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Pride And Prejudice By Jane Austen - 1099 Words

The novel Pride and Prejudice by Jane Austen was published during 19th century Victorian England. Despite the governing body being under control by a female head of state, women living in 19th century England had certain limitations set upon them in regards for their future. Pride and Prejudice highlighted the life of a typical women during this time period in that it established their primary function: to marry. Although this novel revolves around characters belonging to a higher social class, the inability of women to exercise their freedom is evident, particularly in the case of marriage. Society and many characters in this novel are not fond of the idea of love. Marriage is more of a mutual commitment based largely on financial†¦show more content†¦It was a gradual series of processes and setbacks which eventually caused both of them to fall in love. Characters such as Elizabeth and Lydia challenge the societal conception of marriage by marrying due to physical attracti on or love instead of financial gain. Marriage can be seen as a business, while men bring money to the family, women simply take out. Marriage was a definite concern for Mrs. Bennet due to two major reasons: to provide a future for her daughters and find a heir that would inherit their property as women cannot. Her views on who her daughters should marry are most explicitly expressed when she states â€Å"It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife.† (Volume 1. Chapter 1. 5). Mrs. Bennet description of a man with great wealth represents the latter of society’s views on marriage. There is no emotional or physical basis of marriage, as it should be done in order to preserve the familial reputation and maintain societal connections. This notion is perhaps highlighted even further while Elizabeth discovers Mr. Collins’ intentions on marrying Charlotte. Charlotte is Elizabeth’s good frien d while Mr. Collins is a clergyman andthe cousin of Mr.Bennett. Mr. Collins came to Netherfield seeking a woman for marriage but was rejected by Elizabeth. When Elizabeth finds out that Mr. Collins has decided to marry Charlotte, she is

The concept of capital market Free Essays

string(40) " which is known as Behavioural Finance\." 1. Introduction The concept of capital market efficiency can be said to be a research topic that has bring a lot of arguments and suggestions on the field of finance as a course of study. As such, it would only be expected that the wider implications of market efficiency would also be just as far-reaching. We will write a custom essay sample on The concept of capital market or any similar topic only for you Order Now Therefore, the justifications for this research undertaking may be considered to be a great task and as a result, capital market efficiency as an area of finance requires a rigorous work for scholars and as well for managers of an organization. The first time the term â€Å"efficient market â€Å"was in a 1965 paper by E. F Fama who said that in an efficient market, on the average, competition will cause the full effects of new information on intrinsic values to be reflected â€Å"instantaneously† in actual price.The efficient market hypothesis asserts that none of the techniques used by fund managers ( i.e. forecasting, valuation techniques ) can outperform the market. Arguably, no other theory in economics or finance generates more passionate discussion between its challengers and proponents. For example, Harvard Financial Economist Michael Jensen writes â€Å"there is no other proposition in economics which has more solid empirical evidence supporting it than efficient market hypothesis†. While investment maven Peter Lynch claims â€Å"efficient marketsThat’s a brunch of junk, crazy stuff† (Fortune, April 1995). The efficient market hypothesis (EMH) suggests that profiting from predicting price movements is very difficult and unlikely. The main engine behind price changes is the arrival of new information. Consequently, there is no reason to believe that prices are too high or too low. Security prices adjust before an investor has time to trade on and profit from a new a piece of information. The key reason for the existence of an efficient market is the intense competition among investors to profit from any new information. The ability to identify over- and underpriced stocks is very valuable (it would allow investors to buy some stocks for less than their â€Å"true† value and sell others for more than they were worth). Consequently, many people spend a significant amount of time and resources in an effort to detect priced† stocks. Naturally, as more and more analysts compete against each other in their effort to take advantage of over- and under-valued securities, the likelihood of being able to find and exploit such mis-priced securities becomes smaller and smaller. In equilibrium, only a relatively small number of analysts will be able to profit from the detection of mis-priced securities, mostly by chance. For the vast majority of investors, the information analysis payoff would likely not outweigh the transaction costs. The Efficient Markets Hypothesis (EMH) over this period, has witnessed widespread recognition and has found its place amongst various scholars and researchers of finance and economics. The empirical observations of Kendall (1953) thus came to be known as the ‘random walk model’ or in some instances the ‘random walk theory’ (ibid). However, this theory suggests that the share price at any one time reflects all available information, and will only change if new information arises. In this way, unpredictable news hitting the market causes share prices to fluctuate in a random and unpredictable manner. The Kendall observation is based on the fact that the market is irrational world and that the price of stock has a rampant walk. However, as Bodie et al (2001: 268) point out, in a reversal of opinion, economists concluded that the unpredictable behaviour of stock prices actually indicated an ‘efficient market’ by the very virtue of such unpredictability. Although Kendall (1953) is refer to as the father of the random walk theory, however, the actual concept of market efficiency, and indeed a ‘random walk theory’, had already been tested as many years ago as the year 1900 (Dobbins et al, 1994: 70). This was in fact the result of a doctoral thesis in mathematics written by the French economist Louis Bachelier (1900). He argues that the price of a commodity today is the best estimate of its price in the future, and therefore commodity speculation is a ‘fair game’ in which there are no winners, and wherein prices tend to follow a random walk (Pilbeam, 2005: 250-51). Subsequently, as suggested by Dimson and Mussavian (1998: 93), the 1960’s marked a transition for research concerning the unpredictable nature of stock market prices. Leading on from the findings of Samuelson (1965) and Roberts (1967), Fama (1970) summarise a comprehensive review of the random walk literature, and proposed the idea of an informationally efficient market wherein â€Å"prices always fully reflect available information† (Fama, 1970: 383). Thus, the Efficient Markets Hypothesis (EMH) was introduce into the theory of efficient market. This theory supported the random walk theory and also created a theoretical framework in which economists could perceive the unpredictable nature of stock market prices. More recently, Yen and Lee (2008) provide a chronological review of empirical evidence on the Efficient Market Hypothesis over the last five decades. Their survey clearly demonstrates that the Efficient Market Hypothesis no longer enjoys the level of strong support it received during the golden era of the 1960s, but instead has come under relentless attack from the school of behavioural finance in the 1990s. Besides the above broad review, there are other survey papers with a specific theme, for instance, Fama (1998) surveys the empirical work on event studies, with a focus on those papers reporting long-term return anomalies of under- and over-reactions to information; Malkiel (2003) and Schwert (2003) scrutinize those studies reporting evidence of statistically significant predictable patterns in stock returns; Park and Irwin (2007) review the evidence on the profitability of technical trading rules in a variety of speculative markets, including 66 stock market papers published ove r the period from 1960 to 2004. The Efficient Market Hypothesis has over the years been accepted by various scholars since its inception nearly forty years ago; however, in more recent times the Efficient Market Hypothesis has come under criticism, and as a result has been apparently undermined by the emergence of a new introduction to finance thought which is known as Behavioural Finance. You read "The concept of capital market" in category "Essay examples" The recent discussion published in Malkiel et al. (2005) clearly indicates that there is no sign of compromise between proponents of the Efficient Market Hypothesis and advocates of behavioural finance. Lo (2004) notes that useful insights can be gained from the biological perspective and calls for an evolutionary alternative to market efficiency. In particular, he proposes the new paradigm of Adaptive Markets Hypothesis (AMH) in which the Efficient Market Hypothesis can co-exist alongside behavioural finance in an intellectually consistent manner. In this new hypothesis, market efficiency is not an all-or-none condition but is a characteristic that varies continuously over time and across markets. The main contribution of this paper is to provide a systematic review on the empirical literature of evolving weak-form stock market efficiency, which is consistent with the prediction of Adaptive Markets Hypothesis. Find mat on b. Finace and adaptive The history of stock trading and trading associations can be traced as far back as the 11th century when Jewish and Muslim merchants set up trade associations. After centuries of evolution, stock markets have become the symbol of commerce in the modern world. It operates in various countries and trades a range of securities. The world stock market capitalisation is estimated to be about $ 47.7 Trillion as January, 2010. The stock market has various functions such as capital mobilisation, investing opportunities, risk distribution etc. The major stock exchanges in the world today include New York Stock Exchange, London Stock Exchange, Frankfurt Stock Exchange, Italian Stock Exchange, Hong Kong Stock Exchange and Tokyo Stock Exchange. Stocks can be defined as a collection of shares in a company. Therefore, a stock market is a place where buyers and sellers of stock meet to transact business. It is a place where exchange of shares takes place. Basically, there are two types of stock markets: Primary Market Secondary Market The primary market is the market of first sale where companies first sell their shares to the public. It is used by companies who are coming to the exchange for the first time to raise finance. The secondary market on the other hand is a market where existing or already issued securities are traded. The activities in the secondary market are usually carried out on the floors of the Stock Exchange where investors and sellers of securities meet to consummate deals through the stock brokers who are the dealing member of the exchange. The stock market is often influenced by the availability of information on the various securities traded on the stock exchange. The price of stock’s moves up and down reflecting the mood of the market, the price of stock move only when there is information in the market. The concept of an efficient market is a special application where the market price is an unbiased estimate of the true value of the investment. 1.1 A Historical Overview of Capital Market Efficiency During the 1950’s the advancement of information technology gave rise to a new founded power to analyse economic time series using various computer applications; unsurprisingly much to the fortuity of economists and business theorists alike. It was widely believed among such a community of scholars that â€Å"tracing the evolution of several economic variables over time would clarify and predict the progress of the economy through boom and bust periods† (Bodie et al, 2001: 268). A viable candidate for such experimental analyses at the time was the behavioural pattern of stock market prices over a certain time period, which, it was hoped, could be used as an indicator of economic performance (ibid). Subsequently, an undertaking of such an analytical study was conducted by Maurice Kendall (1953) who attempted to find recurring patterns in 22 UK security and commodity price indices. He unearthed results that were to open up a whole new dimension to the theory behind the behaviour of stock market prices. Hence, contrary to the then prevalent views among economists, he found that there appeared to be no identifiable pattern between stock price fluctuations, in that they seemed to move in an erratic fashion. He therefore concluded that stock prices appeared to follow a random walk (Dobbins et al, 1994: 71). The empirical observations of Kendall (1953) thus came to be known as the ‘random walk model’ or in some instances the ‘random walk theory’ (ibid). In short, this theory suggests that the share price at any one time reflects all available information, and will only change if new information arises. In this way, unpredictable news hitting the market causes share prices to fluctuate in a random and unpredictable manner. 1.2 AIMS AND OBJETIVES The aims and objectives of the study is to discuss how efficient is the stock market with particular reference to London Stock Exchange. To establish that there exist a concept of the efficiency of the stock market which implies that at any point of time the prices of securities react to all the market information positively or negatively depending on the nature of the information. To review all available literature on efficient market hypothesis and compile a report. To make a report on the stock market anomalies that seems to contradict the efficient market hypothesis. To determine the effect of insider abuse on the efficient of the stock market. To present a comprehensive and critical analysis of the efficient of the stock market. To arrive at a conclusion base on the report gathered on the efficient market hypothesis, insider abuse, stock market anomalies and other factors affecting stock market efficiency. 1.4 SCOPE OF THE STUDY To achieve the objectives outlined, scope of the study and report undertaken by this dissertation extend to the following areas for an extensive research and analysis: The study will focus on the types, needs and level of stock market efficiency. The study extends to the analysis of the stock market operations and the relative effect of market information on the buying and selling of the securities. The study will also examine issue of insider trading and the effect of such insider trading on the stock market efficiency While detailing the anomalies of the stock market the report envisages to bring out the effect of those anomalies on the efficiency of the stock market 1.4 STRUCTURE OF THE STUDY To present a comprehensive and coherent report, this dissertation adopts the following structure: Chapter 1: Introduction, provides a brief description on the stock market efficiency Chapter 2: Literature Review, this represent the body of the text covers a detailed review of the available literature on the stock market efficiency. This section will attempt to present a review of the academic works relating to the research topic. Chapter 3: This chapter is where the research methods to be used are developed and it will demonstrate the research methodology that has been used to carry out this study. Chà  Ãƒ °tà ¥r Four: This sà ¥Ãƒ ±t ³Ãƒ ®n à °rà ®v ³dà ¥s the main à ±Ãƒ  sà ¥ study of the research, the general overview of London stock exchange. Chapter Five: This chapter discusses the data collection and findings, the interviews and questionnaires taken from stakeholders- investment analyst, pension fund managers, brokers and investors in the stock market. Thà ¥Ã‚ ³r v ³Ãƒ ¥w à  nd à ®Ãƒ °Ã‚ ³n ³Ãƒ ®ns à  bà ®ut stock market efficiency. How to cite The concept of capital market, Essay examples

Dependent and Source Independent Security †MyAssignmenthelp.com

Question: Discuss about the Dependent and Source Independent Security. Answer: Introduction Technology has become an integral part of the organizations in the present times. There are several technical tools and software that have been launched in the market and are being used by the business units in all the parts of the globe. There are several methods through which these tools and software can be acquired. One of such methods is the use and implementation of open source software (OSS). There are several advantages of such software, such as no involvement of costs, immediate access, easy implementation etc[1]. However, there are also certain drawbacks and issues that the management needs to overcome with the use of open source software. The report discusses these issues from the perspective of the management and also covers the issues that may come up during the transition phase. A comparison between open source software and proprietary software has also been included in the report. Management suffers from a number of issues in adopting open source software. Some of these issues have been listed and explained below. There are a number of application platforms that are not compatible with the open source software. The management may face issues in terms of testing and launch of such software in the organization as an outcome of the compatibility issues. A detailed compatibility analysis along with the study of a large number of application platforms is required to be done to come up with an option that fulfills the compatibility criteria of the OSS. Pre-release review of a software is essential as it highlights the bugs and the areas of improvement in the software. The review of pre-release version of the open source software is difficult as the users know that the software will be available for free of cost at the time of the final release as well. This makes it difficult to attract the users to invest their time in the review of the pre-release version. It becomes necessary for the management to develop a marketing strategy in advance so that the market anticipation can be set up well among the users. There are numerous legal issues that may emerge in association with the open source software that are required to be handled by the management. Licenses that are associated with the open source software are in different forms. There are different terms and conditions that are included under all of these license types. For most of the licenses, it becomes necessary to disclose the source code[2]. Licenses Used for OSS There is a usage restriction that is applied on the software for the users who make use of the modified copies. Risk minimization may also come up as a legal issues especially for the users in the categories of software vendors and software developers. One of the most common forms of issues that are associated with Open Source Software are the security issues. The source code of the software becomes available to all which makes it possible for the malevolent entities to exploit the same by using methods, such as hacking and virus attacks. For instance, the organization is thinking over the usage and implementation of MySQL software as the database tool. There is a critical MySQL vulnerability that recently had an impact on almost every version of the software[3]. There were malware codes that were injected in the configuration files of the software that allowed the attackers to gain entry to the server on which the database system was running. There is another attack that is being successfully attempted by the attackers which is called the Drown attack. This is the security vulnerability that has an adverse impact on HTTPS and other services that are associated with Secure Socket Layer (SSL). The encryption mechanisms that are applied on the files are broken down by the Drown attack along with other security protocols[4]. In case of occurrence of any of these or other forms of security attacks, there is a lot of damage that is done to the open source software along with the information sets that are associated with the organization. It, therefore becomes the accountability and responsibility of the management to develop and implement the measures to avoid such security issues. Most of the open source software come with poor documentation which makes it difficult to understand the features and functionalities of the software. Due to the lack of proper documentation, it becomes necessary for the management to provide additional trainings for the employees to make them understand the features of the software. There is an additional cost and effort that is spent in this activity. Issues in the Transition Process The transition process in the adoption of an open source software for an organization includes a lot many steps and stages. There are certain pre-requisites that must be completed before the initiation of the transition process. The first and the foremost step shall be the planning and analysis activities that must be completed. There shall be an implementation plan that must be set up in advance by the management which shall be followed during the process of transition. It would also be required to ensure that the compatibility analysis of the software with the application platforms implemented in the organization is carried out in advance and there are positive results achieved in the same. Feasibility studies on the parameters of technical, operational and financial feasibility must also be done so that management has a complete account of the success of the process. The assessment of the risk areas and their treatment procedures must also be made. The transition shall begin after the completion of the above steps. The transition approach must be a phased approach rather than Big Bang Implementation of the software. This is because of the reason that the success rate will be higher with such an approach. There can be a number of issues that may come up during the transition process which have been listed below. Adopting and making a transition to the open source software will introduce numerous changes for the organizations and its members of the staff. These changes may become difficult to deal in case of absence of a change management plan. The changes may also have a negative implication on the productivity of the employees which may bring down the reputation of the organization[5]. The existing set of processes and methods may be affected by the transition process in association with the open source software. It is because of the reason that the other technical tools will be required to be integrated with this software which may bring down the working of the other tools. During the initial stages of transition, there may be many security vulnerabilities that may be created. These security vulnerabilities and loopholes may be used by the malevolent entities to give shape to the security risks and attacks. In this manner, the organizational information sets and applications may be put at risk. The customers prefer the business units and organizations that have a smooth functioning and the ones that are always available. However, in the case of transition process associated with the open source software, the availability and smooth functioning of the business may get impacted in a negative manner. These transition issues can have some of the extremely severe impacts and it may become difficult for the management to deal with the same. Comparison between OSS Proprietary Software Point of Difference OSS Proprietary Software Cost This form of software comes for free of cost. There are certain utilities that may be required to be purchased additionally; however, the cost of such utilities is also negligible[6]. There is a huge initial investment that is required to be made at the time of purchase. The updates may also be chargeable in this case. Level of Support There may not be a consistent support promised and offered by the vendors of OSS. It becomes the accountability and responsibility of the vendor to provide support to the users in case of any query or technical assistance. Development Process It is not ensured that the development process will be carried out or not. Consistent feature development of the software is offered in this case. Stability and Reliability This type of software offers lesser reliability and stability to the users. It is more stable and reliable in nature as compared to OSS[7]. Vendor Lock-in Vendor lock-in is not possible in this case making redistribution easier and also makes the software more flexible. The vendor owns the software and the entire ownership and authority is in the hands of the vendor in this case. Point of Failure There is no single point of failure and the detection of the bugs can be done easily. There can be a single point of failure present in this case. There are set of pros and cons that are associated with OSS as well as proprietary software. Open source software offers many benefits to the business organizations and users. The primary benefit is in the form of the costs as these come for free of cost. There are also additional benefits offered in the form of flexible solution, no single point of failure, no vendor lock-in etc. Conclusion The choice of open source software shall be based upon the organizational needs. The start-up and small scale units can go for this form of software as it comes for free of cost. These software packages can also be acquired by the business units that do not wish to put complete ownership of the software on the vendor. Annotated Bibliography Aviram, N, S Schinze, "DROWN: Breaking TLS using SSLv2.". in , , 2016, https://drownattack.com/drown-attack-paper.pdf [accessed 27 October 2017]. Aviram and Schinzel have covered the details of the DROWN attack in their article. The meaning and background of the attack along with its mechanism has been covered. There is good use of figures and tables done in the article to support the information that is covered. The authors could have also added the details on the case studies in the form of victims that have been affected by this attack. Clarke, R, D Dorwin, "Is Open Source Software More Secure?.". in , , 2015, https://courses.cs.washington.edu/courses/csep590/05au/whitepaper_turnin/oss(10).pdf [accessed 27 October 2017]. The authors, Clarke and Dorwin, have covered the security issues that are associated with OSS. Source dependent and source independent security vulnerabilities have been explained by the authors along with the analysis of the security tools and socioeconomic factors. The authors could have made use of the case studies to further strengthen their information and details covered in the article. Fontana, R, B Kuhn, E Moglen, M Norwood, D Ravicher, K Sandler et al., "A Legal Issues Primer for Open Source and Free Software Projects.". in , , 2008, https://www.softwarefreedom.org/resources/2008/foss-primer.pdf [accessed 27 October 2017]. Richard and fellow authors have covered the several legal issues that are associated with the open source software. The set of issues that have been covered include the licensing issues, copyright enforcement issues, and patent and trademark issues along with many other organizational issues in the legal framework. There is no use of graphics in the article which could have been included. Pankaja, N, M Raj, "Proprietary software versus Open Source Software for Education.". in , , 2013, https://www.ajer.org/papers/v2(7)/O027124130.pdf [accessed 27 October 2017]. Pankaja and Raj have covered the comparison between proprietary and open source software in the article. Definition of both of these software types and other models has been covered with the details on the comparison on the basis of different parameters. The authors could have further strengthened the information by making use of graphics. Scacchi, W, T Alspaugh, "Issues in Development and Maintenance of Open Architecture Software Systems.". in , , 2017, https://www.ics.uci.edu/~wscacchi/Papers/New/Scacchi-Alspaugh-Crosstalk-2017.pdf [accessed 27 October 2017]. Scacchi and Alspaugh have included the information on the various developmental, maintenance and transition issues that are associated with OSS. The authors have classified the issues on the basis of the issue type and possible impact. There could have been good use of the case studies and examples in the article. Singh, A, R Bansal, N Jha, "Open Source Software vs Proprietary Software.". in , , 2015, https://pdfs.semanticscholar.org/48b7/64286fde00991c9b8ffc2b88ee8a6c7207b3.pdf [accessed 27 October 2017]. Amandeep Singh and fellow authors have described the comparison between OSS and proprietary software in the article. There is an explanation of both of these software types covered in the article along with the comparison on the basis of costs, flexibility, security, reliability and other parameters. These is a good use of table to strengthen the information which could have been further enhanced by the use of real-life scenarios. Smith, A, K Niemeyer, D Katz, L Barba, G Githinji, M Gymrek et al., "Journal of Open Source Software (JOSS): design and first-year review.". in org, , 2017, https://arxiv.org/abs/1707.02264 [accessed 27 October 2017].