Plato’s theory of Forms

Structures are characterized as the items or â€Å"things† we accept to find in which are not truly there, however in the structure where they are seen. These Forms portrayed in Plat's hypothesis are just mentally grasped not genuinely. To Plato, nothing that is physical can be â€Å"Perfect,† ideal just exists in principle. In any case, these Forms are not Ideas, just on the grounds that these structures existed before anybody was around to envision these things.There were consistently â€Å"things† in shapes, or devoted things, or amounts of things before there were individuals having thoughts or offering names to these things. Plato knew about the physical feeling of things, yet accepted they had a lesser reality since they can generally estimated their structure and are consistently somewhat imperfect. Aristotle then again, couldn't help contradicting Plato on his hypothesis of structures since he trusted Plat's hypothesis to be inane. Aristotle contention ag ainst Plato Is alluded to as the Third man Argument.Aristotle accepted that if everything is detached by some kind of outside structure that relates everything together, there must be another structure interfacing that structure with the primary structure, etc. He saw the structures as Universals-Something that beyond what one Individual can be. Saying that something can be associated with more than a certain something, so circularity, magnificence, hugeness and greenness are instances of universals since beyond what one thing can be round, lovely, enormous or green. So individuals, or creatures or plants are not universals they are points of interest on the grounds that just a single thing can be these things.I concur with Aristotle on his Idea of refuting Plato with universals and specifics. I believe that these structures can't Just end with one thing in like manner, that beyond what one descriptor can be depicted per object. On the off chance that something Is round and that Is what Is in like manner, state the model are coins, they can likewise be silver, furrowed, little, enormous, substantial, light, there are numerous methods of depicting an article and their structures would be ceaseless. Plat's hypothesis of Forms By sod hugger's he trusted Plat's hypothesis to be meaningless.Aristotle contention against Plato is structures as Universals-something that beyond what one individual can be. Saying that I concur with Aristotle on his concept of refuting Plato with universals and specifics. I feel that these structures can't Just end with one thing in like manner, that beyond what one modifier can be depicted per object. In the event that something is round and that is what is in like manner, state the model are coins, they can likewise be silver, furrowed, little, enormous, substantial, light, there are numerous methods of portraying an item and their structures

Northern Californias Coastal Redwoods :: Essays Papers

Northern California's Coastal Redwoods ~A Brief Overview ~ cutting apparatus rising, crying out of a cut, falling bang of a log, limbed and kicked and stacked furthermore, where it overflows shakes as though another truck pulling back up the edge, vacant just there- - there was no consultation it just water and the stone where it turns the water singing the backwoods chop down furthermore, there just stone to hear it fall. Diagram The normal Redwood's life expectancies from around 800 to 1500 years. These anciet Redwoods were here when the dinosaurs meandered the earth, and 65 million years after the fact we would now be able to walk around these living antiques in waterfront California. Regularly individuals feel that redwood backwoods are made up completely of redwoods. In any case, that isn't so- - a solid old-development redwood woodland is a blend of redwoods, deciduous trees, plants, vines, blossoms and untamed life. Goliath redwoods are so tall, thick, thus swarmed in the overhang, that some ground regions once in a while observe the daylight, and little develops underneath these enormous monsters. However, at whatever point a tree falls by Mother Nature or man, it leaves a vast opening, that goes took note. Chart Redwoods were named for the shade of their bark and heartwood. These trees have a high protection from growth and ailments because of the high tanin content in the wood. The thick, stringy bark has a significantly higher substance, and goes about as a cover from intermittent flames which have tormented the field for a considerable length of time. In spite of the fact that these trees are colossal, they have fragile foliage. The needles are limited and sharp-pointed, and consolidate to shape fluffy splashes. The cones are an inch long and commonly contain fourteen to twenty-four seeds. The more established trees posterity sprout structure their folks' underlying foundations so as to exploit the set up root framework. Diagram

Sample Grad School Recommendation Letter by a Professor

Test Grad School Recommendation Letter by a Professor Fruitful doctoral level college applications are joined by a few, generally three, suggestion letters. A large portion of your alumni confirmations letters will be composed by your teachers. The best letters are composed by educators who realize you well and can transfer your qualities and guarantee for graduate investigation. The following is a case of a supportive proposal letter for admission to graduate school. What Effective Recommendation Letters Should Include A clarification of the setting where the understudy is known (study hall, advisee, look into, etc.)The evaluationData to help the assessment. For what reason is the understudy a decent wagered? What shows that the individual will be a skillful alumni understudy and, in the end, proficient? A letter that doesn't give subtleties to help explanations about the competitor isn't useful. What to Write The following is a layout to assist you with sorting out your thoughts as you make an understudies letter out of suggestion. Area headers/clarifications are in strong (dont incorporate these in your letter). Consideration: Admissions Committee [if a particular contact is given, address as indicated] Presentation: I am keeping in touch with you on the side of [Student Full Name] and [his/her] want to go to [University Name] for the [Program Title] program. Despite the fact that numerous understudies request that I make this solicitation for their sake, I just suggest understudies whom I feel are appropriate for their preferred program. [Student Full Name] is one of those understudies. I profoundly [recommend, suggest decisively; as appropriate]â [he/she] be allowed the chance to go to your college. The Context in Which You Know the Student: As Professor of Biology at University Name, for X years, I have experienced numerous understudies in my study hall and lab [edit as appropriate]. Just a little bunch of remarkable understudies offer a one of a kind point of view and truly grasp their learning of the topic. [Student Name] has reliably demonstrated guarantee and responsibility, as showed underneath. I initially met StudentName in my [Course Title] course during the [Season and Year] semester. Contrasted with the class normal of [Class Average], [Mr./Ms. Last Name] earned a [Grade] in the class. [Mr./Ms. Keep going Name] was assessed on [explain reason for grades, e.g., tests, papers, etc.], in which [he/she] performed extraordinarily well. Represent the Students Competencies: Despite the fact that StudentName has reliably surpassed in every aspect of [his/her] coursework, the best case of [his/her] guarantee is demonstrated in a [paper/introduction/venture/etc.] on [works title]. The work plainly indicated [his/her] capacity to convey an unmistakable, succinct and all around thought introduction with another point of view by demonstrating.... [embellish here]. [Provide extra models, as fitting. Models that outline inquire about aptitudes and ​interests, just as manners by which you have worked intimately with the understudy are especially helpful. This area is the most significant piece of your letter. What can your understudy add to the alumni program and teachers with whom she may work? For what reason is she uncommon - with support?] Shutting: StudentName keeps on dazzling me with [his/her] information, expertise and devotion to [his/her] work. I’m sure you will discover [him/her] to be an exceptionally energetic, able, and submitted understudy who will develop into a fruitful expert [edit as suitable show why]. All things being equal, I enthusiastically suggest [recommend without reservation; most noteworthy proposal; include as appropriate] Student Full Name for admission to the [Graduate Program] at [University]. If it's not too much trouble don't hesitate to get in touch with me on the off chance that you require additional data. Earnestly, [Professors Name][Professors Title][University][Contact information] Suggestion letters are composed in light of a particular understudy. There is no nonexclusive graduate school proposal letter. Consider the above as a guide with regards to the kind of data to incorporate as you compose suggestion letters yet tailor the substance, association, and tone for the specific understudy nearby.

Research Paper Writing Service For Different Types of Students

<h1>Research Paper Writing Service For Different Types of Students</h1><p>A novel method of helping an understudy to gain passing marks is the exploration paper composing administration. This is an extraordinary assistance to understudies who have various interests and are not so much secure with what subject they ought to compose a paper on. The article composing administration can be an ideal assistance to them since it causes them to learn in a deliberate manner how to pick and select great subjects and the best possible language to use recorded as a hard copy them.</p><p></p><p>To address the issues of such understudies, an examination paper composing administration can give them the quality administrations that are very costly yet ensured. Composing research papers and composing articles can get exhausting if a similar subject is being utilized constantly for each and every essay.</p><p></p><p>Essay composing admi nistration is generally appropriate for understudies who have no clue about how to compose papers. This is on the grounds that they have various interests and have various characters and an assortment of thoughts. Understudies who are happy to gain proficiency with this can do the exploration with the assistance of examination paper composing administration providers.</p><p></p><p>The article composing administration for understudies is offered by numerous suppliers who offer their administrations at different value rates. It isn't hard to pick which paper composing administration is generally appropriate for you. You can look the Internet for some solid paper composing specialist organization and talk with them for a particular plan.</p><p></p><p>It is very conceivable to get free help by simply picking one from the rundown and basically getting it conveyed. Be that as it may, the outcome won't be precise and won't be fruitful for the understudy since this will cost you much more cash. It is insightful to pick a specialist co-op that offers the best an incentive for your money.</p><p></p><p>You can likewise benefit different highlights offered by the specialist organizations. You can have criticism from the specialist co-op on the substance of the paper that you have composed. You can likewise select distinctive point regions and they can remember these themes for the administrations that they offer.</p><p></p><p>The article substance and the various highlights that the specialist co-ops offer can be very useful and worthwhile for your exposition composing administration. Along these lines, pick the specialist organization that can offer you the most ideal assistance and which will meet your requirements.</p>

Research Paper Writing Service For Different Types of Students

<h1>Research Paper Writing Service For Different Types of Students</h1><p>A novel method of helping an understudy to gain passing marks is the exploration paper composing administration. This is an extraordinary assistance to understudies who have various interests and are not so much secure with what subject they ought to compose a paper on. The article composing administration can be an ideal assistance to them since it causes them to learn in a deliberate manner how to pick and select great subjects and the best possible language to use recorded as a hard copy them.</p><p></p><p>To address the issues of such understudies, an examination paper composing administration can give them the quality administrations that are very costly yet ensured. Composing research papers and composing articles can get exhausting if a similar subject is being utilized constantly for each and every essay.</p><p></p><p>Essay composing admi nistration is generally appropriate for understudies who have no clue about how to compose papers. This is on the grounds that they have various interests and have various characters and an assortment of thoughts. Understudies who are happy to gain proficiency with this can do the exploration with the assistance of examination paper composing administration providers.</p><p></p><p>The article composing administration for understudies is offered by numerous suppliers who offer their administrations at different value rates. It isn't hard to pick which paper composing administration is generally appropriate for you. You can look the Internet for some solid paper composing specialist organization and talk with them for a particular plan.</p><p></p><p>It is very conceivable to get free help by simply picking one from the rundown and basically getting it conveyed. Be that as it may, the outcome won't be precise and won't be fruitful for the understudy since this will cost you much more cash. It is insightful to pick a specialist co-op that offers the best an incentive for your money.</p><p></p><p>You can likewise benefit different highlights offered by the specialist organizations. You can have criticism from the specialist co-op on the substance of the paper that you have composed. You can likewise select distinctive point regions and they can remember these themes for the administrations that they offer.</p><p></p><p>The article substance and the various highlights that the specialist co-ops offer can be very useful and worthwhile for your exposition composing administration. Along these lines, pick the specialist organization that can offer you the most ideal assistance and which will meet your requirements.</p>

How to Start a Writing Prompt For Yahoo! Writing Prompt?

<h1>How to Start a Writing Prompt For Yahoo! Composing Prompt?</h1><p>Yahoo! Composing Prompt is one of the most well known web based composing prompts on the internet.</p><p></p><p>What makes this composing brief so great is that you can compose it directly from your home PC with no assistance or expert mentors. You will figure out how to make a phenomenal composing brief by the individuals who have been composing for a considerable length of time and are fruitful in the industry.</p><p></p><p>They have a boundless flexibly of data on the best way to compose a decent exposition for each intended interest group. They have their own composing tests so you will have the option to see precisely what the experts do when they compose each prompt.</p><p></p><p>Yahoo! composing brief will give you all that you have to know to compose a convincing exposition that will dazzle your crowd. With Yahoo! comp osing brief, you will figure out how to pick a point for your exposition, how to approach composing your article, how to reconsider your paper, and much more.</p><p></p><p>The top tip you will discover in their composing assist will with being to pick the subject that matches with your intended interest group. At the point when you do this, you won't just get thoughts on the best way to compose an intriguing paper yet in addition data on the most proficient method to manage your crowd and how to keep the data that you have written so as to ensure that your article is truly informative.</p><p></p><p>If you pick a particular theme like cosmology or the medicinal services industry, you will have the option to discover explicit subjects that are anything but difficult to expound on and they won't be difficult to peruse. The way that the Yahoo! Composing Prompt gives you the upside of discovering subjects that you need to expound on is an e xtraordinary bit of leeway since you won't be confronted with a ton of challenge when you are attempting to pick the point that you will expound on. The best part about Yahoo! Composing Prompt is that you can get an online task that will assist you with composing an astonishing exposition on any subject in not more than minutes. You will discover article thoughts, statements, and substantially more at the base of each paper brief that you will be assigned.</p><p></p><p>You will likewise have the option to pick your own subject on the main page of the article that you are relegated. You should simply discover a point that accommodates your intended interest group and you will have the option to begin with a task that will give all of you the assist you with expecting to compose an incredible essay.</p>

Types of Term Papers Available

<h1>Types of Term Papers Available</h1><p>What are the sorts of research projects accessible? All things considered, this relies upon what sort of research paper you should compose. There are a few distinct sorts of research projects and it won't make any difference on the off chance that you are composing an English, history, math, human science, writing, science or business paper. On the off chance that you can pick, you can even pick your own theme or arrangement that is like other sort of papers.</p><p></p><p>Law is a kind of research project that individuals who are attempting to become legal advisors regularly pick. These papers are long, troublesome and can be unbelievably exhausting. Be that as it may, it is imperative to experience the way toward composing a law paper all in all before settling on any choices with respect to composing it. It isn't for everybody and in the event that you are thinking about what sort of paper will enab le you to better, consider this.</p><p></p><p>There are a wide range of alternatives with regards to business paper. Some may favor business terms, while others lean toward scholarly. Make certain to consider all the upsides and downsides of each style of paper before making such a decision.</p><p></p><p>One interesting point is that a great many people who work professionally in the English paper are the individuals who have headed off to college. Ordinarily these individuals have decided to get their Master's or Ph.D. degrees since they have discovered this is the most ideal approach to assist their education.</p><p></p><p>In the clinical field, you should know about the various methodology that are taken on various patients and furthermore the medicines that are taken on various illnesses. Accordingly, on the off chance that you are composing an English paper with points identified with clinical issues, at th at point it is prompted that you abstain from utilizing clinical terms in your composition. You should list these things in your paper with the goal that you don't run into lawful issues in the future.</p><p></p><p>Knowing what sort of paper you need to compose, it is anything but difficult to explore the theme. You should realize how to look at the necessities and figure which kind of paper will be acknowledged by the other individual who will survey your paper. Regularly, in the event that you have a particular sort of paper, you should check the necessities before setting off to your director to demand that they favor it.</p><p></p><p>This will make it a smart thought to go over what kind of paper you need to have composed. While you may not know where you need to go with the paper, realizing your alternatives will assist you with getting it composed correctly.</p>

Research Paper Topics on Mental Health

<h1>Research Paper Topics on Mental Health</h1><p>Have you at any point thought about what number of research papers are being distributed in different fields about psychological well-being? This is the least demanding inquiry to answer in light of the assortment of fields the subject spreads. A significant number of these subjects spread the issues of conduct, social, profound, relational, instructive, and professional needs identified with mental health.</p><p></p><p>Behavioral wellbeing is, essentially, the preparation and training required to be a productive member of society in the public eye. A similar data that goes into the preparation should be canvassed in the instruction expected to arrive at a decent job.</p><p></p><p>The field of social and conduct needs frets about what influences how individuals see themselves and their connections in the public eye. We as a whole have issues with connections that occasi onally cause an individual to be less compelling in their work. In any case, we would all be able to assist with taking care of these issues by improving our self-image.</p><p></p><p>Societal care issues are remembered for the territories of instruction and medication. An individual's requirements for cash is a piece of both the fields of medication and training. There are a few cases that an individual doesn't have a clue how to take care of their tabs or that they have insufficient assets to think about their kid. It is critical to know where we stand monetarily as an individual before we can engage in social work or to do other social services.</p><p></p><p>The last of the emotional wellness themes that are canvassed in the exploration papers is psychotherapy. It can fluctuate in the techniques that it is utilized in an individual's life. It can likewise fluctuate in the measure of data that is required for an individual to profit b y the therapy.</p><p></p><p>This last point has numerous speculations that spread the entirety of the various regions of emotional well-being needs. Every hypothesis has numerous applications in the clinical, social, and instructive areas.</p><p></p><p>Research paper subjects on the territory of psychotherapy can cover the entirety of the various techniques and projects that are out there today to assist us with adapting to this issue. Projects can run from basic aptitudes learned in a class setting to specific treatments. On the off chance that you are searching for help, this sort of study is directly for you.</p><p></p><p>As you can see, there are many research paper subjects that spread the entirety of the territories of emotional well-being. There are a few investigations coming out every year that spread the theme, and they are for the most part continually changing the personal satisfaction for the whole populace. The investigation has really helped the world, and everybody who peruses the report ought to be urged to keep up the advancement that is being made.</p>

Why Absolutely Everybody Is Talking About 4th Grade Persuasive Essay Samples and What You Should Do

<h1> Why Absolutely Everybody Is Talking About fourth Grade Persuasive Essay Samples and What You Should Do </h1> <p>People are presently excessively subordinate upon innovation. Understudies will peruse and respond to the YES! </p> <p>With a little practice that next composing task will be a breeze. First grade account composing prompts will be of the astonishing use as children normally find that it's difficult to choose the theme. You have understudies compose, Creating a magnificent powerful article might be. Understudies should see how to create convincing essaysthis ability is basic since it's frequently tried. </p> <p>Student composing might be utilized to focus on extraordinary points, permitting understudies to learn and see every subject without anyone else. So far as the understudies are included, composing an exploration paper is among the hardest and disappointing endeavor as they would see it. At the very same time, it shows understudies the basic composing abilities they should know, and later on help them improve the composing aptitudes they've learned after some time. Clearly, it's not easy to screen and meet the learning ability of each understudy in a class of more than ten students.</p> <h2> Ok, I Think I Understand fourth Grade Persuasive Essay Samples, Now Tell Me About fourth Grade Persuasive Essay Samples!</h2> <p>Persuasive composing can be testing, especially when you're made to look with a nearby disapproved of crowd. Composing and presentation and end can be among the hardest part of composing and consequently, it comes at the end of the proced ure, when essayists have built up their draft and have an all the more remarkable sentiment of what it is that they need their perusers to understand. The presentation of each composed work should have an exceptionally clear postulation explanation or contention. Proof recorded as a hard copy works precisely the same way. </p> <p>This exercise manual provokes TEENs to impart their insights. Additionally, you ought to deliberately take a gander at the checking rubrics before you start composing. See that the target of an enticing discourse resembles the reason for composing a pugnacious or powerful essaythe hierarchical structure and sort of information in an influential discourse would be. Make a great deal out of the presentation passage. </p> <p>You're foreseen to convince the perusers with your contentions, so make sure to incorporate the same number of supporting scholastic pieces of proof as you're ready to. There are some simple rules to follow as an approach to be in a situation to form an average convincing article. In spite of the fact that it's not suggested, summarizing the statement in your article is an incredible technique to reinforce your contention. When you have the theme, answer the inquiry and after that help your answer with at least three clarifications for why you trust it. </p> <p>You may likewise observe exposition models. This kind of expositions is written in the absolute first person. You may likewise observe blend exposition. The best powerful short papers frequently focus on disputable issues. </p> <p>You could likewise observe school paper. You could likewise observe education exposition. At the point when you compose your own exposition, normally, you won't need to stamp these segments of the paper except if your educator has requested that you accomplish that. You can likewise observe grant article. </p> <h2> The Demise of fourth Grade Persuasive Essay Samples</h2> <p>Arrange a period for essentially any understudy who probably won't get the opportunity to finish assignments past school to work with you, a volunteer, or an alternate grown-up at school on the task. All understudies are wearing precisely the same types of garments, so no one sticks out. The school day should be shorter. There shouldn't be any schoolwork. </p> <p>There's nothing you can do so as to control the sound degree of others around you and in the event that you should utilize the bathroom, you go at your own danger of missing indispensable areas of the film. It isn't essential to us, regardless of whether you're excessively occupied at work focusing on an enthusiasm undertaking, or basically wore out on an apparently unending stream of assignments. Not permitting understudies to utilize tablets in class approaches to deny them of something that is essentially a part of them and of their regular day to day existences. I should have the option to stay at home all alone. </p> <p>A powerful discourse is given the objective of convincing the crowd to feel a specific way to make a specific move or to help a specific view or cause. Select the time of life which you believe is ideal and create a paper contending why it's the absolute best time of life. Despite the fact that being able to compose powerfully can appear as t hough a moving thing for youngsters to learn, advise them that everybody has legitimate conclusions. You are no doubt thinking about a smart route about how to escape from the situation where you in all likelihood have not ever envisioned. </p>

Best Topic for Research Paper Reviews & Guide

<h1> Best Topic for Research Paper Reviews &amp; Guide </h1> <p>Obesity is to a great extent a result of poor dietary patterns so you can do an examination paper on the healthy eating options for youngsters. You can focus on the impacts of the following subjects on the nature and advancement of a child, grown-up or old. In the event that you despite everything have issues with subject determination, don't stop for a second to demand help at GradeMiners. You should consider issues in your interesting subject matter you need to find arrangements. </p> <h2> Best Topic for Research Paper Help! </h2> <p>On the other side, you may compose from a universal point of view and inspect practical urban areas all through the world. Obviously, settling on the correct subject for your examination paper is the underlying and most significant advance on the most ideal approach to composing the paper itself. In case you're expounding on social issues, you will commonly be expounding on the manner in which the theme influences bigger gatherings of individuals, similar to how neediness influences an entire generation.</p> <p>By doing this you're in a situation to illuminate how perusers can show up at the cognizance of an exploration subject. Continue perusing to become familiar with a few subjects that you can consider. In the technique for composing research articles, it's fundamental to stick to a particular point. On the contrary edge, the examination exposition theme ought to be one which your perusers will find simple to understand. </p> <h2> The Lost Secret of Best Topic for Research Paper </h2> <p>So, you've understood that you're good to go to make your examination paper. An exploration paper should be exact and dependent on demonstrated realities. A phenomenal research paper involves itemized data regarding your matter of decision. The more you fathom the less complex it's for you to form a flourishing exploration paper. </p> <p>Ideal inquire about paper point is one which can be upheld up with adequate proof. While choosing your exploration paper point, you should make certain it is neither exhausting nor exhausted. Best school inquire about paper themes are those which are unique. Picking a theme for an examination paper isn't simple in any regard. </p> <h2> Lies You've Been Told About Best Topic for Research Paper </h2> <p>You need to uncover the perusers that you ace of the subject and not a befuddled amateur who doesn't comprehend what the individual alluding to. Presently you have a thought about what a proposition article is and the best approach to choose the proper subject to make your own paper, here are a couple of instances of proposition exposition points. On the off chance that you select a theme that is excessively wide, you will end up composing only a general review without a top to bottom appreciation. Before you begin composing a solitary expression of your paper, you first should comprehend what your proposition will be. </p> <p>Curriculum proposition points is a way to attempt. Innovation is conceivably the most famous theme to talk about today. </p> <h2> Best Topic for Research Paper Ideas </h2> <p>A extraordinary strategy to consider novel and excellent thought is to scout web or get familiar with the most sizzling point in the news. You need to get a point that has bunches of accessible material for you to utilize. On the off chance that you select the off base subject, you may stall out with your composition and make some extreme memories pushing ahead. Regardless of whether a specific research paper point is getting a lot of buzz right now or others appear to be keen on expounding on it, don't feel enticed to make it your theme on the off chance that you don't truly have some sort of enthusiasm for it too. </p> <h2> Best Topic for Research Paper and Best Topic for Research Paper - The Perfect Combination</h2> <p>Thus, it's constantly essential to acquire a point that intrigues you. In case you're keen on your theme, finding out about it will be progressively pleasurable and you'll compose with expanded enthusiasm, so select your point insightfully. On the off chance that the theme is excessively thin, you may think that its hard to find the proper writing. So pick the subject that you're energetic about, and do it!</p> <h2>Best Topic for Research Paper - the Story </h2> <p>Locating a decent point is only one of the most basic advances when composing any sort of paper. You're ready to start thinking how you'll build up a proposition proclamation for the paper to hold up your theme. Without a reasonable substance, not too bad research paper subjects won't bode well. Underneath you'll discover a rundown of general theme thoughts that it is conceivable to limit to fit the specific requests of your exploration paper's parameter s. </p> <p>In the occasion you're not required to chip away at the unmistakable topic, you have to do what you can to find a convincing one without anyone else. Without question, it would be significantly less difficult that you get familiar with the theme that is identified with the region of your advantage. So you should downsize to ensure that you will be in a situation to play out an exploration inside a restricted timeframe. Basically, it associates your proof to your foremost contention. </p>

Student Writing Samples - Essays and Argumentative Writing Sample

<h1>Student Writing Samples - Essays and Argumentative Writing Sample</h1><p>Argumentative exposition subjects for understudy composing tests at school level are consistently a minefield of issues. Any article involves closely-held convictions and composing that is intended to pass on those suppositions. As a rule, it is the ideal tempest of the entirety of the abovementioned. I am going to impart a few hints to you on the most proficient method to ensure you utilize your understudy composing tests contentious and composing quality essays.</p><p></p><p>The number one thing that you should recollect is that you ought not accept that your peruser will comprehend the article you are endeavoring to compose. This is an issue that I see over again and it very well may be the main explanation that the paper turns out poorly.</p><p></p><p>Argumentative composing tests are utilized to produce banter among colleagues, so you nee d to impart your thoughts such that will speak to the understudy crowd and stand out enough to be noticed. As an educator, this is your activity. On the off chance that you have your understudy's wellbeing as a top priority, you won't experience this problem.</p><p></p><p>Before you even start to compose the paper, you ought to ask yourself how well the theme inside the article identifies with the class material. Is the point increasingly applicable to the subject? What is the most generally posed inquiry that would be replied in this topic?</p><p></p><p>It is additionally a smart thought to let your understudies have contribution concerning how they feel ought to be secured. Do you figure the topic ought to be brief? Would you like to cover the entire theme or simply the essential things? On the off chance that the appropriate response is to cover the entire point, at that point I recommend expounding on the most essential topics.< /p><p></p><p>At the finish of your understudy composing tests contentious exposition, compose an end. Toward the finish of your exposition, you ought to give a feeling on the subject. In the event that you don't compose a sentiment toward the finish of your contentious paper, your peruser will most likely not complete the process of perusing it.</p><p></p><p>The last tip that I have for you is to keep your models short and straightforward. On the off chance that your exposition is longer than a page, it will unnecessarily protract the paper and make it hard to peruse. Your pugnacious paper ought to have the option to be comprehended in one sentence or less.</p><p></p><p>Don't stress if your article doesn't peruse like an exposition. Most understudies can peruse a school paper from three pages and glued together from the web. For whatever length of time that you keep the data straight and write in a way that is stra ightforward, your paper will in any case have the option to have an effect on your reader.</p>

Capital Market Development And The Behavior Essay Example Pdf - Free Essay Example

The title itself justify the importance of the research for the finance degree, however, the previous research done in this filed in Nepal is not satisfactory. This is the reason that made researcher to do some research in this topic hoping the conclusion made would be beneficial for investors and fill the gap between the researches. Financial markets can also be defined as the centers or arrangements that provide facilities for buying and selling of financial claims and services. In this term, the role of financial system in economic development has been a much-discussed topic among economists. Financial markets perform four important economic functions. First, they enable individuals to choose more effectively between current and future consumption. Second, the interaction between buyers and sellers in a financial market determines the price of the assets, or alternatively, the return demanded by investors to invest in the company. Firms can raise further capital if the return on their investments exceeds the return demanded by investors. Third, financial markets provide liquidity to investors. That is, the owner of the financial asset can sell off the asset in the marketplace to realize cash whenever required. The degree of liquidity may vary from asset to asset and market to market. Fourth, financial markets can discipline under-performing managements. The prevailing stock price of a company reflects the opinion of all market participants regar ding the outlook for the company under the current management. The financial market consists of two division- money market and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006). Money market may be defined as short-term financial assets market, which facilitates liquidity and marketability securities. Actually it is the market for short-term market instrument having less than one-year maturity period. The fluctuation of money market interest rates reflects the demand and supply of funds in competitive market. The development of an efficient money market requires the development of institutions, instruments, and operating procedures that facilitate widening and deepening of the market and allocation of short-term re sources with minimum transaction costs and minimum of delays. Thus, the money markets are the markets for short -term, highly liquid debt securities. Though money market is not a related topic on this research so basically capital market will be discussed in details. Capital Market plays a crucial role in any modern economy as they allow investors fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds Capital markets provide an effective way of procuring long-term funds by issuing shares and debentures or bonds for corporate enterprises and government and at the same time provide an investment opportunity for individuals and institutions (Adhikari 2004). Thus, the market place for these financial securities is called securities market which is further subdivided into the primary and secondary market. The former market denotes the market for newly issued securities to the public whereas the lat ter market refers to the market for secondhand securities, traded previously in the primary market . Capital market plays a vital role in the national economy. It renders very valuable services to the community by increasing the productive capacity of the country there by accelerating the ace of economic development. In short, the growth of economy is tied with the growth of capital market in the country. Capital market facilitates the allocation of funds between saver and borrowers. This allocation will be optimum if the capital market has efficient pricing mechanism. If the capital market is efficient, the current share prices of companies fully reflect available information and there is no question of share price being predicted for abnormal profit. The phenomenon of under or over-valuation of shares is possible only in an inefficient capital market. As the capital market is concerned with long- term finance, in the widest sense it consists of series of channels through which the saving of the community are made available for industrial and commercial enterprise and public authorities. It is mainly concerned with those private savings, individuals as well as corporate; those are turned into investments through new capital issues and also new public loans floated by government and semi government bodies. In the capital market demand comes from agriculture, industry trade and government while supply comes from the individual or corporate savings, intuitional investors and surplus of governments. It comprises the savers- individuals and institutions and bodies through which these savings are mobilized. The saving instructions like banks, investment companies specialized financial corporations and stock exchange are some of the important constituents of capital market. Purpose and Scope Development of capital is must for a sound industrial development of the country like Nepal where more than 85% of capital is raised from stock market. Stock Mar ket are the catalyst for enchancing the operations of the entire domestic financial system and the Capital Market in particular (Kenny and Mosh 1998 cited by Obiakor and Okwu (2011). Capital market institutions help to mobilize the surplus unit to deficit unit for productive investments. As it mobilize the scattered resources and channels them in productive sector. It is an effective instrument of expanding productive capacities of the country. In Nepal, unfortunately, despite a history of half decade of planned economics activities to develop real sector of a country, little attention was paid to the development of financial sector. Over the past one and half decade financial sector, despite many problems, has developed significantly in Nepal. The growth of stock market is remained satisfactory because of low priority in the government financial reform policies. Stock Exchange in many countries has a long history of more than one century. For e.g. the India stock market has a history of more than 130 years. The stock exchange of Nepal has not so long history and it has faced so many ups and downs during this short history. However, gradual improvement in infrastructure and policy has given strong fundamental base for the Nepalese Capital Market. Establishment of NEPSE has given an opportunity to investors to invest in the enterprise sector and participate in the secondary market. Behavior of the stock prices shows the misevaluation of the stock price in the secondary market. The price earning information was not made available timely to the investors. The investors could not identify the good and bad stocks. So, the lack of value judgment to determine the stock price is the serious problem of the Nepalese stock market. This happens due to the inability of the regularity bodies of the stock market to regulate the market mechanism and failure to win the faith of the investors In the Nepalese context, there is the lack of wider investment opportun ities, which provide good return. So, there has still been a huge amount of unutilized saving funds with public. But most of the public investors i. e. existing and potential are not well knowledgeable about the real financial strength and weakness of the public companies in which they are investing or going to invest their funds. Further they cannot well analyze and interpret the real financial position of a company on the basis of available data and information to reach the right conclusion. This study may help investors to think about restructuring their investment portfolio. Similarly potential investors may take better timely investment decision on the basis of the findings of the study. Capital market provides investors good investment opportunity with fair return and instant liquidity with minimum risk of loss it helps to mobilize financial resources for the investment in development project and thereby helps economic development of the country. The stock market also im parts liquidity to the securities holder. This offers an opportunity for investors to invest in long term venture, while market also enables to convert their securities into liquid cash before the maturity of the project. Furthermore they can invest their current income against their future income thereby achieve their time preference of consumption. The liquid market also promotes the primary issuances of share because investors participated in the issuance of share markets can get back the fund easily. The primary market is positively and highly elastic with the stock price and liquidity in the secondary markets. Usually the price of common stock in primary market is par value but in secondary market may be any price i.e. more than par value, less than par value and equal to par value. Stock price in secondary market is the main issue of this study. What could be the reasonable price paid for a stock in secondary market? What is the impact of the price trend, volume of stock tr aded and, Do the investors see the price trend, volume of stock traded and, others views while making investment decision? These are the burning issues regarding stock price determination of secondary market in Nepal. Capital market provides investors good investment opportunities with fair return and instant liquidity with minimum risk of loss. The stock market also imports liquidity to the security holders. Research Aims, Questions and Hypothesis Research Aims The aim of this research is to find out whether developed Capital Market brings any significant changes in share price behavior theories and thereafter effect in market index. Efficient Market hypothesis assumes that investors behave on the same way as they get information from the market and it is impossible to beat market and prediction of future share price. So, generally the aim is to look on the existence of weak or semi strong form of Efficiency Market Hypothesis (EMH) referring Nepalese Capital Market has bee n developed significantly since its establishment in Nepal. Research Questions What are the present state and status and elements that affect NEPSE index? Does developed Nepalese Capital Market follow the price behavior theories? Can financial literacy helps to create developed Capital Market? Research Hypothesis The dissertation formulates the following testable statement: H0: Capital Market has not developed in Nepal H0: There is no difference between NEPSE index before and after signaling factor H0: The successive or lagged price changes are independent Research Objectives The objectives of the study are as follows: To analyze the development /growth of Nepalese Capital Market and to examine if investors awareness help to develop capital market. To examine sector wise overall movement of NEPSE Sensitive index to find out risky sector To analyze the signaling factors and impact on stock price with the help of NEPSE index To examine whic h form of market efficiency ( weak or semi strong efficiency) exist in Nepal. Title Capital Market Development and the behavior of Share Price in Nepal Research Gap Although some very valuable researches in the field of Capital Market have been done so far, there is still a great deal of opportunity remained for researchers in the field in this area to explore and identify new facts and figures about the immature stock market of Nepal. This study will analyze the stock price determinants of common stock in secondary market of Nepal. Usually the price of common stock in primary market is par value but in secondary market it may be in any price. The price of common stock is largely influenced by different market related factors. Most of the studies on share price behavior conducted in the context of Nepal were based on secondary sources of information only. No study has been conducted on price fluctuation of stock price by using share brokers and individual investors as primary sources of information. There was a need to conduct a survey with the share brokers and individual investors who are the major stakeholders of the stock market, in order to find out more subjective facts on share price behavior, which cannot be testes through the use of the primary source of information. The earlier studies were done only in theoretical manner regardless of what the real market is going through while this study is analyzing the real market scenario like the impact of capital gain in the market or the political impact on Nepalese Security market. Nowadays, Nepalese share market has entered to the new horizon. Its size and market capitalization are growing day by day new Bye laws are being established to control stock market price. But it is clearly realized that share prices are fluctuating abnormally. If earning, dividend and net worth are taken as the main determinants of price fluctuating, then why the share prices are increased without the incre ment in such factors. Therefore there is still lack of appropriate researches to find out the causes of volatility of share price in Nepalese share market. Therefore, this study is analyzing the various reasons on the fluctuation of price trend and the same direction. Chapter 2: Literature Review Capital Market Karla (2006) defines capital markets as the market which specializes in giving long term loans to the industry. In broad sense capital market incorporates intermediary institutions, capital formation, mobilization anf channeling of long term capital, as well as regulatory authorities. ( Obiakor Okwu, (2011). Alile (2007) calrifies that the capital market is made up of markets and institutions which facilitate the issuance and secondary trading of long term financial instruments. Aligning with this, Osaze (2007) simply sees it as the market responsible for long-term-growth capital formation. Ologunde, and Asaolu (2006) conceptualize capital a collection of financi al institutions set up for the granting of medium and long-term. Further, they considered the stock market as single nor even a dual market but rather a network of specialized financial institutions which, in various ways, help to bring together suppliers and users of long-term capital fund. The capital market is one of the most vital areas of the economy as it provides companies access to capital, and investors with a slice of ownership in the company and the potential of gains based on the companys future performance( Ujunma Modebe,2012), The capital market is unique in a countrys financial system because of its peculiar role in the economy. Levine(1991) cited by (Ujunma Modebe,2012) identified these roles as: raising capital for business, mobilizing savings for investment, facilitating companys growth, redistribution of wealth, promotion of corporate govemance, creating investment opportunities for small investors, government capital raising avenue for development projects a nd being a barometer of the economy. Improving the efficiency of the capital market has become a recognized means of meeting national objectives such as etihancing productivify and competitiveness, reducing local environmental costs associated with capital market transactions, promoting savings and investment on economic wide basis (Mark, 2011). At intemational level, it is considered a key element of sfrategy to mitigate the risk of capital flight associated with lack of intemational investors confidence in the market. In this context, improving capital market efficiency in the developing and transitionhig countries is particularly important because these countries exhibit considerable potential for such improvement and, in the case of the developing countries, since they will contribute increasingly to the fiiture of the capital market as their economies grow (Ujunwa and Salami, 2010). On the other hand, The capital market is a collection of financial institutions set up for th e mobilization and utilization of long-term ftmds for developing the long-term end of the financial system (Ologunge; Elumilade and Asaolu, 2006). In this market, lenders (investors) provide long-term funds in exchange for long-term fmancial assets offered by issuers. The market is an important institution for capitalist countries because it encourages investment in corporate securities, providing capital for new businesses and income for investors (Ujunwa, 2008). Capital Market Development Indicator There has been numerous research regarding to measure capital market development. Most of these research tried to link with economic development. Yet there is not any standardize indicator to do so. A study by Applegarth (2004) on levels of capital market development and economic growth in Asia and Sub-Saharan Africa shows that capital markets in Asia which continued to add several hundred companies to their exchanges annually experience sizeable increase in the momentum of private sector development, while the reverse was the situation in Sub-Saharan Africa that added fewer than 10 to their exchanges, except South Africa. Thus, using private sector development, liquidity. local savings, bank competition, remittances, corporate govemance, and enhanced economic policy as capital market development indicators, he showed that capital market development drives economic growth. Adeyemi (2009), using gross capital formation and number of quoted companies as measures of capital market development, found that capital market development has positive significant impact on economic growth. Basically, a more reliable measure of the relationship would need inclusion of appropriate stock market development indicators since, according to Obiakor Okwu (2011). on their study they included other indicator than mentioned above such as gross domestic product, value of shares traded, market capitalization, gross capital formation, and foreign private investment i n the functional relationship. Torre, Gozzi and Schmukler(2007), examined the impact of reforms of capital markets on economic development in Latin American countries. For measures of capital market development they used market capitalization, value traded, and capital raised. They used annual inflation rate and ratio of government deficit to GDP as alternative indicators of macroeconomic soundness. They included ratio of equity flows (portfolio equity flows and foreign direct investment [FDI]) to GDP as a measure of openness or effective integration with international capital markets. They established that GDP per capita, openness, shareholder rights, and the size of the economy are positively and significantly associated with market capitalization, while government deficits are negatively related to stock market development Obiakor and Okwu (2011) had considered relevant indicators of economic growth and performance of capital market, such are GDP, market capitalization valu e of shares traded foreign private investment and gross capital formation. Types of capital market Primary market According to Soyede (2005) Primary market is a market for new securities. It is a platform where the company or government can raise money for investment or where already quoted companies can raise fresh funds for expansion. Both the Securities Board of Nepal (SEBON) and the Nepal Stock Exchange (NEPSE) are involved in primary market activities in Nepal. Secondary market This enhances the new issue market in many ways, it provides the means by which investor can monitor the value of their shares and liquidate them when they wish to do so. According to Pandey (2006), it is a type of market where existing securities of a market are traded on daily and continuous basis. It is the market for existing securities. This consists of exchanges and over-the counter markets where securities are bought and sold after their issuance in the primary market. Importance Of Secondary Market If there were no secondary market in which investors could turn investments in new issues back into cash when they choose, many investors would not buy new issues in first places. If any investors truly intend to make any irrevocable commitment of their funds, the availability of a secondary market is an absolute pre-requisite to the existence of a primary market in common stock. From the perspective of the overall economy, the secondary augmentation of the flow of funds in to the new issue market is particularly important. It makes it possible for the economy to make long term commitment in real capital. This point is perhaps best illustrated by considering what would occur if the financial claims issued by firms and individuals could not be traded in the secondary market. The secondary market makes it possible for those who desire to make long term real investments to obtain the money capital of savers who have no intension of committing themselves for the long term. Thus, they provide the economy with the opportunity to consider entirely new approaches to building its capital stock (Josiah et.al, 2012) Theories of Stock Price Behavior Simply stock price behavior refers the movement of stock price in the secondary capital market, i.e., market value is more than book value, market value is less than book value and market value is more than book value due to the different internal and external factors. It always been panic to investors how their shares performs in market. By the nature, they always want to gain through security trading, which is impossible without proper understanding of market they invested. MARKET EFFICIENCY A market is said to be efficient if it uses the information available correctly in setting and adjusting prices of securities. Inoga (1997: 24). Market efficiency refers to two essential ingredient of price adjustment to new information. Speed and quality (direction and magnitude) of the adjustment. The main effect of efficiency in capital market is that it precludes most investors from the capacity or ability to out-perform the market. But the market is deficient in term of speed and quality of it reaction, the sophisticated investors would have little difficulty in profiting from the situation. There are two important theories available Efficient Market Hypothesis (EMH) Random Walk Theory (RWT) Efficient Market Hypothesis EMH was first introduced in year 1964 by Eugene Fama in early 1960. Famas contribution in efficient market hypothesis is significant. The EMH states that the current market price reflects the assimilation of all the information available. This means that given the information, no prediction of future changes in the price can be made. As new information enters the system the unbalance state is immediately discovered and quickly eliminated by the correct change in the price. (fama 1970 cited by Falinouss, 200. According to Schumaker and Chen, 2006 has three different forms. Weak efficiency A market is efficient in the weak form if share prices fully reflect the information implied by all prior price movements. Share price movements become totally independent of previous price movement implying the absence of only price pattern with prophetic significance (Josiah et.al, 2012) Prices would only respond to new information such as new economic event of new industry. The implication of this is that historical price and returns information does not provide a basis for superior forecasting of future price or returns. Therefore past information cannot help investors beat the market and make excessive returns. Semi strong efficiency This is efficient on the semi strong sense if share price respond instantaneously and unbiased to new published information. The implication of semi strong efficiency is that current share prices would invariably represent the best interpretation of the information about the firm (Josiah et.al, 2012) Therefore, it becomes futile for investors to search for bargain opportunities from analysis of published data, such as annual reports or other corporate announcements designed to lure them to the market. Strong efficiency The market is efficient in the strong form if share prices fully reflect not only published information but also all relevant information including data not yet publicly available (Josiah et.al, 2012) To conclude the review on the efficient capital market theory, it can be asserted that if prices and returns prevailing at any point in the capital market do reflect all available historic and current public information, it will be difficult for investors to achieve superior performance by judging that security market conditions may be better or worse in the future. Random Walk Theory In year 1900 a French mathematician, Louis Bachelier wrote a scientific paper suggesting, that day-to- day security price fluctuations were random which later known as Random Walk Theory. According to the  theory,  stock price changes have the same distribution and are independent of each other,  so  the  past movement or trend  of a stock price or market cannot be used to predict its future movement (Falinouss, 2007). In short, this is the idea that stock prices take a random and unpredictable path. Followers of the random walk theory believe its impossible to outperform the market without assuming additional risk. Random Walk theiry has similar theoretical underpinning to semi strong EMH where all public information is assumned to be available to everyone. However, RWT declears that even with such information, future prediction is effective. From EMH and RWT two distinct trading philosophies have been emerged. These two conv entional approaches to financial market prediction are technical and fundamental analysis. In the following sections the distinction between these tow approaches will be stated. Tcehnical Teading Approach: Technical analysis is based on numeric time series data and tries to forecast stock markets using indicators of technical analysis. Iti si based on the widly accepted hypothesis which says that all reactions of the market to all news are contained in real time prices of stock. Because of this, technical analysis ignores news. Its main concern is to identify the existing trends and anticipate the future trends of the stock market from charts. But cha=rts or numeric time series data only contain the event and not the cause why it happened ( Kroha and Baeza- Yates, 2004). In technical analysis, it is belieived that market timing is critical and opportunites can be found through the careful averaging of historical price and volume movements and comparing them against current price. Technicians utilize chat=rts and modeling techniques to identify trends in price and volume. They rely on historical data in order to predict future outcomes (Schumaker and Chen, 2006). There are many promising forecasting methods developed to predict stock market movements from numeric time series. Autoregression and moving average are some of the famous stock trend prediction techniques which have dominated the time series prediction for several decays ( Sewell, 2008) Fundamentalist Trading Approach Fundamental analysis developed by Thomsett in 1998 investigates the factors that affect supply and demand. The goal is to gather and interpret this information and at before the information is incorporated in the stock price (Sutheebankjard and Premchaiswadi, 2010) In this philosophy, the price of a security can be determined through the nuts and bolts of financial numbers. These numbers are derived from the overall economy, the particular industrys sector, or most typi cally, from the company itself. Figures such as inflation, indudtry return on equity(ROE) and debt levels can all play a part in determining the price of a stock. (Schumaker and Chen,2006). Capital Market Development and Awareness Capital Market have significant stake on Gross Domestic product (GDP) of the national economy which creates the employment opportunities through capital formation and growth as a whole. But, only existence of the capital market does not guarantee the significant contribution for the GDP and economic growth. The mechanism created the micro level saving mobilization, an opportunity and challenges, too. The financial literacy and awareness level might be the crucial elements for the healthy growth of the market. The term investor awareness has been used in investor communities frequently. It describes the investor literacy or knowledge about the investment environment or about the market. The level of awareness usually measures the investors exposure an d knowledge or information about the indusr=try as a whole. It is significant since investors are expected to make their investment decisions based on these information and knowledge. Investor awareness is the knowledge of investment and about the important updates of the market. To expand and to achieve the sustainable growth of economy, investor awareness and their commitment for the long term investment play the vital role. Thus it is expected that the awareness and the commitment move in the same direction, and their association contributes a lot to the economic development. Capital market whihcis classified into primary market- raise the seed caoital through initial oublic offering and the secondary market-the only platform which retains the long term investment through exchange of the securities. More specifically, secondary market provides liquidity to the economy through the role of financial intermedries and those intermediaries have direct connected woiht the individ ual investors. Thus, they might be sufficient room at the end of brokage firms and the financial intermedriaries to play vital role for creating investors awareness in neplaese financial market(Kadariya,2012) Investor awareness is interchangeably used for terms like investor literacy, investor education, investor knowledge, etc because all of them help to create attentive investors. Fodor (2008) lack of investor awareness campaigns lead to the financial crime in the capital market. Like the increase in security enforcement increases the number of arrests. Adversely, increase in investor awareness campaigns leads to decrease in financoial crime. Obviously, the financial crisis of 2008 has highlighted institutional as well as individual investors awareness of risks (policy Research Institute(2008). Investors who claim to understand investment products hold more efficient portfolios Grahan et al (2005). Investors with low financial literacy are less likely ot invest in stocks (Van et. al, 2007). The online investors should have more knowledge than normal investors to succeed in the securities market because they are more likely to be sounded by financial misinformation and manipulation. Investors knowledge varied with peoples education, experience, age, income and gender ( Volpe at al.2002). According to Kadariya et al (2012),Investor awareness is crucial for the investment decision making and sustainable growth of capital market. They further explains that fully aware equity investors have more chances of holding high volume of equity investment. Equity investors with higher educational background have more investment than those with lower level of education (Kadariya, 2012) Capital Market: Global Perspective Modern capital markets have two related parts: (1) the debt and equity markets that intermediate funds between savers and those that need capital, and (2) the derivatives market that consists of contracts such as options, interest ra te, and foreign exchange swaps, typically associated with these underlying debt and equity instruments. The debt and equity markets help allocate capital within an economy. The derivatives market helps investors and borrowers to manage the risks inherent in their portfolios and asset/liability exposures (Dudley Hubbard, 2004) Capital markets have been the driving force behind the development of the UK and US financial systems. In the US, the capital markets have become the dominant element of the financial system in three ways. First funds raised in US debt markets now substantially exceed funds raised through the US banking system (McKinsley company, 2011) Second, more 36% of US households owned equity in some form ( The Big Picture, 2012) Third, the derivatives market has grown extraordinarily rapidly. The notional value of derivatives securities outstanding rose to $244 trillion September 2011(Mann,2011) from about $6.7 trillion at year-end 1990. Intrest rate swaps has an estimated of 82.1% of derivatives representating the biggest share of this market 10.6% in foreign exchange rate swaps, 6.1 % in credit derivatives, and 1.2 % are in commodities and equity contracts(Comptroller of Currency Administrator of National Banks, 2012) Source: The Big Picture, 2012 . The global capital market is gaining depth every day. Along with the development of this market, the liquidity is also growing at a rapid pace. financial stocks are growing worldwide and their growth rate is much higher than that of global gross domestic products (AllianceBernstein,2012) the size of stock and bond markets around the world in August 2011, shows that global capital market has reached all time high with $ 212 trillion of which about 75% consists of bonds ($175 trillion) and about 25% of stock ($54 trillion) ( McKinsley company, 2011) and the total derivatives has reached to $700 trillion at the end of August 2011(Mann, 2011) The development of the global capital market can also be traced by the fact that the financial holdings of the world is growing quickly. The global stock of debt and equity grew by $11 trillion in 2010 (McKinsley company, 2011) and this amount is expected to cross the $250 trillion mark by the end of 2015 (finance, maps of world, 2012 ), where as the value of the global market increased by 5% in 2010 to $ 54.9 trillion following a 45% rise in the previous year (Maslakovic, 2011) In these circumstances, the US is playing a vital role in the development of the global capital market and, alone, is the destination of 85% of the net capital flow of the entire globe. Britain also plays a significant role in the market. (McKinsey Company, 2011). separate data from Securities Industry and Financial Markets Association (SIFMA), puts the US bond market at just under $37 trillion (63.4%) as of the end of 2011 and Bloomberg puts US stocks at about $ 24.2 trillion (36.6%) by the end of April 2012 ( qvmgroup,2012). Development of capital market Market capitalization of listed companies (% of GDP) Source: World Bank 2012 and the Author Note: Indias data excluded (very big numbers), Afghanistan, Bhutan, Maldives data are not available Source: World Bank 2012 and the Author Capital Market: Asia In the past few decades, Asian countries have experienced a tremendous economic growth, although temporarily interrupted by the Asian financial crisis. Along with the strong economic growth, capital markets in this region have shown a rapid expansion, and have played an increasingly important role in fostering economic development (Hsu, 2000). Hsu further explains, Asian countries have enjoyed abundant savings. Some countries in this region have domestic savings rates of more than 30 percent. In no other regions in the world do countries have such large reservoirs of domestic savings at their disposal. Asians high savings rates have provided the platform for robust capital markets. While Asia has been preoccupied with economic recovery and financial reforms over the past few years, the economic structures of most Asian countries have been gradually modified, and their capital markets are also in the process of transformation. Along with these changes, several key trends are emerging in the regions capital markets. (South Asian Capital Markets Conference,2010) Equity Capital Market (ECM) in Asia (excluding Japan) have had a dismal fourth quarter so far, rainsing just $22 billion, worst result since the first quarter of 2009($14 bn) and year to date, ECM volume is down 44 percent from 2010 issuance of $291.1 bn to just 162.4 bn (Keohane, 2011) https://blogs.r.ftdata.co.uk/beyond-brics/files/2011/12/Asia-Ex-Japan-ECM-volume.png Source : Dealogic cited by Keohane, 2011. Capital Market Development in Nepal Institutional development of securities market in Nepal started from the year 1976 when Securities Exchange Centre (SEC) was established under the companies act with the joint capital contribution of Nepal Rastra Bank (NRB) Nepal Industrial Development Corporation (NIDC). The Industrial Policy of the government also encouraged the promotion of securities exchange activities in Nepal. Nepal government under a program initiated to reform capital mark et converted SEC into Nepal Stock Exchange (NEPSE) in 1993. NEPSE is non-profit organization, operating under Securities Exchange Act, 1983. Nepalese capital market was given proper structure in June 1993 with the establishment of Securities Board of Nepal (SEBON) as the market regulator. Since its establishment, SEBON has been concentrating its efforts on the legal and statutory frameworks, which are the bases for the healthy development of capital market. SEBON Nepal is the supreme body to regulate the Nepalese securities market (Bhusal 2010, Dangol 2008, and Gurung 2004). As a part of its continuous efforts to build a sound system, the securities exchange act, 1983 was amended for the second time on January 30, 1997 (Give reference..) This amendment paved the way for establishing SEBON as an apex regulatory body as it widened the horizon of SEBON by bringing Market intermediaries directly under its jurisdiction and also made it mandatory for the corporate bodies to report a nnually as well as semi annually regarding their performance. After the inception of the Securities Exchange Center, shares of various manufacturing, trading and banking companies became listed. Interestingly, the listed shares were dominated by public enterprises during this stage. Between 1984 and 1990, 42 companies were listed, out of which more than 25 companies had some form of government ownership (Bhusal 2010). However, after the democracy the trend has totally changed and the listed number of companies reached at 207 by the end of Fiscal Year (FY) 2010/11  [1]  , while the government ownership companies had decreased due to the privatization that took place in different planning stage of privatization act. The main objective of SEBON is to promote and protect the interest of investors by regulating the securities market, to monitor and control the entire capital market, sale and distribution of securities and purchase, sale or exchange of securities. SEBON was esta blished with the objective to render contribution to the development of capital markets by making securities transactions fair, healthy, efficient and responsible. Whereas, its main function are to provide licenses to stock exchange and securities business person and to monitor the activities carried by NEPSE to know if they are in accordance with the law or not (SEBON Annual Report 2010/11). In year 2010/11, the market capitalization had reached to 6665.33 and equity capital dominated the NEPSE with 94% and bond market ( government bond) has very minimal presence of 1.55% Structure of Capital Market in Nepal Source: NEPSE Annual Report, 2010/11, 2006/07 Chapter 3:RESEARCH METHODOLOGY Introduction This chapter refers to the overall approach to the research process, covering from theoretical underpinning to the collection and analysis of data. It is composed of both parts of technical aspect and logical aspect. Specially, this chapter has focused on research design, sample size, sample selection procedure, data collection procedure, data processing, period covered, data analysis tools such as Financial and statistical tool are discussed Research Design A research design is the arrangement of conditions, for collection and analysis of data in such a manner that aims to combine relevance to the research purpose with economy in procedure (Shrestha,2010). The research design of this study is descriptive and analytical in nature. This study includes both qualitative and quantitative data .To facilitate research, data of concerned sampled companies are collected and they are tabulated and analyzed by using different financial and statistical tools. Data related to Capital Market ( primary and secondary) had been widely searched and tabulated and analyzed vigorously. Population and Sample Studies In the FY( Fiscal Year) 2010/11, with the listing of 33 new companies, merged of two companies to form single company and delisted of Nepal D evelopment Bank, the total number of listed companies reached to be 207 an increment of 18% , resulting total capitalization to NRs. 323484.34 million which is less than 14.26% compare to last FY 2009/10 (SEBON, Annual Report 2010/11) All of the listed companies in the NEPSE considered as population and certain of among will be the sample companies of the study. Among them, 9 companies have been taken as sample for the study, which represents 4.35% of the population. Sector wise listed company, Population, Sample Studies, Study Years and Number of Observations of Different Sector Source: NEPSE Annual Report 2010/11 The names of the sampled companies are as follows: Source: SEBON Annual Report 2010/11, NEPSE annual Report 2010/11 The enterprises selected for the study can be considered as representative of all sector categorized by NEPSE Sources of Data Both primary and secondary data from 2006/07 to 2010/11 are analysesd in this research. For different objectives different sets of historical data has been obtain from World Bank, SEBON, NEPSE and sampled companys Annual Report from the wesite. Addition to that open ended and close ended questionnaire have been developed to achieve research objectives. Data Collection Procedure The data upon which this study is made are basically secondary in nature. The secondary data have been used extensively. Top of that 100(estimated) close ended questionnaires and 15 (estimated) open ended questionnaire are distributed. Primary data has been transferred to SPSS for through analysis. All the co llected data and information have been properly arranged, synthesized, tabulated and calculated to arrive at the realistic analytical steps. Tools for Analysis The following model has been used to work out to find out the answer to hypothesis 1 and objective 1. H0: Capital Market has not developed in Nepal Model 1: The assumption behind the measure is that market size is positively correlated with the ability to mobilize capital and diversity to risk (Joshi, 2010). For the purpose of testing the theoretical relationship between MCR and per capita GDP (Joshi, 2010), number of traded listed companies (Gurung, 2004), Karl Pearsons coefficient correlation (r) has been calculated. Significance of relationship has been tested by probable error (P.E.) Decision Criteria, If r P.E., then correlation is not significant. If r 6 P.E., then correlation is significant. If P.E. r 6P.E., then nothing can be concluded Model 2: At = A0 (1+gn) Whereas: At = values at the end of the FY A0 = value at the beginning of the FY n = t-1, time period over which growth take place g = growth rate Assumption using above model is that development is the core aspect which can be measure by the growth as a whole (Gurung, 2010). For this purpose different indicator of NEPSE index has been calculated, i.e. public issue and issue amount, number of transaction and annual turnover, paid up value and market capitalization and securities business persons etc. Objective 2 As capital market developed, there are possibilities to diversify investment. Generally, more investors are attracted to safer investment; however, there has been tremendous investment across different sectors. So, it is necessary to categorize riskier sector in NEPSE. For this purpose, historical NEPSE sensitivity index of different sector (sample size includes one company from each sector) have been analyzed. Descriptive statistics has been used to analyze th is objective. Moreover, primary data has also been collected to justify if the perception of the investors shows the same as from secondary data. Objective 3 Basiclally, the share market is closely linked with the political system. So, the political situation is one of the main factors to affect the capital market. Similarly, the Nepalses capital market is mainly based on individual investors and the general rumor and minor political changes affect their minds (Rising Nepal, 2011) So, this objective has been designed to analyze whether the stated argument is true or not. For this purpose t test has been used. H0: There is no difference between NEPSE index before and after signaling factor Model: t-Test: Paired Two Sample for Means where  Ãƒâ€šÃ‚ ³ is unknown. Whereas, = mean of NEPSE index before signaling factor = mean of NEPSE index after signaling factor = unknown, equals to 0 = number of sectors before signaling factor = number of sec tors after signaling factor = pooled standard deviation and it is derived from, Whereas, = standard deviation of sample NEPSE index before signaling factor. = standard deviation of sample NEPSE index after signaling factor. Degree of freedom = 9 + 9 2 = 16 Decision Criteria: if t stat value t critical value , reject Null Hypothesis otherwise do not reject Null Hypothesis if t stat value t critical value , reject Null Hypothesis otherwise do not reject Null Hypothesis Different signaling factor that happened during the observed period has been analyzed. To conclude in reasonable manner t- test of NEPSE index (before and after) of that particular factors has been analyzed. Signaling factors considered for the study are: December 24, 2007 End of Monarchy August 16, 2008 Coalition government lead by Maoist Leader May 23, 2009 Resignation of First Maoist Prime Minister May 28, 2011 Constituent Assembly fails to meet fro drawing up new constitution July 15, 2011 Capital gain tax reduced to 5% from 10% Objective 4 When capital market tends to develop then that market tends to be efficient, where share price fully reflects the information to market participants and that by implication, share price cannot be predicted as it holds semi strong form of EMH or at least RWH or a weak form. To achieve this objective two different model has been used. Estimated multiple regression analysis Run test Assumption: Nepalese Capital Market hold weak or semi strong efficiency market hypothesis. Estimated multiple regression analysis Model : Correlation of different variables such as dividend per share (DPS), Earning per share (EPS) and net worth per share (NWPS) has been analyzed before using above mentioned model to see whether independent variables like DPS, EPS and NWPS have any impact over dependent variables i.e. MPS. r = Whereas, n = number of observation (year) X = dependent variable (MPS) Y = independent variables ( DPS, EPS, NWPS) Significant of correlation has been tested by P.E. as explained above. For this purpose, historicial financial data has been collected from NEPSE, SEBON and sampled companys annual report. Run Test A run can be defined as a sequence of consecutive price change of the same sign followed and preceded by price change of other sign. Runs test is a non- parametric test, which can also be used to examine the independence of a series as a check of results generated by serial correlation tests. Runs test is performed to examine whether the actual number of runs confirmed to the expected number of runs under the independent Bernoulli process. For this purpose, daily and monthly closing price of sample company has been analyzed. Daily run test covers the period from April 1, 2012 to August 15, 2012 , and monthly run test covers June/July 2011 to June/ July 2012) Model Whereas, no = number of zero run n1 = number of one run n = n0 +n1 = total number of runs R = observed number of runs E(R) = expected R S(R) = standard deviation of R Decision has been made according to p-value, where it states that p-value  £ 0.05: reject H0, p-value  ³ 0.05, do not reject H0 . Objectives 5 Cross tabulation has been employed to justify investor awareness and level of investment. It has been argued by Kanadariya and Et.al (2012) that investors awareness and easy access to information had increased level of investment. Assumption: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ The financial literacy and awareness level might be the crucial elements for the healthy development of the Capital Market, ( Kanadriya et.al, 2012). Validity, Reliability While selecting the listed enterprises, extensive editing and validatio n procedures were undertaken to ensure quality and accuracy. The companies are screened using the variables like market capitalization, volume and frequency of transaction, first listed company among the sectors, maximum trading days, maximum traded amount, continuity of transaction to represent the listed enterprises in Nepal. Proper care has been taken to represent all the sectors, as categorized by NEPSE. As all the secondary data is obtained from the NEPSE, SEBON and related companys website, however, there has been problem to access some of the company website. Some of the websites are not updated and the necessary figure has been obtained from NEPSE, so there could be general mistake on some numbers. For example: in NEPSE website some data were wrong and careful investigation has been made to confirm such mislead numbers and verified by cross inspection. i.e. SEBON and NEPSE data, NEPSE to company data. Chapter 4: Data Presentation and Analysis Objectives 1 Mode l 1: Correlation  per capita GDP (Rs.) r2 P.E. 6P.E. per capita GDP (Rs.) 1  MCR 0.610752479 0.37301859 0.18912684 1.134761038 Nothing can be concluded as P.E. r P.E. Market Capitalization Ratio Capital market size can be measured by market capitalization ratio (MCR). MCR has an increased trend since 2006/2007 to 2008/2009 and suddenly it decreased by 20% in preceding year. But it has reached to highest of 58% in year 2010/2011. Correlation shows positive relation with per capita GDP but relation not significant between the variable. Number of Listed and Traded Companies  listed companies r2 P.E. 6P.E. listed companies 1  Traded companies 0.970985153 0.942812168 0.017250518 0.103503106 Correlation is significant as r 6P.E. The number of traded companies is almost in increasing trend. But the securities traded in NEPSE are fluctuating during the study period. The growth rate of listed companies during the study period is 7% and it is 12% in the case of traded companies. Similarly, the growth rates of listed and traded securities are 29% and 14%. Karl Pearsons Correlation Coefficient (r ) between traded and listed companies is 0.970985, highly positive correlated and their securities is 0.576611, positively correlated. Since, in listed and traded companies shows a significant case as r is greater than 6 P.E. i.e. r = 0.970985153 0.103503106 = P.E. Number of Listed Companies Number of Traded Companies Listed Companies Annual Growth Overall growth Traded Companies Annual Growth Overall growth 2005/2006 135   110   2006/2007 135 0%  116 5%  2007/2008 142 5%  136 17%  2008/2009 159 12%  170 25%  2009/2010 176 11%  198 16%  2010/2011 207 18% 7% 222 12% 12% Public Issue and Amount (Amount in millions) Issued Number Issued Amount Number Annual Growth Overall Growth Amount Annual Growth Overall Growth 2005/2006 5   390.5   2006/2007 16 220%  940.3 141%  2007/2008 18 13%  1340.2 43%  2008/2009 11 -39%  2509.76 87%  2009/2010 37 236%  3144.7 25%  2010/2011 16 -57% 21% 2028.44 -35% 32% Source: SEBON Annual Report (2005/06 2010/11) The number of public issue approval of the companies remains fluctuating. It shows an increasing trend FYs 2005/2006 to 2007/2008, and fluctuating the following years which was just 16 in FY 2010/11 decreased by 57% on year on year basis. But, the empirical result reveals that the overall growth rate of number of companies issue approval was 21% during the study period. The amount of issue approval shows ups and downs during the study period. In the 2005/2006 to 2009/2010, the growth rate on yearly basis is positive with highest amount approval of Rs.3144.7 million in 2009/2010. The amount of issue approval indicates an absolutely attractive growth trend from FY 2005/2006 to 2009/2010. The study found that the overall growth rate of public issue approval amount is 32 %. Number of Listed and Traded Securities (Amount in millions) Number of Listed Securities Number of Traded Securities Number Annual Growth Overall Growth Amount Annual Growth Overall Growth 2005/2006 226540   12221.93   2006/2007 243504 7%  18147.25 48%  2007/2008 321131 32%  28599.77 58%  2008/2009 637868 99%  30547.16 7%  2009/2010 821746 29%  26231.35 -14%  2010/2011 1033674 26% 29% 26240.39 0% 14% The percentage of traded companies over listed companies is more than 5% in each FY. Similarly, the percentage of traded securities over listed securities ranged between 14% to 29% during the study period. Similarly, the overall growth rates of listed and traded securities are 29% and 14%. Number of Transaction and Annual Turnover (Amount in millions) Number of Transaction Annual Turnover Number Annual Growth Overall Growth Amount Annual Growth Overall Growth 2005/2006 97374   3451.4   2006/2007 120510 24%  8360.1 142%  2007/2008 150800 25%  22820 173%  2008/2009 209091 39%  21681.14 -5%  2009/2010 213733 2%  11851.11 -45%  2010/2011 302364 41% 21% 6665.33 -44% 12% The number of annual transactions shows increasing trend during the study period. It has increased from around 97 thousands to 103 thousands. The highest growth rate (39%) took place in 2008/09. However, the overall growth rate during the study period is 25 %. Annual turnover in stock exchange has fluctuated between Rs.8360.1 million to Rs.21681.14 million in the past five FYs. The growth rate of annual turnover is 12 % over the observed period. The percentage of turnover on paid up value has fluctuated between 2% and 41 %. As such, the increasing trend in number of transactions implies the higher liquidity and attractiveness in securities, but decrease trend after 2007/2008 on annual turnover indicate an un attractiveness in securities. Paid up Value and Market capitalization (Amount in millions) paid up Value Market Capitalization Amount Annual Growth Overall Growth Amount Annual Growth Overall Growth 2005/2006 19958   96763.70   2006/2007 21798.8 9%  186301.30 93%  2007/2008 29465 35%  366247.5 97%  2008/2009 61140 108%  512939.07 40%  2009/2010 79356 30%  378871.37 -26%  2010/2011 100238 26% 31% 323484.34 -15% 22% The amount of paid up capital has increased in every subsequent FYs. However, the annual growth rate has not increased in the same ratio. Paid up capital of overall listed securities has increased from Rs. 21798.8 million in 2006/2007 to Rs.100238 million at the end of 2010/2011. The overall growth rate is 31 % over the observed period. This indicates the pace of investment in corporate sector through securities is hiking up. The market capitalization based on closing market price of listed securities was worth of Rs. 186301.3 million in 2006/2007. The overall growth rate of the market capitalization during the study period was 22% where capital had lost 134067.7 million during single FY in 2009/2010. Security Businessperson Security Businessperson Number Annual Growth Overall growth 2005/2006 33   2006/2007 33 0%  2007/2008 32 -3%  2008/2009 40 25%  2009/2010 34 -15%  2010/2011 52 53% 8% In the FY 2006/2007, there were altogether 33 securities businesspersons which increased to 52 an overall growth of 8%. In the total number of securities businesspersons, more than 74% is dominated by stockbrokers over the study period. Objectives 3 Data are based on Fiscal Year ended Base year (17 July 2006) = 100 Year CB DB I HP Fin MP Sensitivity Index 2006/07 181.07 196.64 113.18 153 160.74 136 175.08 2007/08 241.41 248.05 270.63 254.23 434.44 164.00 253.72 2008/09 200.16 162.44 201.80 210.94 213.03 170.00 198.77 2009/10 114.08 109.68 174.57 167.64 139.65 172.80 119.32 2010/11 82.52 75.58 115.31 122.28 83.87 191.24 89.44 Commercial bank index had followed the same trend like as sensitive index (SENEX). As SENEX shows the systematic risk of the capital market and can be compared to the other sector to evaluate how risky is the sector is? So, from the above analysis it can be viewed that th systematic risk of the bank is same as the market and likelihood of effects is positively related. On the other hand, finance sector indexis more volatile and fluctuated more than any other, showing clear picture that this sector is more riskier. Increasing trend has witnessed all in a good shape but while its sleeping from the ultimate high point on 2007/2008, then it is clear that Development Bank had been affected most followed by the Financial sector. Hydropower and Commercial Bank had almost the same pattern of movement, however it is surprising to see the increasing trend of the manufacturing processing sector had not been affected and is in more relaxed compare to others. Objectives 4 H0: there is no difference between NEPSE index before and after signaling factor Decision Criteria: if t stat value t critical value , reject Null Hypothesis otherwise do not reject Null Hypothesis. if t stat value t critical value , reject Null Hypothesis otherwise do not reject Null Hypothesis. S. No. Year Signaling Factor t-stat t Critical at 16 df ( 5% level of significant ) Conclusion Null Hypothesis SF 1 December 24, 2007 End of Monarchy 0.0553  ± 2.1199 Accept SF 2 August 16,2008 Coalition government lead by Maoist Leader -0.0213  ± 2.1199 Accept SF 3 May 23,2009 Resignation of First Prime Minister -0.0502  ± 2.1199 Accept SF 4 May 28,2011 Constituent Assembly fails to meet for drawing up new constitution 0.0837  ± 2.1199 Acc

Get a Study Abroad Amsterdam Essay Sample

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