Is market efficient testing of Hong Kong stock market Essay

Is market efficient testing of Hong Kong stock market - Essay Example Several tests could be used to test for market efficiency. The most common tests are for market anomalies such as the January, Day-of-the-Week, and Size Effects. Another is to prove that any of the assumptions of EMH is not true; for example, that there is a way of predicting stock prices so that those who are able to do so can earn above normal market returns. Practitioners of finance and economics who have studied stock market behaviour have proposed several hypotheses, one of which is the so-called Overreaction Hypothesis (ORH). ORH originated from the field of applied psychology and is a statement of behavioural prediction that people tend to overreact to dramatic news and events, regardless of whether these events are positive or negative. On the other side and related to this hypothesis is its opposite: underreaction, a phenomenon that can also be considered. ORH provides a way of making decisions to buy and sell stocks, because if it is true, then some investors can earn above market returns by buying underperforming stocks and selling overperforming stocks, taking advantage of over- or under-reaction of other investors. The Hongkong economy has been identified as the one with the freest and, in the absence of artificial market barriers that cause inefficiency, therefore the most efficient financial markets, as it was given the highest Index of Economic Freedom1 (Heritage, 2006). This paper attempts to prove this by investigating whether the ORH phenomena exist in the Hongkong Stock Exchange (HKSE). 3. Investigate presence of ORH in HKSE for the period 1 April 1997 to 31 March 2007 using the methodology of Fung (1999) which is similar to DeBondt and Thaler (1985) but using the geometric mean, instead of the arithmetic mean, to reduce error caused by bid-ask spread as pointed out by Conrad and Kaul (1993). Fama (1970) popularised the Efficient Markets Hypothesis (EMH) which states that stock prices reflect all available

Greek civilization Assignment Example | Topics and Well Written Essays - 500 words

Greek civilization - Assignment Example This quote demystifies knowledge and education (Plato, 31). He argues for discernment and states that only sober individuals and states are capable of making sound decisions and laws; and this cannot be done without the training and knowledge of important virtues such as courage, discernment, temperance among others. Plato gives importance to education. The author of this quote is Antigone when she was defending her brother against the state law (Takemura, 5). This quote means that Antigone was not intimidated by the law of the state. She gives too much significance to the Natural law that she went against the law of the state to bury her brother. The writer of this quote is one member from the Athenian delegation. He was justifying the Athenian authority over the Melians who refused to submit to the Athenians’ authority (Greene, 164). This quote implies that the Athenians were so autocratic and powerful that they believed since they knew their gods, their actions to rule over the Mediterranean Sea were justified because they derive the laws from the gods. According Engel (91), this quote is said by Plato who was having a conversation with Meletus, his friend. It implies that Plato, who is Athenian, did not believe in any god. However, he denies it in the quote and claims that he believes in a god. The author of this quote is Thucydides who was a historian of ancient Greece. He was analyzing the Peloponnesian War between Athens and Sparta (Allen). His quote implies that his work was lengthy and the best that he could write not just like a mere essay but had meaning. He did not write it to be appreciated but his writing would be used in a literary manner. Athenians said this quote during the time of Peloponnesian War (Doyle, 61). This quote displays their confidence and power and the fact that they have dominated the Mediterranean Sea for long. It shows that Athenians were very proud to give in their power and

Globe Theatre Essay Example for Free

Globe Theatre Essay We do not know much about Shakespeare’s life. He comes from the small provincial town Stratford that lies on the Avon. His father was a workman, and he was a member of the town council; and he was also the mayor of the town for three years. Shakespeare most likely went to Stratford Grammar School, which can still be seen in the town, however we do not know much about what he learned in school. In 1582, when he was 18 years old, he married Ann Hathaway who was 7-8 years older; she was the oldest daughter of a wealthy farmer. Their first child was born the year after, only six months after the wedding; later they also had twins. There are several explanations as to why Shakespeare traveled to London, but most explanations are anecdotes from recent times. Some researchers believe that he became a member of a theatrical company that was visiting Stratford. The first time we here about him again is in 1592, and at that time he is a well-known person in London. He is mostly known as an actor and as a playwright, but he was also the owner of The Globe Theatre. Shakespeare wrote 37 plays: comedies, tragedies and historical dramas. His plays have something to fit everyone’s tastes; there are exciting plots, strong emotions, colors and comedy. Shakespeare’s themes are love, nature, power and the responsibilities that come with it. The central theme is humans and, especially after 1600, the bitterness towards the humans is most definitely felt. Around 1611 he returned to Stratford, possibly the same year as he wrote The Tempest, which can be read as his goodbye to the theater. He lived his last years in his home town, and died in 1616. He is buried in the Church of the Holy Trinity, and above his grave on the left side of the church, lies his epitaph.

Green Knight :: Arthurian Legends

Green Knight One of the most misunderstood characters from the Arthurian Legends is the Green Knight, especially in comparison with Sir Gawain. At first glance, the Green Knight seems to be very overpowering in his challenging of the knights of King Arthur’s court. He even indicates that everyone in the court is weak, and he cannot believe that this is the famous Arthur’s house: â€Å"What, is this Arthur’s house,† said that horseman then. (Norton, 309) The Green Knight knows that he will not die from a strike of an axe, and so he is offering to play this game to mock the knights of the Round Table. But, as it turns out later, the Green Knight is more noble and fair than it seems and is also very kind. He will not kill his challenger but gives him a more fair test, a test of character. The Green Knight, or Bercilak de Hautdesert as he introduces himself, is not such a bad guy and is actually a very good host. He gladly takes Sir Gawain into his home and offers him everything, a nice bath, food, clothing, and ironically, even his wife. He also offers to the Sir Gawain a very good deal, to share everything they both get in a day: Said the good host, 'agree now to this: Whatever I win in the woods I will give you at eve, And all you have earned you must offer to me; Swear now, sweet friend, to swap as I say, Whether hands, in the end, be empty or better.' (Norton, 1105-1109) And, while Sir Gawain just sits at home, sleeps late and enjoys his day with a beautiful lady, Bercilak de Hautdesert goes out to hunt for game. In reality the Green Knight wants to give Sir Gawain an opportunity to show his inner self. The Green Knight tests Sir Gawain by sending his own wife to seduce him, to check first of all, if he’ll bite the bait, and second, if he will be honest about it. The Green Knight realizes that it is not completely fair for him to challenge a mortal person, Sir Gawain, and so he wants to give Sir Gawain another chance to stay alive.

How Does Orwell Convey His Thoughts and Feelings to the Reader Essay

George Orwell conveys his thoughts and feelings to the reader in many numbers of ways. One way in which he does this, is with his use of language in the third paragraph. Although the third paragraph is very short, it is clear to see what George Orwell’s feelings are about the Elephant. ‘It seemed to me that it would be murder to shoot him’ shows the reader that Orwell did not want to shoot the Elephant as he would feel like he had murdered someone. From this evidence, we can deduce that Orwell believes that Elephants have human characteristics otherwise; he would not say that killing an Elephant was ‘murder. Also in the third paragraph, when George Orwell uses the word ‘grandmotherly’ to describe the ‘air that elephants have. ’ The reader is able to see that Orwell believes that the Elephant contains human characteristics. He would not being using a word like ‘grandmotherly’ to describe an Elephant as it is a word associated with humans. Another way in which Orwell conveys his thoughts and feelings to the reader is by his mention of the ‘immense’ crowd. Throughout the passage, Orwell is always making a point about the crowd which has gathered to watch him kill the Elephant. When Orwell is saying things such as ‘the immense crowd’ and ‘the will of the faces behind me’ it shows the reader that Orwell feels like without the crowd, he would be unable to shoot the poor defenceless giant. It is also clear to see that Orwell is put under intense pressure by the masses that are willing him on to kill the Elephant. When Orwell says ‘The crowd grew very still†¦happy sigh, as of people who see the theatre curtain go up at last’ shows to the reader that Orwell killing the Elephant is like a show for the thousands of Burmese people watching him. This creates pressure on Orwell as he is playing the role of a lone actor. It is as if he is the star of a one man show. As he is the only way ‘acting’ he is the only one under pressure from the large crowds, which have gathered with anticipation to see him perform. The performance is Orwell shooting the Elephant. The final way in which Orwell conveys his feelings and thoughts to the reader is the tone Orwell’s narrative adopts. The tone adopted by the narrative is friendly, revealing yet informal. This approach helps to draw the reader in to the passage. A revealing tone is created by Orwell throughout the passage as he is always revealing that he does not want to shoot the Elephant, but the presence of the crowd is forcing him to do it. Evidence for this is ‘it would be murder to shoot him’ and ‘To come all that way, rifle in hand, with two thousand people marching at my heels, and then to trail feebly away†¦no that was impossible. ’ Orwell creates a friendly tone in his passage by using words such as ‘laugh’ and ‘happy. ’ Although these words may be out of context, they still show the reader that Orwell is attempting to make as much of a friendly atmosphere for the reader as possible. The final tone Orwell creates is an informal one. This is clear to see throughout the passage as Orwell is always using an informal tone. The informal tone shows to the reader that Orwell believes (thinks) that the passage does not need to be formal as the topic which he is discussing is an informal topic. To conclude, George Orwell conveys his thoughts and feelings to the reader in three different ways. These three ways, are equally revealing as they all convey Orwell’s many different thoughts and feelings to the reader.

Research Paper on Martin Luther

Research Paper on Martin Luther We learn the history of the theology and religion at different stages of our lives and very often do not pay significant attention to the people who lied the foundation of modern believes and concepts. Martin Luther played a tremendous role in the development of the German Culture and Church as a whole. During his life (1483-1546) Martin Luther gave numerous examples to future generations in his professional and personal life. This German professor of theology and priest translated the Bible into modern language and made it available to a great variety of people, who could not have access to it before due to literacy level. On the personal side, Luther’s marriage became a canonical example of classic clerical marriage. Martin Luther dedicated his life to the church and devoted himself to fasting, praying and confession. His decision to go along the path of academic career was facilitated by his superior, who believed that Luther spent too much time on introspective analysis and should have dedicated more time for theoretical works on religious questions. This became the beginning of the future 95 Thesis, written by Luther and further banned by the Church. Luther did not limit his works, however, by the individual indulgences and pilgrimages, to more conceptual works in the heart of the religious discussion. The results of these efforts were evidenced in the the idea of the mass as a sacrifice, rather than a gift, rejection of compulsory confession and encouragement of private confessions. In 1526 Luther started the foundation of his Church and

Air India - 2719 Words

[pic] CASE STUDY ON AIR INDIA [pic] OF BUSINESS PROCES STRATEGIC MANAGEMENT Submitted To: N.P.SINGH Submitted By: Priyanka Bhardwaj(86) Anil Tiwari(98) Lovisha Sharma (76) JAGANNATH INTERNATIONAL MANAGEMENT SCHOOL KALKAJI,NEW DELHI Air India Limited (Hindi: à ¤ Ã  ¤â€¦Ã  ¤ ° à ¤â€¡Ã  ¤â€šÃ  ¤ ¡Ã  ¤ ¿Ã  ¤ ¯Ã  ¤ ¾) is the national flag carrier airline of India, flying a worldwide network of passenger and cargo services. Air India is state-owned, and administered as part of the National Aviation Company of India Limited - which was created in 2007 to facilitate Air Indias merger with†¦show more content†¦Only applied to around a half of Air Indias fleet, the new livery did not succeed, as the Indian flying public complained about the phasing out of the classic colours. The new livery was dropped after two years and the old scheme was returned. In 1993, Air India took delivery of the flagship of its fleet when the first Boeing 747-400 named Konark and registered VT-ESM made history by operating the first non-stop flight between New York City and Delhi. In 1994 the airline was registered as Air India Ltd. In 1996, the airline inaugurated service to its second US gateway at OHare International Airport in Chicago. In 1999, the airline opened its dedicated Terminal 2-C at the newly renamed Chhatrapati Shivaji International Airport in Mumbai. In 2000, Air India introduced services to Shanghai, as well as to Los Angeles and Newark. On May 2004, Air India launched a wholly-owned low cost airline called Air India Express. Air India Express connecting cities in India with the Middle East, Southeast Asia and the Subcontinent. Air India expanded its international routes to include non-stop flights from Ahmedabad and also expanded its international operations from Bangalore and Hyderabad. On 8 March 2004, International Womens Day, the airline operated an All Women Flight from Mumbai to Singapore.[8] Captain Rashmi Miranda, who became Air-Indias first female Commander in November 2003 and Captain Kshmata Bajpai piloted the flight, anShow MoreRelatedAir India essay3292 Words   |  14 PagesAIR INDIA CONTENTS * INTRODUCTION * HISTORY * DESTINATIONS * FLEET * CODE SHARE AGREEMENTS * AWARDS AND RECOGNITIONS * CRITICISM AND CONTROVERSY * CORPORATE AFFAIRS AND IDENTITY * FINANCIAL CRISIS * RE-PRIVATISATION PLANS * RETURN TO PROFITABILITY PLANS * THE GOVERNMENT IS STUCK IN * AN UNENVIABLE POSITION ON AIRINDIA * CONCLUSION Air India INTRODUCTION Air India is the flag carrier airlineRead MoreAir India Marketing Strategy1279 Words   |  6 PagesAir India Marketing Strategy Name: Harsha Sinha Enrollment No. 11BSPHH010328 Section – B Seat No. - 2 AirIndia  is a  state-owned  flag carrier, the oldest airline  of India. 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Financial Ratio’s†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦04 a) Profitability Ratio†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..04 b) Efficiency Ratio†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦08 c) Liquidity Ratio†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreSample Resume : Air India740 Words   |  3 PagesAir India Simarjeet Singh Pankil Shah Leroy Rodrigues (1000035608) Date: 20/06/2016 Course: Graduate Diploma in Applied Management Lecturer: Say Chong Lim- Applied Management Introduction: Air India is the national airline of India and also one of the biggest air company of the country in terms of passengers carried. It was started by Jehangir Ratanji Dadabhoy Tata in 1932 and was called Tata Airlines at that time. 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A second bomb at Tokyo’s Narita Airport killed two baggage handlers that were unloading luggage from a Canadian Pacific Airlines flight, the baggage was also prepared to be on the Air India flight. Sikh terrorists were responsible for planting the twoRead MoreBritish Airlines and Air India1948 Words   |  8 Pages India and the UK have a great deal in common. Right from our Parliamentary system of democracy to our judicial system, our bureaucracy to now, the common travails of our flag carriers, British Airways (BA) and Air India (AI). BA, according to its chief executive, Willie Walsh, is in a ‘fight for survival’ much like our own AI. As with the latter, BA has a bloated workforce, awful finances, a huge debt, all problems that characterize AI as well. And, in an uncanny parallel, AI’s latest offer of unpaidRead MoreBiography of Jrd Tata1644 Words   |  7 PagesRatanji Dadabhoy Tata popularly known as JRD Tata was one of the most enterprising Indian entrepreneurs. He was a pioneer | |aviator and built one of the largest industrial houses of India. He had the honour of being Indias first pilot, he was Chairman of | |Tata Sons for 50 years and launched Air India International as Indias first international airline. He was awarded Indias highest | |civilian award, the Bharat Ratna in 1992. Read MoreA Case on Air India’s Pilot Strike of May 20125993 Words   |  24 PagesA Case on Air India’s Pilot Strike of May 2012 CONTENTS 1) Company background of Air India 2) History 3) The merger into Air India 4) Financial Crisis of Air India 5) The chronology of the Air India strike may 2012 6) Highlights of the strike: Management’s view and the Union’s view 7) Causes for the strike 8) Effects of the strike 9) Interview of former executive director of Air India: Jitender Bhargava 10) Conclusion: My understandings from the case 11) References Submitted By: Ragavendra.B 09MBI050