Risk And Protective Factors Of Mental Health - 1913 Words

Risk and Protective Factors Risk Factors The risk factors of mental health problems and illnesses play a major role in determining the extent of developing a health issue as it increases the severity and duration of the issue. All risks fall into four separate categories: biological factors, psychological factors, environmental factors and sociocultural influences, these categories are further broken down in the table below: Protective Factors Protective factors play an important role in preventing risk factors from resulting in a mental health problem or illness. Sociocultural: Sociocultural factors contributing to mental health problems and illnesses include the cultural practices/expectations that exist within communities and play a vital role in leading a mentally healthy lifestyle. Background/upbringing: Poor mental health during childhood or adolescent years make individuals more susceptible to mental health problems and illnesses in later life. The background and upbringing of an individual can either heighten mental health or decrease it. Individuals surrounded by care and support and those who are taught to be aware of their mental health are less likely to experience mental health problems or illnesses in comparison to those surrounded by dysfunction, limited care and consider mental health to be a weakness. Peers: Peers (members of the surrounding community) have a major influence over the mental wellbeing of an individual. A simple falling out with peersShow MoreRelatedThe Role of Risk Factors and Protective Factors on Mental Health and Well-Being2086 Words   |  9 PagesIn today’s society, there is substantial variation in the number of incidences of mental health disorders between individuals within a population. Even though most individuals with mental health problems do not seek professional help, the rehabilitation and treatment of those who do, does not decrease the number of psychological problems in a population. Instead, the number of mental disorders remains the same and/or possibly increases. It is therefore crucial to practice and use preventative approachesRead MoreMedical And Psychological Treatment Of Mental Health1141 Words   |  5 PagesThere is a severe lack of understanding about mental health throughout many communities throughout the country. Because of this, many people do not accept the fact that mental illness is a genuine struggle that many people face on a daily basis and, as a result, most do not understand how widespread it is, particularly for adolescents. According to recent research, 10-15% of teenagers have experienced some symptoms of depression, roughly 20% percent of teens will experience depression before theyRead MoreFactors That Affect The Development Of Young Adults1002 Words   |  5 Pagespeers. Early Sexual development and dramatic changes in body composition such as weight gain or growth spurts can lead to body uncertainty among adolescents, leading to the development of poor body image which in turn may lead to an increased risk of health-compromising behaviors. Kelly like many adolescents is experiencing dramatic biological changes related to puberty; these biological changes can significantly affect psychosocial development. An increased awareness of sexuality and a heightenedRead MoreThe Role Of Protec tive Factors That Are Involved With Risk Factors1243 Words   |  5 PagesFourgere stated, â€Å"Resilience is one of purported protective factor that has been highlighted as being of potential importance.† This was stated in regards of some protective factors that are involved with risk factors in offenders. Protective factors are those supposedly known to relate to positive outcomes. Protective factors are those conditions or attributes such as skills, strength, resources, supports, or coping strategies in individuals, families, communities or larger societies that help peopleRead MoreDejection And Nearness Of Self-Effective Behaviors927 Words   |  4 Pageschildren Children whose parents suffer from mental illness have an expanded danger of building up a dysfunctional behavior themselves (Rasic, Hajek, Alda, Uher, 2013). Another study suggested that familial risk may be more extensive, with offspring of guardians with mental illness, additionally having expanded hazard for mental issue other than the disorder identified in their parents (Dean et al., 2010).At the point when a mother or father with severe mental illness such as depression are likely toRead MoreBronfenbrenner s Ecological Model And Dynamic System Theory1087 Words   |  5 Pageshow environmental factors may affect human processing and functioning at different levels. Each take into account how the environment can positively or negatively affect a person’s life and their perception of life, when dealing with a stable and traumatic experience. They both consist of subsystems or levels that gives social workers possible explanations to how a person can deal and perceive wel l-being, trauma and resilience. Also both include an importance of time as a factor to person and environmentalRead MoreMental Health Risks Within The Young Adult Population Essay1217 Words   |  5 Pagesother mental health risks such as suicidal ideation, suicide attempts, and depression are not as thoroughly researched in relation to family size, and none of the previous research was conducted through cross-sectional surveys. This research was often conducted by looking at birth and death records. In addition, the results of the previous research are, in many cases, outdated and cannot be applied to the U.S. population. The objective of this research study is to examine these mental health risksRead MoreWorkplace Health Hazard1710 Words   |  7 PagesIntroduction: Workplace health hazard is an area concerning the protection of the safety, health and welfare of people engaged in a workplace. The goal of workplace health hazards programs is to create a safe and healthy work environment. The definition of health hazard is very subjective as it is different to different people or companies. Health hazards cause noticeable changes in the body, such as a decrease in health. These cause changes in signs and symptoms that are exposed in employeesRead MoreHealth and Social Care L3 Unit 618 Essays867 Words   |  4 PagesUnit 618 Understand mental well-being and mental health promotion. Outcome 1 1. As individuals are all different, they can respond to the same situation differently. In the same way, individuals can view and cope with their mental well-being and mental health differently. Someone with a negative view of their own situation may feel that they are to blame or not accept the consequences of their actions, they may find it difficult to deal with their own mental health and well-being. A positive individualRead MoreWhen Death Is A Part Of Life1343 Words   |  6 Pagesthere are some cases when loved ones may not be able to move past the grieving stage, which can lead to further difficulties. It is important to understand why someone may have a more difficult time moving past the grieving stage and the potential risks they may face in the future if they cannot cope with the death. In addition, it is important to understand that the same event can affect people differently which is why a support plan is vital for people who are having difficulties with dealing with

Discursive Free Essays

Discursive EssaySean Killoran The death penalty, used from 1707 and fully abolished in 1969, was said to have cut crimes by two thirds. It is a controversial topic ever since it was created. It has taken the lives of guilty and innocent parties. We will write a custom essay sample on Discursive or any similar topic only for you Order Now In a recent survey 70% or the public want the death penalty reinstated for heavy crimes. Personally I feel the death penalty should only be used if a murderer has been proved guilty with flawless evidence. Many people feel that the death penalty is a cruel and inhumane punishment for any convict. It brings forward the question that would we be any better than the person standing in front of the jury ? There is also a major danger that an innocent person could be sentenced to death. There would be know way of releasing the person if there was suitable evidence from because they would be dead. For example, In 2004, the state of Texas executed Cameron Todd Willingham for starting the fire that killed his children. The Texas Forensic Science Commission found that the arson testimony that led to his conviction was based on flawed science. As of today, 138 wrongly convicted people on death row have been exonerated. One of the main reasons I feel people are against the death penalty is the cost. In Texas over 430 executions have been recorded since 1976, this has cost them $2. 3 million, which is almost three times of which it would cost to imprison a convict. This makes people think why would you pay almost three times the amount to kill a person just so the family can have ‘revenge’ and ‘justice’. There is more than one side to this argument however. The death penalty did reduce crimes by two thirds therefore making the area a safer place. This gives the impression that a ruthless and no holds barred attitude would be put towards the offender and possibly make other people who are thinking of committing think twice. Also there is no chance of re-offending as the type of people who are willing to do such a crime will effectively be wiped out. A judge could sentence a man to life in prison. That same man could be out of jail with 15 years. How has life in jail become known as ten to fifteen ears? If the judge says life with no parole, then the criminal could stay in jail a bit longer, but that would mean the country would have to take care of the prisoner for twenty to twenty five years. How can we trust the murderers and thieves of our country to a law that will either let them out in ten years or have us take care of them for twenty years, and then let them go? The criminals do not fear the punishment anymore, because they know t hey will not die. Punishment is meant to be feared by the convict and to keep him from doing it again. I am not saying we execute all of the criminals in the world, but it has to remain an option for the courts to use and to scare the criminals of the country. Many criminals don’t fear the law. They know that they will get out in ten years if they murder someone. They are not afraid of jail or their punishment. How can we force them to stop killing or stealing if they are not afraid of the punishment we give them. Most rational men are afraid of death. They don’t want to die. There are also men that don’t fear death, but enjoy killing. They must be controlled, but if they are sentenced to life, they are soon free to kill again. Again, I am not saying we should kill all the men in jail and any other criminal in the world. That is not the answer either, but we must have the death penalty as an option so that they will be afraid to break the law, and to control those who don’t fear death but love to break the law. The Death Penalty has proven to have good benefits upon the country in determining the consequences that criminals deserve. This is needed to ensure the safety of society. If this is the case, there is no need for us to consider the expenses involved in the death penalty. Certainly human lives are more important, for it may easily be yours. We should not abolish the death penalty, but hold our country accountable for properly using the death penalty upon those who deserve it. Sources YYwww. wikipedia. com[-0] YYwww. answers. yahoo. com[-1] YYwww. tnjn. com[-2] Word Count: 766 [-0] – http://www. wikipedia. com/ [-1] – http://www. answers. yahoo. com/ [-2] – http://www. tnjn. com/ How to cite Discursive, Essay examples

Ben Franklin and His Character Poor Richard free essay sample

Ben Franklin and his character Poor Richard differ greatly from Rip Van Winkle. For instance,Rip was ready Rip was ready to attend to nobodys business but his own; but as to doing family duty, and keeping his farm In order It was Impossible. pig 457. I chose this passage because Ben Franklin has always taken his hard of ambition to the next level. Len contrast, Rip has proven to be lazy and also pays more attention to other people Jobs than he does to his own.RL shows lack of Interest to his family duty and he as proven not to care as much like he should because family comes first at all matters. Rip Van wrinkle basically wants to wander around to enjoy freedom and relaxation. As a result, of RIP having always to do chores of others, Rips home never gets fixed and farm always stays the same. On the other hand, Benjamin Franklin was self -taught through everything that he ever accomplished. He has always been family guy and a hard worker. Also, he has always challenged himself to Improve.Benjamin Franklin has too much pride to be worried about other peoples business but his own. Franklin was too busy tit own tasks to concern himself with others. Franklin,however, did learned from FIFO minds as well as lazy bodies goes along with the passage because it emphasis that Franklin wasted no time in his life and provided greatness in his work. Len contrast, Rip was Just the opposite lazy and worthless. Times grew worse and worse with Rip Van Winkle as years of matrimony rolled on; a tart temper never mellows with age, and a sharp tongue is the only edged tool that grows keener with constant use pig. 58. Now, I chose this passage because it favors Rip Van Winkle. Rip character is classified as a very lazy man. Most people mellow with age, as their get older there are so many changes in their life. As for Rip, he doesnt do anything to better himself as a person. It was well known that marriage was a burden to Rip because from his point of view Rip wife having nag most of the times made his life intolerable. Also, he is not a man that uses the right choice of words when comes to his wife.In contrast, Franklin would always practice learning new things in life as an adoption to new changes. He was a good man to others and his family. I chose this maxim Do it today because it doesnt take tomorrow to make a change in your life, when you are palpable of making it happened today. Rip Van Winkle, however, was one of those happy mortals of foolish, well-oiled dispositions, who take the world easy, eat white bread or brown, whichever can be got with feast thought or trouble and would rather starve on a penny than work for a pound. pig. 457 Finally, I chose this passage because I believe having to work hard dwells upon earning something that is well deserve. Ben Franklin has always stands strong behind his words because he is considered to be a hardworking, passionate man. He would rather work hard to earn his needs than to let poverty overtakes him. However, Rip van winkle lightly of Just letting days because of his procrastination. Also, He would do whatever it takes to avoid labor. Rip van wrinkle develop an attitude of idles and careless. In the passage, the author was quoted as saying, a penny saved is a penny earned because it relate to Franklin in ways of working hard is to achieve and to accomplished a goal. Question 2: Furthermore, Jonathan Edwards was well known to be one of the greatest preachers and theologians in history . Jonathan views of God were very influential and strong. He wanted to learn more about God and his wonderful creations. Jonathan discovers that God was no longer a mystery; its well-known that he has control over nature and has the will to choose between good or evil.Edwards really stands strong behind his belief of God of because he also preaches and prays occasionally. Edwards finds that true religion was not a matter of simply accepting particular doctrines but instead an experience of God which completes the possession of an individual. Edward thinks that many people doesnt following the meaning of true religion because not a lot of people are committed to be religious the way he views religion. For example, I believe in God and my religion is catholic but doesnt mean I cant miss a week of not going to church.I dont pray every day but I do pray on the regular basis, which shows my religious views are different from Edwards. Unlike Edwards, Thomas Jefferson did not believe that Jesus was God. Also, he didnt believe that Mary was giving birth to Jesus. He was claimed to be a real Christian because he maintained to follow Jesus great messages were good deeds. Jefferson religious views are with faith because his views were unsure about God but still maintain hope. As or myself, I believe in some Edwards religious views but I dont agree with every statement that is trying to get across.Question 3 Finally, Equation was living a tough life from the start. Its hard to believe that at young man like him was kidnapped and sold to slave traders. He also had travel a lot of places including England, Holland, Scotland, Gibraltar, Nova Scotia, and the Caribbean Just name a few. In 1763, Robert king purchase Equation to serve him as a clerk. It shocks me when I find out that he figure out a way to make his money in ways to earn freedom somehow. Equation was a very active young man when it comes paving to work and also having attend school. Equation life was owned by masters that owned him as a slave who made life harder for him and his Family. My personal reaction towards masters that owned slaves is why you would treat somebody that innocent of humiliating his life as he was criminal Just because of his skin color? It shocks me to find out that he tried to run away and then later on was capture. This guy had a heart of lion of having to face personal struggles against racism and impressive to find out that he became Englands leading speaker for blacks and abolition slavery before he passed away.

Julius Caesar Tragedy Essays - Julius Caesar, Cleopatra,

Julius Caesar Tragedy 1.) The great philosopher Aristotle makes the distinction between comedy and tragedy. Aristotle defines tragedy as a tragic character falling from a high place in society due to a flaw they possess and provides an insight into human existence. He defines comedy as any story that begins in adversity and ends in optimism. Shakespeare offers his own six elements to a tragedy; a tragic hero, conflicts (internal and external), humor, the supernatural, revenge, and chance happenings or bad luck. The tragic hero is clearly Brutus who seals his own fate through his character flaw, which is being a stoic. Conflicts are present in great numbers throughout this story both internally and externally. Brutus struggles internally when he contemplates whether or not to go through with joining the conspirators. Caesar obviously struggles with his counterparts during his own death scene. Humor or puns are illustrated when the cobbler describes himself as a "mender of bad soles." The ghost of Julius Caesars accounts for the supernatural element. Marc Antony brings about revenge when he rallies the people against Brutus for killing Caesar. When Portia is too late in stopping Brutus from reaching the capitol where he will kill Caesar is a great example of chance happenings. 2.) The element of character flaw play as huge role in this play. Character flaw is defined as a trait character lacks or possess which leads to their ultimate downfall from a high place in society. Brutus' character flaw is the very fact he is a stoic or he believes in what people are and say. He lives in an idealistic world. A modern example would people in get caught up in certain gimmicks and schemes that the media offers. Caesar's flaw is he is over ambitious. He lets the idea of being emperor blind of the conspiracy going on around him. An example of this would be someone who is a so-called "work-aholic." That is a person who allows their goals in the work place to obstruct the goals of life. 3.) The roles of Portia and Calpurnia play an influential role in this play as the act as the better halves of Brutus and Caesar. Portia and Calpurnia differ in their own mental stableness. Portia stable set of mind allows her to think and reason with logic clearly make a woman before her time. Calpurnia, on the other hand is a woman who overacts, panics, and really is too big in the logic and reasoning department. Portia's action taken when she tries to stop the conspirators before they reach the capitol and Calpurnia's actions taken when she tries to prevent her husband's trip to the capitol after she has the dream about Caesar's murder are best explain for their love of their husbands. Though their mindsets may be different they still love and deeply care about their spouses. I would rather marry Portia because of her mental stability and strength in times of adversity. 4.) Blank verse is key in establishing social classes in "Julius Caesar." Blank verse is defined as unrhymed verse written in iambic pentameter in which every syllable is stressed. Shakespeare uses blank verse as a device to distinguish social classes. The Patricians speak in blank verse while the Plebeians do not contrasting the their own ignorance. 5.) In Shakespeare's "Julius Caesar" Brutus is the tragic character. His flaw of being an idealist causes him to believe the conspirators and murder Julius Caesar and fall from his high place in society. By definition you arguably see how Brutus' inability to see and hear people for what the are causes his own horrible demise. His idealistic world creates the illusion killing Caesar and following the instructions of the conspirators is perfectly logical. Through these conclusions it is plain to see that Brutus is the true tragic character. JULIUS CAESER 1.) The great philosopher Aristotle makes the distinction between comedy and tragedy. Aristotle defines tragedy as a tragic character falling from a high place in society due to a flaw they possess and provides an insight into human existence. He defines comedy as any story that begins in adversity and ends in optimism. Shakespeare offers his own six elements to a tragedy; a tragic hero, conflicts (internal and external), humor, the supernatural, revenge, and chance happenings or bad luck. The tragic hero is clearly Brutus who seals his own fate through his character flaw, which is being a stoic. Conflicts are present in great numbers throughout this story both internally and externally. Brutus struggles internally when he contemplates whether or

Democracy essays

Democracy essays It is a tendency to practice democracy over the world. There are lots of governments in the world which are trying their best to promote a sense of democracy for their nationals. Obviously, we can find that there are still some areas in Hong Kong where we cannot have freedom, such as freedom of speech, freedom of press, freedom of assembly, freedom of religion and so on .In order to make such a change, therefore, it is more than urgent to propagate democracy in our society. For us to do this , the best way is that we should cultivate such a sense in our youngsters who are ,as it has always been said, the future pillars of our society. As we all know, our future masters are still in school, the target, therefore, should be set on students in their campus life. Therefore, we should consider what the meaning of democracy is. No one can doubt the meaning that a democratic society is a society in which people can have their own opinions, choices, speeches to choose anything freely and are not disturbed by any persons. As we know more about democratic system in school, we will have democratic society in Hong Kong sooner or later. Organizing a students union has its undeniable role in promoting democracy in school. As the students can cast their votes to decide which the best union is. They will cater for the students?needs. In the short run, it can ensure that their own ballots would influence the election results and their votes would be respected in that it can have our just and equal system in school. What is also worth noticing is that by offering an opportunity for the students to express their own views, it is a good idea that students can enjoy freedom of press. For example, students can write articles to express what they think and what they need that they may be fulfilled by the school. Furthermore, the school authority should examine their opinions one by one, and give the responses seriously. ...

Bend It Like Beckham Analysis Cultural Studies Essay

Bend It Like Beckham Analysis Cultural Studies Essay Since the 1950s Britain has gone through an intense period of accelerated social and cultural transitions. These changes come from the results of the disintegration of the British Empire, the expansion of the Commonwealth and the movement of people from various nationalities, languages and cultures. These phenomena have supported the progressive globalization of life and conceived a multi-ethnic and multicultural society, with a strong plurality of identities and heritages. One of the most driving motions for development through this phase has been the women’s movement. Their entry into the labour market and their increasing independence has brought fundamental changes in their position in society and their relations with men. Similarly, the emergence of youth as an identifiable group with a very different lifestyle to members of older generations, has contributed substantially to the changing social and cultural profile of the country. The younger generation has a more equal ity view of the role of women in society. The Hofstede analysis for Britain reports strong feelings towards individualism and masculinity. On the other hand, the power distance and uncertainty avoidance are ranked considerably low. Long-term orientation ranks the lowest. This study indicates potential change that Britain is willing to achieve rapidly with the new generations. Men and women mix freely, with independent relationships to one another. In the football club girls are all very open, they can get in touch with strangers very easily, undress without any shame. And Jess behaves on the contrary. The most vivid example of the British youth’s independence is the fact that parents can’t interfere in Jules’s private life, even when it deals with her sexual orientation. According to Hall’s scale of levels’ of cultures, British culture is a low level context culture because the messages are clear and the words carry most of the information in most communication (for example, when the coach sees that Jess has problems with her parents because of football, he goes there and tells them about his opinion, without any rituals, very directly). More interpersonal connections of shorter duration exist in Britain. Even choosing football in this movie seems to reflect the low level context British culture is experiencing. Football is one of the most rule and goal-oriented, strictly defined and team playing games (where each has its own job). According to Hall’s cultural theories, British culture seems to be the mix of the past-oriented and future-oriented cultures. Old generation is still trying not to lose traditions, they are still very conservative but the younger people are much more future-oriented, as it is very obvious from â€Å"Bend it like Beckham†. In conclusion, British culture is definitely an individualistic one, due to its high level of individual independence, goals and concept of individuality over group goals. Individuals have universal communication and equal attitude to everyone, in the family and in everyday life where men and women enjoy equal rights. It’s also a feminine culture with several specific features of male culture. British culture is a low level context one where people play by external rules, they have separation of time, space, activities, relationships; more interpersonal connections of shorter duration; almost everything is task-centered (decision and activities focus around what needs to be done, division of responsibilities) and so on.

Nursing Theory and Practice Term Paper Example | Topics and Well Written Essays - 2500 words

Nursing Theory and Practice - Term Paper Example With actual nursing practice, Callista Roy recognized that in order to provide effective care, there must be several specific factors taken into consideration. These include psychological constructs of human behavior, socialization, physiological care, and inherent evaluations related to nurse self-concept, role function and interdependence on systems and teams. Roy began to see not only better patient outcomes by adopting this rather holistic model and its principles, but more dedicated and devoted nurses with strong self-awareness and emotional intelligence to perform adequate nursing care practice. The Roy Adaptation Model (RAM) consists of a series of inputs referred to as stimuli, control processes that include coping mechanisms, effectors which relates to nursing and patient self-concept, and the establishment of a feedback system to achieve maximum positive outputs in nursing care and practice and to reduce ineffective responses learned through observation and direct experienc e with patients. Why RAM is so effective is that it is practical and realistic, taking into consideration the multi-dimensional characteristics of human needs and values that are critical components to how patients will respond to nurses and how nursing caregivers will respond to patients. What makes the Roy Adaptation Model so relevant is that it understands that nurses and patients are both adaptive and holistic in cognition and emotion, where health is more than physiological care, but also biopsychosocial taking into consideration more than just the patient (Shin, Park, & Kim, 2006). This is a transformational model of nursing care, in which nursing culture within the organization is considered both an input and an effector. Fairholm (2009) identifies that in order to build an effective culture within the health care organization, a nurse must be visionary, a teacher, and impart mission to others to reduce change resistance and also build inter-team loyalties. The Roy Adaptation Model recognizes the impact of de-motivated or highly motivated nursing agents within the organization as variables that can impact nurse self-concept and task importance impacting psychological and sociological condition of the caregiver. RAM provides an acknowledgement that nurses and patients are complicated and dynamic individuals that must be addressed according to their self-concept and ability to cope effectively with their health care provision while also developing positive inter-dependencies with other health care staff. This model does not negate the notion of servant leadership in which a nurse is able to provide effective service and care to others while also developing better emotional intelligence and self-betterment through cognition and self-evaluation (Farazmand, Green, & Miller, 2010). The feedback system is an evaluatory tool that assesses whether strategies in nursing practice have met with expected outcomes and also to assist in developing new strategies that were ineffective. This model therefore provides qualitative and quantitative analyses opportunities that explore tangible care actions and relationship-minded concerns that are best measured through interviews or direct observation rather than through statistical evaluation. This model, because of its ability to recognize subjective and deductive scenarios in nursing care, is

Presentation proposal Assignment Example | Topics and Well Written Essays - 750 words

Presentation proposal - Assignment Example Palliative care is a medical care for individuals who have illnesses that are life threatening. It focuses care on providing specialized care to individuals who have serious illness. In most cases, the illnesses are progressive and they lead to death of the individuals. Palliative care provides relief to patients from the symptoms and pains of the illness. The main objective of palliative care is to maintain the life of the patients. In addition to, palliative care, maintains the life of the individuals and their family members. During this treatment, curing the patients is not the first priority of the medical staff. The medical staff manages the symptoms the patients because it is part of the health care. They are also entitled to maintaining the emotions of the patients. Taking care of patients at home is a big commitment and individuals must be ready to sacrifice. There are many factors that determine the best place to provide medical care to a patient. The condition of the patient is among the factors used to determine the best place to provide care for individuals. Doctors must choose the best advice when providing palliative care to patients (Morrissey, 2013).  ).There are advantages and limitations of both setting to the patient depending on the condition of the patient. The patient and family members decide on the home setting as the ideal place to receive treatment. Advantages of a home based setting include being closer to the patient. It is important because it saves the time spent to make frequent visits to the hospital. The feeling of being in familiar surrounding and with familiar individuals is crucial for individuals with chronic illnesses. The individual may have medical conditions that may not be acceptable at home. Presence of facilities helps to address most of the conditions of patients. The cost of providing palliative care at home is higher than providing it in the hospital (Morrissey,

Ethics and Philosophy of Social Research Essay Example for Free

Ethics and Philosophy of Social Research Essay The social research shares with all scientific endeavours the necessity to balance scientific zeal with other ethical values that derive from the social context in which all social research takes place. To some degree, the research ideal of objectivity unavoidably conflicts with humanistic values. Therefore, all researchers must at some time come to grips with this conflict. The issue, however, is especially crucial for social researchers because the focus of their research is the behaviour of other people. Thus, not only the goals of the social research but the very process of data collection is subject to ethical conflicts. The paper contains analysis—the synthesis of research results across a large number of studies—and on the social responsibility and ethical requirements of the social research. The ethical issues which researchers face in their day-to-day study are comparatively consistent across methods. The ethical principles adopted by researchers should govern their actions, whether they take place in field or laboratory environment. To make this point most strongly, this paper contains a separate section, which should serve as a strong point of reference for the social researcher, rather than providing a series of ethical requirements that are spread thinly throughout the various sections of this paper. These issues include the social and ethical responsibilities and constraints connected with the conduct of social research and advancing the cumulative progress of behavioral and social science through integrating and synthesizing findings from different current investigations. The paper hopes to make clear that social research is a collective enterprise undertaken in the context of ethical values. Main body Ethics in Social Research Ethics of Research Design and Methodology Because the subject matter of the social researcher is human behaviour and the processes that are associated with behaviour, it is unavoidable that researcher interests will conflict sometimes with ethical values placed on the rights of people to privacy and self-determination. The guidelines for social research ethics set by the Social Research Association (SRA) (2003) stress the idea of recruiting participants for research on the basis of informed consent —this means that participation must be freewill and with the participants full knowledge of what research will include. However, it is declared that many subjects could not be researched at all if this ideal were entirely met, and that the rights of individuals must be weighed against the possible importance of the research problem. David De Vaus (1996), for example, demonstrated in a verbal conditioning experiment that a full explanation of methods and hypotheses destroyed the phenomenon they were attempting to examine. In cases where full explanation of subject cannot be presented, SRA recommends that â€Å"But there should, at least, be clarity about opt-in and opt-out arrangements, about the length and degree of commitment required of respondents, and about the precise goals of the research. Adequate subject de-briefing also seems essential to this last aim.† Thus, the ethical code does not present free from limitations standards that relieve the researcher of important value judgments. Rather, judgments as to the comparative significance of research programmes and researchers responsibility for the well-being of their participants are the primary bases of research ethics. Deception in the Laboratory The degree to which participation is entirely voluntary is in many cases disputable, depending on the social and institutional pressures to take part in research that are at times involved. But usually, participants in laboratory experiments at least know that they participate in a research study. Notwithstanding, however, the information provided to participants in laboratory investigations is usually smallest, at best, and often purposely deceptive as to the goals of the research study. To what degree this deception is justified by serving scientific purposes and the potential benefit to human welfare is a matter of considerable debate. Some critics claim that no deception is ever reasonable and that it should not be permitted in the interests of social research (Ortmann Hertwig 746-747). Most social researchers, however, take a more temperate view, considering that there is an unavoidable compromise between values of entire honesty and informed consent and the possible value of what can be learned from the research itself. Just as the unimportant lie uttered in the interests of tact or politeness is regarded as acceptable when used in the service of good manners, so a little amount of deception may be acceptable in the service of obtaining reliable research data. However, there is also some controversy over whether social researchers have exceeded this adequate minimum in their research (Barnes 320). For some years the practice of deception in laboratory experiments was considered acceptable by most experimenters. However, an article by Herbert Kelman (1967) reflected a growing concern with accepted among many people, and evidently undisputed, use of deception in social research. Kelmans article argued this practice on both ethical and practical grounds. Ethically, he claimed, any deception disregarded essential norms of respect in the interpersonal relationship that forms between researcher and research participant. Besides, the practice might have extreme methodological implications as participants become less naive and extreme suspiciousness begins to have an effect upon the outcomes of all research. To avoid these problems, Kelman advised that social researchers (a) reduce the unnecessary use of deception, (b) explore ways of counteracting or minimizing its negative consequences when deemed necessary, and (c) develop new methods, such as role playing or simulation techniques, which substitute active participation for deception (Kelman 10-11). Practices of experimenting with these alternative methodologies have been tried, but the results are consisting of conflicting thoughts, at best (Crespi 23). Thus, the general agreement in the social research is that some level of deception is often necessary to produce realistic conditions for testing research hypotheses. However, such deception needs to be justified by the nature and significance of the research question being studied. As James D. Faubion (2005) put it, â€Å"The social researcher whose study may have a good chance of reducing violence or racism or sexism, but who declines to do the study simply because it requires deception, has not solved an ethical problem but only traded one for another† (860). Ethical Issues in Field Research Although much of the discussion about the ethical implications of deception concentrates on laboratory experimentation, study conducted outside the laboratory often considers a number of other ethical issues and concerns. Besides issues associated with consent to participate, researchers also must think over issues of privacy and confidentiality when research data are collected in field surroundings (Boruch 102). Because a main benefit of field research, from a scientific point of view, is the chance of obtaining samples of behaviour under naturally occurring circumstances, it often is beneficial to conduct such research under conditions in which the nature of the research is concealed. Therefore, the participants may not only be mislead regarding the goals of the research, but may even be uninformed that they are the subject of research in the first place. The use of â€Å"frugal† measures highlights this strategy (Ortlieb 2002), but even more traditional methods of data collection, such as the interview or questionnaire, are often conducted in such a manner as to conceal their true goal. Some researchers consider the practice of concealed observation or response elicitation as passable as long as it is limited to in fundamental way â€Å"public† behaviors or settings usually open to public examination. Adam Ashforth (1996), for example, presented a review of settings and behaviours for which concealed research methods have been used. However, there is the question of subjective definitions of what form â€Å"public† behaviours, specifically in urban settings where social norms lead to the probability of anonymity in public surroundings. Because by definition field research includes some act of intervening on the part of the researcher in the stimulus conditions to which the uninformed participants are exposed, ethical question about hidden observation is further difficult to understand because of concern over the nature of such manipulations. Instances of practice of experimenting in field settings comprise systematic variation of the content of applicant briefs sent to potential employers (Ashforth 1996), differential behaviour on the part of salesmen regarding customers (Fairclough 2003) or customers toward salesmen (Fairclough 2003). To some degree these all fall within a â€Å"normal range† of human behaviour in public surroundings, the only difference being their methodical manipulation by the researcher. Yet, collecting data about individual behaviour in these cases evidently violates the spirit of â€Å"informed consent, † in particular when researchers conclude it is best not to inform individuals which have been observed even after the fact (Seiber 268). The Regulatory Context of Research Involving Human Participants The preceding discussion of ethical dilemmas is contemplated to present the idea that there are no easy, certain rules for deciding whether a specific research strategy or method is ethical or not. Rather, difficult enough to construct opinion is involved in weighing the possible value of the research against potential stress or other costs to research participants. Ethical decision making includes a cost—benefit analysis rather than the consideration of certain strictures and rules (Alvaro Crano 13). Much of the responsibility for decision making falls on the individual researcher, but one person alone is not always the best judge of what is of considerable importance and necessary research and what is possibly harmful to participants. Actually, there is good evidence that biases enter into scientists evaluations of the quality of their own research (Kimmel 1991). Therefore, the conduct of social research that meets reasonable ethical standards and methods is not just a matter of persons judgment, it is the law. Almost all social research that is supported by funds or conducted in educational or research institutions that receive funding (of any kind) is subject to regulations concerning the conduct of social research. The primary agency is The Economic and Social Research Council (ESRC) which is the UKs leading research funding and training agency addressing economic and social concerns. ESRC provides certain principles for protecting the welfare and dignity of human participants in research and provides policies and procedures that are required of institutions in which such research is conducted. The ESRC expects that the research it supports will be conducted according to a high ethical standard. This Research Ethics Framework (REF) sets out good ethical practice in UK social research.Although REF is a mandatory aspect of social research which involves human participants, it does not absolve the researcher from any further responsibility for the ethical conduct of his or her research.

Religion in Colonial America Essay -- Religion

Religion was the foundation of the early Colonial American Puritan writings. Many of the early settlements were comprised of men and women who fled Europe in the face of persecution to come to a new land and worship according to their own will. Their beliefs were stalwartly rooted in the fact that God should be involved with all facets of their lives and constantly worshiped. These Puritans writings focused on their religious foundations related to their exodus from Europe and religions role in their life on the new continent. Their literature helped to proselytize the message of God and focused on hard work and strict adherence to religious principles, thus avoiding eternal damnation. These main themes are evident in the writings of Jonathan Edwards, Cotton Mathers, and John Winthrop. This paper will explore the writings of these three men and how their religious views shaped their literary works, styles, and their historical and political views. John Winthrop 1588-1649 John Winthrop was a pioneer for religious freedom in America. As one of the early settlers sailing west on the Arbella, he composed a sermon called A Model for Christian Charity. Winthrop’s sermon is the framework for creating the spiritual colony that he envisioned and a way to unite the people coming to a new land. The people traveling west were not from one group but rather came from many groups and backgrounds. Winthrop knew that in order to succeed in the wilderness these individuals would have to give up some of their individuality for the greater good of the colony. Winthrop felt that religion was the ultimate way to accomplish this and that Christ was the perfect model to follow. In one passage he says: For patterns we have that first o... ...p. cccxi). London: William Ball Paternoster-Row. Walker, R. (2001). Cotton Mather. Retrieved fromhttp://www2.iath.virginia.edu/salem/people/c_mather.html Baym, N. (2008). Cotton mather. In N. Baym (Ed.), The Norton Anthology of American Literature Volume 1 (p. 143). New York: W.W. Norton & Company. Wise, P. M. (2005). Cotton mathers's wonders of the invisible world: An authoritative edition. (dissertation, Georgia State University)Retrieved fromhttp://digitalarchive.gsu.edu/cgi/viewcontent.cgi?article=1004&context=english_diss Mather, C. (2008). From the Wonders of the Invisible World. In N. Baym (Ed.), The Norton Anthology of American Literature Volume 1 (pp. 147). New York: W.W. Norton & Company. Winthrop, J. (2008). A Model for Christian Charity. In N. Baym (Ed.), The Norton Anthology of American Literature Volume 1 (pp. 82). New York: W.W. Norton & Company.

Airline Safety – Essay

Name: Katelyn Meyers Assignment #4 – Airline Safety Since 9/11, airline security has been a major focus of the Federal Aviation Administration (FAA) and the US Government. Based on what you’ve read and learned in Chapter 5, discuss the following topics: * Part 1 – â€Å"Is it safe to fly? (You must show statistics and data to support your answer. Consider comparing it to other forms of transportation) * Part 2 – What security measures have been implemented since 9/11 and in your opinion, are the â€Å"extreme† security checks at our airports necessary? Discuss the safety precautions taken and find research and statistics to prove your point. Part 1 – Is it safe to fly? Yes, it is safe to fly. A US National Safety Council study showed flying to be 22 times safer than travelling by car. More than 3 million people fly every day. Chart below shows the number of fatalities in other transportation methods to travel. US Transportation Fatalities 20 00 – Source: NTSB Part 2 – What security measures have been implemented since 9/11 and in your opinion, are the â€Å"extreme† security checks at our airports necessary? In my option security has increased for the better good since 9/11. For example, airlines instructed passengers to arrive at airports as much as two hours before takeoff for domestic fights. After passing through security checkpoints, passengers were randomly selected for additional screening, including hand-searching of their carry-on bags, in the boarding area. The TSA has arrayed ’20 Layers of Security’ to ‘strengthen security through a layered approach’—see Figure 1. This is designed to provide defense-in-depth protection of the traveling public and of the United States transportation system. Of these 20 layers, 14 are ‘pre-boarding security’ (i. e. , deterrence and apprehension of terrorists prior to boarding aircraft): 1. Intelligence 2. Customs and border protection 3. Joint terrorism task force 4. No-fly list and passenger pre-screening 5. Crew vetting 6. Visible Intermodal Protection Response (VIPR) Teams 7. Canines 8. Behavioral detection officers 9. Travel document checker 10. Checkpoint/transportation security officers 11. Checked baggage 12. Transportation security inspectors 13. Random employee screening 14. Bomb appraisal officers The remaining six layers of security provide ‘in-flight security’: 15. Federal Air Marshal Service 16. Federal Flight Deck Officers 17. Trained flight crew 18. Law enforcement officers 19. Hardened cockpit door 20. Passengers Athol Yates, Executive Director of the Australian Homeland Security Research Centre says that air marshals are of ‘questionable’ security value, and that â€Å"hardening the cockpit doors and changing the protocols for hijacking has made it harder for terrorists to get weapons on board an aircraft and take control of it† (Maley 2008).

Benefits of Using Hypnosis

The aim of this paper is to identify the benefits of using hypnosis in various fields. In order to do so, the paper will discuss the definition of hypnosis and its brief history. In relation to this, its affects towards an individual as well as the instances when hypnosis is used will also be given due consideration. Lastly, but most importantly, the benefits of using hypnosis will be emphasized in this paper. The succeeding paragraphs will further elaborate on these aforementioned points. Definition of HypnosisHypnosis comes from the Greek word â€Å"ypnos†, which means sleep (Russell). It is defined as a â€Å"social interaction in which one person responds to suggestions given by another person also known as the hypnotist for imaginative experiences involving changes in perception, memory, and the voluntary control of action† (Kihlstrom). Hypnosis is regarded as a scientific technique that is verified as an effective means to inflict accelerated human change. By usin g hypnosis an individual could inflict the changes that he or she wants on a certain person.These changes could even promote and encourage mental and physical wellness. Moreover, hypnosis is also especially studied by health care professionals, practicing therapists as well as individuals who are looking for ways to change their untoward behaviours and to change their lives for the better (The Empowerment Group). Brief History of Hypnosis Hypnotic relationship has been practiced for over 5000 years in Chinese medicine between healers and patients.Egyptians also practiced hypnosis through the form of Temple Sleep that was recognized by priests as a special healing as well as an enlightening state. The ancient Greeks also have their own form of hypnosis that is referred to as Asclepian dream healing. May prominent personalities in history have used hypnosis in order to propagate their views such as: Genghis Khan, Richard the Lionheart, Napoleon, Hitler, Churchill, Billy Graham, Mohamm ed, and even Jesus practiced hypnotism. Nevertheless, the high-profile practice of hypnosis took place in 1734-1815 with physician Anton Mesmer.He applied hypnotism in his theory of animal magnetism where he contributed an important paper in the practice of hypnotism that considers the relation of magnetic influences in the movement of sun, moon, and planets in the state of human health. This study of Mesmer started the propagation of hypnosis towards the end of the first half of the 19th century. Hypnosis spread as far as Italy, Spain, the rest of Europe and Scandinavia and even Brazil (UK Guild of Hypnotist Examiners).At present, hypnosis is practiced in many parts of the world. Application of Hypnosis and its Effects towards an Individual A typical hypnosis starts with the induction procedure wherein the person is asked by the hypnotist to relax and concentrate in focusing his or her eyes on a fixation point. The voice of the hypnotist will instruct the person on what to do. None theless, individuals could also have a positive response to hypnotism even if it is done while he or she is engaged in a vigorous activity.After the hypnotist directed the person of the primary procedure he or she would further suggest the patient for different imaginative experiences like extending ones’ arms or that when he or she opens his or her eyes the object in front of them will no longer be there. Furthermore, the patients may also be instructed by the hypnotist to disregard or continue a particular behavior (Institute for the Study of Healthcare Organizations and Transactions). An individual’s response to hypnosis tends to vary as it is based upon the differences of each person to another.This is due to the fact that hypnosis has large to do with the capability or talent of an individual to experience hypnosis rather than the hypnotic technique that was used. Majority of people are moderately hypnotizable but even though most people respond to hypnotism only few of them could actually attain the highest level of responsiveness or what is called as hypnotic virtuosos (Institute for the Study of Healthcare Organizations and Transactions). Benefits of Hypnosis The benefits of hypnosis could be seen in various aspects of an individual’s life.Hypnosis could be beneficial in someone’s personal life, working career, and even with regards to the physical and mental well-being of a person. In terms of ones’ personal life, someone who might want to quit smoking or start exercising to lose weight could undergo hypnosis in order for them to start doing these desirable actions and make it part of their everyday routine. A person could also learn to relax about the stressful work that he or she might have as well as start pursuing those career dreams that he or she aspires through the motivational aid of hypnotism.Even psychological and emotional problems like phobias such as fear of public speaking and shyness could also be addr ess through the use of hypnosis (Hypnosis School). Moreover, hypnosis has also been used by criminologists, psychologist as well as other mind specialist in order to guide and control the behaviour of a patient. Programs that involved intelligence or education-related skills have also result to hypnotism so that it could easily enhance the academic skills of their student like memorization and speed reading (All About Life Challenges).Lastly, what makes hypnosis a very popular form of therapy is the fact that it does not involve taking drugs or any kind of medication that could be habit forming. Being the case, a patient does not have to worry about serious side-effects as well as the expenses in such kind of treatment (All About Life Challenges). The discussions above show that hypnotism indeed has a substantial contribution in addressing the various problems that most people have to go through. Hypnotism tends to give solution to personal, psychological, medical, and even social c oncerns.The efficacy and importance of this kind of treatment is proven by the long period of time that it has been used. Being the case, it is not surprising that hypnotism give numerous benefits for the overall well-being of a person. Works Cited All About Life Challenges. â€Å"Benefits of Hypnosis. † 7 August 2008 . Hypnosis School. â€Å"The benefits of hypnosis. † 7 August 2008 .Institute for the Study of Healthcare Organizations and Transactions. â€Å"Hypnosis and Health. † 7 August 2008 < http://www. institute-shot. com/hypnosis_and_health. htm>. Russell, Michael. â€Å"Hypnosis: A Brief History. † 7 August 2008 < http://ezinearticles. com/? Hypnosis—A-Brief-History&id=200983>. The Empowerment Group. â€Å"What is hypnosis? † 7 August 2008 < http://www. hypnosis. com/whatishypnosis. aspx>. UK Guild of Hypnotist Examiners. â€Å"A Brief History of Hypnosis. † 7 August 2008 < http://www. hypnotherapy2empower. com/hypnosis_histo ry. php>.

Buenos Aires essays

Buenos Aires essays The region now known Buenos Aires had outgrown Spains political and economic domination in 1776. By May 25, 1810 a revolution broke out because of the discontent with Spanish interference. Soon in 1816 it led to an independence from Spanish rule. Independence revealed the furious regional discrepancies which Spanish rule had blocked out. Conservative landowners that were supported by the gauchos and rural working class were the Federalist of the interior. The Federalist mainly advocated provincial autonomy. The cosmopolitan city dwellers who welcomed the injection of European capital, immigrants and ideas were the Unitarists of Buenos Aires. The Unitarists upheld Buenos Aires central authority. After the era of rule by Federalist Juan Manuel Rosas, a new period of growth and prosperity was growing with the Unitarist constitution of 1853. Foreign investment and trade were hallmarks of the new liberalism due to European immigration. The Pampas was given over to the cultivation of cereal crops, and sheep were introduced. A foreign interest is the road to growth with in the economy. Like wise as the Europeans invested their time in trade and investment then British should too invest their time as much as the Europeans. Argentina remains a safe destination for travelers and from my perspective it was very much so. Despite the many corruptions that occurred in Argentina, the challenge now is to pull itself out of the hole and avoid further chaos. The past is behind us and the future is ahead which our focus is where it needs to be. The other major Latin American states I visited were also Mexico. The most appealing aspect to Mexico is its advantage to the Mexican economy. Mexico is one of the worlds most strategically positioned countries. Its on a northern border with the U.S. and the southeast with Belize and Guatemala. Mexico faces the fast growing markets of the Pacific Rim on one coastline, while on the ...

Population Assignment Example | Topics and Well Written Essays - 250 words

Population - Assignment Example Given the economic position of the country and other development as observed in the opening of the Sochi 2014 Opening Ceremony, these facilities are attractive to the young population that will create a strong foundation for the future of the nation. The population shift in Russia is highly due to the poor standards of living. As a result, the mortality rate for the males is high leading to a need for an immediate intervention. Unfortunately, the ban policy adopted by the government has more adverse impacts than advantages. As observed, the number of children adopted by American couples is high thus reducing children-related expenses for the administration (Herszenhorn and Eckholm n.p). With the current poverty and health care status, more children are likely to suffer from malnourishment and diseases increasing infant mortality beyond its present rate. Consequently, the future demography of the country will constrain the government, as dependent ratio will be very high. Herszenhorn, David  M., and Erik, Eckholm. "The New York Times." Putin Signs Bill That Bars U.S. Adoptions, Upending Families. The New York Times,  2012. Web. 24  Mar.  2015.

Personalization in Adult Social Care Essay Example | Topics and Well Written Essays - 3750 words

Personalization in Adult Social Care - Essay Example This paper shall also reflect on the skills needed in the personalization of social work skills, including the laws applicable in practice and for the service user. Finally, this paper shall consider what theorists say about the personalization of social work practice. These points shall be discussed in the hope of coming up with a clear and academic understanding of the subject matter. In a general sense, personalization can be defined as â€Å"tailoring pages to individual users’ characteristics or preferences† (Search CRM, 2001). In these cases, personalization is about the client or about the person and about meeting his specific needs not based on generally applicable practices. Social work practice has traditionally been based on what a person needs as assessed by social workers and other people involved in the social works services. After such assessment is conducted, the social workers would now tell the clients what services and type of support they would recei ve, who from, where, and when (Squibb, 2009, p. 1). Personalisation in the social work context and based on the personalization agenda now refers to a change in the system where a person needing social care and support would get to decide the type of support he will receive, who from, where, and when (Squibb, 2009, p. 1). It is also referred to as self-directed support. It is not the social workers who will get to decide what services a person would need, but it is the client himself who would choose and fashion such services to suit his life and his needs. Personalisation â€Å"enables the individual alone, or in groups, to find the right solutions for them and to participate in the delivery of service. From being a recipient of services, citizens can become actively involved in selecting and shaping the services they receive†.

Insurance law Research Paper Example | Topics and Well Written Essays - 750 words

Insurance law - Research Paper Example The insured party is not compensated by the insurer. This type of policy is commonly taken by those owning automobile. 2. Third-party, theft and fire. This type of cover is an extension of the third-party cover by including risks associated with theft and fire. The risks covers the policyholder only not the third party. 3. Comprehensive cover: this type of covers insures the insured plus the other party who incurred loss caused by the inured party. Comprehensive cover is more advantageous than third party insurance. One is returned back to the level he/she was before the predetermined risk occurred Insurance just like any field has to have its principles to ensure a fair playing field among the involved parties. These principles are regarded as the pillars of insurance and ingredients for transformation. This principle gives the policyholder who has been insured against a predetermined the right to be compensated. The compensation should restore the policyholder back to where he/she was before the risk occurs. Therefore, one should not expect to be paid much than what he/she suffered as a result of the risk. Insurance is a contract and thus, requires information from both parties to be bias free. It is from the information that premium is calculated and therefore, information inconsistency and inaccuracy may lead to wrong premium calculation and interfere with compensation. Health insurance is most affected with this principle since any omission in the health satus of the insured might compel the insurer not to compensate the insured in case a risk occurred and the insurer had no information regarding certain element of the health status of the insured. This principle covers the issue surrounding premium. An insured party is expected to pay a predetermined amount of cash referred to as premium for him/her to be compensated when a risk occurs. Failure to pay the agreed amount might result for one not being compensated in case a risk

Fashion Management Design Lulu Lemon Brand Essay

Fashion Management Design Lulu Lemon Brand - Essay Example The paper "Fashion Management Design Lulu Lemon Brand" concerns the Lulu Lemon's Fashion Management Design. The toolkit is implied by the Three Pillars of Sustainability, which contains Economic, Ecological and Social dimensions. The term ‘sustainable development’ was born in 1987 by United Nations Commission on Environment and Development. The idea of equal attitude towards the three pillars is grounded on the hypothesis, that human needs cannot be met by one single pillar; economy, ecology and social issues are the three interconnected systems which are to remain stable. In reality, such equality doesn’t exist and economic side tends to be more convincing. Ecological and social pillars are less disputed, but ironically, they are the ones to be stressed in the first place, and the profitability is to follow naturally. In case of Lulu Lemon brand, the past experience and failures in particular need to be traced and analyzed; they are the indicators to show the dir ection to be followed in order to develop a sustainable strategy. The brand known as Lululemon Athletica was established in early 1998 by Chip Wilson. It is a Canadian company, specialized in yoga and athletic clothing. The targeted segment is the educated woman leading healthy and active lifestyle. Basically, Lululemon has developed a community-based strategy, promoting healthier, longer and fun lives. Basically, the Lululemon brand is not just about selling clothing, it is targeted at building loyalty by means of grassroots marketing.

Stock Price Reaction To Annual Earnings Announcements

Stock Price Reaction To Annual Earnings Announcements Any decision carried out by the management of any organization needs adequate, accurate and precise information, on the basis of that information the management procures their analysis and undertake decision. If decision to be taken involves any financial aspect, this increases the scope and accuracy of the information. Financial decisions require adequate and accurate information; therefore, it is important that the behaviour of individual market is investigated for informed financial decision making, Oguzusy and Guiven (2003). In this respect many theories were presented. One of them is about the market efficiency which is termed as efficient market hypothesis (EMH). The concept of market efficiency had been anticipated at the beginning of the century by Bachelier (1900) in his dissertation. Fama (1970) classified market efficiency in three categories namely, weak form, semi strong form and strong form of efficiency; weak form of efficiency which defines as one cant earn abnormal return by doing technical analysis of the market or of a particular stock. Technical analysis means predicting future prices by studying historical prices of a particular share or a market. The Second form of efficient market hypothesis (EMH) is semi-strong form of efficiency. This form of market efficiency makes impossible for an investor to earn extra return on security by knowing the publicly available information; this includes companys financial results, any particular event or news which affects the company the share prices adjust rapidly with these new publicly available information therefore excess return cant be earn by trading on that information. The last form of efficient market hypothesis (EMH) is the strong form of efficiency and can be define as share prices reflects all public and private information (insider information) and consequently it is not possible for a stock holder to earn extra return on the basis of these information. According to efficient market hypothesis (EMH) the stock prices in an efficient market fully reflect their investment value Ajayi, Mehdian Perry (2004). The security pricing process instantaneously impound the available information in an efficient market and it is not possible to beat an efficient market that by using data mining, trading strategy or by any technical analysis to get consistently abnormal returns. Efficient market hypothesis (EMH) assumed that (1) All investors have cost-less access to currently available information about the future. (2) They are good analysts; and (3) They pay close attention to the market process and adjust their holdings appropriately. Many models including Augmented Dickey Fuller (ADF) unit root test, variance ratio test (VR), Ljung Box Q-statistics, and Durbin Watson‘d statistics have been based on this concept of informational efficiency of capital markets. However the late seventies and the eighties brought in evidences questioning the validity and highlighting various anomalies related to the Stock market efficiency. There are many focused studies that demonstrate the possible trading strategies yielding abnormal rates of return using the historical data and publicly available information ruling out the efficacy of markets. The empirical studies evidencing the inefficiency are broadly related to the following: (1) The low price-earning (P/E) effect: Researches show that stocks with low price earning (P/E) ratios earned more for investors, which is contradictory to Efficient Market Hypothesis (EMH). Fama and French (1995) found that market and size factors in earnings help explain market and size factors in returns. (2) The small firm and neglected firm effects: Banz (1981), Reinganum (1981) and other researchers show the size or small-firm effect in stock return. Their analysis support the evidence that small firm with low capitalization can earn higher returns than the large firm with large capitalization. (3) Market over and under reaction: DeBondt and Thaler (1985, 1987) present evidence that is consistent with stock prices over reacting to current changes in earnings. They report positive (negative) estimated abnormal stock returns for portfolios that previously generated inferior (superior) stock price and earning performance. This could be construed as the prior period stock price behaviour over reacting to earnings developments (Bernard, 1993). (4) The January effect: The January effect in stock returns was documented by many researchers. Their analysis suggested that January has a highest return as compared to other months. January effect was first discovered by Rozeff and Kinney (1976) for US stock markets. Later other researchers like Gultekin and Gultekin (1983), Chang and Pinegar (1986) documented the same result for other countries stock markets. (5) The week day effect: This refers to the observation that stocks return are not independent of the day of the week effect. A notable anomaly is the Monday effect in daily stock returns, which suggests that stock returns are significantly lower or negative on Mondays relative to other week days. This ‘Monday effect has been extensively examined not only in U.S. asset markets but in international markets as well, for example French (1980), Lakonishok and Levi (1982), Mehdian Perry (2001) and Lakonishok Smidt (1988). In week day effect the last trading day that is Friday was characterized with a positive return and the first trading day that is Monday is characterized with a low or negative return. Later this interesting study was also carried out on other countries stock markets and the researchers found out the same result, but still few studies has been done on emerging Asian stock markets. Karachi Stock Exchange (Kse) The Karachi Stock Exchange abbreviated as KSE is a stock exchange based in Karachi, Pakistan. It was founded in 1947 and is countrys largest and oldest stock exchange, with both Pakistani and overseas listings. It is also the second oldest stock exchange in South Asia. From its inception in 1947, it has done an amazing progress. In 1950s, only 05 companies listed and 90 members were there on the exchange and at the end of 2007 the number of listed companies increased by 666 which make a total of 671 listed companies and the member on the exchange goes up from 90 to 200 during these years. Its current premises are situated in the heart of Karachis Business District, on Stock Exchange Road. History KSE is the biggest and most liquid exchange. It was recognized worldwide for performing well in 2002 by Business Week magazine. US newspaper, USA Today, termed Karachi Stock Exchange (KSE) as one of the best performing bourses in the world. As of December 20, 2007, 671 companies were listed with the market capitalization of Rs.4364.312 billion (US$ 73 Billion) having listed capital of Rs.717.3 billion (US$ 12 billion). In the same year, the KSE 100 Index reached its ever highest value and closed at 14,814.85 points. Trading Time The trading hours are from 9:45am to 2:15pm on weekdays and 9:30am to 1:30pm on Friday. Growth The beginning of the exchange was very low with an index of 50 shares only. As the market grew, a delegate index was needed. On November 1st, 1991 the KSE-100 index was introduced and till present it is the most generally accepted measure of the exchange. The need to reconfirm for all share indexes was felt in 1995 and to provide the beginning of index trading in future. And this was achieved on 29th of August, 1995, constructing all share indexes and introduced on 18th of September, 1995. Foreign interests were very active on KSE in 2006 and the interest continued in 2007 also. According to the estimates given by State Bank of Pakistan, foreign investment in capital markets total about US$523 Million. According to a research analyst in Pakistan, around 20% of the total free float in KSE-30 Index is held by foreign participants. There is a plan to build high rise building for the KSE as a new direction to future investments. The decision was taken by the board of directors, Karachi stock exchange (KSE). Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange. Kse – 100 Index Karachi Stock Exchange 100 Index (KSE-100 Index) is a benchmark and stock index used to compare prices overtime. In determining representative companies to compute the index, companies with the highest market capitalization are selected. To ensure full market representation, the company with the highest market capitalization from each sector is also included. The list of 100 companies listed in Karachi Stock Exchange is presented in Table # 01. The Karachi Stock Exchange (KSE) has also launched the KSE-30 Index with base value of 10,000 points, implemented from September 1, 2006. The main feature of this index is that it based only on the free-float of shares, rather than on the basis of paid-up capital which differ it from the other indices. Unlike the Karachi Stock Exchange (KSE) which represents total return of the market, KSE-30 index is adjusted for dividends and right shares. That is, when a company announces a dividend, the other indices at Karachi Stock Exchange (KSE) are not reduced for that amount of dividend. Whereas KSE-30 Index is adjusted for dividends and right shares only Table # 01 List of 100 Companies listed In Karachi Stock Exchange – 100 Index No. Company Name No. Company Name 1 Pakistan Refinery 51 Pakistan Telecom. Co.Ltd 2 EFU General Ins 52 Sui North Gas 3 Pakistan Reinsur 53 New Jubilee Insurance 4 EFU Life Assurance 54 Mybank Limited 5 Dawood Herc. 55 WorldCall Telecom 6 Ist.Capital Securities 56 D.G.Khan Cement 7 Mari Gas 57 Pakistan State Oil 8 Siemens Pakistan 58 PICIC Growth 9 Bata (Pakistan) 59 Fauji Cement 10 Adamjee Insurance 60 Standard Chartard Bank 11 Attock Refinery 61 IGI Insurance 12 Jahangir Siddiqque Co. 62 Sui South Gas 13 Pak.National Shipping Corp. 63 Karachi Electric Supply Corp. 14 Bank Al-Falah 64 Shell Pakistan 15 Meezan Bank 65 Wazir Ali 16 Bannu Woollen 66 Samin Textiles 17 JS Global Cap. 67 Bestway Cement 18 Rafhan Maize 68 Maple Leaf Cement 19 Habib Metro Bank 69 Pioneer Cement 20 Nestle Pakistan 70 Javedan Cement 21 Pakistan Elektron 71 Fazal Textile 22 Lucky Cement 72 Pak.PTA Ltd. 23 Pakistan Tobacco 73 ABN AMRO Bank 24 MCB Bank 74 NIB Bank 25 Bank AL-Habib 75 Bosicor Pakistan 26 Pakistan Petroleum 76 Saudi Pak Bank 27 Attock Petroleum 77 Pakistan Cement 28 Engro Chemical 78 Agriautos Industries 29 National Refinery 79 AL-Ghazi Tractors 30 ICI Pakistan 80 Allied Bank 31 Colgate Palmolive 81 Arif Habib Securities 32 Abbott (Lab) 82 Askari Bank 33 Habib Bank Ltd 83 Atlas Honda 34 Attock Cement 84 Kot Addu Power Company 35 Azgard Nine 85 Lakson Tobacco 36 Bank of Punjab 86 National Bank of Pakistan 37 Fauji Fertilizers Bin 87 Nishat Mills 38 Fauji Fertiliz 88 Oil and Gas Development 39 Faysal Bank 89 Orix Leasing 40 Ghani Glass 90 Pakistan International Airlines 41 GlaxoSmith 91 Packages Limited 42 Habib Modarba 92 Pak Oilfields 43 Habib Sugar 93 Pak Services 44 Hub Power 94 Pak Suzuki 45 Ibrahim Fibres 95 Pakistan Intn`l Container Ter. 46 Indus Motor 96 Soneri Bank 47 International Industries limited 97 Thal Limited 48 JS Investment 98 UniLever Pakistan 49 Kohinoor Energy 99 Unilever Foods 50 Cresent Commercial Bank 100 United Bank (Source: Karachi Stock Exchange) History The index was launched in late 1991 with a base of 1,000 points. By 2001, it had grown to 1,770 points. By 2005, it had skyrocketed to 9,989 points. It then reached a peak of 12,285 in February 2007. KSE-100 index touched the highest ever benchmark of 14,814 points on December 26, 2007. The graph of last 10 years of KSE growth and index points is shown. The graph clearly shows the progress and continuous increment. Free Float Index: In order to introduce a free float index that is representative of the market, the KSE- 30 Sensitive Index was implemented with effect from September 1, 2006. The need for a market representative free float index was long felt as the capitalization weighted KSE 100 Index strongly tilted to a few scripts. Free float is based on the proportion of shares readily available for trading to the total shares issued and excludes the locked in shares. The criterion for the selection of scripts on KSE-30 index was revised on 15 February 2007 in line with international best practices to include the impact cost as a measure to gauge the liquidity of scrip. This study is about testing the semi-strong form of Efficient Market Hypothesis (EMH) on the annual earnings announcement for the selected companies, listed on Karachi Stock Exchange (KSE) by using event study methodology (Fama et al. 1969; and Brown and Warner 1980, 1985).; Following this chapter the study is divided into six more chapters, they are; (1) Chapter two includes detailed Research aims and objectives, it also comprises of main problem and their sub problems; hypotheses of the study are also being discussed in this chapter. (2) In the third chapter, Review of relevant theoretical and empirical research has been done. In this chapter we have concluded that what has been done so far in this area of study both theoretically and empirically. (3) Fourth chapter covers Research methodology, data sources and method of sampling for the data. Methodology includes formulae and tests which are being used to test semi-strong form of efficient market hypothesis (EMH) on Karachi Stock Exchange (KSE). (4) Fifth chapter includes Research results and/or findings with supporting evidence. (5) Sixth chapter includes the research conclusions. (6) The seventh and the last chapter comprise of Recommendations; made with the help of Research results and/or findings. Scope And Limitation Of The Study The material in this dissertation to the best of my knowledge do not contain any previously published or written documents by another person except where due acknowledgement is made in the research itself. If any errors found in the calculations made for this research that will be the sole responsibility of the writer. Statement Of Ethics And Originality Due to time constraint and non availability of the companys earnings announcement data from the Karachi stock exchange web site before 2004 the study is being carried out for just three years which includes 2005, 2006 and 2007. Moreover during the period of study which is year 2005, 2006 and 2007 there are few companies eliminated due to the non availability of the required data to carry out the calculations. Due to the limited availability of econometrics experts for guidance irrespective of the new sophisticated models for event studies, conventional models were used in this study despite the fact they have less predictive power than the other latest models. Aims, Objectives And Hypothesis Of The Study The following are the Aims Objectives of the study: To check whether the Semi-Strong form of Efficient Market Hypothesis (EMH) is valid for Karachi Stock Exchange` 100 – 100 Index (KSE – 100 Index). To examine the stock market reaction (KSE) to Annual Earnings Announcements. Problems The research is comprises with one main problem which is further divided into three sub problems each problem has its own hypothesis and to be solved separately. Main Problem Test whether semi-strong form of efficiency exists on Karachi Stock Exchange (KSE) or not. Sub Problem – One Whether the annual earnings announcement affect complete on the day of announcement? We will calculate the normal return and the expected return and if it is close to zero; we will say that the annual earnings announcement affect complete on the day of announcement Sub Problem – Two Share holders could not earn extra return; before, and after the announcement. We would first take the average of abnormal return and then cumulate the average abnormal return. In case where the AARs and the CAARs are closed to zero we will conclude our results that, investor or the share holder are not able to earn abnormal return by trading on event which is earnings announcement. Sub Problem – Three The Average Abnormal Returns (AARs) are random. We used Runs test to analyze the randomness in the behavior of Average Abnormal Returns (AARs). To check whether the average abnormal returns occur by chance or not, we carried out Runs test. In case where the observed numbers of runs are significantly different from the expected number of runs, we will conclude our finding as Average Abnormal Returns (AARs) do not occur randomly. Alternatively, if these results were not statistically significant, we say that Average Abnormal Returns (AARs) do occur randomly. We carried out runs test on Average Abnormal Returns (AARs) before and after the event day and also for the event window. Hypothesis Since the study empirically examine the Karachi Stock Exchange`s 100 Index reaction to Annual Earnings Announcement and the hypothesis being tested are: Hypothesis For Sub Problem One HO: Our null hypothesis for sub problem – one is that the stock prices reactions in response to the annual earnings announcement complete on the announcement day in addition to that, abnormal returns can`t be earn by the investors on stocks by trading on stocks after the announcement day. HO: Rit = AR = 0 H1: Rit = AR For testing above hypothesis we compute the estimated return for the event window and then compare it to the actual return, the estimated return will be calculated by using following equation; E (Rit) = ÃŽ ±i + ÃŽ ²i Rmt Under the null hypothesis if the estimated return of a stock is closed to zero we will accept the null hypothesis and if it is not than we will reject our hypothesis and bring to a close; that announcement do affect on returns. Hypothesis For Sub Problem Two HO: Our null hypothesis for sub problem – two is that returns are close to zero for average abnormal returns and their respective cumulative average abnormal returns for the selective securities in the study HO: AAR ≈ CAAR = 0 H1: AAR ≈ CAAR To test the above hypothesis first we will calculate the average abnormal return (AAR) and then cumulative average abnormal return (CAAR) with the help of the following formulae; For Average Abnormal Return ÃŽ £ ARit AAR it = i=1 . N Where, i = the number of securities in the study; N = total number of securities. t = the days surrounding the event-day For Cumulative Average Abnormal Return K CAARt = ÃŽ £ AARit Where, t = -30,0, +30. t = -30 If the average abnormal return and the cumulative average abnormal return are close to zero than we accept our null hypothesis otherwise we will reject it. 2.2.3 Hypothesis for Sub Problem – Three HO: Our null hypothesis for sub problem – three is that the difference between the no. of positive and negative average abnormal returns as not significant and they occur randomly. HO: Z = 0 H1: Z The null hypothesis of the test is that the observed series is a random series. A run is defined by Gibbons (1985), as â€Å"A succession of identical symbols which are followed or preceded by different symbols or no symbol at all† The run test is another approach to test and detect statistical dependencies (randomness). The number of runs is computed as a sequence of the price changes of the same sign (such as; + +, , 0 0). When the expected number of run is significantly different from the observed number of runs, the test rejects the null hypothesis that the daily returns are random. The run test converts the total number of runs into a Z statistic. For large samples the Z statistics gives the probability of difference between the actual and expected number of runs. The Z value is greater than or equal to + 1.96, reject the null hypothesis at 5% level of significance (Sharma and Kennedy, 1977). Literature Review There have been a lot of studies conducted on Efficient Market Hypothesis (EMH), a concept; developed by Fama (1960) and divided capital market into three parts on the basis of its efficiency namely weak, semi-strong and strong form. For the event study, which is linked with semi – strong form of market efficiency; below first we discuss the theoretical foundations and after that, the empirical evidence. Theoretical Foundations The origins of the Efficient Market Hypothesis (EMH) can be traced back to the work of two individuals, Eugene F. Fama (1960) and Paul A. Samuelson (1960). Remarkably, they independently developed the same basic concept of market efficiency from two rather different research agendas. These differences would drive them along two distinct trajectories leading to several other breakthroughs and milestones, all originating from their point of intersection, the Efficient Market Hypothesis (EMH). The EMH state that in an efficient market where many well-informed and intelligent investors operates, the stock price imitates all the existing information and no other information or analysis can be used to earn abnormal returns. The arguments of Fama (1965) form the theoretical foundation for the Efficient Market Hypothesis (EMH), which persuasively reasons that in an efficient and active market consisting of many well-informed investors, equity prices will appropriately reflect the effects of information based on present and future expected events. The strong form of the hypothesis asserts that the current market prices fully reflect all private (insider) and public information. In other words, insiders shouldn`t be able to earn excess returns from privileged asymmetric information. The strong form of the hypothesis represents an absolute standard, and in practice, market demonstrates only a certain degree of efficiency. Efficient Market Hypothesis (EMH) claims that speculative market prices fully and immediately reflect all available relevant information. Fama categorised information as: publicly available information, information that eventually becomes public, insider information. Event studies are used in tests of Efficient Market Hypothesis (EMH) to ask whether prices incorporate information fully on the day that the information is revealed. If Efficient Market Hypothesis (EMH) holds, the information about the event should be incorporated into prices before or on the day of the event itself. There should be no impact on returns after the event â€Å"There was little evidence on the central issues of corporate finance, now we are overwhelmed with results, mostly from event studies† (Fama, 1991, p. 1600) Event study analyses are typically used for two different purposes firstly as a test of semi-strong form market efficiency; and secondly as, assuming that the market efficiency hypothesis holds, as a tool for examining the impact of some event on the wealth of firms shareholders. Event studies measure security price changes in response to events. A single event study typically analyzes the average security price reaction to instances of the same type of event experienced by many firms. For example, the event could be the announcement of a merger. The event date can vary from one security to another in the same study, with dates measured in event time. Event studies have been used in a large variety of studies, including [mergers and acquisitions], earnings announcements, debt or equity issues, corporate reorganizations, investment decisions and corporate social responsibility MacKinlay (1997), McWilliams Siegel (1997). Empirical Evidence The debate about efficient markets has resulted in hundreds and thousands of empirical studies attempting to determine whether specific markets are in fact efficient and if so to what degree. Many novice investors are surprised to learn that a tremendous amount of evidence supports the Efficient Market Hypothesis (EMH). Since the late 1960s, the enormous study in the finance and accounting literature has recognized evidence of relationship between accounting reports and market reactions. Fama (1970) described an efficient market as having prices that â€Å"fully reflect† all available information. Beaver (1981) offers a definition of market efficiency based on the information distribution when investors have mixed beliefs. Accounting reports probably are one of the sources of public information. Ball Brown (1968) examine the relationship between the accounting reports stock prices . Their results show that the market reacts to unexpected earnings as though the market participants had access to the good or bad news prior to the availability of this news to the market. They estimate that only 10 to15 percent of the market reaction takes place during the announcement month. Using another approach, similar results are also found in the work of Ball and Brown (1968) they examined price changes surrounding the announcement of a firms annual earnings and found that the stock market reacts quickly to annual earnings announcements. Ball (1992) and Bernard Thomas (1989) and (1990), documented significant delays in the adjustment of stock prices to quarterly earnings announcements. Developed countries of the world such as the USA, the UK, and Australia, etc. the amounts of researches on Efficient Market Hypothesis are extensive. Fama, Fisher, Jensen and Roll (1969) conducted the first study on semi-strong form of Efficient Market Hypothesis (EMH). They examined the behaviour of abnormal returns at the announcements of stock splits and found that the market reaction is significant prior to the stock split announcement. Jordan (1973) assessed the behaviour of security prices surrounding the quarterly earnings announcements and found that stock market is efficient in the semi-strong form. In Asia until now some researches has been done. Kong, S. and Taghavi, M. (2006) study the Effect of Annual Earnings Anno Stock Price Reaction To Annual Earnings Announcements Stock Price Reaction To Annual Earnings Announcements Any decision carried out by the management of any organization needs adequate, accurate and precise information, on the basis of that information the management procures their analysis and undertake decision. If decision to be taken involves any financial aspect, this increases the scope and accuracy of the information. Financial decisions require adequate and accurate information; therefore, it is important that the behaviour of individual market is investigated for informed financial decision making, Oguzusy and Guiven (2003). In this respect many theories were presented. One of them is about the market efficiency which is termed as efficient market hypothesis (EMH). The concept of market efficiency had been anticipated at the beginning of the century by Bachelier (1900) in his dissertation. Fama (1970) classified market efficiency in three categories namely, weak form, semi strong form and strong form of efficiency; weak form of efficiency which defines as one cant earn abnormal return by doing technical analysis of the market or of a particular stock. Technical analysis means predicting future prices by studying historical prices of a particular share or a market. The Second form of efficient market hypothesis (EMH) is semi-strong form of efficiency. This form of market efficiency makes impossible for an investor to earn extra return on security by knowing the publicly available information; this includes companys financial results, any particular event or news which affects the company the share prices adjust rapidly with these new publicly available information therefore excess return cant be earn by trading on that information. The last form of efficient market hypothesis (EMH) is the strong form of efficiency and can be define as share prices reflects all public and private information (insider information) and consequently it is not possible for a stock holder to earn extra return on the basis of these information. According to efficient market hypothesis (EMH) the stock prices in an efficient market fully reflect their investment value Ajayi, Mehdian Perry (2004). The security pricing process instantaneously impound the available information in an efficient market and it is not possible to beat an efficient market that by using data mining, trading strategy or by any technical analysis to get consistently abnormal returns. Efficient market hypothesis (EMH) assumed that (1) All investors have cost-less access to currently available information about the future. (2) They are good analysts; and (3) They pay close attention to the market process and adjust their holdings appropriately. Many models including Augmented Dickey Fuller (ADF) unit root test, variance ratio test (VR), Ljung Box Q-statistics, and Durbin Watson‘d statistics have been based on this concept of informational efficiency of capital markets. However the late seventies and the eighties brought in evidences questioning the validity and highlighting various anomalies related to the Stock market efficiency. There are many focused studies that demonstrate the possible trading strategies yielding abnormal rates of return using the historical data and publicly available information ruling out the efficacy of markets. The empirical studies evidencing the inefficiency are broadly related to the following: (1) The low price-earning (P/E) effect: Researches show that stocks with low price earning (P/E) ratios earned more for investors, which is contradictory to Efficient Market Hypothesis (EMH). Fama and French (1995) found that market and size factors in earnings help explain market and size factors in returns. (2) The small firm and neglected firm effects: Banz (1981), Reinganum (1981) and other researchers show the size or small-firm effect in stock return. Their analysis support the evidence that small firm with low capitalization can earn higher returns than the large firm with large capitalization. (3) Market over and under reaction: DeBondt and Thaler (1985, 1987) present evidence that is consistent with stock prices over reacting to current changes in earnings. They report positive (negative) estimated abnormal stock returns for portfolios that previously generated inferior (superior) stock price and earning performance. This could be construed as the prior period stock price behaviour over reacting to earnings developments (Bernard, 1993). (4) The January effect: The January effect in stock returns was documented by many researchers. Their analysis suggested that January has a highest return as compared to other months. January effect was first discovered by Rozeff and Kinney (1976) for US stock markets. Later other researchers like Gultekin and Gultekin (1983), Chang and Pinegar (1986) documented the same result for other countries stock markets. (5) The week day effect: This refers to the observation that stocks return are not independent of the day of the week effect. A notable anomaly is the Monday effect in daily stock returns, which suggests that stock returns are significantly lower or negative on Mondays relative to other week days. This ‘Monday effect has been extensively examined not only in U.S. asset markets but in international markets as well, for example French (1980), Lakonishok and Levi (1982), Mehdian Perry (2001) and Lakonishok Smidt (1988). In week day effect the last trading day that is Friday was characterized with a positive return and the first trading day that is Monday is characterized with a low or negative return. Later this interesting study was also carried out on other countries stock markets and the researchers found out the same result, but still few studies has been done on emerging Asian stock markets. Karachi Stock Exchange (Kse) The Karachi Stock Exchange abbreviated as KSE is a stock exchange based in Karachi, Pakistan. It was founded in 1947 and is countrys largest and oldest stock exchange, with both Pakistani and overseas listings. It is also the second oldest stock exchange in South Asia. From its inception in 1947, it has done an amazing progress. In 1950s, only 05 companies listed and 90 members were there on the exchange and at the end of 2007 the number of listed companies increased by 666 which make a total of 671 listed companies and the member on the exchange goes up from 90 to 200 during these years. Its current premises are situated in the heart of Karachis Business District, on Stock Exchange Road. History KSE is the biggest and most liquid exchange. It was recognized worldwide for performing well in 2002 by Business Week magazine. US newspaper, USA Today, termed Karachi Stock Exchange (KSE) as one of the best performing bourses in the world. As of December 20, 2007, 671 companies were listed with the market capitalization of Rs.4364.312 billion (US$ 73 Billion) having listed capital of Rs.717.3 billion (US$ 12 billion). In the same year, the KSE 100 Index reached its ever highest value and closed at 14,814.85 points. Trading Time The trading hours are from 9:45am to 2:15pm on weekdays and 9:30am to 1:30pm on Friday. Growth The beginning of the exchange was very low with an index of 50 shares only. As the market grew, a delegate index was needed. On November 1st, 1991 the KSE-100 index was introduced and till present it is the most generally accepted measure of the exchange. The need to reconfirm for all share indexes was felt in 1995 and to provide the beginning of index trading in future. And this was achieved on 29th of August, 1995, constructing all share indexes and introduced on 18th of September, 1995. Foreign interests were very active on KSE in 2006 and the interest continued in 2007 also. According to the estimates given by State Bank of Pakistan, foreign investment in capital markets total about US$523 Million. According to a research analyst in Pakistan, around 20% of the total free float in KSE-30 Index is held by foreign participants. There is a plan to build high rise building for the KSE as a new direction to future investments. The decision was taken by the board of directors, Karachi stock exchange (KSE). Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange. Kse – 100 Index Karachi Stock Exchange 100 Index (KSE-100 Index) is a benchmark and stock index used to compare prices overtime. In determining representative companies to compute the index, companies with the highest market capitalization are selected. To ensure full market representation, the company with the highest market capitalization from each sector is also included. The list of 100 companies listed in Karachi Stock Exchange is presented in Table # 01. The Karachi Stock Exchange (KSE) has also launched the KSE-30 Index with base value of 10,000 points, implemented from September 1, 2006. The main feature of this index is that it based only on the free-float of shares, rather than on the basis of paid-up capital which differ it from the other indices. Unlike the Karachi Stock Exchange (KSE) which represents total return of the market, KSE-30 index is adjusted for dividends and right shares. That is, when a company announces a dividend, the other indices at Karachi Stock Exchange (KSE) are not reduced for that amount of dividend. Whereas KSE-30 Index is adjusted for dividends and right shares only Table # 01 List of 100 Companies listed In Karachi Stock Exchange – 100 Index No. Company Name No. Company Name 1 Pakistan Refinery 51 Pakistan Telecom. Co.Ltd 2 EFU General Ins 52 Sui North Gas 3 Pakistan Reinsur 53 New Jubilee Insurance 4 EFU Life Assurance 54 Mybank Limited 5 Dawood Herc. 55 WorldCall Telecom 6 Ist.Capital Securities 56 D.G.Khan Cement 7 Mari Gas 57 Pakistan State Oil 8 Siemens Pakistan 58 PICIC Growth 9 Bata (Pakistan) 59 Fauji Cement 10 Adamjee Insurance 60 Standard Chartard Bank 11 Attock Refinery 61 IGI Insurance 12 Jahangir Siddiqque Co. 62 Sui South Gas 13 Pak.National Shipping Corp. 63 Karachi Electric Supply Corp. 14 Bank Al-Falah 64 Shell Pakistan 15 Meezan Bank 65 Wazir Ali 16 Bannu Woollen 66 Samin Textiles 17 JS Global Cap. 67 Bestway Cement 18 Rafhan Maize 68 Maple Leaf Cement 19 Habib Metro Bank 69 Pioneer Cement 20 Nestle Pakistan 70 Javedan Cement 21 Pakistan Elektron 71 Fazal Textile 22 Lucky Cement 72 Pak.PTA Ltd. 23 Pakistan Tobacco 73 ABN AMRO Bank 24 MCB Bank 74 NIB Bank 25 Bank AL-Habib 75 Bosicor Pakistan 26 Pakistan Petroleum 76 Saudi Pak Bank 27 Attock Petroleum 77 Pakistan Cement 28 Engro Chemical 78 Agriautos Industries 29 National Refinery 79 AL-Ghazi Tractors 30 ICI Pakistan 80 Allied Bank 31 Colgate Palmolive 81 Arif Habib Securities 32 Abbott (Lab) 82 Askari Bank 33 Habib Bank Ltd 83 Atlas Honda 34 Attock Cement 84 Kot Addu Power Company 35 Azgard Nine 85 Lakson Tobacco 36 Bank of Punjab 86 National Bank of Pakistan 37 Fauji Fertilizers Bin 87 Nishat Mills 38 Fauji Fertiliz 88 Oil and Gas Development 39 Faysal Bank 89 Orix Leasing 40 Ghani Glass 90 Pakistan International Airlines 41 GlaxoSmith 91 Packages Limited 42 Habib Modarba 92 Pak Oilfields 43 Habib Sugar 93 Pak Services 44 Hub Power 94 Pak Suzuki 45 Ibrahim Fibres 95 Pakistan Intn`l Container Ter. 46 Indus Motor 96 Soneri Bank 47 International Industries limited 97 Thal Limited 48 JS Investment 98 UniLever Pakistan 49 Kohinoor Energy 99 Unilever Foods 50 Cresent Commercial Bank 100 United Bank (Source: Karachi Stock Exchange) History The index was launched in late 1991 with a base of 1,000 points. By 2001, it had grown to 1,770 points. By 2005, it had skyrocketed to 9,989 points. It then reached a peak of 12,285 in February 2007. KSE-100 index touched the highest ever benchmark of 14,814 points on December 26, 2007. The graph of last 10 years of KSE growth and index points is shown. The graph clearly shows the progress and continuous increment. Free Float Index: In order to introduce a free float index that is representative of the market, the KSE- 30 Sensitive Index was implemented with effect from September 1, 2006. The need for a market representative free float index was long felt as the capitalization weighted KSE 100 Index strongly tilted to a few scripts. Free float is based on the proportion of shares readily available for trading to the total shares issued and excludes the locked in shares. The criterion for the selection of scripts on KSE-30 index was revised on 15 February 2007 in line with international best practices to include the impact cost as a measure to gauge the liquidity of scrip. This study is about testing the semi-strong form of Efficient Market Hypothesis (EMH) on the annual earnings announcement for the selected companies, listed on Karachi Stock Exchange (KSE) by using event study methodology (Fama et al. 1969; and Brown and Warner 1980, 1985).; Following this chapter the study is divided into six more chapters, they are; (1) Chapter two includes detailed Research aims and objectives, it also comprises of main problem and their sub problems; hypotheses of the study are also being discussed in this chapter. (2) In the third chapter, Review of relevant theoretical and empirical research has been done. In this chapter we have concluded that what has been done so far in this area of study both theoretically and empirically. (3) Fourth chapter covers Research methodology, data sources and method of sampling for the data. Methodology includes formulae and tests which are being used to test semi-strong form of efficient market hypothesis (EMH) on Karachi Stock Exchange (KSE). (4) Fifth chapter includes Research results and/or findings with supporting evidence. (5) Sixth chapter includes the research conclusions. (6) The seventh and the last chapter comprise of Recommendations; made with the help of Research results and/or findings. Scope And Limitation Of The Study The material in this dissertation to the best of my knowledge do not contain any previously published or written documents by another person except where due acknowledgement is made in the research itself. If any errors found in the calculations made for this research that will be the sole responsibility of the writer. Statement Of Ethics And Originality Due to time constraint and non availability of the companys earnings announcement data from the Karachi stock exchange web site before 2004 the study is being carried out for just three years which includes 2005, 2006 and 2007. Moreover during the period of study which is year 2005, 2006 and 2007 there are few companies eliminated due to the non availability of the required data to carry out the calculations. Due to the limited availability of econometrics experts for guidance irrespective of the new sophisticated models for event studies, conventional models were used in this study despite the fact they have less predictive power than the other latest models. Aims, Objectives And Hypothesis Of The Study The following are the Aims Objectives of the study: To check whether the Semi-Strong form of Efficient Market Hypothesis (EMH) is valid for Karachi Stock Exchange` 100 – 100 Index (KSE – 100 Index). To examine the stock market reaction (KSE) to Annual Earnings Announcements. Problems The research is comprises with one main problem which is further divided into three sub problems each problem has its own hypothesis and to be solved separately. Main Problem Test whether semi-strong form of efficiency exists on Karachi Stock Exchange (KSE) or not. Sub Problem – One Whether the annual earnings announcement affect complete on the day of announcement? We will calculate the normal return and the expected return and if it is close to zero; we will say that the annual earnings announcement affect complete on the day of announcement Sub Problem – Two Share holders could not earn extra return; before, and after the announcement. We would first take the average of abnormal return and then cumulate the average abnormal return. In case where the AARs and the CAARs are closed to zero we will conclude our results that, investor or the share holder are not able to earn abnormal return by trading on event which is earnings announcement. Sub Problem – Three The Average Abnormal Returns (AARs) are random. We used Runs test to analyze the randomness in the behavior of Average Abnormal Returns (AARs). To check whether the average abnormal returns occur by chance or not, we carried out Runs test. In case where the observed numbers of runs are significantly different from the expected number of runs, we will conclude our finding as Average Abnormal Returns (AARs) do not occur randomly. Alternatively, if these results were not statistically significant, we say that Average Abnormal Returns (AARs) do occur randomly. We carried out runs test on Average Abnormal Returns (AARs) before and after the event day and also for the event window. Hypothesis Since the study empirically examine the Karachi Stock Exchange`s 100 Index reaction to Annual Earnings Announcement and the hypothesis being tested are: Hypothesis For Sub Problem One HO: Our null hypothesis for sub problem – one is that the stock prices reactions in response to the annual earnings announcement complete on the announcement day in addition to that, abnormal returns can`t be earn by the investors on stocks by trading on stocks after the announcement day. HO: Rit = AR = 0 H1: Rit = AR For testing above hypothesis we compute the estimated return for the event window and then compare it to the actual return, the estimated return will be calculated by using following equation; E (Rit) = ÃŽ ±i + ÃŽ ²i Rmt Under the null hypothesis if the estimated return of a stock is closed to zero we will accept the null hypothesis and if it is not than we will reject our hypothesis and bring to a close; that announcement do affect on returns. Hypothesis For Sub Problem Two HO: Our null hypothesis for sub problem – two is that returns are close to zero for average abnormal returns and their respective cumulative average abnormal returns for the selective securities in the study HO: AAR ≈ CAAR = 0 H1: AAR ≈ CAAR To test the above hypothesis first we will calculate the average abnormal return (AAR) and then cumulative average abnormal return (CAAR) with the help of the following formulae; For Average Abnormal Return ÃŽ £ ARit AAR it = i=1 . N Where, i = the number of securities in the study; N = total number of securities. t = the days surrounding the event-day For Cumulative Average Abnormal Return K CAARt = ÃŽ £ AARit Where, t = -30,0, +30. t = -30 If the average abnormal return and the cumulative average abnormal return are close to zero than we accept our null hypothesis otherwise we will reject it. 2.2.3 Hypothesis for Sub Problem – Three HO: Our null hypothesis for sub problem – three is that the difference between the no. of positive and negative average abnormal returns as not significant and they occur randomly. HO: Z = 0 H1: Z The null hypothesis of the test is that the observed series is a random series. A run is defined by Gibbons (1985), as â€Å"A succession of identical symbols which are followed or preceded by different symbols or no symbol at all† The run test is another approach to test and detect statistical dependencies (randomness). The number of runs is computed as a sequence of the price changes of the same sign (such as; + +, , 0 0). When the expected number of run is significantly different from the observed number of runs, the test rejects the null hypothesis that the daily returns are random. The run test converts the total number of runs into a Z statistic. For large samples the Z statistics gives the probability of difference between the actual and expected number of runs. The Z value is greater than or equal to + 1.96, reject the null hypothesis at 5% level of significance (Sharma and Kennedy, 1977). Literature Review There have been a lot of studies conducted on Efficient Market Hypothesis (EMH), a concept; developed by Fama (1960) and divided capital market into three parts on the basis of its efficiency namely weak, semi-strong and strong form. For the event study, which is linked with semi – strong form of market efficiency; below first we discuss the theoretical foundations and after that, the empirical evidence. Theoretical Foundations The origins of the Efficient Market Hypothesis (EMH) can be traced back to the work of two individuals, Eugene F. Fama (1960) and Paul A. Samuelson (1960). Remarkably, they independently developed the same basic concept of market efficiency from two rather different research agendas. These differences would drive them along two distinct trajectories leading to several other breakthroughs and milestones, all originating from their point of intersection, the Efficient Market Hypothesis (EMH). The EMH state that in an efficient market where many well-informed and intelligent investors operates, the stock price imitates all the existing information and no other information or analysis can be used to earn abnormal returns. The arguments of Fama (1965) form the theoretical foundation for the Efficient Market Hypothesis (EMH), which persuasively reasons that in an efficient and active market consisting of many well-informed investors, equity prices will appropriately reflect the effects of information based on present and future expected events. The strong form of the hypothesis asserts that the current market prices fully reflect all private (insider) and public information. In other words, insiders shouldn`t be able to earn excess returns from privileged asymmetric information. The strong form of the hypothesis represents an absolute standard, and in practice, market demonstrates only a certain degree of efficiency. Efficient Market Hypothesis (EMH) claims that speculative market prices fully and immediately reflect all available relevant information. Fama categorised information as: publicly available information, information that eventually becomes public, insider information. Event studies are used in tests of Efficient Market Hypothesis (EMH) to ask whether prices incorporate information fully on the day that the information is revealed. If Efficient Market Hypothesis (EMH) holds, the information about the event should be incorporated into prices before or on the day of the event itself. There should be no impact on returns after the event â€Å"There was little evidence on the central issues of corporate finance, now we are overwhelmed with results, mostly from event studies† (Fama, 1991, p. 1600) Event study analyses are typically used for two different purposes firstly as a test of semi-strong form market efficiency; and secondly as, assuming that the market efficiency hypothesis holds, as a tool for examining the impact of some event on the wealth of firms shareholders. Event studies measure security price changes in response to events. A single event study typically analyzes the average security price reaction to instances of the same type of event experienced by many firms. For example, the event could be the announcement of a merger. The event date can vary from one security to another in the same study, with dates measured in event time. Event studies have been used in a large variety of studies, including [mergers and acquisitions], earnings announcements, debt or equity issues, corporate reorganizations, investment decisions and corporate social responsibility MacKinlay (1997), McWilliams Siegel (1997). Empirical Evidence The debate about efficient markets has resulted in hundreds and thousands of empirical studies attempting to determine whether specific markets are in fact efficient and if so to what degree. Many novice investors are surprised to learn that a tremendous amount of evidence supports the Efficient Market Hypothesis (EMH). Since the late 1960s, the enormous study in the finance and accounting literature has recognized evidence of relationship between accounting reports and market reactions. Fama (1970) described an efficient market as having prices that â€Å"fully reflect† all available information. Beaver (1981) offers a definition of market efficiency based on the information distribution when investors have mixed beliefs. Accounting reports probably are one of the sources of public information. Ball Brown (1968) examine the relationship between the accounting reports stock prices . Their results show that the market reacts to unexpected earnings as though the market participants had access to the good or bad news prior to the availability of this news to the market. They estimate that only 10 to15 percent of the market reaction takes place during the announcement month. Using another approach, similar results are also found in the work of Ball and Brown (1968) they examined price changes surrounding the announcement of a firms annual earnings and found that the stock market reacts quickly to annual earnings announcements. Ball (1992) and Bernard Thomas (1989) and (1990), documented significant delays in the adjustment of stock prices to quarterly earnings announcements. Developed countries of the world such as the USA, the UK, and Australia, etc. the amounts of researches on Efficient Market Hypothesis are extensive. Fama, Fisher, Jensen and Roll (1969) conducted the first study on semi-strong form of Efficient Market Hypothesis (EMH). They examined the behaviour of abnormal returns at the announcements of stock splits and found that the market reaction is significant prior to the stock split announcement. Jordan (1973) assessed the behaviour of security prices surrounding the quarterly earnings announcements and found that stock market is efficient in the semi-strong form. In Asia until now some researches has been done. Kong, S. and Taghavi, M. (2006) study the Effect of Annual Earnings Anno