The Psychology of Attraction: Why We Like Who We Like Essay -- The Sci

Fascination: 1.n. the force or demonstration of drawing in; 2.a attractive or wonderful quality or thing (Merriam-Webster, 2015). Taken legitimately from Merriam-Webster's Dictionary, this definition states in clear, logical terms what fascination is. Notwithstanding, as each human knows, the intensity of fascination goes a long ways past this straightforward explanation, venturing profound into our mind, too into our past. In this paper, the procedures of fascination, its developmental roots and current ramifications are examined, trying to address the inquiry what makes us be pulled in to somebody? Conversation In the quest for an answer, one must start toward the starting that is, toward the start of mankind. As of now, life was just the quest for endurance and multiplication. People, similar to every other creature, battled in rivalry for mates with the best hereditary quality to give to their posterity. Females chose guys that were solid and solid, who could shield them and their young and who could give food and asylum. Guys searched out the same number of youthful, fruitful ladies with whom to mate and pass on their qualities as could be expected under the circumstances. Ancient man had no chance to get of knowing whether a potential mate was healthy, so he figured out how to depend on prompts inserted somewhere down in openings of his mind. Such inclinations grew all around on the grounds that these credits gave flags with regards to the nature of qualities, wellbeing or richness of a mate. After some time, the individuals who had such inclinations (and followed up on them by mating w ith individuals having these characteristics) left all the more enduring kids. Three hypotheses with respect to why these attributes advanced as significant signs exist. The primary hypothesis, the Runaway Selection model, credited to British ge... ... Cowley, Geofery and Karen Spriger (6/03/2012). The Biology of Beauty Newsweek, Vol. 127, Issue 23, p. 60-65 Jewel, Jared (12/2012). The Best Ways to Sell Sex Discover, , Vol.17, Issue 12, p. 78-93 Hotenski, Roberta (07/05/2014). Playing the Mating Game US News and World Report, Vol. 127, Issue 1, p. 56 Kalick et. al (02/07/2011), Blinded By Beauty Science News, Vol. 153, Issue 6, p.91 Merriam-Webster's Dictionary (2015), An Encyclopedia Britannica Company http://www.merriam-webster.com/ Mestel, Rosie (Nov/Dec 2014). What's So Great About 36-24-66? Health, Vol.13, Issue 9, p. 84-87 Morris, Charles G. also, Albert A. Maisto (2014), Psychology, an Introduction (tenth Edition), Prentice Hall, Upper Saddle River, NJ, p.584-586 Turner, Stuart (06-July-2014). Physical Attractiveness Primer Internet Source. (www.dur.ac.uk)

Tanah Lot in Report Text

Tanah Lot Tanah Lot is one of traveler protests in Bali where the guests can see dusk. Tanah Lot situated in Beraban, Tabanan Regency. Tanah Lot as popular as Bedugul. There are two altars over a major stone. One of them is in over the enormous stone and the other one situated in cliff of the stone similiar with Uluwatu hallowed place. Tanah Lots holy place is a piece of Dang Kahyangan sanctum. There are a position of penance a few Gods who keep the ocean. In the north of Tanah Lot, there is a mountain side. This mountain side is corresponding the sanctum and land. The type of this mountain side is bend as a scaffold. Tanah Lot is well known with its lovely dusk. Ordinarily, individuals can see a dusk at 05. 00 p. m. Not just residential tourits who came in this traveler object, yet the vast majority of remote sightseers likewise came in Tanah Lot to see a delightful dusk. There are such a significant number of craftsmanship shops and cafés around Tanah Lot. The guests can result in these present circumstances shop and get some keepsake from that point. The area of Tanah Lot isn't a long way from Kuta. It jus needs around 30 as long as 40 minutes by utilizing a vehicle. Garuda Wisnu Kencana (GWK) Garuda Wisnu Kencana (GWK) Cultural Park is one of traveler ojects in Bali. It situated in Unggasan Jimbaran Bali which acclaimed with its sculpture, GWK sculpture. This sculpture is envision a Wisnu God which is riding a vehicle named Garuda in its elevation 12 m. This sculpture is made by a well known artist in Bali named I Nyoman Nuarta. Garuda Wisnu Kencana (GWK) Cultural Park situated in 146 meters in its length from the land and 263 meters in its elevation from the ocean. This sculpture is anticipated to make a holding impact a sight in 20 km so as to it tends to be seen from Kuta, Sanur, Nusa Dua and Tanah Lot. Sculpture of Garuda Wisnu Kencana is an image of the savety condition and the world. This sculpture is produced using steel and copper of 4000 ton in its weight. It has 75 meters in its height and 60 meters in its width. On the off chance that this sculpture has completed in its fabricated, it will end up being the greatest sculpture in this world since it is greater than Liberty sculpture.

True Tales of Murder and Madness for Every Reader

True Tales of Murder and Madness for Every Reader I’m already on the record here at Book Riot as being a fan of the subtitle â€" the longer and more absurd the better. Two words that I cannot resist in a subtitle are “murder” and “madness,” especially when they’re used together. Usually you find “murder” and “madness” slapped on history books to jazz up what otherwise might seem like boring stories… and the marketing trickery works on me every time. Here are a few books that have caught my eye: For murder, madness and the presidency, check out Destiny of the Republic: A Tale of Madness, Medicine, and the Murder of a President by Candice Millard, the story of James Garfield’s rise from a poverty-stricken childhood in Ohio to his 200 days as president of the United States. For murder, madness and architecture, check out The Devil in the White City: Murder, Magic, and Madness at the Fair That Changed America by Erik Larson, a story about the a deranged serial killer and the Chicago World’s Fair of 1893. For murder and madness in small doses, check out The Devil and Sherlock Holmes: Tales of Murder, Madness, and Obsession by David Grann, a collection of essays about “people whose fixations propel them into unfathomable and often deadly circumstances.” For murder, madness and doctors, check out The Good Nurse: A True Story of Medicine, Madness, and Murder by Charles Graeber, a true crime story about a registered nurse implicated in the deaths of 300 patients. For murder, madness and the entertainment industry, check out Tinseltown: Murder, Morphine, and Madness at the Dawn of Hollywood by William Mann (Oct. 14 from Harper), a new story about an unsolved Hollywood murder in the 1920s. For murder, madness and religion, check out Jesus Freaks: A True Story of Murder and Madness on the Evangelical Edge by Don Lattin, the inside story of The Family International. For murder, madness and a dysfunctional Puritan family, check out The Notorious Elizabeth Tuttle: Marriage, Murder, and Madness in the Family of Jonathan Edwards by Ava Chamberlain, the inside story of a “minor villain” in the life of a great Puritan theologian (this book is on the academic side, so be aware of that if you pick it up). And as a bonus title on murder, madness and the Oxford English Dictionary, check out The Professor and the Madman by Simon Winchester, which was originally titled The Surgeon of Crowthorne: A Tale of Murder, Madness and the Love of Words. What are some of your favorite tales of murder and madness? ____________________ Can we interest you in a bookish t-shirt that not-so-subtly displays your love of reading? Can be yours for less than $20, shipping included. Get it here.

Sizes of Tectonic or Lithospheric Plates

The Effects Of Organic Food On Our Lives - 1581 Words

Our country today is diverse in so many ways; food, music, languages, ethnicities, etcetera. People who live in the United States are from all over the world and therefore, they all have different customs. One thing that everyone shares is the fact we all care about where our food comes from and how it impacts our bodies. Now, some people care about it more than others but we all want to have an idea of where our food is coming from and how it is being produced and imported. One path that people are going down the most is buying organic products. Organic food is not the same as natural food. Many people think they are the same thing but it is a common mistake to believe so. Natural foods are foods that are grown at a farm and the farmer chooses his or her own way of growing the plant or raising the animals. They normally use synthetic or chemical fertilizers, chemical herbicides, and synthetic pesticides when growing their plants. For their meat, dairy, and eggs they give their lives tock growth hormones, non-organic feed, antibiotics, and the animals likely do not have access to the outdoors. Organic foods, however, must follow specific requirements implemented by the USDA, FDA, and NOP. For plants to be classified as organic they must be grown with natural fertilizers, naturally-derived pesticides, and must have crop rotation, hand weeding, mulching, and tiling. For their meat, dairy, and eggs the livestock must be given organic feed, and they must provideShow MoreRelatedOrganic and Inorganic Food683 Words   |  3 PagesBetween Organic and Unorganic Food As we know, food is the most important thing in our lives. We can not live without food, it sounds redundant but that is the reality. Imagine if we do not eat any food in a day, we will get very not powere because we do not get the strength that is contained in food. We realized this important thing and now we have found that there are two types of food, organic and unorganic food. Many people still missunderstanding about the definition of organic and unorganicRead MoreHarmful Effects Of Eating Conventional Food1405 Words   |  6 Pageseveryone knows organic foods have increased in popularity with the idea that it’s healthier than conventional foods. But with the lack of proof many people have a hard time backing up this idea. The nonbelievers would argue the lack of proof is evidence enough to not question conventional methods of making food, yet there remains a large group of people that would argue in favor of organic foods anyway. These organic food supporters tend to base their opinions off of the harmful effects pesticides haveRead MoreOrganic Farming The Eco System Super Hero1477 Words   |  6 PagesOrganic Farming the Eco System Super Hero The agriculture farming industry needs to wake up and see the harm that conventional farming is doing to our beloved planet earth and realize that organic farming could be our planets superhero. Conventional farming uses a high level of nitrogen to help crops grow in mass production. These fertilizers sometimes get into the normal irrigation and eventually end up in rivers and oceans. A 2004 United Nations article estimated that most of the 160 million tonsRead MoreAdvantage Of Organic Food776 Words   |  4 Pagesconsuming organic food, far outweigh the important matters. Organic food precedes a healthful life, in the long term it works in favor of a persons health in general. It also creates more jobs by producing organic food. Animals are organically fed and live in a more acceptable habitat. In recent studies, researchers found that with the significance of living a healthy lifestyle being profusely clear, healthy food alternatives are actually within the public attention. The high demand for organic foodRead MoreOrganic Food : An Art1512 Words   |  7 PagesOrganic Food â€Å"To eat is a necessity, but to eat intelligently is an art† (Francois De La Rochefoucauld). For the past few years’ organic food has become very popular among today’s society. The topic has been spread across headlines of magazines for example, men’s and women’s health magazine. Organic food has made for some very intriguing and diverse conversions on documentaries, talk shows, and health seminars. Organic food is plain and simple it is the process inRead MoreThe Benefits of Organic Food to Human Health1193 Words   |  5 PagesThe benefits of organic food to human health. Organic refers to the way agricultural foods is produced and processed. It is using methods and materials that are of low impact to the environment. And the primary goal is to optimize the health and productivity of interdependent communities of soil life, plants and people. Research published in a 2001 study showed that the current fruit and vegetables that are conventionally grown in the United States have about half the vitamin content of theirRead MoreOrganic Futures : The Case Of Organic Farming1213 Words   |  5 PagesWith third world countries barely beginning modern day agriculture practices, they are looking for an easy, effective, sustainable, method to produce food for themselves and their families. Adrian Myers the author of Organic Futures: the Case of Organic Farming writes: â€Å"†¦with the recent growth of organic and sustainable agriculture in Third World countries, are extremely hopeful signs. The thought, therefore, of writing about the worst aspects of con ventional farming was daunting† (Myers 87). TheseRead MoreAre Gmos Beneficial For Human Consumption?1407 Words   |  6 Pages(GMOs), most of us will readily agree that consumption of GMOs will cause long-term health concerns. A number of people who have been consuming GMOs have recently suggested, that GMOs are safe to consume because they have better nutrition’s than organic foods do. Where this agreement usually ends, however, is on the question of are GMOs beneficial for human consumption? Genetically Modified Organisms are living organisms whose genetic material has been manipulated in a laboratory through genetic engineeringRead MoreHow Junk Food Could End Obesity1569 Words   |  7 Pagesenergy-rich foods. And undeniably, this love affair has led to an obesity epidemic. In spite of the evidence against processed food, however, there are some who believe the problem may hold the key to the solution. David Freedman, author of â€Å"How Junk Food Could End Obesity,† criticizes Michael Pollan for his argument in support of unprocessed, local foods due its impracticality. Freedman’s criticism is based on the idea that â€Å"It makes a lot more sense to look for small, beneficial changes in food than itRead MoreThe Use Of Pesticides And Growth Hormone1530 Words   |  7 Pagescontinuing to increase, the demand for food is higher than ever. A growing population means more demand on food. â€Å"The world population will rise to 9.3 billion in 2050 and surp ass 10 billion by the end of this century.† (Sanyal) This should say something about our growing population that is still continuing to grow to this day. This increase in food demand also calls for more efficient ways of growing and providing food without causing any damage to our environment or our health. Two methods that can be

Home Schooling’s Net Effects Free Essays

The article found in the Washington Post on July 16,2000, addresses the role of the Internet in aiding home schooling. The Internet is revolutionizing the growing home-schooling movement. The Internet makes home-schooling a more popular option because of its vast capabilities. We will write a custom essay sample on Home Schooling’s Net Effects or any similar topic only for you Order Now It is a key tool in education, serving as a teacher, textbook, and even a library. The concept of home schooling is not new, however, the ideas of cyberschools and â€Å"e-teachers† are. Through the use of a computer, school-age children can actually enroll in an â€Å"e-school† and take classes. These classes include a normal curriculum, and the Internet is able to expand these classes to include virtually anything. â€Å"E-teachers† post lecture notes, direct students to various web-sites and links for reading and visual material, hold discussion questions in chat rooms, and even conduct parent-teacher conferences. Almost 100% of schoolwork is completed and turned-in online. Students download worksheets, submit them to their â€Å"e-teacher† who grades them and returns them. E-students† are expected to complete projects, tests, and even take field trips. They interact with other students in their virtual classroom via chat-rooms. In this course, we are learning how computers and computer information can provide a foundation in other courses. Computers help us with research, communication, and writing. The uses of the Internet and the World Wide Web are incorporated in daily life, and can be used for business, education, or pleasure. Cyberschools make use of computer technology as a tool for learning. Many advocates of â€Å"E-schools† feel that the combination of home-schooling and the Internet allow for a more individualized curriculum For parents, online courses make instructional work easier and free-up their time so that they can continue to work full-time jobs. Also, parents feel reassured that â€Å"e-teachers† are adequately teaching their children classes that they themselves don†t feel qualified to teach. Many parents are now opting for â€Å"e-schools† because of their reservations concerning the safety and quality of traditional schools. Some argue that the idea of cyberschools is detrimental to children†s† social and emotional development. Critics are concerned that children taught at home are not properly socialized. They feel that children need to interact with teachers and peers in a traditional classroom setting, not over a keyboard. Also, â€Å"e-schools† detract from what should be the purpose of home schooling, bringing together the parent and the child. The ultimate challenge of cyberschools is the students. Students are highly susceptible to slacking-off when they don†t have a school bell ringing in the morning. These students must learn that discipline (regarding schoolwork) comes from within. Additional concerns about â€Å"e-schools† are that the courses teach students to rely too heavily on Web sites rather than books for information. Also, many fear that these cyberschools are unaccredited and employ uncertified teachers. Although I have never taken a full curriculum online, I have however taken a class online. I owe the Internet a big thanks, because without the option of â€Å"e-school† I would not have graduated on time. In order to fulfill my graduation requirements, I had to take a math class, which was not being offered at my high school in Amman, Jordan. My advisor immediately asked me how I felt about taking a class online, and I was thrilled with the idea. I was a pioneer of ACS (my high school), I was the first person to take a class online. The experience was fun, but I wouldn†t say that it was very educational. The biggest difficulty I faced, was my lack of self-discipline to actually log on to my virtual classroom and do my assignments. It was tough for me to learn math without having a teacher to help me hands-on. Also, the temptation of â€Å"surfing the net† seemed to take over every time I was supposed to be in my virtual classroom. I often found myself checking my e-mail, shopping online etc. Towards the end of the semester, I dreaded having to sit in front of the computer for my math class. For many, cyberschool is a great option, allowing them an individualized curriculum and teaching responsibility and self-discipline. For example, the Internet makes it possible for people with physical disabilities to obtain an education from their own home. For others (such as myself), it may not be well suited. This may be because they need more structure, more personal and hands-on attention or various other reasons. I applaud computer technology because it has made virtually anything possible. I am greatly concerned that â€Å"e-school† impairs socialization because of the lack of interpersonal relationships and interaction. A family who chooses cyberschool for their children, must be prepared to provide structure and interaction for their kids. The Internet also expands the realm of knowledge and provides an alternative to traditional classrooms and teaching. The Internet is one of many educational tools, allowing us to broaden our horizons of research and communication. How to cite Home Schooling’s Net Effects, Papers

Home Schooling’s Net Effects Free Essays

The article found in the Washington Post on July 16,2000, addresses the role of the Internet in aiding home schooling. The Internet is revolutionizing the growing home-schooling movement. The Internet makes home-schooling a more popular option because of its vast capabilities. We will write a custom essay sample on Home Schooling’s Net Effects or any similar topic only for you Order Now It is a key tool in education, serving as a teacher, textbook, and even a library. The concept of home schooling is not new, however, the ideas of cyberschools and â€Å"e-teachers† are. Through the use of a computer, school-age children can actually enroll in an â€Å"e-school† and take classes. These classes include a normal curriculum, and the Internet is able to expand these classes to include virtually anything. â€Å"E-teachers† post lecture notes, direct students to various web-sites and links for reading and visual material, hold discussion questions in chat rooms, and even conduct parent-teacher conferences. Almost 100% of schoolwork is completed and turned-in online. Students download worksheets, submit them to their â€Å"e-teacher† who grades them and returns them. E-students† are expected to complete projects, tests, and even take field trips. They interact with other students in their virtual classroom via chat-rooms. In this course, we are learning how computers and computer information can provide a foundation in other courses. Computers help us with research, communication, and writing. The uses of the Internet and the World Wide Web are incorporated in daily life, and can be used for business, education, or pleasure. Cyberschools make use of computer technology as a tool for learning. Many advocates of â€Å"E-schools† feel that the combination of home-schooling and the Internet allow for a more individualized curriculum For parents, online courses make instructional work easier and free-up their time so that they can continue to work full-time jobs. Also, parents feel reassured that â€Å"e-teachers† are adequately teaching their children classes that they themselves don†t feel qualified to teach. Many parents are now opting for â€Å"e-schools† because of their reservations concerning the safety and quality of traditional schools. Some argue that the idea of cyberschools is detrimental to children†s† social and emotional development. Critics are concerned that children taught at home are not properly socialized. They feel that children need to interact with teachers and peers in a traditional classroom setting, not over a keyboard. Also, â€Å"e-schools† detract from what should be the purpose of home schooling, bringing together the parent and the child. The ultimate challenge of cyberschools is the students. Students are highly susceptible to slacking-off when they don†t have a school bell ringing in the morning. These students must learn that discipline (regarding schoolwork) comes from within. Additional concerns about â€Å"e-schools† are that the courses teach students to rely too heavily on Web sites rather than books for information. Also, many fear that these cyberschools are unaccredited and employ uncertified teachers. Although I have never taken a full curriculum online, I have however taken a class online. I owe the Internet a big thanks, because without the option of â€Å"e-school† I would not have graduated on time. In order to fulfill my graduation requirements, I had to take a math class, which was not being offered at my high school in Amman, Jordan. My advisor immediately asked me how I felt about taking a class online, and I was thrilled with the idea. I was a pioneer of ACS (my high school), I was the first person to take a class online. The experience was fun, but I wouldn†t say that it was very educational. The biggest difficulty I faced, was my lack of self-discipline to actually log on to my virtual classroom and do my assignments. It was tough for me to learn math without having a teacher to help me hands-on. Also, the temptation of â€Å"surfing the net† seemed to take over every time I was supposed to be in my virtual classroom. I often found myself checking my e-mail, shopping online etc. Towards the end of the semester, I dreaded having to sit in front of the computer for my math class. For many, cyberschool is a great option, allowing them an individualized curriculum and teaching responsibility and self-discipline. For example, the Internet makes it possible for people with physical disabilities to obtain an education from their own home. For others (such as myself), it may not be well suited. This may be because they need more structure, more personal and hands-on attention or various other reasons. I applaud computer technology because it has made virtually anything possible. I am greatly concerned that â€Å"e-school† impairs socialization because of the lack of interpersonal relationships and interaction. A family who chooses cyberschool for their children, must be prepared to provide structure and interaction for their kids. The Internet also expands the realm of knowledge and provides an alternative to traditional classrooms and teaching. The Internet is one of many educational tools, allowing us to broaden our horizons of research and communication. How to cite Home Schooling’s Net Effects, Papers

Respone to Literature The Fellowship of The Ring Essay Example For Students

Respone to Literature: The Fellowship of The Ring Essay Response to LiteratureIn all genres and styles of writing, character dependencies are developed. The good guy always depends on his friends, the bad guy never depends on anything except evil. Such dependencies are developed in JRR Tolkiens Fellowship of The Ring. The most prevalent of these is the one between Bilbo and Frodo Baggins. These two characters are brought together and bonded in a variety of ways. Frodo was always fascinated and interested in Bilbos telling of experiences and adventures he has had, tales which he by no means hesitates to share. Early on in the novel Bilbo realizes he is not as young as he used to be, because of this he decides that he must choose an heir to his fortune and belongings. He chooses Frodo, the son of his favorite sister, for this role. Frodo moves in with Bilbo and adopts his name. Bilbo needed this to happen so that he could feel refreshed and reclaim some of his youth. Frodo needs Bilbo to teach him in the ways of life and to help him develop as a person. Bilbo needs Frodo to revive his life and to have somebody to share his life with and keep him company. It is a swinging door relationship, in the sense that they both benefit from it and they both develop and learn more about each other. Bilbo and Frodo share a mutual companion and guide, Gandalf, the good wizard. Early on in the book Bilbo decides that he wishes to take one last journey before he dies and that he must take it alone. Gandalf helps him prepare for this trip and Bilbo leaves in front of the entire town at his own birthday party. Everybody is confused because the way in which he disappeared was magical, through the assistance of a special ring of power. Before Bilbo departs he leaves the ring to Frodo. Later, Gandalf informs Frodo that he must take a quest to The Crack of Doom to destroy the ring before a dark enemy is able to obtain it and add it to the other rings which he has already acquired giving him absolute power. Even through out this journey which was endlessly wearisome and packed with traumatic events, Frodo feels the need for the presence of Bilbo. This feeling expressed is expressed in a pivotal point in the novel. Frodo is in the recovery process from an injury inflicted by an evil blade wielded by the enemy, he is telling the tale to Gandalf, then he says;Dear Bilbo! I wonder where he is. I wish he was here and could hearall about it. It would have made him laugh. -Page 218 This tells us that even when Frodo was nearly at deaths door, he still longs for Bilbo, meaning that he is as a father figure to Frodo and he wants him to be there to comfort him in this time. In the process of all this, a second very strong character dependency is developed, one between Frodo and Gandalf. Frodo depends on Gandalf for guidance, support and wisdom for the long journey ahead of him. Gandalf depends on Frodo to provide him with further insight and information as to the potential of a hobbits (the type of creature Frodo and Bilbo are) fortitude. Gandalf tells Frodo what to pack for his journey, supplies him with a fake name as to not reveal to the enemy the route by which he is traveling, and instructs him to buy a new house out in the country side so that his absence will not be noted until he is several days into his journey. Gandalf not only makes sure that the beginning of their journey is successful, he tells certain trusted friends of his along the way to watch out for them and to provide shelter and protection if they need it. One such friend was Strider. Strider becomes a major part in the novel, saving Frodo and his traveling company form danger many times, and also helping them to get to their destination in much less time than they originally would have. It is revealed to us several times throughout the novel that Gandalf has personal feelings for Frodo such as in the scene shortly after the quote from above Gandalf says to himself after noticing that Frodo still has taints of evil about his wound:Still that must be expected. He is not half through yet,and to what he will come to in the end not even Elrondcan foretell. Not to evil I think. He may become like a glass filled with a clear light for eyes to see that can. .ued3f4c63b0b8cbc6752c6f6320bfab4f , .ued3f4c63b0b8cbc6752c6f6320bfab4f .postImageUrl , .ued3f4c63b0b8cbc6752c6f6320bfab4f .centered-text-area { min-height: 80px; position: relative; } .ued3f4c63b0b8cbc6752c6f6320bfab4f , .ued3f4c63b0b8cbc6752c6f6320bfab4f:hover , .ued3f4c63b0b8cbc6752c6f6320bfab4f:visited , .ued3f4c63b0b8cbc6752c6f6320bfab4f:active { border:0!important; } .ued3f4c63b0b8cbc6752c6f6320bfab4f .clearfix:after { content: ""; display: table; clear: both; } .ued3f4c63b0b8cbc6752c6f6320bfab4f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ued3f4c63b0b8cbc6752c6f6320bfab4f:active , .ued3f4c63b0b8cbc6752c6f6320bfab4f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ued3f4c63b0b8cbc6752c6f6320bfab4f .centered-text-area { width: 100%; position: relative ; } .ued3f4c63b0b8cbc6752c6f6320bfab4f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ued3f4c63b0b8cbc6752c6f6320bfab4f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ued3f4c63b0b8cbc6752c6f6320bfab4f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ued3f4c63b0b8cbc6752c6f6320bfab4f:hover .ctaButton { background-color: #34495E!important; } .ued3f4c63b0b8cbc6752c6f6320bfab4f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ued3f4c63b0b8cbc6752c6f6320bfab4f .ued3f4c63b0b8cbc6752c6f6320bfab4f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ued3f4c63b0b8cbc6752c6f6320bfab4f:after { content: ""; display: block; clear: both; } READ: Biotechnology Essay-Page 217Many characters had dependencies in this novel, which is one of the best selling of all times, but the one that originated them was the bond between Bilbo and Frodo Baggins living together in their little home where two epic journeys changing the course of their world originated from. Words/ Pages : 820 / 24

Problem Solving free essay sample

I have worked in the restaurant field for over 6years and it can be very stressful. In this field I have encountered many problems especially since my promotion. Being that I was a waitress for 4 years and then being promoted as manager. I feel I have encountered more problems now than ever. I believe a lot of my staff has a problem with transition. I have worked around many of my coworkers for so long that I do not believe they see the difference in me as a manager now and a waitress then. I have bonded so much with my fellow coworkers that I believe I am reason for occurring issues we may have. One of the main reasons I accepted the position was for growth. I wanted the company to succeed and make more money than ever. Being that I was once in their place one would think they would understand. We will write a custom essay sample on Problem Solving or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As a manager I try be firm and always stand my ground. When I was serving one of my biggest issues with my managers was communication. As a manager I wanted people to know what they are supposed to do and what is expected of them. Real managers are individuals I believe are relentless communicators who speak clearly listen always, and learn from what they see and hear. Part of being an effective communicator is being seen as well as heard. Good communicators also learn to ask questions as a means of finding out what is going on and also demonstrating that they care. As a manager I try to use y previous experience as a waitress to reflect on my position today. Nevertheless I still have the non-believers who doubt my intentions. Even with these problems I still focus on the issues at hand. Not only am I manager I am a leader. Every day I continue to motivate my team to peak performance. I believe that motivating a team is worthless unless I can provide direction, unless I can turn that motivation toward a goal and lead the team to it. One day I decided to have a meeting before the shift stared and see what where their main concerns with me as a manager. They complain about hosting issues, Tip out, and issues with the time for getting bar drinks. As far as I know from the servers their issues with the host were double seating them and not giving them time to greet the next customer in sufficient time. My solution was to talk to the host and to get them to better communicate with the servers so this problem would not continue. So far I have not heard anything so I believe that the problem is under control. Another issue they had was tipping out the bussers. Their concern was that the waitress did more that pre bus the tables so they felt they should not have to tip the busser. So I had to do a little investigating and I spoke with some of the bussers and they inform me that the servers intentionally bus their tables so they would not have to tip out. I spoke with servers and inform them all that they know what policy is and is not for them to bus their own tables. I also mentioned that maybe that is why they are having problems with greeting their tables on time. I explain to the server that had they come to me sooner they would not have these issues. Last but not least the server last concern was about getting their bar drinks out in a timely manner. So I had to go speak with my bartenders and see what their take on the situation was. The bartenders felt like they were understaffed and it was not enough people to run the bar and get the servers drinks also. So After watching the bartenders for about 5 shifts I decided it was time to hire another bartender. Since I made these changes with the staff I have notice a difference with the way every one works. I finally felt like we were getting somewhere with the restaurant. Problem solving free essay sample This time, each of Mr. Hodges children wants the same color gumball out of the three-color gumball machine. What is the most amount of money that Mr. Hodges would have to spend on his triplets in order to get them each the same color gumballs? Process: In the process of solving the first question I drew up different color gumballs. These are both the different colored gumballs. If this was the outcome after spending two pennies on two gumballs, then the next gumball would have to be one of the previous color gumballs that already came out of the machine. For the next scenario it was a little trickier that the first problem. Since there were still only two children involved and there were three colored gumballs it wasn’t too hard. Once again, I drew up the three different colored gumballs in the gumball machine. The gumballs were red, white, and blue. We will write a custom essay sample on Problem solving or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page These colors can be the color of the gumballs that come out of the gumball machine. The last gumball that would come out of the machine would make a set of two of the same color gumballs which would make the overall total of money spent 4 cents. For the last scenario, there were still only three different color gumballs in the gumball machine. But this time there were three kids. So I drew up another set of possible gumballs that could roll out of the machine. If this happened, then the last gumball will be either red white or blue, and the last gumball would allow each of the triplets to have the same color gumball. Soltuion: I actually received help from a friend of mine in the same cohort on a soulution to use. She explained that an accurate formula to figure out the amount of money to spend would be the number of kids times the number of colors in the gumball machine minus the quuantity of the number of colors minus one. So the formula would look something like this: M=k*c- (c-1) This formula really works and all you do is just plug in the numbers from the senario. For example, in senario one I figured out by myself that three cents is the most amount of money that Ms. Hernandez would have to spend on her children. Evaluation : I consider this POW educationally worthwhile because it enables you to work with real life scenarios. I learned that actually several equations can be used to solve just one problem. I discovered that there are numerous possibilities to solving problems. I would have made the problem better by making it more challenging. I could’ve changed it by increasing the number of children and the number of gumballs in the scenario. I really enjoyed working on POW number four because it was fun to connect and combine candy with math. I think this POW was just right because it was easy doing the first scenario, but trying to figure out a formula to go with all of them was rather difficult. In class, we discussed a total of three problems for the fourth problem of the week. The first problem is that Ms. Hernandez and her twins are walking and see a gumball machine. Ms. Hernandez decides to treat the both of them to a gumball. The twins both want the same color gumball and each gumball costs one cent. Why is three cents the most amount of money that Ms. Hernandez will have to pay in order to get her twins the same colored gumball?

Papers Psychology Research

Papers Psychology Research Papers Psychology Research Papers Psychology Research: Taste of Happiness Colleges, universities, friends, parties, vacations, bright holidays first love All these pleasant and exciting things can be spoiled by papers psychology research writing. Do not let papers psychology research to become a thing, which poisons your happy college life, get rid of papers psychology research writing. We do not advise you to quit your study, we advise you to become a client of custom writing service and to free your life of the hateful papers psychology research writing. Save your health and nerves, they will be useful in your adult life. You Make a Decision! When they say is that students do not have any choice while studying, that if they have received a task to write papers psychology research proposals UK they can do nothing but write it or otherwise they will be excluded from the higher educational establishment and will loose the marvelous opportunity to build their career, they are lying to you. This is not t rue. We all always have our own choices, and students are not the exception. When they have received a task to write papers psychology research, they can either write it or order it to be written for them within our custom essay writing service. We do not provoke students not to write their papers psychology research, and do not make any propaganda of buying their papers psychology research.If a student has a desire and time to write papers psychology research on his or her own, we are ready to support such a student with all the necessary information at the subject of papers psychology research writing free of charge. Just visit our custom writing and find all the necessary material, including tips and advices of how to cope with papers psychology research writing in a successful way. By offering our servicing, we just want to help those students who do not have either opportunity or desire to write their papers psychology research on their own. If You Decide To Use Our Service s Therefore, if you are that one who prefers not to write but to buy papers psychology research, welcome to our custom writing site. If you use our servicing, you will get the guarantee of A+ grade for your papers psychology research presentation. That is why do not spoil your life with deadlines of papers psychology research presenting, buy your papers psychology research and lead a full-fledged life with all those happiness a student should taste while studying instead of torturing yourself with papers psychology research writing.

Pharmaceutical Industry Essay Example | Topics and Well Written Essays - 500 words - 1

Pharmaceutical Industry - Essay Example This guarantees the evaluation of all pharmaceutical products in America where the Food and Drug Administration regards them as both safe and effective before the product can be widely distributed and sold (Laws.com, 2013). Failure to understand the medication or conduct thorough clinical trials of the product by a pharmaceutical company in this industry attracts civil lawsuits (Laws.com, 2013). The most popular pharmaceutical companies in this industry include GlaxoSmithKline, Pfizer, and AstraZeneca (Association of the British Pharmaceutical Industry, 2011) where pharmaceutical companies from the United States dominate the industry (WHO, 2014).Pfizer Inc. is one of the largest pharmaceutical companies in the world in terms of revenues. Headquartered in New York City, Pfizer Inc. is an American multinational pharmaceutical corporation and the world's largest research-based pharmaceutical company (Pfizer Inc, 2013). The company does its research in Connecticut, United States. It reco rded US$ 58.98 billion revenues in 2012 (Pfizer Inc, 2013). Johnson & Johnson is another American multinational pharmaceutical company that embraces research and science with an aim of bringing innovative ideas, products and services to advance the health and well-being of people (Johnson & Johnson Services, Inc, 2014). Headquartered in New Brunswick, New Jersey USA, Johnson & Johnson is the world’s largest and most diverse medical devices and diagnostics company (Johnson & Johnson Services, Inc, 2014).

Electronic stethoscope Lab Report Example | Topics and Well Written Essays - 2500 words

Electronic stethoscope - Lab Report Example Components functions LM386 Low Voltage Audio Power Amplifier is an auditory amplifier designed for exploitation in low electrical energy consumer purpose which provides both current gain and voltage for signals. Hence, power amp with variable gain is considered with the assistance of op-amp LM386. It acts as a low-noise microphone pre-amp. Its gain is approximately 3.9 because the high productivity impedance of the exhaust of the FET within the electrets microphone makes efficient input resistor to be approximately 12.2K. MPF102 Transistors’ purpose is to manage current by an electric field; voltage produces only a small raise in drain current. 1K Ohm 1/4-Watt Carbon Film Resistor provides accurate amounts of resistance in electric circuits. Resistors are marked both in regards to their resistance (1K ohms) and their capability to dissipate high temperature energy (1/4-watts). 1M Ohm 1/4-Watt Carbon Film Resistor refers to 1M ohm resistance and a quarter heat dissipation. 10 o hm 1/4W 5% Carbon Film Resistor and 4.7K Ohm 1/4-Watt Carbon Film Resistor likewise give the corresponding resistance and dissipation. (x2) 0.047 µF 50V 10% PC-Mount Capacitor separates the microphone route from the LM324 quadruple functioning amplifier. This way, the LM386 can operate at the full 12 V without hindering the voltage of the microphone circuit. 0.1 µF 50V Hi-Q Ceramic Disc Capacitor also operates on the same basis of the above capacitors, however, in regards to its ratings. Project Enclosure (3X2X1") has Project Box, Aluminum Lid and Plastic lid. This enclosure comprises four standoffs in the base corners to sustain a PC board. Standoffs are 1/4" far above the ground with holes that allow sharp 4 screws. Slots are available on all four sides of the apparatus to allow a PC board to be fixed horizontally or vertically alongside the length or breadth of the enclosure. Enclosure has aluminum and plastic lids. Multipurpose Pc Board with 417 Holes is a grid-style PC plan k as the starting point for electronics task. It includes 417 pre-drilled punctures. The board measurements are 1.875 inches by 2.875 inches. JVC GumyEarBuds represent an improvement in comfort, fitting the ear with an exceptional curved housing. The big 0.53" (13.5mm) neodymium components in these blue earbuds convey a superior listening practice. 10K-Ohm Linear-Taper Potentiometer: B10K 17mm With Dust fasten has modifiable top with power of 1/2W, Resistance: 10K OHM OHMS, Knurled Shaft, Shaft Diameter: 6mm, Shaft Length: 10mm, Suits Most Standard knobs, Mounting Hole: 7.5mm and Base Diameter: 16mm. Hexagonal control knob 1-1/4" length by 5/8; Sold in packages of two. 1/8" Mono Panel-Mount Audio Jack; NOTE: This component does come with the anchoring nut to assist in fixing. Specifications:  type: mono, with insert switch, solder connections and in housing. This 6-foot insulated cable features a 1/8" handset plug on each terminals. Shielded to safeguard signal potency and guard a gainst buzz. Also, a 6-foot lead has a 1/8" handset plug on each terminal also insulated to preserve signal power and guard against hum. Fully Insulated 9V Battery Snap Connectors: has 9V snap connector for substitutes or projects. It has color-coded cable leads and also connects to our battery holders that possess snap connectors; it also uses replacements for projects, and its color-coded wire leads to avoid confusion and Package of 5 of the relevant elements. Enercell ® Alkaline 9 Volt Battery is the source of energy (Tang, Guitao & Hao Li, 2010). How does the

Stock Market Performance and the Real Economic Activity

Stock Market Performance and the Real Economic Activity Whether national economy is affecting the stock market or other way round? A lot of studies have done on the past what are relationship of these variables. In my work I have used cointegration and Granger Causality method to find out the relationship between the stock index price and Economic growth indicator GDP. Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Another study from Levine and Zervos (1996) using the data of 24 countries found that a strong positive correlation between stock market development and economic growth. Their expanded study on 49 countries from 1976-1993, they used Stock Market liquidity, Economic growth rate, Capital Accumulating rate and output Growth Rate. They found that all the variables are positively correlated with each other. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. The study was done on 47 countries data using cross sectional analysis. In theory the conventional literature on growth was not sufficient enough to look for the connection between financial development and economic growth and the reason is they were focused on the steady state level of capital stock per workerof productivity. And they were not really concentrated on the rate of growth. Actually the main concern was legitimated to exogenous technical progress. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935; basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As, they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gr owth. (Levine. R A spur to economic Growth) A lot of research has established that future economic growth is influenced by countrys financial growth, stock market index returns are another factor of economic growth. The researcher focused to extend their study; they tie together these two strings and started analyzing the relationship between banking industry, stock returns and future economic growth. Research was done on 18 developed and 18 emerging markets and the results are positive and noteworthy relationship between future GDP and stock returns. Few important features can also be predicted such as bank-accounting-disclosure standards, banking crises, insider trading law enforcement and government ownership of banks. (Bank stock returns and economic growth q Rebel A. Cole a, Fariborz Moshirian b,*, Qiongbing Wu c a Department of Finance, DePaul University, Chicago, IL 60604, USA b School of Banking and Finance, The University of New South Wales, Sydney, NSW 2052, Australia c Newcastle raduate School of Business, The University of Newcastle, Newcastle, NSW 2300, Australia Received 29 September 2006; accepted 26 July 2007Available online 21 September 2007) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 Tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. A study by Randall Filler(2000) using 70 countries data over the period 1985-1997 proves that there is a very little relationship between economic growth and stock market especially in developing countries and currency appreciation has occurred. From the result of the study we can see that an important role may be played by the stock market in an economy, and these are not essential for economic growth. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Cointegration long term common stochastic trend between non stationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called co integrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationary of variables. The unit root test is usually used to confirm stationary of a series. The ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). In this study I have used Augmented Dickey Fuller Test (ADF) to check whether the series is stationary or not. ADF test is based on the estimate of the following regression: is in this case variable of interest = , is the differencing operator, t is the time trend and is the random component of zero mean and constant variance. The parameters to be estimated are { } Null and alternative hypothesis of unit root test are: , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co–integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the non stationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. After that I saved the residual from the above equation. Then, = – is representing the estimated residual vector. If the residual is integrated with order zero that means the series for the residual is stationary, and and are then co integrated and vice versa. I have checked it by performing Augmented Dickey fuller test on the residual series on level value with intercept only of each country. An in this situation (1, -) is called co-integrating vector if the series is stationary. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this is strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger causality approach (1969), lets think the variable y is Economic Growth (GDP) and x is Stock price index, if it is possible to predict the past values of y and x than from the lagged values of y alone. X is said to be granger caused by and y is helping in predicting it. in case of a simple bivariate model, causality can be tested between stock market growth and economic growth. Granger causality run on the basis of the following bivariate regressions of the form: (1) (2) Where GDP denotes economic growth and SP denotes the stock price index and they explain the changes in growth. Variables are expressed in logarithm form. The distribution of and are uncorrelated by assumption. From the equation one it can be said that current GDP is related to lagged values of itself and as well as that of SP. And equation 2 postulates same kind of behaviour for SP. Both the equations can be obtained by ordinary least squares (OLS). The f statistics are the Wald statistics for the joint hypothesis: and F test is carried out for the null hypothesis of no Granger causality. The formula of f statistic is Lagged term is defined here by m; number of parameter is defined as k. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test USA t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% Stock Market Performance and the Real Economic Activity Stock Market Performance and the Real Economic Activity Whether national economy is affecting the stock market or other way round? A lot of studies have done on the past what are relationship of these variables. In my work I have used cointegration and Granger Causality method to find out the relationship between the stock index price and Economic growth indicator GDP. Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Another study from Levine and Zervos (1996) using the data of 24 countries found that a strong positive correlation between stock market development and economic growth. Their expanded study on 49 countries from 1976-1993, they used Stock Market liquidity, Economic growth rate, Capital Accumulating rate and output Growth Rate. They found that all the variables are positively correlated with each other. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. The study was done on 47 countries data using cross sectional analysis. In theory the conventional literature on growth was not sufficient enough to look for the connection between financial development and economic growth and the reason is they were focused on the steady state level of capital stock per workerof productivity. And they were not really concentrated on the rate of growth. Actually the main concern was legitimated to exogenous technical progress. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935; basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As, they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gr owth. (Levine. R A spur to economic Growth) A lot of research has established that future economic growth is influenced by countrys financial growth, stock market index returns are another factor of economic growth. The researcher focused to extend their study; they tie together these two strings and started analyzing the relationship between banking industry, stock returns and future economic growth. Research was done on 18 developed and 18 emerging markets and the results are positive and noteworthy relationship between future GDP and stock returns. Few important features can also be predicted such as bank-accounting-disclosure standards, banking crises, insider trading law enforcement and government ownership of banks. (Bank stock returns and economic growth q Rebel A. Cole a, Fariborz Moshirian b,*, Qiongbing Wu c a Department of Finance, DePaul University, Chicago, IL 60604, USA b School of Banking and Finance, The University of New South Wales, Sydney, NSW 2052, Australia c Newcastle raduate School of Business, The University of Newcastle, Newcastle, NSW 2300, Australia Received 29 September 2006; accepted 26 July 2007Available online 21 September 2007) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 Tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. A study by Randall Filler(2000) using 70 countries data over the period 1985-1997 proves that there is a very little relationship between economic growth and stock market especially in developing countries and currency appreciation has occurred. From the result of the study we can see that an important role may be played by the stock market in an economy, and these are not essential for economic growth. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Cointegration long term common stochastic trend between non stationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called co integrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationary of variables. The unit root test is usually used to confirm stationary of a series. The ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). In this study I have used Augmented Dickey Fuller Test (ADF) to check whether the series is stationary or not. ADF test is based on the estimate of the following regression: is in this case variable of interest = , is the differencing operator, t is the time trend and is the random component of zero mean and constant variance. The parameters to be estimated are { } Null and alternative hypothesis of unit root test are: , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co–integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the non stationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. After that I saved the residual from the above equation. Then, = – is representing the estimated residual vector. If the residual is integrated with order zero that means the series for the residual is stationary, and and are then co integrated and vice versa. I have checked it by performing Augmented Dickey fuller test on the residual series on level value with intercept only of each country. An in this situation (1, -) is called co-integrating vector if the series is stationary. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this is strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger causality approach (1969), lets think the variable y is Economic Growth (GDP) and x is Stock price index, if it is possible to predict the past values of y and x than from the lagged values of y alone. X is said to be granger caused by and y is helping in predicting it. in case of a simple bivariate model, causality can be tested between stock market growth and economic growth. Granger causality run on the basis of the following bivariate regressions of the form: (1) (2) Where GDP denotes economic growth and SP denotes the stock price index and they explain the changes in growth. Variables are expressed in logarithm form. The distribution of and are uncorrelated by assumption. From the equation one it can be said that current GDP is related to lagged values of itself and as well as that of SP. And equation 2 postulates same kind of behaviour for SP. Both the equations can be obtained by ordinary least squares (OLS). The f statistics are the Wald statistics for the joint hypothesis: and F test is carried out for the null hypothesis of no Granger causality. The formula of f statistic is Lagged term is defined here by m; number of parameter is defined as k. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test USA t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1%