...certain consequences will follow. In the end the student inquires about the seeming regularity of nature, and asks whether or not that gives us reason to believe the predictive accuracy of science. At this point the philosophy professor points out that Hume was also concerned about what justifies our belief that nature is regular. According to Salmon, the basic question that Hume is trying to answer is how do we acquire knowledge of the unobserved. Salmon does not think that the problem of induction should cause us to give up doing science because the foundations of a subject are usually established after the subject itself. THESIS : In this paper, I will argue that the rational response to the problem of induction is that the scientific method involves predicting the results of future tests on the basis of the results of past tests. The induction is the difference from...
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...Introduction For centuries, philosophers and theologians have debated the existence, definition, and extent of human free will. While this debate may superficially appear inconsequential to the average person, our individual belief in (or denial of) free will, produces dramatic ramifications in every facet of the human experience. Your opinion on the topic significantly alters your worldview—directly influencing your individual perspectives on justice, punishment, equality, interpersonal relationships, etc. For Christians, our view of free will affects our understanding of God, generating a multitude of theological ramifications relating to righteous living, sin, salvation, etc. This paper will briefly examine the philosophy of determinism—the...
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...learner and creative problem solver with fine-tuned analytical skills. Education includes: Professional Summary Business Requirements Gathering, Business Process Flow, System Analysis, Business Process Modeling and Business Analysis. Industry experience in Healthcare, Finance, Health Insurance and Banking sector. Expertise experience in writing Business requirements document, System requirements specifications, Functional requirements document, developing Use Cases, creating screen mockups, and preparing Training manuals. Strong knowledge of Software Development Life Cycle (SDLC)- Feasibility Requirements Analysis, Design, Construction, Testing, Implementation, Support) and Rational Unified Process (RUP) and UML methodology Expertise in Waterfall and iterative methodologies such as Rational Unified Process (RUP) methodology, and Agile. Excellent skills in writing Business Requirements Document (BRD), Functional Specification Document (FSD) and Non-Functional Specification Document, System Design Specification (SDS) Performed Gap analysis, SWOT analysis, Risk analysis, and Cost/Benefit analysis. Coordinating various technical and managerial teams at all levels. Tracing requirements throughout the development process and verifying adherence using the Requirements Traceability Matrix (RTM). Tracing requirements throughout the development process and verifying adherence using the Requirements Traceability Matrix (RTM). Experience in conducting Joint Application Development...
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...controversial subject and is becoming more widely accepted, is finance from a broader social science perspective including psychology and sociology (Shiller 2003). Behavioral finance helps identify the financial market’s inefficient reaction to public information, which cannot be explained by traditional financial models with assumptions such as expected utility maximization, rational investors, and efficient markets (Ritter 2003; Statman 2008). Statman (2008) compares “normal” investors and rational investors by pointing out the difference that normal investors are reluctant to realize losses since normal investors are affected by cognitive biases and emotions. Statman also compares Behavioral Portfolio Theory and Markowitz mean-variance theory. Another comparison made by Statman is between Behavioral Asset Pricing Model (BAPM) and capital asset pricing model (CAPM), stating that the asset pricing model of standard finance is moving away from CAPM toward Fama and French three-factor model, a model similar to the BAPM. Bloomfield’s article discusses anomalies that market price deviation from action of rational traders. The most robust anomaly is PEAD (Post-earnings-announcement drift), which is reported in 1968. PEAD describes market reaction to earnings announcement. It seems illogical that earnings instead of future cash flow could influence...
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...should be higher than the return of the risk-free asset. But, if the market return falls short of the riskless rate, then stocks with higher betas yield lower returns for the investors. Pettengill, Sundaram, Mathur (1995) call this the conditional (ex-post) relations between beta and return. Their research output concludes that there is a positive and statistically significant relationship between beta and returns. The present paper is a similar attempt based on the work of Pettengill/Sundaram/Mathur (1995). The objective of this research initiative is threefold. First, we compute ‘beta’ (β) for each security with a view to examine the ‘systematic risk’ present in the market with the help of selected sample companies. Secondly, we classify the companies based on the beta coefficient as ‘high-risk’ and ‘low-risk’ based on both daily and monthly returns basis. Finally, we examine whether the risk category of companies undergoes significant changes between monthly and daily returns basis or not. Financial economists have applied innumerable tests to capture the ‘systematic risk’ present in a security or a portfolio in different markets in the world. Since 1970, there has been a large collection of research examining the systematic risk applying ‘beta coefficient’. Researchers have made attempts to examine the ‘beta-stability’ and time-varying characteristics of beta coefficient. However, all these research...
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...© 2002 American Accounting Association Accounting Horizons Vol. 16 No. 3 September 2002 pp. 233–243 COMMENTARY The “Incomplete Revelation Hypothesis” and Financial Reporting Robert J. Bloomfield Robert J. Bloomfield is an Associate Professor at Cornell University. INTRODUCTION The most common form of the Efficient Markets Hypothesis (EMH) states that market prices fully reflect all publicly available information (Fama 1970). The EMH has been highly influential among academics, but practitioners and regulators appear unconvinced. Investors work hard to identify mispriced stocks on the basis of public data, or pay others to do so, even though the EMH asserts that such efforts are wasted. Managers seek to boost stock prices by hiding bad news in footnotes, and regulators work hard to defeat such efforts, even though the EMH asserts that information is reflected in prices no matter how obscure its presentation. Beliefs about inefficiency play a central role in the debate over recognizing expenses for incentive stock options. Opponents of expensing argue that the resulting lower net income will inappropriately reduce market prices, while proponents argue the market does not fully recognize compensation costs reported only in footnotes. In efficient markets, however, expensing these costs has no direct effect on prices, as long as the details of the compensation are included in footnotes. The decision to expense option costs could reduce stock price indirectly, even in efficient...
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...Verne Gisela Andrade MGMT 521- Business Ethics & Decision Making Final Paper Is it ethical to test company employees for illegal drug use? May 26, 2010 TABLE OF CONTENTS Abstract ______________________________________________________ Page 3 Introduction __________________________________________________ Page 3 Options and Analysis _________________________________________ Page 5 Libertarian Law _______________________________________________ Page 5 Utilitarian Law ________________________________________________ Page 6 Distributive Justice ____________________________________________ Page 7 Recommendation ______________________________________________ Page 8 References ____________________________________________________ Page 9 ABSTRACT This paper examines the problem of drug testing in the workplace and how one may apply different ethical models to this HR quandary. When companies decide to test, they should do so in a reasonable way. This paper provides background information on libertarianism, utilitarianism, and a distributive justice models. These ethical theories are generally accepted standards of right and wrong to conduct a business environment. They are discussed and interpreted in regard to how a company might apply the concepts to drug testing. The paper recommends the use of the libertarian model as it provides a rational approach, and one that is balanced, in respect to the question of testing...
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... It does not matter what language the people speak or what they wear. Religion seems to bridge the gap without problem, rapidly spreading from one place to another in a matter of centuries, despite there being a cultural and language barrier. What makes religion so incredibly effective? Why is it that the concept has existed for literally as long as humanity has existed? What is the relationship between religion and culture? Are they two distinct entities, or are they two different manifestations of the same phenomenon? In order to answer these questions, first, a mutual platform must be developed and agreed upon, which will serve as the basis for development and proposal of arguments. First and foremost, this paper is a rational inquiry about the nature of religion, and as such this paper will establish arguments and analyze religion through the lens of rationality and science. This is not a paper about causality. The arguments developed here are built on the foundations of Objectivism, scientific realism, empirical analysis and strict adherence to logic. Furthermore, religion has to be rigorously defined. Such a definition, however, is difficult to establish. Religion, as stated above, is a global phenomenon that is as old, even older still, than written history. And so establishing a general definition for a phenomenon that has such a wide range of variety is challenging. Nonetheless, henceforth, religion shall be defined as any ideology that proposes supernatural causes as...
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...The Interaction of Value and Momentum Strategies Clifford S. Asness Value and momentum strategies both have demonstrated power to predict the crosssection of stock returns, but are these strategies related? Measures of momentum and value are negatively correlated across stocks, yet each is positively related to the cross-section of average stock returns. We examine whether the marginal power of value or momentum differs depending upon the level of the other variable. Value strategies work, in general, but are strongest among low-momentum (loser) stocks and weakest among high-momentum (winner) stocks. The momentum strategy works, in general, but is particularly strong among low-value (expensive) stocks. These results hold despite finding comparable spreads in value measures among stocks with different levels of momentum and comparable spreads in the momentum measure among stocks with different levels of value. Any explanation for why value and momentum work must explain this interaction. esearchers have convincingly demonstrated that value strategies can be used to predict stock returns. For instance, Fama and French (1992) showed that value strategies based on a firm’s ratio of book-to-market value of equity (BV/MV) have power to forecast stock returns. Similarly, Lakonishok, Shleifer, and Vishny (1994) showed that value strategies based on a firm’s cash-flow-toprice ratio (C/P) have power to forecast stock returns. Although conflicting explanations have been...
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...Values-The Legality, Morality, and Social Responsibility of Wal-Mart’s Response to Sex Discrimination and Pay Lawsuits Nova Southeastern University MGT5015_Legal, Ethical, Social Value Business September 9, 2012 We certify that we are the author of this paper and that any assistance received in its preparation is fully acknowledged and disclosed in the paper. We have also cited any sources from which were used data, ideas of words, whether quoted or paraphrased. I also certify that this paper was prepared by us specifically for this course. Table of Contents Abstract (Natalie Rondon) 3 Introduction ( Natalie Rondon) 4 Legal Section (Franciso Amado) 5 Ethic Section Utilitarian Ethical Analysis (Kyle Lozito) 8 Kantian Ethical Analysis (Christian Varillas) 14 Additional Ethical Analysis (Natalie Rondon). 18 Social Responsibility Section (Shirley Simmonds). 20 Conclusion (Natalie Rondon). 25 References. 26 Abstract This is a library research paper on the integrating values of Wal-Marts to sex discrimination and pay lawsuits that Wal-Mart has encountered over the years. The paper will discuss the legality of the situation and how Wal-Mart might be able to fix the issues that they are having. The paper will also discuss Utilitarian ethical analysis, Kantian ethical analysis and Socrates and the Socratic method. It will go into detail if Wal-Mart as a company has acted ethical or moral against its employees based on the ethical analysis just listed. Social...
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...Mathematics Syllabus code 9231 For examination in June and November 2013 Contents Cambridge A Level Further Mathematics Syllabus code 9231 1. Introduction ..................................................................................... 2 1.1 1.2 1.3 1.4 Why choose Cambridge? Why choose Cambridge International A Level Further Mathematics? Cambridge Advanced International Certificate of Education (AICE) How can I find out more? 2. Assessment at a glance .................................................................. 5 3. Syllabus aims and objectives ........................................................... 7 4. Curriculum content .......................................................................... 8 4.1 Paper 1 4.2 Paper 2 5. Mathematical notation................................................................... 17 6. Resource list .................................................................................. 22 7 Additional information.................................................................... 26 . 7 .1 7 .2 7 .3 7 .4 7 .5 7 .6 Guided learning hours Recommended prior learning Progression Component codes Grading and reporting Resources Cambridge A Level Further Mathematics 9231. Examination in June and November 2013. © UCLES 2010 1. Introduction 1.1 Why choose Cambridge? University of Cambridge International Examinations (CIE) is the world’s largest provider of international qualifications. Around 1.5 million students from...
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...Rational decision making is tied with a structured or sensible thought process. The theory of rational choice starts with having a set of alternatives by the decision maker in his mind. Most analysts only study a limited set of alternatives that contain the important difference among the alternatives. Such behavior of analysts need attention. Sanglier, M. et al (1994) showed that when different investors received the same information they had their own interpretation of this information. These various interpretations lead to different perception of the signals and therefore created differentiated behaviors. Different behaviors affect decision making of investors and financial markets as every investor would make decision in the way as he received...
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...'Emotional Intelligence' (E I) which gave rise to this concept as a medium of individual assessment that accurately describes the attributions for responses to successes and failures in life. In 1995, Daniel Goleman wrote his popular follow-up to this work, entitled, Emotional Intelligence, Why it can Matter More than IQ. Here Goleman, expanded upon this concept and provided it with an often criticised and lay version of the earlier notions of Mayer and Salovey. This paper, concentrates largely on the works of Mayer and Salovey and Goleman as a tool to establishing the inherent link between emotion and intelligence. This paper will therefore begin by giving an overview of the origins of the concept of Emotional Intelligence and how these two attributes of the human condition are linked. There will be a description and critique of the meaning, distinctive nature and importance of E I. Following this, there will be exploration of Mayer and Salovey's four areas of E I, which are assessed on the basis of the MSCEIT ability test. These four areas will be compared with the five areas stated by Goleman and each will be critically assessed. Finally there will be a discussion of the practical applicability of E I to the education of adults and its relevance in various genres of the workforce. A. The Origins of E I 1. Emotion Mayer and Salovey stated that the traditional image of emotion is as a vice of human nature that is to be controlled as it was perceived to have the capability of fully...
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...efficient market (Fama, 1970). Carrado and Jordan (2000) supports the aforementioned statement by affirming that markets are efficient in terms of sources of specific information, on condition that information is not exploited to earn above average returns. Furthermore, Fama (1965) explained the efficiency of markets and their stock prices by analyzing the three forms of market efficiency, namely; the weak, strong and semi-strong forms of efficiency. However, it must be mentioned that ascertaining the form of efficiency used by the JSE is no easy feat due to the fact that different researches produce different results. This will be explained further in the article upon presenting the empirical evidence. With that being said, the aim of this paper is to present...
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... vi. Chapter 1, Page 14 – Provisions of Bill of Rights – Table 1.2 vii. The notion of due process is also embodied in the Fifth and Fourteenth Amendments of the US Constitution, and in Articles 5 and 6 of the European Convention on Human Rights. viii. The reference in the 5th Amendment applies only to the federal government and its courts and agencies. The reference in the 14th Amendment extends protection of due process to all state governments, agencies, and courts. c. Individual Rights in the Original Constitution ix. Habeas Corpus – Article 1, Section 9, Clause 2 an individual who has been restrained, by the government, in some way, may petition a Federal Court for a writ of habeas corpus to test whether the restraint violates the Constitution of laws of the United States. – Chapter 2 x. Bill of...
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