Acceleration of falling cones Investigation Essay Example for Free

quickening of pining conoids Investigation EssaySafety Statement- To guide this investigation safe I depart wear conscious shoes, this make sure that I will not state place or trip on the table whilst carrying taboo the investigation. Prediction- I predict that the little the surface area of the cone shape the faster it will fall. I know this as the more surface area the cone has the more air protection there is. I alike know this as when I carried out some research on parachutes, I discovered, that the larger the parachute the quicker the forces equilibrise, reservation the parachute fall slowly. Also, the smaller the parachute the perennial it took for the forces to balance out, making the parachute fall much quicker. When I looked at a person freefalling (standing up) the results were that this also took at long time for the forces to balance out. When I saw the results of a person lying down I could see that the forced balanced out quickly, making the person fall slower. I know that it doesnt matter what pitch an object has, it falls at the alike(p) acceleration, and lands on the ground at the alike time. On the moon a feather and a golf ball were dropped at the same time, they both hit the surface of the moon at the same time.In any atmosphere when there is a gas or a liquid they initially drop at the same acceleration, encountering a pull in force this increases as it goes faster. The drag force increases until it equals the weight force, the forces are then balanced and it cant go any faster. This is called terminal velocity. Equipment- The equipment that I shall use will be a stopwatch to make sure that the times are as accurate as possible, a table of which to stand on when drop the cone, and sensible shoes whilst standing on the table, I will also have a metre rule to measure the 2m distance, from the floor to the bottom of the cone. order- In this experiment I will time how long it takes for a cone to fall 2m. Each time I wi ll make the cone slightly smaller, and therefore decreasing the surface area each time. I will then repeat each size three times taking an average of the three times, of which I will then plot all the points on a graph. This will hopefully prove my prediction correct. The piece of tantalize forming the cone will be moved 20? for each part of the experiment. Variables- Distance, Surface area, Weight.The variable that I am going to modification will be the surface area of the cone. This will help me determine whether or not my prediction is proven correct. Fair Test- To make this experiment a second-rate test, I will take an average of the times of the cone falling after repeating the experiment three times. I will also make sure that I move the piece of card forming the cone around 20? each time, making the surface area of the cone decrease in regular intervals. Obtaining- Results- Angle (degrees? ) Surface Area (cm) Time (seconds) 1st Time (seconds)2nd Time (seconds) 3rd Average Time (seconds) Velocity (m/s)nalysis- My results show that the large the surface area of the cone the slower the cone would fall. This was due to the forces balancing out quicker.The smaller the surface area the quicker the cone would fall, it therefore takes weeklong for the forces to balance out, causing it to have a higher velocity. Looking at the graph above you can see that it did take longer for the cone to fall with a larger surface area. In the graph below you can see that the smaller the surface area the higher the velocity, (the time it took for the cone to fall in metres per second) My results show that my prediction was correct, the smaller the area the faster the cone will fall.The terminal velocity only lasted for a couple of cm, as the forces balanced out quite quickly. Velocity formula Distance = Velocity Time Example- 2 = 1. 38 1. 45 The larger the area the smaller the velocity, this is because it takes longer for the cone to reach the ground. The larger the area the more air resistance it encounters, this makes it fall slower to the ground. My conclusion for this experiment is that the larger the area the longer it takes for the cone to fall, it therefore has a lower velocity. The smaller the area the quicker the cone falls, it also has a higher velocity.Evaluation- The investigation I carried out was rattling good, as the results for each of the experiments that I carried out had almost the same time for each, the average was also very close to the time it took for each of the cones to fall. This data was very reliable. There are not any results that dont fit the pattern in the graphs. To carry out this investigation I had to measure the height of 2 metres of which the cone would be dropped each time. These results were then recorded, and then I took the average of each result, and plotted these points on a graph.If I did this experiment over again I would take more results of each area to make the averages even more accurate, and reli able data. As well as having more data if this experiment was done again I would extend the experiment to involve weight. I would then try to prove that the weight of the cone would not affect the velocity and time of the cone falling. This would help me determine whether or not I was right about weight not being a factor of affecting the time and velocity. If I was to do this then this would be my experiment then this would be what I would do-Prediction- I predict that the weight would not make an clash on the time it takes for the cone to fall, and its velocity. Equipment- Plastacine Stopwatch, Metre rule, Piece of card with cone and angles drawn on it. This time the variable I would change would be the weight of the cone. Method- I would drop the cone with a ball of plastercine in it from a height of 2m. Each time I drop it I would change the weight of the plastercine, repeating this three times each for each different weight, this way I could get an average of the times, making it even more accurate. Acceleration and terminal velocity of falling cones.

Explore the presentation of Heathcliffs Essay Example for Free

Explore the presentation of Heathcliffs EssayExplore the presentation of Heathcliffs journey in Wuthering Heights, in the light of the red Perspective. In Wuthering Heights, Bronti shows Marxist views that it is not the consciousness of men that determines their existence, but their social existence that determines their consciousness. Bront? first published her text in the form of a invigorated in 1847.During this time England was influenced by Marxs ideas, socialists in England held a conference in London where they formed a new organisation called the Communist League, the aims of the organisation cosmos to overthrow the old bourgeois society based on class antagonisms and to the establish a new society without classes and without private property. Despite England being influenced by Marx ideas at the time, Bront?created Wuthering Heights a mix genre novel with themes such as domestic realism, tragedy and gothic love, which were very much open to novice and discussion at the time. This shows the extent to how she was much stipulated in her ideas and therefore Wuthering Heights might not have been influenced by the Marxist ideas at the time. When Heathcliff enters in chapter quartet with no social or domestic status, emphasised by his gibberish that nobody could understand suggesting his lack of social skills and ability to communicate his lingual encyclopaedism depends on his surroundings.Miles notes how rather than a dual function there is an oscillation resulting in the expose never satisfactorily serving him either way, when he enters his name serves him as both his Christian name and surname immediately setting him as an outsider and determining his role because he does not embody conventions of society. strait-laced Society was organised such that the base of the society determines its superstructure, everything associated with culture education, law, religion and the arts but because Heathcliff is not an Earnshaw his status means he cannot access this pagan economy and he is ultimately rejected.His name therefore presents his inability to gain access and the extent of his exclusion, as Miles notes is a constant reminder of the unsatisfactory sum up between himself and the codes of a society denying him incorporation. It is his status and his social existence that therefore does determine his consciousness. Bronti creates suggested possibilities that cannot ultimately be take in when Heathcliff first enters he is referred to as landlord, and is not given the opportunity to become an Earnshaw.Also, as Gilbert and Gubar note smashing Catherines rival-brothers fiddle and making a desirable third among the children in the family so as to insulate her from the pressure of her brothers domination, this shows the possibilities that Heathcliff might have been able to integrate into the Earnshaws and therefore society in turn becoming Catherines chance for granting immunity from strict social structure, but because of the base structure of the Victorian Society he is rejected.Perhaps the smashing quote from Gilbert and Gubar refers to the three thrashings Heathcliff had to endure, foreshadowing the idea that the wholly way he can become part of Victorian Society is in a destructive way. The first reason why possibilities cannot be realised is that Heathcliff is learning his social position Mr Earnshaw calls him poor, fatherless child, Heathcliff is constantly made to perceive himself as poor, these social circumstances determine why Heathcliff is placed into the servant accommodate and therefore kept separate from social events by Hindley, who is in power after Mr Earnshaw dies.Heathcliffs access to the superstructure of Victorian society becomes limited, and even though Heathcliff bore his debasement well this heightens his perception of himself as someone in need of charity, making him susceptible to charity or abuse. Perhaps the possibilities might have been realised if Catherine hadnt accessed Thrushcross Grange a place carpeted with crimsonpure white ceiling bordered with gold, suggesting Thrushcross Granges wealth, status and a place that epitomises gentry and reflecting the Victorian connection of wealth and heaven. When Catherine is taken to Trushcross Grange she is introduced to a new social status, where she has combed her beautiful hair and pair of enormous slippers, we see how her consciousness has now changed as she has been introduced to Victorian Societies superstructure.It is only until this integration into the Heights that Catherine realises Heathcliff is not adequate for her. She is enabled access to the Heights because of her name and its association with economic position. Heathcliff is a gypsy and by putting up the shutters, curtains half unopen while Heathcliffs looking through the window panes shows how the barriers symbolise Brontipresenting the strict Victorian Society which denies Heathcliffs access to culture and education. Trushcross Grange bec omes somewhat of a Victorian societys ideal, a cautious ideal. Catherines awareness of her social existence results in her new perception that she cannot marry Heathcliff because if Heathcliff and I married, we should be beggars Even though he is her authentic love and she hints at Heathcliff and her being inseparable she does not follow through.She has already chosen to marry Edgar and so the novel can be read from a Marxist situation as Catherines outlook in marrying Edgar is materialist as she thinks about social reasons and survival, as opposed to the idealistic perspective. Bronti shows how Catherine is affected my material circumstances reflected when she says she will be promote of the neighbourhood and does not chose Heathcliff, who can be seen as a symbol of her freedom.However, it can be argued that she never has a choice between the two as the way she is set to think is largely conditioned by the way the economy is organised. Bront? presents through the novel how this economy determines the superstructure and therefore even though Heathcliff stands for Catherines freedom it is Victorian societys mentality that means people remain ignorant of Heathcliffs potential goodness, who is instead driven away because he does not have the capital (money) or culture (education) to support her.So, Catherine probably is right in saying they would be beggars. It is their social circumstances that have determined much of their life and results in Heathcliff rivulet off. Bront? creates this gap in the novel where we are unaware of Heathcliffs situation which effectively creates a sense of mystery around Heathliff and and forms tension until his return, even if it be secure of vengeance.

Lesbians as Represented in Mainstream Television Essay Example for Free

Lesbians as Represented in Mainstream Television EssayLesbian images have been entering into mainstream media much and to a greater extent. Some argue that this is a sign of a wider acceptance of homosexualism in Western culture. In this paper, two mainstream television programs, Greys Anatomy and law of nature and Order SVU, will be looked at to assess the nature of lesbian images. It will be argued that if and when lesbians are portrayed in mainstream television they are extremely feminized, desexualized, and their lives are almost always framed in ways that appeal to heterocentric norms. Thus, mass media almost always fails to provide the viewer with an accurate and unbiased comprehension of lesbianism or homosexuality in a broader sense. Greys Anatomy has emerged onto the lesbian scene in the last couple of years by evolution Callie Torres, a beautiful, vivacious, Latino woman, into a lesbian in the fifth season. A friendship develops between her and Erica Hahn, a succ essful, sassy, and appealing newcomer, and it gradually progresses into something more than until finally the two share a kiss.Before the romance can flourish, Torres wrestles with her sexuality, her fears, and her lack of understanding of lesbianism. Soon after the relationship establishes itself, Hahn un faceedly breaks up with Torres and leaves the show. common or is it? A season later, Arizona Robbins, a semi-regular of the show, comes into focus when she blatantly hits on Torres. Shortly after, the two start to date and later find themselves in a committed relationship.The question is how good a job does the show do of accurately portraying lesbians? To start, all three of the women mentioned above are winning and feminine. All three have long flowing hair always nicely styled and maintained and pretty faces carefully done up with illuminance draw in-up. This is what Ann Ciasullo refers to as sanitizing of the lesbian through her feminizing (599). In former(a) words, Gr eys Anatomy offers up an image of lesbians that is not too homosexual for the heterosexual audience.While it could be argued that such representations help to combat the rigid stereotypes of lesbians as ugly, masculine feminists, the very widespread nature of the femme image in media indicates something more is going on (Tamsin). The admit Out of Focus, suggests that such feminine representations act to lower the threat of lesbianism by reassuring viewers that such (beautiful and feminine) women can or must actually be heterosexual (Kath Davies). In fact, in Greys Anatomy, as in m some(prenominal) television programs, the butch lesbian is completely absent.All of this suggests that the lesbian trendy of the 90s is far from dead (Tamsin). Greys is well k immediatelyn for its scandalous call room sex scenes. Characters, heterosexual characters that is, escape to hidden corners of the hospital where they argue, make up, and make love on a regular basis. This is interesting because such scenes are practically nonexistent between Torres and Hahn or later Torres and Robbins. In fact, sensible contact of any kind is somewhat limited between Torres and Robbins. An example of this can be seen in Season five episode 13 when Robbins patient role dies during surgery.When she gets home to see Torres has planned a surprise birthday party for her she bursts into tears overcome by her grief. The pair leaves the room and at this point you would expect a comforting hug, a loving embrace, or a reassuring kiss on the cheek from any reasonably intimate couple or from any other couple on the show for that matter, but not in this case. Torres tells Robbins that she will explain the situation to their friends and at that Robbins leaves. Additionally, sex scenes between Torres and Robbins are few and far between those that exist are cut short by interruption or not shown at all.The latter is evidenced in Season five episode 11 when the viewer is shown only the aftermath them ly ing in bed together, presumably after making love, eating pizza. It is a cute scene but not a sexual scene. This is a familiar recitation lay down in most television programs or movies featuring lesbian couples and just one way lesbians are desexualized (Ciasullo). A notable exception to this pattern is The L Word, but it will not be the focus of this paper. Since the commencement exercise of their relationship Callie and Arizona have slept together three times.Three times in an entire season and for a relationship in its beginning stages is fabulously low by Greys standards (or anyones standards really). One of these scenes is the pizza scene previously mentioned. In another sex scene, Lexi Grey walks in on the two in the shower and quickly walks out the viewer sees what Lexi sees and nothing more. The final scene implies the two may have sex, but it is not act any further. Considering the show develops long, sensual sex scenes between its heterosexual characters, following th em from start to finish, the unwillingness to do the same for its lesbian characters is problematic.This is not an isolated phenomenon. The pattern of desexualization is explicit not just in television but besides in movies as noted by Ciasullo and Yvonne Tasker in her book Working Girls (Ciasullo Tasker). another(prenominal) problem with the depiction of Torres and Robbins relationship is that it is often framed by the heterosexual constructs of marriage and reproduction. Tasker discusses this issue noting that by explaining lesbianism within a heterosexual context the (heterosexual) audience is assured that lesbians are customary (by heterosexual standards) (Tasker).Such a practice adheres to conventional social norms while ignoring the differing reality of lesbians lives. After Torres paternity finally accepts her lesbianism his first question to her addresses the issue of marriage and children. She assures him that she will put on a big white dress and dance down the aisle if Arizona wants to spend the rest of her life with her. Another example takes place in season six episode three, when Torres talks or so organism unite and having a house, kids and a pet dog with Robbins.This description perpetuates heterocentric beliefs that heterosexual activities and institutions are better than homosexual ones simply because it gives no thought to the possibility that things could be diverse within homosexual relationships. Furthermore, this effort to depict lesbian couples as normal by tying them to conventional social norms suggests that homosexual practices are not normal and as such fails to challenge heterocentrism. lawfulness and Order Special Victims Unit (SVU) is another show with some problematic representations.In over 11 seasons, it has ethereal a total of five gay-centred storylines and one lesbian specific episode. This discrepancy seems to reflect the idea touched on in Out of Focus that reportage of homosexuality actually refers to gay men ( Kath Davies 91). A recent episode entitled PC features Kathy Griffin as Babs Duffy, a rude, abrasive, man-hating lesbian activist. First of all, the stereotyping evident in Griffins character is troublesome because it feeds into the negative view of lesbians. Visibility is essential, but the cost of portraying lesbians in such a light is possibly greater than or as great as not showing them at all.Furthermore, this particular episode is strewn with negative or inaccurate images of lesbians. The episode begins with the discovery of a woman who has been left for dead in an abandoned building. She has been raped and beaten and later dies in the hospital. It is not too long originally the viewer finds out from Babs Duffy that the victim was a lesbian. Duffy makes a dramatic entrance into the detectives office ordering for the capture of the murderer whom she alleges is targeting lesbians. The investigation commences with a visit to the victim, now humpn as Alyssas, young woman.As th e episode progresses, you notice something striking all the main lesbian characters are conventionally attractive, feminine women. More than that though, any lesbian character who is questioned and thus comes into the focus of the camera, is also feminine and pretty. The few butch lesbians in the episode are in the background and barely noticeable. The absence of the butch lesbian is telling. Ciasullo notes that without the signifier of the butch, the femmes lesbianism disappears (Ciasullo 599). Thus, by eliminating the butch lesbian from the forefront, Law and Order SVU effectively downplays the lesbianism of the episode.There is, however, one exception the victims girlfriend Sharon, but even here there are issues with her representation as a butch lesbian. The fact that the show chose to make her butch is interesting because they also make her a working class, aggressive, even violent, woman. This in effect vilifies the butch lesbian. Sharon even becomes the main suspect at one point because of her temper, and while it is important to shed light on the issue of domestic violence in lesbian relationships the choice to make Sharon, who is butch, into the abuser is not by accident.Ann Ciasullo talks about how presenting butch lesbians in this negative way makes butches into the oppressor, the bad lesbian (Ciasullo 600). Further still, her status as a bouncer (and thus as a penis of the working class) adds to her mainstream undesirability (Ciasullo). Moreover, even though Sharon is presented as a butch or as Law and Order puts it an aggressive, she is simultaneously portrayed as somewhat feminine. In the first scene that we are introduced to Sharon, her long hair is pulled back into a loose ponytail and she wraps herself up in her long feminine sweater.She is not wearing any noticeable makeup but she is conventionally pretty. After this sign introduction she is likely not yet labelled as a butch by the viewer. It is not until later when she appears in a pla id shirt and leather jacket that it becomes evident that she is butch. It seems butch images are permitted as long as theyre not too butch and as long as the butch character is not framed in a positive way that could be make her desirable. Perhaps the best example of how lesbians are desexualized in Law and Order is in a scene between Babs and Olivia Benson, the female nvestigator. In the initial taping of this scene Babs kisses Olivia, but the kiss doesnt make it past the cutting room floor. Even worse, the editing is atrocious. It cuts awkwardly from Babs leaning in to Olivia proclaiming that she is truthful and something is noticeably missing. The kiss may not be necessary to the plot, but to sacrifice quality in order to remove it demonstrates how fearful the media are of lesbian sexuality. Further evidence lies in the fact that a kiss between Babs and Elliot Stabler (the male investigator) that happens at the end of the episode remains untouched.However, this revelation, that Babs isnt actually a lesbian, has a lot of problems on its own. The discovering that Babs has a boyfriend, plays on the I know shes a lesbian but scenario so often found in mainstream media. This idea presents the viewer with the possibility that the lesbian can always become straight or as Ciasullo puts it unbecome lesbian (Ciasullo 592). This places the heterosexual audience in a more comfortable position where they can entertain the idea that the attractive lesbians in the show may actually be straight. This issue comes up once again when the suspected murderer/rapist is in interrogation.Olivia pretends she is a lesbian in order to get a confession out of him Olivia You know how to correct us youve got everything you need to make me a real woman right between your legs Suspect and youd love it just like those other two victims did every moment of it While this scene may be laid out this way specifically to show the demented thinking of the rapist/murderer, the notion that a le sbian can be corrected or made straight as well the idea that rape victims enjoy being raped are never addressed and corrected. The audience is never informed about how inaccurate these views are.With all this said, the homosexual viewer tends to be somewhat judge of the images in Greys and Law and Order, because as Clare Whatling puts it were the lesbian population so starved, we go see anything because something is better than nothing (86). Thus, because of the lack of representation, lesbians are more willing to accept inaccurate portrayals. This is troublesome because such images can potentially be detrimental to lesbians self perceptions and theyre all the more vulnerable because of the relative disparity of lesbianism in mainstream culture.In conclusion, lesbianism in mainstream television is poorly and inaccurately represented. While shows like Greys Anatomy and Law and Order SVU, have taken steps towards representing lesbians in mainstream media, we have to be careful to as sess how big these steps really are. There are some(prenominal) issues with the representations of lesbians in these shows, some of which are addressed in this paper, others which have been left untouched. Thus, there is still a long way to go and many vault to surmount before lesbians can be done justice in mainstream media.

Church of the Sagrada Familia | Architecture Analysis

Church of the Sagrada Familia Architecture AnalysisApertures of Ascension Style and Design in the Sagrada Familia by Antoni GaudiThe church of the Sagrada Familia, perhaps more than any of Gaudis antecedent works, expresses his belief that a mystic imageism inhabits the form of architecture. (Schmutzler 1962, 212). The church was a lifetime commission and remained uncompleted upon his death in 1926 a reflection of the pipe dream and scale of the project. It has been described as the most important ecclesiastic building since the late eighteenth century (Schmultzer 1962, 227) with its most poignant features beingness the rich typewriter ribbon and editorials with their Expressionist shape and form.On the approach the eye is caught by the spindle-shaped towers ascending to differing heights. They were designed to represent the twelve Apostles, the Evangelists, Mary, with the tallest representing Jesus. One is immediately aw atomic number 18 of the vastness of verticality in Ga udis design both in the exterior and interior. The towers are yet to be completed, with work currently underway on constructing the tower of Jesus. However, the undone towers are strikingly tapered, standing proud against the skyline. Gaudi was a great believer in the enormousness of spiritual meaning in architecture and this is reflected in the placing of a symbol of each apostle on the highest point of each tower on the meeting place between the sky and the extent of the structure. The towers are embellish with Hosanna, Excelsis, and Sanctus, and the doors of the Passion faade reproduce words from the Bible in different languages. Yet the placing of the symbols in such a prominent position is par inwardness present as it suggests that a language of symbols, without words, is the ultimate form of communication between man and God.In the model of the Sagrada Familia (see below) we see the tower of Jesus bearing the symbol of the cross itself pointed and finite Source http//en .wikipedia.org/wiki/Sagrada_familiaThis image of the structure tapering to a single point, with all its supporting towers, illustrates Gaudis belief in the human ca pulmonary tuberculosis to have faith in the single, omnipotent presence of God. This sense is conveyed upon entering the church when one becomes fully aware of the monumental scale of the structure and the renewal of forms which are incorporated into the design. Gaudi cute to disassociate himself from the Gothic features of existing cathedrals, such as Chartres, where flying exactlytresses and external buttresses are an expected feature. The interior arches are so not common in western architectural tradition and use non-circular shapes, called parabolic or catenary. (Huerta 2006 324). The arches of the interior and the towers of the exterior both seek the same lines of ascension. Furthermore, at that place is a twofold sense of the infinite in both the interior and exterior design firstly, the fact that the plans for both inside and outside have nonoperational not yet been executed illustrates how Gaudis ideas transcended the timeframe in which he had to work and might make up exceed the 100th anniversary of his death. Secondly, it is evident that Gaudi wanted the finished Sagrada Familia to be a structure of indefinite permanence this can be seen in his use of weight bearing columns instead of flying buttresses. He refused to use the gothic buttresses, stating that they were akin to the crutches of a cripple. http//www.gaudiclub.com/ingles/i_vida/i_sagr2.asp. Furthermore, the fact that his buttresses were inside the building was imperative to him, as they avoided being subjected to the elements, which would have accelerated their deterioration and threatened the buildings permanence. There is perhaps even a symbolic meaning to this inclusion of the buttresses it might suggest that spiritual strength in a human being as well as a building is internal and people should look within the mselves for the way to communicate with God and not to others, or the stuff world.The Sangara Familia appears from the outside as a slender, insurmountable form, with the towers having an organic texture, bid that of a honeycomb or wattle. This might be Gaudi suggesting that the natural world is get acrossd with spiritual importance with features such as the honeycomb having an intrinsic place within Gods design. As it has been said of Gaudis work, artifice is made to resemble temperament and nature to resemble artifice contradictions are harmonized planes, lines and intersections are constrained the subtle and the hazy are cast in bronze and set in stone music is injected into the solid, colour into the air, and even soul into mathematics. (Cassou et al 1962, 23). This tendency of Gaudis to decorate and design using natural imagery is continued in the interior with a richness of decoration and the inclusion of spiral staircases in the apse and bell towers. In the windows of t he apse there are many features which are inspired from nature, and are enhanced by light and shade contrasts. http//www.sagradafamilia.org/eng/index.htm. The subtle play on light in the interior is developed more expressively on the extravagant and diverse exterior facades, where the Nativity spires have colourful textured surfaces made of Gaudis technique of using mosaic tiles and broken Venetian glass. Figures of an emancipated Christ are juxtaposed against this rich decoration. Indeed, Gaudi has been described as not just an architect, but as a sculptor too, possessing the ability to imbue structures with sculptural qualities, to conceive of architecture as a large shape that can be experienced tactually. (Collins 1962, 10).Yet his techniques differ considerably from one dispel of the church to the next. In the inner faade of the transept we see geometrically pure, rectangular, rectilinear, or cubic forms (Schmutzler1962,227), radically different to the prismatic external tower s. It is as if he wanted his building to be prophetic, to see beyond the time of which it was born to the more dynamic eras ahead. This is reflected in his diverse style and his intention for the building to be lit at night to proclaim the Almighty God. (Collins et al 1962, 161). He thus gave the spires openings where searchlights were to be installed, focusing on a huge cross on the cardinal cupola and on the street below, reflecting his wish that the buildings presence could be felt and seen by all those in its vicinity, and for a long time to come.Biblio representyCassou, J., Langui, E., Pevsner, N., 1962, access to the Twentieth Century Art and Culture in a Changing World. New York McGraw-HillCrasemann Collins, C, ( transltr), Christiane Crasemann Conrads, U., and Sperlich, H.G., 1962, The Architecture of Fantasy Utopian Building and Planning in mod Times. New York Frederick A. PraegerHuerta, S., 2006, Structural Design in the Work of Gaudi. Architectural Science Review. Volu me 49. Issue 4. P. 324+. University of Sydney, Faculty of ArchitectureSchmutzler, R., 1962, Art Nouveau. New York Harry N. Abramsuniversal resource locatorSAntoni Gaudi Website. Available fromhttp//www.gaudiclub.com/ingles/i_vida/i_sagr2.aspAccessed 06/03/07Online Encyclopaedia. Available fromhttp//en.wikipedia.org/wiki/Sagrada_familiaAccessed 06/03/07Sagrada Familia information pages. Available fromhttp//www.sagradafamilia.org/eng/index.htm.Accessed 06/03/07Spectroscopy of Salicylates Lab ReportSpectroscopy of Salicylates Lab ReportThe scenario is that a cleaning lady has been stopped by the police due to the condition of her driving. She tells the police that her driving was erratic due to trying to take the lid of a bottle of aspirin which she required for a severe headache. The police could not find the aspirin bottle within the car and the woman then told the police that it got thrown out of the vehicle. Serums samples were taken from the woman to do alcohol and drug canvas s.Aspirin is an analgesic drug that appends pain relief without causing unconsciousness and anesthesia. Aspirin is used to help with pain, fever, osteoarthritis, inflammatory conditions, migraine headaches and many other things.Salicylates are the main substance in aspirin and this is what is being tested for. To test for this substance visible spectroscopy will be used. Spectroscopy has a variety of methods that are the interaction between light and matter. For this practical the method used is visible spectroscopy via the use of a spectrophotometer. This equipment measures the amount of light absorbed by passing a beam of light through the sample and the amount of light is measured by a detector. This produces an absorbance mensurate which can be used to calculate niggardlinesss.The aim of this test is to calculate the concentration of the serum samples to find out whether the aims of salicylic acid in these samples are deadly or not.Methods and MaterialsThe materials that we re used are 0.2mg/ml Salicylic acid, ferric Nitrate solution, 0.039M HNO3, water and a sample of the womans serum. The equipment used was a spectrophotometer, a graduated pipette and cuvettes.To be able to find out the salicylic acid concentrations of the serum samples, six standardized solutions had to be created first. Each standard solution was composed of a combination of H2O, salicylic acid, Ferric nitrate and HNO3 all totalling up to 2ml in each solution.The components of the solutions seen in table 1 were placed into test tubes using a graduated pipette. The solutions were then tangled thoroughly and left for 5 minutes. After five minutes a sample of each solution was placed into cuvettes using the pipette. The spectrophotometer was then set a 540nm.Using solution 1 as the space the spectrophotometer was then set to zero. Every other standard solution was then inserted into the spectrophotometer to obtain absorption measurements using the blank as a zero reference.Three 2 ml samples of the womans serum were then created using a combination of the materials seen supra.The components of the serum solutions were then placed into test tubes at the volumes shown in table 2. These samples were then mixed thoroughly and left for five minutes. After five minutes the samples were then placed into cuvettes, and then the spectrophotometer. The spectrophotometer was again set at 540nm and the serum blank used as the blank. The other two serum samples were then placed into the machine and the absorption results recorded.ResultsThe measurements from the spectrophotometer where recorded and concentrations of Salicylic acid calculated for the standard solution. These concentrations then created a calibration curve to allow the serum sample concentrations to be discovered.The concentrations in table 3 where calculated using C1V1=C2V2. Where C1 is 0.02mg/ml, the original concentration of salicylic acid, V1 is the volume of salicylic acid, C2 is the unknown concentrati on and V2 is 1ml, the total volume of H2O and Salicylic acid. For example standard 3 has the concentration 0.06mg/ml. From looking at table 1 it is seen that C1 is 0.02mg/ml andV1 is 0.3ml. it is then known that C2 is unknown and V2 is 1ml. The equation is then rearranged to C2 = C1V1/ V2 to produce C2=0.02mg/ml x 0.3ml / 1ml = 0.06mg/ml.The concentration and absorption results are then put into a graph to create a calibration curve.Calibration curveThe calibration curve shown in figure 1 was plotted from the results in table 3. This curve was then used to calculate the concentration of the serum solutions.Concentration and absorbance results for the three serum samplesThe results in table 4 where done as a duplicate to farm the results more accurate and reliable but due to an error within the practical. An average was later calculated to correct the inaccuracy created by the error, but ideally the test should have been done with 3 samples.DiscussionUsing the results from table 4 a nd the calibration curve from figure one it can be determined if the results rival with the drivers story. The average serum sample had a salicylic acid concentration of 0.116mg/ml. In relation to the standard solutions this result is quite high therefore the results confirm she did in fact take aspirin. From this it cannot be fully determined if the level is toxic or not.Salicylic acid toxicity causes many bio-chemical that target no specific organ. An acuate overdose would cause symptoms like nausea, vomiting and tinnitus. If the overdose was chronic there would be symptoms like confusion, fever, hypoxia, dehydration and metabolic acidosis. Other symptoms of toxicity are respiratory alkalosis, alkaline urine and headaches. Comparing the symptoms with the scenario some of the symptoms could explain the reasons for her erratic driving but there still could be other reasons.Serum levels of salicylic acid provide if the ingested amount was alterative, toxic or chronic toxicity. A t herapeutic level is 15-30mg/ml and a toxic level is 40-50mg/ml. Any serum level above 60mg/ml is a chronic level. To compare the concentration of the serum to toxicity levels the serum concentration must be converted to mg/dl. For this it is need to be known that there are 100 millilitres in 1 decilitre, therefore 0.116mg/ml needs to be multiplied by one hundred. The serum level is then 11.6mg/dl this level is not a toxic level but does confirm that aspirin was taken at a possible therapeutic level. This confirms that the woman was telling the truth about taking aspirin but does not confirm why her driving was erratic.Other test could also be done to test for salicylic acid, these as urine pH, a bedside ferric chloride test and arterial blood gases. Also high-performance liquid chromatography could be used but this requires time that would not be available in a serious toxicity. Salicylic acid has many related compounds, for example, benzoic acid, phenol, magnesium salicylate and am inosalicylic acid. Test for these could also be done to help determine the source.ConclusionIn conclusion the results from the visible spectroscopy show that the woman did not have salicylic acid toxicity even though she did take aspirin. As her levels where not toxic there has to be another reason for her driving. To confirm this more test could be done like the urine pH and the arterial blood gasses. Also test on the related compounds could be carried out to confirm is she did take aspirin or if the levels in of salicylate in her blood are from elsewhere. The next thing to do would be to test for alcohol and other drugs both legal and illegal. Other drugs to test for could be things like cocaine, opiates, amphetamines, marijuana, methadone, tramadol and oxycodone. These could be testing for either through the blood, urine or hair.

Inflation and Stock Returns in Nigeria

fanfargon and Stock Returns in NigeriaThis take in empirically examines the alliance mingled with pomposity and declination returns in Nigeria during 1997-2006. The consume focuses on diverse econometric models to investigation this kinship using monthly data of the All Sh ar Price indicant from the Nigerian Stock reciprocation and Nigerian Consumers Index. The simple OLS regression result suggests that the residuals argon stationary, which implies that armory returns and swelling are co integrated. Therefore we can conclude that at that place is a eagle-eyed dissolve kindred amongst production line returns (LOGASI) and ostentatiousness (LOGCPI).The Engel co-integ dimensionn results erupts that thither is long gallop relationship in the midst of swelling and line of business returns .the bring further goes on to the pin down the causal long run relationship using the Error bailiwick Model (ECM). This article offers evidence of a positive relationship bet wixt stock market returns and inflation. This result corroborates that stock returns act as a hedge against inflation.CHAPTER ONEINTRODUCTION1.1 Background to the StudyThe advent of oil thrive in Nigeria in the early 1970s, has led to the instability of stock expenditures. This has been attributed to many incidentors such as budget deficit monetization, inflow of foreign capital from unadulterated oil sales and financial markets creation of excess private interior(prenominal) credit.Since early 1970s, inflation rates in Nigeria has been eminently unstable the high inflationary change was in excess of 30 percent. This is evident in the high correlation of money turn in growth and high inflation due to the fact that received economic growth is less in touchable term to money growth. This can be observed from the growth in money supply and some structural factors such as supply dumps arising from famine, unfavorable terms of trade and devaluation of currency. Furthermore, S tructural Adjustment Program (SAP) introduced by the establishment in the recently 1980s also accounted for the increase in price level in the thrift. Consequently, inflation in Nigeria has overtime responded to structural changes. These changes can be characterized into four goals found on the pattern and events that occur at that period.The first period of inflationary increase in Nigeria was noticed from 1974 to 1976 inflation increased by 30 percent. This inflationary pressure was as a result of the hobbyHigh cost of agricultural produce ca employ by drought in the Northern part of Nigeria, overweening oil revenue monetization,increase in wage rate ground on the recommendation of the Udoji commission of 1974, Folawewo (2005), and political instabilityThe second period was from 1983 to 1985 when inflation rate reached 40 percent. This period noticed very little economic growth, The Nigerian government was under intense pressure from debtor groups to accept global Monetary Fund conditionalitys of devaluation of domestic currency because government debt has increased above 70 percent part excess money growth was around 41and 43 percent. This period also witnessed poor external trade performance.CBN (, 2006)The third period was from 1987 to 1989 when inflation rate hovered around 35 percent. During this period, the economy scramd high inflationary pressure brought about by fiscal expansion noticed in the 1988 budget, the debt for equity swaps conversion method adopted by the Government of Nigeria and the drastic compaction in monetary policy, all accounted for this change that span through to the early 1990s.Finally, the fourth period occurred amidst 1993 and 2000, as a result of fiscal deficit expansion which caused a 70 percent increase in money supply with a knock-on fix on domestic credit of the private celestial sphere of the economy.CBN, (2006)Overall, inflationary pressure can be largely attributed to structural factors such as concrete i ncome reduction caused by fluctuation in oil revenue, high nominal wages and debt obligation in form of expansionary fiscal deficit. These invariably mean(a) that over the years, fluctuation in commodity price is a normal feature of the Nigerian economy.One major commodity considered in this study is the capital market stock, i.e. the Stock market. Stocks listed in Nigeria are traded on the floor of the Nigerian Stock rallying (NSE) objet dart the Securities and qualify Commission (SEC) is the apex regulatory body which oversees the activities and affairs of the major players on the floor of the Stock turn.The Nigeria Stock Exchange was established in September 15, 1960 but commenced business on June 5, 1961 with 19 securities listed and traded on the Lagos Stock Exchange. Based on the recommendation of the Government Financial strategy Review Committee in 1976, the Lagos Stock Exchange was renamed and made part of the Nigerian Stock Exchange in December 5, 1977. The Nigerian Stock Exchange has nine branches established in major commercial cities in Nigeria. The main exchange of stocks of large enterp rides are traded in the Nigerian Stock Exchange magic spell small and medium scale enterprises are listed and traded in the Second tier Securities Market (SSM). From 1963 to 1990, the Nigerian stock exchange witnessed an overwhelming increase in government stock which exceeded the equities of industrial companies however this trend changed from 1991. The value of equities of industrial companies increased to billions of Naira, temporary hookup government stock traded on the Nigerian Stock Exchange was worth millions of Naira this decrease continues till date, a development to the deregulation of the economy.Despite the increase in market capitalization noticed in the economy at that period, the ratio of this amount to the Gross Domestic Product and Gross Fixed Capital Formation was still low. This increase was between 4.8% and 25.4% for gross domestic growth dapple the ratio for gross fixed capital formation is between 28% and 55% from 1963 to 1990 (CBN, 2006). The ratio of market capitalization in the gross domestic product and gross fixed capital formation increased geometrically from 1990 to 1995. Although in that respect was decrease in the share of market capitalization in gross domestic product and gross fixed capital formation, the return on investment did not follow the same pattern. This decrease noticed at that period was caused by a banking crisis in which a total of 26 banks were liquidated in 1998. However, with the recapitalization of the banking sector in 2005, the industry remains the most active participant in Nigerian stock market up till date. The trend in Nigeria Stock Exchange causes the price and return on stocks to be highly volatile.1.2 Problem affirmationPrice stability is essential in determining whether an economy is stable or not. Inflation which is the constant increase in price creates uncertainty in the economy uncertainty makes two domestic and foreign investors unwilling to invest. In Nigeria inflation has led to increase in nominal interest rates which bushel the value of interest payment of banks and financial institutions. Furthermore, determination of the problem caused by inflation depends upon the degree in which inflation is anticipated correctly or not. If inflation is anticipated correctly and the monetary authority is seen to be credible, the fluctuation in price would be managed effectively but if inflation is unanticipated, some economic agents will gain while others will lose. Unanticipated inflation impact contradictly on saving ability of the citizens and as a result, low saving leads to a fall in the demand for stocks and equities as financial wealth. This decrease in demand causes the price of equities to fall thereby reducing returns on equities and stocks.Furthermore, the prices of stock determine how effective and efficient the stock market allocat es shares and equities based on preference and availability of market information. Increase or decrease in price of stock create uncertainty for the investors and in turn affect the demand and supply of stocks. Therefore, general increase in price level may affect peoples authorisation investors investment decision which has prohibit impact on the total returns on stocks in the economy at large. This situation is prevalent in the Nigerian economy therefore there is the need to examine the effect of inflation on stock returns and its implication on investment. The Fishers conjecture (Fishers effect) suggests that stocks or equities hedge or disconcert inflation, empirical investigation suggest that inflation and stock returns are prejudiciously related. This study will be looking at relationship between inflation and stocks in Nigeria.The study of this relationship is essential in improving and in the understanding of stock markets, thus providing standards for decision-making a bout asset allocation.This study contributes to the exist publications by providing evidence for whether inflation affects stock returns both in the long run and in the short run.1.3 Justification for the StudyDespite the large calculate of empirical studies on the relationship between inflation and stock returns, there is no general consensus on the causal direction of this relationship. Empirical works as Nelson (1976), Shwarts (1977), Fama (1981), Geske and Roll (1983), Gultekin (1983), Marshall (1992), Bakshi Chen, (1996), Zhao (1999), Chatrath et al (1997), Spyrou (2001), Omran and Pointon (2001), Crosby (2001), Gallagher and Taylor (2002) and Floros (2002), suggested a negative relationship between inflation and stocks while Boudoukh and Richardson (1993), Graham (1996) and Choudlery (2001) in distinct studies take the opposing view, i.e. that there exists positive relationship between inflation and stock returns.However, most of these studies were carried out in industri al nations and some selected developing countries most especially Latin American countries. Specific studies on the exact relationship between inflation and stock returns in Nigeria own not been explored rigorously. Furthermore, considering the negative impact of inflation on prices of commodities in Nigeria coupled with the volatility of stock returns, this study seek to provide a rigorous abstract of the dynamics of inflation and its implication on stock returns in Nigeria using an Error Correction Model to create a parsimonious and encompassing model that would show both short-run and long-run relationship between inflation and stock returns in Nigeria.1.4 Plan of StudyFollowing the introductory remarks in chapter one, chapter two will review the existing literature on this subject. spell chapter three will focus on the theoretical framework, methodology, model specification, estimation technique and sources of data. The summary of result of the empirical analysis is presente d in chapter four while the study will be rounded up in chapter five with summary of findings, policy implication and conclusion.CHAPTER TWOLITERATURE REVIEW2.1 Introduction office 2.2 of this chapter discusses the underpinning theories of inflation and stock returns. Section 2.3 examines the empirical literature review on inflation and stock returns this is to help identify the link between inflation and stock returns. Finally section 2.4 examines the methodological literature on inflation and stock returns.2.2 Theoretical books Review on Inflation and Stock ReturnsThe Fisher speculation suggests that there is a positive relationship between interest rates and inflation. (Berument Jelassi, 2002) Fisher (1930) fights that nominal interest rate is entirely a sign of the existing information in relation to the likely future set of the rate of inflation. This hypothesis has come to be known as the Fisher effect in the economic literature it states that expected nominal rates of in terest on financial assets should move one-to-one with expected inflation. Choudhry (2001) Fisher hypothesis, in its strict sense, predicts a positive homogeneous relationship of degree one between stock return and inflation. (Luintel Paudyal, 2008)The representative-hypothesis was introduced by Fama (1981) to explain the predominance of negative stock return-inflation trend. The main regulation on which Famas version of the proxy-effect hypothesis is based on is the observed negative relationship between inflation and stock returns which advances to be spurious since this relationship is a result of the positive relationship that exist between stock returns and expected economic practise and an inverse relationship between expected economic activity and inflation. Inflation simply serves as a proxy for expected economic activity in a statistical relationship between stock returns and inflation. (Lee U. , Monday, June 22 1998)The proxy hypothesis states that the negative relati onship between inflation and stock returns is spurious and really only proxies for the positive relationship between stock returns and real variables. Previous essayes of the proxy hypothesis have used actual values instead of forecasted values for the real activity variable. (McCarthy, Najand, Seifert, 1990) did not find a defend for the proxy hypothesis using only forecasted variables.Gonedes (1981) the failure to use indexation means that real income tax rates will vary directly with rates of inflation. This substantial effect of mere bookkeeping methods is frequently predicted even though it is known to have some adverse implications. This is the tax effects of inflation hypothesis.2.3 Empirical Literature Review on Inflation and Stock ReturnsThe empirical literature on the impact of inflation on stock returns records major contribution by different scholars over the years. But the empirical evidence provided by most of these studies has been mixed, and a consensus has not y et emerged. While studies like Pierrel and Kwok (1992), Geske and Roll (1983), Floros (2002), Ugur (2005), Yeh and Chi (2009), Pesaran et al (2001), den Haan (2000), Crosby (2001), Syros (2001), Roohi and Khalid (2002) among others have found a negative relationship between inflation and stock returns Boudoukh and Richardson (1993), Graham (1996), Choudhry (2001), Patra and Posshakwale (2006) and Lee et al (2000) among others reported positive relationship between these variables.Concerning the review of the approaches of modeling the effect of inflation on stock returns, Pierrel and Kwoks (1992) estimates and tests the alternative versions of hypothesis that explain the relationship between these two variables. The study employs distributed lags in bon ton to empirically arrive at a dynamic structure of inflation. Pierrel and Kwoks reason that this dynamic structure conform to Fama (1981), Benderly and Zwick (1985), and Geske et al (1983) hypothesis that suggest a negative relati onship between inflation and return on stocks.Yeh and Chi (2009) tested the validity of the various Hypotheses that explain this relationship. The empirical result of this study on 12 OECD countries shows that these countries exhibit a short-run negatively significant co-movement between stock returns and inflation. Moreover, countries like Australia, France, Ireland and Netherland do not display a long-run relationship between the two variables in equilibrium. This result is consistent with the hypotheses of Fama (1981), Modigliani et al (1979) and Feldstein (1980) which suggested that an increase in inflation reduces real returns on stock. This result is also in line with Caporale and Jung (1997) and Rapach (2002). They argue respectively that there exist a negative significant effect of inflation on real stock returns after controlling for output shock and that inflationary trends do not erode returns on stocks.The Fishers Hypothesis was tested by Spyros (2002). His results refle ct a contrary view that returns on stocks hedges inflation. This study shows that there is negative but not statistically significant relationship between inflation and stock returns in Greece from 1990 to 2000. In this same vein, Floros (2002) carried the same study on Greece economy and concluded that inflation and stocks in Greece should be treated as independent variables because the result of the various test swayed show that there is no relationship between inflation and stock returns in Greece. Crosby (2001) investigates the relationship between inflation and stock returns in Australia from 1875 to 1996 and found out that the Australian economy does not experience permanent changes in inflation or stock returns. The result shows that there exist short-run negative relationships between these two variables that depend on the period of time that is considered.On the contrary, Lee et al (2000) examine the impact of German hyperinflation in the 1920s on stock returns. This resul t of this study show that the hyperinflation in Germany in early 1920s cointegrates with stock returns. The fundamental relationship between stocks returns and both realized and expected inflation is highly positive. They concluded that common stocks appear to be a hedge against inflation during this period. Choudhry (2001) in his study on the impact of inflation on stock returns in some selected Latin and primaeval American countries (Argentina, Chile, Mexico and Venezuela) from 1981-1996, reveal that there is one- to-one relationship between the current rate of nominal return and inflation for Argentina and Chile. Their result also reveals that the lag values of inflation affect stock returns and this result infer that stocks act as a hedge against inflation.Patra and poshakwale (2006) conducted a study on the impact of economic variables on market returns in Greece from 1990 to 1999. Empirical results show that some macroeconomic variable like money supply, inflation, volume of trade and exchange have both short-run and long-run relationship with stock price in equilibrium in Greece while there was no short-run or long run relationship noticed between exchange rate and stock prices.Ugur (2005) in a study on the effect of inflation on return on stocks in turkey from 1986 to 2000 reveal that expected inflation and real returns are not correlated. The results suggest there is a negative relationship between inflation and stock returns which may be caused by the negative impact of unheralded inflation on stock returns. This results did not contradict Fisherian hypothesis because of the non correlation of inflation and real returns but the results is in line with the proxy hypothesis since a negative significant relationship exist between the two variables. Aperigis and Eleftheriou (2002) results also concurred that there is negative link between inflation and stock returns in Greece than in interest rate and stock returns. Similar study like Adrangi et al (19 99) and sellin (2001) also fend the proxy hypothesis. Khil and Lee (2000) in their study on ten pacific-rim countries and the US that all the countries except Malaysia reveal negative relationship between inflation and stock returns.The tax-effects Hypothesis which asserts that there is negative relationship between inflation and stock returns was tested by Geske and Roll (1983). Empirical result from the reveal that random negative or positive real shock affects stock returns which in turn, signal higher or lower unemployment and lower or higher corporate earnings. This has effect on the personal and corporate tax revenue leading to increase or decrease in the treasury through borrowing from the public. The economy paid for this debt by expanding or contracting money growth and this would lead to higher or lower inflation. They concluded that random shocks on stock returns are both fiscal and monetary in nature in the U.S.A.Roohi and Khalid (2002) considered the Efficient Market Hypothesis and Rational Expectation Theory to investigate the effect of inflation on stock returns. Empirical results of the study suggest that the relationship between real stock returns, unexpected inflation and unexpected growth are negatively significant. They concluded that the control of real output growth makes the negative relationship between these two variables to disappear over time.2.4 Methodological Literature Review on Inflation and Stocks ReturnsThe empirical relation between inflation and stock returns has been investigated through various approaches since the 1970s. Spyros (2001), adopted Vector-Auto regressive (VAR) model and the co desegregation test to confirm if there was any relationship between inflation and stock returns in Greece. Pierrel and Kwok (1992) investigated the relationship between stock returns and inflation in the United State between 1962-1992 using Vector- Autoregressive (VAREC) model, and granger former, Crosby (2001), used Vector-Autoregres sive (VAR) model, Ordinary Least Square (OLS) and correlation analysis to examine the relationship between inflation and stock returns in Australia from 1875-1996.Floros (2002), investigated the relationship between stock returns and inflation in Greece from 1988-2002 by considering both the lag and lead periods of inflation and stock returns using Ordinary Least Square (OLS), Johansen Cointegration Test and Pairwise Granger Causality Test. In this same vein, Ugur (2005) used the Ordinary Least Square (OLS) and Standard Granger Causality to examine the relationship between inflation, stock returns and real activity in Turkey.Choudhry (2001), estimate the impact of inflation on stock returns in some selected Latin and primaeval American countries using the Auto-Regressive Integrated Moving Average (ARIMA), whole root test and spectral regression model. Lee et al (2000) and Geske and Roll (1983), also used ARIMA, OLS and building block root test to investigate the effect of German h yperinflation and stock returns, and the impact of inflation on stocks returns in the USA respectively.Patra and Poshakwale (2006) on the other hand, used the Error Correction Model (ECM), Johansen Cointegration Test and Pairwise Granger Causality Test to show if economic variables such as money supply interest rate, exchange rate, volume of trade and stock prices have impact on stock returns.Yeh and Chi (2009) in their study on 12 OECD countries measures correlation at different forecast horizon by using Autoregressive Distributed Lag (ARDL) frame in test, unit root test and confidence interval method to investigate the inflation illusion hypothesis that suggest that there is negative relationship between inflation and stock returns. Pesaran et al (2001) and Den Haan (2000) also employ the same technique and arrive at the same result.This study examines the relationship between inflation and stock returns in Nigeria. Furthermore a test is carried out to see if theres a cointegrati on and causality within these variables. Methods used in this study are explained in chapter three. This study fundamentally aims to analyses the above relationship for a period of 1st of January 1997-31st of December 2006 .monthly values of the Nigerian Stock Exchange (NSE) and Nigerian Consumers Price Index (CPI). CPI was collected from the Central Bank of Nigerian Statistical bulletin (2006), while (ASI) All Share Index was collected from Nigerian Stock Exchange data bank.The reviews of literature above reveal that there are basically four major hypotheses discussing the relationship between inflation and stock returns. These theories are Fisherian hypothesis, proxy hypothesis, tax-effect hypothesis and inflation illusion hypothesis. Considering the level of price stability in Nigeria over the period of our study, the study seeks to adopt Fisherian hypothesis which suggest that stock hedges inflation. This is based on the fact that literature suggests that the price of stock is a major determinant of stock returns which is affected positively by expected or unexpected inflation (consumer price index).CHAPTER THREEMODEL SPECIFICATION AND METHODOLOGY3.1 IntroductionThis chapter covers the theoretical framework, specification of the models utilized in the study as well as the methodologies that will be adopted. Accordingly, the estimation procedures, and data requirements types and sources of data are also discussed in this section.3.2 Theoretical FrameworkThe reviews of literature in chapter two reveal that there are basically four major hypotheses discussing the relationship between inflation and stock returns. These theories are1. Fisherian hypothesis2. Proxy hypothesis,3. Tax-effect hypothesis and4. Inflation illusion hypothesis.The Fisherian hypothesis is thus specifiedWhere is the real returns, is the actual inflation which is the combination of the unexpected and expected inflation. While is the error term that is distributed randomly and normally with zero mean and constant variance. This sign of determine if the specification is in line with the fisherian hypothesis. Thus a significant and positive sign suggest that stock hedges inflation while a negative sign suggest contrary.3.3 Model specificationBased on the outcome of our theoretical framework which attempts to explain the relationship between real stock returns and inflation, we specify the model for estimation. Stock return delineate by all share indexes (ASI) is the dependent variable while the explanatory variables are, one-period lagged inflation represented by consumer indexes (CPI) and one-period lagged stock returns (ASI). This is based on the common belief that stock returns (ASI) takes some time to react to inflationary changes (CPI) and changes in all share indexes (ASI). In this study, it is assumed that stock returns depend on a set of variables denoted asTherefore, our empirical specification is stated as13.4 Methodology and Estimation ProceduresThis study mak es use of Augmented Dickey well-lined (ADF) unit root test to check for the stationarity of the serial publication used in this study, Engle and Johansen cointegration tests is used to confirm if the series have long run relationship while causal long run relationship is determine using an Error correction Model (ECM) which will reveal both the short run and long run relationship between inflation (LOGCPI) and stock returns (LOGASI).3.4.1 Unit Root TestAssume we have the following AR (1) assist (1)and is a white upset error term. We can manipulate the above expression by subtracting from both sidesThus (2)In practice, instead of estimating equation 1, we estimate equation 2 and test the hypothesis that =0. If =0 then that is we have unit root meaning the time series is non-stationary ( for unit root is non-stationary). Thus we can take the first difference of and regress on to see if () is zero or not in order to confirm if the series are stationary or not. Under the null, the es timation for is not distributed T-student, so the Dickey Fuller test is required. We use the Augmented Dickey Fuller (ADF) table to correct for possibility of the error term () been auto correlated. The ADF test is specified in the equation below3Where is a white noise Error Term.3.4.2 Co integration TestsTrended data can be regarded as potentially a major problem for empirical econometrics. Trends may give rise to spurious regression and uninterpretable t- statistics. The stack reality is that in economics most time series are subject to some type of trend while differencing in series until it becomes stationary is one major solution. This has been shown that differencing can lead to loss of long run properties of a series. Based on this the combination of series that are difference once I(1) will give us a model that is stationary I(0). In achieving this aim this study consider two different co integration tests which are Engle and Granger co integration test and Johansen co inte gration test. According to Engle and Granger (1987), a time series and are said to be co integrated of order db where d b 0 written as CI (db) ifBoth series are integrated of order dThere exists a linear combination of these variables say which is integrated of order d-b. The vector and is called a co integrating vector.The Engle and Granger co integration test involve two steps the first step is conducting an OLS regression on the variables in the model specification. The second step is to conduct an ADF test on the residual from the regression if the residual is stationary, then the series are said to be co integrated.The Johansen co integration test on the other hand involves the use of a VAR model and the different maximum likelihood ratios are used to determine the co integrating vectors. These tests are trace test and maximum eigen value test. Different information criteria such as Akaike Information Criterion, Schwarz information criteria (SIC), Hannan-Quinn Information Cri terion, Final Prediction Error and serial Modified test Statistic are used in determining the lag length.3.4.3 Error Correction ModelCo integration analysis provides a test for spurious correlation. Finding co integration between apparently correlated I(1) series validate the regression but failure to find co integration is an indication that spurious correlation maybe present thus invalidating the inferences drawn from such correlation. Co integration analysis also helps in formulating the process of dynamic accommodation. However time series data lose their long run properties when they are differenced allowing only for conclusions on the short run determinations. Therefore there is a need to construct a model that would combine both the short run and long run properties of the variables in the model. As suggested by Engle-Granger imitation theorem that if two series are co integrated then they will be efficiently represented by an error correction mechanism. The Error Correcti on Model is used to capture both the short run and long run properties of the series. The method involves developing a model from it generalized form (over parameterized) to a specific form (parsimonious). In addition if the series are co integrated these dynamic specifications will encompass any other partial adjustment model. The error correction of the Auto regressive distributed lag (ADL) takes the form where the long run properties are derived from the proportionality between and. The above specification relates the short run change in the dependent variable to the short run change in the explanatory variable.this is called the impact effect () but ties the change to the long run impact through a feed-back mechanism.3.5 DataThe study will utilize monthly time series data from 19972006. Data for the variables will be sourced from Central Bank of Nigeria Statistical Bulletin (2006) and the Nigerian Stock Exchange Annual Reports (2006). The variables of interest in this study are all in logs. These variables are consumer price indexes (CPI) as inflation series and all share indexes (ASI) as stock returns.CHAPTER FOURSUMMARY OF EMPIRICAL RESULTSThe summary of the statistics used in this empirical study is presented in the appendix. As can be observed from the Table, (see pagexx) the mean value of stock returns is 9.359606 while inflation is 8.442205. It is also observed that both LOGCPI and LOGASI are positively skewed. The kurtosis value is positively low and Jarque-Bera (J-B) statistic test value is relatively high. These suggest that the two series are skewed to the right.Figure1below depicts the graphical illustrations of the data that were used in this empirical analysis. The figure reveals that stock return witnessed significant increase within the period of this study.Figure 1 Graphical illustration of statistics used in the analysisTable 1 Stationarity Test ResultVariablesLevelsFirst DifferencesADF 1ADF 2ADF 1ADF 2LOGASI0.712327

The Secret That Exploded :: essays research papers fc

The Secret that Exploded by Howard MorlandThe Secret that Exploded written by Howard Morland isa non-fiction book based on his findings on the H-bomb.Howard dedicated his life to finding out the obscure of theH-bomb and releasing his findings to the public who havebeen in the dark since the beginnings of the ManhattanProject. The book goes finished everything he went throughfrom when he became an airforce pilot to him becominginvolved in radical groups to him fighting the government incourt for freedom of press. His book goes through everythinghe had to do to get the information he needed to find outthe secret of the H-bomb. Howard felt that if He wouldattack secrecy if secrecy could be dismantled, accordingly theopponents of nuclear weaponry would have a fighting chance.(pg.50) He wanted to break down the secrecy of thegovernment and give the radical groups that were against thebomb a chance to get there views heard around the U.S. andpossibly bring a stop to the nuclear arms ra ce. Howardthought that the secret of the H-bomb could be thecenterpiece of the secrecy structure and that if he couldcrack it he could bring down the whole secrecystructure.(pg.50) This is what he wanted and he wanted each(prenominal)of the secrets that the government has been keeping from thepublic to be revealed so that the public could know what wasgoing on and not be in the dark. Howard knowing that finding the secret would be nearimpossible moved on in his transit and visited every majornuclear manufacturing sight in the U.S. that he knew about.On his journey he encountered problems with security. Thegovernment has bottled up the secret by giving securityclearances to anyone who knew the secret. These people couldnot tell anyone anything that was deemed classified and theycould get in very wide trouble if they did. Howard had to getby this by asking questions that would bring back answersthat wasnt classified material but the information that heneeded. Howard got so honoura ble at asking questions that heeventually put together all the information he found outfrom all of his sources and put together his indication of theH-bomb. This version was so near accurate that thegovernment wanted to classify it so that Howard could notpublish it in the The Progressive magazine. Howard and TheProgressive took the government to the overbearing court wherethe government dropped their case because the info that theywanted to contain had already leaked out to the public.Howard and The Progressive got what they wanted and earned

Humor in Chaucers The Millers Tale Essay examples -- Comic Effect in

Chaucers The Millers Tale should be tragic, because a lot of horrible things happen to the characters. The carpenters wife is disloyal to him, sleeping with others and making fun of him with Nicholas. Also, he is represent as a fool. However, readers get a humorous feeling from the story, rather than feeling sorry for the carpenters unfair keep. Chaucer makes the whole story come across as comic rather than tragic. This humor is created by the Millers narration, the use of irony, the cartoon-like characters, and the twists of plot. These elements combine to produce an emotional distance which enhances the comic effect. The narrator is the first element of humor Chaucer uses in his story. The Miller is rude and drunk but generally a jolly fellow. This sets the tone of story as being fun and even a pip coarse, just like the Miller himself. He tells a few jokes before he tells his story One shouldnt be two inquisitive in life? / Either about Gods secrets or ones wife. / Youll find Go ds plenty all you could desire(53). As well, the Miller wants to punish the Reeve, a ...