January Effect Or Turn Of The Year Effect Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1895 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Chinese New Year is an important celebration that necessary been celebrated by all the Chinese in the world. That is more than 1.3 million Chinese around the world (World Popolation 2012, 2013), therefore, Chinese New Year already be treat as a important festival that necessary be celebrated and be include as a public holiday for most of the Asia country such as Malaysia, Singapore, Taiwan, China, Hong Kong, and South Korea (Chinese New Year, 2013). Stock market will be always changes according to the variation of environment such as different holiday on different country will affect the stock price differently. Don’t waste time! Our writers will create an original "January Effect Or Turn Of The Year Effect Finance Essay" essay for you Create order Chinese New Year is one of the holidays that will affect the stock market in most of the Asia country such as Malaysia. The stock market exchange will become anomalies on before, during and after the Chinese New Year period, which is known as Chinese New Year effect (Chinese Lunar New Year: Year of the Snake, 2013). Chinese New Year effect that occur in banking industry, may because by the different demand and purchasing on the market in before, during, and after Chinese New Year. For example, before the Chinese New Year is coming, most of the company will award yearend bonus to their employees. Besides, preparation before Chinese New Year such as buying some traditional New Year decoration, food, drink, clothing, shoes, and accessory. That will relatively increase the demand and purchase ability in a period of time (Chinese New Year, 2013). In this research, two stocks in same industry will be selected and the data period for both stock price and market index shall starts from 1st January 2007 until 2nd February 2012. Those will using the up to date data to observe the relationship between Chinese New Year and stock returns. Literature Review January effect or turn-of-the-year effect January effect or called turn-of-the-year effect is a good example of seasonal abnormal in security markets around the world. During turn-of-the-year, certain types of securities produce positive abnormal returns. Stock prices tend to rise during the starting of the last trading day in December and ending on the fifth trading day of January. Rozeff and Kinney (1976) found a seasonal pattern in the New York Stock Exchange (NYSE) index over the period of 1904 to 1974. The average monthly return in January was about 3.5 percent, while the average return in other months was just 0.5 percent. The average return in January appeared to be seven times higher than returns for other months (Lim, Ng, Chong, 2010). Keim (1983) found that the abnormal return is related to the stock market capitalization. As such, small capitalization stocks outperform large capitalization stocks in January, as small capitalization stocks post a higher abnormal return than large capitalization stocks. Reigan um (1983) confirmed that the January effect is a small capitalization phenomenon (Su, Dutta, Xu, Ma, 2011). The Weekend Effect Doyle and Chen (2009) suggested a weekday effect that the day-of-the-week changes over time. As pointed out by Cross (1973), the weekend effect involves negative returns to stocks between Friday and Mondays close has been analyzed in the literature. Several studies have investigated the reversal of the weekend effect. Brusa, Liu, and Schulman (2000) discovered that Monday returns for U.S. stocks were positive and the largest during 1990s. Brusa, Liu, and Schulman (2003) showed that weekend and reverse weekend effects exist in a wide range of industries and that the effects are similar across months. Brusa and Liu (2004) found that the positive Monday returns are concentrated in the first and third weeks of each month, while Brusa, Lui, and Schulman (2005) showed that the reverse weekend effect is correlated with the previous Friday return. Thus, positive Monday returns for large stocks are likely to be observed after positive Friday returns. Seasonal anomalies These seasonal abnormal include holiday effect, day-of-the-week effect, and month-end effect. Most of the interests are seasonality began in 1966 when a market technician, Arthur Merrill, identified an obvious trend of stock prices on certain days of the week, at certain times of the month, and around holiday seasons. Merrillà ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ¢s (1966) work on literature aimed at both identification and explanation of these seasonal irregularities in asset returns. Several studies have studied the securities prices having abnormal returns over the weekend, that is, the day-of-the-week effect. French (1980) shows that US common stocks held over the weekend earn a small negative return. Gibbons and Hess (1981), and Keim and Stambaugh (1984) also provide empirical evidence that supports this weekly stock return. Ariel (1987) examines US. stock indices returns from 1961 to 1981 and finds stocks appear to earn positive average returns only around the beginning and during the first half of calendar months, and zero average returns during the second half. Holiday effect According to the efficient market hypothesis (EMH) by Fama (1970), stock prices follow randomly and past information cannot be used to predict the future. Therefore, there should be no abnormal returns on special occasions such as holidays. Lakonishok and Smidt (1988) significant return before US public holidays. These pre-holiday returns are two to five times higher than returns before a weekend and 23 times higher than those on normal days. These results are confirmed by several other studies, such as Pettengill (1989) and Ariel (1990). These studies all focus on developed financial markets (Dodd Gakhovich, 2011). A number of studies have also examined the post holiday effect. Lakonishok and Smidt (1988) find insignificant post-holiday returns until 1952 and significant positive returns afterwards. However, Kim and Park (1994) document negative post holiday returns for the UK, and Lee et al. (1990) for Korea and Singapore. The magnitude and statistical significance of pre hol iday returns may vary on specific holidays. Returns prior to religious holidays tend to be higher than returns of other holidays. Chan et al. (1996) show significant pre-holiday effects before cultural holidays in Asia. Specifically, Malaysia sees abnormal returns before Chinese New Year. Chinese New Year effect Gao and Kling (2005) also found a pattern of market return in both Shenzhen and Shanghai stock exchanges with the highest return in February, but it is insignificant as well. The explanation for the seasonal high return in February in China is that February is the turn-of-the-year in China, as the Chinese Lunar New Year usually begins in late January or sometime during February, rather than the calendar year. However, Zhang and Sun (2003) by examining the seasonal anomalies in China, reported that there is no January effect or a February Chinese New Year effect on the Chinese stock market. But a significant and positive March effect was found. The explanation is interesting that they consider that the March effect in China reveals the political nature of financial anomalies in the country. March is the political high season in China and in March political window-dressing is caused by political maneuvers (Chinese New Year, 2013). Methodology In order to examine the impact of C hinese New Year on the stock performance in 2012, we is required to select two stocks in the same industry and also searching for their daily stock prices from the yahoo finance. After that, download the daily market index of Malaysia such as FBM KLCI from the yahoo finance. The industry be chooses is financial industry and the two stocks be chooses is Hong Leong Bank and Public Bank. Next, the data period for both stock price and the market index are starts from 1st Jan 2007 until 2nd Feb 2012. The event window for these two stocks is -5 to +5 it is mean that is lags 5 days and leads 5 days are used for the detection of CNY effects. The event day is set as 0 and the period from 1st Jan 2007 to -6 serves for the estimation period. In terms of the calculation, we are required to estimate the daily returns for the both stocks that chooses and FBM KLCI. Second, regress the stock return against market returns in the estimation period (1st Jan 2007 until 2nd Feb 2012) in order to e stimate alpha and beta coefficient for the companyà ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ¢s stock ( Hong Leong Bank and Public Bank). Third, apply the estimated alpha and beta coefficient in the Capital Asset Pricing Model (CAPM) in purpose to compute the expected return of companyà ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ¢s stock in the event window by using Capital Asset Pricing Model (CAPM) formula. Capital Asset Pricing Model (CAPM) formula as follow: Where: = risk free rate = Beta = return on market Then, subtracting expected return from the estimated return in order to calculate the abnormal return (AR). The formula as following: Where: R = estimated return E(R) = expected return Where: P = Price t = Period of year Analysis Table 1 Event window of Hong Leong Bank Hong Leong Bank Date R(i) R(m) AR 2012/1/16 -5 0 -0.00924 0.002544 2012/1/17 -4 0.0018365 0.006802 -0.00083 2012/1/18 -3 0 -0.0013 -3.2E-05 2012/1/19 -2 0.0091325 -0.00038 0.008799 2012/1/20 -1 0.0090498 0.003849 0.007346 2012/1/23 0 0 0 -0.00045 2012/1/24 0 0 0 -0.00045 2012/1/25 1 0.0178576 -0.00191 0.018021 2012/1/26 2 0.0262024 0.002694 0.024873 2012/1/27 3 0.0085837 -0.00194 0.00876 2012/1/30 4 -0.0172418 -0.00484 -0.01612 2012/1/31 5 -0.0122486 0.005101 -0.01436 Graph 1 The table 1and graph 1are showing the stock price flow of Hong Leong Bank in the pre-Chinese New Year until post-Chinese New Year. According to the graph, we can realize that the stock price is flowing downward before the 3 or 4 days of CNY. In the financial industry, that will be a normal situation will be form before the CNY. This condition may be cause by the large funds transfer before the CNY especially for the company. Norma lly, most of the company will award the yearend bonus to their employees before the CNY (Chinese New Year, 2013). Bonuses usually be given is 2 or 3 month or more than 3 month per person, therefore, there will be a large funds transfer between the company and bank. Besides, for the individual will many increase their funds transfer in order to make some preparation before Chinese New Year such as buying some traditional New Year decoration, food, drink, clothing, shoes, and accessory. That many because by the Chinese New Year effect however that also may be affect other effect such as holiday effect. The magnitude and statistical significance of pre holiday returns may vary on specific holidays. Returns prior to religious holidays tend to be higher than returns of other holidays. Table 2 Event window of Public Bank Public Bank Date R(i) R(m) AR 2012/1/16 -5 -0.00152 -0.00924 0.000724 2012/1/17 -4 0.00304 0.006802 0.000778 2012/1/ 18 -3 0.004542 -0.0013 0.004557 2012/1/19 -2 0.001509 -0.00038 0.001264 2012/1/20 -1 0.003012 0.003849 0.00158 2012/1/23 0 0 0 -0.00035 2012/1/24 0 0 0 -0.00035 2012/1/25 1 0.001503 -0.00191 0.001687 2012/1/26 2 0.005988 0.002694 0.00488 2012/1/27 3 0.002981 -0.00194 0.003176 2012/1/30 4 0.005935 -0.00484 0.006944 2012/1/31 5 0.001478 0.005101 -0.00031 Graph 2 The table 2 and graph 2 are showing the stock price flow of the public Bank in the pre-Chinese New Year until post-Chinese New Year. For the stock price flow of Public Bank we can realize that there are pretty similar with the Hong Leong Bank, however this similarity may because by the Chinese New Year period effect. However the stock price of Public Bank may also be affect by the announcement that announce before the CNY which is on January 11, 2012 (Gerenal Announcement, 201 2). This announcement can be categories as a general effect and that will affect the performing of the stock market. General effect means that, this effect may be usually happen in any time anyway. Conclusion According to the two tables and graph above, we can realize that both of the graphs are showing the similes flowing in before, during and after the CNY. However, that is some different between this both stock that choose specially in middle of the CNY. In the middle of the CNY, the stock price of both bank are starting going upward. The stock price of Hong Leong Bank are direct climbed to a high point and then slipped. Public Bank stock price are starting going upward and slipped a little bit, after that direct climbed to a high point and then slipped. That may be related to the announcement that Public Bank announce on January 11, 2012.

Essay on Carpal Tunnel Syndrome - 1712 Words

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Vibration Analysis Procedure Free Essays

VIBRATION ANALYSIS PROCEDURE A vibratory system is a dynamic one for which the variables such as the excitations (inputs) and responses (outputs) are time dependent. The response of a vibrating system generally depends on the initial conditions as well as the external excitations. Most practical vibrating systems are very complex, and it is impossible to consider all the details for a mathematical analysis. We will write a custom essay sample on Vibration Analysis Procedure or any similar topic only for you Order Now Only the most important features are considered in the analysis to predict the behavior of the system under specified input conditions. Often the overall behavior of the system can be determined by considering even a simple model of the complex physical system. Thus the analysis of a vibrating system usually involves mathematical modeling, derivation of the governing equations, solution of the equations, and interpretation of the results. †¢Mathematical Modeling. The purpose of mathematical modeling is to represent all the important features of the system for the purpose of deriving the mathematical (or analytical) equations governing the system s behavior. The mathematical model should include enough details to allow describing the system in terms of equations without making it too complex. The mathematical model may be linear or nonlinear, depending on the behavior of the system s components. Linear models permit quick solutions and are simple to handle; however, nonlinear models sometimes reveal certain characteristics of the system that cannot be predicted using linear models. Thus a great deal of engineering judgment is needed to come up with a suitable mathematical model of a vibrating system. Derivation of Governing Equations. Once the mathematical model is available, we use the principles of dynamics and derive the equations that describe the vibration of the system. The equations of motion can be derived conveniently by drawing the free-body diagrams of all the masses involved. The free-body diagram of a mass can be obtained by isolating the mass and indicating all externally applied forces, the reactive forces, and the inertia forces. The equations of motion of a vibrating system are usually in the form of a set of ordinary differential equations for a discrete system and partial differential equations for a continuous system. The equations may be linear or nonlinear, depending on the behavior of the components of the system. †¢Solution of the Governing Equations. The equations of motion must be solved to find the response of the vibrating system. Depending on the nature of the problem, we can use one of the following techniques for finding the solution: standard methods of solving differential equations, Laplace transform methods, matrix methods, and numerical methods. If the governing equations are nonlinear, they can seldom be solved in closed form. Furthermore, the solution of partial differential equations is far more involved than that of ordinary differential equations. Numerical methods involving computers can be used to solve the equations. However, it will be difficult to draw general conclusions about the behavior of the system using computer results. †¢Interpretation of the Results. The solution of the governing equations gives the displacements, velocities, and accelerations of the various masses of the system. These results must be interpreted with a clear view of the purpose of the analysis and the possible design implications of the results. Reference link: http://classof1. com/homework-help/engineering-homework-help How to cite Vibration Analysis Procedure, Papers

Punk Music Concert Review Essay Example For Students

Punk Music Concert Review Essay Peeking into the Punk Scene Punk music is a unique form of music that incorporates heavy, raw and distorted guitars; intricate, deep sounding bass lines; high paced, pounding drumbeats; and vocals that throw ideas of a world run by anarchy. Punk is a form of underground music that appeals to people who are either bored or dissatisfied with the way the world works. In The Merriam Webster Dictionary the definition of the word punk is; a young inexperienced person or a petty hoodlum. This is the typical stereotype which is associated with punk. This definition is far too ague and neglects to mention that punk is also a form of music. Last Thursday I attended my friends punk band practice. The Pathetic is a band comprised of four local San Luis Obis residents; they have been playing together for five years and have three recorded albums. Devon plays the drums and is back-up vocals, Mike and Travis play guitar, Mike is the lead vocalist, and James plays the bass. Last year they played at a Cal Poly IS. U. Hour on the stage by the bookstore, this is when I first met the band. They have two scheduled practices a week every Monday and Thursday. Practice is in a storage room out on Broad near the airport, which they share with two other bands. The room is Just big enough to fit a drum set, mini stage, and four speakers larger than myself. The walls are covered with carpet, eggs crate foam, and other various sound absorbing materials to soak up the deafening sounds generated by the band. Last Thursday was my second time attending one of their practices; and after being absolutely miserable the first time I went, this time I had two thick earplugs. The band enjoys when they have an audience at practice and there were about five f us crowded near the door of the crammed room. Therefore true to punk tradition it was a stand up comic show between songs as the members cracked Jokes into their microphones. Most of the songs had a song with distorted amps, catchy choruses, and an extremely vice tempo. They played their own compositions, punk covers, and songs from other punk bands popular to this time such as New Found Glory, Blink 182, and The Atari. Punk covers are songs that are anything but punk soundings to begin with, and then the band re-writes them to fit their own style. Songs which The Pathetic played that night include Brittany Spears Hit me Baby one more Time+, and Bryan Adams Everything I do, I do for You+. Punk music becomes terribly annoying to me if I listen to it for any long stretch of time, after a while it all sounds like repetitive noise. However I do on occasion listen to the music beyond music appreciation concert reviews. Usually Ill have a punk song dispersed amongst my rock playbill.

Jazz Essays - Jazz Genres, African-American Music, Jazz, Dixieland

Jazz When it comes to music, most people don't say they like it. People say they like heavy metal, pop, rhythm and blues, or any other type of music, since they have their own preference to what type of music they like, not just enjoying the broad area of music. One of those types of music which many enjoy is jazz. Actually right now jazz is really big and popular in Europe, and is rising in its popularity in the USA through its many forms. Jazz does have many forms, so many that some people wouldn't consider just saying they like jazz, they would say they enjoyed bebop, ragtime, blues, or other types of jazz. Jazz has survived longer than many types of music, and it has always influenced the ways people involved in jazz compose or perform. It has also brought out many famous people. Although jazz is not the most influencing music currently in the nation, its history proves that it is a great form of music with many origins, a multigenerational life span, numerous styles, many legendary musicians, and its own creative, independent interpretation. Jazz is over 100 years old, probably making it one of the longest, lasting forms of music so far. Jazz was not created by Europeans, it was created by Afro-Americans who descended from ancestors in Africa. These Afro-Americans learned how to play these European instruments well, including percussion or the drum set, trumpet, cornet, saxophone, trombone, tuba, and many other instruments. They wanted to show what they were like to other races, so they attempted to express themselves and their feelings through music and the instruments which were so foreign to them. A lot of the music which they played came from black folk music. Jazz did have a part of it come from Europe. The instruments of course, and the basic beginning forms of music helped jazz to be created. Another part of jazz which is not of African origin is improvisation, which is similar to interpretation but has no melodic restrictions. Improvisation began with the Greeks and their music over 2,000 years ago, before the many emotional and creative types of music were even composed. At one time, baroque and classical music used a lot of improvisation in their music. It was very important, and composers such as Bach, Mozart, Beethoven, and Liszt used it in their unique composing. These composers were also good at improvising themselves, and were among the best in the world in their time. Many types of music are created from other types of music, and jazz is among the many. Many people influenced jazz along its development, and it was usually a performer or composer. This includes Buddy Bolden, Benny Goodman, Louis Armstrong, Art Tatum, Billie Holiday, Duke Ellington, Count Basie, Charlie Parker, Dizzy Gillespie, Miles Davis, and John Coltrane. There are even more jazz greats who have contributed to jazz. The form of music we know as jazz has existed ever since the late 19th century, and is still alive. It consisted of many different eras, each one with one or two different styles of jazz. Each era also had many good performers and composers which made a certain era stand out. Through the late 19th century to about the early 1920s the form of jazz we know as New Orleans Jazz, which included Dixieland jazz and ragtime. The 20s and 30s developed the Swing Era, which made many performers famous through the first recordings. The 40s and the postwar decades led to bebop, also called bop for short. Bebop's performers also changed the way jazz was looked at. The 50s through the 70s created a few types of jazz which were very loose and had no limits, but could be critized. The 80s and to the present developed a type of jazz which was more calm and smooth than other types of jazz. The present has brought back all the forms of jazz, and now is experimenting with the many different instruments from the orchestra, including the french horn, bassoon, or violin. There are so many styles in jazz that jazz could not be defined clearly without ignoring one of its forms. It included vocals, ragtime, blues, New Orleans jazz, Chicago and New York City jazz, Big Band, bebop, modal or free jazz, fusion, and modern jazz. Vocals were definitely a style of jazz which performers could easily express moods or feelings, since the instrument was the human voice. The singing of the performers had great freedom and color, and could be expressed by many syllables. Grunts, vibrato, and the impersonation of instruments could all

Statistical Measures of Unemployment

Statistical Measures of Unemployment Most data regarding unemployment in the United States is collected and reported by the Bureau of Labor Statistics. The BLS divides unemployment into six categories (known as U1 through U6), but these categories dont line up directly with the way that economists categorize unemployment. U1 through U6 are defined as follows: U1 Percentage of labor force unemployed 15 weeks or longerU2 Percentage of labor force who lost jobs or completed temporary workU3 Percentage of labor force who are without jobs and have looked for work in the last four weeks (note that this is the officially reported unemployment rate)U4 U3 plus the percent of the labor force that counts as discouraged workers, i.e. people who would like to work but have stopped looking because they are convinced that they cant find jobsU5 U4 plus the percent of the labor force that count as marginally attached or loosely attached workers, i.e. people who would theoretically like to work but havent looked for work within the past four weeksU6 U5 plus the percent of the labor force that counts as underemployed, i.e. part-time workers who would like to work more but cant find full-time jobs Technically speaking, the statistics for U4 through U6 are calculated by adding discouraged workers and marginally attached workers into the labor force as appropriate. (Underemployed workers are always counted in the labor force.) In addition, the BLS defines discouraged workers as a subset of marginally attached workers but is careful not to double count them in the statistics. You can see the definitions directly from the BLS. While U3 is the main officially reported figure, looking at all of the measures together can provide a broader and more nuanced view of what is happening in the labor market.

Discuss the value of qualitative research to create new practice Essay

Discuss the value of qualitative research to create new practice knowledge - Essay Example Literature is suggestive that qualitative research’s contribution is growing and advancing knowledge. Knowledge claims emanating from qualitative research, logically, should be open to formal evaluation and critique. This means that it should be open to criticism, audit, and searching, which is the means of assessing the contribution it makes to the advancement of knowledge in terms of challenging, extending, or testing what is believed or known. Qualitative research, in its own right, is a distinct enquiry field with literature indicating that methodology in qualitative research is referent to ideas and principles used by researchers to base strategies and procedures (Denzin & Yvonna, 2011: p15). It acts as a form of social enquiry, focusing on the interpretation of experiences by various individuals. Traditionally, the debate has revolved around the merits of qualitative and quantitative research in knowledge development. Evidence is indicative of qualitative research being more interpretive and better in the study of phenomena and concepts. It aims at understanding the complex relationship between variables rather than cause and effect demonstrations. In addition, the diversity found in its responses has significant value. Qualitative research has been found to be more descriptive and humanistic with many dimensions that require the researcher to use a self-conscious approach (Denzin & Yvonna, 2011: p16). Therefore, on top of reinforcing new practice knowledge, it also helps uncover information that would have been more difficult using other approaches. Qualitative knowledge depends on social context information, especially the comprehension of human experiences. This is of special use when the researcher knows little about the field or topic of research. Contribution of qualitative knowledge in creating new practice knowledge is usually in terms of new theoretical ideas and knowledge (Denzin & Yvonna, 2011: p17). The underlying methods and philosophy , conversely, has left qualitative research open to criticism of being unsystematic, lacking in objectivity, being subjective, and being too general, as well as being a soft approach in comparison to scientific and empirical knowledge. It has even been claimed that evidence is not as powerful as that given by quantitative research. For those who subscribe to other methodologies, qualitative research’s strengths in creating new practice knowledge are viewed as weakness (Denzin & Yvonna, 2011: p17). Qualitative research, however, gives a unique perspective on a topic, as well as providing insight into subjects. The methodology generates knowledge and is subject centered, inductive, interactive, and holistic. It has its basis on people’s meanings, perceptions, and views while also useful in the exploration knowledge questions that are related to meanings, experiences, behavior, and feelings (Gilroy, 2011: p56). Qualitative research has, in a relatively short time, descend ed from many disciplines of diverse backgrounds. Its roots can be found in sociology, philosophy, anthropology, and history. Qualitative research has brought up new methods of acquiring research knowledge such as discourse and conversational analysis with each method coming from different backgrounds. In some fields like nursing, there is also a tendency in qualitative resea

Myths as Roman History Essay Example | Topics and Well Written Essays - 2500 words

Myths as Roman History - Essay Example Romans also developed few mythological tales such as the story of Cupid and Psyche. (Zipes, 2005) It is fact that classical mythology takes us to the journey of some primary characters and important stories of classical Greek and Roman mythology. As most of the classical myths in form of characters or stories have been carried out form generation to generation form story to story. Even in today's fiction or non-fiction we find good examples of classical myths. The very common myths that we find in study very often are the accounts of the creation of the world in Ovid's Metamorphoses; the gods Zeus or Jupiter, Apollo, Demeter, Persephone, Hermes, Dionysos and Aphrodite; the Greek heroes, Theseus and Hercules; and the famous of all myths, the Trojan War. (Ken, 1992) The classical mythology contains tales of the ancient Greek and Roman myths and literature, which shows great variety and originality that is unmatched even today. Greek mythology has close connection with Greek classical literature, which has universal appeal and had pass the test of time. Most of the Greek myths occurred in the works written between the time of Greek colonisation of the Mediterranean and the fall of the Roman Empire. On the other hand t On the other hand the Roman myth remained largely unwritten until the 1st BC to the decline of Roman Empire. Two great Roman authors, Ovid and Vergil, had used the Roman myths extensively and it is their writings that made classical myths popular. The impact of these writers was so great that it had become norm for the medieval Europe and modern society to use the more popular Roman names for the Greek gods and heroes. Even today the popularity of classical myths is evident in arts and literatures. Classical myths has been divided into four categories: 1. The Pantheon- loads with the information of Greek deities that includes the story of the Creation and host of other myths. 2. The Heroic Age- carries the description of Greek heroes and heroines with their adventures. It includes tales like "Jason and the Argonauts", "Seven Against Thebes", "Trojan War" and the "Odyssey". 3. Royal Houses- contains information of famous families in some of the most powerful cities in Greece. This section includes the stories of the Aeolids, Perseids and the House of Atreus, and of Troy. 4. The Geographia- provides with extra information about the ancient Greece, which mentioned in Greek Myths. (Morford & Lenardon, 1985) Some popular Roman myths: The Creation & Flood The creation myths in Ovid's Metamorphosis are the tales that describe how the earth came into existence. The story, which begins with a universe ruled by Chaos, from which the earth, (Ge, or Gaea) and the sky (Uranus) eventually emerged. Besides other mythological figures like Cupid (love) and Night came into being. As per myth the personified earth and sky mate to give birth to the first generation of godlike beings, the 12 Titans. The youngest Titans, Cronus (Roman Saturn) overthrew his father and ate his own children due to fear that one of his own children would usurp his throne. But one child was saved, named Jupiter, who grew up and forced his father to vomit up his brothers and sisters and then defeated Cronus to establish the pantheon of Olympian

Week 5 Lt Assignment Essay Example | Topics and Well Written Essays - 250 words

Week 5 Lt Assignment - Essay Example The processes involved in these improvements include renovation of machines, increased training of employees and establishment of 5S problem analysis team. A new process can be measured using various measurement techniques. Most of these techniques are statistical. One measurement technique is variation and standard deviation. This method determines the level of deviation of the outcome of new process from that of the old process. Returns on Investment (ROI) can also be used to measure the performance of the new process. This involves the measurement of the returns from the new process compared to its investment (Persse, 2006). The initial investment of the process including changes made to the old process is subtracted from the returns of the new process. ROI differs from the Variance and Standard Deviation because Variance and Standard Deviation compares the new process with the old process while the ROI only measures the performance of the new process. However, both measurement techniques show the level of success of the new project based on its performance after the changes to the old

Fibroblast Growth Factors (FGFs) in Neural Induction

Fibroblast Growth Factors (FGFs) in Neural Induction Abstract Neural induction represents the first stage in the formation of the vertebrate nervous system from embryonic ectoderm. Fibroblast Growth Factors (FGFs), initially identified for their mitogenic and angiogenic roles in bovine brain extracts, are now known to have many developmental roles in particular that of neural induction, comprising of a family of 22 FGFs. Spemann and Mangold (1924) pioneered the study of neural induction through the identification of the organizer. Early work in amphibians suggested that neural fate was instructed by signals from Spemanns organiser or dorsal mesoderm. Over a decade ago, the default model proposed that neural induction was the direct consequence from inhibition of bone morphogenetic proteins (BMPs) found in Xenopus laevis, not taking into consideration neural induction in avian embryos. Consequently many experimental studies, in the chick, subsequent to this finding conflicted the idea that BMP inhibition was the only necessary step required suggesting that FGFs were required at an earlier stage prior to BMP inhibition. Much controversy has surrounded the role of FGFs in neural induction but now it is widely accepted to have a role in both amphibians and amniotes. Fibroblast Growth Factors in neural induction Structure and Function: FGFs broken down Fibroblast Growth Factors (FGFs) regulate a vast array of developmental processes, including, limb development, neural induction and neural development (Bà ¶ttcher and Niehrs, 2005). FGFs play an important role in development of an organism by regulating cellular differentiation, proliferation and migration and are involved in tissue-injury repair (Itoh and Ornitz, 2004). The early FGFs, FGF1 and FGF2 (also known as acidic and basic FGF, respectively) were first discovered from bovine brain and pituitary extracts and identified for their mitogenic and angiogenic activities (Gospodarowicz et al., 1974). Additionally, a number of family members were found revealing a total of 22 FGFs in humans ranging from 17 to 34 kDa in molecular mass in vertebrates. The nomenclature extends to FGF23 but in humans FGF19 is the equivalent to mouse Fgf15 (Ornitz and Itoh, 2001). Also the FGFs have been organised into seven subfamilies based on sequence comparisons. FGFs show conservation through species, especially across the vertebrate species in gene structure and amino-acid sequence. FGF sequences are yet to be found in unicellular organisms such as yeast (Saccharomyces cerevisiae) and bacteria (Escherichia Coli) (Itoh and Ornitz, 2004). Interestingly, an Fgf-like gene has been encoded in the nuclear polyhedrosis virus genome (Ayres et al., 1994). In protostomes, there are far fewer FGFs in contrast to vertebrates, as two (let-756 and egl-17) have been found in Caenorhabditis elegans and three (branchless, pyramus and thisbe) in Drosophila (Mason, 2007). Most FGFs have amino-terminal signal peptides (Fig. 1 (a)) and are secreted from cells. FGFs 9, 16 and 20 lack this signal peptide but nevertheless are still secreted (Ornitz and Itoh, 2001). FGF1 and FGF2 lack these signal sequences and are secreted by non-canonical pathways, however they can be found on the cell surface and within the extracellular matrix. Golfarb (2005) suggests that FGFs 11-14 do not interact with FGF receptors (FGFRs) and are not secreted but instead localise to the cell nucleus. Fig. 1 (above) illustrates the structural features of the FGF polypeptide (a). A signal sequence (shaded grey) can be seen here within the amino terminus and is present in most FGFs. All FGFs contain a core region (Fig. 1 (a)) containing around 120 amino acids of which 6 are identical amino acids residues and 28 are highly conserved (Goldfarb, 1996). The black boxes (numbered 1 to 12) represent the location of ÃŽ ² strands within the core. The three dimensional structure of FGF2 (b) can also be seen where the heparin binding region (yellow) includes residues between ÃŽ ²1 and ÃŽ ²2 strands and in ÃŽ ²10 and ÃŽ ²11 strands. FGFs have a high affinity for heparan sulfate proteoglycans (HSPG) and require heparan sulphate to activate one of four transmembrane receptor tyrosine kinases (FGFR1-4) in all vertebrates. FGFR5 has been identified recently, however most action is mediated via FGFR1-4 (Powers et al., 2000). FGFRs are membrane associated class IV receptor tyrosine kinases (RTKs). The FGFR tyrosine kinase receptors (Fig. 2 B) include 3 immunoglobulin (Ig) domains and a heparin binding sequence which requires heparan sulphate to be activated (McKeehan et al., 1998). HSPG are low affinity receptors that are unable to transmit a biological signal but act as co-factors for activation and regulation of an interaction between FGFs and FGFRs. Fig. 2 (above) illustrates a two dimensional generic FGF (A) and a FGFR (B) protein. The structure of a FGF (A) coincides with that of Fig. 1, containing a signal sequence in the amino-terminus and the conserved core region containing HSPG and receptor-binding sites. The main features of FGFRs (B) include 3-Immunoglobulin domains, an acidic box (AB) which lies between IgI and IgII, heparin-binding domain, Cell Adhesion Molecule (CAM)-homology domain, transmembrane domain and a split tyrosine kinase enzyme domain for catalytic activity and binding of adaptor proteins. The Ig domains in the extracellular region of a FGFR are required for FGF binding and regulate binding affinity and ligand specificity. Multiple alternative splicing that generates a range of FGFR1-4 receptor isoforms with transformed ligand binding properties provides diversity (Olsen et al., 2006). For example, FGF2 interacts with all four receptors FGFR1-4 whereas FGF7 only interacts with the FGFR2 IIIb isoform (a splice variant of FGF2; expressed in epithelial cells). Ligand-receptor binding specificity is affected by alternative splicing particularly in the C-terminal region of the third immunoglobulin loop in FGFR1-3 which produces IIIb or IIIc isoforms (Mason, 2007). Table 1 (below) illustrates the specificity of the FGF ligands for particular FGFR isoforms. This table is useful yet evidence from in vitro may appear misleading as in vivo involves influence from co-factors such as HSPG (Mohammadi et al., 2005). Table 1 (above) shows there are seven FGFR isoforms (FGFR1b; FGFR1c; FGFR2b; FGFR2c; FGFR3b; FGFR3c and FGFR4) that FGF1 through to FGF23 variously bind. Alternative mRNA splicing of FGFR1-3, particularly in the carboxy-terminal half of the third extracellular immunoglobulin loop (Ig-domain III), derives the b and c isoforms. HSPGs are necessary co-factors in activation of FGFRs by FGFs and evidence has found the ternary complex to comprise of FGF-FGFR-HSPG in a 2:2:1 ratio (Mohammadi et al., 2005). The co-binding of HSPG prevents proteolysis and thermal denaturation (Itoh and Ornitz, 2004). HSPG binding of FGF induces dimerization of FGFR, followed by transphosphorylation of receptor subunits, initiating an intracellular signalling cascade. FGF signalling: Its a cellular game Following formation of the FGF-HSPG-FGFR complex several downstream signalling pathways are activated (Fig. 3 below). This includes three pathways, the Ras/Mitogen-activated protein kinase (MAPK) pathway, Phosphoinositide 3-kinase (PI3K)/ Akt pathway and phospholipase C- (PLC )/ Ca2+/ protein kinase C (PKC) pathway. These pathways are mediated via docking proteins (such as FGF receptor substrate (FRS) and Grb2 in the Ras/MAPK pathway) that recruit downstream enzymes. The Ras/MAPK pathway (Fig. 3) is initiated via Grb2 (a docking protein) where its SH2 domain binds to the tyrosine phosphorylated FRS2 in response to activation of the FGFR receptor (Kouhara et al., 1997). Grb2 binds to SOS (son of sevenless; a guanine nucleotide exchange factor) via a SH3 domain on the Grb2 molecule. This Grb2-SOS complex activates SOS which promotes the dissociation of GDP from Ras so it is able to bind GTP for its activation. Activated Ras activates RAF (MAPKKK) which is normally held in a closed conf ormation by the 14-3-3 protein. Once activated, RAF phosphorylates and activates mitogen-activated and extracellular signal-regulated kinase (MEK (MAPKK)) which in turn phosphorylates ERK1/2 (MAPK). MAPK then translocates into the nucleus to phosphorylate specific transcription factors of the Ets family which in turn activate expression of FGF target genes. In addition, it is also evident from Fig. 3 that active ERK itself can antagonise FRS activity. Activation of the PI3K/Akt pathway (Fig. 3) is by binding of Gab1 (Grb2-associated-binding protein 1) to FRS2 indirectly via Grb2. In the presence of Gab1, activation of PI3K stimulates the Akt pathway which suggests FGFs have anti-apoptotic effects in the developing nervous system (Mason, 2007). In addition, PI3K can bind to a phosphorylated tyrosine residue of FGFR directly. The third way in which the PI3K/Akt pathway is activated is by activated Ras inducing membrane localisation of the PI3K catalytic subunit. PLC- /Ca2+/PKC pathway is also activated when a tyrosine residue is autophosphorylated in the carboxy terminal of the FGFR. PLC- hydrolyses phosphatidylinositol to produce inositol trisphosphate (IP3) and diacylglycerol (DAG) which stimulates calcium release and activates PKC, respectively. PKC has also been found to activate the Ras/MAPK pathway independent of Ras but dependent on c-Raf (Ueda et al., 1996). Fig. 3 also indicated that the final activated components, of the three signalling pathways mentioned, translocate into the nucleus to activate specific transcription factors of the Ets family (particularly Ets1, Pea3, and Erm) which activate expression of FGF target genes and in turn these feedback (Fig, 4) to regulate intracellular signalling (Dailey et al., 2005). Most of the proteins produced function as feedback inhibitors (as seen in Fig. 4), including Sprouty (Spry), Sef and MAP Kinase phosphatase 3 (MKP3) which modulate particularly the Ras/Erk pathway at different levels (Mason, 2007). In contrast, stimulation of the fibronectin leucine-rich transmembrane type III (XFLRT3) protein causes FGF signalling to be positively regulated (Bà ¶ttcher et al., 2003). Sprouty (Spry) was one of the first identified feedback regulators of the FGF pathway. Thisse and Thisse (2005) found Spry to antagonise FGF Signalling by gain and/or loss of function experiments in mouse. Spry acts at the level of Raf and/or Grb2 (Fig. 4). Gain and/or loss of function experiments in zebrafish demonstrated that Sef antagonises FGF signalling (Fig. 4) acting at level of MEK and ERK (Tsang et al., 2002). Mouse studies have suggested that FGFR signalling is required for Dusp6 transcription which codes for MKP3 (Ekerot et al., 2008). From this study it was also found that MKP3 acts as a negative regulator of ERK activity (as seen in Fig. 4). Sef and XFLRT3 are located at the membrane (Fig. 4) and carry out antagonising actions with FGFR directly. FGF signalling can be regulated at different levels, from the membrane all the way down to the level of phosphorylation of MAPK and it is important also to know that FGFs have been detected in the nucleus (Mason, 2007). Most of the downstream target genes as described earlier are feedback inhibitors (Spry, Sef and MKP3) but FGF signals are also known to interact with many other important pathways such as transforming growth factor-ÃŽ ² (TGF-ÃŽ ²), Hedgehog (HH), Notch and Wnt (Gerhart, 1999). Therefore, in conjunction with these, FGFs are responsible for development of most organs of the vertebrate body. In the nervous system, FGFs have been implicated to play a role in early developmental processes, such as neural induction, patterning and proliferation (Umemori, 2009). Neural induction: The Default Model Spemann and Mangold (1924) pioneered the study of neural induction, which is defined as the process by which naive ectodermal cells aquire a neural fate. Their work involved demonstrating that tissue from the dorsal lip of the frog Xenopus laevis blastopore could induce a second ectopic nervous system (Fig. 5 above left) when implanted onto the ventral side of a host gastrula embryo. The second ectopic nervous system was host derived indicating that the graft was important in determining cell fate. This region, located on the dorsal side of an amphibian embryo, was named the Spemann organizer as it could direct the neighbouring ectodermal cells to form nervous system instead of epidermis. Although the organizer (group of dorsal mesodermal cells) was found to be present in many species (Hamburger, 1988) it was the Xenopus laevis which gave an insight into the molecular events involved in neural induction in vertebrates (Hemmati-Brivanlou et al., 1994). This was particularly because amphibians were found to be ideal experimental models for the study of neural induction as neurulation initiated within twelve hours after fertilisation (Weinstein and Hemmati-Brivanlou, 1997). It was implied that signals from the organizer provide instructions to the ectoderm to form neural tissue therefore for many decades the view was that the default state of the ectoderm was to produce epidermis. The first challenges to this model came from studies making use of dissociated cell cultures (Sato and Sargent, 1989). It was found that when animal caps were cultured intact that epidermis formed but neural tissue arose from animal caps that had been dissociated for prolonged periods (as seen in Fig. 6 below). This led to the idea that intact tissue may block the formation of neural tissue by presence of neural inhibitors which are diluted out when the tissue is dissociated. Recent research has found that the default nature of the ectoderm is to produce neural tissue that requires inhibition of a neural inhibitor from the ectoderm. Before considering the process of neural induction I would like to take a step back and describe the three germ layers of the embryo. Following fertilisation, the zygote undergoes stages of cleavage to eventually form a gastrula with three germ layers (in triploblastic animals) usually only visible in vertebrate animals. The Germ layers will eventually give rise to all of the animals organs through a process known as organogenesis. The three layers include, the ectoderm (outermost), endoderm (innermost) and mesoderm (which is between the ectoderm and endoderm) layers. The Endoderm gives rise to the lung, thyroid and pancreas. The mesoderm forms the skeleton, skeletal muscle, the urogenital system, heart and blood. The outermost layer, the ectoderm which is of concern here, gives rise to the epidermis and nervous system. It is at gastrulation that the vertebrate ectoderm is competent to differentiate into neural tissue or epidermis. Unless told otherwise, the default nature of the ect oderm is to produce neural tissue and this was outlined as the default model. The Default model of vertebrate neural induction, discovered over a decade ago in Xenopus, proposed that in the presence of bone morphogenetic protein (BMP), a signalling molecule of the TGF-ÃŽ ² superfamily, causes the ectoderm to give rise to an epidermal cell fate (Stern, 2006; Muà ±oz-Sanjuan and Brivanlou, 2002). In support of this model, consistent with the idea that BMP activity inhibits neural fates, animal caps which had been injected with RNA encoding effectors of BMP4 (Smad 1/5 or Msx1) neuralization did not occur. Conversely, it was found that inhibition of BMP activity in the ectoderm is essential for a neural fate which forms the basis of the default model of neural induction. Inhibition of BMP is achieved through direct binding of BMP antagonists emitted from the organizer (Wilson and Hemmati-Brivanlou, 1997). These BMP antagonists include chordin (Sasai et al., 1995), noggin (Lamb et al., 1993) and follistatin (Hemmati-Brivanlou et al., 1994) which bind to BMPs extra cellularly to prevent its interaction with its own receptor (Hemmati-Brivanlou and Melton, 1997). These molecules have direct neural activity which means they induce formation of neural tissue in the ectoderm without forming mesoderm. It was initially believed that these molecules acted as ligands to bring about neural tissue formation. Experiments found that there was conservation through species, identifying that chordin was homologous to the short gastrulation (sog) gene found in Drosophila which has been shown to antagonize the BMP homologue decapentaplegic (dpp) (Wharton et al., 1993), suggesting that these molecules might act as inhibitors rather than inducers and that these inhibitory mechanisms have been conserved from arthropods through to vertebrates. It was experiments (Fig. 6) showing that dissociated ectodermal explants would become neural tissue in absence of inducing signals from the organizer (Sato and Sargent, 1989). Evidence found that neural induction resulted from inhibition of the TGF-ÃŽ ² pathway as expression of dominant-negative activin receptor gave rise to neural fates in amphibian ectoderms (Hemmati-Brivanlou and Melton, 1994). It was found that chordin, noggin, follistatin and molecules such as Cerberus and Xnr3 (Xenopus nodal related 3) bound to BMP in the extracellular space inhibiting its action (Hemmati-Brivanlou and Melton, 1997) leading to the much debated default model of neural induction. Neural Induction: FGFs get it started Support for the default model still remains, mainly in Xenopus, but other work (especially in chick and mouse) suggests a more complex mechanism (Streit et al., 1998). It has been established that the BMP pathway is involved in determining ectodermal cell fate (Wilson and Hemmati-Brivanlou, 1997) but it still remains to be proved conclusive if BMP inhibition is required for neural induction alone or if other pathways act separately or with BMP inhibition. In the chick embryo it has been found that naive epiblast cells do not respond to BMP antagonists until previous exposure to organizer signals for five hours (Streit et al., 1998). Striet et al. (2000) grafted an organizer to observe the genes induced in the epiblast within this time period. A gene ERNI (early response to neural induction) was identified as a coiled coil domain with a tyrosine phosphorylation site and found to be expressed throughout the region that later contributes to the nervous system at pre-primitive streak stages (Hatada and Stern, 1994). Striet et al. (2000) findings made ERNI the earliest known marker after a response to organizer signals, prior to even Sox3 (induced by the node in 3 hours (Streit and Stern, 1999)). FGFs are becoming more evident that they have a major role in neural induction as it has been shown to begin before gastrulation, before BMP antagonists even appear (Wilson et al., 2000). In the chick, it has been found that FGFs have the role of blocking BMP signalling and promoting neural differentiation (Wilson et al., 2000). In ascidians, FGF signalling is the main mechanism of neural induction with BMP antagonism playing a role in later development (Lemaire et al., 2002). In frogs and fish, in contrast, FGFs do not have a certain role in neural induction and is believed their primary role is BMP inhibition (Pera et al., 2003). Exposure of the chick epiblast to an implanted organiser for around 5 hours induces Sox3 (an early neural plate marker) (Stern, 2005). After removal of the implanted organiser, chordin can be used to stabilise it (Striet et al., 1998) which implies that before the ectoderm can respond to BMP antagonists it must be exposed to 5 hours of signals from the organizer. During these 5 hours, several genes become activated such as, ERNI (early response to neural induction) which becomes active after 1 hour (Streit et al., 2000) and Churchill (Chch) after about 4 hours (Sheng et al., 2003). These are both induced by FGF and not BMP inhibition, indicating the importance of FGFs in early neural induction. Churchill which is expressed in the neural plate inhibits brachyury, a transcription factor, which as a result suppresses mesoderm formation by preventing cell ingression. In the chick, FGF8 is expressed in the hypoblast, prior to gastrulation before Hensens node appears (the chick equivalent to the organizer) indicating that neural induction is in fact able to begin before gastrulation. This is important because ERNI and Sox3 mark neural induction and require FGF signalling (Stern, 2005). Streit et al. (2000) found that FGF8 coated beads induce ERNI as efficiently as the node within 1-2 h without inducing brachury and also the expression of Sox3. These results indicate FGFs to be possible early signals in neural induction. It is FGF8 which has been identified as the best candidate because it is expressed in the anterior part of the str

College Admissions Essay: Learning is What I Do Best :: College Admissions Essays

Learning is What I Do Best I could tell you a heartfelt, sentimental, poignant story about first seeing a Harvard refrigerator magnet and feeling my first deep emotions stirring somewhere inside my spleen. Or I could meticulously paraphrase the numerous brochures and articles about Harvard that I have perused. Yet another option would be to rent a small airplane and skywrite, "I want to go to Harvard," in colorful pollutants. And I probably would resort to one of these strategies, had I not some real incentives to attend Harvard. They are based on what I have learned from research, general knowledge, conversations I have overheard, and other miscellaneous tidbits of information sent to me by friends and relatives. First of all, I must express my admiration to the people who have decided that education is, after all, the purpose and responsibility of a college and established the precedence of academics over sports at Harvard. I'd like to attend a school where I, a debater, will not be viewed as a second-class citizen by football players. Secondly, the notoriety of great educational standards has reached me all the way in Vancouver (OK, so it is only across the river) and enticed, attracted, and urged me to apply to Harvard. Rumors of the "side effects" of avalanches of homework and sleepless nights have crept here, too, but I'm up to the challenge. After two years of juggling high school, college, and extracurricular activities, receiving assignments only at one place just might be paradise. Lastly, Harvard's geographical location is just like pretty wrapping paper and a big red bow on a present that's already great ( forgive the allusions to the Haagen-Dasz commercials). Living in Portland, I would be simultaneously away from my family in Vancouver--and as close as I might need to be! Not only would I have the opportunity to become better acquainted with Portland, but also to judge at debate tournaments for my old high school! The possibilities are mouthwatering.