Relevance of Portfolio Theory and Capital Asset Pricing Model Essay

Relevance of Portfolio Theory and Capital Asset Pricing Model - Essay Example In fact risk taking is directly linked to larger amount of earnings. In order to lure investors, risky investments must offer greater returns. Actually risk and returns go hand in hand. It is the belief of investors to distribute their risks and so they diversify their investments as well. They always like to make their investments in a portfolio of assets as they never like to stack all their eggs in one basket. Hence what really matters is not the risk and returns alone, but the risk and return on a portfolio of assets on the whole. According to James Bradfield (2007, p167) an assortment of securities is known as a portfolio. Portfolio theory is a conventional scrutiny of the relationship between risk and return on the risky securities. The rate of returns is particularly measured through alpha, beta, and R-squared. A random variant denotes the rate of return from a portfolio. The computation of the probability distribution generating the returns rate of the security contained in the portfolio depends on the probability distribution creating the value for the portfolio. The hypothesis is helpful for a patron. It helps them to decide and allocate their funds in risky securities thus creating a portfolio. This investment indicates the preferences with regard to the combination of risk and anticipated returns of the investors. The CAPM is a link between the risks and returns on the investments. After (Sharpe, William F.1964, pp. 425-442) developed the CAPM theory several other researchers have developed the theory with giving importance to the diversifiable and non-diversifiable risks of different investments. Previously the CAPM had only a single risk factor which was the risk of the entire movement of the market. This risk is denoted as "market risk" and the formula for CAPM is as follows: E (Ri) = Rf +i [E (RM) - Rf] Where E (RM) = expected return on a "market portfolio" i = measure of methodical risk of asset i comparative to "market portfolio". "The expected return for an asset i according to CAPM is equal risk free rate plus a risk premium" (Frank J. Fabozzi and Harry Markowitz, 2002, p.67). Later on research was conducted and the creators of CAPM theory related diversifiable which are unsystematic risks and non-diversifiable which are systematic risks for all the securities in the portfolio. Some management individuals conceived that CAPM is not genuine as it dominates participating management and investment study. Frank J. Fabozzi and Harry Markowitz states "even though the idea is not true it does not mean that the constructs introduced by the theory are not important. Constructs introduc

Discuss the History of Korea and Its Impact on Korea Essay Example for Free

Discuss the History of Korea and Its Impact on Korea Essay Topic: Discuss the history of Korea and its impact on Koreas culture, politics and business. Korea is a civilization and formerly unified nation currently divided into two states. Korean civilization is one of the oldest ancient civilizations in world history, and Korea has the oldest history in East Asia. * GoJoseon (National foundation in BC 2333) The first Korean kingdom GoJoseon was established on a flourishing bronze culture in BC 2333 by Dangun who was the legendary founder of Go]eseon and people believed he was the grandson of heaven (Edward 2005). It was centered in the basins of Liao China) and Northern part of the Korean Peninsula. Politics and economy In Korean history, GoJoseon was the first state to unify its political and religious functions within one governing system and legal system as represented by its Eight Prohibitions (Edward 2005). Society It is believed that GoJoseon had achieved the status of a kingdom with a class-based society. * Three Kingdoms penod ( BC 18 AD 676) Town-states gradually united into tribal leagues with complex political structures which eventually grew into kingdoms. Koguryo (BC 37 AD 668) Koguryo was the first to mature into a kingdom. Koguryds aggressive troops onquered neighboring tribes one after another, and in 313, they even occupied Chinas Lolang outposts (Qiancheng 2009). paekje (BC 18 AD 660) PaekJe, which grew out of a town-state located south of the Han River in the surroundings of present-day Seoul(Capital city of South Korea), was another contederate kingdom similar to Koguryo deane 2 Shilla (BC 57 AD 935) Shilla was the weakest and most underdeveloped among three kingdoms at the beginning. However, because it was geographically removed from Chinese influence, it was more open to non-Chinese practices and ideas. The society was built on an advanced Buddhist in Shilla (Edward 2005). unified Shilla (676-918) By the mid-sixth century, the Shilla kingdom had brought under its control all of surrounding town-states within the Gaya confederation. Through an alliance with China, Shilla finally unified the Korean peninsula in 668 and saw the peak of its power and prosperity in the mid-eighth century. It attempted to build an ideal Buddhist country during Unified Shilla but Buddhist social order started to deteriorate as the nobility indulged in increasing luxury (Kim 2005). Hwarang-do (Flower-knight art) in Unified Shilla It is culturally important to Korea and Taekwondo which is well known Korean martial arts in the world. It was a military academy for young, aristocratic youth in Unified Shilla. They intimated with nature and studied poetry, art, literature and song, as well as martial arts. Confucianism and Taoism also were very influential to Hwarang-do. The Hwarang-dds ethics and legends of this knighthood helped form the ethical background of taekwondo (Theodore 2005). * Koryo penod ( 918 1392) Internal dissensions and external problems of Shilla between the king and regional leaders led to the disruption of Shilla. The name Koryo derives from Koguryd and it is the root of the modern name of Korea. The Koryo period from 935 to 1392 was arked by periodic internal disharmony and external wars (mostly defensive) with China and Japan. And also Koryo was invaded by the Mongols in 1231 and Mongols nearly destroyed Koryo. However, there were also great achievements which are flowering of culture that led to great advances in art and scholarship, particularly in the ceramics industry, which developed the unique grey-green celadon stoneware for which Korea is well-known today (Thomas 2003). * Chosun Dynasty (1392 1910) In 1392, a general Yi Seong-gye founded a new dynasty Chosun. In the early Chosun period, Confucianism was highly supported as the guideline of philosophy. And then, this Confucianism transformed into Neo-confucianism incorporating Taoist and Buddhist elements with and adaptation of Confucianism. Neo-confucianism is what people know as Korean culture and tradition today (Thomas 2 From 1418 to 1450, by Chosuns fourth monarch king SeJong, Korea had an unprecedented flowering of art and culture. The greatest achievement of king SeJong was invention of the Korean alphabet Hangeul. Before he invented the Korean alphabet, Korean used Chinese character (Theodore 2005). In 1 592, Toyotomi Hideyosi, who united Japan, wanted to conquer the Korean Peninsula and use it the way for its incursion into China. However, Japan was defeated by Admiral Yi sun-sin, one of the most respected fgures in Korean history. They invaded again in 1597 but they withdrew in 1598. The new religion, Catholicism, slowly spread in Korea since 18th century by Dutch Jesuit priest. In the 19th century of Chosun, they adopted an isolationist policy by the prince Taewongun because he was afraid that Chosun would be infected by western ideas. Therefore, he tried to prevent the opening of the country to foreign trade by closing the borders (Edward 2005). * Korea under Japanese Rule (1910†1945) During Japanese occupation, the first thing they did was construction of Koreas nfrastructure especially street and railroad system to control all over Korea easily and supply food for Japanese military properly. Japanese ruled with iron hand and tried to root out all elements of Korean culture from society.

Joy Luck Club: In depth behind Tan and her Writing :: essays research papers fc

The Joy Luck Club was her first big success and was translated into seventeen languages and stood at New York Times best-seller list for nine months. The plot follows the lives of four Chinese Immigrant mothers and their American born daughters. Tan weaves an intricate story as the the four families intertwine and reveal their own secrets forming and strengthening the mother daughter bond.   Ã‚  Ã‚  Ã‚  Ã‚  The story begins on one daughter, Jing-mei, who takes the place of her mother at the Joy Luck Club table in place of her mother (Suyan Woo) who had died. This club was created by the four mothers of the story, Suyan Woo, An-mei Hsu, Lindo Jong, and Ying-ying St. Clair during the war. The mothers met and played Mah-Jong, ate good dinners, and gambled. All to escape the cruelties of their lives, to brighten their spirits.   Ã‚  Ã‚  Ã‚  Ã‚  Jing-mei learns of her mother's past, of her difficult decisions such as leaving behind two daughters in China on the side of the road. The club learns of the location of those two daughters and are saving to send Jing-mei to meet them.   Ã‚  Ã‚  Ã‚  Ã‚  As the date nears each mother recalls in vivid detail their own pasts in China.   Ã‚  Ã‚  Ã‚  Ã‚  An-mei (mother of Rose Hsu) as a child was forbidden to speak her mother's name. She was told her mother dishonered the family by remarrying after her husbands death. Her mother ends up killing herself to give An-mei a better position in life.   Ã‚  Ã‚  Ã‚  Ã‚  Lindo (mother of Waverly Jong) had her marriage arranged when she was very young. The young man she was destined to wed was spoiled and immature. Lindo fabricated a an elaborate story about an angry ancestor who would kill her husband should they stay married. She was given money and pushed off to America and was told to not speak of the curse to anyone.   Ã‚  Ã‚  Ã‚  Ã‚  Ying-ying (mother of Lena St. Clair) discovered as a child that the magic and wonder of many things she believed in such as a favorite Moon Festival was only an elaborate act. As an adult Ying is a strong character, not letting things in general affect her.   Ã‚  Ã‚  Ã‚  Ã‚  The daughters also remember their own lives growing up in California with their Chinese mothers. Many of the daughters grew up, like Tan, feeling they belonged neither in China nor in America and began to reject and question their own background.   Ã‚  Ã‚  Ã‚  Ã‚  Waverly was a chess champion, she quit when she and her friend

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The problem is, Starbucks is everywhere. It doesn’t matter where you are, in New York or Bangladesh - there is one guarantee – you will find a Starbucks. So, what’s the problem with Starbucks? How has it gone from being the shop that everybody would meet their friends and to be the company is almost as bad as the McDonald’s? Well, let me explain. It finds its origins in the passion of three friends in Seattle. They started a coffee bean roasting business initially to sell high-quality coffees. Then this guy, Howard Schultz, suggested applying a concept of a socializing, reading, and trendy cafà ©s to Starbucks, after he got inspired by coffee shops in Milan. However, it was rejected, and Schultz boldly left the company and established his own chain believing the concept would bring him success. And he was damn right. Then he bought Starbucks, who foolishly ignored his idea, branched it out into the international market, and became a legend of American success story. Anyway, the point is: I am sick and tired of people chattering about their hatred of Starbucks! What’s more, those people think they are so smart and people who like Starbucks are losers. Before I start attacking those haters and some of you close the tab thinking, ‘I don’t want to be lectured by a typical Starbucks lover’, I have to say, I am NOT a Starbucks lover or hater. So you may move your cursor away from resting on the ‘X’. Who could have imagined a coffee shop becoming a popular target of hatred! It seems pathetic to me how people waste their time and energy on cursing Starbucks, but surprisingly they have a long list of their own reasons. (Google and count how many posts are entitled ‘5 reasons I hate Starbucks’ and even websites made purely to critici... ...d†¦Ã¢â‚¬  This is mainly because it familiarizes coffee to locals, bringing coffee as a part of life. Also, it is the â€Å"vain† side of Starbucks that keeps moms and pops alive. High-price, bitter taste, and no discount cards leads some customers to turn away from the massive chain and head to localised shops. No wonder why 57% of America’s coffee shops are mom and pops when Starbucks is restlessly expanding their coffee empire at the same time. I would also like to add, the majority of those mom and pop coffeehouses and some other chains like Gloria Jean’s originated from Starbucks – it set a new successful coffee business model. So haters, admit it. Starbucks is too good. It is your needs and vanity that keep it alive and thriving. Don’t waste your energy on debating about a meaningless subject. If you really cannot stop yourself chattering about it, do your research.

The USA Patriot Act Should be Amended

Every sane individual would agree with the assertion that what occurred on September 11, 2001 is indeed a tragedy for the American public. With this grief came the awareness and fear that terrorism has become a global dilemma. In line with such events, the US government led by President George W. Bush Jr. initiated an all out war against terrorism (global war on terror). The latter called for measures within and outside the United States that would supposedly crack down on terrorist groups and safeguard national security (Ahmed, 268).The main legislative measure employed is through the USA Patriot Act. The said Act extended the powers of U. S. law enforcement agencies for the mentioned purpose of conquering terrorism domestically and abroad. For example, the act increases the ability of law enforcement agencies in terms of surveillances (electronic, medical, immigration or financial records et cetera). As the Max Brenn reports, the USA Patriot Act:â€Å"†¦furthered foreign inte lligence gathering within the United States; expanded the authority of the US Secretary of Treasury to regulate financial transactions involving foreign entities; and permitted a high level of discretion of law enforcement and immigration authorities in detaining and deporting immigrants suspected of terrorism-related acts. † (Brenn, 2007) The term â€Å"domestic terrorism† was also included in the definition of terrorism in the said Patriot Act, this means that the exercise of authority of law enforcement agencies covered a larger scope of activities.This paper asserts that the US Patriot Act should be amended due to its vague policies, the overpower it gives governmental agencies (i. e. the SNL), and the incompatibility of some of its provisions with the American constitution. Further, it must be noted that despite being amended last 2006, a lot of provisions (even those that are permanently stipulated) continue to violate civil liberties; with at least two provisions of the said act already being deemed to be unconstitutional.Moreover, the USA Patriot act as it is does not meet the urgency it had in 2001, as such it order to be in line with its purpose, it must be amended in accordance to the needs of our time. First, it has been argued that the said law infringes the right of individuals in terms of privacy as well as due process as well as giving too much power to the FBI, CSI etc. This is exemplified by the provisions in the Patriot act that allows for delayed if not with held search warrants.This goes to say that law enforcement officers have the authorization to conduct â€Å"sneak and peek† searches, wherein the owner or person concerned are not given notice nor is asked for permission regarding a search. Moreover it is the case that the NSLs (National Security Letters) are deemed to be used to acquire documents including telephone, email, financial and even library records (all of which are deemed as private) without the proper ap proval of a judicial court.It is further the case that most of the public records which the Federal Bureau of Investigations gains access too are supposed to be covered by the fourth amendment of the constitution and not to mention governed by client-company/institutional/professional privilege. Further, in support of the argument that the Patriot Act infringes civil liberties, we may review the current rulings of certain courts. Take for example, last September 6, 2007 the rewritten Patriot Act was held by U. S. District Judge Victor Marrero as offensive to the fundamental principles upheld by our constitution.A more current blow to the said law is the ruling of a federal judge that at least two provisions of the Patriot act are unconstitutional last September 26, 2007. This is again with regards to the warrantless searches and acquisition of records through the NSL which are in direct violation of the fourth amendment. The constitution is the primary source of the laws that govern s the land. In its current state, some aspects of the Patriot Act are contrary to the stipulations of the constitution.As such, there is a need to amend the Act otherwise, it would be nullified for not coinciding with the things that are upheld and safeguarded by the constitution. A lot of states have already agreed that the legislature contradicts with the fundamental principles of the constitution, one of this states is Montana (Graham-Felsen, 2005). The following are specific parts of the constitution that the Patriot Act needs to take into consideration and uphold at all times. In order for this to happen, the law would have to be amended.Aside from the fourth amendment, the Patriot act also needs to be amended in order to uphold the sixth amendment of the US constitution which assures the right of individuals to proper judicial processes. The USA Patriot Act warrants the use of shady courts in the sense that people suspected of terrorist activities despite lack of sufficient ev idence are tried without due presence of outside juries and proper documentation open to public scrutiny. This directly violates the 6th amendment because it allows underground processing of suspects.There is also reason to believe that US citizens are subjected to surveillance based on their religion and other affiliations, a direct violation of one’s right to self-determination. This is through the authority given to law enforcement agencies to tap into records of individuals without enough probable cause (ACLU, 2007). Further, Americans and immigrants are subjected to unconstitutional investigations and interrogations even if there is insufficient proof of these persons being actual threats to national security.There are inconveniences that occur today that manifest the extent to which the Patriot Act is shown to be a hindrance rather than a protection of national security. This can be seen through the incidents reported wherein American citizens are forced to delay flight s due to their inclusion to the no fly list by merely bearing the same name as a person suspected by the FBI or Homeland Security. One of the worst incidents perhaps is the wrongful accusation of Brandon Mayfield; whose fingerprints were mistakenly matched with the prints found in the Madrid Train Bombings of 2004 (Molina, 2007).Nonetheless, these faulty aspects of the Act can be amended to remove the errors it possesses. We cannot deny that there is indeed a need to safeguard our national security in order for us to live; rights do not function in a vacuum. There are certain conditions that have to be met in order for us to practice the liberties we love and cherish. The USA Patriot act and its rigidity is the right legislative course of action in 2001, its effectiveness can be improved to fit our society’s post-9/11 scenario.Certain provisions like those that continue to override the rights of the people need to be further amended to suit the constitutional system of our co untry. Some of the provisions are indeed too drastic and need to be re-evaluated and if necessary repealed; however some of the contents of the said Act do address the need to protect our land from terrorism. It must once again be clarified that even if the author deems that some provisions should be repealed, it does not necessarily follow the law in its entirety should be abolished.Specifically, the US congress could start by setting the limits to the use of NSLs by the FBI. Truly this aspect of the Patriot Act has been proven to be problematic. According to CNN. com, the White House itself expressed its concern regarding this misuse of powers last March 2007 which the FBI director at that time claim responsibility for (Arena & Quijano, 2007). In addition the reauthorization of the Patriot Act includes new policies that once again contain vague and ambiguous terms like, â€Å"an offense against the United States† and â€Å"reasonable grounds†.Indeed the latter would be significant in the sense that the said law warrants also the forming of a secret/special police force are given power to arrest and keep out people at their own discretion in lieu of a â€Å"special event of national significance† present (Roberts, 2006). The latter again is left undefined. These limitations, and the necessary provisions that safeguard the rights of the people, within reason, would be resolved through an amendment of the USA Patriot Act. The law needs to adapt to the necessity of the time on which it is suppose to serve its purpose.The aforementioned are samples of the provisions of which our congress could start reviewing and amending. Life, Liberty, and the pursuit of happiness would regain its fullest meaning if and only if, we accept the need to safeguard, first and foremost, this country. Works Cited Ahmed, Nafeez M. The War on Freedom: How and Why America was Attacked September 11, 2001. CA: Tree of Life Publications, 2002 Arena, Kelli and Quijano, E laine. â€Å"Audit: FBI's Patriot Act snooping broke rules. † CNN. com. March 9, 2007. Accessed 5 October 2007 . Brenn, Max. â€Å"Sections of the Patriot Act Unconstitutional- Judge. † Efluxmedia. September 7, 2007. accessed October 8, 2007 at Graham-Felsen, Sam. â€Å"Sweet Victory: Montana Acts Patriotic. † The Nation. April 8, 2005. accessed 6 October 2007 . Molina, Mike R. â€Å"Federal judge rules Patriot Act search, surveillance provisions unconstitutional. † Paperchase news burst.Jurist; Legal News and Research. September 26, 2007. accessed 6 October 2007 . Roberts, Paul Craig. â€Å"Unfathomed Dangers in PATRIOT Act Reauthorization. † Anti-War. com. January 24, 2006. accessed 3 October 2007 at . â€Å"Federal Court Strikes Down Patriot Act Search and Surveillance Provisions. † American Civil Liberties Union. September 27, 2007. Date accessed 7 October 2007 < http://www. aclu. org/safefree/patriot/31989prs20070927. html>.

A Glossary of College Greek Letters

A Glossary of College Greek Letters Greek-lettered organizations in North America date back to 1776, when students at William and Mary College founded a secret society called Phi Beta Kappa. Since then, dozens of groups have followed suit by drawing their names from the Greek alphabet, sometimes choosing letters that represented their mottoes (also in Greek). The fraternal organizations of the eighteenth century started out as secret literary societies, but today, people most commonly associate Greek-letter groups with the social fraternities and sororities on college campuses. Many collegiate honors societies and educational groups chose Greek letters for their names, as well. The letters below are shown in their capitalized forms and are listed in alphabetical order, according to the modern Greek alphabet. Modern Greek Alphabet Greek Letter Name Alpha Beta Gamma Delta Epsilon Zeta Eta Theta Iota Kappa Lambda Mu Nu Xi Omicron Pi Rho Sigma Tau Upsilon Phi Chi Psi Omega Thinking of joining a fraternity or sorority? Learn how to decide if its right for you.

O Pioneers essays

O Pioneers essays When assessing the impact that certain media will have on public audiences, one must consider the audience themselves and their preference towards a certain form of entertainment or education. Individuals who are in need of information, entertainment, and escape or any number of other uses can turn to television for gratification of that need. Among college students, for example, this preference can be explained best in terms of social theories which would suggest that TV is the more 'socially accepted' media with a greater appeal to young crowds than radio (Lazear, 1993). Therefore, the advertisers using a TV ad is more likely to influence public opinion among member of this one niche crowd than is the advertiser who places a similar piece in print. Television is indeed most popular among young people and "Generation Xers" but magazines and newspapers are more common among seniors (Tannenbaum, 1995). The company seeking to appeal to the opinions of either public must be cognizant of this. Nevertheless, there are several advantages and disadvantages of each group that remain constant regardless of the target market variable. And there are certain types of ads that all of us more readily seek out in print than we do on television. Where as a news print ad for clothing store might tells us all about which specific items are on a sale, the television version will usually only quickly alert us to the fact that there is a sale. Thus our opinion about purchases will not be as strong. But when we want to see some musical, "happy-go-lucky" reminder of why we "deserve a break" at McDonald's, our opinions are much more likely to be swayed by a television ad. When advertising through print, public opinion can be influenced over a greater period of time. Consider the fact that television ads are only in front of us for an average of thirty seconds; we see the entire thing and then it vanishes from our screen. Often, our recollection ...