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In today’s society it is important to receive a college education to join the workforce. However, the transition from high school to college was a very intimidating experience for me. To make the college transition less frightening, I took several precautions while still in high school. These precautions included participating in extracurricular activities, taking challenging courses, as well as developing good time management skills. Challenging courses also benefited me because it helps to prepare me academically for the demanding workload found in college. Taking challenging courses while still in high school helps us prepare for the demanding workload that we will find in college. Most high school senior students believe that it is their right to take a minimal amount of courses because it is their last year in high school. This kind of thinking can however, frustrate us in the future because we will be overwhelmed by all the work assigned to us in college. College professors expect entering students to have a solid education especially in English and mathematics, and will expect a great amount of effort from us. In college, we do not have the option of complaining about having too much work, therefore getting ready as soon as possible is probably the best thing we can all do. College professors expect entering students to have a solid education especially in English and mathematics, and will expect a great amount of effort from us. In college, we do not have the option of complaining about having too much work, therefore getting ready as soon as possible is probably the best thing we can all do.

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INTRO

Girl With a Pearl Earring does demonstrate the limitations of poverty on a person’s life, however it also demonstrates that money is not the only factor that can limit their choices. Girl With a Pearl Earring also establishes that the wealthy may also have some limitations in life. While Griet is limited by her family’s lack of money, her role as a woman in society, her low socials status as a maid and her own expectations, our wealthy protagonist Vermeer also has limited choice about his art making, his need to support such a large family and his debts.

Griet is limited by her family’s lack of money




Griet is a young woman confined by her family loyalty, her low social status and family’s new descent into poverty. As her father has just lost his job, the family now lacks the income to put food on the table. This new level of poverty for Griet’s family forces her to have to take a job as a maid to the Vermeer’s because “we need the money”. There is no other option for Griet’s family and they must rely on Griet to get this job to provide enough food for their survival “we have no choice”.

Griet is limited by her role as a woman in society

Being a woman in 17th Century Delft was another factors that were limiting Griet’s options. Unlike her brother Frans who was able to learn to become a skilled trades person, Griet’s only option to provide for her family was to become a maid.

Her unrealistic love of Vermeer was also tainted by her role as a woman in the society at that time. As a woman she would have only destroyed herself, and further limited her options by becoming intimate with Vermeer. The market gossip threatens to destroy any young woman, as seen through the story of the maid in the red dress.

Griet is limited by her low socials status as a maid

Its true that Griet is forced to become a maid because of her families lack of income and once in the Vermeer’s household has little to no power, due to her status as maid.

Griet’s limited power as a maid at the Vermeer’s house would seemingly limit all her options in life, as she fears she may never get out of her role as a maid.

Griet is limited by her own expectations

Griet places unrealistic expectation upon herself, by assuming that she can stay unattached and unmarried to Pieter.

Griet is also limited by her expectation that Vermeer would be able to have a relationship with her. She limits herself and ultimately threatens her relationship with Pieter by holding on to the hope that Vermeer feels that same passion she feels.

Vermeer limited by about his art making

Vermeer’s passion for his art making is limited by the expectations of his family. Both Maria Thins and Catharina demand that he paint faster to provide for their family. Vermeer limited by his need to support such a large family

Vermeer limited by his debts

Vermeer is indebted to Van Ruvjen and has no option but to paint Griet and ultimately ruin her life. He is indebted to the baker and must paint his daughter.

Catharina Limited in her inability to see what both Vermeer and Griet can see in the art world

While Griet has a natural understand and deep artistic perception, Catharina cannot see these things. She displays little interest in the wheel colour of vegetables, when they first meet Griet. Catharina cannot understand why Griet would need to ask if she was allowed to clean the glass. Catharina is kept out of Vermeer entire love because a part of her can understand his art world.



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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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John Donne wrote the essay, Meditation XVII, from Devotions Upon Emergent Occasions. This piece was written three hundred and seventy-eight years ago in 1678. John Donne wrote this essay at a time when he was very ill. Due to this, the main topic of his essay is that of death and of ones own mortality. In the beginning he lets us know that he is sick when saying and perchance I may think myself so much better than I am, as that they who are about me and see my state may have caused it to toll for me The bell Donne is talking about is the one that tolls every time a parishioner dies. Donne says that he might be so sick that the bell may be tolling for him and he does not even know it. At this point he is so sick that people have to take care of him. He feels that the people caring for him may have caused the bell to toll for him, especially those who see how sick he really is. John Donne, emphasizes the unity of the Catholic Church and he describes her as being universal. He says that church ceremonies such as baptisms and funerals are important to him. The young children who are baptized and those who die are all linked to him through God. With every baptism there is another life added to the church family. This life does not act or survive alone. It is connected and affects everyone one elses life in the congregation. In this essay, Donne talks about all humans being a whole. He uses the book as a metaphor, saying that God is the author and every man is a chapter in his book of life. If one person dies, their chapter should not be torn out of Gods book. Instead it should be translated into a better language and every chapter must be so translated Donne believes that God has a hand in everything and that, all which happens, happens for a reason. He states that God employs several translators; some pieces are translated by age, some by sickness, some by war, some by justice; but Gods hand is in every translation. The translations of age, sickness, war, and justice are all things that can cause death. In that case, these elements can translate human beings into spirits of heaven or to anywhere else God chooses to send them. In the middle of his essay, John Donne gives a significant quote No man is an island, entire of itself; every man is a piece of the continent, a part of the main. If a clod be washed away by the sea, Europe is the less, as well as if a promontory wereany mans death diminishes me, because I am involved in mankind; and therefore never send to know for whom the bell tolls; it tolls for thee. This is the most popular quote in John Donnes essay and today people still use this quote in many ways, even though it was written almost four hundred years ago. Donne means that no one person can stand alone. Human beings need others for support and survival. Then he talks about the death bell. He says that the bell tolls for thee, meaning all humankind. Whenever the bell tolls it tolls for more than the one person who has died. It tolls for all those who are left behind to mourn. When a person dies, we not only mourn their death but we mourn our own mortality as well. The death bell can bring focus to our own lives and help us live and discover our meaning. Donne says that it is not enough to go through our own misery but we must all feel the misery of our neighbors and all of mankind. He says that, tribulation is treasure in the nature of if, but it is not current money in the use of it, except we get nearer and nearer out home, heaven, by it. Pain and misery will bring us closer to God. At the end of his essay, Donne suggests that thinking of our own death and misery is not enough. He says that often times we do not think of these things until we are dying. We must also take part in the misery and deaths of others. Through sacrificing and suffering in others miseries we become closer to God. By considering and experiencing the death of others as they leave this world, our thoughts turn closer to God and our own afterlife. At the very end Donny says that God is the only one who can assure out existence in the after life. I found Donnes piece very interesting. I also found it extremely confusing and quite a challenge, which is partially why I was drawn towards it. I read it over and over and took advantage of outside sources in order for me to understand it better. His style of writing is almost before its time and I wondered how this style relates to other works of this time. This work was written a very long time ago and it so well written. Every sentence must be broken apart and reread in order for it to make sense. He expresses themes and true life issues in such a small piece or writing. John Donnes use of figurative language is what he is admired for. He also usesmetaphors to characterize humankind and death. He also relates the human body to a chapter in Gods book. John Donne also asks questions in his essay. These questions add to his style and allow the reader to become more involved and to stop and think. I would like to know and understand more about his use of literary terms and style of his essay. I think that the new criticism approach could help me. Hopefully this approach would be able to aid me in analyzing his writing approach and style of the Meditation essay. After looking and researching an approach that would be most beneficial, I decided to go ahead and stick with the new criticism approach. I found that Internet sites were the most useful and abundant of all sources. Although it was difficult, to pinpoint an exact site that could give me a clear definition of new criticism. The sight I found was very beneficial in helping me understand the concept of new criticism a little better. This website was written by Sklyar Burris and was titled the Literary Criticism Study Guide. Skylar gave a good and clear overview of the numerous critical literary approaches. Before jumping into the paper itself, I thought it would be a good idea to find out the pros and cons of a criticism approach. Burris gave three major purposes of criticism. The first purpose is to help us solve a problem in reading. The second is to help us choose the better of two conflicting readings. Finally the third reason is to help us evaluate all literature and to have a better understanding of its meaning. After finding out some of the reasons for this critical approach, I searched for the site that gave the clearest definition of new criticism. I also found this in Sklyar Burriss website. The definition I received was that new criticism is a formalistic approach to literature and it involves a close reading of the text. Formalistic critics believe that all information necessary to the interpretation of a work must be found within the work itself; there is no need to bring in external information about the history, politics, or society of the time, or about the authors life. Because they are interested in what the work itself has to say, formalistic critics (presumably) so not view works through the lens of feminism, psychology, mythology, or some other such standpoint, and they are not interested in the works affect on the reader. Formalist critics generally delight in a close analysis of irony, paradox, imagery, and metaphor. They are also interested the works setting, characters, symbols, and point of view (4). In the site written by Skylar Burris, I also learned that there are special terms used in the new criticism approach. One of the terms used is tension. Tension is used to describe the integral unity of a work, which results from the resolution of opposites mostly in irony and paradox (5). Intentional fallacy is another term used and it is the belief that the meaning or value of a work may be determined by the authors intention (5). Affective fallacy, is the belief that the meaning and value of a work is determined on how it affects the reader (5). External form are the outside forms such as rhyme scheme, paragraphs, and stanza forms. Objective correlative is a term that refers to a set of object, or a situation, as a chain of events which is the formula of particular emotion, such that when the external facts are given the emotion is immediately invoked (5). I think that tension is a term that I would use most for this piece of work. I also learned some advantages and disadvantages to the new criticism approach. One of the advantages is that this approach emphasizes the value of literature aside from its context. New criticism is also a good starting place from all critical approaches and many other approaches must start at new criticism. Being that it has its advantages, it has disadvantages as well. In Burriss article, I read that through this approach the text is seen in isolation. Formalism ignores the context of the work. It cannot account allusions. It tends to reduce literature to just a few rhetorical devices, such as irony, paradox, and tension (6). This means that the history and conditions of when a work was written does not matter. Unfortunately, that is one of my curiosities relating to Donnes piece. I would have liked to learn more personal things about his life, illness, and time period; however, that probably takes effect in the new historical approach. Since John Donnes essay is such a confusing piece, it takes extra time and effort to understand it. This essay is not something that can be comprehended with only one reading. It must be read repeatedly and even then it is still confusing. In order to help me in understanding this work I went to the Internet and looked up some sites on this work. There are numerous sites on just this one piece written by John Donne. People have used pieces of his essay and applied them to different subjects and to all that is going on in the world. I found one site that was the best out of all of them. It was extremely helpful in allowing me to become more familiar and comfortable with his work, although I am not sure who the owner of this site is and have yet to receive their reply. This site contained John Donnes entire essay and it was written with annotations. These annotations allowed me to click on the areas that were most confusing and would help clear up any questions with its commentary. This site also had many links to other sites relating to John Donne. In Sklyar Burriss website, she also gave a link so that readers may have the chance to see a small example of a new critical approach, applied to a piece of literature. This was the most frightening part of the whole experience and there were no annotations for it either. What I saw looked like a text massacre. This was a piece that had been written by Sandra Cisneros. They then applied the new critical approach to it. The text had literally been ripped inside out, and by the end of the story, it was completely turned around with a different meaning. Unfortunately they didnt clearly explain how to do this. So after paranoia set in, I began to seek other sources that would give me guidelines in ways to apply the new criticism approach. After a not so successful search, I was ready to take a stab at it and attempt the application of the new critical approach to the Meditation XVII. At first I would go back to the basics and to the general definition of new criticism. With the new criticism approach, certain elements are focused on, such as irony, paradox, imagery, metaphors, settings, characters, symbols, and point of view. Most of these elements are self-explanatory but before I can apply these methods to Donnes piece, I must have a clear understanding of what they mean and represent. I think that point of view is the necessary place to start. I would apply the point of view approach to this piece by reading each sentence at the same time taking in to account who is telling this story. I already had known it was written in the first person point of view and now that I read it over, I realized that John Donne refers directly to himself in nearly every sentence. The Meditation XVII has many symbols within its text. Symbols are something that represents something else. The very first sentence starts off with a symbol, as Donne first mentions the bell. On the fourth sentence there is a reference to the church, which symbolizes unity, connection and being universal; however, it also symbolizes death, silence, and disconnection. In line nine, there is another symbol which is the chapter. The word chapter symbolizes the role of each man in Gods Book, which is also another symbol. The island is used as the symbol of humankind. This is used to show that no man/island can live alone and that companionship is necessary, with out it there is no true life. Gold is another important symbol that is talked about at the end of the essay. Gold is described a treasure, money, and as in a mine. When looking at in from the new criticism standpoint, the meaning and symbolism of gold is left out. Gold only seems and represents what it is, such as money. When not seen through the new criticism standpoint, we realize that gold is the symbol of a much higher meaning. Gold is the symbol or experience and suffering. The bell is the most important and symbolic symbol in John Donnes Meditation XVII. The bell occurs in the essay from the very beginning, till the very end. In each of these instances the bell is either tolling or ringing. Through a new critical view the bell can also represent life, and silence. Irony is a mode of speech in which the meaning is the opposite of what is actually expressed. When looking at the approach through the means of irony, the text changes tremendously. The first sentence states for whom this bell tolls may be so ill. When seen through the eyes of irony this could mean that for whom the bell is silent for, may be so healthy that he knows its silent for him and maybe the narrator thinks he is so much healthier than he really is, that when the people who are not around him, do not see him, they cannot cause it to be silent for him. Being that irony is the opposite of what is exactly expressed, it may suggest that people actually dont need others to live and every person is his or her own island. After attempting the new critical approach and not knowing if Im coming or going, I found that I do see Donnes work somewhat different. It is always different when a work is viewed and studied on a different level and approach. The new criticism approach allowed this work to be read through different eyes, creating a different opinion. I really did not care for the new criticism approach applied to the Meditation XVII. I have learned the hard way, that I am more interested in the history of a work and its author, instead of the exact context itself.



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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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EXECUTIVE SUMMARY

Company TCM Healthcare Corporation wants to be a very unique healthcare provider who can improve people’s health and well being by marketing efficacy-proved Traditional Chinese Herbal Medicine (TCM)/dietary supplements in the US market and the rest of the world in response to the increasing demand for complementary and alternative therapy. The market is huge and expanding because the fact of conventional medicine has no and never has all answers to all diseases! Patients need to have alternatives.

Launching Products TCM Healthcare enters into the market by providing a series of Traditional Chinese Medicine as herbal supplements. The first product will be launched is related to the conventional post-menopause therapy which is proved having more risks (harmful side effects) than benefits by the National Institution of Health since August 00. By searching in Traditional Chinese Medicine in China market, consulting TCM doctors, and collaborating with TCM manufacturers, we have found at least three products having promised efficacy. The products are very effective in alleviating symptoms of post-menopause with no side effects. They all have gone through clinical trials in China and components are all originated from ancient formula with enhancement. The ingredients are extracted from natural herbs without any chemical residues.




The Market In the United Sates, more than six million women use Hormone Replacement Therapy (HRT) for post-menopause and related symptoms. Many women have been alarmed by the result of the study conducted by the NIH 41 percent increase in risk of stroke; percent increase in risk of heart attack; 6 percent increase in breast cancer. Women who suffer menopausal symptoms are seeking alternatives to hormone replacement therapy. Since a new drug discovery and development is a long-term and less certain process, the post-menopause therapy currently opens a huge potential market to enter.

Profit Projection Most women at age of 45-60 may experience the post-menopause symptoms from months to years (average 4 years) and the therapy is needed daily. This could generate a high profit from the right products (Wyeth pharmaceutical HRT drug Premarin and family has reached annual sale billion dollars). TCM Healthcare expects more than 10,000 women will take our products after they are launched in the first year, which will generate annual sales of $6 million. The growth rate expected could be 10% thereafter. The return on the investment is expected to be ___%.

Finance TCM Healthcare is seeking $_____equity investment. The fund will be used to fund the web site design and development, business operation, marketing research, product distribution and promotions, etc. Payback period to the investment is projected to be ___ years.

Exit strategy Since the demand for complementary and alternative medicine (CAM) is increasing, the trend will attract investor’s interest. We are confident in building up our product pipelines by continually finding series unique TCM products with special efficacy and less side effect for various diseases because there are thousands of research projects undergoing each year in China and a great of patient base offering an absolute advantage for clinical trials. We whole-heartily look for visionary business builders to be our partners in making people live healthier and longer life. To realize this goal, we are willing to accept any exit strategy available.

The Company’s Mission/Vision

The mission of TCM Healthcare is to improve people’s health and well being by introducing quality alternative medicine products from China to the US. and the rest of world. These alternative medicine products would include traditional Chinese Herbal medicines and other therapeutic products sold in the US as dietary supplements, which do not require FDA approval. Our vision is to be recognized as a very unique health care company offering high quality products and premier customer services.

Products

Based on the theory of Traditional Chinese Medicine, the symptoms of post menopause can be overcome by gaining rebalance of body’s function. Chinese doctors have successfully treated millions of the suffered women without any knowledge of hormones. During a long history of experience consolidation, several products have been formulated to alleviate symptoms and bring up energy of those women. Although the selected products are all used for alleviating the same symptoms, each product has been formulated specifically for certain profiles of body’s condition, as the similar concept in conventional medicine, there are genetic, structural and functional variations of each person, this variation makes each person’s response to the same medicine differently. In considering the variations, we have selected three products. The strategy that gives consumers more options to choose the best suitable treatment for them and help to overcome the resistance differentiating our products and service from our competitors in addition to competitive advantages of these products. Another important feature of our products is that they do not contain any ingredients that have been warned by FDA for possible toxicity and they do not have side effects. The product quality will be guaranteed by our close inspection of manufacturing process and compliance with FDA regulations.

Market Demand

Of millions population in the US, women at age 45 to 60 (population of 7 million) may experience some sort of uneasy symptoms during their menopause transition and post menopause period (last average 4 years) (1). These symptoms affect their mood, sleep, function and energy, as a result, reducing their work efficiency and quality of life. That is the reason that the conventional treatment “Hormone Replacement Therapy (HRT)” had generated a high profit for the manufacturers. Wyeth pharmaceuticals, the leading supplier of Estrogen and the combination of Estrogen/Progestin sold $ billion in 00, in addition to more than 0 similar products in the market. In contrast to the year 00, under the shock of the study result reported lby National Institute of Health in August 00 and continued unfavorable news for HRT, Wyeth lost its sales of 50% (67. million vs. 1,1. million) in 00 (). We believe that such a market would be very receptive to unique Chinese alternative medicines that can be sold as herbal supplements.

Our Competitive Advantages (SWOT Analysis)

Strength

· We have unique and truly effective products. There are many advantages to the use of Traditional Chinese Medicine during menopause and for a variety of other women’s health complaints. First, it is one of the most holistic medical systems available today. Second, it has not side effects. Third, it’s emphasis is on prevention. Fourth, it has a lone history of successful treatment for gynecological disorders. Fifth, it offers self-empowerment. So far there is no such an IDENTICAL herbal supplements in the US market. Especially our proprietary treatment schedule that has been uniquely invented for postmenopausal relief. We can say that we’re the first to present in the market;

· Technology know-how Our organization structure enables us to evaluate products from different viewpoints that include our knowledge in conventional medicine, Traditional Chinese Medicine, drug manufacturing, drug evaluation, research, clinical trial and marketing.

· Prepared for FDA regulations We have studied through all related FDA regulations for dietary supplement and possible opportunity for Over-the-Counter or prescription drug application of botanical products in order to pursue our long- term goals.

· A board range of product pipeline China has more than a thousand TCM pharmaceutical companies and institutes that research and develop TCM products, which offer us a lot to choose in expanding our product pipeline.

· Easy access and communicate with suppliers Most of our staff comes from mainland of China in which the traditional Chinese Medicine is originated and best developed. To understand both cultures, business environments, and languages compose of our unique skill in developing good buyer and supplier relationship.

· Sound marketing strategies differentiate us from competitors.

Weaknesses

· We are new in the market and have less experience in marketing botanical products (no company has tried mass marketing Chinese herbal medicine. In this sense, we will be the market leader).

· Available products may need to improve for adapting to the US consumer’s taste.

· Weak financial support.

Opportunities

· Huge market and high product demands

· Strong market developmental potential from regional to national

· Product development Introduce more effective and unique products for other diseases, such as cancer, hypertension, diabetes, nephritis and mental disorders.

· Forward integration development our own manufacture facility in China or in the US.

· Global expansion from the US to North America and worldwide.

Threats

· So far there is no direct threat in the market from any competitors to our products, however, possible product copy or imitations do exist because the formulas are not patent protected, although they could be treated as trade secrets.

· FDA regulations FDA continually updates its regulations on dietary supplement which could make the market entry difficult and may need more investment.

· Potential entry to the market is relatively easy. Therefore, marketing strategies, scope and first-in will be critical factors for obtaining competitive advantages

Industry and Competitions

Market Positioning

Under the Dietary Supplement Health and Education Act of 14, botanicals are categorized into dietary supplements in the US. Therefore, Chinese herbal medicine currently can only be marketed as dietary supplement. However, FDA has allowed botanicals to apply for over-the-counter drugs or prescription drugs if they have been proven with superior efficacy or less toxicity than marketed drugs ().

Industry

Surveys (4) find that the dietary supplement industry generates billions of dollars in sales annually, making it one of the most dynamic sectors of the U.S. economy. According to the Natural Marketing Institute (NMI), which monitors consumer trends in the marketplace, demand for dietary supplements corresponds with a strategic shift in how consumers view health and wellness, more than ever before, consumers feel empowered to manage their health and are either actively using supplements or are searching information about them. For this reason, new survey research conducted for the Dietary Supplement Information Bureau finds that dietary supplements have become an American standard. Today, three in five consumers -- 5 percent -- take supplements on a regular basis. The Nutrition Business Journal, a publication of New Hope Natural Media/Penton Media, Inc. reported (5) that supplement sales exceeded $16.8 billion in 000. Of this total, the sales of herbal supplement exceeded $4.1 billion, or 5 percent of the dietary supplement market in 000. In 00 World Health Organization proposed its first global WHO Traditional Medicine Strategy (6) to respond the increasing demand and practice of Traditional Medicine. In the proposal, it has mentioned “ In many developed countries popular use of complementary and alternative medicine (CAM) is furled by concern about the adverse effects of chemical drugs, questioning of the approaches and assumptions of allopathic medicine, and greater public to health information. At the same time, longer life expectancy has brought with its increased risks of developing chronic, debilitating diseases such as heart disease, cancer, diabetes and mental disorders. For many patients, CAM appears to offer gentler means of managing such diseases than does allopathic medicine.” Figure 1 shows the percentage of population that has used CAM at least once in selected developed countries.



Fig. 1, Source World Health Organization. WHO Traditional Medicine Strategy 00-005

Competitions

Unprepared pharmaceutical companies run out of product pipeline for this particular market (they still try to play with hormones). Since the development of a new drug needs at least 10 years, which gives alternative remedy an excellent opportunity. Rapidly responding to the market demand, some dietary supplement manufacturers have produced several products within a short period. These products produced are based on home remedy experience from ethnic minorities, research results, observation on racial difference among menopause women, chemical structure similarity from plants to animal hormone. There are several products such as Soy Isoflavones, Estrohealth, Menopause Support, Estroven sold in the COSCO and Wal-Mart. Due to the lack of data regarding to the efficacy of these products and their sales information, it is difficult to make an accurate evaluation. However, they are manufactured in the US. We believe that by providing authentic Chinese products and backing our claims with research studies proving effectiveness that we will increase our competitive advantages. It is worth to mention here is that the major difference of Traditional Chinese Medicine from the rest of botanic supplement. TCM products have been generated according to its systemic theory and aim at turning disturbance into balance. It does not treat only one but all possible related problems at same time, so that a comprehensive benefit would be the result.

Other competitors we face distribute their herbal products for menopausal symptoms primarily through local Chinese Stores in the Chinese communities of New York and California. These products include Fe-Mon-, Green Dragon, Calm Women, Zizhu Pill, Mid-Life Formula, which are made of different combination of Chinese herbs with a higher price. They reach only a tiny portion of the several million potential customers for menopausal products. We feel that these local Chinese community competitors do not pose a competitive challenge to our products, because their business goal is only the sales and their consumer segment target in only in Chinese population. Most important, they do not have courage, or intention, or knowledge, or competent management team to shift their vision to mainstream of medical field, and provide health related services besides the sale.

Our Marketing Strategy

Product

Name of the products Paus-Relief, ___, ___, are the names for three products respectively. This name will be immediately recognized by women as a product that will provide relief to them from the annoying and troublesome symptoms of manopause.

Packaging The products are capsules and packaged in bottle or pack with 14 days supply, because most of users will see the benefit in one to two weeks and this package provides consumer an option to try our product with a low cost.

Product protection The methods that we will use to protect the products include 1) sign a trade secret contract with suppliers; ) rename the products (they all have Chinese names in China market); ) apply trade marker in the US; 4) label partial ingredients on package plus a propriety blend, this method has been used in the US market universally.

Price Price is determined based on the cost plus mark up. The prices for three products separately are range from $8.50 to $16.50.

Marketing and Promotion

· Initial Market / Distribution We will have a three prong strategy for the distribution of our products. Our marketing strategy will be national-wide and our products will be distributed through 1) Natural food and supplement stores, ) Large retail chains, and ) On-line.

· Our marketing theme” Only Effective!”.

· Advertising in specialty magazines that middle age and older women frequently read, such as Modern Maturity, Good Housekeeping, and Women & Home would be primary tool.

· Website marketing will be used as a major information provider for consumers and physicians.

· Attending professional association activities, such as women health events, and any events that are held for middle age or older women.

· Money-back guarantee The products will be offered on an unconditional, money back guarantee of satisfaction. Most people don’t bother returning things, even if they are not satisfied, but they like the though when they are buying that they can return it. They feel like there is no risk.

· Discount approach may not suitable for healthcare products, especially drugs. Some other promotion could be introduced, such as referral reward, group buy discount and commission for doctors. Referral reward will be used for on-line sales. People purchase products online or register with the TCM Healthcare will be given referral reward � a bottle of Paus-Relief for free if she refer the products for 5 people. Namely, if one of her friends purchase the product because of her referral, she will get one point for the reward. Five points can be used for change for a free bottle of Paus-Relief.

Financial Analyses



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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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opinion, however, it was the association of marijuana with blacks and Mexicans that ultimately stigmatised the drug as a violent and addictive drug for the following thirty years. As Himmelstein concludes, Because Mexican laborers and other lower class groups were identified as typical marihuana users, the drug was believed to cause the kind of anti-social behaviour associated with these groups, especially violent crime.5 It is in this period that we see the emergence of films such as Reefer Madness, which first use the dreaded term, killer-weed.

Reefer Madness (18) is an important film because it shows the blatant misrepresentation of the effects of marijuana. The story opens with an official speaking to a hall filled with concerned parents and teachers. The speaker warns of the dramatic rise, to almost epic proportions, of the deadly addictive weed, marijuana. The speaker claims that this new plague cannot be underestimated, and the effects of the killer-weed may even be more deadly than that of heroine and cocaine. This deadly narcotic is The Real Public Enemy Number One! The film portrays evil pushers who pray on unsuspecting teenagers by addicting them to marijuana. The effects are shown to be crazed dancing, violent sexual tendencies, hazardous driving, and ultimately homicidal tendencies. In the final scene, the protagonist is sentenced to death after murdering two others.

It is interesting to note that there seems to be no evidence of an increased use of marijuana by white middle-class teenagers until the mid-160s. The film warns that this happened to a community just like yours, when it certainly did not. It is my opinion that the film was made primarily to solidify the myth that marijuana was an addictive and violent drug, not to address real social problems.

Filmmakers until the late 150s were strictly bound to certain restrictions laid out in the Motion Picture Production Code. If a film did not receive approval by this group of censors, it would generally not be distributed as a general release. Seeing as any reference to narcotics, positive, or negative, was strictly forbidden, films such as Reefer Madness (18) were not readily available to the general public. It was not until 148, when H.J. Ainslinger himself was involved in an anti-narcotics film, To the Ends of the Earth, that the PCA gave its Certificate of Approval. In later years, the PCA amended its code to allow for films dealing with the use and sale of narcotics as long as these films portrayed this use in a negative light.




The film High School Confidential (158) is an interesting example of the changing signification of the dangers of marijuana consumption. The increased use of marijuana by beatniks and other fringe countertcultural groups forced filmmakers to portray the effects of the drug slightly more realistically. In this film, the protagonist, and undercover narcotics officer infiltrates an upper-class secondary school in order to break an evil drug ring. While marijuana is still portrayed as being highly addictive, it is shown more as a stepping stone to the harder drug, heroin. The protagonist says to one poor weed addict, Do I have to spell it out for you? If you flake with the weed, youll end up using the hard stuff. Perhaps it is in this period that distinctions between hard and soft drugs start to be made, and I feel that this is directly related to the fact that more and more university students began experimenting with marijuana.

Films such as I Love You Alice B. Toklas! (168) and Easy Rider (16) can be used to demonstrate the changing attitude towards drug culture during the 160s and 170s. Marijuana was commuted, as were the laws surrounding its possession, from killer weed to drop-out weed. As it became popular with middle-class white university students, its stigma was diminished greatly; so much so that it was decriminalised in eleven U.S. states. It is during this period that marijuana is portrayed openly in films as a peaceful and even enlightening natural substance.

I Love You, Alice B. Toklas is a charming comedy focusing on the mid-life crisis of the main character played by Peter Sellers. He meets a sweet flower child and is introduced to the hippie world of counterculture and pot. As Frank Thompson, in his article, Movies on Drugs, writes, marijuana is an entirely positive force in Toklas; everyone who uses it (even unwittingly Sellers aging parents) emerges more thoughtful, aware, spontaneous - freer. I was hard-pressed to find films in any of the other historical periods that portray pot in such a benevolent light. Even Cheech and Chong are shown to be at best dull-witted and slow.

Interestingly, certain significations, especially surrounding sexuality and marijuana, continued through this period. The correlation of marijuana to sexual promiscuity is best demonstrated in Russ Meyers now infamous, Beyond the Valley of the Dolls (170). In the opening scene we see the main characters smoke a joint and immediately begin having sex. Throughout the film, getting stoned is the excuse behind deviant sexual behaviour. At one point, a male character has sex with another male character simply because in his high state he could not control himself.6

The new CARA rating system, which is still in place today, demanded that any film with reference to drugs, even if presented in the most unglamourous of light, be rated R or restricted. This did not seem to deter too many directors in the 60s and 70s, however, because there are countless films from this period portraying drug use in all sorts of ways. Michael Starks writes,



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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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