Essay about Biography of President Thomas Jefferson

Thomas Jefferson, the third president of the United States is one of the more lauded, revered, criticized, and respected presidents of all time. In fact, he’s better to be seen as two people: a quiet and secluded philosopher, and an informal, public and loud president; it just so happens that these conflicting personalities found their home inside of Thomas Jefferson. This paper shall cover how come these personalities came into conflict so often, by examining his philosophies, the actions he took during his presidency, and the similarities between the two – or lack thereof. Thomas Jefferson was elected as president in 1800, in what he called â€Å"the Revolution of 1800 [12].† This was a long, bitter election between Jefferson, a†¦show more content†¦Jefferson started in a great place, the economy. He worked hastily with his advisor, Albert Gallatin, to develop new economic policies. After persistent deliberation on the matter, Jefferson found a blessin g and a curse. He found that he could do several things he wished to do, such as eliminate the national debt, change the market policy, and eliminate several taxes. Though, Jefferson did not eliminate the national bank due to the begged pleas of his advisor [10] [12] [1]. This was rather inconsistent with Jefferson’s philosophies as Jefferson was one of the biggest opponents of a national Bank. In fact, he was foremost when confronting Jefferson with overstepping his constitutional boundaries. This was just the first of the hypocritical decisions that plagued Jefferson during his presidency. He did, however, change several other economic policies in the United States. For example, Jefferson strayed away from the government-regulated market policy that Hamilton was a proponent of, and instead embedded a free market in its place. This market was founded in the principles of laissez-faire. This model did not last long though, and ended up devastating the economy. This will be to uched on later, but for now there’s the Louisiana Purchase to discuss. While Jefferson was working to alter the American economy, Spain and France were working to alter their territories. In 1800, Spain signed a treaty bequeathing the LouisianaShow MoreRelatedThomas Jefferson And His Influence On American History967 Words   |  4 Pagessocieties. Thomas Jefferson, an early American founding father, is credited to have had much influence on what shaped our early American society, and what would go on to eventually become the bases of our modern American way of life. â€Å"Jefferson is best known as the leading classical liberal in American history. As the author of the Declaration of Independence, he outlined the political principles that launched the new nation.† (James Thomas Jefferson, Life Centered Philosophy) Thomas Jefferson was notRead MoreThomas Jefferson And His Achievements And Political Decisions1262 Words   |  6 PagesThomas Jefferson Thomas Jefferson, one of the most well-known presidents in American history, was the third president of the United States, and was known as one of the Founding Fathers, for he is one of the principle authors of the famous Declaration of Independence. Thomas Jefferson is an important factor of the development of the United States. This leading figured has influenced the prosperity of the America’s with his achievements and political decisions, regarding the United States JosephRead MoreWho Is Thomas Jefferson?993 Words   |  4 Pages Who is Thomas Jefferson? Matthew Backlin United States History 1 A CP October 18, 2015 Who was Thomas Jefferson? 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Thomas Jefferson vision for this country was well represented in the writing as he wrote it beforeRead More Thomas Je fferson and The Declaration of Independence Essay1444 Words   |  6 PagesThomas Jefferson and The Declaration of Independence Thomas Jefferson was the author of The Declaration of Independence, and according to Bellis, Jefferson was also a jurist, a diplomat, a writer, an inventor, a philosopher, an architect, a gardener, a negotiator of Louisiana Purchase, but he only requested three of his many accomplishments to be noted on his tomb. (2005). Thomas Jefferson was a very smart politician and he knew what to say to whom in order to enhance their support. This essayRead MoreThomas Jefferson: One of Americas Most Inspirational Men Essay964 Words   |  4 PagesThomas Jefferson was not only our nations third president, but one of the most inspirational men in our United States history. 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In the biography of Thomas Jefferson it states â€Å"that he wished to be remembered for only three things; drafting the Declaration of Independence, writing and supporting the VirginiaRead MoreAmerican Sphinx The True Character Of Thomas Jefferson Analysis963 Words   |  4 Pages Many books have been written about Thomas Jefferson, the writer of the Declaration of Independence, the first secretary of state the third president of the United States of America, but the majority are biographies. In the book American Sphinx: The True Character of Thomas Jefferson, author, Joseph J. Ellis, writes about the character of Thomas Jefferson, by examining his thoughts, actions, and writings in different periods of his life. 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Thomas Jefferson’s parents were well off, but his father died when Thomas was 14. When Jefferson was 17 years old, he got permission to attend the College of William and Mary. Thomas Jefferson did many things

The Issue Of Gun Control Laws - 2761 Words

One of the most debated topics in the U.S. is about gun control laws. Constant dispute between citizens and the government shows that there are two sides; for or against control. Arguments, whether oral or written, point out various ways how it can either help or hurt our society here in the United States of America. Most people however agree by reinforcing these laws violates the citizen’s 2nd Amendment rights which states, â€Å"A well-regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.†1 Regarding favoring or arguing against stronger gun control laws, majority of all society is completely against stronger gun control laws and banning firearms due to several reasons; Violation of our Second Amendment, Precautions, security and self-defense, and blunt fact that criminals will and always will remain criminals. â€Å"Gun rights expounders have argued and some federal courts have ruled that the Second Amendment recognizes ‘an individual right to keep and bear arms.’†2 This argument has been brought up many times within the last 100 years as seen in some cases. One of the well-known court disputes, D.C. v. Heller, tried to ban handguns in the hands of citizens as well as all other firearms to remain disassembled and so called â€Å"inoperable†. This case was repealed and was pronounced as unconstitutional. The part that turned the minds of the judges was the fact that if handguns are banned in the hands ofShow MoreRelatedThe Issue Of Gun Control Laws861 Words   |  4 Pagesgovernment has the responsibility to protect people. Currently, the gun violence has threatened the American public safety, people used gun to kill many people for their own interests. The United States constitution believes Americans have their own gun to protect themselves. Some people said g uns will protect their life easily. Whether, America should have strict gun control laws or not bring about the debate in society. Gun issue is not only a big problem from United States, it’s also a big problemRead MoreThe Issue Of Gun Control Laws1407 Words   |  6 Pagesits path. There is no exact definition of mass shootings, but most sources believe it is when four or more people are shot in one location. Citizens in America are easily able to obtain a gun and the growing issue is whether this should change and stronger laws in place. Although citizens believe gun control laws take away second amendment and right to protect themselves, mass shootings are increasing yearly and action needs to happen to prevent the next attack. America’s at a high withRead MoreThe Issue Of Gun Control Laws1701 Words   |  7 PagesA gun has the capacity to convert a conflict into a serious crime. The power of a gun is vast. But it the power of the gun is appreciated in right hands. The effects of a gun can be cherished when it is used by right hands and with the right intention. The effects of the gun are condemned when it reaches in wrong hands. A gun can protect as well as end someone’s life. When it ends the life of a criminal, it is a sign of bravery but when it takes the lives of innocent people it is condemned. ThereforeRead MoreThe Issue Of Gun Control Laws1410 Words   |  6 Pagesto have and remain fight prepared. Regardless, this has remained a basic issue since decades. There have been a lot of senseless murders and killings around the United States. With better gun control laws in effect these killings and murders would not have been possible. The government, the states, and the peopl e all need to work together to come to a solution to prevent things like this in the future. Better gun control laws would mean less killings and murders happening around the world. Think ofRead MoreThe Issue Of Gun Control Laws1536 Words   |  7 Pagesright to bear arms. This Amendment, when written had no limitations or constraints, however there seems to be more laws than ever trying to govern or ban the carrying and even ownership of firearms as a whole. Many say that the reasons for the attempt of gun control laws are due to the safety of the public nevertheless if you look at the statistics themselves it shows that armed law bidding citizens stop more violent crime involving and not involving firearms if armed than the police department,Read MoreThe Issue Of Gun Control Laws852 Words   |  4 PagesIn about every nation, gun control has always been an issue of controversy. Gun control laws are quite different from country to country, each possessing different requirements, specifications, and ordinances, so on and so on. What will be examined are the specified gun control laws in three international countries, ranging from Canada, Australia, and Japan, as well as a comparison and contrast of the the similarities and unique differences toward American gun control laws and those in other countriesRead MoreThe Issue Of Gun Control Laws Essay1578 Words   |  7 Pages GUN CONTROL LAWS There is a need in this country for gun control laws as well as benefits for the citizenry who own them. With the current state of our society these days, owning a gun has become a necessity for some, if not all, household. I, myself, conform for every household having a gun. Although we have our police force always ready to rescue anyone in distress, every second matters when we are facing face to face with danger. Granted that the authorities are already underway, having somethingRead MoreEssay about The Issue of Stricter Gun Control Laws1861 Words   |  8 PagesThe issue of stricter gun control laws is an on-going battle that continues to be debated at both the local and federal levels. Regardless of one’s viewpoint on the matter, this subject makes for a very passionate debate on both sides. At question is whether or not stricter laws and regulations help reduce the number of gun-related crimes. Obviously, the answers vary greatly depending on the strongly held viewpoi nt of the responders. Often, horrible gun-related crimes are committed by peopleRead Moregun control research essay1222 Words   |  5 Pagesarticle that studied gun control. â€Å"Stricter state gun laws associated with fewer gun deaths, study finds.† The article discussed gun control laws in states with stricter laws tend to have lower rates of gun related homicides, and a suicide (ProCon para. 1) Gun control in the United States is becoming a wide spread issue and is becoming a problem everywhere. Although I am living in a city with uprising crime that has been skyrocketing over the years, I wasn’t aware of this being an issue all over the UnitedRead MoreGun Control1724 Words   |  7 PagesEnglish 1302 5th march 2013 Sides of Crime Control Gun control laws have been surrounded by controversy since The Bill of Rights, including the Second amendment was passed in the congress. A well-regulated Militia, being necessary to the security of a free state, the right of the people to keep and bear Arms, shall not be infringed, the founders wrote. Until recently there was considerable argument over just what the founders intended by their words. Did they mean to provide only for armed

Revisiting Day of the Week Effect in Indian Stock Market Free Essays

In recent years the testing of market anomalies in stock returns has become an active field of research in empirical finance and has been receiving attention not only from academic journals but also from the financial press as well. Among the more well-known anomalies are the size effect, the January effect and the day-of-the week effect. According to this phenomenon, the average daily return of the market is not the same for all days of the week, as we would expect on the basis of the efficient market theory. We will write a custom essay sample on Revisiting Day of the Week Effect in Indian Stock Market or any similar topic only for you Order Now The objective of this paper is to examine the existence of day of week effect in Indian stock market. Daily closing prices of SP CNX Nifty index have been analyzed over fifteen years period commencing from January 1994 to December 2008. A set of parametric and non parametric tests has been used to test the equality of mean returns and standard deviations of the returns. The mean returns on Monday and Tuesday are negative while on Wednesday these are highly positive. Also, the impact of introduction of rolling settlement on the stock returns is observed. The results show that before rolling settlement came in 2001, Tuesday was showing highly negative returns and Wednesday highly positive. But after the introduction of rolling settlement, the seasonality in the distribution of the mean returns across different days of the week ceased to appear. Thus the markets have become more efficient over a period of time. KEY WORDS: Market Efficiency, Calendar Anomalies and Day-of-the-Week Effect INTRODUCTION A Stock Exchange is a common platform where buyers and sellers come together to transact in securities. It may be a physical entity where brokers trade on a physical trading floor via an â€Å"open outcry† system or a virtual environment. The Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) are the India’s two leading stock exchanges. Indian security market is one of the oldest markets in Asia. It has come a long way from earlier days of floor trading to the present day screen and net based trading. This study is an attempt to have a deeper insight in to the behaviour and patterns of stock price distribution in the Indian stock market. The price of a security should vibrate around its intrinsic worth in any efficient market. In finance, the efficient-market hypothesis (EMH) asserts that financial markets are â€Å"informationally efficient†, or that prices on traded assets, e. g. , stocks, bonds, or property, already reflect all known information. The efficient-market hypothesis states that it is impossible to consistently outperform the market by using any information that the market already knows, except through luck. Therefore, the past price movements can in no way help in speculating the prices in future. The price of each day is independent. It may be unchanged, higher or lower from he previous price, but depends upon new pieces of information being received each day. So seasonalities cannot be used to formulate trading strategies to earn abnormal returns according to efficient market hypothesis theory. Calendar anomalies are cyclical anomalies in returns, where the cycle is based on the calendar. It describes the tendency of stocks to perform differently at different times. For example, a n umber of researchers have documented that historically, returns tend to be higher in January compared to other months (especially February). There are three types of efficiencies as explained in efficient market hypothesis. So calendar anomalies mainly explain weak form of efficiency which says that previous price changes or changes in return are useless in predicting future price or return changes. Some of the calendar anomalies are Month-of-the year effect, Month-of-the quarter effect, Week-of-the month effect, Day-of-the-week effect or Weekend effect, Monday effect, Hour-of-the-day effect or the End of the-day effect, holiday effect and turn of the month effect etc. Among them the day-of-the-week effect is most widely documented across the countries and markets. In context to stock market the majority of research findings, indicates that the stock returns remain low or negative on Monday. This paper examines the day-of-the-week effect in Indian stock market, using S;P CNX Nifty data of last fifteen years from January 1994 to December 2008. REVIEW OF LITERATURE There is an extensive literature on the day-of-the-week effect in the stock returns. This section examines a few research works on the day of the week effect in Indian and international stock markets. Ziemba (1993) investigated the weekend hypothesis for the Japanese market using daily data from 1949 to 1988. Tuesday recorded negative returns following a one day weekend and Mondays declined after two days weekends. Balaban (1994) found day of the week effect in an emerging stock market ISECI of a developing country Turkey for the period 1988 to 1994. Highest returns on Friday and lowest returns on Tuesday were observed. Mishra (1999) studied day of the week effect in Indian stock market using Sensex and Natex for the period 1986 to 1998 indicating the presence of day of the week effect in Indian stock market. Friday returns were found highest and significantly different from the mean returns of other days. Hence there exists a Friday effect. Berument and Halil Kiymaz (2001) tested the presence of the day of the week effect on stock market volatility by using the S;P 500 market index during the period of January 1973 and October 1997. The findings showed that the day of the week effect is present in both volatility and return equations. While the highest and lowest returns were observed on Wednesday and Monday, the highest and the lowest volatility were observed on Friday and Wednesday, respectively. Further investigation of sub-periods reinforced findings that the volatility pattern across the days of the week was statistically different. Sarma (2004) examined seasonality across the days of week in Indian stock market using BSE indices- SENSEX, NATEX and BSE 200. Highest variance on Monday was found and weekend effect was confirmed by this study. Nath and Dalvi (2004) examined the day of the week anomaly in Indian stock market for the period from 1999 to 2003 using index S;P CNX NIFTY data. The study found that before introduction of rolling settlement in January 2002, Monday and Friday were significant days. However after the introduction of the rolling settlement, Friday became significant. Mondays were found to have higher standard deviations followed by Fridays. Davidsson (2006) found evidence of day of week effect in S;P 500 index. Davidsson found Wednesday was the weekday with highest rate of return and Monday was weekday with lowest rate of return. Also Monday was the only day with negative rate of return. Wednesday’s returns were found approximately four times of Monday’s returns. Badhani (2008) examined the presence of day-of-the-week effect on stock returns, trading volume and price volatility at the NSE during the period of 10 years from 1995-2005. Wednesday effect was found during earlier weekly settlement regime which now disappeared. Monday and Tuesday returns were consistently low but during recent sub period these were not significantly different from other days of week. Also on Monday the average trading volume was significantly low and price volatility was high consistently across the entire sample period. Mangala (2008) examined day-of-the-week effect in sub periods in Indian stock market using S;P CNX Nifty data. Highest returns on Wednesday and lowest on Tuesday were observed. Also findings showed that seasonality in return distribution across weekdays was confined to pre rolling settlement time period; thereafter seasonality vanished. DATA AND METHODOLOGY This study covers a sample period of fifteen years from January 1, 1994 to December 31, 2008 comprising a total of 3695 observations(days). The stock prices are represented by S;P CNX Nifty index. The closing values of this index have been obtained from the official website of National Stock Exchange (www. nseindia. com). There was trading on certain weekly closing days (i. e. 18 Saturdays and 3 Sundays); these days have been excluded from the sample. During the above sample period of fifteen years many structural changes also took place in the market. For example rolling settlement was introduced in place of weekly settlement system. Therefore, the behaviour of stock prices has been studied on an yearly basis so as to gauge the impact of these changes on the stock prices. Measuring the Daily Returns Daily percent return on the index for a given day of the week has been calculated by subtracting the closing price of the previous trading day from closing price of that day, then dividing the resulting no. by closing price as on the previous trading day and multiplying by 100. Rt = Pt-Pt-1 * 100 Pt-1 Rt is daily return on the share price index for day t Pt is the closing value of index for the day‘t’ and Pt-1 is the closing value of the index for the preceding day. Hypothesis and Testing Procedure The null hypothesis is that there are no differences in the mean daily returns across the weekdays. The non parametric Kruskall- Wallis (H) test has been applied to test seasonality in returns across weekdays to test the hypothesis. Null hypothesis is: – Ho:  µ1=  µ2=  µ3=  µ4=  µ5 Here,  µ1,  µ2†¦Ã‚ µ5 represent mean returns of different trading days of week. It means that mean returns across all the five days of week are equal. Alternative hypothesis is: – H1:  µ1?  µ2?  µ3?  µ4?  µ5 It implies that there is significant difference in mean returns across the trading days in a week. Different statistical tools have been used to find the results like mean, standard deviation, range, skewness ; kurtosis etc. Then the most scientific and logical non-parametric Kruskall-Wallis (H) test has been applied to check the hypothesis. The Kruskall Wallis test requires the entire set of observations being ranked – higher the value, higher is the rank and vice-versa- then arranged into nj ? 5 matrix where nj represents the rank of the return and columns represent the day of the week (Monday through Friday). The value of H is calculated by formula: |H |= |12 |( |[pic] |(Rj)2 |) |  Ã¢â‚¬â€Ã‚   |3(N+1) | | | |[pic] | | |[pic] | | | | | | |N(N+1) | | |nj | | | | | | | | | | | | | | Where: Rj= sum of ranks in the jth column nj = number of cases in the jth column N = sum of observations in all the columns The calculated H value has been compared with the table value of the chi-square(? 2) distribution with (k-1) degree of freedom, where k stands for the number of trading days in a week. Hence H0 is rejected if H;gt; ? 2 H0 is accepted if H;lt; ? 2 The value of H in our study is taken as the critical value at 1% as well as 5% level of significance. Further Dunn’s multiple pair comparison test based on rank matrix built in K-W test has been used to find seasonality by a pair wise multiple comparison procedure. It identifies whether particular day of the week differs from other days of the week. The test procedure relies on Kruskall-Wallis rank sum Rj. The data in the rank-day matrix prepared for ‘H’ test is used for this purpose. For a given level of ? decide ?  µ ? ? if |Ru-Rv| ? Z [? /k(k-1)] [N(N+1)/12]1/2 [1/n µ + 1/nv]1/2 Where,  µ = 1, 2†¦Ã¢â‚¬ ¦k-1 v= +1,†¦Ã¢â‚¬ ¦. k k = 5 N = total number of observations n µ = corresponding number of observations in the uth column nv = corresponding number of observations in the vth column Ru = Average K-W rank sums in the uth columns of the rank matrix Rv = Average K-W rank sums in vth co lumns of the rank matrix Z[? /k(k-1)] = the upper percentage point of the unit normal distribution for a given significance level for 99 percent confidence level is 2. 575 Further the returns have been analyzed for two sub-periods i. e. Sub period-1 before rolling settlement (weekly settlement period) ; sub period-2 after the rolling settlement was introduced. In weekly settlement time period, Tuesday used to be as the settlement day on NSE. In 2001, rolling settlement was introduced which shifted settlement cycle from a fixed day of the week to fixed settlement lag. Tuesday settlement might be the possible reason for the observed seasonality in stock returns. DATA ANALYSIS Here the day of the week pattern of the S;P CNX Nifty data from January 1994 to December 2008 has been tested, results of which have been depicted in Table 1. It is observed from the table that the mean returns on Monday i. e. -0. 08563 percent are minimum followed by Tuesday. Mean returns on Wednesday, Thursday and Friday are positive out of which Wednesday’s return with 0. 303 percent is maximum across all the days of the week. The mean return on Wednesday is about 8 times the overall mean return. The variation in mean returns measured in terms of standard deviation is found maximum on Monday (1. 870303 percent) followed by Friday (1. 740897 percent). It shows that trading on week start and week end is more volatile than other days of week. Skewness is positive only on Wednesday while other days of week have negatively skewed distributions. Kurtosis tells us the extent to which a distribution is peaked or flat topped when compared with a normal curve. The return distribution on Monday, Tuesday and Friday is leptokurtic while on Wednesday and Thursday are platykurtic. Through table it is also observed that range on Monday is highest which is also a measure of Dispersion. There is a significant difference in mean returns across different the different days of the week as evident by K-W (H) statistics (21. 78) which is highly significant at 1 percent level of significance. Therefore the null hypothesis of equality of mean returns across various days of the week stands rejected. |Table 1. Summary Statistics of Daily Stock Returns of S;P CNX Nifty(Jan 1994-Dec. 2008) | |   |Monday |Tuesday |Wednesday |Thursday |Friday |All Days | |Mean |-0. 08563 |-0. 07615 |0. 30300 |0. 1895 |0. 03221 |0. 03838 | |Standard Deviation |1. 8 7030 |1. 50858 |1. 62655 |1. 55153 |1. 74090 |1. 66944 | |Skewness |-0. 71612 |-0. 15909 |0. 40400 |-0. 05609 |-0. 35999 |-0. 24662 | |Kurtosis |4. 29741 |4. 47636 |1. 79652 |1. 53957 |5. 66062 |3. 98682 | |Range |7. 54838 |8. 29523 |7. 9590 |6. 30507 |7. 83089 |20. 53297 | |No. of Observations |741 |742 |740 |744 |728 |3695 | |K – W(H) Statistics 21. 278* | * Significant at 1 percent level for 5-1 degrees of freedom Table 2 represents actual and expected multiple comparison values as per Dunn’s multiple pair comparison test to study pair wise comparison among different days of the week. This test is based on rank matrix built in Kruskall Wallis Test. The calculation of actual and expected values is shown in table 3 while the deviation of actual from expected ranks is shown in table 3. So it is observed from the table 3 that there is inequality in Monday – Wednesday, Tuesday – Wednesday, Wednesday – Thursday and Wednesday – Friday pairs as these are showing positive deviation of absolute rank sum values from the corresponding Z value or expected value. It means these pairs are showing more inequality in returns than expected and Tuesday – Wednesday is showing highest positive deviation. Also it is observed from the table that Wednesday appears in all above pairs. It means Wednesday returns are significantly different from the other days of week. Wednesday is showing highly different mean returns from rest of the days. So a trading strategy of buying on Tuesday and selling on Wednesday may help an investor to earn abnormal returns. |Table 2. Actual and Expected Multiple Comparison Values | | | |   |Actual |Expected | |   ||RU ? Rv| |Z |[N(N+1)/12]1/2 |(1/nu+1/nv)1/2 |Z[N(N+1)/12]1/2 (1/nu+1/nv)1/2 | |Monday-Tuesday |40. 64 |2. 575 |1066. 799 |0. 0519 |142. 6521 | |Monday-Wednesday |197. 07 |2. 575 |1066. 799 |0. 0520 |142. 7620 | |Monday-Thursday |30. 38 |2. 575 |1066. 799 |0. 0519 |142. 5697 | |Monday-Friday |50. 24 |2. 75 |1066. 799 |0. 0522 |143. 3388 | |Tuesday-Wednesday |237. 71 |2. 575 |1066. 799 |0. 0520 |142. 7070 | |Tuesday-Thursday |71. 02 |2. 575 |1066. 799 |0. 0519 |142. 5147 | |Tuesday-Friday |90. 88 |2. 575 |1066. 799 |0. 0522 |143. 3114 | |Wednesday-Thursday |166. 69 |2. 575 |1066. 99 |0. 0519 |142. 6246 | |Wednesday-Friday |146. 83 |2. 575 |1066. 799 |0. 0522 |143. 3938 | |Thursday-Friday |19. 86 |2. 575 |1066. 799 |0. 0521 |143. 2015 | |Table 3. Deviation of Actual from Expected Rank Differences | |Monday-Tuesday |-102. 12 | | | |Monday-Wednesday |54. 308 | | | |Monday-Thursday |-112. 190 | | | |Monday-Friday |-93. 099 | | | |Tuesday-Wednesday |95. 03 | | | |Tuesday-Thursday |-71. 495 | | | |Tuesday-Friday |-52. 431 | | | |Wednesday-Thursday |24. 065 | | | |Wednesday-Friday |3. 436 | | | |Thursday-Friday |-123. 41 | | | Table 4 represents the yearly distribution of mean returns on S;P CNX Nifty for different days of the week from 1994 to 2008. Also to test whether these differences in the mean returns on different days are statistically significant or not, the non parametric ‘H’ statistics has been used. The table value of the chi-square (? 2) distribution at 1 percent level of significance is 13. 277 and at 5 percent level of significance is 9. 488. If we look at year wise KW statistics, up to year 1999 ‘H’ statistics is highly significant and after 1999 it is insignificant. |Table 4. Yearly Distribution of Mean Returns on S;P CNX Nifty by Day-of-the-Week | |(January 1994 – December 2008) | | | | | |Year/Day |Monday |Tuesday |Wednesday |Thursday |Friday |KW Statistics | |1994 |0. 47012 |-0. 16573 |-0. 36687 |0. 01075 |0. 32745 |9. 945** | |1995 |-0. 51580 |-0. 33583 |0. 25709 |-0. 6627 |0. 11756 |11. 145** | |1996 |-0. 35599 |-0. 35342 |0. 53600 |0. 18662 |0. 07796 |10. 114** | |1997 |-0. 46253 |-0. 14396 |1. 04706 |-0. 16222 |-0. 06761 |19. 917* | |1998 |-0. 12914 |-0. 52606 |0. 78280 |-0. 15417 |-0. 22507 |13. 245** | |1999 |-0. 00553 |0. 07532 |0. 98097 |0. 10327 |-0. 00305 |14. 48* | |2000 |-0. 16997 |-0. 28629 |0. 49777 |-0. 10239 |-0. 16992 |4. 989 | |2001 |-0. 21325 |0. 11775 |0. 30553 |0. 08010 |-0. 60214 |4. 987 | |2002 |0. 00508 |-0. 15830 |-0. 05939 |0. 07054 |0. 22584 |4. 226 | |2003 |0. 15214 |0. 13598 |0. 26208 |0. 13987 |0. 38014 |2. 323 | |2004 |-0. 4126 |0. 26824 |0. 04482 |0. 02138 |0. 07889 |1. 236 | |2005 |0. 29696 |0. 04875 |0. 02291 |0 . 08195 |0. 18711 |1. 806 | |2006 |-0. 09098 |0. 01140 |0. 22203 |0. 22753 |0. 33653 |1. 198 | |2007 |0. 24310 |0. 32425 |0. 02874 |0. 30801 |0. 02442 |2. 139 | |2008 |-0. 36369 |-0. 13064 |-0. 04547 |-0. 5441 |-0. 24632 |1. 46 | | All Years |-0. 08563 |-0. 07615 |0. 30300 |0. 01895 |0. 03221 |21. 278* | | | | | | | | | |*Significant at 1% level | | | |**Significant at 5% level | | | Further entire study period has been divided into two sub periods: Period 1 (January 1994 to Decemeber 2001) and period 2 (January 2002 to December 2008). Period 1 represents the time when weekly settlement was operational and during this time frame NSE had fixed settlement day – Tuesday. Period 2 represents the time period when rolling settlement was introduced in place of weekly settlement cycle. | | | | | | | | |Table 5. Mean Daily returns on S;P CNX Nifty by Day of the Week for Sub-Periods | |   |Monday |Tuesday |Wednesday |Thursday |Friday |KW Statistics | |Subperiod-1 |-0. 17276 |-0. 20228 |0. 50504 |-0. 01304 |-0. 06810 |42. 752* | |Subperiod-2 |0. 00197 |0. 05294 |0. 09734 |0. 03923 |0. 12735 |2. 84 | | | | | | | | | | | |*Significant at 1% level | | | It is analyzed from the above table that in sub period 1 (1994 to 2001) all days except Wednesday gives negative rate of return. This is clearly the impact of Tuesday settlement that returns on Tuesday are lowest and on Wednesday it is highest positive. It means beginning of settlement cycle ives maximum returns while last day of settlement cycle called settlement day gives lowest returns. Also a very high value of KW statistics i. e. 42. 752 represents a high degree of seasonality in sub period 1 (before rolling settlement time period). To bring more frequency in the transactions and to bring Indian markets at par with the international markets rolling settlement on T+5 basis was introduced in December 2001. So in sub period 2 when rolling settlement was introduced, returns on all the days have become positive and Friday is giving maximum returns and Monday is giving lowest returns. This hints towards the presence of some sort of weekend seasonality. But the value of ‘H’ statistics is very low i. e. 2. 684. From this it can be inferred that the return distributions are not significantly different across the week days and the null hypothesis stands rejected in the sub period 2. Thus it may be concluded that with the introduction of rolling settlement on NSE the stock markets have become more efficient. CONCLUSION During the period 1994 to 2008, S;P CNX Nifty index recorded highest positive returns on Wednesday and most negative returns on Monday with highest volatility on Monday and Friday. It means week start and week end tend to be more volatile in Indian stock market. Also it has been analyzed that Wednesday is giving significantly higher returns than other days of the week which points towards the existence of Wednesday effect in Indian stock market. There was presence of day of the week effect in pre-rolling settlement period which gradually phased away with the introduction of the rolling settlement. Markets have become efficient after rolling settlement has been introduced. So in present scenario we can’t rely on a trading strategy formulated on the basis of historical return movements on different days to earn abnormal returns as seasonality has disappeared in the recent years of the study period. How to cite Revisiting Day of the Week Effect in Indian Stock Market, Papers

The International Airport of Heathrow

Question: Demonstrate an understanding of the nature of hospitality and tourism products and services. Identify and explain the roles played by tourism and hospitality organisations in the development of tourism industry. Explain approaches and processes of tourism planning. Answer: The International Airport of Heathrow The Heathrow airport is found in the Western side of Central London. It has a central waiting area in terminal five. The airport is used by over eighty airlines that fly to around 185 destinations in eighty-four countries. The airport has Muslim, Sikh, Hindu, Anglican, Free Church, and Catholic chaplains. It also has a prayer room where people with different faiths can go and also counseling rooms found inside all its five terminals. It also hosts the St. Georges multi-church congregations in an underground chamber (Bowman Simons, 2011). Accommodation Corinthian Hotels It is situated in the heart of the London city. The hotel is closer to River Thames. The hotel is just a distance away from Trafalgar Square, Covent Garden and Westminster. The hotel is also near the city and Mayfair. The hotel is praised for its stylish suites, imaginative penthouses and fine rooms that offer the state of art twenty first century luxuries. It also within a walking distance to the Westminster Abbey, the London Eye, the houses of parliament, the National gallery, West end theaters and other beautiful areas (Aitken, 2011). Shopping areas The Blue Water Mall The Blue Water Mall is located out of the town center in a place called Stone. It is 28.6km Eastern of Londons Centre. It has a park that occupies 240 acres (97ha). It is also said to have a sales floor area of about 154,000m (1,600,000ft) that is above two levels. This makes the mall to be ranked as fourth biggest shopping center inside Britain. Its floor plan is known to take a triangular shape that has 330 stores, three anchors, forty restaurants and cafes. The mall also boasts of a thirteen-cinema screen. Museum The Imperial War Museums It is a national museum organization with five of its branches around England. Three of these are in London. The museum keeps photographs, archives of official and personal documents, video and film material, and all oral history records. In addition, it also has a large art collection, a large library and also some examples of military aircraft and vehicles, artifacts and some other equipments (Balmer Raphael, 2015). Religious Building The Westminster Abbey It is located in London inside the city of Westminster, just next to the palace of Westminster. It has been one of the notable religious buildings and also a customary situates of burial as well as a coronation place for the England royals. It has two towers known as the Western towers that were built between the year 1722 and 1745 by a person known as Hawksmoor Nicholas. He built it using Portland stone, Purbeck marble used on the walls and floors (Trowels, 2013). The Westminster Abbey It is located in the Westminster city. The Abbey is a living pageant of Englands history like Queens, Kings, soldiers, statesmen, priests, villains, poets, and heroes. The Abbey receives over one million tourists and visitors who come to have an experience of the wonderful seven hundred year old building. Visitors who come to Westminster are provided with Audio guides, which are available in eleven languages that are French, German, Russian, Portuguese, Italian, Mandarin Chinese, Hungarian, Japanese, and Polish. These audio guides are free and come with individual entry tickets. The Westminster tour takes around one hour. To visit Westminster, all adults are required to pay a fee of twenty Euros while the children pay a fee of nine dollars. However for children under the age of five years, they are not required to pay any fee. The Westminster has facilities like: bathrooms, designatedwheelchairs, level access lifts or ramps, which take you to a restaurant. It has communication facilities like hearing loop system (McAlpine, 2015). It caters for special dietary needs of those who come to visit. Those who have disabilities like the lame are able to access the building due to availability of trained staff when it comes to handling people with disabilities. The building also has a drop-off point outside its main entrance for guests who come in vehicles to park. The building has routes for different visitors. There is a route, which is suitable for those using wheelchairs, which are often provided freely by the Westminster. It has attraction facilities like the audio commentaries, giftshops, patrontoilets, indoors and outdoors. It has catering facilities like event catering, restaurants, picnic sites, and vegetarian options when it comes to their menu. The building also has event facilities and conference rooms and meeting rooms. The payment options available include; creditcards, traveller cheques, and debit cards that are all accepted when a visitor wants to pay. The life of the Westminster is known for revolving around morning prayers, worshipping, the Eucharist and the Evensong. Its services are always open to the public (Nicholson Wright, 2016). Roles Played by the Culture, Sports and Media Department in Britain This department of the United Kingdom government has many responsibilities when it comes to sports and culture in Britain and also some other aspects related to media throughout Britain like regulation of internet and broadcasting. It also has an important role in the leisure, creative industries and tourism. (Mason, 2015). The departments other major duties include preparation of ancient monuments export authorizing of the customary commodities, managing of the governments painting collections as well as listing of all historic buildings within the United Kingdom. This is also the department that is tasked with overseeing state royal funerals and ceremonial occasions, organizing of Britains annual Remembrance Dayceremonies, provision of humanitarian aid when disasters occur. The department also has policy control over three statutory corporations and also other two broadcasting authorities, which are independent of the governments policy influence. These bodies include; Historic Royal Palaces, Office of Communications, Channel, Four Television Corporation. The public broadcasting authorities under this department include the Sianel Pedwar, S4C Authority together with the British Broadcasting Corporation. The department is also responsible for other non-departmental public entities like the Arts Council England, British Library, British Film Institute, with many more others. The department is also the main sponsor of some advice-giving non-departmental public entities like the Treasure Valuation Committee, Reviewing Committee on the Export of Objects of Cultural Interest and Works of Art and Theatres Trust. (Park, 2011). Visit Britain This is the official tourist board of the United Kingdom. It plays a very important part in raising Englands profile worldwide, building the countries tourism product, increasing the value and volume of tourism exports and at the same time developing the countries visitor economy. The department achieves this by partnering with many different stakeholders around the country and also outside its borders. It provides the different industries based in Britain with research to help the industries build their tourism business. It encourages inspirational marketing that is relevant so as to target better product development (Hitchens, 2016). Visit Scotland It is a national tourism organization that is charged with the main responsibility of promoting Scotland as the best destination for visitors. It gives Scotland a real worldwide presence in the global marketplace. This greatly benefits the whole of Scotland. Visit Scotland core objective is to contribute to the tourism 2020 strategy goal of growing its tourism revenues by one billion Euros by that time. Visit Scotland has adopted several strategies for achieving this. (Park, 2011). Principles of Destination Management Plan These Principles are for individuals and organizations that have an interest in working together so as to realize some more benefits in their areas so as to be able to attract more visitors. It is all about agreeing on the future and current priorities and activities involved in a more systematic way by using the principles of destination management plan. These principles are very important as they help in (Mason, 2015); Establishing emerging destinations management organizations or those that have become loose. The principles help separate organizations that have relevant duties and interests like the local authorities, the private sector, heritagebodies, community groups and tourism associations. They help committee members or individuals that have an interest in the process of destination management at different stages. There are five main principles involved when it comes to planning, they include: Agreeing to Plan Together All good plans always require good planning for them to be successful. It is always important to at least spend some time to discuss, think and agree about a certain idea or ideas when it comes to developing a destination management plan. We must know all the things that are required so as to come up with a very tangible and appropriate plan. When planning we should always ask ourselves some very vital questions like; What the plan is all about, why should we do it, whether this plan is appropriate for that particular area, who will be involved and what really needs to be put into it. 2) Gathering of Evidence All the destination management plans are always good when they are evidence based rather than just building them based on assumptions or on some limited knowledge and opinion. It is important to always be aware of all information that may have been collected by individuals, previous visitor economy plans, research and strategies available for different sectors. We can also use the national data at the present. Putting together information about a particular smaller area within the destination. 3) Setting the Direction After gathering enough and adequate evidence about a particular destination in terms of performance we now use the evidence to identify the desired goals that we want for the visitors economy in the future. We formulate the best way of achieving this goal. These goals must however be guarded by an element of realism meaning they can be attained within the planned period. 4) Identifying the Action It is important to identify very clear actionable plans when it comes to implementing the destination management plan. These action plans must be guided by plans strategic objectives. These actions must relate to the way these management plans are framed, prioritized and selected. The major aim of the management plan is to coordinate actions among the different stakeholders. However, individual organizations are the ones accountable for the quality of their products as destination management plan can only raise awareness influence and encourage improvements that are supposed to be made. 5) Measuring Progress and Keeping it going Every Destination Management Plan must be seen as a living entity that must always be kept fresh and relevant by constantly using it. This may call for structure to be put in place to support the Destination Management Plan with ongoing communication and reporting.programme of reviewing, a process for assessing DMP impact and its renewal. References Aitken, T. (2011). One Hundred One Beautiful Towns of Great Britain. Averbuck, A. (2015). Lonely Planet Europe (Travel Guide). Balmer, D., Raphael, A. (2015). Good Hotel Guides 2016 Great Britain and Ireland. Bowman, M. W., Simons, G. (2011). London's Airports: Useful Information on Gatwick,Luton,Stansted,City and Heathrow. Higgins, C. (2015). Under Another Sky: Journeys in Roman Britain. Hitchens, F. E. (2016). Aircraft Museums of the United Kingdom. Knightley, L. (2016). London 2016: A Travel Guide to the Top Twenty Things to do in London,England: Best of London,United Kingdom,Great Britain. Mason, P. (2015). Tourism Impacts,Planning and Management. McAlpine, F. (2015). Stuff Brits Like: A Guide to What's Great About Great Britain. Nicholson, L., Wright, A. (2016). National Geographic Traveller: London,4th Edition. Park, R. (2011). Hidden Scotland: Tartan Tourism. Runcie, I. (2013). The Number 11 Bus Tour of London. Trowels, T. (2013). Treasures of Westminster Abbey. Weaver, S. (2015). The History of Graet Britain.