Getting a Teacher Certificate

Getting a Teacher Certificate As the TESOL instructing calling turns out to be increasingly serious, getting a decent encouraging line of work requires higher capabilities. In Europe, the TESOL instructing authentication is the base capability. There are various names for this instructing authentication including the TESL showing declaration and TEFL educating endorsement. From that point onward, instructors who are focused on the calling will for the most part proceed to take the TESOL confirmation. The TESOL Diploma is an entire years course and is right now exceptionally esteemed in Europe.  An Overview This fundamental motivation behind this recognition (plus, lets be realistic, improving profession capabilities) is to give the TESOL educator a wide diagram of the chief ways to deal with instructing and learning English. The course serves to raise the instructors awareness with respect to what realizing forms are occurring duringâ language obtaining and guidance. The premise is on a fundamental showing theory of Principled Eclecticism. At the end of the day, nobody technique is instructed as being right. A comprehensive methodology is taken, giving each way of thinking its due, while additionally looking at its potential weaknesses. The target of the certificate is to give the TESOL educator the fundamental apparatuses to assess and apply distinctive instructing techniques to meet every understudies needs. Taking the Course The separation learning strategy has the two its positive and negative side. There is a huge measure of data to traverse and it takes a considerable amount of self-restraint to finish the coursework adequately. Certain regions of study additionally appear to assume a bigger job than others. Along these lines, phonetics and phonology assume a main job in the cosmetics of the course (30% of modules and  ¼ of the test), while other, progressively down to earth subjects, for example, perusing and composing, assume a generally minor job. All in all, the accentuation is on educating and learning hypothesis and not really on the utilization of explicit guidance strategies. Be that as it may, the down to earth some portion of the confirmation centers explicitly around educating hypothesis. Strategically, the help and help from Sheffield Hallam and the course chiefs at English Worldwide were great. The last concentrated course of five days was fundamental for the fruitful finish of the course. This meeting was from numerous points of view the most fulfilling piece of the course and served to bring together all the different ways of thinking contemplated, just as giving useful test composing practice. Counsel Self-control and great pacing all through the whole scholarly year are of outright significance so as to manage all the material presented.As the test itself focuses not on single zones of guidance, yet rather to worldwide issues, relate parts to the entire on a proceeding basis.Get an occasion break in before the last serious week and test preparation.â Different Experiences The accompanying different articles and records of reading for different instructing confirmations. A survey of the I-to-I Online Tefl CertificateThe British Councils 404 TEFL Qualifications Guide

The Hardest ACT Reading Questions Ever

The Hardest ACT Reading Questions Ever SAT/ACT Prep Online Guides and Tips In the event that you’re focusing on a top score on the ACT Reading area, you presumably need to comprehend what the hardest inquiries resemble so you’re arranged for everything the test tosses at you. In this article, I’ll walk you through the responses to probably the hardest inquiries I’ve seen on the ACT Reading segment. Why precisely would they say they are so difficult? How would you tackle them? How well will you do? Challenge yourself for that top score. Detail Questions Detail Questions will request that you reword or break down a particular piece of the passage.These questions can be troublesome in light of the fact that they require a solid comprehension of the writer's specfic perspective and a significant level of understanding cognizance. Here’s one of the hardest detail inquiries regarding the narrator’s perspective that I’ve run over on the ACT: In the last passage, a correlation is made between lessened greatness and defective capability. From the storyteller's perspective, the conditions are diverse in light of the fact that the one is: F. a wellspring of distress while the other is a wellspring of pride.G. situated in the family while the other is situated in the self.H. inborn in nature while the other is innate in the individual.J. a sign that the individual can improve the world while the other is an indication that the individual can't. This is the examination the inquiry alludes to: We plan producers are acquainted with things turning out not-exactly tantamount to we-had as a main priority. Our reality see incorporates the â€Å"diminished excellence† segment. Lessened greatness is a state of the world and in this manner never an event for distress, though defective fitness comes unusual and consequently is every now and again the purpose behind the bowed head, the wrinkled forehead. How would we approach illuminating an inquiry like this? To begin with, we have to build up what the storyteller is stating about the distinction between decreased greatness and defective capability. What is decreased greatness, as per the entry? It’s a â€Å"condition of the world† and â€Å"never an event for sorrow†.Diminished greatness isn't something to be tragic about in light of the fact that it’s out of our control and exists normally on the planet. Alright, what about imperfect capability? Interestingly, defective fitness â€Å"comes out of character† and is a purpose behind â€Å"the bowed head†.Flawed skill is a piece of the individual, not a changeless state of the world, so it tends to be cause for trouble. Alright, we know the distinction. Presently let’s look at the appropriate response decisions. Decision F:a wellspring of distress while the other is a wellspring of pride All things considered, one of them is a wellspring of some level of distress (imperfect capability), yet nor is a wellspring of pride, so this doesn’t work. No, this is an unessential answer! Decision G:based in the family while the other is situated in oneself Once more, this is kind of half-right in that imperfect capability is situated in oneself. In any case, decreased greatness isn't situated in the family - it’s situated on the planet on the loose. Nothing in this answer decision depicts decreased greatness. Cross this one out as well! Decision H:inherent in nature while the other is inborn in the person This appears likely.Diminished greatness is depicted as a â€Å"condition of the world†, so it’s inborn in the environment.Flawed fitness â€Å"comes out of character†, so it’s characteristic in the person. Keep this one! Decision J:a sign that the individual can improve the world while the other is an indication that the individual can’t This is a befuddling answer decision, since we don’t see both of the conditions portrayed as indications of anything in the passage.Diminished greatness could be deciphered as a sign that the individual can’t improve the world, however defective fitness positively isn’t any sort of sign that an individual CAN improve it. This answer is a peculiar idea clutter - dispose of it! Decision H is our answer! This inquiry was extreme since it posed to us to consider and think about two entangled thoughts in the passage.We needed to ponder conceptual ideas just as be quite certain with our answer decision. You can see, nonetheless, that when we intently look at the immediate proof and definitions gave, it turns out to be exceptionally clear which answers ought to be disposed of. On the off chance that you go over new ideas in the entry that you have to comprehend to respond to an inquiry, now and again it's useful to record their definitions in a less complex structure close to the inquiry so you can remain centered. Here and there you need to take a gander at things from the creator's perspective on the ACT, regardless of whether you can tell he's somebody who wears revolting glasses and looks ahead into the nightfall asking why he squandered the greatest long periods of his life. Improvement and Function Questions Improvement and capacity questions get some information about the structure of the understanding entry and how certain lines or sections add to its meaning.These questions can be troublesome in light of the fact that you must have a solid comprehension of the contention introduced in the section and how each bit of the section fits into that contention. Here’s one of the hardest ACT questions I’ve found in this classification: The creator utilizes the occasions recorded in lines 77-79 basically to: F. show how climate related calamities compromised the endurance of Western civilization.G. condemn resource level farming as being excessively subject to the weather.H. delineate how natural determinism worked in the Little Ice Age.J. recommend the part that atmosphere movements may have had in delivering present day Europe. Here are is the section we have to reference: Consider, for example, the food emergencies that inundated Europe during the Little Ice Age - the extraordinary yearning of 1315 to 1319, the food lacks of 1741, and 1816, the year without a late spring - to make reference to just a couple. These emergencies in themselves didn't compromise the proceeded with presence of Western human progress, however they doubtlessly assumed a significant job in the arrangement of current Europe. A portion of these emergencies came about because of climactic movements, others from human awkwardness or appalling monetary or political strategy; numerous from a mix of every one of the three. Natural determinism might be mentally bankrupt, yet environmental change is the overlooked player on the verifiable stage. I have the entire passage replicated here, as opposed to simply the lines in the inquiry, on the grounds that it’s important to peruse past the lines to find the correct solution. That’s part of what makes this inquiry troublesome. Okay - how would we comprehend this? In the first place, we should make sense of what the inquiry is posing. What is the main role of lines 77-79?It’s significant not to miss the world essential in this inquiry since a portion of the appropriate response decisions are tricky.They may bolster the author’s point, however they’re not her essential purpose behind utilizing those lines. Presently let’s experience the appropriate response decisions and see which one works. Decision F:show how climate related debacles compromised the endurance of Western human advancement On the off chance that you simply read the lines referenced in the inquiry, you may think this answer was plausible.This is the reason it’s imperative to make a point to peruse the entire section encompassing the lines to get the context.In the following sentence, the writer explicitly says these emergencies â€Å"did not undermine the proceeded with presence of Western civilization†. This is a contrary answer - dispose of it! Decision G:criticize resource level horticulture as being excessively reliant on the climate Well - it seems dependent on these lines that resource level farming was excessively reliant on the weather.But was that the essential point the creator was attempting to make by refering to these crises?No, this answer misses the bigger point regardless of whether it bodes well on an authentic level. Dispose of it! Decision H:illustrate how ecological determinism worked in the Little Ice Age This answer decision would be more clear in the event that you had the entire entry to take a gander at, yet the Little Ice Age is a timespan of atmosphere insecurity that was depicted before in the passage.These emergencies occurred during that timeframe, so part bodes well. In any case, is the creator attempting to help ecological determinism?She says it’s â€Å"intellectually bankrupt† toward the finish of the section. This answer is somewhat off - cross it out! Decision J:suggest the part that atmosphere movements may have had in creating current Europe This appears right.The passage says the emergencies â€Å"surely assumed a significant job in the arrangement of present day Europe†, with the goal that's an entirely close rework of this answer decision. This one’s a victor! Decision J is our answer! You’ll notice that the right answer decision was the last one, so this inquiry could be especially troublesome on the off chance that you were surging on the test.Some of different decisions likewise appear to be halfway right from the outset. That’s why perusing cautiously and ensuring all aspects of an answer bodes well is so significant. That person on the privilege is SO finished with everybody he knows biting the dust from ailing health. Induction Questions Maybe the most troublesome ACT Reading questions are those that get some information about the passage.This requires increasingly created broadened thinking aptitudes and a profound comprehension of the focuses being made by the writer. Which means in setting questions are a subset of deduction questions. They will request that you see explicit lines in an entry to surmise and afterward rework their significance. Here is a case of an extremely troublesome significance in setting question on the ACT: Which of the accompanying explanations best rewords lines 5-8? A. The creative mind needs esteem and ought to be overlooked for focusing on the real world.B. Reason can upgrade the I

5 Ways to Better Manage Your CRM?

5 Ways to Better Manage Your CRM? Make Money Online Queries? Struggling To Get Traffic To Your Blog? Sign Up On (HBB) Forum Now!5 Ways to Better Manage Your CRM?Updated On 05/01/2019Author : Pradeep KumarTopic : BusinessShort URL : https://hbb.me/2C4jqg2 CONNECT WITH HBB ON SOCIAL MEDIA Follow @HellBoundBlogIn this modern, fast-paced economic environment, it is critical that business maintain a strong rapport with their customers. Customer relations management (CRM) software has made it much easier to build stable relationships with current and potential customers.While CRM software has been around for several decades, the current adaptations and additions have made these platforms increasingly more powerful. The integration of CRM to the cloud has been nothing short of groundbreaking in the customer relations space. Over the course of eight years, the CRM software industry rose from a $13 billion per year to a $40 billion per year industry. Here we will focus on five ways to better manage your CRM platform. 1. Cre ate Goals and ObjectivesFirstly, you have to establish and develop your goals and objectives relating to your CRM. There are as many ways to use CRM software as there are business models in the world of business. It is essential for every company to realize how CRM software can help them to connect with their customers. Sit down with the department heads and ask them to help create a strategy that answers these questions and creates CRM protocols.2. Address Customer Concerns QuicklyCRM is all about managing customer relations. This also means that customer service can be handled using these platforms. If your CRM is used for customer service purposes, you can become more efficient by addressing all customer service issues rapidly. Have a maximum amount of time allotted for a response to every claim. If claims are made overnight when you come in the next day address the complaints from newest to oldest, so you can maintain a fast response time to new claimants. The overnight claimant s understand that their claims are answered during the following business day. READ5 Options of Services that Help Offline Businesses Shift Online3. Make Sure Everyone’s on the Same PageIf your company is using CRM software, make sure everyone is on board with the strategy and protocols related to its use. All departments should incorporate the purpose of this software and have a full understanding of the protocols and policy.4. Get Your Priorities in OrderCRM software is excellent for managing numerous tasks and operations that are pertinent to business-to-client relations and sales generation. Your company must identify what exactly is most important to your business when considering how to use CRM software. This will allow you to be clear about what features best suit your needs. For instance, something as simple as using salesforce apex triggers to establish notifications can have a tremendous impact on efficiency for a company that is looking to operate their CRM more efficie ntly.5. Evaluate and Enhance Your StrategyEvery month or so, gather the leaders of your team and evaluate the effectiveness of your CRM strategy and protocols. There will be suggestions made, and issues addressed. Use the feedback to improve your strategy and approach.ConclusionImproving your CRM management strategy can have a significant impact on your business. Take the time to identify your companys needs and incorporate your plan. As long as you evaluate the effectiveness of your approach over time, you will create the ideal strategy.

How my Father and my Brother Influenced my Life - Free Essay Example

Sample details Pages: 4 Words: 1316 Downloads: 2 Date added: 2019/02/15 Category Society Essay Level High school Tags: Family Essay Did you like this example? In this paper I explored the lives of two male influences in my life, my dad and my brother. Being that one was born and raised in Brazil and one was born and raised in America, I was interested to learn about their childhood, journey into adulthood, as well as compare their stories to one another. In this interview I will dissect their infancy, their adolescence in reference to relationships, and their adulthood employment and expectations. The Dahlgren-Whitehead rainbow model is a framework for human interaction with the environment, it shows us how people are affected by different institution in their lives such as friends, families, and religious groups. According to Andersen chapter 2, institutions include specific participants who share expectations and act in specific roles with rights and duties attached to them. Jader Junior was born July 28th, 1968 in Maceio Alagoas, Brazil. He is one of ten children. He was born and raised in the country side with both his parents and his siblings, 5 girls and 4 boys. Jader’s institutions are exceptionally impacted by Brazilian culture. Culture is a major influence on the organization of social relations, it defines what is appropriate and expected behavior for men and women in society. Don’t waste time! Our writers will create an original "How my Father and my Brother Influenced my Life" essay for you Create order Anderson chapter 6, talks about how families often develop kin networks that work as systems of social and economic exchange. Hispanic clans have a major reliance on extended kin such as grandparents. This was the case in Jader Juniors life, both set of grandparents played a crucial role in his upbringing as a child. Andersen also said the family ideal is an ideology; a belief system suggesting that all people should live in nuclear families, that women should have husbands to support them, and that motherhood is women’s major role. Family roles are diverse and often change throughout time, but men and women often experience families in different ways. For Jader Jr., when asked about his roles/responsibilities as a child around the house he said nothing, and neither did his brothers. However, his five sisters needed to help his mother with chorus around the house, such as cooking, cleaning, and laundry. His father was the financial provider of the house, his mother was a hous e wife/mom who took care of the home and all who lived there, and the children’s responsibility was to go to school and be good students. This is an example of â€Å"separation of spheres†, where women were in charge of the private sphere, home life, and men were in charge of the public sphere, work life. During Jader Jr’s adolescence, dating systems became centered around hooking up. Andersen chapter 4 refers to â€Å"hooking up† as sexual behaviors that includes no ongoing commitment to the other person. In the â€Å"Is hooking up bad for young women† reading, the text talked about how hooking up hasn’t replaced committed relationships however, gave dating a new name. In the text, hooking up means† kissing; for others, it means sexual-genital play but not intercourse; and for still others, it means sexual intercourse† (Andersen ch 4). Between the ages of 18-23 Jader Jr took part in this hookup culture. However, it confirms it did not replace serious relationships because at 23 years old, when he met Alessandra, their relationship was defined as serious in hopes of marriage. Both Jader Jr and Alessandra were of the same class system and worked the same job at the mall. This is an example of what the text refers to in chapter 4 as sociological dimension; â€Å"all forms of relationships are situated within relationships of power, social institutional structures, and systems of inequality based on the intersections of race, gender, and class.† In adulthood there was a major shift in events that affected Jader Jr’s life, he moved to The United States of America. The reason for the move was a search for better employment opportunity and better education systems for his newborn child. According to Jader Jr, it was very difficult moving to a new country he didn’t speak the language without any family support. However, he says his expectations were met. He was able to find employment in construction, which was challenging and labor intensive. He would work very early to very late hours. However, it provided him with enough to provide for his family and establish a foundation in this new country. Through gender socialization, different behaviors and attitudes are encouraged and discouraged in men and women. According to the New York Times: Work Culture’s Toll on Families and Gender Equality, men are expected to be devoted to their work â€Å"men are required by the culture to be these superheroes, to fulfi ll this devotion and single -minded commitment to work.† Jader Neto was born March 2nd, 2004 in Miami Beach, FL. He is one of two children, but the first born US citizen. He was raised in the suburbs/city with both his parents and his sister. Unlike Jader Junior, Jader Neto did not have any extended family in America, like grandparents, while growing up. Some institutions that influence Jader Neto’s life are his family members, school friends, and the music industry (he is a musician). However, he is also impacted by Brazilian culture since his parents raise him as such. Anderson chapter 2 states â€Å"gender expectations in a culture are routinely expressed subtly in social interaction†. When Jader Neto was asked about his role/responsibilities around the house as a child, like Jader Jr, he claimed to not have any, except go to school and get good grades. His childhood upbringing can be explained though the social construct of gender; which refers to the many different processes by which the expectations associated with bein g a boy/man or girl/woman are passed on through society. Currently in Jader Neto’s adolescence, when asked about the dating system his response was â€Å"Dating means going out on dates, such as dinner and movies, with someone you like. You date in order to get to know someone better to see how suited you both are for marriage†. Although he is not yet dating, he sees marriage as the function for dating. When asked how he would select the right person to date he claimed to look for similar interest and physical attraction. â€Å"Hooking up and dating are two sides of a coin† reading states â€Å"sexual attraction was reported most often as the reason for both hookups and dates†. Jader Neto also shared that socio-economic standing would not influence his attraction for a mate however, if he was dating someone of a higher standing than him he would act more appropriate around them. Although Jader Neto is not yet of age, we spoke about his expectations for adulthood. When it comes to future responsibilities Jader Neto believes he will assume all financial responsibility over the family as well as help be a part of his children’s upbringing, by playing with them and teaching them musical instruments. As far as keeping the balance between home and work life, Jader Neto said he would not let work come between the family, â€Å"If a job required me to move away for a long period I would turn them down†. In conclusion, I was able to see how culture is a major influence on institutions that shape an individual’s life. I also noticed a major lack of growth regarding the social construct of gender in Brazilian culture. Both Jader Jr and Jader Neto had similar childhood experiences, neither had responsibilities in the house. Both had parents who reinforced the importance of an education however, never instilled a sense of domestic responsibility. Both interviewees also claimed financial responsibility over the family and established breadwinner roles. It could be that Hispanic culture till this day still instills and passes on stigmas from the patriarchy. Overall, it appears that cultural expectations associated with gender heavily impact the experiences of an individual in society.

The Work Of Steven Jobs - 1976 Words

Biography Steven Jobs was born on February 24, 1955, in San Francisco, California. His father, Abdulfattah Jandali, was a Syrian political science professor, and his mother, Joanne Schieble, worked as a speech therapist. While Jobs was always an intelligent and innovative thinker, his youth was riddled with frustrations over formal schooling. While Jobs went to Homestead High School in 1971, he was met to his future partner, Steve Wozniak, thank to Wozniak s friends. Wozniak was attending the University of California, Berkeley, at the time. In an interview, Wozniak (2007) said: We both loved electronics and the way we used to hook up digital chips. After finishing high school, Steven Jobs went to Reed College in Portland, Oregon and He quitted college after six months and spent the next 18 months to learn several design classes at the school. In 1974, Jobs worked as a video game developer with Atari. Several months later he quitted his job to go to India (Romain, M. 2006). 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Steve JobsRead MoreThe Remains Of The Day By Kazuo Ishiguro And The Play Death Of A Salesman1549 Words   |  7 Pagespersonality and characteristics an individual displays? In the novel The Remains of the Day by Kazuo Ishiguro and the play Death of a Salesman by Arthur Miller, memories are used for the understanding of main characters. Ishiguro uses memories to narrate Stevens’ past working for royalty and his struggle to transition into the modern world. Miller uses memories to display that Willy is delusional and out of touch with the realities of contemporary society. By using memories, both authors are able to unveilRead MoreThe Human Factor by Graham Greene and The Remains of the Day by Kazuo Ishiguro1194 Words   |  5 Pagesloyalty that is bought tends to fade. Through the characters Stevens and Castle, they demonstrate this difference. While both characters demonstrate external loyalty, Stevens’ loyalty was purchased, and Castle’s was earned. Castle ’s genuine loyalty allows him to risk his life, while Stevens’ loyalty is only compliance. Stevens, in The Remains of the Day, lives only to serve. Whoever employs him is awarded with blind loyalty. He works tirelessly to please his master. No act is too great or smallRead MoreThe Theme Of The Story Pertains To Marrying Young And Not958 Words   |  4 Pages The story mentions Steven really only married Marjorie for her good looks. When some people are younger looks are the only thing that seems to matter to them and not whether they are compatible and truly know each other. â€Å"His second wife would be the right wife for him. Marjorie was just a starter† (455). The passage suggests Steven’s marriage to Marjorie was in shambles and her worth was just a fun time. As the story progresses Steven’s attitude of marriage shifts. Steven reveals he did not really

Homeless Is No One Fault - 1741 Words

Being homeless is no one fault. Someone may be unable to have a shelter, however someone should be eligible to gain a education even if they do not have funds to pay the amount of college. I believe it’s college student who are suffering from being homeless and not having no where to stay. Recently, I heard a story that a student that was homeless girl asked one of her professors for supplies and a book bag because she can’t afford anything and she s homeless. A person that is destitute does not have the ability to help themselves, also doesn’t know where they going to be sleeping that night. It’s hard trying to maintain that lifestyle, but it’s harder when school is involved. Homeless can cause so many disease and cause bad health†¦show more content†¦Cause of Student Homelessness Another professor at the University of Wisconsin-Madison did research of affordability of college payments and analyze result that were stupefying. The studie s were shocking because their hypothesis were connections to the lack of funds for textbooks and laptops, however one of their answers were food insecurities and living in a shelter. College Services Advances. 4,300 students and 10 community colleges were interviewed about homelessness and hunger and the results were aired significantly. Some didn’t have anything to eat or no family to go to. Also some wasn t even on speaking terms with their parents or guardian; nevertheless, some also miscalculated the price of college and came up short of funding and had to stop attending. The team gave students a chance to discuss their situations. Danielle Stelluto experienced being homeless. She was living in Florida with an infant when she lost her job as a telemarketer. Loss money for food and couldn’t finish going to school. She couldn t afford to feed her and her child. Homelessness Higher Education The number of students identified as being homeless may be underestimated because it’s students out there thats doesn t realize the ability to attend a school or some are to ashamed to admit their homelessness. Moreover, there are resources that are provided to those trying to achieve the goal of getting a degree while facing the struggle ofShow MoreRelatedThe Street Lawyer1515 Words   |  7 PagesBrock a married wealthy attorney who has it all. Michael, a graduate of Yale University, works at Drake Sweeny, one of the top and well respected firms in Washington D.C. While there he is making the money and rushing relentlessly to the top of Drake Sweeny. He is only one step away from an early partnership. Until one rainy winter afternoon at Drake Sweeny. 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Who wouldn’t want to be homeless? It’s the greatest thing ever, and it’s not that hard. In order to be homeless you have to lose EVERYTHING! Being homeless means you have no house, car, phone, food, and not even a job. Sounds exciting right! Being able to have no responsibilities at all doesn’t seemRead MoreDomestic Violence and Homelessness Essay958 Words   |  4 PagesHomelessness is a major problem facing many cities. Some people are homeless because of unfortunate situations, and others are homeless by choice. Homelessness has been around since 1640. The cost of housing is on the rise and many become homeless because they that are not making enough money to afford the cost of housing. The cost of health care and insurance has risen dramatically over the past years. For families living low or middle incomes that can be devastating. Families or individuals thatRead MoreThe Problem Of Homeless People1278 Words   |  6 PagesHomeless people are one of the major problems with america today, it is a very big problem that needs to be dealt with. There is more than 3.5 million homeless people in america, this includes men, women, kids, veterans, and the elderly (Home aid). 44,359 homeless people and the 26% of Angeleno residents who live in poverty -- and who are falling into homelessness at the rate of 13,000 a month† (Homeless. Hungry. Help.) ,lozz.oThis quote is important because it is true. There isn’t enough housingRead MoreA Sociological Perspective On Homelessness1587 Words   |  7 Pageshow many people are homeless in a single night in America. The findings revealed that there were approximately 633,782 people who are homeless in America or 20 out of every 10,000. 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The disaster added more misery to people already struggling to get by with everyday life. Haiti is one of the poorest nations in the world. The January 12 quake demolished almost every major building in Port-au-Prince, Haitis capital. About 5,000 schools in the city were destroyed or damaged. Throughout Haiti, more than 220,000 people were killed, and more than 1 million were left homeless. A few days after the quake, the number of survivors stood at 121 as hopes of finding more became unrealisticRead MoreAmerica Needs To Support The Needs of the Poor Essay1147 Words   |  5 Pagesthe horrors of foreclosure and possible homelessness. Not always it is the fault of th e homeowner, but the fault of the surrounding situations, inflation, recession, and unexpected circumstances. The fact is that the general public doesn’t care. In fact, many have bumper stickers that read â€Å"the only good welfare system is a job,† with the face of Ronald Reagan on the side. If this were true, then those who are homeless but have jobs are just punishing themselves. The fact is this: America isRead More7th Grade Science971 Words   |  4 PagesPART TWO: VOCABULARY CONNECTION Fault- fracture that occurs when rocks break and that results in relative movement or opposing sides. Seismic Wave- earthquake waves, including primary waves, secondary waves, and surface waves. Epicenter- the point on earths surface located directly above the earthquakes focus. Magnitude- a measure of the energy released by and earthquake. Seismograph- instrument used to record seismic waves. Tsunami- powerful seismic sea wave that begins over an ocean floor

Conducting Scholarly Research free essay sample

However, there are a number footstools and skills at your disposal that help to determine if the information you find is trustworthy and of academic quality. Watch the Evaluating Websites tutorial to learn more about how to determine the quality of information found on the Web. Review the tutorial: Evaluating Websites, located at http://tutorials. Gummed. Com/evaIuatingWebTutoriaI/ IPPP. SF What makes a resource scholarly? Throughout your courses at GUCCI you will be encouraged to use scholarly resources to support your assignments and discussion questions.But what is a scholarly source? Simply put, a scholarly source is a resource or research created, published, and or written by scholars and professionals in a specific spelling. In addition, a scholarly source should have undergone rigorous fact checking and peer review to ensure the research and information presented is of strong academic quality. The bulk of scholarly resources can be found in books and academic and/or professional journals. We will write a custom essay sample on Conducting Scholarly Research or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A large majority of these are research based.A scholar or professional may publish articles in other resources, such as in magazines, newspapers, and even Web sites and blobs. However, these sources do not go through the rigorous fact checking that is expected from scholarly journals. This rigorous fact checking is called peer review. When a scholar or professional submits their article to be published the journal will send the article to another expert in the field to review the work. The reviewer will look to see that the quality is high, the research sound, and the conclusions in line with the work presented. If it is approved, it will then be published in the journal. This process gives students like you the added confidence in the resource being used. How to find Scholarly Research The Web is filled with information and resources. It is possible to find scholarly articles and research on the Web. However, most will ask that you ay a fee to read the article. The GU library has subscribed to a number of the journals so that you do not need to pay to read the research. These journals and articles are contained in collections called Databases. Some are multidisciplinary, but most are specific to a subject area. For instance, in nursing, the strongest databases include CHINCH, OVID, and the Protest Nursing Allied Health Source. These can be found on the Nursing subject page in the GAL. library. Watch the GUCCI Library Walk Through Tutorial to learn how to access the library and its vast resources. The GUCCI Library Walk Through Tutorial is located at http://tutorials. Gummed. Com/ libraryWalkThrough/IPPP. SF Watch the CHINCH Tutorial to learn more about how to specifically use this nursing specific database.Pay special attention to the section discussing subject headings. Learning to use tools like these will help you design effective search strategies and significantly reduce the time and frustration that comes with research. The CHINCH Tutorial is located at http:// tutorials. Gummed. Com/Conspiratorial/IPPP. SF The GUCCI library has a number of Librarians and staffed trained specifically to assist you with your research. Please contact them if you have questions or concerns with finding information.They can help walk you through the technical aspects of using a database and assist in developing search strategies that will enable you to find the information you need. Call them at 800. 800. 9776 ext. 6396641 or email them at using the form at http:,/ library. GU. Du/Calibrations Scholarly Writing Writing will be a large part of the work expected in this program. Scholarly writing can often be intimidating, but there are a number of resources GUCCI has provided to ease this strain and help you learn to write good scholarly papers.A key to scholarly writing is using evidence to support your arguments. The skills you learn as a researcher will aid you in your writing. The purpose of education is to build your knowledge and the purpose of academia is to contribute to and build the knowledge of the culture as a whole. By taking the research and writings of others and evaluating and adding it as essential pieces of your own research, you then move the knowledge of both yourself and the community to the next step. To enable this process, it is essential to cite where the information is found hat is used in your papers.

Outsourcing Benefits and Challenges

Introduction Outsourcing is a business practice in which a company enters into a contract with another company to provide certain services essential for the operations of the client organization (Duran Duran, 2009).This practice has increased in the recent past, and the increase can be attributed greatly to the increased use of information technology that has improved communication.Advertising We will write a custom essay sample on Outsourcing: Benefits and Challenges specifically for you for only $16.05 $11/page Learn More In most instances, the firms contracting other companies for a given task also have the capacity to carry out the tasks domestically. These firms, ranging from small through medium-sized to large organizations, are driven into outsourcing for a number of reasons. It has emerged that services that did not appear to be tradable are now in high demand and form the basis for outsourcing. All functions needed to run a company can now be o btained off shelf (Engardio, 2006). Firms contract other organizations for services like data management, accounting or editing, data analysis and processing, call center services, or e-mails among many others. The supplying firms are highly specialized in the respective areas and are able to offer the services at cheaper costs as compared to the whole costs that would be incurred by a company performing the tasks in-house. Outsourcing has increased considerably, particular in the developed countries like the US. In the article ‘Fair exchange: Who benefits from outsourcing?’(In‘The Blair Reader: Exploring Issues and Ideas’ by Kisser and Mandell),Barrera (2004) focuses on the benefits of outsourcing and asserts that the practice is beneficial to both the parties involved and their respective countries. However, the author also points out that the practice has some weaknesses that have to be addressed by the policy-makers to ensure its effectiveness. This vie w forms the basis upon which this paper is developed. The paper provides a comparison of Barrera’s views and views provided by other authors in relation to outsourcing. Thesis Statement Outsourcing has been criticized for displacing the local employees and shifting employment opportunities to overseas. However, this practice is beneficial to the two parties involved, both the outsourcing firm and the service suppliers and their respective countries. The challenges of outsourcing Outsourcing happens to have certain challenges to the operations of the outsourcing firm and the economic development in the country of origin of the firm. The practice is blamed for the rising level of unemployment in the United States. Wadhwa (2009) terms it a dirty word that involves relieving full-time employees in an organization of their duties to look for these services elsewhere.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 1 5% OFF Learn More The United States is seen as a destination for outsourced jobs, a move that agonizes most of the jobless citizens. The companies outsource these services since the costs of the services are lower compared to performing the tasks by the employees of the organization. Besides, the rate at which new jobs are created is also not high enough to meet the demands of those rendered jobless due to outsourcing. Barrera (2004) observed that employees in the developed countries lose their jobs due to outsourcing and yet similar well-paying jobs cannot be created at the same rate. There is often a large time interval between the destruction of jobs and creation of other opportunities. The employees may be forced to seek employment in new fields in new geographic locations. This would necessitate additional training to acquire the relevant skills and adaptation to the new work-environment. Outsourcing is also characterized by increased use of high-tech and occupational services that have rendered many employees jobless. Outsourcing also appears to be a threat to the proper management of an organization in some sense. Organizations that outsource services may not be in touch with some of their key stakeholders. The poor relationship may be developed between the suppliers or consumers and the business organization that impedes its smooth operations. Similarly, the company becomes so much dependent on outsourced services that it may fail in case there is a sudden withdrawal from the contract by the supplying firm. In this regard, it has been pointed out that a firm should evaluate the other organization providing outsourcing services before contracting it (Duran and Duran, 2009). Different aspects like cost, time, and quality of the services have to be considered. Benefits of Outsourcing The increasing rate of outsourcing as witnessed in the United States can be supported by several observations. Various developments have been witnessed in the busine ss industry that justifies the use of outsourcing. The current international trade that involves shifting of resources to gain a comparative advantage is the fundamental building block behind outsourcing. Firstly, outsourcing is cost-effective and helps increase the profits of organization. It is aimed at minimizing cost and time for a given task (Duran and Duran, 2009). Outsourcing is not a recently developed idea in the United States. The idea has been in existence whereby the country obtained goods from other countries where they could be produced cheaply. The companies manufactured products from these goods and sold the finished product to other countries.Advertising We will write a custom essay sample on Outsourcing: Benefits and Challenges specifically for you for only $16.05 $11/page Learn More Barrera (2004) supports this practice and asserts that it is needless to produce some products using many resources when similar products could be obtaine d elsewhere at cheaper prices. These resources could be channeled to the production of other products that are of high value to the organization. Similar scenario is witnessed in the outsourcing of services. Increased global competition and the economic pressure caused by developing countries calls for replacing full-time employees with contractors (Wadhwa, 2004). The firms that offer outsourcing services do not incur huge operations costs like consumer benefits or other overhead expenses. The firms make use of few employees with highly specialized skills. As such, they are able to provide the services at relatively cheaper costs to the client organizations. Thus, outsourcing allows the developing and the developed countries to develop on the products and services that are of the highest possible benefits to the country (Barrera, 2004). The US companies that outsource services have a lean organizational structure that allows improved operations to gain competitive advantage in the i nternational market. Secondly, the quality of outsourced services is often high. The quality, time, and cost should be the major focus of an outsourcing company (Duran and Duran, 2009). It has been observed that small business organizations need certain technology services and yet they are not equipped to perform the tasks (Wadhwa, 2009). The firms offering these services often streamline their operations towards specialized lines. The companies can employ the modern technology and machinery that may not be available in the client organization. This implies that if the firms withdraw their services for the client organizations then the latter can suffer consequences of poor quality services. Besides, in as much as outsourcing is criticized to cause unemployment in the industrial nations, the practice improves the lives of the poor in the developing countries. There is increased level of employment in these developing nations that contribute significantly towards social and economic development in the countries. This helps alleviate poverty and improve the lives of the citizens of the country thereby contributing towards the desired global development. This is advantageous to the large international organizations that operate across several countries. Outsourcing has the advantage of ‘multi-local benefits administration program, scalable technology, and a consistent employee experience, a single point of contact for managers and members, and cost efficiencies’ (Miller, 2011, p.24). The developing countries provide competitive emerging markets for such huge organizations.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion Outsourcing is growing at considerable rate and its positive impacts on economic development at the local and international scene are evident. It is very necessary for organizations that want to extend their operations across different nations. This is essential owing to the current globalization. It provides a cost-effective way of building strong foundations in one country before settling to operate on the country. After contracting some firm, the management of an organization may focus on other operational strategies as the experts work on the problems at hand. The practice is not without some challenges. However, the challenges can be managed through effective trade policies. References Duran, D., Duran, I. (2009). Process outsourcing benefits. Annals of DAAAM Proceedings, 945-946. Web. Engardio, P. (2006). The Future of Outsourcing: How it is transforming whole industries and changing the way we work. Web. Miller, J. (2011). The Touchstones ofSuccessful Global bene fitsOutsourcing. Benefits Quarterly, 27(2); 24-27. Kisser, G., Mandell, R. (2011). The Blair Reader: Exploring Issues and Ideas. Seventh edition. Boston: Prentice Hall. Wadhwa, V. (2009). Outsourcing Benefits U.S. Workers, Too. BusinessWeek Online, 5. Web. This essay on Outsourcing: Benefits and Challenges was written and submitted by user Maggie Carney to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

3 Interview Questions That You Should Answer Honestly

3 Interview Questions That You Should Answer Honestly We’ve all been there: we go into the interview feeling confident, very nearly nail it, and then get thrown off by that one question that plagues us for the rest of the day (or week, or forever). No matter how well we’ve prepared our answers to the typical questions and done research into questions that might come up at that particular interview, there’s always that questions we feel we didn’t answer  perfectly. The truth is this: there are a few questions that should not come with canned, pre-prepared answers. Here are three questions you’d be better off answering off the cuff, in an honest and authentic manner. Knowing when to go off the script can really save an interview from feeling forced.â€Å"Tell me about a time you overcame a problem or challenge in the workplace†If you plan to discuss a challenge you overcame in your professional past,  it’s good to have some idea of what you’ll say if this comes up as a follow-up question. But it’s best not to have it too rigidly scripted. What your interviewer wants to know here is how well you handle pressure and whether or not you get daunted by seemingly impossible tasks. Give an answer with a bit of nuance, which shows you’re not afraid of complex situations and detail.â€Å"What is something you feel you should have done differently?†You should prepare for this question just as much as you’d prepare for the â€Å"something you’re really proud of† question. Often it can follow that question immediately. Don’t be too practiced. It can be very effective to appear surprised by the question, and then to give an honest account of a mistake you made that you learned a lot from. Your interviewer is just making sure you can be humble enough to admit your faults- and constructive enough to evolve past them.â€Å"What do you like to do in your spare time?†The interviewer will know if you’re just tryin g to say what you think will please them. So don’t listen to that panicked voice in your head that says, â€Å"But what if the hiring manager doesn’t like what I like?† It doesn’t matter. If they do they do, and if they don’t, they’re not supposed to. The hiring manager just wants to know that you’re a person they wouldn’t be embarrassed to go to happy hour with. So be honest about your passions- not crazy, of course, but be yourself.The bottom line is this: be prepared to answer these questions, but don’t be too rehearsed. Allow for a little spontaneity, let your answers be natural, and just be yourself.

Objects and Non-Traditional Media in Art Essay Example | Topics and Well Written Essays - 1500 words

Objects and Non-Traditional Media in Art - Essay Example This trend continued into the 19th century as Vincent Van Gogh experimented with impression, and well into the 20th century, as artists such as Pablo Picasso and later Jackson Pollock revolutionized the medium through increasing forays into abstract modes of expression (Gombrich, 1994). While the subject matter of these visual works greatly changed over time, their overriding medium remained largely constant. Through conceptual and minimalist movements, art in the second half of the 20th century began to step outside the canvas-painting trend (Osbourne 2011). Today artists regularly use or manipulate objects and non-traditional media in creating art. Through a consideration of intentions and methods, this essay examines artists’ implementations of such objects and non-traditional media. Perhaps the 20th century’s most prominent non-traditional medium is assemblage art. This specific art form establishes two or three-dimensional art forms by combining found objects (Lock hart 2010). In better understanding the structural nature of this art, one considers that its parallel in literature is stories or novels formed from already existing texts (Lockhart 2010). While assemblage art forms date to as early as Picasso’s early 20th century cubist constructions, the term was first articulated in the 1950s after Jean Dubuffet’s work ‘assemblages d'empreintes’ (Lockhart 2010). ... While assemblage art refers to a specific type of non-traditional production, one also considers the implications of transcending mainstream modes of artistic expression. In gaining interpretive insight into such an event, it is necessary to step outside traditional art criticism into perspectives that analyze the broader media. One of the most seminal such perspectives in this arena is that of Marshall McLuhan. McLuhan (1964) argued that the medium is the message. While such a statement makes a variety of complex arguments, one element is that the very nature of the medium necessitates shifts in meaning. When such a perspective is extended to artists working in non-traditional mediums, one comes to recognize that such expression not only functions as a means of the artist creating a unique work, but is necessary to capture the increasingly complex cultural signs operating within modern social contexts. It will be seen that the central thorough-put in assemblage and non-traditional a rt is an effort to codify and comment on this complexity. When considering the use of non-traditional forms of expression one of the seminal early assemblage artists is Joseph Cornell. Cornell’s work largely was created around the mid-20th century, paving the way for future forays into assemblage (Soloman 1996). While the Cornell’s exact motivation for venturing into non-traditional mediums is unknown, today his work carries with it a haunting, yet characteristic aesthetic (Soloman 1996). Cornell’s work mainly centered on small boxes that he would meticulously fill and arrange with objects. Fig. 1 below is an image of Cornell’s 1950 work ‘Planet Set.’ From observation one recognizes the highly uncharacteristic and unique assemblage of

Entrepreneur Interview and Personal Analysis Essay

Entrepreneur Interview and Personal Analysis - Essay Example He asserted that his job as a waiter was well paid, yet he took the bold step of fulfilling his desire to venture in to the business. Ardichvili et al. (2003) observes that if there were no self confident entrepreneurs to venture in to new businesses, then there would be no business at all. Pro-active and Self Motivated Being pro-active and self motivated was among the significant traits that contributed to the success of the entrepreneur in business. Being decisive than other people made it possible to make a choice regarding the suitability of the site for a business. Such entrepreneurs act quickly to take advantage of an emerging opportunity before anyone else (Burns, 2011). Laggards usually wait for others to establish businesses so that they can observe their success or failure to make a decision. The interviewee demonstrated determination to succeed in business despite the challenges it posed to personal life such as lack of time to think about marrying. Intrinsically motivated people usually derive satisfaction from what they do (Pink 2009). Intrinsic motivation was the significant driver to accomplish entrepreneurial goals making the entrepreneur happy and contented regardless of these challenges. He was determined to work more hours than he did at that particular time. Learning through Actions Learning in this investment has been as a result of actions whereby the outcome of the activities engaged in is the source of essential information for greater investments. For example, the interviewee asserts that he was not sure what to expect in the business. Nevertheless, the idea of operating in a unique manner was expected to augment efforts of attracting customers especially due to the fact that there were no similar shops offering a variety of services as the interviewee’s shop. According to Littunen (2000) creativity is significant in marketing since it helps in generating the right market mix to serve the desires of a wide range of customer deman ds. This business not only offers food and drinks but also a variety of other goods and services such as entertainment through music and live coverage of significant sporting events that attract customers. Visionary and Flair According to Burns (2011), â€Å"In order to succeed, entrepreneurs need to have a clear vision of what they want to achieve† (p 41). The interviewee demonstrated that he was visionary and flair through his efforts of promoting a shared objective among his employees and rallying them to support him in his efforts. They contributed ideas that influenced strategic decisions that enhanced the success of business. The employees were motivated to be part of the business and portrayed dedication to their work. His charismatic leadership was significant in encouraging people to work as a team. Charismatic leadership is significant in attracting followers. The leader has a characteristic allure and elegance, which are admired by subordinates. The Charismatic lea der possesses self-belief and gathers followers through dint of personality and charm, rather than any form of extrinsic motivation or use of authority (Sosik, 2000). As Greenleaf & Spears (2002) observe, charismatic leaders are encouraging to their subordinates and try to pay attention to all their needs as well as making each person to feel important through appreciation of his/her contribution. Timing in the establishment of the business is a significant factor that led to its success. It was

Meaning of Life and Jeremy Fink Essay Example for Free

Meaning of Life and Jeremy Fink Essay A) MEANING OF LIFE – BY JEREMY FINK. B) CHARACTERS: JEREMY FINK, LIZZY MULDOON, MRS. FINK, MR. MULDOON, MR. OSWALD, SAMANTHA AND RICK, JAMES AND MR. FINK. CONFLICT: THE CONFLICT IS ABOUT JEREMY TRYING TO FIND FOUR KEY’S THAT WOULD OPEN THE BOX WHICH HIS DAD LEFT IT FOR HIM FOR HIS THIRTEEN BIRTHDAY PRESENT WHEN HE DIED AND JEREMY IS TO FIND THE KEY THAT WOULD FIT ALL FOUR SPOTS IN THE BOX BEFORE HIS THIRTEEN BIRTHDAY. SETTING: HAPPENS IN MODERN DAYS IN NEW YORK CITY. BASIC SITUATION: JEREMY AND LIZZY TRY TO FIND THE KEY BEFORE JEREMY’S THIRTEEN BIRTHDAY. C) PLOT: JEREMY SEE’S THE POSTMAN WITH A BOX ADDRESSED TO HIS MOM. JEREMY TAKES THE BOX AND OPENS IT TO SEE A BOX. WHEN HIS MOM COMES AND SEES HIM WITH THE BOX HIS MOM TELLS HIM HOW THE BOX WAS HIS PRESENT HIS DAD LEFT HIM FOR HIS THIRTEEN BIRTHDAY AND HAD TO FIND ALL FOUR OF THE KEYS THAT WOULD OPEN IT BEFORE HIS BIRTHDAY COMES. LIZZY AND JEREMY GET IN TROUBLE AND THEY HAVE TO DO COMMUNITY SERVICE. THEN THEY MEET MR. OSWALD WHO TRIES TO HELP THEM. THEIR COMMUNITY SERVICE WAS TO DELIVER STAFF TWO NEW PEOPLE WHICH THEN THEY GET TO MEET NEW PEOPLE. D) CLIMAX: IS WHEN LIZZY AND JEREMY OPENED THE BOX AND DISCOVERED HIS FATHER’S MEANING OF LIFE. E) FALLING ACTION: IS WHEN JEREMY OPENS THE BOX AND FINDS IT FULL OF STONES. JEREMY THEN REMEMBERS HIS FATHER HAD COLLECTED EACH STONE AT EACH IMPORTANT EVENT OF HIS LIFE. F) RESOLUTION: IS WHEN JEREMY FIND OUT THAT MR. OSWALD, JEREMY’S MOM, THE MAILMAN, AND LARRY FROM LARRY’S LOCKS WERE ALL IN JEREMY’S DAD’S PLAN TO GIVE JEREMY THE BOX AT THE RIGHT TIME AND SO THAT HE WOULD HAVE TO LOOK FOR ALL FOUR OF THE KEYS, ALTHOUGH MR. OSWALD HAD THEM ALL ALONG. BY HAVING THIS PLAN HIS DAD KNEW THAT JEREMY WOULD MEET NEW PEOPLE AND GET TO EXPERIENCE DIFFERENT THINGS HE WOULD NEVER DO. G) POINT OF VIEW: FIRST PERSON BECAUSE THERE IS TOO MUCH FEELINGS AND EMOTION IN THE BOOK. H) PERSON VS PERSON- JEREMY AND LIZZY AS THEY TRY TO FIND THE KEYS TO THE BOX. PERSON VS SOCIETY- JEREMY AND THE SOCIETY MEETING NEW PEOPLE TO TRY TO FIND THE KEY TO THE FOUR HOLES. I) THEME: A LESSON THIS STORY TEACHES ABOUT LIFE IS TO NEVER GIVE UP, AND ALWAYS BE MOTIVATED TO DO SOMETHING YOU KNOW YOU REALLY WANT TO DO. J) SIMILE- AS HARD AS IT CAN BE WITH HOPE ON THE WAY. SIMILE- LIFE IS AS EVENTFUL AS A JOURNEY. METAPHOR- NO PAIN, NO GAIN.

Capote/Krakauer Comparison :: essays papers

Capote/Krakauer Comparison Essay The most important thing any writer can do is to give their characters a feel of dimension to make them seem real. Although Capote and Krakauer do that in very different ways in In Cold Blood and Into Thin Air, they both reached the same end result: characters you believe. They give them thoughts, faces and personalities. They don’t portray everyone as flawless, they display the faults and the little quirks. They give them life through words, making these stories believable. Despite the fact both incidents happened years before each book was written, the use of detailed facts and personality profiles make each story seem incredibly realistic. But while Capote chooses to write an entirely objective piece, Krakauer relies heavily on personal opinion and experience, creating two very distinct frames of mind and causing the reader too see the characters in each book very differently. In 1959 the Clutter family was murdered in a tiny Kansas town called Holcomb. Six years later Truman Capote wrote a very detailed book about the whole case, from the day of the murder to the court case prosecuting the two murderers, Dick and Perry. Although he wasn’t there when the four murders happened, through word choice, description and characterization he creates an accurate portrait of the many intense events surrounding such a tragic story. In comparison, in 1996 esteemed climber Rob Hall led an expedition of moderately experienced climbers attempting to climb Mt. Everest, only to result in disaster and the loss of nine people’s lives. Jon Krakauer was a member of that expedition, and wrote a piece about the misadventure for Outside magazine. Feeling there was more to be said, soon after he wrote a book. Krakauer takes a similar approach as Capote, yet inserting more opinions and less of a feeling of objectiveness to his characters. This is most likely since Krakauer was living Everest first hand, as opposed to Capote who put himself into the environment years later, picking up details here and there instead of relying solely on memory and friends. One of Capote’s greatest strengths is to create thought for his characters, making it almost appear as if he knows what they are thinking. All summer Perry undulated between half-awake stupors and stickly, sweat-drenched sleep. Voices roared through his head; one voice persistently asked him, â€Å"Where is Jesus? Where?† And once he woke up shouting, â€Å"The bird is Jesus! The Bird is Jesus!† (381) This selection almost creates a feeling that Capote is talking about himself as opposed to a man he never met. Capote/Krakauer Comparison :: essays papers Capote/Krakauer Comparison Essay The most important thing any writer can do is to give their characters a feel of dimension to make them seem real. Although Capote and Krakauer do that in very different ways in In Cold Blood and Into Thin Air, they both reached the same end result: characters you believe. They give them thoughts, faces and personalities. They don’t portray everyone as flawless, they display the faults and the little quirks. They give them life through words, making these stories believable. Despite the fact both incidents happened years before each book was written, the use of detailed facts and personality profiles make each story seem incredibly realistic. But while Capote chooses to write an entirely objective piece, Krakauer relies heavily on personal opinion and experience, creating two very distinct frames of mind and causing the reader too see the characters in each book very differently. In 1959 the Clutter family was murdered in a tiny Kansas town called Holcomb. Six years later Truman Capote wrote a very detailed book about the whole case, from the day of the murder to the court case prosecuting the two murderers, Dick and Perry. Although he wasn’t there when the four murders happened, through word choice, description and characterization he creates an accurate portrait of the many intense events surrounding such a tragic story. In comparison, in 1996 esteemed climber Rob Hall led an expedition of moderately experienced climbers attempting to climb Mt. Everest, only to result in disaster and the loss of nine people’s lives. Jon Krakauer was a member of that expedition, and wrote a piece about the misadventure for Outside magazine. Feeling there was more to be said, soon after he wrote a book. Krakauer takes a similar approach as Capote, yet inserting more opinions and less of a feeling of objectiveness to his characters. This is most likely since Krakauer was living Everest first hand, as opposed to Capote who put himself into the environment years later, picking up details here and there instead of relying solely on memory and friends. One of Capote’s greatest strengths is to create thought for his characters, making it almost appear as if he knows what they are thinking. All summer Perry undulated between half-awake stupors and stickly, sweat-drenched sleep. Voices roared through his head; one voice persistently asked him, â€Å"Where is Jesus? Where?† And once he woke up shouting, â€Å"The bird is Jesus! The Bird is Jesus!† (381) This selection almost creates a feeling that Capote is talking about himself as opposed to a man he never met.

A Most Special Person in My Life Essay

Except my family, there is one person, Thu Cuu, who I will always remember and respect because of her personalities, she is kind and also she is the one I love. Nothing is impossible with her no matter what is it, where is it and why is it, that is what I learn from her. A girl is perfect for every situation; she does not need to be dazzling, but people still have looked at her. Basically, I think every man in this world wants this lady to become his wife, even me. Surely, her personalities can make people who do not like to talk will talk, and her kindness can make everybody respects her, even that is the guy who hates her the most. In my opinion, it is hard to find one like her in this century, whether there is at least one or not, I still always think of her. First of all, her personalities attract me when we first met each other, I really admire her. She is friendly and kind of cute with her voice and smile to keep people around her. She can be a center in a crowd easily. I like her at the first time we met; we talk about a lot of things just like we are best friends. That is also the first time I feel free with a girl, because I usually stuck when I try to talk to a girl. Read more: The person I admire the most is my mother  essay She is very sociable, that is the reason why she has a lot of friends. Moreover, she likes to play no matter what kind of games. You can image that when a girl play some games that only reserve for boys like bias, she can play and play even better than boys. The trick is she does with all her heart and forgets what people say about her, just be happy when she plays. She respects friendship and loves her family. I am very sure that she is going to do anything to protect them. For example, I remembered clearly one time that she was late for a party and I yelled on her, then we altercated. Soon, I found out that she was late because she had to pick up her mom from work; it was not her fault. I did not know that, but the first person said sorry was her. Later I knew that the first person said sorry, it did not mean that person was wrong, it meant that person respected relationship between them more than other. I felt like I was guilty; I apologized her, instead of still getting angry on me, then she smiled with me like nothing never happened Secondly, her kindness can make a most kindness person must be jealous. She is very kind for everyone, not only her friends, just because that is who she is. Imagine that when you go to the gas station and someone goes to ask you to give them some money, because their car is out of gas and they are out of money. Certainly, you will look at their car, what they wear and think is it a trick. In opposite way, while you are busy at exploration, she already gives them money, because one time she told me helping people is the happiest thing in the world. She does not care much about it is a trick or not, even if it is a trick, she is still happy. Moreover, she is a good listener. Usually, when I am sad, or any kind of feeling, I will share with her, she will be there to hear them. Not just listening, she also gives me a best advice. I believe that she never tell anyone else what I tell her, she extremely knows how to keep secret. That is why people believe her mostly. Sometimes, I get angry on her because of my stuffs, but she is still quite, listens and never complains a word. Say, for other example, I got 35/100 on a physical exam; I was very sad and disappointed. When she knew that, she made a plan to revive me. She knew what I like and I do not like. Something I like but she does not, but she accepted it and did it for me. We went to the movie theater, went to eat my favorite food and got my major drinks. We went to play skating and skiing, then heading to the beach. Beach was my favorite place; I usually went there when I was in feeling, but she did not like the beach at much. We went down to the beach and high to the mountain. Really, that was the funniest day with me, we talked a lot, I forgot why I was sad and headed to the future. Thu Cuu is the best Last but not least, Thu Cuu is the one I love, a hundred percent surely. One day, a girl appeared without many attractive characteristics who changed my life. She was not like any other girls I met before. When I was stuck in the dark and very disappointed, she stood there in front of me with her smile such as a brightest star and showed me which ways were right or wrong. She told me that I did not know what was waiting for me ahead; I got to learn how to fight it. For example, at the final time last semester, my family had some problems like my brother sold his car and went to Vietnam without asking my parents a word, my dad and my mom’s jobs were in trouble, and my study was more difficult. I was blind and disappointed. At that time, there was no one helping me except one, Thu Cuu. Side by side, she and I figured out every problem and solved it like she helped me to contact and persuade my brother to come back here. She helped me to study, kept me in calm and bought me drinks and food, so I could focus on the exams. She also had her exams, but she still spent her time to help me. Honestly, I knew this was the person I could live with forever. Another time, her friend from other state came here to visit her. I was jealous. Without her, I felt like I was in the hole. I was easy to get angry because of nothing, I just wanted that she was only for me, and I knew that I loved her. Beside her, I always feel happy and love life. One of the most beautiful things about Thu is her smile, if she just smiles with me, I am very sure that all of my stress will be gone, also it is the most reason why I love her. A girl without many attractions who I think of most of my time always stays with me when I am in trouble. Totally, she is a hundred percent perfect. After all, Thu Cuu is the only one I will treat with all my heart. She is now such as my family member that I never want to lose. No matter what people say about her, in my mind, she is always a girl I first met and loved. Because of her personalities, I know that nothing is impossible in this world. She helped me to be able to understand how to be a good man. Her kindness brings me much knowledge of treatment. That helps me how to get respected from people who hate me. Love is the most beautiful thing in the world that people do not use machine to know, and it will be prettier if you love a person who you never forget.

A Study Of The Indian Stock Market - Free Essay Example

Sample details Pages: 18 Words: 5476 Downloads: 7 Date added: 2017/06/26 Category Statistics Essay Did you like this example? 1.0 Introduction Seasonal variations in production and sales are a well known fact in business. Seasonality refers to regular and repetitive fluctuation in a time series which occurs periodically over a span of less than a year. The main cause of seasonal variations in time series data is the change in climate. Don’t waste time! Our writers will create an original "A Study Of The Indian Stock Market" essay for you Create order For example, sales of woolen clothes generally increase in winter season. Besides this, customs and tradition also affect economic variables for instance sales of gold increase during marriage seasons. Similarly, stock returns exhibits systematic patterns at certain times of the day, week or month. The most common of these are monthly patterns; certain months provide better returns as compared to others i.e. the month of the year effect. Similarly, some days of the week provides lower returns as compared to other trading days i.e. days of the week effect. The existence of seasonality in stock returns however violates an important hypothesis in finance that is efficient market hypothesis. The efficient market hypothesis is a central paradigm in finance. The EMH relates to how quickly and accurately the market reacts to new information. New data are constantly entering the market place via economic reports, company announcements, political statements, or public surveys. If the market is informationally efficient then security prices adjust rapidly and accurately to new information. According to this hypothesis, security prices reflect fully all the information that is available in the market. Since all the information is already incorporated in prices, a trader is not able to make any excess returns. Thus, EMH proposes that it is not possible to outperform the market through market timing or stock selection. However, in the context of financial markets and particularly in the case of equity market seasonal component have been recorded. They are called calendar anomalies (effects) in literature. The presence of seasonality in stock returns violates the weak form of market efficiency because equity prices are no longer random and can be predicted based on past pattern. This facilitates market participants to devise trading strategy which could fetch abnormal profits on the basis of past pattern. For instance, if there are evidences of à ¢Ã¢â€š ¬Ã‹Å"day of the week effectà ¢Ã¢â€š ¬Ã¢â€ž ¢, investors may devise a trading strategy of selling securities on Fridays and buying on Mondays in order to make excess profits. Aggarwal and Tandon (1994) and Mills and Coutts (1995) pointed out that mean stock returns were unusually high on Fridays and low on Mondays. One of the explanation put forward for the existence of seasonality in stock returns is the à ¢Ã¢â€š ¬Ã‹Å"tax-loss-selling hypothesis. In the USA, December is the tax month. Thus, the financial houses sell shares whose values have fallen to book losses to reduce their taxes. As of result of this selling, stock prices declin e. However, as soon as the December ends, people start acquiring shares and as a result stock prices bounce back. This lead to higher returns in the beginning of the year, that is, January month. This is called à ¢Ã¢â€š ¬Ã‹Å"January effectà ¢Ã¢â€š ¬Ã¢â€ž ¢. In India, March is the tax month, it would be interesting to find à ¢Ã¢â€š ¬Ã‹Å"April Effectà ¢Ã¢â€š ¬Ã¢â€ž ¢. 2.0 Theoretical Background The term à ¢Ã¢â€š ¬Ã‹Å"efficient marketà ¢Ã¢â€š ¬Ã¢â€ž ¢ refers to a market that adjusts rapidly to new information. Fama (1970) stated , à ¢Ã¢â€š ¬Ã‹Å" A market in which prices always fully reflect available information is called efficient.à ¢Ã¢â€š ¬Ã¢â€ž ¢ If capital markets are efficient, investors cannot expect to achieve superior profits by adopting a certain trading strategy. This is popularly called as the efficient market hypothesis. The origins of the EMH can be traced back to Bachelierà ¢Ã¢â€š ¬Ã¢â€ž ¢s doctoral thesis à ¢Ã¢â€š ¬Ã‹Å"Theory of Speculationà ¢Ã¢â€š ¬Ã¢â€ž ¢ in 1900 and seminal paper titled à ¢Ã¢â€š ¬Ã‹Å"Proof That Properly Anticipated Prices Fluctuate Randomlyà ¢Ã¢â€š ¬Ã¢â€ž ¢ by Nobel Laureate Paul Samuelson in 1965. But it was Eugane Famaà ¢Ã¢â€š ¬Ã¢â€ž ¢s work (1970) à ¢Ã¢â€š ¬Ã‹Å"Efficient Capital Marketsà ¢Ã¢â€š ¬Ã¢â€ž ¢ who coined the term EMH and advocated that in efficient market securities prices fully reflect all the information. It is important to note that efficiency here does not refer to the organisational or operational efficiency but informational efficiency of the market. Informational efficiency of the market takes three forms depending upon the information reflected by securities prices. First, EMH in its weak form states that all information impounded in the past price of a stock is fully reflected in current price of the stock. Therefore, information about recent or past trend in stock prices is of no use in forecasting future price. Clearly, it rules out the use of technical analysis in predicting future prices of securities. The semi-strong form takes the information set one step further and includes all publically available information. There is plethora of information of potential interest to investors. Besides past stock prices, such things as economic reports, brokerage firm recommendations, and investment advisory letters. However, the semi-strong form of the EMH states that current market p rices reflect all publically available information. So, analysing annual reports or other published data with a view to make profit in excess is not possible because market prices had already adjusted to any good or bad news contained in such reports as soon as they were revealed. The EMH in its strong form states that current market price reflect all à ¢Ã¢â€š ¬Ã¢â‚¬Å"both public and private information and even insiders would find it impossible to earn abnormal returns in the stock market. However, there is the notion that some stocks are priced more efficiently than others which is enshrined in the concept of semi-efficient market hypothesis. Thus, practitioners support the thesis that the market has several tiers or that a pecking order exist. The first tier contains well-known stocks such as Reliance Industries and Sail which are priced more efficiently than other lesser-known stocks such as UCO Bank. However, instead of considering stocks, we analyzed this phenomenon using Nif ty Junior index which is an index of next most liquid stocks after SP Nifty. 3.0 Review of Literature Seasonality or calendar anomalies such as month of the year and day of the week effects has remained a topic of interest for research since long time in developed as well as developing countries. Watchel (1942) reported seasonality in stock returns for the first time. Rozeff and Kinney (1976) documented the January effect in New York Exchange stocks for the period 1904 to 1974. They found that average return for the month of January was higher than other months implying pattern in stock returns. Keim (1983) along with seasonality also studied size effects in stock returns. He found that returns of small firms were significantly higher than large firms in January month and attributed this finding to tax-loss-selling and information hypothesis. A similar conclusion was found by Reinganum (1983), however, he was of the view that the entire seasonality in stock returns cannot be explained by tax-loss-selling hypothesis. Gultekin and Gultekin (1983) examined the presence of stock market seasonality in sixteen industrial countries. Their evidence shows strong seasonalities in the stock market due to January returns, which is exceptionally large in fifteen of sixteen countries. Brown et al. (1985) studied the Australian stock market seasonality and found the evidence of December-January and July-August seasonal effects, with the latter due to a June-July tax year. However, Raj and Thurston (1994) found that the January and April effects are not statistically significant in the NZ stock market. Mill and Coutts (1995) studied calendar effect in FTSE 100, Mid 250 and 350 indices for the period 1986 and 1992. They found calendar effect in FTSE 100. Ramcharan (1997), however, didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t find seasonal effect in stock retruns of Jamaica. Choudhary (2001) reported January effect on the UK and US returns but not in German returns. Fountas and Segredakis (2002) studied 18 markets and reported seasonal patterns in returns. The reasons for the January effect in stock returns in most of the developed countries such as US, and UK attributed to the tax loss selling hypothesis, settlement procedures, insider trading information. Another effect is window dressing which is related to institutional trading. To avoid reporting to many losers in their portfolios at the end of year, institutional investors tend to sell losers in Decembers. They buy these stocks after the reporting date in January to hold their desired portfolio structure again. Researchers have also reported half- month effect in literature. Various studies have reported that daily stock returns in first half of month are relatively higher than last half of the month. Ariel (1987) conducted a study using US market indices from 1963 to 1981 to show this effect. Aggarwal and Tandon (1994) found in their study such effect in other international markets. Ziemba (1991) found that returns were consistently higher on first and last four days of the month. The holiday effect refers to higher returns around holidays, mainly in the pre-holiday period as compared to returns of the normal trading days. Lakonishok and Smidt (1988) studied Dow Jones Industrial Average and reported that half of the positive returns occur during the 10 pre-holiday trading days in each year. Ariel (1990) showed using US stock market that more than one-third positive returns each year registered in the 8 trading days prior to a market-closed holiday. Similar conclusion were brought by Cadsby and Ratner (1992) which documented significant pre-holiday effects for a number of stock markets. However, he didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t find such effect in the European stock markets. Husain (1998) studied Ramadhan effect in Pakistan stock market. He found significant decline in stock returns volatility in this month although the mean return indicates no significant change. There are also evidences of day of the week effect in stock market returns. The Monday effect was identified as early as the 1920s. Kelly (1930) based on three years data of the US market found Monday to be the worse day to buy stocks. Hirsch (1968) reported negative returns in his study. Cross (1973) found the mean returns of the SP 500 for the period 1953 and 1970 on Friday was higher than mean return on Monday. Gibbons and Hess (1981) also studied the day of the week effect in US stock returns of SP 500 and CRSP indices using a sample from 1962 to 1978. Gibbons and Hess reported negative returns on Monday and higher returns on Friday. Smirlock and Starks (1986) reported similar results. Jaffe and Westerfield (1989) studied day of the week effect on four international stock markets viz. U.K., Japan, Canada and Australia. They found that lowest returns occurred on Monday in the UK and Canada. However, in Japanese and Australian market, they found lowest return occurred on Tuesday. B rooks and Persand (2001) studied the five southeast Asian stock markets namely Taiwan, South Korea, The Philippines, Malaysia and Thailand. The sample period was from 1989 to 1996. They found that neither South Korea nor the Philippines has significant calendar effects. However, Malaysia and Thailand showed significant positive return on Monday and significant negative return on Tuesday. Ajayi al. (2004) examined eleven major stock market indices on Eastern Europe using data from 1990 to 2002. They found negative return on Monday in six stock markets and positive return on Monday in rest of them. Pandey (2002) reported the existence of seasonal effect in monthly stock returns of BSE Sensex in India and confirmed the January effect. Bodla and Jindal (2006) studied Indian and US market and found evidence of seasonality. Kumari and Mahendra (2006) studied the day of the week effect using data from 1979 to 1998 on BSE and NSE. They reported negative returns on Tuesday in the Indian stoc k market. Moreover, they found returns on Monday were higher compared to the returns of other days in BSE and NSE. Choudhary and Choudhary (2008) studied 20 stock markets of the world using parametric as well as non-parametric tests. He reported that out of twenty, eighteen markets showed significant positive return on various day other than Monday. The scope of the study is restricted to days-of-the week effect, weekend effect and monthly effect in stock returns of SP CNX Nifty and select firms. The half month effect and holiday effect are not studied here. 4.0 Objective The objective of the study are as follows: To examine days of the week effect in the returns of SP CNX Nifty To examine weekend effect in SP CNX Nifty returns. To examine the seasonality in monthly returns of the BSE Sensex. 5.0 Hypotheses a) Our first hypothesis is that returns on all the days of weeks are equal. Symbolically, H 0 : ÃŽÂ ²1 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²2 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²3 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²4 H1 : at least one ÃŽÂ ²i is different b) Our second hypothesis is as follows: H 0 : ÃŽÂ ²1 à ¯Ã¢â€š ¬Ã‚ ½ 0 H1 : ÃŽÂ ²1 à ¢Ã¢â‚¬ °Ã‚  0 c) Our third hypothesis is: H 0 : ÃŽÂ ²1 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²2 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²3 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²4 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²5 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²6 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²7 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²8 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²9 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²10 à ¯Ã¢â€š ¬Ã‚ ½ ÃŽÂ ²11 H1 : at least one ÃŽÂ ² is different 6.0 Data and its Sources The monthly data on SP Nifty for the period April 1997 to March 2009 obtained from the Handbook of Statistics on Indian Economy published by the Reserve Bank of India. We also collected daily data on SP Nifty from 1st January 2005 to 31st December 2008 from www. nseindia.com for studying the above objectives. 7.0 Research Methodology To examine the stock market seasonality in India, first we measure stock return of Nifty as given below: Rt à ¯Ã¢â€š ¬Ã‚ ½ (ln Pt à ¢Ã‹â€ ln Pt à ¢Ã‹â€ 1 ) *100 (1) where Rt is the return in period t, Pt and Pt-1 are the monthly (daily) closing prices of the Nifty at time t and t-1 respectively. It is also important to test stationarity of a series lest OLS regression results will be spurious. Therefore, we will first test whether Nifty return is stationary by AR(1) model. We also use DF and ADF tests which are considered more formal tests of stationarity. For testing stationarity, let us consider an AR(1) model yt à ¯Ã¢â€š ¬Ã‚ ½ à ?1 yt à ¢Ã‹â€ 1 à ¯Ã¢â€š ¬Ã‚ « et (2) The simple AR(1) model represented in equation (2) is called a random walk model. In this AR(1) model if | à ?1 |à ¯Ã¢â€š ¬Ã‚ ¼1, then the series is I(0) i.e. stationary in level, but if à ?1 à ¯Ã¢â€š ¬Ã‚ ½1 then there exist what is called unit root problem. In other words, series is non-stationary. Most economists think that differencing is warranted if estimated à ? à ¯Ã¢â€š ¬Ã‚ ¾ 0.9 ; some would difference when estimated à ? à ¯Ã¢â€š ¬Ã‚ ¾ 0.8 . Besides this, there are some formal ways of testing for stationarity of a series. . Dickey-Fuller test involve estimating regression equation and carrying out the hypothesis test The simplest approach to testing for a unit root is with an AR(1) model:. Let us consider an AR(1) process: yt à ¯Ã¢â€š ¬Ã‚ ½ c à ¯Ã¢â€š ¬Ã‚ « à ? yt à ¢Ã‹â€ 1 à ¯Ã¢â€š ¬Ã‚ «ÃƒÅ½Ã‚ µt (3) where c and à ? are parameters and is assumed to be white noise. If à ¢Ã‹â€ 1 p à ? p1, then y is a stationary series while if à ? à ¯Ã¢â€š ¬Ã‚ ½1 , y is a non-stationary series. If the absolute value of à ? is greater than one, the series is explosive. Therefore, the hypothesis of a stationary series is involves whether the absolute value of à ? is strictly less than one. The test is carried out by estimating an equation with yt à ¢Ã‹â€ 1 subtracted from both sides of the equation: à ¢Ã‹â€ Ã¢â‚¬  yt à ¯Ã¢â€š ¬Ã‚ ½ c à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ³ yt à ¢Ã‹â€ 1 à ¯Ã¢â€š ¬Ã‚ «ÃƒÅ½Ã‚ µt (4) where ÃŽÂ ³ à ¯Ã¢â€š ¬Ã‚ ½ à ? à ¢Ã‹â€ 1 , and the null and alternative hypotheses are H0 : ÃŽÂ ³ à ¯Ã¢â€š ¬Ã‚ ½ 0 H1 : ÃŽÂ ³ p0 The DF test is valid only if the series is an AR(1) process. If the series is correlated at higher order lags, the assumption of white noise disturbances is violated. The ADF controls for higher-order correlation by adding lagged difference terms of the dependent variable to the right-hand side of the regression: à ¢Ã‹â€ Ã¢â‚¬   yt à ¯Ã¢â€š ¬Ã‚ ½ c à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ³ yt à ¢Ã‹â€ 1 à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ´ 1 à ¢Ã‹â€ Ã¢â‚¬   yt à ¢Ã‹â€ 1 à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ´ 2 à ¢Ã‹â€ Ã¢â‚¬   yt à ¢Ã‹â€  2 à ¯Ã¢â€š ¬Ã‚ « . à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ´ p à ¢Ã‹â€ Ã¢â‚¬   yt à ¢Ã‹â€  p à ¯Ã¢â€š ¬Ã‚ «ÃƒÅ½Ã‚ µt (5) This augmented specification is then tested for H0 : ÃŽÂ ³ à ¯Ã¢â€š ¬Ã‚ ½ 0 H1 : ÃŽÂ ³ p0 in this regression. Next, to test the presence of seasonality in stock returns of Nifty, we have used one technique called dummy variable regression model. This technique is used to quantity qualitative aspects such as race, gender, religion and after that one can include as an another explanatory variable in the regression model. The variable which takes only two values is called dummy variable. They are also called categorical, indicator or binary variables in literature. While 1 indicates the presence of an attribute and 0 indicates absence of an attribute. There are mainly two types of model namely ANOVA and ANCOVA. This study uses ANOVA model. Analysis of variance (ANOVA) model is that model where the dependent variable is quantitative in nature and all the independent variables are categorical in nature. To examine the weekend effect and days of the week effect, the following dummy variable regression model is specified as follows: Nifty returns à ¯Ã¢â€š ¬Ã‚ ½ÃƒÅ½Ã‚ ± à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²1Monday à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²2Tuesday à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²3 wednesday à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²4thrusday à ¯Ã¢â€š ¬Ã‚ « à ¯Ã¢â‚¬Å¡Ã‚ µ (6) The variables Monday, Tuesday, Wednesday and Thursday are defined as: Monday = 1 if trading day is Monday; 0 otherwise Tuesday = 1 if trading day is Tuesday; 0 otherwise, Wednesday = 1 if the trading day is Wednesday; 0 otherwise Thursday = 1 if the trading day is Thursday; 0 otherwise ÃŽÂ ± represents the return of the benchmark category which is Friday in our study. Similarly, to find whether there are monthly effects in Nifty returns, we used ANOVA model specified below as: Nifty returns à ¯Ã¢â€š ¬Ã‚ ½ÃƒÅ½Ã‚ ± à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²1 DJune à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²2 DJuly à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²3 DAug à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²4 Dsep à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²5 DOct à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²6 DNov à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²7 DDec à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²8 DJan à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²9 DFeb à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²10 DMar à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²11 DApril à ¯Ã¢â€š ¬Ã‚ « à ¯Ã¢â‚¬Å¡Ã‚ µ (7) where Y = Monthly returns of Nifty D1= 1 if the month is June; 0 otherwise D2 = 1 if the month is July; 0 otherwise D3 = 1 if the month is August; 0 otherwise D4 = 1 if the month is September; 0 otherwise D5 = 1 if the month is October; 0 otherwise D6 = 1 if the month is November; 0 otherwise D7 = 1 if the month is December; 0 otherwise D8 = 1if the month is January; 0 otherwise D9 = 1 if the month is February; 0 otherwise D10 = 1 if the month is March; 0 otherwise D11 = 1 if the month is April; 0 otherwise ÃŽÂ ± represents the mean return on the May month where as ÃŽÂ ²1 to ÃŽÂ ²11 indicate the shift in mean returns across months. Statistically significant values of ÃŽÂ ²Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢s imply significant shifts in mean monthly returns, thus confirming the existence of the month of the year effect. The problem with this approach is that disturbance error term may have autocorrelation. Besides this, residual may contain ARCH effect. Therefore, we will test autocorrelation and ARCH effect in residual and improve our (6) and (7) model accordingly. 8.0 Results At the outset, we plotted the trend of SP CNX Nifty in Fig.1 which shows the movement of index over the sample period. For a long time hovering between 1000 and 2000, Nifty crossed the 2000 mark November 2005. Since then the one can see rising trend in Nifty till September 2008. After September 2008, we witnessed a stock market crash in the backdrop of mortgage crisis in the US followed by economic slowdown round the world which is quite visible in the movement of Nifty also. Fig. 1 Next, we computed descriptive statistics of returns of Nifty and Junior Nifty. The results are reported in Table 1 which show the mean returns of Nifty and Junior Nifty for the period April 1997 and March 2009 are 0.93 and 1.38 percent respectively. Junior Nifty provided higher mean return than the Nifty over the sample period. As the Nifty and Junior Nifty returns are not normally distributed evident from coefficient of skewness and kurtosis, one can use median return instead of mean to represent returns of Nifty and Junior Nifty which are 1.58 and 2.38 percent respectively. Thus, it is clear that Junior Nifty yielded better returns over the sample period. Table 1: Descriptive Statistics (%) Summary Statistics Nifty Junior Nifty Mean 0.93 1.38 Median 1.58 2.38 Standard Deviation 6.71 9.75 Minimum -23.71 -27.66 Maximum 17.01 32.09 Skewness -0.6029 -0.44 Kurtosis 0.5049 0.97 The variability in returns as measured by standard deviation which is the square root of variance The standard deviation is a conventional measure of volatility. Volatility as measured by standard deviations of returns of the sample period for Nifty and Junior Nifty are 6.71 and 9.75 percent respectively. Thus, it is evident that Junior Nifty is more volatile than the Nifty implying investment in Junior Nifty is more riskier. Table 2: AR(1) Model Monthly Series Level Series Return Series Niftyt = 35.0224 + 0.989 Niftyt à ¢Ã‹â€ 1 Niftyt = 0.58 + 0.2686 Niftyt à ¢Ã‹â€ 1 (1.21) (83.725) (0.9) (3.29) NJuniort = 35.0224 + 0.989 NJuniort à ¢Ã‹â€ 1 NJuniort = 35.0224 + 0.989 NJuniort à ¢Ã‹â€ 1 (1.21) (83.725) (0.74) (4.11) Daily Series Level Series Return Series Niftyt = 11.87 + 0.9969 Niftyt à ¢Ã‹â€ 1 Niftyt = 0.79 + 0.07 Niftyt à ¢Ã‹â€ 1 (1.46) (466.11) (0.33) (2.25) NJuniort = 20.01 + 0.997 NJuniort à ¢Ã‹â€ 1 NJuniort = 0.0154 + 0.1624 NJuniort à ¢Ã‹â€ 1 (1.17) (409.28) (0.00) (5.18) In time series econometrics, it is now customary to check stationarity of a series before using it in regression analysis in order to avoid spurious regression. We tested the stationarity of Nifty, Junior Nifty by AR(1) model and augmented Dickey-Fuller Test; while the former is an informal test, the later is a formal test of stationarity. The results of AR(1) model and ADF are reported in Table 2 and Table 3. The results of AR(1) model show that monthly and daily Nifty and Nifty Junior series are not stationary in their level form. However, AR(1) model fitted to Nifty and Nifty Junior return series are stationary. Table 3: Results of ADF Test Series Original Series Return Series Monthly Nifty -1.1851 -4.59* Monthly Junior Nifty -1.564 -4.2 Daily Nifty -1.48 -15.15 Daily Junior Nifty -1.32 -15.46 * MacKinnon critical values for rejection of hypothesis of a unit root at 1%, 5% and 10% are -3.4786, 2.8824 and -2.5778 respectively. The results of augmented Dickey-Fuller test is very much in consistent with AR(1) model. Table 3 shows that both monthly and daily Nifty and Nifty Junior are non-stationary in their level form. However, return series of Nifty and Nifty Junior are stationary as the null of unit root can be rejected at conventional level of 1%, 5% and 10%. Thus, analysis of stock market seasonality is based on return series of Nifty and Nifty Junior as they are stationary. Next, we estimated model (6) to study days of the week effects in daily Nifty and Nifty Junior returns. The results for Nifty are reported in Table 4. The benchmark day in the model is Friday represented by the intercept which provided a return of 0.08 percent on an average of the sample period. Table 4. Results of Equation (6) for Nifty Variables Coefficients t-statistic P-Value Intercept 0.0836 0.624 0.53 Monday -0.0875 -0.46 0.64 Tuesday -0.0405 -0.21 0.83 Wednesday -0.0432 -0.22 0.82 Thursday -0.0784 -0.41 0.68 R2 =0.0002 F Statistic = 0.06( 0.99) Ljung-Box Q(2) = 0.7045 (0.40) D-W Statistic = 1.86 ARCH LM Test(1): F- stat = 54.31 (0.00) Note: Figures in () are p-values Returns of Monday, Tuesday, Wednesday and Thursday can be found out by deducting the coefficients of these days from the benchmark day, that is, Friday which were 0.1711, 0.1241, 0.1268 and 0.162 respectively. The coefficient of Monday is not significant at 5 percent level which indicates that there is no weekend effect in Nifty returns. Further, none of the coefficients are significant at conventional levels of significance indicating that there is no days of the week effects in the Nifty returns. R2 is 0.0002 which is very low, and F-statistic indicates that the overall fit of the model is poor. Further, Durban-Watson statistic of 1.86 indicates autocorrelation in the residuals. The Ljung-Box Q statistic for the hypothesis that there is no serial correlation upto order of 2 is 0.7045 with an insignificant p-value of 0.40 which indicates that we have autocorrelation problem of order one. However, return series exhibits autoregressive conditional heteroskedasticity (ARCH) effects. We corrected the results for autocorrelation of order one by including an AR(1) term on the right hand side of the dummy regression model and ARCH effect is taken care of by fitting a benchmark GARCH (1,1) model. Table 5: Results of Equation (6) for Nifty corrected for autocorrelation and ARCH Effect Mean Equation Variables Coefficients t-statistic P-Value Intercept 0.2368 2.53 0.01 Monday -0.0838 -0.72 0.46 Tuesday -0.1362 -1.018 0.30 Wednesday -0.0912 -0.70 0.47 Thursday -0.0164 -0.13 0.89 AR(1) 0.0767 2.03 0.04 Variance Equation C 0.09 4.94 0.00 ARCH(1) 0.1674 8.45 0.00 GARCH(1) 0.8086 40.53 0.00 Ljung à ¢Ã¢â€š ¬Ã¢â‚¬Å"Box Q (5) = 5.33 (0.25) ARCH LM Test(1): F- stat = 0.1645(0.68) Table 5 shows that after correcting for serial autocorrelation and ARCH effect, we found Friday effect in Nifty returns. However, our analysis do not find weekend effect. The Ljung-Box Q statistic shows that there is no pattern in residual. ARCH LM test also indicate that there is no ARCH effect in residual now. We also examined the presence of seasonality in Nifty Junior. The results are given in Table 6 which shows that there is neither weekend effect or days of the week effects in Nifty Junior. Table 6. Results of Equation (6) for Nifty Junior Variables Coefficients t-statistic P-Value Intercept 0.1824 1.20 0.22 Monday -0.2988 -1.40 0.16 Tuesday -0.0766 -0.35 0.72 Wednesday -0.2191 -1.024 0.30 Thursday -0.3149 -1.46 0.14 R2 =0.003 F Statistic = 0.84 (0.49) Ljung-Box Q(5) = 26.55 (0.00) D-W Statistic = 1.70 ARCH LM Test(1): F- stat = 145.54 (0.00) Note: Figures in () are p-values. The coefficient of Monday is not significant at 5 percent level which indicates that there is no weekend effect in Nifty Junior returns. None of the coefficients are significant at conventional levels of significance implying that there are no days of the week effects in the Nifty Junior returns. R2 is 0.003 which is very low, and F-statistic indicates that the overall fit of the model is poor. Further, Durban-Watson statistic of 1.7 indicates autocorrelation in the residuals. The Ljung-Box Q statistic for the hypothesis that there is no serial correlation upto order of 5 is 26.55 with a significant p-value of 0.00 which indicates that we have autocorrelation problem of higher order. Nifty Junior series also exhibits autoregressive conditional heteroskedasticity (ARCH) effects. We corrected the results for autocorrelation of order one by including an AR(1) term on the right hand side of the dummy regression model and ARCH effect is taken care of by fitting a benchmark GARCH (1,1) mod el. Autoregressive conditional heteroskedasticity (ARCH) model was first introduced by Engle (1982), which does not assume variance of error to be constant. In ARCHGARCH models, the conditional mean equation is specified, in the baseline scenario, by an AR(p) process i.e. is regressed on its own past values. Let the conditional mean under the ARCH model may be represented as: y à ¯Ã¢â€š ¬Ã‚ ½ÃƒÅ½Ã‚ ± à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ² x à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ² x à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ² x à ¯Ã¢â€š ¬Ã‚ « à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ² x à ¯Ã¢â€š ¬Ã‚ «Ãƒ ¯Ã¢â€š ¬Ã‚  Ãƒ ¯Ã¢â‚¬Å¡Ã‚ µ and à ¯Ã¢â‚¬Å¡Ã‚ µ ~ (N ,0, à Ã†â€™ 2 ) (8) t 1 1 2 2 3 3 n n t t t In equation (8), the dependent variable yt varies over time. Similarly, conditional variance of à ¯Ã¢â‚¬Å¡Ã‚ µt may be denoted as à Ã†â€™t2 , which can be represented as: à Ã†â€™t2 à ¯Ã¢â€š ¬Ã‚ ½ var(ut | ut à ¢Ã‹â€ 1 ,ut à ¢Ã‹â€ 2 ..) à ¯Ã¢â€š ¬Ã‚ ½ E[(ut à ¢Ã‹â€  E(ut )2 | ut à ¢Ã‹â€ 1 ,ut à ¢Ã‹â€ 2 .)] It is usually assumed that E(à ¯Ã¢â‚¬Å¡Ã‚ µt ) à ¯Ã¢â€š ¬Ã‚ ½ 0 , so: à Ã†â€™t2 à ¯Ã¢â€š ¬Ã‚ ½ var(ut | ut à ¢Ã‹â€ 1 ,ut à ¢Ã‹â€ 2 .) à ¯Ã¢â€š ¬Ã‚ ½ E(ut2 | ut à ¢Ã‹â€ 1 ,ut à ¢Ã‹â€ 2 ,.) (9) Equation (9) states that the conditional variance of a zero mean is normally distributed random variable ut is equal to the conditional expected value of the square of ut . In ARCH model, à ¢Ã¢â€š ¬Ã‹Å"autocorrelation in volatilityà ¢Ã¢â€š ¬Ã¢â€ž ¢ is modeled by allowing the conditional variance of the error term, à Ã†â€™t2 , to depend immediately previous value of the squared error. This may be represented as: à Ã†â€™t2 à ¯Ã¢â€š ¬Ã‚ ½ÃƒÅ½Ã‚ ±0 à ¯Ã¢â€š ¬Ã‚ «ÃƒÅ½Ã‚ ±1ut2à ¢Ã‹â€ 1 (10) The above model is ARCH (1) where, the conditional variance is regressed on constant and lagged values of the squared error term obtained from the mean equation. In equation (5.12), conditional variance must be strictly positive. To ensure that these always result in positive conditional variance, all coefficients in the conditional variance are usually required to be non- negative. In other words, this model make sense if ÃŽÂ ±0 à ¯Ã¢â€š ¬Ã‚ ¾ 0 and ÃŽÂ ±1 à ¢Ã¢â‚¬ °Ã‚ ¥ 0 . However, if ÃŽÂ ±1 à ¯Ã¢â€š ¬Ã‚ ½ 0 , there are no dynamics in the variance equation. An ARCH (p) can be specified as: ht à ¯Ã¢â€š ¬Ã‚ ½ à Ã¢â‚¬ ° à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ± 1ÃŽÂ µ t2à ¢Ã‹â€ 1 à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ± 2 ÃŽÂ µ t2à ¢Ã‹â€  2 à ¯Ã¢â€š ¬Ã‚ « .. à ¯Ã¢â€š ¬Ã‚ «ÃƒÅ½Ã‚ ± p ÃŽÂ µt2à ¢Ã‹â€ p (11) This ARCH model might call for a long-lag structure to model the underlying volatility. A more parsimonious model was developed by Bollerslev (1986) leading to generalized ARCH class of models called GARCH in which, the conditional variance depends not only on the squared residuals of the mean equation but also on its own past values. The simplest GARCH (1, 1) is: à Ã†â€™ 2 à ¯Ã¢â€š ¬Ã‚ ½ à Ã¢â‚¬ ° à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ± ÃŽÂ µ 2 à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²Ãƒ Ã†â€™ 2 (12) t 1 t à ¢Ã‹â€ 1 1 t à ¢Ã‹â€ 1 The conditional volatility as defined in the above equation is determined by three effects namely, the intercept term given by w , the ARCH term expressed by ÃŽÂ ± ÃŽÂ µ2 and the forecasted 1 t à ¢Ã‹â€ 1 volatility from the previous period called GARCH component expressed by ÃŽÂ ²Ãƒ Ã†â€™1 t2à ¢Ã‹â€ 1 . Parameters w and ÃŽÂ ± should be higher than 0 and ÃŽÂ ² should be positive in order to ensure conditional variance à Ã†â€™2 to be nonnegative. Besides this, it is necessary thatÃŽÂ ±1 à ¯Ã¢â€š ¬Ã‚ « ÃŽÂ ²1 p1 . This condition secures covariance stationarity of the conditional variance. A straightforward interpretation of the estimated coefficients in (12) is that the constant term à Ã¢â‚¬ ° is the long-term average volatility, i.e. conditional variance, whereas ÃŽÂ ± and ÃŽÂ ² represent how volatility is affected by current and past information, respectively. Table 7: Results of Equation (6) for Nifty Junior corrected for autocorrelation and ARCH Effect Mean Equation Variables Coefficients t-statistic P-Value Intercept 0.3572 3.74 0.001 Monday -0.2962 -2.47 0.01 Tuesday -0.2183 -1.53 0.12 Wednesday -0.2849 -2.1 0.03 Thursday -0.1672 -1.27 0.2 AR(1) 0.1667 4.74 0.00 Variance Equation C 0.1387 4.78 0.00 ARCH(1) 0.1833 9.41 0.00 GARCH(1) 0.789 41.99 0.00 F-stat = 2.28 (0.02) Ljung à ¢Ã¢â€š ¬Ã¢â‚¬Å"Box Q (5) =7.12(0.12) ARCH LM Test(1): F- stat = 1.37 (0.24) Table 7 shows that after correcting for serial autocorrelation and ARCH effect, we found weekend effect in Nifty Junior returns. Our study also found significant seasonality in Nifty Junior returns across the days. Returns of Monday, Wednesday and Friday are significantly different from each other. The F-statistic shows that at least one beta coefficient is different from zero. The Ljung-Box Q statistic shows that there is no pattern in residual. ARCH LM test also indicate that there is no ARCH effect in residual now. We also examined seasonality of Nifty and Nifty Junior return using monthly data. We estimated equation (7). The results for Nifty are reported in Table 8. The benchmark month in the model is May represented by the intercept which provided negative return of -0.7132 percent on an average over the sample period. None of the coefficients are significant except December month which indicate the presence of December effect in Nifty monthly returns. Table 8: Results of Equation (7) for Nifty Variables Coefficients t-statistic P-Value Intercept -0.7132 -0.35 0.71 June -0.8535 -0.30 0.76 July 3.1781 1.13 0.25 August 1.5309 0.54 0.58 September 2.1704 0.77 0.44 October -0.2136 -0.07 0.93 November 1.8055 0.64 0.52 December 5.047 1.79 0.07 January 3.4969 1.24 0.21 February 1.1607 0.41 0.67 March -0.2425 -0.08 0.93 April -0.2809 -0.09 0.92 R2 =0.06 F Statistic = 0.84( 0.59) Ljung-Box Q(5) = 11.85(0.03) D-W Statistic = 1.46 ARCH LM Test(1): F- stat = 0.8851 (0.34) Note: Figures in () are p-values R2 is 0.06 which is very low, and F-statistic indicates that the overall fit of the model is poor. Further, Durban-Watson statistic of 1.46 indicates autocorrelation in the residuals. The Ljung-Box Q statistic for the hypothesis that there is no serial correlation up to order of 5 is 11.85 with a significant p-value of 0.03 which indicates that we have autocorrelation problem of higher order. However, monthly Nifty returns do not exhibits autoregressive conditional heteroskedasticity (ARCH) effects. Therefore, we augmented the model specified in equation (7) with autoregressive order of 5 and moving average order of 1 and 5 on a trial and error basis. The results are reported in Table 9 which shows the presence of seasonality in monthly returns of Nifty. The coefficients of July, September and January are statistically significant at 5 percent level. The coefficient of December month is statistically highly significant at 1 percent level of significance. The augmented model has R-squ are of 0.22 which shows that 22 percent of the variations are explained by these months. F-statistic is 2.62 with significant p-value of 0.002 implying that the null of all slope coefficients is rejected at 1 percent level of significance. Table 9: Results of Equation (7) for Nifty Variables Coefficients t-statistic P-Value Intercept -1.6045 -1.03 0.30 June -0.13 -0.06 0.94 July 4.3899 1.97 0.05 August 2.2566 0.91 0.36 September 3.9858 1.86 0.06 October -0.0504 -0.02 0.98 November 3.1714 1.54 0.12 December 5.8317 2.52 0.01 January 4.8644 2.08 0.03 February 2.5038 1.07 0.28 March 0.1636 0.07 0.94 April 0.7953 0.39 0.69 AR(5) 0.6094 6.77 0.00 MA(1) 0.3559 453.72 0.00 MA(5) 0.689 -9.89 0.00 R2 =0.22 F Statistic = 2.62( 0.002) Ljung-Box Q(5) = 1.73 (0.42) D-W Statistic = 1.96 Note: Figures in () are p-values Ljung à ¢Ã¢â€š ¬Ã¢â‚¬Å"Box Q statistic of augmented model of order up to 5 is 1.73 with insignificant p value of 0.42 which implies that there is no pattern left in residual. This is also evident from D-W statistics of 1.96 which is very close to 2. Table 10: Results of Equation (7) for Nifty Junior Variables Coefficients t-statistic P-Value Intercept -0.0106 -0.0037 0.99 June -3.1408 -0.79 0.42 July 2.5269 0.63 0.52 August 2.78 0.70 0.48 September 1.6919 0.42 0.67 October -2.1813 -0.55 0.58 November 1.6522 0.41 0.67 December 7.2491 1.82 0.06 January 4.0079 1.01 0.31 February 0.131 0.03 0.97 March -3.3807 -0.85 0.39 April -0.3954 -0.09 0.92 R2 =0.09 F Statistic = 1.20( 0.28) Ljung-Box Q(5) = 19.31(0.00) D-W Statistic = 1.33 ARCH LM Test(1): F- stat = 12.36 (0.00) Note: Figures in () are p-values Finally, we examined the seasonality of monthly Nifty Junior returns. We estimated the model specified in equation (7) for Nifty Junior. The results are reported in Table 10 which shows that December effect is present in Nifty Junior returns. Besides this, the coefficient of June month is found to be statistically significant at 5 percent level indicating the presence of seasonality in the returns of Nifty Junior. In this regression model, R2 is 0.09 which is very low, and F-statistic indicates that the overall fit of the model is poor. Further, Durban-Watson statistic of 1.33 indicates autocorrelation in the residuals. The Ljung-Box Q statistic for the hypothesis that there is no serial correlation up to order of 5 is 19.31 with a significant p-value of 0.00 which indicates that we have autocorrelation problem of higher order. However, unlike Nifty monthly Nifty Junior returns exhibits autoregressive conditional heteroskedasticity (ARCH) effects. Table 11: Results of Equation (7) for Nifty Junior corrected for autocorrelation and ARCH Effect Mean Equation Variables Coefficients t-statistic P-Value Intercept 1.9045 0.85 0.39 June -4.67 -1.93 0.05 July 2.3638 0.48 0.62 August 0.6749 0.17 0.86 September 0.253 0.06 0.94 October -2.9230 -0.80 0.42 November 0.038 0.01 0.99 December 5.86 1.69 0.08 January 2.7228 0.70 0.47 February -1.2328 -0.33 0.74 March -2.7668 -1.01 0.31 April -0.7839 -0.29 0.76 AR(1) 0.364 4.08 0.00 Variance Equation C 8.13 0.11 ARCH(1) 0.1648 0.10 GARCH(1) 0.00 0.7393 F-stat = 1.73(0.04) Ljung à ¢Ã¢â€š ¬Ã¢â‚¬Å"Box Q (5) = 2.07 (0.72) ARCH LM Test(1): F- stat = 0.0142 (0.9051) Note: Figures in () are p-values Table 11 shows that after correcting for serial autocorrelation and ARCH effect, we found June and December effect in monthly Nifty Junior returns because the coefficient of these dummy variables are found statistically significant at 5 and 10 percent respectively. The F-statistic shows that at least one beta coefficient is different from zero. The Ljung-Box Q statistic shows that there is no pattern in residual. ARCH LM test also indicate that there is no ARCH effect in residual now. 9.0 Conclusion In this study, we tried to examine the seasonality of stock market in India. We considered the SP CNX Nifty as the representative of stock market in India and tested whether seasonality are present in Nifty and Nifty Junior returns using daily and monthly data sets. The study found that daily and monthly seasonality are present in Nifty and Nifty Junior returns. The analysis of stock market seasonality using daily data, we found Friday Effect in Nifty returns while Nifty Junior returns were statistically significant on Friday, Monday and Wednesday. In case of monthly analysis of returns, the study found that Nifty returns were statistically significant in July, September, December and January. In case of Nifty Junior, June and December months were statistically significant. The results established that the Indian stock market is not efficient and investors can improve their returns by timing their investment.