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Foil characters can be described as characters that contrast with one another. In the play “The Crucible,” by Arthur Miller, John Proctor and Reverend Hale are two foil characters that can surprisingly be compared and easily contrasted by thier good and bad aspects. In the play John Proctor was a proud farmer that was respected and also feared by people. Reverend Hales was man of honor and a witch hunter in Salem, Massachusetts. Both characters can be both similar in ways, but totally different in other views.

John Proctor played the role of the hero in the play. He was an honest man who just wanted the people to see the truth which was that there was never any witchcraft in the town of Salem and to stop the useless death that were accruing. Through his attempt to bring out justice to the town, Proctor came across two challenges that really showed his character in the play. He overcomes the first by his decision to testify against Abigail, despite his guilt and knowing the risks that came with the truth. His second conflict was whether to sign a false confession and save his life. His decision to choose self-sacrifice and not go through with lying to his friends and neighbors, shows both that he is the hero of the play and his morals in the type of person he was. As well as Proctor having good morals, Reverend Hale also had some good aspects in the play.

Reverend Hale was also a good man in some ways. He was witch hunter that just wanted to save the people of Salem from witchcraft. Later in the play he comes to his senses and tries to save more people that were being accused of witchcraft, like Proctor was at the end of the story. After he becomes aware of Abigails, Parris, and Hathornes hidden agendas, he begins to question the validity of the trials, in which he acts as a judge. He quiets the court for the truth and because he didn’t want to be part of the many lies that send people to their deaths. This was what really showed that in so ways he really did have good morals. Even though both Proctor and Hale have good aspects they are also known to have bad aspects in the play.

From the beginning of the play, Proctor and Hale showed their bad aspects. The play starts with Proctor just ending his affair with Abigail wounding his loyalty with his wife, Elizabeth. This event in the play was what scarded Proctor’s character through out the whole play. Hale was sent by Reverend Parris in the beginning of the play to investigate witchcraft with some girls that were dancing in the forest. After witnessing the strange occurrence that was happening to some of the girls, he was blinded by the lies of witchcraft and became a follower of those who accused the town’s people of it. For example, he knew that Rebecca was some how innocent and still arrested her to really just save his own life in a way. Reverent Hale did change his ways, but also says that it is ok to lie to save your life. This shows Hale’s character is selfish and that he would do anything to save his life even if it is wrong.




Both John Proctor and Reverend Hale are foil characters that can be compared to find the motives of each other. What really made the easily compared were their good and bad aspects through out the play. From Proctor becoming the hero in the play, to Hale changing his ideas of witchcraft can show the difference between the two. Both characters are needed to reflect on each other, making them characters with great importance in the play.



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If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on Bill Clinton the perfect president. 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 Bill Clinton the perfect president paper right on time.

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William Jefferson Clinton was born in 146 as William Blythe III, the son of a salesman who died before his son was born, and Virginia Dell, a professional nurse who became the single greatest influence in her sons life. Bill Clintons mother, Virginia Cassidy Blythe, moved to New Orleans, Louisiana, to study nursing. Bill Clinton stayed with his mothers parents in Hope, Arkansas. There his grandparents, Eldrigde and Edith Cassidy, taught him strong values and beliefs such as equality among all and discrimination to none. This was a lesson Bill will soon pursue. His mother returned from New Orleans with a nursing degree in 150, when her son was four years old. From an early age, his instincts drew him to politics. Civil rights was the defining political issue of my childhood, Bill said, starting when I was quite young, in the 150s. The other thing was the fact that we got a television when I was nine years old, and I got to watch, in 156, the Republican and Democratic Conventions. I watched the whole thing, and I was utterly fascinated by it.

In 16, he took the last name of his stepfather, Roger Clinton, an alcoholic whose rough behavior brought out in Clinton new powers of resilience and empathy. That same year he was chosen to be part of Boys Nation, a group of young people from around the country sent to experience Washington, D.C., firsthand. There, he got to shake hands with his political hero, John F. Kennedy. The encounter changed Bill Clintons life forever. I was elated, said Clinton. When I went home I had the feeling that if I worked hard and prepared myself, I could have an impact.

The following year, Clinton entered Georgetown University, where he became known for his self-confidence, for his intelligence, and for being a man in a hurry. Twice elected class president, after his junior year he was hired as a part-time clerk on Capitol Hill by Arkansas Senator J. William Fulbright. And following Fulbrights example, in his senior year he won a Rhodes Scholarship. At Oxford, he studied international politics, narrowly avoided the draft, opposed the Vietnam War, and dreamt of one day entering public service.

There is a sense of mission that most of us who grew up in the sixties feel as citizens, Clinton said. That it is not enough for us just to pursue our own private lives; that we have a larger obligation to our community and to our country.




After his return from Oxford University in England, in 170, Clintons career advanced rapidly. At Yale Law School, he met fellow student Hillary Rodham, an active idealist whose no-nonsense working style was the perfect complement to his freewheeling charm. Most everything weve done has been a partnership, Clinton later said of his wife. She is profoundly important to what Ive done.

In 17, Clinton accepted a position on the faculty of the University of Arkansas Law School and used it as a springboard into Arkansas politics. I ran for Congress in 174 and was defeated, Clinton recalled. And then in 176 I was attorney general, and I loved that job. Then a vacancy occurred in the governors race, and so I ran and I won, and it was exhilarating.

Elected governor of Arkansas in 178, thirty-two-year-old Bill Clinton bristled with ideas and energy. However, he also made a series of political miscalculations. By seeming not to listen to his constituents, by raising licensing fees, and by giving an impression of intellectual arrogance, he lost his bid for reelection in 180. I think [the loss] was good for me, Clinton later said. Its like every other adversity in life. If you survive it, you normally come out ahead. I was very fortunate to be from a small, rural state with a lot of small towns, where people were very forthright. Because a few months after the election, I went out across the state and Id ask what Id done wrong. And they would tell me-in great, stunning, brutal detail. They then gave me a second chance to serve.

Mr. Clinton’s way with people, combined with a formidable, organized intelligence, has won himself a lifetime of prizes delegate to Boys State and Boys Nation, winner of the Hot Springs Elks Youth Leadership Award, Rhodes Scholar, Attorney General of Arkansas, youngest Governor in the nation, chairman of the Democratic Governors Association, chairman of the Democratic Leadership Council.

The face of Bill Clinton does not seem the sort to excite adulation. He is reasonably handsome, with bright blue eyes, a strong chin and a slightly pouting lower lip that lends him sensuality. His voice, a lightly graveled baritone, glides over the words with easy modulation. His big hands work in varied counterpoise, the right forefinger stabbing his points home, the palms cupping, the fists clenching. His smile runs a dizzying extent, from open-jawed wonder to lip-biting coyness. His eyes work with the smile, opening wide when he drops his lower jaw, crinkling when he grimaces. Mr. Clintons most obvious strength lies in a talent for language that is rare in politicians. He involves himself heavily in the writing of his formal speeches, but most often speaks without a script. Paul Greenberg, an Arkansas newspaper columnist who has been highly critical of Mr. Clinton during his five terms as Governor, said, He knows where all the buttons are in his audiences mind, and how to use the answer to just one question to push several buttons at once. After winning again in 18 and then serving another ten years as governor, Clinton, at age forty-six, decided to take on another challenge.

Is William “Bill” Jefferson Blythe Clinton a moral person, according to whose values? Morality is a human concept that doubtlessly evolves in some ways over time, and yet many would say that the basic precepts remain constant. What is considered a moral act to some might seem amoral or immoral to others. Politicians are not a class of people that come to mind when high precepts of morality are mentioned. By their very nature, politicians seem to have become the antithesis of moral people. They seem to pander for votes, and waffle on tough issues. A politician who dares to assert strong beliefs is more often than not, considered extreme. If you measured Bill Clinton against his predecessors in government office, you might easily build a case that he is the least moral in post World War history. Although most politicians are looked upon as immoral I feel Bill Clinton through his life has established a foundation for his morality. My views are based upon my life relating to his and knowing what he went through to get to where he stands.

After Clinton served his ten years as governor of Arkansas in my eyes I deem his political career capable of proceeding to the presidential election. With no outrageous political flaws Clinton could very easily be a productive president among the American people.



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INTRODUCTION

This project aims to construct an active international equity portfolio based on trade date Feb 8 00. We perform the key stages in the investment management process including investment analysis, formulating risk-return expectations, ¡®blending in¡¯ investment heuristics, portfolio optimisation and performance evaluation (both in and out of sample).

PRELIMINERY CONSIDERATIONS

Choice of Indices




We select the FTSE All-World index (FTAW) and 48 constituent country indices for three reasons

First, the FTAW index is a well-known and widely used benchmark index, so it can be readily accepted as a valid data origin.

Second, The FTAW covers a broad range of stock markets [both in terms of geographical area and the risk-return spectrum], including developed markets, advanced emerging markets and emerging markets. Further there are standardized indices for each of the 48 constituent countries.

Third, and related, we can obtain (from DATASTREAM) dollar denominated total return indices for all countries allowing us to conduct the analysis as US investors. As discussed by Solnik (5) , there are in fact two possibilities with respect to managing currency exposure. The first, which is the approach we take implicitly take here, is to take on currency exposure so that total portfolio risk includes currency and stock risk. The second is to hedge it using derivative securities such as forward contracts. In this case, the returns available to international investors are equivalent to local currency returns. The latter may appear more sensible; however, Solnik () finds that currency risk is actually a relatively small component of the total risk of an international equity investment, and further observes currency risk reduction effects in a portfolio diversified across many currencies [which is the case here]. It must also be highlighted that hedging involves transaction costs and requires periodic rebalancing. Hence, we decide not to hedge.

Choice of risk free rate

The risk free rate assumption, for all investment decisions, is 1 year US dollar LIBOR, at Feb 8 00. At this date, the annualized risk free rate (rf) is .4%, so the monthly risk free rate is



Choice of 15 Countries

At the first step, we excluded all the Latin America markets to avoid the political and economic risk. Brazil, Venezuela, Peru, Colombia, Chile, Mexico and Argentina were excluded, from a commonsense viewpoint, because of the continuously widening negative influence from Argentine financial crisis over that area.

We decide to select the set of 15 countries with lowest average correlation to maximize international diversification benefits. To achieve this, we construct a correlation matrix from the FTAW 48 constituent countries¡¯ total return indices, with monthly frequency, for the 5-year period from 8 Feb 17 to Feb 8 00. However, based on this 5-year criteria, we find sufficient data in DATASTREAM for only countries Russia, Czech Republic, Egypt, Poland, Hungary, South Africa and Morocco have to be deleted from the list.

From the average correlation shown in Table 1, we chose the 15 countries China, India, Indonesia, Israel, Malaysia, Pakistan, Philippines, Taiwan, Thailand, Turkey, Austria, Belgium, Denmark, Finland, Ireland.

INVESTMENT STRATEGY

Tools for portfolio analysis

The two optimization techniques used in the project involve the Markowitz (MM) and Single Index (SIM) models.

Markowitz E(Rp)=¡ÆXiE(R) sp = ¡Æ¡ÆXiXjsi,j Single Index E(Rp)= ¦Áp+¦ÂpE(Ri) sp=¦Âpsm +se,p

MM is a standard approach to portfolio optimisation, but requires the full variance-covariance matrix to compute portfolio risk. The SIM bypasses the operational difficulties associated with this by assuming a simplified covariance structure between securities; the optimal portfolio is then computed by a ranking procedure conditional on the required inputs. The SIM is based on the standard OLS assumptions (1) E(ei)=0, () COV (ei,Rm) = 0 & () COV (ei,ej) = 0. The SIM & MM portfolio variances can be compared from the formula

MMsp=SIMsp + ¡Æ¡ÆXiXj COV (ei, ej).

From assumption () above, SIMsp will over- or under-estimate the true variance [MMsp].

A key and pertinent difference between the models is information requirements. For the MM, total information requirements are (N+N)/ (N expected returns, N variances, (N-N)/ unique covariance) making a somewhat impractical total of 15 for all 15 countries. However, the SIM, due to the simplifying assumption about the covariance structure, requires only N+ (N alpha, N beta, N r, Rm, sm) making a more manageable total of 47. For this reason, we decide to use the SIM, at the first stage, to select the 5 constituent countries for the portfolio followed by MM to blend in the required ¡®heuristics¡¯.

Single Index for preliminary country selection

Our natural starting point for the portfolio analysis is the optimal portfolio selection procedure from EGBG (00) Ch. based on the input data from the single index model. The procedure enables optimal portfolio weights to be established, and we consider the solution case with no short sales. It is based on a particular ranking criteria, and EGBG (00) note that it can be proved that the particular criteria lead to an optimal portfolio (conditional on the single index model representing the covariance structure between assets). The ranking is purely driven by the well-known Treynor ratio capturing the ratio of excess return over the risk free to beta.

Country

Israel 0.00688 0.5108 0.0040 0.007406 0.004714 0.01446

Italy 0.00454 0.8648 0.005 0.00756 0.0011 0.00841

Turkey 0.0076 .1070 0.01846 0.0164 0.008 0.007746

Pakistan 0.001 0.014 0.0061 0.001618 0.04741 0.00567

Denmark 0.00051 0.7005 0.005508 0.00505 0.001515 0.00500

Belgium 0.00148 0.5470 0.004185 0.0018 0.00004 0.008

Ireland -0.0005 0.86456 0.0074 0.001740 0.00040 0.0001

Thailand -0.011776 .1718 -0.00105 -0.00055 0.08665 -0.001406

Austria -0.007 0.677 0.00014 -0.001854 0.00411 -0.00

Taiwan -0.008457 1.075465 -0.00150 -0.00515 0.00816 -0.00471

Malaysia -0.0110 1.15881 -0.00671 -0.00874 0.018884 -0.0071

India -0.00505 0.55871 -0.006 -0.00465 0.00686 -0.007618

Indonesia -0.0114 1.6647 -0.01004 -0.0107 0.001 -0.00771

Philippine 0.00688 0.5108 -0.015548 -0.017551 0.0114 -0.0174

China 0.00454 0.8648 0.015475 0.0147 0.017 -0.44518

Table . Data required to determine optimal portfolio with rf=0.0000

Table illustrates the first part of the procedure. The Treynor ratio was computed for each of the 15 countries, and they were then ranked from highest (most desirable) to lowest (least desirable). We now require a cut-off point, and to determine the C, we compute Ci for each necessary country, where

(1)



The Ci is gradually built up in table ; it assumes that we keep adding one more country to the optimal portfolio until we get C. We seek a unique C such that all countries ranked higher satisfy Ci ¡Ý C, while countries ranked lower satisfy Ci ¡Ü C. We find C = 0.004656. Having obtained the set of 5 countries, it remains to determine the optimal portfolio weights. Each Zi value from () below is proportional to the optimal weight Xi, which is obtained by scaling each Zi using () below. Based on the five countries; we obtain -

() Z1=1.065188, Z1=1.0174, Z=0.150, Z4=0.008664, Z5=0.1604

() X1=0.4087, X=0.41, X=0.0876, X4=0.00504, X5=0.06486

Country

Israel 0.804457 55.654 0.804457 55.654 0.00166

Italy .070 54.4568 .0147 10.0844 0.00888

Turkey 1.14811 148.11 4.0467 458.15804 0.00458

Pakistan 0.01711 .67464 4.068 461.8868 0.00451

Denmark 1.6117 4.05847 5.60511 786.046766 0.004656

Belgium 0.5667 14.800467 6.8718 5.847 0.00458

Ireland 0.774 66.561 7.045 10.05 0.004041

Thailand -0.1581 164.746587 6.751 1466.50110 0.0056

Austria -0.486510 166.07705 6.0644 16.0715 0.00048

Taiwan -0.564568 117.801 5.74187 1750.857454 0.0065

Malaysia -0.507760 71.1117 5.411 181.78771 0.0018

India -0.4767 45.64847 4.886476 1867.61617 0.0011

Indonesia -0.7118 .55077 4.1758 15.86864 0.001741

Philippine -.06576 168.0657 .10748 18.17566 0.0008

China -0.0115 0.047516 .0866 18.78 0.00081

Table . Calculations for determining cut-off rate with ¦�m=0.00

Given the procedure; these are clearly the optimal weights. However, we are also required to formulate and apply ¡®heuristic¡¯ rules in the portfolio choice problem. There are numerous possibilities such as upper or lower limits, portfolio tilting or even risk controls. A key issue is, of course, how to incorporate such portfolio constraints into an analytical solution.

A second approach is therefore to consider the quadratic program from EGBG(0) (pp0) based on the Kuhn-Tucker conditions plus an upper limit weight constraint

(K1)

(K)

(K) and

(K4) (N=15)

An attempt was made to compute the solution via ¡®Excel Solver¡¯. A total of 15 ¡®target cells¡¯ are required. These represent (K1) rearranged such that each is set equal to zero. Then, in the solver format, Z and M need be varied to obtain solution values that meet (K) to (K4). Unfortunately, Excel Solver function allows only one target cell, so the solution was not obtainable.

Markowitz to build in ¡®heuristics¡¯

Therefore, we opt for the Markowitz approach via ¡®Excel Solver¡¯, which will enable us to determine portfolio weights based on the following ¡®heuristic¡¯ rules (1) No countries weight should be more than 5%, Xi ¡Ü 0.5, () No countries weight should be less than 5%, Xi ¡Ý 0.05. The rationale for the constraints is to limit single country exposure, balance the portfolio and control risk. They allow us to modify the portfolio so that it is not solely a product of historical analysis.



The portfolio strategy is based on the maximization the objective Sharpe ratio

,

where Rp is the expected return of the portfolio, and Rf is the risk free rate, sp is the total portfolio risk conditional on varying the 5 country weights under the constraints

(1) Fully invested åXi = 1;

() No short selling Xi ¡Ý 0 for all i;

() No countries weight should be more than 5%, Xi ¡Ü 0.5;

(4) No countries weight should be less than 5%, Xi ¡Ý 0.05.



We uses the Excel Solver function to solve the problem, the procedure is as follows

Firstly, we report the summary statistics (Table 4) that the Markowitz Model requires. They includes N expected returns, N variance terms & (N-N)/ unique covariance terms [N=5].

Country Israel Italy Turkey Pakistan Denmark

Expected Returns 0.0040 0.005 0.01846 0.0061 0.005508

Variance 0.0055 0.00501 0.041150 0.056 0.00666



Covariance Matrix

Country Israel Italy Turkey Pakistan Denmark

Israel 0.0055

Italy 0.0014 0.00501

Turkey 0.00788 0.00554 0.041150

Pakistan 0.0018 0.00047 0.0066 0.056

Denmark 0.00074 0.0016 0.005 -0.00074 0.00666

Table 4. Summary Statistics for Markowitz Approach

Secondly, we input those data into the Excel spread sheet (Table 5) and define B, B10, B11, B1, and B1 as the adjustable cells. Then we added the following constrains into solver function (1) B+ B10+B11+B1+ B1 =1, ()$B$ $B$1 ¡Ü 0.5, and () $B$ $B$1 ¡Ý 0.05. After that, we set B0 as the target cell to be maximized by varying the 5 adjustable cells representing the constraints. B0 is equal to the (B17-B1)/B18. B17and B18 will vary based on the weights of the 5 countries in our portfolio. We set 0% as default weights for each country, as solver requires initial guesses.

7 A B C

8 Country (Xi) Weight

Israel (X1) 0.

10 Italy (X) 0.

11 Turkey (X) 0.

1 Pakistan (X4) 0.

1 Denmark (X5) 0.

14 X1+X+X+X4+X5 1.00

15

16 Monthly Annually

17 Expected Return (Rp) 0.0065 0.117018

18 Total Risk (sp) 0.07408 0.5665

1 Interest Rate (Rf) 0.0000 0.0400

0 Objective Sharpe Ratio 0.0801 0.6158

Table 5. Excel Solver function Inputs

The solver output (Table 6) shows that the maximum achievable Sharpe ratio (by varying the weights of the 5 countries under those constraints) is 0.14514 (monthly). Thus, the weights of those 5 countries in our portfolio are Israel (X1) = 0.5, Italy (X) = 0.5, Turkey (X) = 0.085, Pakistan (X4) = 0.05, and Denmark (X5) = 0.167005.

Target Cell (Max)

Cell Name Original Value Final Value

$B$0 Objective Sharpe Ratio 0.07714 0.14514

Adjustable Cells

Cell Name Original Value Final Value Reduced Gradient

$B$ Israel (X1) 0. 0.5 0.010401

$B$10 Italy (X) 0. 0.5 0.0075

$B$11 Turkey (X) 0. 0.085 0

$B$1 Pakistan (X4) 0. 0.05 -0.0786

$B$1 Denmark (X5) 0. 0.167005 0

Constraints

Cell Name Cell Value Formula Status Slack

$B$14 X1+X+X+X4+X5 1.00 $B$14=1 Binding 0

$B$ Israel (X1) 0.5 $B$=0.05 Not Binding 0

$B$10 Italy (X) 0.5 $B$10=0.05 Not Binding 0

$B$11 Turkey (X) 0.085 $B$11=0.05 Not Binding 0.67005

$B$1 Pakistan (X4) 0.05 $B$1=0.05 Binding 0.

$B$1 Denmark (X5) 0.167005 $B$1=0.05 Not Binding 0.185

$B$ Israel (X1) 0.5 $B$=0.5 Binding 0.

$B$10 Italy (X) 0.5 $B$10=0.5 Binding 0.

$B$11 Turkey (X) 0.085 $B$11=0.5 Not Binding 0.05

$B$1 Pakistan (X4) 0.05 $B$1=0.5 Not Binding 0

$B$1 Denmark (X5) 0.167005 $B$1=0.5 Not Binding 0.117005

Table 6. Microsoft Excel .0 Solver Answer and Sensitivity Report

From the optimal weight we obtained from Markowitz Approach we can calculate out the following basic summary of our portfolio (Table 7).

Monthly Annually

Expected Return (Rp) 0.001 0.116148

Total Risk (sp) 0.05774 0.0005

Interest Rate (Rf) 0.0000 0.0400

Porfolio Beta 0.7701 0.7701

Objective Sharpe ratio 0.14514 0.458768

Treynor ratio portfolio 0.008 0.11485

Table 7. Summary for the optimal portfolio with rf = .4% p.a.

Computation of Efficiency Frontier

We begin to trace out the portfolio efficient frontier by the suggested approach in EGBG (P10-11) by varying the risk free rate. We select 5% as the interest rate for obtain the optimal portfolio, and solve it through solver function, and then we obtain the optimal portfolio with respect to 5% risk less rate. The weights of the 5 countries are Israel (X1) = 0.5, Italy (X) = 0.5, Turkey (X) = 0.1805, Pakistan (X4) = 0.05, and Denmark (X5) = 0.06065. Its annualised expected return is 0.14464, the annualised total risk is 0.4585, and the variance is 0.060465.



From the basic statistics for those portfolios shown in Table 8, we can conclude that the variance of a new portfolio consisting of &frac1; of portfolio (rf =.4%) and &frac1; of portfolio (rf = 5%) is

s = (&frac1;)(0.0005) + (&frac1;)(0.4585 ) + (&frac1;)(&frac1;) s1 = (0.14)

Therefore, s1 = 0.04771.

Country (Xi) P1 (rf = .4%) P (rf =5%) &frac1;P1+ &frac1;P

Israel (X1) 0.5 0.5 0.5

Italy (X) 0.5 0.5 0.5

Turkey (X) 0.085 0.1805 0.16015

Pakistan (X4) 0.05 0.05 0.05

Denmark (X5) 0.167005 0.06065 0.1185

W1+W+W+W4+W5 1.00 1.00 1.00



Summary Annually Annually Annually

Expected Return 0.116148 0.14464 0.157

Total Risk 0.0005 0.4585 0.14

Table 8. basic statistics for portfolio (P1, P, and &frac1;P1+ &frac1;P)



After we calculated out the expected returns, variance and covariance, then we could trace out the efficient frontier from varying the weights of P1 and P.

The efficient frontier is showed in the Figure 1. In our case, the risk free rate, rf, is .4%, the optimal portfolio is the tangent point (0.0005, 0.116148), and the minimum variance portfolio is the starting point (0.16461, 0.088857).



Figure 1. Efficient Frontier with the minimum risk portfolio and optimal portfolio.

PERFORMANCE ANALYSIS

As highlighted by EBGB(0) performance evaluation is an integral aspect of any investment decision making process. In this section, the ex-post performance of the Single index and Markowitz portfolios are analyzed over the sample estimation and subsequent one-year period. We aim to discover whether the selected portfolios have achieved sufficient return conditional on various performance measures. The required input data, based on annualized mean return and standard deviation, is summarized in table . For the in-sample period, the risk free assumption rf=0.054777, which represent the annualized mean monthly rate. For the out of sample period, the risk free assumption is rf=0.00568, which represents the annualized mean weekly rate.

We observe that, in the in-sample period, the ¡®Single Index 5¡¯ (SI5) and ¡®Markowitz 5¡¯ (M5) portfolios exhibited higher return and standard deviation than the FTSE All World (FTAW), while both portfolio betas were less than 1. For the out of sample period, the general observation is that all risky equity portfolios under-performed the risk free. From these preliminary observations, we can move to more definitive conclusions by utilizing a range of analytical techniques.



In Sample -

MARKOWITZ 5 0.116148 0.0005 0.7701

SINGLE INDEX 5 0.1555 0.158 0.81

FTSE ALL-WORLD 0.06085 0.165876 1



Out of Sample -

MARKOWITZ 5 -0.04885 0.171641 0.6084

SINGLE INDEX 5 -0.066 0.18188 0.6401

FTSE ALL-WORLD -0.16580 0.168 1

Table . Performance measurement input data

The Sharpe Ratio

As noted by EBGB(0), in the return & standard deviation space, all combinations of a risky portfolio and risk free asset lie along the straight line connecting the risky portfolio and risk free asset. The Sharpe ratio is the slope of this line and represents the ratio of excess return (over risk free) divided by return standard deviation (total risk). More formally -



Under this measure, the greater the Sharpe ratio, the better the portfolio performance. Further, since the ratio is based on total risk, it can be used to rank actively managed equity portfolios. In this respect, we note that our five asset portfolios represent active selections from the set of 4 countries that comprise the FTAW. The respective Sharpe ratios are reported in table 10.

In Sample ranking Out of sample ranking

Rank Portfolio Sharpe ratio Rank Portfolio Sharpe ratio

1 SINGLE INDEX 5 0.860 1 MARKOWITZ 5 -0.41046

MARKOWITZ 5 0.06540 SINGLE INDEX 5 -0.481175

FTSE ALL-WORLD 0.066 FTSE ALL-WORLD -1.08105

Table 10. Sharpe ratio portfolio performance ranking

From the table, we observe that, over both periods, both the SI5 and M5 portfolios outperformed the FTAW, but neither SI5 nor M5 dominated. For the in-sample period, the respective factors of market outperformance, for the SI5 and M5 portfolios, were around 8.7 and 8.7 times the FTAW Sharpe ratio. For the out of sample period, the negative Sharpe ratios indicate underperformance with respect to the risk free. The respective factors of market outperformance, for the M5 and SI5 portfolios, were around 0.4 and 0.4 times the negative FTAW Sharpe ratio.

Differential return when risk is measured by beta

Again, this is appropriate for actively managed equity portfolios. As discussed by EGBG(0), the essential intuition is to compare the return on an active portfolio to a passive strategy of combining the risk free and FTAW to obtain a portfolio of identical beta. The differential return, known as the Jensen alpha measure, represents the (beta) risk adjusted abnormal return. More formally -



The respective ratios are reported in table 11, and we note that the performance ranking is identical to the Sharpe ratio.

In Sample ranking Out of sample ranking

Rank Portfolio Alpha Rank Portfolio Alpha

1 SINGLE INDEX 5 0.065758 1 MARKOWITZ 5 0.076646

MARKOWITZ 5 0.05651 SINGLE INDEX 5 0.06458

Table 11 Performance ranking by the Jensen differential performance index

Decomposition of performance

The alpha measure, or return to selectivity, can be further decomposed into the return to diversifiable risk and net selectivity via the technique of Fama decomposition.

Markowitz approach Single Index Approach

Performance analysis (annual basis) in sample Performance analysis (annual basis) in sample

Fama Decomposition Fama Decomposition

Return Beta Return Beta

Selected Portfolio (P1) 0.116148 0.7701 Selected Portfolio (P1) 0.1555 0.81

Benchmark (P) 0.0565 0.7701 Benchmark (P) 0.05767 0.81

Portfolio alpha (P1-P) 0.05651 Portfolio alpha (P1-P) 0.065758

Benchmark (P) 0.0610 1.0658 Benchmark (P) 0.0666 1.78

Divers. Risk (P-P) 0.00474 Divers. Risk (P-P) 0.0085

Selectivity (P1-P) 0.0540 Selectivity (P1-P) 0.06864



Markowitz approach Single Index Approach

Performance analysis (annual basis) Out of sample Performance analysis (annual basis) out of sample

Fama Decomposition Fama Decomposition

Return Beta Return Beta

Selected Portfolio (P1) -0.04885 0.608 Selected Portfolio (P1) -0.066 0.6401

Benchmark (P) -0.1651 0.6084 Benchmark (P) -0.1181 0.6401

Portfolio alpha (P1-P) 0.076646 Portfolio alpha (P1-P) 0.06458

Benchmark (P) -0.1867 0.8740 Benchmark (P) -0.10 0.687

Divers. Risk (P-P) -0.06061 Divers. Risk (P-P) -0.06781

Selectivity (P1-P) 0.1607 Selectivity (P1-P) 0.1176

Table 1 Performance analysis by Fama decomposition

As discussed by EBGB(0), this is achieved by comparing the active portfolio return to the return on a passive portfolio with the same total risk, i.e. the total risk of the passive portfolio (which is all systematic) is set equal to the total risk of the active portfolio. This allows a second benchmark to be computed, which represents the ¡®required¡¯ alpha from an active fund conditional on its total risk. Any more than this represents a pure selection gain or ¡®net selectivity¡¯.

For the in sample SI5 portfolio, we compute the beta and return of the required naïve passive portfolio with the same total risk.



The Fama decomposition for all four portfolios are reported in table 1 and are illustrated for SI5 and M5 in fig 1. For the SI5 in sample portfolio, we observe that only around 4% of the alpha was required to achieve the benchmark return for diversifiable risk. Similarly for the M5 in sample portfolio, around 6% of the alpha represented a net selection gain.





Figure . Performance Analysis by Fama Decomposition

For the out of sample period, the positive alpha measures for the SI5 and M5 portfolios must be put into the overall context of a negative market risk premium of nearly ¨C4%. Figure illustrates the Fama decomposition for the out of sample M5. The passive benchmark P illustrates that RP is the ¡®benchmark¡¯ return required from an active portfolio to ¡®compete¡¯ with a naïve portfolio of equivalent total risk to P1, leading to negative return to diversifiable risk. In this scenario, even fund managers with negative alpha can legitimately claim selection skills if they exceed RP. We note that positive alpha required positive net selectivity in excess of the magnitude of return to diversifiable risk; this was comfortably achieved by M5. However, the overall M5 return was around 7% below the risk free. We observe similar decomposition effects for the SI5 out of sample portfolio, where the return was nearly % below the risk free.

Performance summary

Both SI5 and M5 portfolios were market outperformers with the SI5 featuring as the dominant in sample portfolio. In this respect, we note that the SI5 represented an unconstrained solution, while the M5 portfolio was optimized subject to several constraints resulting in a performance trade off. However, these ¡®heuristics¡¯ proved beneficial for the out of sample, M5 has % more return than SI5. Illustrating that limiting country exposure and balancing out a portfolio can act as prudent modifications in supplementing a purely historically driven analysis. Finally, in the out of sample period, we must acknowledge that both portfolios underperformed the risk free.

CONCLUSION

We need not look very far for the source of the out of sample. At the current time, there appears to be a world-wide lack of confidence in global equities driven by a range of factors including the general fall out from the dot-com bubble, a number of high profile accounting scandals, the plague of political instability in respect of Iraq sending shockwaves across global stock markets. We note that US and UK stock markets have fallen heavily for the last years or so, and maybe, therefore, we should have considered a bond or even equity put option portfolio given the stock market environment. Indeed, we were only able to find one rising stock market ¨C Pakistan (by 1%) - for the last year, but the portfolio weight amounted to only 5%. If only we had a crystal ball!





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• With the takeover of DMJSL, the organizational culture is going through a dramatic change. Implementing the change requires strong leadership skills, where DMJSL have decided to follow the Path-Goal Leadership model.

Path-Goal Leadership Theory

• Based in part on the expectancy theory of motivation, Path-Goal leadership theory was initially articulated by Robert House in the 170’s. The theory that a subordinate’s ability to perform certain work tasks in proportional to the amount of direction and clarification of the paths that lead to the goals of organization.

• This means that if an employee is given clearly articulated instructions and demonstration of what to do, then the chance the employee will succeed is greatly enhanced.




• Path-goal theory argues that a subordinate’s motivation, satisfaction and performance are dependent on the leadership style chosen by their superior.

• Based upon Robert House’s theory, the two primary findings are that if a subordinate has a habitual job then a high level of initiating structure will result in a decrease in employee satisfaction.

• On the other hand, an employee has a highly ambiguous role with the organization then a high level of initiating structure by the leader, would lead to high levels of employee satisfaction.

• Therefore, according to this theory, the success of any organization is dependent on its leaders.

Communication Plan

• Communication means information being transmitted and being understood by other.

• Communication serves four major functions with the organization, which consist of Control, Motivation, Emotional Expression and Informational.

o In Control Function, organizations have the authority and formal guidelines that employees are required to follow.

o In Motivational Function, involves clarifying for employees what is to be done, how well they are doing and what needs to be improve.

o In Emotional Expression, it gives employees the ability of expression of emotions and fulfillment of social needs.

o Informational Function, where it provides the information that individuals and group need to make decisions by transmitting the data to identify and evaluate choices.

Employee Empowerment

• The merger has created a sense of low morale because the former DMJSL employees can no longer take the initiative to solve problems without the approval of upper management.

• This dis-empowerment has also cause lower self-esteem and morale, where they feel that their opinion does not matter.

• This matter is something that Mergers Inc. needs to resolve.

Performance Expectations.

• Re-establish performance goals and expectations in order to align them with Mergers Inc.

• Managers will meet with each employee to set personal performance goals.

• Management must clearly communicate to the employees that rewards are contingent on performance.



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If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on catcher in the rye. 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 catcher in the rye paper right on time.

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Alfaris 1

The Catcher in the Rye

J.D. Salinger’s book, The Catcher in the Rye exhibits a boy struggling with many adolescent problems. These problems cause much controversy, confusion, and hate. Many of these problems are personal, while some are that of an average teenager. However, the difference between an average teenager and Holden Caulfield is that Holden has let the problems take over his life. By letting all the confusion and hate become so much of whom he is, Holden has become irrational, incapable, and insane.

One may say that all his problems and irrationality is due to his brother, Allies death. That it is perfectly normal to act differently after losing someone close to you. However, when these problems start to take over, it is time to get help, but Holden did not. His irrational mind prevents him from making decisions he either should have, or maybe should not have. Leaving school to move to New York is not an ideal choice for boy of Holden’s age. New York is much too hostile an environment for a boy of that age to handle on his own. By making this quick and irrational decision, it shows how insane Holden can be.




Holden’s incapability is also a foreshadowing of how he will handle himself in life, although it is exploited when he is in New York. When Holden “purchased” the prostitute, being but sixteen, he had no idea what he was doing. He did nothing with the prostitute and when she left, she was not very pleased. Her manager, for lack of a better term, was also unhappy with what had happened. Holden, being incapable to handle the situation was beat up. This proves Holden’s incapability and insanity in the sense that any

Alfaris

capable person would be able to handle the situation, and any sane person would know not to get himself into that situation.

Lastly, Holden had allowed himself to keep everything inside, letting all his problems and struggles take him over, driving him insane. When Holden is complaining to his sister Pheobe, his natural tendencies prevent him from realizing that he is swearing. Pheobe surprises him by telling him to “grow up”, to stop acting so immaturely. This shows that Holden does not have the mind set of a normal sixteen year old boy; that Holden still thinks like a kid when he should be thinking like an adult. In this case, Holden has shown that he is not entirely sane.

Holden’s irrationality, incapability, and insanity is exploited tremendously throughout this novel. He shows us what can happen if we choose not to talk to people; he shows us what can happen if choose to keep everything inside. Therefore, Holden has shown us how we can become insane, by driving himself insane.



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Karma kicks asses.

Oh my, impregnated at such a young age - well aint that a bitch. Even still, its funny to think just how insane things work out. Youre suffering the exact same emotions of what you hoped i would suffer myself. (IE heartbreak, anger, regret, PAIN). Proving, irony is only for bitches and fucks - take this as a lesson. On second thought, I take that back - dont take this as a lesson. I hope you suffer like this again. Itd be far more sweeter than kissing my ass, wouldnt you agree? Not to say Id actually allow you such satisfaction . . but you get the picture.

So you would you like to explain yourself, now. Coincidently, after the fact that every aspect of your plan failed miserably. You thought you had me right where to wanted me. Thought everything was running along smoothy, running straight in the bag. Hahaha, I laugh at that mess! I guess youre proven wrong. Shows you that actions, such as that of which you took, go unrewarded. Punished even, for that matter. You should have left things as they were, kept your mouth shut then maybe I would have stopped to listen for at least a second as you came on your knees to grovel.

But then again, leaving you on your ass seems like pay enough for my work. Have a nice life baring the offspring of a dirty one-night stand. Maybe you dont deserve it, but who am i to even give a shit about what you do (or who you do, or what you did). I sure as FUCK aint you, right?




I wonder why those words sound so familiar.



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Clarence Richardson

ENG 10-04

September , 00

Critical Analysis Essay.




Columbus ‘Hero’ or ‘Impostor’

In her essay, “The Statue of Columbus should be removed from The Bahamas”, Sheanda Glinton argues that “Murder, cruelty, inhumanity, and a false legacy is what Columbus unleashed and as such his statue should be removed from the Bahamas.” Glinton also argue that Columbus did not discover the islands or the Bahamas; in fact they were already inhabited by the Tainos. In her essay, she describes the Tainos as primitive, but happy people. This was true until Columbus arrived and decided that they would make great slaves, as well as laborers for him and his cohorts. Throughout her essay, Glinton speaks about the malevolent and atrocious treatment to the aboriginal people of the Bahamas brought on by Columbus and his Spanish legion, in pursuit to enslave them as well as convert them to Christianity. Glinton strongly believes that the only thing Columbus should be considered a hero for is his success in bringing destruction to the Bahamas as well as its people. In actuality, is of no positive asset to the Bahamian race, thus he should not be applauded as a hero, and his statue should be removed.

Glinton begins her argument with a bit of history as to how Columbus since14 has been highly praised as being the discoverer of The New World upon his landing on Guanahani, which he gave the name San Salvador. However, Glinton disagrees with this because “Columbus did not discover a new world” but came into “contact between two worlds already old”. Glinton also gives evidence as to how Columbus, in his journals, wrote of other inhabitants on the island, and how because of their intelligence, but timid and unwarlike nature would make it easy for him to convert them into slaves with little to no force at all. She continues by stating that in all of Columbus and Spanish teachings of “religion and civility to the Indians”, greed was their most prominent interest.

Glinton describes Columbus as greedy because when he saw that the Indians wore gold jewelry, he sought out a quest of how he can use them to mine the gold and take the gold back to his country to pass them as his own discovery. She also describes him as vain because he thought that “he was above manual labor and forcing others to mine gold for him suggest that he should not be lauded as a hero and a discoverer.”

However, Glinton sees this as a minor reason as to why Columbus’ statue should be removed from the Bahamas. She continues her argument stating that Columbus and the Spanish colonists whom he brought were responsible for the obliteration of the entire race of Tainos that once peacefully inhabited the Bahamas. Glinton supports this claim with facts about the Tainos being taken out of the Bahamas and exported to Hispaniola. Consequently, when Columbus learned that gold was in Hispaniola, the Tainos were all wiped out of the country. “Their slaughter began in 144 when Columbus brought 400 armed men into the interior.” The writer continues to give reference to Columbus’ journal entries as well as historical facts to support her claim as to why the statue of Columbus should be removed from the Bahamas. She speaks of the cruel treatment brought on the Tainos by Columbus and his crew, how they were forced to dive for pearls for hours without time to catch their breath. In many instances some of the Tainos never returned back to the surface because they couldn’t catch their breaths in time, or they were eaten whole by man eating sharks. This cruel and inhumane treatment led to many of the inhabitants taking their own lives. Glinton continues that if the Tainos tried to fight back, they were hunted down by dogs, “crucified and whipped violently.” She also speaks of how the Tainos were forced into Christianity and tried to justify their reasons for the ill treatment bestowed upon the Tainos.

Furthermore, Glinton made a vague comment, however, in paragraph 10 of her essay when she stated that “…no true believer of Christ would use the means that the Spanish implemented to convert the Indians.” This statement is vague because no one knows who a “true believer” is; we only assume that our own religion is the “true” religion. Thus a true believer cannot be defined factual, only by our own personal opinions, which is not effective enough to be proven. Glinton was also bias in this paragraph when she stated that, “What cannot be accomplished …. and good examples of Christianity is a lost cause.” She shows biases here because she only gives recognition to Christianity, and no other religion. She also made the accusation that if situations are not dealt with examples of Christianity, then as she states’ “it is a lost cause.”

Moreover, Glinton ends her argument with three rebuttal paragraphs (1, 1 and 14). In paragraph 1 she acknowledges that some people have argued that “Columbus had indeed discover a new world.” She then refutes this by saying that the island had already been inhabited, then she inserts a rhetorical question built on facts into her rebuttal, “possession is nine tenths of the law, is it not?” which was the first time she actually gave recognition to her audience (i.e. get them involved). In paragraph 1 she gives rise to how some may say that Columbus was not to blame for the atrocious treatment of the Tainos because, he left his brother in charge while he went back to Spain to tell of his discovery. Glinton disagrees with this because, she believes that if this were true then why was Columbus and his brother deported back to Spain in chains because of the disgust of a government official when he saw how cruel the Tainos were being treated.(she supports this claim with facts from Rouse, 1,pp. 14-150). She also states that Columbus should still be held responsible because if he was leader, then whatever he had told the Spaniards they would have obeyed. However, because he was leader, he should be held responsible. Glinton continues that some may think of the Indians as “uncivilized, savage and primitive people” and that the need of a “little force was justified”. The writer refutes this by stating again about the journal entries of Columbus and his crew of how they said the Tainos were peaceful people and of the cruel treatment perpetrated against the Indians. She continues by saying how the Tainos were civilized because they had already had a political organization with a leader. Glinton also talks about the religious belief of the Tainos and how even though it was not Christianity, she believes that “each individual has the right to choose his/her own path to religious beliefs.”

However, Glinton contradicts herself by saying this because in paragraph 10 she said that “What cannot be accomplished …. and good examples of Christianity is a lost cause.” Now she is saying that it is okay to be of another religion.

Glinton used a few figurative devices in her essay. Besides a rhetorical question in paragraph 1, she uses sarcasm as well as humor in paragraph when she stated that, “Columbus must have felt that God was smiling upon him, in that he found a new land and saw that gold was present.” An understatement was also made in paragraph14 which stated that “little force was justified”, because the force laid upon the Tainos was not “little” it was cruel, inhumane and caused a lot of deaths and should not be referred to as “little” Glinton also uses a simile in paragraph 15 “the Spaniards fell as tigers, wolves and lions fall on kids” this statement is also verbally ironic because kids can be interpreted as children or baby goats. Comparison was also made in this final paragraph when the Spaniards and Columbus were compared to animals. The writer uses a cynical tone throughout her entire essay.

Sheanda Glinton’s essay which includes valuable facts raises question as to why Columbus’ statue is posted in the Bahamas as a discoverer or some hero if he himself wrote in his journals that he met people here. It makes persons start to wonder what the real reason for his recognition is. Why history books still refer to him as the discoverer? And why is it that the real reason is not justified to people who still believe that Columbus really did discover the Bahamas? Maybe it was a signed contract that the leader of the Tainos made in order for the Spaniards to free them. Since it is crystal clear that the real reason cannot be because he discovered the Bahamas, then what the real reason... is another case for Nancy Drew and the Hardy Boys…



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If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on the effect computerization has had on the accounting cycle. 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 the effect computerization has had on the accounting cycle paper right on time.

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MYOB is one kind of software for people to do accounting. The features of computerized general ledger package can be summarized as follows

Files

MYOB uses the files to store data and processing instructions. When we open the MYOB software, we will be introduced to open a certain file that record all the accounting data about a individual company. Usually the files are classified as different types, including master files, transaction files, history files, and suspense files. Obviously the ledger files are considered as a master file.




Storage and Access of Data in MYOB Accounting System

Computers often use sequential or random order to store or access a file. Nowadays, random store or access is leading the main stream of IT. This method will provide a high speed to store or access data that we need. The data can be saved on a storage medium like a hard disk, floppy disk, or compact disk. However, some storage devices allow sequential access only, such as tape storage. The MYOB will store or access data with a Pentium III will in random store/access ways.

Processing

Generally, the processing method consists of four types batch, online, real-time, or report-time processing. And here MYOB uses the real time to process accounting data. Say, people can enter and process transaction data at any time to update the relevant master files. That means the software will provide a fast response to affect any outcome of the event occurs during accounting cycle.

Physical and Logic File Structures

Each MYOB file has a physical structure and a logical structure. The physical structure stores where the data on the storage medium. The logical structure relates to how the file structures that the users views. MYOB owns a certain logical structure that is more useful for accounting.

Data searching

People will search data within the computerized general ledger through a data field. A MYOB file usually has a primary attribute called command center that identifies it and uniquely identifies it and distinguishes it from other transaction records in the file. Certainly, it also contains several nonprimary key attributes on the command center sub-menus.

Comparison of the processing steps and data recorded between a manual accounting system architecture and MYOB

Manual accounting system mainly relies heavily on the paper documents to record and process data, say the flows of paper documents will exist all over the system. Thus, it¡¯s clear that the records are quite difficult to backup and once the records are spoiled, it¡¯s more difficult to find the original data. While the computerized general ledger will be recorded in time, and the accountants can backup the data into the database quite conveniently.

The manual accounting system is as equivalent as a batch processing, It means no matter the profit & loss statement or the balance sheet will be done after all the transactions are posted to general ledger from the general ledger. It¡¯s easy to find this complex process will lose the timeliness needed in the quick-develop society, remember that no one wants to wait for you. However, under the computerized system, it will provide a fast response to the master file when a transaction is identified in the general journal.

At the meantime, the errors may occur during the process by manual recording. People always do wrong when he/she feels tired, but the computer can avoid it quite easily. Many computerized accounting systems use the summation of the subsidiary ledger with the general ledger control account.



Cunningham, ACOUNTING Information for Business Decisions, Harcourt College Publishers, 000.

Neish W. & Kahwati G, MYOB,6th edn., Mc Grew Hill, Broston, 000.

Greene R. & Brrett K. Auditing the Accounting Firms, Financial world, 14.

Pilcher R., Accounting, Charles sturt University, New South Wales ,001.

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Ass My talent involves playing a musical instrument that I had since I was years old. I

am a pianist. When I was years old, my mom started teaching me on how to play the

piano. I didn’t know what was a piano. All I knew at the time was that it looked like a

huge box with white and black keys on its edge. When my mom started playing the




piano, I was immediately addicted to playing the piano. Now when I play the piano, I

have to feel the flow of the music before I can play it. It takes a well-trained hand-eye

coordination to play a musical piece. Playing the piano gave me more incentive to do

well in school and be a positive role model. After playing the piano for 14 years, I have

truly learned values that are required to play the piano and become a responsible member

of society. Hopefully, I will get to share my talent with the University of California.. Is there anything you would like us to know about you or your academic record that

you have not had the opportunity to describe elsewhere in this application?

I have an addiction to cheese. I love cheese. Cheese is one of my favorite snacks and my pet peeve. Some people say that I am a cheese fanatic.



1. How have you taken advantage of the educational opportunities you have had to

prepare for college?

I believe that my experience in Rowland High School has taught me the prerequisites

of handling college labor. My English teacher taught me how to write a better essay when

I got a poor grade on an assignment. She told me that people needed to strengthen their

weaknesses in order to improve themselves. She started tutoring me at an after school

program our high school. I had to train my brain to think in another level instead of being

stubborn. When I started to practice on the techniques of writing a well-structured essay,

I wrote in my journal every day to monitor my progress. I started adding more comments

to my journal and eventually had to buy another composition book to write all my

thoughts. After I applied the well-structured essay to my class work, my grades changed

dramatically. I still went to the after school program to improve on my other flaws.

I was given harder assignments during the tutoring session so I can be proficient with

writing essays. I applied those methods of absorbing information to my other classes and

allowed me to become a better student. My Algebra II grades were skyrocketing and I

managed to pull my Biology grade up a letter grade. High school has taught me how to

learn.



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Please note that this sample paper on nothing is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on nothing, we are here to assist you. Your cheap custom college paper on nothing will be written from scratch, so you do not have to worry about its originality.

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TABOOS and SOCIAL NORMS- ARE YOU A SHEEP?


“Was he free? Was he happy? The question is absurd;


Had anything been wrong, we should certainly have heard” (Donnell, Nakadate, Pfordresher &Shoemate, 17, p.54).


Although the question is absurd we should think about it How much free are people in their decisions and behaviours? Rules, rules and rules…Look but don’t touch, touch but don’t taste, taste but don’t eat…The society leads individuals like sheep by using social norms and taboos as a cudgel.Sýnce humans are intelligent creatures there is no need social norms and taboos. People must be free in their mind for the sake of individualism.


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First of all people must show their characteristics freely and break down taboos if they are useless or irrelevant for them anymore. If one accepts all the rules of society without any questining he or she would become an “unknown citizen” (Donnell et al, 17, p.54) and lose himself in the society by forgetting his personality.Every person is different so noone has to share the comman thoughts of society but society chooses to punish deviations. Infact couse of the punishment which society apply to a deviant is to envy this person since the other members of the group desire secretly to do the same thing. Taboos are forbidden things and also(so) very attractive (http//visit.geocities.com, Dundar,C.,1.05.00).


Secondly as can be seen many historical events, taboos and social norms prevent scientific invents and tecnologycal development. For instance in the Period of Tulip society’s does not accepting “matbaa” caused the Ottoman Empire to worsen for fifty years. Galileo is another example as a victim of society. He discovered that the world rotates arund the sun but the taboos and social norms of the Catholic Church convicted him. “It was a sad end for so great a man to die condemned of heresy” say O’Conner and Robertson (www.history.mcs.st.andrews. ac.uk/Galileo.htm, 5.05.00). This meaningless rules not only kill a genious but also kill human’s creativity.Philosophers are peoples who are not afraid of rejecting or punishing by the society and these brave people enable the humanity to improve by breaking down taboos.


Another issue is people’s acting as anyone else to gain other people’s love and respect but is it true cheating both ourselves and peoples around us? Flinch says “We may not really like wearing formal clothes, but do it anyway because it’s socially appropriate for occasion” (18,p.10).But one must live how he think it’s proper according to him not according to someone else.If a person like to wear colorfull clothes wearing so makes his or her feel happy.Thus being only ourselves and behaving how we want would make us happier.Reversely if everyone wears the same type of clothes or everyone has the same style life would be very boring. Would you like to live in a society which all people are like “Agent Smiths”? Would you like to be an “unknown” in black suits?


Some experts claim that “taboo is like a fence that keeps us what is wrong and a good life is a proper life” (Roberts, A.F.,16, p.6). However a good life differs from one to one.Life is special and one must decide what is good or what is wrong independently.Mind and intelligence is the main characteristics of the humans. We are not animals that needs to bring in line and to pasture where to go. Fences are necessary for animals not for human beings. On the other hand “sometimes rules for behaviour differ from one culture to another”(Smalzer, W.R. ,16 ,pp.14-14). So why they can not differ from person to person? As can be understood they are not very logical or fundamental rules for people. These are only dogmatic rules. If they were very usefull they would be same and proper on the whole world but they are not.


They also argue that social norms and taboos keep the unity of society and by doing so enable the society to develop. But isn’t the USA very improved country? Folse says that “individualism is a fundamental value in the US.All Americans believe in the right to express their own opinion without fear of punishment” (1, pp.107-108).They decide what to wear, how to live by themselves. There are many kind of people there; their language, their religion, and their race are very different but this is not a disadvantage for them indeed this variety of culture helps the development of the country.


Finally opponents can support that these rules prevent crimes by the help of social pressure. However pressure can never be a solution for crime, infact people are always more inclined to forbidden things as Sigmund Freud stated (http//visit.geocities.com, Dundar,C.,1.05.00).


As a conclusion thinking with respect to other people decreases our self confidence, so we must not permit others to lead us, to influence us, and to pasture us.We must not forget that every fashion comes from some people and always there is someone who can break down taboos and then other people follow them.Why do we choose to follow like sheeps instead of being our own leader?


Mehtap Parlak





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In the movie Educating Rita Susan - a working class woman turned student - tells Frank - her drunken professor - of how tempted she was when accosted with a Are you fond of Ferlinghetti? by another professor while browsing through a book by Ferlinghetti at the library to answer Only with parmasan and cheese. with a cockney accent.





I am reminded of the scene reading a New York Times article about the 50-year anniversary of the bookstore City Lights founded by the poet Lawrence Ferlinghetti who was part of the Beat generation in the fifties.





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In an interview Ferlinghetti said It is really much more interesting today than in the 50s. There have been all this mythologizing of the 50s and the Beat generation in San Francisco and so forth, but it has been wildly overdone, because it was a really depressive period, I thought, on account of the general repressive atmosphere and the political climate. Insert reference to George Bush and John Ashcroft here.It is nostalgia, but also, the world and especially America, needs the Beat message these days, this technocratic age, this pragmatic age, this materialist and militarist age. Everything the Beats stood for is opposed to that.





At this point I was nodding my head in agreement only to realise that what Ferlighetti calls technocratic is probably what I with a smile call the future.


Static and Dynamic Characters in Great Expectations “Joe” is a very simple name. So, in relation to that, Joe in Great Expectations is a simple, good and moral character. Joe does not change at all in the book. He begins the book showing his good nature and generosity when, after supposedly being robbed by the convict, he was happy that the convict did not starve. And in the middle of the book, after all Pip had done to him after he became a “gentleman”, Joe was still loving and affectionate towards him when he became ill. Also, throughout the book, Joe was proud to be who he was. He never wanted any property or money. Even when Mr. Jaggers offered him money because he would not have Pip as his apprentice anymore, he did not accept it. In contrast, Estella is a very dynamic character; she goes from being a girl with a heart of ice to a sensitive woman, although the change in her takes place late in the book. At the start of the book Estella is very mean and insulting to Pip. This is not her own nature, and that is why it is possible for her to change into a better person. Estella was brought up by Miss Havisham to crush the hearts of all men, so that is what she does to Pip. Since Miss Havisham is the only family Estella has ever known, she is bound to her. Since she is bound to Miss Havisham, she is obligated to serve as her tool of vengeance. But, when Miss Havisham dies, that bond is gone and more of Estella’s true nature can come out. Since Estella is, at heart, a well-meaning person, she does soften up. This occurs after she has experienced hard times as Bentley Drummle’s wife, wich forces her to convert, and her cruel personality is finally destroyed by her true nature. At the end of the book Pip realizes that she has changed and thinks ...what I had never seen before, was the saddened softened light of the once proud eyes; what I had never felt before, was the friendly touch of the once insensible hand.


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Marbury V. Madison


As the government was newly establishing its stronghold on the nation, forging its way to a powerful republic and instituting precedents for the future, a struggle to preserve the foundations of American Society instituted by Washington and John Adams existed as Thomas Jefferson took office. In an attempt to maintain the “edifice of the National Government” believing Jefferson would topple the prestigious nation with his atheist views, Adams appointed various Federalists to the judiciary. Thus, attributing to the single most significant case of the Supreme Court, Marbury Vs. Madison, a struggle between Republicans and Federalists that would end in a future altered by fate. This controversial landmark case established the constitution as “Supreme law” of the United States and developed the power of the Supreme Court, enhancing its independence and proving it a nonpartisan instrument. It established the precedent for the Supreme Court to rule on the constitutionality of laws, through the principle of judicial review. The development of this power to interpret the constitution instituted the flexibility of the constitution and the ability to forge a road of precedent unfamiliar to the new government, as well as firmly grounding the role of the Judicial Branch.


To up hold the precedent already established in the united states by Federalists such as Washington and in fear of the Democratic republican ideas of Jefferson, Adams was determined to keep the federalists in office. Jefferson would have power over congress, but in a “midnight appointment”, Adam’s last day in office he created a “judiciary with a stronghold of Federalism”. A few technicalities derived into a failure to deliver the commissions and therefore once discover by Jefferson who saw them as a judiciary of “ardent political leaders,” they were kept from delivery. Jefferson, wanting control appointed some of his own judges, and attempted to abolish the jobs of the new circuit judges, of the few whom received their commission. Thus, threatening the foundation of a stable government and the independence of the judiciary system. John Marshall, Chief Justice, appointed by Adams despised Jefferson and sought to undermine his power and authority, which he felt was unjust. Madbury Vs. Madison gave him this opportunity, an opportunity to attack his enemy head on. He believed the judicial repeal act that Jefferson and this Secretary of State, James Madison, sought, was unconstitutional, and through these beliefs he acted boldly, instituting judicial precedent.


William Madbury, feeling he had a right to his position of Justice of Peace, asked the Court to issue an order forcing Madison to appoint Marbury, whose commission he was with holding in order to replace him with a Republican. Marshall demanded an explanation why such


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