Essay on Hardships Facing the Gray Wolf Population

An eerie howl fills the air; it bellows over the darkened valley floor. A majestic show of fur and fang dance behind a herd of deer leaping through blanketed snow. Within a second, gunshots echo; and a fallen beauty lays unmoving, painting the snow beneath a deep red. In the past, with little understanding and an abundance of anger, humans in North America have caused much change to the gray wolf’s life. Alterations in habitat, behavior, diet, and human measures for control have created a multitude of hardships for the gray wolf population. Encroachment from human settlers has caused dramatic adjustments in the gray wolf’s habitat and behavior. Since the beginning of colonization in America, the gray wolf’s territories have been†¦show more content†¦These conditions forced packs of gray wolves to retreat away from their known territory into other gray wolves habitat, causing blood soaked battles to ensue. The only alternative was for them to change their behavior, and try to coexist with their new human company. As main food sources diminished due to human hunting, the gray wolf found it more difficult to have a successful hunt. Hunters began taking the wolves main food sources, which forced the wolves to expand their daily search for prey. This caused wolves to venture near human settlements more often, looking for some kind of nourishment. With humans and wolves vying for many of the same food sources, wolves found slow and trusting farm animals a much easier target. Sheep and cattle were believed to be a new staple for the gray wolf diet. Although in reality, only in very rare circumstances were livestock hunted for meals by gray wolves. Many embellished the situation and persuaded people gray wolves were a threat. A menace not only to livestock, but also humans; moreover that action needed to be taken. The fabricated lies spread by people caused many to take barbaric steps toward what they believed necessary control of wolves. Wanting more profit for themselves, greedy hunters looked for an easy way to get rid of competition. Using traps, hunters started catching wolves for their pelts, which they could sell for money. Hunting wolves alsoShow MoreRelatedItalian Neo-Realism2946 Words   |  12 Pagescatapult us into the bleak reality of their predicaments, perfectly depicting the oppressed of Italian society. As the pawnbroker climbs the ladder to place the couples wedding dowry on the pile, the camera tilts up and reveals the scale of the hardship as no words could ever encapsulate, the never ending stack of sheets show the brutal extent of the poverty and economic depression Mussolini’s fascist regime has allowed this desperate society to slump to. 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The Messages Of Youths Receive From The Two Important...

Summary The purpose of the study was to look at the messages that youths receive from the two important sources of information, parents and friends. The study looked to explore the different types of messages being received by youth, and how they differed among parents and friends. When looking into the messages youths received the study explores three sexual discourses and their related messages. The first discourse was the gender-specific double standard discourse. The gender-specific double standard discourse acknowledges that boys and girls are socialized differently in terms of sexual behavior, and what is appropriate. When studying the messages from this discourse, the study looked to examine the extent to which gender-specific†¦show more content†¦Through the sexual abstinence the hypothesize findings were that young men would receive less abstinence only messages, an increase in abstinence only messages will lead to a decrease in sexual agency messages in both genders, and t his will also lead to encouragement of rape myths and forced behaviors and experiences. Lastly, the positive-sexuality messages discourse hypothesized that young women will receive less positive-sexuality messages than young men, an increase in these messages will lead to an increase in the levels of sexual agency among both genders, and will be linked to a decrease in the encouragement of rape myths as well as a decrease in forced behaviors and experiences (Levin, 2005). To conduct the study, the researchers surveyed 332 undergraduate students at a large Midwestern university in 2005. The participants ranged in age from 17-22, and were 57 percent female. In regards to the racial makeup, 73.5 percent identified as white or Caucasian, 15.4 identified as Asian or Pacific Islander, 4.2 percent as Latina or Latino, and 3.9 percent as black or African American. Almost all of the participants (98 percent) identified as exclusively heterosexual. The participants were surveyed for an hour, and they were compensated in the partial completion of a psychology course requirement (Levin, 2005). The researchers also developed a

Fundamental of portfolio management Free Essays

The equity risk premium is the excess return required by investors to compensate risks of holding a stock rather than holding a â€Å"risk free† asset. Jason ,2011) Under the Capital Asset Pricing model: , risk free investments involve borrowing and lending among investors and borrowing positions offset by lending positions, therefore let Y = and representative investor’s risk aversion be . (Bodied, Kane and Marcus, 2011). We will write a custom essay sample on Fundamental of portfolio management or any similar topic only for you Order Now We rearrange this equation , indicating the equity risk premium is influenced by average risk aversion and variance of the market portfolio. It’s obvious that when risk aversion of investors and variance of market portfolio increase the equity risk premium will goes up, and vice-versa. There are many empirical evidences show that during the Global Financial Crisis the volatilities of market increase, for example Chewer (AAA) have recognized the increase of volatilities in stock markets during financial crisis. Besides, according to the research of Steven, Michael and Bob (2011) derived from trades in options on the SP/ASX 200 index showed that the implied volatility climb up during the SGF and reach the peak in 2009. The increase of stock market volatilities not only represent the increase of risks (Karol 2011 and Brooks 2001) but also have negative relationship with risk aversion. (Chewer 1989 and Carney 2000). There are some events can be summarized in mention of an increase in risk aversion, for example after the Lehman Brothers bankruptcy in September 2008 the stock market price hardly dropped and the bank lending dramatically decreased, consistent with this there was a overshooting of risk aversion. Paolo, John and Chairs,2011) In conclusion, during the SGF both average risk aversion and risks of market increased, therefore the equity risk premium went up. Part D The keenness in the distribution of returns has became important in asset pricing because the traditional mean-variance measurement cannot fully characterize return behaviors (Samuelsson 1970,Campbell and Hence 1992;Circler and Huber 2007). This report will discusses the importance of keenness in returns in asset pricing with he respects of investors’ preference for positive keenness and aversion to negative keenness, which asset pricing factors may be a proxy for keenness, the distinction between keenness and co-keenness in returns, and some researches include behavioral finance researches will be provided. What is keenness and why it’s important Keenness is a measure of the asymmetry of probability distribution around its mean. Positive keenness has more probability distribution towards positive value, while negative keenness has more probability distribution towards negative value. The skewed distribution of asset returns was first point out by Dominant(1985), and it caused by the asymmetrical reactions of investors to goods news and bad news from companies. Chem.., Hong and Stein (2001) argued that there was another reason The main reason for the increasing importance of keenness in returns is that the unrealistic assumptions of traditional mean-variance framework. The mean-variance measurement assumes the returns are normally distribute and quadratic preference, however it rarely happened in real word, therefore the insemination of expect returns and risks may exhibit. According to the finding of Roll(1977) and Ross( 1977) that the portfolio used as a market proxy is inefficient, the Sharper’s CAMP have been suggested as invalid. It’s also supported by Bernard and Allotted(2000) that the (unadjusted) mean-variance measurement Sharpe ratio can lead misleading conclusions. For overcoming this bias Parka’s and Bear (1986) and Leland (1999) have developed performance measure incorporating keenness. Besides, Harvey and Suicide (2002) and Krause and Litterbug (1976) have recognized the importance of keenness that systematic keenness and conditional keenness are important to asset pricing since hey characterize the true distribution of asset returns. Furthermore, in traditional mean-variance framework such as Capital Asset Pricing Model there is only a single efficiency risky asset portfolio. While accounting for the mean-variance-keenness in returns, there are multiple efficient portfolios, which could be considered to provide diversification portfolios. (Harvey and Suicide,2000) Investor’s preference for positive keenness and aversion to negative keenness The positive skewed distribution has a longer tail on the higher-return side of the curve, while the negative skewed distribution has a longer tail in the lower-return did. The asset with negative skewed returns distribution has greater risks that the returns will decrease than what the standard deviation measures, and for positive skewed distribution there are fewer risks the returns will decrease (Mini, 2011) Theoretically, investors have preference toward positive keenness and aversion toward negative keenness, since increasing positive keenness will decrease possibility of large negative rate of returns. There are many literally evidences show the preference of positive keenness, for example in 1967 Aridity presented that rational investors with reasonable utility functions should prefer positive keenness in the distribution of investment returns†. Following Aridity (1976),Chinchilla et al. (1997) and Parka’s et al. (2003) have recognized investors’ preference for positive keenness as well. What’s more, investors show their preference toward positive keenness in gambling, lotteries and entrepreneurship (Thomas, Jose and LU-Santos, 2009). Nevertheless, some investors exhibit preference for negative keenness in real life, here investor is not only represent individual but also economic agent. Prefer repertory investment is a an example of negative keenness preference, which with reasonable average yields but a small chance of heavy losses, to the opportunity of recouping the original cost(Maker, Nicholas, Dominic and Raymond addition, economic agents facing a stream of stochastic monetary payoffs will show preference for negative keenness (Nazism, 2004). This also supported by Richard â€Å"economic agents may prefer negative keenness under some certain conditions† (Richard, 2010). From the research of Harvey and Suicide (2000) we can know that negative keenness receive higher return. In their research they assumed investors require payment for negative keenness, and excess returns could be result from the market inefficiency. The higher return of negative keenness may be a reason that in some circumstance investor will prefer negative keenness. Although investors expect the returns of asset exhibit positive skewed distribution, commonly the returns are negatively skewed distribution, since investors react to good news and bad news from corporations asymmetrically. It’s explained by Dominant (1985) who first pointed out the skewed distribution of asset returns, and he reposed that the increase of stock price caused by good news is to some extent offset by the increase in the risk premium, which is required by higher volatility. For the decreased stock price caused by bad news is amplified further by the increased in the risk premium. Which asset pricing factors may act as a proxy for keenness The traditional mean-variance CAMP use beta to measure the systematic risks, and there are lots of studies suggest that the beta can’t fully capture the systematic risks. Ban (1981) suggested market capitalization ,and Fame and French (1992) proposed kook- to-market ratio have relationship with the cross-section of stock returns(Chi- Hoist ,2006). There are many debates about whether asset pricing factors such as size and book-to market ratio may be acting as a proxy for keenness. The SMB factor measures the spread in asset returns between small and large size firms, and the HIM factor measures the spread asset returns between high book-to-market ratio and low book-to-market ration assets. In the research of Harvey and Suicide(2000) they found that when adding keenness alone or Jointly with HIM and SMB to portfolios had similar results, therefore they lamed that book market ratio (HIM) and size (SMB) factors can be act as a proxy for keenness. Recently, Chunk Johnson and Shill (2007) also proposed that SMB and HIM are proxies for higher-order moments, and the Fame and French factors could be superior. However, there were some probabilities of errors in variables in their research. Conversely, Smith (2007) applied the condition three-model factor, which was proposed by Harvey and Suicide (2000), he argued that there was little impact on the price of market beta after adding the size(SMB) and the book-to-market(HIM) actors when the conditional keenness has already included in the model. The study of Jail(2004) showed that the conditional keenness plays an important role in stock market (HIM) factors. Even though there are many arguments about the extent those SMB and HIM assets pricing factors act as a proxy for keenness, as least from the studies of Chunk Johnson and Shill (2007) and Jail (2004) we can conclude that the SMB and HIM those non-market factors can’t completely act as a proxy for keenness. Distinction between keenness and co-keenness in returns Keenness is a measure of the asymmetry of probability distribution around its mean or a single asset, while co-keenness measures the symmetry of a variable’s probability distribution in relation to another variable’s probability distribution symmetry, which provide estimation of risks of assets connect to market risks. Theoretically, investors show their preference towards positive conciseness that present the asset has higher possibility of extreme positive returns than market returns. Thus, jocoseness also plays an important role in asset pricing, and there are many studies support it. The studies of Harvey and Suicides (2000), Smith (2005) and Errand and Sys (2005) provided evidence that the conditional jocoseness can help explain the cross-section of stock returns. Baron-Ideas (1985) and Limit (1989) suggested the pricing of jocoseness. Moreover, jocoseness extends capital asset pricing theory to some extent. The study by Krause and Litterbug provided the evidence that jocoseness can be regarded as a supplement to the covariance measurement of risks in explaining the returns on individual NYSE stocks and in the process to interpret the other discrepancies between returns, and the returns when take the NYSE stocks on the whole. Conclusion In conclusion, keenness in returns plays an important role in asset pricing, and there are many researches can provide evidence for it. For example, the studies conducted by Campbell and Hence (1992) and Harvey and Suicide (2000). How to cite Fundamental of portfolio management, Essays

The Impact of the Protestant Reformation in Europe

Question: Discuss about theImpact of the Protestant Reformation in Europe. Answer: Introduction: The Impact of the Protestant Reformation in Europe TheProtestant Reformationwas a significant movement in the 16th century Europe that was aimed initially at reforming the practices and beliefs of the Roman Catholic Church. The Protestant Reformation changed Europe through three ways, namely education, disintegration from the papacy, and religious pluralism. Protestant Reformation and Education At the time when Reformation was taking place in Europe, the Protestant educators institutionalized the places of learning such as universities and schools for their population (Androne, 2014). In addition, they also enforced the humanistic learning methods to the wider public as opposed to the previous scenario where such schools were accessible only to the wealthy merchants and the nobility class. According to Luther, all the children were eligible to free education offered by the state. The main reason why the Protestants fostered free education to the wider public is that it was necessary to have a literate populace who would be in a position of reading the Bible independently rather than relying on the clergy. The Swiss Protestant Reformers such as John Calvin and Huldrych Zwingli held the same position concerning the need to empower their believers in Geneva to read the Bible more independently. Some of the acquired pedagogical skills include the knowledge of the Swiss constitution and history, oral and written mathematics, essay writing, and reading (Kadi, 2014). The result is that the Protestant population did not only excel in their reading abilities but also in other cognitive skills. The progress of education in among the European nations at the time of Reformation could not be compared to the Catholic decades where the congregations were not allowed to read the Bible on their own. Moreover, the subjects did not have any properly developed cognitive skills such as adequate understanding of the constitution due to lack of access to education. The reason for such a concern is that education and cognitive development was only meant for the children of the wealthy and noble class in the society. Protestant Reformation and Religious Pluralism Other than education, the inception and spread of Protestantism in Europe also led to the introduction of Religious Pluralism. The idea of religious unity was destroyed in Western Europe by the introduction of the concept of independence and individualism among those professing the Christian faith (Johnston, 2014). In the mid 16th century, Europe was divided into the Catholic and Protestant territories. Later on, the Protestant territories were again split up into Calvinism, Anglicanism, and Lutheranism. More Reformation was experienced during this period in regions such as Eastern Europe, Germany, England, and France. To counter the achievements and progress of the work of Reformation by the Protestants, the Catholic community initiated a campaign dubbed Counter Reformation or Catholic Reformation. The result is that Protestant Reformation destroyed the elements of Catholicism monopoly long established in Europe before the advent of Reformation of the church by Martin Luther and John Calvin among other key personalities of the Reformation era (Kranz, 2014). With the emergence of Reformation in Eastern and Western Europe, the believers broke up from the universal ideology of religion that undertook to emphasize the plurality of profession of faith among Christians. During this period, Luther put forward theses propositions that were divergent from the belief held by the Catholics about the indulgences (GonzaÃÅ' lez, 2010). The Catholics believed in selling of the indulgences for raising money. A Swiss Reformer called as Huldreich Zwingli further echoed the same sentiments denouncing the significance of the indulgences. As a result, the congregations became more independent and autonomous in matters of faith. In addition, the Protestant believers laid emphasized on salvation being acquired by grace alone through faith alone (not works as the Catholic community confessed). Protestant Reformation and Disintegration from Papacy influence. The papal influence in the English affairs led to frustrations among the political leaders and the population. With the advent of Protestant Reformation in Europe, the people of England under the monarch of the Tudor era, Henry VIII, dissociated from the influence imposed upon them by the Pope and the Church of Rome (Berman, 2006). There are several events that led to the pullout of England from the papal monopoly and incumbency. The major event, however, that resulted in this freedom was the need for Henry VIII to sire an heir to the Tudor dynasty. Henry VIII sought a divorce from the Pope to replace his wife, Catherine, with Anne. However, the pope declined to grant this permission allowing him to annul his first marriage. Determined to get an heir, Henry VIII sought an official separation from the pope and the Church of Rome that prohibited divorce. Consequently, Henry VIII pronounced himself the leader of the English church and later on married Anne upon repealing his marriage wi th Catherine. The separation from the papal influence not only brought religious and political liberty but also led to economic and social freedom. The events resulted in the ventilation of more independence among the English Protestant believers. For instance, the Protestant believers denounced unbiblical ordinances and liturgies that constituted the fulcrum of Catholicism. In Geneva, John Calvin introduced the ecclesiastical ordinances that helped in instilling moral discipline among the believers (GonzaÃÅ' lez, 2010). In addition, the Reformed masses were characterized by the emergence of a liturgy that consisted of sermons, prayer, and scripture readings. Furthermore, the era was marked by the abolition of music that was viewed by the Reformed Protestants as a distraction to the word of the Lord. In conclusion, the impact of the Protestant Reformation in Europe was significant, especially during the 16th century. The need to gain independence and autonomy in Bible reading led to the introduction of education among the ordinary citizen. It also resulted in religious pluralism and the disintegration of papacy influence in Europe, specifically in England. References Androne, M. (2014). The Influence of the Protestant Reformation on Education.Procedia - Social And Behavioral Sciences,137, 80-87. https://dx.doi.org/10.1016/j.sbspro.2014.05.256 Berman, H. (2006).Law and revolution, II. Cambridge, Mass.: Belknap Press of Harvard University Press. GonzaÃÅ' lez, J. (2010).A history of Christian thought(2nd ed.). Abingdon Press. Johnston, A. (2014).The Protestant Reformation in Europe(2nd ed.). London: Routledge. Kadi, F. (2014). The European Renaissance and the Protestant Reformation and Its Influence on the Birth of Albanian Literature.Journal Of Educational And Social Research. https://dx.doi.org/10.5901/jesr.2014.v4n4p388 Kranz, N. (2014). Martin Luther Stands in History as a Leader of the Protestant Reformation.Journal of Undergraduate Research at Minnesota State University, Mankato,5(1), 13.