An Analysis of The Arbitrage Pricing Theory - Free Essay Example

The Arbitrage Pricing Theory (APT) was developed primarily by Ross (1976a, 1976b). Indeed, it is a one-period model in which every investor believes that the stochastic properties of returns of capital assets are consistent with a factor structure. The basis of arbitrage pricing theory is the idea that the price of a security is driven by a number of factors. These can be divided into two groups: macro factors, and company specific factors. The name of the theory comes from the fact that this division. Each F is a separate factor and each ? is a measure of the relationship between the security price and that factor. The APT: Assumptions The APT relies on the following assumptions: Returns are generated according to a linear factor model The number of assets is close to infinite Investors have homogenous expectations Capital markets are perfect (i.e. perfect competition, no transactions costs The APT: Factors Even if, the arbitrage pricing theory does not explicitly state the relevant macro economic factors, they can be empirically constructed. As a matter of fact, it has been observed that the following factors tend to influence the price of the security under consideration: Change in industrial production or GDP. Unanticipated inflation or deflation. Shifts in the Yield Curve Investor confidence measured by surprises in default risk premiums for bonds Changes in oil prices (proxy for price level) The Capital Asset Pricing Model In finance literature, the  capital asset pricing model (CAPM) is used to determine a theoretically appropriate required rate of return of an asset, if that asset is to be added to an already well-diversified portfolio, given that assets non-diversifiable risk. The model takes into account the assets sensitivity to non-diversifiable risk (also known as systematic risk or market risk), often represented by the quantity beta (?) in the financial industry, as well as the expected return of the market and the expected return of a theoretical risk-free asset. The CAPM, is a model, for pricing an individual security or a portfolio. For the individual securities on the other hand the security market line (SML), The general idea behind CAPM is that investors need to be compensated in two ways: time value of money and risk Based on the Markowitzs mean-variance model, the  CAPM  inherits all the shortcomings of the latter in addition to its own assumptions such as: 1. Inves tors are rational and risk averse. They pursue the only interest of maximizing the expected utility of their end of period wealth. Implication: The model includes the single time horizon for all investors. 2. The markets are perfect, thus taxes, inflation, transaction costs, and short selling restrictions are not taken into account. 3. Investors can borrow and lend unlimited amounts at the risk-free rate 4. All assets are infinitely divisible and perfectly liquid. 5. Investors have homogenous expectations about asset returns. In other words, all investors agree about mean and variance as the only system of market assessment, thus everyone perceives identical opportunity. The information is costless, and all investors receive the same information simultaneously. 6. Asset returns conform to the normal distribution. 7. The markets are in equilibrium, and no individual can affect the price of a security. 8. The total number of assets on the market and their quantiti es are fixed within the defined time frame. The Implications The investors will choose to hold a portfolio of risky assets in proportions of the market portfolio. Market portfolio will be on the efficient frontier and will be the tangency portfolio to the optimal capital line. Hence, the capital market line will be the line from the risk free rate through the market portfolio, M, which is also the best attainable capital allocation line. The risk premium on the market portfolio will be proportional to its risk and the degree of risk aversion of the investor. The risk premium on individual assets will be proportional to the risk premium on the market portfolio, M, and the beta coefficient of the security relative to its market portfolio. The CAPM formula: Ri = Rf + ?i (rm-rf) Whereby Ri is the expected return by CAPM, rf is the risk free rate, rm is the market return and ?i is the risk factor. The security market line Expected return sml Rm Rf beta The SML essentially graphs the results from the capital asset pricing model (CAPM) formula. The x-axis represents the risk (beta), and the y-axis represents the expected return. The market risk premium is determined from the slope of the SML. The security market line is a useful tool in determining whether an asset being considered for a portfolio offers a reasonable expected return for risk. Individual securities are plotted on the SML graph. If the securitys risk versus expected return is plotted above the SML, it is undervalued  because the investor can expect a greater return for the inherent risk. A security plotted below the SML  is overvalued  because the investor would be accepting less return for the amount of risk assumed. Capital asset pricing model has the following limitations: It is based on unrealistic assumptions. It is difficult to test the validity of Capital asset pricing model. Betas do not remain s table over time. Empirical Literature Review Empirical tests of APT and CAPM Empirical tests of the APT have been questionable because no two researchers could agree on the value of the coefficients of any of the exogenous variables (Chen 1983, Chen, Roll and Ross 1983, Roll and Ross 1980, Kryzanowski et al 1994). Kryzanowski et al (1994) showed that the explanatory variables are correlated. Hard work to generate orthogonal factors results in one principal factor and APT models that retain multiple explanatory variables are unstable. A closer look at Chen (1983) reveals these aspects of APT research. Chen, a great fan of the APT, reports that he was unable to find any evidence that the APT is not valid. In each case, his null hypothesis was that the APT is valid; and in each case, he was unable to reject this hypothesis. N.Soufian (2001) examined the validity of the CAPM and APT across time during three sub samples for periods (1980-1989 and 1990-1997). This study demonstrated how risk premium, term structure, changes in industrial production affect a verage returns. The assumption of a constant beta is the major difficulty in the empirical support of static CAPM and its factor models when applied across time. It is however clear that the APT is much better behaved than the CAPM. In J Shankens study (1982), the CAPM model, was not found to be testable in a strict sense. Much of this acceptance can be attributed to the persuasive analysis of Roll, who argues that the CAPM, is not testable unless the market portfolio of all assets is used in the studies. The APT of Ross, is viewed as a testable substitute to the CAPM. OTHER EMPIRICAL STUDIES Indeed, over past years the link between macroeconomic variables and stock market returns has been well documented in the finance literature. Several studies depicted that macroeconomic variables influence stock market to a great extent. Numerous interesting results have also been found, but both the academics and the practitioners have not arrived at a consensus on the direction of the causality among these variables, which have at times led to ambiguity in the studies. The vector autoregressive VAR, by Sims (1980), was used to find short run causality between macro economic variables and stock prices. As a result, it was found that macro economic variables do affect stock returns greatly. Darrat and Mukherjee (1987) used a vector autoregressive model on the Indian data over 1948-1984 and showed that a causal relationship do exist between stock returns and macro economic variables. Granger (1986) and Engle and Granger (1987) concluded that the soundness of long term equil ibria between variables can be studied using cointegration methods. In fact, they have been applied to the long run relationship between stock prices and macroeconomic variables in numerous studies. The Johansen (1988), method of testing for the existing of cointegration relationships has become the standard in the econometrics literature. His multivariate cointegration test favored long run equilibrium relationship between financial and real sector. The following papers Fama and French (1989), Schwert (1990) and MacDonald (1997), a significant relationship was gained between stock market returns and changes in macroeconomic variables like the inflation, risk premium, yield curve, interest rates and industrial production. Brown and Otuski (1990) found that crude oil prices, exchange rate, call money rate, residual market error, production index and money supply affect the Japanese stock market and is linked with risk premia. Hamao and Campbell (1992) concluded a smaller positive coefficients for the dividend price ratio and the long short interest rate spread on stock markets returns in Japan relative to the US in a studying a sample casing monthly data from 1971 to 1990. Mukherjee and Naka (1995) test the dynamic relationship between six macroeconomic variables and the Japanese Stock market by using a vector error correction model of seven equations. They found that a long term equilibrium link between the Japanese stock market and macroeconomic variables like the exchange rate, money supply, inflation, industrial production, long term government bond rate and call money rate. Kwon, Shin and Bacon (1997), assessed the stock market behavior and various multiple macroeconomic variables namely, production index, inflation, expected inflation, risk premium, term structure, dividend yield, trade balance, foreign exchange rate, oil price and money supply. They were time series data regressed on monthly returns of the value weighted Korean composit e stock price index. As a consequence, they concluded that Korean stock market was more sensitive to real economic and international trading activities, like the trade balance, exchange rate, money supply and production index than that of US and Japanese stock indices. Nasseh and Strauss (2000), found a significant link between stock prices and domestic and foreign activity in France, Germany, Italy Netherlands Switzerland and UK. Positive coefficients for industrial production, consumer price index, short term interest rates and business surveys of manufacturing. However, negative coefficients were obtained for long term interest rates. Furthermore, the European stock market was found to be integrated with that of Germany. Rapach (2001) analyzed the impacts of supply shock factors on real U.S stock prices in a structural VAR model and found that real stock returns were negatively correlated with inflation. Maysami, Howe and Hamzah (2004), investigated the link between ma croeconomic variables and the stock market returns in the Singapore stock market. The macroeconomic variables are interest rates, inflation, exchange rates, industrial production and money supply. Singaporean stock market index All-S equities property index proved to share significant relationship with all variables. However, the All-S equities finance index and All-S equities hotel index form significant relationship with only selected variables. Basher and Sadorsky (2006) scrutinized the effect of oil price changes on the stock market returns of 21 emerging economies. Evidence found were positive and significant at 10% level to stock market returns for most if not all countries. A.Humpe and P.Macmillan (2007), made an attempt to examine the long term stock market movements caused by macroeconomic variables. They in fact, made a comparison between the US and Japan. For the US and the Japan macroeconomic variables were, industrial production, consumer price index, money supply , rate of interest which were taken into consideration. Monthly data over the last 40 years were used. As a result, in US, variables like the industrial production positively affect stock prices while negatively affected by inflation and rate of interest. Money supply had an insignificant influence over stock prices. In Japan, two cointegrating vectors were found. Stock prices were positively affected by industrial production and negatively to money supply. The second cointegrating vector depicts that industrial production is negatively related to interest rate and consumer price index. A.Anokye and T. George (2008) examine the influence of a number of macroeconomic variables on stock prices in Ghana. Variables are inflation, interest rate, exchange rate, oil prices, inward FDI. Ghana stock market formed significant relationship with the macroeconomic variables selected. In fact, the presence, of a cointegrating relationship between the variables and stock prices is a signal t hat stock market efficiency is in doubt. In the short run, establishing lead and lag through error correction model shows that investors can cause past values to reap abnormal profits. Kandir (2008) in his investigation, examined the Turkish stock market and how do the growth rate of industrial production index, change in consumer price index, growth rate of narrowly defined money supply, change in exchange rate, interest rate, growth rate of international crude oil price affect the return on the MSCI World Equity Index. A macroeconomic factor model is employed for the period that spans from July 1997 to June 2005. N. Sohail and Z.Hussain (2009) explored the relationship between Lahore stock market and macroeconomic variables. Monthly time series were used and variables were, consumer price index, real effective exchange rate, 3-month treasury bill, industrial production and M2(money supply). Data from 2002-2008 were taken into consideration. As a matter of fact, two long r un relationships were found. In the long run, inflation negatively affected stock prices whilst, industrial production, exchange rate and money supply positively affected them. On the other hand, treasury bills had an insignificant effect on stock prices. The results of the Variance Decomposition showed that inflation explained the maximum variance. K.Jiranyakul (2009) used a set of four macroeconomic variables, namely; the real GDP, money supply, nominal effective exchange rate and Thai stock market index. A positive relationship was found between them using data from (1993-2007). The Engle granger test does not show cointegration, however the Johansen cointegration test exhibits cointegration. There are two cointegrating equations; industrial production had a positive relationship on stock prices whilst inflation had a negative one. Nominal exchange rate adversely affected stock prices. The fundamental crisis imposes no impact on long run relationship. Moreover, there exi st bidirectional causality between stock market and economic growth. MW Mahmod and NM Dinniah (2009) carried out a study of how macroeconomic variables, inflation, output and exchange rate of six Asian Pacific regions affect stock prices. Monthly data for Malaysia, Thailand, Korea and Japan and quarterly data for Hong Kong and Australia were used. According to the Granger test and Johansen and Juselius maximum likehood procedure, there is sufficient evidence showing that there is long run relationship between the selected variables in all three countries. Furthermore, the error correction model depicts a short run link only between foreign exchange rate with stock price of Hong Kong and real output and stock price of Thailand. E. Cagli, U Halac and D.Taskin (2010), studied the relationship of the Turkish stock prices with macroeconomic variables, like the exchange rate, GDP, industrial production, inflation, money supply, interest rates and oil prices and monthly data fr om Jan 1998-Dec 2008 were used. The cointegration test suggests that GDP, oil price, industrial production are cointegrated. Inflation is not cointegrated. According to the unit root test with structural breaks exchange rate, rate of interest are dropped out for the reason they are found to be integrated of order (0) they are hence stationary. D.Plinkus (2010) carried an analysis of how macroeconomic variables affect stock market of main Baltic. Monthly data from Jan 2000 Dec 2008 were used. Indeed, results obtained present granger causality between selected variables and the stock market indices. Nearly all the variables, Gross Domestic Product, unemployment, foreign direct investment, state debt, money supply, export, import, trade balance, shorter interest rates and harmonized consumer price index were found to be causing movements in stock returns. Moreover, the relation between macroeconomic variables and stock returns in Baltic were found to be more reliable in the long ru n. J.Garcia and M.Juarez (2010) investigated the influence of Chinese and American macroeconomic variables in the stock market indices of Brazil, Chile and Mexico. Monthly data for industrial production and interest rates for the period of Jan 200 Dec 2009 were used. As a result, a cointegrating relationship between the USA with the Brazil, Mexico and Chile were obtained whereas at least two cointegrating relationship between China Mexico and Brazil were gained and one with Chile. Implying that Chinese, macroeconomic variables appear to be more cointegrated with Latin American stock. The granger causality tests show that US macroeconomic variables granger cause stock market performance in Mexico and Chile. As a matter of fact, Mexico is found to be the only country which exhibits causality between China and USA. How do the selected macroeconomic factors affect stock returns? Gross Domestic Product (GDP) The relationship between economic activity (proxy by GDP) and stock market has been an issue of great interest to many researchers. Mostly, studies have been carried out to find out whether stock prices are influenced by economic changes or determined by speculative bubbles. In the light of mixed empirical evidences, it is found that during recession, stock market returns are low whereas during economic boom and in presence of future expectations about increase in level of economic activity, returns soar. Oskoe (2010) studied stock market performance of Iran with respect to changes in economic growth. As a result a causal relationship between GDP and stock market were found. The Johansen cointegration test showed that stock prices are moved by level of economic activity. Inflation and rate of interest Inflation is defined as a period where there is persistent rise in general price level of goods and services. It affects the stock market in sense that it increases the rates of interest. If the inflation rate is high, the interest rate is also high thus, the creditor will have a tendency to compensate for the rise in interest rates and the debtor has to avail of a loan at a higher rate. This prohibits funds from being invested in stock markets. In addition when the government has enough funds to circulate in the market, the cost of goods, services usually rise. This leads, to the decrease in the purchasing power of individuals and in the value of money. Concisely, for the economy to flourish, inflation and stock market ought to be more conforming and predictable. Feldstein (1980a) stated that inflation decreases share prices because of the link between inflation and the tax system. Money supply Intuitively an increase in the rate of growth of money supply strengthens the rate of increase in stock prices. Conversely, a fall in the rate of growth of money supply should slow down the growth momentum of stock prices. Oil prices Indeed oil prices are very volatile by nature and any fluctuation in such prices affect the economy as a whole. In most if not all economies, all industries, they rely on fuel to run properly. In their study, N.Mujahid, R.Ahmed and K.Mustafa (2006) used data from March 1998 to Dec 2005 and found that there is actually no relationship between oil prices and stock market of Pakistan. The reason behind this is because due to an increased use of gas and liquidity. In fact stock a positive relationship between gas prices and stock market was found. Exchange rates A depreciating currency may depress stock market and hence stock returns. This happens due to expectations of inflation (Ajayi and Mougoue 1996). In this connection, foreign investors are less willing to hold assets in currency that depreciates as this will erode their return on investment. However an appreciating currency will boost the economy as well as the stock market and finally stock returns. Hence exchange rates do affect stock market returns to high extent. Moreover, M.Rahman (2009), studied how stock prices in three merging countries like the Bangladesh, India and Pakistan, interact with respect to fluctuations in exchange rates. Using data from Jan 03 June 2008, result showed that there is no cointegrating relationship between stock prices and exchange rates. The Granger causality test likewise the Johansen test, depicted no causal relationship between stock prices and exchange rates. Result showed there is no way causal relationship between stock prices and exchange rates in the countries.

Faith and Reason Essay - 1035 Words

Faith and Reason Faith and reason can be viewed as opposites. Faith is an element of belief, something an individual does not necessarily require a reason for accepting without reason. For example, an individual’s reason for believing in God may not seem too rational when they are trying to explain them. They may not even stand up to criticism. On the other hand, reason is constructed as a formula. Faith is basically something we believe in, like something we learn in church. Reason is something we learn in school, such as a math formula. A long time ago, prior to the scientific revolution, it was considered anti-Semitic that reason supported religion. The Counterbalance Foundation website observes that before this time, science that†¦show more content†¦Many people, including those of Christian belief then read the works of these classical writers. Of the many classical writers whose works were available to the medieval scholars, the most influential one had to be P lato. In Norman Cantor’s book, he observes that, â€Å"Christianity was built as much on Plato as on the Judaic tradition† (Cantor, 18). Because Plato’s work so influential, it would be illuminating to look at exactly what Plato’s ideas were, as well as how they were reinterpreted by medieval scholars. According to Cantor, â€Å"To Plato ideas, or conceptual forms, were not idle fantasies, but essential realities. When we refer to ‘justice’ or ‘the state’ or ‘love’, we are actually referring to something that has an independent existence outside our minds† (Cantor, 16). On the other hand, material objects such as a table, which are commonly assumed to have more â€Å"reality† than mere ideas, actually have less reality to a Platonist, because â€Å"A table would not have come into existence without the idea of a table; it is the idea that gives it shape and reality. Pure, ultimate reality is pure Idea, and the physical world that we touch and see has a reality only insofar as it participates in or is formed by pure Idea† (Cantor, 16). It is easy to see how a philosophy like this could have been eagerly assimilated into medieval Christianity, which denigrated the body in favor of the spirit, and all material things in favor of God. However, it is important toShow MoreRelatedThe Between Faith And Reason Essay1201 Words   |  5 Pagesanalyze the balance between faith and reason in human life. All three men are on personal journeys to better understand not only themselves, but their faith as well. Although the three have different writing styles, Augustine’s The Confessions, Aquinas’ Summa Contra Gentiles, and Dante Alighieri’s The Divine Comedy, all share the common theme of faith and reason. These pieces of writing are extremely influential, which are why they continue to be studied today. 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And Supernatural aid lifts and illumines earthly reason.† Her confessions amidst these articles was a Clare so far from the â€Å"restless,† Nietzsche inspired, Catholic shaming, â€Å"husband snatching,† â€Å"money-marrying,†Read MoreFaith Reason Imagination2101 Words   |  9 PagesFAITH REASON IMAGINATION FAITH. Faith, in the religious sense, is the belief based upon our spiritual connections with God. Faith aids, stabilizes and nourishes us spiritually allowing our knowledge of his words to grow. Since there are so many different religious faiths, one must indulge in the one that is closer to home. Christianity is the religion that is dominant in the United States. It is faith and belief that Jesus Christ is the son of God, The Father, and that He was send to earthRead MoreEssay on Faith and Reason1797 Words   |  8 Pagessaid, â€Å"Faith and reason are like two wings on which the human spirit rises to the contemplation of truth; and God has placed in the human heart a desire to know the truth – in a word, to know himself – so that, by knowing and loving God, men and women may also come to the fullness of truth about themselves.† (Fallible Blogma) Based on this significant and powerful quote, one can infer that faith and reason are directly associated and related. I t can also be implied that the combination of faith andRead MoreEssay on Faith and Reason2144 Words   |  9 PagesFaith and reason were two modes of belief that dominated the history of Western Civilization. Both faith and reason were popularized as tools to understand the universe in Greco-Roman and Judeo-Christian eras. By conflicting with each other, these two modes of belief sparked a lot of controversy. Reason or rationality is belief based on concrete evidence and logic. The development of one’s reason relies heavily on observation and questioning. Greco-Roman philosophers believed in the power of theRead MoreThe Relationship between Faith and Reason1369 Words   |  6 PagesESSAY FaithReason â€Å"Faith and Reason are like two wings on which the human spirit rises to the contemplation of truth† Explain the dangers for a theologian when faith and reason are divorced from each other. Use at least one example of a Christian teaching that shows the harmony of faith and reason The harmony of faith and reason are the grounds upon which many Christian teachings are built. 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Impact Of Trade On The International Trade Market

The international trade of goods across the world accounts for approximately 60% of the world Gross Domestic Product (The World Bank, 2014). A great proportion of goods transactions occur every second. The primary question is whether international trade benefits a country as an entirety, and, if so, why would a country implement protective trade policies to restrict particular exports? To address this question, this essay aims to explore the impact of trade on various economic stakeholders, including consumers, producers, labour and government and, furthermore, will compare models and theories with reality to ascertain the true winner/ loser in the international trade market. According to the Ricardian model, free trade allows a country†¦show more content†¦Consumers definitely benefit from increasing purchasing power in terms of lower relative prices. Nonetheless, the real prices of certain commodities such as lamb, tobacco and beef have increased over time due to increasing world average income, which encourages world demand. Interestingly, developing countries, which form the predominant exporters of primary commodities, earn lower relative prices over time, for instance, palm oil arrives primarily from Indonesia and Malaysia and raw sugar arrives mostly from Brazil and Thailand. Contrariwise, the world suppliers of lamb are the United Kingdom, Spain and Australia and, moreover, 14% of world bovine meat arrives from the United States (Simoes, 2013). Therefore, it can be argued that greater advantages are granted to suppliers in developed countries than those in developing countries by trade liberalisation. Aside from the impact on price, the opening of an economy attracts imports into the domestic country, which results in the provision of variety for consumers. For example, eleven mobile phone companies control 66.6% of the world market share, inclusive of Samsung, Sony, Apple, Nokia and Huawei. These companies originated in Korea, Japan, United States, Finland and China respectively (Williams, 2015). Consumer’s gain from choice and, therefore, higher utility can be achieved. In recent years, the US has increased tariffs on the steel industry in order to restrict

Macbeth Motifs Essay Example For Students

Macbeth Motifs Essay Macbeth Motif EssayWilliam Shakespeare, in his tragic play Macbeth, written in 1606, dramatizes the unrelenting power of deception, insanity, and greed which ultimately results in the demise of Macbeth. Macbeth allowed his desire to become king overrule his judgement which consummately terminated his existence. The play is full of pestilence and set in Scotland during the eleventh century. In Macbeth, sleeplessness is an important motif that permeates the dramatic structure. Shakespeare uses this fatigue to substantiate the guilt of Macbeth, to represent subconscious insanity, and to show a foreshadowing of bad things to come. The motif serves to dramatize the true overview of how the characters are handling the various tragedies that occur. Initially, the motif of sleeplessness is used as a model of foreshadowing. For example, in Act II, scene i, Banquo finds it hard to sleep the night Macbeth is supposed to kill King Duncan. This is evidence that evil things will occur throughout the play. Furthermore, in Act II, scene ii, while Macbeth was killing Duncan, Malcolm and Donalbain arose in their sleep. One laughed and the other cried murder. This is their sleeplessness foreshadowing because Duncan was dead, even though the brothers did not know it yet. Shakespeares use of the sleeplessness motif as foreshadowing allows the reader to get a concept of what evil will come in the future. Not only does Shakespeare use sleeplessness for foreshadowing he also uses it as a mode of guilt. For example, in Act II, scene ii, Macbeth thinks he hears a voice say, Sleep no more! Macbeth does murder sleep! This is Macbeth imagining voices, telling him not to sleep because he is feeling immoral and liable for Duncans murder. Next, Macbeth is afraid to sleep peacefully because he knows that Duncan is in restless ecstasy(Act III, scene ii). Apparently, Macbeth is aware of his wrongdoing and feels culpable that he is king and alive, but only at the sacrifice of Duncan. By using guilt to show sleeplessness, Shakespeare shows that a corrupt crime can only leave the mind unsure and unable to rest. The most significant aspect of this motif, however, is how it is used to demonstrate the insanity of Macbeth and his wife. For instance, in Act II, scene iv, Macbeth is at dinner with Lennox, Ross, and other lords. He sees ghosts and is apparently insane. This proves that all the sleep in the world could never clear Macbeth of his crime, he is already destroyed. In addition, Lady Macbeth sleep walks and hallucinates a spot of blood on her hands in Act V, scene i. This proves that she has gone crazy as well. She cannot sleep because she is trying to remove the spot, which represents guilt. The strong use of insanity as a moving force in the play causes the reader to understand that Macbeth and Lady Macbeth cannot rid themselves of their evil deeds. The play demonstrates that the subconscious can allow evil things to occur. The sleeplessness motif is significant because it shows how the characters in the play deal with their stresses. The eerie use of sleeplessness added to the guilt of the characters, the foreshadowing of evil supplied a dark sensation, and the irony of insanity showed that the characters souls could not handle the calamitous situations. Macbeth could not sleep because he was too guilt-ridden, which eventually drove him to the breaking point. Macbeths fate, foretold by the witches, finally caught up to him and after his frighteningly sleepless nights, he was now engrossed by the eternal sleep called death. .u7b1ab5b3fa102db1b0cb69174da7b940 , .u7b1ab5b3fa102db1b0cb69174da7b940 .postImageUrl , .u7b1ab5b3fa102db1b0cb69174da7b940 .centered-text-area { min-height: 80px; position: relative; } .u7b1ab5b3fa102db1b0cb69174da7b940 , .u7b1ab5b3fa102db1b0cb69174da7b940:hover , .u7b1ab5b3fa102db1b0cb69174da7b940:visited , .u7b1ab5b3fa102db1b0cb69174da7b940:active { border:0!important; } .u7b1ab5b3fa102db1b0cb69174da7b940 .clearfix:after { content: ""; display: table; clear: both; } .u7b1ab5b3fa102db1b0cb69174da7b940 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u7b1ab5b3fa102db1b0cb69174da7b940:active , .u7b1ab5b3fa102db1b0cb69174da7b940:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u7b1ab5b3fa102db1b0cb69174da7b940 .centered-text-area { width: 100%; position: relative ; } .u7b1ab5b3fa102db1b0cb69174da7b940 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u7b1ab5b3fa102db1b0cb69174da7b940 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u7b1ab5b3fa102db1b0cb69174da7b940 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u7b1ab5b3fa102db1b0cb69174da7b940:hover .ctaButton { background-color: #34495E!important; } .u7b1ab5b3fa102db1b0cb69174da7b940 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u7b1ab5b3fa102db1b0cb69174da7b940 .u7b1ab5b3fa102db1b0cb69174da7b940-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u7b1ab5b3fa102db1b0cb69174da7b940:after { content: ""; display: block; clear: both; } READ: 12 angry men EssayShakespeare Essays

Kham Wa Essays - Philosophy Of Religion, Atheism, Religion

Kham Wa Prof. Thomas EN 110 November 7, 2016 Atheism is a Better Way of Living Atheism is a way of thinking that appears to be growing more and more as people begin to recognize that they can live their lives without the need to believe in a god or gods. The rise of people choosing atheism is due largely because of the impairments that theism has brought down on society with its teachings. Although some feel like religion is needed in order to teach people the proper way of living and the hope afterlife "Without the hope of immortality or life after death, there is no ultimate point to human existence" (Chittom, Lynn-nore, and Donnelly), others disagree, affirming that "religions tend to think morality is more about belief than behavior, and view this life as preparation for an imagined afterlife" (Issitt, Micah, and Wagner). Atheism may be based on philosophical, logical, or pragmatic principles that promote free will, intellectual development, and social harmony. In contrast, organized religion has been a major factor in the perpetuation of violence between n ations, oppression, abuse of power, sexual misconduct, and cultural clashes within societies. It's full of hypocrisy, goes against science, violates some human freedoms, and is full of fundamentalists who seek to do harm in the name of their deity. Theism comes from the word Theos, which in Greek means "God". The God also transcends the world, but takes an active interest in it. Chittom, Lynn-nore, and Donnelly define theism as "the belief in the existence of God or gods, specifically a divine source responsible for the creation of life, and frequently thought of as transcending the world while also having a presence in it." Theism also reveals purpose for human beings, and this is done with miraculous events, sacred writings, and through particular people. God is also considered personal if he can be understood by analogies, which are drawn from human experience. Also is done if human beings can enter into a personal relation with him. With such a God, he is considered full of power. Because, he is believed to be perfect and infinitely powerful. In simple words, Theism is the belief in any God whose qualities are following by the people. Catholicism, Jewish, Muslims, and Buddhism are some examples of religions in which people believe in God. In contrast with theism is atheism. Atheism comes from the prefix "a", meaning "without", and the Greek word Theos. Atheism is the denial or the lack of a God. Atheist simply do not believe in a God, and they try to prove the inexistence of God to the others. As Issit, Micah, and Wagner defined "Atheism is a philosophical idea that is generally defined as a disbelief, or denial of the existence of God or gods." Most atheist have a good sense of humor. So here's a joke told by Silverman about the kind of atheist he isa Jewish atheist. "A Jewish atheist hears that the best school in town happens to be Catholic, so he enrolls his son. Things are going well until one day the boy comes home and says, I learned about the Father, the Son, and the Holy Ghost.' The boy's father, barely able to control his rage, grabs his son by the shoulders and says: Joey, this is very important, so listen carefully. There is only one God - and we don't believe in him!'" By choosing an atheistic viewpoint, individuals take responsibility for their destiny, and when death comes upon the person, it marks the end of the person's existence. In addition, atheism refers to people who need analytical and scientific proof to believe in one action, and they choose the right to develop their own morals and guidelines. In his article, Silverman explained "We are guided by the expected consequences of our actions. We are committed to the application of reason, science, and experience to better understand the universe and solve problems. The plight of the human raceindeed, of the planetis in our hands, and social problems can be solved by methods that we develop and test." The terms negative and positive atheism have been used in the philosophical literature and in Catholic apologetics. Under this demarcation of atheism: Positive atheism is the explicit

Joe dirt essays

Joe dirt essays The Semiotics of Joe Dirt In the eyes of many, Joe Dirt is a classical laugh. A comedy produced by Columbia Pictures in 2001 about a boy whose parents abandoned him at the age of seven. When I happened to run across this adoption ad the other day it reminded me of this movie, but made me see it in a different way. Even though a hysterical movie, Joe Dirt can be dramatic if you look deep into the plot of the movie instead of all the comedy that surrounds it. When you compare this movie to an ad like the adoption one you wonder if they have feelings like Joe Dirt as well. Joe Dirt was seven years old when his parents left him all by his lonesome at the Grand Canyon. He searched for the all day and seen they were nowhere to be found. The next day he pondered and pondered on his parents disappearance and dedicated his life to finding them, knowing that they didnt leave him on purpose, did they? Joe was a little different than the average smoe. Always happy, he lived life one day at a time. He attended a boys home until the age of twelve because he couldnt survive on his own. He left that place a soon as he could after everyone started bullying him around in a desperate search for his parents. He would camp the forests and live secluded because he wasnt warmly welcomed in society. Early one morning he topped this hill he had been hiking for a while too see a place that would change his life forever, Silvertown. There he met Brandy, his life long love. She was a beautiful woman who appreciated Joes kind and harmless ways. Unable to see that Brandy had feelings for him he continued his search for his parents vowing never to give up. He found himself at radio station for a while working as a janitor. One day he bumped into a guy that had a radio show. The guy was so amazed at Joes appearance he brought him into his show to talk to him. At this time Joe was in his early twenties...

The Bonus Army Essay Example | Topics and Well Written Essays - 750 words

The Bonus Army - Essay Example The Government considered the cash-payment redemption to be inflationary and impractical increasing the budget deficit for two million dollars (Kingseed). As the atmosphere of frustration and despair was worsening the American Communist Party found and an opportunity to complicate things more sending John Pace to instigate a riot. Though the role he played is quite ambiguous the historians agree that the veterans were getting more aggressive and the Government was alarmed with his presence. As the consequence the tensions dramatically escalated up to physical violence. Starting with the police clashes the fear of the communist presence led to the military force involvement. When the fire was opened by the police and the situation went out of control the President Hoover took an advantage of the incident and directed to unleash the military in order to expel the marchers from the capital. At this point Douglas MacArthur assumes the role of the key actor of the eviction operation. Havi ng ousted the veterans from the downtown his mission was completed, but for whatever reason MacArthur decided to break the explicit instructions and continue coming down to Anacostia flats where resided the marchers and putting on fire the entire camp. Giving a press conference MacArthur justified his harsh action by the necessity to confront the communists, claiming that the Reds were plotting the revolution representing a threat to the government. Both Hoover and Macarthur believed that the majority of the rioters were communists. This assumption probably can explain the over-action. However, according to the numbers revealed by the Veterans Administration the president’s presuppositions were overestimated. Communists did not exceed 6 percent of the marchers (Kingseed). Wyatt Kingseed in his article The ‘Bonus Army’ War characterizes the MacArthur’s actions pay attention to his personality and problems with subordination saying that his â€Å"ambition p roved too great an obstacle for history to erase its view of his performance against the Bonus Army† (Kingseed). Nevertheless, while the government reaction was undoubtedly too harsh it should be considered in the complex with other events (like hunger march in Detroit auto plant) and difficult conditions of the Great Depression which suggested the growing communist sentiments in the society and subsequent threat to the capitalist system. The incident obviously could not help influence the presidential election in the fall of 1932. By calling the army to interfere and then being forced to support the MacArthur’s actions to suppress the veterans unrest Hoover was not able to do anything with the public opinion. The other president candidate from the Democratic Party Franklin D. Roosevelt though did not support the immediate cash-payment of the bonus either, understood the significance of the order to resort to force. Consequently the Bonus Army incident brought him to th e victory on the election. The next year the veterans came back to Washington to press the same question again. Roosevelt applied completely different strategy to handle the issue and sent his wife to speak with them. He took certain measures to resolve the problem: first producing the Economy Act that advantaged mostly a disabled veterans; creating