Organ Report Assignment Example | Topics and Well Written Essays - 1000 words

Organ Report - Assignment Example The rate of blood flow is 1.5 litres per min. it possess diverse cells such as 70-80% hepatocytes, sinusoidal epithelial cells, kupffer cells, hepatic stellate cells. The essay seeks to dig out the anatomy, physiology and the relationship between the liver and other organs in the body. The liver plays a key role in digestion process through the production of bile. The cells responsible for bile production are the hepatocytes. Food contain fats stimulates the duodenum to secrete cholecystokinin, which in turn stimulates the gall bladder to release bile. Bile emulsifies fats for the ease of digestion process (Mitra & Metcalf 2009). Additionally, the Kupffer cells are involved chiefly in breaking down all the worn out red blood cells. Furthermore, it stores iron after the erythrocytes are broken down (Campbell 2006). The metabolic function of the liver encompasses breaking down carbohydrates, proteins and lipids into useful body materials (Vainer et al. 2008). Carbohydrates are broken down into monosaccharaides, fatty acids metabolised to produce ATP, while proteins break down to amino acids. The detoxification process involves removal of dangerous components inclusion of drugs and the rest of inactive metabolites. Moreover, the liver has a high potential in storage of essential nutrients, minerals and vitamin. It also produces vital body proteins such as pro-thrombin, albumins and fibrinogen. Most significantly, it acts as an organ contributing to the immune system via sinusoids containing Kupffer cells, a form of macrophages, phagocytic in nature. The Kuppfer cells capture and auto digest fungi, bacteria, worn out cells and other debris (Thomson et al. 2002). The stomach receives and stores food as they await digestion. It does initiates the proteins digestion process, and propels food down to pass through the duodenum. The gastric secretions initiates digestion process, while pepsin

Teachnology and Business Management Research Paper

Teachnology and Business Management - Research Paper Example In the first part is presented the definition of BPM and its road-map. After is presented the definition of information technology . By introducing the main characteristics of the IT is shown how IT can enable the BPM. Finally will be presented a real case-study of a BPM solution implementation. Technology and Business Management Today’s organizations are confronted with the need of improving the business management. Under these conditions, the traditional management approaches that focus on financial figures are being substituted for new and more developed practices. The performance is related to the efficiency of an organization to meet their goals. With the evolution it?s expected to develop practices that reduce the errors by improving standardization and automation of the activities. The Business Performance Management appears as a very developed approach. It’s important to understand how the technology can enable this practice. The choice of the proper tool and te chnology in a BPM solution is critical to the success of the operation. The improvements related to the information technologies seems to serve and meet the BPM goals. The main purpose of this article is to prove how IT enables the BPM. How the report will achieve the purpose? The report will provide a summary of BPM definition and goals; After will be presented the BPM road-map in order to prove how closely the BPM process is within the automation process; After proving this, is presented the IT definition; After is shown how the IT and BPM converges into similar lines; Finally is presented a case-study. Business Performance Management ( BPM) A business process is a set of activities which are defined in order to reach a specific organizational goal. The Business performance management (BPM) is a systematic approach of the Business management. The main goals of BPM are: reduce human error and miscommunication, focus stakeholders on the requirements of their roles and on making an o rganization's workflow more effective, more efficient and more capable of adapting to an ever-changing environment. In general BPM is developed within three types of frameworks: Vertical, Horizontal and Full-service BPM. Horizontal BPM is related to the the development of business process and the technology application. On the other hand the Vertical BPM is focused on coordinating of a specific set of activities. The Full-service BPM deals with five basic tasks: process discovering, process modeling, business procedures, workflow and finally testing. BPM is several times linked within the information technology(IT) and it has increased the demand for IT services. The concern with the business process optimization is not recent. It has been developed since the industrial revolution. In the last decade the notion of business process optimization is intrinsically related to the BPM. The BPM provides flexible business process therefore the business process became dynamic and adaptable w hen confronted with changes. The BPM is a powerful tool for an organization. It promotes the continuous operational improvement and the cost reduction cost through continued process improvement and automation. The main difference between BPM and traditional process management approaches is the focus on customer value. The main goals of a BPM solution are related to the optimization and automation of the process outcomes, the rapid response to a business event, delivery ( in real-time) new

US Economic Policy Essay Example for Free

US Economic Policy Essay The United States of America is one of the richest nations of the world, with nearly a fifth of the world’s Gross Domestic Product emerging in the country. The US has the highest level of output in the world. The total GDP in the country in 2006 was 13. 2 trillion dollars. With a population now reaching 300 million people, the per capita income in the US now is nearly 45000 dollars per annum. In the last three years however, there have been concerns voiced about the health of the economy. The chief concerns have been in the housing market, which many feel has been overvalued. The savings rate has been coming down and therefore impacting the growth rate negatively. Also the US budget has now seen a deficit on the current account as revenue expenditure has been growing faster than revenue growth. The deficit might get worse later in 2007 as the economy weakens further. Wage costs have traditionally been high, and in a tight situation have increased even more causing some amounts of inflation. The Economic Intelligence Unit of the Economist has highlighted these problems faced by the US economy in recent times and also pointed to the falling exchange rate of the dollar with respect to the Euro as an indicator of the weakening American economy. The special report of the EIU released in August 2007 points out to the fact that the emergence of the European and Asian economies in the past have led to a fall in the pivotal importance the US economy had in the world economy. The report points to the recession in the US economy leading to a likely fall in growth rates in the country in 2008 and onwards. It is in this context that it becomes important to look at the state of the economy in the US in the past three years. In the past, the US economy had been doing well, despite the slowdowns seen in the rest of the developed world. With low interest rates, high employment levels and a strong construction sector, the economy had seen balanced economic growth with a robust export performance in the decade of the nineties. Right at the outset it will be important to underline the role played by the free market operating in a democratic context. The US has remained wedded to the concept of a free market economy governed under unwavering democratic principles. This has allowed a strong civil rights movement to flourish, consumer lobbies to argue strongly for anti monopolistic practices and a competition regulatory mechanism in place. It is indeed this fundamental strength that allows the US to remain the world’s most powerful economy in the democratic framework it works on and the political freedom the constitution guarantees. It is political freedom that enables the optimal use of resources in any country. Interest groups exert pressure on governments and ensure widespread and sustainable growth. Free market based economies like the US work on the principles of rule of law, property rights and enforcement of contracts. This way growth is robust and is not vulnerable to shocks that are inherent in a globalized world. Lipset (1959) and Sen (1999) have argued that it is democracy that fosters economic growth across the world. Foreign trade and exchange rates After joining NAFTA, in its 1994 version and now with the revised agreement, the US economy is now increasingly integrated with the North American economy. As a result any slowdown in the US economy have been balanced out by the growth seen in Canada and in Mexico. The economic policy in recent times is characterized by a relatively stable prime interest rate, the exchange rate falling gradually and a healthy foreign exchange reserve. With healthy increase in exports of more than 11% last year, US external trade is critical to the economy and that is the most important reason for the monetary policy aimed at keeping the dollar a floating currency. A free float enables a currency to absorb shock. And countries that are so clearly exposed to external shocks need to be able to cushion external changes. Historically, the US’ monetary policy as regards the currency rate has been one where the state intervened in currency transactions and the central bank monitored the exchange rate. However this has now changed and the exchange rate regime follows a true floating mechanism that would change with the market situation as regards imports and exports. In the year 2006 past, the trade deficit in trade in goods and merchandise has reached US$838bn in 2006. This is primarily on account of the huge trade deficit with China, and this could give rise to some protectionism in the US economy. The cheaper local currency that is being seen now will encourage exports and discourage imports taking the trade deficit towards a positive value. Monetary policy Monetary policy is often a toll that is defined and determined by the inflation rate. In democratic countries, price rise is often politically unacceptable especially with frequent elections. Hence the central bank and the treasury tend to keep a close watch on the inflation and on the customer price index. On this front, the US economy has performed well with modest inflation helped by an interest rate that is stable. The low inflation rate might have an impact on domestic demand, as the aggregate supply curve would tend to flatten given stable prices. Also with a low unemployment rate and stable salary levels the demand curve too would be flat. Therefore growth would be restricted to growth in external trade helped by a favorable exchange rate that is what the US economy is witnessing. As a result, the major factor that would impact the economy now is the business cycle. In economic theory, business cycles show growth in initial phases, then a stability followed by a decline. These are periodic swings that most economies pass through. During these cycles production and supplies go up due to price and demand increases and then as demand stabilizes, so do prices. Producer surplus comes down, and investment levels stabilize. Then when the curve starts sliding down, prices reduce, demand levels fall and till the supply reaches a new equilibrium the economy goes downhill resulting in unemployment and retarded growth. Each country goes through such alternating phases of growth and stagnation, though the length of the cycle is very often uncertain and unpredictable. Economic expansion is the phase where the real GDP rises steadily and recession is the stage where the real GDP falls. This is followed by a phase of economic recovery. The US business cycles have not been any different from the rest of the world. A globalized economy is prone to expansion and recession in the rest of the world. The first big recession was seen in 1929. However the economy stabilized soon after thanks to some tight monetary policies and a harsh fiscal policy, where the government taxed its citizens at high rates to keep the public sector functional and to provide social security to those hurt by slowdowns. Each slowdown affects jobs, growth and economic prosperity adversely. In the post war period, the economy has been relatively stable and has only passed through two serious recessions. Since then, the US has seen a period of healthy economic expansion and prosperity, despite a slowdown in services trade and the internet bust that pushed the US into a recession at the turn of the century. Fiscal policy Fiscal policy is a tool the state uses to ensure that public expenditure is met through revenue mobilization using various taxes, levies and fees. Historically, it the monetary and the fiscal policy have been used by governments to run their economies and handle various pressures on expenditure, investment, unemployment rates and inflation. Fiscal Policy is the tool that governments use to ensure an addition or reduction in expenditure and revenue levels so the economy can be steered in a particular direction. While fiscal policy focuses on changes in the governmnet level of expenditure and revenue mobilisation, monetary policy concentrates on the money supply in the economy and by giving incentives to the citizen, governemnts encourage or discourage the velocity of money flow in an economic system. The US tax structure has been criticized for charging high taxes on business. However, over the years tax rates have been cut and now the federal corporate income tax rate is down. However, while US personal income tax rates are lower compared to most developed economies, corporate taxes, because of the various tiers of taxation are still comparatively higher. With the increase in government spending on welfare and old age pension plans, these tax rates are unlikely to reduce. The fiscal policy reflects the concerns of the political leadership in seeking to increase government revenue and expenditure. The health system is huge and needs constant doses of capital to sustain itself. In addition to the health sector, the social security system and the education system too is largely subsidized and calls for higher tax rates. Increasing tax rates tend to dampen demand and slow down the growth rate as higher taxes lead to a slowdown in supply, which also gets affected by higher unemployment. However government revenue goes up and government expenditure can increase as a result of higher tax collections. The business cycle then goes into a recessionary phase. But with increased government expenditure, public utilities get benefited. Therefore fiscal policies need to be well balanced and not cause an irreversible slowdown of the economy leading to spiraling inflation rates. In globalizing economies, the threat of borrowing slowdowns is as serious a concern as the opportunities that come through foreign expansionary phases in global business cycles. Fiscal measures tend to shore up the domestic economy in the face of external pressures. The US fiscal policy in that sense has prudently tried to balance growth with inflation, and increase government expenditure whenever unemployment threatens to increase. Also, tax revenue has enabled the setting up of a health and education system that supplies most of the skilled labour force that works in the large service sector. When there is fall in money supply, this causes a decline in demand and hence a fall in prices. However, what could very well result is a slowdown or a stagnation of the economy that could give rise to job losses and high unemployment. However, with inflation in check, the fiscal policy too has not been as drastic as it could have possible been. Conclusion The US requires a stable financial system that is able to meet the expectations of depositors, investors and the government. The democratic system and economic structure, which is heavily dependent on the world economy and the success of the WTO, presents many challenges to the formulation of its monetary and fiscal policy. It is important that the fiscal policy takes into consideration the key issues of public and government expenditures. The monetary policy should be formulated accordingly so as to bring down the threat of fiscal deficits. Taking the need for institutional changes into consideration, there should be potential improvements in the economy in order to provide the right directions to the policymakers. It is felt that the quality of expenditures at federal and provincial levels has been deteriorating over the period of time; therefore it is very important for the government to have a rational approach towards these expenditures. Expenditure restructuring must accompany expenditure control. Privatization combined with increased competition, plays a major role in reducing the fiscal deficits. Tax rates have to be brought down as the economy looks for increased investment. It is not feasible to have high tax rates in a world competing for global investments. Interest rates cannot be kept high for a long time and must compete with the interest rate mechanism in the rest of the world. Aggregate supply and aggregate demand in the US is intrinsically tied up with supply and demand in the household sector, and apart from the construction sector, all other sectors of the economy now closely follow the business cycle that is predictable. The integration of the world economy impacts North America considerably, especially by way of rising oil prices, which have a way of impacting almost all sectors of the economy. A monetary policy that ensures a stable exchange rate, low levels of inflation and higher levels of employment along with a fiscal policy that tends not to dampen GDP growth, is what the future would demand. References 1. Lipset S. M. (1959) Some Social Requisites of Democracy: Economic Development and Political Legitimacy. American Political Science Review. 2. Mansfield, E. (1982). MicroEconomics – Theory and Applications. 4th Ed. W. W. Norton and Company. 3. Ohmae, K. (1999) The Borderless World: Power and Strategy in the Interlinked Economy. New York: Harper Business. 4. Sen, A, (1999) Democracy as Freedom. Oxford University Press. 5. EIU, (2007). Heading for the rocks: Will financial turmoil sink the world economy? EIU Special Report, London.

Effect of Economic Factors on Stock Price

Effect of Economic Factors on Stock Price Effect Of Economic Factors On Stock Price With A Particular Reference To London Stock Exchange Introduction Its believed that an economic atmosphere is a major factor in determining the primary trend of a stock market. L H Beng (1998)The stock market, on the other hand, is often regarded as an effective and a reliable barometer of a countrys economy, and the stock prices are deemed as a reflection of future expectations concerning the economic well being of a country. Invariably, Stock, by its very nature, cannot be seen off as an independent entity from economic realities and performance. Consequently, it is of great interest to find out or examine the relationship between some economic variables and the pricing of stocks in the London stock exchange. This empirical study is carried out to examine the effect of economic factors on stock price with reference to FTSE100 price index of London stock Exchange. The main objective of the study is to examine some peculiarities or differences in terms of economic variables that influence stock prices in the London stock market. The effects of retail sales index, consumer price index and industrial production index (IPI) on stock prices shall be duly examined. The study makes use of regression model to analyze nine year (Jan. 2000 Nov. 2009) monthly data obtained on ftse100 price index and some identified explanatory variables among other numerous variables that could be identified to determine stock prices in any economy. Literature Review Series of empirical studies have been carried out on the effect or influence of economic variables on the stock price. P I Ojeaga V O Folajin (2009) showed in their study that stock price correlated with the price of industrial product and composite price index, also strongly related to the average naira dollar exchange, market capitalization, broad money supply and maximum lending rate in Nigeria economy. N F Chen, R Roll S A Ross (1986) argued that stock returns are exposed to systematic economic news, that they are priced in accordance with their exposures and that the news can be measured as innovations in state variables whose identification can be accomplished through simple and intuitive financial theory. The study was carried out with the use of efficient market theory and rational expectations inter temporal asset-pricing theory (Cox et al 1985). According to the study, industrial production and changes in risk premium have a great influence on the stock returns while index of oil price changes showed no effect on the asset pricing. Abeyratna G, Anirut P and David M P (2004) displayed empirically in their study that there is a long run equilibrium relationship between the stock prices and the rate of inflation, the money supply and the Treasury bill rate in an emerging market of South Asia. Mukherjee and Naka (1995) applied Johansens (1998) VECM to analyze the relationship between the Japanese Stock Market and exchange rate, inflation, money supply, real economic activity, long-term government bond rate, and call money rate. They concluded that a co integrating relation indeed existed and that stock prices contributed to this relation. R C Maysami, L C Howe and M A Hamzah (2004) concluded in their research study that Singapore stock market and the SES All-S Equities Property Index formed significant relationships with all macroeconomic variables identified, while the SES All-S Equities Finance Index and SES All-S Equities Hotel Index form significant relationships only with selected variables. Specifically, for the SES All-S Equities Finance Index, real economic activity and money supply were not significant, and in the case of SES All-S Equities Hotel Index, money supply, and short- and long-term interest rates were insignificant. Omran (2003) examined the impact of real interest rates as a key factor in the performance of the Egyptian stock market, both in terms of market activity and liquidity. The co integration analysis through error correction mechanisms (ECM) indicated significant long-run and short-run relationships between the variables, implying that real interest rates had an impact upon stock market performance. Maysami and Koh(2000) studied and found out that inflation, money supply growth, changes in short- and long-term interest rate and variations in exchange rate formed a co-integrating relation with changes in Singapores stock market levels. As revealed above, two variables (index of industrial production and consumer price index) out three highlighted variables have been tested by earlier researchers and the results showed a clear relationship with stock prices. In this study, the variables will be retested along side with retail sales index vis-a-viz London stock exchange. About The London Stock Exchange The London Stock exchange is the most important exchange in Europe and one of the largest in the world. It lists over 3000 Companies and with 350 of the companies coming from 50 different countries, the LSE is the most international of all exchanges. The London stock exchange is comprised of two different stock markets: the main market and the alternative investment market (AIM). The main market is solely for established companies with high performance, and the listing requirements are strict. Approximately 1,800 of the LSEs company listings trade on the main market, and the total market capitalization of 37 Billion. The LSE is completely electronic, but different shares are traded on different systems. Highly liquid shares are traded using SETS automated system on an order driven basis. This means that when a buy and sell price match, an order is automatically executed. For securities that trade less regularly, the London stock exchange implements the SEAQ system, where market makers keep the shares liquid. These market makers keep are required to hold shares of a specific company and set the bid and ask prices, ensuring that there is market for the stock. The LSE also has a new and growing exchange for equity derivatives called EDX London, created in 2003. In 2004, EDX traded an average of 382,599 contracts per day. It aim is to become the leading derivative market in the world (see http://www.advfn/stockexchanges/about/LSE/LondonStockExchange.html) Stock Market A stock market is a public market for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those on traded privately. The size of the world market was estimated at about $36.6 trillion US at the beginning of October 2008. The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organisation specialized in the business of bringing buyers and sellers of the organisation securities together. The stock market in the United States is NYSE while in Canada; it is the Toronto stock exchange. Major European examples of stock exchanges include London Stock Exchange, Paris Bourse, and the Deutche Borse. Asian examples include the Tokyo stock exchange, the Hong kong stock exchange, and Bombay stock exchange. In Latin America, there are such exchanges as the BMF Bovespa and BMV (see http//en.wikipedia.org/wiki/stock_market). Securities A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt security (such as banknotes, bonds and debentures) and equity securities, e.g., common stocks; and derivative contracts, such as forwards, futures, options and swaps. The company or other entity issuing the security is called the issuer (see http://en.wikipedia.org/wiki/security_(finance)). Stock Market Index The movement of the prices in a market or sections of a market are captured in price indices called stock market indices of which there many, e.g. S P, the FTSE and the Euronext indices. Such indices are usually market capitalization weighted, with the weights reflecting the contribution of the stock to the index. The constituents of the index are reviewed frequently to include / exclude stocks in order to reflect the changing business environment (see http://en.wikipedia.org/wiki/stock_market). Ftse 100 Index It is a share index of the 100 most highly capitalized UK Companies listed on the London Stock exchange. FTSE 100 companies represent about 81% of the market capitalization of the whole London Stock Exchange. Even though FTSE All share index is more comprehensive, the FTSE 100 is by far the widely used UK stock market indicator (see http://en.wikipedia.org/wiki/FTSE_100Index). Industrial Production Index (Ipi) The industrial production index is an economic indicator which measures real production output. It is expressed as a percentage of real output with base year. Production indexes are computed mainly as fisher indexes with the weights based on annual estimates of value added. This index, along with other industrial indexes and construction, accounts for the variation in national output over the duration of the business cycle (see http://en.wikipedia.org/wiki/industrial_production_index). Consumer Price Index (Cpi) CPI is a measure estimating the average price of consumer goods and services purchased by households. A consumer price index measures a piece change for a constant market of goods and services from one period to the next within the same area (city, region, or nation). It is a price index determined by measuring the price of a standard group of goods meant to represent the typical market basket of a typical urban consumer. The percent change in the CPI is a measure estimating inflation (see http://en.wikipedia.org/wiki/consumer_price_index). According to B Hobijn D Lagakos (2003) CPI is the benchmark measure of inflation. Retail Sales Index (Rsi) RSI is a monthly measurement of all goods sold by retailers based on a sampling of retail of retail stores of different types and sizes. The retail sales index is often taken as an indicator of consumer confidence. Many analysts choose to look at the figure ‘ex-auto (excluding the volatile car sales figure). It is thought that this number is a better measure of across-the-board purchasing trends. The report does not include money spent on services, so it represents less than half of total consumption during the month. However, even with these limitations the figures are closely watched as an indicator of the health of the economy (see http://www.investorword.com/5768/retail_sales_index.html). Data And Methodology Of The Research Data In this research work, the data used are monthly market index data from Jan. 2000 to Nov.2009. Secondary data were obtained from yahoo finance (FTSE 100 index) and Office for national statistics (consumer price index, industrial production index and retail sales index). November data were not captured in the regression result because, data available for industrial production index does not cover November (the last data released was in October 2009). Methodology The method adopted is multiple regression model to analyse the quantitative relationship between ftse100 index and three explanatory variables i.e. index of industrial production, consumer price index and retail sales index. According to Gray Koop (2006, 2008 2009) Regression quantifies the effect of an explanatory variable, X, on a dependent variable, Y. Hence, it measures the relationship between two variables. The relationship between Y and X is assumed to take the form, Y= ÃŽ ± + ÃŽ ²X, where ÃŽ ± is the intercept and ÃŽ ² is the slope of a straight line. This is called the regression line. The regression line is the best fitting line through an XY graph. No line will ever fit perfectly through all the points in an XY graph. The distance between each point and the line is called a residual. The ordinary least squares (OLS) estimator is the one which minimizes the sum of squared residuals and provides estimates of ÃŽ ± and ÃŽ ². Regression coefficient should be interpreted as marginal effects (i.e. as measures of the effect on Y of a small change in X. Thus, multiple regression model in this research work can be represented as Y=ÃŽ ±+ ÃŽ ²1X1 + ÃŽ ²2X2 + ÃŽ ²3X3 +ÃŽ µ Where Y = stock price (ftse100 index) ÃŽ ± = intercept ÃŽ ² = coefficient for the explanatory variables X1 = consumer price index X2 = index of industrial production X3 = retail sales index Ε = Error (residual) Therefore the estimated regression equation is thus: Y=ÃŽ ±+ÃŽ ²1X1+ÃŽ ²2X2+ ÃŽ ²3X3 The multiple regression correlation coefficient,R2, RY.X1X2X32=(Y-Y)2(Y-Y)2 This a measure of the proportion of variability explained by the regression relationship model or the regression equation. Roughly, this means R2 is the percentage at which the model explains the changes in the dependent variable based on the independent variables. The standard deviation is the range at which there is +/- error with a 95% confidence level. In order to gauge the accuracy of ÃŽ ± and ÃŽ ² estimates, the use of hypothesis testing on regression coefficients become very relevant at 95% confidence interval. This is given as Null hypothesis H0: ÃŽ ²1 = ÃŽ ²2 = ÃŽ ²3 = 0 Alternative hypothesis H1: ÃŽ ²1 ≠  ÃŽ ²2 = ÃŽ ²3 = 0 If the P-value is less than 5% (0.05) then t is ‘large and the conclusion is ÃŽ ² ≠  0. But, if the P-value is greater than 5% then t is ‘small which means ÃŽ ² = 0. Analysis Of Results Regression Statistics Multiple R 0.74673553 R Square 0.55761396 Adjusted R Square 0.54597222 Standard Error 588.751002 Observations 118 Source: Regression results The value of R (multiple Correlation coefficients) obtained for the data is 0.75 which lies between 0 and 1 indicating a positive relationship between stock price index and the selected economic variables (consumer price index, industrial production index and retail sales index). It is significant to note that out of all the possible economic indicators that affect stock prices, 56% of changes could be attributable to real production output, inflation and goods sold by retailers as shown by above regression results. Coefficients Standard Error t Stat P-value Intercept -37034.902 3685.920336 -10.0477 2.15E-17 CPI 318.608541 33.76303871 9.436607 5.716E-16 IPI 226.107972 20.48881882 11.03568 1.053E-19 RSI -131.07512 19.96271818 -6.566 1.598E-09 Source: Regression results Considering the model specification presented and utilizing the results obtained after running the data through Microsoft Excel 2007 the estimated regression model becomes; STOCK PRICES=-37034.90+318.61(CPI) +226.11(IPI)-131.08(RSI) The regression result above shows that there is a positive relationship between stock price and consumer price index (X1). This is in accordance with earlier expectation stated. Having P-value as 5.716E-16 i.e. its less than 5%. It means ÃŽ ²1 ≠  0; null hypothesis will be rejected while alternative hypothesis is accepted. This indicates that parameter estimate is statistically significant, meaning that consumer price index has relevant influence in explaining stock price. P-value for X2 is 1.053 Ãâ€" 10^-19 which is less than 0.05, this shows that the result is statically relevant, it means, index of industrial production has a positive relationship with stock price. Therefore, ÃŽ ² ≠  0; null hypothesis should be rejected and accept alternative hypothesis. The above regression result shows a positive relationship between stock prices and retails sales index considering the P-value of 1.598E-09 which is less than 0.05. Statically, it shows that parameter estimate is very relevant and that, retail sales index contribute meaningfully to stock price determination in London stock exchange. Consequently, ÃŽ ²3 ≠  0; null hypothesis must be rejected while accepting alternative hypothesis. Conclussion This study examined the effect of economic factors on stock price; the scope was limited to London stock exchange. As a result, FTSE 100 index was used as an independent variable while index of industrial production, consumer price index and retail sales index were examined as explanatory variables. It was deduced from the result of multiple regression model used that, there is a positive relationship between stock prices (as represented by FTSE 100 index) and the above listed economic variables most especially in the London stock Exchange. This by extension correlates with the results of some earlier researchers on the subject matter. In safe guarding stock prices in London stock exchange market, it becomes highly imperative and a major point of consideration for policy makers when trying to influence the economy through changes in economic variables such as the money supply, interest rates, or the exchange rate while aiming to correct economic ills such as inflation or unemployment to always access its multiplier effect which may inadvertently depress the stock market, and curtail capital formation which itself would lead to further slowdown of the economy. References Abeyratna G, Pisedtasalasai A Power D (2004), Macroeconomic influence on the stock market: evidence from an emerging market in South Asia. Journal of Emerging Market Finance 3(3), 85-304. ADVFN (2010), ‘London Stock Exchange, http://www.advfn/stockexchanges/about/LSE/LondonStockExchange.html (accessed 4 Jan 2010). Gray Koop (2006, 2008 2009), Analysis of financial data, West Sussex, Wiley. Investor word (2010), ‘Retail Sales Index, http://www.investorword.com/5768/retail_sales_index.html (accessed 5 Jan 2010). Loo Hooi Beng (1998), The effects of Economic factors on Kuala Lumpur Stock Exchange Composite Index, Malaysia (online at http://www.uum.edu.my/438/1/Loo_Beng.pdf accessed 27 Dec 2009). Maysami R C Koh T S (2000), A vector error correction model of the Singapore stock market, International Review of Economics and Finance 9, 79-96. Mukherjee T K Naka A (1995), Dynamic relations between macroeconomic variables and the Japanese stock market: an application of a vector error correction model. The Journal of Financial Research 18(2), 223-237. Mukherjee T K Naka A (1995), Dynamic relations between macroeconomic variables and the Japanese stock market: an application of a vector error correction model, The Journal of Financial Research 18(2), 223-237. N F Chen, R Roll, and S A Ross (1986), Economic forces and the stock market, Journal of business 59(3), 83-403. Omran M (200), Time series analysis of the impact of real interest rates on stock market activity and liquidity in Egypt: Co-integration and error correction model approach. International Journal of Business 8(3). P I Ojeaga and V O Folajin (2009),The effect of economic factors on stock price in a global economy A case study of Nigerian stock market (online at http://www.essay.se/about/economic+factors+on+stock+market/ accessed 15 Dec2009). R C Maysami, L C Howe and M A Hamzah (2004), Relationship between Macroeconomic Variables and Stock Market Indices: Cointegration Evidence from Stock Exchange of Singapores All-S Sector Indices, Jurnal Pengurusan 24, 47-77. Wikipedia (2010), ‘Consumer Price Index, http://en.wikipedia.org/wiki/consumer_price_index (accessed 4 Jan 2010). Wikipedia (2010), ‘FTSE 100 Index, http://en.wikipedia.org/wiki/FTSE_100Index (accessed 4 Jan 2010). Wikipedia (2010), ‘Industrial Production Index, http://en.wikipedia.org/wiki/industrial_production_index (accessed 4 Jan 2010). Wikipedia (2010), ‘Security (Finance), http://en.wikipedia.org/wiki/security_(finance)) (accessed 4 Jan 2010). Wikipedia (2010), Stock market, http://en.wikipedia.org/wiki/stock_market (accessed 4 Jan 2010).

How to Cheat the Reaper ::

How to Cheat the Reaper George Brams shivered, despite the warmth of his new car. But George never felt completely warm these days - eighty years had taken their toll on his body, and his tissue-thin flesh provided no barrier against the malevolence of a chilly December night. While locked into familiar routine of driving country lanes, George's mind drifted back to the events of the previous day, and even of the past year. Just when he thought he could safely assume that his old body held no more unpleasant surprises for him, such as his cancer scare a few years ago, strange things had begun to happen. First, there were the voices. They had started about two years ago. At first, he had assumed that an insect had become trapped in his ear, yet he quickly realized that there was not an insect in existence that made this kind of unearthly noise. They seemed to whisper to him from a great distance, yet they sounded remarkably close to his ear. He couldn't quite make out what the voices said, although he had strained his weak ears in the hope of recognizing a stray word. But the voices seemed to slither through the air, continually changing, yet always present. George even thought he recognized some of the voices - of late, they had seemed to increase in volume and urgency, which let the voices spark a fleeting recognition from him - but his memory was old and tired, and the recollection of a familiar voice was swamped in grey and disappeared from his mind. George's heart skipped a beat as he was pulled from his memories by a cat jumping into his car's path, its life saved only by George's still impressively quick reaction. After a few minutes the adrenaline began to leak from George's blood and his breathing slowed. Again the hypnotic nature of the cat's eyes studded along the black road drew George into his memories. He remembered what had happened after he had seen the doctor about the voices - the nightmares. Terrible things that waited until his mind was asleep and open to suggestion, and then dived in, filling the old man's head with such terror that he often awoke himself with his pitiful screams. Before, his wife would wake him before the nightmare reached its surreal and horrifying conclusion, but now Rose was†¦ gone.

Essay --

Virginia Satir was a key participant in the development of family systems theory. She was the developer of Conjoint family therapy, the Change Process model and the Communication model of family therapy. One of her core beliefs was that growth, change and understanding can be achieved to help people reach their full potential. She believed that she could help families to improve their relationships and communication exchanges (Caflisch, n.d.). All families have a certain way that they function with each other and have a set way of how they solve problems together. However, some families may find themselves unable to successfully overcome any problems that may occur as well as have difficulties in properly communicating with each other. This occurrence can cause dysfunction and unhappiness within the family unit. According to Hartline (2007), Satir found that each person can improve their lives and relationships with others by changing the way they see and express themselves. She believed that a family puts the blame on one family member for its pain and problems but blame can usually be put upon all members of the family (Hartline, 2007). According to Satir, families will come to see that change in how their household interacts can occur and with that change self-esteem will increase, all family members will become more responsible and all family members will be able to synchronize (Banmen, J. & Banmen K.M., n.d.). To help make this change happen, the family must be able to dwell in a loving atmosphere, they need to have a sense of trust with each other, they must believe that change can happen, and they must be able to meet each other halfway throughout the process of change (Hartline, 2007). To help families to m... ...e subject that's being discussed. Super reasonable communication is unemotional and there is a strong need for controlling of themselves and others. This is also known as the ‘know it all and make others feel incompetent’ style of communication. The fifth communication pattern is congruent communication. A person who communicates congruently shares their thoughts and emotions about themselves without projecting them onto others and avoids manipulation (Caflisch, n.d.). What is important here is that congruent communication allows for the development of self worth and this is the ultimate goal of the growth model. Virginia Satir’s theory and models have provided families and individuals with helpful and invaluable knowledge on how we can successfully make changes and taught us how we can benefit from change and gives us insight on how we can improve our lives. Essay -- Virginia Satir was a key participant in the development of family systems theory. She was the developer of Conjoint family therapy, the Change Process model and the Communication model of family therapy. One of her core beliefs was that growth, change and understanding can be achieved to help people reach their full potential. She believed that she could help families to improve their relationships and communication exchanges (Caflisch, n.d.). All families have a certain way that they function with each other and have a set way of how they solve problems together. However, some families may find themselves unable to successfully overcome any problems that may occur as well as have difficulties in properly communicating with each other. This occurrence can cause dysfunction and unhappiness within the family unit. According to Hartline (2007), Satir found that each person can improve their lives and relationships with others by changing the way they see and express themselves. She believed that a family puts the blame on one family member for its pain and problems but blame can usually be put upon all members of the family (Hartline, 2007). According to Satir, families will come to see that change in how their household interacts can occur and with that change self-esteem will increase, all family members will become more responsible and all family members will be able to synchronize (Banmen, J. & Banmen K.M., n.d.). To help make this change happen, the family must be able to dwell in a loving atmosphere, they need to have a sense of trust with each other, they must believe that change can happen, and they must be able to meet each other halfway throughout the process of change (Hartline, 2007). To help families to m... ...e subject that's being discussed. Super reasonable communication is unemotional and there is a strong need for controlling of themselves and others. This is also known as the ‘know it all and make others feel incompetent’ style of communication. The fifth communication pattern is congruent communication. A person who communicates congruently shares their thoughts and emotions about themselves without projecting them onto others and avoids manipulation (Caflisch, n.d.). What is important here is that congruent communication allows for the development of self worth and this is the ultimate goal of the growth model. Virginia Satir’s theory and models have provided families and individuals with helpful and invaluable knowledge on how we can successfully make changes and taught us how we can benefit from change and gives us insight on how we can improve our lives.

child development :: essays research papers

What major psychological challenges do children face during middle childhood? In middle childhood children face many new challenges: the challenge of knowing who you are, the challenge to achieve, the challenge of peers, the challenge of family relationships, and the challenge of school. All of these challenges are affected by influences of peers and family relationships. 2. What important changes occur in a child’s sense of self during middle childhood? A child’s sense of self begins to rapidly evolve in middle years and becomes more organized and complex. This sense of self is continuously revised with increasing age and experiences. This grows with social experiences and out of contacts with others. 3. What is achievement motivation, and what forms does it take? Achievement motivation is a tendency to show initative and attaining goals by increasing competence and meeting standards of excellence. There are two forms of achievement motivation: one focuses on competence as such and one that emphasizes the judgments people make about competence. 4. How have changes in the nature of the family, such as increases in the proportion of a single-parent and dual-wage-earner families, affected children’s psychological development? The changes in the nature of family can greatly affect a child’s psychological development. These changes such as divorce and blended families pose challenges to children. These situations usually cause stress on all members of the family even though boys and girls react differently. 5. How do peers contribute to development during middle childhood? Children are influenced by their school’s culture and peers. This influence is positive if a school’s culture and a child’s family culture are similar. This plays a role in how children experience and interact with others , how they percieve themselves, and how they develop psychosocially.