Abraham Sinkov - Interview Discussing Cryptologic Field free essay sample

Metropolitan Museum of Art essays

Metropolitan Museum of Art essays For my cultural event I chose to visit the Metropolitan Museum of Art. I've always, even while I lived in Portland, had a wish to visit it and to experience the feeling that was so popular among those who have been there before. I often imagined what it would be like, but when on Saturday the 14th of October I actually went there for the first time I was speechless. It was a lot more then what I pictured it to be. I spent 4 hours there and in that time I was only able to see the first floor and briefly run through the second floor. As I walked in and turned left, I found myself among the most beautiful sculptures by artists not only of American heritage but also from around the world. I saw the sculpture of Adam by Tullio Lombardo, Alheus and Arethusa by Battista Lorenzi, Andromeda and the Monster by Domenico Gaidi, Ugolino and his Sons, my most favorite of them all due to the reality of the expressions on the faces of the sculpture and the amazing detailed work that Jean Baptise Carpealle has done. Those were just a few of all that I saw, the ones that got stuck in my memory because they were so amazing. From that gallery, I went into another, a gallery that holds rooms from the 19th and 18th centuries, with all their ancient furniture. Rooms filled with a completely different atmosphere then my own or the one that I am used to. Gorgeous chairs, rugs, paintings invited me to touch them, to feel their culture, to hear the noises that they would make, but of course forbidden to be touched or to even come close to them. After that I went through gorgeous galleries of African Art, which took me into a completely different world of their own culture. I walked by masks, dishes, chairs, and millions of textures and colors of wood, which they were made out of. And then I was led into another room, a gallery of ancient Greek works. This was probably the most interesting room to me because I've always found the Gre...

Thoughts of College Essay Example | Topics and Well Written Essays - 500 words

Thoughts of College - Essay Example This has enabled me to go attend lectures, pay attention in class, and get interested in classwork, as well as other school activities. In addition, personal motivation has enabled me to spend most of my time in the library doing research and extra reading instead of going out and having fun all the time in my free time as most students do. Finally, personal motivation has enable me to do my assignments on time and well, which contributed greatly to my good grades. However, I feel that I may encounter several challenges to personal motivation especially in my educational path. One such obstacle is procrastination, which is a state of postponing activities or tasks until last minute. This may be an obstacle because it will hinder me from finishing my assignments on time, as well as studying for exams early enough to have ample time for preparation. These are some of the obstacles that make students perform poorly in their studies. Another obstacle maybe influence from friends or peers. There are several students who do not take their studies seriously, and during their free time all they do are class unrelated activities without minding classwork. Moreover, some students do not even attend lectures increasing their chances of failing exams. There is a strong influence from friends and peers to engage in such behaviors and forget about classwork, and this may be an obstacle to my educational achievements. My plan for addressing the obstacles is setting clear educational goals on what I want to achieve. Then, I set a timetable or framework of how I want to achieve it. This strategy will help me avoid procrastination since it eliminates possibilities of laziness. In addition, it clearly outlines activities to be done with a strict schedule that leaves no room for procrastination. Another plan of addressing obstacles to achieving my educational goals is exercising self-control to avoid influence from peers and

Key features of skill and composition Essay Example | Topics and Well Written Essays - 1250 words

Key features of skill and composition - Essay Example The game ensures that each player is concentrating on making goals. Thus, each player must also focus on playing an aggressive and intense game ensuring effective communication and making quick decisions along the way. The most important aspect of the game is playing in synchrony which allows an effective and victorious game for the team (Hale & Collins). With the game being as competitive as it is, it is necessary for the players to be well-versed in the knowledge of the game along with being agile and highly skilled. The basic skill required by any rugby player is their use of the ball. This includes how the player picks up the ball, how to control the ball by falling onto it and how to pick up a ball from the ground (Oberhoizer). While these might seem like minute details to the discerning eye they will be of great importance during the game. The skills required for rugby concentrate not on the ball alone. The handling of the ball is also of great importance. The different handling of the ball is important as are the tackling skills while running with the ball. Included in these are the kicking skills that ensure that the player excels not only by running with the ball but also protecting the ball from defense. The passing skills are just as important. Thus, catching, passing, kicking, tackling and evasion are all considered to be important skills while playing rugby. With all these skills it's expected for rugby to be a difficult and strenuous game to play. It is for this reason that playing a safe game is vital to ensure the true spirit of the game (Greenwood 2003). Every player is expected to use exercises that best manipulate and create their skills to help in the game. Not only are the players taught skills but also how to implement these skills in the best way possible (Passos 2008). The traditional modes of rugby teachings are deterministic. They leave no place for spontaneity instead depending on the playing itself. The performance of the players is kept against the variations in play because of the uncertainty of the game. Thus when the game is planned, coaches work to ensure that the variability of the players' actions and their decision making skills are decreased because of the plans that they must play out. This can be done by practicing skills without any opposition or facing passive opposition to ensure that the team's skills are p erfected. It also includes practicing drills in a repetitive order to make sure that the players movements are not uncertain during the game. By practicing according to these rules, the movements of the players become fluid and predictable, reducing the chances of a mistake or surprise move during the game. However, the playing of the game itself is still dependant on the agility and skills of each individual. There is also the belief that it is necessary for any successful player to change and adapt accordingly to the game. Even if the player has practiced a specific move, the changing dynamics of the game will ensure that it's difficult to imply them. Thus, according to Lebed it is vital for the players to be accustomed to playing a competitive match (2006). This is a far cry from the traditional methods which decide on a planned game. The biggest criticism is the fact that this type of

International marketing Essay Example | Topics and Well Written Essays - 2000 words - 7

International marketing - Essay Example Marketing communication is the main element, which is responsible for developing a customer’s demand for a product or service by providing brand information as well as facilitating purchase intention (Pelsmacker, 2006). Currently, there are a lot of issues concerned with global marketing communication, such as those related to how much effective the advertising is, testing various marketing and promotional methods, (Onkvisit and Shaw, 1999) the design of content and language used in the advertisement (Hollensen, 2014) etc. For example, although sales volume can be used as a yardstick to measure the effectiveness of advertising, other important factors such as economic conditions and pricing strategies can also affect sales volume. However, the decision regarding whether to standardise a particular advertising strategy or adopt another a new one is one of the most critical issues that business organisations face. This topic has been regarded as an endless debate from 1950 to 1990 (Solberg, 2002). Standardisation means that a company maintains the same advertising strategies in all the countries where it markets its products or services. It is in line with the idea of global marketing strategies, which was first established by Levitt (1983). The globalism concept suggests that the world is becoming a common place where people desire the best product and lifestyle no matter where they live. Particular to international advertising, the globalisation strategy concept was praised by marketing practitioners. By adopting global advertising, companies can create massive economies of scale to maintain a consistent brand image in the minds of the consumers. On the other hand, the conventional view is to localise marketi ng and advertising strategies because every market is unique (Zhou and Belk, 2004) and since consumers have different needs and lifestyle all around the world. Jobber

Stock Market Performance and Economic Activity Relationship

Stock Market Performance and Economic Activity Relationship Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935, basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gro wth. (Levine. R A spur to economic Growth) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the nonstationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. Cointegration long term common stochastic trend between nonstationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called cointegrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationarity of variables. ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). The following regression for the unit root test in Eviews: Is the white noise error tem. Is the difference operator. , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co –integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. Then, = – is representing the estimated residual vector. If the residual is itegrated with zero that means the series for the residual is stationary, and and are then co integrated. An in this situation (1, -) is called co-integrating vector. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger s operational causality definition depends of below hypotheses, Next cannot be the reason of past. 1. Next cannot be reason of past. Certain causality is possible only with past causes present time or future time. Cause is always to be come true before the result. In addition, this makes time lagged between causes and results. 2. Causality can be determined only stochastic process. It is not possible to determine the causality between two deterministic processes. After 1990s, Granger and Engle contributed to time series literature importantly. On these developments about time series analysis, some variations were done with Granger Causality test. According to this, possible long-term relationship would be tested and if 20 variables were co-integrated, long-term regression error equation s lagged value would be included in Granger Error Correction model as error correction term. Thus, Granger Causality test should be applied. If there is no co-integration between the variables, it can be continued with Granger Causality Test without including error correction terms. If there is a co-integration between the variables, Granger Causality Test will be failed and it will be certainly necessary to be included error correction term into the models. Granger Causality Test, which depends on time series data, is made by the estimation of the equations below with Least Squares Method (LSM). Xt = + j t j X + i t i Y + Ut Yt = + j t j Y + j t j X + Ut In Granger Causality test, there are three possible situations that one directional causality from x to y or y to x, opposite direction between x and y or one affect to other and independency of x and y each other. This situation changes according to chosen of null hypothesis and lagged values randomly in equations above whose parameters are whether equal to zero or not. According to researches, randomly choice makes causality incline to deviations importantly. To understand this test clearly it can be talked about below equation; t (LNGDP) = 0 + t inii (LNGDP)1+ t I nii (LND1)1+ Ut To apply Granger Causality test under null hypothesis, which illustrates coefficients of financial deepening variables (LND1) are meaningful (equal to zero) and then F-statistics can be calculated. If null hypothesis is not rejected then it is possible to say that Granger causality test accepts that financial deepening causes economic growth. The direction can be either negative or positive (Granger and Engle, 1987). Indicators of the economic growth and the financial deepening are variables, which are used for Granger Causality test. Moreover, this test can determine the effects of one variable on the other. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Form the result of Augmented Dickey Fuller test of the four countries variables (Log GDP and Log Share price) shows that the entire variable has unit root at level which proves that the series is not stationary. However, the result from the first difference shows the significance at 1%, 5% and 10% critical value and found to be stationary behaviour. Therefore, it suggests that all the variables are integrated of order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test USA Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -3.244801 -3.522887     -2.901779 -2.588280   2.866507   -4.088713   -3.472558 -3.163450 1st Difference -5.010864 -3.524233   -2.902358 -2.588587 -5.010864   -4.090602   -3.473447 -3.163967 Share Price Level -2.074732 -3.522887     -2.901779 -2.588280 -0.359637   -4.088713   -3.472558 -3.163450 1st Difference -8.181234 -3.524233   -2.902358 -2.588587 -8.735399   -4.090602   -3.473447 -3.163967 Augmented Dickey Fuller Statistic in case of the variable of USA LUSSP and LUGDP I have used the same method using intercept and intercept and trend in level and first difference. Th Stock Market Performance and Economic Activity Relationship Stock Market Performance and Economic Activity Relationship Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935, basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gro wth. (Levine. R A spur to economic Growth) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the nonstationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. Cointegration long term common stochastic trend between nonstationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called cointegrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationarity of variables. ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). The following regression for the unit root test in Eviews: Is the white noise error tem. Is the difference operator. , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co –integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. Then, = – is representing the estimated residual vector. If the residual is itegrated with zero that means the series for the residual is stationary, and and are then co integrated. An in this situation (1, -) is called co-integrating vector. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger s operational causality definition depends of below hypotheses, Next cannot be the reason of past. 1. Next cannot be reason of past. Certain causality is possible only with past causes present time or future time. Cause is always to be come true before the result. In addition, this makes time lagged between causes and results. 2. Causality can be determined only stochastic process. It is not possible to determine the causality between two deterministic processes. After 1990s, Granger and Engle contributed to time series literature importantly. On these developments about time series analysis, some variations were done with Granger Causality test. According to this, possible long-term relationship would be tested and if 20 variables were co-integrated, long-term regression error equation s lagged value would be included in Granger Error Correction model as error correction term. Thus, Granger Causality test should be applied. If there is no co-integration between the variables, it can be continued with Granger Causality Test without including error correction terms. If there is a co-integration between the variables, Granger Causality Test will be failed and it will be certainly necessary to be included error correction term into the models. Granger Causality Test, which depends on time series data, is made by the estimation of the equations below with Least Squares Method (LSM). Xt = + j t j X + i t i Y + Ut Yt = + j t j Y + j t j X + Ut In Granger Causality test, there are three possible situations that one directional causality from x to y or y to x, opposite direction between x and y or one affect to other and independency of x and y each other. This situation changes according to chosen of null hypothesis and lagged values randomly in equations above whose parameters are whether equal to zero or not. According to researches, randomly choice makes causality incline to deviations importantly. To understand this test clearly it can be talked about below equation; t (LNGDP) = 0 + t inii (LNGDP)1+ t I nii (LND1)1+ Ut To apply Granger Causality test under null hypothesis, which illustrates coefficients of financial deepening variables (LND1) are meaningful (equal to zero) and then F-statistics can be calculated. If null hypothesis is not rejected then it is possible to say that Granger causality test accepts that financial deepening causes economic growth. The direction can be either negative or positive (Granger and Engle, 1987). Indicators of the economic growth and the financial deepening are variables, which are used for Granger Causality test. Moreover, this test can determine the effects of one variable on the other. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Form the result of Augmented Dickey Fuller test of the four countries variables (Log GDP and Log Share price) shows that the entire variable has unit root at level which proves that the series is not stationary. However, the result from the first difference shows the significance at 1%, 5% and 10% critical value and found to be stationary behaviour. Therefore, it suggests that all the variables are integrated of order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test USA Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -3.244801 -3.522887     -2.901779 -2.588280   2.866507   -4.088713   -3.472558 -3.163450 1st Difference -5.010864 -3.524233   -2.902358 -2.588587 -5.010864   -4.090602   -3.473447 -3.163967 Share Price Level -2.074732 -3.522887     -2.901779 -2.588280 -0.359637   -4.088713   -3.472558 -3.163450 1st Difference -8.181234 -3.524233   -2.902358 -2.588587 -8.735399   -4.090602   -3.473447 -3.163967 Augmented Dickey Fuller Statistic in case of the variable of USA LUSSP and LUGDP I have used the same method using intercept and intercept and trend in level and first difference. Th

Divorce Law :: essays research papers

Divorce is a growing epidemic in Canada and the United States. It affects both parties involved, being the spouses, and also has a profound affect on children of the marriage. Recently our government has been revising the old divorce act. It was apparent that it was time to revise the act because it did not properly protect the children from being caught in the middle of things. Divorce is defined as follows: to dissolve legally a marriage between; separate (one of a married couple) from the other by divorce . The Canadian constitution allows only the federal government to set divorce law. The government of Canada has a divorce act, and because it is a federal law, it applies fully and equally in all parts of Canada and to all Canadian citizens. Divorces begin with an application to the court asking it to declare that there has been a breakdown of the marriage. This application must include paragraphs which refer to where and when the marriage took place, who the children were, who should have custody and why, if there is to be support for one of the spouses paid for by the other, and what is to become of the family property. Certified copies of the marriage certificate and any birth certificates are attached. The claim for support is known as "Corollary relief" and may be for the spouses and/or the children (claims for custody also fall under corollary relief claims). When corollary relief is requested, a financial statement which sets out your families monthly expenses in detail is required. The divorce act requires the court to verify weather there seems to be any chance of reconciliation between the parties. The court may even ask for a marriage councilor to attempt a reconciliation. The divorce act demands the sole grounds for divorce as breakdown of marriage, and provides for three basic ways of proving it:  You and your spouse have been separated for one year.  Your spouse has committed adultery.  Your spouse has treated you with intolerable mental or physical cruelty. The most common grounds for divorce is certainly a one year separation for it is the easiest to prove. There is no such thing as a "legal separation" however while living apart you should be protected by a separation agreement. A separation agreement is a domestic agreement between a separated couple outlining the distribution of the property and other obligations to each other .

Explore the theme of Duality in ‘The Strange Case of Dr Jekyll and Mr Hyde’ Essay

First published in 1886, ‘The Strange Case of Dr Jekyll and Mr Hyde’ was an immediate success and one of author Robert Louis Stevenson’s bestselling novels. It is a classic example of Gothic fiction and even though it may be seen as just a horror story, with accounts of violent murders and a disturbing, scientific experiment gone wrong, the book also explains the suppression of the Victorian society. Furthermore, Stevenson brought out further ideas of human psychology during the Victorian times, as the story explores the theme of duality in human nature; the idea that every person has two sides to themselves – a nicer, kind side which can also be seen as ‘artificial’ as it is displayed in social situations, whereas the sinister, darker side of man is unsuspected and hidden. This will be my main focus in the essay, analysing how Stevenson uses this theme of dual nature in his novel. ‘The Strange Case of Dr Jekyll and Mr Hyde’ has another unusual twist because, after all the horrendous acts that have been committed and the unpredictable behaviour of the characters, it is only in the last chapter that the plot and the true dual nature of Henry Jekyll are revealed to the reader, through a letter that Jekyll leaves. It is in this letter that he describes in detail his theory of good and evil in one body, his scientific interests and what made him want to create such a potion that could separate his personality. Jekyll starts with an explanation of his family background and tells us how he was born to a â€Å"large fortune, endowed besides with excellent parts† showing that he had the best start in life and, even from an early age, it was clear that he had every chance of being successful in the future. This leads to the expectations of him, coming from a wealthy family with a high status in the Victorian times – Jekyll had to do what was expected of him and become a doctor or a lawyer, which he did achieve. He has all the money, respect and status and from the outside, Jekyll seems to have the perfect Victorian gentleman’s lifestyle. He lives up to this perfect life, putting on a show of having an honest nature, and maintaining good manners and respectable behaviour in public – â€Å"†¦he was now no less distinguished for religion. He was busy, he was much in the open air, he did good.† However Jekyll lives a double life, there’s more to him than the side that he displays in public. As much as he wants to be a good person and keep up his appearance, Jekyll finds it difficult to cover up his sinful side, where he feels the needs to commit bad deeds such as visiting prostitutes and going out drinking. It doesn’t clearly state what exactly it is that Jekyll wants, so it is left to the reader’s imagination. Even though it might not seem as bad to us in today’s society to drink and have sexual urges, it came across as ‘taboo’ in the Victorian times so we assume that it was in the immoral side of Jekyll’s nature to go round getting drunk and having sex. Furthermore if you had a higher status, it would be required of you to suppress these feelings so you wouldn’t be shunned upon for acting on your desires. Unfortunately it becomes more and more challenging each day for Jekyll to go on living with the two different sides within him, he â€Å"conceals his pleasures† for the reason that the position he has earned in society and his reputation, depend on it. Jekyll learns that â€Å"man is not truly one, but truly two†. Based on this theory, Jekyll researches and develops a potion that could allow him to try and split the two parts of him, so he can have two separate identities; one with a good nature and the other where he can give in to his darker desires without facing the consequences. After finally finding the right chemicals and substances, Jekyll puts together the potion and takes a sip, aware that he could be risking his life. As soon as he has taken the potion he begins to experience agonizing pains, the symptoms of which include â€Å"a grinding in the bones and deadly nausea†. However, all these pains disappear after a while and Jekyll starts to feel new, strange feelings he hasn’t felt before which he finds â€Å"incredibly sweet†. He sees â€Å"disordered sensual images† in his head and he instantly feels younger, stronger and happier. It seems as if, in a way, Jekyll has created a body to go with and represent his hidden personality and with just a gulp of the potion he has the power to transform himself into this other person, Mr Edward Hyde, whenever he wants. He realises that he now has an â€Å"unknown but not an innocent freedom of the soul† and so he knows straight away that he can let out all the feelings he has k ept repressed for so long, that he can carry out the acts he has always desired, and commit sins without feeling that he guilt that he would have, as Jekyll. At first it seems as if the discovery of this potion was to Jekyll’s advantage; now he has another identity which allows him to do everything he has dreamed of doing, without paying the consequences. However Jekyll kept his darker side restrained for such a long period of time, and now that he can release himself through another body, the feelings that were repressed are now so strong that they become violent and lead to him causing harm to the society. Edward Hyde only appears briefly throughout the novel, and is first introduced through one of the other characters, Mr Enfield, telling the story of how he witnessed Hyde carelessly trampling all over a young for no apparent reason, late at night; this is what makes Hyde automatically come across as evil from the beginning of the story, to the readers. Robert Louis Stevenson also leaves what it is that Hyde gets up to, to the readers imagination too, but Hyde’s major appearance in the novel is when he brutally kills an old man known as Sir Danvers Carew (the local MP) using a stick and like the trampling of the young girl incident, without a motive. As Sir Danvers Carew is described as â€Å"an aged and beautiful gentleman† who is said to have â€Å"bowed and accosted Hyde with a very pretty manner of politeness†, it is oblivious to us what exactly it was that provoked Hyde to engage in such a horrifying murder. The fact that Hyde breaks out in a â€Å"great flame of anger† and trampled on Sir Danvers until his bones were â€Å"audibly shattered† and also that the heavy wooden cane he used to beat Sir Danvers with was broken in half, indicates the intensity of Hyde’s anger and how malicious the murder really was. The murder case brings out the cruelty in Hyde, and furthermore, represents the savagery within him and how animal like his nature is – how could a person kill another man so viciously, without even feeling the slightest bit of remorse? Hyde’s fury is described as â€Å"apelike† and the fact that his behaviour is linked to him being a beast or a savage animal all comes down once again, to the repression of Jekyll’s feelings – the monster in him comes out roaring. Once Jekyll transforms back into himself he realises just how awful the murder he committed as Hyde is and this leaves him feeling shocked and also worried about the amount of trouble he will be in, so therefore vows to never take the potion again. On the other hand, Hyde makes it impossible for Jekyll to stick to this vow. This is for the reason that Hyde loathes Jekyll; he wants to be this free, untamed personality all the time and so the power that he has over Jekyll grows more and more until Jekyll finds himself unwillingly transforming into Hyde at random times, without even needing to drink the potion. Jekyll becomes helpless and acknowledges that the only way he will ever be able to get rid of Hyde is by ending his own life. Throughout the novel, R.L. Stevenson uses language which portrays both Dr Jekyll and Mr Hyde as two very different characters, both of their contrasting descriptions suggest that they are nothing alike and that they have nothing in common – they are both opposites. If it wasn’t for Jekyll’s will which shows us both characters are well acquainted, we would think that they have nothing to do with each other. As soon as Hyde is just vaguely mentioned in the novel, the other characters and the narrative descriptions use negative language directly towards him. They act as if they’ve been horrifically shocked by his facial features which makes the reader picture him as a repulsive looking creature, especially as he is said to be â€Å"pale and dwarfish† and that he â€Å"gave an impression of deformity without any nameable malformation†. The text even indicates that there is something so wrong with Hyde’s physical appearance that he can scare away the other characters in the book by simply looking at them – â€Å"but gave me one look, so ugly that it brought out the sweat on me like running.† Also Hyde is often related to having animal-like characteristics and behaviour, linking to Darwin’s theory of evolution which was newly introduced in the Victorian times around the same period the story was set. The idea that humans had evolved from animals extremely shocked the Victorians. On one hand it was difficult for them to get their heads around the fact that humans descended from apes and that the human mind could be composed of animal element, since they strongly believed that God was the creator of the world and all the species, contradicting Darwin’s theory which challenged creation stories and religious beliefs. On the other hand it was highly disturbing for the Victorians to acknowledge that they too had descended from apes, when they thought that every individual had been uniquely made by God. It must have been especially frightening, for a Victorian to read The Strange Case of Dr Jekyll and Mr Hyde, and discover the beastlike aspects of Hyde which suggest that he is stuck in the phase of evolving from an ape into a human. This also reflects back to Jekyll creating the potion – by attempting to split his personality, he was tampering with God’s creation and going beyond the limits as a human. Jekyll goes too far with his experiments, resulting in disasters. The two different areas in London that Dr Jekyll and Mr Hyde are associated with also differentiate from each other and reflect their contrasting personalities. Jekyll lives in Cavendish Square, a very wealthy area in the west end of London, symbolising the high status of the career that Jekyll has – he’s a d octor who is wealthy and respectable. Alternatively Hyde comes from Soho; one of the poorest areas in London with a bad reputation, at the time the story was set. It is described as a â€Å"dismal quarter† with â€Å"muddy ways† and â€Å"slatternly passengers† and was home to the disreputable and indecent places in the Victorian times, such as brothels and music halls – there was a â€Å"dingy street, a gin palace, a low French eating house, a shop for the retail of penny numbers† which indicates the low wealth of Soho. The â€Å"dingy streets† and cheapness of Soho makes the reader imagine dirty and grubby roads in comparison to those of Cavendish Square which are â€Å"as clean as a ball-room floor†. The quote â€Å"many ragged children huddled in the doorways† describes the poverty-stricken and deprived state of this area. Naturally this poorer area would have a higher crime rate than other areas in London, which is why it was where one might go to make dodgy deals, or where a person would be most likely to bump into criminals and beggars. Soho particularly reflects Hyde’s personality and the reader can see exactly why he would fit in so well in such a place, as he can be defined as a criminal in many occasions of the story. The theme of duality throughout the story is also reflected in other characters of the story and the setting too, as well as just Jekyll and Hyde. There are many cases where some of the characters are shown to be hypocrites and even lead double lives. For example, the policeman investigating the Carew murder case â€Å"lit up with professional ambition† when he comes to realise that it is the local MP whose death he is in looking into, and the advantages of this case for his career regardless of how brutally Sir Danvers Carew was killed. This hypocritical behaviour of the policeman clearly shows the reader his selfishness and that he cares more about what good it would do him to deal with something that would â€Å"make a deal of noise† than exposing a murderer. He knows that it would lead to his personal recognition within the community, as Sir Danvers was a gentleman who was highly looked up to so he seizes the chance. In addition to this Sir Danvers was said to be walking the street alone, late at night around the time of his murder so despite the fact that he appears to be so polite and innocent, is there no chance that he could have had another unsuspected side to him, too? Another example of a hypocrite would be the old woman at Hyde’s house, who is even said to have an â€Å"evil face, smoothed by hypocrisy†. On the hearing of Hyde being in trouble with the police, â€Å"a flash of odious joy appeared upon the woman’s face† meaning that it is to her satisfaction to hear about her master’s sins and involvement in crime when it’s her job to still be loyal and trustworthy towards him, regardless of any crime he has committed. Although there’s nothing more than a couple of sentences to these two little revelations in the novel, they reveal to the reader the true and double natures of people who we would expect better from. Even Jekyll’s house symbolises duality – firstly there are two entrances, a front door used by Jekyll and the back door used by Hyde, supporting that there are two sides to everything, and also that it seems less obvious to the reader that they are both the same person. The front section of the house consists of Jekyll’s general living space, and he commonly uses this area to throw dinner parties and gatherings. The hall is â€Å"warmed by a bright, open fire and furnished with costly cabinets of oak† which gives the impression of being very welcoming and comforting. Jekyll’s elegant home echoes a â€Å"great air of wealth and comfort† representing the character he acts as in public. The rear door which Hyde enters and leaves from is â€Å"blistered and distained† and leads to Jekyll’s laboratory and private room where Hyde is usually seen. The back rooms of the house don’t share the elegant interior and hospitable atmosphere of the front rooms making them seem as if they are not connected to each other. The laboratory is a â€Å"sinister block of building† with no windows which makes it significantly dark and depressing as there is no natural light coming in to the room. The negative language used links Hyde to the back section of the building and reflects his personality. We have already acknowledged that the theme of duality is related to the suppression of the Victorian society, as we know Jekyll’s double nature exists due to hiding his feelings. It was common for Victorians, gentlemen in particular, to suppress their feelings as status depended on reputation, making it difficult for them to give into pleasures that they des ire. An example of this is shown in Mr Utterson the lawyer, who solves the truth behind the story of Jekyll & Hyde. As his profession has a high status, he obviously has to live up to the good reputation he has – the quote â€Å"and though he enjoyed the theatre, had not crossed the doors of one for twenty years† shows that he refrains from doing the things he would like to, simply concealing his emotions. Likewise, Mr Enfield subtly implies that he is also hiding something when he quotes â€Å"I was coming home from some place at the end of the world, about three o’clock of a black winter morning† – as he doesn’t give any details about where he was and he was out so late, perhaps he was committing some type of sin, and giving into his suppression. The structure of the book continues to reflect the predominant theme of duality as it has a non linear narrative with a number of characters narrating the different chapters of the story. This suggests that there are more than two ways of looking at something, as the reader gets to see the same event through the eyes of different people and learn about their varying viewpoints, which backs up the author’s theory that â€Å"man is not truly one, but truly two†. Although it is effective for us to be told the story from multiple perspectives, since it creates more of a mysterious tone throughout the novel and sets the suspense, it is quite biased as the accounts we are told from the different characters are based on their individual emotions and opinions regarding the events. I believe that Stevenson succeeds in getting his belief of dual nature in humans, across to the readers throughout the novel as the overall message of the book is that the human personality can be split into several parts. There is no one person who is all pure, or all evil, each and every one of us has different personalities and people living within ourselves. At one point in life, all humans will have put on a faà §ade, pretending to be a different person in public whilst their true emotions remain hidden inside. Stevenson explores this concept in depth, and the conclusion is that there will never be just one way of looking at something; there is never just one side to a story.

Kilauea essays

Kilauea essays Hawaii consists of a string of islands, or an archapelago. Kilauea is located on one of these islands, the central Hawaii island. Kilauea is one of the worlds most active volcanic craters. Craters are formed either by the massive collapse of material during volcanic activity, by unusually violent explosions, or later by erosion during dormancy (Comptons). It is situated on the southeastern slope of the great volcanic mountain Mauna Loa. Its elevation is 1111 m (3646 ft.) above sea level. The crater has an area of about 10 sq. km., which forms a great cavity in the side of the mountain. Volcanic activity recently has been restricted to an inner crater called Halemaumau. Halemaumau measures more than 900 m (about 3000 ft.) across and has a depth of about 400 m (about 1300 ft.). Kilauea has erupted at least once a year since 1952. The volcano spews an average of 525,000 cubic yards of lava a day and by 1995 had added about 500 acres of new land to the island (Encarta 98). By June 1989, it had destroyed the visitors center at the national park, a stretch of Kalapana Highway, and more than 65 houses by 1990. Kilauea is located on a hot spot under the island, and the magma is thought to come from a depth of at least 50 km. below the surface. A hot spot is an area of volcanic activity near the center of two lithospeheric plates. Normally, lava streams constantly into the floor of the crater from subterranean sources which either cools and hardens, or accumulates until it drains off into other subterranean passages. When greater volcanic activity occurs, the lava is subjected to sudden changes of level, where it may escape from vents on the lower slope toward the sea. Kilauea is classified as a shield volcano. Shield volcanoes have a low, broad profile created by highly fluid basalt flows that spread over wide areas. The fluid basalt ...

Bar to Atm - Converting Bars to Atmospheres Pressure

Bar to Atm - Converting Bars to Atmospheres Pressure These example problems demonstrate how to convert the pressure unit bar (bar) to atmospheres (atm). Atmosphere originally was a unit related to the air pressure at sea level. It was later defined as 1.01325 x 105 pascals. A bar is a pressure unit defined as 100 kilopascals. This makes one atmosphere nearly equal to one bar, specifically: 1 atm 1.01325 bar. Helpful Tip Convert bar to atm When converting bar to atm, the answer in atmospheres should be slightly lower than the original value in bars. Bar to Atm Pressure Conversion Problem #1 The air pressure outside a cruising jetliner is approximately 0.23 bar. What is this pressure in atmospheres?   Solution:1 atm 1.01325 barSet up the conversion to the desired unit will be canceled out. In this case, we want atm to be the remaining unit.pressure in atm (pressure in bar) x (1 atm/1.01325 bar)pressure in atm (0.23/1.01325) atmpressure in atm 0.227 atmAnswer:The air pressure at cruising altitude is 0.227 atm. Check your answer. The answer in atmospheres should be slightly less than the answer in bars.bar atm0.23 bar 0.227 atm Bar to Atm Pressure Conversion Problem #2 Convert 55.6 bars into the atmosphere. Use the conversion factor: 1 atm 1.01325 bar Again, set up the problem so the bar units cancel out, leaving atm: pressure in atm (pressure in bar) x (1 atm/1.01325 bar)pressure in atm (55.6/1.01325) atmpressure in atm 54.87 atm bar atm (numerically)55.6 bar 54.87 atm Bar to Atm Pressure Conversion Problem #3 You can also use the bar to atm conversion factor: 1 bar 0.986923267 atm Convert 3.77 bar into atmospheres. pressure in atm (pressure in bar) x (0.9869 atm/bar)pressure in atm 3.77 bar x 0.9869 atm/barpressure in atm 3.72 atm Notes About Units The atmosphere is considered to be an established constant. This does not mean that the actual pressure at any point at sea level actually will be identical to 1 atm. Similarly, STP or Standard Temperature and Pressure is a standard or defined value, not necessarily equal to actual values. STP is 1 atm at 273 K. When looking at pressure units and their abbreviations, be careful not to confuse bar with barye. Barye is the centimeter-gram-second of CGS unit of pressure, equal to 0.1 Pa or 1x10-6 bar. The abbreviation for the barye unit is Ba. Another potentially confusing unit is  Bar(g) or barg. This is a unit of gauge pressure or pressure in bars above atmospheric pressure. The units bar and millibar were introduced in 1909 by the  British meteorologist William Napier Shaw. Although the bar is still an accepted unit by some European Union countries, it has largely been deprecated in favor of other pressure units. Engineers largely use a bar as a unit when recording data in pascals would produce large numbers. The boost of turbo-powered  engines is often expressed in bars. Oceanographers may measure the  pressure of seawater in decibars because the  pressure in the ocean increases roughly 1 dbar per meter.

Edwards V. Aguillard Research Paper Example | Topics and Well Written Essays - 1250 words

Edwards V. Aguillard - Research Paper Example From these experiments and results, it was found logically to say that man evolved from apes. Theories were created that proved these points. Then another science came into view: the creation science. With the creation science, it was argued that man was created by a supreme being, and that was the origin that proved somewhat true. Over the years, scholars have argued about the existence and origin of man. Some have supported the evolution theory while others have supported the creation science. In this particular essay, attention will be focused on a case that was ruled by the supreme court in 1987. It was between Edwards and Aguillard. Edwards supported the evolution theory while Aguillard supported the creation science theory. By the end of it all, the court had ruled that both creation science and evolution be taught in public schools. A law was created for this purpose, which received much opposition from schools that were affected by this law. The argument was that if creationi sm was taught in public schools, it would be unconstitutional since it would attempt to make a particular religion more advanced than the other. (Scott 199). With both theories about creation at hand, the main cause of concern was that one cannot be taught while the other is not. This would mean that if, say, creationism was taught and evolution was not, then students would dwell more about the knowledge on how people came to exist based on the creation theory (Jacobs, 33). They would not have come to know of a theory that taught the origin of man through evolution. In such a case, only one particular religion would be promoted and instilled in the young minds of students. A major question that people should ask themselves is: If one religion is taught in a public school science class, why cannot other theories about the development and origins of life also be taught in the same school? It was a biased move – one which would enable the existence and knowledge of one particula r discipline while extinguishing the other (Scott 212). The major conflict was between the Creationism Act and its agreement with the Establishment Clause (Brownstein 15). The Creationism Act was such that it forbade the teaching of the evolution theory in public schools unless the teaching of creation science was also involved. At the time, there was no need for any of the theories to be taught in schools, but the Act stated that should one be present, the other should be present too. This meant that the only way evolution would be taught was by the inclusion of instructions from creation science. This, from any other view, indicated that one was nonsexist if the other was not in existence either. From this argument, it was viewed that this promoted creation science more than it did evolution (Young and Strode 232). It was more of promoting a religious doctrine that taught about the existence of life from a Christian point of view. So as to show that the Creationism Act catered for the best interests of students in schools, it was argued that both were the evidence proven scientifically, which dealt with creation and evolution, and there were also inferences from that scientific evidence (Haynes 40). Beyond doubt, both were to go side by side in science classes, and as it seemed, academic freedom was present. Academic freedom is the choice to

How Intel Utilizes Technology to Encourage Innovation Assignment

How Intel Utilizes Technology to Encourage Innovation - Assignment Example The industry that the company operates requires much innovation in order to have a competitive advantage over competitors. Intel has realized the importance of innovation and has decided to invest in its employees in matters technology. The company consults its employees and gives them training when a technology is introduced in the market. The employees use the new technology to make their work easier and come up with new ways to tackle emerging issues. In order to support the innovation initiative, Intel uses innovation champions from its departments throughout IT. The management appoints some employees who work as a group to track systemic innovation. The company encourages its employees as they foster innovation throughout IT and offering new ways to solve business problems. Intel has an innovation engine that allows it to gather ideas and issues that need innovative answers from its employees. Every employee has free access to the Internet and Smartphones to keep them up-to-date with what is happening around the world. The company encourages its employees to subscribe to latest apps that can help them have solutions to some of the challenges.