Market Anomalies Example For Free - Free Essay Example

1 Introduction The post earnings announcement drift (henceforth PEAD) has been the most resilient and widely researched phenomenon since it was first noted over four decades ago by Ball and Brown (1968). This delay in prices assimilating earnings information poses a challenge to the semi-strong form of market efficiency which assumes efficient incorporation of new publicly available information into stock prices (Lui et al 2003). A number of explanations have been put forward to explain the PEAD phenomenon. Bernard and Thomas (1989) explained the phenomenon by two competing theories; 1) failure to adjust abnormal returns fully for risk (inadequacy of the CAPM)[1] and 2) delay in response to earnings reports either due to failure by the investors to assimilate available information and/or that costs involved limits immediate exploitation of earnings information. Earlier academic research,[2] on this phenomenon was based on the US market where PEAD was first observed, but eventually research was extended to other markets such as UK (Lui et al 2003), Spain( Forner et al, 2009) and New Zealand ( Troung, 2010). The findings across markets variedmarkets varied due to methodological issues, risk pricing models, behavioural models as well as country specific factors. This essay seeks to summarise and critically discuss the findings and explanations given by researchers on different markets about the anomaly drawing particular attention to methodological issues, risk pricings models and be havioural aspects. 2 Methodological Issues (International Comparisons) The way in which data is collected matters because it may lead to methodological problems and variance in results. Table 1 summarises the methodology employed in academic papers across different market. US and New Zealand papers used event time to track stock and construct portfolios, this method is subject to look-ahead bias and the requirement of cutting off values using deciles in early research design could be misleading. UK and Spain studies applied a calendar time method to fix these problems and provided an easy way of implementing investment strategies. Table 1 here? Earnings measurement variables are decided after the data collection. Though SUE probably is the most commonly used measurement for earnings, it can be calculated in very different ways in different circumstances. The selected US and UK papers standardize the unexpected earnings by its prior forecast errors, this adjustment allowed comparison of firms with different volatilities. Spanish study scaled the unexpected earnings with book value of equity at beginning of the year and New Zealand paper scale earnings with stock price prior the announcement to address the mispricing problem. Analyst forecast based measurement is also widely used, though this approach gives an investor a more timely comparison, biased analyst forecasts is always a serious drawback. Traditional method is to track the revision of analyst forecasts over time. In contrast, the New Zealand study tracks the gap between actual earnings and forecasted earnings presenting a new way to partially solve this problem. Studies across four countries all tried to explain the post earning drift with various risk factors. Original CAPM, Fama French three factor models and conditional versions of them are commonly used to address systematic risks impact on earnings. US study tested the significance of the overall economic influence using Chen Roll and Ross 1986 five factor model. Market macrostructure factors such as market value, firm size and book to market ratio are widely used and implied ways to track firms specific characteristics. As evident from the US and New Zealand papers, factors and models which are irrelevant to risk such as investors behaviour, momentum effect and transaction costs are continuously studied by researches. In Spain the investor conservatism bias model was applied along with the overreaction, the underreaction and the gradual-information diffusion model in order to explain post earnings drift from the behavioural finance perspective. Although researches conducted in these four countries have some similarities, different variables, procedures, and tests were applied to the area which is important from a researchers point of view. Due to differences in culture, institutional characteristic and market efficiency, its hard to standardize methodology and a claim cannot be made on which measurement is the most accurate.. 3 Test results for risk related models and factors Risk related models tried to regard post earnings drift as compensation for risk in the efficient market. The inadequacy of CAPM and other asset pricing models is widely tested worldwide. Differences in market depth, data limitation, errors of methodology and risk misspecification can result in inconsistent outcome across countries. Moreover, results can differ with the risk model prediction. Forner (2008) found a negative relationship between CAPM beta and PEAD profits in Spain while other countries showed a positive sign. In Forners study, arbitrage risk is positively related to the earning profits, which is contradicting to Mendenhalls (2004) conclusion based on US sample. Though results vary worldwide, most researchers conclude that risk is insignificant on return difference, and neither the systematic risk nor other risk factors are able to explain the PEAD phenomenon separately or jointly. PEAD effectively remains after the risk adjustment and in order to fully understand and explain the PEAD phenomenon, factors other than risks must be considered. 4 Behavioural Factors Based on US data Bernard and Thomas (1989) found that a large proportion of the drift was due to investors adopting a naive assumption that earnings follow seasonal random walk and failing to understand the correlation between current earnings and future quarterly earnings. The claim of naivety was refuted by Bartov et al (2000) who observed that the drift is smaller in firms that were largely held by institutional investors indicating more sophisticated investors than claimed by Bernard and Thomas. However, almost all investors are guided to some degree by psychological biases regardless of whether they are individual or institutional investors. Barberies et al (1998) posit that investors exhibit conservative behaviour and representative bias that leads to underreaction to earnings announcement. This suggests that investors seem to be conservative and do not act immediately to earnings news on the premise that the positive earnings growth is temporary and that it will eventuall y revert. For institutional investor, the delayed response probably can be explained by rule which put constrains on arbitrage and insider trading. Daniel et al (1998) departing from the underreaction based explanation hypothesizes that investors experience a combination of overconfidence and self attribution bias and tend to exhibit patterns of overreaction to privately sourced information which generate short-term momentum. On the other hand, underreaction to publicly obtained information will produce a long-term reversion in stock return. However, when this model was tested in Spain where the momentum effect is weak, there was no significant evidence showing the relationship between overconfidence and overreaction. This is because Spanish culture is regarded as less individualistic and people give more weight on public information thus exhibiting a low level of self attribution and overconfidence (Forner, 2009). Hong et al (1999) theory on the other hand presented a signifi cantly different theory based on interactions between heterogeneous agents namely the newswatchers and momentum traders and observed gradual diffusion of firm specific information which lead to initial underreaction and subsequent long term overreaction. Unlike in the US, the undereaction in Spain is not significant. This is due to the code law legal system and low level of investor protection, insiders have less limits to trade on the information they obtained and the price adjust quickly which weaken the momentum effect (Forner, 2009) 5 Conclusion Post earnings announcement drift phenomenon was observed across different markets since 1968 and although many academic studies were conducted and lots of trading strategies were applied, the anomaly persists. Different methodology is adapted across countries to measure the magnitude of post earning drift. Though more and more proxies are used, each measurement has its own shortcomings. Differences in market efficiency, market depth and transparency and accounting regimes may lead to biased measurement starting from the data collection stage. Risk factor models try to explain the post earnings announcement drift under efficient market hypothesis and the effectiveness of model is largely dependent on market specific features. Difference in media coverage could influence the information dispersion and delay investors response to share price. Return is also affected by country specific macroeconomic indicators, market size, regulation on insider trading and speculative activity. Even in US and UK where the markets are more efficient compared to other countries, the risk models failed to fully explain the drift. Behavioural approaches address the persistence of drift from a different perspective based on investors sentiments, heuristics bias and limits to arbitrage. Nevertheless, investors behaviour varies due to cultural differences and their sophistication level. Although most investors may suffer from overconfidence bias, investors in highly individualistic cultures may react to earning announcement differently than those from low individualistic culture. Limits to arbitrage put constrain on investors early exploration of earnings announcement and increase the difficulties in correcting the anomaly. Because of the differences in market and behavioural factors, no standardize approach can be used. Therefore, strategies aimed to exploit benefit from the post earnings announcement drift should take into account countries specific features. References Ball, R. and Brown, P. (1968) An empirical evaluation of accounting income numbers, Journal of Accounting Research, 6, pp. 159-178 Barberis, N., Shleifer, A. and Vishny, R. (1998) A model of investor sentiment, Journal of Financial Economics, 49, pp. 307-343 Bartov, E., Radhakrishnan, S., Krinsky, I., 2000. Investor sophistication and patterns in stock returns after earnings announcements. The Accounting Review 75, 43-63. Bernard,V., K.Thomas., (1989), Post Earnings Announcement Drift: Delayed Price Response or Risk Premium? Journal of Accounting Research, Vol.27, pp.1-36 Cameron Truong, Post earnings announcement drift and the roles of drift-enhanced factors in New Zealand, Pacific-Basin Finance Journal, Volume 18, Issue 2, April 2010, Pages 139-157 Chan, L., Jegadeesh, N. and Lakonishok, J. (1996) Momentum strategies, Journal of Finance, 51(5), pp. 1681-1713. Daniel, K., Hirshleifer, D. and Subrahmanyam, A. (1998) Investor psychology and security market under- a nd overreactions, Journal of Finance, 53(6), pp. 1839-1885. Forner, C., Sanabria, S. and Marhuenda, J. (2009) Post-earnings announcement drift: Spanish evidence, Spanish Economic Review, 11(3), pp. 207-241. Forner, Carlos and Sanabria, Sonia ((November 1, 2009): Post-Earnings Announcement Drift in Spain and Behavioural Finance Models European Accounting Review Forthcoming. Available at SSRN: https://ssrn.com/abstract=1498029 Foster, George, Olsen, Chris, Shevlin, Terry, 1984. Earnings releases, anomalies, and the behaviour of security returns. The Accounting Review 59 (4), 574-603 Hong, H. and Stein, C. (1999) A unified theory of underreaction, momentum trading, and overreaction in asset markets, Journal of Finance, 54(6), pp. 2143-2184 Liu, Weimin, Strong, Norman, Xu, Xinzhong, 2003. Post-earnings-announcement drift in the UK. European Financial Management vol 9(1), 89-116. Richard R. Mendenhall, 2004. Arbitrage Risk and Post-Earnings-Announcement Drift, Journal o f Business, pp. 875-894 Foster et al (1984) also concurs with this reason Ball Brown(1968), Foster et et al(1984), Bernard Thomas(1989)

To Kill a Mockingbird Plot Overview - Free Essay Example

Sample details Pages: 10 Words: 3074 Downloads: 1 Date added: 2019/02/20 Category Literature Essay Level High school Tags: To Kill a Mockingbird Essay Did you like this example? The novel To Kill a Mockingbird take places in the sleepy Alabama town of Maycomb where the Finches live. The narrator of the story is the youngest child of the two children of the Finches, a little girl named Jean Louise Scout Finch. The story is happening during the time of the Great Depression. Don’t waste time! Our writers will create an original "To Kill a Mockingbird: Plot Overview" essay for you Create order Scout lived with her father and her brother. Her father, Atticus Finch is a lawyer with high moral standards at the time. Her brother, Jeremy Atticus â€Å"Jem† Finch who is four years older than her is a curiously and athletic young boy. Her family is considered wealthy compared to others. One Summer, Scout and Jem met up with Dill, Charles Baker â€Å"Dill† Harris a boy come to the neighborhood on summer, and become friend with him. They play together and exchanged stories. Dill got hooked by the mysterious of the story about Boo Radley, Arthur â€Å"Boo† Radley a mystery of the town. The next summer Dill came back, and three were trying to take a look at Boo this time but got stopped by Atticus. He told them to think from another person’s perspective before they do anything. But, on Dill’s last day of summer at Maycomb, the three of them sneaked into the Radleys property and got a warning shot by Nathan Radley, Boo’s brother. They immediately escape from there but Jem’s pants got stuck and left back at the Radleys fence. When he gets back to take it the pants was mended where its torn and neatly folded hanging over the fence. Scout goes to school for the first time that fall and she hates it. The following winter, Scout and Jem also experience another mystery consider to be Boo Radley. They consistently found a mysterious gift from a certain tree’s knothole near the Radley house. When they tried to communicate with the mystery giver by leaving a note at the tree, they find themselves looking at Boo’s brother plugged up th e knothole with cement the next day. On the coldest time of winter, Miss Maudie Atkinsons house catches on fire, Scout’s favorite neighbor. While she and Jem, shivering, watching Miss Maudie’s house burning to the ground near Boo Radley house, someone gave her a blanket over her shoulders. When she comes back home she then found out it was likely Boo Radley who gave her the blanket. Atticus take a case to his hands. He, as a lawyer of the town, has been appointed to be a defender for a black man named Thomas â€Å"Tom† Robinson who has been accused of raping a while young lady named Mayella Violet Ewell. She is from the Ewell family which is a low layer citizen, some even call them â€Å"trash†, of the town. Because of this, the Finches received harsh criticism from some heavily racist of Maycomb. Despite knowing this case is almost impossible to win, the white jury at the time will never believe a black man’s words over a white girl’s, Atticus took the case it. He knows Tom is innocent and against all the odds he still wants to prove it. When Atticus, Jem, and Scout came to the family Christmas gathering Scout beat up her cousin Francis when he called her father a â€Å"nigger-lover† and that he is ruining the family name. Calpurnia, the Finches black cook, took Scout and Jem to a local black church, there were some shocked bu t at the end, they warmly embraced the children. At Maycomb, Jem cut off the tops of an old neighbor ladys, Henry Lafayette Dubose, bushes. He got punished by Atticus for this and he has to read for her out loud six days a week, two hours per day, for a month. When Mrs. Dubose died Atticus revealing to Jem that he was helping her to break her morphine addiction. Atticus has shown him that what Mrs. Dubose is what real courage is, the will to fight a fight that you knew you can’t win, and not a man with a gun. The next summer, Atticus’s sister, Alexandra â€Å"Aunt Alexandra† Hancock, come to live with the Finches. She is a proper and old fashion lady, and she wants to shape Scout into a Southern feminine ideal woman like her. At this time Dill ran away from his family to Maycomb, because of his mother and new father don’t seem interested in him. He stayed at the Finches house when Tom’s trial getting close. The night when Tom moved into the county jail to receive the trial. Atticus guarded outside the jail to prevent the possibility of lynching. Jem and Scout caught up to a hunch and sneak out of the house, Dill followed them, to check on their father. While they were looking at Atticus, a mob gathers in front of the jail door and told Atticus to let them lynch Tom and also threaten Atticus. Jem senses som ething and ran to Atticus along with the others. Jem recognized one of the men from the mob and asked politely about his son, and thanks him. This made the man answer to her and bring the crowd out of their mob mentality, and dispersing the mob. The trial has come, Atticus told the children to stay home but sneak out to the court and got a sit in the â€Å"colored balcony† along the black community. The court started with the Ewell family telling the story as Tom got called by Miss Mayella to do some work, but instead of doing the work Tom jumped on her forcefully beat her up and rape her. Then ran when her father, Robert E. Lee â€Å"Bob† Ewell, appeared. Tom told a different version of the story as Miss Mayella tried to kiss her by hugging him from behind and this made him scared and ran away while her father burning in rage when he saw it. The Ewells testified that Tom beat Mayella by his left arm but in reality, Tom left has been dysfunctional from a long time ago due to an accident. Tom’s innocent was clearly shown by this. Atticus call out for everyone in the court as they should not be blind by racism and they should do what is right. But still, all of the white-jury pronounced Tom is guilty. While Atticus told Tom that there is still a high chance the higher up of the country will believe his innocent and let him free, but Tom couldn’t wait and tried to escape out of jail. Tom was shot to death. This incident made Jem doubt about heavily justice around him. After the court, Bob Ewell loses his job. This brings Bob to tried to get back on everyone connected to the court. He threatening Atticus that he will not let him be for humiliated him in the court and vows revenge. He also tried to break into the Judge’s, Mr. John Taylor, house. He even attempted to do something to Tom’s wife but couldn’t because of Tom’s former employer, Mr. Link Deas, said that he will put him in jail if he tries to walk near her or his property. On Halloween, Scout and Jem go to a Halloween party but on their way home, they heart someone follows them. It was Bob Ewell, he tried to take revenge on the Finches children. He knocked Jem unconscious and tried to stab Scout with a knife but got stop by Boo Radley. While struggle with Boo and receive a fatally wound. Scout and Jem went back to their him with Boo carrying Jem. Atticus took care of Jem and called the doctor and rep ort this to the police. Mr. Tate comes back after investigating the scene and said that Bob is dead. This made Atticus consider for a court for his son and Boo’s legal defense but Mr. Tate stops him. They arguing and Mr. Tate says he might be not much but tonight Bob Ewell fell on his knife, then went away with his car. Atticus sat down and ask Scout does she understand what just happened. She said that she understands that Mr. Tate was right. Atticus surprise and asked her what did she mean. She says that it’d be like shooting a Mockingbird. Atticus regain his smile and thank Scout. Scout then walks Boo home while imagining how Boo views this town, she and her brother. Boo went inside his house and never appear in front of Scout again. But to Scout, he is now a human being, a kind one, and not a scary mystery of Maycomb. She then went back home and let Atticus read for her till she sleeps. 2. Focused Character 2.1. Jean Louise â€Å"Scout† Finch In To Kill a Mockingbird, Jean Louise â€Å"Scout† Finch is the narrator of the story. She is an American wh ite girl. The story begins with Scout being six years old. She lives with her father, her brother, and their black cook in Maycomb. She is intelligent and be able to make logical conclusions inside her head were clearly the influent of her father, Atticus. We could considerate that Scout is more intelligent compared to the kids her age and is a tomboy girl by the standard of Maycomb. Even so, Scout is naive and extraordinary curious about her surround because of her inexperience. This cause Scout often fights with her brother Jem. Scout character changed over time by the teaches of her father and interact with her surround. She believes in justice but it got shattered when her father loses the court of Thomas â€Å"Tom† Robinson. This changed her point of view and made she rethinks every action she took. In the beginning, Scout is an iconic tomboy where she solves everything with her fist. The part where she jumps on Walter Cunningham when the teacher mad at her, made the reader feel how Scout is just like every child blame on others, not themselves. Her rough image as a ‘let the fist do the talking’ is strongly appear here when she doesn’t scream or crying but just go straight to pick her fist as a solution resolver. This habit became rather sad when she hit Dill just because he didn’t pay attention to her. It is as if she still doesn’t know how to express her feeling in another way. But it is also made her strong a nd bravery, like how she decided jumps into the lynch mob to save her father. Even so, these behaviors made her father, Mr. Atticus, worries from the beginning of the story. Atticus needs to step in and talk to her when she started another fight with the subject about him. When he asked her to not fight and endurance it. Scout’s respect for her father is so strong that it could make her conceals her own personality when she dropped her fist and walk away from a fight. She even feels noble just because she did what he ask him for three weeks, without the need of praise from Atticus. After experience three weeks of no violent Scout grown up as a bit. She learned that not everything needs to solve by her fist, but she showed us that she still not entirely throw the ideals all away when she said she would fight anyone who dares to pick a fight with her. As a tomboy as Scout is she still has a hard time when its come to get except by social. When Aunt Alexandra comes live with the Finches she forced Scout to change into an elegant lady. Her Aunt changed Scout clothes from pants to skirt made it hard to run, climb the tree or fight like the way she was before. Scout was angry and rebel against her aunt but after the courthouse of Tom, she starting t o see the role of an elegant woman in a new light. By looking at her role model Aunt Alexandra and Miss Maudie shocked at the dead of Tom but still could get over it and calmly having a tea party, not bursting into tears. Scout now look at the role of a lady is to have courage than just wearing girly dresses or cooking in the kitchen. The willpower that just likes of her father’s, the person she respects the most. This erases the hate of Scout for her gender. Scout’s personality developed the most when it comes to the story with Boo Radley. At first, she is curious about his existent and fear of the unknown at the same time. As the story moves on Scout started to interact with Boo more, like when they receive gifts from him in the knothole of the Radley tree or when Boo gave her a wear in the cold winter, and this changed her feeling about the person named Boo Radley. Its changed from blindly scare of the unknown to think about the unknown. Scout started to wonder what is the characteristic of Boo and what is he think stayed inside the house for years. After the courthouse of Tom, Scout has known what seen real evil, made she think on her own about the monster everyone called Boo, among human. She then under that Boo is no monster, not like the monster she saw, but just a poor man. When Boo Radley saved her brother from Mr. Bob Ewell, she realizes that the person everyone called a monster and fear was just a kind man. She at the be ginning was just like others who believe in gossip and rumor changed her ideas and understand about the world. The four years of Scout wrote in the book, show us the rapid change of a child in their growing process. Scout was just a tomboy girl, kicking and punching, made her fist do the talking at the start. Then changed to a girl who thinks that not everything needs to solve by her fist. Scout’s hates for her gender as a weakling lady changed to the image of respectable strong and determined, the strength of willpower and composure like Atticus. She realizes what is think is rightful and justice are not always true, the world is not just black and white of kind neighbor and evil Boo, but it is complicated. She needs to see it with her eyes and think to truly understand it. The character Jean Louise â€Å"Scout† Finch has been described as if she is the evolution that human needed at the time. The equal in races and the logical head to think before judge others. We could understand that Scout made the right conclusion for everything she experience and induce. Also, we could see that Harper Lee intentions are everywhere in Scout eyes. 2.2.Jeremy Atticus â€Å"Jem† Finch Jeremy Atticus â€Å"Jem† Finch is ten years old when the story started, 4 years apart fro m his sister. He is a typical American boy who interests in football and guns. As a child of Atticus, he is composure and smart. But still, as a child, he is naive and inexperienced about the world. He also shows his emotional side when he misses his mom or shock about the court of Tom. Jem’s character changes through the eyes of the narrator, his sister, Scout. As a big brother, he is calmer than Scout, he stops Scout fights. He usually plays with Scout but when the story moves on he stops playing with her. Still, as her brother, he looks after her but in a bossy way. His ideas about justice, evil and goodness, shattered due to the trial of Tom. This makes he became extremely emotional when Scout mention the subject. At the same time, it made him understand the true meaning of the society, the mass decide the truth. At the begging of the story, Jem is described as a brave kid. He a typical American boy who never back down on a daring challenge. He prefers physical bravery and holds no pride for his father who never plays sports or possesses a gun in front of him. He believes that to earn respect one must always show other his strong side. This idea changed when he saw At ticus take out the mad dog with a gun, then learned that his father was Maycomb best shooter. He now learned that humble is more important than pride. Then, he comes to interact with Mrs. Dubose for a month. When he learned she was fighting her own battle against drugs, his ideas about true bravery changed again. He learned that besides bravery, physical, there is also courage, mental. Atticus teaches him to not holds the idea of a man holding a gun is brave but a woman who took a fight that she can’t win is one. Jem still believes that this world is only about right or wrong, and the right always win. The night when Atticus watched Tom jail. He saw his father bravely stand alone against the racists, the lynch mob. He also saw his sister was the first one who ran to protect their father. The idea about the good will win enforced when he saw his sister dis group the mob. When the court of Tom ends, his ideas about the world changed. He has seen real evil in plain sight and saw the justice lose. He learned that what the mass believe will become the true, and one individual can’t easily win against it. This became a bit of a trauma for him, but at the same time strengthened his understanding of society. Through the eyes of Scout, we see Jem mature through time but got shaped by his father. As the story progress, we can see that Scout does not think much about his brother but we can still conclude that Jem learned that bravery is not just about physical but also about the courage to took a fight that one can’t win. He learns physical â€Å"bravery† need the mental â€Å"courage† too. Finally, he learned that the world is not about just black and white. That to be like his father, he needs to have the courage to fight against all odds. He graduates from a naive young boy to a mature man who understands the complicated problem of the world.

Film and Book The Striped Pajamas by John Boyne Essay

Sins of the Father The movie ‘Boy in the Striped Pajamas’, based on the book by John Boyne, isn’t exactly a feel-good film, but it is an awesome representation of the existence of good and evil, and the responsibility we have as human beings to distinguish between the two; for it is responsibility that distinguishes us from every other being. In my opinion, this is an important, life-changing film, with a significant message, and should be seen by all. The movie is told from the point of view of eight year old Bruno whose innate sense of morality and justice ultimately makes him the fallen hero of the story. The premise of the movie focuses on a friendship that develops between Bruno and Shmuel, also eight, and a victim of the†¦show more content†¦Standing up on the swing to get a better view, he falls off of the swing and scrapes his knee. Pavel, runs to help Bruno, takes him inside and bandages his knee. Pavel, assuring Bruno that he will be just fine , sits down and begins to peel potatoes. Bruno then replies How should you know, you’re not a doctor, you’re a farmer. Pavel responds, â€Å"I was a doctor before coming here†. Bruno is confused why the man would give up being a doctor to work on the farm and peel potatoes. Later that week, Bruno sneaks out and finds a door leading to a shed; he opens the window inside and gains the freedom he has been longing for. Bruno begins his exploration of the woods outside the compound. He runs quite a ways until he stumbles upon a large barbed-wire fence surrounding the farm. This is where he and Shmuel, the boy in the stripped pajamas, meet for the first time. Although separated by a fence, the boys talk and joke and get to know each other. A whistle blows and Shmuel must go, but the new friends say they hope to meet again soon. As weeks go by, Bruno continues to sneak away from the compound and the two new friends meet time and again. Bruno usually brings snacks and Shmuel speedily eats what he is given. Bruno is very curious about his new friend and continues to ask him questions about his life on the farm; he asks why they wear pajamas all day, and what the numbers on them mean. Shmuel tells him â€Å"because the soldiers took ourShow MoreRelatedAnalysis of the Film The Boy in the Striped Pajamas Directed by Mark Herman817 Words   |  4 PagesThe best fictional movie of World War II is â€Å"The Boy in the Striped Pajamas† directed by Mark Herman. The movie is based on the novel written by John Boyne and the story is told from a German child’s view during the Holocaust. The general message the director and writer so vividly portrayed is that of a child’s innocence and young friendship. â€Å"The Boy in the Striped Pajamas† has a good storyline, great choice in actors, and overall it was thought-provoking and effective in showing a differentRead MoreThe Boy in the Striped Pajamas, by John Boyne1152 Words    |  5 PagesIn the movie â€Å"The Boy in the Striped Pajamas,† a story is told of an innocent child’s forbidden friendship during World War II in Germany. Despite all the inhumane treatment of Jews right in front of this young boy, his character is extremely naà ¯ve to the reality of what the Nazi’s actually do to the Jews. The overall message the director and writer so vividly portrayed is that of innocence and friendship. 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Similarities Differences Beginning: Bruno wanted to meet Shmuel and become friends with him at first sight; He wanted to playRead MoreThe Boy in the Striped Pyjamas Portfolio6447 Words   |  26 PagesTable of contents Introduction | 3 | Book report | 4 | Main characters | 5 | Themes | 7 | New book covers | 9 | Words and Phrases | 10 | Reflection | 11 | Film review | 12 | Interview | 14 | Song interpretation | 16 | Peer assessment | 18 | Vocabulary | 20 | Self evaluation | 22 | Introduction This portfolio documents my dealing with the book â€Å"The Boy in the Striped Pyjamas†, written by John Boyne, and the corresponding film, which was released in 2008. The reason I

Entrepreneurship Roles of Great Entrepreneurs

Question: Discuss the role an entrepreneur plays within an existing company and his/her own venture. Explain and evaluate a range of characteristics and skills which are necessary to become a successful entrepreneur. You should support your arguments with evidence from reading. Likewise you should illustrate your points with examples of well-known successful entrepreneurs. Explain how the necessary characteristics and skills helps the entrepreneur fulfil his/her role. Answer: Introduction- Entrepreneurship is basically planned for high school students and juniors, together with non-business student, who want to study about entrepreneurship, its function and value in our civilization, and how to get latest thoughts to marketplace both in the set up and business situation. This is an initial way proposed to offer students with a solid basis on how entrepreneurs and entrepreneurship play a key function in the 21st century overall economy.(Business, news and politics ,2012) In the lessons, we will judge, survey, and analysis the globe of entrepreneurship. Entrepreneurship is approached as a manner of view and performing, as thoughts and a manner. The attitude focus will be on the design of new offers, the ways that they appear into being, and factors related with their achievement.(Berry.T n.d.) The roles of the entrepreneur- The role of an entrepreneur is to handle risk factors for establishing a service or goods in the market place. Moreover, an entrepreneur takes every possible opportunity from the market for gaining competitive advantages.(B ,2005) Entrepreneur as risk- taker- Entrepreneur is a person who has the ability to take high risk for financial gain. In addition, an entrepreneur has the ability to predict the efficiency of the implemented strategy for understanding that whether the risk factor will be under control or not. Entrepreneur as business manager- Entrepreneur as a business manager create a border line between the management and the entrepreneurship. Entrepreneur with the productive services, inserting their own persons and property / assets at the clearance of the entrepreneur who can guarantee at a fixed compensation. The final profit amount is based on a scope of error in calculation by the entrepreneurs and non- entrepreneurs who do not compel the entrepreneurs to pay as much amount for the productive services they could be compelled to pay. (J ,2012) Entrepreneur as an exceptional leader- As an exceptional leader, he has to take care for the return on risk taking, capital use and production effort and ability or asset specificity. A successful leader should select supporters cleverly and apart from that, he should control the followers in an effective manner. In order to gain effective and exceptional outcome, a leader should seek innovative ideas from the followers. However, the leader should take the final decision for avoiding unnecessary crisis. (A ,2010) Entrepreneur as a viewer/ restorer- Entrepreneur basic role is to achieve the kind of adjustment or changes necessary to move the economic market towards the stability condition. With the change of static condition like population growth there is a need of improved production technology and the mobility of the capital and labor is also necessary to restore the stability. Entrepreneur as an innovator- For the long term success and stability in the market an entrepreneur should be innovative. In order to be significant, competitive and more successful you need to reinvent and challenging yourself by finding out the ways and searching for the new options that can retain your customer back.(D ,2010) Characteristics and skills of an entrepreneur- Characteristics and skills are an important part or a self made quality an entrepreneur should have. These are the pillars for a successful building or in other words these are the main elements of success. These involve determination, hard work, efficiency, management of the entrepreneurs as well as their confidence. It also includes their risk taking factor for increasing business modules and selling and promotion part of the products and the services. They should be fully passionate towards their goals and should be upto the mark for their choice of decisions. In other words, they are the persons who can make or demolish any organization. Following are some of the characteristics and skills of a successful entrepreneur. Characteristics- There are certain characteristics, which are really important for the getting successful outcome. The most important characteristic of a successful leader is passion. If a person is really committed to his work and knows very well and deeply about it this is called passion. Achieving their goals is the main priority as compared to earning any amount. And another key of successful entrepreneur is self confidence. If you have a confidence in your ability to succeed than only you can overcome any problem. (J ,2007)You should always take a positive approach about all the things you have done or you have to do. Another qualities of a successful entrepreneur self reliant as they dont have to wait for others to tell or order them what they have to do. They are the self starter and very much confident about making the decision. Entrepreneurs have other qualities as well like the ability to complete tasks, the willingness for taking risk. Generally, an individual try to avoid risk factors but on the other hand, self-confidence of an entrepreneur assists them to take the challenge. Apart from that, an entrepreneur understands that risk is a natural part of achieving goals. Another quality of entrepreneurs is creative. An entrepreneur tries to seek for innovative ideas for doing things. Finally, the entrepreneurs are courageous for learning new things. Entrepreneurs build a learning environment for learning new things from other people. These are some of the characteristics a successful entrepreneur should have for a successful career. Plan everything is an important characteristics as in business planning it is required to evaluate the business situation, research, compilation of data and conclusion based on the facts. Planning also includes the success of each small and individual plan to make it a big success as a whole.(T ,2015) Creating a competitive advantage is vary healthy nutrients for any of the business as it is the unique selling point by providing more advantages. It includes services, warranty, flexible payment options, lowest price, better consumer services and exchange benefits. Follow up constantly is an important aspect as it enables you to turn viewers into the consumers and also increases the value of sale and purchase from the existence consumers. Constant follow up helps to retain the consumers and keeping them joint with your business and providing them the products and services for a longer duration of time which further helps to make a strong business relationships. Skills- Entrepreneur should have some skills which help them to have a great success like- Ability to plan is the main skill for an entrepreneur as they must be able to develop a plan for achieving their goals including all the departments like finance, marketing production and hiring the productive and satisfied employers.(J ,2012) Communication skills are important as an entrepreneurship, he should be able to explain, discuss and sell their goods and services only through a good communication. And entrepreneur should be able to effectively interact with his business team. They should express themselves very clearly and they have strong interpretation, knowledge skills to understand forms of written business communication. Marketing skills is also important as an entrepreneurship. A company achievement or stoppage is all-dependent on whether the company reaches the market, advantage the marketplace and effect in those in the marketplace choosing to purchase. Most of the failure entrepreneur has started with new services or goods and apart from that, the marketing strategy for the new offerings were not effective to attract consumers. In order to get successful outcome from the implemented strategies, an entrepreneur should implement effective marketing strategies. Entrepreneur should have some good inter personal skills, to maintain the healthy relations especially with the people they interact like customers, clients, employees, investors, lawyers and accountants as well. Healthy relationship is the main bridge which covers the gap of success. (J n.d.) An entrepreneur should have the complete basic knowledge of the resources and to use them effectively. An entrepreneur must be able to manage every section of the business and they must make sure that all the positions including managers in their business are occupied by the efficient people. Team building skills is a important skill of entrepreneur. In team building entrepreneur is the leader, as he has to build the team with efficient team member for achieving organizational goals and objectives. In order to achieve the objectives successfully, it is highly important to implement effective leadership approach. It helps the leader to manage the workforce in an effective manner. A leadership skill is very important for an entrepreneur to be successful. A leader should create and promote a strong vision of the company among the employees. In order to motivate the company employees, the leader should reciprocate with the workforce regarding their issues. Focus for the target is very much important to ensure the business success. Strength and weaknesses of an argument using examples- Following are some of the strength and weaknesses of an argument using examples- Pay attention to your customers first- It is an example of Jon Beekman a graduate from Stanford graduate school of business is the CEO and founder of Man Crates. It is about paying attention towards your customers and a concept of what the customer needs. In order to understand changing needs and requirements of the consumers, it would be better to establish a direct communication with the consumers. Customers are the main priority in making a company successful and respectful. Tomorrow is always another day- It is an example of Scott Gerber TV commentator, a serial entrepreneur and founder of young entrepreneur council (YEC). This concept emphasizes that failure influences people to do better for achieving the same objective. Now I always reduce the possible chance of stoppages by reducing the problem. Therefore, we obtain backup faster and stronger when we do face a set beck.(W ,2014) Stability of your carrier is under your control- It is an example of Kristi Hines, who is a ghostwriter, freelance writer and a professional blogger. I am the kind of person, who has applied for a job for which I was not interested. However, I have applied that job for getting a security of job. I felt it was just because I was no truly passionate about my carrier. I have learned that you should have a passion that has the power to work more. Other examples of Entrepreneurs- Bill Gates, founder of Microsoft. Steve Jobs, co-founder of apple. Mark Zuckeberg, the founder of Facebook. Pierre Omidar, founder of Ebay.(J ,2015) Linkage between the role an entrepreneur plays and necessary skills and characteristics- It is an important link among the role of an entrepreneur plays and the essential entrepreneurial characteristics or skills. It was resolute that entrepreneurs normally have high entrepreneurial characteristics and by provided that an exact management to make it the best makes use of these characters for the industrialization and the growth process can be fast and strong. Entrepreneurs natures are tested in conditions of both opening a business and their result on the kind of rights. Characteristics of entrepreneurship have been resolved as being modern, threat taker and artistic, having idea and ability of flexible functioning and being focused on top level of working. Entrepreneurs have to apply all these qualities to make development of the business on the right track and to make it more successful.(M ,2012 Conclusion- Initial stage of a business is very difficult, time consuming and life changing. There are many more things that go into in sequence than directly provided the goods or service that your business offers, you will also be liable for your business assets, caring your business and individual resources, maintaining your business official, paying taxes, maintenance report, supervision staff and more. Characteristics of entrepreneurship have been resolved as being modern, possibility user and artistic. (Davidsson ,2008) Bibliography A, T 2010, 'Role of the enterpreneur', The Three Roles of Great Entrepreneurs. 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