Rise of the English Novel - 5132 Words

The Rise of the English Novel English literature has a long and colorful history. From the masterfully written old English tales of Chaucer to the countless Shakespearian dramas to the poetic verses of Tennyson, England has produced some of the richest treasures of the literary world. Not until the eighteenth century, however, did a type of literature develop that completely broke the traditions of the past and opened the door to a whole new generation of writers. This new genre was appropriately called the English novel, and it helped to change the literary landscape forever. The English novel was not only a genre within itself, but it also formed several sub genres including historical, gothic, sentimental, epistolary and†¦show more content†¦The changing cultural values, the emergence of a large literary middle class, and the greater availability of literature to the public allowed for the novel to become a popular vehicle for literature. In the eighteenth century, B ritish citizens began to question many cultural norms; several revolutions were fought, philosophers questioned traditional beliefs, and science began to take a new shape. While these major changes in society were occurring, the novel brought along a change in literature. The unified society and worldview of the Middle Ages began to change during the Renaissance and brought about a developing interest in â€Å"particular individuals having particular experiences at particular times and at particular places (Watt 31).† The culture of the eighteenth century placed an unprecedented value on originality. Philosophers like Hume began to reject universal beliefs, and there began to be more emphasis on essentials in philosophy. This emphasis on detail translated to the works of novelists. The novel represented individuality and placed fewer demands on its audience in order to paint a picture of a realistic world. One of the main reasons for the rise of the novel in the eightee nth century was the increasing size of the literary middle class; the aristocracy and upper-class were no longer the only people who were able to read. The amount of literate citizens increased significantly, Burke estimated it at 80,000 in the 1790’s (36). This wasShow MoreRelatedLord of the Flies: Defects of Society Due to Nature of Individuals883 Words   |  4 PagesIndividuals The venturesome novel, Lord of the Flies, is an enchanting, audacious account that depicts the defects of society as the incorrigible nature of individuals when they are immature and without an overlooking authority. The author of the novel, William Golding, was born in Britain, which accounts for the English, cultured characters in the novel. After studying science at Oxford University for two years, he changed his emphasis as a major to English literature. 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The modern finance theory is based on the capital asset pricing model Free Essays

string(31) " people choose the former one\." Abstract As some anomalies are hardly explained by the traditional finance, the behaviour finance is introduced. It was first introduced by Kahneman and Tversky (1979), which they presented the prospect theory. In fact, investors’ behaviour often violates the expected utility theory, some of them trade irrrationally. We will write a custom essay sample on The modern finance theory is based on the capital asset pricing model or any similar topic only for you Order Now Then Shefrin and Statman (1994) base on the CAPM, and put investor sentiment into the model to make the BAPM. They thought noise traders and information traders would interact and influenced the price setting, including the noise traders’ behaviour in the BAPM let the asset pricing more precise. Another important theory is the behavioral portfolio theory. The theory states that when investors choose portfolios, they on the one hand want to be security, while on the other hand they potentially also want to reach aspiration levels. So it lets BPT investors to choose bonds and lottery tickets together come true. According to these phenomenon which happen to investors’ portfolio selection, many researchers give their explaination. Generally speaking, bahaviour finance is based on two theories, which is limits of arbitrage and investor sentiment. DSSW model is based on the former theory while BSW model, DHS model and HS model are based on the latter one. There are also some more models in the behaviour finance area. These models can explain some anomalies, such as Closed-end fund puzzle and the equity premium puzzle. In this paper these two anomalies would be treated as examples to explain how behaviour finance explain these anomalies. Introduction The modern finance theory is based on the capital asset pricing model (CAPM), Markowitz’s Portfolio Theory, Arbitrage Pricing Theory (APT). The model CAPM is introduced by Sharpe (1964), Lintner (1965), and Black (1972). It provides the pricing mechanism of capital assets and the decision factor of risk is?(the relationship between firm returns and market returns). These theories are based on the Efficiency market hypothesis (EMH) and the CAPM can be used to test the EMH. While its analysis framework confined within the scope of rational analysis, when more and more anomalies arise in the market, they are hard to be explained by standard finance which is based on the EMH. In this situation, the questioning of modern finance beginned when the prospect theory is introduced by Kahneman and Tversky (1979). And then the behavioural finance is introduced to explain these snomalies. The definition of behavioural finance is that â€Å"Behavioural finance- that is, finance from a broader social science perspective including psychology and sociology- is now one of the most vital research programs, and it stands in sharp contradiction to much of efficient markets theory.† (Shiller, 2003 p83) It is a Marginal subject and opposite to the traditional finance, and it tries to explain the importance of investors’ emotion and mental mistakes, which would influence their decision-making process (Ricciardi and Simon, 2000). At first, behaviour finance is marginalized as â€Å" anomalies literature† (Frankfurter and McGoun, 2000).it has been researched for a long time, and then it has been accepted after more and more journals focusing on the discussion of anomalies. Section 2 of the paper explains three main theories of behaviour finance, which are prospect theory, behavioural capital asset pricing theory and behavioral portfolio theory. Section 3 presents some models which provided by the behaviour finance. Section 4 discusses the application of behaviour finance to explain anomalies. Section 6 concludes. Theory 2.1 Prospect Theory Prospect theory is the one of the most important theory in the behavioural finance. Investors usually do not perform rationally, and prospect theory handles this issue. Expected Utility Theory is a kind of desceiptive model which is used to make decisions under risks, and the result is a criteria for investors to choose. While a large number of experimental research shows that investors choices are inconsistent with the basic tenets of utility theory. Kahneman and Tversky (1979) classify these differences into some areas, which is certainty effect, reflection effect and isolation effect. 2.1.1Certainty Effect Certainty effect is people often underestimate outcomes which are probable when compare outcomes which are received with certainty (Kahneman and Tversky, 1979). In order to demonstrate this issue, Allais (1953) gives a series of choice problems. On of the problem is that: Option 1: 2,500 with probability 0.33 2,400 with probability 0.66 0 with probability0.01 Option 2: 2,400 with certainty The question is which option would give you the best chance to maximize your profitsThe result shows that 82% people choose the option 2 among 72 people, most of them violated expected utility theory. According to the expected utility theory, the profit in option 1 (2500*0.33+ 2400*0.66+ 0*0.01= 2409) is greater than the option 2 (2400), while people prefer choosing the profit which is certain rather than choosing the profit which is risk. 2.1.2 Reflection Effect While when gains are replaced by loses, the result would be that the risk preference of people is contrary to the positive prospects, it transfers from risk aversion to risk seeking, and this is labeled as the reflection effect. For example, 92% people choose a probobility of 80% to loss 4000 when they are offered another choice which is a certainty loss of 3000. This example also shows that not only the positive domain violate the expected utility theory, but also the negative domain violate it in the same manner. 2.1.3 Isolation Effect When people choose one investment between alternatives, they usually exclude the common factors to consider, and focus on their different components. This division would lead to different reslults, for the same pair of investments can be divided into common and distinctive components in many different ways. This phenomenon is called the isolation effect. For example there is two-stage choice problem, the first stage is that people have a probability of 0.25 to go to the second stage, and in the second stage, you have to have a choice between the winning 3,000 of certainty and winning 4,000 of 0.8 probobility. The result states that 78% of 141 people choose the former one. You read "The modern finance theory is based on the capital asset pricing model" in category "Essay examples" While in this game, people should have had a choice between 0.25* 0.8= 0.2 possibility to win 4,000, and a 0.25* 1.0= 0.25 possibility to win 3,000, and this choice was demotrated by Allais (1953) that a mar jor of people would choose a 0.2 chance to win 4,000. so in this situation, people ignore the first stage and based on the second stage to choose prospect. Prospect theory divides the choice process into two phases, one is editing and the other one is evaluation. Editing phase is used to analyse the options in order to get the simplified result, evaluation is to evaluate the edited prospects and choose one which has highest value. Editing includes four operations which are coding, combination, segregation and cancellation. According to the prospect theory, if a prospect is regular (p + q 1, or x ? 0 ? y, or x ? 0 ? y ), which also means neither strictly positive nor strictly negative, the equation would be: (1)V(x, p; y, q) = ?(p) v(x) +?(q) v(y) In this equation, the total value of an edited prospect is denoted V, and it is expressed by two scales. The first scale?is connected with each possibility p and the decision weight is?(p), the other scale is v, which the outcome is v(x) with a number x. the value of prospect in Equation (1) is the same as the result of expected utility theory. While if the prospects are strictly positive or strictly negative, they must use another rule. When prospects are in the editing phase, they are often divided into two parts, which is the riskless part and the risky part. The evaluation would use the next equation: If p + q = 1 and either x y 0 or x y 0, then (2) V(x, p; y, q) = v(y) +?(p) [v(x) – v(y)] It means that the value of a strictly positive or strictly negative prospect is the same as the sum of the value of the riskless part and the value-difference between the outcomes multipling the weight associated with the more extreme outcome. Investors evaluation base on the value function and weighting function (Kahneman and Tversky, 1979). Prospect theory uses value function to explain the same meaning of utility. There are two arguments in the value function, the first one is the asset position which can be treated as reference point, and the other one is the magnitude of the change from the reference point. Value function normally concave for positive outcome and convex for negative outcome, and the losses is steeper than the gains. When the value approachs to the reference point, the value fuction is steepest, and the whole value fuction is S-shaped. Decision weights are usually different from the probability axioms, investors often overestimate the small probabilities, this situation often happens in gambling and insurance. While for other situations, decision weights are commonly lower than the corresponding probabilities However, there are two drawbacks existing in the prospect theory. Firstly, it uses the value function and weighting function to evaluate theory, while there are no specific functions and instead using examples to explain. It is a kind of experimental process. Secondly, there is no specific standard for reference point, it makes the theory not so pricise. 2.2 Behavioural Capital Asset Pricing Theory The behavioural capital asset pricing theory is based on the capital asset pricing model (CAPM) and the difference is that the behavioural capital asset pricing theory consider the behaviour of traders. It focuses on the market which noise traders and information traders affect each other. Information traders are traders in the condition of CAPM, they obey the Bayesian learning rule to evaluate the returns and most importantly, they never make cognitive errors. However, noise traders are contrary to information traders, they commit cognitive errors and break the Bayesian rules. These two traders interact and determine the asset price. Market is efficient when information traders are dominant in the market, while if dominant traders are noise traders, market is inefficient. What is the difference between markets in which prices are efficient and markets in which prices are not efficientThe main difference is that there is a single driver property existing the market which prices are efficient. As Shefrin and Statman (1994, p345) said, â€Å"This single driver drives the mean-variance efficient frontier, the return distribution of the market portfolio, the premium for risk, the term structure, and the price of options.† It satisfies the minimun information which required to cause the changes to the outcome distribution of the market portfolio. While a second driver is introduced to the market by noise traders, and it let the price far away from the price efficiency. They often creat some abnormal returns to particular securities. The expected return of security is determined by behavioural ?, which is the ? of tangent mean variance efficient asset portfolio. Noise traders’ action let the relationship between security returns and beta weaker . While at the same time, they built a positive relationship between abnormal returns and beta (Chopra, Lakonishok, and Ritter, 1992). When the prices are efficient in the market, price efficiency protects particular noise traders. At that time, the function of noise traders is to rise the trading volume. However, if the prices are not efficient, new information cannot be a sufficient statistic. Yet prices, volatility, the premium for risk, option prices and the term structure are still influenced by old information. Noise traders affect the return of securities through the term structure and they can arouse inefficient inversion which exists in the term structure. The behaviour? is introduced by the behavioural asset pricing model (BAPM), when the noise traders are included in the model, the behaviour? represents a lower risk than the traditional?. The BAPM research a series of issues such as risk premium, the term structure, and option prices in the situation of existing noise traders. The BAPM not only considers the performance characteristics of value, but also includes the characteristics of utility, therefore, on the one hand it has to accept the market efficiency when considering the unbeatable market, on the other hand it must reject the market efficiency when consider the irrational behaviours. This contradiction lead the finance to further research. 2.3 Behavioral Portfolio Theory The behavioural portfolio theory (BPT) is introduced by Shefrin and Statman (2000) and it is based on the SP/A theory (Lopes, 1987) and Safety-First Portfolio theory (Roy, 1952). Roy’s (1952) safety-first theory and Markowitz’s (1952a) mean-variance portfolio theory are introduced at the same year, however their opinion are different to the Friedman-Savage puzzle. The former theory is consistent with the puzzle while the latter one is not. SP/A theory is a psychological theory and it has been a choice framework. Security, potential and aspiration are the meaning of letters SP/A and they also reflect investors’ choice under uncertainty. The efficient frontier of BPT is different from the mean-variance efficient frontier, and the optimal portfolios of BPT and CAPM are not the same. BPT investors think about the expected wealth when they select portfolios. On the one hand, they want portfolios to be security, on the other hand they potentially want to reach aspiration levels. So BPT investors combine bonds and lottery tickets together. The BPT is classified into two versions, a single mental account version (BPT-SA) and a multiple mental account version (BPT-MA). Their differences are that BPT-SA investors use a single mental account to manage their portfolios while BPT-MA investors use several mental accounts to integrate their portfolios. So BPT investors are the same as investors in the Friedman-Savage puzzle, they both present risk averse and risk seeking. They buy risk-free investments for the low aspiration mental account and buy speculative bonds for the high aspiration mental account. BPT-SA investors treat the portfolio as a whole like mean-variance investors, and they also take covariances into consideration. So the framework of choosing portfolio are similar between BPT-SA and mean-variance theory, the difference is that their efficient portfolios are not the same. Portfolios in the BPT-MA is like layered pyramids, and every layer has its own aspiration level. The bottom layer is designed to protect investors from poverty and the top layer let investors have a chance becoming rich. BPT-MA investors are quite different from BPT-SA investors, they ignore covariances and treat portfolios separately in to different mental accounts. Because BPT-MA investors ignore covariance between layers, there is a risk that they may put the same security but with different positions into different layers. The similar evidence is provided by Jorion (1994), he finds that when investors invest globally, they put securities and currencies into different layers of the pyramid, while he thinks the overlay structure is not so useful, because it overlooks covariances between securities and currencies and it leads to 40 basis points loss of efficiency. Some Models 3.1 DSSW Model Behaviour finance is based on two theories, which is limits of arbitrage and investor sentiment. According to the tradition finance, arbitrage plays a key role in achieving the market efficiency. Its basic point is that even irrational investors exist in the market and let prices deviate their value, rational investors would eliminate their influence to prices, and finally prices and the value are consistent. However, behaviour finance thinks arbitrage is not unlimited, one of the reason is that arbitrageurs are risk averse and have resonably short horizons, its posibility to be dominant is small. For example, when arbitrageurs sell assets short, they first must know noise traders are bullish and they must be bullish in the future, And then noise traders would buy back the stock. While it is hard to predict noise traders thought, so arbitrageurs have to bear the risk and this would limit their willingness to take position against noise traders. The model consists of noise traders and sophisticated investors. There are some investors not following economists’ advice to invest, and they only trust their own research. So Black (1986) called these investors who have no private information and irrationally act â€Å"noise traders†. Noise traders obtain lots of information which comes from technical analysts, economic consultants and stockbrokers and they falsely believe this information is useful to predict the future price of risky asset. So noise traders choose portfolios according to such incorrect beliefs Alpert and Raiffa (1982). On the contrary, sophisticated traders make use of noise traders’ irrational misperceptions. They buy stocks when noise traders depress prices, while they sell stocks when noise traders think prices would be bullish. According to the risk of noise traders, the model can explain some financial market anomalies. These anomalies are the excess volatility of and mean reversion in stock market price, the Mehra-Prescott equity premium, the closed-end fund puzzles and some other anomalies. However, there is a drawback existing in the model, which is that it can not explain how investors make decisions. The assumption is that investors base on the behaviour portfolio theory to choose their portfolios, according to the different layers, they make different investment choices even for same assets. 3.2 BSV Model A huge amount of empirical evidence have shown two kinds of pervasive phenomenon, which are underreaction and overreaction of stock prices. Underreaction means that investors predict higher average return than the actual average return when good news are announced. in other words, the stock underreacts to the good news. if the average return comes from a series of announcements of good news and it is lower when compared with the average return coming from a series of bad news announcements, it is defined as overreaction (Barberis, Shleffer, and Vishny, 1998). BSV model is introduced by Barberis, Shleffer, and Vishny (1998). Investors often present two phenomena, which is conservatism and representativeness heuristic. Conservatism can be defined that people often react slowly when people encounter new evidence (Edwards, 1968). When investors face evidence which has high weigh but low strength, they do not care much about the low strenngh and react moderately to the evidence. While if the evidence has high strength but low weight, they overreact it like representativeness. Representativeness heuristic is the second important psychological phenomenon (Tversky and Kahneman, 1974). It means that investors focus on recent patterns in the data while give little weight to the properties of the population which generates the data (Fama, 1998). In the situation of representativeness heuristic, if a company performs well in the past and has a high growth, investor would ignore the truth that this well perform would hardly repeat itself. The result would be that they overestimate the value of the company and be disappointed when the expected growth does not come true. The BSV model bases on the two phenomena, and explain how investors decision-making model leads to the market price deviating the efficient market. The model also deals with the problem why arbitrage is limited, the reason it that investors’ sentiment are hard to forcast. The more extreme of investorsà ¢â‚¬â„¢ sentiment, the more further of price away from the actual value. It is known that earnings are a random walk, while investors falsely classify them into two earnings regimes. They underreact or overreact to a change in earnings, these lead to short-term momentum in stock returns and long-term reversal. The BSV model perform well on the anomalies it was designed to explain, while the forcast of long-term return reversal is not so good. 3.3 DHS Model Daniel et al. (1998) also provide a model which includes investor sentiment to deal with the situation of overreaction and underreaction. They try to use psychological theory to support their framework and classify investors’ sentiment into overconfidence and biased self-attribution. Overconfidence is defined that investors often overestimate their forecast ability when they have more significant information than others, so they often overlook their prediction errors. Biased self-attribution is investors feel confident when they find public information is the same as their information, but the confidence would not decrease proportionately when public information is opposite to their private information. According to the DHS model, it has been known that investors overreact to private information, while on the contrary investors underreact to public information signals. When public information signals eliminate behaviour bias, this would lead to short-term momentum of stock returns while long-run reversal. The model can reconcile this situation, it transfers the wealth from imperfect rational traders (e.g. noise traders) to rational traders and then price setting is dominated by rational traders. While even in this situation, rational traders could not be predominance in the long term. De Long et al. (1991) state that noise traders are risk averse and they prefer investing more money to risky, high expected return assets, if they overconfident about the true information signals, they would obtain more profits than those rrational investors. The forcasts of DHS are similar with BSV, they share the same empirical successes and failures. And this comment can also apply to Hong and Stein (1997). 3.4 HS Model The model is provided by Hong and Stein (1999) in 1999, it also called the unified behaviour model. The model is different from BSV model and DHS model, it classifies agents into newswatchers and momentum traders. Each of them are restricted rational. Newswatchers making investment dicisions base on private information signals of movement of future values. Their drawback is that they do not use the current or past prices to choose portfolios. While on the contrary, momentum traders mainly base on the movement of past prices changes to invest. However, they also have limitations, which their forecasts should be â€Å"simple† function of the history of past prices. In this model, there is one more assumption, which is private information would spread slowly in the newswatcher group. The underreaction and overreaction are based on the private information spread slowly across the newswatcher population. As first, newswatchers underreact to the private information, then momentum tr aders try to make use of it to arbitrage, while it leads to overreaction. Anomalies 4.1 Closed-end fund puzzle There are some anomalies existing in the financial market, one of them is closed-end fund puzzle. The definition of it is that: â€Å"The closed-end fund puzzle is the empirical finding that closed-end fun shares typically sell at prices not equal to the per share market value of assets the fund holds† (Shleifer and Thaler, 1992, p. 75). The puzzle is that closed-end funds are sold with 10 percent premium at first, while after around 120 days, the premium of 10 percent moves to a discount of over 10 percent (Weiss, 1989). And then discounts fluctuate over the period of funds, they would narrow and then disappear until the closed-end funds terminate. This proposition has been researched in the past, they pointed out that the value of securities maybe overstate when compared with their true value of the assets. And they provided three explainations, which are agency costs, tax liabilities and illiquidity of assets. Generally speaking, agency costs are constant, it cannot let prices fluctuate. Moreover, it even cannot explain why rational invettors buy funds at a premium initially and finally sell them at a discount. Restricted stock and block discount hypotheses are two versions of asset illiquidity, they explain the reason to sell stocks at a discount, that is, trading fees are expensive. The tax liabilities’ explaination is that the gain tax has included in the funds, so discounts happen. while these three standard explanations cannot explain the puzzle together or separately. Another explaination is provided by De long, Shleifer, Summers and Waldmann (1990) (DSSW). They develop DSSW model to explain rational investors and noise traders interact in financial markets, and the key point is that noise traders’ sentiment are unpredictable. So the noise traders’ sentiment influence the demand of closed-end fund shares and then influence the changes in discounts. The model makes two hypotheses, they assume rational investors are short horizons, they focus on the interim resale of prices rather than the present values of dividends. The other assumption is that noise traders’ sentiment is stochastic and hard to predicted by rational investors. If investors are optimistic about the return of funds, funds will be sold at premia or only a little discounts. While if noise traders are pessimistic, it will result of a large discounts. There are two kinds of risk when investors hold closed-end funds, which are the risk of holding the fund’s portfolio and the risk of noise traders’ sentiment causing prices changes. If noise traders become continuously pessimistic about closed-end funds, this risk would be systematic. And then its influence will not be restricted in the closed-end funds. According to this aituation, it is easy to find that holding the fund is risker than holding its portfolio, and then prices of closed-end funds wou ld be lower than their true value. There is a fact that closed-end funds are mainly traded by individual investors. And individual investors also invest small stocks. According to the empirical evidence which researched by Shleifer and Thaler (1992), it shows that the performance of small stocks also influence the changes of discounts. If the small stocks do well, the discounts of closed-end funds would be narrow. 4.2 the equity premium puzzle When researchers observed the economy of the United States during 1889 to 1979, they found that the annual return of stocks was seven percent, however, the return of treasury bills was less than 1 percent after 1926. Mehra and Prescott (1985) stated that this huge gap causes from the huge difference of risk aversion. They explained the high equity premium with having excess of 30 risk aversion. While the actual figure observed is only close to 1. so it is a problem that why is the equity premium so large. Benartzi and Thaler (1995) gived two concepts which comes from the psychology of decision-making. The first one is loss aversion, and the other one is mental accounting. Loss aversion is similar with the Kahneman and Tversky’s (1979) descriptive theory. It becomes more sensitive to loss money rather than increase wealth. It is also opposite to the expected utility theory. Mental accounting is defined that â€Å"mental accounting refers to the implicit methods individuals use to code and evaluate financial outcomes: transactions, investments, gambles, etc† (Benartzi and Thaler, 1995, p.74). Investors are loss aversion, so if they invest stocks, they would care about the security of portfolios. While stock prices are fluctuated, frequent performance evaluation would make investors feel loss. So stocks are less attracted by investors. Only when the return of stocks keeps a high level, investors would replace bonds with stocks. Barberis, Huang and Santos (2001) explain this puzzle in another aspect and they introduce a model. The model not only bases on the onsumption but also bases on fluctuations of investors’ loss averse. As it is known to all, investors are sensitive to their decrease of wealth rather than to increase. And The changes of loss aversion depends on investors’ prior investment performance. If investors are profit in the prior period, they would become less loss averse. While if the loss is over the profit, or there existing loss in the prior period, investors would become more loss averse. According to this situation ,it needs a large premium to let investors hold stocks. However, the conclusion is made under some conditions. Firstly, researchers only use a single risky asset to do research for the sake of simplicity. So in the real economy which has lots of risky assets, it is not easy to identify what investors are loss averse about. Another one is that it is not clear to what range the preferences can interpret financial data and risky gambles. Conclusion The behaviour finance as a Marginal subject has been developed quickly during the recent years. It combines the finance, psychology, sociology and anthropology to explain finance. According to the empirical research of the finance market, some anomalies cannot be explained by the traditional finance. While the behaviour finance use a unique aspect to systematically explain these anomalies, such as Closed-end fund puzzle and the equity premium puzzle. compared with the traditional finance, the behaviour finance does not have a complete systematic theory. However, the prospect theory (Kahneman and Tversky, 1979), the behavioural capital asset pricing theory (Shefrin and Statman, 1994) and the behavioral portfolio theory (Shefrin and Statman, 2000) constitute the fundamental systematic behaviour finance theory. They introduce an evidence that investors not always perform as rational traders, there are a part of traders perform irrrationally. Traders do not obey the expected utility theo ry. Then talking about the prices setting, the original CAPM model which is used to set prices of asset is not appropriate, noise traders often commit cognitive errors and their actions would influence the price setting. So the BAPM model which includes the investors influence can make prices more real. The main point of BPT theory is that investors choose portfolios basing their different layers of needs. The bottom layer is designed to protect investors from poverty and the top layer let investors have a chance becoming rich. In order to explain anomalies, some models have been introduced. For example, DSSW, BSV, DHS and HS models. They investigate the influence of investors’ sentiment from two aspects, which are limits of arbitrage and investor sentiment. However, the behaviour finance has its inherent drawbacks. As Fama (1998) states that even the behaviour finance can explain some anomolies existing in the capital market, it does not mean market efficiency should be abandoned. The data shows that the frequency of overreaction of stock prices is the same as underreaction, so it can be seen that anomalies are chance results in the market efficiency hypothesis. Moreover, anomalies existing in the long-term return are fragile, they tend to be a reasonable changes. Behaviour finance is the sum of anomolies which EMH and CAPM cannot explain, And it does not have its own independent evidence. So the development of behaviour finance needs further research. Reference Shiller, R. J. 2003. From efficient markets theory to behavioral finance. Journal of Economic Perspectives 17, pp. 83-104. Ricciardi, V. and Simon, H. K. 2000. What is behavioral finance. Business, Education and Technology Journal, fall. Frankfurter, G. M., McGoun, E. G. 2000. Market efficiency and behavioral finance: the nature of the debate. The Journal of Psychology and Financial Markets 1, pp. 200–210. Allais, M. 1953. Le Comportement de 1’Homme Rationnel devant le Risque, Critique des Postulats et Axiomes de 1’Ecole Americaine. Econometrica 21, pp. 503-546. Kahneman, D. and Tversky, A. 1979. Prospect theory: an analysis of decision under risk. Econometrica 47(2), pp. 263-292. Chopra, N., Lakonishok, J. and Ritter, J. 1992. Performance measurement methodology and the question of whether stocks overreact. Journal of Financial Economics 31, pp. 235-268. Shefrin, H. and Statman. M. 1994. Behavioral capital asset pricing theory. Journal of Financial and Quantitative Analysis 29(3), pp. 323-349. Lopes, L. 1987. Between hope and fear: the psychology of risk. Advances in Experimental Social Psychology 20, pp. 255-295 Roy, A. D. 1952. Safety-First and the holding of assets. Econometrica 20, pp. 431-449. Markowitz, H. 1952. Portfolio selection. Journal of Finance 6, pp. 77-91. Jorion, P. 1994. Mean-Variance analysis of currency overlays. Financial Analysts Journal 50, pp. 48-56. Shefrin, H. and Statman, M. 2000. Behavioural portfolio theory. Journal of Financial and Quantitative Analysis 35(2), pp. 127-151. De Long, J. B., Shleifer, A., Summers, L. H. and Waldmann, R. J. 1990. Noise trader risk in financial markets. Journal of Political Economy 98(4), pp. 703-738. Alpert, M. and Raiffa, H. 1982. A progress report on the training of probability assessors. In Judgment under Uncertainty: Heuristics and Biases, edited by Daniel Kahneman, Paul Slovic, and Amos Tversky. Cambridge: Cambridge Univ. Press. Samuelson, P. A. 1958. An exact consumption-loan model of interest with or without the social contrivance of money. J.P.E. 66, pp. 467-82. Black, F. 1986. Noise. Journal of Finance 41, pp. 529-543. Edwards, W. 1968. Conservatism in human information processing. In: Kleinmutz, B. (Ed.), Formal Representation of Human Judgment. John Wiley and Sons, New York, pp. 17-52. Tversky, A. and Kahneman, D. 1974. Judgment under uncertainty: heuristics and biases. Science 185, pp. 1124-1131. Barberis, N., Shleifer, A. and Vishny, R. 1998. A model of investor sentiment. Journal of Financial Economics 49, pp. 307-343. Fama, E. F. 1998. Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics 49, pp. 283-306. De Long, J. B., Shleifer, A., Summers, L. H. and Waldmann, R. J. 1991. The survival of noise traders in financial markets. Journal of Business 64, pp. 1-20. Daniel, K., Hirshleifer, D. and Subrahmanyam, A. 1998. Investor psychology and security market under and overreactions. Journal of Finance 53(6), pp. 1839-1885. Weiss, K. 1989. The post-offering price performance of closed-end funds. Financial Management Autumn, pp. 57-67. Shleifer, A. and Thaler, R. H. 1991. Investor sentiment and the closed- end fund puzzle. Journal of Finance 46(1), pp. 75-109. Mehra, R. and Prescott, E. R. 1985. The equity premium puzzle. Journal of Monetary Economics, pp. 145-161. Benartzi, S. and Thaler, R. H. 1995. Myopic loss aversion and the equity puzzle. The Quarterly Journal of Economics 110(1), pp. 73-92. Barberis, N., Huang, M. and Santos, T. 2001. Prospect theory and asset prices. The Quarterly Journal of Economics February. Hong, H. and Stein, J. C. 1999. A unified theory of underreaction, momentum trading, and overreaction in asset markets. Journal of Finance 54(6), pp. 2143-2184. How to cite The modern finance theory is based on the capital asset pricing model, Essay examples

Moderating Role Of Perceived Effectiveness -Myassignmenthelp.Com

Question: Discuss About The Moderating Role Of Perceived Effectiveness? Answer: Introducation Many business processes in the 21st Century happen through the internet. The latest web technologies allow for users to look for products online and purchase them with just a click of the button (Fang, Sun, McCole, Ramsey Lim, 2014). Retailers, on the other hand, are allowed to upload and make their products available to users worldwide. BuyIt is a system that has been conceptualized to make these business processes as simple and efficient as possible. BuyIt adheres to all cybersecurity regulations with the goal of keeping user data secure all the time. This management system implements access control strategies together with business continuity plans such as data backups to ensure the system is never compromised. The main objective of BuyIt is to provide a reliable marketplace for sellers and buyers to list, sell and purchase products. BuyIt also aims at augmenting business revenue from an online platform Z Schema Operations The BuyIt schema developed in this paper defines the inputs and output variables which are required by the robust system to complete day to day procedures such as user registration, login, recording user reputation, uploading new products to the portal, searching products, purchasing products and punishing users who have lower reputation levels. The parameters listed below will be utilized in determining the completion of behavior and actions. Email: this is the users email address which will be used for signing in. Password: this is the users private identification text used for authentication during sign in. State: this is the state of the users sign in (Whether Online or Offline) Reputation: Utilized in determining the status of a user. Status: This is the usability of the user, i.e. whether Active or Blocked Six alert point: This represents a serious alert that the user account has been declined or blocked The precondition in this schema is that the username and email are not already in the BuyIt database that is name? known email? known. If the same email or username is found existing in the BuyIt database, the user will be asked to provide different credentials. After registering to the system using a unique email and a strong password, the user will have to log in so as to gain access to the various modules. Every online business in this technological times must management perfect security strategies in order to ensure that the CIA triad is achieved. The CIA triad stands for is Confidentiality, Integrity, and Availability. Large business enterprises are always a target for cybercriminals. In order to help prevent a data breach and user impersonation, BuyIt has deployed a perfect access control technology that ensures that every user must be authenticated before using the BuyIt services. The user password and email are encrypted in the database in order to keep the confidentiality of data even when the database is accessed by cybercriminals. The login schema below illustrates the sign in process Before a product is seen by a potential buyer, it must be uploaded by the seller with its subsequent specifications. In the schema below, the seller must indicate the price, location, and specification of the product in order to successfully upload it. This is clearly noted by the predicate conditions in the schema, e.g. price? = not null, condition? = not null (Bowen, 2016). Upload Product Details The upload product schema below allows for input from the user on elements like PRODUCTNAME, PRODUCTSPECIFICATION, PRODUCTCONDITION, PRICE, and POSTAGE location. The preconditions on this schema are that the user must provide the PRODUCTPRICE, PRODUCTSPECIFICATION, and PRODUCTCONDITION in order for their new product to be uploaded successfully. Search for a product The BuyIt web application software is a large information system that will keep records of several user products from all domains. Therefore, when a buyer wants to purchase, they will not have to spend their lifetime scrolling through all the available products on the portal. We have implemented a function that will assist users to search for the product they want by using three keywords: PRODUCTNAME, PRODUCTPRICERANGE, and the PRODUCTLOCATION. In the schema, there are a few pre-conditions. The PRODUCTNAME must be known, the PRICERANGE must be known, and the LOCATION must be known as well. These items must be found in their respective arrays in order to guarantee a successful search. Alert Schema This is where the status of a user is changed whenever they undertake unlawful actions, or their reputation is lower than 1. Purchasing products Users are able to make purchases using their credit card numbers. The system will calculate the amount needed for payment. The pre-conditions here are that the credit card balance is not less than the total cost of the product and the user must be active to purchase an item (Bowen, 2016)). Further, the item quantity status must be available. Update Reputation Every time a purchase is made, the seller and buyer will be prompted to give the reputation score of their correspondent. The score should be 0 and 5. When the score of a user is less than 1, they are blocked from using the system. Punishing a user Reput_buyer! And reput_seller! In the schema below is the output of the users reputations. If the reputation falls below 1, the status of the user changes to blocked (user_stat = blocked) References Bowen, J. P. (2016). The Z Notation: Whence the Cause and Whither the Course?. In management Trustworthy Software Systems(pp. 103-151). Springer, Cham. Fang, Y., Qureshi, I., Sun, H., McCole, P., Ramsey, E., Lim, K. H. (2014). Trust, Satisfaction, and Online Repurchase Intention: The Moderating Role of Perceived Effectiveness of E-Commerce Institutional Mechanisms.Mis Quarterly,38(2).

To find out which antacid tablet works most efficiently using technique called titration Essay Example

To find out which antacid tablet works most efficiently using technique called titration Essay The measurements will use a titration to find what volume of hydrochloric acid an antacid tablet will neutralise.Theory:Our stomachs produce gastric acid to aid in digestion. This acid is mainly composed of hydrochloric acid that is secreted by cells of the stomach lining called parietal cells. Excessive secretion of this acid is common and can lead to many stomach problems such as gastritis, gastric ulcers and peptic acid disease. These disorders are treated by antacids, which reduce the amount of acid in the stomach by various means.Most antacids contain weak bases and they neutralize the stomach acids by reacting with them chemically. These antacids are best taken for occasional stomach problems and they act very rapidly to provide relief. Some of the most common bases that are used as antacids are:* Mg (OH) 2, magnesium hydroxide* Al (OH) 3, aluminium hydroxide* NaHCO3, sodium bicarbonate* CaCO3, calcium carbonateThese chemicals are used because they are weak bases strong bases would lead to the risk of damaging the stomach if too much was taken. Bases neutralize acids by reacting with them to produce a salt and water. This chemical reaction of a weak base with stomach acid can be written in the general form:Weak base + hydrochloric acid salt + waterA specific example of this chemical reaction is:Mg (OH) 2 + 2 HCl MgCl2 + 2 H2OThere are other forms of antacid that work by less direct means. There are two types of pharmaceutical drugs that act indirectly to reduce the amount of stomach acid. Both of these types drugs act to suppress the formation of stomach acids. Essentially, they turn off the biochemical machinery that produces the stomach acid. These drugs are slower acting than the bases mentioned above, but they provide relief for a much longer time. People with chronic stomach problems usually take them.PredictionTablet = SuperdrugActive Ingredient = 0.5g CaCO3Relative formula mass (RFM) = 100Moles of active ingredient = mass / RFM = 0.5 / 100 = 0.0 05 molesEquation = CaCO3 + 2HCl CaCl2 + CO2 + H2OMoles of HCl that should be neutralised = 2 x moles of CaCo3 = 2 x 0.005 = 0.01Concentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.01/1 = 0.01dm3 = 10cm3Tablet = RennieActive Ingredient = 0.68g CaCO3, 0.08g MgCO3Relative formula mass (RFM) = 100, 84Moles of CaCO3 = mass/RFM = 0.68/100 = 0.0068 molesMoles of MgCO3 = mass/RFM = 0.08/84 = 0.0009523809524 moles (13dp)Equation for CaCO3 = CaCO3 + 2HCl CaCl2 + CO2 + H2OMoles of HCl that should be neutralised = 2 x moles of active ingredient = 2 x0.0068 = 0.0136 molesConcentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.0136/1 =0.0136 dm3 = 13.6 cm3Equation for MgCO3 = MgCO3 + 2HCl MgCl2 + CO2 + H2OMoles of HCl that should be neutralised = 2 x moles of active ingredient = 2 x0.0009523809524 = 0.001904761905 moles (12dp)Concentration of HCl to be used = 1M (1mole per dm3)Predic ted volume of HCl needed = moles/concentration = 0.001904761905/1 =0.001904761905 dm3 = 1.904761905 cm3Total predicted volume of HCl needed = 1.904761905 + 13.6 = 15.5047619 cm3 (8dp)Tablet = BisodolActive Ingredient = 0.522g CaCO3, 0.068g MgCO3, 0.064g NaHCO3Relative formula mass (RFM) = 100, 84, 84Moles of CaCO3 = mass/RFM = 0.522/100 = 0.00522 molesMoles of MgCO3 = mass/RFM = 0.068/84 = 0.000809538095 moles (13dp)Moles of NaHCO3 = mass/RFM = 0.064/84 = 0.0007619047619 moles (12dp)Equation for CaCO3 = CaCO3 + 2HCl CaCl2 + CO2 + H2OMoles of HCl that should be neutralised = 2 x moles of active ingredient = 2 x 0.00522 = 0.01044 molesConcentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.01044/1 =0.01044dm3 = 10.44cm3Equation for MgCO3 = MgCO3 + 2HCl MgCl2 + CO2 + H2OMoles of HCl that should be neutralised = 2 x moles of active ingredient = 2 x 0.000809538095 = 0.001523809524 moles (12dp)Concentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.001523809524/1 =0.001619047619dm3 = 1.619047619cm3 (9dp)Equation for NaHCO3 = NaHCO3 + 2HCl NaCl2 + CO2 + H2O + HMoles of HCl that should be neutralised = 2 x moles of active ingredient = 2 x 0.0007619047619 = 0.00152380954 moles (11dp)Concentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.00152380954/1 =0.00152380954dm3 = 1.52380954cm3 (8dp)Total predicted volume of HCl needed = 1.52380954 + 1.619047619 + 10.44 = 13.5885716 cm3Tablet = Boots OriginalActive Ingredient = 0.2g CaCO3, 0.06g MgCO3, 0.06g NaHCO3Relative formula mass = 100, 84, 84Moles of CaCO3 = mass/RFM = 0.2/100 = 0.002 molesMoles of MgCO3 = mass/RFM = 0.06/84 = 0.0007142857143 molesMoles of NaHCO3 = mass/RFM = 0.06/84 = 0.0007142857143 molesEquation for CaCo3 = CaCO3 + 2HCl CaCl2 + CO2 + H2OMoles of HCl that should be neutralized = 2 x moles of active ingredient = 2 x 0.002 = 0.004 molesC oncentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.004/1 = 0.004dm3 = 4cm3Equation for MgCo3 = MgCO3 + 2HCl MgCl2 + CO2 + H2OMoles of HCl that should be neutralized = 2 x moles of active ingredient = 2 x 0.0007142857143 = 0.001428571429 molesConcentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.001428571429/1 = 0.001428571429dm3 = 1.428571429cm3Equation for MgCo3 = NaHCO3 + 2HCl NaCl2 + CO2 + H2O + HMoles of HCl that should be neutralized = 2 x moles of active ingredient = 2 x 0.0007142857143 = 0.001428571429 molesConcentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.001428571429/1 = 0.001428571429dm3 = 1.428571429cm3Total predicted volume of HCl needed = 4 + 1.428571429 + 1.428571429 = 6.857142857cm3Tablet = SettlersActive Ingredient = 0.5g CaCO3Relative formula mass (RFM) = 100Moles of active ingredient = mass / RF M = 0.5 / 100 = 0.005 molesEquation = CaCO3 + 2HCl CaCl2 + CO2 + H2OMoles of HCl that should be neutralised = 2 x moles of CaCo3 = 2 x 0.005 = 0.01Concentration of HCl to be used = 1M (1mole per dm3)Predicted volume of HCl needed = moles/concentration = 0.01/1 = 0.01dm3 = 10cm3Active IngredientsSuper drug- 500mg CaCO3Rennie- 680mg CaCO3, 80mg MgCO3Bisdol-522mg CaCO3, 68mg MgCO3, 64mg NaHCO3Boots Original-200mg CaCO3, 60mg MgCO3, 60NaHCO3Settlers- 500mg CaCO3Initial PlanThe initial plan is to find out which indicator shows the best colour change when the reaction occurs and what concentration of hydrochloric acid gives the best results. I will crush the antacid tablet and add water to it. I will then add Indicators to find out which is the best one that shows the colour change. I will then add hydrochloric acid bit by bit and then shake the conical flask to speed up the process. So you can find out the exact amount of acid that was neutralized.Safety* Wear goggles when handling corr osive solutions etc.* Wear gloves* Take of blazers wear aprons* Tuck in ties* Report any breakages or spillsFair testTo make it a fair test I will:* Use the same amount of water each time.* Use the same amount of bromophenol blue each time. By using too much you increase the volume even by the slight mm therefore decreasing its accuracy.* Use the same volumes of acid each time from the burette.* Either uses a whole tablet or a crushed tabled. By using crushed you allow more surface area therefore more reactions.* It is essential that none of the powder be spilt or wasted as this may have major effects on the amount of hydrochloric acid to be neutralised.PreliminaryTo find if initial plan works and which indicator shows best color change and what concentration of hydrochloric acid gives best results.12AverageBuirette Start0.20.10.15Buirette Finish101110.5Titration volume of acid used9.810.910.35The results above are Hydrochloric acid with a concentration of 0.5 Mole. Using 25cm3 of water and the color indicator bromophenol blue.12AverageBuirette Start00.10.05Buirette Finish14159.5Titration volume of acid used1414.914.45The results above are Hydrochloric acid with the concentration of 1 Mole. Using 25cm3 of water and the colour indicator bromophenol blue.After conducting my preliminary experiments I have decided to continue using strength one mole hydrochloric acid and not strength 0.5. I have also decided that the amount of water used to dissolve the powder into is irrelevant as it makes no difference to the actual outcome but I will use 25cm3 of water. This would reflect the amount of water a person would intake with an indigestion tablet. Two test of each type of antacid is sufficient.ConclusionI notice from the results that with a 1 mole concentrated Hydrochloric acid the antacid tablet can neutralize more acid than the 0.5 mole concentrated Hydrochloric acid. I also acknowledged that the initial plan had worked and the method was correct. I also came to th e conclusion that the Bromophenol Blue indicator is the best to use because it is a colour that is more distinct than the others when in this experiment.EquipmentClampClamp standFunnelDistilled water 25ml (for each test)Measuring Cylinder2 Conical flasksBuiretteBromophenol blue 10drops (for each test)MortarAdapted planFirstly set up the equipment as shown in the diagram.* Pour the hydrochloric acid into the buirette using the funnel. Up to 0dmà ¯Ã‚ ¿Ã‚ ½. If the acid has gone over the top either pour the excess acid into another flask or use the measurement in the table. A buirette shall be set up with a stand and lowered below eye height. This is important so that when adding acid none will spill causing possible eye damage.* Crush the antacid tablet in a basin (to allow more surface area in the experiment).* Put the crushed tablet into a flask.* Pout 25mls of distilled water using a cylinder into the flask including the crushed antacid tablet.* Add 10 drops of bromophenol blue to the solution.* Stir and place under the buirette. The conical flask shall be placed upon a white tile so and slight changes in indicator colour can be seen.* Release the buirette clog and pour in 2dmà ¯Ã‚ ¿Ã‚ ½ of hydrochloric acid.* Stir the solution until it reaches its original coulor.* Keep performing this until u reach to 10dmà ¯Ã‚ ¿Ã‚ ½* Then only release 1dmà ¯Ã‚ ¿Ã‚ ½ at a time and stir.* When the indicator returns to its alkaline colour more acid should gradually be added, until alkalinity is not regained.* The solution is then neutralized.ResultsRennie tablet12AverageBuirette Start000Buirette Finish161515.5Titration volume of acid used161515.5Boots original tablet12AverageBuirette Start0.10Buirette Finish117Titration volume of acid used10.91Indigestion relief tablet12AverageBuirette Start0.120.15Buirette Finish111110.5Titration volume of acid used10.999.95Superdrug12AverageBuirette Start9.91215.9Buirette Finish27.821.124.45Titration volume of acid used9.89.114.35Settle rs12AverageBuirette Start0.2126.2Buirette Finish1121.116.05Titration volume of acid used10.89.19.95Biodol12AverageBuirette Start0.50.10.3Buirette Finish12.412.312.35Titration volume of acid used11.912.212.05AnalysisAverage ResultsAntacid TabletAverage Titration Volume Of Acid Used In mlRennie Tablet15.5Indigestion Relief Tablet9.95Boots Original Tablet5.95Superdrug Tablet9.45Settlers Tablet9.95Biodol tablet12.05AnalysisVolume of moles in acid that was neutralised* Rennie Tablet Moles = dm3 ? Concentration Moles = (15.5 / 1000) ? 1 Moles = 0.0155 ? 1 Moles = 0.0155* Indigestion Relief Tablet Moles = dm3 ? Concentration Moles = (9.95 / 1000) ? 1 Moles = 0.00995 ? 1 Moles = 0.00995* Boots Original Tablet Moles = dm3 ? Concentration Moles = (5.95 / 1000) ? 1 Moles = 0.00595 ? 1 Moles = 0.00595* Superdrug Tablet Moles = dm3 ? Concentration Moles = (9.45 / 1000) ? 1 Moles = 0.00945 ? 1 Moles = 0.000945* Settlers Tablet Moles = dm3 ? Concentration Moles = (9.95 / 1000) ? 1 Moles = 0.00995 ? 1 Moles = 0.00995* Biodol tablet Moles = dm3 ? Concentration Moles = (12.05 / 1000) ? 1 Moles = 0.01205 ? 1 Moles = 0.01205Looking at the results I found out that the most efficient and best tablet is the Rennie Tablet. This is due to it being able to neutralize the most acid. Not surprisingly in my prediction I predicted that this tablet would neutralize 32ml of acid but obviously the experiment was inaccurate as the antacid Rennie tablet was only able to neutralize half of the value predicted. Most tablets that I tested including my own came out as only able to neutralize this was either to my inaccurate testing or the incapability of the antacid to naturalize. The Boots original tablet did come close to my predicted measurement. Again this was promptly due to by inaccuracy and methods I used to test the antacids.So when our stomachs produce gastric gas to aid indigestion and causes problems such stated in my theory The Boots original would be the ideal antacid to use to cure us of the disorder.EvaluationBy analysing by results the experiment was successful to its aim and provided enough information for further investigation. But to make my data more accurate I could have done a number of things differently.This experiment is not very reliable and accurate because you cannot find out the exact amount of acid the antacid can neutralize.* Used a stirring machine to accurately stir each solution until it was fully neutralized.* Some of the tablet was stuck to the basin so I could prevent it by using a different basin which wont let any crushed tablet to stay behind. This will allow my experiment to be more accurate because it is decreasing the volume of the tablet and alternating the calculations.* Used less bromophenol blue as is again alternates the calculation as it increases the solutions volume. The experiment could have faulted due to the amount of indicator in the solution, which can affect it.* The Evaporation of the water from the solution in high le vels of heat. If the acid was not added soon enough, the solution would become a suspension, and not all of the antacid will be put to use.* If I were to repeat this experiment I would carry out each tablet between 3 and 5 tests and use a greater range of tablets.ConclusionI conclude The Rennie indigestion tablet was tested to be the best. This was because it was able to neutralize most volume in dmà ¯Ã‚ ¿Ã‚ ½ of hydrochloric acid. I believe to be due to its greater mass over the other tablets. It would have contained a greater amount of alkaline so could neutralise more acid.

Free Essays on Princess Diana

Princess Diana Princess Diana who is renowned for her elegance and prestigious title â€Å"Her Royal Highness†, displayed many leadership qualities and characteristics as she reigned over the country Wales. I believe Princess Diana is a good leader because she possesses these five important qualities: patience, open-mindedness, trustworthiness, confident speaker, and intelligence. Without some of these qualities, Princess Diana would have been lackluster in maintaining her royal status as the â€Å"Princess of Wales.† In order for a leader to be effective, one must have patience, which requires self-control and perseverance. Blossoming in the eyes of the publicists and paparazzi, Princess Diana became very patient as her notoriety took throne. Being indulged with numerous amounts of rumors and reports, she remained calm and maintained her composure as the rumors took toll. I believe that her association in helping with charities and childcare centers account for her patience because she must remain humble and self-controlled when dealing with children and homeless people. With patience, a leader can achieve many things, and can also withstand many inevitable watersheds. Princess Diana whom I believe has patience, signifies exactly that. A leader must also be open-minded in order to contribute ideas and to have an effect on something or someone. Princess Diana presumably carried an open-mind at all times and was always attentive and wanting to help other people. Indeed, Princess Diana always seemed to go the extra mile, learning sign language to address a deaf association she was assisting for and penning personal notes to the families of diagnosed patients with HIV she had met. She constantly wanted to learn and sought to improve many charities with her diligence and open-mindedness. Princess Diana was quite prevalent when it came to being open-minded, which contributed a lot to the society. Trustworthiness is subseque... Free Essays on Princess Diana Free Essays on Princess Diana Princess Diana The Princess of Wales was one of the kindest people. Her life was like that of a fairy tale, a dream to many. She had everything: beauty, grace, kindness, compassion for others, glamour, and much more. The Princess didn’t lead an extremely happy life as many thought. She was sometimes called a â€Å"Queen to Peoples’ Hearts.† She lived a great life during her childhood years, married life, and while she was Princess of Wales. Her name was Lady Diana Francis Spencer. Lady Diana was born on July 1, 1961 to Francis and Johnnie Spencer. They were hoping for a baby boy but were surprised to have a baby girl. They didn’t know it yet but she would later touch many peoples’ lives, inspire many people, and her name would be known around the world. Diana lived at Park House most of her childhood years. When she was 6 years old her mother and father were separated and later divorced. Diana attended school when she was 6 years of age. She lived a childhood filled with happiness but mostly it was filled with sadness. Diana met Charles when she was about 17 in a plowed field by Nobottle Wood, in November of 1977. Diana’s sister, Sarah, â€Å"played Cupid† even though she was the girl Charles had recently dated. In February of 1980 Charles proposed to Diana. They were wed on July 26, 1981. There were millions of people at St. Paul’s Cathedral that day. Diana’s popularity began to increase greatly after that. She was becoming very popular shortly after her and Charles were wed. She helped many people who were sick and had aids or any other diseases. Diana only saw them as another person to love not someone with a disease. Lady Diana gave birth to Prince William of Wales on June 21, 1982 (her first son). Later she gave birth to her second son Harry. After Charles and Diana were divorced she met Dodi Fayed, son of Muhammad Fayed, owner of Harrods. Shortly after, Diana and Dodi were tragically ki... Free Essays on Princess Diana Princess Diana Princess Diana who is renowned for her elegance and prestigious title â€Å"Her Royal Highness†, displayed many leadership qualities and characteristics as she reigned over the country Wales. I believe Princess Diana is a good leader because she possesses these five important qualities: patience, open-mindedness, trustworthiness, confident speaker, and intelligence. Without some of these qualities, Princess Diana would have been lackluster in maintaining her royal status as the â€Å"Princess of Wales.† In order for a leader to be effective, one must have patience, which requires self-control and perseverance. Blossoming in the eyes of the publicists and paparazzi, Princess Diana became very patient as her notoriety took throne. Being indulged with numerous amounts of rumors and reports, she remained calm and maintained her composure as the rumors took toll. I believe that her association in helping with charities and childcare centers account for her patience because she must remain humble and self-controlled when dealing with children and homeless people. With patience, a leader can achieve many things, and can also withstand many inevitable watersheds. Princess Diana whom I believe has patience, signifies exactly that. A leader must also be open-minded in order to contribute ideas and to have an effect on something or someone. Princess Diana presumably carried an open-mind at all times and was always attentive and wanting to help other people. Indeed, Princess Diana always seemed to go the extra mile, learning sign language to address a deaf association she was assisting for and penning personal notes to the families of diagnosed patients with HIV she had met. She constantly wanted to learn and sought to improve many charities with her diligence and open-mindedness. Princess Diana was quite prevalent when it came to being open-minded, which contributed a lot to the society. Trustworthiness is subseque... Free Essays on Princess Diana All the world loved Princess Diana and she could not help but love them back. She invested her life in the poor, lonely, and sick as well as the rich and famous. Her loving spirit warmed those that she came in contact with and her charm and grace delighted the world. Princess Diana’s glory and grace shed light upon many peoples lives, she will forever be our candle in the wind. Princess Diana was born July 1, 1961 at Park House on the Sandringham estate in Northfolk(paralumun.com/dianachild.htm) Diana’s parents were Frances Roche and John Viscount Althorp(Diana7). In 1954 the young couple commenced in marrige at Westminster Abby(Diana7). Diana was the third child to be born. All the children before Diana was born were girls and Diana’s parents hoped that she would be a boy. â€Å"Diana picked up on this and through out her life it gave her a sence of failure and guilt†.(Diana 9) When Diana was at the tender age of six her parents split apart due to another man. This also caused Diana deep pain and emotional uproar in her life. Diana was very bashful growing up, but she never lacked for attention. Her older sisters Jane and Sarah ,saw that all Diana’s needs were taken care of. In 1968 Diana went to Silfield School in Kings Lynn. There she took part in many activities such as basketball, tennis , hockey and croquet. When Diana was eight she changed schools to thrther her education. It was here that â€Å"Diana blossomed into a woman and took the first steps tward her glamorous destiny†(Diana 10). Young Diana wanted to be a ballerina but she was to tall and lanky to sweep accross the floor. This downfall did not stop Diana from dancing. She decided to try tap dancing and she was very good at it. Though their were sad times in Diana’s child hood there were many happy time too. As a child she never imagined the the triumph her future would hold.( Diana 9,10,11) Was it Love at first sight or a carefully planed conspiri cy by... Free Essays on Princess Diana Biography FULL NAME: Diana Frances Spencer TITLE: Her Royal Highness The Princess of Wales BORN:July 1, 1961 at Park House, Sandringham, Norfolk DIED:August 31, 1997 in Paris, France MARRIED:Prince Charles on July 29, 1981, at St Paul's Cathedral, London. Watched by 750 million people worldwide on television. CHILDREN:Prince William, born on June 21, 1982 and Prince Henry (Harry) on September 15, 1984, both at St Mary's Hospital, Paddington, London SEPARATED: December 9, 1992, announced by Prime Minister John Major in House of Commons. HOMES:Kensington Palace, London SCHOOL AND CAREER:1966 until 1974 : Riddlesworth Hall Prep School at Diss, Norfolk 1974-77 : West Heath near Sevenoaks, Kent 1977-78 : finishing school at the Institute Alpin Videmanette in Rougemont, Switzerland. In 1979 she moved to a flat at Coleherne Court in London and for a while looked after the child of an American couple. She then worked as a kindergarten teacher at the Young England school in Pimlico, London. On February 24, 1981, it was announced that Lady Diana Spencer was to marry the Prince of Wales. She was the first Englishwoman to marry an heir to the throne in over 300 years. Diana was involved with dozens of charities and had a particular interest in children and AIDS victims. She held honorary ranks with several regiments of the Armed Forces. She was an excellent pianist and is patron of several music organisations and charities. She died on August 31st, 1997 of injuries suffered in a car crash in Paris, France. BIGGEST ACHIEVEMENTS:Becoming the most famous woman in the world and raising awareness of several socialissues including AIDS, poverty, drug problems, homelessness. Promoting British fashion and the United Kingdom throughout the world....

B2B and Reseller Markets Essay

B2B and Reseller Markets Essay B2B and Reseller Markets Essay B2B and Reseller Markets Business-to-business (B2B) concept involves the aspect of decision-making in the majority of industry sectors (Hutt Speh, 2013). The majority of the collaborative business models in the modern times have made an effort to improve the face of marketing through the support of the B2B relationships amongst the entities. The application of the B2B also comes with challenges in the fulfillment of the negotiations and interactions imposed through the collaborative models in managing public business marketing processes (Hutt Speh, 2013). In this research, the description of the use of interaction protocols in defining and managing the processes in B2B relationships forms the core subject. The advancement of technology has enabled businesses conduct marketing electronically facilitating the existence of the Business-to-Business (B2B) E-Commerce (Hutt Speh, 2013). In some of the B2B relationships, the aspect of interaction forms significant challenge. The interactions within the B2B framework occur in three vital layers including content, communication, and business process. Internet-centered B2B related business models are effective in conducting business-to-business (B2B) commerce in the majority of the industry sectors. As one of the instantaneous mediums, the development of technology provides the business entities with new and improvised electronic marketplaces (Hutt Speh, 2013). Business Processes In the layer of business process, the B2B relationships necessitate the management of two distinct business processes including public processes and private processes (Hutt Speh, 2013). The private processes forms part of the enterprise itself managed through each enterprise in an independent way. The private processes receive support within the enterprises through a traditional Workflow Management System, proprietary systems or the ERP systems (Meyer, 2007). The public processes enable the spanning of the organizational boundaries following the involvement with the enterprises involved in the B2B relationship. The processes are under joint management and agreed on by the partners (Meyer, 2007). The activities of the public process have an abstract nature with the support of the private processes. As a clear distinction aid, the public and private processes enable the corresponding organizations abstract the internal process management from the respective management processes across enterprises. The collaborative business models usage have been proposed under several application domains including the supply chain management. The collaborative models have the support of B2B relationship with the inclusion of public business processes jointly managed through partner organizations (Meyer, 2007). Some of the collaborative models necessitate the businesses to establish autonomous B2B with the partners enabling the organizations collaboration. From the perspective of marketing, the collaborative models impose significant challenges in support of the management of the public business processes involved in B2B relationships and they are: Autonomy, the enterprises should have the ability to behave as relative autonomous entities, hiding their internal activities, decisions, and processes (Meyer, 2007). The information system in the management of B2B relationships in the enterprises should have independence. Decentralized management of the corresponding business processes through the enterprises joint management. Peer-to-peer interactions within the enterprises systems for the management of the B2B relationships to imply that the systems interact in a direct means without the independent third party system mediation Negotiation is inclusive in the management of the public processes. Although the proposal of web service composition and workflow approaches still stands in the management of the public processes, there are shortcomings presented in the achievement of autonomy, decentralization, negotiation, and P2P interaction capabilities. B2B Relationships Interaction Protocols The interaction protocols have been in the long run used in the major area of multi-agent systems for the representation of interactions among the involved agents (Hutt Speh, 2013). In B2B context of relationships, interaction protocol enables the management and modeling of the interactions among the involved enterprises in the B2B relationship. The interactions represent the business processes of the public that the enterprises agreed on the aspect of collaboration. Through this means, adapting the concept to the B2B relationships, an interaction protocol enables the description of the high-level communication pattern (Hutt Speh, 2013). This is through the admissible message sequence amid the enterprises playing different roles. The major objective of the interaction protocols is the abstraction of the public processes from specified services involved within the enterprises framework. This is for executing the supported public services internal activities (Hutt Speh, 2013). Within the system, different interaction protocols have one of the highest abstraction levels. An interaction protocol message does not represent the message on the business network. Interaction protocol message in implemented through the application of a lower-level protocol-involving network set of messages (Meyer, 2007). According to B2B three layers application, the interaction protocols transpire in the business process layer with the communication protocols occurring in the layer of communication. The major elements in the interaction protocol include messages, roles, control flows, conditions, deadlines, and logical connectors (Meyer, 2007). The roles are the responsibility in terms of the message sequence the enterprises performs in the B2B relationship. Messages involve the expression of the interactions containing the semantics defining their form. A message can be a representation of the decision, business information, acceptation, acknowledgement, proposal, and rejection. The messages can be of the asynchronous forms or synchronous. Conditions are defined as the messages to represent when messages can be sent (Meyer, 2007). The interaction protocol has two significant control flows. One of the control flows represents messages control flow defining the parallel or the alternative messages of the interaction protocol steps (Meyer, 2007). The second flow is a representation of the internal execution flow of the role describing the different reactions. These are of the roles to the incoming messages. The basic logical connectors are applicable in defining the control flows with deadline defined on the messages that represents time a role sends a message (Hutt Speh, 2013). B2B Standards and Interaction Protocols The B2B standards enable the exchange of messages amongst the enterprises in the B2B relationship. B2B standards are also utilized in the implementation and the exchange of messages defining interaction protocols (Kurtz, 2014). The enterprises should consider an agreement on the B2B standard to be applicable in exchanging the interaction messages. This is to enable the enterprises implement different and independent systems for the joint execution of similar interaction protocols (Kurtz, 2014). This is without the application of the proprietary communication protocol at a lower level. The B2B standards are large in number and consist of the following specification elements: A machine-process able definition language for defining the public processes An exchange sequence defining the transactions possible as required through every message and the constraints of the specified message, performance and like time-outs The business documents structure involved in the content of the message The form in which the messages are packaged and transported on the corresponding networks through specified communication protocols including SMTP and HTTP Messages Security Mechanisms All the B2B standard elements necessitate the implementation of the interaction protocols. Some of the standards specify only the elements defining the business documents (Pride et al, 2007). The rest of the B2B standards enable the specification of the required elements. The implementation of a message using the B2B standards enables each of the interaction protocol messages to consist of more messages. The transaction messages enable the keeping of the message as a unit through the application of responses. In the business transactions, one of the roles performs the requesting of the specified activity with the other one performing the responding activity (Pride Ferrell, 2007). The B2B relationships are under the management of public and private entities with an explicit separation between the private and public processes managed in an independent means (Pride Ferrell, 2007). The modeling of the public business process through an interaction protocol of the B2B relationships focuses on the messages enterprises exchanges for interaction and message orchestration. The interaction protocols facilitates greater enterprise autonomy in marketing framework since the enterprises hides internal activities, decisions and services necessitated for supporting public processes (Pride Ferrell, 2007). Public Business Processes Modeling with Interaction Protocols In the B2B perspective of modeling interaction protocols, the two languages necessary includes the textual modeling language and the graphical language modeling (Villarreal et al, 2003). The former provides the intuitive semantics that enables the business marketing process designers understand and define the public process for interaction representation between partners. The second language enables the enterprises exchange the interaction protocol descriptions. They can be understood and process able through the information system of the B2B relationships for the interaction protocol execution (Villarreal, Salomone, and Chiotti, 2003). The major difference that exists between the interaction protocols and the other approaches for public processes modeling is the interaction protocols not defining the services or activities (Kurtz, 2014). The modeling of the process with the aspect of the interaction protocols draws the focus on the messages sent and received through the roles of the enterprise in every step of the process. For exemplifying the interaction protocol modeling, capacity planning and collaborative planning processes are defined through a partner-partner collaborative model. The collaborative model carries out the business process amongst the enterprises manufacturing belonging to different chains of supply in the market (Kurtz, 2014). The model has a public business process carried out jointly by partners in a decentralized procedure. The collaborative model necessitates the enterprise establishment of an independent B2B relationship with the partners (Kurtz, 2014). Conclusion Interaction protocols in the B2B relationships perspective enable the management and modeling of public business processes consideration through autonomous and heterogeneous partners. This is for the relative achievement of B2B relationships goals. The protocols provide an abstraction framework level for modeling interactions that represents public processes. With the models of the B2B relationships, the messages exchanged by the corresponding enterprises are significant. The protocols of B2B also enable the implementation of interaction protocol for marketing systems fulfilling the collaborative business models requirements. IMP communicative acts facilitate the definition of the B2B relationship interaction protocols without the consideration of the B2B standards applicable in the implementation process. Achieving the independence between the B2B standards and interaction protocols is possible. The independence provides several of the benefits to the business marketing practice. The enterprises have the ability to carry out implementation programs of the interaction protocol with their networks with different partners using B2N standards of different versions. The communicative acts also enable the B2B standards joint functionality for the provision of advanced solutions to the B2B environments. This enables the marketing enterprise systems supporting the B2B relationships to facilitate the understanding of same interaction protocol independent of the technologies used in building them. Visit our online essay writing service to get professional writing help from academic experts who are hired to produce high-quality custom essays from scratch!

Various organizational police functions (local, state, federal) Essay

Various organizational police functions (local, state, federal) - Essay Example Local police officers: apprehend violators; preserve peace; prevent crime; enforce the law; protect human life and property; and serve the public (Johnson and Cox III, 2004). According to Shane (2010), the functions above differ from one another hierarchically [roles and powers are assigned to these levels hierarchically]. Federal police agencies enforce particular types of federal laws, state officers enforce state laws, and local police officers operate at the county level. In respect to the foregoing, a federal agent has jurisdiction over the entire country, while a local police agent has his jurisdiction limited to his town, city or county. A state police agent has jurisdiction over an entire state. There is no better solution to the way the present law enforcement system operates at each level because the hierarchical arrangement of the security systems allows for systematic distribution of roles and duties, and thereby helping extirpate confusion and superimposition of roles. Likewise, with this current system, law and order can be effectively and efficiently discharged, since there is flow of hierarchy. For instance, federal agencies such as the FBI can easily apprehend a criminal by acting on reports from state

Delta Airlines Research Paper Example | Topics and Well Written Essays - 1750 words

Delta Airlines - Research Paper Example Generally a fluctuating exchange rate exists between dollar and euro which implies that one euro is not always equals to one dollar. Hence Delta Air Lines in order to finance its day to day operations has to exchange the euro for the dollars. The airline can be at a disadvantageous or in an advantageous position depending upon the current market situation. This leads to distortion in the earnings of the airlines as the currency exchange affects the revenue of the company. If euro is high as compared to dollars then while Delta Airline is converting its earning, which is from euro to dollar then the company will be able to benefit from this situation. Like for instance if 1 Euro = $ 1.20, then for every euro the company will get more dollar than what it had got if the situation is just reverse. Therefore, cost incurred in monetary terms by the company is of less or more value than company’s income recognized in monetary terms depending on the market condition. The airline compa ny engages in currency hedging in order to mitigate currency risk. Currency hedging signifies protecting against the fluctuations in the exchange rates by locking in a particular exchange rate or a series of exchange rates (Vasigh, Fleming & Mackay, 2010; Papaioannou, 2006)). Delta Air Line participates actively in the Fuel hedging program in order to manage the fuel price risk. This program helps in reducing financial impact that occurs due to change in the price of jet fuel. Different commodity and contract types are used in this fuel hedging program. The economic efficiency of the hedge portfolio is evaluated on a regular basis with the financial targets of the company. According to the prevailing market condition the hedge portfolios are rebalanced,... This paper stresses that there are a number of facilities that are provided by the airport where the airline operates. The airport looks for increasing their total income from commercial sources that creates both concession fees and rents. The rental income arises primarily by renting and leasing the space either directly or indirectly to the airport users like the handling agents, freight forwarders and airlines. On the other hand, concession fees are payment made by the service providers to the airport authority. Delta Air Lines that is operating in various countries also pays rent to the airport authority for using their space. The rent that the airline pays depends upon the area occupied by the company and the number of facilities operating in the airport. This essay makes a conclusion that the international operations of the company are subjected to competition from both foreign and domestic carriers. In such a scenario, the airline in order to operate profitably has entered into alliance with foreign carriers in which they have implemented code sharing and marketing agreement that in turn will increase the ability to sell international transportation and go beyond the traditional gateway cities like Asia and Europe. At the same time the other airlines that have entered into alliance has also benefitted from the alliance by entering into US market. Apart from this, the company is also heavily dependent upon technology for their day to day operations.

Mel Brooks as Jewish Comedian Essay Example for Free

Mel Brooks as Jewish Comedian Essay Mel Brookss membership in the elite club of Jewish comedians is essentially impossible to dispute. The question is whether or not his comedy is atypical. Satirizing Jewish history and klutzy old Jewish men is normal for Jewish comedy. However, Dont be stupid, be a smarty, come and join the Nazi party, is something that you would not expect to hear in typical Jewish comedy (The Producers). Defined broadly, there are two forms which Mel Brookss Jewish humor takes. The first form is to discuss specifically Jewish topics in a funny way. This is evident in The Producers and in the Inquisition scene from History of the World, Part I. The other form is to use certain aspects of Judaism for comedic value. This form, is typically used by Brooks as a means for a quick laugh as opposed to a major source of plot definition, and is most apparent in such scenes as that with the Yiddish-speaking Indian in Blazing Saddles. While exploring Brookss types of Jewish humor, this paper will limit its scope. Only four of Brookss films will be discussed in this paper-The Producers, Blazing Saddles, History of the World, Part I, and To Be or Not To Be. These films were chosen because the quantity of Jewish content in all of them is considerably more than in his other films such as Young Frankenstein or Silent Movie. The four films chosen do an excellent job of portraying the complete range of the types of Jewish-related humor, which Brooks uses. To understand Mel Brooks identity as a specifically Jewish comedian it is important to understand how Jewish he actually was. Melvin Kaminsky was born as the youngest of four brothers in a crowded New York City apartment to Kitty and Max Kaminsky. He grew up in a very Jewish area were on Saturdays, the shops were closed, the pushcarts parked, and Yiddish replaced with Hebrew in over seventy orthodox synagogues. However, Brooks himself spent his Saturdays enjoying matinees at the Marcy Theater. He married a non-Jewish woman and allowed his son, Max, to be baptized only as long as he was allowed to have a bar-mitzvah. When asked by the media if he wanted his wife to convert he replied She dont have to convert. She a star! (Yacowar 10-14). Before discussing the films, it is crucial to identify a recurring theme in Brookss work-Germans and, more specifically, Nazis. He had a brief military career in World War II with very little combat experience, and he actually ended up being the entertainment coordinator for the army. Yacowar analyzes Brooks later feelings towards Germans as subconscious frustration because of his inability to actually fight the Nazis (Yacowar 17). In an interview he was asked about his obsession with Germans, and he replied: Me not like Germans? Why should I not like Germans? Just because theyre arrogant and have fat necks and do anything theyre told as long as it is cruel, and killed millions of Jews in concentration camps and made soap out of their bodies and lamp shades out of their skins? Is that any reason to hate their f-king guts? (Yacowar 32) Brooks has mocked Germans in various works such as in Your Show of Shows and on the Carl Reiner and Mel Brooks at the Cannes film festival audio recording. Regardless, of the origin of his interest with Nazis, if one looks at enough of his work, one cannot help but notice that this theme is an obsession for Brooks (Yacowar 34-35, 48). Mel Brooks made his first feature film, The Producers, in 1967. It is about a Jewish Broadway producer (Max Bialystock) who convinces his Jewish accountant (Leo Bloom) to finance a guaranteed to fail play with the idea that they would take the profits and run to South America. The guaranteed to fail play, Springtime for Hitler turned out to be a huge success. The two main characters both represent completely different Jewish stereotypes and the third area of Jewish interest in the film is the role of Germans both in the play and the ex-Nazi author, Frank Liebkind (Altman 39). Max Bialystock (played by Zero Mostel) is obviously not a first generation American because of his name and his accent. Although he never does anything specifically Jewish, he is still Jewish so it is relevant to look at his relationship to Jewish stereotypes. In his book, Telushkin discusses the tradition of having big and lavish bar mitzvahs, he says that the Jewish tradition has few curbs to halt such excesses(74). It is interesting to see how Bialystock chooses to live in almost poverty. Although he is so poor that he says Look at me now-Im wearing a cardboard belt, he also wears a reasonably nice jacket, has a leather coach, and keeps every old ladys picture in a decent frame. Later in the film, when he gets a lot of money, he spends it on a chauffeured car, a sexy secretary, lavish offices and new clothes, rather then spending it on new office equipment or investing it for future financial security (Telushkin 83). Leo Bloom, the accountant (played by Gene Wilder), represents the opposite stereotype from Bialystock. He represents the meek Jew, the Jew-as-doormat. In the beginning of the movie, he walks in on Max trying to get some money from an investor (he catches them lying on top of each other) and is so surprised and in shock that he has to be told to say oops (The Producers). This fits right into the stereotype of Jews as remorseful and ashamed of their sexual desires (The Poducers). Bialystock fulfills the other stereotype of Jewish men who have been portrayed as sex-hungry animals in many jokes. Blooms choice of career is also known as a Jewish career. In the end, he, like Bialystock, ends up fulfilling one of the most basic stereotypes of Jews-he gives in to his greed (Telushkin 93). There are also many small Jewish references in the film. There is an ignorant, and very gay, director named Roger DeBris, who directs Springtime for Hitler and has a familiar Yiddish term in his name (Telushkin 86-87). Also, in the beginning of the movie Bialystock has a funny dialogue with his landlord and it is the only part of the movie in which religion is involved. Bialystock: Murderer, thief, how can you take the last penny out of a poor mans pocket? Landlord: I have to, Im a landlord. Bialystock: Oh lord, hear my plea: Destroy him, he maketh a blight on the land. Landlord: Dont listen to him-hes crazy (The Producers). When one hears the conversation, with the Landlord speaking in a Jewish accent and Bialystock calling out at the heavens, sounding like an abused Jewish mother, it is a lot funnier and the Jewish element is a lot clearer as well. Brooks message in this movie has been largely debated. Lester D. Freidman thinks, Bialystock and Bloom fail to find their flop because they underestimate their audiences deadened sensibilities (173). Brooks is trying to point out that the shock and horror that everyone should view the holocaust in, is mainly a Jewish mindset. In the movie, he made two perfect Jews, and their perfection caused them two have a mindset that was different from the rest of the American public. Therefore, the movie is about more than a pair of corrupt showmen. It is about the segregation of Jews. Bailystock and Bloom are not yet Americans, they still carry a separate identity. In 1974, Brooks came out with Blazing Saddles which is much less Jewish than The Producers. The movie is about a town with a corrupt Attorney General who wants take over the town. The townspeople get the governor to send a new sheriff to restore order. He sends Sheriff Bart who is a black man with Gucci saddlebags on his horse. The townspeople end up working with the new Sheriff to defeat Hedley Lamarr (the attorney general) and his band of hooligans. Jewish topics are in the film as occasional funny parts and not as major parts of the plot. The funniest and most recognizable part of the movie where Judaism is involved is Sheriff Barts recollection of how his family got to the west. According to the Sheriff, strange Indians attacked their wagon. Brooks, who plays the Indian chief, allows Bart and his family to go, he tells his tribe, Zeit nishe meshugge. Loz em gaien†¦Abee gezint. Which basically means, take off. Some feel this is Brooks trying to get some cheap laughs by using Yiddish, but Friedman points out that it is comically appropriate that the Wests most conspicuous outsider, the Indian, should speak in the tongue of historys traditional outsider, the Jew (77). Other than this reference, Blazing Saddles use of Judaism is really little more than an occasional punch line. When Hedley Lamarr is looking for a way to get the citizens of Rock Ridge to leave, his associate recommends killing the first-born male child in every family, to which Lamarr replies-too Jewish (Blazing Saddles). When Mongo (a gigantic ruffian) comes into the saloon, someone in the background says Gottenew (Oh God! ), another Yiddish term (Yacowar 110). Not surprisingly, Mel Brooks finds a way to squeeze Germans into a movie set in the late 19th Centurys Wild West. In the finale of the movie, Lamarr recruits an army of lowlifes. In the army there is a small group of German soldiers who spend much of the fistfight sitting with a Ms. Lily von Shtupp (a not so talented lounge singer) singing the same war song heard in The Producers (Blazing Saddles). Finally, the Indian on many movie promotional materials (including the video cover) has the Hebrew for kosher for Passover inscribed in his headband. Strangely enough, these relatively small Jewish references got the attention of the Jewish Film Advisory Committee, whose director, Allen Rivkin, spoke to a writer about the offensiveness of the Jewish material. The writers response was, Dad, get with it. This is another century(Doneson 128) Blazing Saddles is a movie of the second type identified. It does not deal with specifically Jewish topics. It does, however, use Jewish topics as a way of forwarding the plot and the comedy. Whether the critics were right that Brooks was just using Yiddish because he found it funny, or if he was using it because he wanted to make a point about racism and exclusion, what is most important is that he actually used Yiddish, instead of something more expected (Yacowar 110). 1981s History of the World, Part I, falls somewhere between The Producers and Blazing Saddles in its level of Jewish content (Freidman 236). The movie, is basically, a quick tour through history going from the discovery of fire to the French Revolution. Within the movie, there are two skits that are specifically of Jewish interest (Moses on Mount Sinai and the Spanish Inquisition. ) In the Old Testament, God identifies himself as the Lord, and asks Moses if he can hear Him. Mel Brooks, in a robe and white beard says Yes. I hear you. I hear you. A deaf man could hear you. When Moses tells the people of the new laws, he says, The Lord, the Lord Jehovah has given onto these 15 [crash] 10, 10 Commandments for all to obey. Although Moses obviously had to be Jewish, one wonders why he had to be so klutzy a comic. In Rome, Gregory Hines, playing Josephus, a slave who is not sold in the auction, attempts to get out of being sent to the Coliseum where he would be lion food. His excuse is that the lions only eat Christians, Christians, and I am a Jew-Jewish person. To prove this, he starts singing Havah Negilah and gets the entire crowd to join him. He even tells the slave trader to call Sammus Davis Jr. (after calling the temple and the rabbi). Eventually, the trader looks down his pants, to prove he is not Jewish (History of the World, Part I). Empress Nympho, Caesars wife, is a strange cross between a J. A. P. and a sex maniac. She has a classic Jewish mother accent and uses Yiddish occasionally-Well shlep him along, for example. Towards the end of the movie, Brooks calls a courtier of Louis XVI a petite putz (History of the World, Part I). This is obviously a strange place to hear Yiddish, unless the intent is comic effect. Finally, though, the most outrageous scene, and the one that some Jews have found quite objectionable is the one about the Spanish Inquisition. It should be noted that Brookss portrayal of the Inquisition as being directed against Jews is historically inaccurate. It was really directed against heretical Christians. Because of this inaccuracy, it is safe to assume that Brooks wanted to put this scene in as a Jewish note into his film, as he did with the other films discussed. The Inquisition scene is filmed in a medieval dungeon. It starts by introducing the Grand Inquisitor Torquemada (Mel Brooks) with Torquemada-do not implore him for compassion. Torquemada-do not beg him for forgiveness†¦. Lets face it, you cant Torquemada [talk him outta] anything, then the music starts. One of the lines in the song is A fact youre ignoring, its better to lose your skullcap with your skull, which is emphasized by two old Jewish men in stocks singing oy oy gevalt. After a few descriptions of the actual torture which individual Jews suffered, he points out that nothing is working, send in the nuns. The nuns perform a synchronized swimming routine in which Jews are sent down a chute into a pool to be dragged under by nuns. At the end of the scene, seven nuns are standing on a menorah with sparklers on their heads, while the chorus, led by Torquemada, sings, Come on you Moslems and you Jews. Weve got big news for all of youse. Youd better change your points of views today. Cause the Inquisitions here, and its here to stay. When Brooks was criticized for this scene he replied: Nothing can burst the balloon of pomposity and dictatorial splendor better than comedy†¦. In a sense, my comedy is serious, and I need a serious background to play against†¦. Poking fun at the Grand Inquisitor, Torquemada, is a wonderful counterpart to the horrors he committed (Friedman 236). This would make History of the World, Part I comparable to The Producers in its satire of Hitler, and makes Blazing Saddles also comparable through its satirical treatment of racism. If one still thought that Brooks made History of the World, Part I with only good intentions, one should also consider the treatment of Jews and Germans in the ending of the film. The promo for History of the World, Part II includes scenes such as Hitler on Ice, and Jews in Space, in which Jews are in a space craft singing Were Jews out in space. Were zooming along protecting the Hebrew race†¦. When Goyim attacks us, well give em a slap. Well smack em right back in the face. It definitely seems that History of the World, Part I is a combination, (just as the others movies discussed are) of exploitation for easy laughs and of exposing the evils of the tyrants who have tormented the Jews throughout history. In To Be or Not To Be, Mel Brooks plays Fredrick Bronski, the head actor in a Polish stage revue, around the time of the Nazi annexation of Poland. His wife, Anna Bronski (Anna Bancroft) falls in love with an Air Force lieutenant working in the Polish platoon of the RAF. The main focus of the movie is how they make fun of, get around, outwit, and ultimately escape the Nazis. This movie is actually a remake of an older film, but it still has a distinctively Mel Brooks feel. The main target of Brookss satire is the head of the Gestapo, Colonel Erhardt (Charles Durning) who is a babbling fool. For example, when on the phone, he says What? Why? Where When? When in doubt, arrest them, arrest them, arrest them! Then shoot them and interrogate them. [pause] Oh you are right, just shoot them. Soon after this, he is led to believe that the shoot first policy led to the deaths of two useful figures and after asking what idiot formed the policy, he got mad at Shultz, his assistant, for reminding him that he made the policy. Later on, he has this exchange with Shultz: Erhardt: What idiot gave the order to close the Bronskis theater? Schultz: You did, sir. Erhardt: Open it up immediately. And once and for all stop blaming everything that goes wrong on me (To Be or Not To Be). After being warned to stop making jokes about Hitler, Erhardt promises, No. Never, never, never again, [emphasis added] strange words to hear from a nazi. Although this movie is not about Jews, there are a few Jewish characters and encounters. Bronski hides a Jewish family in his theaters cellar and during the course of the movie, theyre number increases. At one point, the intelligence agent goes to the theater to find his lover, Bronskis wife. The Jewish women hiding there tells him You know that big house on Posen Street? Well dont go there, its Gestapo headquarters, before actually telling where she was staying (To Be or Not To Be). At the end of the movie, they dress up all the Jews hiding in the cellar (closer to 20 than the 3 who originally hid out in the cellar) as clowns to have them run through the aisle (in the middle of a performance for Hitler) to a truck to safety. One old lady panics in the aisle, surrounded by Nazis. To save the old lady, another clown runs up to them and pins an oversized yellow star, yelling Juden! , this causes an enormous laughter from the Nazi audience. To stall the Gestapo, Brooks dresses up as Hitler, and listens to a Jewish actor perform the Hath not a Jew eyes speech from Merchant of Venice. To Be or Not To Be appears to be Brookss final way of coping with his lack of combat in WWII. While he has The Producers make a play in which they portray the Nazis comically, the ultimate message is that the two Jews in the movie still find them to be patently offensive, and therefore, worthy of some form of respect. In To Be or Not To Be he makes the Nazis into purely comical characters, and this is a step further than Brooks went in The Producers. However, this simply may be because at the point of To Be or Not To Be, Brooks was well into his career as an established moviemaker, so he had more freedom to be offensive. Unfortunately, To Be or Not To Be ended the golden age of Mel Brooks movies, at least from a specifically Jewish point-of-view. His later films make only small mentions of Jewish topics. An example of this is Spaceballs, a parody of Star Wars where the main characters have to save a princess from Planet Druidia (Funny, she doesnt look Druish) from the evil Dark Helmet (Rick Moranis) (Spaceballs). The only Jewish reference in the movie were playing off the theme of the Druish princess and a short scene with Mel Brooks as Yogurt, a reinterpretation of Yoda as an old, Jewish man. Brooks also renamed the Force from Star Wars to something more ethnic-the Schwartz. Although these Jewish references may be equal to the Yiddish-speaking Indian in Blazing Saddles, it is too big of a stretch to link a deeper meaning to them as can be done in his earlier films. In the Big Book of Jewish Humor, Jewish humor is defined as having these five qualities: 1. It is substantive in that it is about some larger topic. 2. It, in many cases, has a point-the appropriate response is not laughter, but rather a bitter nod or a commiserating sign of recognition. 3. It is anti-authoritarian, in that it ridicules grandiosity and self-indulgence, exposes hypocrisy, and†¦. is strongly democratic. 4. It frequently has a critical edge which creates discomfort in making its point. 5. It is unsparing-it satirizes anyone and everyone (Novak and Waldoks xx-xxii). Telushkins definition of a Jewish joke is much simpler. He says it must express a Jewish sensibility (16). To Bernard Saper, a uniquely Jewish joke must contain incongruity, a sudden twist of unexpected elements (76). Christie Davies, points out that people such as Jews, who belong to a minority or peripheral ethnic groups tell jokes both about the majority group and about their own group, and they may tell more ethnic jokes about their own group (and find them funnier) than about the majority(29-30). Are the four films discussed within these definitions? Brooks movies definitely fit the Telushkin test of expressing Jewish sensibility, weather it is through how he attacks the Nazis or the random Yiddish expressions that he uses. A lot of Brooks humor is also incongruous. For example, having a Nazi say never again, fulfills Sapers requirement. Brooks films have a lot of ethnic jokes in them, which deal with Jews or Jewish topics. Brooks probably put these jokes in his movies because he found them funny, therefore fulfilling the Davies test. The definition in The Big Book of Jewish Humor is harder to fit because it is in greater detail. However, the films that were discussed fit them well. Many of Brookss films are substantive in that he deals with racism and Anti-Semitism in almost all of his movies. The point of his films may not be so sharp that when people see them they automatically feel bitterness toward someone, but his movies are definently not pure slapstick which fulfills the second part of the definition. Brooks never attacked Jewish leadership but his films are anti-authoritarian because he clearly attacks government officials such as the Nazis and the Grand Inquisitor. Since there is constant controversy about Brooks films there is always potential for discomfort to arise. Finally, Brooks leaves out nobody from his satire-Nazis, cowboys, and 15th century Spanish Jews are all satirized and made fun of in these films. Even though some of his scenes or individual jokes are not typical Jewish humor, he is a Jewish comedian who, most importantly, makes Jewish jokes. Brookss movies represent the classical paradox in Jewish humor and Jewish experience between: first, the legitimate pride that Jews have taken in their distinctive and learned religious and ethical tradition and in the remarkable intellectual eminence and entrepreneurial and professional achievement of individual members of their community, and second, the anti-Semitic abuse and denigration from hostile outsiders whose malice was fueled by Jewish autonomy and achievement (Davies 42-43). The greatest lesson that Brooks has to teach American Jews of today is the expansion of our boundaries. Through his use of Jewish humor to topics which where previously considered off-limits, he allows his viewers to cope with painful parts of history which they may not have been able to cope with in the past. Brooks describes his role as a comedian by saying, for every ten Jews beating their breasts, God designated one to be crazy and amuse the breast beaters. By the time I was five I knew I was that one (Friedman 171-172). He explains that his comedy derives from the feeling that, as a Jew and as a person, you dont fit the mainstream of American society. It comes from the realization that even though youre better and smarter, youll never belong (Friedman 172). Mel Brookss experience is very similar to that of every American Jew, and his comedy speaks uniquely to the American Jew. So, even Brookss most offensive work is rooted deeply within both typical Jewish Humor and the modern Jewish experience. The greatest lesson that Brooks has to teach American Jews of today is the expansion of our boundaries. Through his use of Jewish humor to topics which where previously considered off-limits, he allows his viewers to cope with painful parts of history which they may not have been able to cope with in the past. Brooks describes his role as a comedian by saying, for every ten Jews beating their breasts, God designated one to be crazy and amuse the breast beaters. By the time I was five I knew I was that one (Friedman 171-172). He explains that his comedy derives from the feeling that, as a Jew and as a person, you dont fit the mainstream of American society. It comes from the realization that even though youre better and smarter, youll never belong (Friedman 172). Mel Brookss experience is very similar to that of every American Jew, and his comedy speaks uniquely to the American Jew. So, even Brookss most offensive work is rooted deeply within both typical Jewish Humor and the modern Jewish experience.