The Rotten Apple Essay -- Self Identity Stereotypes Stereotyping Essay

The Rotten Apple My mom has always told me, "If you're ever going to get anywhere in life, you have to make good first impressions!". I'll spare you the details about the hell holes I'd live in and the dead-end jobs described by my mom if I did otherwise. Not a lot of people would think this is a big deal. I mean, making a good first impression is one of the first things parents should be telling their kids to do right? I, however, get the lecture a lot when I was a kid. Heck, my mom called me last night to give me my fix. I seem to be unable to make any sort of good impression with lots of people. This is especially true with teachers. You had no idea the pain I went through trying to look for a teacher who liked me to write my recommendation. I'm not complaining though. I make no effort in trying to leave a good first impression, nor do I ever care for the first impression someone leaves after meeting me. What is a first impression anyway? It is probably the judgement a person makes on another based on the way he or she talks and acts in the first meeting. But in a lot of cases, first impressions are made based on the stereotypes, especially racial ones, that person fit in. "Wow, you must be really smart.". For most people, this is usually meant as a compliment. And I would take that comment as a compliment, if I had, for example, shown whoever said it the proof to a complicated math problem. But when given the comment the first time I meet someone, it means something completely different to me. It means they forgot to say "because you're Chinese". "Oh, stop complaining! You're in a good stereotype!" is the general response I get when I talk about this with my friends or people in general. That’s about when we would... ...identifies with a stereotype, he is losing a part of his self to the masses. He then tends to act or behave accordingly, based on what the stereotype demands of him. He asks himself, â€Å"What am I supposed to do?† as opposed to â€Å"What do I want to do?†. That â€Å"want†, I think, is the one answer of how to destroy the concept of stereotype. Still, I find it very ironic that, in a country found on the preservation of individuality and equality, there can be such problems associated with stereotyping and double standards. Perhaps, as a country, we are losing sight of the importance and mystique of the individual. Perhaps we are becoming too lazy and impersonal to understand each other for the human that we are, and not just some vague generalization. I am not a nerd, Americanized Chinese immigrant, Weezer-maniac, rebelling teen, overachiever, or crazed sports fan. I am Wang.

Shared memory MIMD architecture

Introduction to MIMD Architectures:Multiple direction watercourse, multiple informations watercourse ( MIMD ) machines have a figure of processors that function asynchronously and independently. At any clip, different processors may be put to deathing different instructions on different pieces of informations. MIMD architectures may be used in a figure of application countries such as computer-aided design/computer-aided fabrication, simulation, mold, and as communicating switches. MIMD machines can be of either shared memory or distributed memory classs. These categorizations are based on how MIMD processors entree memory. Shared memory machines may be of the bus-based, drawn-out, or hierarchal type. Distributed memory machines may hold hypercube or mesh interconnectedness strategies.MIMDA type of multiprocessor architecture in which several direction rhythms may be active at any given clip, each independently taking instructions and operands into multiple treating units and runing on them in a coincident manner. Acronym for multiple-instruction-stream.multiple-data-stream.Bottom of Form( Multiple Instruction watercourse Multiple Data watercourse ) A computing machine that can treat two or more independent sets of instructions at the same time on two or more sets of informations. Computers with multiple CPUs or individual CPUs with double nucleuss are illustrations of MIMD architecture. Hyperthreading besides consequences in a certain grade of MIMD public presentation every bit good. Contrast with SIMD. In calculating, MIMD ( Multiple Instruction watercourse, Multiple Data watercourse ) is a technique employed to accomplish correspondence. Machines utilizing MIMD have a figure of processors that function asynchronously and independently. At any clip, different processors may be put to deathing different instructions on different pieces of informations. MIMD architectures may be used in a figure of application countries such as computer-aided design/computer-aided fabrication, simulation, mold, and as communicating switches. MIMD machines can be of either shared memory or distributed memory classs. These categorizations are based on how MIMD processors entree memory. Shared memory machines may be of the bus-based, drawn-out, or hierarchal type. Distributed memory machines may hold hypercube or mesh interconnectedness strategies.Multiple Instruction – Multiple DataMIMD architectures have multiple processors that each execute an independent watercourse ( sequence ) of machine in structions. The processors execute these instructions by utilizing any accessible informations instead than being forced to run upon a individual, shared informations watercourse. Hence, at any given clip, an MIMD system can be utilizing as many different direction watercourses and informations watercourses as there are processors. Although package processes put to deathing on MIMD architectures can be synchronized by go throughing informations among processors through an interconnectedness web, or by holding processors examine informations in a shared memory, the processors ‘ independent executing makes MIMD architectures asynchronous machines.Shared Memory: Bus-basedMIMD machines with shared memory have processors which portion a common, cardinal memory. In the simplest signifier, all processors are attached to a coach which connects them to memory. This apparatus is called bus-based shared memory. Bus-based machines may hold another coach that enables them to pass on straight with one another. This extra coach is used for synchronism among the processors. When utilizing bus-based shared memory MIMD machines, merely a little figure of processors can be supported. There is contention among the processors for entree to shared memory, so these machines are limited for this ground. These machines may be inc rementally expanded up to the point where there is excessively much contention on the coach.Shared Memory: ExtendedMIMD machines with extended shared memory effort to avoid or cut down the contention among processors for shared memory by subdividing the memory into a figure of independent memory units. These memory units are connected to the processsors by an interconnectedness web. The memory units are treated as a incorporate cardinal memory. One type of interconnectedness web for this type of architecture is a crossbar shift web. In this strategy, N processors are linked to M memory units which requires N times M switches. This is non an economically executable apparatus for linking a big figure of processors.Shared Memory: HierarchicalMIMD machines with hierarchal shared memory usage a hierarchy of coachs to give processors entree to each other ‘s memory. Processors on different boards may pass on through inter nodal coachs. Buss support communicating between boards. We us e this type of architecture, the machine may back up over a 1000 processors. In calculating, shared memory is memory that may be at the same time accessed by multiple plans with an purpose to supply communicating among them or avoid excess transcripts. Depending on context, plans may run on a individual processor or on multiple separate processors. Using memory for communicating inside a individual plan, for illustration among its multiple togss, is by and large non referred to as shared memoryIN HARDWAREIn computing machine hardware, shared memory refers to a ( typically ) big block of random entree memory that can be accessed by several different cardinal treating units ( CPUs ) in a multiple-processor computing machine system. A shared memory system is comparatively easy to plan since all processors portion a individual position of informations and the communicating between processors can be every bit fast as memory entrees to a same location. The issue with shared memory systems is that many CPUs need fast entree to memory and will probably hoard memory, which has two complications:CPU-to-memory connexion becomes a constriction. Shared memory computing machines can non scale really good. Most of them have ten or fewer processors.Cache coherency: Whenever one cache is updated with information that may be used by other processors, the alteration needs to be reflected to the other processors, otherwise the different processors will be working with incoherent informations ( see cache coherency and memory coherency ) . Such coherency protocols can, when they work good, supply highly high-performance entree to shared information between multiple processors. On the other manus they can sometimes go overladen and go a constriction to public presentation.The options to shared memory are distributed memory and distributed shared memory, each holding a similar set of issues. See besides Non-Uniform Memory Access.IN SOFTWARE:In compu ting machine package, shared memory is eitherA method of inter-process communicating ( IPC ) , i.e. a manner of interchanging informations between plans running at the same clip. One procedure will make an country in RAM which other procedures can entree, orA method of conserving memory infinite by directing entrees to what would normally be transcripts of a piece of informations to a individual case alternatively, by utilizing practical memory functions or with expressed support of the plan in inquiry. This is most frequently used for shared libraries and for Execute in Place.Shared Memory MIMD Architectures:The distinguishing characteristic of shared memory systems is that no affair how many memory blocks are used in them and how these memory blocks are connected to the processors and address infinites of these memory blocks are unified into a planetary reference infinite which is wholly seeable to all processors of the shared memory system. Publishing a certain memory reference b y any processor will entree the same memory block location. However, harmonizing to the physical organisation of the logically shared memory, two chief types of shared memory system could be distinguished: Physically shared memory systems Virtual ( or distributed ) shared memory systems In physically shared memory systems all memory blocks can be accessed uniformly by all processors. In distributed shared memory systems the memory blocks are physically distributed among the processors as local memory units. The three chief design issues in increasing the scalability of shared memory systems are:Organization of memoryDesign of interconnectedness websDesign of cache coherent protocolsCache Coherence:Cache memories are introduced into computing machines in order to convey informations closer to the processor and hence to cut down memory latency. Caches widely accepted and employed in uniprocessor systems. However, in multiprocessor machines where several processors require a transcript of the same memory block. The care of consistence among these transcripts raises the alleged cache coherency job which has three causes:Sharing of writable informationsProcedure migrationI/O activityFrom the point of position of cache coherency, informations constructions can be divided into three categories:Read-only informations constructions which ne'er cause any cache coherency job. They can be replicated and placed in any figure of cache memory blocks without any job.Shared writable informations constructions are the chief beginning of cache coherency jobs.Private writable informations constructions pose cache coherency jobs merely in the instance of procedure migration.There are several techniques to keep cache coherency for the critical instance, that is, shared writable informations constructions. The applied methods can be divided into two categories:hardware-based protocolssoftware-based protocolsSoftware-based strategies normally introduce some limitations on the cachability of informations in orde r to forestall cache coherency jobs.Hardware-based Protocols:Hardware-based protocols provide general solutions to the jobs of cache coherency without any limitations on the cachability of informations. The monetary value of this attack is that shared memory systems must be extended with sophisticated hardware mechanisms to back up cache coherency. Hardware-based protocols can be classified harmonizing to their memory update policy, cache coherency policy, and interconnectedness strategy. Two types of memory update policy are applied in multiprocessors: write-through and write-back. Cache coherency policy is divided into write-update policy and write-invalidate policy. Hardware-based protocols can be farther classified into three basic categories depending on the nature of the interconnectedness web applied in the shared memory system. If the web expeditiously supports broadcast medium, the alleged Snoopy cache protocol can be well exploited. This strategy is typically used in individual bus-based shared memory systems where consistence commands ( invalidate or update bids ) are broadcast via the coach and each cache ‘snoops ‘ on the coach for incoming consistence bids. Large interconnectedness webs like multistage webs can non back up airing expeditiously and hence a mechanism is needed that can straight frontward consistence bids to those caches that contain a transcript of the updated information construction. For this intent a directory must be maintained for each block of the shared memory to administrate the existent location of blocks in the possible caches. This attack is called the directory strategy. The 3rd attack attempts to avoid the application of the dearly-won directory strategy but still supply high scalability. It proposes multiple-bus webs with the application of hierarchal cache coherency protocols that are generalized or extended versions of the individual bus-based Snoopy cache protocol. In depicting a cache coherency protocol the undermentioned definitions must be given:Definition of possible provinces of blocks in caches, memories and directories.Definition of bids to be performed at assorted read/write hit/miss actions.Definition of province passages in caches, memories and directories harmonizing to the bids.Definition of transmittal paths of bids among processors, caches, memories and directories.Software-based Protocols:Although hardware-based protocols offer the fastest mechanism for keeping cache consistence, they introduce a important excess hardware complexness, peculiarly in scalable multiprocessors. Software-based attacks represent a good and competitory via media since they require about negligible hardware support and they can take to the same little figure of annulment girls as the hardware-based protocols. All the software-based protocols rely on compiler aid. The compiler analyses the plan and classifies the variables into four categories:Read-onlyRead-only for any figure of procedures and read-write for one procedureRead-write for one procedureRead-write for any figure of procedures.Read-only variables can be cached without limitations. Type 2 variables can be cached merely for the processor where the read-write procedure tallies. Since merely one procedure uses type 3 variables it is sufficient to hoard them merely for that procedure. Type 4 variables must non be cached in software-based strategies. Variables demonstrate different behaviour in different plan subdivisions and hence the plan is normally divided into subdivisions by the compiler and the variables are categorized independently in each subdivision. More than that, the compiler generates instructions that control the cache or entree the cache explicitly based on the categorization of variables and codification cleavage. Typically, at the terminal of each plan subdivision the caches must be invalidated to guarantee that the variables are in a consistent province before get downing a new subdivision. shared memory systems can be divided into four chief categories:Uniform Memory Access ( UMA ) Machines:Contemporary unvarying memory entree machines are small-size individual coach multiprocessors. Large UMA machines with 100s of processors and a shift web were typical in the early design of scalable shared memory systems. Celebrated representatives of that category of multiprocessors are the Denelcor HEP and the NYU Ultracomputer. They introduced many advanced characteristics in their design, some of which even today represent a important milepost in parallel computing machine architectures. However, these early systems do non incorporate either cache memory or local chief memory which turned out to be necessary to accomplish high public presentation in scalable shared memory systemsNon-Uniform Memory Access ( NUMA ) Machines:Non-uniform memory entree ( NUMA ) machines were designed to avoid the memory entree constriction of UMA machines. The logically shared memory is physically di stributed among the treating nodes of NUMA machines, taking to distributed shared memory architectures. On one manus these parallel computing machines became extremely scalable, but on the other manus they are really sensitive to data allotment in local memories. Accessing a local memory section of a node is much faster than accessing a distant memory section. Not by opportunity, the construction and design of these machines resemble in many ways that of distributed memory multicomputers. The chief difference is in the organisation of the address infinite. In multiprocessors, a planetary reference infinite is applied that is uniformly seeable from each processor ; that is, all processors can transparently entree all memory locations. In multicomputers, the reference infinite is replicated in the local memories of the processing elements. This difference in the address infinite of the memory is besides reflected at the package degree: distributed memory multicomputers are programmed on the footing of the message-passing paradigm, while NUMA machines are programmed on the footing of the planetary reference infinite ( shared memory ) rule. The job of cache coherence does non look in distributed memory multicomputers since the message-passing paradigm explicitly handles different transcripts of the same information construction in the signifier of independent messages. In the shard memory paradigm, multiple entrees to the same planetary information construction are possible and can be accelerated if local transcripts of the planetary information construction are maintained in local caches. However, the hardware-supported cache consistence strategies are non introduced into the NUMA machines. These systems can hoard read-only codification and informations, every bit good as local informations, but non shared modifiable informations. This is the separating characteristic between NUMA and CC-NUMA multiprocessors. Consequently, NUMA machines are nearer to multicomputers than to other shared memory multiprocessors, while CC-NUMA machines look like existent shared memory systems. In NUMA machines, like in multicomputers, the chief design issues are the organisation of processor nodes, the interconnectedness web, and the possible techniques to cut down distant memory entrees. Two illustrations of NUMA machines are the Hector and the Cray T3D multiprocessor.www.wikipedia.comhypertext transfer protocol: //www.developers.net/tsearch? searchkeys=MIMD+architecturehypertext transfer protocol: //carbon.cudenver.edu/~galaghba/mimd.htmlhypertext transfer protocol: //www.docstoc.com/docs/2685241/Computer-Architecture-Introduction-to-MIMD-architectures

Dangling Participle Explanation and Examples

A dangling participle is a modifier that doesnt seem to modify anything. It occurs when the word being modified is either left out of the sentence or isnt located near the modifier. Put another way, a dangling participle is a modifier in search of a word to modify. For example, If found guilty,  the lawsuit could cost billions. The dangling participle, if found guilty, seems to imply that lawsuit itself will be found guilty. To fix this, simply add the missing pronoun or noun, such as the company, him, or them. A corrected sentence, then, might read, If found guilty, the company could lose billions. This sentence makes it clear that the company may be found guilty and be forced to pay billions. Key Takeaways: The Funny Dangling Participle Dangling participles are modifiers in search of a word to modify. Dangling participles can be unintentionally funny because they make for awkward sentences.The participle in subordinate clauses should always describe an action performed by the subject of the main part of the sentence.An example of a dangling participle would be: Driving like a maniac, the deer was hit and killed. This makes it seem like the unfortunate deer was driving. Correct the sentence by including the missing proper noun. Driving like a maniac, Joe hit a deer. The corrected sentence makes it clear that Joe was driving. Participles in Subordinate Clauses Before discussing dangling modifiers, its important to first understand what participles and participle phrases are. Participles are verbs that describe a continuous action, such as dreaming, eating, walking, and frying. Participles are verb forms that act as adjectives. A participle phrase is a group of words—containing a participle—that modifies a sentence’s subject. Participial phrases are generally subordinate clauses; that is, they cannot stand alone. The participle in such phrases should always describe an action performed by the subject of the main part of the sentence. Here are examples of participle phrases in subordinate clauses used correctly, where the participle phrases are printed in italics: After running the marathon, Joe felt exhausted.Cleaning out the messy drawer, Sue felt a sense of satisfaction.Walking the trail,  the hikers saw many trees. Each of these italicized participle phrases modifies the subject that comes directly after it—its clear that Joe was running the marathon, Sue cleaned out the messy drawer, and the hikers were walking the trail. These particle phrases are used correctly because they are all placed directly adjacent to the nouns that they modify. Dangling Participle Examples By contrast, dangling participles are participles or participle phrases that are not placed next to the nouns they modify, causing great confusion, and not a small number of unintentionally humorous grammatical errors. Participles are modifiers just like adjectives, so they must have a noun to modify. A dangling participle is one that is left hanging out in the cold, with no noun to modify. For example: Looking around the yard, dandelions sprouted in every corner. In this sentence, the phrase Looking around the yard is placed just before the noun (and subject of the sentence) dandelions. This makes it seem as if the dandelions are looking around the yard. To correct the problem and give the dangling modifier a noun to modify, the writer might revise the sentence as follows: Looking around the yard, I could see that dandelions sprouted in every corner. Since dandelions cant see, the sentence now makes it clear that it is I who is looking around the yard at the sprouting sea of dandelions. In another example, consider the sentence, After laying a large egg, the farmer presented his favorite chicken. In this sentence, the phrase After laying a large egg is placed next to the words the farmer. This makes it appear to the reader as if the farmer is laying a large egg. A grammatically correct sentence might read: After laying a large egg, the chicken was presented as the farmers favorite. In the revised sentence, its clear that the chicken is laying an egg, not the farmer. Even the greatest literary figures fell prey to dangling modifiers. A line from Shakespeares famous play Hamlet reads: Sleeping in mine orchard, a serpent stung me. You could correct the sentence by including the missing pronoun, which in this case would be I, such as, Sleeping in mine orchard, I was stung by the serpent. There are also mundane, but unintentionally funny, examples dangling participles. Take the sentence: Running after the school bus, the backpack bounced from side to side. In this example, the writer can insert the first, second, or third person into the sentence and place the participle phrase next to it. A revised sentence that eliminates the dangling modifier might read, Running after the school bus, the girl felt her backpack bounce. This revision makes it clear that the girl is running after the bus as she feels her backpack bounce. This also eliminates that pesky dangling modifier, which initially left the reader with a humorous mental picture of a backpack sprouting legs and dashing after a school bus. Funny Dangling Participle Examples Avoid dangling participles because they can make your sentences awkward and give them unintended meanings. The Writing Center at the University of Madison gives several humorous examples: Oozing slowly across the floor, Marvin watched the salad dressing.Waiting for the Moonpie, the candy machine began to hum loudly.Coming out of the market, the bananas fell on the pavement.She handed out brownies to the children stored in plastic containers.I smelled the oysters coming down the stairs for dinner. In the first sentence, the dangling participle makes it seem like Marvin is the one oozing across the floor. The second sentence seems to tell the reader that the candy machine, itself, is waiting for the Moonpie. In sentences 3-5: The bananas appear to be coming out of the market, the children appear to be trapped in the plastic containers, and the oysters are coming down the stairs for dinner. Correct these sentences by including the missing proper noun or pronoun, or rearranging the sentence so that the participial phrase is next to the noun, proper noun, or pronoun it modifies: Marvin watched the salad dressing oozing slowly across the floor.Waiting for the Moonpie, I heard the candy machine began to hum loudly.Coming out of the market, I dropped the bananas on the pavement.She handed out brownies, stored in plastic containers, to the children.Coming down the stairs for dinner, I smelled the oysters. Take care to avoid dangling modifiers or you run the risk of giving your readers an unintended reason to laugh at your work.

The Difference Of Interpretation On Coal Industry - 865 Words

Why does the difference of interpretation about coal industry appear in National Coal Mining Museum for England and the Coal Museum of China? Based on the analysis of interpretation methods in two museums, it could be found that the position of coal industry is different in two countries. In the UK, selectively memories and a sense of nostalgia about the generation of coal industry in the UK appear in the museum. On the contrary, the national coal museum tends to represent that although the energy structure has been started to change, coal resource still plays an irreplaceable role in China. To analyze why the difference of interpretation appears in two national coal museums, it is necessary to examine the past and the present conditions of coal industry in the UK and China. There are an increasing number of open-air museums in the UK. In essence, these museums not only were built to preserve buildings and objects and recall historical memory, but also were used to recall a significant generation or a period. John Ruskin in the book named The Seven Lamps of Architecture pointed out that the glory of a building or a collection is not in its material or its size, but in its generation. In other words, great era could bring the honor of history for people. Especially for the industrial past, it is easier to motivate the nostalgic impulse. In Britain, coal resource not only influenced the development of industry and technology, but also improved people’s daily life andShow MoreRelatedHistorical And Cultural Values Of Heritage1149 Words   |  5 PagesThe second reason why the sense of nostalgia is not necessary in heritage industry is that economic pressure in the museum can affect the authenticity of the past in the museum. 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Research shows us that when The General Strike was called during 1926 as a way to support coal- miners and their falling wagesRead MoreUse Of Savickas Career Construction Theory1855 Words   |  8 PagesThe following case study will use Savickas Career Construction Theory. After finding himself unemployed after 27 years experience working in a local coal mine, the client has decided to go to school for some retraining; however, he does not know where to start. A brief history of the client s case will be provided, along with an explanation of Savickas theory and some reasons why the theory has been chosen for the case. Finally, two interventions will be suggested followed by a descriptionRead MoreJohn Stuart Mill, An English Philosopher And A Political Economist Essay1569 Words   |  7 Pagesman himself (Mill 87). Perfecting and beautifying the works requires knowledge, personal experience, and skill, which a machine never has. By showing that a machine cannot replace a man, Mill infers the comparative worth of human beings and the difference between a man and a machine. From this, Mill demonstrates the precision in his argument. Other parenthetical asides in the essay, such as the privilege and proper condition of a human being, arrived at the maturity of his faculties, to use and

Child Maltreatment A Historical Perspective - 1574 Words

Child Maltreatment Historical Perspective From a historical perspective, child maltreatment has varied in form depending the time and place and the standing of which children hold within family and society. Child maltreatment as defined by the, includes physical, sexual, or emotional abuse, in addition to neglect (National Institution, 2011). Early childhood experiences create the basis for expression of intelligence, emotions, and personality (National Institution, 2011). When these experiences are predominantly negative, the stage is set for emotional, developmental, and behavioral problems that persist throughout life. Studies have shown that the brains of children who have experienced long-lasting abuse and neglect remain in a state of hyper-arousal or anticipation of forthcoming danger. This hyper-arousal may affect learning and the ability to form emotional bonds with others (National Institution, 2011). In the book Children and criminality, Flowers give a historical background of child maltreatment leading to his find ings of how the treatment of children was and is based on seven distinct premises; (1) the value of children in a given time and place (2) how they fit into the structure of society; (3) religious beliefs and superstitions; (4) exploitation; (5) societal ideology; (6) economic stresses; and (7) psychological and societal induced stresses (Flowers, 1986). Child abuse and Delinquency In addition, studies have linked child abuse and delinquency withShow MoreRelatedEssay on Child Development and The Ecological Theory701 Words   |  3 Pagessuggested that child (human) development occurs for the child within the context of various environments. These environments, or systems, are influenced from within and between other environments. The individuals within each system influence each other through various transactions that occur between them. 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Gold Price and Effect on Stock Exchange Free Essays

string(220) " look at the historic data brings out that when the stock market crashes or when the dollar weakens, gold continues to be a safe haven investment because gold prices rise in such circumstances \(Gaur and Bansal, 2010\)\." Gold Price Volatility and Stock Market Returns in India P K Mishra Faculty in Economics, Siksha O Anusandhan University, Orissa, India E-mail: pkmishra1974@gmail. com J R Das Faculty in Management, Siksha O Anusandhan University, Orissa, India E-mail: j. 35979@yahoo. We will write a custom essay sample on Gold Price and Effect on Stock Exchange or any similar topic only for you Order Now co. in S K Mishra Faculty in Economics, TITE, Orissa, India E-mail: sk_mishra@yahoo. co. in Abstract The study of the capital market of a country in terms of a wide range of macroeconomic and financial variables has been the subject matter of many researches since last few decades. Recently one such variable, that is, gold price volatility has attracted the attention of many researchers, academicians and analysts. Thus, this paper is an attempt to analyse the causality relation that may run between domestic gold prices and stock market returns in India. The study by taking into consideration the domestic gold prices and stock market returns based on BSE 100 index, investigates the Granger causality in the Vector Error Correction Model for the period January 1991 to December 2009. The analysis provides the evidence of feedback causality between the variables. It infers that the Gold prices Granger-causes stock market returns and stock market returns also Granger-causes the gold prices in India during the sample period. Thus, both the variables contain some significant information for the prediction of one in terms of another. Keywords: Gold Price, Stock Market Return, BSE 100 Index, India, Volatility, Causality JEL Classification Codes: C22, C32, E44 1. Introduction The study of the capital market of a country in terms of a wide range of macro-economic and financial variables has been the subject matter of many researches since last few decades. Empirical studies reveal that once financial deregulation takes place, the stock markets of a country become more sensitive to both domestic and external factors. And, one such factor is the price of gold. From 1900 to 1971, with the global systems of gold standard and USD standard, gold price was regulated. But, since 1972, gold has been disconnected from the USD. Particularly in 1976 when the International Monetary Fund (IMF) passed Jamaica Agreement, did gold begin to evolve from currency to ordinary merchandise and since then gold price as been determined by market supply and demand. And, in India, the government started the process of globalization and liberalization since 1991 which allowed prices to be determined by the market forces. Gold Price Volatility and Stock Market Returns in India 48 Since then, the government has been taking a number of steps to reform the gold sector and ensure that India benefits from the demand-influence that it has on the gold business internatio nally. The liberalisation of the gold sector has been made in stages; first allowing a number of banks to import gold – braking the monopoly of the State Trading Corporations; then considerably reducing the import duty – destroying a lucrative parallel smuggling channel and now, allowing traders, manufacturers as well as investors to trade in gold futures in India itself. Figure 1: Annual Price Movement of Gold in Indian Market Prior to the introduction of liberalization and globalization policies, gold prices in India showed an increasing trend (Fig. 1). In the post liberalization period, the average annual prices of gold also showed an increasing trend from the year 1991 to 1996. But, it showed a decreasing trend in 1997 and 1998 and again showed an increasing trend in the year 2000. From 2000 to 2009, gold prices are continuously increasing. The domestic gold price in India is continuously increasing due to its heavy demand in the country. There are several reasons gold has high demand in India. The first reason is security; gold offers full security as long as it is retained by central banks. There is no credit risk attached to gold. Secondly, gold is able to maintain its liquidity even at times of crisis situations like high global inflation or political turbulence. The third reason for holding gold is to build a diversified portfolio. Gold also has taken the role of an asset of last resort. World Economic History shows that countries have repeatedly used gold as security against loans when they have had difficulties with their Balance of Payments and have felt the need to borrow on the international capital markets. The domestic gold prices in India are associated strongly with the import parity prices which are determined by the global spot prices, Dollar-Rupee rate and local taxes and levies. Any change in the global prices gets transmitted very quickly and gets reflected in domestic prices, particularly for countries like India who are price takers in gold with a major part of the demand met by imports. The twin factors, namely, (i) increase in global spot gold prices (as the commodity becomes dearer to those looking for safe haven during times of economic crisis, and (ii) appreciation of USD against INR, led to sharp rise in gold prices in India in the recent past. Moreover, the total annual supply of gold across the globe has also decreased from 4037 tons in 2002 to 3380 tons in 2008. India is a large buyer of gold at about 700-800 tons per annum. It also recycles about 200 tons of gold out of old jewellery. A large chunk of Indian imports is used for jewellery exports. Since the gold prices in India are influenced by international factors, its volatility is very important. Volatility involves short term – monthly, weekly or even hourly fluctuations in gold prices as measured by their absolute percentage changes during a particular period. If we look at the rolling 49 P K Mishra, J R Das and S K Mishra standard deviation of monthly gold prices since 2000, the prices are more volatile after July 2007 which is almost the same time when the slow down started in USA as a result of the sub-prime crisis (Fig. 2). Figure 2: Standard Deviation of Gold Price in India A look at the historic data brings out that when the stock market crashes or when the dollar weakens, gold continues to be a safe haven investment because gold prices rise in such circumstances (Gaur and Bansal, 2010). You read "Gold Price and Effect on Stock Exchange" in category "Papers" It is no surprise that many investors, big and small have chosen to hedge their investments through gold at the time of crises. Figure 3: Movement of Gold Price and BSE 100 Index 20000 16000 12000 8000 4000 0 92 94 96 98 00 02 04 06 08 BSE100 GOLDPRICE Gold prices have been on an uptick since 2000, while the stock market declined from 2000 to 2003 and then again in 2008 (Fig. 3). In 2008 when the market was suffering from bearish phase worldwide, gold prices spiked as panic spread across global markets. So far since March 2009 in India signs of recovery in the stock markets have emerged. At the same time gold continues to forge ahead, Gold Price Volatility and Stock Market Returns in India 50 lbeit at a slower pace. In 2008, the two assets prices – equity and gold, were moving in opposite directions, displaying the ability of the yellow metal to protect one’s portfolios at the time of a dip. In fact, during each of the two prolonged bear phases (lasting at least a year) over the past decade, gold has provided an effective hedge. However, in India stocks do not seem to be perceived as an alternat ive to gold. The reason for holding gold is, to a large extent, guided by the individual sentiments. The gold investing habits of Indians strongly ingrained in the Indian Social Psyche. In India gold has been held by individuals for years and have passed hands of many generations. In addition, the equity culture in India is not as developed as in some other parts of the world. Gold has not yet lost its prime importance as a hedge against loss of wealth in times of crises. It is with this backdrop, this paper proceeds to investigate the direction of causality between domestic gold prices and stock market returns in India. The rest of the paper is organized as follows: Section II explains the data and methodology, Section III makes the analysis, and Section IV concludes. . Data and Methodology This paper aims at investigating the dynamic relationship between gold prices and stock market returns in India for the period 1991 to 2009. This study is mainly based on secondary data that have been collected from the database on Indian economy maintained by Reserve Bank of India. The study analyses the monthly data on domestic gold prices and stock market returns in India for the aforesaid period. Wherever data were missing, the averages of the data of the previous month and next month have been taken. The monthly stock market returns ( Rt ) based on BSE 100 Index have been calculated by the ? I ? Rt = log ? t ? ? I t ? 1 ? where I and I are the logarithmic difference change in the BSE 100 Index, i. e. , t t ? 1 closing value of monthly BSE 100 Index at time ‘t’ and‘t-1’ respectively. At the outset, the Karl Pearson’s correlation coefficient between the aforesaid time series has been calculated and its significance has been tested by the t-test. The correlation coefficient has been calculated by using the formula: N ? XY – (? X)(? Y) r= N ? X 2 – (? X)2 N ? Y 2 – (? Y)2 And, the significance of this correlation coefficient has been tested by the t-test using the tr n? 2 under the null hypothesis H 0 : ? = 0 against the alternative hypothesis of statistic t n ? 2 = 1? r2 H1 : ? ? 0 with n-2 degrees of freedom. If the calculated value of t exceeds the critical value of t, then the null hypothesis will be rejected; otherwise accepted. Then the Granger causality between the variables has been investigated in the Vector Error Correction framework. And, as the essential steps of Granger Causality test, the stationarity and cointegration between variables have been found out. The Augmented Dickey-Fuller unit root test has been used to examine the stationarity of the time series of the study and to find the order of integration between them. The ADF unit root test has been performed by estimating the regression: ? Yt = ? 0 + ? 1Yt ? 1 + ? ? j? Yt ? j + ? t j=1 p The ADF unit root test is based on the null hypothesis H 0 : Yt is not I(0) . If the calculated ADF statistic is less than the critical value, then the null hypothesis is rejected; otherwise accepted. If the 51 P K Mishra, J R Das and S K Mishra variable is stationary at level, the variable is said to be integrated of order zero, I(0). If the variable is non-stationary at level, the ADF test can be utilised and the first difference of the variable can be used for testing a unit root. In this case, the variable is said to be co-integrated of order one, I(1). In the second step, the Johansen’s cointegration test has been applied to check whether the long run equilibrium relation exists between the variables. The Johansen approach to cointegration test is based on two test statistics, viz. , the trace test statistic, and the maximum eigenvalue test statistic. i = r +1 The trace test statistic can be specified as: where ? i is the i th largest eigenvalue of matrix ? and T is the number of observations. In the trace test, the null hypothesis is that the number of distinct cointegrating vector(s) is less than or equal to the number of cointegration relations ( r ). The maximum eigenvalue test examines the null hypothesis of exactly r cointegrating relations against the alternative of r + 1 cointegrating relations with the test statistic: ? max = ? T log(1 ? ?r +1 ), where ? trace = ? T ? log(1 ? ?i ), k ?r +1 is the (r + 1)th largest squared eigenvalue. In the trace test, the null hypothesis of r = 0 is tested against the alternative of r + 1 cointegrating vectors. At the end, the Granger Causality test has been used to determine whether one time series is useful in forecasting another thereby finding out the direction of relationship between the variables of the study. In the Granger Causality test, the vector of endogenous variables is divided in two sub-vectors, Y1t and, Y2t with dimensions K1 and, K 2 respectively, so that K = K1 + K 2 . The sub-vector Y1t is said to be Granger-causal for Y2t if it contains useful information for predicting the latter set of variables. For testing this property, the levels VAR following form without exogenous variables of the model is considered. A 0 Yt = A1Yt ? 1 + †¦Ã¢â‚¬ ¦ + A p +1Yt ? p ? 1 + B0 X t + †¦Ã¢â‚¬ ¦ + Bq X t ? q + C*D*t + u t If that model contains p + 1 lags of the endogenous variables as in the above model, the test is based on a model with p + 2 lags of the endogenous variables, ? Y1t ? p + 2 ? ?11,i ? 12,i ? ? Y1,t ? i ? ? u1t ? ? ? Y ? + CD t + ? ? ? Y ? = ? ? 2t ? i =1 ? 21,i ? 22,i ? ? 2,t ? i ? ? u 2t ? as proposed by Dolado and Lutkepohl (1996). The null hypothesis that Y1t is not Granger-causal for Y2t is tested by checking the null hypothesis ? 21,i = 0, i = 1, 2,†¦. , p + 1 A Wald test statistic, divided by the number of restrictions pK1K 2 , is used in conjunction with an F(pK1K 2 , KT ? n * ) distribution for testing the restrictions. Here n * is the total number of parameters in the system (Lutkepohl, 1991), including the parameters of the deterministic term. Of course, the role of Y1t and Y2t can be reversed to test Granger-causality from Y2t to Y1t . 3. Empirical Analysis It is clear from the Fig. 3 that the direction of movements of gold prices and BSE 100 Indices in India is same. The value of Pearson’s correlation coefficient (r) between these two time series over the period 1991 to 2009 is 0. 873. To test whether this value of ‘r’ shows a significant relationship between two time series, student’s t-test has been used. The null hypothesis of the test is r = 0 against the alternative of r ? 0. Since the t-statistic at 226 degrees of freedom is 26. 9 and the critical value of t at 5% level of significance is less than it, the null hypothesis is rejected. So, it can be said that the correlation between gold prices and BSE 100 indices is statistically significant. Gold Price Volatility and Stock Market Returns in India 52 Thus, it seems that gold prices and stock market returns based on BSE 100 Index are significantly correlated. And, computation reveals that the value of ‘r’ is 0. 0143 between them which is not statistically significant for the t-statistic of 0. 217 at 226 degrees of freedom. So it can be said that although gold prices and BSE 100 Indices are significantly correlated, the correlation between gold prices and stock market returns based on BSE 100 Index is not significant. But much interesting results have been obtained from the Granger Causality test. The Granger causality test presumes that the given time series are stationary. The Augmented Dickey-Fuller unit root test has been used for this purpose. And, the results of such test are reported in Table 1. Table 1: Results of Augmented Dickey-Fuller Unit Root Test ADF Statistic -14. 61 Critical Values At 1%: -3. 459 At 5%: -2. 874 At 10%: -2. 573 At 1%: -3. 459 At 5%: -2. 874 At 10%: -2. 573 Decision Reject Null hypothesis of no unit root Variables in their First Differences Gold Prices Stock Market Returns -12. 01 Reject Null hypothesis of no unit root It is clear from the Table 1 that the hull hypothesis of no unit roots for both the time series are rejected at their first differences since the ADF est statistic values are less than the critical values at 10%, 5% and 1% levels of significances. Thus, the variables are stationary and integrated of same order, i. e. , I(1). In the next step, the cointegration between the stationary variables has been tested by the Johansen’s Trace and Maximum Eigenvalue tests. The results of these tests are shown in Table 2. The Trace test indicates the existence of two cointegrating equatio ns at 5% level of significance. And, the maximum eigenvalue test makes the confirmation of this result. Thus, the two variables of the study have long-run or equilibrium relationship between them. Table 2: Results of Johansen’s Cointegration Test Sample: January 1991 to December 2009 Included observations: 225 after adjustments Trend assumption: Linear deterministic trend Series: Gold Prices and Stock Market Returns Lags interval (in first differences): 1 to 2 Unrestricted Cointegration Rank Test (Trace) Trace 0. 05 Eigenvalue Statistic Critical Value 0. 264883 83. 69901 15. 49471 0. 062248 14. 46069 3. 841466 Hypothesized No. of CE(s) None * At most 1 * Prob. ** 0. 0000 0. 0001 Trace test indicates 2 cointegrating eqn(s) at the 0. 05 level * denotes rejection of the hypothesis at the 0. 5 level ** MacKinnon-Haug-Michelis (1999) p-values Unrestricted Cointegration Rank Test (Maximum Eigenvalue) Hypothesized Max-Eigen 0. 05 No. of CE(s) Eigenvalue Statistic Critical Value None * 0. 264883 69. 23832 14. 26460 At most 1 * 0. 062248 14. 46069 3. 841466 Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0. 05 level * denotes rejection of the hypothesis at the 0. 05 level ** MacKinnon-Haug-Michelis (1999) p-values Prob. ** 0. 0000 0. 0001 53 Table 3: Results of Granger Causality Test P K Mishra, J R Das and S K Mishra Null Hypothesis Gold Prices do not Granger Cause Stock Market Returns Stock Market Returns do not Granger Cause Gold Prices F-Statistic (73, 12) 11. 678 32. 997 Probability 0. 000 0. 000 Decision Reject Reject Now, the Granger causality test can be performed to determine the direction of causation between these two variables in the Vector Error Correction Model. The results of the Granger causality test are reported in Table 3. It is inferred that the null hypothesis of â€Å"Gold Prices do not Granger Cause Stock Market Returns† and â€Å"Stock Market Returns do not Granger Cause Gold Prices† are here clearly rejected. Thus, both the variables contain some significant information such that they cause each other. But it is very interesting to note that these two variables are insignificantly correlated, i. e. , a very low degree of correlation holds between them. During the period of global financial crisis, stock markets crashed but gold price continues to increase in the country. This could be explained as follows. The extent of holding of gold in India is widespread but stocks are not held by all, though retail participation in the Stock Markets might have gone up in the last few years. Indians consider gold the safe haven investment as a financial asset and as jewellery. World Gold Council Report says that India stands today as the world’s largest single market for gold consumption. Traditionally, gold has been more attractive than bank deposits, stocks and bonds. In developing countries, people have often trusted gold as a better investment. In many countries including India, gold remains an integral part of social and religious customs, besides being the basic form of savings. But recently many innovative financial products have been lunched relating to gold. In March 2003, the first Gold Exchange Traded Fund, i. e. , Gold Bullion Securities was launched on the Australian Stock Exchange. Now, gold exchange traded funds are being traded like shares on the major stock exchanges including London, New York and Sydney. In India the first gold ETF was launched in March 2007 by Benchmark Mutual Fund. And, the UTI gold ETF has emerged as the best performer since May 2009. The number of new accounts created by Gold ETFs in India surged 57% between March and September 2009. The overall AUM in Gold ETFs at the end of December 2009 was Rs 1,352 crore, up from Rs 717 crore in April 09. It shows that Indian investors are gradually moving into gold ETFs for investment instead of physical form. Recently derivatives such as gold forwards, futures and options have become very popular and have been traded on various exchanges around the world and over-the-counter directly in the private market. In the USA, gold futures are primarily traded on the New York Commodities Exchange. In India, the National Commodity and Derivatives Exchange introduced 100 gram gold futures in November 2006. The volume of Gold futures traded in this exchange during January to August 2007 was 4,479,114 which have been increased to 9,038,795 in January to August 2008. It is thus inferred that Indians have started considering gold more than jewellery and as good as investments on bonds and equities. Perhaps, this explains the co-movement of gold prices and stock prices in the aftermath of global financial crisis. Gold Price Volatility and Stock Market Returns in India 54 4. Conclusion This paper examines the gold price volatility and the causality between domestic gold prices and stock market returns in India for the period 1991 to 2009. The study uses monthly data on the defined time series. The required data have been collected from the database of Reserve Bank of India. The Augmented Dickey-Fuller test says that the time series of the study are stationary and all integrated of order one. The Johansen’s cointegration test reveals that there exists long run equilibrium relation between gold prices and stock market returns in India. Then application of Granger causality test in the vector error correction model suggests the evidence of feedback causality running between the gold prices and BSE 100 Index based stock returns in India. Thus, each variable contains some ignificant information so that one can be used to predict the other. References [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] Abken A. Peter (1980), â€Å"The Economics of Gold Price Movements†, Federal Reserve Bank of Richmond, Economic Review, March /April. pp 3-13. Aggarwal R. and Soenen, L. A. (1988), â€Å"The Nature and Efficiency of the Gold Market†, The Journal of Portfolio Management, Vol. 14, pp. 18-21. Agarwal, Sanjeev (2004), â€Å"Bullion Markets†, BSE Review of Markets, pp. 46-48. Aggrarwal, R. , Inclan, C. , Leal, R. (1999). â€Å"Volatility in Emerging Stock Markets†. Journal of Financial and Quantitative Analysis, Vol. 34, 33-55. Asuncion, J. 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Cloning 5 Essay Research Paper CloningIs cloning free essay sample

Cloning 5 Essay, Research Paper Cloning Is cloning ethical? the bulk of the universe would state no but the medical research possibilities associated with it are eternal. In 1997 when Dolly the lamb was born we began to believe, wow if it s possible toclone an carnal why non a homo in the hereafter? It shortly became known that it was possible and people were horrified at the idea of an being being created by a human being. 90 % of Americans polled within the first hebdomad that the Dolly intelligence broke, thought that cloning should be banned. They believed it to be morally inappropriate and ethically incorrect ( Torr 24 ) . The ground for the panic was due mostly in portion by public misconception by ballad people. It is best to believe of a ringer as a ulterior born indistinguishable twin. They will be identical in biological science from any other human being. Many people believe that ringers will be used as trim parts for the rich in demand of a liver or some other organ. We will write a custom essay sample on Cloning 5 Essay Research Paper CloningIs cloning or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page There are besides beliefs that these ringers will be headless as good as be killed without perpetrating slaying. In world utilizing another homo for spare parts would be slaying and doing headless ringers would besides be slaying. To do a headless ringer would necessitate taking the higher encephalon of the foetus of baby and since both of these existences autumn under the same legal Torahs as a non-cloned foetus or baby it would once more be slaying. Besides the point there is no demand to make an full homo when single tissues and variety meats can be grown entirely ( Torr 68 ) . Some fear psychological harm of a cloned homo. A individual is non defined by their familial but by their life experiences and development in the uterus. Environment and upbringing play a much larger function in determining person s emotions and mentality. The statement that adult male is playing God is the most normally brought up. If God didn t want adult male to make ringers he wouldn T have made it possible. Cloning does non create life it simply produces life from bing life. Public policy should non be based on one narrow spiritual point of position ( Kolata 36 ) . One is the possibility of birth defects. I will compare the development of cloning to presenting a new miracle drug into the market. The safety of the drug is ab initio unknown like cloning. Then come the experiments on animate beings foremost, this has already been done. Then the experiments are done on human voluntaries. Safety would be determined by a authorities bureau such as the FDA as to whether the new protocol should be used as standard medical pattern ( Torr 74 ) . The procedure for cloning Dolly was as follows: The karyon is removed from an oocyte or non fertilised egg, collected from a Scots blackface Ewe. A nucleus signifier a quiescent mammory cell is injected into the oocyte. A quiescent cell is one that has stopped spliting in the cell rhythm. Then a bantam pulsation of electricity was used to blend the two karyon. in the cytol. This fused cell was transferred into the generative chamber of a blackface Ewe. The proceess had to be repeated 276 clip before they could acquire one that would really work.The procedure would necessitate taking a bodily cell as opposed to a generative cell. the karyon would be romved from the cell and trasferred to an enucleated egg. Presently this International Relations and Security Network T possible because the bodily cells are specialised cells and we don t cognize how to turn cistrons on and off ( Bohle 35 ) . Human cloning research would enable scientists to find the cause of spontaneus abortions and give oncologist an apprehension of the rapid cell growing of cancer.Cloning could take to the development in genetic sciences to make carnal variety meats that could be easy accepted by worlds offering a illimitable supply to those in demand. Hogs are being tested as the most likely beginning for this experiment. utilizing human cloning cells could be cloned and regenerated to replace damaged subdivisions of the organic structure. Stem cells could besides be grown to renew damaged nervus tissues or musculus tissues. This procedure could assist out muscular diseases like muscular sclorosis. Why non usee cloning as another manner of assisting sterile parents or those who have gentic upsets? The agricultural industry can profit from this every bit good. Farmers can utilize atomic transportation to bring forth better farm animal. Scientists can genetically change grownup cells, doing it wasier to change familial stuff. These transgenic farm animal would assist husbandmans reach their end of bring forthing ideal features for the agricultural industry ( Bohle 49 ) . .It is obvious the medical possibilities of cloning far outweigh the cons and our fright is based on ignorance much like when Columbus proclaimed the universe was unit of ammunition. As new scientific development is introduced into the populace we will bit by bit accept it at a really slow rate. The medical possibilities are eternal. Cloning is ethical every bit long as it s regulated.