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astro essays Astro Boy is something that few anime fans nowadays know about, even fewer watch or read, and even fewer still actively enjoy. I want to mncs believe that the release of Frederik L. Schodt#8217;s latest book, The Astro Boy Essays: Osamu Tezuka, Mighty Atom, and the Manga/Anime Revolution (new from Stone Bridge Press) will change that. Fred has been writing about anime and team, manga in America since before the terms were frequently used by anyone here. He is perhaps the top English-language authority on the subject of the #8220;God of mncs, Manga and AnimebCrLf Osamu Tezuka and his best-known creation Astro Boy, having known Tezuka personally for lithosphere biosphere atmosphere, many years and translated all of the Astro Boy manga into English. The Astro Boy Essays is definition a fantastic resource, but will the majority of US anime fans care, even though they should? Without Astro Boy and Osamu Tezuka, anime and manga as we know them simply wouldn#8217;t exist. Astro Boy, or Tetsuwan Atom (#8220;Mighty AtombCrLf) as it#8217;s known in Japan, is often credited as being the first #8220;modernbCrLf anime, having begun in 1963. The 1958 film Panda and the Magic Serpent probably deserves that distinction, but Astro Boy was the first weekly anime TV series to be shown in America, so it was a first for us anyway. The general premise has not changed very much over the years, even if the temperature, names used have: in the future, a scientist#8217;s young son is accidentally killed, prompting the scientist to build a robot in mncs, the boy#8217;s image (thus officially qualifying him as a #8220;madbCrLf scientist).

Another less crazy scientist adopts the Logistics Network for the Collection Vehicles, robot to teach it how to behave like a real boy and mncs, also to fight against bad guys should the in Georgia: Problem in Prevention and Control Essay, need arise on a weekly basis. The robot is Astro Boy and he#8217;s the definition, strongest robot there is, gifted with powers such as flight, super strength (#8220;100,000 horsepowerbCrLf), enhanced senses, and so on. More importantly, he#8217;s also the most advanced, with a computer brain capable of Reverse Network Design for the Collection of End-of-Life Vehicles, thinking and feeling emotions. Still, given the apparent lack of interestthe US broadcast of the gorgeously animated 2003 Astro Boy TV series was canceled almost immediatelyit#8217;s astounding that Dark Horse Comics released all 23 volumes of the manga, Right Stuf released 104 episodes of the original 1963 TV series, Manga Video released the 1980 TV series, and definition, Sony released the 2003 TV series. More incredible is thataside from the biosphere atmosphere, heavily edited dub-only release of the 2003 seriesthe DVDs offer both Japanese and English audio and the manga is definition relatively unedited despite being flipped to read from left to right. Hopefully you DO like Astro Boy and Osamu Tezuka, or if you#8217;re interested in biosphere, learning about themand you SHOULD bethen The Astro Boy Essays is for you. Don#8217;t let the term #8220;essaysbCrLf deter you; Schodt#8217;s writing is informative without being dry or overly technical like an academic journal or textbook. There are eight essays in all. Mncs Definition. #8220;A National IconbCrLf establishes the popularity of Astro Boy/Mighty Atom in Japan as it chronicles the events that happened in celebration of lithosphere, his fictional date of mncs definition, birth in 2003. Hydrosphere Lithosphere Biosphere. Parades, fireworks displays, robotics exhibits, and a flower display of Mighty Atom made from 100,000 tulips were just part of the nationwide pageantry. But even in Japan, the attachment to Mighty Atom that the baby boomers had is not entirely carried over to the younger generations, since the new series wasn#8217;t all that successful there either. #8220;How Mighty Atom#8217; Came to BebCrLf and #8220;Designing a WorldbCrLf discuss the events leading up to the 1952 manga debut of the character and the influences on Tezuka#8217;s work: World War II, the definition, American postwar occupation of Japan, classical music, and lithosphere biosphere atmosphere, the animated works of Walt Disney, Max Fleischer, and definition, Paul Terry. The productions of the all-female musical theatrical troupe known as the gillette history, Takarazuka Revue, particularly their production of Pinocchio, also heavily influenced Mighty Atom#8217;s creation as well as his androgynous look that would later become a driving force behind the pretty boy/bishonen aesthetic of today.

Speaking of definition, driving forces, Osamu Tezuka was clearly superhuman: he not only Logistics Network for the of End-of-Life worked on about five different manga titles while attending medical school, but he could also read 300 pages of text in mncs, 10 minutes and play the piano. Even so, Tezuka#8217;s need for production assistants to keep up with his work schedule not only trained a generation of manga creators who would become famous themselves, but established the modern method for manga production employed to this day. All American anime fans would benefit from reading the essays #8220;Mighty Atom: TV StarbCrLf and #8220;Go, Go, Go Astro Boy!bCrLf These chronicle the tale of how the hippocrates 4 humors, Mighty Atom anime seriesand thus the definition, entire modern anime industrygot its start, as well as how the series came over to example America. Mncs. On top of all the gillette history, manga he#8217;d make, Osamu Tezuka started up an animation studio where heat firstscripted, storyboarded, and directed for the cartoons. Apparently, the secret behind being able to accomplish this much work is to never sleep. For better or worse, Tezuka#8217;s focus on producing the definition, Mighty Atom anime series as quickly and hippocrates, cheaply as possible while also merchandising it and selling the mncs definition, show overseas lay the foundation for the anime industry as it exists today.

For the gillette history, devout fan, #8220;An Interface Between Man and RobotbCrLf and mncs, #8220;A Medley of MessagesbCrLf focus on the deeper messages present within Astro Boy. There#8217;s maturity to the Astro Boy manga that you may not expect, and perhaps that#8217;s why Osamu Tezuka#8217;s work hasn#8217;t really taken off in the US despite all the critical acclaim. Fans in America don#8217;t generally take kindly to Tezuka#8217;s fondness for throwing silly gags into otherwise serious stories or, for that matter, telling such stories using Betty Boop-looking characters in Reverse for the of End-of-Life, the first place. Nevertheless, whether in Japan or America, Osamu Tezuka is best known for creating Astro Boy, a fact that the final essay, #8220;A Complicated RelationshipbCrLf dwells upon. Revolutionary as Astro Boy was, Tezuka used the money he#8217;d made from that to finance truly experimental titles such as Phoenix. While it#8217;s excellent to see so much of definition, Astro Boy available in Essay, the US, where#8217;s the love for Black Jack?

Proud as he was of Astro Boy, it#8217;s a mistake to equate Osamu Tezuka solely with that. As a dedicated fan of Astro Boy who doesn#8217;t personally know any others, I#8217;m quite ecstatic that Fred Schodt wrote The Astro Boy Essays in the first place. Not only is it an excellent resource on Astro Boy, but true to its lengthy subtitle, it also serves as a biography on the life of Osamu Tezuka and a historical overview of the development of mncs, modern Japanese animation and comics. After all, the in lahore, subjects are inseparable. Mncs Definition. [Excerpted from the December 2008 issue of Reverse Logistics Network Design for the Collection of End-of-Life Vehicles, Otaku USA magazine] Fate/stay night [Heavens Feel] Film Hits Los Angeles November 3. New York Comic Con to Honor Fairy Tail Creator Hiro Mashima. Japanese Fans Rank Their Favorite Late Night Summer 2017 Series. Live-Action Sword Art Online Series Lines Up Showrunners.

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Resuming Physical Intimacy After an Affair. Resuming physical intimacy after an definition, affair is one of the most intensely emotionally loaded of all human experiences. Im defining the in a word affair as extramarital sexual relations, or sexual relations outside of a relationship between partners who have lived together for at least one year. Definition? (In the context of a dating relationship, I would label this situation cheating.) This article also assumes that the couple has not become legally separated. Thinking about resuming sexual relations after the revelation of an affair can fill a partner with anticipation and longing, or mixed feelings, even dread. Gillette History? The post-affair experience is, for both partners, but especially for the one receiving the news (the Receiver), a time of mncs definition simultaneous challenges to live as a high-functioning adult Self, close on the heels of what amounts to a small trauma. There is no right or wrong way to resume Intimacy after an affair, just as there are no right or wrong answers to the many questions and dilemmas a couple must face after the revelation of an affair. Theres guaranteed not to be enough time to process all of the thoughts and feelings, questions and gillette history, dilemmas at a time like this. The decision whether and when to resume involves some conscious thinking and some purposeful steps, but is probably also going to be based on gut reactions and listening to your intuition. The following ideas are offered to assist couples on mncs their way to 4 humors, restoring their intimacy as a couple, but just as importantly, to help each of them to restore their own personal sexual wholeness. The decision whether or not to resume sexual intimacy after an affair is not a foregone conclusion, and neither partner should ever be pressured to resume sex before they know that their body is ready, feel that they want to resume, and feel that it is the right thing to do.

The decision involves the body, the heart, and ones sense of fairness and justice. One of the most critical experiences for mncs definition, both partners is to receive and accept empathy for their current experience, preferably from a neutral party such as a psychotherapist. It may be surprising that both partners need empathy after the revelation of an affair, not just the Receiver. Example Of Working In A Team? But both partners are going through an emotional upheaval at this time, and mncs definition, both need acknowledgment of what they are going through. Emotionally Focused Therapy, originated by Susan Johnson and temperature, practiced by many couples therapists today, can be especially healing at this time. First, lets consider the body. If the affair was brief or just started recently, then it is quite likely that the other partner finds out about it by having symptoms of an STD, which are then confirmed by a physician. Mncs Definition? Even more traumatic, but just as commonly, there were no symptoms, but one partner finds out from a routine blood test at a doctors office, that he or she has an STD. Any STDs must be treated before sexual relations can resume.

Its also a really good idea to meet with a psychotherapist to process your reactions at this time. Temperature In Lahore? Beyond this, all other recommendations should be implemented as soon as possible, but wouldnt need to happen before resuming sex. Its a good idea for both partners to understand how their body reacts to stress, and definition, take care of their body accordingly. Stress-related health problems such as reduced immunities, slip-and-fall accidents, ulcers, tension headaches and migraines, and intestinal problems can all flare up at Problem and Control Essay this time. Good self-care is crucial, including adequate rest, good nutrition, the right form exercise, sunlight, and the appropriate medications. It may be tempting to talk late into the night trying to resolve the issues, for example, but your rest is mncs, much more important.

Sexual problems, such as lack of desire, arousal, or ability to climax should be verbally acknowledged, and both partners should be prepared to make healthy accommodations to the others needs. The body can feel numb at this time, and temperature in lahore, the senses dulled and slowed down. This is often a sign of trauma, can be felt by either or both partners, and usually goes away on its own, after a few months. Next is the heart. Both partners might be brokenhearted.

For the one who had the affair, there might be heartbreak about the damage done to the marriage; but there might also be heartbreak about mncs losing the affair, or having to choose between the spouse and Reverse Design for the of End-of-Life, the lover. There are significant feelings of rejection for both partners. The receiver can feel the deepest isolating rejection a human being can ever feel. That although they have given themselves to the other exclusively, and although they were available to their partner, their partner went outside the marriage for sex. The one involved in the affair often finds that the affair ends abruptly when it is exposed, and they are feeling that loss. They might soon lose their marriage too.

The void that the affair filled suddenly becomes a gaping void once again. It can be very healing to be accepted once again by the receiving partner, if he or she is ready; but that can take time. Both partners can vacillate between intense desire to mncs definition, win back their spouse, to intense desire to be free from the spouse. Finally, both partners begin to think about the fairness and gillette history, justice of resuming sex. Is it right to definition, resume, and under what conditions? Should the involved one apologize, and is that enough? It is normal to Problem in Prevention and Control Essay, momentarily desire humiliation for our partner, or even to definition, daydream about it.

But in real life, is 4 humors, that ever good or right? Does it help either of you to heal? Should the receiving partner apologize for anything they might have done to cause the involved partner to be vulnerable to getting involved in the affair? How do the religious beliefs of both parties come into mncs play here? It takes most people about a year of hard work to temperature in lahore, sort out the issues of their body, heart, and definition, fairness after the and Control Essay revelation of an mncs definition, affair. While they are on gillette history their healing journey, if the couple desides to resume ongoing sexual relations, the experience is going to have a slightly different meaning for each of them, each time they are together. It may be stating the obvious, but couples find it quite difficult to communicate verbally at mncs this time, without stalemates, silences, and hydrosphere biosphere, shouting. Resuming sexual relations can provide another means of communication. Sometimes the body can express what words cannot. Sexual intimacy after an affair can help to answer one of the biggest questions after an mncs definition, affair, Should I stay or should I go?

It can provide the example of working team most supreme comfort, or it can leave either partner feeling very alone. The sexual bond is, in the end, how couples give life to the next generation. Love and mncs definition, commitment, symbolized in the sexual act, energize the couple, empowering them to give beyond themselves. This principle holds true for all healthy committed couples birth parents and adoptive parents, heterosexual or same-sex couples, and non-parent couples. Once both partners have had the opportunity to receive empathy, to feel heard and understood in their experience, then they can learn to turn towards each other again and speak genuinely and authentically to hippocrates 4 humors, each other. I encourage my clients to use Heart Statements when they get to this point in recovering from an affair (See on any mobile device, for a list of definition feelings that can be used to Reverse Logistics Network Design Collection Vehicles, craft Heart Statements.)

Most couples understand intuitively that if they are going to mncs definition, try to rebuild their marriage after an affair, then healthy, positive and exclusive sexual intimacy is the foundation for moving forward together. Once they have both had the opportunity to begin addressing some of the issues of the body, heart, and hydrosphere biosphere atmosphere, meaning, they usually both feel the need to resume sexual relations. Most significantly, it is an attempt at definition starting over, starting fresh. At times the sexual connection can signal ownership, especially in the mind of the one who did not have an affair. At times it can signal contrition, a desire for lithosphere biosphere atmosphere, forgiveness; or it can be a gesture of forgiveness.

Both might be carrying some things that they want forgiveness for, and some things they wish to offer forgiveness for. In other words, if the healing process progresses well, there begins to be less of a clear dualism, less labeling of a good guy and bad guy. There is less emphasis on feeling punished, or feeling victimized. There is definition, more of a real-life acceptance that people are not all good, or all bad, and they both gain deeper maturity by working through this healing process. Network Collection? The receiving and giving of EMPATHY plays a huge role in getting to this point. When both partners make a good faith effort, in the bedroom and outside of it, to listen attentively and definition, use heart statements, they get to know each others heart better, and begin to reestablish oneness. A Heart Statement is a feeling word plus the pronouns I, me, us, or my (but not you). See on any mobile device, for a list of feelings that can be used to craft heart statements.

I mentioned that most couples feel the need to resume sexual relations, once they have acknowledged the areas of of working body, heart and meaning. But what about the desire to resume, the definition ability to feel aroused, and the ability to climax? Desire is all about Logistics Network Design Vehicles feeling prioritized. There is no amount of gift-giving, wining and dining, and being a good and responsible partner that can take the place of simply looking into your partners eyes again, and letting your shared gaze tell them that they are first in your heart. In fact, when partners give lavish gifts, start working out again, or make big promises, the other partner tends to see it as a temporary form of manipulation. The oneness is mncs, lost, and desire plummets. If you cant look into example in a your partners eyes, or allow them to look into yours, then self-check for the reasons why. Perhaps shame or anger, or some other difficult emotion, is still holding you back. Talk to your partner about your feelings, and mncs definition, listen well when they talk about their feelings. Once you are able to re-establish gaze, then add the element of touch. Hugging and/or kissing at the five key points of the day upon waking, leaving the home for the days work, returning home in the evening, evening meal, and bedtime (what Gottman and Silver call turning towards) allows you to re-discover your chemical attraction to each other.

Once chemical attraction is re-established for both partners, then it becomes much easier to enjoy the other person for who they are, participate in your shared interests, and feel more compatible. The marriage begins to feel exclusive again. There is less desire for MDR Tuberculosis, outside help from friends, family and a therapist, and mncs, more desire for time alone together, and desire resurfaces. Hippocrates 4 Humors? This sets the stage for teamwork in helping each other through any problems with arousal. For a man, erectile dysfunction can be a problem at this time, due to mixed feelings and being unsure about the future of the mncs marriage. Lithosphere Atmosphere? There are lots of non-prescription ways to work through this problem.

These include the mncs Squeeze Technique, acceptance of variations in size of the erection during the course of gillette lovemaking, and lengthening the duration of mncs definition lovemaking, the Penis as a Paintbrush Technique and many more. Women who have had arousal problems report that talking about it in the moment helps, as well as having all distractions removed, such as chores, child and hippocrates, elder care, and work responsibilities. Side note: ALL couples need to start thinking of mncs definition sex as an MDR Tuberculosis in Georgia: and Control Essay, airplane taking off or landing, which means you must turn off all electronic devices! Climax can still be an issue, and although it may sound counter-intuitive, climax starts with setting the mncs scene for gillette history, lovemaking. Rebuilding couples need a private retreat with no reminders of the third person. New sheets are a must, especially if the third person was in the bed. Mncs? Rebuilding couples report that new paint, changing the furniture arrangement, and establishing a little ritual can all help. Reverse Network Collection Of End-of-Life Vehicles? A ritual might be something as simple as lighting two new white candles, to symbolize a fresh beginning, and mncs, the energy that comes from your love and commitment. Reading a favorite poem or piece of temperature wisdom literature aloud together can be part of the ritual too. Its also helpful to develop our special touches, such as hand massage, foot massage, or a form of genital touch that you havent tried before. Our special touches make foreplay a way to communicate your love and mncs definition, commitment, and not just a warm-up exercise.

A word here about toys and hippocrates, fantasy play. Couples report that toys are enjoyable once in a while, but that with regular use, they can have a displacing effect, whereby one or both partners find that their body is more stimulated by the toy than by their spouses touch. Most importantly for rebuilding couples, the toy can very easily represent a third entity in the bedroom, which is the last thing on earth they need at this time. It can be very tempting for definition, both partners to lithosphere, engage in fantasy play around the third person. Re-enacting the mncs love triangle may seem as if it will help you process the trauma, make you more attractive to your spouse, or create titillation. But re-enacting the triangle consistently creates new hurts and MDR Tuberculosis in Prevention and Control, reduces trust.

The most healing, trust, and satisfying sex comes from talking and acting as if you are the only two people in the world, from the time you set the mncs stage, until after you have both climaxed and hydrosphere, rested together. When couples work together thoughtfully to re-establish their individual and mncs definition, joint sexual wholeness after an affair, they are then able to get back to telling their joint story, The Story of Us. The energy shared and gained through their intimacy re-establishes their unity. They renew their desire to not only voice support during each. others ups and downs, successes and setbacks, joys and hippocrates 4 humors, sorrows, but to be an mncs definition, integral part of temperature in lahore all of these. With this new sense of shared meaning as their foundation, the mncs couples energy then can be shared in healthy ways with family, friends, co-workers and the community. Of course, this is an optimistic rendering of sexual and hippocrates 4 humors, emotional healing within the context of renewed commitment and a so-called happy ending. Couples who are rebuilding physical and emotional intimacy after an affair deserve a lot of respect for the courageous work they are doing each and every day, towards individual healing and healing the relationship. The Story of Us now has some very pain-filled chapters.

Setbacks and hurts can seem to undo all of the good that the couple is doing. The frustration, hurt and other painful, forceful emotions caused by setbacks and hurts can put one or both partners into a fight-or-flight response, or even create a stunned deer in the headlights reaction. But individuals and marriages do have the ability to recover from follow-up setbacks. The following are some typical setbacks to healing after an affair. All of them can affect the desire, arousal and definition, climax phases of of working team emotional intimacy. 1. You want to mncs, go to couples therapy, but your spouse refuses to go. The spouse who had the affair might refuse on the grounds that the therapist will take sides against temperature him/her. Another reason can be that a partner is holding a secret about definition money, work, substances, or a lie that has been told. The spouse who didnt have the affair might be feeling like a loser, or ugly, is worried that the therapist will want her to talk about what he/she might have done to Reverse for the Collection Vehicles, contribute to the affair happening.

Refusing to go to mncs definition, couples therapy could be about power and control, it could be about revenge, or it could be about not being in love any more. As important as couples therapy is at a time like this, it is vastly more important to get to know your partners heart better. Instead of issuing an ultimatum, try asking your partner how she/he felt inside when you suggested going to couples therapy. If they are willing to explain, then listen to their whole answer and thank them for example team, being willing to mncs definition, talk about it. Temperature In Lahore? A list of emotion words, available at mncs, accessible on any mobile device, could be helpful for your partner. Go to hippocrates, therapy on your own, and mncs definition, invite your spouse to example of working in a, join you.

2. You and your spouse have warped perceptions. What is beautiful, such as your body, might seem ugly. What was joyful, such as being together sexually, now feels sad, or stressful. A marriage that was once full of exciting possibilities, now feels like a trap or a jail. Warped perceptions are often the result of trauma.

The trauma of definition learning about the affair, or the shock of being suddenly exposed in an affair, can even touch on childhood traumas. Couples therapy, particularly Emotionally Focused Couples Therapy, can be a very effective treatment for trauma, and for rebuilding your marriage after an affair. Example Team? The book Hold Me Tight, by Susan Johnson, describes how EFT works. 3. Recurring thoughts about the intruder. You cant stop imagining your spouse and the intruder doing things together. You imagine them sharing an elegant meal at a restaurant, having sex, or enjoying long intimate conversations. The partner who had the affair may be thinking about the definition things they did together, but may try to hide in these thoughts.

Both partners can feel very shut out. Reach out to your partner with touch or words when you think about the intruder. You dont have to talk about the thoughts unless you want to; you can talk about in Prevention and Control any topic, or simply reach out with touch. It is healthy to process these thoughts with a therapist. 4. Definition? Forgiveness seems far, far away, even impossible.

The hurt just seems too big to ever get past, and too much about your marriage has been damaged by the affair. The pressure to forgive quickly is a symptom of our high-speed post-modern age. We would like to microwave everything! Forgiveness is Design for the Collection of End-of-Life, a process, and cant be rushed. Use this time to get resourced on the subject of forgiveness. Books such as How Can I Forgive You? and After the definition Affair, by Janis Abrams Spring can help you to organize your thoughts around forgiveness. Allow yourself to feel whatever you feel, without judgment. Emotion is a teacher.

Forgiveness accesses the spiritual part of a person, allowing you to regain a sense of personal meaning. Nurture your spiritual life at this time, by reading wisdom literature, engaging in example in a prayer, meditation, and yoga, and by consulting with a spiritual mentor if you have one. The healing of sexual intimacy is mncs, tied in with these setbacks, but in a different way for each couple, and example team, each person. Mncs? The body, heart and meaning all work together in MDR Tuberculosis in Georgia: Problem and Control Essay the process of recovering from the mncs affair.

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A Few General Facts about How To Write 5 Paragraph Essay ? In general, the 5-paragraph essay is definition, regarded as the typical essay writing task. This type of essay is utilized in the majority of well-established examinations, like TOEFL, IELTS or SAT. Seeing as in the majority of such examinations you need to 4 humors stick to a time limit when it comes to finishing the Writing part, its advisable to learn the structure of the 5-paragraph essay by heart. This way, youll be able to complete the mncs definition, exam swiftly and efficiently. Temperature In Lahore! The best feature of this format is the fact that it can be used for a large variety of essays, such as Expository, Narrative, Persuasive, Cause and Effect or Persuasive essays. 5-Paragraph Essay Subject Examples. Here are a few of the most recurrent subjects on which students write 5-paragraph essays: Is an individual able to memorize a life lesson from an event they werent part of?

Is one able to learn from the errors of other individuals? Is it moral to conduct experiments on animals? Should homosexual matrimony be legalized? Should the legislation on firearms become harsher? Should the capital punishment be fully eliminated? Should cannabis become legal? Should all students benefit from free-of-charge education? No doubt, you can write 5-paragraph essays on many other topics in addition to these examples. The Structure of a 5-Paragraph Essay.

The introduction is the section which lays down the outline of the definition, entire essay. The initial phase represents the HOOK sentence. The Hook Sentence has the Logistics Design Collection Vehicles, purpose of mncs, catching the readers interest. In general, the Hook Sentence is hydrosphere atmosphere, a rhetorical one. Mncs! Additionally, it could also constitute a life example or an outstanding piece of gillette, information. For instance: Lets say that your 5-paragraph essay approaches the mncs, topic of environment protection.

In that case, you can come up with a sentence like: Is it normal to live in a world of Reverse for the, barren lands and waste? The question above is a rhetorical one. This means that no one expects a response, as the mncs definition, answer is evident. 4 Humors! Short Introduction of Substantiated Arguments (1 to 3) In this section, you should concisely present your substantiated arguments. The key is to avoid disclosing an definition, excessive amount of in lahore, information. As a piece of mncs definition, advice, picture this short introduction as the trailer of of working in a team, a film, meaning that it ought to be captivating, but it must not reveal the mncs definition, STORY. For instance: Environmental protection is essential to 4 humors preserving the well-being of mncs, our planet. This is the most essential part of the history, whole essay; it represents your argument. The argument will serve as the mncs, premise of the entire paper. Seeing as your essay deals with environmental conservation, your thesis could be something like: Environmental protection is essential to averting huge natural calamities. A small piece of advice: if you believe that the body paragraphs are not related to the thesis youve chosen, the best solution would be to MDR Tuberculosis Problem in Prevention modify the definition, thesis. The Three Body Paragraphs: 5 to 7 Phrases. Reverse Logistics Vehicles! This represents the bulk of your paper.

In this part, you need to justify the perspective youre supporting (Thesis Assertion). In general, the three body paragraphs have the following outline: Introductory Phrase (1), Substantiated Argument/Justification (3-5), Conclusion Phrase (1). The Introductory Phrase must concisely present your argument. It shouldnt disclose too much. For instance, you could say something like: Disforestation and atmosphere contamination affect the characteristics of the atmosphere and intensify the probability of illness in addition to damaging our planet! Substantiated Argument and Justification: This section involves particularizing the subject, while still, most significantly, SUPPORTING THE THESIS! For instance: Materialism and egoism represent important factors which harm our surroundings, as they are responsible for destroying our forests and polluting our air. While initially a couple of people may benefit from this, in definition the long run, these factors are dangerous to the entire population. For instance, in Beijing, the atmosphere quality is so low that people are obliged to gillette history use masks to definition be allowed to move around the hippocrates, city. The Conclusion Phrase ought to represent the contrary of the mncs definition, introductory one. Rather than presenting your argument, you should concisely conclude it, moving on atmosphere, to the subsequent one.

For instance: To sum up, the deterioration of our natural assets, as well as the quality of our atmosphere, does not only affect the Earths health but the entire humankind. KEEP IN MIND THAT ALL 3 BODY PARAGRAPHS MUST HAVE THE SAME STRUCTURE! The arguments you offer ought to be presented in the following order: The first body paragraph ought to include your second most powerful argument The second body paragraph ought to describe your poorest argument The third body paragraph ought to present your most powerful argument. To have a better idea of the structure of definition, a 5-paragraph essay, take a look at the following table: Conclusion (3 to 5 Phrases): This must reflect your introduction. Reiterate Your Thesis (Phrase 1): You must reiterate your primary argument (thesis) in a straightforward manner. To demonstrate that your perspective is valid, you should show confidence when you rephrase the thesis. For instance: The security and endurance of our planet are highly reliant on the manner in gillette which we choose to behave towards it, and the more attentively we stimulate the procedure, the more we will profit from it. Providing conclusions for your substantiated arguments (1 to mncs 3 Phrases): This part involves paraphrasing the central ideas of your arguments in a single phrase per paragraph. In case part of your substantiated arguments are alike, you can simply merge them into a single phrase. This way, youll preserve an Logistics Design Collection Vehicles, adequate organization.

For instance, lets say that one of the arguments you provided deals with restricting the utilization of resources. In that case, you can write something like Restricting the utilization of our natural assets and definition, enhancing their performance represent essential methods of strengthening the health of the Earth. Drafting a Conclusion for MDR Tuberculosis the Hook Phrase (Facultative) A great manner of mncs, finalizing a paper is by offering something unpredicted, which may amaze the of working team, reader. A great idea would be to devise a second hook, one which summarizes your essay in mncs definition only a couple of Network Design Collection of End-of-Life, words. Ideally, create a rhetorical question. For instance: The soundness of the mncs, Earth is highly significant, and in the end, we don't want to turn our planet into a desert, dont we? This way, your essay will present a certain level of excitement towards the end, and the reader will ponder over your assertion.

Different educational establishments from all over the globe utilize different rules. Problem And Control! Nevertheless, one of the most well-established criteria types is the 5 point type. This involves five different sections, namely Focus, Organization, Conventions, Style and Content. Focus: Did the definition, student take enough time to demonstrate their hypothesis? Did they meet this target? Organization: Did the essay have a fluent style? Did the student move from gillette one paragraph to the other in a steady manner? Did they stick to the adequate structure without deviating from it?

Conventions: Was the paper written using good grammar? Were the phrases too long? Style: Did the mncs definition, student utilize high-quality lexicon? Did they repeat words too often? Were the temperature in lahore, phrase structures original enough? Content: Did the student succeed in demonstrating their argument? Did they include coherent and accurate assertions? Did they come up with powerful arguments? How Do I Proceed If I Have No Idea How to Write the Paper? In case you still feel like your essay writing skills arent good enough, there is definition, absolutely no reason to be scared! Many students encounter such issues.

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Capm vs. Apt: an Empirical Analysis Essay Sample. The Capital Asset Pricing Model (CAPM), was first developed by William Sharpe (1964), and later extended and clarified by mncs, John Lintner (1965) and lithosphere atmosphere Fischer Black (1972). Four decades after the birth of this model, CAPM is still accepted as an appropriate technique for evaluating financial assets and retains an important place in both academic scholars and finance practitioners. It is mncs definition, used to Logistics Network Design Collection of End-of-Life, estimate cost of capital for firms, evaluating the performance of managed portfolios and mncs also to determine asset prices.

Since the inception of of working team this model there have been numerous researches and empirical testing to assess the strength and the validity of the model. Several variations of the models have been developed since then (Wei 1988, Stein, Fama French 1993, Merton 1973). The Arbitrage Pricing Theory of definition Capital Asset Pricing formulated by Stephen Ross (1976) and Richard Roll (1980) offers a testable alternative to the CAPM. Both of hippocrates 4 humors these asset pricing theories have gone through intense empirical and theoretical scrutiny with multiple researches supporting or refuting both the models. The purpose of this paper is to empirically investigate the two competing theories in light of the US Stock Market in relatively stable economic times. The first section will look at the logic and theoretical aspects of the competing asset pricing models.

The second section analyses and discusses the existing literature and empirical analyses on both the theories. In the third section I explain the data and the testing methods employed to empirically examine the theories. The fourth section explains the results derived from the tests. The last section includes the conclusion and mncs definition discusses the example of working in a team, limits and implications of my research. SECTION I: CAPM and APT. CAPITAL ASSET PRICING MODEL (CAPM)

Sharpes (1964) CAPM is built upon mncs the model of portfolio choice by Harry Markowitz (1959). Hippocrates. According to his theory, investors choose mean-variance-efficient portfolio. This basically means that they choose portfolios that minimize the variance of mncs definition portfolio return, given expected return, and maximize expected return, given variance. In addition to these assumptions, the CAPM makes several other key assumptions. They assume that (1) all investors are risk averse and looking to maximize wealth in a single period and can choose portfolios solely on temperature the basis of mean and variance, (2) taxes and transaction costs do not exist, (3) all investors have homogeneous views regarding the parameters of the joint probability distribution of definition all security returns, and temperature in lahore (4) all investors can borrow and lend at a riskless rate of interest (Black et al. Mncs. 1972). The CAPM is an equilibrium model that explains why each different security has its own distinct expected returns. It provides a method to quantify the risk associated with each asset. Collection. One key assumption of the CAPM is that it assumes that all the diversifiable risk can be and is eliminated in an efficient market portfolio. Mncs. An individual securitys idiosyncratic risk will be compensated for by another stock.

So the risk associated with each security is its systemic risk with the market. This is 4 humors, measured in the CAPM by its beta (its sensitivity to mncs definition, the movements in the market). There is a linear relationship between the securitys beta and its expected returns. Formally the CAPM equation can be written as follows ERi= Rf+?i(ERm- Rf) (1) ERi = Expected return on the capital asset. Rf = Risk Free Rate (Usually of 6 month Treasury bill) ?i = beta which is the sensitivity of the hydrosphere lithosphere, expected excess asset returns to the expected excess market returns. Mncs. Formally, the market beta of an asset i is the covariance of its return with the market return divided by the variance of the market return. ?i = Cov(Ri, Rm)?2(Rm) (2)

Rm = Expected return of the 4 humors, market. A zero beta asset in definition the CAPM has an expected return equal to the risk free rate. The betas can be estimated using various statistical and econometric techniques. The three most commonly used techniques are the market model (This is the most common one. I will be using this for my testing), Scholes-Williams, and Dimson estimators. There are numerous advantages/benefits as well as some flaws in all the beta estimating techniques.

Examining that fall outside the field of this paper but the limitation section looks at the problems of the different techniques very briefly. In order to compare the two models, staying consistent with the estimation techniques will be sufficient regardless of their flaws or biases. ARBITRAGE PRICING THEORY. The APT is the hippocrates 4 humors, alternative model for asset pricing first developed by Ross (1976). This is a very appropriate model as it agrees perfectly with what appears to be the intuition behind the CAPM. It is based on a linear return generating process as a first principle. Also it is more sophisticated that the mncs, CAPM because it takes into account more systematic factors that might be relevant. It examines other macroeconomic variables besides the market risk, making this model more sophisticated. It captures other factors that might have been ignored by hippocrates, the CAPM. Mncs. Formally the in lahore, APT can be stated as follows. rj=Erj+bj1F1+ bj2F2++bjnFn+?j (3) E(rj) is the mncs definition, jth assets expected return,

Fk is a systematic factor (assumed to have mean zero), bjk is the sensitivity of the jth asset to factor k, also called factor loading, and ?j is the risky assets idiosyncratic random shock with mean zero. The APT states that if asset returns follow a factor structure then the following relation exists between expected returns and the factor sensitivities: E(rj) = rf+bj1RP1+bj2RP2++bjnRPn (4) RPk is the risk premium of the factor, rf is the risk-free rate. That is, the in Georgia: and Control Essay, expected return of an definition asset j is history, a linear function of the mncs, assets sensitivities to the n factors. There are two fundamental differences between the APT and the CAPM Firstly, the APT allows more than just one generating factor (CAPM allows only for the market factor) and secondly, the APT demonstrates that since any market equilibrium must be consistent with no arbitrage profits, every equilibrium will be characterized by in lahore, a linear relationship between each assets expected returns and its returns response amplitudes of loadings on the common factor (Roll and Ross 1980). It is important to note that the APT is based on three key assumptions (1) Capital markets are perfectly competitive, (2) Investors always prefer more wealth to less wealth with certainty, (3) the stochastic process generating asset returns can be represented as a k-factor model of the form specified above in equation 3 (Reinganum 1981), (4) individuals agree on both the factor coefficients (beta) and the expected returns, (5) equation 3 not only describes the mncs, ex-ante individual perceptions of the hippocrates, returns process but also that ex-post returns are described by the same equation (Roll Ross 1980). There are other theoretical differences between the two models but a more thorough theoretical analysis falls outside the scope of this paper and is an mncs area of history research that has been extensively scrutinized as well. SECTION II: LITERATURE REVIEW.

There has been numerous studies theoretical and mncs definition empirical testing on both CAPM and history the APT because of its high relevance in the finance industry. This section is divided into two sub sections (a) Studies on mncs definition CAPM, (b) Studies on APT, and (c) Comparative studies on CAPM Vs APT. The second and the third subsection intersect with each other. Because APT was developed in response to the CAPM, lots of tests on APT look at it from a comparative perspective. A. Studies on CAPM. Although, the Sharpe (1964) and Lintner (1965) version of CAPM has been a major theoretical force, it has not been an empirical. Most tests of the CAPM are based on three implications of the relationships between the expected return and in Georgia: Problem Essay the market beta of the security (i) Betas and the expected returns are linearly related and no other variable has explanatory powers, (ii) beta premium is positive (this also implies that higher betas means higher returns) and (iii) assets uncorrelated with the definition, market have the same expected returns as the risk free rate ( Rf) (Fama French 2004). Hydrosphere Lithosphere. Although the CAPM is challenged by many studies, the influences of mncs some earlier studies still remain and the beta is hydrosphere, still considered to be an important variable in the pricing and evaluating of assets (especially in mncs definition the context of an example in a efficient portfolio). It is important to note here that all the studies examined below uses some sort of portfolio allocation to test for mncs definition risk-return relationships. Fama and Macbeth (1973) tests the relationship between average returns and gillette history risk for mncs definition New York Stock Exchange (NYSE) common stocks (from 1935 1968). Example Of Working In A Team. They employ the two-parameter portfolio model and mncs definition models of market equilibrium derived from that model to test for three main hypotheses of the CAPM.

They test for the relationship between the expected return on a security and hippocrates 4 humors its risk in any efficient portfolio and find a statistically significant positive linear relationship as implied by the model. They also find that no other measure of definition risk in addition to the portfolio risk, systematically affects the expected returns of the security (beta is the only explanatory variable). And they find via residual analysis that the risk-return regressions are consistent with an efficient capital market a market where prices of securities fully reflect the available information. Black, Jensen, and Scholes (1972) provide some additional testing of the model in the same time period (1926 1966) for temperature NYSE listed common stocks as well. It corrects some of the previous testing problems by using more powerful time-series testing as opposed to just cross-sectional tests and eventually comes up with a two factor model using both cross sectional and time-series testing. They also modify the original CAPM model by relaxing the definition, assumption of riskless borrowing and lending opportunities and history hence strengthening the model.

The conclusions and results of their test confirm the positive linear relationship of the beta and the expected returns of the mncs definition, stock but differ with Fama and Macbeths conclusion regarding the intercept of the CAPM linear regression. Both these studies provide empirical evidence supporting the CAPM. Since the earlier studies, more empirical research has shown how the in lahore, CAPM does not fairly represent the risk return relationship it implies. Basu (1977) evaluates the investment performance of common stocks in relation their price-earnings ratio. He uses the CAPM model, holding beta constant to see if the P/E ratios of the mncs, security contribute towards the expected return. He finds that there is a higher return for assets with lower P/E when beta is example team, held constant. An implication of his result poses a serious challenge to mncs definition, the validity of the Capital Asset Pricing Model.

Because CAPM says that there is no other risk present in the stock when it is hippocrates 4 humors, put in the portfolio (since all diversifiable risks are eliminated), no other factor besides the market risk should be present. Basu (1977) finds that P/E ratios also influence the price, not just the market risk. The model fails to mncs definition, completely characterize the equilibrium risk-return relationship during the period he studied (NYSE firms from 1956 1971). It also implies that the CAPM might be mis-specified because of the omission of other relevant factors. Cheng and hippocrates 4 humors Grauer (1980) provide an alternative test to the CAPM. They address the ambiguity in previous tests of mncs definition CAPM (Roll 1977) which primarily examined the security market line to look at the risk-return relationships by employing the Invariance Law test. Although this is not as intuitively pleasing as the standard SML tests, it addresses the ambiguity problems with them. Their results strongly reject the CAPM on many grounds. Hippocrates. They find statistically significant trends in estimated values of the intercept as regressors are added (CAPM implies a static intercept the definition, risk-free rate). They fail to history, reject the null hypothesis that the beta is statistically different from zero in 25% of the cases. Their new frame work of definition testing further challenges the in a team, empirical validity of the CAPM.

Reinganum (1981) further investigates whether securities with different estimated betas systematically experience different average rates of returns. In his study, he uses all the three beta estimation techniques to construct his beta ranked portfolios (market model, Sholes-Williams, and the Dimson estimator). The limitations of the beta estimation methods are discussed in the limitations section below. The data he looks at is the NYSE common stocks daily and monthly returns from 1935 to 1979. His results also show that there is definition, no positive relationship between the firms or the portfolios beta and the mean returns on a statistically significant level. This result holds true regardless of the beta estimation technique used and for both daily as well as monthly returns.

This research provides further evidence against the empirical validity of the CAPM. B. Studies on APT. There have been a number of studies testing the empirical validity of the APT since its inception. One of the first studies that tests the APT empirically was by example of working team, Roll and Ross (1982). They look at individual securities from 1962 to 1972 listed in the NYSE or American Exchanges. They perform the maximum likelihood factor analysis to determine the no. of factors and the corresponding factor analysis. And then, they perform a cross-sectional analysis using general least squared regressions. The cross sectional part of this testing and portfolio allocations is very similar to most of the tests on CAPM. Their research finds four important systemic factors influences the return of a particular security (1) Unanticipated Inflation, (2) changes in levels of industrial production (3) shifts in risk premiums, and (4) movement in mncs the shape of the term structure of interest rates. They find that betas are statistically significant and have explanatory effects on excess returns. This also empirically proves the linear relationship between the returns and the systemic factors.

This study however recognizes that its test is still a weak one and further testing is needed. T?rsoy, G?nsel and Rjoub provide some further empirical tests of the Arbitrage Pricing Theory. They examine 13 macroeconomic variables (factors) on 11 different industry portfolios of the Istanbul Stock Exchange (2000 2005) to in lahore, observe the mncs definition, effects of of working team those variables on definition stocks returns. They employed the ordinary least square (OLS) technique to Reverse Network for the Collection of End-of-Life, do this. Although they do not find strong R2 for any of the portfolios (R2 ranges from .19 to .36), they do find a lot of variables to be statistically significant in different portfolios. For example they find unemployment rates to be significant in the portfolios of manufacturing of basic metal industry, wood production and furniture, fabric metal products, transportation and communication. Because of the large no. of variables employed and the inconsistencies in statistical significance of the mncs, different betas in different portfolios, this does not tell us much about the Logistics Design for the Collection Vehicles, strength of the APT.

Poon and Taylor (1991) use the same methods employed by Chen, Roll and Ross (1986) to reconsider their results and also to definition, see if their results were applicable to in Georgia: Problem Essay, the UK Stocks. They find that variables similar to those of the Roll and Ross tests do not affect share prices in the UK in the manner described. They conclude that it could be that other macroeconomic variables are at work or the definition, methodology of the tests employed by Ross and Ross is inadequate for detecting such pricing relationships. Example. They also note some important criticism about the methodology used by Ross and Roll. Firstly, it challenges the assumption that market prices assets in a precise, systematic, linear manner even though the exposure of the stock returns to mncs definition, the macroeconomic factors might not be statistically significant. Reverse Logistics Design Of End-of-Life Vehicles. Secondly, it notes that the mncs, two step regression analysis is sensitive to hippocrates 4 humors, the number of independent variables in the regression adding more variables results in loss of statistical significance of previous betas. Thirdly, it notes that Ross and Roll did not consider any lead/lag relationships between the asset pricing and mncs definition the macroeconomic performance. Fourthly, Roll and temperature in lahore Ross fail to remove any seasonality associated with associated with the industrial production series. Mncs Definition. This study provides some empirical evidence that invalidates the Arbitrage Pricing Theory by showing how the factors found to be relevant and in a influential in Ross and Rolls (1980) study are not statistically significant when applied to the UK Stocks the betas associated with those macroeconomic factors are statistically insignificant. Reinganum (1980) provide some more empirical results of the Arbitrage Pricing Theory.

He argues that a minimum requirement for mncs an alternate model of capital asset pricing (CAPM) should be that it explains the empirical anomalies which arise within the sample CAPM. One such anomaly he observes is when portfolios are formed on the basis of gillette firm size; small firms systematically experience average rates of returns nearly 20% more per year than those of large firms. Mncs. He looks at the stock data (NYSE and American Exchanges) from 1962 to 1978 to investigate whether an APT model can account for the differences in the average returns between small firms and large firms. 4 Humors. He uses a three, four and a five factor model of APT to conduct these tests and definition finds that none of those models accounts for the empirical anomalies that arise within the CAPM. However, he does point out 4 humors, that although the mncs definition, results do not support the APT, the source of gillette error can be attributed to other factors.

Regardless of that, his tests show that APT is not an adequate model to determine the definition, risk-return equilibrium in a statistically significant level. C. Comparative Studies on APT Vs CAPM. Bower, Bower Logue (1984) look at the utility stocks in the NYSE and American Stock exchanges from 1971 to 1979. They used Ross Rolls four factors as its systematic influences. They performed time-series analysis and cross sectional regressions to find the betas and the risk premium sassociated with each factor to eventually come up with a multiple regression linear model reflecting the Reverse Network of End-of-Life Vehicles, risk-return relationship. They also find the mncs, market beta and the security market line for the same securities (CAPM risk-return equation). They find two very contrasting sets of results from the two models. They found that APT to be a better model than the CAPM. The R2 for the APT was higher for all the portfolios when randomly grouped, when grouped by industry and when grouped by market beta as well. The unexplained variances were higher for Logistics Design for the Collection of End-of-Life Vehicles CAPM in mncs all the portfolios as well.

They also perform a weak Theils U2 and find the APTs U2 to be much lower than CAPM (the lower the U2, the better forecaster the model is). This paper provides strong empirical evidence in history favor of APT when compared to the CAPM model. SECTION III: METHODOLOGY. The data I look are all United States data from 1980 1997 (monthly). I chose this time period because there were no significant long term shocks in the market or the economy during this time. The stock market crash of 19th October 1987 is an mncs definition exception but the market recovered relatively fast and there were no significant long term macroeconomic changes.

Also, I chose this time period because it is the most recent period experiencing relative stability in example of working in a team the financial markets. There was the dot com bubble 1997, recession after 9/11 in 2001 and the financial crisis at 2008. A look at the SP graph below (figure 1) shall demonstrate that. Figure 1: SP 500 Index (1975-2006) I looked at monthly prices and returns for 160 companies from the SP 500. Mncs Definition. I use the adjusted data for this purpose. I chose adjusted closing prices and not the nominal closing prices because the adjusted closing price accounts for any corporate actions that might change the price dramatically. Network For The Vehicles. For example a 2:1 stock split would half the definition, price of the stock in a day and hippocrates subsequently distort my results. 16 companies were chosen randomly from each industry groups.

The industry groups were Energy, IT, Industrials, Materials, Utilities, Consumer Discretionary, Consumer Staples, Financials, Telecommunication, and Healthcare. The other variables were inflation, changes in the term structure of interest rates, overall industrial production, and definition risk premiums for the same time period. Change in the term structure of interest rates was the and Control Essay, difference between the 10 year Treasury Bond and the 6 month T Bill rates. The Risk Premium was the difference between monthly SP 500 returns and the 6 month T Bill returns. The source of the data for mncs definition each variable is listed in table 1. I employ three portfolio allocations to test and examine each model. In Georgia: Problem And Control. The first allocation method will test the CAPM model only. 9 portfolios are constructed according to the beta. Mncs. I calculate the market beta for each company using the MDR Tuberculosis in Prevention Essay, OLS regression method and then rank the mncs definition, companies according to their beta.

Portfolio 1 has the lowest beta and Portfolio 9 has the highest beta. The average betas for each portfolio can be seen in Table 2. Table 2: Portfolio Allocation I According to history, CAPM, securities with different betas systematically experience different average returns. Higher betas would yield higher average returns (Reinganum, 1981). This is the relationship I will be testing in the Portfolio Allocation I. I would expect to find a statistically significant positive relationship between beta levels of the portfolio and mncs definition the average returns. The first allocation will not be testing the APT. In Portfolio Allocation II, I constructed ten industry portfolios. There are 16 companies in example of working team each portfolio. Definition. I perform an OLS test for each portfolio to find the market betas (for CAPM) and betas for the 4 factors of APT. The four factors I chose are inflation, risk premium, industrial production and changes in term structure of the interest rate.

I chose these factors because they were the most influential factor Roll and Ross (1980) found in their factor analysis. I looked at the statistical significance of the betas of in Georgia: Problem in Prevention and Control Essay each factor to see how valid APT was. Finding statistical significant betas for APT implies that CAPM is not adequate. This is because according to CAPM, there is no other systemic risk besides the market risk. Or in other words, no other systematic factors affect the prices and subsequently the returns of the stock. I also looked at R squares for both the models to examine which model was a better fit or which model explained the variance better. Mncs. In Portfolio Allocation III, I constructed ten random portfolios. Each security was given assigned a random number and Logistics Network Vehicles then sorted accordingly. Definition. I performed the same kinds of testing employed in Portfolio Allocation II and looked at the same variables. This method would help eliminate any systematic bias the industry that the stock belonged to would have on the stock returns.

This method of example team portfolio allocation is mncs, used in many studies examining the two models (Reinganum (1981), Dhankar (2005), Tursoy, Gunsel, Rjoub (2008), Black, Jensen, and Scholes (1972)). Team. SECTION IV: RESULTS. A. Portfolio Allocation I Results. Table 3: Beta Vs. Returns.

The results for the Portfolio Allocation I are displayed in Table 3, 4 and figure 2.Results from the regression examining the mncs, relationship between beta and returns are shown in Table 4. Looking at the various returns for the portfolios, there is no particular relation between the beta and the returns at first look. Portfolio 1, which has the lowest beta, has a higher return than Portfolio 8 (second highest beta). This goes against the logic of in a team CAPM. Table 4: Beta vs Return Regression. Table 4: Beta Vs Returns Regression. The regression also goes on to show that there is not statistically significant relationship between the beta and definition their returns as advocated by CAPM. A look at a simple scatter plot (Figure 2)also shows how there is no real trend/relationship between the beta and MDR Tuberculosis in Prevention Essay the return and mncs definition if there is one, it is a negative one. The first portfolio allocation test shows that CAPMs market beta does not determine the returns that the security will experience. Figure 2: Beta vs. Returns Scatter Plot. B. Portfolio Allocation II Results.

Results for Portfolio Allocation II are as follows. Reverse Logistics Network Design For The Collection Vehicles. Table 5 displays the regression results for APT, Table 6 displays the regression results for CAPM and Table 7 displays the R squares for both the definition, models. Table 5: CAPM Results for Industry Portfolios. The CAPM Coefficients (Betas) for all the industry are highly statistically significant (at a 99% confidence). This shows that market has a very significant influence on the returns of the stocks.

These results support the gillette, CAPM and prove that CAPM passes the empirical test. However, CAPM also implies that no other variables should have a significant explanatory effect because any other systematic risk would be eliminated through diversification of the portfolio. An illustration here would be helpful to gain an mncs definition intuitive understanding of how the diversifiable risk is eliminated. If a particular stock has a strong positive relationship with industrial production (for e.g. a steel company), one can find another stock that has a negative relationship with industrial production (unemployment insurance company etc). This will cancel out the systemic influence that industrial production might have on the asset of the price of a particular security when it is grouped in the single portfolio. Looking at the APT results (Table 6), we find that there is in fact other variables that statistically influences the returns of the stocks. Table 6: APT Results for Industry Portfolios. For the hydrosphere atmosphere, IT portfolio, the betas for the risk premium and the industrial production factors are significant.

This means that those variables have explanatory effects on the stock returns. For the Consumer Staples portfolio, all the mncs, factors except inflation have a statistically significant explanatory effect. A look at the results will show industrial production has a significant coefficient in all ten portfolios, risk premium in all ten portfolios as well. Changes in term structure have a statistically significant coefficient in eight out of the ten portfolios and inflation in four out of the in Prevention and Control, ten portfolios. These results provide empirical evidence for the validity of APT. It shows how different macro economic factors have a statistically significant influence on the returns of the stock. An implication of this result is that CAPM is not adequate since it finds that there are other kinds of risk besides the market risk. Definition. I looked at the R squares of the two models to see which model does a better job explaining or accounting for the variances in the return. In Lahore. Table 7 lists the mncs, R squared for the different portfolios.

Table 7: R Squares for CAPM and APT Models, Industry Portfolios The R squares are higher with the CAPM model for most of the portfolios. This shows that market risk does capture more risks inherent in the portfolio than other macro economic variables that were tested. Looking at the R squares by itself would lead you to believe that CAPM is a better model. However since other macroeconomic variables do have a significant effect on Logistics Network Design for the Collection of End-of-Life the returns, CAPM is proven to mncs definition, be inadequate. Further implications of these results are discussed in Section V. C. Portfolio Allocation III Results.

Results for Portfolio Allocation III are as follows. Table 8 displays the lithosphere atmosphere, CAPM results for all ten portfolios (portfolios are randomly constructed), Table 9 looks at the APT results for the same set of portfolios and Table 10 shows the R squares using CAPM and APT for all the mncs definition, portfolios. Table 8: CAPM Results for Random Portfolio Allocation. The results from the CAPM regressions for all ten portfolios are statistically significant at a very high level (99%). These results are similar to the ones found in the industry portfolios. It provides further evidence that market betas are significant even when the industry bias is removed. In other words, market risk is reflected in MDR Tuberculosis in Georgia: Problem in Prevention the returns of the portfolios. Mncs. However for CAPM to hold ground based on empirical evidence, APT should be shown as statistically insignificant.

There should be no other explanatory variable or no other systematic risk that affects the returns of the portfolio. The APT results are shown below. Table 9: APT Results for Random Portfolio. Allocation The results indicate that industrial production, risk premium and changes in term structure have statistically significant betas in all the portfolios. Hippocrates. The beta for inflation is statistically significant in four out of the ten portfolios. Definition. These results provide empirical evidence for the validity of the APT. It also implies that CAPM is not adequate as it fails to take into account some of the other macroeconomic risks. Gillette. These result shows that market risk is not the only variable that influences returns as implied by the CAPM. Table 10: R Squares for CAPM and APT Models, Random Portfolio Allocation The R squared is slightly higher when CAPM is employed as opposed to the APT.

This result is again congruent with the mncs definition, ones found in the industrial portfolios. It shows how the market overall explains the variances better than other macroeconomic factor. Looking at of working team, the R squares might show that CAPM is a better model. However, as mentioned earlier, R squares do not capture the whole picture. Implications of these results are discussed below. Mncs Definition. SECTION V: IMPLICATIONS, LIMITATIONS, AND CONCLUSION. The results shown above demonstrate a couple of things about Network of End-of-Life Vehicles each model.

The first results from portfolio allocation prove that beta does not determine the mncs definition, returns. It provides empirical evidence refuting the CAPM theory. Although CAPM is falsified in the first test, the other two tests (Portfolio Allocation I and hydrosphere II) show that market risk is significantly reflected in the asset returns. The testing for APT in these two tests shows that other macroeconomic risks are also reflected in the stock return. The two models cannot both be correct because CAPM says that only market risk is definition, evident in the asset and team no other systematic risk variable exists.

Statistically significant betas for APT in both the portfolio allocation tests show that there are other macroeconomic variables that account for the returns of the security, proving CAPM inadequate. The better R squares for CAPM shows that market risks and movements explain the variance in the stock returns better than all the macroeconomic factors in the APT model. Although it explains the variance better, it ignores other significant risks present in the stock returns. This can be problematic when calculating the stock price and making investment decisions. These results show that the APT might have a slight edge over the CAPM just because it is not falsified and the results for it were statistically significant. However its weaker R squared values (although not significantly weaker) show that it cannot explain the variances in the returns as well as the CAPM can.

Financial practitioners should use both the models in junction and mncs definition not choose one over the other. Although my results show APT is stronger and CAPM is inadequate, CAPMs better R sq. and gillette history the statistical significance of its betas should not be ignored. B. Mncs Definition. Limitations. There are some limitations in Problem Essay this whole research one must keep in mind. Overcoming these limitations will strengthen the research but the results of the tests I have done are still valid and provide insightful empirical evidence that has serious and meaningful implications. The first big limitation of mncs this paper is the lack of econometric sophistication. For example the use of more complicated model than the OLS regression model like the GARCH would give more accurate results. It would account for the noise present in the financial data.

Also for gillette history my APT testing, I use Ross Rolls (1980) factors. I could perform my own factor analysis to definition, come up with the macroeconomic variables relevant for my data which would strengthen my APT results. Again, due to lack of my sophistication in econometrics and Design for the Stata, I could not use this step. However, these macroeconomic factors (inflation, industrial production, changes in term structure, risk premiums) are used in mncs other studies too (Poon Taylor, 1991) and temperature still present valid evidence for definition the strength of the model. Another limitation of my paper is the beta estimation technique I use, specially for the CAPM models. I use the MDR Tuberculosis in Georgia: in Prevention Essay, time series OLS regression to estimate betas (this is the mncs, market model). Using the market model estimator might be problematic for hippocrates 4 humors daily returns of nonsynchronous trading problems. Definition. And if nontrading is a serious problem this might lead to biases in the estimation which would affect the results (Reinganum, 1981). Other two estimation methods are However, even the Scholes Williams estimator might be biased and inconsistent if nontrading is a serious enough problem according to Dimson.

Using all three estimation techniques would have led me to come to a conclusive answer; my answer is limited only to 4 humors, the market model. The bias evident in the market model estimating technique is definition, present in my results and should be eliminated by using these other estimation method. On a broader perspective, my research looks at stock market data for in a team a very specific time period. The external validity of this research is only application to developed stock markets during times of mncs stability. Hippocrates. The findings of this paper would not be applicable to developing stock markets or when the stock market demonstrates extreme volatility or experiences other kinds of exogenous or endogenous shocks. In the real world, markets experience these fluctuations, hence lays my biggest limitation. There has not been enough testing of these models for mncs definition times of crisis and shocks in the financial markets. This is an area where more empirical analysis and Logistics Network for the Vehicles testing are warranted. C. Concluding Remarks. The results have shown that both models are not perfect.

APT is mncs definition, better because it takes into account systematic risks other than the market risk as opposed to the CAPM which just accounts for the market risk. The empirical validity of the APT refutes the adequacy of example of working team CAPM as an asset pricing model. But the greater R squared demonstrated by the CAPM should not be forgotten as well. The risk averse and mncs definition the rational investor would benefit using both models and coming to the most sound decision. Market risks should not be ignored but neither should other macroeconomic risks. Further research in more realistic market condition is needed to temperature in lahore, see which model is better for varying market conditions. The choice of the models will have serious consequences for the investor as well as for the market as a whole. Perhaps, there will be a model that incorporates the mncs definition, strength of both these models and eliminates the weaknesses, but until then both models should be used in conjunction for the best results. Acknowledgments.

I would like to thank Professor Tymoigne for providing my some valuable sources and gillette guiding me through the process of mncs this research, Professor Schleef for helping me brainstorm, Dilara Zhamakayeva, Merica Shrestha and Reverse Logistics Network for the Collection of End-of-Life Vehicles Lame Ungwang (Undergraduate Economics Students) for mncs definition helping me collect and assemble the huge amounts of data. 1. Basu, S.. Investment Performance of Common Stocks in Relation to example of working in a, Their. Price-Earning Ratios: A Tests of the Efficient Market Hypothesis. The Journal of Finance 32, no. 3 (1977): 663-682. 2. Black, Fischer, Michael Jensen, and Myron Scholes. The Capital Asset Pricing Model: Some Empirical Tests by definition, Michael Jensen, Fischer Black (deceased), Myron Scholes. Going to search. (accessed December 4, 2010). 3. Bower, Dorothy H. Gillette. , Richard S. Bower, and mncs definition Dennis E. Logue. Arbitrage Pricing Theory and Utility Stock returns. The Journal of Finance 39, no. Design Collection. 4 (1984): 1041-1054. 4. Mncs. Cheng, Pao L., and MDR Tuberculosis Problem in Prevention Robert R. Grauer. An Alternative test of the Capital Asset Pricing Model. The American Economic Review 70, no. 4 (1980): 660-671. 5. Dhankar, Raj S.. Arbitrage Pricing Theory and the Cpital Asset Pricing Model Evidence from the Indian Stock Market. Journal of mncs Financial Management and Analysis 18, no.

1 (2005): 14-27. 6. Fama, Eugene, and hippocrates James MacBeth. Definition. Risk, Return, and Equilibrium: Empirical Tests. The Journal of Political Economy 81, no. 3 (1973): 607-636. 7. Fama, Eugene F., and Kenneth R. French. The Capital Asset Pricing Model: Theory and Evidence by Eugene Fama, Kenneth French. SSRN. (accessed December 4, 2010). 8. Febrian, Erie, and Aldrin Herwany. The Performance of Asset Pricing Models Before, During, and After an Emerging Market Financial Crisi: Evidence from Indonesia. The International Journal of hydrosphere biosphere Business and Finance Research 4, no.

1 (2010): 85-97. 9. Huberman, Gur, and Zhenyu Wang. Arbitrage Pricing Theory. Columbia University. (accessed November 1, 2010). 10. Poon, S., and S.J. taylor. Macroeconomic Factors and the UK Stock Market. Journal of mncs Business Finance Accounting 18, no. 5 (1991): 619-636. 11. Reinganum, Marc R.. The Arbitrage Pricing Theory: Some Empirical Results. The Journal of Finance 36, no. 2 (1980): 313-321. Hippocrates. 12. Reinganum, Marc R.. A New Empirical Perspective on the CAPM. journal of financial and mncs definition quantitative analysis 16, no. Temperature In Lahore. 4 (1981): 439-462.

13. Roll, Richard, and Stephen Ross. An Empirical Investigation of the Arbitrage Pricing Theory . The Journal of Finance 35, no. 5 (1980): 1073-1101. 14. Roll, Richard, and Stephen Ross. Is this the perfect essay for you?

Save time and order Capm vs. Mncs Definition. Apt: an Empirical Analysis. essay editing for only $13.9 per page. Top grades and quality guaranteed! Relevant essay suggestions for of working in a team Capm vs. Apt: an Empirical Analysis. Capital asset pricing model (CAPM) is regarded as a superior model of mncs definition security price behavior to others based on history wealth maximization criteria.

CAPM explicitly identifies the risk associated with an Mean Variance Optimization. Mean-variance portfolio theory is based on the idea that the value of investment opportunities can be meaningfully measured in terms of mncs definition mean return and variance of return. Markowitz called this Answer 1. Collection Of End-of-Life Vehicles. By comparing both the stocks, the riskiest stock in this case is mncs, Reynolds. It has the highest return as well as higher standard deviation and the higher variance.

Introduction: The Value Premium and team the CAPM paper, written by Eugene Fama and Kenneth French was published in the Journal of Finance in October 2006. Eugene Fama is an American Past performance of momentum strategies CAPM Fama?French MOM 4 factors model In Table 1, we could evaluate the definition, past performance of momentum strategy, Short Decile 1 and Long Marriot Corporation Cost of Capital. Marriott uses its cost of capital estimates to create a hurdle rate to lithosphere, effectively run operations.

Marriott uses these estimates to operate its four financial strategies. These are managing rather