43796 1.69621** 0.13611 1.50363 *indicate 5% significance level and ** 10% significance level The above result suggest that there is long run causal relationship between inflation and stock returns. The result reveal that estimated coeffient of the lagged value of the error correction mechanism () is negative and statistically significant. This is in line with the apriori expectation suggested by theory. The result also implies with a significance level of 10% that a change in one period lagged value of inflation () has a positive and statistically significant effect on changes in stock returns (). This means that inflation value of a previous month, has positive influence on the changes noticed in stock returns in the current month. Although, the one period lagged value of stock returns() but it is statistically insignificant. CHAPTER FIVE SUMMARY AND CONCLUSION 5.1Summary of Major Findings Nigerias inflation position post advent of oil reflects the instability in price that was witnessed in internal and external sectors of the economy. The structural changes such as oil revenue fluctuations, deregulation of the economy, real income reduction, changes in nominal wages fiscal deficits are major causes of price instability in Nigeria. In analyzing the trend and pattern of stock returns vis-ÃÆ'  -vis the performance of government stocks and companies stock in Nigeria, This study reveal that between 1963 and 1990 government stock exceed companies stocks. There was a change in this trend from 1991; trading on stocks of industries and companies increased remarkably thereby making companies stocks more attractive and profitable for investors. The increase in market capitalization was noticed in the economy within these periods has no significant effect on gross domestic product and gross fixed capital formation. This situation has negative impact on the return on investme nt in these periods. In summary, the Augmented Dickey Fuller (ADF) test shows that inflation (CPI) and stock returns (ASI) are both I(1) series and the Engel and Granger co integration test which is the linear combination of the I(1) series indicates that inflation and stock returns have a long-run steady-state relationship in Nigeria. The Error Correction model indicates that inflation (CPI) has a causal long run relationship with stock returns (ASI). The one period lagged value of inflation () causes the short run changes noticed in the level of stock returns within the period of this study. The empirical result also reveal that there is a positive relationship between inflation and stock returns which invariably means that inflation (CPI) and stock returns (ASI) move in the same direction which is evident in the graphical illustration. These findings explain why stock returns in Nigeria have witnessed fluctuations. It also revealed that overtime, inflation has been noticed as one of the major factor that determines the fluctuation in returns on investment in Nigeria. 5.2 Conclusion The relationship between inflation (CPI) and stock returns (ASI) has been implied in the model of stock return determination and return on investment literature. However, this relationship has remained largely unexplored. Inflation and what happens to the overall return on stocks is an important indicator that must be considered by any investor when investing on stocks in Nigeria. The study Therefore concludes that inflation is a vital macroeconomic variable that influence the flow of investment and determines the direction and changes noticed in return on stocks in Nigeria overtime. Bibliography Research and statictics department Central Bank of Nigeria. (2007). The dynamics of Inflation. Abuja: Central Bank of Nigeria ,Report occasional paper,no32. Adrangi, B., Chatrath, A., Antonio, S. (1997). Inflation, Output, and Stock Prices: Evidence from Brazila. The Journal of Applied Business Research Volume 18,No1 , 61-77. Ajayi, S. I., Ojo, O. O. (2006). Money and Banking, second edition, . Ibadan, Nigeria: Daily Graphic Ltd. Anyanwu, J. C. (1997). the structure of Nigeria Economy, first edition,. Onitsha, Nigeria: Joanee Educational Publishers ltd. Bakshi, G., Chen, Z. (1996). Inflation, Asset Prices,and the Term Structure ofInterest Rates in monetary economics. The review of financial studies Vol. 9, No. 1 , 241-275. Balduzzi, P. (2008, December 16). Stock returns,Inflation and the proxy hypothesis;a new look at the data(june1994). Retrieved August 10, 2010, from SSRN: https://ssrn.com/abstract=1298811 Berument, H., Jelassi, M. M. ( 2002). The Fisher hyp othesis: a multi-country analysis. Applied Economics, vol 34 , 1645-1655. Bodie, Z. (1976). common stocks as a hedge against inflation. journal of finance,vol 31 , 459-470. Caporale, T., Jung, C. (1997). inflation and real stock prices. applied financial economics vol,7 , 265-266. Crosby, M. (june,2001). stocks returns and inflation. Austrialia economics papers , 156-165. Erbaykal, E., Okuyan, H. A., Kadioglu, O. (June 13-15, 2008, june 13-15). Real Macro Economic Variables and Stock Prices: Test of Proxy Hypothesis in Turkey. Retrieved august 16, 2010, from SSRN: Available at SSRN: https://ssrn.com/abstract=1321678 fama, e. f. (1981). Stock Returns, Real Activity, Inflation, and Money. The American Economic Review vol,71 no4 , 545-565. Fama, E. F. (june). Stock returns, real activity,inflation and money;reply. The American economic review , 471-472. Feldstein, M. (1980). Inflation, tax rules and the stock market. Journal of Monetary Economics vol, 6 , 309-331 . Floros, C. (2004). Stock returns and inflation in Greece. applied econometrics and international development vol,4-2 , 55-68. Geske, R., Roll, R. (1983). The Fiscal and Monetary Linkage Between Stock Returns and Inflation. The Journal of Finance, Vol. 38, No. 1 , 1-33. Greene, W. H. (2003.). Econometric Analysis,Fifth edition. Pearson Education, Inc, . Gultekin, B. (1983). Stock Market Returns and Inflation: Evidence from Other Countries. The Journal of Finance, Vol. 38, No. 1 , 49-65. Hasan, s. (2008). stock returns ,inflation and interest rates in the United Kingdom. the european journal of financevol,14 , 687-699. International Monetry Fund working paper. (1996). investment in inflationary economies WP/96/105. Western Hemisphere Department: IMF. Jones, C., Wilson, J. (2006). the impact of inflation measure on the real returns and risk of U.S stocks. the finacial review vol,41 , 77-94. Jung, C., Shambora, W., Choi, K. (2007). the relationship between s tock returns and inflation in four european markets. applied economics letter vol,14 , 555-557. Kiseok, L. (1999). Unexpected inflation,uncertianity and stock returns. Applied finacial economics vol,9 , 315-328. Lee, K .YSS. (2008). causal relationship between stock returns and inflation. applied economic letters vol,15 , 125-129. Lee, S., Tang, D., Wong, M. (2000`). Stock returns during German hyperinflatiob. the quaterly review of economics and finance vol,40 , 375-386. Lee, U. (Monday, June 22 1998). A test of the proxy-effect hypothesis: evidence from the Pacific Basin countries. Quarterly Journal of Business and Economics . Liu, A., Hsueh, P., Clayton, R. (1993). A re-examination of the proxy hypothesis. Journal of finace and research vol,16,no 3 , 261-268. Longstaff, F., Schwartz, E. (n.d.). The Journal of Finance, Vol. 47, No. 4. Luintel, K. B., Paudyal, K. (2008, january). Stock Returns and Inflation: Some New Evidence. Retrieved august 16, 2010, fro m Economics and Finance Working papers, Brunel University, 01-08: https://bura.brunel.ac.uk/handle/2438/894 Madsen, J. B. (2005). The Fisher hypothesis and the inflation and supply shocks interaction between share returns. Journal of International Money and Finance vol,24 , 103-120. Makun, O. E., Atanda, A. A. (2009, september 5). Retrieved july 20, 2010, from Munich Personal RePEc Archive: https://mpra.ub.uni-muenchen.de/17917/ Marshall, D. (1992). Inflation and Asset Returns in a Monetary Economy. The Journal of Finance, Vol. 47, No. 4 , 1315-1342. McCarthy, J., Najand, M., Seifert, B. (1990). Empirical Tests of the Proxy Hypothesis. Financial Review, 25: , 251à ¢Ã¢â€š ¬Ã¢â‚¬Å"263. Modigliani, F., Cohn, R. A. (1984). Inflation and Corporate Financial Management. MIT Sloan School Working Paper 1572 , 1-37. Mohammad, N., Gregory, N. (1998). causal relations among stock returns,inflation,real activityand interest rates;evidence fron Japan. Global finace journal vol,9(1) , 71-80. Nelson, C. (1976). Inflation and rates of returnon common stocks. The journal of finance,vol.31,No2 , 471-483. Omran, M., Pointon, J. (2001). Does the Inflation Rate Affect the Performance of the Stock. Emerging Markets Review,Vol 2 (3), , 263-279. Patra, T., Poshakwale, S. (2006). Economic variables and stock market returns;evidence from the Athens stock exchange. Applied finacial economics vol,16 , 993-1005. Pierre, L. S., Ben, K. (1999). Stock returns and inflation; anew test of competitng hypothesis. Applied finacial economics vol,9 , 567-581. Romer, D. (2006). Advanced Macroeconomics,second edition,. Boston USA: McGraw-Hill pub.Company. Spyros, I. (2001). stock returns and inflation;evidence from emerging markets. applied economics letter vol,8 , 447-450. Uchendu, .. 0. (1-16). INFLATION TARGETING: A MONETARY Policy Management Framework For The Attainment Of Price Stability In Nigeria. CBN Economic Financial Review, VOL. 38 No. 2 , 20 01. Ugur, S., Ramazan, S. (2005). Inflation, Stock Returns, and Real Activity in Turkey. The Empirical Economics Letters vol, 4(3) , 181-192. Zhao, X.-Q. (1999). Stock prices, inflation and output:evidence from China. Applied Economics Letters, Vol, 6 , 509-511.

Essay about Augustine And Love - 1001 Words

How does Augustine define love? nbsp;nbsp;nbsp;nbsp;nbsp;Augustine states continuously that he was not yet in love, but was in love with love. This statement doesn’t make sense to me. I don’t believe that someone can be in love with something, if he or she doesn’t understand what love is. â€Å"I was not yet in love, but I was in love with love, and from the very depth of my need hated myself for not more keenly feeling the need.† (pg. 35) How can Augustine hate himself if he doesn’t know what loves feel like? I think a lot of Augustine’s statements about love are interesting. Augustine has some very good points about love, but he contradicts himself also. Is Augustine saying he wasn’t in love or he doesn’t understand love? Both of†¦show more content†¦He also states whatever pleases you, you should love Him who created it. â€Å"If material things please you then praise God for them, but turn back your love upon Him who made them.† (pg. 60) He continues this thought by saying we should love God for he created the world and without God we wouldn’t be able to love anything in this world. He also states that God made the world and didn’t leave. So is Augustine implying that if someone makes something and abandons it, that he or she shouldn’t be loved? nbsp;nbsp;nbsp;nbsp;nbsp;I think Augustine is implying that only those who create something and stay around should be loved. I agree with Augustine about this. If God would of created the world and left, I would of thought he created the world by mistake. By sticking around or admitting to creating the world, I feel as if God is able and willing to deal with whatever circumstances that may come His way. Augustine tells sinners to return to their heart and abide to God. Is Augustine saying that God doesn’t create evil? Or is he saying that sinners learn to love evil and evil takes over their hearts? If God created everything, didn’t he create evil as well? I think God created the devil, who was banned from God’s kingdom, and he began preaching against God’s word. If God created the devil and the devil created evil, then God created evil. I don’t think God directly createdShow MoreRelatedEssay on Love and Duty in Virgil’s Aeneid and Augustineâ €™s Confessions1589 Words   |  7 PagesConfessions, Augustine relates that, in his school years, he was required to read Virgil’s Aeneid. The ill-fated romance of Aeneas and Dido produced such an emotional effect on him. Augustine says that Virgil’s epic caused him to forget his own â€Å"wanderings† (Augustine 1116). He wept over Dido’s death, but remained â€Å"dry-eyed to [his] own pitiful state† (Augustine 1116 – 7). Augustine later rejects literature and theater because he believes that they distract the soul from God. Nonetheless, Augustine sharesRead MoreAugustine Of Hippo, Later Known As St. Augustine Essay1496 Words   |  6 PagesAugustine of Hippo, later known as St. Augustine, is credited with one of the most influential literary works of all time. Not only did his autobiographical work, Confessions, have great influence on both medieval and early modern writers like Dante, Montaigne, and Rousseau, it also had a profound effect, in fact a large one, on medieval thought and the thought of eras to come. It is also widely considered to be one of the first of its kind in the Western world. One might ask themselves what could’veRead MoreInnate Sin of Selfishness1400 Words   |  6 Pagesthat Christians can understand the existence of evil. Human nature defined by both Paul and Augustine is the pattern drawn from actions that humans without a stimulus. 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However, Augustine’s ascent illustrates how Platonists fail to realize their rise places too much value in lovingRead More Evil and Sin Essay1624 Words   |  7 Pagesstructure of Purgatory; The natural love is just and cannot rove. The souls love strays if it desires whats wrong or loves with too much strength, or not enough. When toward its prime good it is led aright and keeps good measure in the second goods, it cannot be the cause of bad delight But when it twists to evil, or does not race for a good with the appropriate care, the Potter finds rebellion in the pot. Hence you can understand how love must be the seed bed where allRead MoreThe Augustine s Search For God1740 Words   |  7 PagesThe Impact of Individuals in Augustine’s Search for God Saint Claire of Assisi once said â€Å"We become who we love. 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The Evolution Of Commerce. - 1097 Words

Introduction The evolution of commerce Like human beings, business is also evolved over the time and is a never ending process. With all the advancements in the current day technologies, commerce is growing day by day. Commerce is all started with House hold economy, where people started hunting, agriculture and domestication of animals like cow, sheep etc. to feed their own families. Over the time, the number of family members increased and their needs. Own economy became insufficient for them to feed their families. There came the Barter system, where the families started exchanging left-over goods with others who need them in exchange of goods which they need. It was commodity to commodity exchange. It continued for years until money economy stage came into existence. It solved all the drawbacks of the barter system and implemented a better trading system. It also helped people to specialize in any form of labor in order to gain more money. With the introduction of money and specialization of labor, people started to settle down at a specific place and villages and townships came into existence. Later they have become the commercial centers and Town economy stage was implemented. It all started with small shops until huge mega malls were implemented. With advancements in technology, e-commerce or electronic commerce came into existence where business is carried out over electronic mediums without physical interactions. It proved to be a huge success since it made overallShow MoreRelatedE-Commerce Evolution2011 Words   |  9 PagesEvolution of E-Commerce E-commerce has become one of the most prevalent changes in the way we do business today. Businesses, before the creation of the web, were typically at a physical location where customers could come, browse, try-on, and purchase goods and services. 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“Theme of Education in Charlotte Brontes ‘Jane Eyre’”

Set in the nineteenth century, Jane Eyre describes a woman’s continuous journey through life in search of acceptance and inner peace. Each of the physical journeys made by the main character, Jane Eyre, have a significant effect on her emotions and cause her to grow and change into the woman she ultimately becomes. Her experiences at Lowood School, Thornfield Hall, Moor house, and Ferndean ingeniously correspond with each stage of Jane’s inner quest and development from an immature child to an intelligent and sophisticated woman Ten-year-old Jane, orphaned by the death of her parents and uncle, led a discontented life under the care of her aunt, Mrs. Reed. Due to the harsh treatment she was subject to by both her aunt and cousins, Jane†¦show more content†¦When we are struck at without a reason, we should strike back again very hard; I am sure we should-so hard as to teach the person who struck us never to do it again.† Helen Burns believes in the fire and brimstone preachings of Brocklehurst, believing herself to deserve her punishments, even those which were not her fault, casting her as a martyr figure. Like a true martyr, she dies of a sickness caused by the poor health conditions of the school she defended. Even Helen hates Mr. Brocklehurst, he is little liked here; he never took steps to make himself liked (101; ch. 8). While Helen says she deserves her punishments and that they do her good, she also suggests she is being treated badly when she tells Jane what Christ would have her do when treated badly, love your enemies; bless them that curse you; do good to them that hate you and despitefully use you (90; ch. 6). While Miss Temple is in charge of the school and everyone working within it, her position does not create inconsistencies between her goodness and the disciplinary methods of the school. Miss Temple shows opposition to Mr. Brocklehurst and his rules when she gives the children lunc h after the burnt porridge, â€Å"Theme of Education in Charlotte Brontes ‘Jane Eyre’† Set in the nineteenth century, Jane Eyre describes a woman’s continuous journey through life in search of acceptance and inner peace. Each of the physical journeys made by the main character, Jane Eyre, have a significant effect on her emotions and cause her to grow and change into the woman she ultimately becomes. Her experiences at Lowood School, Thornfield Hall, Moor house, and Ferndean ingeniously correspond with each stage of Jane’s inner quest and development from an immature child to an intelligent and sophisticated woman Ten-year-old Jane, orphaned by the death of her parents and uncle, led a discontented life under the care of her aunt, Mrs. Reed. Due to the harsh treatment she was subject to by both her aunt and cousins, Jane had†¦show more content†¦At this time education followed the theories of the Swiss educationalist Pestalozzi, who opposed such restricting and damaging practices. Bronte and her contemporary readers would see the methods of Lowood as outdated and wrong. Teaching in the monitorial system mostly involved memorization and verbal instruction. This is shown through Janes narration, At first, being little accustomed to learn by heart, the lessons appeared to me both long and difficult: the frequent change from task to task, too, bewildered me (85; ch. 6). Both Burns and Jane excel only with great effort and by paying close attention. At the time Charlotte Bronte was writing Jane Eyre, Pestalozzis picture of learning was being used, which included kind loving educators teach ing to the childs ability through various sensory experiences. Pestalozzi relied on object lessons to facilitate step-by-step learning of abstract concepts, rather than memorization and repetition (McNergney and Herbert 43-44). Even though the health problems at Lowood were common among charity schools, the outbreak of typhus brought Lowood into the public eye, where the living conditions at Lowood were found unacceptable. When the school was moved and Mr. Brocklehursts power was lessened, discipline was relaxed as well. More compassionate men were in governance of the school and Miss Temple no longer had to follow Mr. Brocklehursts rules. While strict discipline was common inShow MoreRelatedâ€Å"Theme of Education in Charlotte Brontes ‘Jane Eyre’†2148 Words   |  9 PagesSet in the nineteenth century, Jane Eyre describes a woman’s continuous journey through life in search of acceptance and inner peace. Each of the physical journeys made by the main character, Jane Eyre, have a significant effect on her emotions and cause her to grow and change into the woman she ultimately becomes. Her experiences at Lowood School, Thornfield Hall, Moor house, and Ferndean ingeniously correspo nd with each stage of Jane’s inner quest and development from an immature child to an intelligentRead More A Comparison of Jane Eyre vs. Mary Wollstonecraft Essay651 Words   |  3 PagesJane Eyre vs. Mary Wollstonecraft    There is no doubt that Charlotte Bronte knew the works of Mary Wollstonecraft, and she knew them well. Although Wollstonecrafts ideas were written a hundred years beforehand, many women did not read her work because it was not easily attainable. Many women were not educated to read this piece of literature and many men deemed it unimportant to their education. Brontes works were cleverly disguised in womens entertainment, the novel. The main themesRead More Charlotte Brontes Jane Eyre as a Coming of Age Story Essay1664 Words   |  7 PagesJane Eyre as a Coming of Age Story   Charlotte Brontes classic, Jane Eyre, is a coming of age story. The main character, Jane, travels from the innocence of childhood through the maturity of adulthood. During this journey, Jane goes through the battle of education vs. containment, where she attempts to learn about herself and about the world. She must constantly battle a containment of sorts, however, whether it be a true physical containment or a mental one. This battle of education vsRead MoreThe Other Bronte Sister: Charlotte Essay1143 Words   |  5 Pagesendured countless tragedies to still achieve a life of success? Charlotte Bronte is an inspirational woman of the 1800s. She had always found a way to have success even when the odds were stacked against her. Charlotte Bronte has written many poems and books beginning at a young age with the help of her siblings. Charlotte is an empowering force to women explaining that if you want something back enough you can always achieve it. Charlotte has had quite the j ourney filled with inspiration throughoutRead MoreCharlotte Bronte: The Social Critic1732 Words   |  7 Pagesrest of the world. Charlotte Brontà «Ã¢â‚¬â„¢s Jane Eyre had a similar effect upon the mindset of Victorian society, as its publication ended the silence on social justice and set off an ‘eruption’, leading to sweeping reforms. The novel revolves around the moral and spiritual journey of Jane Eyre, an orphan who values freedom and struggles to break free of Victorian-era standards. Brontà « satirizes these standards through her portrayal of the lower classes, mental illness, and orphans. Jane is critical of VictorianRead MoreThe Lives of Emily and Charlotte Brontà «2000 Words   |  8 PagesEmily and Charlotte Brontà « retained exceptional novels throughout history. Their stories captivate the minds of readers alike, taking them to a world of dark, eerie hatred, and overcoming the obstacle faced with love and devotion. However, both sisters have diverse styles of writing. Charlotte Brontà « tends to use more humor through her works, while Emily Brontà « uses more satire along with a sardonic tone. T hey both come together to have somewhat similar themes, making the moral of the story mentallyRead MoreJane Eyre By Charlotte Bronte1374 Words   |  6 PagesJane Eyre by Charlotte Bronte Within the specter of the Gothic fictions arises the atmosphere of gloom, terror, and mystery with some elements of uncanny challenging reality. One major characteristic function of the Gothic fictions is to open the fiction to the realm of the irrational and perverse narratives, obsessions, and nightmarish terrors that hide beneath the literally civilized mindset in order to demonstrate the presence of the uncanny existing in the world known rationally through experienceRead MoreExplore How the Theme of Isolation Is Used in of Jane Eyre with Particular Focus on the Opening Chapters3688 Words   |  15 PagesI will be exploring how the theme of isolation is used throughout the novel Jane Eyre written by Charlotte Bronte, with particular focus on the opening chapters. When Charlotte Bronte wrote Jane Eyre in 1847, it became an immediate bestseller. It contained themes of which were previously rarely brought to light and of which many believed to be controversial, such as womens place in the Victorian society, of which Bronte lived in. Jane Eyre was written in first person narrative. This techniqueRead MoreAssignment 2-Introduction to Written Texts Essay2201 Words   |  9 Pages | Assignment 2: Essay 1 Topic 3- Do you see a conflict between Jane and the 19th Century female wanting social equality, but at the same time needing to remain socially acceptable? Do you think this might also apply to the author in her writing of the novel? There is a conflict between Jane and the nineteenth century female wanting social equality, but at the same time needing to remain socially acceptable. In this essayRead MoreMarxist Criticism On Charlotte Bronte s Jane Eyre1467 Words   |  6 PagesYair Guerrero Mrs. Jones AP Literature and Composition March 18, 2016 Marxist Criticism on Charlotte Brontà « s Jane Eyre Some novels will not let the reader escape the social setting, and Charlotte Brontà « s Jane Eyre is no acceptation. The author implements a symphony of details that strikes the reader as a full blown portrait of society. The novel s surroundings profoundly influence the thoughts, emotions, and actions of every character, which makes out the setting to be as important to the

A Study On Milgram s On Ethics Essay - 1601 Words

Milgram on Ethics A Study on Where Milgram Crossed the Line Kyle Froerer Weber State University Upon researching Milgram’s study more in depth and weighing the opinions of those who feel it is an ethical study versus those in opposition I add my opinion to those who feel the experiment was an unethical practice. This paper will explain more of why I feel this way. I will also provide four peer reviewed sources supporting my argument. The first reason I find it to be unethical is because of the ways in which subjects were lured into participating in the study. Certain people could say they volunteered but that would require they not be compensated for their efforts in any way. Each participant was financially compensated with $4.50 which is the equivalent of about $25.00 to today’s currency (Dollar Times, 2008). Because none of the participants were truly volunteers their actions and subsequent test results must not be considered ethically accurate when comparing them to society in general. Continuing on, the setting in which the participants were observed was a foreign setting all with employing behaviors unique to that of a scientist (Baurimd, 1964). Now, coupling the foreign setting, strange behaviors and the fact they have been paid with the principle of participant obedience, it can be assumed that all these attributes mixed together would result in an overly obedient test subject. To accurately study the baseline for the principle of obedience inShow MoreRelatedReview Of Stanley Milgram s Obedience Essay1620 Words   |  7 Pagesperson. According to Milgram, an alarming amount of subjects willingly proceeded to the highest voltage shock in the experiment. In Baumrind s†¯Review of Stanley Milgram s Experiments on Obedience, she attempts to disprove and refute Milgram s experimen ts by criticizing his experimental set-up, his†¯lack of safety precautions, his ethically questionable study, and his comparison between his experiments and Nazi Germany. In Parker’s â€Å"Obedience,† he seeks to show Milgram s strengths and weaknessesRead MoreStanley Milgram s Research On Obedience863 Words   |  4 PagesStanley Milgram s groundbreaking studies on obedience certainly shocked the world with their electrifying results. The experiment that Milgram conducted included ordinary people delivering â€Å"shocks† to an unknown subject, which caused much controversy to occur and raised many questions in the psychological world. Diana Baumrind, a psychologist at the University of California and one of Milgram’s colleagues, attacks Milgram’s ethics in her review. She decides that Milgram s tests are unethical towardsRead MoreAnalysis Of Stanley Milgram s Perils Of Obedience Essay1709 Words   |  7 PagesStanley Milgram, an American psychologist, questions the social norm in â€Å"Perils of Obedience† (1964), where he conducted a study to test how far the average American was willing to for under the pressures of an authority figure. Milgram s study showed that under the orders of an authoritative figure, 64% of average Americans had the capability of projecting voluntary harm on another person. Nonetheless, Diana Baumrind, an American developmental psychologist, argues in â€Å"Some Thoughts on Ethics of Research:Read MoreThe Milgram Experiment1142 Words   |  5 PagesThe Milgram Experiment Stanley Milgram, a famous social psychologist, and student of Solomon Asch, conducted a controversial experiment in 1961, investigating obedience to authority (1974). The experiment was held to see if a subject would do something an authority figure tells them, even if it conflicts with their personal beliefs and morals. He even once said, The social psychology of this century reveals a major lesson: often it is not so much the kind of person a man is as the kind of situationRead MoreOutline the Simalarities and Differences Between Milgrams (1963) Obedience Study and Burgers (2009) Replication1550 Words   |  7 PagesKaren Bullen R2208481 DE 100 Investigating Psychology 1 TMA02 Outline the similarities and differences between Milgrams (1963) obedience study and Burgers (2009) replication. This essay will look at an important key psychological experiment carried out by the renowned social psychologist Stanley Milgram which was carried out in the early 1960’s (Banyard 2012) to determine how far ordinary people would go to inflict pain to a fellow human based on instruction from an authority figure, andRead MoreThe Impact Of Technology On The Development Of Psychological Research1462 Words   |  6 Pagessurrounding the ethics of the study by Milgram, into obedience, and how, in light of new ethics guidelines, technology has enabled his study to be replicated and extended. Then, it will consider the work of both Broca and Wernicke, and looks at how they came to their findings without the aid of technology, how technology has since confirmed their findings, and how it extended their studies. After this, the essay will look at studies into friendship, how technology could be used in future studies and theRead MoreMilgram’s Study of Obedience to Authority772 Words   |  3 Pagesethical issues relating to it. Before outlining Milgram’s experiment this essay will look at Milgram himself. ‘Stanley Milgram was born in New York in 1933. A graduate of Queens College and Harvard University, he taught social psychology at Yale and Harvard Universities before become a Distinguished Professor at the Graduate Centre of the City University Of New York.’ (Zimbardo, 2010) Milgram’s study of obedience was an experiment that looked at how ‘ordinary citizens obey the orders of anRead MoreThe Theory Of Psychology And Psychology Essay971 Words   |  4 PagesPsychology is the scientific studies of the human mind, functions and their behavior Psychology primarily focus on those demonstrating behavior in certain given context, seeking to understand And explain thoughts, emotions and behaviors. Research psychologist studies exciting opportunities in psychology; it looks at various branches in the field of psychological research, for example in clinical psychology which includes both scientific research, focusing on the search for general principles, andRead MoreHistory Of Obedience And Conformity1729 Words   |  7 Pagesutterance of â€Å"research in obedience,† Stanley Milgram is the epithet in social psychology. 56 years ago, Milgram tested the limits of a person s ability to commit deeds that would normally be directionally challenging to their moral compass when commanded to act by an authority figure. Just 15 years after the World War II Holocaust, the Milgram experiments was a social psychology response to a topic of â€Å"particular relevance† during that time (Milgram, 1963): Were Nazi officers following orders orRead MoreConflict Between Obedience And Authority And Personal Morale1226 Words   |  5 Pa geshimself as an instrument for carrying out another person s wishes and he therefore no longer regards himself as responsible for his actions.† ( ) When one thinks of the many historical events, it is evident that much of humans behaviour is a result of obedience to authority in contrast to rebellion. Why is this? One and possibly the most famous experiment ever executed to investigate this moral question is referred to as â€Å"The Milgram experiment.† We hear and come across commands and orders

MAC Addresses Wireless Network Monitored â€Myassignmenthelp.Com

Question: Discuss About The MAC Addresses Wireless Network Monitored? Answer: Introduction The WPA2-PSK will be studied along with the WPA4-way handshake. The brute force password crack will be used to extract the passphrase. The wireless network traffic will be collected to find out the WEP key. For doing this action, some software and hardware tools are required. By using the SSID, the AP WEP configuration will be performed. AP is an access point. To connect wired LAN into wireless device, AP is used as a hub. It provides secure connection. The MAC addresses of wireless network will be monitored. For providing the gain address to the AP, MAC addresses will be predicted. MAC stands for Media Access Control. It is a unique identifier. It is used for making the communication at the data link layer. The Microsoft windows 2012 server will be installed. It will perform the authentication in active directory domain. The client and server configuration of will be done in windows 2012 server using some software and hardware. To carry out the MAC, address spoofing, WEP and WPA2 en cryption, implementation is carried out in Kali Linux. Kali Linux is chosen to carry out the process since it is easy for handling the encryption and recording, capturing and storing the traffic. Kali Linux is one of the Linux platform derived based on Debian. Kali Linux is used for penetration testing. Kali Linux has its host applications like back track, wire shark. Kali Linux can be easily installed via bootable CD OR DVD. Kali Linux is mostly used for carrying out forensic activities. Kali Linux has many tools. Some of the tools are wire shark, kismet, Maitego, Ettercap and many. Kali Linux is also used for Ethical hacking techniques. Lab 2-Worksheet WPA2-PSK stands for Wi-Fi protected Access 2 -pre shared key. It is also known as WPA2 personal. IT is one type of network security. It is designed instead of WEP. It is designed only for the home users. It does not need the enterprise authentication server. It is used for securing the network. Using TKIP with the network SSID, one could perform the passphrase. It is also used to create the similar encryption keys for each wireless client. The WEP also supported for passphrase. The encryption and authentication is components of WPA2.These two components are needed to secure the WLAN. The authentication component has two modes: personal and enterprise. Steps for cracking the WPA2-PSK passwords: Set the WIFI adapter in monitor mode. Capture traffic Focus one AP in one channel. Aire play. Capture the handshake. Objective To do the activity - Cracking WPA2-PSK, the below mentioned hardware and software tools are required. Software tool- Kali Linux virtual machine. Hardware tools 2-installed virtual machine in windows 7. 2-wireless adapters 1-access point. Configuration Initially the Access point (AP) is placed. SSID is 6EWSx for AP. The WPA2-PSK is configured with AP. Now one could note down the password (passphrase). With the help of WPA2-PSK passphrase, the wireless client pc is connected to the AP for configuration. Kali Linux adapter The kali Linux is connected with BT virtual machine. The VM removable device is attached with adapter. To find out the Mode of wireless adapter and MAC address in the Kali Linux, one could open the terminal. ifconfig-command is used for interfacing the name and HWaddr in adapters. iwconfig-command is used for interfacing name and Mode in wireless interfaces. Change the wireless adapter, from the managed mode to monitor mode. In the monitor mode, write down the name for adapter. Get the wireless information The 2nd terminal is opened to run the airodump with the help of "airodump-ng wlan0' command. It provides the information like which networks are present. Predict the wireless traffic Set the channel for monitor by opening the new terminal. Type "airodump-ng -c 6 -w psk --bssid (AP_MAC address) wlan0" to capturing the packets from the channel. For disconnecting the connected station, send the DE authentication to AP by using airplay.one could use the airplay during the process of capturing. Then one could view the WPA4 way handshake. This is captured by airodump. How WPA-PSK passphrase is cracked The airodump is stopped. Now the air crack is used by the new terminal. This is Pre-shared key. Screenshots The below screen shows the adapter name in the Kali linux screen. BSSID PWR Beacons #Data #/s CH MB ENC CIPHER AUTH ESSID 00:11:95:9F:FD:F4 00:17:3F:65:2E:5A 37 18 102 35 2 0 0 0 6 11 54 54 WEP OPN WEP linuxconfig.org belkin54g BSSID STATION PWR RATE Lost Packets Probes 00:11:95:9F:FD:F4 00:13:02:30:FF:EC 72 0-54 0 2 2 Activity review questions Explain how to overcome the above problem? Need to use WPA2 security Would a manufacturer supplied complex password for the passphrase overcome this problem? Explain. No. This will be based on some well-known algorithms. Hence anyone can hack it List other settings that should be changed from default values. Channel, Mode, Channel width WPA/WPA2 version, encryption and password Wireless MAC Filtering, Firewall, VPN and ALG Conclusion The WPA2-PSK is studied along with the WPA4-way handshake. The brute force password crack is used to extract the passphrase. The wireless network traffic is collected to find out the WEP key. By using the SSID, the AP WEP configuration is performed. The MAC addresses of wireless network is monitored. For providing the gain address to the AP, MAC addresses is predicted. The Kali Linux is used for the process. References Ramachandran, V., Buchanan, C.Kali Linux wireless penetration testing. Wrightson, T. (2012).Wireless network security. New York: McGraw-Hill