Recruitment and Human Resources Management

Recruitment According to Edwin B. Flippo, â€Å"recruitment is the process of searching the candidates for employment and stimulating them to apply for jobs in the organisation†. Recruitment is the activity that links the employers and the job seekers. In other words, it is a process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their applications are submitted. The result is a pool of applications from which new employees are selected. Flippo Edwin B. (1984) Recruitment ProcedureIn today’s scenario, the recruitment procedure varies depending upon the nature of the requirement. These procedures require the placement of the right talent at the right place, thereby making the association mutually beneficial for the employer and the employee. There are usually two types of recruitment processes. Recruitment Processes: External and Internal Internal recruitment – The term internal recruitmen t is defined as the practice of choosing amongst current company workers to fill a position that falls vacant over time.This may include a change in profile on the part of the employee. Internal recruitment is more economical and less time consuming for the company. External recruitment – In contrast, external recruitment has to do with external candidates applying for an available position. Once the staffing requirements are determined, an organization has to ensure that there are appropriate recruitment systems in place to attract and select candidates of the right caliber. This requires identifying and focusing on each of the critical stages of the recruitment process.Naturally, the resources spent for the overall selection process are more. The Human Resources Department (HRD) team plays a significant role in the recruitment process steps of every organization. Whenever a vacancy arises in an organization, it is the responsibility of the HRD to place the information in th e public domain through the various media, such as newspapers and various job sites. However, it is of utmost importance that the advertisement designed clearly defines the designation, job profile and the concomitant skill set required.Filtration and Selection of Relevant Resumes As the organization will float the advertisement for the Vacancy, the jobseekers will start applying for the position. After receiving an adequate number of responses from job seekers, the scrutiny process of the resumes begins. This step play an essential role in the recruitment selection process, because selecting the correct resumes that match the job profile, is very critical. Generally, it is done by a competent person who understands all the responsibilities associated with the designation in its entirely.Candidates with the given skill set are then chosen and further called for interview. Preliminary Selection Techniques Now a days, Online employment screening is a technique employed by certain empl oyers. This technique saves a lot of time and money for the employer. It is an efficient method to assess the skills and knowledge of the candidate with regards to the required skill set. Assessment center technique is another method that includes lots of exercises on problem solving, presentation, aptitudes test and many more.In this process, employers usually check the different skills of a person. After a candidate has cleared these tests, there is usually a formal round of interview with the HRD, where the discussion that includes salary expectations and subsequent negotiations takes place. Recruitment Interview Job interviews play an important role in the entire recruitment process. It is very important to put the candidate at ease, so as to eliminate initial nervousness and to break the ice. It is better to start with general questions to the candidate, so that he feels relaxed.Queries should be job related, objective and understandable to the candidate. In this step only cand idate demonstrates and assures the panel of his suitability for the post. The recruitment process of an organization ends by finalizing the candidate followed by other joining procedures and formalities. Suvamita Ghosh (2009/2010 Advantages and disadvantages of external and internal recruitment: Advantages of internal recruitment are more than just cutting on advertisement costs because it offers wonderful opportunities for the current staff to further their careers.Internal recruitment could also be a great way of keeping workers who may have been considering a flight from the company, this is advantageous because the cost of training are at most best insignificant and to the worst much less than it would cost if the organization advertised outside. It's definitely faster and less costly than outside recruitment and it has the added merits because current employees are a familiar entity. Some organizations conduct external recruitment only to discover later that they have a member of staff who doesn't fit into the general environ and the mission and vision statement of the organization.The disadvantage of internal recruitment is that the size of prospective applicants is considerably reduced. There is no doubt that outside recruitment provides the organization with a broader skill pool and wider experience than could be the case with internal recruitment. A staff member who responds to the internal advertised position and gets the job might discover that their workmates resent that promotion and that could prove very challenging for them in their newfound positions.If a company does its recruitment internally, It most probably faces the possibility of having another empty position to fill, and of how to do that. Organizations that heavily rely on inside recruitment might eventually find that they have to advertise outside the organization, the cost notwithstanding. Current staff may fill to be the best candidates for the position regardless of whether they ha ve the necessary expertise and expertise required for the job. Abhishek Agarwal (2008) External recruitment A PREFERENCE! Reasons To advantages. It helps you cquire competitive intelligence about other firms. New hires can help you identify other potential candidates to â€Å"poach† from their firm. The new ideas that applicants and new hires bring in stimulate the thinking of others. It keeps our employees on the edge because they know they must compete against outsiders for jobs. Outside hires don’t have political alliances already set up. This can help them implement new ideas without the â€Å"baggage† of past political battles. Some argue that hiring â€Å"already trained† people is cheaper than developing and promoting internal talent..The outside recruiting and advertising for outside hires may tangentially help build your brand, send a message that you are growing and also help boost sales. In most cases external hiring adds more to the diversity of the workforce than internal hiring. If the firm is going global, it will undoubtedly line that external â€Å"local† hires are superior and performance to internal promotions. On the contrary, there are many disadvantages of external recruitment like, Outside hires can weaken the corporate culture by bringing in counter culture people. External hires often have a longer â€Å"adjustment period† and orientation costs are higher.Customers may feel slighted if they don’t get one of the Firm’s current employees Firms with strategic alliances may anger their partners by â€Å"poaching† their talent. Hiring talent away from customers and suppliers may harm your business relationships. Legal issues can occur when hiring intact teams, top technical talent with non-compete agreements. In a competitive market you can’t hire quality talent without a strong recruiting function. Learning internet recruiting and setting up web pages may be prohibitivel y expensive or time consuming. Dr. John Sullivan (1999)In order to illustrate the recruitment and selection process, we can take an example of hiring General Manager-Operations for an organization ventured into manufacturing of Electrical Products. The recruitment procedure starts from identifying Job requirements as soon as the recruitment need is finalized. HR Department will draft the job description, job requirements and proposed compensation; develop a budget and timeline for the search process; and then submit these proposals for approval by the full board. The budget should include advertising and candidate other hiring expenses.Then the committee places ads, screens responses, checks references, develops interview questions, selects candidates to be interviewed, makes travel arrangements for out-of town candidates and conducts interviews. The next step is to shortlist the candidates in order to hire the best for the position vacant. Final round of interview can be arranged w ith the senior management along with the hiring recommendations. The final results should be notified immediately in order to complete the recruitment procedure with issuing Letter of Intent/Appointment Letter and other joining formalities.Conclusion Recruitment is essential to effective Human Resources Management. It is the heart of the whole HR systems in the organization. The effectiveness of many other HR activities, such as selection and training depends largely on the quality of new employees attracted through the recruitment the recruitment process. Policies should always be reviewed as these are affected by the changing environment. Management should get specific training on the process of recruitment to increase their awareness on the dangers of wrong placements.HR practitioners should be on the guard against all the malpractices and advocate for professional approach through out the system. The HR should indicate disagreement in the event that biasing toward certain candid ates is creeping in and point out the repercussions that may follow in terms of performance and motivation. It is the author’s conviction that, the recruitment process should be seen in the context of ongoing staff planning that is linked to the strategic and financial planning of the organization.Nyamupachari Vareta, Recruitment Process: The heart of Human Resources Management Referencing: Flippo E. B. (1984), Principles of Personnel Management (McGraw-Hill International Editions: Management Series) (Internet) Available at. Suvamita G. ,(2010), Recruitment Process Steps, (Internet) Available at . Abhishek A. , (2008), Business: Careers Employment (Internet) Available at . Dr. John S. (1999), The advantages and disadvantages of â€Å"External first’ Hiring Process, (Internet) Available at< http://www. ere. net/1999/09/17/the-advantages-and-disadvantages-of-external-first-hiring-preferences/>. Nyamupachari V. , RECRUITMENT PROCESS: THE ‘HEART’ OF HUM AN RESOURCES MANAGEMENT, (Internet), Avalable at: .

Netw240 Week 2 Lab

NETW240 Week 2 Lab: Basic Linux Commands and Directories Lab Scenario Launching Your Lab The status of your lab is displayed at the top of the left navigation column. Click the Start Lab Now button. A progress bar displays while the lab is being initialized. During this time you can view items under the Content area of the left navigation bar. When initialization is complete, the status changes to In Progress. The clock starts and a lab diagram displays in the main content area. Click on the diagram that appears, and your virtual lab experience will begin.If your connection isn't working, verify connectivity by clicking Verify Connection in the Tools section on the left navigation bar. Assignment * Identify the difference between a casual user and the superuser (or root) by examining the shell prompt. * Illustrate the command used to switch from a casual user to the superuser. * Diagram, label, and describe the major system directories beneath root (/). * Illustrate the use of basic Linux shell commands to move around in the hierarchical file system. Diagram Lab Tasks See Chapter 3, The Linux File System.Note about text editors in Element K: All text editor tasks in this lab are shown using the nano text editor, but you are also free to use the vi text editor as an option if you know the more complex command hierarchy. If you are using nano as your text editor and Internet Explorer or Chrome as your browser, you cannot use Ctrl-O to save your file. This hot key is used by IE and Chrome to open files. You will have to exit and save as follows: Press Ctrl-X (Exit); at the prompt â€Å"Save Modified Buffer,† press Y then Enter. This will save the file and exit the text editor.Mozilla Firefox does not have this issue with Ctrl-O. | Step 1: Procedures If you are not already logged in, please log in as a standard user. Your login name will be student or vlab with the password password. 1. Click on Applications ; System Tools ; Terminal. This will bring up a Te rminal screen for you so you can apply the commands in this lab. 2. Using the â€Å"switch user† (su) command, switch from standard user mode to the superuser (root) user mode. The root password is the same as the student password. 3. During the lab, you will be asked to enter answer to questions asked in your lab activities.You need to enter the answers to these labs at the bottom of this lab page and submit that to your course shell Dropbox in order to receive credit for it. Step 2: File System Navigation 1: Display a long listing of the filesystem root ( ? ). Enter ls –l. Verify the output is in a long list format. 2: Display a long listing of the ? etc directory. Enter ls -l ? etc. Verify that the output is from the ? etc directory and is a long list. What type of files may you find in this directory? Write your answer in the answer sheet at the bottom of this lab. 3: Display a long listing of the ? in directory. Enter ls -l ? bin. Verify that the output is from th e ? bin directory and is a long list. What type of files may you find in this directory? Write your answer in the answer sheet at the bottom of this lab. 4: Display a long listing of the ? sbin directory. Enter ls -l ? sbin. Verify that the output is from the ? sbin directory and is a long list. What type of files may you find in this directory? Write your answer in the lab report document. 5: Display a long listing of the ? dev directory. Enter ls -l ? dev. Verify that the output is from the ? dev directory and is a long list.What type of files may you find in this directory? What is this directory used for? Write your answers in the lab report document. 6: Display a long listing of the ? usr directory. Enter ls -l ? usr. Verify that the output is from the ? usr directory and is a long list. What type of files may you find in this directory? Write your answer in the lab report document. 7: Display a long listing of the ? home directory. Enter ls -l ? home. Verify that the output is from the ? home directory and is a long list. What type of files may you find in this directory? Write your answer in the lab report document. : Display a long listing of the ? root directory and its hidden files. Enter ls -al ? root. Verify that the output is from the ? root directory and is a long list. What type of files may you find in this directory? What is this directory used for? Write your answers in the lab report document. 9: Return to your home directory. Enter cd ?. Enter pwd. What does the acronym pwd stand for? What is the output of the pwd command? Character â€Å"? † represents your home directory, regardless of who you are logged in as. What is a home directory used for? Write your answers in the lab report document. 0: Create files. Enter touch example1. Enter cp example1 example2. 11: Create a directory. Enter mkdir file-cabinet. Enter ls. You should see files example1 and example2 and a directory called file-cabinet. 12: Change directory. Enter cd file-c abinet. Enter ls. Enter pwd. What directory are you in? Write your answer in the lab report document. Enter cd †¦ Enter pwd. Notice that the command cd .. took you back to the higher level directory. 13: Delete the directory. Enter ls. Enter rmdir file-cabinet. Enter ls. Was the directory file-cabinet deleted? Write your answer in the lab report document. 4: Delete the files. Enter ls. You should still be able to see both the example1 and example2 files. Enter rm example* (* represents zero or more characters). Enter ls. Were the example1 and example2 files deleted? Write your answer in the lab report document. 15: Get help on the ls command. Enter man ls | less. Now you can use your up and down arrow keys to scroll through the information on the ls command. You will notice that there are many options that can be used with this command. Remember that in order to use any of these commands you have to use a space between the command and the option.For example, ls -l works, but ls -l will not work. Result: N/A Step 3: Use the nano command line editor to create and modify files. Action: 1: Navigate to your home directory. Enter cd ~. Enter pwd. What directory are you in currently? Write your answer in the lab report document. 2: Use nano to create a file. Enter nano myfile1. You are now in Editor Mode for the file myfile1. 3: Add content to the file. At this point, you can type in some text. Type in your full name, address, and phone number on different lines. 4: Control Keys for nano. Note the control menu at the bottom of the nano text editor.The (^) symbol refers to the Ctrl key, so ^X (Exit) refers to simultaneously pressing the Ctrl and X keys. Other common control keys are ^K and ^U for cut and paste operations and ^R for opening a new file. ^W is a control key for finding text in a file. If you are using nano as your text editor and Internet Explorer or Chrome as your browser, you cannot use Ctrl-O to save your file. This hotkey is used by IE and Chrome to open files. You will have to exit and save as follows: press Ctrl-X (Exit) and at the prompt Save Modified Buffer, press Y then Enter.This will save the file and exit the text editor. Mozilla Firefox does not have this issue with Ctrl-O. 5: Save your modifications and exit. Press Ctrl-O and press Enter to save your myfile1 file. Press Ctrl-X to exit the nano command line text editor. 6: Check the content of your file. Enter cat myfile1. You now can see your contents of the myfile1 file. This concludes your lab. Download the lab report document for week 2. Please complete all questions on the answer page and submit the answers in the lab report template in the iLab section of the course shell.

Care Giver Perceptions of End of Life Care for COPD Patient

Care Giver Perceptions of End of Life Care for COPD Patient RESEARCH PROPOSAL Title: Exploring the primary family care givers perceptions of care giving for end of life care of COPD ICU patient. Introduction: The world perspective is shifting towards non-communicable diseases, with chronic conditions such as heart disease, stroke and chronic obstructive pulmonary disease (COPD) as chief causes of death globally. COPD is a chronic progressive disease of air flow obstruction which includes emphysema and chronic bronchitis. COPD is predicted as 3 rd leading cause of death in 2030 according to 2008 WHO statistics. In terms of social burden of disease quantified by disability-adjusted life-years (DALYs) lost, COPD ranked as the 12th leading cause of DALYs lost worldwide in 1990, but will be the 7th leading cause of DALY lost worldwide in 2030.COPD is more common among world age people due to decreased lung function capacity. The world population above 60 years was1.7% in 2013 and will continue to grow as a reaching 21.1 per cent by 2050 (world a geing population 2013). COPD is one of the major 8th leading causes of death in Singapore. According to MOH 2013 census COPD causes 1.6% of deaths per 18938 populations.COPD is a treatable disease but not a curable one. So ultimately it increases the economic burden of the country by its chronicity, rate of hospital readmission and affects the quality of life Lynn, 2000; Simonds, 2004).The palliative care needs of patients with end-stage respiratory diseases are increasingly being recognized (Curtis, 2008; Lanken et al., 2008) . The COPD patient experience significant impairment of quality of life and physical and psychological needs when compare to individual with lung cancer (Core et al., 2000; Edmonds et al., 2001; Skilbeck et al., 1998; Tranmer et al, 2003). Why family members? When there is progression of diseases it imposes negative impacts on psychological health of Care givers (Daniela Figueiredo, 2014). Careers are more likely to suffer from anxiety and depressive symptoms providing continuous care during the advance stage of the disease and end of life care (Abebaw Mengistus Yohannes 2007). Preparation for death should include a realistic appraisal of the prospects for dying peacefully at home. (Hansen –Flaschen J .2004) Most of the patients are willing to be housebound at the end stage of life so its responsibility of family cares to provide continuous care and support them White P (2011) stated 45% were housebound, 75% had a career in end stage of COPD . despite no studies have been conducted qualitatively on family care givers perception on End of life care on COPD in Asian countries .

A Probation Officers View of Effectiveness Essay

A Probation Officers View of Effectiveness - Essay Example The acceptable thing is that the effectiveness of any correctional effort has to be life-changing so that the positive changes remain tenacious. A Texas Prison Major was quoted, Dilulio, 1987, p 146 that he does believe, like every one, from the director to the warden to the boss in the cellblock, that prisons can be run well and that, the prisons don't have to unsafe, unclean or un-educational. For good programs and good safety go together with good management. In dealing with the intangibles, the perception becomes enormously relative. What is good for one is unacceptable to the other. Why is that There are so many variables at play here that to be able to provide a sustainable argument would be futile. Yet, behavioral science continues to endeavor, in a bid to come up with an acceptable measuring criterion. In this case, measuring the 'effectiveness' of the Probation Officers. The Case Study presented here is a classic study of human action and reaction. It is evident that for an idea to be pushed ahead, a climate of awareness and acceptance has to be created before action can be initiated. Historically action for change is a constant for organizations. It is when the actions boomerang; to expose the ugly side of the initiator [read Probation Officers] that such a report creates havoc. It may be bad enough to bring in the public, the politicians, the social agencies, etc. into the fray. We shall look at three very distinct, pertinent and fact localizing questions that are derived from the Case Study from Criminal Justice Organizations by Stan Stojkovic, David Kalinich, John Klofas, Organizational Effectiveness, Chapter 13, page 345347. Firstly - Whose interests were served in the newspaper's evaluation of this department, and whose will be served by the proposed evaluation A news report of this kind cannot remain contained to a specific issue. In an all Probation Officer 4 engulfing action, it would invade private as well as public domain. It did. From the newspaper's point of view the purpose was wholly served, it informed and instigated action. It prompted the resignation of the Chief. The newspaper may, by this, claim to have started a cleansing process. For the Probation Department, the news report may have kicked up a lot of dirt. The newspaper's evaluation broadcasted the urgency for reforms in the functioning and effectiveness of the Department. It showed the chasm that exists between what is permitted and what was practiced by the Officers and the department as a whole. It played up the under utilization of the work force. More importantly, it brought out that the ultimate goal of providing effective rehabilitation services was not being achieved which was echoed by many social service agencies. The newspaper report though it impaled the department, was good for it, for what should apparently have been an internal inquiry job was done externally by the newspaper and therefore remained objective. The report was not allowed to settle down; the newspaper's serial ensured that it drew the

WEEK 6 LEADERSHIP Essay Example | Topics and Well Written Essays - 500 words

WEEK 6 LEADERSHIP - Essay Example The goal is not to eliminate feelings from the decision-making process. The more the decision maker knows about the decision-making process, the more the intuition (Parker, & Begnaud, 2004). In most cases, great decision makers are great leaders. Leadership entails dealing with people and making decisions that affect the organization. If a leader is not a good decision maker, organizational progress may be hampered. i. Directive style: this involves decision makers with low ambiguity tolerance. The decision-making style is rational, efficient, and employs a logical way of thinking. The style focuses on the short-term and rushes in making decisions. ii. Analytic style: the style has higher ambiguity tolerance. It involves careful decision-making that is well informed. It includes a thorough assessment of the options. The style involves coping with challenging situations (Parker, & Begnaud, 2004). I mainly use the analytic decision-making style. Before making a decision, I try to understand all the issues in depth and conduct a thorough assessment of the available alternatives. I think that some decision-making styles are better suited for public safety leaders that for CEOs of large companies. The behavioral style is best suited for public safety leadership because it entails consideration of all the parties involved in the decision-making process. A Chief Executive Officer of a popular company needs to employ the analytic style to ensure that the process impacts on the organization even in the

Argument for or against the ramifications of buying products from your Research Paper

Argument for or against the ramifications of buying products from your own country - Research Paper Example In relation towards the activities of the consumers, the purchasing decision of a consumer seems to be influential towards the success of a company’s strategy especially in domestic and foreign markets. In addition, consumer liking regarding foreign and domestic products could be influenced by their utmost trust and faith regarding the products and conception of consumer ‘ethnocentrism’ among others (Torres & Gutierrez, â€Å"The purchase of Foreign Products: The Role of Firm’s country-of-origin reputation, consumer ethnocentrism, animosity and trust†). The idea of globalization represents significant challenges and opportunities especially for the marketers and the consumers. The various modernizations particularly in the trade policies have offered more foreign product options towards the consumers’. In this connection, one of the factors that may affect upon the decision of the consumer in order to buy domestic product that is own country’s product or foreign products is consumer ‘ethnocentrism’ (Ranjbarian & Et. Al., â€Å"Consumer Ethnocentrism and Buying Intentions: An Empirical Analysis of Iranian Consumers†). Consumer ‘ethnocentrism’ signifies the universal liking for the people in order to realize their own group as the centre of the world and is defined also as an attitude that one’s own group is superior compared to others (Riefler, â€Å"Advanced Topics in International Marketing†). From the perspective of ‘ethnocentric’ consumers, purchasing products from foreign countries is not useful for them because it weakens the domestic economy, causes lack of employment and considers being disloyal or non-nationalistic among others. In other words, consumer ‘ethnocentrism’ provides an individual a sense of uniqueness, emotion, a proper understanding and feelings of belongingness among others (Shimp & Sharma, â€Å"Consumer Ethnocentrism: Construction and Validation of the CETSCALE†). In the

Innovation and Knowledge Transfer Assignment Example | Topics and Well Written Essays - 2500 words

Innovation and Knowledge Transfer - Assignment Example In regard to this, a critical evaluation of how certain organisations drive innovation to maintain competitive advantage will be explored. This report will evaluate innovation within Starbucks Corporation, the leading specialty coffee seller in the world. The author will examine how the corporation took on the innovation challenge by evaluating what Starbucks does, who does it, how well the personnel manage innovation, what the process of innovation involves and how it is shared across parts of the corporation. This will be examined against certain concepts and frameworks established by researchers in this field to provide a sound critical analysis. The report to be conducted will encompass a study that seeks to establish the role of innovation in enhancing the competitive advantage of Starbucks Corporation. In achieving this, the paper will seek to identify the potential benefits accrued from adoption of innovation and the threats facing innovation in such firms. Tidd and Bessant (2009) define innovation as â€Å"the process of turning opportunity into new ideas and putting these into widely used practice†. According to Trott (2008, p. 15), innovation involves managing all activities that are necessary to the process of creating ideas, technology development, developing and marketing of a novel or improved product or services. Thus, innovation does not just stop with coming up with a new idea, or inventing something, nor creating new market niches. It is a process that takes into account all these factors and integrates them. The challenge in innovation lies in the process it involves. The process revolves essentially around methods of searching for triggers in the internal and external environment for innovation, selecting viable ideas to invest in, implementation and sustaining the innovation into the organization’s policies and structures (Nelson and Winter, 1982, p. 143; Tidd and Bessant, 2009). Tidd and Bessant

Satera Assignment Term Paper Example | Topics and Well Written Essays - 750 words

Satera Assignment - Term Paper Example Pinto should also consider the abilities and sources of motivation for both of senior engineers. During crucial confrontation, problem should be calmly described by Pinto and feedback of both persons should be taken. Pinto should adopt an honest and straightforward approach whilst presenting his ideas. He should make Lovas and Bennett to realize that designing an innovative imaging support structure is a shared purpose of organization. If Lovas and Bennett have complaints against each other they should have facts to support their claims. Once both parties discuss complaints, Pinto should then highlight the consequences of their conflicts on organization, their personal lives and on other colleagues. Based on the personality attributes of Lovas and Bennett in Table 1, Pinto should motivate and encourage their role in the company. Pinto should motivate Lovas by adopting his honeybee structure and he should motivate Bennett by giving him the challenge to make this structure light weight and a new innovation. Although facing the resistance of Bennett will appear as a major a challenge for Pinto however, through his good relation with both parties and his unbiased behaviour, he can appear as a good enabler. To keep confrontations on right track, Pinto should adopt a focused and flexible approach. He should be sensitive to the feelings of both the parties and his should be to develop a mutual trust. Moreover, before wrapping up the discussion, Pinto should clearly explain the tasks for Lovas and Bennett, the timeline to complete the task and the mode of communication through which Pinto will follow up the progress. In the plan, the role of Pinto as a facilitator and enabler has increased based on the fact that Pinto has been dealing with such confrontations earlier. It has mentioned that confrontations are usually mishandled because of meekness and

Risk and uncertainty Essay Example | Topics and Well Written Essays - 500 words

Risk and uncertainty - Essay Example In contrast, there is an uncertainty when individuals are not informed of the outcome or of its distribution. Some authors suggest that risk is about the outcome of events whereas the uncertainty is specifically related to its probability. An effective inventory management is essential to ensure the better use of inventory. If the prevailing economic and market conditions are favourable, the organisation may use the inventory at its best level to generate more profits. Likewise, the firm should not choose to use inventory on a large scale when the existing business conditions are not promising. Businesses should use their excess capacity once they identify an emerging opportunity to expand their market territory or to increase sales volume. For instance, firms may use their excess capacity in peak seasons to take advantages of the favourable market situation. A cake manufacturing company must use its excess capacity in festival seasons like Christmas, New Year, and Easter because there will be an increase in the market demand of cake during these seasons. By using the excess capacity, the company can improve its production capacity to meet the increased supply needs. In addition, a company can use its excess capacity when demand conditions are favourable. To illustrate, a company would experience increased demand for its products/services following a positive review by reputed agencies and therefore the company must increase its capacity to benefit from this particular business situation. A number of strategies can be used to minimise risk/uncertainty exposure during the product launch (Harley Davidson low-to-the-ground hover bikes). It is clear that the organisation would not be informed of many risks and uncertainties when it launches the product into the market. A prior market survey can really assist the organisation to minimise its risk/uncertainty exposure to a great extent. The business can make use of the wide popularity of the social

Minority Supplier Development Essay Example | Topics and Well Written Essays - 500 words

Minority Supplier Development - Essay Example The business being registered should be within the territory of United States. In addition to that the daily operations and management of the business should be conducted by the members of the minority group. A firm that feels it is entitled to be accredited as a Minority Supplier it can apply for certification using online platform. National Minority Suppliers Development Council will engage the help of specialists to determine the authenticity of the information granted to them. In case of application rejection, one can appeal to the board to review their decision. Minority Suppliers details are stored in the affiliate Regional Minority Suppliers Development Council database. Whenever a buyer or other business wants to transact with minority group, they can access their locality from the Regional affiliated offices. Minority businesses in the United States have increased in the last TEN years. It has been argued that since President Obama assumed the office minorities felt that one of them had clinched the power. The number of registered Minority Businesses is two million, an increase of 70 percent comparing to those registered as at year 2005, generating USD 205 billion annually. However, despite the increased number of registered number of minority businesses, challenges still face them. The main one being the competition from well-established companies that are financial and market stable. Minority businesses depend on loan to run their businesses, and this restrains their capability and competitiveness ("The Challenges and Opportunities in Diversity for Small Business.", n.p). Enhancement of business operations for the minority is one thing and level ground in doing business is another aspect. Still fair grounds for doing business for the minorities has not yet been achieved, but NMSDC is w orking towards that. The benefits NMSDC have generated to the minority members is beyond any measurable instrument.

Personal Development Plan Essay Example for Free

Personal Development Plan Essay Introduction This project development plan is a write up of the theoretical underpinning and the technical experiments or of the reengineering undertaken in order to answer the question(s) posed by the research topic. The project proposal should be supported by a list of current references and an annotated bibliography. The proposal must include A good development plan is not a easy document. To be influential, it has to be built approximately a development model beached in real-world skill. It has to be cautiously crafted to fit the needs of the person being urbanized. It has to comprise job assignments that build leadership skills. And it has to be hold up by the organization and incorporated into a development philosophy that views planning documents as the commencement of the development expedition, not the end (Ametrano, I. M., 2003, 190-193). During the research of this network based assignment I have equally focus upon my personal development and look for to become accustomed the worldwide assessment of performance more especially to the personal development in networking. It is based mainly on WAN based networking for Nokia Incorporation The primary four part scores seek to gauge Personal grooming as a professional figure when I was capturing data, the aptitude to create a living in a dynamic-based company like Nokia. Aim of Project To design and implement a network model for an international organisation to get connections between two branches. To also examine the network model to make sure it met the performance and compatibility requirements. Objective Of Research No doubt, the objective of this network based project is a development plan for multier national company is an important part of any effectual leadership-development system at two levels. At the organizational level, these plans make sure that the next age group of leaders will have the skills and skills required to define and implement the corporations strategies. According to this research work at the personal level, it forces me as future leader to focus on what needs to be done in order to grow. When done right, the individual development plan becomes a contract future leaders make with themselves and the organization about the things they want to do or to become. The plan creates discipline and a good plan creates motivation. If we analyzed then we come to know about basic object of this research based project: 1. Research into different area networks (LAN, WAN, MAN, etc) 2. Research into few network modelling and simulation software. (OPNET guru †¦etc) 3. Critical evaluation on the chosen area network (WAN) 4. Critical evaluation on the chosen network modelling and simulation software(OPNET guru) 5. To illustrate the issues to produce a better performance of a WAN 6. Using network modelling and simulation software(OPNET guru) to create a simulation for the designed network model 7. Implement a prototype to demonstrate the simulation of the network. 8. Testing the prototype to ensure it performs and its performance of the network met the requirements. No doubt, the worth network systems of Nokia is a ground of hypercompetitive and personal development spirited individuals were look at in an example of successful people. As predictable, people higher in hypercompetitiveness and in personal development competitiveness were together further possible to support values connected to self-contained uniqueness such as attainment, hedonism, and a determined for an exciting and demanding life, but merely hypercompetitives authorized the worth of power and control over others. Furthermore, the data point to that people higher in personal development competitiveness were extra prone to support values linked to ensembled uniqueness. In exacting, they powerfully endorsed values linked with social concern, that is, with caring regarding the well-being of others and by treating them by admiration and as equals, whereas hypercompetitives uttered a lack of such concern. Discussion centered on the socialization procedure and how it can foster the development of dissimilar competitive orientations (Barak, A., 2005, 471-476). Strengths And Weaknesses During The Research Following strengths and weaknesses during this Research I have developed in my self and it is consist of eight part scores are derived directly from the work of my research 1. Self-esteem: An individuals insight of self-worth as well as peers depicted value or feelings of significance of self during this technical research. 2. Coping Skills: Individuals aptitude to develop and use effectual skills needed to total tasks successfully during this technical research. 3. Positive Assertiveness: Positive actions that are heading for to unpleasant and defensive strategies for objective attainment during this technical research. 4. Locus of Control: Full receipt and faith that personal achievement is not a matter of luck, but rather personal decision making during this technical research. 5. Team Membership: An individuals incessant recognition and actions are for eternity in full agreement by values and practices of possess group membership during this technical research. 6. Sympathy: An individuals sustained ability and carry out to sympathize and feel the pains of every people and animals during this technical research. 7. Self-efficacy: The full work out of control from side to side personal expectations by the essential expansion of actions to total task productively during this technical research. 8. Caring: Whatever happens to one person or animal anywhere in the globe is significant to all people all over the place. Developmental Needs Personal development is supreme in sustaining and improving the functions of societies of any form. Maturity, as a function of personal development, is that condition or time of life at which a person is careful fully developed socially, intellectually, emotionally, physically, and morally. For complete personal development during technical research is the final objective of human development according to computer expert idea of self-actualization. Throughout this research and at work the professional ethics have been to make sure that I have to learn to live and produce together in peace environment for a good performance and agreement in such a way that each one stands to benefit from every others full contribution in upholding the values deemed significant for the betterment of organization. Deliverables Within The Research Proposal This infrastructure can be federal, state, wide or corporate. In this proposed network system few live models of the infrastructure will be subjected to steady attacks of viruses for weaknesses of clients and server relations. †¢ End-users of security: is another good aspect of proposed network. End users of security are frequently forced to deploy technology without field-testing. The proposed facility at Nokia will provide a place for end-users to test out security configurations. †¢ Developers of security: The proposed network will offer a trial setting for developers to organize versions of their products. The Nokia can also serve as a test bed for interoperation among dissimilar vendors. †¢ WAN Researchers: The Nokia will be intended to offer outstanding surroundings to behavior state of the WAN research in computer security and security tool development. By its very nature information declaration is a multidisciplinary research area for proposed network. While most organizations that carry out explore in computer security focal point exclusively on the technical issues, it is proposing a truthfully multidisciplinary endeavor with ability from all regions. It is this amalgamation of technology, business issues, strategy concerns and ethics that construct our program exclusive and will permit us to manufacture extremely capable researchers and IT specialists. In this proposed study selected to separate information pledge in six explore efforts; Interruption detection, attack broadminded networks, rejection of service, Cyber rule, digital government, and e-commerce, Wireless communications and mobile security. Declaration Of New Skills Acquired And Old One That Were Strengthened Due to this network based research the benefits resulting from participation are a function of the superiority and quantity of attempt for my research attempt. For instance, my positive struggle is related to the positive association among grades and the amount of thinker effort put into studying, organizing a campus-wide event requires further effort and is potentially a extra powerful learning knowledge than only attending the event. Those involved in the provision and exploitation of information require certain basic personal qualities as well as professional or technical skills and qualifications. You need only take a detailed look at current job advertisements to get some idea of what is being sought by todays employer. Dynamic and forward thinking, ability to work well under pressure, strong interpersonal skills, enthusiastic self-starter, good communication and team working skills, well developed IT skills, ability to teach client groups, project management skills, sense of humour (Elliott, R., 2003, 443-467). Four of the eight part scores are incorporated inside the Internal and Personal areas of ones life spaced; while the further four part scores are from the External and unfriendly areas (Crutchfield, 2000, 162-169). 1. Home: The period connecting to research is the untimely rearing of the child and the hold up system that is concerned in that period of life. 2. Emotional: The feeling and emotional development in relation to interacting with others during this project. 3. Moral: Acceptance and following of the rules and laws of the land and becoming a role model for others during this project. 4. Health: Physical and mental health of individual as displayed in the personal development process during this project. 6. Social: The interrelations among the individual and the rest of society during this project. 7. Survival: The sustained enlargement of an individual and his/her ability to influence the environment and others during this project. 8. Race: The general receiving of all others and the aptitude to interrelate by them in a significant way during this project. Conclusion In opening any conversation on personal development during this project it has been noticeable that the initial response has usually been based on an assumption that the topic under discussion is training. Whilst this plays an important part, personal development is a broader process, concerned with motivation, attitudes and personal qualities, as well as job-related skills (Eriksen, K.,2003, 120-133). No doubt this research reveals to put it simply, it is a constant process in which the individual seeks to enhance his or her knowledge, abilities and skills, and/or develop new ones; a process of continuous self-building and realisation of his or her full potential. It takes place by linking abilities with preferences to achieve personal goals, and applies to all aspects of the individuals life (Gershefski, 2004, 233-247). For the purposes of this book it is in the context of the work situation that personal development is considered, but development of a professional nature and the resultant job satisfaction is likely to have a positive effect on life outside the work situation (LaCrosse, 2004, 170-172). In concluding end with the help of this research I came to know that the Nokia IT Network Administrators have worked with quite a few local law enforcement agencies to offer computer forensics support, counsel, and preparation for international connectivity purpose. The Nokia can be used to offer these services to law enforcement. Reference Ametrano, I. M., Pappas, J. G. (2003). Client-perceptions of counselors-in-training: The effects of sex and gender role orientation. Counselor Education Supervision, 35(3), 190-193. Bachelor, A. (2001). Comparison and relationship to outcome of diverse dimensions of the helping alliance as seen by client and therapist. Psychotherapy, 25, 227-240. Barak, A., LaCrosse, M. B. (2005). Multidimensional perception of counselor behavior. Journal of Counseling Psychology, 22, 471476. Braden, R., Ed., Zhang, L., Berson, S., Herzog, S., and S. Jamin, Resource ReSerVation Protocol (RSVP) Version 1 Functional Specification, RFC 2205, September 2004 Baskett, F., Chandy, M., Muntz, R., and Palacios, F. Open, Closed, and Mixed Networks of Queues with Different Classes of Customers. Journal of the Association for Computing Machinery 22, 2 (2005), 248-260 Cooke, M., Kipnis, D. (2002). Influence tactics in psychotherapy. Journal of Counseling Clinical Psychology, 54(1), 22-26. Corrigan, J. D., Schmidt, L. D. (2003). Development and validation of revisions in the Counselor Rating Form. Journal of Counseling Psychology, 30(1), 64-75. Crutchfield, L. B., Baltimore, M. L., Felfeli, M., Worth, S. (2000). Empathic responding skills across counselor education training tracks: A comparison study. Journal of Humanistic Counseling, 38(3), 162-169. Downing, T. K., Smaby, M. H., Maddux, C. D. (2001). A study of the transfer of group counseling from training to practice. The Journal for Specialists in Group Work, 26, 156-176. Elliott, R., James, E. (2003). Varieties of client experience in psychotherapy: An analysis of the literature. Clinical Psychology Review, 9, 443-467. Eriksen, K., McAuliffe, G. (2003). A measure of counselor competency. Counselor Education Supervision, 43(2), 120-133. Gershefski, J. J., Arnkoff, D. B., Glass, C. R., Elkin, I. (2004). Clients perceptions of treatment for depression: I. Helpful aspects. Psychotherapy Research, 6(4), 233-247. Howley, D. (2003). Performance assessment in medical education. Evaluation the Health Professions, 27(3), 285-303. LaCrosse, M. B., Barak, A. (2004). Differential perception of counselor behavior. Journal of Counseling Psychology, 23, 170-172.

Concept of freedom Essay Example for Free

Concept of freedom Essay 1. Is it possible to measure if anyone is free to any degree? Can freedom be proven? Freedom can hardly be measure as freedom is a controversial abstract concept which people have different interpretations over it. We do not have an absolute definition over the term freedom and thereby there is no absolute operationalization used to measure freedom up to these days. Still, it is commonly agreed by the sociologists that freedom is bounded by many social forces including culture, social institutions, social positions and the like; and under all these social forces, the control over choices and directions that one can enjoy is freedom. By this commonly agreed definition, it is obviously that there is no absolute freedom because of the social constraints; whats more, the definition of freedom is always changing according to the unceasing change of social forces. Therefore, we can never measure the extremity of freedom. Be that as it may, freedom can still be proved and measured in relative terms by comparing the indicators of political rights, economic rights, and civil liberties of different societies as they shows the controls over choices and directions that one can have under social constraints. The more control one has, the more freedom one gets in general. Lets take China and Hong Kong as example. China has a relatively stricter norm in terms of freedom of speech when comparing to Hong Kong, hence we can say that people in China have less freedom of expression compared to those in Hong Kong. By comparison using different indicators, we may measure the relative freedom of different societies. 2. Do you agree that free thought is necessary for free action? I absolutely agree with such saying. Our actions are bounded by social positions and social institutions that have long been constructed no matter whether such practices are genuine or not. These social forces have been parts of the social construction of reality which shape our thinking from the day we are born and control the way we act and live. However, such socially constructed reality is not always legitimate as it seems and in occasions it limits the actions that we may enjoy. Free thoughts in such sense allow critical evaluation over the existing socially constructed reality and may bring changes to the social institutions, structures or positions to allow freer action that people previously cannot enjoy. However, we should also noted that sometimes though social forces have already been mended because of new ideas generated through free thoughts of some people, actions are still being limited because of the deeply rooted old belief in society as a whole and it is always hard for people to have free thoughts. For instance, though the caste system has been legally abolished since 1950, the lower class especially the Dalit people are still seriously discriminated against by the other classes of the society and their actions, such as receiving education and having political rights, are greatly constrained because the thoughts of people in general are still controlled by old social position system that Dalit are outcasts and thus fail to think freely. 3. How would you define freedom? Is it different from this chapters definition? I totally agree with the definition of this chapter that freedom, which refers to the ability to control oneself, ones thinking and ones actions, are restrained by external factors mainly the society and different social forces. Rather than being imprisoned by the existing social constructed reality, free thoughts and free actions are what we should practice. Thinking out of the box and acting according to ones own thought is the only way to truly take control of our lives. 4. Based on the piece by Weber, come up and illustrate with your own examples instances of traditional, charismatic, and rational-legal authority that your are familiar with. Explain why you classify these instances the way you do. Traditional authority: In some indigenous communities which still have a extended family structure such as the communities in walled villages of Hong Kong, the first born male child enjoy the privilege of inheritance. He is also the authority figure of the community. It is legitimated by the sanctity of tradition handed down from the past and is through heredity under patriarchy system. Charismatic authority: Mother Teresa, a very well-respected Catholic religious figure who is regarded as one of the real servants of God because of her morality and contribution to charity in the third world countries. Her exemplary character, faith and spirit inspire Catholics around the world to live truly as a Catholic following Gods will. Her heroism of ministering the poor and needies of the third world countries impresses Catholics and greatly influence their attitudes. Rational-legal authority: Any bureaucratic officials or political leaders. Their authorities are empowered by legal rationality, legal legitimacy and bureaucracy. They implement policies without any interference of people but based on law with legitimacy to govern people.

Study on Monetary Policy and the Stock Market

Study on Monetary Policy and the Stock Market Monetary policy is the regulation of the interest rate and money supply of a country by its Central Bank or Federal Reserve in other to achieve the major economic goals which include price stability, full employment, economic growth etc.  Ã‚   The stock market on the other hand is often considered a primary indicator of a countrys economic strength and development as it is a major source of savings and income for most individuals. History has shown that the economy of any country reacts strongly to movements in stock prices and is replete with examples in which large swings in stock, housing and exchange rate markets coincided with prolonged booms and busts (Cecchetti, Genberg, Lipsky and Wadhwani, 2000). Recent happenings even confirm this as the latest economic recession was preceded by a crash in the stock market. As a result of the relationship between the stock market and the economy, it is very important to the Central bank that the stock market performs well as bad performance can seriously disrupt the economy. This is because the stock market serves as a primary source of income and retirement savings to many and movements in stock prices can have a major effect on the economy as it influences real activities such as consumption, investments, savings etc While some economists say that monetary policy decisions depend on stock price movements, some others believe that stock price movements depend on monetary policy decisions. In this paper, we analyze both sides of the coin by looking at how stock markets react to monetary policy and how monetary policy reacts to movements in stock markets. This research work is aimed at finding out which granger causes which using the Granger Causality test. We will also analyze the relationship between both interest rates and monetary policy and that between money supply and monetary policy. In section II, a thorough review of the relevant literature of the topic is carried out as we try to understand more about the relationship between monetary policy and the stock market and the effects of both components (money supply and interest rates) of monetary policy 0n the stock market. In the next section, we describe the variables and data set used in the study and the empirical model is developed. Results are presented and discussed in the next section. We conclude the paper in section V and suggestions for further studies are pointed out and policy implications are considered. REVIEW OF RELEVANT LITERATURE Monetary policy is one of the most effective tools a Central Bank has at its disposal (Maskay, 2007) and is used to achieve the macroeconomic goals set by the government. This is done by regulating the two components of monetary policy which are interest rates and money supply to maintain balance in the economy. The stock market is an important indicator of the wellbeing of the economy as stock prices reflect whether the economy is doing well or not. Movements in stock prices have a significant impact on the macroeconomy and are therefore likely to be an important factor in the determination of monetary policy (Rigobon and Sack, 2001). The stock market is a financial market where equities are bought and sold either as an IPO (Initial Public Offer) in the primary market or exchange of existing shares between interested parties in the secondary market. Although stocks are claims on real assets and researchers have found considerable evidence that monetary policy can affect real stock p rices in the short run (e.g Bernanke and Kuttner, 2005), monetary neutrality implies that monetary policy should not affect real stock prices in the long run (Bordo, Dueker and Wheelock, 2007). To understand the relationship between monetary policy and the stock market, we must first understand what monetary policy is. Lamont, Polk and Saa-Requejo (2001), Perez-Quiros and Timmerman (2000) among others use change in market interest rates or official rates as their measures of monetary policy. This measure of monetary policy, however, coincides with changes in business cycle conditions and other relevant economic variables. Christiano, Eichenbaum and Evans (1994) extracted monetary policy as the orthogonalized innovations from VAR models proposed by Campbell (1991) and Campbell and Ammer (1993). Research methodology based on this has shown that the response of US stocks returns to monetary policy shocks based on federal fun rates show that returns of large firms react less strongly than those of small firms (Thorbecke, 1997), that the overall policy for stock returns is quite low ( Patelis, 1997) and that international stock markets react to both to changes in their local mon etary policies and that of the United states ( Conover, Jensen and Johnson ( 1999). Monetary policy shocks that are extracted from structural VAR models or from changes in interest rates using monthly or quarterly data are likely to subject to the endogeneity problem i.e they are unlikely to be purely exogenous ( Ehrmann and Fratzscher, 2004). Another VAR-based method was used by Goto ad Valkanov (2000) to focus on the covariance between inflation and stock returns while Boyd, Jagan and Hu (2001) considered the linkages between policy and stock prices. Their analysis did not focus directly on monetary policy; rather it focused on markets response to employment news (Bernanke and Kuttner, 2005). In their own research paper, Ehrmann and Fratzscher (2004) find that SP 500 shows a strong effect of monetary policy on equity returns, that the effect of monetary policy is stronger in an environment of increased market uncertainty, that that negative surprises ( i.e monetary policy has tightened less and loosened more than expected) has larger effects on the stock market than positive surprises, that small firms are react more to policy shocks than large firms, that firms with low cash flows are affected more by US monetary shocks and that firms with poor ratings are more prone to monetary policy shocks than those with good ratings. They find that firms react more strongly when no change had been expected, when there is a directional change in the monetary policy stance and during periods of high market uncertainty. There has also been cross-sectional dimensions of the effect of monetary policy on the stock markets in literature though few. Hayo and Uhlenbruck (2000), Dedola and Lippi (2000), Peersman and Smets ( 2002), Ganley and Salmon (1997) etc are some economists who have analyzed this and overall, their findings show that the stock prices of firms in cyclical industries, capital-intensive industries and industries that are relatively open to trade are affected more strongly by monetary policy shocks (Ehrmann and Fratzscher, 2004). According to Bernanke and Kuttner (2005), changes in monetary policy are transmitted through the stock market via changes in the values of private portfolios (â‚ ¬Ã…“wealth effectâ‚ ¬?), changes in the cost of capital and by other mechanisms. In their paper, they analyzed the stock markets response to policy actions both in the aggregate and at the level of industrys portfolios and they also tried to understand the reasons for the stock markets response. Their findings show that monetary policy is, for the most part, not directly attributable to policys effects on the real interest rate instead it seems to come either through its effects on expected future excess returns or expected future dividends. While economists commonly associate restrictive/expansive monetary policy with higher/lower levels of economic activity, financial economists discuss various reasons why changes in the discount rate affect stock returns. (Durham, 2000) Changes in the discount rate affect the expectations of corporate profitability ( Waud, 1970) and discrete policy rate changes influence forecasts of market determined interest rates and the equity cost of capital ( Durham, 2000). Modigliani (1971), suggests that a decrease in interest rates boosts stock prices and therefore financial wealth and lifetime resources, which in turn raises consumption through the welfare effect. Mishkin (1977) on the other hand suggests that lower interest rates increase stock prices and therefore decrease the likelihood of financial distress, leading to increased consumer durable expenditure as consumer liquidity concerns abate (Durham, 2000). Tobins q is the equity market value of a firm divided by its book value. It can also be defined as the ratio of the market value of a firms existing shares to the replacement cost of the firms physical assets. Higher stock prices reduce the yield on stocks and reduce the cost of financing investment spending through equity issuance (Bosworth, 1975). Tobins q explains on e of the mechanisms through which movements in stock prices can affect the economy: the wealth channel. The other channels of monetary policy transmission include; the interest rate channel and the exchange rate channel. The wealth channel has the investment effect, wealth effects and balance sheet effects (www.oenb.at/en). Bernanke and Blinder (1992) and Kashyap, Stein and Wilcox (1993) show that a tightening of monetary policy has a very strong impact on firms that highly depend on banks loans to financing their investments as banks reduce their overall supply of credit. Deteriorating market conditions affect firms by also weakening their balance sheets as the present value of collateral falls with rising interest rates and that this effect can be stronger for some firms than for others (Bernanke and Gertler 1989, Kiyotaki and Moore 1997). These two arguments are based on information asymmetries as firms for which more information is publicly available may find it easier to collect loans when credit conditions become tighter (Gertler and Hubbard 1988, Gertler and Gilchrist 1994).Stock returns of small firms generally respond more to monetary policy than those of large firms ( Thorbecke 1997, Perez-Quiros and Timmermmann 2000). Some economists (Sprinkle (1964), Homa and Jaffee (1971), Hamburger and Kochin (1972)) in the early 1970,s alleged that past data on money supply could be used to predict future stock returns. These finding where not in line with the efficient market hypothesis which states that all available information should be reflected in current prices (Fama, 1970) meaning that anticipated information should not have any effect on current stock prices. Most economists believe that stock prices react differently to the anticipated and unanticipated effects of monetary policy ( Maskay, 2007). The Keynesian economists argue that there is a negative relationship between stock prices and money supply whereas real activity theorists argue that the relationship between the two variables is positive (Sellin, 2001). The Keynesian economists believe that a change in money supply or interest rates will affect stock prices only if the change in the money supply alters expectations about future monetary policy while the real activity economists argue that increase in money supply means that money demand is increasing in anticipation of increase in economic activity (Maskay, 2007). Another factor discussed by Sellin (2001) is the risk premium hypothesis proposed by Cornell i.e higher money supply indicates higher money demand and higher money demand suggests increased risk which leads investors to demand higher risk premiums for holding stocks making them less attractive. The real activity and risk premium hypothesis is combined by Bernanke and Kuttner (2005) who argue that the price of a stock is a function of the present value of future returns and the perceived risk in holding the stock. While advocates of the efficient market hypothesis hold that all available information is included in the price of a stock, the opponents argue otherwise and that stock prices can also be affected by unanticipated changes in money (Corrado and Jordan, 2005). The effect of anticipated and unanticipated changes in money supply on stock prices was analyzed by Sorensen (1982) who found out that unanticipated changes in money supply have a larger impact on the stock market than anticipated changes. Bernanke and Kuttner (2005) on the other hand analyze the impact of announced and unannounced changes in the federal funds rate and find that the stock market reacts more to unannounced changes than to announced changes in the federal funds rate which is also in line with the efficient market hypothesis. Studies by Husain and Mahmood (1999) have opposing results. They analyze the relationship between the money supply and changes (long run and short run) in stock market prices and find that chan ges in money supply causes changes in stock prices both in the short run and long run implying that the efficient market hypothesis does not always hold. Maskay(2007) analyzes the relationship between money supply and stock prices. He also seperates money supply into anticipated and unanticipated components and adds consumer confidence, real GDP and unemployment rate as control variables. The result from his analysis shows that there is a positive relationship between changes in the money supply and the stock prices thereby supporting the real activity the theorists. The result from his analysis on the effect of anticipated and unanticipated change in the money supply on stock market prices shows that anticipated changes in money supply matters more than unanticipated changes. This supports the critics of the efficient market hypothesis. According to Cecchetti, et al. (2000), macroeconomic performance can be improved if the central bank increases the short-term nominal interest rate in response to temporary â‚ ¬Ã…“bubble shocksâ‚ ¬? that raise the stock price index above the value implied by economic fundamentals. On the other hand, Bernanke and Gertler (2001) assumed in their research that the Central Bank cannot tell whether an increase in stock prices is driven by a bubble shock or a fundamental shock. This study will analyze both exogenous and endogenous components of the relationship between monetary policy and the stock market i.e the effect of monetary policy on the stock market and the the effect if any of the stock market on monetary policy decisions. This particular analysis will be done using the federal funds rate as a representative of monetary policy. We also follow the methodology used by Maskay (2007) closely as we try to find the effect of money supply on the stock market. Although Maskay used M2 as a measure of money supply, this study will separate money supply into M1 and M2 and analyze their relationship with the stock prices. Following from the theory and review of literature, this paper is aimed at answering the following questions: How do movements in the stock market affect monetary policy decisions on federal funds rates? How does monetary policy affect stock market prices? Do stock market prices react differently to the M1 and M2 components of money supply? RESEARCH METHODOLOGY The effect of stock market prices on monetary policy. In this section, I test for the relationship between monetary policy and stock prices using the Taylor rule. The Taylor rule is a monetary policy rule that stipulates how much the central bank would or should change the nominal interest rate in response to the divergence of actual inflation rates from target inflation rates and of actual GDP from potential GDP. The rule is written as; it = r*t + ÃŽÂ ² (à Ã¢â€š ¬ tâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t) +ÃŽÂ ³ (yt Ã…Â ·t)â‚ ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦.. (1) Where; it = target short-term nominal interest rate. r*t = assumed equilibrium real interest rate. à Ã¢â€š ¬t = the observed rate of inflation. à Ã¢â€š ¬*t = the desired rate of inflation. yt = the logarithm of real GDP. Ã…Â ·t = the potential output. But, to analyze the behavior of monetary policy, the following regression equation is estimated; it = ÃŽÂ ± + ÃŽÂ ²Et(à Ã¢â€š ¬ t+iâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t+i) +ÃŽÂ ³Et (yt+i+ Ã…Â ·t+i)+ÃŽÂ µt â‚ ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦..(2) Where: Et = the expected value conditional to information available at the time. A good conduct of monetary policy should have ÃŽÂ ² and ÃŽÂ ± each equal to 0.5 as suggested by John Taylor. To conduct our study, we use the following equation; it = ÃŽÂ ± + ÃŽÂ ²Et(à Ã¢â€š ¬ t+iâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t+i) +ÃŽÂ ³Et (yt+i+ Ã…Â ·t+i)+ˆ‘Π´k à Ã¢â‚¬ ¦t-k + ÃŽÂ µt ..(3) Because the monetary authorities target variables other than inflation and output deviations from the target (asset prices in this case) thereby making equation (2) mis-specified. A standard Taylor rule is well specified when the monetary authorities target only inflation and output deviations from the target. The addition to this variable is the lagged change in asset prices which is added in order to determine the relationship between monetary policy and stock prices. The data for the CPI (Consumer Price Index), real GDP (Gross Domestic Product) and the federal funds rate are obtained from the IMF Washington website while the data for SP 500 Index are obtained from the Federal Reserve Economic Data (FRED) of the Federal Reserve Bank of St Louis website; www.federalreserve.gov. The effect of monetary policy on stock market prices. In this section, we test whether movements in stock prices are sometimes dependent on monetary policy. This test is carried out by regressing the actual change in federal funds rates upon the SP 500 index. We us the following simple model for this purpose: SP500 = ÃŽÂ ²1 + ÃŽÂ ²2*actual change in federal funs rate + ÃŽÂ ²3*real GDP + ÃŽÂ ²4* unemployment rate. Real GDP and Unemployment rate are added as control variables. The data for real GDP is obtained from IMF, Washington while the data for unemployment rates in obtained from www.federalreserves.gov. We add GDP because it is an important determinant of the stock prices as most industries react to changes in the economy and do well as the economy does well and vice versa i.e they are procyclical in nature. When the GDP is low, the stock prices generally tend to be low, as the companys performance would be worse than before. A direct, positive relationship is expected between stock prices and the GDP. Unemployment rate is also used as a control variable in this model because it is one of the major factors that determines the demand for stocks thereby either driving the stock prices up or down. When the unemployment rate is high, demand for stock reduces as less people can afford to buy them and this subsequently drives down stock prices and vice versa. The unemployment rate is also a proxy for for overall aggregate demand in the economy ( Maskay, 2007) and when it is low, aggregate demand is high. We expect an inverse relationship between the unemployment rates and stock prices. The effect of M1 and M2 components of money supply on stock prices. In this section, we test the relationship between monetary policy and stock prices from the money supply angle of monetary policy. We use the M1 and M2 components of money supply for this analysis. This is done by first testing the relationship between the percentage change in M1 and the stock prices and then testing the relationship between M2 and the stock market. The simple empirical model used for this test is; SP500 = ÃŽÂ ²1 + ÃŽÂ ²2*%ˆâ€  M1 + ÃŽÂ ²3*Real GDP + ÃŽÂ ²4*Unemployment rateâ‚ ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦.. (1) SP500 = ÃŽÂ ² 1+ ÃŽÂ ²2*%ˆâ€  M2 + ÃŽÂ ²*3Real GDP + ÃŽÂ ²4*Unemployment rateâ‚ ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦.. (2) Unemployment rate and real GDP are also used here as control variables for the same reasons given above. The data on percentage change in M1 and M2 were obtained from Federal Reserve Economic Data from the website of the Federal Reserve Bank of St. Louis. We were able to get the monthly data of M1 and M2 and then got the quarterly averages to produce the quarterly data. DATA DESCRIPTION In this section, we define and describe the various data used in this study. We used quarterly data from 1990 to 2009. The variables used in this analysis include; The Federal Funds Rate; The federal funds rate is a monetary policy tool used by the Central Bank/Federal reserve of the country to regulate the economy. Economists believe it has an inverse relationship with stock prices as because when there is an upward movement in stock prices above the desirable level, the federal reserve increases (contractionary) the federal funds rate . This leads to a decrease in the amount of money demanded by individuals thereby causing a lower demand for stocks and pushing down stock prices. We obtained data on the federal funds rate from the website of the federal reserve bank of Louisiana. 2. The Consumer Price Index; A consumer price index (CPI) is an index that estimates the average price of consumer goods and services purchased by households. It is used in our study to calculate inflation. We do this using the eviews software (100 ÃÆ'— (cpi â‚ ¬Ã¢â‚¬Å" cpi ( -4)). We obtained the quarterly data on CPI from the website of the International Monetary fund in washington. The CPI has an inverse relationship with monetary policy actions. 3. Real Gross Domestic Product (Real GDP); This can be defined as a measure which adjusts for inflation and reflects the value of all goods and services produced in a given year, expressed in base year prices. Real GDP provides a more accurate figure as it accounts for changes in the price level. The quarterly data on Real GDP is obtained from the website of the International Monetary Fund, Washington. 4. SP 500; It is a capital weighted index of the prices of 500 large-cap common stocks actively traded in the United States. It is believed to have an inverse relationship with monetary policy as an expansionary (interest rate reduction) monetary policy leads to an upward movement of the sp500 index. The quarterly data for the sp500 is obtained from the federal reserve bank of Louisiana. 5. Unemployment Rate; The unemployment rate is used as one of the control variables. It is an important indicator of the wellbeing of an economy. The lower the unemployment rate, the higher the aggregate demand for stock thereby pushing up stock prices. The quarterly data on unemployment rate is obtained from the website of the Federal Reserve Bank of Louisiana. We get the quarterly data by finding quarterly averages from the monthly data provided. 6. Monetary aggregates â‚ ¬Ã¢â‚¬Å" M1 and M2; M1 is a monetary aggregate and it includes the transaction deposits of banks and cash in circulation and all other money equivalents that are easily convertible into cash while includes M1 plus short-term deposits in banks and 24-hour money market funds. Money supply has a positive relationship with stock prices because the higher the money supply, the higher the demand for stock which eventually increases stock prices. We split money supply into M1 and M2 to find out if they have the same relationship with stock prices. The quarterly data on percentage change in monetary aggregates is obtained from the website of the federal reserve bank of Louisiana. We also had to calculate the quarterly averages of the monthly data given. DATA ANALYSIS Model 1: The Taylor rule it = r*t + ÃŽÂ ² (à Ã¢â€š ¬ tâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t) +ÃŽÂ ³ (yt â‚ ¬Ã¢â‚¬Å" Ã…Â ·t)+ ÃŽÂ µt Dependent Variable: FED_FUNDS_RATE Method: Least Squares Date: 07/05/10 Time: 20:19 Sample(adjusted): 1991:1 2009:4 Included observations: 76 after adjusting endpoints Variable Coefficient Std. Error t-Statistic Prob. C 3.615513 1.220783 2.961634 0.0041 INFLATION 0.684264 0.156212 4.380348 0.0000 OUTPUT_GAP -1.42E-06 9.83E-07 -1.442803 0.1534 R-squared 0.249642 Mean dependent var 3.860658 Adjusted R-squared 0.229085 S.D. dependent var 1.686064 S.E. of regression 1.480394 Akaike info criterion 3.661167 Sum squared resid 159.9844 Schwarz criterion 3.753170 Log likelihood -136.1244 F-statistic 12.14348 Durbin-Watson stat 0.181830 Prob(F-statistic) 0.000028 The estimation results are; it =3.62 + 0.68(à Ã¢â€š ¬ tâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t) â‚ ¬Ã¢â‚¬Å" 1.42 (yt â‚ ¬Ã¢â‚¬Å" Ã…Â ·t) The coefficient associated to inflation is positive, 0.68, but is statistically significant with a p-value of 0.00. The coefficient associated with the output gap is negative (-1.42) and statistically significant. The estimated stabilizing rate of interest (c) is positive (3.61) and statistically significant. An R-squared of 0.25 means that we are only able to explain about 25% of the variability in the interest rate. The augmented taylor rule model: it = ÃŽÂ ± + ÃŽÂ ²Et(à Ã¢â€š ¬ t+iâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t+i) +ÃŽÂ ³Et (yt+i+ Ã…Â ·t+i)+ˆ‘Π´1 à Ã¢â‚¬ ¦t-1 + ÃŽÂ µt one lag Dependent Variable: FED_FUNDS_RATE Method: Least Squares Date: 07/05/10 Time: 21:30 Sample(adjusted): 1991:3 2009:4 Included observations: 74 after adjusting endpoints Variable Coefficient Std. Error t-Statistic Prob. C 8.298961 1.280893 6.479044 0.0000 INFLATION_F 0.548999 0.181198 3.029825 0.0034 OUTPUT_GAP_F -9.10E-06 1.51E-06 -6.041926 0.0000 S(-1) 4.24E-05 7.35E-06 5.775767 0.0000 R-squared 0.442430 Mean dependent var 3.809595 Adjusted R-squared 0.418534 S.D. dependent var 1.678852 S.E. of regression 1.280190 Akaike info criterion 3.384432 Sum squared resid 114.7220 Schwarz criterion 3.508976 Log likelihood -121.2240 F-statistic 18.51494 Durbin-Watson stat 0.214690 Prob(F-statistic) 0.000000 Interpretation: The estimated regression is; it = 8.30 + 0.55Et(à Ã¢â€š ¬ t+iâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t+i) -9.10Et (yt+i+ Ã…Â ·t+i)+4.24ˆ‘à Ã¢â‚¬ ¦t-k The coefficient associated to expected inflation is positive (0.55) but is statistically significant because it has a p-value of 0f 0.003, the coefficient associated with expected output gap is negative (-9.10) and is statistically significant (p-value = 0.000). The coefficient associated with the change in asset prices (lagged by 1 for better estimation) which is denoted by S (-1) is negative and it is statistically significant therefore we reject the null hypothesis. The measure of goodness of fit (R-square) is 0.44 meaning that we are able to explain about 44% of the variability in the interest rate Our model consistently overestimates the actual interest rate and the residuals do not seem to be independently and identically distributed. We therefore conduct some tests which include: 1. The Jacque-Bera test: This is a statistic that measures the difference of the skewness and kurtosis of the series with those from a normal distribution. By simply looking at the histogram, we can see that the distribution is roughly normal and the jarque-bera statistic of 0.58 shows that it is not statistically significant and we should accept the null hypothesis. The white test: This is used to test whether the errors are heteroskedastic or not. In the presence of heteroskedasticity, OLS estimates are consistent but efficient. White Heteroskedasticity Test: F-statistic 3.846209 Probability 0.000621 Obs*R-squared 25.97528 Probability 0.002062 Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 07/06/10 Time: 00:41 Sample: 1991:3 2009:4 Included observations: 74 Variable Coefficient Std. Error t-Statistic Prob. C -35.28961 24.46199 -1.442630 0.1540 INFLATION_F -5.419657 3.008210 -1.801622 0.0763 INFLATION_F^2 0.307231 0.200286 1.533961 0.1300 INFLATION_F*OUTPUT_GAP_F 5.95E-06 2.83E-06 2.105586 0.0392 INFLATION_F*S(-1) -2.78E-05 1.73E-05 -1.603361 0.1138 OUTPUT_GAP_F 9.90E-05 5.34E-05 1.852558 0.0686 OUTPUT_GAP_F^2 -6.19E-11 2.74E-11 -2.257288 0.0274 OUTPUT_GAP_F*S(-1) 3.35E-10 1.43E-10 2.337290 0.0226 S(-1) -0.000309 0.000140 -2.205282 0.0310 S(-1)^2 -7.97E-11 5.33E-10 -0.149679 0.8815 R-squared 0.351017 Mean dependent var 1.550298 Adjusted R-squared 0.259754 S.D. dependent var 1.968439 S.E. of regression 1.693596 Akaike info criterion 4.016674 Sum squared resid 183.5692 Schwarz criterion 4.328034 Log likelihood -138.6169 F-statistic 3.846209 Durbin-Watson stat 0.580160 Prob(F-statistic) 0.000621 According to the two test statistics involved in the regression result, we can say that the distribution is statistically significant so we can reject null hypothesis. The Durbin-Watson test: This is used to test for serial correlation. Autocorrelated residuals means that OLS is no longer best, linear, unbiased estimators and that the standard errors computed using the OLS formula are not correct. The Durbin-Watson statistic of 0.214690 shows that there is positive serial correlation as DW Model 2: SP500 = ÃŽÂ ²1 + ÃŽÂ ²2 federal funds rate + ÃŽÂ ²3real GDP + ÃŽÂ ²4unemployment rate. The aim of this model is to determine if the federal funds rate has any impact on the stock market. Real GDP and unemployment rate are used as control variables for reasons given in the research methodology. Dependent Variable: SP500 Method: Least Squares Date: 07/06/10 Time: 01:38 Sample: 1990:1 2009:4 Included observations: 80 Variable Coefficient Std. Error t-Statistic Prob. C -115.7008 222.2313 -0.520632 0.6041 FED_FUNDS_RATE 0.990301 12.96436 0.076386 0.9393 REAL_GDP01 0.159538 0.010327 15.44916 0.0000 UNEMPLOYMENT_RATE -119.5674 17.42177 -6.863101 0.0000 R-squared 0.872734 Mean dependent var 924.0339 Adjusted R-squared 0.867710 S.D. dependent var 378.2205 S.E. of regression 137.5651 Akaike info criterion 12.73478 Sum squared resid 1438237. Schwarz criterion 12.85388 Log likelihood -505.3912 F-statistic 173.7244 Durbin-Watson stat 0.350064 Prob(F-statistic) 0.000000 Interpretation: The estimated regression is: sp500 =-115.78 + 0.99*actual change in federal funds rate + 0.16*real GDP â‚ ¬Ã¢â‚¬Å" 119.57* unemployment rate. The coefficient associated with the federal funds rate is negative and is not statistically significant. The coefficient associated with the real GDP is positive and is statistically significant while the coefficient associate

Sigmund Freud Essay -- essays research papers

Sigmund Freud was born may 6, 1856. He was the first of six children he also had two older half brothers from his fathers previous marriage. This was his father’s second marriage and in this one he was much older than his wife was about twenty years older than he was. When Sigmund was just 4 years old his family moved to Vienna, it was a tough childhood for Sigmund growing up in a large Jewish family with not to much income it was a struggle for everyone in the family. He was nicknamed the golden child at one point in his childhood and the meant he was to achieve great success, from that point on his family did everything they could to give Freud a chance to succeed. Freud excelled at his studies at an early age, earning top marks in all of his classes. He excelled in everything but especially languages he could speak five languages at a young age. Freud was so dedicated to his work sometimes he would have meals sent to his room just so he could study. To prove how much his parents did for him the golden child a younger sibling was learning to play piano but Freud complained about the noise so they had the piano removed from the house. Like most geniuses Freud had a hobby that he was very passionate about he used to keep a record of all his dreams in a logbook and he would read them over and analyse them. At the tender age of 18 Freud entered medical school, he studied a lot of things including fish and seals. He graduated from medical school with top marks in his class....

Elements that make up Winning Teams Essay -- essays research papers

Every person within any team wants to feel they are part of a winning team, and that they are contributing to its success and the success of the company. For teams to able to do this, personnel must be able to work together, be committed to the team's goal, to encourage formal and informal interactions and instill that winning attitude. For teams to be able to achieve this, certain attributes must be instilled within any team. As defined in the Oxford Dictionary loyalty is, ?steadfast in ones allegiance to a person.? This can come in many forms, whether it?s loyalty to your partner, your favourite sporting team or as in this case the Company. Managers must be able to trust their employees. Giving responsibilities and passing on relevant information pertinent to any goal can instil trust and confidence and commitment from your employees. Without the fundamental tools, they will possibly feel that they are not contributing to the success of the team or company. If this happens then they may feel the Manager is not dependable and therefore loyalty will be eroded. The manager should never feel challenged about his authority, but should openly answer relevant questions regarding the Teams goal. Discussion should be encouraged, as by working through or discussing the situation in hand as it leads to the development of the person and an increase in their loyalty, as opposed to a person who keeps quiet an d does not question anything. Being honest and upfront to your workforce will help build up any trust. Being forthright with any news pertinent to the workforce can only bolster your loyalty from them. They would rather have the bad news from you, than hear it from an unknown senior manager who just sees them as a number... ...ed, the two Complete Finisher are on hand to ensure deadlines are met. The weakness of this team is:  · Lack of a team worker.  · Insufficient specialists (Minimum of two required)  · Insufficient Implementers  · If the Resource Investigator or Plant are away who will bring in ideas and make contacts from outside the team. The strength of this team is:  · Strong personalities  · Discipline  · Respect  · Commitment  · Loyalty to fellow team members In conclusion every person within the team has an additional role as indicated within the table. With these additional roles and the combination of experience developed with long careers, combined with a wealth of knowledge and completion of successful management courses, this team has a successful and winning formula, which can only lead to a better performance thus giving better customer satisfaction.

The Stamp Act Essay -- British History

The Stamp Act   Ã‚  Ã‚  Ã‚  Ã‚  The passing of the Stamp Act by Parliament in 1765 caused a rush of angry protests by the colonists in British America that perhaps "aroused and unified Americans as no previous political event ever had." It levied a tax on legal documents, almanacs, newspapers, and nearly every other form of paper used in the colonies. Adding to this hardship was the need for the tax to be paid in British sterling, not in colonial paper money. Although this duty had been in effect in England for over half a century and was already in effect in several colonies in the 1750?s, it called into question the authority of Parliament over the overseas colonies that had no representation therein.   Ã‚  Ã‚  Ã‚  Ã‚  When the news of the passage of this act reached the American shore, the colonists protested vehemently. Nine of the thirteen colonies sent delegates to the Stamp Act Congress, which sought ?to consider of a general and united, dutiful, loyal and humble representation of their condition to His Majesty and the Parliament; and to implore relief.? The resulting resolution caused almost as much resistance in England as the original act had in the colonies. Through studying some of the documents coming out of this period, one can see the very different opinions held by the colonists, supporters of Parliament, and American sympathizers.   Ã‚  Ã‚  Ã‚  Ã‚  The Resolutions of the Stamp Act Congress were completed on October 19, 1765. These resolutions are a strong, logical argument against the Stamp Act, which appears to be very cogent. A major issue in the writing of these was the degree of rebelliousness that should be conveyed in the text. Because of the disagreements about this, the wording of the first resolution is very vague. The Congress began by asserting their allegiance to the crown and affirming their likeness to its other subjects, including the entitlement to certain inherent rights and liberties. It goes on to establish the need for representation in the government and the impossibility of representation for the colonists. It then goes on question the jurisdiction of Parliament in the passage of the Stamp Act in Resolution VII and petition the repeal of it in the conclusion: VII. That the late Act of Parliament, entitled, An Act for granting and applying certain Stamp Duties, and other Duties, in the British colonies and the plantations in America, etc., by impos... ...rn the colonies, taxing them was overreaching its jurisdiction: I am no courtier of America; I stand up for this kingdom. I maintain that the parliament has a right to bind, to restrain America. Our legislative power over the colonies is sovereign and supreme?but there is a plain distinction between taxes levied for the purposes of raising a revenue, and duties imposed for the regulation of trade?[Americans] have been wronged. They have been driven to madness by injustice. Will you punish them for the madness you have occasioned? Here Pitt is sympathizing with British America, comparing its people not only to slaves but also to the insane. He finishes his speech by asking that the Stamp Act be repealed ?absolutely, totally, and immediately? and that ?the reason for the appeal should be assigned, because it was founded on an erroneous principle.?   Ã‚  Ã‚  Ã‚  Ã‚  These are not all of the literature in response to the Stamp Act. Many others protested and supported in writing, speeches, and demonstrations. However, these examples do express the emotions that were drawn out during this time and the world of differences in the views of the colonists, Parliament, and American sympathizers.

Heathcliff of Wuthering Heights Essay

Wuthering Heights is Emily Brontes only novel, published in 1847 under the pseudonym Ellis Bell. Wuthering Heights is the name of the manor around which the story centers. Wuthering is also a Yorkshire word which refers to turbulent weather. The novel tells the account of the sweeping and fanatical love between Heathcliff and Catherine Earnshaw, and how this unresolved obsession ultimately destroys them and others around them. The character I chose was that of Heathcliffs, around whom the story centers. The first paragraph of the novel provides a vivid picture of him, as Lockwood describes meeting him; â€Å"A capital fellow! He little imagined how my heart warmed towards him when I beheld his black eyes withdraw so suspiciously under their brows, as I rode up, and when his fingers sheltered themselves, with a jealous resolution, still further in his waistcoat.. †. (Bronte). The novel begins with his introduction into the Earnshaw family, his revengeful scheming drives the whole plot, and his death ends the book. The want to understand his complicated character and his vengeful motivations has kept incalculable readers engaged in the novels since its inception in the literary world. Bronte spun a complex Heathcliff who defies being understood, and the charm of this multifaceted character has fascinated readers and will continue to do so evermore. The novel torments the reader with the likelihood that Heathcliff is something other than what he seems – that his malice is simply an expression of unrequited love for Catherine, or that his menacing behavior serves to hide the soul of passionate hero. However, his malice proves so great and long-lasting that it cannot be sufficiently explained even as a desire for vengeance against Hindley, Catherine, Edgar, etc. As he himself points out in the novel, his mistreatment of Isabella is purely sadistic, as he amuses himself how much cruelty she can take and still comes back for more. Critic Joyce Carol argues that Emily Bronte does the same thing to the reader that Heathcliff does to Isabella, testing to see how many times the reader can be shocked by Heathcliff’s unwarranted violence and still, masochistically, insist on seeing him as a romantic hero. (Oates 48). Heathcliff arrived in the Earnshaw family by mere chance. Mr. Earnshaw found a boy who looked like a gypsy and had been apparently deserted on the streets of Liverpool. He brought the child home to join his own family and named him after his son who had died. All the members of the household were opposed to the introduction of the strange boy, in particular the Earnshaw children, who detested the darked-skinned Heathcliff. But Catherine quickly comes to love Heathcliff, and they become inseparable, spending many a day playing on the moors. After his wife’s death, Mr. Earnshaw begins to love Heathcliff to his own son, and when Hindley persists his cruelty to Heathcliff, Mr Earnshaw sends Hindley away to college, keeping Heathcliff nearby. Three years later, Hindley returns home after his father’s death to inherit Wuthering Heights and brings a wife with him. Hindley seeks revenge on Heathcliff. Heathcliff then finds himself treated as a common labourer, forced to work in the fields. Heathcliff leaves Wuthering Heights, staying away for three years, and returns shortly after Catherine and Edgar’s marriage. When he returns, he immediately sets about seeking revenge on all who wronged him. He lends large amounts of money to the drunken Hindley, knowing that Hindley will increase his debts and fall into deeper despondency. When Hindley dies, Heathcliff inherits the manor. He also places himself in line to inherit Thrushcross Grange by marrying Isabella Linton, who he treats very cruelly. Catherine gets ill, gives birth to a daughter, and dies. Isabella flees to London and gives birth to Heathcliff’s son, named Linton after her family. Isabella dies thirteen years later, and Linton comes to live with his father, who treats his sickly, whining son even more cruelly than he treated his mother. Three years later, young Catherine meets Heathcliff on the moors, and makes a visit to Wuthering Heights to meet Linton. She and Linton begin a secret romance, but it soon becomes evident that Linton is pursuing Catherine only because Heathcliff is forcing him. Heathcliff forces Catherine to marry Linton, who dies very shortly afterwards. Edgar is also dead. Catherine is forced to live as a common servant at Wuthering Heights, while Thrushcross Grange is rented to Mr. Loockwood. Although Catherine originally mocked Hareton’s ignorance and illiteracy (in an act of retribution, Heathcliff ended Hareton’s education after Hindley died), Catherine grows to love Hareton as they live together at Wuthering Heights.. Heathcliff becomes more and more obsessed with the memory of the elder Catherine, to the extent that he begins speaking to the ghost. Everything reminds of her. Shortly after a night spent walking on the moors, Heathcliff dies. Hareton and Catherine plan to be married, and they inherit Wuthering Heights and Thrushcross Grange after Heathcliff’s death. The most hauntingly beautiful aspect about this novel is the extent of Heathcliffs love for Catherine even after her rejection of him (although she professed ever-lasting love) by marrying Edger. His love survives the rejection and continues undaunted. His loyalty to her is unwavering in spite of the emotional rejection. When Catherine falls ill, he exclaims that life without her would be hell. Her death kills his love for her and he focuses his existence on exacting revenge. His thwarted passion converts into an obsession for destruction and revenge. The love that Catherine and Heathcliff share is not mere romantic love; nor is it based on physical attraction. It is a coming together of souls, as they professed to be soul-mates. Heathcliffs motivations and brutality can be understood to some extent when one brings into consideration the cruelty he had to endure as a child at the hands of the superior richer classes. He becomes persistent, and anti social to protect himself from the humiliation suffered in his earlier years. He is the incarnation of pauperization masses rejected by the system as human refuse; and his revenge can be seen as that of accumulated class hatred which brings down members of the privileged social class. He was only a child when he wished to avenge Hindley; ‘I’m trying to settle how I shall pay Hindley back. I don’t care how long I wait, if I can only do it last. I hope he will not die before I do it. ’ (Bronte 64). The root of his bitterness is the consequences of the actions of the adults towards him. The recollection of the humiliation which he experience in his childhood left a devastating effect on him, impressed upon his soul like a heated iron; the undeserving spanking from Hindley and the contempt of the Lintons who exclaimed that there was no place for a gypsy in a decent house. Their daughter Isabelle, whom he later married, detested him and suggested to her father to throw him into the basement, while Edgar compared his hair to the mane of a horse. But the cruelest were Catherine’s words: ‘It would degrade me to marry Heathcliff now†¦Ã¢â‚¬â„¢ (Bronte 80) The basic motivation of Heathcliff’s actions has a social background. From the beginning of the novel and most likely from the beginning of his life, he has endured rejection and pain. When he is brought to Wuthering Heights by Mr. Earnshaw, he is viewed as a thing rather than a child. The subject of revenge is so important in Wuthering Heights that it is compared to a renaissance tragedy of revenge: Admiration provoked by such a creature fascinates imagination and we are almost terrified by this creature, but still, he was added a trait of kindness which will make us feel compassion, almost respect. (Kovacevic, p. 268 ). Heathcliff’s character is emotionally explicable; from the first memories of Nelly Dean, his portrait was built in front of the reader. He was a sullen, patient child; hardened, perhaps, to ill-treatment: he would stand Hindley’s blows without winking or shedding a tear. Heathcliff’s revenge occupies the biggest part of the book. His hatred takes on sick proportions and includes even his own son Linton and Catherine’s daughter. His cruelty and embitterers were necessary to Emily Bronte so that his infatuation could be exaggerated to incredible proportions. In spite of that, Heathcliff doesn’t seem to be a man lacking a conscience or a pathological sadist. At the end of the novel, when Heathcliff’s revenge has subsided in the sequence of crimes, he suffered most: after Catherine’s death he is left without his life’s goal, unhappy, and wished for spiritual peace which only her grave could give him. ? Works Cited Bronte, Emily, Wuthering Heights, 1847. Kovacevic, I. Istorija Engleske, Wuthering Heights, a Selection of Critical Essays. Beograd, 1979. Oates, Carol, The Magnanimity of Wuthering Heights, Originally published in Critical Inquiry, Winter 1983. Reprinted in The Profane Art : Essays and Reviews.