Title Essay Example

Title Essay 1. What is the application ZenMap GUI ordinarily utilized for? Depict a situation where you would utilize this kind of utilization. /Scanning all areas inside the nearby space. /If I was a budgetary bookkeeper, I would utilize this to perceive what my representatives are getting to and who is doing what on the organization web. I might want to discover who is trading off their benefits and getting to improper destinations. 2. What is the connection between dangers, dangers and vulnerabilities in accordance with Information Systems Security all through the seven areas of a commonplace IT framework? /They all influence security and trustworthiness of a system space nearby. 3. Which application is utilized in sync #2 in the hacking procedure to play out a powerlessness evaluation examine? /Nessus 4. Before you direct a moral hacking procedure or entrance test in a live creation organize, what must you do preceding playing out the surveillance and examining and filtering methodology? Play out an IP have disclosure and port exceptional output 5. What is a CVE posting? Who hosts and who supports the CVE database posting site? /A framework that gives a record to freely know ISS defenselessness/The open 6. Can ZenMap GUI distinguish what working frameworks are available on IP servers and Workstations? What might that choice resemble in the order line if running an output on 172. 30. 0. 10? /Yes/It would be the gr een content in the order line . In the event that you have checked a live host and distinguished that it is running Windows XP workstation OS, how might you utilize this data for playing out a Nessus Vulnerability evaluation examine? /You have to choose Windows Credentials in the drop down menu close to accreditation type. 8. When helplessness is recognized by Nessus, where would you be able to check for more data with respect to the distinguished powerlessness, abuses, and the hazard alleviation We will compose a custom exposition test on Title explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on Title explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom paper test on Title explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer

Historical and religious values and attachments to the Holy Lands of Essay

Chronicled and strict qualities and connections to the Holy Lands of Jews, Christians and Arab Muslims - Essay Example The three significant and most commanding religions of the world are in contention with one another since ages so as to catch and practice total expert in the Holy Land. This is because of their strict convictions and the Prophetic confirmations existing in the Holy Land. Think about and investigate the authentic and strict qualities and connections to the â€Å"Holy Lands† of Jews, Christians and Arab Muslims. The Holy Land which was once perceived as ‘Palestine’ has a profound and unmistakable relationship with three significant religions of the world including Islam, Judaism and Christianity. Since ages the devotees of these religions have kept up contention to involve and rehearse authority over the Holy destinations of Palestine. These religions have various likenesses, for example, the idea of Monotheism and dissimilarities or clashes based on Prophets and their lessons which consistently have been an explanation of question among them. Blessed Land as the n ame demonstrates is the sacrosanct spot where Muslims, Christians and Jews go for performing strict obligations and commitments. The spot is honored to observe the Prophetic occasions concerning Prophet Solomon, Prophet Jesus and in conclusion Prophet Muhammad. By and by Holy grounds are under the authority of Jews nonetheless, verifiable records mirror that it was once in the impact of Muslims and Christians as well.... Christians are the supporters of Prophet Jesus. Since the hour of Prophet Jesus till now they are asserting authority over the Holy Land as a large portion of the life of Prophet Jesus was spent there. Christians perceive Palestine as their Prophet’s Land and in this manner they have been battling hard to get the hold of the Holy Land so they can actualize their strict lessons there. The greater part of the occasions in the life of Prophet Jesus which occurred in the Holy land are referenced in New Testament which mirrors the nearby relationship of Christians with Palestine1. Christians accept that Prophet Jesus was executed in the Holy land accordingly they have fabricated an unprecedented landmark at where everything occurred. The exceptional landmark is known as the Church of the Holy Sepulcher. Since ages Christians have been making a trip to the Holy land for playing out a few strict practices and rituals2. Christians need to set up their standard over the Holy Land so as to smooth the pathway for journeys and furthermore to assume control over the spot which at first had a place with their Prophet. A trade of forces is seen among the devotees of the three religions with regards to rehearse authority over the Holy Land. By and by it is heavily influenced by Jews and already it was affected by British who isolated the zone into two divisions; one was for Muslims and other was to be worked as a Zionist State3. It has been an extraordinary time that Christians didn't get its ownership in spite of the fact that they see it as the most lofty spot for themselves. This has actuated a much extraordinary want among them to deal with the issues of the Holy Land. This could

Springfield

Springfield Springfield. 1 City (1990 pop. 105,227), state capital and seat of Sangamon co., central Ill., on the Sangamon River; settled 1818, inc. as a city 1840. In a rich agricultural region (sorghum, corn, cattle, and dairying), it is a wholesale trade, retail, and distribution center. Its varied industries produce consumer goods, flour, transportation equipment, parking meters, building materials, machinery, and electrical and electronic products. There is also book publishing. Oil and natural-gas fields lie to the south. The city is the seat of Springfield College in Illinois, Benedictine University, and the Univ. of Illinois at Springfield. Nearby are New Salem Historic Site, Camp Butler National Cemetery, and Lake Springfield. Abraham Lincoln, who was instrumental in having Springfield made the state capital in 1839, lived and practiced law there from 1837 to 1861. He is buried nearby, with his wife and three of their children, in a tomb and monument designed by L. G. Mead and dedic ated in 1874. Lincoln's home is preserved as a national historic site. Other places of interest include the capitol (1867â€"87), built in the style of Renaissance architecture; the old capitol (1837), where Lincoln made his House Divided speech and which contains the state historical library; several Lincoln museums, including the Depot Museum, where Lincoln made his farewell address (1861), and that at the Lincoln presidential library; the governor's mansion (1853â€"57); the state art gallery; and the state fairgrounds. Vachel Lindsay was born in Springfield; his house is a museum. 2 Industrial city (1990 pop. 156,983), seat of Hampden co., SW Mass., on the Connecticut River; inc. 1641. A port of entry, the city has significant printing and publishing industries. Among its many manufactures are ordnance, chemicals, plastics, machinery, electrical equipment, paper and metallurgical goods, and clothing. The city is the seat of Springfield College, American International Colle ge, and Western New England College. Saint-Gaudens ' Puritan is in Merrick Park. Also in the city are Forest Park (which has a zoo), the Basketball Hall of Fame, and several additional museums. Springfield was settled (1636) by Puritans under William Pynchon , and was one of the scenes in Shays's Rebellion (1786â€"87) and a station on the Underground Railroad . The U.S. Armory, which operated there from 1794 to 1966, was famous for the development of the Springfield and Garand army rifles; it now contains an arms museum and is a national historic site (see National Parks and Monuments , table). Basketball was invented at what is now Springfield College in 1891 by James Naismith . The first American-made projection planetarium was designed and built (1937) by Frank Korkosz for the city's science museum, which also contains an aquarium. 3 City (1990 pop. 140,494), seat of Greene co., SW Mo., in a resort area of the Ozarks; inc. 1846. It is the industrial, trade, service , and shipping center of a rich agricultural area producing dairy goods, livestock, poultry, grains, and fruit. The city's manufactures include metal, wood, and paper products; motor vehicles and transportation equipment; foods; machinery; electronic goods; apparel; feeds; and artificial flowers. Springfield is the seat of Drury Univ., Southwest Missouri State Univ., Evangel Univ., Baptist Bible College, and Central Bible College. It is also the international headquarters of the Assemblies of God church. In the Civil War, Springfield was taken by Confederate forces after the battle (1861) of Wilson's Creek; nearby are the battlefield and a national cemetery. Wild Bill Hickok lived in the city. 4 City (1990 pop. 70,487), seat of Clark co., W central Ohio, on the Mad River; settled 1799, inc. as a city 1850. A manufacturing center in a rich farm area, it is especially known for its production of farm machinery and trucks. Other goods include are machinery, tools, and a variety of metal (iron and steel) products. The city grew with the building of the National Road (1838), the arrival of the railroads (mid-1800s), and the establishment of farm-machinery plants (late 1800s). Wittenberg Univ. is there, as is Frank Lloyd Wright's Westcott House. Nearby is George Rogers Clark Park. 5 City (1990 pop. 44,683), Lane co., W central Oregon, between the McKenzie and Willamette rivers; inc. 1885. Near the forested foothills of the Cascade Range, the city has important lumbering and forest-product industries. Berries, nuts, poultry, dairy products, nursery plants, smoked fish, and chemicals are also produced. The McKenzie River recreational area is nearby. 6 Uninc. town (1990 pop. 23,706), Fairfax co., NE Va., a suburb of Washington, D.C. Its manufactures include foods, paper and concrete products, transportation equipment, medical devices, machinery, computers, and furniture. The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia Univer sity Press. All rights reserved. See more Encyclopedia articles on: U.S. Political Geography

Dihybrid Cross Definition and Example

A dihybrid cross is a breeding experiment between P generation (parental generation) organisms that differ in two traits. The individuals in this type of cross are homozygous for a specific trait or they share one trait. Traits are characteristics that are determined by segments of DNA called genes. Diploid organisms inherit two alleles for each gene. An allele is an alternative version of gene expression inherited (one from each parent) during sexual reproduction. In a dihybrid cross, parent organisms have different pairs of alleles for each trait being studied. One parent possesses homozygous dominant alleles and the other possesses homozygous recessive alleles. The offspring, or F1 generation, produced from the genetic cross of such individuals are all heterozygous for the specific traits being studied. This means that all of the F1 individuals possess a hybrid genotype and express the dominant phenotypes for each trait. Dihybrid Cross Example Look at the above illustration. The drawing on the left shows a monohybrid cross and the drawing on the right shows a dihybrid cross. The two different phenotypes being tested  in this dihybrid cross are seed color and seed shape. One plant is homozygous for the dominant traits of yellow seed color (YY) and round seed shape (RR)—this genotype can be expressed as (YYRR)—and the other plant displays homozygous recessive traits of green seed color and wrinkled seed shape (yyrr). F1 Generation When a true-breeding plant (organism with identical alleles) that is yellow and round (YYRR) is cross-pollinated with a true-breeding plant with green and wrinkled seeds (yyrr), as in the example above, the resulting F1 generation will all be heterozygous for yellow seed color and round seed shape (YyRr). The single round, yellow seed in the illustration represents this F1 generation. F2 Generation Self-pollination of these F1 generation plants results in offspring, an F2 generation, that exhibit a 9:3:3:1 phenotypic ratio in variations of seed color and seed shape. See this represented in the diagram. This ratio can be predicted using a Punnett square to reveal possible outcomes of a genetic cross. In the resulting F2 generation: About 9/16 of F2 plants will have round, yellow seeds; 3/16 will have round, green seeds; 3/16 will have wrinkled, yellow seeds; and 1/16 will have wrinkled, green seeds. The F2 progeny exhibit four different phenotypes and nine different genotypes. Genotypes and Phenotypes Inherited genotypes determine the phenotype of an individual. Therefore, a plant exhibits a specific phenotype based on whether its alleles are dominant or recessive. One dominant allele leads to a dominant phenotype being expressed, but two recessive genes lead to a recessive phenotype being expressed. The only way for a recessive phenotype to appear is for a genotype to possess two recessive alleles or be homozygous recessive. Both homozygous dominant and heterozygous dominant genotypes (one dominant and one recessive allele) are expressed as dominant. In this example, yellow (Y) and round (R) are dominant alleles and green (y) and wrinkled (r) are recessive. The possible phenotypes of this example and all possible genotypes that may produce them are: Yellow and round: YYRR, YYRr, YyRR, and YyRr Yellow and wrinkled: YYrr and Yyrr Green and round: yyRR and yyRr Green and wrinkled: yyrr Independent Assortment Dihybrid cross-pollination experiments led Gregor Mendel to develop his law of independent assortment. This law states that alleles are transmitted to offspring independently of one another. Alleles separate during meiosis, leaving each gamete with one allele for a single trait. These alleles are randomly united upon fertilization. Dihybrid Cross Vs. Monohybrid Cross A dihybrid cross deals with differences in two traits, while a monohybrid cross is centered around a difference in one trait. Parent organisms involved in a monohybrid cross have homozygous genotypes for the trait being studied but have different alleles for those traits that result in different phenotypes. In other words, one parent is homozygous dominant and the other is homozygous recessive. As in a dihybrid cross, the F1 generation plants produced from a monohybrid cross are heterozygous and only the dominant phenotype is observed. The phenotypic ratio of the resulting F2 generation is 3:1. About 3/4 exhibit the dominant phenotype and 1/4 exhibit the recessive phenotype.

Similarities and Dissimilarities Between Shelley and Keats

Similarities and dissimilarities Though P. B. Shelley and John Keats were mutual friends, but they have possessed the diversified qualities in their creativity. These two are the great contributors of English Literature, though their lifecycle were very short. Their comparison are also little with each other, while each are very much similar in thoughts, imagination, creation and also their lifetime. 01) Attitude towards the Nature P. B. Shelley: Whereas older Romantic poets looked at nature as a realm of communion with pure existence and with a truth preceding human experience, the later Romantics looked at nature primarily as a realm of overwhelming beauty and aesthetic pleasure. While Wordsworth and Coleridge often write about nature†¦show more content†¦Autumn is when, as Shelley writes, the winged seeds are placed in their dark wintry bed and lie cold and low. And Keats writes that autumn is the time when the hazel shells are plump with a sweet kernel; to set budding more. These similarities between the two pieces are interesting; however there are many differences in the poems as well. Keats and Shelley express different emotions about the fallseason. Shelley looks at autumn as being wild and fierce while Keats has a more gentle view of the season. Shelley perceives autumn as an annual death, calling it Thou dirge/Of the dying year, and he uses words such as corpse and sepulchre in the poem. He also employs wor ds such as hectic and tameless, and looks upon the autumn horizon as being the locks of the approaching storm. Also, he claims the autumn winds are where black rain and fire and hail will burst. Lines such as this reveal the speakers attitude that autumn is a ferocious and reckless season bearing morbid portence of the coming winter. On the other hand, Keats fills his poem with lighter words such as mellow, sweet, patient, and soft. The speaker of this poem looks out upon the landscape and hears the full-grown lambs loudbleat from hilly bourn, and listens as the gathering swallows twitter in the skies. These lines indicate a much softer and moreamiable emotion felt by the speaker; sentiments quite opposite to those felt in Ode to the West

Gold Price and Effect on Stock Exchange Free Essays

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

Underlying Themes in the Works of James A Michener Essay James A. Michener is often regarded as a literary outsider. Despite his vast works that have sold millions of copies and delighted readers everywhere, his blunt approach to literature has brought him much criticism. Despite his lack of many literary vehicles to convey his ideas, his works do contain several universal and underlying themes. These themes can often be applied to our lives and thought processes to benefit us for the better. One of Micheners most apparent and perennial underlying themes is on the issue of race. As literary critic Pearl K. Bell has said, He Michener tries to improve their the readers hearts by exposing the torment and destruction caused by racial intolerance (Stine and Marowski, ed. 29: 314). Michener himself has said that one of his major themes has been man as a brother to all other men (The World is My Home, 507). In This Noble Land: My Vision for America, Michener says, No aspect of our society causes me greater apprehension than the lamentable state of our race relations (49). Indeed, Michener has seen racial tensions as a great trouble in our society, and has written his works to deal with such. We will write a custom essay on Underlying Themes in the Works of James A Michener specifically for you for only $16.38 $13.9/page Order now The theme of race first comes up in Micheners debut novel, Tales of the South Pacific. In Our Heroine, Nellie Forbush, a nurse from Little Rock, Arkansas, falls in love with a French planter who has eight illegitimate, mixed-race children. She has trouble accepting these nigger children because of her Southern roots, but in the end she overcomes this prejudice and accepts the children as her own. In Fo Dolla, Lieutenant Joe Cable falls in love with an island girl, but he is not allowed to marry her because of military regulations and American prejudice (Day 36-54). The theme of overcoming racial tensions is central in Sayonara. In this novel, an army major is sent to Japan for rest and recovery during the Korean War, and while there he falls in love with a Japanese dancer. He defies orders and regulations and goes to live with her, risking his entire military career. In the end, however, he is forced to return to America without as much as even saying goodbye to his Japanese sweetheart (Day 81-85). The theme of race is also apparent in Hawaii. In one part of the novel, missionary Abraham Hewlett is forced to resign from the mission because he married a Hawaiian girl, an act considered an abomination by his peers. He condemns them with the words, You love the Hawaiians as potential Christians, but you despise them as people (Hawaii 290). Michener also describes races cooperating and mixing to advance Hawaii and allow it to ascend in power and greatness (Day 118-130). In The Source, Michener chronicles the persecution of the Jews. In the town of Makor, during the Roman invasion, most Jews are executed and the rest become slaves. When the Muslim invaders come years later, they also execute and enslave Jews, and subject them to harsh rule. All of this suffering was simple because they were Jews (Becker 87-88). The race issue is also dealt with in Centennial. The Indians and whites start out as peaceful on the frontier. However, bigot whites come to the frontier, see the Indians as meddlesome, and therefore want to exterminate them (Becker 121-126). This leads to much conflict between the whites and Indians. In Chesapeake, Michener puts the theme of race in with black slavery. The horrors of slavery are chronicled, starting with the capture of slaves in Africa and moving on to plantation life. Shown is how the slaves were pulled down to a mournful level because the whites think they are inherently superior (Becker 144-149). Also described is how blacks live in a diminished state of life after the abolition of slavery due to discrimination by whites. .ua1ccb2842e1148d024af5502361faec3 , .ua1ccb2842e1148d024af5502361faec3 .postImageUrl , .ua1ccb2842e1148d024af5502361faec3 .centered-text-area { min-height: 80px; position: relative; } .ua1ccb2842e1148d024af5502361faec3 , .ua1ccb2842e1148d024af5502361faec3:hover , .ua1ccb2842e1148d024af5502361faec3:visited , .ua1ccb2842e1148d024af5502361faec3:active { border:0!important; } .ua1ccb2842e1148d024af5502361faec3 .clearfix:after { content: ""; display: table; clear: both; } .ua1ccb2842e1148d024af5502361faec3 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua1ccb2842e1148d024af5502361faec3:active , .ua1ccb2842e1148d024af5502361faec3:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua1ccb2842e1148d024af5502361faec3 .centered-text-area { width: 100%; position: relative ; } .ua1ccb2842e1148d024af5502361faec3 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua1ccb2842e1148d024af5502361faec3 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua1ccb2842e1148d024af5502361faec3 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua1ccb2842e1148d024af5502361faec3:hover .ctaButton { background-color: #34495E!important; } .ua1ccb2842e1148d024af5502361faec3 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua1ccb2842e1148d024af5502361faec3 .ua1ccb2842e1148d024af5502361faec3-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua1ccb2842e1148d024af5502361faec3:after { content: ""; display: block; clear: both; } READ: Immigration Essay SummaryA less obvious and less persistent, but still prominent, underlying theme of Micheners is the environmental issue. According to Frank N. Magill, Michener discusses the fragile bond that exists between the land and the people who live on it (Magills Survey 1352). Indeed, in The Quality of Life, Michener says, The quality of a good life depends in large measure on how