Florence Nightingale – A Name of its Own

Florence Nightingale was born into privilege and wealth. Born in Florence, Italy on May 12, 1820, she received her name from the city of her birth. It is noteworthy that Florence was considered an unusual name at the time, but this changed with the fame of Miss Nightingale. Although born in Italy, she grew up in Derbyshire, Hampshire, and London, where her parents kept large, comfortable homes. Nightingale was the offspring of parents of upper-class power and influence, She was the younger of their two daughters and her upbringing was a classical education and social prominence. Miss Nightingale†s classic education included history, multiple languages, economics, astronomy, science, philosophy, and mathematical skills. Mr. Nightingale took upon himself the classical education of Florence while Mrs. Nightingale taught her the social skills and leadership qualities. Florence became increasingly unhappy with her upper-class lifestyle. Victorian England afforded women of upper-class means to a life of little education, but an emphasis on proper male-female roles. A woman†s role in 19th century England was to be subservient to her husband and avoid occupational ambitions. The Nightingale family ignored the custom of offering little education to their girls. On February 7, 1837, Florence said she heard the voice of God tell her that she had a mission. Nine years later she discovered her mission. In 1846, a friend sent her the Year Book of the Institute of Protestant Deaconesses at Kaisersworth, Germany, which is a training school for nurses. Four years later Florence left for Germany to attend the institute during 1850, and again returning to Germany in 1851. These two brief periods were the only formalized medical training she received. Miss Nightingale†s mother never supported her nursing desires, and Mr. Nightingale opposed her nursing aspirations, but gave his blessing after becoming ill and receiving attentive care from his nursing student daughter. In 1853, Nightingale received an unpaid position of Superintendent of Nurses at the Institution for the Care of Sick Gentlewomen in Distressed Circumstances in London. This position allowed her to display innovative skill for nursing and nursing leadership. She established numerous changes in nursing care which included hot and cold running water on all floors, and patient call lights. In 1854, Miss Nightingale was called upon during the Crimean War. Nightingale assembled 38 women on October 21, 1854, and left for Turkey two weeks later to care for the injured and diseased British solders. For 21 months, Nightingale†s team of women established hygienic standards in the care of the wounded, and established a pure water supply. When she arrived more men were dying from fever and infection than the war wounds themselves. She enforced sanitary regulations, and introduced special diets. With her own money she bought she bought linen, shirts, food, and even beds for the military hospital. As a result of these efforts, the mortality rate dropped to 2%, down from 60% previous to their arrival. In 1860 the Nightingale School, a formal nursing training program opened with only 10 students. Although nursing education was not her utmost personal mission after returning from the war, it soon became her mission. Florence Nightingale was a pioneer and a brilliant motivator and organizer. She is credited with establishing nursing as the respected profession it is today. Florence Nightingale is responsible for not only modern western nursing education, but also secularized nursing training. Although a believer in a perfect and eternal God who developed laws that ruled the universe, she came to believe that all people, without regards to religious affiliation or belief, are entitled to medical and nursing care. Her influence extended beyond mere buildings and institutions. Her mission was guided by a prevailing philosophy of nursing springing from past experiences in Crimea and London. Her conceptual theories were later refined and improved upon, as other great theories have developed over time. But the rich legacy she left behind has to do with ideas. Among these is the nursing model that treats patients as multidimensional individuals rather than merely treating the disease. Nightingale popularized the view that the purpose of nursing was to â€Å"put the patient in the best possible condition for nature to act upon him†(Nightingale, 1859). This is now known as the environmental adaptation theory. Nightingale was also a world known writer. Notes on Nursing was her most famous book in which was written as a guide for the general public as an outline for various hygienic and sanitary improvements. Her main concern was how the public could alter the environment in order to increase health and wellness of patients. The lifelong works of Florence Nightingale have made the nursing profession what it is today and has greatly influenced the patient care ethics of Western civilizations.

Research-based Strategies for English Language Learners Essay

Today, it is common in schools to combine English language learners of differing ability in one class. Students are classified according to their English language ability in order to facilitate cooperative learning groups and to track their progress. A student’s English language ability can be classified into ELL (Emergent language learner) – someone who has just begun learning English, Limited English Proficient (LEP) – someone who has reached a level between Basic Interpersonal Communication (BIC) that permit the student to intermingle with peers on a social level and Cognitive Academic Language (CALP) that allows the student to intermingle at a deeper level with content, and Native English speaker –someone whose first language is English. This arrangement can present many obstacles learning. Teachers will be up to more challenging tasks in creating a language receptive classroom where all students could reach their highest potential in learning. The teacher should create a classroom environment where students would feel comfortable in trying a new language. Adapting to language and culture is very difficult and could take years. The teacher should also foster an environment that is respectful of language and culture. Ideally; it should be free from taunting and embarrassment. An interactive classroom should open more opportunities for ELL to use English in communicating with native speakers. They need to experiment with new language terms and test their ideas of putting words together. In addition, certain strategies have been found to be particularly helpful in providing a learning community where everyone has access not only to learning English, but also the content. This paper determines to examine the effectiveness of these strategies according to current researches and to examine the implementation of these strategies to English language learners. These strategies could help even the most season teacher and the inexperienced ones. Pre-instruction activities Pre instruction activities help students acquire new knowledge by building on the English language learner’s prior knowledge. These activities are of assistance for all the students in the classroom to get ready for the new information. Some of the things that can be employed as pre-instruction activities that can be used are semantic webs, graphic organizers, timelines and charts and graphs. These strategies determine where the students stand in relation to the content of the upcoming lesson. Pre-instructional materials help prepare the student to learn new lessons. Semantic webs, graphic organizers and K-W-L charts are useful for students in organizing their thoughts and ideas. These pre instruction activities can be used daily, building on the prior knowledge and adding more and more information to store knowledge. Pre-instruction activities also stimulate critical thinking through the development of charting and mapping skills, Graphic organizers, webs and charts can also help students understand the relationship of information being presented and the application of that information. (Reiss, 2006). K-W-L chart is an example of a graphic organizer. K -W-L is an instructional activity for supplementing framework development and constructing meaning from text to students. This tool can be used for all levels of students. This chart is usually introduced in kindergarten. This instructional activity basically consists of three parts. For example, the students are asked to identify what they previously KNOW about the lesson. Second, they would be lead to what they WANT to know about the lesson. Lastly, the students identify what they have LEARNED from the lesson. Through this activity the student trigger his stored knowledge for the lesson, he becomes caught up in the discussion and becomes more focused in learning the lesson (Allen, 2004). Another pre-instruction activity is to provide the key words and phrases relevant to the upcoming lesson. Providing these key words to the students before the lesson or even during the discussion can excite the student to encounter the vocabulary in the lesson. If the students have them early then they can use a simplified English or bilingual dictionary to learn the meanings and familiarize themselves with the words. This approach also helps students identify prior knowledge about the topic from their native languages. If the students are familiar with the there is a better chance of interest and recognition since they have some idea of the content. The students actively learn in using pre-instruction activities evading being a â€Å"passive learner† who memorizes all of the information. The teachers need to directly instruct and exhibit how to use the charts and graphs and how to manage the information. These tools can prove to be important for all students as review materials comes exam time, but most importantly to the ESL (English Second Language) and ELL (English Language Learners) students to be able to put their information together and understand how that information works together for them (O’Loughlin & Haynes, 1999). The result of the pre-instruction activities can remove much of the uneasiness and frustration of learning new concepts and lessons because students would feel that they are as competent as everyone in building their own prior knowledge. Visual Aids, Realia, Maps, Pictures, Multimedia Using these materials makes it easier for students to easily learned new concepts by seeing the relationships of concepts and concretes. Even if all the students are of differing English ability level they can all get the meaning of words represented by visuals. Using images and media also heightens the interest of students and creates a fun atmosphere for learning. Images, objects and body movements keep the students interested and focused, help them make connections and commit to memory language that they are learning. Films, videos, and audio cassettes with books allow students to visualize and make connections to what is being taught. For example, film-viewing prior to the discussion of lesson help students recalls more vividly the information from the film relating to the lesson (O’Loughlin & Haynes, 1999). â€Å"Realia is a term for any real, concrete object used in the classroom to create connections with vocabulary words, stimulate conversation, and build background knowledge† (Herrell, 2000). Schools organize to collect funds for realias that teachers and students can use. . Teachers can use models, photographs, illustrations, and artwork when the real object is inaccessible or is impractical. The use of realia can also be a model way to study different cultures included in a lesson. For example, in studying the eating habits of some culture a set eating utensils and kitchen appliances (chopsticks, a tortilla press, a tea set, a wok) can build vocabulary and increase comprehension. Another good example is the study of different clothing items from different cultures. (Herrell, 2000) It would also be helpful to label everything in classroom so that newcomers see the names of objects in the school environment. Incorporating posters, photos or graphs is another way to encourage comprehension and development in students as well. These items can encourage understanding through illustrating the concepts and meanings of the topics/words (Reiss, 2006). Multimedia can be used to teach parts of speech such as verbs, adjectives, etc. Multimedia clips such as films show the use of language in actual use exposing the conversational use of language to increase the student’s ability to use English in a conversation. Audio clips also helps students learned the correct pronunciations of letters and words. The learning outcome of this strategy is that a student is more likely to find the support and understanding in the lessons and the content that is being introduced. They are able to make the connection easier through the combined audio and visual exposure. Graphic representations, the use the words/phrases in pictures, videos, audio, etc., aid in the effort of reinforcing the verbal and the written word and encourage content comprehension of the students (Reiss, 2006). Cooperative Groups, Peer Coaching Cooperative learning can be successful for all students at all academic levels and learning styles. Cooperative learning involves student participation in small-group learning activities that promote positive interactions. Cooperative learning makes sense for teachers because all students are given frequent opportunities to speak and because a spirit of cooperation and friendship is fostered among classmates. (Cochran, 1989) Students benefit through a shared learning activity, from observing how their peers learn. Face-to-face verbal interactions is advantageous for English language learners because it promote communication that is natural and meaningful (Johnson, Johnson & Holubec, 1994) Teachers take several roles in planning cooperative learning. First, teachers make pre-instructional decisions about grouping students and assigning appropriate tasks. Teachers have to be able to fully explain the academic tasks and the grouping structure and roles to students and then must observe and get involved when necessary. Finally, the teacher is also the one who is responsible for evaluating the group and individual performance as well as the effectiveness of each group’s work (Cohen, 1998). Teachers do have to spend time in planning for cooperative learning to work. But, as illustrated in the example, once cooperative learning is organized the activities can be done again and again in different settings and in different content areas (Yahya & Huie, 2002). Cooperative learning is valuable when students have an interesting thought through task such as a set of discussion questions about a story they just read, producing a mental map of the story, or making up a puppet show to highlight character traits. Cooperative learning groups or peer coaching promotes a positive outcome when everyone involved understands the underlying purpose of this method. These methods are effective and successful because students tend to listen to one another and motivate one another to learn (NWREL, 2003). The value of cooperative learning and peer coaching strategy is to effectively promote the transfer of group ideas to individual learning. Repeat and Rephrase The repeat and re-phrase technique works by emphasizing key words and phrases in the discussion. Repetition is a key part of learning. The more times information is repeated. It is more likely that information will be easily recalled. Repeating the statement or question and re-phrasing it can illuminate the discussion. This strategy also helps in the student’s deeper understanding of the lesson. Much repetition and paraphrasing is required in this strategy. The teacher’s key role is to highlight the ideas that have already been discussed and modify them to give the same meaning, but a new understanding of the same idea. Through this the teacher could help students see the connection and transformation of the old information to a new one. The repeat and re-phrasing method is successful for instructions or classroom discussions. When speaking, the teacher needs to make sure that they articulate clearly and slowly, not making unnatural sounds to distinguish between important words or phrases; but placing a natural emphasis on the key words. Repeating frequently and paraphrasing the important information ensures that the concepts are comprehended. (Dunlap, Weisman, 2006) For example while discussing the teacher can repeat the central ideas or elaborate them over an extended period of time, for the purposes of emphasizing them for their students or slowly rephrase them in simpler terms to be more understandable. In this strategy the teacher could ask a question or utter a statement â€Å"Lisa sits quietly while listening to the teacher†. The teacher raises a question to repeat the concept. â€Å"Can Lisa listen to the teacher if she’s noisy†? If the student does not understand, the teacher can ask the same question, but in a different form, â€Å"Can you listen to our discussion if everyone is noisy?† In repeating and re-phrasing, the goal is to enhance a student’s independence in understanding and comprehension. The use of repetition can be a consistent reminder of the information that has been introduced, making sure that the students pick up on the concepts. (O’Loughlin, Haynes 1999) Using this strategy enables the teacher to associate interrelated concepts by changing their structure into a sentence or question and further rephrase and repeat these but still arriving at the same answer. Music and Jazz Chants One of the most powerful English language learning strategies is the use of music and jazz chants because music is universal to all languages. Every culture sees music as a form of self expression. Jazz chants help non-native learners get the â€Å"feel† of American English. The student learns the stress, rhythm and intonation patterns by imitating them. It’s a very effective and pleasurable way to learn. Songs are often easier to remember than just plain words and sentences. Jazz chants stimulate and appeal to multiple senses of learning. They also use the rhythmic presentation of the natural language which is important to successfully speaking English (Tang & Loyet, 2004). Helping non-native speakers develop confidence in their pronunciation abilities requires that they have a good understanding of speech rhythms in English. These students need reading practice for fluency and pronunciation. Jazz chants and music are a fantastic way of practicing. This method also works for memorization. For example, it is much easier to memorize the English alphabet using the alphabet song learned in Kindergarten. Music is effective in memorizing long lists such as periodic tables, alphabets, numbers, etc. This method can be used to introduce long concepts without anxiety. Students remember information in the form of song, and sometimes tossing in a little dance or hand movement for fun. Teachers frequently use this activity as a method of memorizing information and pronunciation (Short, 1991). Adding a tune or rhythm to a poem, a verse or a series of regular words and sentences can make it an engaging way to learn to read and remember (Bridges, Wright, 2006). For example, a teacher could choose a song such as Ella Fitzgerald’s wonderful rendition of the classic â€Å"Blue Moon,† a song that is not only beautiful but also practical for its interesting lyrics and a clear singing style. First is to start creating a close exercise (i.e. fill-in-the-blank) and leave empty spaces for words that will challenge students to listen carefully. The teacher would need to play the song two or three times depending on the difficulty of the exercise or questions about vocabulary (e.g. â€Å"adore† not â€Å"a door.†) When the close exercise is complete, play the song again the students would sing along with it. The next activities may include a scrutiny of the lyrics on a literary or grammatical level or an open discussion about the historical significance behind the idea of the â€Å"Blue Moon,† or an introduction to the music (both literal and figurative) of Ella Fitzgerald may prove interesting to students. (Roberts, M. 2007). Most people have had a song that is always playing in his head every now and then. Jazz chants just do that. They play continuously in the students’ heads even after class ends. Students remember the lyrics of songs, more than likely, for a long time. Songs will help students to learn long string of words. Students are receptive using this method and this makes the information easy to acquire and retain. Students generally join eagerly in activities like jazz chants because of the unique and fun way of learning the lesson unaware that they are learning. The result of this strategy is longer memory retention of information for the English language learners. If a song is playing in their heads over and over again, information is retained and can be easily access by the teacher (O’Loughlin, J. & Haynes, J.1999). Conclusion These English language learner strategies are proven to effectively helps teachers facilitate learning and to efficiently retain language information to non-native learners. The methodology of carrying out these strategies would be very successful if they are done properly. The techniques that have been reviewed are essential to the success of an ELL classroom. However, there is no perfect strategy for every student or teacher. Teachers must carefully examine the needs of each student and each of their receptivity to learning new information. From there, the teacher would be able to generate a strategy that would be optimal for learning for all the students. These strategies are very helpful and best used simultaneously to expose students to different pathways to learning new information. There are many more strategies out there for teachers of ESL and ELL students. Teachers could also create their own strategies in delivering lesson plans. The teacher’s most important tasks is to foster interactivity by creating a learning atmosphere in the classroom and to uphold the value of respect for differences in language ability and culture. These strategies are effective because it is synchronized on how the brain process new information that is to build on prior knowledge, classical repetition of central ideas, and an abstract-concrete connection for visual aides. They are also fun and interactive such as multimedia, cooperative learning and music and jazz.   They help eliminate the anxiety of ELLs in learning a new language. They also become more receptive and interested in learning because these are fun and enjoyable References Allen, J. (2004). Tools for Teaching Content Literacy. Portland, ME: Stenhouse Publishers. Retrieved on March 30, 2008 from http://www.u-46.org/dbs/roadmap/files/comprehension/4KWL.pdf Bridges, L. & Wright, A. (2006). Using jazz chants for bilingual/ESL students. Retrieved March 29, 2008 from http://litsite.alaska.edu/uaa/workbooks/jazzchants.html Cohen, E.G. (1998). Making cooperative learning equitable. (Realizing a positive school climate.) Association for Supervision and Curriculum Development. Retrieved March 29, 2008 from http://www.ncela.gwu.edu/pubs/classics/pig/12allenglish.htm Cochran, C. (1989). Strategies for involving LEP students in the all-English-medium classroom: A cooperative learning approach. Washington, DC: National Clearinghouse for Bilingual Education. Retrieved March 29, 2008 from http://www.ncela.gwu.edu/pubs/pigs/pig7.htm Herrell, A. L. (2000). Fifty Strategies for Teaching English Language Learners. Upper Saddle River, NJ: Merrill. Retrieved March 29, 2008 from http://multilingual.fresno.k12.ca.us/eld/eldg1/ELD%20Rec.Strategies.pdf Dunlap,C. Z. & Weisman, E. M. (2006). Helping English language learners succeed. Huntington Beach: Shell Educational Publishing. Johnson, D. W., Johnson R. T., & Holubec, E.J. (1986). Circles of learning: Cooperation in the classroom. Edina, MN: Interaction Book. Retrieved March 29, 2008 from http://www.ncela.gwu.edu/pubs/classics/pig/12allenglish.htm NWREL. (2003). General principles for teaching ELL students. Retrieved March 29, 2008 from http://www.nwrel.org/request/2003may/general.html O’Loughlin, J. & Haynes, J. (1999, April). Strategies and activities for mainstream teaching. Tell Training Manual. Retrieved March 29, 2008, from http://www.kennesaw.edu/tell/tell_manual.htm Reiss, J. (2006). 102 Content strategies for english language learners: Teaching for academic success in Grades 3-12. Columbus, Ohio: Pearson Merrill Prentice Hall. Roberts, M. (2007). Music really plays in ESL classes. Retrieved March 29, 2008, from http://esl-programs-lessons.suite101.com/article.cfm/music_really_plays_in_esl_classes Short, S (1991). Integrating language and content instruction: strategies and techniques. Tang, F., & Loyet, D. (2004). Celebrating twenty-five years of jazz chants. Retrieved March 29, 2008, from http://www.nystesol.org/pub/idiom_archive/idiom_fall2003.html The Center for Excellence in Learning and Teaching (CELT) at Stony Brook University (n.d.). Tips for teaching ELL’s: Strategies for promoting success for the second language learner in grades K-12. Retrieved March 29, 2008, from http://www.celt.sunysb.edu/ell/tips.php#Strategy_12 – not in text Yahya, N. & Huie, K. (2002). Reaching english language learners through cooperative learning. The Internet TESL Journal, 8(3). Allen, J. (2004). Tools for Teaching Content Literacy. Portland, ME: Stenhouse Publishers. Retrieved on March 30, 2008 from http://www.u-46.org/dbs/roadmap/files/comprehension/4KWL.pdf

Role of HR and Social Media Assignment Example | Topics and Well Written Essays - 250 words

Role of HR and Social Media - Assignment Example Social media helps managers understand workers’ problems so that they can address at least what they can to optimize workers’ chances of retention. Social media helps managers clearly convey their policies regarding work ethics without the constraints of time and distance. Social media helps managers improve workers’ productivity by having them stay connected 24/7. The improved flow of communication and information at all levels across the organization also helps improve the workers’ productivity. Using such programs as Skype, managers can conduct meetings with the workers without having to make them spare some precious time from work to come to the meeting room. Many companies like Cisco have the trend to befriend the workers, peers, managers, and bosses at the social media websites like Facebook and Twitter. â€Å"Seven of 10 employees have â€Å"friended† their managers and coworkers on Facebook† (Gaskell). This helps them foster better re lations with one another and know one another

Speech - Speaker's Effectiveness Essay Example | Topics and Well Written Essays - 500 words

Speech - Speaker's Effectiveness - Essay Example the ‘screwed up one’ while his brother keeps being the ‘dependable one’, however, the tone of the speaker shifts to the mood of resentment and this marks the major faux pas. During the speech, one may observe that every guest and family member including the bride agrees to the speaker at the stage prior to his loss of composure. Due to a drunk state of unregulated nature at that moment, the man is unable to provide reasonable transition and justice to the rest of the details which necessarily convey his embittered feelings toward Harold who, according to him, occurs to have constantly found favor in their father’s disposition as the best man quotes the latter â€Å"Why can’t you be more like your brother? Harold will never beat up his landlord.† Then he ruins the ceremony entirely by confessing that Harold is not perfect and that they shared a time in Puerto Rico when the two hooked up with prostitutes. Apparently, the best man-speaker appears to bear the capacity of pleasing the audience despite his inebriated condition. Only, he could have kept the approval of the watchers if he knows how to manage himself and gain a sense of self-control. He could have attempted to meditate first on his part in the toast and think fruitfully with all the positive thoughts, considering that Harold has granted him such a great privilege. If he becomes capable of internalizing his significance before the event, he would certainly deliver a speech that reflects sincere gratitude for the chance of obtaining an honorable position in the wedding as well as a pitch and manner that indicates he has forgiven all their issues in the past. Moreover, the speaker could have communicated his intentions effectively by maintaining a degree of subtlety, using figurative rather than literal words on a delicate narrative regarding his family in order to avoid causing shame to the principal character of the wedding. With contemplative regard to the present instead of the distasteful

Performance Management Essay Example | Topics and Well Written Essays - 1000 words - 2

Performance Management - Essay Example Performance management systems make use of the fact that performance is increased on the part of all concerned and there is no shortfall as concerns to commitment, dedication and devotion when at work. What this performance management system does is to ensure that the right people get the bonuses, incentives and so on as well as point out the ones who have fallen short on the company’s expectations over a period of time. This would help in giving them rewards and incentives which will eventually make one and all happy at the end. Also this will continue their desire to achieve more and more within a specified period of time and thus come into the good books of the company. In return, they can be given all these rewards so that they could be encouraged in line with their work attitudes. Moreover, the people who lag behind with regards to their work schedules and dedication levels will stand up and take notice and thus would want to be counted as the effective and efficient ones within the company as well. The role of organizations in the maintenance of these systems is also very paramount. The difference from the annual appraisals and so on lies in the fact that the traditional manner of doing things relies more on the basis of paper work where a lot of time, effort and money is rather wasted to state the least. The role played by the organizations in advancing their performance management systems is immense since a lot of the population depends on them for their needs and wants. This is met in a fair manner courtesy the E-government initiative adopted by several different companies and organizations. All such innovations which help and facilitate the related process must indeed be given thumbs up since these try to solve the miseries of the people and it is because of these people that the performance management systems are put into place originally. This further pinpoints the fact that the deployment of an efficient performance management

Summary of a Professional Ethics Article Essay Example | Topics and Well Written Essays - 1250 words - 1

Summary of a Professional Ethics Article - Essay Example This is quite synonymous to the fact that every citizen can avail medical facilities when they require it. In the United States, there are several active private organizations that are providing legal services to the general public on a very low price. Their charges are not dependent on the market price. Government is also taking an active part in providing legal facilities to the citizens where they cannot afford one. In order to determine who provisions these legal services, the author has taken a few assumptions. One such assumption involves that the community has accepted an adversary system. The adversarial system involves having advocates from both parties and then having a judge or a jury decides what is right (Corrin,  2004, p.  3). It is assumed that the citizens will have 4 basic rights: Every citizen is entitled to log a complaint to a judge or a tribunal, once a complaint is logged, the other party has to come in front of the court and explain their actions, they have a right to unanimously agree on the decision the judge has made and if the complaining party wishes, they can have the decision implemented. Since the judge is only involved for the decision making process, it is also assumed that the parties will gather their evidences (Richards & Rathbun,  1999, p.  6). It is also assumed that the judge has a responsibility to provide a healthy space for both parties to present their arguments, to give a fair decision, to make the rule applicable for all future similar cases and to explain their reasoning process to make it understandable to both parties involved why that specific decision was taken. This system relies on both parties to unanimously agree with the decision placed by the judge and the judge to be impartial (Glendon, Wright-Carozza, & Picker,  2008, p.  101). Once the judicial system is setup, it is important to understand the need for the community to be well aware of their rights to avoid injustice.

Developing a Health Policy Campaign Coursework Example | Topics and Well Written Essays - 2250 words

Developing a Health Policy Campaign - Coursework Example Every time an individual consumes excess calories that what the body requires, obesity sets in. No one admires to be obese. People with obesity have high probabilities of suffering from heart diseases as well as other dangerous diseases. But what exactly causes obesity? Besides hereditary factors, overeating plays a key role in causing obesity. Similarly consumption of foods that have high fat content and decreased physical activity, are also prime causes of this condition. In US, children obesity cases pose a great challenge. Studies have shown that at least one third of children in America including adolescents are facing obesity. Statistics have shown that obesity is on a rapid increase, â€Å"Over the past 30 years, the prevalence of obesity has nearly tripled for children 2 to 5 years of age and youth 12 to 19 years of age, and it has quadrupled for children 6 to 11 years old.† (AHA conference proceedings 2014, 1) We have had highly effective programs advocating for the issues of obesity in children, these programs have proved very effective in a number of ways. In the literature review in the advocacy program by the nurses, the following approaches which made it effective (Progress in Preventing Childhood Obesity, 2006). These skills that nurses employed to prevent obesity were good, they put in place a number critical issues. They considered prevention levels that were good enough for the child, and the family among other important considerations. The obesity prevention strategy was taken to be a health tool. There were advocacy skills involved in planning and strategizing on preventive measures within the community and the entire population. (Online journal of issues in nursing, 2009) In overall, many of the advocacy programs that were initiated were effective because of willing of partners that were interested in the issues of child obesity. Various local, national, regional and international bodies are trying their best to combat

Do You Believe that Our Sex and Gender Rules are Social Constructions Term Paper

Do You Believe that Our Sex and Gender Rules are Social Constructions - Term Paper Example This essay declares that the gender of newborn had to be identified based on the genitalia, and in cases of â€Å"ambiguous† genitalia, babies had to undergo reparative surgery, whereas the clinical staff assigned a corresponding gender to a child. After the gender was surgically assigned to the baby, it was socially reinforced through various identifications such as clothing, bringing up process, etc. The cases of surgical procedures on reparation children’s genitalia, defined by clinicians as Disorders of Sexual Development perfectly illustrate how people are trying to â€Å"adapt biological diversity to socially constructed sex-gender binary†. This project stresses that nowadays, variation in genders is a more acceptable issue in society and has increased interest in the medical community. Comparing the two articles written by Fausto-Sterling in 7-years interval it is possible to see that during a quite small period of time human perception of intersexuals as full-fledged unit of society has increased significantly. Whether the other three sexes will be soon recognized fully by the society or not, providing those individuals with absolutely equal conditions and treatment, is not known. The only thing that is definitely clear is that scientific research and time do change social perception of the human body. The things perceived a century ago as nonsense, nowadays are viewed as absolutely common and understandable.

Research by the clinical operations and programs division Proposal

By the clinical operations and programs division - Research Proposal Example The range of the number of surveys that have been carried out is between almost 3500 to 4500 employees. This report aims at analysing the research and to gain a better perspective on the theories of performance related pay and its affects. One of the common factors those interest employees, employers and the government equally is the most essential element of employment - Pay. Pay affects the employers because it is an expense borne by the business and employee performance matters a lot to the business. Also this factor affects the employer's ability to recruit and retain labour force of quality. Employees are affected by pay as it is the only source of income it also sets the standard of living and measures a value for the performance and value of service. Lastly the government is affected by this since it directly affects the macro economic stability like employment, social economic development, inflation etc. There are a number of different basis on which pay to an individual is decided. One of the oldest forms of pay is Performance Related Pay this is discussed in detail in the next few parts. Performance Related Pay refers to pay scheme used to measure individual performance in the company (Monks, 1997). It can a lso be used to measure group or organisational performance. The main objectives of introduction of performance related pay were to increase motivation in employees to perform better, increase the self esteem of employees, provide better understanding of the job description and functions, create better communication amongst the participants, encourage employees to be self motivated, and help improve the institutional manpower planning. (Mohrman, Resnick-West & Lawler, 1989). Also performance related pay helps to contribute to overall performance and productivity, along with motivating employee to work better by linking the pay to the achievements of target rather than the length of service. It also helps recognise the achievements of individuals and identifies the under performers, thus creating fairness in pay (Monks, 1997). It was noted that performance related pay has proved to be useful for managerial staff since it allows them to be able to set goals that need to be achieved. Th is makes them motivated to work towards the goals as performance related pay ensures them of a reward on achievement of the goals. The principle of relating pay and performance has been very useful and has acted as a good motivator (Kessler, 1994). Linking of performance and pay is mainly based on Improved Motivation. Famous authors and researchers like Lawler, Porter, and Vroom have pioneered psychological theories of expectancy. The theory should a simple relationship between the efforts put in by an employee, the rewards, the motivation of the employee and the possibility of gaining if the required

The Business Research Process Essay Example for Free

The Business Research Process Essay Introduction In this paper I will discuss the business research process based on Hospital in West Roxbury, MA. Although I still consider myself new to the medical field, I find it rewarding to give medical treatment to veterans such as myself. I briefly will summarize the specific business research and why they aim to â€Å"take care of their own.† Business Research Process The business research process often starts with an overview of the market or industry. The key objective is determining if an opportunity exists within a certain market. In 1811, the first domiciliary and medical facility for veterans was authorized by the Federal Government. From that day on the Nations veterans assistance program was expanded to include benefits and pensions not only for veterans but also their widows and dependents (va.gov). Over the years thousand of major hospitals and smaller clinics have since been established to help care for veterans. What is business research? Basically business research is the method a company makes to decide the most efficient, productive, and ethical way to make money and generate repeat customers. Business research is also a field of practical study in which a company obtains data and analyzes it to manage better the company (Miranda, n.d.).When starting any type of business research needs to be done to identify its competition. The Veteran Affairs Hospital created a vision to provide health care to veterans who have served and protected our country. Since the first domiciliary and medical facility for veterans was authorized they have provided excellent medical service. The VA Hospital wanted veterans who served in the military to come home and still be able to receive quality medical care. They also wanted this type of care to available in every state over the world, to make it convenient for veterans to reach. The VA’s business research was researched. Within almost every state there is a major hospital and where there is not, or where veterans cannot receive the need care there has been a VA shuttle van to transport patients to and from there appointments even if it is at another VA hospital. Along with they give patients travel pay if they have to leave there home state to go to appointment, which offers patients the opportunity to continue to receive care at the governments expense. Reference http://www.va.gov/about_va/vahistory.asp Miranda, K. (n.d.). What Is Business Research?. Retrieved from http://smallbusiness.chron.com/business-research-43341.ht Introduction In this paper I will discuss the business research process based on Hospital in West Roxbury, MA. Although I still consider myself new to the medical field, I find it rewarding to give medical treatment to veterans such as myself. I briefly will summarize the specific business research and why they aim to â€Å"take care of their own.† Business Research Process The business research process often starts with an overview of the market or industry. The key objective is determining if an opportunity exists within a certain market. In 1811, the first domiciliary and medical facility for veterans was authorized by the Federal Government. From that day on the Nations veterans assistance program was expanded to include benefits and pensions not only for veterans but also their widows and dependents (va.gov). Over the years thousand of major hospitals and smaller clinics have since been established to help care for veterans. What is business research? Basically business research is the method a company makes to decide the most efficient, productive, and ethical way to make money and generate repeat customers. Business research is also a field of practical study in which a company obtains data and analyzes it to manage better the company (Miranda, n.d.).When starting any type of business research needs to be done to identify its competition. The Veteran Affairs Hospital created a vision to provide health care to veterans who have served and protected our country. Since the first domiciliary and medical facility for veterans was authorized they have provided excellent medical service. The VA Hospital wanted veterans who served in the military to come home and still be able to receive quality medical care. They also wanted this type of care to available in every state over the world, to make it convenient for veterans to reach. The VA’s business research was researched. Within almost every state there is a major hospital and where there is not, or where veterans cannot receive the need care there has been a VA shuttle van to transport patients to and from there appointments even if it is at another VA hospital. Along with they give patients travel pay if they have to leave there home state to go to appointment, which offers patients the opportunity to continue to receive care at the governments expense. Reference http://www.va.gov/about_va/vahistory.asp Miranda, K. (n.d.). What Is Business Research?. Retrieved from http://smallbusiness.chron.com/business-research-43341.ht

Stock Price Reaction To Annual Earnings Announcements

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

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Christopher Miliotes Michael Jordan Michael Jeffrey Jordan was born on February 17, 1963 in Brooklyn, New York. When Michael was still a toddler he and his family moved to Wilmington, North Carolina. Michael was the fourth of five children. He had two older brothers, James Jr. and Larry, one older sister, Deloris, and one younger sister, Roslyn. Michael’s dad, James Sr. Jordan, worked for General Electric, and Michael’s mother, Deloris Jordan, who worked at The United Carolina Bank as the head teller. Michael always wanted to be a professional athlete. Once when he was nine years old he watched the United States lose to Russia in the Olympic Games in Basketball. He then told his mom that he would win a gold medal in Basketball at Olympic Games. When Michael was twelve he pitched two no hitters in the Wilmington, North Carolina Little League. His little league team went on and almost made it to the Little League World Series. Michael attended Emsley A. Laney High School in Wilmington. In high school Michael played baseball, football, and basketball. In his Sophomore Michael and Harvest Leroy Smith, Michael’s best friend, were invited to try out for the varsity team. At the time Michael was five feet nine inches and his friend, Harvest Smith, was six feet six inches. Harvest Smith ended up making the team, but Michael was cut. Michael went home and cried. Micheal later said that that was the worst day of his childhood. Michael was put on the junior varsity team. Although Michael didn’t make the varsity team the head coach, Clifton â€Å"Pop† Herring saw Michael’s potential. Coach Herring only lived a block away from Michael so he took Michael to school everyday an hour before school started. This gave Michael a gre... ...t games. Chicago’s regular season record was 57-35. The Bulls cruised through the playoffs and made it to the finals. They were playing the Phoenix Suns. Chicago had won three games and Phoenix had won two. They score of the final game was 96-98, Phoenix was winning, but with 3.9 seconds left John Paxson, from Chicago, hit a three point shot to put the Bulls up 99-98. Michael and the Bulls had done it, they had won a third consecutive NBA championship. The year the year Bulls had drafted Michael Jordan the franchise was worth 18.7 million dollars and after he won his third consecutive NBA championship the Bulls’ franchise was worth 200 million dollars. In the July of 1993, there was a tradgety in Michael Jordan’s life. His father was murdered. Michael’s father, James, was driving to Charlotte where he was going to catch a plane to go see Michael in Chicago.