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Character Analysis Essay

Every person has his or her own definition of what a hero is. The qualities that their hero possesses come from personal experiences. In modern times, a hero is defined as a selfless person who risks their life and/or liberty for the benefit of others. In an analysis of Gilgamesh and Beowulf using modern standards, Gilgamesh is not a hero, whereas Beowulf possesses many heroic qualities. Using the “Anglo-Saxon Ideal”, both possess the qualities the Anglo-Saxons valued. Looking at the two epics, Gilgamesh and Beowulf, we see similarities and differences between the two heroes; Gilgamesh is the prototype for the archetypal hero, but by modern standards, he is no hero at all.

Although Beowulf and Gilgamesh have different agendas when they defeated their “monsters”, they both have similar character traits. Beowulf fights and kills Grendel and the dragon for the safety of his people. He is strong, brave, loyal, courageous, generous, and he values friendship. Although Beowulf attacks the dragon, he did not go into the battle unprovoked. On the other hand, Gilgamesh goes after Humbaba to prove his bravery and strength to his people, show that Humbaba is not as strong as everyone believes, show his people that the boundaries set by the Gods are breakable, and to inspire the youth to become braver and stronger. Gilgamesh, like Beowulf, possesses the qualities of bravery, strength, and courage. However, unlike Beowulf, Gilgamesh’s primary motive to go after Humbaba unprovoked was a selfish one.

The “Anglo-Saxon Ideal” emphasizes courage over long life, strength over intelligence, loyalty to the lord and king above all, feasting, music, and storytelling. According to these standards, Gilgamesh is the archetypal hero. Gilgamesh is strong, brave, and courageous. In the 1400 years between the time Gilgamesh first appeared and Beowulf’s first appearance, the template for the hero did not change very much. The people had the same set of values, and they praised the same kind of heroic qualities. Gilgamesh is considered the prototypic archetypal hero. Many subsequent heroes, such as Beowulf, had many of the same qualities.






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Eugene Fama was an undergraduate student at Tufts University when he first began to develop an interest for economic theory (Tuft’s E.Newz). Mr. Fama worked for a professor who was trying to develop a “buy - sell” formula for the securities market based on price momentum (News-School). The phenomena accompanied with his study, plus the skills that he acquired while evaluating stock market data, drew Mr. Fama to the University of Chicago where he would finally develop what is known today as the “Efficient Market Hypothesis”.

INTRODUCTION

This paper reviews the theoretical and empirical evidence on the “Efficient Markets Hypothesis”. After a discussion of the theory and its relevant forms, empirical work concerned with the adjustment of security prices to the three relevant information subsets is considered. First, weak form tests, in which the information set is just historical prices, are discussed. Then the semi-strong form tests, in which the concern is whether prices efficiently adjust to other information that is obviously publicly available, (e.g., announcements of annual earnings, stock splits, etc) are considered. Finally, strong form tests concerned with whether given investors or groups have monopolistic access to any information relevant for price formation is reviewed.




Next, this review will discuss some particular problems associated with testing the Efficient Market Hypothesis; specifically the setbacks associated with developing a benchmark (or expected return) when applying the CAPM model.

Furthermore, this review will identify some specific anomalies associated with the Efficient Market Hypothesis; illustrate the evidence of abnormal returns, and describe the empirical research performed to identify the causes of occurrence.

Finally, this review will introduce the recent evolution of “Behavioral Finance”, a concept that has been initiated in attempts to enhance the understanding of investors and the Efficient Market Hypothesis.

EFFICIENT MARKET HYPOTHESIS

According to the theory of “Stock Market Efficiency”, an efficient market fully and accurately reflects all of the relavent available information in the price of a security (Fama, 170). The nature of the information does not have to be limited to financial news or research alone; information about political, economic and social events, combined with how investors perceive such information will be reflected in a securities price. Furthermore, the securities market is flooded with thousands of intelligent, well-paid, and well-educated investors seeking under and over-valued securities to buy and sell(Fama, 11). The more participants and the faster the dissemination of information, the more efficient a market should be.

As security prices only respond to information available in the market, and because the information is available to everyone, no one has the ability to “out-profit” another. Security prices are therefore random, and this “random-walk” of price results in the failure of any active investment strategy aimed at beating the market consistently. A planned investment approachs cannot be successful.

ASSUMPTIONS

Perfect Information is one of the pre-conditions in a perfectly efficienty market. The term “Perfect Information” is frequently used in economics to identify the assumption that complete knowledge is available to all securities market participants(Fama, 170). The information is available at no cost, and trading on such information is free. Furthermore, it is the assumption that all market participants agree to the implications of such information and a securities price fully reflects the expected return.

In the “real-world” however, the assumption of Perfect Information is highly unlikely. There are transaction costs associated with acquiring/analyzing market information and secondly, trading securities in the market is often performed for a nominal fee (Varian, 18). Furthermore, even the most sophicsticated security investors do not receive information instantly, nor do they react to it instantly. There is a vast amount of information that travels through the avenues of financial firms daily, and the major decisions are taken by committees or small groups of people to discuss, analyze, and decide as to what to do (Varian, 18). The major financial institutions must analyze the market impact a large scale transaction will have when transferring their funds from one asset to another, all of which takes a considerable amount of time.

A “Random Walk” is a second assumption considered in the Market Efficiency Hypothesis (Fama, 165). The theory claims that a securities price will fluctuate randomly, without any influence by past price movements. Furthermore, the theory assumes that it is impossible to predict with any accuracy which direction the security will move at any given point; neither fundamental analysis nor technical analysis’ maintain any validity.

SUB-CLASSIFICATIONS

A more complex interpretation of the “Efficient Market Hypothesis” identifies three classifications of market efficiency. Each classification is aimed at reflecting the degree to which the theory can be applied to the security markets.

WEAK FORM OF MARKET EFFICIENCY � Suggests that all past prices of a security are reflected in today’s securty prices, therefore, technical analysis cannot be used to provide an investor with an advantage (Fama, 170); examining market trading data such as the history of past prices, trading volume, or short interst, and trend analysis is fruitless (Frankel & Froot, 10).

The use of stastical investigations on time series data is applied to test the weak form of market efficiency. Charting and techincal analysis both apply a series of numerical values such as price and volume to predict future trends, and while widely used by both professional and amateur traders this type of analysis implicitly rejects the efficiency of the market as understood in the efficiency market hypothesis.

With the innovation of computer software new types of technical analysis applications have been developed to allow the users to design their own indicators and to optimise them by testing their profitability (Tung, 1). Analysts or chartists believe that by analyzing the history of a securities price they can develop probabilities and anticipate future events. This type of technical analysis applies statistical data to search for meaningful signals amongst the apparent random fluctuation of stock price movements, and although technical analysis has produced mixed results, it is commonly practiced in the securities market.

Two commonly used types of technical analysis included

BAR CHARTS Bar charts are often used to identify patterns in price, volume, and the current trend of a securities price, and can be customized to illustrate price fluctuations throughout the day, month, or even year. With the use of a Bar Chart, an analyst can attempt to identify any trend in the securities price and therefore forecast its future based on past information illustrated in the graph. The items highlighted in Blue identify the day-to-day price fluctuations, which are currently on a downward trend. The Green and Red lines identify the trading activity or volume, which takes place on a day-to-day basis.

MOVING AVERAGE CHART

The moving average chart identifies the average closing value of the securities price. This information is generated by combining the sum of closing prices and dividing them by the number of days under observation. This type of analysis is often used to identify the direction of a trend and to smooth out price and volume fluctuations. The Red Circle ( Left Side) identifies a drop in the securities price below its 50 day average (Green Line), this trend continues until January, where the second Red Circle (Right Side) identifies an increase in the stocks actual price relatively larger then the 50 day average. This information combined with historical data could identify a trend in the securities price during the month of January, sometimes called the January Effect.

SEMI-STRONG FORM OF MARKET EFFICIENCY � Suggests that all public information is calculated into the securties current price. No form of “fundemental” or “techenical” analysis can be used to provide an investor with an advantage (Fama, 170).

To test the semi-strong form of market efficiency, an analysist researches any types of adjustments to a securities price after unknown news has been released. Any types of “consistent fluctuations” in a securities price after the initial change in price suggest that investors have interpreted the “New Information” inefficiently (Frankel & Froot, 10).

By applying a Fundamental analysis, an investor attempts to value a security by analyzing the companies accounting information. Fundamental Analysis is a method that uses earnings and dividends forecasts, economic analysis, quality of the firm’s management, the firm’s standing within the industry, and the prospects for the industry as a whole. The hope is to attain insight into the future performance of the firm that is not recognized by the rest of the market(Frankel & Froot, 10). Although the results from this type of analysis have varied in the past, investment firms like Meryll Lynch, Smith Barney, and Morgan Stanley Dean Whitter continuously apply fundamental analysis to develop strategic investment portfolios for their clients.

Three types of Fundamental strategies often applied include

Value Strategy The value strategy involves selecting certain securities which appear to be underpriced in relation to their fundamentals. By evaluating a firms Price � Earnings ratio, Price �Book Ratio, Dividend Yield, Price to Sales Ratio, Dividend �Earnings Ratio, and Earnings to Sales Ratio an analyst can determine whether or not a security is undervalued in comparison to its intrinsic value.

Momentum Strategy The momentum strategy involves the selection of certain securities which show a strong appreciation in price, either in absolute or relative terms. By evaluating a firm’s Mean Return, Past and Current Performance, Trend, and Continuous Momentum, an analyst may try to identify any persistence of the forces that drive the particular market as well as the security.

Growth Strategy The growth strategy involves the selection of securities that show a continuous growth in both earnings and sales. By simply evaluating the growth of a firms Earnings Per Share, and Sales in association to the current market condition an analyst can determine whether or not the firm is likely to continue its growth pattern.

STRONG FORM OF MARKET EFFICIENCY �Suggests that all information whether public or private, is accounted for in a securities price. Although private information, also known as “inside information” is held only by the directors, managers, and professional advisors of an organization, a security price is still at its intrinsic value (Fama, 170).

In evaluating the theory of a strong-form of market efficiency, studies on the US stock market have shown that people who do trade on inside information sometimes make enormous profits (Kyle, 185). Furthermore, it was also found that investors who monitor the trading activity of insiders, and thus follow their activity have sometimes enjoyed the same type of profits (Tung, 1).



Exhibit A



Exhibit B



Exhibit A and Exhibit B illustrate the effects of individuals who, by virtue of their possession retain nonpublic information and use it without restraint in security trading. As Exhibit A demonstrates, the magnitude of profits earned by corporate insiders exceeds the profits available once the information is released to the public (Exhibit B), thus rejecting the strong form of market efficiency.

TESTING THE THEORY

Testing the Efficient Market Hypothesis can be classified into three main categories. The first type of test identifies whether abnormal return are independent of newly released information. The second type of test exposes any form of abnormal returns after taking into account the transaction costs and risk associated with the trading of a security. The third type of test determines whether the market price of a security is equal to its intrinsic value.

Testing the Weak Form of Market Efficiency

The statistical analysis of independence between rates of return and past security prices is applied to test the weak form of market efficiency. Throughout history two conventional types of tests have been applied. The first type of test ,Serial Correlation Test, identifies any positive or negative serial correlation between returns over a period of time (Lyon & Tsai, 1). The second type of test ,Run Test, compares the actual values of a securities price to its expected (forecasted) value (Lyon & Tsai, 1). Consistency in serial correlation or accurate forecasting would identify an imperfection in the weak form of market efficiency and thus reject the hypothesis, however the evidence generated from these tests suggests that the weak form of market efficiency is accurate.

Testing the Semi-Strong Form of Market Efficiency

Testing the semi strong form of market efficiency requires the examination of economic, industry, and firm specific information and its affect on a securities price. Specifically, the analysis distinguishes whether or not a securities price fully reflects all publicly available information.

An important breakthrough in testing the Efficiency Market Theory came with the advent of the Event Study method. The first Event Study was applied to stock splits, however similar tests have been structured to evaluate dividend announcements, earnings announcements, large transactions, repurchase tender offers, and other public announcements. Secondly, Time Series Analysis Tests are performed to evaluate the affect of public information on a securities price and to determine whether or not specific information will provide a superior estimate of returns for a short horizon (1-6 months) or a long horizon (1 � 5 years).

The continuous examination of Event Studies and Time Series Analysis had supported the Efficiency Hypothesis (Stanton & Gabriel, 1). However, contradicting evidence (market anomalies) has been discovered leading to mixed results in the Semi-Strong theory.

Testing the Strong-Form of Market Efficiency

Testing the strong form of market efficiency incorporates the investigation of insider trading and its contribution to abnormal returns. The strong form suggests that all information, whether public or private, is accounted for in a securities price, thus investors trading on “non-public” information will not earn abnormal profits.

Numerous tests have been performed to identify insider trading and the release of new information (Allen, 18). As mentioned before, evidence suggests that insiders do earn superior returns on securities when trading on the basis of inside information, thus rejecting the strong form of market efficiency.

PROBLEMS TESTING EFFICIENT MARKET HYPOTHESIS

In an efficient market, no information or analysis can be expected to result in the out-performance of an appropriate benchmark, or “expected return”. Appropriate benchmarks refer to comparable securities of similar characteristics. The difficulty lies with the lack of ability to identify an accurate benchmark to measure actual and expected returns.

CAPM Model

Earlier investigations of the Efficient Market Hypothesis utilize the Capital Asset Pricing Model (CAPM) to generate an “expected return”. The Capital Asset Pricing Model is an economic model for valuing stocks by relating risk and expected return (Reinganum, 181). The assumption is based on the belief that investors demand additional expected return on assets that have a higher measure of risk.

Although the results proved to be accurate there is particular criticism to applying the CAPM model because it too is a hypothesis. Arguments against the use of the CAPM model suggest that the expected returns are unobservable therefore the evidence is inconclusive (Reinganum, 181). Secondly, estimates of the firm specific risk is imprecise, which creates a measurement error problem when applied to calculate an expected return. The two aforementioned arguments represent the Joint Hypothesis Problem, which states that “tests of the Efficient Market Hypothesis are joint tests of market efficiency and the Capital Asset Pricing Model”. Thus if the CAPM model is incorrect so is its evaluation of the Efficient Market.

Data Mining

The rapid evolution of computer technology has provided investors with the capabilities to access and analyze vast amounts of financial data (Investor Home, 00). But the financial data provided to the market is not standardized, therefore there are numerous approaches to both producing and evaluating this information. The difficulty with data mining is the quality of sources of the data. The recording of revenues, net income, shares outstanding, earnings per share, cash flows, total returns, and many other important equity variables are highly source dependent (Loughran, 1). All multifactor equity models work on the assumption that the data upon which the model was constructed is comparable to other inputs, but due to the multiple accounting practices this may not be so. Therefore, the return predictions generated from a data mine source may be inaccurate and thus unobservable.

Assessment of Risk

An accurate assessment of risk needs to be established to properly identify the expected returns of a security’s value. An estimation of risk refers to identifying the investor’s uncertainty about the parameters of the return on a security; these parameters can differ significantly from the properties perceived by rational investors (Reinganum, 181). Therefore, actual returns can deviate from the expected. Thus producing a perception of excess returns when in reality the returns are normal.

Changes in Risk-Free Rates

Continuously changing risk-free rates are another problem in evaluating the Efficient Market Hypothesis. Fluctuations occur daily and therefore if the risk-free rate is an important factor in identifying the “expected return”, a continuous change in risk-free rates could produce an inaccurate estimation of the “expected return” (Reinganum, 181).

ANOMALIES

Despite the strong evidence that the securities market is highly efficient, numerous studies have been conducted to identify long-term historical anomalies that appear to contradict the Efficient Market Hypothesis. An anomaly is an “exception to the rule, or a deviation from what is expected”, therefore an exception to the Efficient Market Hypothesis (Jenson, 178). Furthermore, although the abnormal returns earned by anomalies associated with the securities market are not constant, they are all associated with above-average returns over a long period of time.

The anomalies listed below have all become well documented during the last few years and sometimes indicate inefficient market efficiency, thus offering potentially profitable opportunities to investors.

January Effect The January Effect refers to a phenomenon in which securities (usually small-cap), recognize higher rates of return in the month of January. Since 16, research has shown that very small securities are the prime beneficiaries, having on average recorded excess returns of approximately 10%. Midsize securities have recorded average excess returns of %, and approximately 1% for larger securities (Stanton & Gabriel, 1).

One theory suggests that the January effect is attributed to small-firms rebounding from a year-end tax sale by investors (Stanton & Gabriel, 1). The assumption is that relatively low year-end securities are usually sold for investors to realize a tax-loss. Once the tax calendar has ended the investors then reinvest their money in the market, thus causing the security prices to increase. A second theory suggests that individuals are simply compensated for the extra risk associated to investing in the small firms (Investopedia.com, 00).

Small Firm Effect First introduced by Rolf W. Banz in 181, the “Small Firm Effect” asserts that small capitalization (small-cap) securities appear to provide greater than average returns without a corresponding increase in risk (Market Volume Analysis, 00). Research indicated that risk-adjusted returns for smaller firms exceed the returns of larger firms by approximately 1% per year on average from 16 to 180 (Statman, 180). The highest returns were recognized in times of strong economic growth and during strong recovery following a recession. On the other hand, when economic times were poor, smaller firms generally under-performed their larger counterparts (Statman, 180).

Although there is no simple explanation for the Small Firm Effect, researchers suggest it could be caused by one or all of the following (1) Information uncertainty � which asserts that researchers are less likely to thoroughly investigate small-cap securities and the lack of information amounts to relatively higher risk, thus providing a potential opportunity to exploit market miss pricing (Sloan, 16). () Higher Transaction Costs and Illiquidity � which asserts that small-cap securities can be more expensive to trade or subject to wider bid-ask spreads due to the lack of liquidity, thus excess returns are possibly due to the compensation required by investors (Brau & Heaton, 00).

Market Over/Under Reaction Research indicates that security prices overreact to “firm specific” information, and under-react to “common factor” market information (Abar & Banell, 1). This over/under reaction is subsequently followed by a reversal in the securities price; the more extreme the initial price movement, the more extreme the following adjustment.

Earlier studies suggest that security investors are overly optimistic or pessimistic about the effects of new information and therefore overestimate the correlation on returns (DeBont & Thaler, 185). However, a recent study has suggested that when these returns are adjusted for differences in characteristics between winner and loser stocks, such as size, book to market, and trading volume there is no irregularity (Ball & Shanken, 15).

Post Earnings Announcement Drift Security price changes tend to persist after initial earnings announcements. Securities with positive announcements tend to drift upward, and those with negative surprises tend to drift downward (Bamber, 17).

The theory suggests that individual investors who are less sophisticated than institutional investors cause Post Earning Drift, and that the trading by individual investors causes market inefficiency. Investors naively assume earnings follow a seasonal random walk and fail to understand the implications of current earnings for future earnings (Bernard & Thomas, 18). On the other-hand, a second theory suggests that investors are not less sophisticated, but they underestimate the degree of correlation of current earnings for future earnings (Ball & Bartov, 16).

Behavioral Finance

The Efficient Market Hypothesis is based on the belief that investors act rationally and consider all available information in the decision making process. However modern research has exposed a considerable amount of evidence identifying repeated patterns of irrationality, inconsistency, and incompetence in the ways investors make decisions when faced with uncertainty. Such evidence is often referred to as market anomalies.

Since the 180’s there has been a movement to incorporate behavioral science into finance. Behavioral finance is the study of how investors interpret and act on information to make informed investment decisions (Shleifer, 1). By including behavioral science into the study of finance, researchers are able to improve the research on the Efficient Market Hypothesis by incorporating psychology-based theories to explain market anomalies (Varian, 18).

The recent evolution of Behavioral finance stems from attempts by researchers to better understand and explain how emotions and cognitive errors influence investors in the decision making process. Researchers believe that the study of psychology and other social sciences can identify current unexplained influences that cause security market anomalies.

The Efficiency Market Hypothesis assumes that investors act rationally and unbiased to available information. Behavioral research, however, has suggested that investors are commonly biased in several regards. For example, investors tend to be overconfident in their predictions in the future of the securities market. Between 17 and 10, security analysts have been substantially inaccurate in the forecasts (errors between 5% and 65%) of actual returns (Barber & Odean, 001).

Secondly, “Frame Dependence” asserts that investor decisions are often affected by a reference point of the given security (Olsen, 00). That is, at which point the investor identifies and evaluates the security. By just focusing on the recent performance of a security, investors often observe order where in reality it does not exist. Thus interpreting an accidental success to be the result of skill.

Furthermore, the study of behavioral finance illustrates the belief that investors often trade on information they believe is superior and relevant when in fact the information is already reflected in the securities price (Thaler & Berartzi, 001). This results in high trading volumes in the financial markets, a phenomenon that has often puzzled many researchers.

Although the security markets are not entirely efficient, the increasing popularity of behavioral finance has produced numerous explanations for the occurrence of market anomalies. The wide range of information has demonstrated the growing success of behavioral approaches to understanding the confusion of financial markets, and as research continues it is expected that further explanations will be exposed.

CONCLUSIONS

The introduction of the Efficient Market Hypothesis has certainly become a milestone for the financial research. The hypothesis has provided a powerful framework to analyze and understand security prices. Research has indicated that both the Weak and Semi-Strong Forms of Market Efficient are accurate, but conflicting evidence has suggested that the Strong Form of Market efficiency does not exist.

On another note, despite the strong evidence supporting the Efficient Market Hypothesis, some anomalies do exist. This has lead researchers into two different directions. Some researchers suggest that there could be considerable setbacks associated with the development of benchmarks (or expected returns), and others attempt to develop a better understanding of investors and the security markets by applying Behavioral Science.

Nonetheless, the introduction of the Efficient Market Hypothesis has become a world-renowned philosophy that has shaped the way many investors and researchers view the markets today. And with the introduction of Behavioral Science, researchers can expect to grasp a better understanding of investors, the security markets, and the influences affecting them.

References

Abarbanell, J. 1 � “Test of analysts’ overreaction / under-reaction to earnings as an explanation for stock price behavior”, Journal of Finance, Vol. 47

Ball,R. & Shanken, J. 15 - “Problems in Measuring Portfolio Performance”, Journal of Financial Economics Vol. 7

Ball, R. and Bartov, E. 16 � “How Naïve is the Stock Market’s Use of Earnings Information”, Journal of Accounting and Economics, Vol. 1

Barber, B. and Odean, T. 001 � “Boys will be boys Gender, overconfidence, and common stock investment”, Journal Of Economics, Vol. 116

Benartzi, S. and Thaler, R. 001 � “Naïve diversification strategies in defined contribution savings plans”, American Economic Review, Vol. 1

Bernard, V. and Thomas, J. 18 � “Post-Earnings Drift Delayed Price Response or Risk Premium?”, Journal Of Accounting Research, Vol. 7

Brav, A. and Heaton, J. 00 � “Competing theories of financial anomalies”, Review of Financial Studies, Vol. 15

DeBondt, W. and Thaler, R. 185 � “Does the Stock Market Overreact?”, Journal of Finance, Vol. 40

Fama, E. 170 � “Efficient Capital Markets A Review of Theory and Empirical Work”, Journal of Finance, Vol. 5

Fama, E. 11 � “Efficient Capital Markets II”, Journal of Finance, Vol. 46

Fama, E. 15 � “Random Walks in Stock Prices”, Financial Analysts Journal, (Reprint) January/October

Frankel, J. and Froot, K. 10 � “Chartists, Fundamentalists, and Trading in the Foreign Exchange Market”, American Review, Vol. 80

Investor Home 00 � “The Efficient Market Hypothesis and The Random Walk Theory”

Investor Home 00 � “Data Mining”

Jensen, M. 178 � “Some Anomalous Evidence Regarding Market Efficiency”, Journal of Financial Economics, Vol. 6

Kyle, A. 185 � “Continuous Auctions and Insider Trading”, Econometrica, Vol. 5

Loughran, T. 1 - “Uniformly Least Powerful Tests of Market Efficiency”, Journal Of Financial Economics, Vol. 5

Lyon, J. and Tsai, B. 1 � “Improved Methods For Tests of Long-run Abnormal Stock Returns”, Journal Of Finance, Vol. 54

Morris, S. 18 � “Testing Market Efficiency”, Financial Institutions Center (Finance Applications of Game Theory), Vol. B

Olsen, R. 00 � “Professional Investors As Naturalistic Decisions Makers Evidence And Market Implications”, Journal of Behavioral Finance, Vol.

Reinganum, M. 181 � “Misspecification of Capital Asset Pricing Empirical Anomalies Based On Earnings Yields and Market Values”, Journal of Financial Economics, Vol.

Shleifer, A. 1 � “Inefficient Markets An Introduction to Behavioral Finance”, Oxford University Press, Vol. 17

Sloan, R. 16 � “Do Stock Prices Fully Reflect Information In Accruals and Cash Flows about Future Earnings?”, The Accounting Review, Vol. 71

Stanton, T. and Gabriel, P. 1 � “Testing Market Efficiency With Information on Individual Investor Performance”, International Review of Economics and Finance, Vol.

Stattman, D. 180 � “Book Value and Stock Returns”, The Chicago MBA, Vol. 4

Stattman, M. 1 � “Behavioral Finance Past Battles and Future Engagements”, Financial Analysts Journal, Vol. 55

Tuft’s E-New’z 00 “Tufts President Lawrence S. Baco Awarded Eugene Fama an Honorary Degree”, May 0

Tung, A. 1 � “The Use of Information System Technology to Develop Tests on Insider Trading and Asymmetric Information”, Journal Of Management Science, Vol. 45

Varian, H. 18 � “Differences of Opinion in Financial Markets”, Financial Risk, Theory, Evidence and Implications, Kluwer Academic Publications, 18



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PC-Tel (PCTI) a leader in wireless access and wireless intelligence, just announced it would continue and expand it stock buyback program. In August of 00 the company came out with its first program. The Board of Directors passed a program that allowed the company to buy back up to one million shares. The program was completed by February of 00. The repurchase activities were based on management’s discretion and would be bought in fairly even amounts throughout that time period. Since the inception of the stock repurchase program we have repurchased 1,58,600 shares of our outstanding common stock for approximately $11.5 million. In August of 00 the company’s stock price was 5., which was the beginning of the program. Over the course of seven months the price jumped as high as 7. in January of 00. This jump came with a company whose earnings per share is very low (0.0), the company felt that there stock was a good buy at the time so they implemented the program to buy back company shares. The company recently announced another program to buy back shares and the company’s stock has seen a high of 14.10 through its second buy back program and that is the highest value of the stock, even through

the tech bubble years. The company has done pretty well over the years competing in a very competitive market and industry. With the rapid growth that this sector has seen in the last five years PC-Tel has spent a considerable amount of money on Research and Development, which made there earnings a little lower than expected and thus affected ratios such as their P/E and EPS.








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Buddy

Buddy comes from a family, which doesn’t really treat buddy with respect. His mother and his father don’t help Buddy especially not his father. One day Buddy was offered to go on a school trip but he didn’t dare tell his mum or dad because he knew they couldn’t afford it. So as Buddy really wanted to go on the trip he stool £5.00 out of his mother’s purse. Once Buddy stool £5.00 he said to himself that he better stop stealing other wise he’ll turn out like his father. At school Buddy was a very bright kid and he was moved to the top class which was called the E class. E meant E = express. Buddy thought that he should tell his mum about the money but he knew that he would get yelled at. Buddy was quiet upset because his mother and father spent more money on cigarettes and not on him. Buddy mum and dad always argued and it was normal about Buddy’s dad wasting a lot of money at the pub and he mixing with the wrong crowd.

Buddy was in his room and heard the door g and it was his mum he could tell that she was in a bad mood how she slammed shut the door. Buddy knew that his mum found out that buddy had taken the money from her purse. At first buddy denied it and said that it could have been some one from work in her office but then buddy owned up and said it was him. Buddy felt sad and wanted to be forgiven but a strange thing happened was that his mum was crying because buddy took the money. Buddy felt really bad because buddy had never seen his mum cry before. Buddy was pleading for forgiveness but his mum shouted out

“ Father like Son.”




After that buddy went to sleep trying to thing of what he could do to make his mum forgive him but he thought of nothing. In the morning went down stairs and it was really quiet and buddy went into the kitchen and saw his dad asleep sprawled over the table. Buddy woke him up to ask where his mum was but buddy’s dad just shagged his shoulder. Buddy’s dad took him for a walk and decided that its time for the truth. For the past couple of years I have been in prison because I broke into someone’s house. Buddy was shocked and carry on walking. Once Buddy got home he realised that his mum probably left because of he could hear them arguing the night before. Buddy was hoping that when he got home from school that his mum would be home but when buddy got home she wasn’t there. Buddy was waiting for his mum to come home but after months of waiting buddy gave up and knew that she wouldn’t come home. During this time it was just buddy and his dad and they didn’t talk to each other because they had nothing to talk about and wasn’t very fond of each other. Buddy thought that it was his fault that his mum left because he stool the money from his mum purse.

While buddy mum wasn’t there he didn’t have any more to catch the bus the bus to school so he hate to walk because his dad didn’t have a job and buddy thought that he wouldn’t ever have a job. And because they didn’t have enough money buddy didn’t have the right uniform because he’s trousers broke so he hate to were blue jeans.

As buddy’s mum went his dad hate to get rid of his aryl and when he got home from selling is aryl he was moaning about to buddy trying to make out it was all his fault. Buddy was still trying to get over his mum leaving so suddenly. He went to school like normal but it was getting worse. Mr Normington was making fun of he. Because of the clothes he wore and how he smells and that put buddy real down.

The next day Mr Normington gave out a letter about parents evening and normally it was his mother that goes but buddy didn’t know if he should show hiss father or not. H thought that he could make up an excuse saying that his mother and father have to work that night and can’t fit any of the times. But buddy went to school the next day and Mr Normington asked if his mother or father was going. Mr Normington was nearly shouting at buddy saying he got a time for every parent and he want to know by tomorrow.

Buddy went home and decided to show his dad the letter but when buddy showed him the letter he had know idea what it was. So buddy explains and buddies dad said things like what’s it for and why should I go.

So then Buddy went into school and told Mr Normington that he could go.

When the parent evening came buddies father go dressed up all in leather. When they were walking to the school buddy kept a few steps ahead so it didn’t look like they were together. Buddy was worried about his dad. He thought what if he makes a total fool of himself.

Buddy thought that school was really far away because they were walking really slowly and buddy could tell that his dad was worried.

Once the parents evening was over buddy was happy that it was over even though it went all right.



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Ratio analysis

Ratio analysis is the organisation of information in financial statements to enable or permit entities (I.e. companies, sole traders etc) of the financial statements to deduce conclusions regarding their financial performance.

It is the initial stage in assessing an entity and it serves as a foundation for providing entities with relevant information which aids their decision of what to investigate further.

However, ratios can be expressed as a percentage, as a fraction or as a proportion. They are presented according to the needs of the users of the information.




Although, it is possible to calculate a large number of ratios, not all ratios are beneficial to users. The only ratios that may be worth calculating are those that are based on key relationships and are therefore meaningful to users.

However, there are many groups of people who are interested in using ratios. Some of these groups are shareholders, lenders, customers, suppliers, employers, government agencies and competitors.

Ratio analysis can be used to review trends and compare similar entities with each other in terms of their financial performance. It also simplifies financial statements so that readers can interpret and usefully apply it to their maximum satisfaction which otherwise would have been uninformative and misinterpreted by readers except those who posses very high skills.

Ratios can be grouped into five categories. Each individual category indicates a certain aspect of financial performance. These five categories are profitability, efficiency, solvency, investment and gearing and under these categories are various ratios.

Profitability indicates how well a company is performing. The primary objective of businesses coming into existence is solely depended on profits. Therefore profitability ratios indicates the extent to which this purpose is achieved, taking into consideration the performance of management and a company’s performance relative to its competitors, hence sharing the worth of investing in a company.

Efficiency measures the extent to which resources are utilised by entities to generate output. It may be affected by factors such as shortage of skilled labour or deliberate under production of output to maximise profitability.

The third category is solvency which is also known as liquidity. It is measured by the ability of entities to ensure that their debts are paid at the appropriate time and likewise the ability of debtors to pay the correct amount they owe to entities. This is very essential to businesses as they can only remain solvent by ensuring the availability of adequate resources. Solvency aids in judging whether or not businesses posses a good financial status before being granted loans.

Investment is the fourth category and it indicates the performance of entities in relation to the number and price of their shares and dividends. Last but not least there is gearing which is concerned with the relationship that exists between the financial contribution made by the owners of a business and the contribution by outsiders, and its impact on the financial decision making by managers.

However, under these five categories are various ratios. But for this assignment, I’m going to identify and describe six of these ratios.

The six key ratios are

Return on capital employed (R.O.C.E)

Current ratio

Acid test ratio

Stock turnover

Gearing and price/earning ratio

Firstly, return on capital employed ratio compares the profit earned before interest and taxation to the funds used to generate that return (which is usually the total of all suppliers of long-term finance before any deductions for interest payable to lenders or payments of dividends to shareholders are made).



Therefore R.O.C.E = Net profit

Capital employed

For example If the net profit before interest and taxation of a business was £45,000 and the opening capital employed was given as £00.000. The

R.O.C.E = 45,000 x 100 = 5%

00,000

However theoretically the higher the ratio, the more profitability the resources of the company have been used. Therefore although in my example the ratio is not very high, it is still significant which shows that the business under my example maybe worth while running.

I chose return on capital employed because its very appropriate for measuring the performance of entities as it compares inputs (i.e. capital investment with inputs i.e. profits). It is however very essential because the outcome of the measure (i.e. whether R.O.C.E is adequate or inadequate) is what makes people invest their money in businesses.

On the other hand R.O.C.E is difficult to define unlike the current ratio, therefore one needs to be careful when comparing the R.O.C.E calculated for one company and when reporting it for another.

Secondly current ratio compares total current assets (I.e. cash and those assets held that will soon be turned into cash to total current liabilities I.e. creditors due within one year), which is intended to indicate whether there are sufficient short term assets to meet the short term liabilities. Current ratio is calculated as follows

Current ratio = Current assets

Current liabilities (creditors due within one year)

For example if the total current assets are £60,000 and the total current liabilities are £0,000. This acne be expressed as £60,000£0,000 = 1

Current ratio = 60,000 =

0,000

When dealing with current ratio, the higher the ratio the more liquid the business is considered to be. Therefore a higher current ratio is usually preferred to a lower ratio as it is very important for the survival of a business.

From this I can conclude that the business in my example is worth while as the current ratio is high. However I chose current ratio because it gives an insight of whether resources are being used productively or not, hence giving uses and ideas of whether a business would be worth while or not. On the other hand, it becomes problematic if a business has a very high ratio as this may suggest that funds are being tied up in a cash or other liquid assets and therefore are not being used productively as they might otherwise be.

Another problem with current ratio is the notion of an ideal current ration being 1 as there is failure to take into account the different current ratio requirements for different types of businesses.

Thirdly acid test ratio compares current assets, excluding stock with current liabilities. It is calculated as

Acid test = Current assets (excluding stock)

Current liabilities (creditors due within one year)

For example If the total current assets of a business including stock is £4,000 and are worth £4,000 and total current liabilities are £0,000

The acid test ratio = 4,000-4,000= 0.

0,000

This can also be expressed as 0.1

We can see that the ‘liquid’ current assets of the business under my example do not quite cover the current liabilities, therefore the business may be experiencing some liquidity problems. Therefore the business under this example may not be worth while. However in some types of businesses cash flows maybe strong, in this instance it maybe usual for the acid test ratio to be below 1.0 without causing liquidity problems.

I chose acid test ratio because in some business situations the current ratio may be a less suitable ratio for testing liquidity as it may be better to exclude a particular asset from the major liquidity, the hence the need arisen to use acid test ratio as a measure of liquidity. However that problem with this ratio is that the balance sheet figures may not be representative of that liquidity position during the year as a result of facts as the seasonal nature of such a business.

Fourthly the average which is stock turnover period which measures the average period for which stocks are being held.

Therefore average stock turnover = average stock held x 65 (days in a year)

Cost of sales

For example if the average stock held of a company is £50,000 and the cost of sales are £400,000

Therefore stock turnover period = 50,000 x 65

400,000



= 45.6 days

This implies that on average the stock held is being turned over every 46days.

Businesses prefer a low stock turnover period to a high period as funds tied up in stocks cannot be used for other purposes. However judging the amount of stock to be held, a lot of things have to be taken into consideration such as possible future shortages, future price rises perish ability of products etc.

I chose the average stock turnover as a key ratio because it is useful for company trends over time. Sometimes, there are difficulties in compiling the stock turnover ratio especially if the cost of sales is not available as it is tempting to use sales instead which is wrong as sales are expressed at selling prices and stock is expressed at cost price. Another problem with stock turnover is that the results (I.e. whether there is rising or falling stock turnover) maybe misinterpreted.

Gearing ratio measures the contribution of long-term lenders to the long-term capital structure of a business.

Gearing ratio=long-term liabilities x 100

Share capital+ reserves+ long-term liabilities

For example if the long-term liabilities of an entity was £400 and the share capital and reserves were £500

Then the gearing ratio= 400 x 100

500+400

=44.6%

This ratio indicates that the level of gearing is very high. Therefore, in this particular business, there is a high risk of the business becoming insolvent as the business has a very high financial burden of committing to paying interest charges and capital repayments. I chose the gearing ratio because it is very suitable when analysing entities where the owners have insufficient funds and therefore the only way they can finance their businesses adequately is by seeking external help. However, the gearing ratio becomes problematic when returns generated from borrowed funds doesn’t exceed the cost of paying interest.

The Price/Earning ratio relates the market value of a share to the earnings per share. The ratio can be calculated as

Price/Earnings ratio=Market value per share

Earnings per share

For example if the market value per share in a company is £4.50 and the earnings per share is £0.50

The Price/Earning ratio=£4.50

£0.50

=14.8times



This ratio indicates that the capital value of the share is 14.8 times higher than its current level of earnings. This also shows that there is a high market confidence in the future earning power of the company ,therefore the company under my example will attract more investors.

I chose this particular ratio because it provides a useful guide to market confidence for he future and can be very relevant when comparing different companies.

On the other hand, the possibility of differences in accounting convertions between entities can result in different profit and earnings per share figures and therefore distort comparisons.

Although ratios are useful, they also have limitations. Ratios derieved can be misleading if taken at face value. It is however essential that they are placed in context and that interpretation goes beyond a superficial comparison to general norms as there are different ways of defining ratios. They can also be misleading and therefore result in poor quality decision making as accounting numbers used in ratios are affected by different accounting policies.

We have to take into consideration the fact that no two companies are exactly alike in the nature of their operations and therefore comparisons must make allowances for different types of businesses. Also, many companies operate in more than one industry so that comparison with industry norms has to be treated with care.

The balance sheet is only a snapshot in time and does not represent the year as a whole so ratios should not be relied on exclusively as doing so may result in loosing sight of the information in the financial statement. We also have to bear in mind that ratios are an initial stage from which to identify further questions and are exclusive of answers. Most importantly, ratios are also based on financial statements and are therefore dependant on the quality of the financial statements.

Last but not the least, care should be taken when stating ratios to show the form being used. Examples as a proportion-as in current ratio 1,as a percentage- as in R.O.C.E. of %.

In conclusion, we can see that ratios aids in analysing the different aspects of the position and performance of entities. Therefore they can be very useful and give us an insight of a business if used appropriately. It also explores the problems arising due to a business performing too profitably (overtrading). In other words ratios can be used to detect overtrading.

Although, ratios make obvious the strengths and weaknesses about financial performance and position, they do not identify underlying causes However this can be done through a thorough investigation of business practices and records.

REFERENCES

Business Accounting - by Frank Wood and Alan Sangster

Accounting & Finance for Non-Specialists-by Peter Atrill & Eddie Mc Laney

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In the passage, Dust Tracks on a Road, the author describes her childhood not only through her own eyes, but also through the eyes of her mother and father. She uses different devices to depict the overall feeling of her youth, and although there are several conflicts that keep the author’s adolescence from being perfect, she has an overall happy and rewarding life at home. Through diction and manipulation of point of view, Zora Neale Hurston conveys not only a sense of a plentiful and satisfying childhood within the bounds of her home, but also a childhood restricted by fears of the outside world and the future that was part of it.

The author uses devices such as irony, metaphors, and imagery to give the reader a better understanding of her happy yet confined childhood. “We lived on a big piece of ground with two big chinaberry trees shading the front gate and Cape jasmine bushes with hundreds of blooms on either side of the walks. I loved the fleshy, white, fragrant blooms as a child but did not make too much of them.” Hurston uses the word “big” to describe the amount of space she had in her yard and she also uses the words “fleshy” and “white” to describe their appearance. The use of these words gives the reader an image of the objects or places described. “When I got to New York and found out that the people called them gardenias, and that the flowers cost a dollar each, I was impressed.” The author at first thinks that the gardenias are too common, but when she learns of their value to others, she begins to appreciate their growth. This is an example of how irony is used in a situation. It takes someone else’s opinion to get her to stop taking for granted the things that are close to her. Zora goes on to tell of how her mother always defended her from her father whenever he would try to change her personality. “Papa always flew hot when Mama said that.” “Flew hot” is used as a metaphor to mean that her father got very angry whenever her mother would make a particular comment regarding to Zola’s attitude. “Posses with ropes and guns were going to drag me out sooner or later on account of that stiff neck I toted.” Another example of how a metaphor is used to aid in the readers comprehension of her childhood, is how the author uses “stiff neck” to portray her own stubbornness.

Zora Neale Hurston had a childhood filled with plenty of laughter, love and food. Her family was never low on things to eat, for they were “never hungry.” They sometimes had such an abundance of food, that “any left-over boiled eggs could always be used for missiles.” She also states that they “had oranges, tangerines and grapefruit to use as handgrenades on the neighbor’s children.” Her family never had to worry about food, for they seemed to have so much that it could even be used as a weapon. “There were eight children in the family, and our house was noisy from the time school turned out until bedtime.” The author does not imply that this was a bad noise, for it was actually a noise full of fun and games. Zora, her brothers, and sisters had a great time just playing in the back yard, making as much noise as possible.

Zora’s mother and father both care about their children, especially Zora, but each of them has a very different view on how to protect them. “Mama carried us all past long division in arithmetic, and parsing sentences in grammar, by diagrams on the blackboard.” The author’s mother is a very loving mother who cares enough about her children that she schools them from home to make sure that they at least get some form of education. Her mother did not want her children to leave the house their house often, fore she felt that they were safe inside and did not want them exposed to pain of the outside world. She states that she does not want any children who are “no-count Negroes and poor white trash�too poor to sit in the house�had to come outdoors for any pleasure, or hang around somebody else’s house.” Zora’s mother also tried to encourage her children to be anything that they wanted to be. “Mama extorted her children at every opportunity to “jump at de sun.” This means that she wanted them to have dreams and goals and to reach for them the best that they could. Zora’s father is very protective over his children as well. “It did not do for Negroes to have too much spirit.” He didn’t think that African-Americans should have so much spirit that they would stand up for what they believe in because this would upset a white person. He fears this because Zola frequently stands up for herself and he worries that she will one day stand up to the wrong person and get herself hurt. “He predicted dire things for me. The white folks were not going to stand for it.” The author states that her father dreaded the day that Zora would go too far with her mouth and would get herself seriously hurt, or even killed. He would get angry at her mother because she “didn’t want to ‘squinch my spirit’ too much for fear that I would turn out to be a mealy-mouthed rag doll.” Hurston explains that since her mother wouldn’t stop her from talking back, her father claimed “mama was going to suck sorrow for not beating my temper out of me before it was too late.” Though both parents’ love and care about Zora equally, except that they each have a different way of showing it.




Dust Tracks on a Road, written by Zora Neale Hurston, illustrates the author’s childhood by using different forms of diction as well as manipulating the point of view. Hurston’s life was full of flowers, food, and plenty of children to play and have fun with. She always had something to do and someone to do it with; therefore her life was never boring. She had a nice childhood, filled with love and care from both parents. Her mother would rather protect her by hiding her from the outside world, where as her father would rather break her of her “sassy tongue” so there would be no worry of her getting hurt. Despite Zora’s youth being confined by the walls of her home and the fence of her backyard, she truly had a very loving and fulfilling childhood.



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Clytaemnestra-The Hatred and Revenge

In Agamemnon, Clytaemnestra’s reaction to events that occurred, led her control her own destiny. She was consumed with hatred. The fact that she knew what she was doing makes her an aggressive figure in this book. To accept Clytaemnestra as an aggressive figure, it is necessary to look at certain events before and after drama, Agamemnon. Agamemnon was doomed before he was born. His ancestors had offended the gods and therefore were cursed. This curse included those of the family who were not yet born.

When the Trojan War began Agamemnon was called to help rescue his brother’s wife Helen. However, in order to resume this duty, he had to sacrifice his and Clytaemnestra’s daughter, Iphigeneia. This act caused Clytaemenestra to have a great deal of hatred for Agamemnon and built a desire for revenge.

Agamemnon was gone for ten years fighting the Trojan War. During that time, Clytaemnestra grew hard and began to think like a man. Even the Leader of the Chorus said some remarks of hers “spoken like a man,”(67). The statement was an insult to her because no woman wanted to be thought of thinking or acting like a man. She decided how to get even with Agamemnon.




When the war ended Agamemnon was to return, and Clytaemnestra was ready. She gave hints of bad times to come for their king. She told the Leader that she was in love with a new man and “that is boast, teeming with the truth”(64). When Agamemnon did return, he bragged to Clytaemnestra about his conquests and ordered her to take care of Cassandra, whom he brought back with him from war. Clytaemnestra was nice to Agamemnon to lure him into thinking that he was still the master and that all was well.

Clytaemnestra stabbed and killed Agamemnon. She told the Chorus that she was proud and that she “brooded on the trial-year after year”(660). She further told them that Agamemnon “Brutalized her”(66) and deserved to die. These statements further proved that an obsession for hatred and revenge controlled Clytaemnestra.

This is my paper of the hatred and revenge of Clytaemnestra. These are circumstances that could happen in our society today. I hope I have showed you my interest in this subject.





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Saudi Arabia is a large market. There is a population of 4,,844. That number includes 5,576,076 non-citizens foreign workers (00). Saudi Arabia is one of the highest growth nations in the world with a growth of .7% a year (00). Children and young teens represent the highest proportion of the population in the country. 0-14 years 4.%, 15-64%years 54.8%, and 65 years and over are .%. Since the product is aimed at all of the population the age division is irrelevant. Most Saudis live in the urban areas (77.%), while the rest live in the rural areas (.7%). The largest concentrations of population are in Riyadh, Jeddah, medina, and Mecca

Saudi Arabia’s economy is based on oil production. Oil wealth made the possible the rapid economic development. There is low inflation rate of 1%. The GDP of Saudi Arabia is $4 billion (00). The purchasing power parity per capita was 11,080 in 00, and is in constant incline from year to year. The consumer prices rate is lower every year and was �0.51% in 00, thus prices of products are in decline. The government of Saudi Arabia subsidizes few aspects for the Saudi people, which allow the population to spend more on other things. Low taxes. The five plans- increase imports. Saudi Arabia’s government had six economic development plans since the 170’s. During those plans private enterprise and foreign investment were encouraged and foreign companies were welcomed in the country (country fact sheet, 14).

Since the product is already in presence in the country there is no special adaptation necessary by the consumers. The product is a necessity because of the water shortage and is part in normal life that the consumers look for anyway. There is a strong base for the soft drinks market in Saudi Arabia. In 001 the consumption of soft drinks in the kingdom was .7 billion liters, and is expected to exceed . billion. In 001 the sales of bottled water in Saudi Arabia increased by 7% in the year 001.

Even though Saudi Arabia’s government is in close relationship with the United States there is a negative factor in this country that affects the soft drinks market. From time to time there is a feeling of resentment against America, and American products. 00 there was a campaign in the country aginst the United States that encouraged the boycott of American brands. Two of the companies that were on the boycott list were Coca Cola ad PepsiCo. These two companies that control high share of the soft drinks in Saudi Arabia distribute mainly carbonated drinks. The soft drinks sector that mainly suffered from the boycott was the carbonated drinks rather then the bottled water sector, since they concentrate on the first sector. The product will be imported form another country, a country that the Saudis have no resentment against like Armenia or turkey.






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If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on E-Commerce/Webtrust. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality E-Commerce/Webtrust paper right on time.

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This article discusses the consumer issues that CPA’s and CA’s are facing today with the web as a new market medium. Since a website can be created quickly, inexpensively and at almost any location in the world, the consumer may question the very existence of the business. Because of these concerns, the CPA/CA Webtrust, a unique seal of assurance for electronic commerce, was launched. CPA/CA Webtrust is designed to instill confidence in consumers and entities conducting business transactions over the Internet.

A Webtrust seal of assurance is issued by a specially licensed CPA or CA who has been hired by the business website owner to render the Webtrust assurance service. Once a seal is obtained, the entity will be able to continue displaying it on it’s Web site provided the CPA or CA Webtrust provider updates the assurance examination at least once every three months. Consumers will be able to access the website owner’s business policies, and the auditor’s opinion regarding business practice disclosures, transaction integrity, and information protection by clicking on the Webtrust seal of assurance on the web page.

Presently, no reported legal case has addressed the liability of accountants to third parties for disseminating misleading or false financial business information over a computer network such as the Internet. Several significant cases exist, however, which may affect accountant liability to third parties for computer-disseminated false or misleading business or financial information. A starting for an analysis of these cases is a discussion of the case law governing accountants’ liability to non-clients for negligence in the performance of auditing services.

The requirement of strict privity to establish an accountant’s duty to non-clients is the most restrictive standard on the liability continuum. Strict privity requires a contractual agreement (or direct connection) to exist between an accountant or auditor and another party before the latter can have a cause of action for negligence against the accountant or auditor.




Pacini, Carl and Sinason, David. American Business Law Journal, Spring 1 v6 i p47. “Auditor Liability for Electronic Commerce Assurance The CPA/CA Webtrust.” Retrieved September 1, 00, from the World Wide Web http//web5.infotrac-college.com/wadsworth/session/8/56/6654/4!xrn_5_0_A55178

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Productive work groups are of strategic importance to modern organizations. The purpose of this paper is to briefly outline the significance of group process factors. These process factors cover areas such as group norms, group cohesiveness, and group development. The different group factors are all interrelated and have an effect on other group factors. A work group is a gathering of two or more people working together towards the achievement of a common goal. The process factors which influence the operation of groups can be instrumental to whether the group functions as a positive synergy or a negative synergy, and the effectiveness of the group as whole.



The first group process relates to group norms. Norms are a common occurrence in most aspects of society. Group norms are rules or standards of behaviour that are collectively shared by a group in order to develop a sense of uniformity among the membership of a group. Group norms illustrate a consensus of common values relating to a variety of different issues such as socialising. Socialising plays an important role in forming the norms of a group. Group norms can determine the type of socialising that the group might engage in. Other facets of group norms are the distribution and allocation of materials, equipment, workspace, and worker remuneration (Bartol, Martins, Tein & Matthews, 001, p.468).






There are four mechanisms through which group norms are typically formed; they are explicit statements, critical events, primacy, and carryover behaviours. Explicit statements illustrate the expectations placed upon a group member. Normally an explicit statement is a directive from one member of a group to a new member of what sort of standard or behaviour the group requires. Critical events are precedents that dictate the future direction of the group. Critical events are seen as en event that has occurred in the past and has predetermined the course of action in relation to such an event occurring in the future. Primacy is a mechanism by which the group adopts a pattern of following the primary actions and behaviours of the group as a norm. Carryover behaviours are norms that have been introduced to the group that the members of the group have experienced as norms in previous group situations (Bartol et al., 001).



The significance of group norms to the performance of a group is of immense importance. Groups need norms to help facilitate group participation. If a member fails to accept the norms of the group, the member may become ostracized from the group. Group norms also help unite groups by providing a common bond between workers. A negative aspect of group norms can be that individuals may go against the rules of the organization to conform to the norms of a group (Smith & Bell, 14). However, a group that has acceptable norms may operate more efficiently and will help the group develop a sense of cohesion.



The second group process factor relates to group cohesiveness. Group cohesion deals with how a group sticks together and the impact that group cohesion can have upon the work level of a group. Riordan and Weatherly (1, p.10) state that group cohesiveness is important to the functioning of the group, and depends upon a worker having some form of identification with the group. Groups that have strong cohesion and a sense of group identity have better greater communication within the group than a group that has little cohesion. Members of cohesive groups demonstrate sensitivity to other group members and feel more satisfied with their profession (Bartol et al., 001).



Group cohesion and identification also have an impact upon the performance of the group. Work group cohesiveness is derived from the personal cognitive connection between an individual and the work group. One of the benefits of group cohesion is a reduction in absenteeism (Goodman & Atkins, 184). Groups that are well formed and respectful of one another tend not to be absent for menial reasons, as individuals feel that they have a responsibility to the group. Negative aspects of strong group cohesion be that the group might attempt to makeup for an under achieving worker, or if a group has good communication the group might engage in more talk than work.



Group cohesion and group norms have a significant impact upon the performance of a group. Groups that display strong cohesion and high performance norms tend to be the most efficient performers. In contrast, groups that are highly cohesive with low performance norms tend to deliberately lower performance levels as a group. Group cohesion is determined by factors such as workers having similar values, attitudes and personalities. Groups that are cohesive tend to develop a group understanding of events and circumstances that can exert a positive influence upon work performance (Bartol et al., 001, p.470).



Group development is the final aspect that influences group processes. Tuckman (165, p.p. 84-) established that there are five distinct stages to the group development process. The first of the five stages is called the forming stage. The forming stage involves the formation of a group of people that are to work towards a common task. In the forming stage the members try to gain an understanding of the task at hand and attempt to work out the best method for completing the task. Members also try to gain an insight into the other members of the group, and establish the basis of how the group begins to interact.



The second stage of group development is the storming stage. The storming stage could also be called the conflict stage, as it the stage of development where conflicts usually occur. Conflicts can range from a difference of opinion over key issues involved in achieving a task, to personality conflicts between members of the group. It is important for the group to find some common ground and resolve the conflicts at this stage, as the group needs to cooperate. Unresolved conflicts can lead to an impact in the effectiveness and efficiency of the group. The storming stage can lead to the emergence of a group leader who can either resolve disputes or can manage to be the most persuasive in arguing their case.



The third stage of development is the norming stage. It is at this stage that group starts to develop group norms and attempts to build a sense of group cohesion. Members begin to identify with the group, and each member gathers an understanding of the role they are expected to play within the group. The norming stage is crucial for the group to unite and attempt to build upon the areas that the group has in common.



The fourth stage of the development process is the performing stage. At this stage the group focuses collectively on accomplishing the task. It is important that group norms have a positive influence on the group in relation to expected levels of performance. Group norms and cohesiveness will determine whether the group develops a positive or negative synergy. The individual members of the group need to identify with the group in order for the group to be able to effectively solve problems. Each individual needs to work towards accomplishing their individual goal while also working towards the task of the group.



The final stage of group development process is the adjourning stage. At this stage the group should have accomplished all of the tasks that the group was attempting to achieve. The group normally breaks up and members prepare to disengage from the group. The group may hold some form of social event to celebrate the group’s achievement and bring closure to the workgroup cohesion. The desire for some form of celebration will depend upon the cohesion of the group, the time spent together, and the complexity of the task (Bartol et al., 001). [ words]



It is important to note that not all researchers are in agreement with the group development theory of Tuckman (165). Seeger (18, p.68) argues that the group development process apply only to groups that have never previously met. Patton & Giffin (17) claim that many groups do not follow a sequence of predetermined events, but follow a sequence that is determined by the various elements that constitute the group. Wanous, Reichers & Malik, (184, p.674) suggest that the integration of a newcomer to a group begins a complete new cycle of group development.



To sum upAs we have seen, group norms, group cohesiveness, and group development are significant to the performance and functioning of a group. Group norms should create a positive environment for the workers to form a cohesive group. Group cohesiveness will lead to the group achieving a greater level performance. Group development is essential for the group to establish norms and cohesiveness before completing the goals of the work group. For organizations to create and maintain productive work groups, the organization should follow the theories of group norms, group cohesiveness and group development.



References

Bartol, K., Martin, D., Tein, M., & Matthews, G., 000, Management, A Pacific Rim Focus, rd Edition, McGraw-Hill, Sydney.

Patton, R., & Giffin, K., 17, Problem-solving group interaction, Harper & Row, New York.

Riordan, C.M., & Weatherly, E.W., 1, ‘Defining and measuring employees identification with their workgroups’, Educational and Psychological Measurement, Vol. 5, No. , p.p. 10-4.

Seeger, J.A., 18, ‘No innate phases in group problem solving’, Academy of Management Review, Vol. 8, No. 4, p.p. 68-68

Smith, J.M., & Bell, P.A., 14, ‘Conformity as a determinant of behaviour in a resource dilemma’, Journal of Social Psychology, Vol.14, Issue .

Tuckman, B.W., 165, ‘Developmental sequence in small groups’, Psychological Bulletin, Vol. 6, p.p.84-.

Wanous, J.P., Reichers, A.E., & Malik, S.D., 184, ‘Organizational socialization and group development Toward an integrative perspective’, Academy of Management Review, Vol. , No. 4, p.p. 670-68.

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Comparative Study of Texts and Context

Blade Runner ¡V Ridley Scott

Themes

„h Darkness ¡V Mentally and emotionally ¡V mainly night, always raining.




„h Overpopulation

„h Decay of 0th Century architecture ¡V ultra high-rise.

„h Capitalist advertising + propaganda.

„h Globalisation ¡V Asian influence (culture associated with technology in 80s)

„h Isolation ¡V Lack of human interaction, people hide behind goggles, masks, hats, umbrellas.

„h Nothing natural (fake animals)

Characters

„h Rick Deckard

„h Roy Batty

„h Rachel

„h Leon

„h Pris

„h Zhora

„h J.F Sebastien

„h Gaff

Notes

„h Based on 16 novel ¡V Do androids dream of electric sheep by Phillip Dick.

„h Ridley Scotts Directors Cut 1

„h Technological advances of 180s became more immediate in everyday life.

„h Computers brought fears ¡V loss of jobs, alienation, invasion of privacy.

„h Late 0th fears of technology dominating humanity have become a reality.

„h Four year life span of replicants

„h Initial shots of city was on set names the ¡¥hades scene¡¦, it shows giant furnaces spewing flames into the night sky.

„h Replicants are referred to by first names, humans by their last.

A Brave New World ¡V Aldous Huxley

Aldous Huxley

„h Born 184 into high class english family

„h Father helped develop the theory of evolution

„h BNW has rigid class structure like huxleys England

Setting

„h Portrayal of characters takes a backseat to the portrayal of the society they live in.

„h London 600 years into the future (6 AF)

„h Faith in Christ replaced by faith in Ford ¡V e.g. Westminster abbey, on of England¡¦s most hallowed shrines is now a cabaret.

„h Old age + death are made as pleasant as possible (artificial like replicants)

„h Savage reservations are dirty, still ravaged with disease and old age. They still cling to ancient religion, though these places are bad in the eyes of BNW members, thy still represent real aspects of humanity.

Themes

„h ¡§Community, Identity, Stability¡¨ vs. individual freedom

„h Science as a means of control.

„h Pursuit of happiness through drugs

„h Cheapening of sexual pleasure.

„h Destruction of family

„h Denial of death

Techniques/Style

„h Huxley was very serious about his ideas, he just never stopped seeing their humorous possibilities.

„h Names

„h Bernard Marx/Karl Marx ¡V Father of the ideas of communism.

„h Lenina ¡V Named after the man who led the Russian revolution.

„h Huxley expects his readers to have a knowledge of things like shakespeare, etc.

„h Third person ¡V can see all, and therefore show the chaotic nature of the world.

„h Uses ideas of future to attack the present

Quotes

„h ¡§Christianity withough tears ¡V that¡¦s what soma is¡¨ ¡V The controller

„h ¡§But I don¡¦t want comfort. I want God¡K I want sin¡¨ ¡V Bernard Marx

„h ¡§Well id rather be unhappy than live the sort of false lying happiness you have here¡¨ ¡V John the savage

Humanity

„h Emotions, morals, freedom, relationships

Natural world/Rhythms

„h Birth cycle, seasons, day/night, evolution, death, aging, ecosytems.

BNW vs. BR

„h Neither paints an optimistic picture of the relationship between humanity and nature in the future ¡§a love of nature keeps no factories busy¡¨

„h Replicants vs. everyone being artificial.

„h BNW slogans ¡V BR advertising



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