Domestic Violence in Russia

For what reason is local maltreatment so across the board in Russia †and are its causes socially explicit? Slide 1 Domestic viciousness is one of the fundamental driver of ladies' misery and even demise. Lamentably, for an assortment of reasons, this subject has frequently been ignored peacefully everywhere throughout the world. Be that as it may, in the previous 10 years, things have changed: ladies have started to make their voices heard, and have at last begun looking for help. Be that as it may, is this valid for ladies in Russia?Slide 2 First we have to characterize what comprises abusive behavior at home. The Department of Health characterizes abusive behavior at home as â€Å"a continuum of conduct going from obnoxious attack, physical, rape, to assault, and even crime. † This definition remembers such savagery as viciousness for dating, creature misuse, kid misuse, brutality in same-sex families, savagery between private accomplices, just as viciousness among neig hbors and companions. This paper centers around abusive behavior at home between personal accomplices, both wedded and unmarried.Slide 3According to the Ukrainian TV channel â€Å"Inter,† â€Å"every third lady on the planet at any rate once in her life has been truly mishandled. † In the Ukraine, just as in Russia, this figure is a lot higher; consistently lady at any rate once becomesâ the casualty of abusive behavior at home. For instance, as indicated by the Acting Head of the Department of Public Order of Russia, General-Lieutenant Michael Artamoshkina, each fourth family in Russia encounters some sort of aggressive behavior at home and 66% of murders are because of family and residential reasons.To give a feeling of the scale and seriousness of the catastrophe, which in Russia is basically called â€Å"family problems,† around 14 thousand ladies kick the bucket on account of their spouses or different family members and 40 percent of all genuine savage wr ongdoings every year are submitted inside families. Just to analyze the scale, it ought to be noticed that inside 10 years of war between the Soviet Union and Afghanistan, 14 thousand individuals were executed. The occurrences of abusive behavior at home in Russian families are expanding year after year.In expansion to this, we should take in thought all the youngsters that are seeing abusive behavior at home in their families who experience extreme injury, which they may then exchange to their future families. Thus, consistently 50 thousand youngsters leave their homes and 2 thousand kids end it all. Slide 4 This helps me to remember the well known English expression, â€Å"My home †my castle,† which is meant Russian as â€Å" †,† meaning the security, unwavering quality, and true serenity cap are being acquired through the dividers of the house as well as generally through family, chiefly the mate. Simultaneously there is a Russian saying: â€Å" †,â €  which implies, â€Å"Beating is an indication of loving,† which perhaps fills in as another reinforcer or a reason for abusive behavior at home in Russia. Slide 5 Video Slide 6 Domestic brutality doesn’t fundamentally cause physical damage.There are a few kinds of abusive behavior at home between two cozy accomplices: * psychological mistreatment, for example, mortification, which harms confidence, boisterous attack, inconsiderateness, ingraining that a lady assumes the job of a terrible spouse and mother; * financial viciousness where the accomplice doesn’t permit the lady to work, driving her to request cash, and, in this manner, bringing down her confidence; * sexual maltreatment, which is constraining the accomplice to have a physical relationship; * physical savagery, which is the most well-known and incorporates beating, slapping, utilizing weapons, and so on * dangers, for example, dangers to take the youngsters or end it all; * harassing, which can be introduced in the types of terrorizing through signals, activities, decimating family unit things; * control of kids, for example, imparting a feeling of blame before kids, utilizing kids to control; lastly * seclusion which is a persistent checking of what a lady does, whom she can be companions with, with whom she relates and conveys and preclusion of correspondence with individuals that are near her.What are the reasons for such brutality by men, and why don’t ladies battle for their appropriate for a quiet and upbeat life? The main issue is the absence of a sufficient framework to manage this issue in Russia. Since the enactment has not grasped a meaning of aggressive behavior at home as a wrongdoing, men feel a feeling of exemption. The subsequent explanation is that this conduct is natural in each individual as a reason for reproducible examples. The ones, who saw their dad beat their mom during their adolescence, have a higher likelihood of turning into a family ty rant.Some different issues that are basic reasons for savagery in Russia are male liquor abuse, low material security, and joblessness among men. Be that as it may, brutality happens in the groups of heavy drinkers, yet in addition in the groups of teachers, and supervisors. Two or three years back in Russia, this issue was not talked about by any stretch of the imagination; the point was basically prohibited. Based on data gave by the previously mentioned channel, â€Å"most of ladies see it as an untouchable subject. What's more, don't discuss their issues inspired by a paranoid fear of a redundancy and trust in the exemption of the guilty party.  Slide 7In Russia, just as in Ukraine, aggressive behavior at home is viewed as â€Å"hooliganism,† and for the most serious abuser the discipline is constrainment for a time of as long as 360 hours, which equivalents to the time of about fourteen days, after which the guilty party gets discharged go into the family. It isn't a stonishing that ladies don't go to the police to report claims of aggressive behavior at home since detainment for a time of about fourteen days would just exacerbate a previously entangled relationship. There is one more element, the casualty is normally embarrassed to concede that she has been beaten, so she stays quiet for years.In expansion, numerous spouses beat their accomplices so that nobody can see scars and wounds. In this way the vast majority of the physical injury is being caused to the leaders of the people in question, which closes with progressively fetal results. The reasons why the casualties don't leave their life partners are a similar everywhere throughout the world, beginning from dull monetary hindrances, particularly when they have kids. There are insufficient emergency places and safe houses for casualties of aggressive behavior at home in Russia. There are around 18 state and 40 open safe houses for ladies, there are more than 500 of them in Great Britain.I n expansion, social administrations don't have the position to assist ladies with kids. Sociologists state that aggressive behavior at home is a result of the treatment of ladies as the second grade residents. Shockingly, the casualty frequently concurs with the guilty party. For instance, in the event that she was slapped for not cooking all around ok, at that point she should truly not realize how to cook. The more drawn out casualties remain with the guilty party, the lower their confidence becomes. They start â€Å"putting† themselves into their husband’s or lover’s, creating Stockholm Syndrome.Therefore, one of the undertakings of the therapist in emergency focuses is to disclose to the casualty that she isn't liable, regardless of how inadequately she cleaned the condo or how short her skirt was. The casualties should initially comprehend that there can be no motivations to be truly manhandled, and that it is illegal. In any case, the law permits a great d eal of different things, as sexual compulsion, since in Russia there is no understanding of â€Å"marital rape,† just as segregation and control, not permitting to dress a specific way, and forestalling access to education.Hopefully, at any rate on paper, the circumstance will change with the entry of the â€Å"Prevention of Domestic Violence Law,† so the administration won’t hold up until individuals bite the dust before they take care of this overall issue. In any case, the improvement of this law has started in 1994, yet it was for some time disregarded. Simultaneously, in the early ‘90s legislatives in numerous different nations propelled changes, which were affirmed and worked very well in forestalling fetal results of household violence.For model, in Israel just as American courts, a controlling request is given to casualties disallowing the guilty party to move toward the person in question or her opposition. The reason for such a controlling reques t isn't simply â€Å"actual demonstrations of violence† yet in addition dangers, abuse, and outrages. We ought to consider some genuine instances of aggressive behavior at home, and the degree to which it can reach. One of the most electrifying instances of abusive behavior at home, which stunned the entire world,â was the matter of Bibi Aisha. Slide 8 This girl’s guardians made her to wed activist Taliban at 14 years old, who was seriously abusive.Having lived four years through unlimited embarrassments, in 2009 Bibi chose to get away, yet her dad restored her to her parents in law and as discipline, her better half took her to the mountains, remove her ears and nose and left her there to kick the bucket. The young lady was just 18 years of age. Luckily, she was fortunate, and was spared by American specialists, who a year later had the option to make another nose for her. The historical backdrop of Bibi Aisha influenced the entire world, yet shockingly it is a long way from interesting. One day in 2010 a Russian young lady named Tatyana Polskaya was coming back from work.Approaching the passageway of her structure, she saw a youngster remaining by the passage with a jug in his grasp. He was not the only one; Tatyana said that she saw somebody watching not a long way from the passageway. At the point when she went to the youngster, he sprinkled in her face something of the jug. She rushed to a snowdrift and started to wash her face with the day off. As it turned out later, the jug was brimming with sulfuric corrosive. The examination of her case has hit an impasse; there are no suspects or litigants. Tanya has just had eight activities, yet her vision hasn’t been restored.The same year Oksana Serdyuk, who has as of late said a final farewell to her previous sweetheart, was returning home with a

Success and Failure of Intelligence essay

Achievement and Failure of Intelligence exposition Achievement and Failure of Intelligence exposition Achievement and Failure of Intelligence essayHistorically, insight had a significant impact in military activities and wars. In any case, insight activities may have positive as well as negative impacts on military tasks just as the level of influence between contradicting parties. Now, it is conceivable to allude to the experience of the US and allies’ knowledge during World War II, when the insight endured the two triumphs and disappointments. In such manner, it is conceivable to allude to the instance of the disappointment of the US knowledge to predict the assault of the Japanese on Pearl Harbor and the achievement of the allies’ insight in revealing the best approach to split Enigma, German encryption framework utilized in the correspondence of Germans. These two cases uncover the full degree to which the insight activities might be powerful and influence results of huge scope military clashes. Then again, the disclosure of the disappointment of the US knowledge in Pearl Harbor shows the significance of the insight as the organization that can predict and forestall huge scope military tasks and disappointments of the national safeguard framework. In this manner, victories and disappointments of the knowledge show that the insight has a significant influence in military activities, wars just as socio-political improvement of countries and the powerful execution of insight can assist countries with taking a more grounded position in the serious battle among countries and universal relations.The disappointment of the US insight in Pearl Harbor is a verifiable truth just as the splitting of Enigma is a prestigious achievement of the allies’ insight. In any case, from the logical perspective, the disappointment or accomplishment of the insight ought to be grounded on the disclosure of realities and proof that demonstrate that the specific knowledge activity. In such manner, to decide if the specific insight activity was a triumph or disappo intment, it is conceivable to expound standards which mark the accomplishment of the knowledge activity. Measures of the effective insight activity incorporate a few key components (Cook, 2006). To begin with, the knowledge activity is fruitful, on the off chance that it has made damages the foe. Actually, a definitive objective of the knowledge activity is getting the objective data or consummation of the objective activity effectively that will straightforwardly or by implication hurt the foe. For example, regardless of whether the insight activity doesn't prompt the decimation of the foe foundation, however assists with uncovering certain data about the enemy’s framework, at that point the knowledge will debilitate the situation of the adversary on the grounds that the gathering leading the military activity will know powerless focuses in the guard line of the enemy.Second, the knowledge activity is effective, on the off chance that it was led securely for operators and di fferent partners associated with the activity. The security of operators is significant in light of the fact that, first, the insight organization needs to put assets into preparing of its specialists that implies that the loss of specialists is exorbitant. Second, the loss of operators debilitates the situation of the insight that normally can't be the marker of accomplishment of the military activity. In this manner, the security of specialists is unquestionably the proof of the accomplishment of the insight operation.Third, the knowledge activity is effective, in the event that it permits sparing existence of officers and regular people of the gathering that directs the insight activity or those of its partners. One of the essential objectives of any insight activity is the security of troopers and regular folks. The insurance of troopers and regular people and upgrade of their security demonstrates that the insight activity is successful.Fourth, the knowledge activity is fruitfu l, in the event that it adds to sparing offices, framework, military hardware and different things fundamental for the effective military tasks of the gathering leading the insight activity. The security of offices and framework is another need of knowledge tasks, particularly, on the off chance that they are led during the wartime. On the off chance that knowledge tasks secure the foundation and offices of the gathering that leads the insight activity then such insight activity is certainly successful.Fifth, the knowledge activity is fruitful, if its results have a by and large constructive outcome on the specific military clash and parity of forces of gatherings associated with the war. Insight activities directed during the wartime ought to have the dependable beneficial outcomes and welcome positive effect on the situation of the military of the gathering leading the knowledge. Truth be told, genuinely fruitful insight tasks may have the determinant impact on the advancement of military clashes and huge scope wars.Sixth, the effective knowledge activity stays unnoticed for the foe until unsafe impacts of the activity become clear or significantly after the finish of the military clash. The insight customarily works furtively. In this way, on the off chance that tasks of the knowledge organization are revealed, at that point they fizzled, while, in actuality, in the event that the adversary and open neglects to see the insight activity, at that point such activity is successful.The significant accomplishment of the knowledge during World War II was splitting Enigma, German cryptographic framework, which they utilized for radio and information transmission during the war. The activity was led by universal insight powers, including Polish, French, American and British experts. They facilitated their activities and the knowledge organizations of the partners worked together to break Enigma. Now, it merits referencing the way that the Enigma machine put togethe r its figure capacities with respect to a progression of wired rotor haggles plugboard. Through a snare of interior wiring, every one of the 26 information contacts on the rotor were associated with an alternate yield contact. The wiring associations of one rotor varied from the associations on some other rotor (Cornwell, 2008). Furthermore, every rotor had a moveable situation indent found on an external ring. The score constrained the rotor to one side to stage one spot forward. This indent could be moved to an alternate point on the rotor by pivoting the external ring. The Germans followed a day by day list, known as a key rundown, to show where the indent ought to be set every day (Cornwell, 2008). Hypothetically, Enigma was viewed as very hard to split. Specialists (Cornwell, 2008) gauge that the Germans accepted the encryption produced by the machine to be unbreakable. With a hypothetical number of figuring prospects of 3 X 10114, their conviction was not unjustified.Cracking Enigma was the aftereffects of the Polish advancement joined with a German deceiver gave by the French that brought about the significant accomplishment against Enigma, since the British and Americans got ready to extend their discoveries into breaking Enigma just as much stronger German Navy encryption. In such manner, it merits referencing the way that the Navy had the key impact in the national security of the UK on the grounds that the forward leap of the Navy safeguard line would prompt the opening the path for handling the German armed force in the UK.The activity was led securely and didn't cause setbacks among the partners engaged with the activity. Truth be told, all members of the tasks and specialists stayed safe and were not powerless against any arraignment or assaults from the piece of Germans. They had figured out how to finish the knowledge activity effectively without being revealed by the foe. This is the reason the activity directed by the allies’ knowledge to break Enigma was effective. Simultaneously, it is essential to put accentuation on the way that the insight procedure on breaking Enigma included the enormous scope participation of specialists and knowledge organizations globally. The insight activity included experts from Poland, France, the UK and the US and even a German trickster. In this manner, the activity included an enormous number of individuals that clearly expanded the danger of its disappointment in light of the fact that the more there are individuals associated with the knowledge activity the higher is the danger of the disappointment of the activity. In the event of the knowledge procedure on breaking Enigma all experts dealing with the activity had figured out how to endure and stayed unfamiliar by the foe. This is the reason this activity was obviously successful.Success and Failure of Intelligence  essay 2

Mormons and video gamers

Mormons and video gamers On New Years Eve, my family went out to see Book of Mormon. When  I wasnt laughing, wincing, or  wondering  about  the ceilings structural integrity, I was glancing over at the guy sitting next to my sister, who shrieked with laughter and rocked back and forth (amplitude ~3 feet. very impressive!) after every joke. And there are a lot of jokes in Book of Mormon. After the show finished and the performers had taken a few bows, Elder Price frantically waved his hands and shhhd the audience. After we fell silent, he cued Elder McKinley, who asked us to join the cast in a rendition of  Auld Lang Syne.  And then the whole theater had linked arms and was swaying back and forth, and the cast had linked arms and were swaying back and forth like a miniature reflection, singing Should auld acquaintance be forgot, and never brought to mind? while I sang duh nuh nuh! since I dont know the lyrics to the song. While we walked to the tube station (along with half of London, it seemed) I heard at least five or six different languages shuffle past. That night, my family joined 13.7 million people in watching the broadcast of another rendition of Auld Lang Syne, followed by the countdown and an astonishingly spectacular fireworks display  that you should really watch if you havent already. The BBC estimated that a quarter of a million people were packed shoulder-to-shoulder by the Thames that night. Thursday morning (the 2nd) I said goodbye to London and flew to Washington, D.C. Very groggy, I sat down and made it through two sentences of Blue Mars before an elderly couple came over and asked me whether I was in the right seat. Nope. I moved. In case I hadnt caused enough offense, I accidentally trebuchetted a spoonful of frosting into the womans lap after the crew handed out afternoon tea.  Not my finest 8.5-hour flight! I did have some successes: I watched 5/7 episodes from Season 1 of Breaking Bad  and napped for a couple of hours. Anyway, we all made it in one piece. This afternoon, I arrived at my hotel and for a few minutes wondered whether I had accidentally stumbled into a theme park. There were more wigs than real hair, elves and staffs and battle armor and face paint and an impressive variety of weapons. I passed a room labeled LARPing. My elevator company included a guy in a full cat costume (I only knew it was a guy by his voice). Eventually, I stopped someone and interrogated him. Turns out that this convention center is being used for a Music Gaming Festival! No wonder. I congratulated the guy on his cat costume, then searched my room for a fridge, with grand plans to get Thai take-out and save some for later. No fridge. NO FRIDGE???? Distraught, I went out into the hallway with the hope of finding some kind of communal fridge. I bumped into my neighbor, who was walking out of his room and wearing a MAGfest badge. Me: Hey! Do we have a fridge in our room? He took a few seconds to respond, presumably to figure out that I meant are there fridges in these rooms? and not do we have a fridge in the room that we are (surprise!!) sharing? Neighbor: Yeah. Me: Oh, really?? Where is it? Neighbor: Under the TV. Me: Really? Okay. I didnt see it before. Neighbor: Yeah, it looks like drawers, but its not. Me: AWESOME, thanks! Just then, another MAGfest guy came down the hallway, and asked us whether we would like to join a hotel-wide game of Assassins. I answered yes on behalf of myself and my neighbor (he shrugged as if he didnt care, but I knew he wanted to play!) and all three of us hung out for ten minutes or so. Turns out that my neighbor has been coming to MAGfest for nine years, and that those nine years have been enough to see its attendance increase from hundreds to about twelve thousand. I also learned that cosplay isnt really his thing, and that cosplay is annoying because its very time-consuming, because if youre going to dress up like your favorite character from a video game you have to do it exactly right or people will judge you. We all went our separate ways, and my neighbor told me that I was welcome to join various MAGfest parties. Half an hour later, when I was heading out to buy my pad thai, I bumped into my two new friends again and it made me happy to be able to say hi and address them by name. And I found the fridge: it is in fact disguised as a set of drawers, presumably because thieves usually go for the fridge first. And now its 10 PM and my body says that its 3 AM because its stubbornly insisting on Greenwich Mean Time. Tomorrow is Day 1 of a two-day workshop that I could not be more excited about. Ill keep you posted! For now, good night, strangers!

History of Michigan 7th test Chap 18 19 Essay - 1530 Words

1.What triggered the Detroit Riots of 1967? A) The murder of Dr. Martin Luther King, Jr. B) The arrest by police of a bartender and 82 customers at a blind pig in the dilapidated, predominantly black 12th Street area. C) The decision by a white-owned corporation to close a grocery store on 12th Street--the only grocery store for miles around and one that catered almost exclusively to black residents. D) The killing of a black teenager by white police officers who mistook the youth for someone who had robbed a convenience store. 2.With performers like Stevie Wonder, Marvin Gay, the Temptations, and Diana Ross and the Supremes, Motown Records changed music history. Who founded Motown Records in 1959? A) Berry Gordy B) Smokey Robinson C)†¦show more content†¦In a bold stroke in 1928, however, Henry Ford with the assistance of his son, Edsel, introduced a completely redesigned car, which proved to be an instant hit with the public. Ford Motor Company was able to regain much of its stature as a leader in the industry. This popular new car was called the Ford ______________. A) Edsel B) Fordson C) Model A D) Model TT E) Crown Victoria 13.What is the oldest and largest wine producer in Michigan? A) St. Julians B) Ste. Michelle C) St. Clair D) St. Marie E) St. Bronte 14.In 1973, TIME magazine featured an article naming Detroit the Murder City and Crime Capital of the Nation because the city during the previous year (1972) had recorded the highest per capita murder rate in the country. How many homicides were committed in Detroit in 1972? A) 61 B) 601 C) 161 D) 401 15.By 1979, Michigan had emerged as the nations fourth largest producer of: A) potatoes B) grapes C) salt D) cherries 16.What Michigan politician became nationally famous as the Conscience of the Senate in the 1960s and 1970s because of his leadership in shapingShow MoreRelatedModel Thesis31971 Words   |  128 PagesClinefelter, Ph.D. Walden University 2010 ABSTRACT Customer Service Experience: A Quantitative Analysis of Frontline Employees’ and Customers’ Perceptions in the Fast Food Industry by William Yaw Adufutse M.S.A., Central Michigan University, 2005 B.Sc., Central Michigan University, 2004 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Management Walden University August, 2010 ABSTRACT Many investigators have documented a continuingRead MoreLibrary Management204752 Words   |  820 Pages Robert D. Stueart and Barbara B. Moran Library and Information Science Text Series Library of Congress Cataloging-in-Publication Data Stueart, Robert D. Library and information center management / Robert D. Stueart and Barbara B. Moran. — 7th ed. p. cm. — (Library and information science text series) Includes bibliographical references and index. ISBN 978–1–59158–408–7 (alk. paper) ISBN 978–1–59158–406–3 (pbk. : alk. paper) 1. Library administration—United States. 2. Information services—

Finance Technical Price - Free Essay Example

Sample details Pages: 31 Words: 9318 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The subject matter of this examination is based upon the performance of financial markets as its base. In analyzing the logical starting point for the examination of whether behavioural finance, and technical analysis affects share price prediction, the nuances, in a broad sense, of how financial markets work serves as a foundation. As an organized institutional structure for created and exchanging financial assets (Free Dictionary, 2007), financial, and or capital markets trade in stocks, bonds, currency as well as various commodities (Amadeo, 2007) capital markets represent the place where stock shares meet the public and institutional as well as financial investors. Don’t waste time! Our writers will create an original "Finance Technical Price" essay for you Create order In simplistic terms, stock prices are a reflection of the earnings potential of a company over the long-term (United States Department of State, 2006). In a more astute explanation, stock prices are a function of expectations of future real dividend growth, future real interest rates, and future excess returns (Blake and Wohar, 2006). Changes in the future expectations, or excess returns represent a function of revisions in expectations about future real dividend growth, future real interest rates, and future excess returns (Blake and Wohar, 2006). Stock prices are also subject to broader determinants as represented by the state of a countrys economy, external international events, the strength, and or status of other global economies that are interlinked with the host country, the state of political affairs on an international basis, the availability, and supply of raw materials (most noteably oil, gas, steel, and agricultural products), the state of consumer and business demand, key economic indices relating to home building, business spending and expansion, new plant and equipment, interest rates, governmental monetary policies, inflation, and the allocation of capital resources on a national plane (Baumol, 1965, p. 2). In equating the approaches to this examination it is important to consider that the circumstances surrounding as well as inherent in the historical, recent actions, and activities of a companys stock are factors that are behind, and a part of the triggering of interest, and or lack of interest in a companys s tock. The potential for upside gains, in the near and or long term are what triggers interest, led by the possibilities of increased earnings, market share, new product introduction, that is in keeping with earnings, and competitive conditions. These variables were considerations that were a part of this examination to reach a determination as to whether behavioural finance, and technical analysis affect stock price prediction. The following, shall seek to present those findings. Chapter 1 Introduction An illustration of how stock prices can be predicated is provided by the recent stock performances of Apple, Inc., formerly known as Apple Computer. The darling of the computer industry during the 1980s fell upon stagnate times during the 1990s as IBM compatible PCs dominated the market, and eroded Apples position in the market through pricing as well as having more software options as a result of the companys closed architecture system (Finneran, 2002). Apple introduced new computer designs, faster processing times, and innovated in other ways to attempt to increase market share and earnings, but the stock price remained basically flat, as shown on the following chart (Yahoo Finance, 2007). Chart 1- Apple Inc. (Yahoo Finance, 2007) A new line of desktops, along with a redesigned portable line, and new operating software boosted the companys sales in early 2000, but, after the initial market introductions, things again reverted to being flat in terms of the stock price (Briggs, 2000). The long stagnate sales history of the company during the 1990s amid declining, and flat revenues had analysts questioning the direction of the company as it was unable to break out of its loyal user group of buyers and crack open new ground in the larger PC dominated market (Kleinbard, 2000). The announcement by the company that fourth quarter earnings, along with revenues would fall below expectations in 2000 saw a raft of investors pull out of the companys stock as it fell to approximately half of its high during that year (Kleinbard, 2000). The news in September of 2000 coincides with the drop in the stocks price as shown on the Chart. Apples CEO, Steve Jobs, in a press release stated Weve clearly hit a speed bump, which will result in our earning, before investment gains, approximately $110 million rather than the expected $165 million for the September quarter (Kleinbard, 2000). Industry analysts downgraded the company, citing that the revenue shortfall was a company-specific problem, not a sign of a slump for the entire personal computer industry (Kleinbard, 2000). The foregoing represents an example of the earnings forecast facet of a company as an important determinant of stock prices. Evidence pointing in the other direction is provided by the Apple, Inc. example as shown in the following. On 28 April 2003 Apple introduced its iTunes Music Store, a company innovation that emanated out of the basic creativity, and genre theme of the companys computers that were long known for their use in the music, and movie editing businesses (slashdot, 2003). It also unveiled its new product the iPod, a device specifically developed to play music in a highly compact, and thin casing that was light, and would fit inside a shirt pocket, or on ones sleeve without any noticeable weight (slashdot, 2003). The timing came on the heels of the coming explosion in downloadable music that had been brewing in the industry. The introduction proved to be a resounding success, as did the companys new Apple Stores (BusinessWeek, 2002). The move towards a more diversified earning platform also helped to rekindle interest in the companys computer line as a result of broader market exposure to the young generation. The earnings shot up, and so did the companys stock price. Apple followed with successive new iPod introductions, and January of 2007 it introduced the iPhone (Apple, 2007). The earnings forecasts for sales of the new product were estimated to be 1 million over a three-month period after introduction, and the company sold 270,000 in the first 30 hours (engadget, 2007). In less than 1 month Apple sold over 1 million of these phones since the launch on the 29th of June, and the earnings forecasts, along with the stock took off again (gadgettastic, 2007). The foregoing example of Apple has been illustrated to show how stock prices move, and the reasons behind these movements. It shall also serve as an illustration in other examples, although other stock price references will also be utilised. The sphere of capital markets represents the environment in which the context of this examination takes place. It is the locale where the dynamics of the economy of a country, global conditions, national policies, and the performance of companies converge. Stock price prediction is essentially forecasting, which represents seeing in advance, or anticipating, future trends (Haney, 1931, p. 1). Baumol (1965, p. 35) advises that the price of a companys shares should, ideally, measure the value of the firm whose ownership they represent.. He sides with the contention that most analysts would doubtless agree that the price of a security should be determined, ultimately, by the prospective earnings of the company adding that it is not essentially clear how closely the value of future earnings and share prices correspond in practice (Baumol, 1965, p. 35). Coyne and Witter (2002) tell us when buyers are more anxious to buy than sellers are to sell, share prices rise and that they fall when the reverse happens. In further explaining the nuances involved in stock prices, and trading, Coyne and Witter (2002) advise; When buyers collectively want large amounts of a stock, they have to keep surrendering to successive layers of sellers up the offer curve. Sellers who unload large numbers of shares move along the curve in the opposite direction Large institutional investors as well as large individual private investors can influence stock pricing, however Coyne and Witter (2002) indicate that these buy and sell actions are generally short term occurrences as demonstrated by the following when theBass family of Texas sold its stake in Disney, September 2001, in response to a margin call, Disneys stock fell by 8 percent. They state typically, short-term changes in a companys stock price arent the result of a single big trade (Coyne and Witter,2002). To better understand the significance of the preceding, Coyne and Witter (2002) elaborate further: For the SO companies whose quarterly stock price variations we studied, we consistently found that the majority of unique changes in each companys stock price resulted from the net purchases and sales of the stock by a limited number of investors who traded in large quantities. (By unique changes, we mean those occurring relative to the rest of the market. In other words, they do not include price bumps or falls that coincided with the overall movements of the market or the sector.) Although the number of crucial investors in a company ranged from as few as 30 to (more typically) as many as 100, in each case this set of actors had a dramatic impact on share prices. In the companies we studied, we could attribute from 60 to 80 percent of all unique changes, quarter by quarter, to the net trading imbalances of these investors. From the market efficiency perspective, the tying of stock prices to earnings serves as a key motivator for management to generate performance. Baumol (1965, p. 36) helps to illuminate this by stating if security prices were divorced from earnings potential, the stock market could not be expected to serve as an effective disciplinary force capable of pressing management to maintain the efficiency of company operations. The preceding leads to a discussion of the efficient market hypothesis. Toporowski (2000, p. 39) state that Orthodox finance theory, from Walras, through Miller and Modigliani, to McKinnon and Shaw and efficient market theories, are based on optimizing equilibrium. The efficient market hypothesis represents a theory of investment that states that it is impossible to beat the market because stock market efficiency causes existing share prices to always incorporate and reflect all relevant information. (investopedia, 2007a). The theory states that stocks always trade at their fair value on stock exchanges, and thus it is impossible for investors to either purchase undervalued stocks or sell stocks for inflated prices, thus making it virtually impossible to out guess the market overall (investopedia, 2007a). The efficient market theory is generally credited to being developed by Fama who published The Behavior of Stock Prices, in The Journal of Business in 1963, and later excerpted in The Financial Analysts Journal and The Institutional Investor (Hagstrom, 1999, p. 27). Fama stated Stock prices are not predictable because the market is too efficient. In an efficient market, as information becomes available, a great many smart people (Fama called them rational profit maximizers) aggressively apply that information in a way that causes prices to adjust instantaneously, before anyone can profit (Hagstrom, 1999, p. 27). He added Predictions about the future therefore have no place in an efficient market, because the share prices adjust too quickly (Hagstrom, 1999, p. 27-28). Toporowski (2000, p. 19) provides further insight into this important facet of stock prices, in stating: The buying and selling of existing stock is important in ensuring that quoted firms remain efficient and seek to maximize their profits The stock market encourages efficiency and profitability of firms and thereby benefits the economy in general A well-developed stock market with a high degree of liquidity therefore helps to both increase the volume of new issues and their costs The performance of the stock market also has both a direct wealth effect on expenditure decisions and also an important confidence influence on economic agents. As the real value of shares rise, the wealth and usually the confidence of economic agents are raised, this encourages greater expenditure and investment that can reduce unemployment and contributes to economic growth. If the stock market is performing poorly this tends to lower agents wealth and confidence, and generally has an adverse impact on the economy. The broad ramifications indicated in the preceding are germane to this examination in that it introduces the external spheres that are at play in stock markets, and also serves to provide a look at investor facets that are inherent in behavioral finance and technical analysis. The efficient markets hypothesis has its supportors as well as detractors. Dietl (1998, p. 2) in equating the allocation of capital, suggests that capital markets are not efficient under all circumstances, which, based upon all the variables involved, is not hard to fathom. He makes his point in referring to Grossman and Stiglitz (1976, pp. 246-253) where he points out that (Dietl, 1998, p. 37): capital markets can only be informationally efficient in a strong sense with respect to knowledge generated by costless information. If stock prices already convey all available knowledge, market participants cannot obtain positive returns from investing into information activities. Accordingly, information activities will be limited to the acquisition of costless information and stock prices will remain incompletely arbitraged with respect to knowledge based on costly information. The foregoing economic, stock, capital market and related theories are important underpinnings in the understanding of behavioral finance and technical analysis, both of which are explored in the following segments. Chapter 2 Literature Review 2.0 Behavioural Finance The question, and thus subsequent importance of stock market efficiency is brought up by Schleifer (2000, p. 2) in his book Inefficient Markets: An Introduction to Behavioral Finance. He states that inefficient markets are also viewed as having validity in that: economic theory does not lead us to expect financial markets to be efficient. Rather, systematic and significant deviations from efficiency are expected to persist for long periods of time. He points to the fact that Empirically, behavioral finance both explains the evidence that appears anomalous from the efficient markets perspective, and generates new predictions that have been confirmed in the data (Schleifer, 2000, p. 2). In delving into his examination of behavioral finance Schleifer (2000, p. 2) begins by noting that the theoretical foundations of efficient capital markets is an important facet in the understanding of behavioural finance (Schleifer, 2000, p. 2). This same underlying foundation has also been brought forth by Mitchell and Utkus in their book Pension Design and Structure: New Lessons from Behavioral Finance (2004, p. 14). They assert an efficient capital market will compensate investors only for the aggregate market risk they endure, so there will be no single-s tock investments on the efficient frontier (Mitchell and Utkus, 2004, p. 14). Schleifer (2000, p. 13) states that The central argument of behavioral finance states that, in contrast to the efficient markets theory, real-world arbitrage is risky and therefore limited. Within the frontier of finance, and in terms of how people make decisions related to the preceding, Mitchell and Utkus (2004, p. 3) inform us that such entails a combination of psychology, finance, economics, and as they state, even sociology . The preceding is based upon the recognition that people seek to maximise their self interest , however the foregoing is often influenced by what Michell and Utkus (2004, p. 3) term as bounded reality, whereby the variables inherent in reaching a decision entails factors, and considerations that might be too involved as well as complex for them to engage in (Mitchell and Utkus, 2004, p. 3). The fact is, one cannot eliminate the truth that individuals employ their emotions, historical understandings and what Statman (2005) calls cognitive biases in their investment decisions. In explaining behavioral finance, Statman (2005) opens by stating that it is a framework that augments some parts of standard finance and replaces other parts. He cont inues that it, behavioral finance, represents investor behavior as well as those of managers and describes the outcomes of interactions between these two in financial and capital markets (Statman, 2005). In explaining his point, he refers to modern portfolio theory, which is comprised of four foundational blocks (Statman, 2005): rational investors, efficient markets, investors who construct their portfolios in accordance with the rules of Mean Variance Portfolio Theory, and that the expected returns represent a function of risk Statman (2005) advises that the foundation of modern portfolio theory can be found in the Modigliani and Miller hypothesis. Ramrattan and Szenberg (2004) addthe market value of any firm is independent of its capital structure, and is given by capitalizing its expected return at the rate appropriate to its class. The Miller and Modigliani hypothesis goes on to add an investor can buy and sell stocks and bonds in such a way as to exchange one income stream for another the value of the overpriced shares will fall and that of the under priced shares will rise, thereby tending to eliminate the discrepancy between the market value of the firm (Ramrattan and Szenberg, 2004). In fact, there are two core propositions in the hypothesis, which are that the type of instrument used to finance an investment is irrelevant to the question of whether or not the investment is worth while and rate of return on common stock in companies whose capital structure includes some debt (Ramrattan and Szenb erg, 2004). In continuing with his explanation of behavioral finance, Statman (2005) also refers to Harry Markowitzs mean variance portfolio theory. It, the mean variance portfolio theory, showed how investors should pick assets if they care only about the mean and varianceor equivalently the mean and standard deviationof portfolio returns over a single period (Campbell and Viceira, 2002, p. 2). In continuing his discussion on behavioral finance, Statman (2005) explains that William Sharpe developed his capital asset pricing theory as an adaptation of the mean variance portfolio theory in describing investor behaviour. The capital asset pricing model represents a formula that describes the relationship between risk and expected return, which is usually employed when higher risk securities are being considered (investopedia, 2007b). The formula for the preceding is represented by (investopedia, 2007b): Figure 1 CAPM (investopedia, 2007b) The general idea behind CAPM is as follows (Hagstrom, 1999, p. 26): stocks carry two distinct risks. One risk is simply the risk of being in the market, which Sharpe called systemic risk. Systemic risk is beta and it cannot be diversified away. The second type, called unsystemic risk, is the risk specific to a companys economic position. Unlike systemic risk, unsystemic risk can be diversified away by simply adding different stocks to the portfolio. In equating the results, and effect of Sharpes postulation, Peter Bernstein, the editor of the Journal of Portfolio Management, arrived at the inescapable conclusion that the efficient portfolio is the stock market itself. He went on to add that No other portfolio with equal risk can offer a higher expected return; no other portfolio with equal expected return will be less risky (Hagstrom, 1999, p. 26). Statman (2005) tells us that behavioral finance represents an alternative concept for each of the foundation blocks of standard finance. Under the theorem, behavioral finance, investors are considered as normal as opposed to being rational, and markets are seen as not being efficient despite the fact that they are hard to beat (Statman, 2005). Behavioural portfolio theory represents the directive these investors follow (Statman, 2005). Behavioural portfolio theory is consistent with a reluctance to hold margined, and short positions, an inverse relation between the bond/stock ration and portfolio riskiness , hone bias, and the utilisation of such terms as growth, and income (Shefrin and Statman, 1997). Investors utilising the behavioural portfolio theory model are categorised as having non-standard preferences that are termed as being modeled using experimental evidence from psychology (Campbell and Viceira, 2002, p. 9). It, behavioural finance, is regarded as a promising area in that it is attempting to explain the varied types of investor behaviour (Campbell and Viceira, 2002, p. 9). Behavioural portfolio theory links how portfolios are designed, and how they are constructed (Shefrin and Statman, 1997). Under the Behavioural portfolio theory, investors approach the building of their portfolios in terms of asset pyramids via a layer by layer approach, whereby the layers are associated with particular goals, and particular attitudes towards risk (Shefrin and Statman, 1997). They, Shefrin and Statman (1997), advise pension funds typically utilise this methodology, beginning with asset allocation that is structured to define the layers, or classes. In Pension Design and Structure: New Lessons from Behavioral Finance, by Mitchell and Utkus (2004, p. 67) they refer to Shefrin and Statman (1997) in stating that the behavioural portfolio theory is an alternative to the mean-variance portfolio theory, a theory that is founded on the expected utility theory. The following explains the concept of expected utility (Mitchell and Utkus, 2004, p. 67): the principles of which are illustrated in the observation that most people prefer a sure $1 over a gamble with the same expected value, such as one that offers a 50 percent chance to win $2 and a 50 percent chance to win nothing. Expected utility theory says that the utility of money increases at a lower rate than its amount The core facet of the behavioural portfolio theory is represented by the fact the portfolio is not viewed as a whole, which is the technique utilised by the mean-variance theory, but as layers that are distinct via an asset pyramid construction (Mitchell and Utkus, 20004, p. 71). The individual layers represent association with goals as set by the investor, along with varying attitudes and or approaches to risk (Mitchell and Utkus, 20004, p. 71). These layers might represent what Mitchell and Utkus (2004, p. 71) refer to as downside protection , which is designed to protect investors from being poor, and another layer might represent upside potential that is designed to give investors a chance at being rich. In commenting on the investor reaction (in general) to the aforementioned, Mitchell and Utkus (2004, p. 71) state that investor attitude regarding the downside protection is negative, while as would be expected their reaction to the upside potential is positive. The behaviou r theory sees the asset pyramid utilisation as being consistent in terms of investment advice (Mitchell and Utkus, 2004, p. 71). In further understanding the foundation of the behavioural theory of investment (finance), the mean-variance theory points to investors having a singular attitude toward risk as opposed to attitudes toward risk as represented by the behavioural theory that utilises the layered approach (Mitchell and Utkus, 2004, p. 73). Key to the preceding is the understanding of the following relatively complex, yet summary statement of these two forms that set them into context (Mitchell and Utkus, 2004, p. 73): Mean-variance investors construct the mean-variance efficient frontier by identifying portfolios with highest level of expected wealth for each level of standard deviation. The counterpart in behavioral portfolio theory to standard deviation in mean-variance portfolio theory is the probability that wealth might fall below the aspiration level. Behavioral investors construct the behavioral efficient frontier by identifying the portfolios with the highest level of expected wealth for each probability that wealth would fall below the aspiration level. In all investing, downside risk represents the factor to be minimised. Under the behavioral finance theory the central argument states that in contrast to the efficient markets theory, real-world arbitrage is risky and therefore limited (Shleifer, 2000, p. 13). For the sake of clarity, arbitrage represents the simultaneous purchase and sale of an asset in order to profit from a difference in the price this usually takes place on different exchanges or marketplaces Investopedia, 2007c). Shleifer (2000, p. 23) tells us that on the basic level that behavioural finance represents the study of human fallibility in competitive markets. They also point out that its intent is not to put forth, and or deal(s) with the observation that people are stupid, confused, or biased, instead placing the aforementioned into competitive financial markets where the arbitrageurs are rational (Shleifer, 2000, p. 23-24). Behavioural finance as in competitive markets with respect to human fallibility, is based upon two key foundations Shleifer (2000, p. 24): Limited arbitrage represents the first foundation, whereby this function, is less than perfect in reality. The preceding is based upon the fact that in many cases securities do not have either perfect, or good substitutes. The foregoing makes the process of arbitrage therefore fundamentally risky, even in those instances where there are good substitutes. In addition, the opportunities are limited as the prices to not tend to converge in terms of fundamental values on an instantaneous basis. The foregoing is evidenced by the fact that stock prices do not necessarily react in the right amount to information, and on the opposite side they can, and do often react to non-information as demonstrated by un-uniform changes in demand. The preceding provides the explanation as to why arbitrage is thus limited. 2. Investor sentiment represent the second foundation, which is the theory of how investors form their beliefs and valuations and thus their demand for securities. Shleifer (2000, p. 24) makes the statement that Combined with limited arbitrage, a theory of investor sentiment may help generate precise predictions about the behavior of security prices and returns. Shleifer (2000, p. 24) make the observation that without investor sentiment, there are no disturbances to efficient prices (thus) prices do not deviate from efficiency. The foregoing is critical. It explains why stock prices rise, and fall before and after information as well as in periods where no real information is present. Instances such as the believe in a new product that was lagging in the market will take off, or that the economic climate is shifting, and or that consumer confidence levels are either on the upswing or reverse are some examples of the preceding. Shleifer (2000, p. 25) goes on to add that it is the theories of limited arbitrage as well as investor sentiment that permits the predictions concerning security prices to be made. He goes onto add that some predictions can be made as a result of the recognition of limited arbitrage without investor sentiment, however, he explains that in order to make more precise predictions, the understanding of investor sentimen t, meaning how they form their beliefs, is needed. From the preceding, it can be deduced that the unexplained swings in the market are a factor of investor sentiment as opposed to limited arbitrage. Shleifer (2000, p. 25) advise us that in terms of behavioral finance, there is not one singular unifying theory. Sharpe and Alexander (1990, pp. 55) in their definition of arbitrage stated that it is the simultaneous purchase and sale of the same, or essentially similar, security in two different markets for advantageously different prices. In purely theoretical terms, it, arbitrage, thus requires no capital and also does no involve risk. Shleifer (2000, p. 28) tells us that arbitrage aids in bringing prices to fundamental values, thus helping to keep market efficient. As investor sentiment represents a critical facet in behavioural finance, more understanding with respect to its nuances is in order. 2.1 Technical Analysis Technical analysis represents research conducted concerning market dynamics (meta quotes, 2007). It is primarily accomplished through the utilisation of charts, along with the forecasting of the development of future pricing (meta quotes, 2007). Inherent in the preceding are three basics that analysts utilise, these are (meta quotes, 2007): The movement of the market considers everything: Aspects as represented by economic trends, political factors, as well as psychological are areas that need to be considered as their near, intermediate, and or long term ramifications can have an influence, and or impact on the performance of a stock. The foregoing is generally included in the price chart, and price changes incorporate the preceding into movements. Through analyzing price charts in conjunction with other indices and indicators, the technical analyst arrives at the conclusions provided by this information whereby the market shows them the trend that follows. Stock prices move with the trend Under this assumption the market moves in conjunction with trends that have been, and or can be analyzed. The foregoing foundation has two effects. The first of which is that the present trend has a high probability of continuing, and the second is that said trend will continue until an opposite trend establishes itself. History repeats itself. The similarity that technical analysis has with behavioral finance is that is closely related to the studies of human psychology (meta quotes, 2007). By the preceding, it is meant that studies on an historical basis covered long period will reveal trends, and characteristics that are termed as the psychological state of the market. Said charts will indicate the moods prevailing in the market in terms of being either bullish or bearish (meta quotes, 2007). Studies have shown the correlation of historical trends and present market trends thus supporting the preceding from a number of variables. Technical analysis provides information that permits the making of better investment decisions. In addition, it provides a better reference point concerning the true value of the underlying asset (Brunnermeir, 2001, p. 98). It, technical analysis, is also defined as the forecasting of market prices by means of analysis of data generated by the process of trading (technicalanalysis.org, 2006). Technical analysts are interested in the movement in the market based upon price as opposed to fundamental analysts that look at a companys characteristics in the view of obtaining an estimate of that companys value (Janssen et al, 2006). In reviewing a wealth of sources that offer differing types of charts, methods and techniques for the process, technical analysis Janssen et al (2006) state that the process really entails the supply along with demand of a market to attempt to reach a determination of the trend / direction that will manifest itself in the future. Murphy (2000, p. 427) defines technical analysis as a technique that generally uses past price and volume patterns to evaluate investments. He continues that technical analysis is primarily used to is to select investments that are not priced correctly, and that will earn abnormal returns in excess of the required returns, where required returns can be measured using the CAPM equation (Murphy, 2000, p. 427). Murphy (2001, p. 427) classifies technical analysis into three areas: 1. trend following systems, systems that estimate changes in valuation ranges, and systems that estimate changes in required returns. Murphy (2000, p. 427) is in agreement with Janssen et al (2006) in that he states that while there are technical analysts that utilise complex computerized systems, many good technical analysts rely solely on simple systems and judgment. Brown and Jennings (1989, pp. 527-552) define technical analysis as the inference of information from past prices. The preceding, past prices, always provides information in a setting with asymmetric information (Brunnermeir, 2001, p. 99). The process of technical analysis is beneficial when it (Brunnermeir, 2001, p. 99): results in an improvement the choices a trader will make, and or winds up in adding to information that has already been revealed on the present price. In technical analysis, when a trader obtains new information, he has to make a determination if that data is already included in the present stock price (Brunnermeir, 2001, p. 100). If said information is included, then a trader attempts to determine how much said information is reflected in the present stock price. Signal jamming is when a trader is privy to information they received in advance of others, and attempts to utilise it to manipulate the price before this information is available in general (Brunnermeir, 2001, p. 102). This type of trader usually buys on what are termed as rumors, and positions himself to sell on news (Brunnermeir, 2001, p. 102). In more fundamental terms, technical analysis seeks to buy assets that they perceive are being purchased by informed fundamental analysts (and sell assets being sold by informed fundamental analysts) and thereby jump on the bandwagon of arbitrage profits (Murphy, 2000, p. 428). In some instances technical analysts utilise just o ne type of trading system (such as a trend-following system, a system estimating support and resistance levels, or a system of estimating movements in required returns), some utilize various systems simultaneously (Murphy, 2000, p. 428). A trend following system attempts to locate those assets whereby the price is being either bid upwards, or is being sold down to an intrinsic value by a fundamental analyst (Murphy, 2000, p. 428). Under trend following systems, technical analysts seek to determine the upward trend via the use of moving averages that has measured the price over a previous number of specified days (Murphy, 200, p. 428). When the trend is up, meaning over its 200 day moving average, the decision is usually to buy, and in the reverse situation, the recommendation is to sell. The preceding is a standard measure used in technical analysis. The general rule is that the time frames are in general, short, typically 100 days (Lunde and Timmermann, 2004). In looking at trends, sometimes the data can be overwhelming clear, while in others, it is relatively obscure. Figure 2 Trend Analysis 1 (Janssen et al, 2006) Figure 3 Trend Analysis 2 (Janssen et al, 2006) The trends in the second chart do not reflect the upward movement as shown in the first, yet the trend is there, it is represented by a series of highs and lows. Trends can manifest themselves in a number of types, such as 1). uptrends, 2). downtrends, and 3). Sideways trends, as shown by the following (Janssen et al, 2006). Figure 4 Trends (Janssen et al, 2006) The concept of support and resistance is embedded in trend directions. It means those things, and movement that are supporting the stock to get it to move upwards, and those inputs that are seeking to see the stock move in the opposite direction, such as short sellers. The following Figure, reveals this concept: Figure 5 Support and Resistance (Janssen et al, 2006) Support and resistance represent the markets laws of supply and demand (Janssen et al, 2006). Key in the understanding of support is round numbers. Supporters buy when a stock starts falling toward a major round number such as $50.00, they will buy shares to prevent that from occurring, thus making is hard for the stock to reach that plateau and yield to short sellers, this is termed support (Janssen et al, 2006). However, once the resistance price has been broken, then it becomes the resistance level for upward movement (Janssen et al, 2006). Figure 6 Resistance and Support (Janssen et al, 2006) Volume represents an important indicator of the activity of a stock in many terms. High activity, which is over the usual average daily trading amount is accompanied by some type of news, and or event that directly is impacting, and of influence in share trading. Changes in the average daily volume usually occur over short time periods. Trading charts indicate the volume, which is another means via which technical analysis is conducted (Janssen et al, 2006). There are cyclical stocks, which have higher sales, and or shipping incidents at certain period in the year, such as Christmas, news, sales, economic conditions will reflect themselves in trading direction as well as volume to provide a picture of trends (Janssen et al, 2006). Figure 7 Trends and Volume (Janssen et al, 2006) Volume is an indicator that precedes price (Janssen et al, 2006). Charts indicate the closing prices when viewed in historical terms, and other charts show the intraday trading activity as broken down into hours, and or time periods. The points on these charts represent information that aid in the analysis of trends in motion, or new trends that are developing. In analyzing charts, a number of differing types offering the same data can be utilised to spot, and or confirm a trend. Longer yearly and monthly charts reveal patterns that shorter time period charts can aid in defining trends within those patterns. An important trend is represented by moving averages, which are the average price of a security over a set amount of time (Janssen et al, 2006). Through the plot of the average price, the movement in price is smoothed to reveal the moving average through the removal of day-to-day fluctuations (Janssen et al, 2006). Moving average have a number of differing types, with the three most common represented by simple, linear and exponential (Janssen et al, 2006). In a simple moving average, which is the most common type utilised to calculate prices, the sum of past price closes is divided by the number of prices in the time period being used. The following is an illustration of the foregoing: Figure 8 Moving Averages (Janssen et al, 2006) The linear weighted average is the least common, and is utilised in the problem termed as equal weighting (Janssen et al, 2006). It is calculated through the taking of the sum of closing prices as represented during a specified period of time. Then multiplying them via the data point position, which is then divided by the sum of the number of periods (Janssen et al, 2006). The third of most common type is the exponential moving average that utilises a smoothing factor to place a higher weight on recent data points and is regarded as much more efficient than the linear weighted average (Janssen et al, 2006). Generally, a charting package performs all of the calculations, thus most traders do not understand the how of the calculations, only the what, and why (Janssen et al, 2006). Exponential moving averages are more responsive to new information relative to the simple moving average., which makes it the moving average most traders prefer as a result of this sensitivity (Janssen et al , 2006). Figure 9 Exponential Moving Average (Janssen et al, 2006) Moving averages are utilised in spotting trends in stocks, and also serve as the informational input to determine support and resistance levels (Janssen et al, 2006). As previously stated, a moving average measures the average price over the previous n days (Murphy, 2000, p. 428). The following Figure helps to illustrate a trend identified via a moving average. Figure 10 Moving Average Trending (Janssen et al, 2006) Figure 3 The preceding chart showed the upward trend moving into a reversal. Janssen et al (2006) tell us that the first indicator of a reversal is when the price of a stock moves through and important moving average, as discussed under support and resistance, this is shown below. Figure 11 Moving Average / Support and Resistance (Janssen et al, 2006) Figure 4 Murphy (2000, p. 429) summarises the process succinctly; Besides possibly indicating the direction of fundamental trades, the relationship between price and its moving average might also have a psychological effect on future trades. For instance, a price for an asset above its moving average implies that the average recent buyer has earned a profit on the purchase, and might be optimistic enough to buy more. A price below the moving average implies that the average recent buyer has lost money and is now pessimistic enough to want to sell (especially if the price recovers slightly so the average buyer can sell without a loss). Technical analysts also often attempt to decipher which individual assets are being purchased most strongly within a market by using relative strength indicators. Relative strength is computed by comparing the return on the asset by the return on all assets trading in its particular market over the previous n days. For example, stocks that have earned returns that exceed those of the some stock index (such as the SP 500) over the previous n days are said to exhibit strong relative strength, which may result from accumulation by fundamental analysts buying below value. Chapter 3 Methodology The methodology employed in this examination to reach a determination as to whether behavioural finance, and technical analysis affect share price prediction entailed a comprehensive examination of a broad variety of books, journals, articles, and Internet sources. The utilisation of secondary source material represented the broadest technique in gathering data as it permitted the scanning of a large base of material to obtain differing views that could be correlated, and thus increase the degree of objectivity as well as quality (Patzer, 1995, p. 3). Secondary data is increasingly being used more extensively as it broadens the field of possibilities in terms of viewpoints, and offers correlation on theories, points and approaches that could be either overlooked, and or not discovered via primary research (Patzer, 1995, p. 11). The nature of the examination lent itself particularly well to the use of secondary research Qualitative research formed the basis for this examination in that it seeks out the why as opposed to the how of quantitative research (QSR International, 2007). It, qualitative research looks into the why as well as how connected to the making of decisions as opposed to the what / where / when of quantitative research (Daymon and Holloway, 2002, pp. 7-10). However, aspects of the examination did call for the what / where / when of quantitative research, and thus were included to augment, and or support the research uncovered. Table 1 Features of Qualitative and Quantitative Methods (Silverman, 2006) Qualitative Quantitative Soft Hard Flexible Fixed Subjective Objective Political Value free Case Study Survey Speculative Hypothesis testing Grounded Abstract The combination of methodologies that utilised quantitative research to a lesser degree, thus aided in understanding key components of the question in terms of market occurrences, and historical facets. Daymon and Holloway (2002. p. 8) provided further insight as to the benefits of quantitative research in terms of its applicability to the subject matter in this examination: Other features of quantitative methods are that they tend to be large-scale with a focus on specific factors which are studied in relation to specific other factors. This requires researchers to isolate variables from their natural context in order to study how they work and their effect Both techniques were utilised to form a more balanced assessment of the examination, as quantitative research entails that the researcher does not participate in, and does not influence the subject matter under study, whereas in qualitative research the researcher tends to be immersed in the subject matter to learn about the situation(s) (Newman and Benz, 1998, p. 14). The preceding approach is supported by Newman and Benz (1998, p. 14) who state qualitative and quantitative strategies are almost always involved to at least some degree in every research study. Further amplification as to qualitative research is provided by Denzin and Lincoln (1994, p. 2) who provide the following generic definition: Qualitative research is multimethod in focus, involving an interpretive, naturalistic approach to its subject matter. This means that qualitative researchers study things in their natural settings, attempting to make sense of, or interpret, phenomena in terms of the meanings people bring to them. Qualitative research involves the studied use and collection of a variety of empirical materialscase study, personal experience, introspective, life story, interview, observational, historical, interactions, and visual texts the described routine and problematic moments and meanings in individuals lives. Patton (1990, p. 22) adds that qualitative data is: detailed descriptions of situations, events, people, interactions, observed behaviours, direct quotations from people about their experiences, attitudes, beliefs, and thoughts and excerpts or entire passages from documents, correspondence, records, and case histories. Kerlinger (1964, p. 14) refers to quantitative research as hypothesis testing that usually begins with statements of theory whereby the research hypothesis is derived. The advantages as well of limitations of both forms thus dictated a mixture of the two methodologies. Given the large number of sources available on these two subjects, as well as the sub-categories contained therein, the limitation of time did not permit a review of all sources that could and or might be relevant to the examination. As such, it is possible that other viewpoints and or pertinent data might have not been accessed. The broad ramifications contained within these two categories also meant that all of the sub topics could not be explored. The preceding meant that the better known topic areas were selected, which also might have eliminated other important findings of a newer and developing nature. The technical nature of the study dictated that the empirical analysis was best served by a review of varied sources to formulate the context of that examination. This approach was undertaken so as to eliminate the possibility of either bias that might have been included due to the limitations of the research. Through the use of sources, a broader perspective was gained. In addit ion, sources in the empirical analysis were almost completely devoted to the investigation of the subject matter, thus affording a deeper insight. Chapter 4 Empirical Analysis 4.0 Behavioural Finance Empirical research with regard to finance has uncovered that there are two facets, or families of pervasive regularities apparently inconsistent with weak, and semi-strong form market efficiency (Shleifer, 2000, p. 112). The foregoing are termed as underreaction and overreaction (Shleifer, 2000, p. 112). Underreaction refers to the fact that prices of securities, in general, underreact to information such as earnings announcement news (Shleifer, 2000, p. 25). Typically, if the announcement represents good news the stock price trends upward after said news on the initial reaction, or trend down if the news is negative, depending naturally on the degree of severity (Shleifer, 2000, p. 112). Thus, news, and the relative important of it in terms of its impact, and or effect on the company, does contain the power to affect stock price movements, even when such is after the fact as represented by quarterly earnings, or other such announcements that represent events that occurred in the pas t. The preceding usually falls in the area of underreaction as not all investors receive, and or are aware of the news at the same time, thus they buy into, and or upswing the stock in increments over a short period of time that lessens the one time upswing of prices (Shleifer, 2000, p. 112). Overreaction is a phenomenon that usually occurs over a long time period horizon of three to sometimes five years (Shleifer, 2000, p. 112). The foregoing is evidenced by overreaction to what are termed as consistent patterns of news pointing in the same direction (Shleifer, 2000, p. 112). The preceding means that those companies that have had a long record of good earnings, and or revenue news generally become overpriced relative to said news, and tend to wind up being overpriced (Shleifer, 2000, p. 112). In terms of empirical evidence, a model of investor sentiment with regard to an experiment in psychology is utilised. Tversky and Kahneman (1974, p. 1127) conducted a study in this area on behavioural heuristics that is termed representatives. The foregoing represents the tendency of the subjects (experimental) to view events as typical or representative of some specific class and to ignore the laws of probability in the process. They, the subjects think they see patterns in trul y random sequences (Tversky and Kahneman, 1974, p. 1127). Edwards (1968, pp. 145-149) study into this area generated what he termed as conservatism, which represented the slow updating of models in the face of new evidence. The model under discussion works in the following manner, as explained by Shleifer (2000, p. 113-114): Investors have some prior views about the company in question. When they receive earnings news about this company, they tend not to react to this news in revaluing the company as much as Bayesian statistics warrants, because they exhibit conservatism. This behavior gives rise to underreaction of prices to earnings announcements, and to short horizon trends. At the same time, when investors are hit over the head repeatedly with similar newssuch as good earnings surprisesthey not only give up their old model but, because of representativeness, attach themselves to a new model, in which earnings trend. In doing so, they underestimate the likelihood that the past few positive surprises are the result of chance rather than of a new regime. This gives rise to overreaction Evidence of the preceding is found in the example of Apple, Inc. In 2000, the company introduced a new lone of computers with innovative features and a new operating software (Briggs, 2000). The news resulted in an upward move of the stock to a new 15 year high (Yahoo Finance, 2007). However, when the sales failed to gain the company any appreciable gains in market share, the stock returned to prior levels on the announcement that the earnings projections would not meet expectations (Yahoo Finance, 2007). Such instances are voluminous (Shleifer, 2000, p. 114). Jones and Winters (1999) in an examination of extreme past winners on the NASDAQ stock market formed the basis of a study involving return-momentum, earnings-momentum, and value strategies. In a study of common characteristics it was found that the stocks that met the aforementioned criteria produced abnormal positive returns that had a duration that averaged one year on the New York Stock Exchange, and an average of two years on the NASDAQ Exchange (Jones and Winters, 1999). They stated (Jones and Winters, 1999): The more prolonged accumulation of abnormal returns in the NASDAQ stocks relative to the NYSE and Amex stocks and the lack of any observable return reversal support delayed reaction as an explanation for the abnormal returns. In addition, we find the institutional response is quicker in the NYSE/Amex sample than in the NASDAQ sample. We interpret this evidence as consistent with institutions contributing to the gradual correction of underreaction in these stocks. The magnitude of the abnormal returns and their association with institutional following also implies that the returns to momentum and value strategies reported in the recent literature are at least in part due to delayed reaction. The study referred to Jegadeesh and Titman (1993, pp. 71) who found that winning New York Stock Exchange and AMEX stocks that experienced return-momentum over the prior two quarters, earned a mean abnormal return of 9.5 percent in the subsequent year. The preceding was attributed to underrreaction correction to information Jegadeesh and Titman (1993, pp. 73). Bernard and Thomas (1989, pp. 1-36) found that stock prices underreact to news about future earnings contained in current earnings announcements. The underreaction to post earning announcements was correlated in stocks that had favorable earnings surprises that lasted for approximately three quarters after the news was released (Bernard and Thomas, 1989, pp. 1-36). The foregoing was corroborated in a more recent study conducted by Giambona et al (2005). That study involved the long term effects of stock repurchases conducted in the open market with regard to Real Estate Investment Trusts (Giambona et al, 2005). In an investigation of underreaction, they found there was what they termed as strong support for the undervaluation hypothesis (Giambona et al, 2005). In this instance, the news was the repurchase of stock by the REITs. Initially, the market reaction to the news of the stock repurchase program was skeptical. As a result, the stock prices remained undervalued (underreaction), thus benefiting the repurchasers (Giambona et al, 2005). In equating overreaction Shleifer (2000, p. 120) advises that when there had been a series of positive news the general mood was that investors became optimistic that this same occurrence would be the case in the future. The net result was that over long periods, the stock price rose to levels that were what Shleifer (2000, p. 120) terms as unduly high . He points out that the idea is that trading on stale information, in this case a series of good or bad news, can earn superior returns. (Shleifer (2000, p. 121). The empirical evidence relating to this phenomenon, just as in the case of underreaction, is extremely large. Shleifer (2000, p. 121) refers to studies conducted by Fama and French (1988, pp. 3-25), as well as Poterba and Summers (1988, pp. 27-59), and Cutler et al. (1991, pp. 529-546). All of the preceding investigations uncovered that over a three to five year period that the auto correction for the overvaluation as a result of the overreation was slight (Shleifer, 2000, p. 121). This phenomenon was more pronounced when the good news series involved firms that had poor returns prior to the new series. In an study conducted by De Bondt and Thaler (1985, pp 781) over a fifty year period that dated back to 1933 they uncovered that stocks that had recorded extremely poor returns during a three year period preceding the good news series, drastically outperformed the stocks of companies that had a series of good news during that same three year period, and continued to have good news (Bondt and Thaler, 1985, pp 781 785). 4.1 Technical Analysis The Gann Studies (Kuepper, 2004) were conducted in 1908 on what he termed the market time factor. He was known as one of the most successful forecasters, and still carries that reputation today. His studies regarding the technical analysis of price movements were based upon three foundations (Kuepper, 2004): That price, time and range are the only three factors to consider, That the markets are cyclician in nature, and The markets are geometric in design and in function Using these three premises, Gann devised strategies that revolved around these pillars. Under the price study Gann utilised support and resistance, pivot points as well as angles (Kuepper, 2004). In the time study he looked at dates that reoccurred from an historical perspective, and in the pattern study, he looked at the swings in the market via the use of trendlines, along with reversal patterns (Kuepper, 2004). The following figures show the building blocks utilised in Ganns studies. Figure 12 Gann Study Illustrations (Kuepper, 2004) Ganns work showed that technical analysis could predict stock price movements with accuracy. Fama (1995) in his article Random Walks in Stock Market Prices discussed the behavioural side of stock prices. Within this realm are the chartists as he termed them, which are the technical theories, and the fundamentalists, which is also known as intrinsic values (Fama, 1995). Technical theory is based upon the assumption that history tends to repeat itself, meaning that past patterns regarding prices in companies have a tendency to reoccur (Fama, 1995). The theories utilised by technical analysis and fundamentalist factors, the market analyst, in principle stated Fama (1974) will be able to determine whether the actual price of a security is above, or below its intrinsic value. The theory of random walks generally departs from the premise that major changes in securities represent good examples of efficient markets (Fama, 1995). It represents Famas (1995) empirical look into technical analysis. Under this theory, Fama (1995) asserts that price movements will not follow any patt erns or trends and that past price movements cannot be used to predict future price movements (onvestorhome.com, 2006). It represents a means to aid in the prediction of stock prices. Chapter 5 Conclusion The adage that one cannot beat the market is proven to be an oft-used phrase that is broad in its context. Beating the market, in total, has a meaning that is hard to define. One can select varied stocks that have differing categories of risk, are showing upward trending at certain times, and thus win on these predictions consistently based upon timing. This requires an analysis of the factors, and concentration of specific stocks for a time duration. The market, as a whole will trend either up or down, however, there are stocks within those trends that run contrary to the market movement, thus the rationale for that statement concerning the market as a whole. Recent evidence supports the preceding statement that stock processes do in fact contain predictable elements (Lo and MacKinlay, 2001, p. 17). Predictability in stock prices via behavioural finance as well as t

Organizational analysis Free Essays

Introduction This faculty had widened my position of organisations and their values. With a portfolio from operations background in a BPO sector managing more than 30 employees, I happen to understand certain facet for many of our employees feedback and what was truly dawdling behind in that organisation. I even had submitted one page papers to my Director explicating about the seniors which the organisation has to be looked into instantly. We will write a custom essay sample on Organizational analysis or any similar topic only for you Order Now Working in this faculty along with my group had besides helped me to understand the existent clip scenario of the international office organisation which we had worked on. An Overview Of The Analysis When we happen to inquire for the assignment to run into the International offices Director, we were truly excited to cognize what truly the organisation is all about, understanding the major work of the office being into international pupil enlisting which was entirely known on this organisation there were more important functions which this organisation was all about. Initially, our group had decided to direct out three people to run into him, but we had a back autumn when we had a notice that he was non available, and the worst which affected us was that he will be back merely after a hebdomad and this created a confusion within all of us. I took the undertaking of outlining out the inquirer which had to be passed on to the employees of the organisation ; my past experience had helped me to get the better of this degree, as I was responsible for carry oning studies from my employees about the degree of occupation satisfaction and feedbacks on the assignments they were assigned to. Sing the strength of work burden they have, I decided to set down merely 10 inquiries which would turn to most of our research about their work. I took the chief countries of occupation satisfaction, environment of the work topographic point, communicating degrees within the organisation, impact on any alterations. I besides decided to set on an unfastened inquiry so that any inquiry or feedback on their ego ‘s can be obtained which can assist us understand the engagement on their occupation. Normally if this feedback has to be completed on a completion most of the participants would merely make full in the inquirer with the possible replies quickly and would go through it on dorsum to us. If the participants truly bask these 0858009 3 inquirers they would set down some of the remarks or some of their inquiries which can be raised on a whole for the direction to reply or to most allow them cognize of some developments go oning without the notice of the direction. I was heated up with the conversation of my group when at the last, that merely two individuals can run into the Director. Then as a group we decided that I stay back and to enter the inquiries which were being asked to him and reproduce it for us to analysis. I was despairing to see the international office, I accompanied my squad to the office, the first feeling it gave me was surprising, beside all our expatiation of a high terminal office floor, it was an unfastened office floor where everything was so seeable and we could finally number the figure of employees in the floor. There were more surprises to add on when we wanted to cognize the office of the Director ; we were directed towards a corner of a room on an unfastened tabular array, so it was my squad who took on the show so on and I returned back waiting thirstily to cognize the consequence of the meeting and the replies which were to be spoken out. The more inspiring chance was the chance to analyze in world a life-size organisation. We had a enormous answer from the Director ; he had given us the terminal to stop operation of the organisation, the first meeting had given us replies to all the inquiries which we were waiting to screen it out. This organisation was non merely involved in international pupil personal businesss but there were other countries like institutional dealingss which was involved in with other external universities and their plans, so being the international dealingss which was responsible for MOU with other educational establishments across the Earth, this section was besides active for pupil exchange plans. This had made me revise the inquirer which had to be handed out to employees as it had a broad spectrum of events to be covered. After obtaining the completed inquirer we had similar replies on all of them, we had an overview of the section but this was wholly different on how every employee had similar position. Framwork Employed W had given 7 ‘s theoretical account on bases of our appraisal as the sections with the organisation was interlinked to each other, they were independent but was bounded like magnets with each other and the degree of motive could be felt by the responses we had got. They were given lost of chance to go, common 0858009 4 answerability for each other and high degree of occupation satisfaction was clearly seeable. Motivation has played a really of import facet as everyone was towards a common ends, this was one of the section which had been responsible for Warwick ‘s growing. I had understood that they all had the occupation features with skill diverseness, undertaking individuality was significance and feedback was communicated decently with each other on clip. Key emotional edge prevailed with each other for their distinguishable duty and clear cognition result of the work they were into their corresponding countries. All the struggles within them were sorted out with treatments. Furthermore their squad ‘s size was kept little for effectual communicating. The chief alteration had been after their new Director taking the physical barriers between them which had efficaciously brought in the alteration ; this has besides given them the capableness to interact any issue straight with him, intern determination devising was left on everyone and this had given all the employees to move independently for faster resolution of issues. To brief of what, I had formulated on this research are every employee found his occupation disputing instead than routine as everyday he had new occupations to be to be refined off. Communication within the organisation is so intense that everyone is able to track of their work and feedback of their procedure is being maintained in high degrees. They were able to carry through their given undertakings within their office hours alternatively of working on with the excess hours and even they did n’t mind to work on the excess hours to finish their occupations. Without an effectual inducement plan in topographic point everyone was keen on their work or responsibilities given to them and everyone was keen on the growing of the organisation instead than that of their personal growing, this had brought in a degree of dedication towards their organisational growing. With an unfastened office scenario every work of them had a alteration to be overlook and this besides provided an ins ecure environment on personal attempts being put in topographic point. They besides have a occupation apprehension which can non be brought out as a insouciant work since they are being monitored openly some one or the other on the whole. They have are forced to work on certain fortunes which they can remain off from as it their unfastened work topographic point, even a smiling is forced on them, as that is what the inquirer has reflected back to us, Since all the inquirer had the same response or similar response without transporting a appropriate reply, this looks like a forced reply. Furthermore we had been provided to interview merely one employee on the entire squad of 33 members, and that interview had a twofold positive response and every organisation should or will hold a unfavorable judgment factor on their desk to do it a perfect one. Decision To reason with the research on this organisation a strong motive of the bounded within every employee and this act as a drive force within them to execute and the degree of dedication which this leading has brought in has had an influence on every employee to keep it for the group end or success of the organisation. To acquire people on a same aim to carry through widespread end is a singular attempt of the Director. The chief drawback of this is shall ensue when a image perfect portrayal is swirled on a issue which they face and when they are non able to manage it out. This section has proved to be a success narrative and every employee had resulted towards its success, and the chief factors would be motive and teamwork. Leadership manner has influenced the occupation profile of every one, which had even drafted to the degree of feedback to be on a common appraisal. This degree of bonding has been a major factor to convey in such high degree of victory towards the university on an international degree within a short clip. If this bonding continues, it shall take to the growing of different stage of the university. How to cite Organizational analysis, Essay examples

Skills of Social Work-Fact Finding free essay sample

There are also factual questions involving the law, such as: What exactly are the procedures for removing an elected official from office? Who owns a particular piece of land? What are the legal rights that citizens have when accused of a crime? Moreover, whenever we do fact finding as student social workers, we need to look into; 1. Demography How many people live in this area? † is clearly a major factor in determining the demand for the particular problem. Other questions concern the density (how many people per square kilometer? and the age and sex distribution. How many elderly or sick people who may be handicapped in getting this problem? What are the rates for births and deaths (if known) and how do these compare to national figures? What are the rates and patterns of migration (is it seasonal or permanent? are the people moving in from other areas? ). These comparisons are important, as we need to know how typical any particular area is. We will write a custom essay sample on Skills of Social Work-Fact Finding or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 2. Environment â€Å"What is the physical area that we are dealing with? Is this clearly marked or should-it be arbitrarily defined? What resources (especially land, soils, and vegetation) are available? What is known about climate, water, slopes, drainage? 3. Historical â€Å"There are two good reasons for knowing at least the general outline of local history recognizing the significance of important places and major persons. First, the present can only be understood in relation to the past and second, local people regard their history as important, so it is both expedient and courteous to know something about significant events. 4. Community† We are studying a community of people, the most important part of which is the relatively stable set of relationships between the people relationships between men and women, old and young, neighbours, kinsmen, in-laws, landlords and tenants, rich and poor, and so on. 5. Domestic â€Å"It should be possible to make a rough typology of households, a term which although sometimes vague, is better than family or farm. Household may usually be defined as a group of people that shares a common kitchen (or cooking place) and that recognizes one household head. The purpose of this is to establish the range and extent of inequality and variation on a particular problem. 6. Social  and  Economic â€Å"This category seeks further information on differentiation how is access to land defined and who controls/owns the land? How many are landless or near landless, how many rent land? 7. Political-Administrative â€Å"What are the formal and informal channels of authority? What are the links to the regional (and national) centers of power? What is the extent of-local participation in making decisions? What laws, regulations, and local informal, sanctions affect on the exits problems in the community. † On the other hand, it needs to look into some techniques adopted for fact finding. Which are as documentation, formal hearing, action research, demonstration projects, keeping abreast, need assessment, and programme identification on fact finding to find and know the root causes of the problems in the community. Fact finding techniques 1. Documentation Documentation is very important in order to keep the data of any particular problems of the community with exact facts of the problems, time, and year. Documentation can be done by note on paper, video record, and Microsoft words files so that even the next generation can see what were the main problems in the community and they will understand about the past events of the particular community. Doing documentation is for guide to implement action plan towards the particular problems for the development of the community. For example, documentation can be done by doing interview, home visit, looking into the historical background of the community, and by approaching to the head of the community to collect information about the community. And, the other example, if the community faces the problem of water crisis, here we need to look into â€Å"why, how, and when does it happen? † is important to know and how far it effect means its magnitude towards the community people, so, these are needed to list down to do documentation for programme implementation. 2. Formal hearing It is the important thing to know and ask how people in the community feel on particular problems, it means that it needs people concern on the particular problems which exists in the community for action plan and programme implementation. After doing documentation, it needs to ask people opinions, ideas, and solutions for problem solving process so that the people will feel that this or that is problems in the community, and they will accept particular problem as their problem in the community. Here, student social worker needs to apply the principles of people participation, start with what they know and have, and teach them by showing and learn by doing in order to get people concern and participation for problem solving process. For example, school dropout is happening in the community, but may be the community people may feel that this is not their problem, for that the student social worker needs to make them aware that this is problem in the community by showing them the disadvantages of school dropout and how do school dropout affect to the children future, and when the community people accept school dropout as their problem, the student social worker needs to make them to link with the available resources for reducing the rate of the school dropout and to stop school dropout in the community. For that, the student social worker can give awareness programme on the importance of education for children. 3. Action research The term action research means doing research with some types of action programmes for the betterment of the community. Action research is a research initiated to solve an immediate problem or a reflective process of progressive problem solving led by individuals working with others in teams or as part of a community of practice to improve the way they address issues and solve problems. Action research involves the process of actively participating in an organization change situation whilst conducting research. Action research can also be undertaken by larger organizations or institutions, assisted or guided by professional researchers, with the aim of improving their strategies, practices and knowledge of the environments within which they practice. As designers and stakeholders, researchers work with others to propose a new course of action to help their community improve its work practices. For example, for school dropout problem in the community, here action research talks about to seek the way or strategies to approach to solve the immediate problem. Therefore, student social worker needs to seek that way that may be it is good to approach to the head of the community as first step or it will be better to do awareness programme first, and in secondly, may be the student social worker will seek for the available resources to make them link with the resources which can handle their current needs or problem. 4. Demonstration projects The demonstration projects mean that to find out whether the certain programme will work for the particular issue or problem and how and how much effective the particular programme is in solving the problems. It needs to identify and analysis on the programme to know whether it will work or it needs to change for solving the problem in the community. It needs to demonstrate on the projects or programme which will be implemented to solve the occurring problems in the community whether it will be effective towards the problem or not, if it is not effective than it needs to change the progamme and its objectives, action plan, and goal to seek for the better programme to solve the problem. For example, in the case of school dropout, the student social worker decides to conduct awareness programme on the importance of education, but actually when the student social worker demonstrate on the programme, he realizes that it needs to do home visit and survey as the first step to find out the facts and after that he may conduct awareness programme. 5. Keeping abreast The term keeping abreast means that to keep on giving information about new development, new information regard to certain subjects. This word means that to keep on providing and giving new and up-to-date information regard with certain problem in order to have good footstep in solving the problem effectively. For example, in some cases and problems, the process of the problems are changing may be because problems are dynamic from one place to other in nature because of culture transmission, because of news etc so, that it needs to update the information to take good action for solving the problems. 6. Need assessment It is very important to seek and know the real needs of the community to have ffective programme for problem solving in the community as professional social worker. It means to implement programme in time or the in the time of need, correct time, and place, with specific objectives and programme. For example, the student social worker needs to see into the needs of the community people rather than his needs. 7. Programme identification For the last point, it is programme identification process. It me ans that it needs to indentify and analysis on the programme whether it works and full fill the needs of the people. In the process of programme identification, it focuses on to identify how much the programme will effect towards the problem, and what will be needed to solve the problems. For example, in the case of the school dropout, the student social worker needs to identify on the awareness programme that â€Å"does the awareness programme on importance of education work to reduce the rate of school dropout in the community†, if it still needs more action than, the student social worker needs to seek the way by corporation with the community people to get the better solution for that. Conclusion As student social worker, the technique of fact finding is very important in order to find the root cause of the problems in the particular community to take action plan with specific objectives and programme implementation for the betterment or progress of the community. Fact finding is an extremely important component of the communication process which presents its own special set of problems and opportunities to people working to increase the constructiveness of intractable problems conflicts in the community. Therefore, it is very important to collect the real facts of the particular problem in the community to take effective action and programme implementation for solving the problems. For fact finding group interview is very important also because a short-cut method of rapidly gathering data is to interview groups rather than individuals. This method presents problems of representativeness, since any group chosen is unlikely to represent a true cross-section of the local population, though attempts should be made to include individuals of different socio-economic status. The knowledge and experience of several individuals may serve as checks on information given by each others. And, questionnaires are a popular method of data collection. The advantages of using a questionnaire are well-known: data can be collected quickly on specific items; these data can be easily transferred into forms allowing quantified and computerized analyses; and data collection tasks can be delegated to less expensive field staff. Questionnaires also compel the adoption of some organized structure upon data collection, but will be most effective when used by someone who can support and test the questionnaire findings with personal observations and insights and knowledge. Using questionnaires is one means of recording data, but it is not the only means and it is not adequate to not cover all the information required.