Impact of Culture on Entrepreneurship

Information Management and Business Review Vol. 4, No. 1, pp. 30-34, Jan 2012 (ISSN 2220-3796) Impact of Culture on Entrepreneur Intention Syed Imran Sajjad1, *Haroon Shafi1, Aasim Munir Dad2 1Iqra university Islamabad campus 2University of Science and Technology (MUST) Mirpur Azad Kashmir, Pakistan *[email  protected] com Abstract: The main purpose of this study is to identify the role of entrepreneurship in Pakistan. After reviewing the literature, researchers identify those predictors who influence the entrepreneur’s intention with the help of socio cognitive model.National culture of a country influences the entrepreneur’s intention to start new business. Perceived feasibility, perceived desirability and entrepreneurs experience has a direct impact on entrepreneur’s intention. The study finds out the impact of culture on entrepreneur intention, different cultures have different ways to influence the entrepreneur intention and different ways to impact on int entions towards perceived feasibility and perceived desirability .The study helps entrepreneur’s decision making process and also helps out the development of further new business in Pakistan, motivates students to become entrepreneurs and analyzes their feasibility and desirability. Culture varies from country to country, within country different provinces, how different cultures, different traditions, norms and values. So in future, it helps to analyze entrepreneur’s intention in different cultures.Key words: Pakistan’s society, Entrepreneurship, entrepreneur’s experience, culture 1. Introduction Entrepreneur is an individual who runs a business with new idea or adding value in existing idea entrepreneur is a creator, risk taker who brings change in environment, with the help of technology, effective organization trained employees, and gets maximum benefit. A good leader is that, who manage all these activities on continuous bases.This is the study of a n individual who starts new business. In this paper researchers analyze the entrepreneurial intention how entrepreneur is being motivate to starts new business, the relationship between entrepreneur intention with their experienced and relationship between desirability that influences the entrepreneur intention, study also analyze the affect of national culture on entrepreneur intention as well as entrepreneurial activity for development nd underdevelopment countries. Different aspects of human behavior but the one predictor intention plays an important role (Ajzen, 1991) when individual starts new business than an economic activity starts than circulation of money starts ultimately growth of country starts according to Romer(1994) due to entrepreneur investment in new venture long term growth of country starts.According to Mitchell et al (2002) for starting a new business many factors influence entrepreneur intention like desirability, feasibility, and entrepreneurial experience, b ut it varies culture to culture and nation to nation, within country culture varies, researchers are still unclear, the over all impacts of culture in entrepreneur intention, Every country has its own culture, its values, norms and beliefs that affects the entrepreneurial intention, at some stages the culture plays an important role in decision making.Now a day’s private sector plays a vital role in economic development, in private sector small business owners have various opportunities to start new venture. The policies of government are important for entrepreneurs, but only development of policies is not sufficient, their implementation is also mandatory to attract investor to invest in business, small and medium enterprises some time not going well due to lack of knowledge and infrastructure.This paper is conceptual in nature and focuses that how entrepreneurs motivate to start a new venture especially in the context of culture. 2. Literature Review 30 Entrepreneurial inte ntion: Entrepreneurial intent to begin an innovative enterprise, in literature different researchers suggested the importance of entrepreneur intent such as (Shapero & Sokol, 1982; Shapero, 1975; Krueger, 1993; Bird, 1988; Krueger et al. , 2000). Some researchers including (Bird, 1988) identified entrepreneur individual nature, skill, experience the same as social desirability and personal feasibility.Different Researchers recommended including (Shane, 2003), that: the existence of an entrepreneurial possibility; its identification by the entrepreneur; and the conscious decision of the entrepreneur to be aware of that chance, are between the mandatory steps required in the entrepreneurial process. Cristina and Dwayne (2009) saw the effect of entrepreneur intention in Caribbean and the found out the link among entrepreneur intention, desirability, and feasibility and suggested that culture acted as moderator to influence the entrepreneur’s intention.After reviewing literature it has been seen that there is linked between desirability perception and entrepreneur intention to begin a new venture, Krueger (1993) practiced Shapiro’s theoretical model and suggested that there is a positive impact of perceived desirability on entrepreneur intention (Krueger et al. , 2000). For better understanding of different indicators and the impact of these indicators on entrepreneur (Krueger et al. 2000) suggested that attitude of entrepreneur varies for every exogenous facet that affects entrepreneur intention to become entrepreneur. P1. Perceived desirability will directly influence entrepreneurial intentions. The study analyzed that perceived feasibility and perceived desirability are decided by exogenous facet for example individual and conditional facets disclosure to entrepreneur experiences that studied as exogenous facets, all these observation manipulate entrepreneur intentions.According to (Bandura, 1994) self-efficacy is an emotional and thinking process . In this, model the two predictor perceived feasibility and desirability act as mediators the both predictors influence entrepreneur experience. This paper is extensions of social cognitive process model that analyzed to identify, save, and recover the information ultimately take suitable action (Frese and Zapf, 1994). For entrepreneur information any resource is very important, to identify that information and take proper action.Cristina and Dwayne (2009) argued that perceived feasibility and desirability has direct impact on entrepreneur intention and also there is a direct relationship between entrepreneur experience and intention, entrepreneur, experience plays an important role, experience influences the intention, due to experience their performance increase, experience motivated towards risk taking for new venture . Due to entrepreneur expertise that is gained from previous experience makes strategies more effective (Zhao et al. 2005). It has been argued that feasibility per ceptions regarding entrepreneurship are influenced by prior exposure to entrepreneurial experiences. For example, (Shapero and Sokol, 1982) contended that prior exposure to entrepreneurial activity would have a positive effect on perceptions of feasibility (and perceived desirability). Krueger (1993) demonstrated in his study that breadth of entrepreneurial xperiences significantly and directly influenced perceived feasibility, In literature it is carefully reviewed that entrepreneur’s intentions reveal a very few piratical support such as (Krueger and Dickson, 1994), analyzed that in risky situation self efficacy of those entrepreneurs are high influence high level of perception, if feasibility is high then entrepreneurs intention is more to start a new business and desire to invest more and more in business.A supportive culture also influences the entrepreneur’s intention, with his social and moral values and belief. P2. Perceived Feasibility will directly Impact on entrepreneurial intentions P3. Entrepreneur experience has a direct Impact on entrepreneurial intentions 31 Figure 1: Model Culture Perceived Feasibility Entrepreneurial Experience Entrepreneurial Intentions Perceived Desirability Culture: It recommends that the culture is most effective constant for entrepreneur. Good cultural values also influence the entrepreneur intention.The appropriateness, consistency, effectiveness, (ACE) model of persuasion (Reardon et al. , 1989) three main thought of culture Importance, stability, efficiency. Culture includes some social, moral ethical values norms and beliefs that must be socially acceptable (Hofstede, 1980). This extends society think about those values norms and beliefs. Normally, researchers analyzed that culture facilitated the entrepreneurship because of high individuality, low ambiguity, and low in power remoteness, and high intention for commencement of new business. Hayton et al. , 2002, p. 34). National culture has a moderating effect on entrepreneur intention (Fernandez et al. , 1997), George and Prabhu, 2000) P4. culture of a country has a significant effect on entrepreneur intention. 3. Discussion The present study examines the role of entrepreneurial intention in Pakistan and how culture affects the entrepreneurial intention. This model is based on Shapero and Sokol (1982) and tested by Krueger (1993). Later on Dwayne Devonish, et. l (2009) investigates the effect of entrepreneur intention in Caribbean; In Caribbean Governments are familiar with the need to expand the structure and change the mechanism in provinces and encourage the entrepreneurship. This present study sees the effect of culture in entrepreneurial intention in Pakistani society. Now – a – day’s instability of government is not helpful for entrepreneur to invest. Government policies are also significantly affecting the entrepreneur intention.This model indicates that entrepreneurial experience has a direct and posit ive relationship with perceived desirability and perceived feasibility. The entrepreneurial intention plays an importance role for starting new venture, past experience influence their decisions the model shows the direct relationship between entrepreneurial intention and entrepreneurial experience. This model recommends that the entrepreneur’s experiences acts as a key function to influence the intention of an individual to become entrepreneur linked with the previous point of view and research (Shapero and Sokol, 1982).According to Krueger et al (2000) experience influences the entrepreneur intention, there is also a direct relationship between entrepreneur’s experience on perceived feasibility and perceived desirability, feasibility and desirability existing in environment that influence the entrepreneur’s experience, so perceived feasibility and perceived desirability partially mediates entrepreneurs experiences and entrepreneurs intentions. Entrepreneurs ex perience directly influences the entrepreneur’s intention to start a new venture. 2 The other two indicators perceived feasibility and desirability mediated the entrepreneurial experience towards entrepreneurial intention. In this paper, we see the impact of culture on entrepreneurial intentions and his experience, how values and norms of a culture affect entrepreneurial decision in Pakistani society, different cultures have their own values traditions and norms, many small and medium size organizations have different impact on culture. Mark-Pruett et al. 2008) suggest that national culture of a country is directly linked with entrepreneur intention. Culture is shared values, norms, traditions rules beliefs, and anticipated behaviors of people. Cultural values and beliefs specify the level to which society judges’ entrepreneurial behaviors, such as innovation, perceived feasibility, risk taking, independent thinking and perceived desirable. Managerial implication: The study also helps managers to understand the impact of culture on entrepreneurial intentions and experience.The other motivating research would be to arrange a relative research for the service firms in different markets. A good culture influences entrepreneurial intention ultimately its performance increases and firm grows. A good supportive culture is helpful for the development of the organization, Government policies must be stable and supportive for new investors, banks also play important role for giving them loan on low interest rates, and all these aspects attract the entrepreneur intentions to start a new venture.Limitation and Recommendation: The study finds out the impact of culture on entrepreneur intention, different cultures have different ways to influence the entrepreneur intention and different ways to impact on intentions towards perceived feasibility and perceived desirability. It is difficult to sketch the conclusion, because in both streams of researches, it is d ifficult to measure lack of agreement and lack of clearness. In conclusion, we can say that the involvement of culture and its influence on entrepreneurial intentions helps entrepreneur to take decision.The regular support is education that increases entrepreneurial performance and efficiency. It is suggested that the education system in universities and colleges should help to improve the skill and knowledge of students regarding entrepreneurship, and also focus the students attention to find out the their desirability and feasibility in the field on entrepreneurship, conducting seminar on entrepreneurship allow entrepreneurs to share the experience with students and motivate them. Danns and Mentore (1995) suggested that â€Å"entrepreneurial experience† helps the students to develop positive attitude and approach to start a new venture. . Conclusion and Future Research Finally, entrepreneurship is a key factor for the development of any country. The current study focuses on the entrepreneur’s intention, national culture of a country influences the entrepreneur’s intention, perceived feasibility, and desirability and entrepreneurial experience directly influence the intention of any individual to start a new business. This study only emphasizes only Pakistani culture, and culture related policies and their implementation. In future research scholar will focus on one aspect of culture or one particular area. Culture varies country to country.Appropriate scale should be developed to empirically examine relations among above model. References Ajzen, I. (1991). Theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(1), 179-211. Bandura, A. (1994). Self-efficacy, in Ramachaudran, V. S. (Ed. ). Encyclopedia of Human Behavior Academic Press, 4, 71-81. Bird, B. (1988). Implementing entrepreneurial ideas: the case for intentions. Academy of Management Review, 13, 442-449. Cristina, J. & Dwayne, D. (2009). An explorato ry study of competitive strategies among hotels in a small developing Caribbean state.International Journal of Contemporary Hospitality Management, 21(4), 491 – 500. Danns, G. K. & Mentore, M. M. (1995). Race and economic power in Guyana: a study of the East Indians, in Ryan, S. and Stewart, T. (Eds), Entrepreneurship in the Caribbean: Culture, Structure, Conjuncture, University of the West Indies, Institute of Social and Economic Research, Trinidad and Tobago. 33 Fernandez, D. R. , Carlson, D. S. , Stepina, L. P. & Nicholson, J. D. (1997). Hofstede’s country classification 25 years later. Journal of Social Psychology, 137(1), 43-54. Frese, M. & Zapf, D. (1994).Action as the core of work psychology, in Trandis, H. C. , Dunnette, M. D. and Hough, L. (Eds), Handbook of Industrial and Organ. George, G. & Prabhu, G. (2000). Developmental financial institutions as catalysts of Entrepreneurship in emerging economies. Academy of Management Review, 25, 620-30. Hayton, J. C. , George, G. & Zahara, S. A. (2002). National culture and entrepreneurship: a review of behavioral research. Entrepreneurship Theory and Practice, 26(4), 33-53. Hofstede, G. (1980). Culture’s Consequences: International Differences in Work Related Values, Sage, Beverly Hills, CA. Krueger, N. & Dickson, P.R. (1994). How believing in ourselves increases risk taking: perceived self-efficacy and opportunity recognition. Decision Sciences, 25(3), 385-400. Krueger, N. (1993). The impact of prior entrepreneurial exposure on perceptions of new venture feasibility and desirability. Entrepreneurship Theory and Practice, 3, 5-21. Krueger, N. , Reilly, M. & Carsrud, A. (2000). Competing models of entrepreneurial intentions. Journal of Business Venturing, 15(2), 411-32. Mark-Pruett, R. , Bryan, T. , Francisco, L. & Jerry, F. (2008). International Journal of Entrepreneurial Behaviour & Research, 15(6), 571-594.Mitchell, R. , Smith, J. B. , Morsem, E. A. , Seawright, K. , Peredo, A. M. & McKe nzie, B. (2002). Are entrepreneurial cognitions universal? Assessing entrepreneurial cognitions across cultures. Entrepreneurship Theory and Practice, 26(4), 9-32. Reardon, T. , Crawford, E. & Kelly, V. (1989). Link between nonfarm income and farm investment in Africa households: Adding the capital marketing perspective. American journal of Agriculture Economics, 76 (5), 172-179. Romer, P. (1994). The origins of endogenous growth. Journal of Economic Perspectives, 8(1), 3-22. Shane, S. (2003).A General Theory of Entrepreneurship, Edward Elgar, Cheltenham. Shapero, A. (1975). The displaced, uncomfortable entrepreneur, Psychology Today, 9(11), 83-8. Shapero, A. & Sokol, L. (1982). Some social dimensions of entrepreneurship in Kent, C. (Ed. ), Encyclopedia of Entrepreneurship, Prentice-Hall, Englewood Cliffs, NJ, 72-90. Zhao, H. , Hills, G. E. & Siebert, S. E. (2005). The mediating role of self-efficacy in the development of entrepreneurial intentions. Journal of Applied Psychology, 90 (6), 1265-1272. 34 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Main Currents of Spanish Thought

Among the deep thinkers that contributed to the changes that had taken place in Spain during the last decade of the 1800s was Jose Ortega Gasset (883-1955). He is one of the most important Spanish thinkers whose writings examined the manifestations of culture revealing the intimate depths of individual and social human condition. Ortega’s contribution was in the area of education, as he believes that â€Å"if one does not educate for the city, a person cannot be brought to plenitude, and that the school tends to operate on preterit principles, when it should educate from the present for the future† (Palmer, Bresler, & Cooper, p. 244) However, during the last decade of the 1800s in Spain, the Spanish society has been divided by a great debate that raged in 1890s up to early 1900s between the conservative traditional politicians who were asserting that Spain was a global power and had essential role to play in the world, and the so called liberal or perhaps the enlightened politicians who argued that the reality was that Spain during this time was a sinking ship. According to an internet article entitled Spain, the eternal Maja: Goya, Majismo, and the Reinvention of the Spanish National Identity, the debate served as a wakeup call for many Spanish intellectuals to come up with a win-win solution not only to the debate but also to the real condition of the Spanish nation, which was already two decades behind powerful countries such as France, Germany, and England. Among these intellectuals was Miguel de Unamuno who emphasized that it is only by opening windows to European winds, saturating themselves with European ambience, having confidence that they will not lose their identity in so doing would make them catch up with the advancement made such nations (Internet article). Along with other intellectuals such as Jose Martinez Ruiz also known as Azurin and Granados, they were able to revolutionize the Spanish intellectual society. Views of the Authors in their attempt to turn Spain into a Modern Nation The famous writers and authors during the Enlightenment period in Spain such as Giner de los Rios, Angel Ganivet and Joaquin Costa were known as â€Å"the generation of 1898.   Their contribution started upon realizing their country’s weakening condition due to defeats in wars against the United States of America and the lost of treasured colonies such as the Philippines, Puerto Rico, Guam, and Cuba.   During their respective periods they tried to revolutionize the intellectual society as well as to redeem the prominence their country once enjoyed. Like Jose Ortega Gasset, Ginner Delos Rios also saw the importance of education to be able to transform itself and to cope up with fast industrializing European nations. Being highly educated, he was well versed in many branches of knowledge, Ginner Delos Rios’ viewed education as a very important instrument in regenerating the Spanish society; he believed that reforms were not established by laws but by teachers and professors. Delos Rios views held that teachers and educators were responsible in framing the new generations’ educational values and understanding. I believe that his views are timely and appropriate to the present condition of Spain. Ganivet was no doubt a great writer and essayist. His views was reflective of the true condition of Spain, where in he calls Spain’s past as an error, a departure from its true nature. Ganivet believed that Spain must wake up from its present slump and fulfill its true mission to give birth to a great nation and culture. No doubt Ganivet’s view was really interesting; however, his poor interpersonal relationship seemed to have put his ideas on the shelves at least during his own time. Joaquin Costa (1844—1911) on the other hand     descended from a politicians family and was one of generation 1898. Costa’s view of the condition of Spain however, was that the country needs national regeneration. Costa depicts unbelief to the leadership of those in governments in running the affair of the state. How did they see Spain, and how did each think Spain should be changed to become a modern country. Each of these authors viewed Spain during this period as weakening and being slowly left behind by other European countries. Both Delos Rios and Ortega emphasized on the need of education for every individual, while Ganivet saw Spain as lacking regeneration. Perhaps what he meant was that the present generations were failure. The hope of the new of the Nation lies in the new generation. What did these men give to the Spanish Society These men in the first place were able to give the society brilliant ideas on how the society can rise up from where it was at present. They provided a new avenue by which the government can start a new in bringing back the country in line with other advanced nations in Europe. The most particular was the ideas of Miguel de Unamuno to open the country’e windows to other European countries and be satisfy with fresh wind of information and knowledge coming from those countries.  Ã‚   They also provided important educational guidelines that would help keep up standards of learning for every individual. Berrio, J. R. Ftancisco delos Rios (1839-1915) http://www.ibe.unesco.org/publications/ThinkersPdf/giner Palmer, J., Bresler, L., & Cooper, D.E. (2001) Fifty Major Thinkers on Education: From Confucius to Dewey. UK: Routledge   

Dream Destination

What would be your dream destination if you do not need to worry about the budget and time? Sun, sand and sea, a thousand ‘Robinson Crusoe’ islands, massive lagoons with different depths and infinite shades of blue and turquoise, dazzling underwater coral gardens; a perfect natural combination for the ideal tropical holiday destination. However there is more to the Maldives than just that. Mal Dives comprises 1,190 coral islands, forming an archipelago of 26 major atolls on Southwest of Sri Lanka, on the equator. It stretches 820 kilometres north to south and 120 kilometres east to west. 02 are inhabited, 87 are exclusive resort islands. The weather there is generally warm and humid. There are sun shines all year through, and the average temperature is around 29 – 32 degrees Celsius. The origins of the Maldivians are lost in antiquity, but history reveals that the islands have been populated for over 3,000 years ago. Early settlers were travelers on the Silk Route and from the Indus Valley Civilization. Inherently warm, friendly and hospitable by nature, it is easy to feel comfortable and relaxed with a Maldivian.A proud history and rich culture evolved from the first settlers who were from various parts of the world travelling the seas in ancient times. The Maldives has been a melting pot of different cultures as people from different parts of the world came here and settled down. Some of the local music and dance for instance resemble African influences, with handbeating of drums and songs in a language that is not known to any but certainly represents that of East African countries. As one would expect there is a great South Asian influence in some of the music and dancing and especially in the traditional food of the Maldivians.However many of the South Asian customs especially with regard to women are not tenets of life here – for instance, the Sub Continent’s tradition of secluding women from public view. In fact women pl ay a major role in society – not surprising considering the fact men spend the whole day out at sea fishing. Many of the traditions are strongly related to the seas. Dhivehi is the language spoken in all parts of the Maldives. English is widely spoken by Maldivians and visitors can easily make themselves understood getting around the capital island.In the resorts, a variety of languages are spoken by the staff including English, German, French, Italian and Japanese. After a quick look at Mal Dives’ geography, climate, origins, cultures and languages, it’s time for me to tell you my personal reason to choose Mal Dives as my dream destination. The Beaches in the Maldives are spectacular. Families spend their time there with for relaxation, and couples might go there for honey mood. I am so interested in some of the resorts which are built right on the sea. It arouses my desire to jump into the sea in the morning and I am sure I can stay in the resort for a whole d ay.Another special activity is scuba diving. Maldives is treasured as one of best diving destinations, it is the place where a diver’s dream come true. Diving Safaris will lead you to exciting spots hardly ever visited before. It is the best opportunity to discover the breathtaking beauty of the fascinating underwater kingdom known as the best underwater scenery in the world. And, since I enjoy taking pictures, I will try to fill my photo albums with photos of Mal Dives. I believe the natural beautiful scenes of Mal Dives will impress my friends and family. Maybe I will even try to take pictures underwater.Hopefully I will get the chance to take some pictures with mermaids. Although I don’t have to worry about budget and time, I still have to plan my schedule for the trip to Mal Dives. I think I am going to spend at least 5 days 4 nights there with an important person of mine. I plan to make this trip romantic for my girl as I wish to win her heart successfully. The fi rst 2 nights I will choose to stay in Olhuveli Beach & Spa Resort, and I intend to stay at the Honeymoon Water Villa. During the stay at Olhuveli, we can do many kinds of water sports there such as windsurfing or kite boarding.Later, we will go to a sun spa to relax. The magnificent Sun Spa at Olhuveli takes an integrated and holistic approach to your health, providing holistic treatments for your body, mind and spirit. Then, the rest of the holidays I will be in Soneva Fushi in Mal Dives. The reason I choose this resort is that it features its jungle and beach-side location. It is so unique that everything there seems to be made of wood. I am looking forward to walking in the forest in the early morning before breakfast. Later, I will stay around the pool for the rest of the morning.Later, after taking a nap in the wood house, we will do cycling before dinner to end the day. However, Mal Dives is cursed with mounting evidence of an environmental catastrophe. Government scientists f ear the sea level is rising up to 0. 9cm a year, and the Maldives could become uninhabitable within 100 years. What we can do to help Mal Dives is to reduce the emission of greenhouse gas such as using appliances efficiently, and avoiding using plastic bags from grocery stores. It is important to protect and conserve such a beautiful place as Mal Dives.To sum up, as the topic says, I chose Mal Dives to be my dream destination since I don’t have to worry about the budge and time. However, I might need to work on my languages (for example, to learn some Dhivehi, and most importantly, improve my English. ) Anyhow, I believe I am already one step closer to my dream destination. I thank Wells for giving me the opportunity to engage myself in the research on Mal Dives and to learn some English when writing this speech. This is really a great practice. Thank you for listening. Resource: http://www. visitmaldives. com/ http://www. olhuveli. com/ http://www. sixsenses. com/soneva/

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Down's Syndrome into a Mainstream Primary Literature review

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Orgniasing and managing across cultures - Essay Example As such, this report seeks to critically analyse the significance of culture in the management systems in organisations in Africa. The report will also attempt to establish if the ideas that characterise the concept of ubuntu can be applied in other cultural contexts. The philosophy of ubuntu The concept of ubuntu mainly originated from the culture of African people which puts more emphasis on social behaviours such as sharing and treating each other equally (Schultz, 2005). Ubuntu is a metaphor that describes the significance of group solidarity, morality, humanness, hospitality and understanding (Mbigi & Maree, 2005). This concept is very important on survival issues in African communities which as a result of poverty have to survive through brotherly group care and not individual self reliance. This concept is applicable to poor communities and the main idea behind it is to empower the marginalised people and the idea has been harnessed in the management of people in the organisat ions to reflect their interests. With regards to organisations, the concept of ubuntu emphasises the need to harness the solidarity tendency of the African people in developing management practices and approach. Western and African cultures are very different and behaviour of people from these places is also different. In Africa, the philosophy of extended family is given priority while in western cultures, emphasis is on the nuclear family and the individual and competition is encouraged. From an African perspective, reality of underdevelopment cannot be ignored and ubuntu can be possible because of the individuals in the group who collectively pull their efforts towards the attainment of set organisational goals. This philosophy can be harnessed in the nation building process and in the workplace. By gaining a full and deep understanding of the cultural and philosophical basis of the people in a business team or community, one is better positioned to harness their energies (Boon, 2006). One can synergise the operations of an organisation towards a shared vision and comprehend interdependence through the adoption of the ubuntu philosophy in managing business. Without a deep cultural understanding, it may be difficult to coordinate the efforts of the people towards the attainment of the set goals. Managing diversity Africa is comprised of people from diverse cultural backgrounds and these people are often unique and different from the others. The cultural diversity concept of human resources (HR) posits to the effect that the leaders must emerge from the workplace to motivate and direct workforce towards the attainment of the set goals (Grobler et al 2006). Managing diversity in the workplace has become an important part of HRM. Every individual is unique but at the same time we share common characteristics with other people. Therefore, diversity in the workplace means recognising in a positive way that groups of people share common characteristics and others have different characteristics (Kleynhans et al 2007). Thus, the HR professional has a duty help the organisation to comply or go along with the legislation that prevents unfair practices or discrimination because of these differences between people. The concept of ubuntu comes in handy to solve problems likely to be related to managing diversity at the workplace. Managing diversi

Operating systems Essay Example | Topics and Well Written Essays - 1000 words

Operating systems - Essay Example This program is in the complicity level three since it is able to create a batch file to run the automatic back up process. The interaction takes place through a dialogue in a command line mode. It will also be able to operate in a work schedule such that it can run repeatedly. It will run in a multiple back up operation for moving many files in the same session. The backup system will present the menu in command line forms through the same dialogue system. However, the naming system will be a dynamic naming system depending on the user’s discretion, where the system will allow the user to specify the naming protocol, either by use of incremental alphabetical and numerical characters and perhaps linked to the day’s date. The changes in the codes of the batch file will alter the way the file runs. It checks the availability of the source of the files to be backed up as well as the destination directories which are in existence. Simple Source code @echo off :: variables s et drive = C:\Backup set folder = %date:~7,2% set backupcmd = xcopy /s /c /d /e /h /i /r /k /y @pause echo ### Backing up directory... %backupcommand% "C:\Program Files\dir1" "%dirve%\%folder1%" @pause echo The file Backup process Completed successfully @pause @pause @pause We save the file as backup.bat and we see the icon below On running the file the output below appears Result Press any key to continue . .. ### Backing up directory†¦ '"C:\Program Files\dir1"' is not recognized as an internal or external command, operable program or batch file. Press any key to continue . . . The file Backup process Completed successfully Press any key to continue . . . Advanced Source code @echo off :: Declaring source code variables set drive = C:\BatchBackup set bapcmd = xcopy /s /c /d /e /h /i /r  /y @pause @pause echo ### Program for backing up the Documents... %bapcmd% "%USERPROFILE%\My Documents" "%D%\My Documents" echo ### Backing up the Favorites... %bapcmd% "%USERPROFILE%\Site" " %C%\ bapcmd " @pause @pause echo ### The system is Backing up all the Em and address book. %bapcmd% "%USERPROFILE%\Applic Data Files\Microsoft\AddBk" "%C%\ My Address Book" %bapcmd% "%USERPROFILE%\Local Settings\ Applic Data\Identities" "%C%\Outlook Express" @pause @pause echo ### System is Backing up all Ems and Em contacts in MS Outlook express %bapcmd% "%USERPROFILE%\s\ Applic Data\MS Outlook" "%C%\Outlook" @pause @pause echo ### System Backing up Registry********* if not exist "%C%\Registry" mkdir "%D%\Registry" if exist "%C%\Registry\regbackup.reg" del "%D%\Registry\regbackup.reg" regedit /e "%D%\Registry\regbackup.reg" @pause @pause ::Registry Backup Completed Successfully :: use below syntax to backup other directories... :: %bapcmd% "C" "%drive%\ % "D" "%drive% echo System successfully completes Backup Process! @pause @pause @pause Result Press any key to continue . . . Press any key to continue . . . ### Program for backing up the Documents... '"C:\Users\COLOO\My Documents" ' is not recognized as an internal or external com mand, operable program or batch file. ### Backing up the Favorites... '"C:\Users\COLOO\Site"' is not recognized as an internal or external command, operable program or batch file. Press any key to continue . . . Press any key to continue . . . ### The system is Backing up all the Em and address book. The system cannot find the path specified. The system canno

Anna Huffs Article Resistance Research Essay Example | Topics and Well Written Essays - 500 words

Anna Huffs Article Resistance Research - Essay Example Every paragraph is coherent and unified to the other. The student did an excellent job. The grammar errors were minimal in this paper. The only mistake I came across was punctuation issues, which can be corrected through proofreading. Keegan Farrell’s essay, Draft Zahra’s Paradise and Human Rights Abuses, discusses the current situation in Iran of how the regime is oppression its citizens. The article also discusses how the Iranians are opposing this rule, as well as how they are using human rights commissions to fight this rule. Punctuation was also the main grammar mistake in this paper. The student is not conversant with classifying positives in between their sentences. These can be rectified by proofreading the paper severely. Maria mentions people such as Eve Ensler who have endured the act of mistreatment as a way of giving textual evidence. Maria studies Eve deeply, which makes a reader understand what is going in Eve’s life. The grammar issues that I found in this paper include punctuation and incorrect use of prepositions. Such mistakes could be rectified also by proofreading the paper before handing it into the  instructor. Mike Strickland essay, Zahra’s Paradise and the Nonviolent Resistance Movement in Iran, talks about the oppression and resistance of Iranians being persuaded by their regime. Every paragraph of Strickland’s essay discusses the issue mentioned above. He explores the significance of oppression and resistance through explaining the effects of the resistance. As a way of giving textual evidence, the writer gives specific parties, which concern the oppression and resistance in Iran. The logic behind this organization is that the government considers itself superior to others, and what it does is final.

How to build a computer Essay Example for Free

How to build a computer Essay Every fully functioning computer is made of the same basic components and here I’ll walk through the basic hardware youll need for your first build. There are several components a computer. However, it’s important to first understand what each component does. The processor (CPU) is like the brain of a computer, the thing that carries out the tasks you give it. Better CPUs can perform more tasks at once, and perform them faster. Not everyone takes full advantage of their processors full speed, so the high-end processers are only really needed if youre performing intensive things like gaming or video editing. Its also one of the most expensive parts of a computer, so if you arent doing these types of things, you dont need to buy the latest and greatest. Another expensive part is the motherboard connects all the other components to each other, and is the physical base that you build everything else onto. It contains a lot of your machines core features, like the number of USB ports, the number of expansion cards you can put in (like video, sound, and Wi-Fi), and also determines how big your computer will be. The motherboard you buy will depend on the type of user you are. The case holds all of your computers parts together. For the most part, a case is less about features that affect how your computer runs and more about features that affect you and your home. Still, its an important consideration that is dependent on your other choices, so you might want to think about everything before buying one. Make sure the case buy will hold motherboard. RAM, or Random Access Memory, is like your computers short-term memory. It stores data your computer needs quick access to help your programs run faster, and help you run more programs at one time. That basically means the more you want to do at once the more RAM you’ll need. The graphics card, or GPU, is a processor designed to handle graphics. Its what you hook your monitor up to, and its what draws your desktop and your windows on the screen. Some motherboards come with a GPU already integrated, which is enough to manage your desktop, but not enough for watching high definition video or playing games. Your hard drives are what store all of your data, ranging from your operating system to your documents, music, and movies. If the RAM is your computers short-term memory, your hard drive is the long-term memory. It stores the things you want to keep around for a while. An optical drive, more commonly known as a CD or DVD drive is what youll use to read CDs, DVDs, and even Blu-Ray discs. Not everyone needs an optical drive in his/her computer, but you’ll need one to install anything from a disc. The final major component you’ll need is the power supply. This does just as the name implies, it powers the computer. Depending on what you plan on using the computer for will determine the â€Å"size† of power supply you’ll need. Just as I said with picking the case, wait to pick this out until you figure out how much power you’ll need. Now that I’ve told you about all the components that make up a computer it’s time to start deciding which to use. While deciding make sure you read everything because you’ll need to make sure everything is compatible. Now that youve bought all your components, its time for the moment of truth: Youre ready to actually put together the machine. Assembling your computer can seem daunting, but its actually pretty easy. Heres what you need to do. To start, open up your cases box, take out the case, and open it up. Usually this involves unscrewing a few thumb screws on the back of your case and sliding the side panels off. Take a good look around your case and get acquainted; note where the hard drive bays are, where your CD drive will go, whether the power supply mounts on the top or the bottom, and so on. There should also be a bag of screws inside your case; grab that now and set it aside because well need it in a few minutes. Open up your motherboard box and take out the I/O shield, which is the metal plate that protects the ports on the back of your motherboard. You should see a rectangular space in the back of your case where this should go. Snap it into place. This takes quite a bit of force, so make sure all four sides are snapped in securely. Next, pull out your motherboard and line up the ports on the back with the I/O shield. You should see that the holes on your motherboard line up with screw holes on the bottom of your case. There are probably more holes on your case than there are on your motherboard, so note which ones these are, and grab your motherboard standoffs from your bag of screws (they have a male screw end on one side, and a female screw hole on the other side). Screw the standoffs into those holes, and set your motherboard on top of them. Screw your motherboard screws into the standoffs so the motherboard is snugly mounted. Open up your processors box and gently take it out. Your processor is one of the more breakable parts, so this is one step in which youll want to be careful. Find the corner of your processor that has a gold arrow on it, and then look at your motherboards processor socket for a similar arrowed corner. Line these two arrows up; this is the direction your processor will go into the socket. Lift up the lever on the processor socket and put your processor in (Intel motherboards might also have a cover you have to lift up first). Pull the lever down to lock it into place. Again, do this gently—it shouldnt require any feats of strength on your part, so if it isnt falling into place easily, somethings wrong. Take it out and try re-setting it, make sure your two arrows are lined up, and of course, double check that your motherboard and processor are of the same socket type. Once your processors in, grab the cooler that came with your processor (remember, if you got an OEM processor you have to buy a cooler separately). It should already have some silver thermal paste on the bottom. If not, youll need to pick some up from the computer store and put a very thin line on your processor. Installing RAM is very simple. Find the RAM sockets on your motherboard, and pull the two clips on the side down. Line up the notch in your RAM stick with the notch in the socket, and press the RAM down into place. This might take a bit of pressure, so dont worry about being overly gentle. The clips should snap back into place when the RAM is fully in the socket. For your video card (or any other PCI expansion card), find the topmost slot that fits your card and match that up with its plate on the back of the case. Remove that plate and slide the PCI cards bracket in its place. The card should then be sitting on top of the socket, and all you need to do is press down to lock it into place. Then screw the bracket onto the case. Every case is a little bit different in how they install hard drives. Generally, there are two methods: on some cases, you have to pull out a hard drive tray, put the drive in, screw it in securely, and then slide the tray back in. Other motherboards just require you to slide the bare drive into the bay and then screw it in snug after the fact. Check your cases manual for more detailed instructions on this case. The optical drive should be pretty self-explanatory. Just pull out the plastic cover on one of your 5. 25 drive bays and slide in your optical drive. Screw it into place if necessary. Once everything else is in, its time to install your power supply and plug everything in. (Note that if your case came with a power supply, you can skip this step, as itll already be installed). It should be pretty obvious where your power supply goes, as there will be a big rectangular hole on the back of your case. Some power supplies mount on the top, while some sit on the bottom of the case. Generally, they mount with the fan facing away from the edge of the case, unless that case has enough space in between the power supply mount and the end of the case to allow for airflow. Now that you have built your computer it’s time to plug it in and power it. From here it’s time to install an operating system (OS). There are several OS to pick from. The more common are Microsoft Windows and Linux. Each OS installs differently and each user has their own preference. Once you pick an OS read the instructions provided to install it. Now that you have installed the OS you now have a fully functioning computer that you’ve built.

Influence of Pain on Quality of Life for Cancer Patients

Influence of Pain on Quality of Life for Cancer Patients Abstract Purpose: Pain is a common complaint of cancer patients which is found to significantly affect the quality of life of Head and Neck cancer patients. For patients suffering from cancer, control of symptoms and pain play a significant role in improving the overall quality of life of head and neck cancer patients. A literature search revealed that studies on the intensity of pain and quality of life before receiving anticancer therapy are lacking. Thus, this study was an attempt to assess the influence of intensity of pain on quality of life of cancer patients before receiving anticancer treatments Methods: A total of 100 histopathologically confirmed cases of head and neck cancer were interviewed. Intensity of pain was evaluated using the Brief Pain Inventory and the quality of life of patients was evaluated using EORTC QLQ-C30 module.. Results: The results showed that majority of patients suffering from oral cancer belonged to 5th and 6th decade of life. Kruskal Wallis test showed statistically significant in the quality of life and tumour stages. Chi square test also gave significant association between the quality of life and pain. Conclusions:. Assessment of Quality of life in cancer patients will direct the attention of clinician to the most important symptom; pain. Thus appropriate interventions can be instituted at right time along with palliative care to improve the Quality of Life of cancer patients. Keywords: Pain, Quality of Life, Cancer, Palliative care Introduction: Head and neck cancer encompasses a group of tumours involving the lip, oral cavity, nasal cavity, larynx, pharynx and paranasal sinuses. By incidence, it is the sixth leading cancer worldwide and eighth by fatality. Every year 0.5 million new cases are reported. It usually develops in 6th-7th decade of life and five year survival rate in a patient suffering from HNSCC is 40-50%. Approximately 40% of these tumours occur in the oral cavity, 15% occur in the pharynx, and 25% occur in the larynx; in 90% of the cases, the most common histologic type is squamous cell carcinoma. (1) Pain is the most burdensome symptom and is one of the most common complaints in a patients suffering from Head and Neck cancer. A systematic review evaluating the prevalence of pain in cancer patients over past 40 years reported high figures in the range of 52-77%. (2) The review also stated that as the stage of cancer advanced the prevalence of pain also increased. They reported a prevalence of 62%–86% in patients with advanced cancer. (2) These figures are in contrast to rapidly increasing research work in the field of pain relief. Pain is one of the most significant symptoms of cancer patients that affects multiple domains of life ranging from its impact on physical functioning to emotional functioning. It is a usual symptom of cancer patients, accounting for 30% to 40% of their chief complaints, and is of multifactorial aetiology. Approximately 58% of cancer patients suffer from unbearable pain, and this prevalence increases to 85% in patients with cancer in advanced stages. (3. A metanalysis which was carried out in the year of 52 studies for evaluating the prevalence of pain in cancer patients, reported that head and neck cancer patients had the highest prevalence of pain exceeding gastrointestinal gynaecological, breast and lung tumours. (2) In Head and Neck cancer patients, pain distresses the oral functions and is chief complaint in approximately 58% of the patients awaiting treatment and in 30% of the treated patients (4,5). The term â€Å"Quality of Life† has been used in literature in various ways both as a concept and an instrument of measurement. Very rarely has it been defined clearly. It may be considered as a subjective term which conveys the perception of a patient about his life which may either be positive or negative. It includes an assessment of general health, satisfaction, fulfilment, ability to cope, happiness, being in control and degree of independence. (6) Not only does pain affect the life of quality of patients before seeking antineoplastic treatment, also it has devastating effect in patients undergoing treatment. Thus there has been a growing interest in the inclusion of measures for improving life quality of patients before, during and after undergoing quality of life treatments. Literature search revealed that studies on the intensity of pain and quality of life before receiving anticancer therapy are lacking. Thus, this study was undertaken to assess the severity of pain and its impact on the quality of life (QoL) in untreated patients with head and neck carcinoma using questionnaire. Also the association of pain severity with clinical stage of the tumour and lymph node involvement was assessed. Materials and Methods: The study was carried out in the patients reporting to the outpatient department of K.L.E.V.K.I.D.S and Belgaum Cancer Institute. Ethical clearance was obtained from the institution. A total of 100 confirmed head and neck cancer patients were interviewed. Untreated histopathologically confirmed head and neck cancer patients were included in the study while patients who were receiving, or had completed their course of treatment for cancer, with recurring malignant disease and with compromised physical and mental state which prevented them from answering questions were excluded from the study. Patients were divided into four groups depending on their stage of tumour as follows:- Group I = Stage I=23 patients Group II = Stage II=25 patients Group III = Stage III=25 patients Group IV = stage IV=27 patients Pain was evaluated using â€Å"Brief Pain Inventory (BPI)† (7) which was validated in the North Indian Population.(8) The BPI is a 11 point scale which is presented horizontally from numbers ranging from 0-10. The Questions were translated in the local language of the patient. Patients were asked to rate their pain in the last 24 hours at its Worst, Least and on Average. Patients were also asked to encircle the number indicating the amount of pain they were having at present. The pain was then categorized into four groups: No pain (0), Mild pain (1-4), Moderate pain (5-6) and Severe pain (7-8) The Quality of Life of patients was assessed using the European Organization for Research and Treatment of Cancer Quality of Life Questionnaire Core-30 (EORTC QLQ-C30) version 3.0 (9) which was validated in Indian Population (10).EORCTC QLQ-C30 is a 30 item questionnaire which consists of five functional scale, three symptom scale, six single items and Global Quality of life question.(8) The functional scale comprises a set of questions to evaluate the functioning of a cancer patient which includes Physical, Role, Cognitive, Social and Emotional Functioning. Symptom Scale includes three items to evaluate the fatigue, pain and nausea in patients. A number of single items such as Dyspnoea, Insomnia, Insomnia, Constipation, appetite loss, Diarrhoea and Financial difficulties were also included. The Symptom scale evaluated Fatigue, Pain and Nausea. Patients were asked to answer each question on a 4 point scale ranging from 1-4; corresponding to pain as Not at all (1), A little bit (2), Quite a Bit (3, Very Much (4). Patients were asked to rate the last two items (Global Quality of Life ) on a horizontal scale ranging from 1-7. All the scores thus obtained were linearly transformed to be expressed on a scale from 0-100. All the data was tabulated and non-parametric tests were applied. The data was subjected to Descriptive statistics, Mann-Whitney and Kruskal – Wallis test. Results: 100 histopathologically confirmed cases were enrolled in the study. The results showed that head and neck cancer was common in patients in 5th and 6th decade of life (35% and 32% respectively) with a mean age of 54.8 years (age range-24-86 years). Strong predominance of male population (79%) was seen. Out of a total 100 patients, 67% patients had the site of primary tumour in Oral cavity followed by Oropharynx (22 %), Larynx (6%)and Hypopharynx (5%). Lymph node involvement was present in 66% patients. The Mean scores for all the items on the scale was obtained using the EORTC QLQ-C30 Scoring Manual. Patients in the early stages of tumour scored significantly higher on function scale indicating higher functionality and ease in their daily activities. On contrary patients with advanced cancer scored higher on symptom scale indicating hampered quality of life and greater difficulty in doing their day to day work. Kruskal wallis test showed significant difference in the quality of life and the tumour stages, which was statistically significant .(p value On applying Mann Whitney test significant differences in the quality of life of patients with lymph node involvement and without lymph node involvement. (p value Chi square test also gave significant association between the quality of life and pain. (p value Discussion: This study was carried out to assess the influence of pain severity on quality of life of head and neck cancer patients before receiving any antineoplastic treatment. With approximately one million of new cancer cases being added every year in India and 80% of them presenting in advanced stages ( stage III and stage IV)(11)the need for pain relief and palliative therapy is imperative. Cancer pain still being one of the most dreaded and burdensome aspects of cancer patients draws attention to the management of pain in head and neck cancer patients. Inspite of introduction of WHO’s step ladder pattern for the management of pain control in cancer patients (12) it has been reported that less than 3% patients in India have an adequate access to pain relief. (13) . The present study also showed signification association between the cancer pain and stage of tumour. Patients with advanced stage of tumour experienced more difficulty in talking, swallowing etc. and poorer quality of life thus indicating a greater need for the institution of pain relief measures. The findings were consistent with the study done by Oliveira KG et al (14) who concluded that patients in advanced stages showed higher impairment in their functional status. Similar findings were noted by Connely et al (4) who reported that patients with squamous cell carcinoma experienced significantly incr eased function-related intensity of pain rather than spontaneous. The reasons for under treatment and inadequate pain relief could be attributed to poor resources, inaccessibility to morphine, misconception about the drugs for pain relief e.g. addiction, opiophobia of patients and communication problems. (15) Also the nature of Cancer pain is not fixed. It has multiple complex aetiologies and is recurring in nature. One of the very important reasons for the inadequate pain relief in cancer patients is that currently no such medication exists for chronic cancer pain that will provide more than 30% relief to the cancer patients.(16) This makes the institution of palliative and support care even more essential. The World Health Organization has defined Palliative care as â€Å"An approach that improves the quality of life of patients and their families facing the problems associated with life-threatening illness, through the prevention and relief of suffering by means of early identification and impeccable assessment and treatment of pain and other problems, physical, psychosocial, and spiritual.† (17) WHO emphasizes on meeting the psychological, social and mental needs of the patients so as to improve their quality of life. However, it has been reported that approximately 85% of patients who are admitted to palliative care centres have inadequate relief of pain. (18). Despite the fact that HNC has the highest pain prevalence of all the cancers and is one of the initial symptoms that motivate the patients to seek medical opinion, health care professionals concentrate solely on the surgical aspects, radiotherapy and chemotherapy. The management of chief complain of the patient i.e. pain is neglected which leads to poor quality of life. Therefore an evaluation of cancer patients before initiating any antineoplastic treatment is critical to because most of the studies concentrate on the assessment of pain during or after treatment. Conclusion: The average time from the admission of patients to palliative care unit and their death is usually less than a month thus indicating that palliative care is usually initiated only in the terminally ill patients, An assessment of quality of life of cancer patients before treatment will draw the attention of the clinician to the most symptomatic and feared aspect of cancer i.e. pain. Thus appropriate measures for pain relief along with supportive and palliative care can be instituted right from the beginning of the treatment which will greatly enhance the quality of life of cancer patients. References: Parkin DM, Bray F, Ferlay J, Pisani P:Global cancer statistics, 2002. CA Cancer J Clin2005,55:74-108. Van den Beuken-van Everdingen MH1, de Rijke JM, Kessels AG, Schouten HC, van Kleef M, Patijn J. Prevalence of pain in patients with cancer: a systematic review of the past 40 years. Ann Oncol. 2007 Sep;18(9):1437-49. Cuffari L, de Tesseroli SJT, Nemr K, Rapaport A:Pain complaint as the first symptom of oral cancer: a descriptive study. Oral Surg Oral Med Oral Pathol Oral Radiol Endod2006,102:56-61. Connelly ST, Schmidt BL: Evaluation of pain in patients with oral squamous cell carcinoma. J Pain 2004, 5:505-510 Epstein JB, Emerton S, Kolbinson DA, Le ND, Phillips N, Stevenson-Moore P, Osoba D: Quality of life and oral function following radiotherapy for head and neck cancer. Head Neck 1999, 21:1-11. Bjordal K1, Kaasa S. Psychometric validation of the EORTC Core Quality of Life Questionnaire, 30-item version and a diagnosis-specific module for head and neck cancer patients. Acta Oncol. 1992;31(3):311-21. Cleeland CS, Ryan K: Pain assessment: global use of the Brief Pain Inventory. Ann Acad Med Singapore 1994, 23:129-138. Saxena A , Mendoza T,. Cleeland C. The assessment of cancer pain in north India: the validation of the Hindi Brief Pain InventoryBPI-H. J Pain Symptom Manage. 1999 Jan;17(1):27-41 Aaronson NK, Ahmedzai S, Bergman B, Bullinger M, Cull A, Duez NJ, Filiberti A, Flechtner H, Fleishman SB, de Haes JCJM, Kaasa S, Klee MC, Osoba D, Razavi D, Rofe PB, Schraub S, Sneeuw KCA, Sullivan M, Takeda F.The European Organisation for Research and Treatment of Cancer QLQ-C30: A quality-of-life instrument for use in international clinical trials in oncology. Journal of the National Cancer Institute 1993; 85: 365-376. Chaukar DA, Das AK, Deshpande MS, Pai PS, Pathak KA, Chaturvedi P, Kakade AC, Hawaldar RW, DCruz AK. Quality of life of head and neck cancer patient: validation of the European organization for research and treatment of cancer QLQ-C30 and European organization for research and treatment of cancer QLQ-HN 35 in Indian patients. Indian J Cancer. 2005 Oct-Dec; 42(4):178-84. Seamark D, Ajithakumari K, Burn G, Saraswalthi Devi P, Koshy R, Seamark C. Palliative care in India. J R Soc Med. 2000;93:292–5. Vardy J, Agar M. Nonopioid drugs in the treatment of cancer pain. J Clin Oncol. 2014 Jun 1;32(16):1677-90. Khosla D, Patel F, and Sharma S. Palliative Care in India: Current Progress and Future Needs. Indian J Palliat Care. 2012 Sep-Dec; 18(3): 149–154. Oliveira KG, von Zeidler SV, Podestà ¡ JR, Sena A, Souza ED, Lenzi J, Bissoli NS, Gouvea SA. Influence of pain severity on the quality of life in patients with head and neck cancer before antineoplastic therapy. BMC Cancer. 2014 Jan 24;14:39. Thapa D, Rastogi V, Ahuja V. Cancer pain management-current status. J Anaesthesiol Clin Pharmacol. 2011 Apr-Jun; 27(2): 162–168. Bloodworth D. Opioids in the treatment of chronic pain: Legal framework and therapeutic indications and limitations. Phys Med Rehabil Clin N Am. 2006;17:355–79. Geneva: World Health Organization; [Last accessed on 2012 Mar 02]. â€Å"WHO Definition Of Palliative Care â€Å"Available from: http://www.who.int/cancer/palliative/definition/en . Lin YL, Lin IC, Liou JC: Symptom patterns of patients with head and neck cancer in a palliative care unit. J Palliat Med 2011, 14:556-559.

A Study of Small Sculpture from the Mesoamerican Societies Essay

  Ã‚  Ã‚  Ã‚  Ã‚  The Olmec, Maya, and Aztec were dominating societies of Mesoamerica, rich in culture, community, and art. While life may not be completely interpretable yet, much in known about how these societies were constructed, and how their religion dominated their lives. Much is generally made of their massive stonework, their ceremonial complexes, and ritual sacrifices, but their small jade, ceramic, and stone sculpture deserves as much attention as the works of much larger size have received.   Ã‚  Ã‚  Ã‚  Ã‚  The Olmec were thought to have set many of the patterns seen in later cultures throughout Mesoamerica.1 San Lorenzo, the oldest known Olmec building site, as of the time of the Brittanica article, is known for its Colossal Stone Heads, all of which have prominent facial features. Las Bocas was excavated and many small jade figurines of people in the community were found. Some of these appear to have ritualistic purposes, judging by the incising noted on the sculpture.   Ã‚  Ã‚  Ã‚  Ã‚  The Olmec culture spread northwest and southeast, and seemingly influenced later cultures in artistic endeavors.2   Ã‚  Ã‚  Ã‚  Ã‚  The concept of sacrifice in Olmec art had ties to the belief of renewal; a birth-death scenario, where one is returned to the source - the underworld.3 Similar to monumental figures of men presenting children, wearing jaguar-baby masks, for sacrifice, human figures were sculpted in a much smaller scale, many of which are ceramic or polished jade (fig. 1).   Ã‚  Ã‚  Ã‚  Ã‚  The Las Bocas site of the Olmec produced many small figurines that are thought to represent the people who lived there. These objects display Olmec symbols on their hairstyles or bodies, and because they were found at or near grave sites, these pieces are believed to have more purpose than simply the depiction of daily life.4 An example of this type of sculpture is of a man and woman embracing (fig. 2).   Ã‚  Ã‚  Ã‚  Ã‚  The â€Å"Wrestler† figure is an example of Olmec sculpture that should be viewed from all angles, not just frontal. â€Å"The long diagonal line of the figure’s back and shoulders is as beautiful and commanding as the frontal view.†5 The pensiveness of the expression on the man’s face suggests individuality and portraiture (fig. 3).   Ã‚  Ã‚  Ã‚  Ã‚  Jade was a really p... ...assic Maya Art and   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Architecture.† In The Ancient Americas: Art from Sacred Landscapes, ed.   Ã‚  Ã‚  Ã‚  Ã‚  Richard F. Townsend, 159-169. Chicago: The Art Institute of Chicago,   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1992. Miller, Mary Ellen. The Art of Mesoamerica from Olmec to Aztec, 2nd ed.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  London: Thames and Hudson, 1996. Reilly III, F. Kent. â€Å"Art, Ritual, and Rulership in the Olmec World.† In The   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ancient Civilizations of Mesoamerica, eds. Michael E. Smith and Marilyn   Ã‚  Ã‚  Ã‚  Ã‚  A. Masson, 369-399. Oxford: Blackwell Publishers, 2000. Valdes, Juan Antonio. â€Å"The Beginnings of Preclassic Maya Art and   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Architecture.† In The Ancient Americas: Art from Sacred Landscapes, ed.   Ã‚  Ã‚  Ã‚  Ã‚  Richard F. Townsend, 147-57. Chicago: The Art Institute of Chicago,   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1992.

Radio Frequency Weapons and the Next Phase of Terrorism :: September 11 Terrorism Essays

Radio Frequency Weapons and the Next Phase of Terrorism         Ã‚  Ã‚  Abstract:   This paper examines different types of radio frequency ("RF") weapons that are currently being developed.   It discusses the different types of weapons that currently exist, explains why they would be useful to terrorists, and explores different ways to defend against them.        Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Recent media articles have put forth the idea of the "RF weapon," something that has been described as if it were a magical gun that can bring the United States to its knees.   While these weapons do exist, the threat they pose is far less widespread and dangerous than articles such as "RF Weapons Attacking Our Freedom?" propose.   Having said that, however, the threat is real, and steps need to be taken to defend against RF weaponry.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   One of the first distinctions that should be drawn in this discussion is that between RF weapons and EMP weapons.   An EMP (electromagnetic pulse) is usually employed by detonating a thermonuclear devices at high altitudes (500 miles or more) above the Earth.   The resulting electromagnetic pulse cripples any electronic equipment within its path.   Thus, one nuclear device can be used to cripple the modern infrastructure of an entire nation [1].   An RF device is effective over a much smaller range, but it can cause just as much damage [2].      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   According to David Shriner, a former military engineer and expert on RF technology, there are a number of different types of RF weapons, which are also referred to as High Powered Microwave (HPM) weapons.   The first type is the conventional RF weapon, which sends out a concentrated band of radio waves toward a target.   These radio waves act in a way similar to the waves inside a normal microwave oven; given a sufficient amount of power, they can be used to heat and damage electronic equipment operating at the same frequency.   Because of this need to match frequency with the target, conventional RF weapons require prior research and intelligence before they can be deployed effectively by terrorists [3].      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A second, more insidious type of HPM weapon is what Shriner calls the Transient Electromagnetic Device (TED).   Instead of producing a sine wave at a particular frequency (as conventional RF devices do), the TED creates a sudden spike of energy that can last as little as 100 picoseconds (the amount of time it takes light to travel about 1.

Ian McEwans Enduring Love Essay -- Ian McEwan Enduring Love Essays

Ian McEwan's Enduring Love Evident throughout the entire plot of ‘Enduring Love’, Ian McEwan fuses three different genres: love story, detective story and thriller. Each genre I believe has a set of expectations that captures the reader urging them to read on, for example a thriller genre would stereotypically be led by a fast, tense pace with characters easily identifiable as ‘goodies’ and ‘baddies’. Different, fresh and ‘novel’ McEwan establishes his break up of typical genres as he mixes the elements of the three main genres and purposely doesn’t stick to their rigid framework that many authors swear by. It is however important to assess to what extent that McEwan successfully combines these genres and how effective his method is. During the exposition of ‘Enduring Love’, McEwan attempts to â€Å"entice the reader into making that commitment† creating an â€Å"addictive quality† which I believe he does so by incorporating several stylistic devices, flowing from one to the other throughout the entire of the first chapter. Focusing particularly on the action of the event Joe is describing, McEwan incorporates parts of the romance genre and the detective story, switching from one to the other frequently. â€Å"We set off down our path arm in arm†¦the warmth and tranquillity in her voice†, Concentrating on the ‘romance’ genre, McEwan allows the reader to feel a connection with Joe as we are made aware of his emotions for Clarissa. Exploring different themes of love, we become acquainted with Clarissa’s love of Keats poetry, â€Å"Clarissa’s interest in these hypothetical letters had something to do with our own situation† and the love for others surrounding Joe at the station â€Å"it was smiles and hugs, and in thirty-five m... ...he is telling her. â€Å"Don’t get angry with me, Joe. You didn’t see his face, and he wasn’t in the square†. To conclude, I believe that it is correct to state that â€Å"Enduring Love gracefully bridges genres†, as McEwan intervenes from one genre to another successfully without a break up in the plot. The only exception of this is, I believe is the chapter in which the ‘thriller’ genre is introduced as I believe that it is out of character for Joe to go such an extreme and this is the only part of the book that I felt I was not a part of, as McEwan failed to engage me fully with the lack of realism. It could however be argued that this was McEwan’s intention to alienate this chapter to depict the message that it is possible for anyone, however radical and intelligent to take such extreme actions under the ‘given circumstances’ and the pressures that Joe faced. Ian McEwan's Enduring Love Essay -- Ian McEwan Enduring Love Essays Ian McEwan's Enduring Love Evident throughout the entire plot of ‘Enduring Love’, Ian McEwan fuses three different genres: love story, detective story and thriller. Each genre I believe has a set of expectations that captures the reader urging them to read on, for example a thriller genre would stereotypically be led by a fast, tense pace with characters easily identifiable as ‘goodies’ and ‘baddies’. Different, fresh and ‘novel’ McEwan establishes his break up of typical genres as he mixes the elements of the three main genres and purposely doesn’t stick to their rigid framework that many authors swear by. It is however important to assess to what extent that McEwan successfully combines these genres and how effective his method is. During the exposition of ‘Enduring Love’, McEwan attempts to â€Å"entice the reader into making that commitment† creating an â€Å"addictive quality† which I believe he does so by incorporating several stylistic devices, flowing from one to the other throughout the entire of the first chapter. Focusing particularly on the action of the event Joe is describing, McEwan incorporates parts of the romance genre and the detective story, switching from one to the other frequently. â€Å"We set off down our path arm in arm†¦the warmth and tranquillity in her voice†, Concentrating on the ‘romance’ genre, McEwan allows the reader to feel a connection with Joe as we are made aware of his emotions for Clarissa. Exploring different themes of love, we become acquainted with Clarissa’s love of Keats poetry, â€Å"Clarissa’s interest in these hypothetical letters had something to do with our own situation† and the love for others surrounding Joe at the station â€Å"it was smiles and hugs, and in thirty-five m... ...he is telling her. â€Å"Don’t get angry with me, Joe. You didn’t see his face, and he wasn’t in the square†. To conclude, I believe that it is correct to state that â€Å"Enduring Love gracefully bridges genres†, as McEwan intervenes from one genre to another successfully without a break up in the plot. The only exception of this is, I believe is the chapter in which the ‘thriller’ genre is introduced as I believe that it is out of character for Joe to go such an extreme and this is the only part of the book that I felt I was not a part of, as McEwan failed to engage me fully with the lack of realism. It could however be argued that this was McEwan’s intention to alienate this chapter to depict the message that it is possible for anyone, however radical and intelligent to take such extreme actions under the ‘given circumstances’ and the pressures that Joe faced.

Dr.George Borg Olivier

Dr. George Borg Olivier (1950-1955, 1962-1971) | | Notary Giorgio Borg Olivier, was born in Valletta on the 5th July, 1911. He was educated at the Lyceum, Malta, and the Royal university of Malta. He graduated Doctor of Laws in 1937. In 1939 he was elected to the Council of Government. With the return of responsible Government in 1947 Dr. Borg Olivier was elected to the Legislative Assembly. In 1950 he held the post of Minister of Works and Reconstruction and the post of Minister of Education in the Government led by Dr Enrico Mizzi.He succeeded Dr Mizzi as Prime Minster and Minister of Justice on the latter's death in December 1950. After the general elections held in May 1951, Borg Olivier formed a coalition Government with the Malta Works Party. He was Head of the new Government, he retained the Ministry of Works and Reconstruction. He was again returned to office in 1953 and was Head of a Coalition Government with the Malta Worker's Party until he was defeated in 1955. From 1955 to 1958 Dr Borg Olivier was leader of Opposition.He led the delegations in June and September 1955 for the Malta Round Table Conference and in November 1958 he led a delegation for talks in London about the restoration of self-government. Following the February 1962 election, Giorgio Borg Olivier accepted to form a Government after obtaining important amendments to the Constitution. In addition to being Prime Minister, he assumed the portfolio of Minister of Economic Planning and Finance. In June he made a formal request for independence and in September of the same year he attended the Commonwealth Prime Minister's Meeting.On the 13th July, 1963, Borg Olivier headed a Government delegation for the Malta Independence Conference at the end of which it was announced that Malta would become independent. After having had a series of talks with the British Government and after preparing a Constitution for and independent Malta, which was endorsed by Parliament and approved by the people in a referendum held in February 1964, and the 21st September was set as Malta's Independence Day.On Independence Day the degree of Doctor of Literature (Honoris Causa) was conferred on Borg Olivier by the Royal University of Malta. On 25th January, 1964, Borg Olivier was made a Knight Grand Cross of the Order of St. Sylvester, Pope, by His Holiness Pope Paul VI. In November 1964, he was received by His Holiness Pope Paul VI and made Knight Grand Cross of the Order of Pius IX. In March 1965, he became Minister of commonwealth and Foreign Affairs in addition to his duties as Prime Minister and Minister of Economic Planning and Finance.In the General Elections held in March 1966, the Nationalist Party was again returned to power with Borg Olivier as Prime Minister and Minister of Commonwealth and Foreign Affairs. On the 14th June, 1968, Dr Borg Olivier was decorated with the Grand Cross of Merit of the Order of Malta by the Grand Master of the Sovereign Military Hospitallier Order of St. John of Jerusalem, of Rhodes and of Malta. Giorgio Borg Olivier married Alexandra Mattei in 1943. They have one daughter: Angela, and two sons: Alexander and Peter. Died on 29th October, 1980.

Love and Hate

Love and Hate BY zulatkac Love and hate are two powerful and intense emotions that define humankind. Both emotions are independently defined as opposites but are almost compatible in terms of how they make one feel. Love and hate are also dependent emotions, you feel one because of the other. They are like two halves of a whole, one cannot exist without the other. Hate is the absence of love. We love to hate but hate to love. Love and hate are not as complicated as people make them out to be but they have different levels. You love your family because they have sheltered, raised, and provided for you.You love your friends because they offer social experiences, comfort, and laughter. You then have a lover which is the complicated part but everyone experiences having a lover different. You hate someone because they have physically, emotionally, and mentally hurt you. You can hate someone you do not even know because you see what they are like and you do not like what they do, how they act, or what they say. Love is wanting the best for people. Love is to show affection from the heart. To love is to give someone something special and not expect anything in return. Love can make you produce a life.Love is what you feel when you find your one and only. Realistically love is a frightening emotion. Many people are not able to Just reach out and grab it. Love makes you feel uncomfortable. Love rocks our thoughts and confuses our emotions. Everyone loves the idea of love or being in love. In movies love means living a happily ever after with the person you choose to spend forever with. Love plays games with your mind and makes you do crazy things that you did not think you were capable of. Love is an emotion you learn to feel and you must work hard to find love within you but work harder to keep it.Hate is wanting the worst for people. Hate is to show despise or cold heartedness. To hate is to not give anything at all but expect everything in return. Hate can make you t ake a life away. Hate is what you feel when someone takes away your one and only. Hate is an angry and hurtful emotion. It is a evil poison that overpowers the world but is a motivation to keep going. With so many hateful people and acts in this world, hate is so familiar. We learn about wars and genocides and realize it happened because of self interest, our history is because of hate. Hate is for the selfish, weak, and close minded people who ignore love.Everyone is so used to being hurt or revenging because of being hurt that hate has become a part of who you are. It gives you this illusion that you are in control of your emotions because you think you understand it. Love and hate define each other. Without hate there is no love, and without love there is no hate. At one point in your life or another you experience both of these emotions. Everyone experiences these emotions differently but it is true that both emotions change your behavior and make you act irrational. Lovers spre ad love, haters spread hate. Love is right and hate is wrong.

Cornell University Johnson Graduate School Of Management

Traditional finance theories assume that financial market participants are rational, and argue that the financial market is always efficient and prices are always right.Behavioral finance, on the other hand, argues that securities market prices can be wrong, and that a lot of financial market phenomena can plausibly be understood only under the assumption that some market participants are not fully rational. This course gives an introduction to behavioral finance, and discusses its applications in investment management. We will first introduce the conceptual framework of behavioral finance, and then apply the framework to the study of individual stock trading and portfolio management. Topics covered in the course include: limits of arbitrage (i. e. why stock market mispricing can persist), investor psychology and behavior (and how to overcome our own irrational biases in stock trading), stock index predictability and market timing, stock portfolios that were shown to beat the market (including value, momentum, size, earnings quality, volume, earnings management, and many other effects), and applications of behavioral finance in quantitative asset management. As a summary of the course, we will apply the conceptual framework of behavioral finance to the understanding of China’s financial market (as an example of emerging markets).PREREQUISITES You must have taken an introductory level finance course that covers basic topics such as stocks and bonds, the CAPM, and the efficient market hypothesis. COMMUNICATING WITH ME My office hours are Monday, 4:30-6:00pm. You should also feel free to communicate with me by email. 1 TEXTBOOK AND SUPPLEMENTARY READINGS The required textbook is Richard H. Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. For each session, there will be required reading and (occasionally) optional reading.All required readings are either included in the course packet or wil l be handed out in class. All optional readings will be posted on Blackboard. All classroom handouts will also be posted on Blackboard. The following books are optional supplementary readings and can be purchased in many bookstores or from online vendors. Behavioral Finance: A User’s Guide, by James Montier, Wiley Finance Series, 2002. ? An introduction of behavioral finance from a practitioner’s perspective. Advances in Behavioral Finance, edited by Richard Thaler. The first volume preceding our textbook. Contains some important early academic articles on behavioral finance. Irrational Exuberance, by Robert Shiller. ? A great book on the Internet bubble. The Myth of the Rational Market – A History of Risk, Reward, and Delusion on Wall Street, by Justin Fox (2009). ? On the history of efficient market theory and behavioral finance. Behavioral Finance and Wealth Management – How to Build Optimal Portfolio That Account for Investor Biases, by Michael M. Pom pian. ? Written from the perspective of a wealth manager and practitioner.When Genius Failed, by Roger Lowenstein. ? An account of LTCM failure. CLASS PREPARATION There will be a reading, as well as an occasional case assignment, to prepare for each session. You are expected to be prepared for each session by doing the reading and working on the assignment for the case. Each individual is required to turn in the case assignment prior to the class during which the case is discussed. Those listed in the syllabus are subject to change during the semester, which will be announced in class when applicable. 2 GRADINGThe grade will be based on problem sets (10%), class participation and case assignments (10%), an exam (50%), and the final individual term project (30%). PROBLEM SETS Three problem sets will be assigned during the course, with the following preliminary schedule: Problem Set 1 Problem Set 2 Problem Set 3 Assignment Date 10/17 (Wed) – Session 2 10/29 (Mon) – Sessi on 5 11/7 (Wed) – Session 8 Due Date 10/24 (Wed) – Session 4 11/5 (Mon) – Session 7 11/ 14 (Wed) – Session 10 Problem sets are not included in the course packet, but will be handed out in class.Late submissions will not be accepted. You may work with other students in the class (from either section) for all the problem sets. (Of course, there is no reason to believe that an organized group is the best approach for everyone. ) A team of people need only submit one copy of their solution for a particular problem set. However, the number of students submitting one problem set solution is limited to no more than four. Every member of a group submitting a problem set solution will receive the same grade on that problem set. Solutions to each problem set will be made available.Grades on problem sets will be recorded by giving a â€Å"check-plus,† â€Å"check,† or â€Å"check minus. † Typically, the problem sets will not be discussed in clas s. EXAM There will be a (closed-book) in-class exam on Monday, November 19. TERM PROJECT A term project is the final requirement for the course. A detailed assignment on the term project will be handed out during the semester. Each individual needs to submit a written term project (into a box marked â€Å"NBA 5980† in 304 Sage Hall) no later than 1pm, December 6 (Thursday). ATTENDANCE POLICIES As mentioned above, class participation is a factor in determining the final grade.It is expected that all students attend all classes. It is also expected that students will be on time for class and will not disrupt the class by leaving early or by leaving and returning to class. We recognize that there are medical and other special circumstances that may cause a student to miss a class. Special circumstances may also arise that cause a student to miss part of a class. If such circumstances arise, students should contact the instructor (preferably by e-mail) and explain why it was nece ssary to miss part or all of a class session.This should be done before the absence if the absence is foreseen in advance and as soon as possible after the absence if the absence was unanticipated. Students who miss parts of class sessions or class sessions in their entirety without reasonable justification should expect that their class participation grade may be adversely affected in a significant way. 3 Schedule of Sessions and Reading List (Note: Advances is the abbreviation for our textbook: Richard Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. ) Session 1 0/15 (Mon) Topics: Introduction and Examples of Extreme Mispricing Overview of the course, efficient market hypothesis, and extreme examples of market mispricing. Advances (pp 1-2; 8-12), Chapter 1, sections 1; 2. 3 How Did Economists Get It So Wrong? by P. Krugman (in packet) Anomalies: The Law of One Price, by Lamont-Thaler (in packet) Greenspan Concede s Error in Regulatory View (NYT) (in packet) Ignoring the Oracles, by Justin Lahart (in packet) Has Financial Development Made the World Riskier? by Raghu Rajan (2005) (posted on Blackboard) Advances (pp 102-169), Chapters 3-4Required Reading: Optional Reading: Session 2 10/17 (Wed) Topics: Limits of Arbitrage LTCM and convergence bets, noise trader risk and other reasons for limits of arbitrage. Advances (pp 3-8), Chapter 1, sections 2. 1-2. 2 HBS Case: Long-Term Capital Management, L. P. (A) (in packet) Assignment on the Case of Long-Term Capital Management (to be submitted at the beginning of class on 10/17) How the Eggheads Cracked, by Michael Lewis (in packet) Advances (pp 79-101), Chapter 2 (academic and theoretical) Required Reading: Assignment: Optional Reading:Session 3 10/22 (Mon) Topics: Investor Psychology: Overcoming Our Own Biases Common human psychological biases in beliefs and risk preferences. How to overcome our own biases in stock trading? Advances (pp 12-22), Cha pter 1, section 3 Aspects of Investor Psychology, by Kahneman-Riepe (in packet) Required Reading: 4 Session 4 10/24 (Wed) Topics: Behavior of Individual Investors Behavior of individual investors, home bias and naive diversification, individual buying and selling decisions, disposition effects, individuals vs. institutions.Advances (pp 50-56), Chapter 1, section 7 Advances (pp 543-569), Chapter 15 Advances (pp 570-601), Chapter 16 Required Reading: Optional Reading: Session 5 10/29 (Mon) Topics: Stock Index: Predictability and Market Timing Stock index-return predictability, equity premium puzzle, market timing and tactical asset allocation Advances (pp 173-201), Chapter 5 Change Agent: How Greenspan Finally Came to Terms †¦, by Schlesinger (in packet) Advances (pp 22-35), Chapter 1, section 4 (academic and theoretical) Required Reading: Optional Reading: Session 6 10/31 (Wed) Topics: Anomalies in Stock Portfolio ReturnsPortfolios that beat the market (even after adjusting for beta); the price effect of investor mis-reactions, momentum and reversal, post-earning-announcement drifts, post-corporate-event returns Advances (pp 35-41), Chapter 1, section 5. 0 Does the Stock Market Overreact? by DeBondt-Thaler (in packet) Advances (pp 353-388), Chapter 10 Required Reading: 5 Session 7 11/5 (Mon) Topics: Value and Momentum – Theories and Explanations Explanations of value and momentum effect; combining value and momentum; using volume to improve return predictability Advances (pp 41-47), Chapter 1, sections 5. -5. 3 (theoretical) Contagious Speculation and a Cure for Cancer, by Huberman and Regev (in packet) Price Momentum and Trading Volume, by Lee and Swaminathan (on Blackboard) All the News That’s Fit to Reprint, by Tetlock (on Blackboard) Required Reading: Optional Reading: Session 8 11/7 (Wed) Topics: Earnings Quality and Corporate Governance How to measure earnings quality? How to rank firms’ corporate governance? Can we use them to p redict stock returns? Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? y Sloan (in packet) Corporate Governance and Equity Prices, by Gompers, Ishii, and Metrick (posted on Blackboard) Earnings Quality and Stock Returns, by Chan, Chan, Jegadeesh, and Lakonishok (posted on Blackboard) Required Reading: Optional Reading: Session 9 11/12 (Mon) Topics: Effect of Short-Sale Constraints on Stock Prices The asymmetry between buying stocks and shorting stocks; the costs and risks of short-selling stocks; disagreement of valuations among investors, short-sale constraints, trading volumes, and their effects on stock prices Read the Wikipedia coverage of stock short selling: http://en. ikipedia. org/wiki/Short_(finance) Disagreement and the Stock Market, by Hong-Stein (in packet) Short Sale Constraints and Overpricing, by Lamont (posted on Blackboard) Required Reading: Optional Reading: 6 Session 10 11/14 (Wed) Required Reading: Guest Speaker TBA None EXAM: 11/19 (Mon) 11/21(Wed): Monday, November 19, in class. No class, Thanksgiving Break Session 11 11/26 (Mon) Topics: Applications of Behavioral Finance in Asset Management Do value and momentum still work? What happened in August 2007?Discussion of issues in practical applications of portfolio strategies based on anomalies in behavioral finance Papers Study August Crisis, by Anderson (in packet) What Happened to the Quants in August 2007? by Khandani and Lo (posted on Blackboard) Required Reading: Optional Reading: Session 12 11/28 (Wed) Topics: Application: Understanding the Chinese Stock Market (As an Example of Emerging Markets) Try to appreciate that many other markets around the world are quite different from the US stock market; understanding the Chinese stock market as an example of emerging markets. None Required Reading: 7 Cornell University Johnson Graduate School Of Management Traditional finance theories assume that financial market participants are rational, and argue that the financial market is always efficient and prices are always right.Behavioral finance, on the other hand, argues that securities market prices can be wrong, and that a lot of financial market phenomena can plausibly be understood only under the assumption that some market participants are not fully rational. This course gives an introduction to behavioral finance, and discusses its applications in investment management. We will first introduce the conceptual framework of behavioral finance, and then apply the framework to the study of individual stock trading and portfolio management. Topics covered in the course include: limits of arbitrage (i. e. why stock market mispricing can persist), investor psychology and behavior (and how to overcome our own irrational biases in stock trading), stock index predictability and market timing, stock portfolios that were shown to beat the market (including value, momentum, size, earnings quality, volume, earnings management, and many other effects), and applications of behavioral finance in quantitative asset management. As a summary of the course, we will apply the conceptual framework of behavioral finance to the understanding of China’s financial market (as an example of emerging markets).PREREQUISITES You must have taken an introductory level finance course that covers basic topics such as stocks and bonds, the CAPM, and the efficient market hypothesis. COMMUNICATING WITH ME My office hours are Monday, 4:30-6:00pm. You should also feel free to communicate with me by email. 1 TEXTBOOK AND SUPPLEMENTARY READINGS The required textbook is Richard H. Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. For each session, there will be required reading and (occasionally) optional reading.All required readings are either included in the course packet or wil l be handed out in class. All optional readings will be posted on Blackboard. All classroom handouts will also be posted on Blackboard. The following books are optional supplementary readings and can be purchased in many bookstores or from online vendors. Behavioral Finance: A User’s Guide, by James Montier, Wiley Finance Series, 2002. ? An introduction of behavioral finance from a practitioner’s perspective. Advances in Behavioral Finance, edited by Richard Thaler. The first volume preceding our textbook. Contains some important early academic articles on behavioral finance. Irrational Exuberance, by Robert Shiller. ? A great book on the Internet bubble. The Myth of the Rational Market – A History of Risk, Reward, and Delusion on Wall Street, by Justin Fox (2009). ? On the history of efficient market theory and behavioral finance. Behavioral Finance and Wealth Management – How to Build Optimal Portfolio That Account for Investor Biases, by Michael M. Pom pian. ? Written from the perspective of a wealth manager and practitioner.When Genius Failed, by Roger Lowenstein. ? An account of LTCM failure. CLASS PREPARATION There will be a reading, as well as an occasional case assignment, to prepare for each session. You are expected to be prepared for each session by doing the reading and working on the assignment for the case. Each individual is required to turn in the case assignment prior to the class during which the case is discussed. Those listed in the syllabus are subject to change during the semester, which will be announced in class when applicable. 2 GRADINGThe grade will be based on problem sets (10%), class participation and case assignments (10%), an exam (50%), and the final individual term project (30%). PROBLEM SETS Three problem sets will be assigned during the course, with the following preliminary schedule: Problem Set 1 Problem Set 2 Problem Set 3 Assignment Date 10/17 (Wed) – Session 2 10/29 (Mon) – Sessi on 5 11/7 (Wed) – Session 8 Due Date 10/24 (Wed) – Session 4 11/5 (Mon) – Session 7 11/ 14 (Wed) – Session 10 Problem sets are not included in the course packet, but will be handed out in class.Late submissions will not be accepted. You may work with other students in the class (from either section) for all the problem sets. (Of course, there is no reason to believe that an organized group is the best approach for everyone. ) A team of people need only submit one copy of their solution for a particular problem set. However, the number of students submitting one problem set solution is limited to no more than four. Every member of a group submitting a problem set solution will receive the same grade on that problem set. Solutions to each problem set will be made available.Grades on problem sets will be recorded by giving a â€Å"check-plus,† â€Å"check,† or â€Å"check minus. † Typically, the problem sets will not be discussed in clas s. EXAM There will be a (closed-book) in-class exam on Monday, November 19. TERM PROJECT A term project is the final requirement for the course. A detailed assignment on the term project will be handed out during the semester. Each individual needs to submit a written term project (into a box marked â€Å"NBA 5980† in 304 Sage Hall) no later than 1pm, December 6 (Thursday). ATTENDANCE POLICIES As mentioned above, class participation is a factor in determining the final grade.It is expected that all students attend all classes. It is also expected that students will be on time for class and will not disrupt the class by leaving early or by leaving and returning to class. We recognize that there are medical and other special circumstances that may cause a student to miss a class. Special circumstances may also arise that cause a student to miss part of a class. If such circumstances arise, students should contact the instructor (preferably by e-mail) and explain why it was nece ssary to miss part or all of a class session.This should be done before the absence if the absence is foreseen in advance and as soon as possible after the absence if the absence was unanticipated. Students who miss parts of class sessions or class sessions in their entirety without reasonable justification should expect that their class participation grade may be adversely affected in a significant way. 3 Schedule of Sessions and Reading List (Note: Advances is the abbreviation for our textbook: Richard Thaler (ed. ), Advances in Behavioral Finance, Vol. II, Russell Sage Foundation and Princeton University Press, 2005. ) Session 1 0/15 (Mon) Topics: Introduction and Examples of Extreme Mispricing Overview of the course, efficient market hypothesis, and extreme examples of market mispricing. Advances (pp 1-2; 8-12), Chapter 1, sections 1; 2. 3 How Did Economists Get It So Wrong? by P. Krugman (in packet) Anomalies: The Law of One Price, by Lamont-Thaler (in packet) Greenspan Concede s Error in Regulatory View (NYT) (in packet) Ignoring the Oracles, by Justin Lahart (in packet) Has Financial Development Made the World Riskier? by Raghu Rajan (2005) (posted on Blackboard) Advances (pp 102-169), Chapters 3-4Required Reading: Optional Reading: Session 2 10/17 (Wed) Topics: Limits of Arbitrage LTCM and convergence bets, noise trader risk and other reasons for limits of arbitrage. Advances (pp 3-8), Chapter 1, sections 2. 1-2. 2 HBS Case: Long-Term Capital Management, L. P. (A) (in packet) Assignment on the Case of Long-Term Capital Management (to be submitted at the beginning of class on 10/17) How the Eggheads Cracked, by Michael Lewis (in packet) Advances (pp 79-101), Chapter 2 (academic and theoretical) Required Reading: Assignment: Optional Reading:Session 3 10/22 (Mon) Topics: Investor Psychology: Overcoming Our Own Biases Common human psychological biases in beliefs and risk preferences. How to overcome our own biases in stock trading? Advances (pp 12-22), Cha pter 1, section 3 Aspects of Investor Psychology, by Kahneman-Riepe (in packet) Required Reading: 4 Session 4 10/24 (Wed) Topics: Behavior of Individual Investors Behavior of individual investors, home bias and naive diversification, individual buying and selling decisions, disposition effects, individuals vs. institutions.Advances (pp 50-56), Chapter 1, section 7 Advances (pp 543-569), Chapter 15 Advances (pp 570-601), Chapter 16 Required Reading: Optional Reading: Session 5 10/29 (Mon) Topics: Stock Index: Predictability and Market Timing Stock index-return predictability, equity premium puzzle, market timing and tactical asset allocation Advances (pp 173-201), Chapter 5 Change Agent: How Greenspan Finally Came to Terms †¦, by Schlesinger (in packet) Advances (pp 22-35), Chapter 1, section 4 (academic and theoretical) Required Reading: Optional Reading: Session 6 10/31 (Wed) Topics: Anomalies in Stock Portfolio ReturnsPortfolios that beat the market (even after adjusting for beta); the price effect of investor mis-reactions, momentum and reversal, post-earning-announcement drifts, post-corporate-event returns Advances (pp 35-41), Chapter 1, section 5. 0 Does the Stock Market Overreact? by DeBondt-Thaler (in packet) Advances (pp 353-388), Chapter 10 Required Reading: 5 Session 7 11/5 (Mon) Topics: Value and Momentum – Theories and Explanations Explanations of value and momentum effect; combining value and momentum; using volume to improve return predictability Advances (pp 41-47), Chapter 1, sections 5. -5. 3 (theoretical) Contagious Speculation and a Cure for Cancer, by Huberman and Regev (in packet) Price Momentum and Trading Volume, by Lee and Swaminathan (on Blackboard) All the News That’s Fit to Reprint, by Tetlock (on Blackboard) Required Reading: Optional Reading: Session 8 11/7 (Wed) Topics: Earnings Quality and Corporate Governance How to measure earnings quality? How to rank firms’ corporate governance? Can we use them to p redict stock returns? Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? y Sloan (in packet) Corporate Governance and Equity Prices, by Gompers, Ishii, and Metrick (posted on Blackboard) Earnings Quality and Stock Returns, by Chan, Chan, Jegadeesh, and Lakonishok (posted on Blackboard) Required Reading: Optional Reading: Session 9 11/12 (Mon) Topics: Effect of Short-Sale Constraints on Stock Prices The asymmetry between buying stocks and shorting stocks; the costs and risks of short-selling stocks; disagreement of valuations among investors, short-sale constraints, trading volumes, and their effects on stock prices Read the Wikipedia coverage of stock short selling: http://en. ikipedia. org/wiki/Short_(finance) Disagreement and the Stock Market, by Hong-Stein (in packet) Short Sale Constraints and Overpricing, by Lamont (posted on Blackboard) Required Reading: Optional Reading: 6 Session 10 11/14 (Wed) Required Reading: Guest Speaker TBA None EXAM: 11/19 (Mon) 11/21(Wed): Monday, November 19, in class. No class, Thanksgiving Break Session 11 11/26 (Mon) Topics: Applications of Behavioral Finance in Asset Management Do value and momentum still work? What happened in August 2007?Discussion of issues in practical applications of portfolio strategies based on anomalies in behavioral finance Papers Study August Crisis, by Anderson (in packet) What Happened to the Quants in August 2007? by Khandani and Lo (posted on Blackboard) Required Reading: Optional Reading: Session 12 11/28 (Wed) Topics: Application: Understanding the Chinese Stock Market (As an Example of Emerging Markets) Try to appreciate that many other markets around the world are quite different from the US stock market; understanding the Chinese stock market as an example of emerging markets. None Required Reading: 7