The Impact of Inflation on Share Prices of Tobacco Industry - Free Essay Example

1.1 Overview The economies of the world highly depend on the environment and surrounding. These include various economic and social factors as well, which affect the businesses. The share price of any firm is also dependent on such variables beside a companys own profitability and performances. In past researches, it has been observed that the rate of inflation is inversely proportional to the share prices in developing countries, while this relationship is somewhat neutral in developed countries such as USA and UK, Lessard (1980) suggested. In any case, there has been a long-term impact of inflation on stock prices. 1.2 Research Problem Inconsistent behavior of stock market and share price has been observed in different countries with respect to the Consumer Price Index (CPI). Furthermore, type of industry is another factor which results in variation of the behavior. This study analyzes the impact inflation (CPI) accounts for, specifically on the share price of tobacco industry of KSE-100 index in Pakistan. 1.3 Hypotheses H1: CPI Predicts Share Price for Pakistan Tobacco. H2: CPI Predicts Share Price for Lakson Tobacco. H3: CPI Causes Share Price for Pakistan Tobacco. H4: CPI Causes Share Price for Lakson Tobacco. H5: CPI of Today explains the CPI of future. H6: Todays Share Prices of Pakistan Tobacco explain the future share prices of Pakistan Tobacco. H7: Todays Share Prices of Lakson Tobacco explain the future share prices of Lakson Tobacco. 1.4 Outline of the Study The research studies the impact of consumer price index (CPI) on the share price of tobacco industry in Pakistan. The research also studies the positive or negative impact of inflation, and the extent to which inflation affects the share prices of KSE-100 index tobacco companies. 1.5 Definitions Consumer Price Index (CPI) Price index is used for measuring inflation. It measures price level with respect to a selected base year. There are different kinds indices used for measuring inflation. Consumer price index (CPI), sensitive price index (SPI), and wholesale price index (WPI) are used in Pakistan. This research is based on consumer price index (CPI) which measures the price level at retail level, directly impacting the consumers spending and saving behavior. CPI in Pakistan is calculated using retail prices of 374 items in 35 cities. CHAPTER 2: LITERATURE REVIEW Several authors have previously analyzed the relationship between inflation and share prices. Cohn and Lessard (1980) found that there is a negative relationship between nominal inflation and share prices in many countries. From investors point of view, it is hard to trace the factors which are playing influencing part along with inflation in changing the stock market behavior. It was also found that factors including change in risk-free rate which affects long term earnings, variation in risk premium, and the variation in actual growth. It was also observed that there were systematic errors at investors end while calculating stock prices when there was high inflation. Crosby and Otto (2000) analyzed inflation and its impact on capital stock using time-series data of many countries, and found that there is a long-term impact of inflation on capital stock in most countries where inflation is not super neutral. In most cases, it was quite difficult to trace any relationship bet ween the two when there is neutral inflation behavior in a country. It also revealed that most economists consider a negative relationship between stock market and inflation. The reason for such behavior is due to inclusion of both public and private stock in analysis, while both stocks usually have different responses to the inflation. Inclusion of both created a thin line between near-to-none relation and a positive long-term impact. It was suggested that individual countries must be analyzed first, reason stated, different factors are exclusive to countries which accounted as one of the reason. Interest, taxation, and impact of other economic factors on capital markets including private and public, can be treated separately and differences can be identified for a reliable analysis. Garber (1982) argued that the hyperinflation in Germany resulted in some transition costs which were the results of non-subsidizing of investments in private sector. Similar behaviors from state authorities lead to a positive relationship among private stocks and the inflation. Furthermore, different treatments of tax departments nominal interest deductions and depreciation often results in such relationship between the two variables within a country. Durre and Giot (2005) used Fed model to test the relationship between stock prices, earnings, and interest rates while aiming at the possibility of a long-term relationship. Fed model relates the government bond yield of 10 years with stock yield. It also argued the theoretical flaws of the model, and arrived at opinion that it does not take into account the issue of inflation illusion correctly. Therefore, its result incorrectly show lowered stock prices with the increase in inflation. While on the other hand, low inflation results in higher Price-to-earnings ratio. During the analysis of 13 countries by Durre and Giot (2005), results showed that there is undoubtedly a long-term relationship among earnings, stock prices , and bond yield in more developed countries such as United States and United Kingdom. But, the bond yields relationship is not considerably significant, and therefore it does not affect stock market equilibrium significantly. Considering the short term impact, a relationship between stock returns and bond yield was found. It was due to the reason that most analyst emphasize on valuation ratios such as price-to-earnings ratio. Argument that low earning yields and high stock prices are the result of low interest rates was proved wrong. Examining the relationship among macroeconomic variables and stock market, Adam and Tweneboah (2008) revealed that macroeconomic variables such as inflation, interest rates, net foreign direct investment and exchange rate have a significant impact on share prices in the long run. This long-run analysis was tested using Johansens multivariate co-integration test. It also revealed the positive correlation between inflation and share prices. Similar fi ndings were from Anari and Kolari (2001) where results also revealed that stock market provides hedge against inflation, while long-term relation was evident among inflation and share prices. Comparing interest rates, FDI, exchange rate and inflation as an impacting factor on share prices, as tested by Adam and Tweneboah (2008), the interest rates affects the share prices more significantly than inflation and therefore it was an indicator for investors to pay attention on interest rates. Foreign Direct Investment and Exchange Rates impact were next in line. CPIs impact is minimal when compared to those macroeconomic variables. Analysis of relation between inflation and real stock returns by Day (1984) showed a consistent negative correlation between the two variables. It argued that inflation is directly created and controlled by economys supply of money by government. Analyzed was the market with equilibrium and rational investors. The opinion varied when it studied the relat ion of other economic factors and relationship beyond just inflation and asset pricing. The model suggests the variability in asset pricing and it implies that consumption and investment decision of a firm results in variability in consumption which is lower than the total output. The rational expectations and market efficiency were seen consistent with the variability of asset prices. Fama (1981) is of the opinion that there is a negative relationship between share prices and inflation. It argued that this is because of a prominent negative linkage among inflation and real activity. While, positive relation is found between share prices and real activity. Since the 3 variables are linked to each other, the final share prices and inflation have an inverse relation. Later the evidence is mixed when negative coefficient turns insignificant in the regression after base money growth is also added to the model. Nevertheless, the share prices always reacted negatively to the inflation. On the other hand, the movement of share prices is considered positive with inflation since returns from real assets are claimed to be real returns. Therefore, the shares are considered a hedge against inflation. Kool and Hafer (1986) research based on the findings of Fama (1981) and argued that negativity of stock prices and inflation is because of a inverse correlation between unexpected inflation and the output. Evaluating the post-1950 period it is found that real activity has an impact on share prices and the impact of inflation on share prices is quite different from zero. Post 1980 results favor the Fama Hypothesis. While, the results from pre-1950 period goes straight in favor of orthodox theory where a positive correlation between real activity and stock returns noticed dominating the inflation impact and future activity. New York Stock Exchange Index declined by 68 percent during 1965 to 1981, and the dividends and returns were fallen close to zero during the period . As suggested by Fama (1981), the higher inflation rate is the main reason that caused such downfall in the market. It was also observed that tax system was also to be blamed for higher inflation which resulted in share price issue. Feldstein and Martin (1980) also argued that tax system is somehow responsible for the inflation. Historic cost method of depreciation and capital gain taxation are the factors which cause the stock returns to fall with the increase in inflation. While, it also decreases the value of the debt a firm holds, and therefore the return on bonds are also reduced. The expectation of increase in tax and inflation has an effect to some extent on share prices. Another reason was debated by Malkiel (1979) suggesting that the decline of Stock Exchange in USA occurred while there was an evident risk of capital investments during 1970s. It shows that impact on a firms capital due to gross marginal return increased after 1965 which also resulted in the riskiness of investor returns from holding stocks. Increase volatility of stock returns is also observed which shows the variance of return on NYSE Index. During the period, variance continued to increase, and this fluctuations caused variation in firms gross marginal return on capital and increment in variance of inflation as well. Unforeseen events, such as, fluctuations in regulatory, exchange rate, and competition of market players, that affect capital gains and losses are usually unrealized. Thus, it makes it difficult to measure the return on capital smoothly. But, the variance can still be calculated from the data available at stock markets. Malkiel is of the opinion that whatever these fluctuations do, but it definitely affect the business environment and makes it more uncertain. Fama (1981) results also points indirectly to the correlation real economic variables and gross marginal return on capital. The volatility of gross return is linked to the volatility of inflation, which h as a negative correlation with returns when unanticipated. On another end, volatility is also responsible for riskiness of bonds. Though, it is unclear if this volatility increases the share value while making bonds riskier, and not the other parameters such as tax rates. Pindyck (1983) found that behaviour of gross marginal return on capital is the actual reason affecting share prices. Analysis discusses that there are controversies regarding the variance since results showed it doubled while other authors are of the opinion that expectation of return fell. The two changes actually depend on how investors consider this risk and make decisions accordingly, analysis suggests. Developed model is simple and only utilized asset returns, asset demands, and share prices. Though, the model limiting factors were known to be reliance on rational share valuation, income streams in consumption, and consideration of only two assets in portfolios. Use of a partial equilibrium framework was al so another limiting factor. These limitations made it difficult to analyze the results but to an appreciable extent, it proved that share price increases when there is an increase in capital stock, while there is a negative relation between inflation and returns. Investors perception of risk is another issue Pindyck considers difficult to measure. Analysis emphasized that it can be measured to a good acceptable level using sample variance of stock market returns, but the use of survey data is even better in measuring it. Analysis also argued that non-negligible probability of economic catastrophe makes the capital risky even if the volatility in stock returns does not exist. Subhani (2010) found that there is a relationship between KSE-100 Index and CPI. Though, the relationship is negative. Analysis also found that it is participants perception which causes inconsistent effect to trading. Participants response to the CPI announcements varies and causes declining trade volume variably. Schwert (1981) analyzed daily stock returns and concluded that any unexpected inflation or a negative news regarding stock market reacts in a negative response from stock market as well. Meaning, if inflation rises, the stock price falls. Feldstein (1983) found that higher inflation rate results in decreasing ratio of share prices to before-tax earnings. The main factors that cause it are historic-cost depreciation and the increasing tax on capital gains. Both factors, caused by inflation, decrease the return on capital. It also revealed that investors are often responding differently to tax related news, and at times the share prices fall even if the demand price per share is increased by inflation. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Secondary data was used for conducting this research. Data of consumer price index (CPI) was collected from Federal Bureau of Statistics (statpak.gov.pk) and Economic survey of Pakistan. Share prices of Pakistan Tobacco Company and Lakson Tobacco Company was collected from ksestocks.com and Taurus Securities, a capital management firm. 3.2 Sample Size A sample of 238 observations has been used in the study. Monthly consumer price index from January 1991 to October 2010 has been used. CPI is taken as base year set to 1991. While daily share price of tobacco companies were converted into monthly averages for the same period. Yearly data with 20 observations was analyzed to compare the results with monthly analysis. 3.3 Research Model Same model is used for predicting the share price of Pakistan Tobacco Company and Lakson Tobacco. SPÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯ = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ Where, SP is Share Price of the company, INF is rate of inflation, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯ is selected case, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± is constant, and ÃÆ'Ã… ½Ãƒâ€šÃ‚ µ is error. Models for both companies were developed for two scenarios, data without auto-correlation, and data having auto-correlation. Auto-correlation was removed by applying square root on rate of inflation and share prices, and log transformation on transformed variables. Removal of auto-correlation resulted in following models. Model for Pakistan Tobacco: (Yearly) SPPakTobacco = -0.444 + 0.161(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯) + 0.469(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) + 0.073(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) (Monthly) SPPakTobacco = -0.440 + 0.360(INFà Æ'Ã… ½Ãƒâ€šÃ‚ ¯) + 0.443(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) 0.440(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) Model for Lakson Tobacco: (Yearly) SPLaksonTobacco = 0.002 + 1.398(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯) 0.008(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) 0.220(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) (Monthly) SPLaksonTobacco = 0.048 + 1.428(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯) 0.040(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) 0.225(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) Auto-correlation was present in non-transformed variables. Following models were created when auto-correlation was not removed. Model for Pakistan Tobacco: (Yearly) SPPakTobacco = 258.940 2.986(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯) + 0.012(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) 0.000001(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) (Monthly) SPPakTobacco = 242.534 2.654(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯) + 0.010(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) 0.000001(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) Model for Lakson Tobacco: (Yearly) SPLaksonTobacco = 725.421 11.521(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯) + 0.054(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) 0.0000068(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) (Monthly) SPLaksonTobacco = 424.803 7.050(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯) + 0.035(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯2) 0.0000043(INFÃÆ'Ã… ½Ãƒâ€šÃ‚ ¯3) 3.4 Statistical Technique Statistical technique used in this research is Cubic Regression. Data is transformed into new variable with square root transformation, and then log transformation on that transformed variable, to remove the auto-correlation. Two variables are taken into account for each model and share price of both tobacco companies are predicted separately. Having said this, two variables used in each model are share price and rate of inflation, both are having cubic relation. CHAPTER 4: RESULTS 4.1 Findings and Interpretation of the results Yearly Data Analysis was first done on yearly data and then on monthly data. Data had to be transformed since it was not following normal distribution and to remove auto-correlation. Table 4.1.1 Tests of Normality Kolmogorov-Smirnova Shapiro-Wilk Statistic df Sig. Statistic df Zscore(t_cpi) .079 20 .200* .981 20 Zscore(t_pakt) .091 20 .200* .974 20 Zscore(t_lakt) .157 20 .200* .943 20 Sig values of Shapiro-Wilk suggest that data is normal. Pakistan Tobacco Table 4.1.2 Model Summary R R Square Adjusted R Square Std. Error of the Estimate .741 .550 .465 27.029 Table 4.1.3 ANOVA Sum of Squares df Mean Square F Regression 14275.152 3 4758.384 6.513 Residual 11689.029 16 730.564 Total 25964.180 19 With the presence of auto-correlation, model summary suggests that cpi explains 55% of share price for Pakistan Tobacco. The suggested model is also considered fit since sig value in ANOVA table is less than 0.05 Table 4.1.4 Model Summary R R Square Adjusted R Square Std. Error of the Estimate .624 .390 .276 .851 Table 4.1.5 ANOVA Sum of Squares Df Mean Square F Regression 7.409 3 2.470 3.409 Residual 11.591 16 .724 Total 19.000 19 After applying transformation, cpi explains 39% of share price for Pakistan Tobacco, while the model is considered fit. But, the sig value in ANOVA table is not far below 0.05. Lakson Tobacco Table 4.1.6 Model Summary R R Square Adjusted R Square .947 .897 .877 Table 4.1.7 ANOVA Sum of Squares Df Mean Square F Regression 363646.177 3 121215.392 46.359 Residual 41835.309 16 2614.707 Total 405481.485 19 With auto-correlation presence, consumer price index explains 89.7% of share price for Lakson Tobacco. Sig value of ANOVA is also less than 0.05. Therefore, the model is considered fit. Table 4.1.8 Model Summary R R Square Adjusted R Square Std. Error of the Estimate .940 .884 .862 .372 Table 4.1.9 ANOVA Sum of Squares Df Mean Square F Regression 16.787 3 5.596 40.452 Residual 2.213 16 .138 Total 19.000 19 After auto-correlation is removed, cpi explained 88% of share price for Lakson Tobacco. The model is also considered fit since the sig value is less than 0.05. Table 4.1.10 Correlations Zscore(t_cpi) Zscore(t_pakt) Zscore(t_cpi) Pearson Correlation 1 .309 Sig. (2-tailed) .184 N 20 20 Pearson Correlation suggests that there is a high correlation between Lakson Tobacco share price and CPI. But the correlation is not prominent between cpi and share price of Pakistan Tobacco. Monthly Data Raw data did not have normality while auto-correlation was present. Data was transformed using square root and log transformation which converted the data into normal distribution and auto-correlation was removed. Table 4.1.11 Tests of Normality Kolmogorov-Smirnova Shapiro-Wilk Statistic df Sig. Statistic df Zscore(ln_sqrt_cpi1991) .055 238 .081 .977 238 Zscore(ln_sqrt_PakTobaccoSharePrice) .055 238 .078 .974 238 Zscore(ln_sqrt_LaksonTobaccoSharePrice) .148 238 .000 .950 238 Kolmogorov-Smirnov suggests that consumer price index and share price of Pakistan Tobacco is normal. The mean and median for share prices of Lakson Tobacco fell close, and within the range of 5%. Therefore, it was considered for further statistical tests. Pakistan Tobacco Table 4.1.12 Model Summary R R Square Adjusted R Square Std. Error of the Estimate .708 .501 .494 27.575 Table 4.1.13 ANOVA Sum of Squares df Mean Square F Regression 178539.001 3 59513.000 78.265 Residual 177934.110 234 760.402 Total 356473.111 237 With the presence of auto-correlation, Model Summary suggested that rate of inflation explains 50% of share price for Pakistan Tobacco, while the model is also considered fit since sig value of ANOVA is less than 0.05. Table 4.1.14 Model Summary R R Square Adjusted R Square Std. Error of the Estimate .611 .373 .365 .797 Table 4.1.15 ANOVA Sum of Squares df Mean Square F Regression 88.485 3 29.495 46.472 Residual 148.515 234 .635 Total 237.000 237 After applying transformations, which removed the auto-correlation, Model Summary for share price of Pakistan Tobacco and rate of inflation reveals that rate of inflation explains 37% of share price for Pakistan Tobacco. Having considered this, it does not actually cause the share price in the market. Sig value of ANOVA table is less than 0.05, which means that regression model for predicting share price of Pakistan Tobacco is suitable. Lakson Tobacco Table 4.1.16 Model Summary R R Square Adjusted R Square Std. Error of the Estimate .853 .728 .724 78.413 Table 4.1.17 ANOVA Sum of Squares Df Mean Square F Regression 3847422.758 3 1282474.253 208.578 Residual 1438786.372 234 6148.660 Total 5286209.129 237 The presence of auto-correlation in share prices of Lakson Tobacco revealed that the rate of inflation explains 72% of the share price for Lakson Tobacco. While, the model is considered fit having the sig value of less than 0.05 in ANOVA table. Table 4.1.18 Model Summary R R Square Adjusted R Square .928 .861 .859 Table 4.1.19 ANOVA Sum of Squares df Mean Square F Regression 204.119 3 68.040 484.213 Residual 32.881 234 .141 Total 237.000 237 After the removal of auto-correlation, rate of inflation explains 86% of share price for Lakson Tobacco. Comparing with Pakistan Tobacco, Lakson Tobacco is more responsive to rate of inflation in the economy. ANOVA table having sig value of 0.000, which is less than 0.05, states that regression model is suitable for predicting share price of Lakson Tobacco. Beside rate of inflation, other economic factors indeed impact the behavior of stock market. Therefore, CPI alone is not considered a significant predictor of share prices for tobacco industry in Pakistan. Table 4.1.20 Correlations Zscore(ln_sqrt_cpi1991) Zscore(ln_sqrt_PakTobaccoSharePrice) Zscore(ln_sqrt_cpi1991) Pearson Correlation 1 .327** Sig. (2-tailed) .000 N 238 238 Pearson correlation reveals that there is a positive correlation between consumer price index and share price of tobacco industry, but this relation is not very prominent. While, on the other hand correlation between consumer price index and share price of Lakson Tobacco is strong and positive. Auto-correlation test for consumer price index (CPI), share price of Pakistan Tobacco, and share price of Lakson Tobacco, tested with 16-lags, have auto-correlation value between 0.5 and 1, while sig value is 0.000 through-out the cases. It states that todays CPI, share price of Pakistan Tobacco, and share price of Lakson Tobacco explain the future rate and prices for at least 16 months. Study of monthly and annual data resulted in no considerable variations. Therefore, results are considered having similar beh avior among monthly and annual analysis. Figure 4.1.1 Figure 4.1.1 reveals the trend of share prices of Pakistan Tobacco and Lakson Tobacco. It suggests that Pakistan Tobacco prices with relation to the CPI, raised in the beginning. It fell, and then again increased at the end. While, the Lakson Tobacco started to rise late, and fell after very short span of time. Trend of both companies are showing growth in recent past, but at lower level. 4.2 Hypotheses Assessment Summary Yearly Hypotheses B1 B2 B3 Sig Result CPI Predicts Share Price for Pakistan Tobacco. .161 .469 0.073 .043 Accepted CPI Predicts Share Price for Lakson Tobacco. 1.398 -.008 -0.220 .000 Accepted CPI Causes Share Price for Pakistan Tobacco. .161 .469 0.073 .043 Rejected CPI Causes Share Price for Lakson Tobacco. 1.398 -.008 -0.220 .000 Rejected Hypotheses Autocorrelation (16 lags) Sig Result CPI of Today explains the CPI of future. .772 x -.370 (for Lag1) (for Lag16) .000 Accepted Todays Share Prices of Pakistan Tobacco explain the future share prices of Pakistan Tobacco. .667 x -.005 (for Lag1) (for Lag16) .000 Accepted Todays Share Prices of Lakson Tobacco explain the future share prices of Lakson Tobacco. .867 x -.263 (for Lag1) (for Lag16) .000 Accepted Monthly Hypotheses B1 B2 B3 Sig Result CPI Predicts Share Price for Pakistan Tobacco. .360 .443 -0.440 .000 Accepted CPI Predicts Share Price for Lakson Tobacco. 1.428 -.040 -0.225 .000 Accepted CPI Causes Share Price for Pakistan Tobacco. .360 .443 -0.440 .000 Rejected CPI Causes Share Price for Lakson Tobacco. 1.428 -.040 -0.225 .000 Rejected Hypotheses Autocorrelation (16 lags) Sig Result CPI of Today explains the CPI of future. .979 x .697 (for Lag1) (for Lag16) .000 Accepted Todays Share Prices of Pakistan Tobacco explain the future share prices of Pakistan Tobacco. .977 x .503 (for Lag1) (for Lag16) .000 Accepted Todays Share Prices of Lakson Tobacco explain the future share prices of Lakson Tobacco. .983 x .712 (for Lag1) (for Lag16) .000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The research found that there is a positive correlation between consumer price index and share price of tobacco industry in Pakistan. Consumer price index does explain the share price for Pakistan Tobacco and Lakson Tobacco, but it only predicts the portion of it. Other economic factors are also responsible for the change, and that is the reason CPI does not cause the share prices alone. Study revealed that current trend of tobacco industry in stock market explains the future trends. 5.2 Discussion Various studies analyzed that there is a negative relationship between stock market and inflation, while there were many economies there was positive relation, but in both cases, the relationship was prominent in long-term. Consumer price index in Pakistan has a direct impact on consumers as well as businesses, and it has been a key issue for couple of decades. The reason for relatively different impact of inflation on stock market in Pakistan when compared to other economies of the world is behavior of people towards inflation. Increasing inflation results in increase in price of commodities that should have an impact, but it also affects non-related commodities and industries. Inflation and share value of every month has links with the values of past and future. Thus, it also reveals that the change of rates and prices are not only affected by the economic factors, but the values itself are predictors of the values of future. 5.3 Implications and Recommendations Analysis and model of this research can be a good use for financial analysis and researches. It not only helps in studying the relationship between inflation and stock market, but also helps in investing decisions for investors willing to buy shares. For better and more accurate predictions, other economic factors must also be included in the research, making the analysis and investing decisions more reliable for investors and consultants. 5.4 Future Research This research provides a base for predicting share prices of tobacco industry in Pakistan with response to the change in rate of inflation. Share price for other industries and companies can also be predicted using the developed model. Other economic factors can also be included in the research in future, to predict the stock market behavior more accurately. REFERENCES Adam, A. M., Tweneboah, G. (2008). Macroeconomic Factors and Stock Market Movement: Evidence from Ghana. MPRA Paper, 11256. Anari, A., Kolari, J. (2001). Stock prices and inflation. Journal of Financial Research, 24, 587-602. Cohn, R. A., Lessard, D. R. (1980). The Effect of Inflation on Stock Prices: International Evidence, 11470. Crosby, M., Otto, G. (2000). Inflation and Capital Stock. Journal of Money, Credit and Banking, 32, 236-253. Day, T. E. (1984). Real Stock Returns and Inflation. The Journal of Finance, 39, 493-512. Durre, A., Giot, P. (2005). An international analysis of earnings, stock prices and bond yields. National Bank of Belgium, 200509-1. Erb,C. B., Harvey, C. R., Viskanta, T. E. (1995). Inflation and World Equity Selection. Financial Analyst Journal, 51, 25-42. Fama, E. F. (1981). Stock Returns, Real Activity, Inflation and Money. American Economic Review, 71, 545-565. Feldstein, M. (1980). Inflation, Tax Rules, and the Stock Market . Journal of Monetary Economics, 6, 309-331. Feldstein, M. (1983). Inflation and the Stock Market. Inflation, Tax Rules, and Capital Formation, University of Chicago Press, 186-198. Garber., Peter. (1982). Transition from Inflation to Price Stability. Carnegie Rochester Conference Series on Public Policy, 16, 11-42. Kook, C. J. M., Haffer, R. W. (1988). Stock Prices, Inflation and Real Activity: A Test of the Fama Hypothesis. Federal Reserve Bank Research Dept, 1986-001B. Malkiel, B. G. (1979). The Capital Formation Problem in the United States. The Journal of Finance, 34, 291-306. Pindyck. (1983). Risk, Inflation, and the Stock Market. National Bureau of Economic Research, 1186. Schwert, G.W. (1981). The adjustment of stock prices to information about inflation. Journal of Finance, 36, 15-29. Subhani, M. I., Osman, A., Gul, A. (2010). Relationship between Consumer Price Index (CPI) and KSE-100 Index Trading Volume in Pakistan and Finding the Endogeneity in t he Involved Data. Iqra University Research Centre IURC.

How to Find the Best Term Paper Writers

<h1>How to Find the Best Term Paper Writers</h1><p>If you are an understudy or an instructor and you need to create research projects with top notch, you will need to recruit the best research project authors in the nation. It doesn't make a difference whether you are composing for a semester or an entire term. You can go to a support of get you the paper you have to exceed expectations on the school level. Here are a few hints to ensure you employ the best essayists for your needs.</p><p></p><p>Look at what the journalists do. At the point when you are searching for research paper authors, you have to recognize what their qualities are. Solicit them to give you models from ventures they have dealt with. Discover how much experience they have with the undertaking. The exact opposite thing you need is to be under-able to compose the papers that you need.</p><p></p><p>Look at their references. You will need to enlist sch olars that you feel sure working with. See whether the author has taken heading from another person before. How well the author comprehends the task and what they can convey for you can make all the difference.</p><p></p><p>Consider what they use. On the off chance that you are searching for an essayist that utilizes the Adobe program, it may not be fitting for your undertaking. Search for the most forward-thinking programming when you are searching for the best research project journalists. You ought to likewise get some answers concerning the sort of hardware that they use to compose the papers.</p><p></p><p>Look at the space. You should discover what number of square feet they can use for your undertaking. You will likewise need to ensure that the space they work in will permit them to traverse the task rapidly. Moreover, you will need to discover to what extent it will take for them to complete the project.</p><p></p ><p>Look at the costs. Discover the amount you can hope to pay for your undertaking. Contingent upon what it is you are searching for, you might need to discover the rate that it is offered for. The best research project authors can offer you incredible help and give you the papers you need. You don't have to pay a lot for them, however you would prefer not to pay too little either.</p><p></p><p>Find out how you can contact the authors. At the point when you recruit scholars, you will need to have the option to get in touch with them. Discover what techniques they will use to hit you up with a reaction, including email and different types of communication.</p><p></p><p>Finding the best research paper essayists is just piece of the procedure. You will likewise need to remember how much experience they have and how rapidly they can prepare your paper. Likewise, you will need to discover how they will do it and the sorts of work they will have the option to handle.</p>

Interesting Concepts to Write About

Interesting Concepts to Write AboutThere are several interesting concepts to write about that people might find interesting. You can approach this in several different ways. This article discusses some of the most popular topics to write about.Firstly, we have the topic of sports. When people think of sports, they tend to focus on the sports themselves, the games and what goes on in them. However, when you take a closer look at the subject matter, you will find that there is a lot more to it than this.For example, imagine writing a book about the actual events in the Olympics, with only the events for you to write about, or write about the events that were actually going on in the Olympic Games itself. There is a lot more there than is covered by the actual events, and this could be an interesting concept to write about. It also involves a very different tone and style. It's not just about the games themselves, but the media surrounding them.Another interesting concept is politics. S ometimes, there are questions that are commonly asked, such as who should be allowed to work in the White House. Or, other times, there are other more controversial issues that need answering. The question of who is allowed to become President is one of these types of topics, and a good writer can find the answer that they are looking for.In fact, there are several topics that are very important and have very interesting concepts to write about. If you are interested in writing a book on a topic that interests you, the best way to approach it is to do some research, and look up the topic on Wikipedia. This will give you a good idea of the facts and figures and how the subject works out.This is also a good way to start from scratch, and you can do your own research by reading books about the topic. A book on politics is generally something that the writer would want to stick with the subject matter. It's also better if the topic is something that the writer is familiar with, as they will be able to use this knowledge in their own writing.Another great way to write about something is to read the news. This is a great way to find out more about a topic. Of course, if you find that you have too much information on a topic already, then it is probably a good idea to take a new angle on the topic and find something completely new to write about.So, now you know a few interesting concepts to write about, and you might have an idea of some of the topics that interest you. When you do your research, make sure that you are flexible with your ideas. Also, do a little bit of research yourself to see if you can figure out some of the facts.

Research Paper Topics For Dsm 5 - Give Them All a Rest

Research Paper Topics For Dsm 5 - Give Them All a RestIt is significant that you realize the top research paper points for Dsm 5 with the goal that you can adequately compose your exposition. The exposition is your best chance to give your most ideal introduction to the school. The exposition ought to be centered around what is required by the school with the goal that you can prevail with regards to completing the course and get a degree.There are essentially two sorts of paper, the book-length thesis or the book-venture paper. On the off chance that you need to have the option to complete the course with the most elevated degree conceivable, you have to know which thesis you have to concentrate on first. In the first place, on the off chance that you need to do the exposition as a book-length venture, the top research paper themes for Dsm 5 incorporate things like authentic translation, the connection among human and nature, racial and ethnic examinations, human science, and ecolog ical studies.However, on the off chance that you need to have a far reaching thesis that consolidates numerous different zones, there are a couple of research paper subjects for Dsm 5 that can support you. These points incorporate human studies, econometrics, theory, financial matters, political theory, and legitimate investigations. So as to utilize these points viably, you should ensure that they take up the entire of your thesis. All things considered, all aspects of your exposition needs to have a huge commitment to the entire, else, it would simply be a continuation of your past paper subjects for Dsm 4.The research paper themes for Dsm 5 additionally incorporate hypothetical and calculated fields. These fields spread territories, for example, near folklore, endogamy, nature and progress, otherworldliness, semantics, political economy, and phenomenology. It is imperative to consider these kinds of research paper points since they truly put the entirety of the previously mention ed territories under one rooftop. To have the option to do this, you have to have a solid hypothetical foundation and reasonable background.A scarcely any examination paper subjects for Dsm 5 incorporate the themes that manage the occasions and connections among culture and society, social qualities, social mindfulness, and media-sort order. You likewise need to examine the social parts of each verifiable period, notwithstanding the financial relations among nations and their occupants. It is critical to comprehend these angles with the goal that you will have the option to finish the whole thesis in a sorted out manner.Some inquire about paper themes for Dsm 5 incorporate the subjects of legitimate examinations, current history, strict investigations, political history, humanism, and sociologies. In the event that you need to put these themes under one rooftop, you have to realize which kinds of subjects you should focus on first.If you need an exposition that covers an enormous te rritory, an exploration paper point for Dsm 5 is unquestionably the best point to utilize. This exposition depends on a bigger research theme that centers around a solitary zone. Consequently, you will learn more in one stage and you will likewise increase a ton of information thusly.

The Characteristics of Essay Topics for Animal Farm

<h1> The Characteristics of Essay Topics for Animal Farm </h1> <p>If you can allude extraordinary books or references where one can discover information about Animal taking care of which makes your paper important. To manage the article, you need to comprehend what the various types of points are, and the best approach to deal with the topic of a particular sort. An individual can choose an increasingly extreme point. Without a doubt, most of the themes can be difficult to compose on for some understudies. </p> <p>Go through the following rundown, and pick a point that you trust you see quite well or that you identify with. The rundown given in this page will fire your creative mind, and you'll be able to pick great factious article subjects about creatures. Understudies will find that it's more straightforward to expound on themes that they're keen on, and it'll make the examining procedure a lot less difficult. </p> <h2> Finding the Best Essay Topics for Animal Farm</h2> <p>Animal ranch is only one of the regularly happening artistic pieces by George Orwell. Russia, and the rest of earth, saw two unrests in 1917. Those of us who don't have information on Russian history wouldn't expect Napolean's character change that was the peak of the whole story. </p> <h2> The Do's and Don'ts of Essay Topics for Animal Farm </h2> <p>There are different attributes of composing that Orwell utilized and can best depict the present world and the manner by which individuals relate together. A decision is, indeed, the most huge bit of the contentious article as conceivable either bolster the excellent impression or pulverize it totally. There's so much they can investigate inside this work of writing given that they arrive at the profundities of their creative mind while additionally utilizing inventiveness. There are a few unobtrusive depictions that show the possibility of imagery, alongside factors that point to significant noteworthy occasions. </p> <h2> What You Can Do About Essay Topics for Animal Farm Starting in the Next Four Minutes </h2> <p>You could discuss the viability of using the results of animal tests to create expectations about human physiology. A variety of explanatory scoring may be used in a circumstance where the accentuation of guidance at a specific time might be on a subset of the seven scoring components. You can get familiar with the suggestions of creating research paper. Discuss ion about the suggestions. </p> <p>Clover isn't excessively savvy. Language of intensity is a basic idea to what the story Animal Farm is about. The animals in the Animal Farm speak to a specific gathering of people in the general public. They all future arranged to participate together in an improved ranch network. </p> <h2> Essay Topics for Animal Farm: No Longer a Mystery</h2> <p>You may keep on saving your factious articles for your forthcoming activity portfolio in the event that they're exceptionally evaluated. You don't have to discover excessively specialized with legitimate pugnacious papers, yet make sure to get your work done on what the current laws about your favored theme really state. As you get set to present the subject, you can assess every last one of the themes and pick which will be much better create an amazing exposition on. It's critical to choose far from being obviously true contentious paper subjects as you need contradi cting focuses you may counter to your own focuses. </p> <p>There will be not really a day where you're not using a creature based thing. At that point utilize that data to make a paper that states at any rate three particular clarifications for why you accept your side of the issue. Figure out which side of the difficult you have confidence in. After the system for discharge is at long last uncovered, we aren't astounded to find that it's deadly infusion. </p> all <p>There's odds we are certifiably not an incredible fit and we won't take care of business together. You need to pick something which is dubious since you can't generally contend to disprove realities. In the event that you don't have an inclination to sit around idly on picking the best point and composing the whole contentious paper without any preparation, remember you've a dedicated gathering of experts close by. It might be difficult to create a great point without anyone else, however the pos itive news is that you can expound on something which you're enthusiastic about. </p> <h2> The Importance of Essay Topics for Animal Farm </h2> <p>The scorer must decide the descriptor that is the absolute best match to a paper contingent upon the dominance of proof. An astounding proposal articulation is one which remains inside a specific extension. Rehash your theory and give an outline of the focuses you have contended on. Each point should be joined by solid proof. </p> <h2> New Ideas Into Essay Topics for Animal Farm Never Before Revealed</h2> <p>Today I will convince you that I unequivocally figure the piece of a planned pioneer would be generally satisfactory for Benjamin the jackass. By one way or another, the homestead is presently a dreadful spot loaded with brutality. The main thought comes in the zone of authority. They all future arranged to work together in an improved ranch network. </p> <h2> Life, Death and Essay Topics for Animal Farm </h2> <p>Assessment and Reflection The educator uses the LDC rubric to rate the understudies' composition and offer input to assist understudies with improving their presentation. There are a considerable amount of procedures to create understudies find out about new things. They may give criticism to one another on their initial passages. They ought to be urged to incorporate both printed data and their own associations and suggestions. </p> <p>This demonstrates that creatures can't be given comparable rights as people. Besides, the pigs in the story showed heaps of voracity. Totally everybody can't have the foggiest idea about all the things. In a specific association, everybody realizes it is difficult to remain in power and that individuals must make astounding penances for power. </p> <h2>What Is So Fascinating About Essay Topics for Animal Farm? </h2> <p>The book has a ton of minor characters. The pr imary thing you might need to do once you've picked your point is to begin with composing a layout. It's likewise indispensable that you don't surge your mind to jump out the absolute best subject. Creators frequently use clear subtleties to think of plot. </p>

Characteristics of Mcteague Essay Topics

<h1>Characteristics of Mcteague Essay Topics </h1> <p>If you're bona fide, it's not possible for anyone to compose the indistinguishable exposition as you! So here is an amazing answer for this issue. Your reasons must be useful and consistent. </p> <p>Persuade your companion to see the film you want. You should ensure that you're exceptionally inspired by the subject before it is conceivable to convince others about it. Talking about something that you're natural isn't just progressively fun yet in addition a decent arrangement simpler.</p> <p>The genuine administration paper is easy to peruse and comprehend. An endurance program ought to form into an absolute necessity have for each and every family in case of catastrophic events. There are a couple simple rules to follow to have the option to be in a situation to create a conventional powerful article. In addition, it would in like manner be smarter to pick one where you have some involvement with. </p> <p>Persuasive papers (additionally called pugnacious papers) are perhaps the most significant scholastic undertakings you'll figure out how to compose. Despite the fact that it's normal, understudy needs to discover option to become predominant evaluations. On the off chance that it's a school article, it's imperative to consider what parts of it will be assessed. Every single powerful articles resemble factious expositions. </p> <p>When you pick the correct theme you will permit it to be alluring to the peruser. Next, you should consider the strategy on how you wish to transfer it to your perusers. Try not to disregard to bring a solid snare toward the start (presentation passage) and end up with a noteworthy end to make the peruser need to go over the fascinating influential paper subjects of your choice. </p> <p>Assume that the peruser knows nothing about the issue. At the point when it is contentious or instructive articles, you should build up a subject that may get the enthusiasm of the peruser immediately and this isn't such a simple activity. Simply follow the rules expressed above, and you'll be well en route to composing a generally excellent powerful exposition. Simply take the time currently to peruse more on the subject of enticing composition. </p> <p>There are a few influential article points to pick from to complete your secondary school or school task. Despite the fact that individuals accept instruction is a right and will make society, for the most part, a superior spot for everyone, others feel there's no bona fide technique to give a free advanced degree as schools would at present must be financed (likely through duty dollars). Before understudies start to compose, it is an extraordinary thought for them to acquire a rundown of the focuses they might want to make to their perusers. Also, a few understudies experience issues through searching for the most proper useful article subjects between the measure of various topics. </p> <p>On the rival side, securing a rundown of good influential paper subjects is inadequate. Make sense of which of the points, you right now have a genuinely decent foundation on which will make it feasible for you to have a relative edge. The least difficult way to deal with settle on an enticing paper theme is to discuss a current issue. Choosing the right point for an enticing discourse can be not such a simple issue to do as it would appear. </p> <p>Thus, remember information for the state of measurements, tests, inquire about material to help you bolster your paper contention. The logical novel isn't feasible for various clarifications. It's energetically suggested that you simply pick the point that you can manage, for example, on the off chance that you're not t portraying the character attributes, at that point you have to better not choose for it. </p>

What Is So Fascinating About Caltech Essay Prompts Samples?

<h1> What Is So Fascinating About Caltech Essay Prompts Samples? </h1> <h2>How to Choose Caltech Essay Prompts Samples </h2> <p>While the Fall 2018 application won't be live until August 2017, we trust you will get the opportunity to consider your reactions. Dress for progress and prepare for the meeting. </p> <p>There are a ton of on-line places of work which have an area made explicitly for teenager occupation looking. When picking a school network, you're picking an area where you feel that you may live, learn, and prosper. Numerous adolescents wish to work something other than a mid year work. Youngsters attempting to look for some kind of employment should adhere to precisely the same counsel as grown-ups. </p> <p>Better still, you can channel the type of brief you want to see dependent on whatever you wish to compose right now. In people, for instance, the addendum is viewed as a minimal structure. Despite the fact that our application doesn't go live for an additional couple of weeks, I know a ton of you are anxious to start thinking about how you are going to respond to these inquiries. </p> <p>Instead, getting ready in advance how you are going to discuss these methods will assist you with sparing you a decent arrangement of time and nervousness when the test moves around. Discover how their cerebrums work, study and figure out how to procure on precisely the same frequency as some of the most grounded personalities on earth. Verifiable proof may likewise be looking like non-numerical information. </p> <p>You could have some of the best thoughts or musings in your considerations, however on the off chance that you don't talk about them, at that point you are going to take them to the grave. Ensure the target of the theme is clear through the style, that you pick to grasp. We need to locate a superior sentiment of you. You may even be in a situation to peruse models from past understudies to get your imaginative energies pumping. </p> <p>There's a minor risk that she is going to discover a peruser who won't acknowledge the Goth'' culture Carrie portrays, yet most perusers will venerate the way Carrie approaches her point and her straight-shooting style. Notwithstanding what, verify you settle on a point that is important to you. It isn't in every case enough essentially to toss out help for a case a creator may choose to utilize thinking to explain the manner in which the proof introduced really manufactures the contention. Another explanation may be sciatica or weight. </p> <p>When you do that it won't simply bring you satisfaction yet also, it will help everyone around you. In all actuality that is conceivable right now if you realize the best spot to look. Try not to be stressed over what others think about your considerations. Figure out how to communicate them with the correct individuals and perhaps then these musings will wind up progressive. </p> <h2>Up in Arms About Caltech E ssay Prompts Samples? </h2> <p>The term limit on the paper will remain at 650. It would be ideal if you know that a couple of these school exposition models may be reacting to prompts that are done being utilized. When all is said in done, do all that you can to place in the undertaking on articles which you feel are one of a kind, important, and efficient. Before you initiate composing this exposition, you will need to begin with some phenomenal conventional research. </p> <p>You'll watch a comparative structure in a few of the expositions. Our way to deal with application papers is certainly not a solitary, longform exposition, however rather five short-answer addresses where we endeavor to get the chance to comprehend different aspects of every individual. Also, supplemental expositions will be included as they're discharged. These seven example papers react to a wide assortment of interesting questions.</p> <p>Imagine that you're a school chief confronted with the activity of making arrangement for your school. All through your school life you may have taken a particular course about which you had certain desires which probably won't have been met. You may wish to join an additional exposition in the event that you feel that the school application structures don't offer adequate opportunity to pass on significant data in regards to yourself or your achievements. That is the best strategy to make an extraordinary school essay.</p> <h2> The Lost Secret of Caltech Essay Prompts Samples </h2> <p>This can be a difficult possibility. Different things to different people, since the circumstance requested. </p> <p>It might be something customary like your congregation or delayed family, however it might likewise be some other gathering you view yourself as a segment of. For other people, it sets aside substantially more effort to settle on a decision. I've made it a custom of endeavoring to pose myself this inquiry week by week and commending all the minimized successes in transit. Counsel your folks to illuminate the back line to you. </p>

What Should Be Covered in CSE Research Papers?

<h1>What Should Be Covered in CSE Research Papers?</h1><p>When an individual gets their CSE investigate papers he/she should consider getting one and placing it in the prospectus for one year from now. While there are numerous different approaches to instruct, this is one of the most significant assets that an educator can have available to them. It is a snappy method to give a decent review of the theme secured. Notwithstanding, this can just go so far in giving understudies the data they need.</p><p></p><p>When it comes to CSE look into papers, the data ought to be in a similar level as that in a reading material. The objective is to keep understudies connected so they can comprehend the ideas that are secured. The motivation behind why the course won't be totally secured inside the main semester is on the grounds that the substance is very basic.</p><p></p><p>The first semester, or quarter, is committed to covering the entirety of the class subjects that will make up the class. This is when understudies should be set up for the following semester. After that first semester, the entirety of the material will have been secured with the exception of a couple of things that are left.</p><p></p><p>These will keep on being remembered for the second and third year. The thing to recall is that with this material, the data will be tended to in a more slow way than the material that was shrouded in the first and second year. This is fine in light of the fact that the understudies should recognize what's going on before they begin reading for the following year.</p><p></p><p>When an understudy has finished his/her CSE inquire about papers, the understudy can proceed onward to getting ready for the last assessment. At the point when an understudy has breezed through the entirety of different assessments, they will have the option to proceed onward to the las t. This is the point at which the understudy will have the option to at long last put their work into action.</p><p></p><p>Because this is the end of the year test of the CSE program, an understudy can hope to see numerous adjustments in their evaluations. This is an impression of the measure of work that was done over the span of the semester. In the event that the understudy is excelling on different tests, they ought to have the option to proceed similarly. On the off chance that the understudy did ineffectively, they will probably need to take additional coursework to support their grade.</p><p></p><p>Some understudies won't be content with their last assessment results. This is the place the conversations of reviewing can be a gainful part of this course. Understudies can enable each other to improve their scores, which will likewise help with the general grade.</p><p></p><p>When understudies take a course like CSE, they need to realize that they will have the option to progress nicely. Since they are as of now getting ready for the last, the understudy ought to have a superior thought of how well they did in their classes. A passing mark in this course will get them into an extraordinary college, along these lines establishing an incredible connection with everybody around them.</p>

Definite Articles When To Use the Spanish Words for ‘The’

 ¿Hablas espaà ±ol? El espaà ±ol es la lengua de la Argentina. (Do you speak Spanish? Spanish is the language of Argentina.) You may have noticed something about the words el and la — words usually translated as the — in the above sentences. In the first sentence, espaà ±ol is used to translate Spanish, but in the second sentence its el espaà ±ol. And Argentina, a country name that stands alone in English, is preceded by la in the Spanish sentence. These differences typify just a couple of the differences in how the definite article (the in English and el, la, los, or las in Spanish, or lo under certain circumstances) is used in the two languages. The Easy Rule for Using Definite Articles Fortunately, although the rules of using the definite article can be complex, you have a head start if you speak English. Thats because nearly any time you use the in English you can use the definite article in Spanish. Of course, there are exceptions. Here are the cases where Spanish doesnt use the definite article while English does: Before ordinal numbers for names of rulers and similar people. Luis octavo (Luis the Eighth), Carlos quinto (Carlos the Fifth).Some proverbs (or statements made in a proverbial fashion) omit the article. Camarà ³n que se duerme, se lo lleva la corriente. (The shrimp that falls asleep gets carried away by the current.) Perro que ladra no muerde. (The dog that barks doesnt bite.)When used in nonrestrictive apposition, the article is often omitted. This usage can best be explained by example. Vivo en Las Vegas, ciudad que no duerme. (I live in Las Vegas, the city that doesnt sleep.) In this case, ciudad que no duerme is in apposition to Las Vegas. The clause is said to be nonrestrictive because it doesnt define which Las Vegas; it only provides additional information. The article isnt used. But Vivo en Washington, el estado. Here, el estado is in apposition to Washington, and it defines which Washington (it restricts Washington), so the article is used. Conozco a Julio Iglesias, cantan te famoso. (I know Julio Iglesias, the famous singer.) In this sentence, presumably both the person speaking and any listeners know who Iglesias is, so the phrase in apposition (cantante famoso) doesnt tell who he is (it doesnt restrict), it merely provides additional information. The definite article isnt needed. But Escogà ­ a Bob Smith, el mà ©dico. (I chose Bob Smith, the doctor.) The listener doesnt know who Bob Smith is, and el mà ©dico serves to define him (restrict him). The definite article would be used.In certain set phrases that dont follow any particular pattern. Examples: A largo plazo (in the long run). En alta mar (on the high seas). Where the Spanish Needs the Article and English Doesnt Far more common are cases where you dont use the article in English but you need it in Spanish. Following are the most common such uses. Days of the Week Days of the week typically are preceded by either el or los, depending on whether the day is singular or plural (the names of the weekdays dont change in the plural form). Voy a la tienda el jueves. (Im going to the store on Thursday.) Voy a la tienda los jueves. (I go to the store on Thursdays.) The article isnt used following a form of the verb ser to indicate which day of the week it is. Hoy es lunes. (Today is Monday.) Note that months of the year are treated in Spanish much like they are in English. Seasons of the Year Seasons normally need the definite article, although it is optional after de, en, or a form of ser. Prefiero los inviernos. (I prefer winters.) No quiero asistir a la escuela de verano. (I dont want to go to the summer school.) With More than One Noun In English, we can often omit the the when using two or more nouns joined by and or or, as the article is understood to apply to both. Thats not so in Spanish. El hermano y la hermana està ¡n tristes. (The brother and sister are sad.) Vendemos la casa y la silla. (Were selling the house and chair.) With Generic Nouns Generic nouns refer to a concept or to a substance in general or a member of a class in general, rather than a specific one (where the article would be required in both languages). No preferirà ­a el despotismo. (I wouldnt prefer despotism.) El trigo es nutritivo. (Wheat is nutritious.) Los americanos son ricos. (Americans are rich.) Los derechistas no deben votar. (Right-wingers ought not to vote.) Escogà ­ la cristianidad. (I chose Christianity.) Exception: The article is often omitted after the preposition de, especially when the noun following de serves to describe the first noun and doesnt refer to a specific person or thing. Los zapatos de hombres (mens shoes), but los zapatos de los hombres (the shoes of the men). Dolor de muela (toothache in general), but dolor de la muela (a toothache in a particular tooth). With Names of Languages Names of languages require the article except when they immediately follow en or a verb that is often used of languages (particularly saber, aprender, and hablar, and sometimes entender, escribir, or estudiar). Hablo espaà ±ol. (I speak Spanish.) Hablo bien el espaà ±ol. (I speak Spanish well.) Prefiero el inglà ©s. (I prefer English.) Aprendemos inglà ©s. (We are learning English.) With Body Parts and Personal Items It is very common to use the definite article in Spanish in cases where a possessive adjective (such as your) would be used in English in referring personal items including clothing and body parts. Examples:  ¡Abre los ojos! (Open your eyes!) Perdià ³ los zapatos. (He lost his shoes.) With Infinitives as Subjects It is common to precede infinitives with the definite article when they are subjects of a sentence. El entender es difà ­cil. (Understanding is difficult.) El fumar està ¡ prohibido. (Smoking is prohibited.) With Some Location Names The names of some countries, and a few cities, are preceded by the definite article. In some cases its mandatory or nearly so (el Reino Unido, la India), while in other cases its optional but common (el Canadà ¡, la China). Even if a country isnt on the list, the article is used if the country is modified by an adjective. Voy a Mà ©xico. (Im going to Mexico.) But, voy al Mà ©xico bello. (Im going to beautiful Mexico.) The article is also commonly used before the names of mountains: el Everest, el Fuji. Streets, avenues, plazas, and similar places are usually preceded by the article. La Casa Blanca està ¡ en la avenida Pennsylvania. (The White House is on Pennsylvania Avenue.) With Personal Titles The article is used before most personal titles when talking about people, but not when talking to them. El seà ±or Smith està ¡ en casa. (Mr. Smith is at home.) But, hola, seà ±or Smith (hello, Mr. Smith). La doctora Jones asistià ³ a la escuela. (Dr. Jones attended the school.) But, doctora Jones,  ¿como està ¡? (Dr. Jones, how are you?) La is also often used when speaking about a famous woman using her last name only. La Spacek durmià ³ aquà ­. (Spacek slept here.) In Certain Set Phrases Many common phrases, especially those involving places, use the article. En el espacio (in space). En la televisià ³n (on television). Key Takeaways Although English has one definite article (the), Spanish has five: el, la, los, las, and (under certain circumstances) lo.Most of the time, when English uses the, the corresponding sentence in Spanish uses the definite article.The opposite isnt true; Spanish uses definite articles in many situations where English doesnt, such as referring to some locations, days of the week, and with personal titles.

How to Find Good Arguementative Essay Topics

<h1>How to Find Good Arguementative Essay Topics</h1><p>There are a few distinct sorts of good factious exposition subjects that you can submit to get your contentions out into the world. You have to locate the best subject to address whatever the point might be. Some paper themes will work better for understudies in secondary school, school, or even an alumni program.</p><p></p><p>One approach to get a thought of what subject is directly for you is to discover which nearby school has a perusing bunch that meets all the time. Thusly, you can discover what sorts of subjects they search for. This can assist you with selecting the best paper theme for the motivations behind pugnacious writing.</p><p></p><p>If you experience difficulty finding a nearby school, you can check online to perceive what points are accessible for use as exposition subjects. By utilizing web search tools, you can discover what themes are well know n with various gatherings. By taking a gander at the manner in which these themes are recorded, you can get a thought of what sort of exposition subjects they might be looking for.</p><p></p><p>Once you have discovered a nearby school, it's essential to discover which of the perusing bunches is going to meet the point that you need to expound on. This will give you a thought of what sort of understudies they are, and how much conversation they get. By getting a thought of the measure of conversation that goes on in the gathering, you would then be able to choose the best points that fit the general subject of your essay.</p><p></p><p>Once you have limited two or three themes, you would then be able to go to composing your paper. Remember that great pugnacious article themes expect you to establish a decent first connection, and you should do this by having the option to make your contention and give supporting data. When you get a thou ght of how the perusers will peruse your exposition, you would then be able to keep on composing as though you were conversing with an audience who was not so much paying attention.</p><p></p><p>One approach to achieve this is to remember solid argumentation for your paper. The more help you can accommodate your contention, the almost certain the peruser will get persuaded by your contentions. These solid contentions and supporting proof will be an extraordinary method to show the peruser why you are the better choice.</p><p></p><p>By remembering solid contentions and supporting proof for your article, you will have the option to benefit from the factious paper themes that you pick. By ensuring that your contention is sponsored up by solid contentions and supporting proof, you can improve your odds of winning the exposition composing challenge. With the a wide range of sorts of good contentious exposition subjects that are accessible, recall that you ought to compose the best contention that you can to win the contest.</p>

What Does Thematic Essay Topics for Us History Regents Mean?

<h1> What Does Thematic Essay Topics for Us History Regents Mean?</h1> <p>The given above data is really useful. Utilize real information and base your reaction to each address on the specific archive to which it is connected, and ensure you create each answer utilizing total sentences. It is vital to distinguish and unveil the chief subject of the examined work. It's imperative to not overlook that the more clear the test is, the less difficult it'll be for you to find the fitting material, the more powerful and intriguing your work will be. </p> <p>Paragraph 1should present any references that will be used in your paper. The absolute first section needs to have an unmistakable connect to all others. The absolute first passage of your composing should be a short presentation. </p> <p>In case, you feel that it's difficult to make your topical paper reliably or you don't know you're composing it appropriately utilize our assistance. Making suc h an artistic work is no straightforward accomplishment. It's likely obvious to every understudy which all of scholastic composing has an objective. In the accompanying piece, you will comprehend the motivation behind why this composing way is valuable for understudies alongside read smart thoughts for themes. </p> <p>Following such procedure is a straightforward way to deal with limit alarm once it comes to topical articles. There is countless assignments that could come up, in this way, an individual should be decidedly ready. PaperCoach will have the option to assist you with every one of your papers, so investigate the occasion! </p> <p>Do not increment your likelihood of being ceased from your examinations because of confiding in individuals who can't help with picking history exposition themes for secondary school understudies. You ought to have your reasons, and our essential concern is that you end up getting a brilliant evaluation. Consider indisputably the most basic issues and present them. </p> <h2> The End of Thematic Essay Topics for Us History Regents</h2> <p>The postulation officials should be incorporated inside this passage to permit perusers to appreciate the focal evaluation history the paper. After the expressed subject, understudies get an undertaking that they should finish in article design about the topic. On this page, they will discover rules just as blueprints of past Regents topical expositions. So far as the understudies are included, composing an exploration paper is among the hardest and disappointing activity as they would see it. </p> <p>Students must rundown the errands that should be managed. The example that is composed by the Students Assignment Help is significant for the individuals who don't have the thought regarding approaches to start an article for graduate course. </p> <h2> What You Should Do to Find Out About Thematic Essay Topics for Us History Regents Before You're Left Behind </h2> <p>There are a couple of significant techniques for composing the sat paper that you should keep in counter-contention ideally in your decision just you need ton't. In a topical exposition, it may be trying to characterize the primary inquiry structure the absolute first gander at the task brief. To figure out how to make a topical exposition, it's crucial to take a gander at the reviewing rubric. The method important to form an amazing history paper may change from 1 subject to another. </p> <p>It's basic that understudies see decisively what they are foreseen to expound on in the exposition. In the accompanying article, the understudy can find all responses to the inquiries in regards to this kind of scholastic exposition composing together with the accommodating clues and great point thoughts. </p> <p>Our specialists see how to deal with US history article points with a touch of class. Obviously, it is critical to find some astounding US history topical exposition points. Simply take the subject which you need to examine and consider a specific feature that can be found from different components. Hence, when leading your exploration, you should know the creators of the material. </p> <p>Whatever the case, by such methods, you raise the impact on the peruser. As the main objective of a topical article brief is to make the understudy react to the specific inquiries, so give your answer toward the end! Your motivation is to compose a concise survey of the activity you've just done to create clear each point that is very noteworthy for your paper. </p>

Sample Essay on The Gospel of Mark

Sample Essay on The Gospel of MarkIf you are reading this article then you have either just read the sample essay on The Gospel of Mark or you are about to read it and can't wait to read the conclusion. You may be thinking that I must be repeating myself but that is not the case. Even though the conclusion is definitely the strongest section of the entire article it is not the only section.In fact, there is a reason that the Gospel of Mark was written as a guide to different writers in different eras. When the writer was commissioned by the church he or she was told that they would be able to find a formula to make their writings of a similar nature and genre successful. This is why Mark puts the emphasis on the four Gospels because that is the formula that works the best.Why do I say that this is the formula? Let me take a look at how this all works. The gospel of Mark was written in about 60AD and there are parallels from about 120 years earlier in Matthew, Luke and John. There is a level of similarity between all four works and the common thread that unites them.As I mentioned before, the writers had their own agendas and their own visions. However, one thing that seems to remain constant is the fact that each writer wanted to convert as many people as possible. That is what everyone wants when they are writing an essay. The writers put so much thought into their work, that you can practically tell where they were when they were writing.The sample that I have read on The Gospel of Mark contains all of the variations in formatting, the main themes and even the colors that they used to try to get across the message. Each work is unique and that is what makes them more valuable than any other book.In the introduction of the sample on The Gospel of Mark, it states that each gospel reflects the person who wrote it. In other words, even though the work has four gospels it is still four different people with different points of view. For this reason, if you want to know what the gospel is all about it is best to read each individual work and then simply extrapolate what you are learning to the other parts of the gospel.The next section of the sample begins with a discussion of chapter one of Matthew. As we have already discussed the title itself is a description of what the book is about. As a result, the tone of the writer changes throughout the first chapter. This is the mark of a good writer and if you feel like you are following the ideas of the chapter then that is a good sign that you are reading a good book.As you can see, a lot can be learned from a book like The Gospel of Mark. When writing your own essay, take a look at The Gospel of Mark and use this sample as a guide. With so many different points of view and genres the sample on The Gospel of Mark will help you get started on your own masterpiece.

Writing-Essay Topics

<h1>Writing-Essay Topics</h1><p>Looking for a fun and educational approach to enter school expositions and for entertainment only article themes? This is a decent spot to begin. There are numerous special and fascinating paper points to pick from.</p><p></p><p>One of the most well known and one of the most famous article subjects is, 'The thing that I Love the Most in My Family?' You can look over this theme or you can discover numerous different instances of what your specific gathering of relatives love. This is a decent one for individuals who have a cozy relationship with an individual and share little for all intents and purpose with the individuals around them, yet it can likewise be utilized by guardians who wish to include their kids in some activity.</p><p></p><p>Another fun star exposition subjects would be, 'What is the most testing piece of your day by day schedule?' The basic answer here is, 'Mother's cook ing.' Or, 'Working late around evening time when every other person is sleeping' would be another smart response. You can likewise pick an activity or game theme that you can identify with that will expect you to work out or do some exercise.</p><p></p><p>Writing about a decent spot to see is another acceptable spot to begin. This is an incredible subject to utilize on the off chance that you have no clue what the spot resembles. When searching for extraordinary thoughts for a point attempt to consider something that has some importance to your own life, it doesn't need to be a spot you have really been to. This is additionally a decent subject for a science theme, maybe a planet or a star, however only a position of intrigue that you can use for instance in your essay.</p><p></p><p>A last classification of fun star exposition points would be, 'The reason are you so energetic about your work?' This is a thought that can be identified w ith any point you browse the initial three. Maybe you consider the topic, that it is so hard to compose it or you appreciate expounding on it, an assortment of different reasons can clarify why you are so enthusiastic about what you do.</p><p></p><p>As you investigate the wide range of points that you can use for no particular reason star exposition themes, search for subjects that address you. A few proposals may be 'I would prefer not to return to class,' 'I would prefer not to lose my employment,' 'I am content with my activity and I love my chief,' 'I need to accomplish this work with energy and not on the grounds that it is required by the organization,' or, 'I need to have any kind of effect in my locale.' Write down and pick a couple of these. At that point you will have a few smart thoughts to use in your essay.</p><p></p><p>When inquiring about for subjects to use for entertainment only star exposition themes, you will need to take a gander at the earlier long periods of substance at sites like Merriam-Webster.com. They give numerous instances of what understudies have expounded on and can give you thoughts for subjects you can use to plot your exposition. They additionally offer an assortment of free guidance for choosing subjects for your article and offer example expositions to control you along the way.</p>

Essay Topics For Mining and Environment

<h1>Essay Topics For Mining and Environment</h1><p>Mining and condition paper subjects are not as basic as they appear. Numerous courses run courses in different conditions far and wide. Truth be told, there are two unique sorts of courses in the English educational plan: ecological courses (natural science) and mining and condition (mining and environment).</p><p></p><p>The subject for this kind of article is probably going to be the mining organization's or mine's condition. The sort of condition it works in will be a factor in the exposition point in light of how it influences its representatives. Along these lines, a comprehension of the organization's condition is imperative.</p><p></p><p>The spotlight will be on nature in general - the physical condition, yet in addition the exercises that include it. How mining and different mines influence their condition is vital to consider. This is on the grounds that the ea rth can not be changed without a huge effect on the encompassing area.</p><p></p><p>In mining and condition points, the mine will most likely have another action that adds to the general condition. All in all, this includes penetrating for metals and minerals. These sorts of exercises are commonly viewed as characteristic. In any case, a few people accept that people can influence the earth using pollution.</p><p></p><p>Having a comprehension of the brain's action will be a basic piece of your exposition. It will show the peruser the significance of the world's assets and how you accept your organization's movement can influence them.</p><p></p><p>Once you have a comprehension of the brain's action, you will have the option to set up a subject for your article that identifies with this. The point you pick will rely upon your experience, your aptitudes, and the subject of the course you are taking.</p><p ></p><p>Write your article to stand out. Ensure you present intriguing data with regards to a way that will give the peruser what they need so as to choose whether you are a benefit or a risk to the mine. Your exposition needs to keep perusers intrigued and engaged so they are prepared to get where you left off.</p>

Tips on Writing a Controversial Topics Research Paper

Tips on Writing a Controversial Topics Research PaperIf you are a student looking for tips on writing a controversial car topics research paper, then read this article. I will share with you some of the best and easiest ways on how to create topics that are widely debated by the readers. After reading this article, you will be able to write your own controversial topics research paper without difficulty.First, you need to know that all topics have two important characteristics: they are considered as highly controversial and they are generally popular topics. Therefore, if you can write these topics, your project will surely be successful. However, there is one more fundamental component that must be considered before writing a controversial topics research paper. That is the subject. It is better to choose the subject that everybody in the community agrees on.As a rule, the topic that everybody in the community agrees to is the most popular topic. This is because people tend to say what they think. They do not hesitate to comment on the subject that they agree with. The more famous the topic, the more interesting the comments will be. Therefore, your topic should be highly controversial.However, the topic that is highly controversial cannot just be chosen randomly. The people who are going to read your paper are obviously going to be very passionate about it. You should make sure that your topic will be highly controversial and will raise the interest of the readers. Moreover, they should also be informed about the topic. Make sure that your topic is something that will be highly debated by the readers and that they will be interested in reading it.Now, the next thing that you should consider when creating a topic is the type of topics that you want to write. You need to have enough time to work on your topic. If you will only be able to read the topic and read it as many times as you want, then you will never be able to finish it. On the other hand, if you ha ve the time to work on your topic, you will be able to finish it within a short period of time.The next thing that you need to consider is your writing skills and your overall ability to achieve a high level of proficiency. This is because, you will be required to complete this project as fast as possible. In fact, you should expect your subject to be finished within a few days. However, I would still recommend writing more than one controversial topics research paper. Doing so will allow you to write more topics that are controversial.The next thing that you should consider is your thesis statement. A thesis statement is one of the most important components in controversial topics research paper. It is basically the main content of your paper. It tells your readers what your topic is all about. You should put a strong thesis statement to your paper so that it will be easy for the readers to understand what your topic is all about.If you want to write a controversial topics research paper, then you must know the tips on writing a controversial topics research paper. You should remember the main concepts of the topic and the thesis statement.

Physical Therapy Assistant Essay Samples - Get Noticed in Your Workplace

Physical Therapy Assistant Essay Samples - Get Noticed in Your WorkplacePhysical therapy assistant essay samples are many, but very important to have. All the professional's wants to appear well written when it comes to their application essays.A person can easily write an essay on how great the practice of physical therapy is in other countries, when they live in the United States. Most programs in medical fields have a requirement for research. Although medical fields do not require that a person has to have completed his residency, it helps a person to look unique when it comes to the application essay writing for healthcare positions.In other medical field, candidates submit their research and educational records to prove their credentials. Medical profession is different in this as well. There are two major divisions in the medical field, one is the residency program and the other is the fellowship program. The two programs have different requirements and they are also not the s ame.When an applicant is applying for a physical therapy assistant position, it would be best to include their application essay samples to the list of application essay samples. Research from other medical field, in order to get more in depth information about physical therapy. These written information to help the applicant to be better prepared for the written essay of the medical assistant job. There are several physical therapy assistant essay samples available on the internet that you can easily find and download.Take some time to read each essay and try to find the basic information. The information given in the writing of this application essay sample will help you in understanding the importance of your studies. If possible, it would be best to research the medical field before writing your application essay samples. By doing this, you will have a better understanding of the medical profession and will be able to write an interesting application essay that can impress the e mployers.Another idea is to include the applicant's essay in the application of any companies that you are applying for a job with. Companies use physical therapy assistant applications and therefore, they know about the application skills of an applicant. In fact, you might have already been approached by a company but you did not know it. Just think, if you have written a great application essay, the company might contact you for a further interview.So, if you want to impress the employers, it would be best to take advantage of these physical therapy assistant essay samples. There are many sites that provide free samples of these applications that you can download. It would be best to keep these copies for yourself and store them in your files.

The Meaning of Diversity - 988 Words

The true meaning of valuing diversity is to respect and enjoy a wide range of cultural and individual differences, thereby including everybody,† according to Andrew J. DuBrin. People are being discriminated because of how they differ from others. A person who had a different color of skin would be treated unfairly. A person who had a sexual interest to the opposite sex would be bullied. A person who had a different way of religion would be teased. People in a diversity group would be expected of others, and people would treat them differently. However, there are people who have worked for greater diversity in American and World history. The true meaning of diversity is to respect our and others’ similarities and differences. One of the†¦show more content†¦Department of Education in Washington D.C., reported that nearly one in three students between the ages of 12 and 18 were bullied in school according to the article, â€Å"Bullying†. Bullying can happen often at school, and can lead to teasing also. According to the article, the results of bullying are serious. Studies have found that bullying may cause depression, absenteeism, poor academic performance, or all of these. Students who are bullied may feel that there is no way out and may harm themselves†. Stereotypes are hurtful, and bullying is harmful. Bullying or teasing can occur because of stereotypes or prejudice. Sadly, teen suicide can also occur from bullying. â€Å"A Yale School of Medicine study of children in 13 countries (2008) found signs of a connection between bullying, being bullied, and suicide,† according to the article â€Å"Bullying.† In conclusion, others’ should recognize their similarities not their differences. The official definition of diversity is the state of being different. Diversity means accepting a variety of peoples’ characteristics to me. I believe others can deal with diversity if they learn to accept it. Racism, sexual orientation, and religion are three important groups of diversity. People like Harvey Milk and Martin Luther King Jr. have worked for people to love others for who they are. They want people to see others differently. Kids should be comfortable in an environment even if they differ from others. Bullying and stereotypes areShow MoreRelatedThe Meaning of Diversity Among the Professorate—A Literature Review600 Words   |  3 PagesThe Meaning of Diversity Among the Professorate—A Literature Review Different aspects of diversity in higher education are an ongoing topic of debate. In order for us to address the issue of diversity, we need to understand what diversity means. This paper reviews a study used at the University of Florida to assess their faculty’s meaning of diversity. It also looked at the faculty’s openness to diversity and the effect diversity has had on them. Researchers at Weber State University could useRead More The Rich Diversity of Meanings of the Pardoners Tale Essay5609 Words   |  23 PagesThe Rich Diversity of Meanings of the Pardoners Tale Chaucer’s innovation in the Pardoner’s performance tests our concept of dramatic irony by suggesting information regarding the Pardoner’s sexuality, gender identity, and spirituality, major categories in the politics of identity, without confirming that information. Our presumed understanding of the Pardoner as a character lacks substantiation. As we learn about the Pardoner through the narrator’s eyes and ears, we look to fit the nobleRead MoreP1 – Explain the Range of Meanings Attached to Citizenship, Diversity and the Associated Terminology1297 Words   |  6 PagesP1 – Explain the range of meanings attached to citizenship, diversity and the associated terminology Racism Racism is prejudice or discrimination directed against someone of a different race based on such a belief. An example of racism in the public services comes from a news report on channel 4 earlier this year. The report tells how there has 120 racism cases in the Metropolitan Police over the past decade, but only one officer was dismissed as a result. This shows that racism is common inRead MoreNuclear Family: Definition, Advantages Disadvantages993 Words   |  4 Pagesa clear division of labour. Meaning the men are the instrumental role (breadwinner) and the women are the expressive role (domestic and caring/childcare). Over time this has changed and the nuclear family as become less dominant, some sociologists agree with this such as Rapport, however some strongly disagree and believe that the nuclear family is the best type of family, such as the New Rights. Rapport argue there’s many more factors causing more family diversity and how this means the nuclearRead MoreCultural Diversity and Communication Barriers1482 Words   |  6 PagesOrganizations Topic: Cultural diversity and communication barriers Instructors name: Robert Lindquist Date submitted 29 September 2010. Cultural diversity is the power which motivates the development of the thing that makes us different. Cultural diversity is the economic growth, which means leading a more fulfilling emotional, moral and spiritual life. It captures the culture principles, which provide a sturdy basis for the promotion of cultural diversity. Cultural diversity is an asset that is necessaryRead MoreThe Power of Cultural Diversity Essay1491 Words   |  6 PagesCultural Diversity Cultural diversity is a powerful standard in human nature that stimulates the development of the stimuli that makes people worldwide diverse. It is the commercial growth, which means leading a more pleasantly passionate, ethical and spiritual life. It grasps the primary principles, which gives a solid foundation towards the elevation of cultural diversity. It is an advantage that is crucial for the reduction of poverty and the success of ecological growth. In cultural diversity, communicationRead MoreCultural Diversity and Communication Barriers1490 Words   |  6 PagesOrganizations Topic: Cultural diversity and communication barriers Instructors name: Robert Lindquist Date submitted 29 September 2010. Cultural diversity is the power which motivates the development of the thing that makes us different. Cultural diversity is the economic growth, which means leading a more fulfilling emotional, moral and spiritual life. It captures the culture principles, which provide a sturdy basis for the promotion of cultural diversity. Cultural diversity is an asset that is necessaryRead Moreworkplace diversity paper1115 Words   |  5 Pagesï » ¿ Benefits of Workplace Diversity In the 21st century, workplace diversity has enhanced organization performances and communication skills which benefited the organizations to become successful businesses. Increasing adaptability in the workplace, having to value diversity, and executing more effectively are three benefits of workplace diversity. Organizations most definitely have the ability to embrace their workplace diversity by helping their employees realize the benefits that enhances the businessRead MoreImpact Of Diversity On Campus Impact On Academic And Social Effects1413 Words   |  6 Pagescommon expectation nowadays at schools, colleges, and workplaces to be able to respect diversity, speak multi languages and communicate in a highly skilled manner. Humankind and society demand a successful intercultural communication to survive. Having the understanding of communication among people from different regions, languages, and cultures is critically important. For instance, 500 companies advocate that divers ity is essential for the bottom line and came out with agreement to support race- basedRead MoreCommunication Is The Way Of Communication1476 Words   |  6 Pagescommunication can be interpreted ranging, but not limited to nonverbal communication to systems of symbols (Survey of Communication Study/Chapter 2 - Verbal Communication, 2000). During this course, I have acquired a comprehensive understanding of the meaning of Communications, and how it is interpreted into our daily lives. Not only that, but during week two of this course, we set personal goals that we wanted to achieve by the end of the quarter. Being a Nursing major, communication is crucial, especially

Conceptual Framework of International Standards

Question: Discuss about the Conceptual Framework of International Standards. Answer: Introduction Target Australia Pty Ltd is Australias largest department store by numbers that is owned and operated by Wesfarmers. The company operates about 183 retail stores across Australia and is mainly recognized as subsidiary of Wesfarmers Group. The main products offered by the company includes cloths, cosmetics, toys, home wares, electrical, fitness and consumer electronics. The retail company mainly operates on the basis of providing high quality products at lower prices (Company Overview of Target Australia Pty. Ltd, 2014). The profitability of Target Company was largely negatively impacted through the occurrence of accounting scandal. The company was reported to use misleading accounting practices to demonstrate their inflated earnings. The occurrence of accounting scandal has negatively impacted the reputation of the company globally (Mitchell, 2016). The report, in this context, aims to analyze the compliance of annual report of the company with conceptual framework of accounting and AASB (Australian Accounting Standards Board) principles. Also, the report discusses the benefits and drawbacks of including prudence in the conceptual accounting framework. Analysis of financial reports of Target as per AASB Standards The International Accounting Standards Board (IASB) has developed conceptual framework of accounting for establishing standard principle and guidelines for preparation and presentation of financial statements of business entities. The AASB (Australian Accounting Standards Board) holds the responsibility that all business entities operating within Australia develop and maintains their financial statements as per the accounting standards of conceptual framework. The main objective of adapting to standard accounting rules and procedures during financial reporting is to meet the needs and interest of stakeholders of a business organization (Whittington, 2008). The main principles of conceptual framework of accounting are relevance, reliability, consistency and comparability. The relevance principle of conceptual framework states that information published in the annual report should be relevant so that end-users are able to develop complete understanding of a companys financial performan ce (Macve, 2015). The reliability principle states that information presented should be reliable and free from nay materialistic error. The consistency principle states that information presented in financial reports should be consistent and complete. Also, the comparability principle states that financial information should be comparable with the financial results of the previous year (Mazhambe, 2014). Issues in Remuneration The companys remuneration and directors report is analyzed to examine its compliance with the principle of conceptual framework. The occurrence of accounting scandal in Target Company has impacted its financial performance in the recent years. The main cause of the accounting scandal is misrepresentation of financial reports in order to report inflated earnings. The share price of the company has fallen drastically as its stakeholders could not rely on the financial information presented in the annual reports. The overstating of profits in the financial reports clearly reports that the company has not effectively followed the conceptual framework accounting principles and standards (Wesfarmers: Annual Report, 2016). The occurrence of accounting scandal has largely impacted the remuneration received by the executives and non-executives directors of its parent company, Wesfarmers. The remuneration report of Wesfarmers discloses information regarding the financial performances of its su bsidiary Target. The remuneration of the top executives and non-executives directors is linked to the profitability of the company. The decline in share price after Target accounting scandal has negatively impacted the profitability of Wesfarmers (Greenbalt, 2016). The basic pay, payments and share incentives of the companys executives have been dropped down drastically. It has been reported by the companys executives that their bonus payments and incentives have dropped by almost 50%. However, the annual report of Wesfarmers still reports the cash bonus of its executives to be more than $1m at the end of financial year 2016. Thus, it can be said that short-term incentive payments of the companys executives have not been impacted largely by the drop in its profitability. Thus, the link of incentives and bonuses of executives and non-executives to the profitability can induce a desire in them to obtain profit for receiving bonus payments. The fact can be illustrated by the occurrence of accounting scandal in Target where financial earnings were inflated by booking extra rebates from suppliers for earning higher prices. Thus, it can be said that this was done mainly by the accountants of Target for earning higher bonus and payments by inflating c ompanys financial earnings to be high (Greenbalt, 2016). The main issues of concern as evident from the remuneration report of the company are unhealthy pursuit of personal goals and manipulation of accounts. The companys executives are realizing good short-term incentives even after the reduction in the profitability after occurrence of accounting scandal. Also, the companys executives are involved in manipulation of financial accounts for earning higher compensation as evident from its accounting scandal. Thus, Target has not adhered to the principle of conceptual framework and AASB standards. The reliability principle states that financial information disclosed must be reliable and free-from any material error to be used by its stakeholders for decision-making. However, the companys executives reports their financial earnings to be reduced while corporate governance experts have reported after analysis of its annual report that top executives are still receiving god cash bonuses (Parker, 2016). The directors report of the company has stated that it effectively complies with all the AASB sands at the time of developing their financial statements (Compiled Accounting Standard AASB 108, 2014). However, Target executives have admitted that they have inflated the financial earnings of the company by 40% through booking extra rebates from suppliers. The extra rebates were not books against the cost of inventory as per the accounting standards but in return for realizing higher prices and this increasing the companys profitability. Thus, inventories are overstated in the financial statements of the company and are not valued as per AASB standards (Mitchell, 2016). Provision for bad and doubtful debts Businesses also need to comply with conceptual framework standards of maintaining a provision for reporting bad and doubtful debts arising from accounts receivables. However, the company has not maintained the provision for doubtful debts as evident from its accounting scandal. The company inflated its earnings through booking extra rebates in return for higher prices but has not maintained provision for reporting bad and doubtful debts. The financial leases of a business entity must be capitalized at fair value of leased asset and all contingent legal liabilities must be reported in the annual report (Compiled Accounting Standard AASB 108, 2014). However, the company has not effectively complied with this accounting principle as it has not disclosed information relating to its long-term and current liabilities as per the AASB standards. The analysis of annual report of Wesfarmers group has revealed that it has not effectively complied with code of ethics that is responsible for accounting scandal in its subsidiary Target. The board of directors has manipulated the profit in return of earning higher bonuses and thus stated materially false and misleading financial information. The company is strictly involved in taking action against the employees who inflated the earnings through rebate deals with about 30 international suppliers. The main cause of accounting scandal is overstating of companys revenue by about $21 million in order to boost its financial performance. It has been analyzed from the accounting scandal that earnings for overall group would have been 1.1 per cent lower as it was reported in its annual report (Greenbalt, 2016). The companys corporate governance policies are not adequate and effective that is responsible for the occurrence of this accounting scandal (Parker, 2016). The group through have admitted the occurrence of fraudulent activities in its subsidiary and also taken the responsibility of taking appropriate action against the employees involved in the scandal. The group has also announced strict adherence to international accounting standards and principles for promoting long-term sustainable growth over achieving short-term growth (Wesfarmers: Annual Report, 2016). Prudence and its Impact on Financial Reporting There exists some level of uncertainty in financial transactions that is to be reported during preparation of financial statements by making adequate estimates. In this context, prudence is the key accounting principle that states estimates should be taken in a cautious manner during the time of financial reporting. The concept of prudence states that assets and income should not be overstated in the financial statements and expenses should not be understated. The concept of prudence requires that accountants should exercise a degree of caution in the adoption of accounting policies and procedures during preparation of financial statements. This is essential to maintain financial statements neutrality as per the conservatism principle of accounting. The conservatism principle of accounting states that liabilities and expenses should be stated as soon as they are incurred while revenues should be reported only when they are realized (Prudence and IFRS, 2014). Thus, an asset should not be recognized at a higher value that can be realized from its usage or sale. On the other hand, a liability needs to be recognized at a lesser value from its expected amount to be realized in future. The prudence accounting principle was included in the conceptual framework of accounting for eliminating any type of biasness in the financial reports and therefore conserving the interest of the stakeholders. The financial information disclosed to the stakeholders should be realistic for supporting their decision-making process regarding investment in particular business entity. The inclusion of prudence in the conceptual framework ensures that financial information disclosed before the end-users is reliable and free from any type of materialistic error (Malley, 2014). However, the concept was removed from conceptual framework of accounting on the basis that it restricts businesses to develop hidden reserves to be used at the time of occurrence of any type of contingency situation. This was major argument for removing the concept of prudence in conceptual framework of accounting. The concept was against the accrual basis of accounting which states that businesses should maintain a provision for recording of financial transactions (Araujo and Gomes, 2015). This is necessary to generate some hidden funds for a business entity that can be used during any emergency situation. The principle of prudence is again included in the conceptual framework of accounting for overcoming the increasing evidences of corporate scandals due to misrepresentation of financial statements. The large number of corporate scandals due to mis-representation of financial statements such as accounting scandal of Target has caused the need for inclusion of prudence in conceptual framework of accounting (Whittington, 2008). The major benefit of including prudence in conceptual framework is protecting the stakeholder interest by providing them trustworthy and reliable financial information. The occurrence of corporate scandals due to manipulation of accounting information can be controlled through including prudence concept. This is because businesses are required to disclose all the relevant financial information in their annual reports without concealing any facts and figures related to their income and growth. It will eliminate biasness from financial statements by providing true and reliable information before the stakeholders of a business entity. However, there is also some criticism related to including prudence in the current accounting framework as it restricts businesses to face contingency situations as they cannot maintain any type of hidden reserves. The business entities are unable to make proper estimates against the uncertainties and thus the concept of prudence is criticized by several f inancial experts. Thus, management is not able to act correctly in the vent of occurrence of any uncertainty by the inclusion of prudence principle during financial reporting (Malley, 2014). Recommendations On the basis of above overall discussion, it is recommended to business entities that they develop their financial reports as per the principle of conceptual framework and AASB standards. The analysis of annual reports of Wesfarmers Group revealed that non-compliance with the accounting standards and principle by its subsidiary Target Australia Pty Ltd have caused a negative impact on its brand image internationally. This, it is essential for parent company to implement strict corporate governance rules and regulations that should be followed by all the subsidiaries. The main cause of the accounting scandal that occurred in Target is lack of ethics, integrity and trust that is responsible for employees to adopt unethical accounting practices for their self-interest. The group is recommended to adopt strong corporate governance rules and regulations for enhancing its brand image on an international market (Hoffman, 2016). The group should disclose its corporate governance policies amo ng its key stakeholder for gaining their trust and attention. The strict compliance of corporate governance rules and regulations is necessary for all the subsidiaries of Wesfarmers to effectively comply with all the principle of conceptual framework and AASB standards (Persons, 2013). In addition to this, the Group is also recommended to actively engage in the Corporate Social Responsibility (CSR) activities for promoting its brand name on a global platform and recover from the damage caused by the accounting scandal. The CSR activities will promote the development of social, economic and environment aspects related to the group thus achieving greater customer attention and trust. The strengthening of the brand image of the group on a global basis will improve its profitability thus sustaining its growth and development (Mazhambe, 2014). Conclusion It is summarized from the overall report that principle of AASB has mandated all the business entities operating within Australia to comply with the principle of conceptual framework of accounting. The main cause of corporate scandal that occurred in Target Australia Pty Ltd is non-compliance with current accounting framework principles and AASB standards. The company has misrepresented its financial statements for reporting inflated earnings and as such has breached the principle of reliability of conceptual framework. The Wesfarmers groups on the basis of overall analysis is recommend to adopt string corporate governance policies within all its subsidiaries to comply with AASB standards and conceptual accounting framework. Also, the inclusion of prudence concept in current conceptual framework of accounting will ensure that financial reports developed are reliable and trustworthy. The prudence accounting principle will help in maintaining financial statements neutrality through res tricting the business to report any overstated revenues. References Araujo, V. and Gomes, A. 2015. Analysis of Opinions Issued in Comment Letters on the Term Prudence. Journal of Education and Research in Accounting 9(2), pp. 209-225. Company Overview of Target Australia Pty. Ltd. 2014. [Online]. Available at: https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=22499202 [Accessed on: 14 April 2017]. Compiled Accounting Standard AASB 108. 2014. [Online]. Available at:https://www.aasb.gov.au/admin/file/content105/c9/AASB108_07-04_COMPdec09_01-11.pdf[Accessed on: 14 April 2017]. Greenbalt, E. 2016. Troubled year costs Wesfarmers executives $10m in entitlements. [Online]. Available at: https://www.theaustralian.com.au/business/companies/troubled-year-costs-wesfarmers-executives-10m-in-entitlements/news-story/40434a5917e419327c68a3eaff7bf63e [Accessed on: 14 April 2017]. Hoffman, C.W. 2016.Revising the Conceptual Framework of the International Standards: IASB Proposals Met with Support and Skepticism. World Journal of Business and Management 2 (1), pp. 1-32. Macve, R. 2015. A Conceptual Framework for Financial Accounting and Reporting: Vision, Tool, Or Threat. Routledge. Malley, A. 2014.Opinion: Is prudence still a virtue?[Online]. Available at: https://www.theaccountant-online.com/news/is-prudence-still-a-virtue-4276220 [Accessed on: 6 April 2014]. Mazhambe, Z. 2014. Review of International Accounting Standards Board (IASB) Proposed New Conceptual Framework. Journal of Modern Accounting and Auditing 10 (8), pp. 835-845. Mitchell, S. 2016. Target scandal claims another victim. [Online]. Available at: https://www.smh.com.au/business/retail/target-scandal-claims-another-victim-20160412-go43jz.html [Accessed on: 14 April 2017]. Parker, J. 2016. Target accounting scandal: Wesfarmers taking action against staff. ?[Online]. Available at: https://www.abc.net.au/news/2016-04-11/wesfarmers-taking-action-over-target-accounting-scandal/7317178 [Accessed on: 14 April 2017]. Persons, O. 2013. A principles-based approach to teaching International Financial Reporting Standards (IFRS). Journal of Instructional Pedagogies. Prudence and IFRS. 2014. [Online]. Available at: https://www.accaglobal.com/content/dam/acca/global/PDF-technical/financial-reporting/tech-tp-prudence.pdf[Accessed on: 6 April 2014]. Wesfarmers: Annual Report. 2016. [Online]. Available at:https://www.wesfarmers.com.au/docs/default-source/reports/2016-annual-report.pdf?sfvrsn=4[Accessed on: 6 April 2014]. Whittington, G. 2008. Fair Value and the IASB/FASB Conceptual Framework Project:An Alternative View. ABACUS 44 (2), pp. 139-168.