Female Infanticides Essay Example for Free

Female Infanticides Essay For many decades China has been carrying out brutal actions among female infants which are known to be female infanticides. Female infanticides started in 1957 when China’s Chairman Mao Zedong wanted the country’s population to stay under six million for many years (Jimmerson). Leaders then came to a realization that a long term action would have to take place. Therefore they proposed a law stating that a couple could only have one child and two at the most if the net household income increased (Jimmerson). When this law was proposed, families pushed for males, this led to a significant decrease in the female population in the rural areas of China. As women were starting to become pregnant under the new one child law, they wanted to give birth to males. Reasoning behind this was the males carried on the family name, they were the ones that honored their ancestors, and the ones to take care of their parents as they got older (Jimmerson). Because of the great demand for male babies the women sought to find out ultrasonically whether they were having a daughter or a son (Schorn). The woman would go to the closest village in her town where they do an ultrasound to figure out if she was having a baby girl or boy (Schorn). If the woman found out she was giving birth to a girl, she would do one of two things to get rid of the baby. She would either have a sex-selective abortion, or once the baby is born the family would neglected and mistreat the girl until she was killed. Sex-selective abortion is when the baby is killed inside the mother’s stomach before birth only because tests show that a female would be born. Then if the mother chose to keep the girl, in most cases she would be severely abused before the age of three (Banister). Those choices would be continuously made until the couple has a boy or if the couple gives up on having children. When they cannot have any more children because of age or just want to stop trying those are the only cases in which the girl stays alive and healthy (Lee). There are numerous ways that the Chinese neglect and kill the young girls of their society. Such ways include starvation, snapping of the spinal cord, wrapping tightly until uffocation occurs, poisoning, strangling, and even drowning (Shelton). Some families have been known to leave the baby girls in or near dumpsters. Chen Rong shared with BBC News her findings of five baby girls in a dumpster over a number of years. Rong said, â€Å"Another scavenger had taken her clothes and left the little girl to die I was the only one to pick her up; I could not see her die. † Rong has taken the little girls she has found back to her one- room brick shack and attempts to nourish them back to health (Brookes). If the little girls are found by Rong, that is their only chance at life. Rong is not the only citizen finding female infants in dumpsters. A premature infant that doctors said to be between 32 and 34 weeks old and was only three pounds was found in a plastic bag with the placenta and umbilical cord still attached (unknown author). Not only was the premature infant in a plastic bag with everything attached to her, but she had a cut in her throat that was about two inches deep and lead from the skin to her windpipe (unknown author). Since China has continued running its country under the one child law, the ratio of females to males has significantly decreased. According to the 1990 census there are 117 boys per 100 girls (Banister). Also the females of the country have a higher reported infant mortality rate at 118 (Banister). Also statistically there have been over four million births prevented (unknown author). China is calling this the Missing-Girl Phenomenon (Banister). No country should support or be involved with these disturbing actions, therefore 132 out of 196 countries are for eliminating all forms of discrimination against women and 68 countries are against torture and other cruel, inhumane, or degrading treatment of punishment (Peck). Peck also says that, â€Å"All human beings are born free and equal†¦ No one shall be subjected to torture or to cruel punishment. † Yet children are among those who suffer most from human rights abuse (Peck). Female infanticides are most common in China and India yet it still happens in Nepal, Great Britain, Canada, South Korea, and even the United States (Shelton). â€Å"When a child is born its race, gender, religious views, and culture determine its destiny† (Peck). No matter what country, gender, race, or religion, a child should not have to go through horrible torture like the children of China. Female infanticides are among the worst of all types of abuse out there in the world today. Still so many countries in the world are known for abusing innocent little children. Children should not be put into a situation at an age where they cannot make a decision on their own, nor should they have to face this horrible abuse no matter what age they are. Everyone deserves to live a care-free life.

Immunological Responses to Malaria

Immunological Responses to Malaria Our immune system is comprised of many specialised components, which work collectively to defend the body from harmful foreign bodies. Knowledge of the immune response elicited during malarial infections mainly comes from research using small animal models such as rodents; Plasmodium berghei and Plasmodium yoelii are species of rodent malaria commonly used in studies. Although an immune response is elicited against malaria, in many individuals the parasite is not effectively eliminated, allowing the parasite to multiply and induce clinical symptoms. Due to the morphological transformations occurring, a different group of immune components will be stimulated at different stages of the life cycle. Pre-erythrocytic stage Following immunisation of irradiated sporozoites, sterile protective immunity against malaria can be induced in all models studied, including humans (Nussenzweig et  al., 1967; Edelman et al., 1993; Doolan Hoffman, 2000). Rodent models have implicated antibodies as mediators of this protective immunity; Potocnjak et al. found that monoclonal antibodies against plasmodium berghei sporozoite proteins neutralised the parasite, blocking hepatocyte invasion and protecting mice from subsequent infection (Potocnjak et al., 1980). However, as discussed by Good Doolan, parasite elimination in humans by antibodies is unlikely, as high levels of pre-circulating specific antibody would be required at sporozoite inoculation to prevent hepatocyte infection (Good Doolan, 1999). In addition, studies have demonstrated that antibodies do not mediate protection and instead cell mediated responses are involved (Belnoue et al., 2004). Schofield et al. highlighted the significance of a group of T lymphocytes called cytotoxic CD8+ T cells and the cytokine interferon-gamma (IFN-ÃŽÂ ³). Mice immunised with attenuated sporozoites were not protected from malarial infection when depleted of CD8+ T cells, and when IFN-ÃŽÂ ³ was neutralised mice were no longer immune (Schofield et al, 1987). Other studies have reported similar conclusions, suggesting CD8+ T cells and IFN-ÃŽÂ ³ are important mediators of an immune response against pre-erythrocytic stages, as reviewed by Doolan Martinez-Alier (Doolan Martinez-Alier, 2006). However little is known of the activation or mechanism of CD8+ T cells in malarial infection. Rodent models have suggested naà ¯ve CD8+ T cells in the lymph nodes near the site of inoculation or in the liver become activated through coming into contact with antigen presenting cells called dendritic cells (DCs), which prime CD8+ T cells through cross presenting sporozoite antigens such as CSP. D Cs internalise, process and present antigens in association with MHC class I molecules to CD8+ T cells. After specific interaction and co-stimulatory molecule signals, CD8+ T cells become activated and migrate to, or stay in the liver, where they can eliminate parasitised hepatocytes (Jung et al, 2002; Amino et al., 2006). Usually CD8+ T cells kill via cytotoxic mechanisms; however immunity to P. berghei sporozoites in mice was found to be independent of cytotoxicity molecules fas and perforin, which suggests the cytokine secretion of CD8+ T cells, eliminates parasites (Renglli et al., 1997). Evidence also indicates IL-12 and natural killer (NK) cells are important for CD8+ T cells to carry out effector functions (Doolan Hoffman, 1999). CD4+ T cells are essential for CD8+ T cell effector responses and optimal functioning; IL-4 secreting CD4+ T cells are crucial (Carvalho et al., 2002; Doolan Martinez-Alier, 2006). Furthermore, CD4+ T cells have anti-parasitic functions; CD4+ T cells clones derived from mice immunised with irradiated sporozoites, provided protection against sporozoite infection in malaria-naà ¯ve mice (Tsuji et al., 1990). Belnoue et al. proved both CD4+ T cells and CD8+ T cells were important to eliminate pre-erythrocytic P. yoelii in mice; protection was mediated by IFN-ÃŽÂ ³ production and dependent upon nitric oxide (NO) (Belnoue et al., 2004). The toxic effects of NO, suggest it is a critical mediator of effectively eliminating malaria. The mechanisms remain undefined; studies have implicated many different immune components, which can singularly or collectively confer protection in rodent models, with parallel studies identifying different critical mediators. Erythrocytic stage Passive transfer studies provide evidence that antibodies are important in eliminating parasites; antibodies from malaria-immune individuals successfully treat individuals with malaria (Cohen S et al, 1961). Furthermore immunity in individuals living in malaria endemic areas may be mediated by high concentrations of antibody specific for a variety of erythrocyte stage parasitic antigens (Osier et al, 2008). As reviewed by Beeson et al., antibodies play a role and are likely to target merozoite proteins, such as MSP-1, to prevent erythrocyte invasion. Antibodies may also target parasitic ligands on the surface of PRBCs such as PfEMP-1. Antibody mechanisms may include inhibition of parasitic development or assist cell mediated destruction of PRBCs or merozoites through opsonisation or via the complement system (Beeson et al., 2008). As discussed by Engwerda, the spleen is a primary site of cell mediated immune responses against erythrocytic parasites (Engwerda et al., 2005). Murine models have highlighted the significance of CD4+ T cells in eliminating malaria and suggest they are important for gamma-delta T cell (ÃŽÂ ³ÃƒÅ½Ã‚ ´ T cell) expansion in the spleen during infection (van der Heyde et al.,1993). Research suggests that DCs internalise parasites, mature and migrate to the spleen, where they can present parasitic antigens in association with MHC class I molecules to naà ¯ve CD4+ T cells. The subsequent differentiation of CD4+ T cells, through IL-12 secretion from DCs, mediates protective immunity against erythrocytic malarial parasites. Th1 cells activate macrophages through the secretion of IFN-ÃŽÂ ³ and Th2 cells assist B cell maturation for the production of antibodies through IL-4, IL-6 and IL-10 secretion (Taylor-Robinson, 1998; Good Doolan 2010). The production of IL-12 is also believed to ac tivate natural killer (NK) cells, which secrete IFN-ÃŽÂ ³. Cytokine secretions from activated cells simulate a positive feedback loop, amplifying the immune response. Using mice, Couper et al. demonstrated that monocytes/macrophages are crucial to eliminate malaria; the infection got worse in mice depleted of these cells. Evidence suggested there are other pathways of activating macrophages other than T cells and IFN-ÃŽÂ ³ (Couper et al., 2007). Activated macrophages secrete TNF-ÃŽÂ ±, a mediator of inflammation, which is believed to participate in the pathogenesis of malaria. Macrophages destroy some PRBCs through phagocytosis and by the release of toxic free radicals such as NO (Good Doolan, 2010). Therefore antibodies, T cells, cytokines, macrophages and free radicals are likely to all play a role in the immune response against the symptomatic stage of the malaria life cycle.

Inventory Planning and Control

Inventory Planning and Control A Brief Overview of Inventory Planning and Control In any business, inventory is a key area of concern as inventoryis what is sold. Though, on the surface this may seem to be merely aphysical construct, inventory and inventory management principle easilyextend to service or other intangible product offerings. Perhaps the firstprinciple of inventory is that, inventory is money, or rather arepresentation of invested capital that is listed on the balance as aliability. While inventory is properly represented as a liability, a moreaccurate way to think of it is that is an asset in the waiting. Atypical retail store may have millions of dollars in inventory on the floor.If it is the right product, priced right, in the right place at the right time,it will likely sell. Though the 3-Ps just mentioned are the crux of themarketeers problem, they are also the problem of the inventory orreplenishment analyst on the store side and the problem of the manufacturingand shipping division of the supplier. Boththe vendor and the supplier seek inventory optimization, that is,managing from their perspective the same issues with which the marketeerwrestles. The daily issues of this perspective are focused on the same fourvariables with typical examples listed below: Product Is a certain SKU present in the regular modular only or checkout lane modular also? Are there multiple SKUs for a certain product (i.e., single or multi-packs)? A new SKU is being phased in to the modular set, is the are corresponding reduction in another product? Is replenishment on the old item turned off? If I have a certain product, is there a complimentary product that should also be sold, ideally with modular adjacencies? Placement Is a particular product in all stores (i.e., riding lawnmowers in NY City, snow shovels, even in January, in Mexico)? Does this product go into all stores simultaneously or should it be staged (i.e., lawn care product in southern stores first)? Are there any new stores that should be added to the shipped to list? Is a particular product a regular item or does it go on a special display/store location (i.e., holiday)? Price Are all the prices indicated on the shelf or on the product? Are the prices correct? Are prices updated annually or monthly? Is the item on deal (i.e., advertised special for which we might anticipate the standard 20% lift in velocity)? From theperspective of the vendor, a store or even a whole chain of store only has a[short-term] fixed floor area, backroom area and so many storage areas andtrucks that can be in transit to manage not simply one product at one locationbut the full range of products at all locations. This, in essence, is theproblem of inventory: managing and ideally optimizing the coming and going of allproducts at all locations. For the manufacturers, the problem is essentiallythe same, only with a different perspective: all of their products atall of the locations at which they are sold. The daily issues of this simply detail.Consider the perspectives of WalMart and 3M: one US retail operation and theone US division of one multinational manufacturer: WalMart has approximately 3,000 US stores, if there is one case of one product from 3M going to each store in the chain, this alone represents shipping 36,000 items (12 per case) just one time. Consider the number of products shipped, received and sold for all products at each store. 3M Stationary Products Division, Tape Adhesives section, has over 50 SKUs. Each peg on the display holds from 6 to 15 units of product. Each product comes in varying numbers per box, from 4 to 24, with from 1 to 6 boxes per case (the minimum order quantity). WalMart has the largest trucking fleet of any US corporation and has number distribution centers and warehouses. 3M has 1-2 factories per product and 3-4 key distribution points. Some items are warehouse items and therefore have a lead time of 3-4 days while other items have lead times of up to 21 days. The myriad issues that result from this collaborative efforts issignificantly enhanced but the good management of the inventory problem.From the number of units to build and subsequently ship (and to where) untilthe items are sold, the units exist as inventory. A Brief Discussionof EOQ and other Methods for Inventory Control To manage the issues discussed just prior is but one matter, tomanage them optimally is another and that is really the goal of anyinventory planning and control system. Realizing that any businessdecision is one in which the principle of the trade-off is employed, one canthen begin to methodically examine the variables. For example, in the simplestexample in which the costs of placing an order and the costs of carryinginventory are minimized. This optimal point is deemed the Economic OrderQuantity. While, in theory, the method works perfectly, its simplicity is alsowhat limits it in the real world in which additional variables and varyingassumptions run rampant. For example, EOQ does not, or, has trouble takinginto account the following variables/assumptions: Product cost assumptions such as fixed batch costs Product prices which may be variable and thus would change velocity and subsequent sales/demand forecasts Failure to adequately consider or cost out of stocks or backorders Failure to adequately consider lead times, special deals or seasonal items (Eason, 2003). Regardless, EOQ isthe starting place for the consideration or both additional variables as wellas the consideration of other models such as JIT, or the just-in-time methodin which the goal is -0- inventory. This is more applicable to a manufactureside though its principles do have applicability in retail. In this method,the basic assumption that has generally been borne out through research is thatinventory carrying costs are generally far higher than one might initiallythink (Schniederjans Cao, 2001). JIT is achieved by precisely the rightquantity of material/product to its destination just-in-time. Anothersomewhat similar method is ERP or enterprise resource programs. ERPleverages technology to provide firm-wide view of the materials at variousstages in the work process. This data is merged with other firm informationsuch as sales/demand forecast to create a optimized forecast for all rawmaterials, parts and finished products at any point in time. Insummary, whether using EOQ, JIT, ERP or any other combination of letters forinventory optimization, the key is to understand and purposefully manipulatethe variables of business to prioritize and manage the inherent trade-offs ofany business function. Works Consulted Bean, J. (2005), former 3M BusinessAnalyst, Interview on May 21, 2005. [Mr. Bean had significant work inmaintaining in stock levels to between 98.5-99.5% on Stationary and Tapeproducts] Eason, J. (2003, May). Setting TargetInventory Levels for New Products [Masters Degree Thesis, University ofArkansas, Fayetteville, Arkansas, US]. Piasecki, D. (2001, January). OptimizingEconomic Order Quantity. IIE Solutions. pp. 30-39. Schniederjans, M. Q. Cao. (2001). Analternative analysis of inventory costs of JIT and EOQ purchasing. InternationalJournal of Physical Distribution Logistics, (31), 2, pp. 190-117.

Creating a Voice in Poetry :: Reports Poetry Poems Literature Essays

Creating a Voice in Poetry Discuss how the poets create voices in their work. Write about Reports and one other poem. The poem 'Reports' focuses on one teachers cynical approach on writing school reports. This didactic poem take full advantage of using the imperative and pragmatics, as well as manipulating graphological features, such as the use of italics to indicate quotations. The poem is also written as a monologue, showing one side of a conversation, allowing the reader to focus on the opinions and character of an individual... in this case the school teacher. Similarly, this method is used in Carol Ann Duffy's poem 'Head of English', taken from 'Standing Female Nude.' The poem 'Head of English' makes good use of written language, creating the tone of a pompous school teacher but also uses punctuation to give the reader an idea about the character portrayed. 'Head of English' shows one characters disdain for another, however the reader is only meant to visualise the seemingly over confident Head of English. Duffy uses a monologue style to allow the reader to engage with the teacher in question and allows the reader to empathise (although not sympathise) with the voice in the poem. The poem opens with the line; "Today we have a poet in the class." On a surface read through this opening line could be intended to enthuse the pupils, however in my opinion this remark shows subtle hints of sarcasm, however unintentional or subconscious these may be. Grammatically the sentence structure suggests that the teacher is to the point, there is no indication of a break between "Today" and "we" although, the reader would expect a teacher to be taking her time and would at least expect to see a comma. As well as this the full stop at the end of the line adds emphasis to the sentence and brings it to an abrupt end, almost definitely a purposeful move on the part of the poet, to suggest to the reader that the character in the poem is abrupt. The hints of sarcasm are then backed up between lines three and five, when the teacher says; " Perhaps we're going to witness verse hot from the press. Who knows." The first sentence suggests that the teacher is testing the poet. On the surface it seems as if she is trying to enthuse the pupils, although the pragmatics suggest that she is testing the poet, almost challenging the poet. Then the second sentence, "Who knows.", backs up the readers thoughts of the teacher. Intriguingly the poet has manipulated the language again by using a full stop to end a sentence that would normally be a question.

Chaucer :: essays research papers fc

The Medieval Church and Chaucer’s Canterbury Tales In discussing Chaucer's collection of stories called The Canterbury Tales, an interesting illustration of the Medieval Christian Church is presented. I think that the Medieval Church was full of corruption, and Chaucer depicts this corruption through The Pardoners Tale. At the same time as the corruption, there can also be an argument for the opposing side stating that the church is not corrupted. This can be shown with the character of the monk from The Monk’s Tale. While people demanded more voice in the affairs of government, the church became more corrupt and this corruption also led to a more crooked society. In history then, there is a two way process where the church has an influence on the rest of society and of course, society influences the church. This is naturally because it is the people from a society who make up the church....and those same people became the personalities that created these tales of a pilgrimage to Canterbury. The Christianization of Anglo-Saxon England was to take place in a relatively short period of time, but this was not because of the success of the Augustinian effort. Indeed, the early years of this mission had a discrepancy which shows in the number of people who hedged their bets by practicing both Christian and Pagan rites at the same time, and in the number of people who directly didn’t want to believe at all when a Christian king died. There is certainly no evidence for a large-scale conversion of the common people to Christianity at this time. Christianity did not initially provide a unifying element but was by the later seventh century to provide the basis of a structure of organization, which overreached the frontiers of the individual, highly competitive English kingdoms(Making 15). Augustine was not the most diplomatic of men, and managed to antagonize many people of power and influence in Britain, who had never been particularly enthusiastic to save the souls of the Anglo-Saxons who had brought such harsh times to their people. In their isolation, the British Church had maintained older ways of celebrated the major festivals of Christianity, and Augustine's effort to force them to conform to modern Roman usage only angered them. When Augustine died (some time between 604 and 609 AD), then, Christianity had only an insecure hold on Anglo-Saxon England, a hold that was limited largely to a few in the aristocracy. Chaucer :: essays research papers fc The Medieval Church and Chaucer’s Canterbury Tales In discussing Chaucer's collection of stories called The Canterbury Tales, an interesting illustration of the Medieval Christian Church is presented. I think that the Medieval Church was full of corruption, and Chaucer depicts this corruption through The Pardoners Tale. At the same time as the corruption, there can also be an argument for the opposing side stating that the church is not corrupted. This can be shown with the character of the monk from The Monk’s Tale. While people demanded more voice in the affairs of government, the church became more corrupt and this corruption also led to a more crooked society. In history then, there is a two way process where the church has an influence on the rest of society and of course, society influences the church. This is naturally because it is the people from a society who make up the church....and those same people became the personalities that created these tales of a pilgrimage to Canterbury. The Christianization of Anglo-Saxon England was to take place in a relatively short period of time, but this was not because of the success of the Augustinian effort. Indeed, the early years of this mission had a discrepancy which shows in the number of people who hedged their bets by practicing both Christian and Pagan rites at the same time, and in the number of people who directly didn’t want to believe at all when a Christian king died. There is certainly no evidence for a large-scale conversion of the common people to Christianity at this time. Christianity did not initially provide a unifying element but was by the later seventh century to provide the basis of a structure of organization, which overreached the frontiers of the individual, highly competitive English kingdoms(Making 15). Augustine was not the most diplomatic of men, and managed to antagonize many people of power and influence in Britain, who had never been particularly enthusiastic to save the souls of the Anglo-Saxons who had brought such harsh times to their people. In their isolation, the British Church had maintained older ways of celebrated the major festivals of Christianity, and Augustine's effort to force them to conform to modern Roman usage only angered them. When Augustine died (some time between 604 and 609 AD), then, Christianity had only an insecure hold on Anglo-Saxon England, a hold that was limited largely to a few in the aristocracy.

Can Noise Traders Survive

Discuss the implications of the paradox that although financial theory assumes that investors are rational in practive, few if any investors appear to approach investments decisions in a rational manner. Can Noise Traders Survive? 1. Introduction Noise Trader is a financial term introduced by Kyle (1985) and Black (1986). It refers to a stock trader who lacks access to inside information and makes irrational investment decisions (De Long et al. , 1990). Traditional financial theories are often based on the assumption that all the investors are rational.The burgeoning behavioral finance departs from classical financial theory by dropping this basic assumption (Carty, 2005). In recent years, there has been a growing interest in studying the behaviour and effects of noise traders. Friedman (1953) and Fama (1965) argue that noise traders are irrelevant because they will be driven out of market by rational investors who trade against them. On the contrary, Black (1986) argues that noise t raders can survive in the long run, and the entire financial market cannot function properly without noise traders.This essay will attempt to demonstrate that noise traders can make profits and survive in the long run, they can maintain a price impact and provide liquidity to the market. In order to demonstrate this, first, this essay will be specifically focusing on efficient-market hypothesis (EMH), which is a representative traditional financial theory based on rational investors assumption. Both empirical and theoretical evidence will be given in order to demonstrate the discrepancy between the rational investors assumption and real financial markets.Second, this essay will further explain how noise traders can survive in the long run, even sometimes earn higher expected returns than rational investors. Finally, it should be noted that noise trading is essential to financial market as its impact on asset pricing and benefits for market liquidity. 2. Illogicality of efficient-mar ket hypothesis Efficient-market hypothesis (EMH) assumes that financial markets are â€Å"informationally efficient† (Fama, 1965). All investors can make rational investment decisions based on full disclosure of information.Their argument against the importance of noise traders points out that if the price of an asset diverges from its fundamental value, rational arbitrageurs will buy the undervalued shares on one exchange while sell the same amount of overvalued shares on another exchange (Shleifer, 2000). The actions of rational arbitrageurs will drive the price back to its fundamental value. In the long run, therefore, noise traders will consistently lose money to rational arbitrageurs, thus eventually disappear from the market (De Long et al. , 1990).In order words, noise traders cannot survive in the financial market because their expected returns are negative. However, although efficient-market hypothesis is a cornerstone of modern financial theory, it is often disputed by investors and researchers both empirically and theoretically. The theoretical paradox of EMH and empirical evidence against EMH in real financial markets will be further explained by the following examples. The Grossman-Stiglitz paradox (Grossman and Stiglitz, 1980) testifies that financial market can not be â€Å"informationally efficient†.Grossman and Stiglitz argue that †because information is costly, prices cannot perfectly reflect the information which is available, since if it did, those who spent resources to obtain it would receive no compensation† (Grossman and Stiglitz, 1980, p. 405 ). If a market is informationally efficient, it means that all relevant information is reflected in market prices. Therefore there is no incentive to collect the information. However, if no one will pay to collect the information, the information then can not reflect in the prices.In summary, The Grossman-Stiglitz paradox contradicts efficient-market hypothesis, which mig ht prove that efficient-market is not the real feature of financial market. There are also other paradoxes that are seemingly impossible to explain according to efficient-market hypothesis. From the perspective of rational arbitrageurs, if noise traders are all eventually driven out of markets, there will be no price discrepancies for arbitrage. Thus the rational arbitrageurs will also disappear from the markets. In that case, how can the markets maintain a non-arbitrage equilibrium?From the perspective of noise traders, if noise traders are all driven out of markets, how do the markets generate the original noise traders? It seems clear that those two paradoxes serve as evidence of the existence of noise traders. Efficient-market hypothesis also states that it is impossible for investors to consistently out-perform the average market returns, or in other words, â€Å"beat the market†, because the market price is generally equal to or close to the fair value (Fama, 1965). It is impossible, therefore, for investors to earn higher returns through purchasing undervalued stocks.Investors can only increase their profits by trading riskier stocks (http://www. investopedia. com/). However, empirically speaking, there is a large quantity of real financial examples to support that stocks are not always traded at their fair value. On Monday October 19, 1987, the financial markets around the world fell by over 20%, shedding a huge value in a single day (Ahsan, 2012). It serves as example that market price can diverge significantly from its fair value. In addition, Warren Buffett has consistently beaten the market over a long period of time, which also contradicts efficient-market hypothesis (http://www. nvestopedia. com/). Thus, the two empirical examples above show that there is a huge discrepancy between real financial markets and efficient-market hypothesis rational investors assumption. However, how do noise traders survive from rational investors and arbitrag eurs? 3. Explanation of noise traders’ survival The DSSW model (De Long et. al. , 1990) further explains how noise traders can exist in the long run. The efficient-market hypothesis argues that if asset price diverges from its fair value by noise traders, rational arbitrageurs will trade against them hence push the price back to its fair value.However, it is far from the truth in real financial market. If noise traders are too optimistic about stock and have raised up the price of the stock from its fundamental value, an arbitrageur will bear huge risk selling the stock because noise traders optimistic beliefs will not change for a long time, thus the price will not return, or be pushed up even further by noise traders (De Long et. al. , 1990). The risk rational arbitrageurs bears trying to change noise traders’ opinions is named â€Å"noise trader risk†. Since rational arbitrageurs are risk-averse, the noise trader risk will limit their willingness to trade aga inst noise traders.De Long et. al (1990) argue that â€Å"the arbitrage does not eliminate the effects of noise because noise itself creates risk. † Therefore the noise traders can exist in the long run. De Long et. al (1990) also argue that noise traders may even earn higher expected returns than rational investors. If noise traders are over bullish about an asset and invest more, it means they bring additional noise trader risk into the asset, therefore rational arbitrageurs will find the asset less attractive because arbitrageurs are risk-averse investors.Noise traders, especially those overconfident investors, invest more in the risky asset than rational investors. Overconfident traders take on more risk and hence earn higher profits than their rational counterparts. De Long et. al (1990) say that â€Å"noise traders can earn higher expected returns solely by bearing more of the risk that they themselves create†. It is reasonable to conclude that noise traders can survive in the long tun and may even make more profits than rational investors. This may lead us to ask is there any significance of noise traders existing in financial markets? . Significance of noise traders The significance of noise traders can be divided into two parts, namely the benefits for market liquidity and the impact on asset prices. First, noise trader is the indispensable component of financial market. Black (1986) argues that if all investors are rational, there will be very little trading in individual assets. It means there is no incentives for investors to trade in the shares of an individual firm against those who share the same information and same beliefs on the stock.Traders will invest in mutual funds, or portfolios, or index futures instead of individual firms. However, individual shares are price foundations of mutual funds, portfolios and index futures (Black, 1986). Therefore, the entire financial market depends on liquidity in individual assets provided b y noise traders. Second, noise traders can maintain a large price impact. According to an empirical research on on Dow Jones Industrial Average and S&P500 returns, the price impact of rational sentiments is greater than that of irrational sentiments (Verma et al, 2008).Verma et al (2008) also argue that stock market returns have a immediate and positive response to noise trading. Therefore, it seems clear that noise trading is the essential ingredient in financial market since it is beneficial for market liquidity and it has huge price impact on stocks. Conclusion In conclusion, this essay has demonstrated that in spite of the basic model significance, traditional financial theory’s rational investors assumption is unrealistic. Noise traders can survive in the long run, and may even earn higher expected returns than rational investors.Noise trading is indispensable component of financial market, and has significant effects on asset pricing and benefits for market liquidity. T he financial market equilibrium is achieved by the coexist of noise traders and rational traders. However, the existing theories are not enough to fully explain every aspects of this extremely sophisticated financial system. There still remains a large number of puzzles and anomalies for us to further explore. 6. Reference Ahsan, M. , â€Å"Where Was the Invisible Hand during the Crash? † Economic Insights–Trends and Challenges, 2012, Vol. , pp. 44 – 52 Black. F. , â€Å"Noise. † The Journal of Finance, 1986, Vol. 3, pp. 529-543 Carty, C. M. , â€Å"Do Investors Make Rational Or Emotional Decisions? † Financial Advisor, 2005, May issue, see also http://financialadvisormagazine. com/component/content/article/1115. html? issue=56&magazineID=1&Itemid=73 De Long, J. B. , Shleifer, A. , Summers, L. , and Waldmann, R. â€Å"Noise Trader Risk in Financial Markets. † Journal of Political Economy, 1990(98) De Long, J. B. , Shleifer, A. , Summers, L. , and Waldmann, R. â€Å"The Survival of Noise Traders in Financial Markets. The Journal of Business, 1991, vol. 64 Fama, E. F. , â€Å"Random Walks in Stock Market Prices. † Financial Analysts Journal, 1965, Vol. 38, No. 1, pp. 34-105 Friedman, M. ,†The Case For Flexible Exchange Rates. † Essays in Positive Economics, 1953, Chicago: Chicago University Press Grossman, J. , Stiglitz, J. , â€Å"On the Impossibility of Informationally Efficient Markets†. American Economic Review, 1980, 70 (3): 393–408 Kyle, A. S. , â€Å"Continuous Auctions and Insider Trading. † Econometrica, 1985, vol. 53, pp. 1315-1336 Palomino, F. â€Å"Noise Trading in Small Markets†, Journal of Finance, 1996, vol. 51, No. 4, pp. 1537-1550 Shleifer, A. , La Porta, R. , Lopez-de-Silanes, F. , Vishny, R. , â€Å"Investor Protection and Corporate Governance. † Journal of Financial Economics, 2000(58), pp. 3-27 Verma, R. , Baklaci, H. , Soydemir. G. , â€Å"The impact of rational and irrational sentiments of individual and institutional investors on DJIA and S&P500 index returns. † Applied Financial Economics, 2008(18), pp. 1303–1317 â€Å"Efficient Market Hypothesis – EMH†, http://www. investopedia. com/terms/e/efficientmarkethypothesis. asp#axzz26ppseTGk

Meaning of Life and Literary Metaphorical Descriptions Essay

Stuck and chained without any tendency of where your life is headed, requires necessary effort to go through. This is the situation for the main character in Wiliam Lychacks short story, Stolpestad. Without any whereabouts of his life directions, Stolpestad come across his own life through unpleasant confrontations of his own identity loss. â€Å"This is your life, Stolpestad† Stolpestad finds that his life gone tedious, waiting towards the end of each shift, lying and giving an excuse to postpone his arrival back home to his wife and his children. Driving through the city, Stolpestad yearns after his life in the town as child. â€Å"You idle slow and lawful past the house as if to glimpse someone or something – yourself as a boy, perhaps. † Though Stolpestad is aware of the requisite in his absence back home, he decides to go to a bar. At the bar he is telling stories, spreading laughter, about his earlier predicament with shooting the suffering dog. Stolpestad seems full of confidence re-telling the story, but in the certain situation he was nervous and sensitive: â€Å"with this hope that she’s already dead- that shrill of insects in the heat and grass as you nudge her again. You push until she comes to life, her eye opening slow and black to you – you with this hope that the boy will be running any moment to you now, hollering for you to stop. † He wish the dog to already be dead, or that the boy will come hollering him to stop. This nervousness of his comes truly to life when the boy and his father are confronting him, and the surrounding noices frightens him: â€Å"It’s only a door opening – but look how jumpy you are†. Stolpestad finds this confrontation to be a very uncomfortable situations, and feel that it is a repeating element in his life, which is depicted in this paragraph: â€Å"the deja vu of a pickup truck in the driveway as you pull around the house, as if you’ve seen or imagined or been through all of this be- fore, or will be through it all again, over and over†. We can interpret this, from the fact that Stolpestad keeps running into these unpleasant situations. Putting down a suffering dog turns into an unintentional disservice to the dying dog, the boy and his father and himself. The unsuccessful execution and the survival of the suffering dog, Goliath, can be seen as a metaphor for Stolpestads life. The life of the dog Goliath and Stolpestads life are heading in the same direction, Goliaths suffering is a reflection of the suffering in Stolpestads own life. Gully is gravely injured and it is just a matter of time until its’ life will peg out, but even after what was supposed to be an easy put down, the dog remains alive. Stolpestad is neither injured or near death. Stolpestad is caught between the choices whether he shall pursue his meaning of life or leave this world behind. He is stuck as a spectator of his own life, as the dying dog Goliath is a spectator of its’ own death. The injury of the dog can also be interpreted as a simile for the environment and the town Stolpestad lives in. The Christian narrative of â€Å"David and Goliath† deals for Goliaths sake with the themes negativity and failure. The nickname â€Å"Gully† is a synonym for a sewer. That means, that the dogs name in both significances refers to something including degradation and poor environs. Goliath lies on all the trash on the families within the families’ premises and symbolizes the poor social environment that the family hails from. The family is tamped by this inadequacy in the society, which the dog and its name symbolize. The sentence: â€Å"The old tires, empty bottles, paint cans, rusty car axle, refrigerator door† exemplifies what poor environment the family is a part of. The environment of the father may also explain the cause of his ironical compliments of Stolpestads house: â€Å"He lets out a long sigh and says it’s a fine place you seem to have here†. Still this higher league of society does not fit Stolpestad, and it does not seem like he has been in this contrast to the lower league of society his whole life, which also may cause the sympathy he has for the boy. The boy can be interpreted as an illusion of Stolpestad as a child. In the early beginning of the short story, Stolpestad is driving around soulless, looking for something – possibly himself as a child, and after the meeting with the boy, he quickly conceives comprehension of his life situation. This may be caused of Stolpestads own youth, that may have been difficult, but he still may miss: â€Å"Back to all the turns you were born, your whole life spent along the same sad streets† The kind of narrator being used in the story is a â€Å"second person narrator† who writes to a certain â€Å"you†. Our â€Å"you†, who our narrator directs itself to is the main character of the story, Stolpestad. Though it is Stolpestad the narrator direct itself to, the reader feels like being spoken to, when this narrative perspective is being used: †Was toward the end of your shift†. This way a text involves and affects its reader in a whole other level. It is hard to judge whether the narrator is an actual figure or totally absent throughout the story. The narrator does not specifically appear throughout the story, but certain things point to the narrators’ appearance: †away we go†. Still it is doubtful and unknown, who the narrator may be, as the short story does not give an unequivocal explanation of who the narrator might be. The language is both embossed of slang and then the more literary metaphorical descriptions. This shows, how the narrator has authority of changing the style when it fits him. Therefore it is a mixture of the lower style and a formal literary style. Stolpestad is living a life that just passes by, without him taking any action, and therefore he feels like his whole life just consists of continuous repetitions. He is living in the same surroundings as he did in his youth and during his childhood so therefore his external rams haven’t changed, though he has become older. Therefore everything feels recognizable and boring for him. With the description from a second person narrator, who sees Stolpestad from an external perspective, we can connect this to the interpretation of him as a passive individual. He is not even in possession of the authority to tell his own story, but is having it told by another narrator interfering and judging him negatively. Here as well he stands without influence, but may passively let the narrator relate his story, while he himself will have to be a spectator to his own life. So do not just let life pass you by.