Free Trade and Employment :: Essays Papers

Free wad and Employment There is an ongoing argument about whether or non free trade has an affect on employment. For hundreds of years there stir been people who stand on some(prenominal) sides of the fence of this issue. As with most debates, each side presents facts that are presented in a certain come that may cause them to tell a story that may be different than what the actual numbers mean. Those who oppose free trade lead say that competition with imports will remove clienteles for people working in those grouchy industries. While those who support free trade will uphold their position by arguing that the increase in exports will sooner create jobs, and that competition will help to drive expenses down. While both positions tell stories that are true, they fail to accept that for the most part, any personal effects tend to cancel each other out and employment levels rest stable and level (Irwin Chapter 3). The issue of free trade is both thickening a nd important enough that each side deserves a close look, so we can see both sides together and get a legal opinion for what is really happening. After all, exactly because free trade may not have a substantial effect on employment alone, that is not necessarily true for the economy as a whole.Any fabrication that competes with a foreign good or service will inescapably have to drop the price of its product in order to keep on competitive in an international market. Trade opponents admit that while this price drop will lead to more efficient doing, it may excessively lead to lower real wages, and less employment in that particular industry or company. This is the primary argument for those who suggest that imports will destroy jobs, and it is not always false, but it is not always true either. remote competition can destroy jobs, because the people that get displaced cannot simply just go work for the competitor. In addition, it takes both time and money to develop fo r another field of work and most people, especially those who are closer to the retirement age, would rather spend that time looking for another job in the same(p) or similar industry instead of educating themselves for a new line of work. Those who are fortunate enough to keep their jobs must(prenominal) settle for lower wages or at least the same wages that are now comparatively lower related to production than they were before production efficiency increased.

Media Frames and Hip Hop Culture

The media has an increasing presence in solely of our lives, and in that location has been a lot of research conducted on the various sorts that it affects the really ideas that push d admit into our heads, the impressions we formulate of other stopping points and euphonyal literary genres, on foreign policy and the matters that we buy. Its obvious that the media is playing a role in our insouciant lives, alone to what extent is it affecting the way informed joint joint skim medical specialty and the acculturation itself be understood by the modal(a) citizen, specifically children?Via the radio, the newspapers, magazines and most commonly, the television receiver and internet, is it possible to see just how these substantially available media argon influencing young plenty and those of an older age bracket and notice what casts of frames the media ar victimisation with regards to articulatio coxae skitter? This paper go out take a take in at the available literature addresss on the subject of media messaging and hip hops conclusion and review the established theories, as well as use household aspects to examine just how ofttimes exposure children in the States actually put on to mass media.Media framing is the process by which the media chooses its context for a news story and portrays it with a certain sales talk common framing is done with a conservative viewpoint or a liberal one, and often as pertains to the hip hop finishing the frame is that of a violent, consumerist culture (Robinson 20). Media framing is a technique by which journalists and reporters give basic context to their stories, and framing cannister tend to upraise a particular political or affable agenda or because of a fundamental lack of knowledge on the subject. Ramsey (pp 22-40) thinks that it is a incident of the latter, since researchers and sociologists tend to regard hip hop cultures in American as being quite separate from the rest of the popu lation to begin with.This isolation, to some(prenominal) compass point it is actually ap set up in these subcultures, is visualized by the media and whence understood by all viewers and listeners as the truth. Americans who are not a part of the hip hop culture are easily made to notice themes in hip hop harmony that allude to violent gang mentality and blatant consumerism that sees younger dismal people showing off expensive clothes, jewelry and cars. Mukherjee calls this media frame the ghetto fabulous and explains how what was in the beginning an isolated feature of the hip hop culture has receive general due to media attentions. This primary isolation is one of the major frames used by the media to portray a specific picture of hip hop culture, and these depictions are undoubtedly helping to shape the hip hop scene in the mind of the average television viewer and magazine reader.Saunders describes the generalized var. of hip hop culture as a chemical group of thieve s, graffito artists, vandals, drugdealers, sex-obsessed men, objectified women and joyriders (37-134), and unfortunately although this is a part of the underground culture of both the hip hop artist and the people listening to the medicine, the author accepts that there is more to it than this perception. Although it has been correctly noted that these themes are recurrent in rap unison, an somebody listener could easily fail to notice these same themes or every other recurrent themes, for that matter inherent in other types of music or even literature and film.The media has honed in on the negative themes in rap and hip hop music, however, and uses such sensationalist aspects of the culture and music to deliver a message of negativity, and create fear. The attentions un disturbd groups of people shake up tried to intervene and have such songs and music videos censored. This has not chiefly had a positive effect on hip hop lyrics, and in fact has actually helped to raise the favoriteity of such music and the culture meet it (Davidson 74).Where once hip hop was purely restricted to the groups of black Americans forming their own subculture, now media attentions (both positive and negative) have brought hip hop and rap music to larger numbers of people who wouldnt have originally had advance to it. With the widespread hip hop scene, people of other ethnic origins and social situations are discovering the music and starting to participate in the culture, and this can be attri anded in a large part to the success of the Motown Corporation (Neal).Some of the aspects feature in hip hop music, like graffiti, can be facial gestureed at as holding a specific role within the culture itself. Graffiti, for example, can be viewed as a microcosm of how people communicate, participate, and learn within a community (Rahn 137), specifically within the hip hop communities of urban America. Although it seems unlikely that media bodies realize exactly what they are po rtraying to viewers and readers of popular magazines, stories ab bug bulge out graffiti artists bear on in the hip hop lifestyle are being framed in such a exculpated as to high crystallize the rebellious qualities of the subculture.Graffiti is portrayed in a contradictory way negative in that it defaces public and private property and can be used to mark gang territory, but also softly positive in that it is obviously an artistic outlet. The artistic aspect has a negative side as well, however, since the media can only seem to intent at graffiti art in a good way if it is an expressive emotional outpouring from an impoverished neighborhood (Rahn).Basically, hip hop artists are only getting attention from the media for negative qualities in their music and lifestyles, at least as perceived by the media itself and the majority of average citizens watching the news and reading the magazines and newspapers. People see rappers on TV when they are involved in gang related crimes an d gun fierceness, or when their lyrics have come under scrutiny for what is deemed unsuitable message. Although every genre of music has questionable lyrics, hip hop artists are the primary suspects when it comes to bringing out the censors.The media frames hip hop and rap artists in an unfavorable light the vast majority of the time, citing them in one all encompassing socio-economic class that is violent, untrustworthy and obsessed with material possessions. Unless a someone is directly involved in the hip hop scene, they are very unlikely to learn about positive things going on within the culture. The media on the totally simply reports on negativity within the hip hop world, something that more artists are understandably frustrated with.What this media framing is proving to the hip hop culture is merely an ignorance on behalf of media and the general viewing audience towards black American society. With very few years relatively speaking of freedom and comparability b etween black people as a minority group in America and the majority whites, black Americans have found themselves sort out together in poor areas still facing huge difficulties in achieving better standards of living. These societal factors have had a huge impact on the subculture of blacks themselves, resulting in part in hip hop music as both a rebellious act and a validation of black survival in an often hostile larger environment.Mollyanne Brodie used her bulk Kids and Media in America Patterns of Use at the Millenium to discover just how much of an impact media images such as these portrayals of hip hop culture are affecting young children throughout the country. The results of these surveys are instrumental in instinct the role of media framing in American children with regards to hip hop music and culture. She noted that although there are ways of discerning how long a television set is on during the day in the average household, there is no real way of knowing which progr ams or advertisements are seen by which members of the family.With specialized surveys distributed to households in the United States, Brodie collected answers from members of different families to work out just how much time children were spending watching which kinds of shows on the TV during the day. The in-home sample consisted of 1,090 young children, ages 2 through 7 years, and relied on parent responses to questionnaires (Brodie 18). Keeping in mind that children can lack vital breeding about the programs they are watching and other related questions, it was up to parents to treat the viewing habits of their children and this data was collected to get a firm, solid look at the American child and media influences.The conclusions were that todays young person in the United States spends more time with media sources than any other forego generation, and that this is likely to increase in the near future. With the television, computers, the internet and advanced quick technol ogies, kids have access to more schooling than ever before and the media thus has access to the kids as well. For this reason, the media has taken on a more compelling role than ever before in human history.The findings of these surveys were conclusive in revealing the simple fact that kids can go about their daily lives without fully realizing how they are being affected by the barrage of media images, and when it comes to the hip hop culture this is no different. Negative comments, news stories and lyrical debates are at the forefront of a young persons mind, since survey statistics have proven that music is the most important aspect of a childs life, especially in the teenage years. Hip hop has infiltrated the routine of the average young due to censorship issues, gang reports and all kinds of negative imaging, however it is with this younger generation that the truth behind the hip hop culture is beginning to be truly appreciated.The average youth experiences difficulties tha t are thematically similar to that of the oppressed and underprivileged black American who is a part of the hip hop culture, and kids are able to act upon this connection when they take a look at the music advent out of such groups. water faucet and hip hop were born out of frustration and the need for freedom of expression, which is just what the average teenager is smell for as well. With this fundamental likeness, youths turn to hip hop music as a way to bond with each other and feel formalise in their opinions and feelings of loneliness and desperation.Lyrics about gang violence can form the need to fit into a group, while songs featuring bling and ownership can incorporate the ultimate triumph over adversity. Kids can really relate to this kind of music despite media imagery that portrays it as negative, because they are used to having themselves portrayed in a negative way by their parents, schoolteachers and other business office figures.Media framing of the hip hop c ulture might not be affecting the youth of America in a straightforward way, but it is affecting them nevertheless. The older generations are reacting in the expected manner, however, when they tend to hook onto the negative side of hip hop and work to eradicate it from the American music scene. Parents are becoming concerned about their children participating in what they consider a different culture of music and behavior, and the media is merely percentage to continue this sort of thinking.When people see rap music videos, they have years of pre-conceived notions in their minds, placed there by the media, and so it becomes very difficult to differentiate between real opinion and actual negativity. A person tends to consider issues such as this based on the information they already have, and then value that information on the source that it came from. If the source is trusted, a person will tend to follow that train of prospect if not, they might look further into the issue to f ind features of it they can relate to themselves.It is this characteristic of each individual person that leads them to a certain degree of media influence. Where an adult who trusts major news sources and hears that rap music is synonymous with violence and crime might believe it with few questions, a teenager who has become wary of any older authority figure who hears the same thing will probably not accept this as the complete truth.Brodies surveys helped to prove what most of us already thought to be dead on target the media is playing a huge role in our perception of the world, especially with the younger generations. A typical 11- to 14-year-old gives more than 6 hours per day to media, and because he or she often uses several media simultaneously, encounters almost 8 hours per day of media content (Brodie 190). These conclusions do go to support secondary sources like the essays The Ghetto mythic aesthetical in Contemporary Black Culture and Sold Out on Soul The Corporate Annexation of Popular Black euphony.Both papers solidify the notion that the media has a great impact on hip hop portrayal throughout America in every aspect, particularly in music and consumerism. Researchers are in agreement with statistical evidence that proves children in America are incredibly susceptible to media influence, although it is clear that there are other factors that determine just how a young person will react to the same media frames in hip hop.Works CitedBrodie, Mollyanne, Ulla Foehr, Donald Roberts and Victoria Rideout. Kids and Media in America Patterns of Use at the Millennium. New York, NY Cambridge University Press, 2003.Davidson, Sandra. Bleep Censoring Rock and Rap Music. Westport, CT Greenwood Press, 1999.Rahn, Janice. Painting without Permission Hip-Hop Graffiti Subculture. Westport, CT Bergin and Garvey, 2002.Mukherjee, Roojali. The Ghetto Fabulous Aesthetic in Contemporary Black Culture.Neil, Mark. Sold Out on Soul The Corporate Annexation of Black Po pular Music.Ramsey, Guthrie. Race Music Black Cultures from Bebop to Hip-Hop. Berkeley, CA University of California Press, 2003.Robinson, Piers. The CNN Effect The Myth of News, impertinent Policy, and Intervention. London Routledge, 2002.Sanders, Bill. Youth Crime and Youth Culture in the versed City. New York, NY Routledge, 2005.

Media: The Fourth Pillar of Democracy Essay

Today, media is considered the fourth pillar of the state all all over the world first and foremost British Member of Parliament manufacturer Macaulay had given this status to the media. In any re state-supportedan presidency system, in that respect must be three administrative bodies, 1- Parliament, 2- Administrative department, 3- Judiciary dust. In the absence of any of these three bodies, the government cannot run systemati mobilisey, exactly outright it is felt that one body more is necessary to be with them, that is media.This body is considered more important these days, it plays an important role as an informative keep going between governing bodies and general domain, in absence of media general public cannot know about what kind of bills and acts argon passed in the parliament, and what are their positive and negative effects in the society. If media person close their eyes the government officials will do what they want, so media plays a very important and honest role between government activities and general public, so oft so that it is said that the freedom of media is the guarantee of success for a government. Below mentioned are a hardly a(prenominal) recent incidents in which media played a get a line role and established itself as the fourth pillar of commonwealth. Delhi Rape shellThe media played an important part in raising a look at on womens safety. As the news of the dishonour broke, the media went into frenzy, not dependable in tracking the case but in leading muckle to introspect. A responsible section of the media asked mountain to be part of foot reforms the country required while it continued to give expression to the public grief, the mourning and reconciliation as people watched in horror the dupes final moments. As the ride to bring the gang rape victim to justice went viral, the nation saw a major(ip) remonstrance that spread on streets across the country. The media extensively covered the demonstrations, fo llowing the protesters loose their demands for justice a voice and bringing them to the centre of the political debate. It subject the suppuration crime statistics, especially in Delhi, against women.The media led bare the growing frustrations of an entire emerging aspirational urban class and generation Rapes that are pickings place are being continuously reported in major newspapers with more prominence than before, even though they are not always given the front page coverage. One is assured that the December 16 gang rape incident will continue to be a milestone when covering issues related to womens safety. This movement goes to prove that the democracys fourth pillar can transform incidents of national discredit to national justice by establishing confidence in institutions that have been created to encourage the citizens of the country. The Anna Hazare MovementThe news media, particularly, the TV channels have played a key role in keeping up the tempo of the movement by ensuring round the clock coverage, they ensured that the protests occured across the country and there was a mass frenzy. Even though the channels didnt state much about merits and demerits of the proposed institution of Lokpal or educated citizens about the implications of the ombudsman, TV and newspapers were visibly the driving force behind the anti-corruption movement. The movement was a perfect precedent of how media can be used effectively. Though the propriety regarding active conflict of news media in a movement is debatable, it is true to an extent that Indian media has voluntarily become a party, a sort of participant, in this look at for Jan Lokpal Bill. The Egyptian revolutionThe Egyptian revolution began on Facebook with a call to protest in Cairos Tahrir Square. Protesters used Twitter to manoeuver around police and reach the area. People arrived at the location expecting to pick up a few hundred like-minded individuals. Instead, they found a few hundred-thousand. Until they reached the square, Egyptian dissidents had no clue of their strength. It was a remarkable indication of the index finger of social networks as a political organizing tool, as has been seen in umteen uprisings sweeping North Africa and the Middle East. Around 20 million people in Egypt, or about one-quarter of the countrys population, are on the Internet. Early in the political unrest, the Egyptian government attempted to delay Facebook and Twitter, then took the unprecedented step of shutting down Internet adit in the country altogether. The cyberspace blackout lasted a week but could not thwart the revolution. President Hosni Mubarak stepped down a week later.

City of Glass Essay

At the close of the initiations first international conflict, society grapp take for transforming in a initiation that no longer made sense. This entrust for order and reason, led to the development of the tec fiction genre and the transformation of dime novels into real literary works. Paul Auster takes the conventional elements of the brain-teaser genre, and inverts them completely in his post-modern novel, city of folderol. In this elan, Auster uses his work to satirize the conventions of the past and draw attention to the ever-increasing bedlam of the modern day.Daniel Quinn, is simply a hermit in a spirited city, trying to erase all aspects of his previous life. He writes mystery novels for the similar reason they were written in the 20s, because they represent a falsehood of order that is lacking in the sphere. Especially in a world that takes the life a young boy who hasnt seen much. Quinns desire to disassociate himself from who he was before he lost his fami ly, leads him to adopt fragments of his grapheme Max graze into his own personality. The detective is one who looks, who listens, who moves through the drop-off of objects and as yets in search of the thought, the idea that will pull all these things together and make sense of them. In effect, the writer and the detective atomic number 18 alike(p) (8). This nexus to the fictional world he created, entraps Quinn in the world of the toffee-nosed investigator, as if he willed himself onto the ontological level browse inhabits.His inability to separate his personal life from his Work fostered the parasite that sucked the very life place of Quinn, forcing him to find host in a new personal identity. The handed-down head-to-head eye embodied in Work is the hard-boiled tough goofball who has all the keys to solving our problems. Leaving Quinn to be the ultimate puzzle that ineluctably solving. By distorting the traditional convention of the problem solver and turning him in to the problem, Auster get downs to signify that nothing in this world is actually certain or concrete.And that identity is really just a figment of imagination, and the more(prenominal) than than your indulge your mind, the more your body begins to give way until, the more Quinn seemed to vanish, the more persistent Works presence in that world became (9). The mystery novel represents a world where the truth always conquers, Quinns attachment to this genre stems from his loss, and the more he re-focalizes his life, the less he has to deal with the reality of grief. Auster depicts mystery this way because it demonstrates the grand delusion of the human race, the belief that there is reason in this world.Quinn as a detective does not represent order as many of his predecessors did, instead he embodies the chaos that is this world, and the lack of understanding that heightens with every(prenominal) new discovery and every interaction. By inverting the traditional private eye, A uster successfully shows the plight of man, the struggle to piece together the puzzle that creates ones identity. Quinn is not a detective trying to finding meaning in the Stillman case, earlier he is searching for understanding in his own life, a search that has no answers and leads no where, but to insanity.Legendary nuisance writer, Richard Knox, established a set up of parameters for the detective genre, stating that such a novel must have as its master(prenominal) interest the unraveling of a mystery a mystery whose elements are clearly presented to the reader at an early stage in the proceedings, and whose spirit is such as to arouse curiosity, a curiosity which is gratified at the end. In every way, City of Glass contradicts this statement, and yet it is still considered to be a mystery fiction, which begs the question what are the post-modern parameters for this genre?City of Glass is a novel that breaks with a mystery however, the more that is discovered and uncovere d, the more the endpoint is obscured, until the conclusion is even more perplexing than any former(a) part of the story. Auster uses uncertainty and chance to disrupt the conventional ways of detective fiction. When Quinn is caught between the two potential Stillmans in station, there was no way to know for certain which one was the right one, and it is not until belatedly in the story that the question is answered, but by that time, its not even a question.Quinn had accepted what he saw and did as fact, which goes against the key power point he expresses in a detective story. In a honourable mystery there is nothing wasted, no sentence, no word that is not significant (9). This type of detail-orientated thinking is the first thing that goes in Austers novel. Although every sentence may hold the key to the mystery, Quinn and the reader begin to overlook these minor details, accepting that nothing in life is ever certain, and that the traditional fluidity of this genre no longer h olds stock in this story.Auster is constantly using his own plot twists and minor details to give that in the end, nothing exists but chance. Auster purposefully leaves pieces of the story open, to contradict Knoxs definition of mystery. The lack of conclusion with regards to how the Stillmans got Quinns number, what happened to Peter and Virginia, the connection to Auster (character and author), and the narrators agency in the whole novel, is unsatisfactory and rather uncharacteristic of a mystery.There were moments when the text was difficult to decipher, but I have done my best with it and have refrained from any interpretation. The red notebook, of course, is and half the story, as any sensitive reader will understand (158). We never get the other half of the story though, which leaves the possibility that Quinn/Wilson/Work/Auster/Dark is just a crazy man who loses himself in a quest to find rational explaination, but for the sake for faith in the narrative, its better to bel ieve that the story is not just some haphazard mans mumblings.However taking into account Quinns role in the novel, and the role his notebook plays, the inability to separate the informational source from this deluded main character unravels the reliability that should be present in a crime fiction. Austers intentions were to challenge convention, to prove that no world is as open and shut as a Phillip Marlowe case, to prove that in reality, life is a series of chance happenings that shape identity and action, down to the very goal word.Austers depictions of the neo-detective fiction are all in an attempt to metamorphose the perception of the need for a restoring order. He uses a character that contradicts the traditional private eye, to demonstrate how the search for understanding is one that leads to insanity. The human world is naturally in state of entropy and Austers novel uses the conventions of mystery writing to satirize the search for greater reason.

National Honors Society Essay Essay

To me, study Honors Societys four pillars are essential elements to being a division of this society. Scholarship and drawing cardship are the two pillars that I odour complement each other because angiotensin-converting enzyme should be a leader in the community and school without for ticktackting to be a rock-steady educatee and scholar. Service and grapheme go well to take outher because in lodge to provide dos to students or members of the community, it is necessary to have a good character in order to help others.Leadership is one of the more or less important traits to have not only in school solely outside too. In school, one can take up the purview of being a leader by tutoring classmates. By helping a peer understand a topic they were confused about, a notion of accomplishment and happiness comes along. One can in addition be a leader by being a part of a inn and helping the club officers and other members reach their club goals. For example, I am part of the E nvironmental Club and I have been an active member since freshmen year. I have participated in many of the events put together by this club and have helped them in planning these events to ensure things run smoothly. At the moment, I am disciplineing with two friends on a merchandise project for the tower gardens in school. If I am accepted into the matter Honors Society, I will be up to(p) to gain more understand in being a leader and I will and so be able to help the Environmental Club more in fulfilling more club goals. If accepted, I plan to take everything I distinguish from being a part of this society and apply it to my life.Along with leaders comes the other pillar scholarship. To me, this pillar is essential because one can be an outstanding leader with good but have bad grades. So although those two pillars are important, the scholarship pillar is equally as important. If someone is capable of having all those good traits while having good grades and being a schola r, they are perfect for joining NHS. I always subdue to cook up time for everything like doing homework and studying while also doing declare oneself work and helping friends. Its difficult to do, but I try my best to make time to accomplish things I need to get done without feeling like Im tipping the scale on one side more than the other. If I am selected to join this society, I will not forget about my schoolwork. Instead, it would motivate me to do expose in my classes in order to keep my GPA in the right on place so I would be able to continue act in NHS without forgetting the importance of being a scholar.The next pillar, service, is one of smashing importance. I am aware that National Honors Society is a service organization. There will be many activities that will help not only our school but also members of the community and others who are in need of help. Personally, I feel that serving others should be done with a kind heart and not expecting anything in return . One should provide work to those in need because it is the right thing to do and it is truly reformatory to those who need it. In the past, I have helped members of my church raise capital to give to kids who cannot afford to go on field trips the church goes on. And I have helped raise money for the American Cancer Society each year since freshmen year because the money goes to a good cause and benefits many people. If I am inducted into NHS I will be happy to get the opportunity to participate in other events and activities that help people in need. This would help me give back to the community and our school and also exhibit me how I should be grateful to have what I have.The last pillar, character, is something we work on everyday to try to better. Abraham Lincoln once said study is the shadow. vitrine is the tree. What I love about this quote is that he is stating that our character is not just what we show to others, but whom we are when no one is around. If one has a superb character, then it is likely that one also has the other three pillars as well.Having a good character helps you in becoming a great leader without forgetting to be a scholar. And in order to provide services to others, having a good character is a must. To me character includes being responsible, trustworthy, respectful, fair, and caring. If I were chosen to be part of the NHS, I would definitely try to improve my character in all of those areas because it is important. Character is what makes people believe in you and it also helps you succeed in your in-person life.I strongly believe that all four pillars leadership, scholarship, service, and character, are decisive not only for National Honors Society but also all-important(a) for life. If I were to join NHS, I would be given the opportunity to improve in all of these areas and learn from others who are doing the same. I would be able to get to know students that Ive never seen before or talked to before, and I wou ld get time to spend helping others which is truly gratifying. Joining NHS would be an honor and would help me become a better student, classmate, and friend.

Queen Hatshepsut

Queen Hatshepsut microphone Tyson January 24, 2012 Prof John Jones Hu partities 111 Summary The mystery behind the reign over and death of Queen Hatshepsut, it was believed that Queen Hatshepsut dressed as a man to gain support of the Egyptians. During her reign she created wealth for Egypt by trading goods and oversaw build projects. Her reign was nonaggressive without war and was considered very successful. Upon Hatshepsut death, her successor Thutmose III upstage as many remnants of her rule as possible by defacing monuments and removing her make from the kings lists.The theories were she was kil direct by Thutmose III, accidently committed suicide or died of natural causes. Her remains were not identified until 2007, although British Howard Carter had discovered the remains in 1902 in Egypts Valley of Kings. Queen hatshepsut Queen Hatshepsut, daughter of Thutmose and Aahmes, was one of the a few(prenominal) female pharaohs of Ancient Egypt. There were other female pharaoh s previously, however none had the unusual impact she had during her reign. She gained her title as the 5th Pharaoh of the 18th Dynasty of Egypt, her reign was virtually 21 years. Hatshepsut, the elder daughter of the 18th-dynasty king Thutmose I and his consort Ahmose, was hook up with to her half brother Thutmose II, son of the lady Mutnofret. Since three of Mutnofrets older sons had died prematurely, Thutmose II inherited his fathers throne about 1492, with Hatshepsut as his consort. Hatshepsut bore one daughter, Neferure, but no son. When her husband died about 1479, the throne passed to his son Thutmose III, born to Isis, a lesser harem queen.As Thutmose III was an infant, Hatshepsut acted as regent for the new king. (1) For the first few years of ther stepsons reign, Hatshepsut has acted as guardian playing pharaoh-like duties on Thutmose IIIs behalf. After performing the duties for approximately sevensome years she was crowned king and received full purplish duties a s a pharaoh. Hatshepsut and Thutmose III became co-rulers of Egypt, with Hatshepsut viewed as the dominant king. She assumed all of the royal privileges and symbols of a King, even dressed in similar attire s a male. During her reign established the switch over networks that had been disrupted during the Hyksos occupation of Egypt during the minute of arc Intermediate Period, thereby building the wealth of the eighteenth dynasty. (2) While creating the craft network she created wealth for Egypt Hatshepsut was also a builder. She was responsible for restoring and building as a part of her royal duties the almost noted was the Dayr al-bar temple her funeral monument. She led construction projects throughout Upper and Lower Egypt.Her reign was illustrious and peaceful Egyptian kings defended their land against the enemies who lurked at Egypts borders. Hatshepsuts reign was essentially a peaceful one, and her foreign policy was based on trade rather than war. (3) Towards the end of her reign, she started to give Thutmose III more royal spot as king. She mysteriously died some believe that she died of natural causes. But in 2007, Egyptian authorities announced that Hatshepsuts mummy had turned up in a nearby tomb. A CT scan revealed that she had died in her 50s of bone cancer and also suffered from diabetes and arthritis. (4) A vile filled with a poison and lotion was also discovered with the remains of Hatshepsut authorities believed she whitethorn have accidently committed suicide. I believe, Thutmose III poisoned her the only way he knew how with her lotion. Hatshepsut was very smart and intelligent she knew she could not trust Thutmose III because he was jealous. Thutmose III was so jealous with the idea a mere muliebrity who had kept him from the throne of Egypt for years that he tried to destroy her most famous accomplishments. He had her beautiful temple at Deir el Bahri wonky and destroyed.As hard as Thutmose III tried, he could not annihilate he r memory from Egypt. Hatshepsut had ruled as a powerful pharaoh for twenty-one years, had added practically wealth to the treasuries of Egypt and had not allowed it to diminish under her rule. During her reign Egypt prospered, economic problems were few and trade flourished. Hatshepsuts ascended to power defined Ancient Egypts conventions, proving she was cum laude to be called one of the great pharaohs of Egypt. References Hatshepsut (ruler of Egypt) &8212 Britannica Online Encyclopedia. (n. d. ).Encyclopedia Britannica Online Encyclopedia. Retrieved January 16, 2012, from http//www. britannica. com/EBchecked/topic/256896/Hatshepsut Hatshepsut Wikipedia, the reposition encyclopedia. (n. d. ). Wikipedia, the free encyclopedia. Retrieved January 13, 2012, from http//en. wikipedia. org/wiki/Hatshepsut Staff. (2011, September 19). Did Skin Cream Kill Egypts Queen Hatshepsut? write up. com History Made Every Day American &038 World History. Retrieved January 18, 2012, from http// www. history. com/news/2011/08/19/did-skin-cream-kill-egypts-queen-hatshepsut/

A Game of Thrones Chapter Sixty-eight

DaenerysWings shadowed her fever dreams.You dont urgency to backwash the potassium hydrogen tartrate, do you?She was walking land a long h entirely at a lower buns in high spirits stone arches. She could non direct behind her, must non look behind her. in that respect was a door a train of her, petite with distance, that in metre from afar, she adage that it was painted red. She walked faster, and her b atomic number 18 feet left crashing(a) footprints on the stone.You dont want to wake the tartar, do you?She sawing machine sunlight on the Dothraki ocean, the living plain, rich with the smells of earth and death. Wind stirred the grasses, and they ripplight-emitting diode akin water system. Drogo held her in arduous arms, and his perish stroked her sex and established her and woke that sweet wetness that was his alone, and the stars smiled down on them, stars in a daylight sky. Home, she whispered as he entered her and filled her with his seed, nevertheless ex plosively the stars were ka g all overn(p), and crossways the blue sky sweep the considerable travel, and the world overlyk flame. . . . dont want to wake the dragon, do you?Ser Jorahs side of meat was worn- bug out and sorrowful. Rhaegar was the last dragon, he told her. He warmed translucent hands oer a glowing brazier where stone b all(prenominal)ocks smouldered red as coals. One moment he was there and the next he was fading, his skeleton colorless, less substantial than the tress. The last dragon, he whispered, thin as a wisp, and was gone. She snarl the dark behind her, and the red door seemed farther away than ever. . . . dont want to wake the dragon, do you?Viserys stood before her, screaming. The dragon does non beg, slut. You do not command the dragon. I am the dragon, and I impart be crowned. The molten gold trickled down his face want wax, set on fireing succinct-skulled channels in his flesh. I am the dragon and I will be crowned he shrieked, and his fingers snapped akin snakes, biting at her nipples, pinching, twisting, even as his centerfield burst and ran like jelly down awake up and sternened cheeks. . . . dont want to wake the dragon . . . The red door was so far ahead of her, and she could retrieve the icy breath behind, sweeping up on her. If it caught her she would die a death that was more than death, howling eternally alone in the darkness. She began to turn. . . . dont want to wake the dragon . . . She could heart the heat inside her, a terrible burning in her uterus. Her boy was lofty and proud, with Drogos copper skin and her own silver-gold hair, violet eye shaped like almonds. And he smiled for her and began to lift his hand toward hers, but when he plain-spokened his emit the fire poured out. She saw his heart burning through his chest, and in an twinkling he was gone, consumed like a moth by a bungholedle, rancid to ash. She wept for her pip-squeak, the assure of a sweet mouth on her breast, bu t her tears turned to steam as they fey her skin. . . . want to wake the dragon . . . Ghosts run along the hallway, dressed in the faded raiment of kings. In their hands were swords of color fire. They had hair of silver and hair of gold and hair of platinum white, and their eyeball were opal and amethyst, tourmaline and jade. Faster, they cried, faster, faster. She raced, her feet melting the stone wherever they touched. Faster the ghosts cried as one, and she screamed and threw herself forward. A great knife of pain ripped down her back, and she mat up her skin tear open and smelled the stench of burning line of business and saw the shadow of wings. And Daenerys Targaryen flew. . . . wake the dragon . . . The door loomed before her, the red door, so close, so close, the hall was a blur almost her, the cold receding behind. And now the stone was gone and she flew across the Dothraki sea, high and higher, the kelvin rippling beneath, and all that lived and breathed fled in t error from the shadow of her wings. She could smell home, she could see it, there, just beyond that door, green fields and great stone houses and arms to keep her warm, there. She threw open the door. . . . the dragon . . . And saw her brother Rhaegar, mounted on a stallion as black as his armor. Fire glimmered red through the narrow eye slit of his helm. The last dragon, Ser Jorahs voice whispered faintly. The last, the last. Dany lifted his polished black visor. The face indoors was her own.After that, for a long time, there was entirely the pain, the fire within her, and the whisperings of stars.She woke to the taste of ashes.No, she moaned, no, please.Khaleesi? Jhiqui hovered over her, a frightened doe.The populate was drenched in shadow, s manger and close. Flakes of ash drifted upward from a brazier, and Dany followed them with her eyes through the smoke fix above. Flying, she model. I had wings, I was flying. But it was altogether a dream. Help me, she whispered, strugg ling to rise. Bring me . . . Her voice was raw as a wound, and she could not think what she cute. wherefore did she hurt so ofttimes? It was as if her body had been torn to pieces and remake from the scraps. I want . . . Yes, Khaleesi. Quick as that Jhiqui was gone, bolting from the bivouac, shouting. Dany needed . . . something . . . someone . . . what? It was important, she k upstart. It was the only thing in the world that mattered. She involute onto her side and got an elbow under her, fighting the blanket tangled close to her legs. It was so arduous to move. The world swam dizzily. I render to . . .They put in her on the carpet, crawling toward her dragon eggs. Ser Jorah Mormont lifted her in his arms and carried her back to her remaindering silks, while she struggled feebly against him. Over his shoulder she saw her three handmaids, Jhogo with his minuscule wisp of mustache, and the tied(p) broad face of Mirri Maz Duur. I must, she tried to tell them, I have to . . . . . . sleep, Princess, Ser Jorah give tongue to.No, Dany said. Please. Please.Yes. He covered her with silk, though she was burning. Sleep and grow strong again, Khaleesi. Come back to us. And then Mirri Maz Duur was there, the maegi, tipping a cup against her lips. She tasted sour milk, and something else, something thick and bitter. Warm liquid ran down her chin. Somehow she swallowed. The tent grew dimmer, and sleep took her again. This time she did not dream. She floated, serene and at peace, on a black sea that knew no shore.After a timea night, a day, a year, she could not sayshe woke again. The tent was dark, its silken walls flapping like wings when the wind gusted outdoors. This time Dany did not attempt to rise. Irri, she called, Jhiqui. Doreah. They were there at in one case. My throat is dry, she said, so dry, and they brought her water. It was warm and flat, notwithstanding Dany drank it eagerly, and sent Jhiqui for more. Irri dampened a flocculent material a nd stroked her brow. I have been sick, Dany said. The Dothraki girl nodded. How long? The cloth was soothing, but Irri seemed so sad, it frightened her. broad, she whispered. When Jhiqui returned with more water, Mirri Maz Duur came with her, eyes heavy from sleep. Drink, she said, lifting Danys head to the cup once more, but this time it was only wine. Sweet, sweet wine. Dany drank, and lay back, listening to the soft sound of her own breathing. She could feel the heaviness in her limbs, as sleep crept in to fill her up once more. Bring me . . . she murmured, her voice slurred and drowsy. Bring . . . I want to hold . . . Yes? the maegi asked. What is it you wish, Khaleesi?Bring me . . . egg . . . dragons egg . . . please . . . Her lashes turned to lead, and she was too weary to hold them up.When she woke the third time, a shaft of golden sunlight was pouring through the smoke hole of the tent, and her arms were wrapped around a dragons egg. It was the pale one, its scales the c olor of butter cream, veined with whorls of gold and bronze, and Dany could feel the heat of it. Beneath her bedsilks, a picturesque sheen of perspiration covered her bare skin. Dragondew, she thought. Her fingers trailed lightly across the come on of the shell, tracing the wisps of gold, and deep in the stone she felt something twist and spread in response. It did not frighten her. All her fear was gone, burned away.Dany touched her brow. Under the film of sweat, her skin was cool to the touch, her fever gone. She made herself sit. thither was a moment of dizziness, and the deep ache between her thighs. save she felt strong. Her maids came running at the sound of her voice. Water, she told them, a flagon of water, cold as you can find it. And fruit, I think. Dates.As you say, Khaleesi.I want Ser Jorah, she said, standing. Jhiqui brought a sandsilk adorn and draped it over her shoulders. And a warm bath, and Mirri Maz Duur, and . . . Memory came back to her all at once, and sh e faltered. Khal Drogo, she forced herself to say, watching their faces with dread. Is he&038mdash?The khal lives, Irri answered quietly . . . withal Dany saw a darkness in her eyes when she said the words, and no kind of had she spoken than she rushed away to fetch water.She turned to Doreah. pronounce me.I . . . I shall bring Ser Jorah, the Lysene girl said, bowing her head and fleeing the tent.Jhiqui would have run as well, but Dany caught her by the wrist and held her captive. What is it? I must know. Drogo . . . and my child. wherefore had she not remembered the child until now? My son . . . Rhaego . . . where is he? I want him.Her handmaid lowered her eyes. The boy . . . he did not live, Khaleesi. Her voice was a frightened whisper.Dany released her wrist. My son is dead, she thought as Jhiqui left the tent. She had cognize somehow. She had known since she woke the introductory time to Jhiquis tears. No, she had known before she woke. Her dream came back to her, sudden an d vivid, and she remembered the tall man with the copper skin and long silver-gold braid, bursting into flame.She should weep, she knew, yet her eyes were dry as ash. She had wept in her dream, and the tears had turned to steam on her cheeks. All the grief has been burned out of me, she told herself. She felt sad, and yet . . . she could feel Rhaego receding from her, as if he had never been.Ser Jorah and Mirri Maz Duur entered a few moments later, and found Dany standing over the other dragons eggs, the two still in their chest. It seemed to her that they felt as hot as the one she had slept with, which was passing strange. Ser Jorah, come here, she said. She took his hand and placed it on the black egg with the scarlet swirls. What do you feel?Shell, hard as rock. The knight was wary. Scales.Heat?No. Cold stone. He took his hand away. Princess, are you well? Should you be up, weak as you are?Weak? I am strong, Jorah. To please him, she reclined on a trade of cushions. Tell me how my child died.He never lived, my princess. The women say . . . He faltered, and Dany saw how the flesh hung loose on him, and the way he limped when he moved.Tell me. Tell me what the women say. He turned his face away. His eyes were haunted. They say the child was . . . She waited, but Ser Jorah could not say it. His face grew dark with shame. He looked half a corpse himself.Monstrous, Mirri Maz Duur finished for him. The knight was a powerful man, yet Dany understood in that moment that the maegi was stronger, and crueler, and infinitely more dangerous. Twisted. I move him forth myself. He was scaled like a lizard, blind, with the stub of a tail and small leather wings like the wings of a bat. When I touched him, the flesh sloughed off the bone, and inside he was replete(p) of graveworms and the stink of corruption. He had been dead for years.Darkness, Dany thought. The terrible darkness sweeping up behind to devour her. If she looked back she was lost. My son was alive and s trong when Ser Jorah carried me into this tent, she said. I could feel him kicking, fighting to be born.That may be as it may be, answered Mirri Maz Duur, yet the creature that came forth from your womb was as I said. remainder was in that tent, Khaleesi.Only shadows, Ser Jorah husked, but Dany could hear the doubt in his voice. I saw, maegi. I saw you, alone, dancing with the shadows. The grave casts long shadows, Iron Lord, Mirri said. Long and dark, and in the end no light can hold them back.Ser Jorah had killed her son, Dany knew. He had done what he did for love and loyalty, yet he had carried her into a place no living man should go and fed her baby to the darkness. He knew it too the grey face, the hollow eyes, the limp. The shadows have touched you too, Ser Jorah, she told him. The knight made no reply. Dany turned to the godswife. You warned me that only death could pay for life. I thought you meant the horse.No, Mirri Maz Duur said. That was a lie you told yourself. You knew the price.Had she? Had she? If I look back I am lost. The price was paid, Dany said. The horse, my child, Quaro and Qotho, Haggo and Cohollo. The price was paid and paid and paid. She rose from her cushions. Where is Khal Drogo? Show him to me, godswife, maegi, ancestrymage, any(prenominal) you are. Show me Khal Drogo. Show me what I bought with my sons life.As you command, Khaleesi, the old char said. Come, I will take you to him.Dany was weaker than she knew. Ser Jorah slipped an arm around her and helped her stand. Time enough for this later, my princess, he said quietly.I would see him now, Ser Jorah.After the dimness of the tent, the world outside was blinding bright. The sun burned like molten gold, and the land was heat and empty. Her handmaids waited with fruit and wine and water, and Jhogo moved close to help Ser Jorah support her. Aggo and Rakharo stood behind. The brilliance of sun on sand made it hard to see more, until Dany increase her hand to shade her eyes. She saw the ashes of a fire, a few nominate horses milling listlessly and searching for a bite of grass, a spread of tents and bedrolls. A small crowd of children had gathered to watch her, and beyond she glimpsed women waiver about their work, and withered old men staring at the flat blue sky with tired eyes, swatting feebly at bloodflies. A expect might show a hundred people, no more. Where the other 40 thousand had made their camp, only the wind and dust lived now.Drogos khalasar is gone, she said.A khal who cannot mount up is no khal, said Jhogo.The Dothraki follow only the strong, Ser Jorah said. I am sorry, my princess. There was no way to hold them. Ko Pono left first, naming himself Khal Pono, and umpteen followed him. Jhaqo was not long to do the same. The rest slipped away night by night, in large bands and small. There are a dozen new khalasars on the Dothraki sea, where once there was only Drogos.The old remain, said Aggo. The frightened, the weak, and the sick. And we who swore. We remain.They took Khal Drogos herds, Khaleesi, Rakharo said. We were too few to stop them. It is the right of the strong to take from the weak. They took many slaves as well, the khals and yours, yet they left some few.Eroeh? asked Dany, remembering the frightened child she had deliver outside the city of the Lamb Men.Mago seized her, who is Khal Jhaqos bloodrider now, said Jhogo. He mounted her high and low and gave her to his khal, and Jhaqo gave her to his other bloodriders. They were six. When they were done with her, they cut her throat.It was her fate, Khaleesi, said Aggo.If I look back I am lost. It was a cruel fate, Dany said, yet not so cruel as Magos will be. I promise you that, by the old gods and the new, by the lamb god and the horse god and either god that lives. I swear it by the Mother of Mountains and the Womb of the World. in the lead I am done with them, Mago and Ko Jhaqo will plead for the lenience they showed Eroeh.The Dothraki exchanged uncertain glances. Khaleesi, the handmaid Irri explained, as if to a child, Jhaqo is a khal now, with 20 thousand riders at his back.She lifted her head. And I am Daenerys Stormhorn, Daenerys of House Targaryen, of the blood of Aegon the Conqueror and Maegor the Cruel and old Valyria before them. I am the dragons daughter, and I swear to you, these men will die screaming. Now bring me to Khal Drogo.He was lying on the bare red earth, staring up at the sun.A dozen bloodflies had settled on his body, though he did not seem to feel them. Dany brushed them away and knelt beside him. His eyes were wide open but did not see, and she knew at once that he was blind. When she whispered his name, he did not seem to hear. The wound on his breast was as recovered(p) as it would ever be, the scar that covered it grey and red and hideous.Why is he out here alone, in the sun? she asked them.He seems to like the warmth, Princess, Ser Jorah said. His eyes follow the sun, though he does not see it . He can walk after a fashion. He will go where you lead him, but no farther. He will eat if you put food in his mouth, drink if you dribble water on his lips.Dany kissed her sun-and-stars piano on the brow, and stood to face Mirri Maz Duur. Your spells are costly, maegi.He lives, said Mirri Maz Duur. You asked for life. You paid for life.This is not life, for one who was as Drogo was. His life was laughter, and meat roasting over a firepit, and a horse between his legs. His life was an arakh in his hand and his bells sonorousness in his hair as he rode to meet an enemy. His life was his bloodriders, and me, and the son I was to give him.Mirri Maz Duur made no reply.When will he be as he was? Dany demanded.When the sun rises in the westernmost and sets in the east, said Mirri Maz Duur. When the seas go dry and mountains blow in the wind like leaves. When your womb quickens again, and you bear a living child. wherefore he will return, and not before.Dany gestured at Ser Jorah and the others. Leave us. I would speak with this maegi alone. Mormont and the Dothraki withdrew. You knew, Dany said when they were gone. She ached, inside and out, but her fury gave her strength. You knew what I was buying, and you knew the price, and yet you let me pay it.It was wrong of them to burn my temple, the heavy, flat-nosed woman said placidly. That angered the Great Shepherd.This was no gods work, Dany said coldly. If I look back I am lost. You cheated me. You murdered my child within me.The stallion who mounts the world will burn no cities now. His khalasar shall trample no nations into dust.I spoke for you, she said, anguished. I saved you.Saved me? The Lhazareen woman spat. trine riders had taken me, not as a man takes a woman but from behind, as a dog takes a bitch. The fourth was in me when you rode past. How then did you save me? I saw my gods house burn, where I had meliorate good men beyond counting. My home they burned as well, and in the street I saw piles of h eads. I saw the head of a baker who made my bread. I saw the head of a boy I had saved from deadeye fever, only three moons past. I comprehend children crying as the riders drove them off with their whips. Tell me again what you saved.Your life.Mirri Maz Duur laughed cruelly. hold off to your khal and see what life is worth, when all the rest is gone.Dany called out for the men of her khas and legal tender them take Mirri Maz Duur and bind her hand and foot, but the maegi smiled at her as they carried her off, as if they shared a secret. A word, and Dany could have her head off . . . yet then what would she have? A head? If life was worthless, what was death?They led Khal Drogo back to her tent, and Dany commanded them to fill a tub, and this time there was no blood in the water. She bathed him herself, washing the dirt and the dust from his arms and chest, cleaning his face with a soft cloth, soaping his long black hair and combing the knots and tangles from it till it shone aga in as she remembered. It was well past dark before she was done, and Dany was exhausted. She stop for drink and food, but it was all she could do to nibble at a fig and keep down a mouthful of water. Sleep would have been a release, but she had slept enough . . . too long, in truth. She owed this night to Drogo, for all the nights that had been, and yet might be.The memory of their first ride was with her when she led him out into the darkness, for the Dothraki believed that all things of importance in a mans life must be done beneath the open sky. She told herself that there were powers stronger than hatred, and spells older and truer than any the maegi had knowledgeable in Asshai. The night was black and moonless, but overhead a gazillion stars burned bright. She took that for an omen.No soft blanket of grass welcomed them here, only the hard dusty ground, bare and strewn with stones. No trees stirred in the wind, and there was no stream to soothe her fears with the gentle music of water. Dany told herself that the stars would be enough. Remember, Drogo, she whispered. Remember our first ride together, the day we wed. Remember the night we made Rhaego, with the khalasar all around us and your eyes on my face. Remember how cool and clean the water was in the Womb of the World. Remember, my sun-and-stars. Remember, and come back to me.The birth had left her too raw and torn to take him inside of her, as she would have wanted, but Doreah had taught her other ways. Dany used her hands, her mouth, her breasts. She raked him with her nails and covered him with kisses and whispered and prayed and told him stories, and by the end she had bathed him with her tears. Yet Drogo did not feel, or speak, or rise.And when the bleak dawn broke over an empty horizon, Dany knew that he was truly lost to her. When the sun rises in the west and sets in the east, she said sadly. When the seas go dry and mountains blow in the wind like leaves. When my womb quickens again, and I bear a living child. Then you will return, my sun-and-stars, and not before.Never, the darkness cried, never never never.Inside the tent Dany found a cushion, soft silk stuffed with feathers. She clutched it to her breasts as she walked back out to Drogo, to her sun-and-stars. If I look back I am lost. It hurt even to walk, and she wanted to sleep, to sleep and not to dream.She knelt, kissed Drogo on the lips, and pressed the cushion down across his face.

Olympian Destiny vs. Personal Choice Essay

An Analytical Essay on the tragedy of Oedipus in Sophocles Oedipus the King Debates on whether men control their unavoidablenesss or whether their parts be already dictated by a nonher fierceness are non new and has definitely not ended. Still, even if arguments on the subject has been exhaustingly plowed, on that point is fluid no conclusion formed of whether humanity re eithery falsify their birth choices or if there is a greater or heavenly force which deprives humanity of that choice. Such circumstance is depicted in Oedipus the King, genius of the trilogies in a famous Greek tragedians walkaways.Sophocles, who is kn ingest to be angiotensin-converting enzyme of the pioneers of tragedies (as a drama) in the world, writes of the sad and terrible heap of Oedipus who is the pattern of Thebes after he saves the people of Thebes from a monster. The play revolves close to a prophecy that Oedipus wants to kill his own induce and make his own stimulate as a married w oman. This leads to this essays purpose which is to discuss on whether Oedipus was destined to have such end or whether he was the one who actu aloney do his own fate.In Oedipus the King, trouble brews in Thebes as the people are in pandemonium over a sickness that spreads over the city. Oedipus who is the present ruler of the city after defeating the Sphinx asks process from an oracle to decipher why Thebes if suffering such fate. The oracle reveals that Olympus is smoldering over the murder of Thebes past King and the city stack just be restored to its proper order when the Kings murderer has been caught. This earlier ominous scene sets the play in motion as the motor inn of Thebes starts to investigate and prod on who is the possible murderer of the dead King. with much explanation, interrogation and prodding, it is found go forth that it is Oedipus himself who has killed the King, making the prophecy of Apollo alignthat Oedipus will kill his father and marry his own m d ifferent. Because Thebes needs to be saved and because Creon cries out for Oedipus to respect the desires of Olympus, Oedipus willingly exiles himself from Thebes and eventually (in the next and ut about(a) part of the trilogy, Oedipus at Colonus) dies alone. The trilogy that Sophocles has written is known to be the Oedipus plays even if one of the plays played out with the King already dead.However, it is quite evident that in all the plays, Oedipus plays an important part because his fate serves as background of all the plays and his fate becomes a catalyst for all the other scenes in the plot. This fate that brings down such grief to Oedipus and his family is connected to Apollos prophecy that was predicted by an oracle in Delphi. Oedipus recounts this prophecy when he talks to Jocasta, his queen and wife (and unbeknownst to him, his mother) over the reason why he self-exiled himself from CorinthAnd so I went in secret off to Delphi. / I didnt tell my mother or my father. Apollo sent me back without an answer, / so I didnt watch what I had come to find. But when he spoke he give tongue to monstrous things, / strange terrors and horrific miseries it was my fate to defile my mothers bed, / to bring forth to men a human family that people could not bear to look upon, / to murder the father who engendered me. (Sophocles 945-954)This excerpt points to the fact that it is Apollo who passed the association of the prophecy and Oedipus is well aware of the said prophecy. Thus, it would seem that the fate of Oedipus is already determined but there is a possibility that although he made unconscious and innocent choices and decisions, Oedipus is still well aware that all the things that he will do leads to something greater and sadder. This something greater and sadder is his tragic fate that would go in the death of his own father and would result in an meanspirited relationship with his own mother.This premiss neither proves nor negates whether Oedipuss life wa s created out of the decisions, actions and choices he made or whether his life was already created by another(prenominal) force for him. Both arguments may be correct but the other holds more weight based on the text itself. With regards to the tragedy of Oedipus fate created by his own choice, it can be shown in how the chorus of the play set forth Oedipus that he was a man who had his own power from his psychical strength which resulted in his ability to be very trickYou residents of Thebes, our autochthonous land, / look on this man, this Oedipus, the one who understood that celebrated riddle. / He was the most powerful of men. All citizens who witnessed this mans wealth / were envious. Now what a surging tide of terrible disaster sweeps around him. (Sophocles 18051811) The Chorus described Oedipus as having feats that he alone did without the help of any other force or powerthis would of course show that Oedipus total worth as a character and individual was not just create d by the colossal gods alone.Oedipus also had a hand in the making of his own heart and soul as a person. Thus, his characteristics which lead to his crimes were the culmination of all these characteristics. For example, he is cunning and that is why he was able to defeat his father in appointment and he was able to solve the Sphinxs riddle. Because of these two circumstances, he killed his father and he won the queen of the city who is his mother. Apollo merely prophesised Oedipus fatethe lie god did not can the weapon which would kill Oedipus nor did he provide the answer to the riddle.Thus, Oedipus was able to the things he has done based on his own judgement and discernment as a person. On the other hand, the premise that Oedipus is the victim of the tragedy of fate manufactured by the Olympian gods still holds more weight compared to whether he is a victim of his own pose judgements and actions. This can be proven by the following lines de prevailred by the Chorus of the play In everything / our loftiest traditions consecrate,those laws engendered in the heavenly skies, / whose only father is Olympus. They were not born from mortal men, / nor will they sleep and be forgotten. In them lives an aeonian mighty god. (Sophocles 1034-1040) The lines explain that mens laws and the traditions that they exalt, whether good or unsound and advantageous or remiss, is created by the heavens. Therefore, men are but apply in the hands of the gods and goddesses of Olympus. Whatever human beings do, it is determined already by the hands of the gods.If this supposition is correct, it just means that Oedipus entire life was created by the gods and it is up to the gods on how his life will end even if the magnate Jocasta believes otherwise Fear? What should a man fear? Its all incur, chance rules our lives. Not a man on earth can see a day ahead, groping through the dark. Better to live at random, best we can (Sophocles 10681078). When the queen declared such judg ement, she was not able to consider that even if chance rules humanitys lives chance is also something which the heavens also control.Though men make decisions in certain circumstances, those circumstances were also created by pre-determined fate Oedipus had to be there at the exact same time his father was at the occasion Oedipus had to take the path going to Thebes Oedipus had to solve the riddle by the Sphinx, and so forth Thus, although Oedipus can make his own decisions which lead to his tragic fate, his tragic fate was already determined by his hands not his own. It was determined, based on the Greek mythologies, by the Fates. Works Cited Sophocles. Oedipus Rex. Ontario General Publishing, Ltd. , 1991.

Factors Affecting Share Prices

transnational query diary of pay and economic science ISSN 1450-2887 recurrence 30 (2009) Euro diarys Publishing, Inc. 2009 http//www. eurojournals. com/finance. htm Determinants of Equity Prices in the stock marts Somoye, Russell Olukayode Christopher Dept. of patoising &038 Finance, Faculty of Management Science Olabisi Onabanjo University, ag one and only(a) Iwoye, Nigeria P. O. Box 1104 Ijebu-Ode, Ijebu-Ode, Ogun State, Nigeria E-mail email&160protected com Akintoye, Ishola Rufus Dept. of Accounting, Faculty of Management Science Olabisi Onabanjo University, ago Iwoye, Nigeria E-mail email&160protected com Oseni, Jimoh Ezekiel Dept. f money boxing and Finance, Faculty of Management Science Olabisi Onabanjo University, past Iwoye, Nigeria E-mail email&160protected com Abstract Brav &038 Heaton (2003) on the wholeeges grocery storeplace place indeterminacy (a situation where it is undoable to determine whether an summation is efficiently or inefficiently impairm entd) in the stress commercialiseplace. Kang (2008) argue that empirical tests of linear addition scathe deterrent examples show bearing of mis look upon in asset pricing. Asset pricing is imagineed efficient if the asset set reflects whole available foodstuff culture to the layover no informed principal stooge outperform the market and / or the uninformed trader.This consume examined the extent to which some(a) info chemical elements or market indices affect the shoot hurt. A model watchd by Al-Tamimi (2007) was apply to regress the uncertains ( trite equipment casualtys, win per sh be, gross(a) internal product, loaning c be tell and abroad transfer commit) by and by testing for multicollinarity among the in hooked variables. The multicollinarity test revealed very sanitary correlativity amid gross domestic product and crude oil legal injury, gross domestic product and conflicting ex convert roll, l eradicateing reside swan and inflatio n outrank.All the variables subscribe to incontr both overtible coefficient of cor carnal knowledge coefficient to inception prices with the exception of bring interest station and foreign ex multifariousness rate. The outcomes of the probe agree with in the first place studies by Udegbunam and Eriki (2001) Ibrahim (2003) and Chaudhuri and Smiles (2004). This study has enriched the existing literary productions spell it would help policy makers who argon interested in deploying instruments of pecuniary policy and a nonher(prenominal) scotchal indices for the harvest-festival of the bang-up market. Keywords Stock prices, CAPM, models, coefficient, efficient, transmit market. world(prenominal) question daybook of Finance and economics Issue 30 (2009) 78 1. 0. Introduction The price of a commodity, the economist makes us to gestate is determined by the forces of adopt and supply in a free delivery. Even if we accept the economists check, what factors sou r demand and supply behavior? Price? Yes, but non all the metre, at least at that place be some new(prenominal) factors. In the securities market, whether the primary or the endorseary market, the price of righteousness is signifi quartertly shaped by a number of factors which imply daybook date prise of the unshakable, dividend per share, earnings per share, price earning ratio and dividend cover (Gompers, Ishii &038 Metrick, 2003).The most basic factors that influence price of comeliness share are demand and supply factors. If most people buy the farm buying then prices move up and if people start marketing prices go down. Government policies, unwaverings and attentions work and strengths have causes on demand behaviour of investors, two in the primary and lowly markets. The factors affecting the price of an legality share can be pecked from the macro and micro frugal perspectives. Macro economic factors include politics, general economic conditions i. e. how the economy is performing, government regulations, and so forthThen there may be other factors like demand and supply conditions which can be influenced by the performance of the comp both and, of course, the performance of the company vis-a-vis the industry and the other players in the industry. In a study of the shock of dividend and earnings on telephone line prices, Hartone (2004) argues that a importantly arbitrary sham is made on candor prices if dictatorial earnings information occurs afterward(prenominal) interdict dividend information. Also, a significantly ostracize adjoin occurs in equity pricing if positive dividend information is fol mooed by negative earning information.Docking and Koch (2005) discovers that there is a educate alliance amidst dividend announcement and equity price behavior. Al-Qenae, Li &038 Wearing (2002) in their study of the lay out of earning (micro-economic factor), inflation and interest rate (macro-economic factors) on t he pedigree prices on the capital of Kuwait Stock flip-flop, discover that the macro-economic factors significantly strike credit line prices negatively. A previous study by Udegbunam and Eriki (2001) of the Nigerian capital market to a fault shows that inflation is inversely correlated to business line market price behaviour.A number of models positive for asset pricing are two variable models. For instance the corking asset pricing model (CAPM) develop by Sharpe (1964) considers the risk-free deliver and volatility of the risk-free return to market return as the determinants of asset price. Asset price as described by CAPM is linearly related to the two nonsymbiotic variables. Many studies have cogitate that over the years assets were universe underpriced (Smith, 1977 Loderer, Sheehan &038 Kadlec, 1991) and this raises the question of the adequacy of the various asset pricing models to ensure efficient asset pricing.Brav &038 Heaton (2003) alleges market indeterminacy , a situation where it is impossible to determine whether an asset is efficiently or inefficiently priced. Kang (2008) open that empirical tests of linear asset pricing models show presence of mispricing in asset pricing. Asset pricing is considered efficient if the asset price reflects all available market information to the extent no informed trader can outperform the market and / or the uninformed trader. This study aims at examining the extent to which some information factors or market indices affect the rakehelltaking price.The rest of the paper is designed as follows Section 2 reviews literature on factors influencing asset prices, effects of inefficient asset pricing and some of the existing asset pricing techniques. Section 3 states the data and the sources, the data restructuring and the model apply for data analysis while Section 4 discussed and interpret the results of the data analysis. Lastly, section 4 is the conclusion. 2. 0. Conceptual Framework and literary w orks Review 2. 1. Conceptual Framework Several attempts have been made to key or study the factors that affect asset prices.Some researchers have also assay to determine the correlation surrounded by selected factors (internal and outside(a), 179 International explore journal of Finance and political economy Issue 30 (2009) market and non-market factors, economic and non-economic factors) and asset prices. The outcomes of the studies parti-color depending on the scope of the study, the assets and factors examined. Zhang (2004) designed a multi-index model to determine the effect of industry, awkward and international factors on asset pricing. Byers and Groth (2000) defined the asset pricing process as a function utility (economic factors) and non-economic (psychic) factors.Clerc and Pfister (2001) posit that monetary policy is capable of influencing asset prices in the long run. Any change in interest rates especially unanticipated change affects fruit mentalitys and the r ates for dismissing enthronisation future cash fertilizes. Ross (1977) APT model which could be taken as a protest of one factor model of CAPM which assumes that asset price depends only on market factor believe that the asset price is influenced by two the market and non-market factors such as foreign exchange, inflation and unemployment rates.One of the defects of APT in spite of its advancement of asset pricing model is that the factors to be included in asset pricing are unspecified. Al Tamimi (2007) identified company fundamental factors (performance of the company, a change in board of directors, appointment of new solicitude, and the creation of new assets, dividends, earnings), and external factors ( government rules and regulations, inflation, and other economic conditions, investor behavior, market conditions, money supply, competition, uncontrolled inwrought or environmental circumstances) as influencers of asset prices.He developed a dewy-eyed regression model to measure the coefficients of correlation betwixt the single-handed and dependent variables. SP = f (EPS, DPS, OL, gross domestic product, CPI, INT, MS) Where, SP Stock price EPS Earnings per share DPS Dividend per share OL oil colour price gross domestic product Gross domestic product CPI Consumer price index INT affair rate and MS Money supply. He discovered that the watertights fundamental factors exercise the most significant impact on stock prices.The EPS was found to be the most influencing factor over the market. Studying the effects of the Iraq war on US financial markets, Rigobon and kindle (2004) discovered that increases in war risk caused declines in Treasury yields and equity prices, a broadning of lower-grade corporate spreads, a fall in the dollar, and a rise in oil prices. A positive correlation exists between the price of oil and war. They argue that war has a significant impact on the oil price.Tymoigne (2002) argue that in the financial market, banking c onvention and financial convention work together to fix the assets market prices. According to him the financial convention creates a speculative sentiment of whether capitalists are to a greater extent habituated to sell, or to buy assets while the banking convention determines the state of credit as evidenced by the confidence of the banking sector and ability of investors accessing credit leverage for asset acquisition purpose.He concluded that conventions do not determine asset-price, it is the justice of supply and demand that does so, conventionsonly influence the behaviors of financial actors Inflation as an external factor exerts a very significant negative influence on the stock prices in Nigeria (Zhao,1999 &038 Udegbunam and Eriki, 2001). Factors affecting asset prices are many and inexhaustible. The factors can be categorized into sozzled, industry, country and international or market and non-market factors, and economic and noneconomic factors. All the factors can be summarized into two classes micro and macro factors.Factors in distributively class of the classification are inexhaustible. For instance, the secure factors include, ownership structure, management quality, labour force quality, earnings ratios, dividend payments, net book apprise, etc. have impact on the investors pricing decision. Molodovsky (1995) believes that dividends are the heavy(a) core of stock apprize. The respect of any asset equals the indicate value of all cash flows of the asset. 2. 2. Effects Of ineffectual Asset Pricing Inefficient asset pricing could be a catalyst to inefficient quality allocation among competing productive investment opportunities. downstairspricing can serve as positive signal to the market (Giammariano &038 Lewis, 1989) to compensate the uninformed and get them to participate in the new International Research journal of Finance and Economics Issue 30 (2009) 180 offer (Rock, 1986 Allen &038 Faulhaber, 1989 Grinblatt &038 Hwang, 198 9 Welch, 1989). The market is information-sensitive. Prices tend to take a declining trend few days to the release of a dissolutes new offer and the price recovery starts few days after the completion of the offer, especially if he offer is fully subscribed (Barclay and Litzenberger, 1988). Easley, Hridkjaer and OHara (2001) agree that market is information sensitive at least to the extent that private (insider) information affect asset returns and advised that it should not be ignored for efficient asset pricing. The substantials beta ratios, its market value to book value, its current price to earnings ratio and the diachronic crop rate in earning per share are identified by Moore &038 Beltz (2002) as possessing muscular influence on the equity price of the secure.They also argue that the identified factors have varying effects on the price and the effects vary from time to time, sector to sector and even from firm to firm within the same industry. For instance, they argue t hat equity prices of individual firm in heavy industries (chemical, petroleum, metal and manufacturing) are exclusively influenced by the firms beta and market to book value while firms in the technology sector are influenced by the historical fruit rate in earning per share as well as beta and market to book value ratio.The equity price in transportation industry is affected by beta and price to earning ratio. Though, Moore &038 Beltz (2002) constructed a tree relating the impact of distributively identified factors in each of the selected model but did not construct a model that could be used in assessing direct impact of the identified factors on the equity price. Asset pricing could be a challenge.Hordahl &038 Packer (2006) argue that a clear determineing of the assets stochastic discount factor and future payoffs is necessary to understand the factors that determine the price of an asset. Unfortunately, only Government instruments provide their stochastic discount factor in advance while the future payoffs are not observable directly but could be bring ind from some other data. Corwin (2003 identifies perplexity and asymmetric information as a strong influence on the firms equity pricing and as a theme of fact lead to underpriced instrument.In the light of the preceding literature review, many factors both micro and macro-economics, have impact on equity pricing in the stock market, the impact differs from firm to firm, industry to industry, economy to economy and from time to time, but one comforting conclusion is that most of the factors appear to have the same behaviour regardless of time, industry or firm constraints.For instance, increase inflation and interest rates, declining dividends, earnings, poor management leave negative impact on equity pricing and vice-versa 2. 3. Asset Pricing Techniques There are some(prenominal) asset pricing models aside from CAPM and APT which are both linear model. A few of the available (non-linear) asset pric ing techniques are reviewed in this section. 2. 3. 1. ease Income Valuation This is one of the oldest valuation model with a trace to the work of Preinreich (1938).The valuation model discounts the future anticipate dividends and potential value of shareholders monetary resource to the present value, giving effect to a prompting that the price of equity can be derived from the present value of all future dividends. Lo and Lys (2000) reviewed the Olhson seat (OM) developed in by Ohlson (1995) and which has been acknowledged with wide acceptance (Joos &038 Zhdanov, 2007 Chen &038 Zhao, 2008). The OM provides a platform for the empirical test of the relaxation income valuation (RIV).Lo and Lys (2000) defined RIV as RIV = Pt = ? R-r Et (dt+r) Where Pt is defined as the equity market price at time t, dt represents dividends at the end of time t, R is the unity plus the discount rate (r) and Et is the expectation factor at time t. The RIV from the present value of judge dividend i s found on the assumptions that (i) the accounting system meets the find fault surplus relation i. e. 181 International Research daybook of Finance and Economics Issue 30 (2009) To derive RIV from PVED, two additional assumptions are made.First, an accounting system that satisfies a clean surplus relation (CSR) is fictive bt = bt-1 + xt dt, bt represents the book value of equity at time t, xt represents the earnings at time t, and (ii) it is assumed that the book value of equity would grow at a rate less than R, that is R-r Et (bt+r) &8212&8212&8212&8212&8212) 0 The assumptions form the basis to argue that the present value of expected dividend is a function of both the book value and discounted expected abnormal earnings.In that case RIV signifying the price of the asset can be give tongue to thus Pt = bt +? t=1 R-r Et (xat+r) Where xat = xt rbt-1. Testing RIV through with(predicate) empirical observation could be a contention on the premises that it has only one sided hyp othesis asset price is a function present value of future dividends. A rejection of the hypothesis when tested empirically may rout out dissenting voices from researchers who had believed in the efficacy of the model. In fact, Lee (2006) expressed the view that residual income valuation model provides a better valuation than the dividend model.John and Williams (1985), and milling machine and Rock (1985), argue that dividend is a communication brute for the firm to run short information to the market in the event of information asymmetry which implies that there is a positive correlation between information asymmetry and a firms dividend policy. 2. 3. 2. Economic Valuation Model This model traced to Tully (2000) is developed to recognize economic increases as against the use of book dough in the valuation of asset.The model builds on the premises of profit maximation by owners of the firm and the profit is not to be restricted to book value, rather it covers the opportunity p rice of not investing in fat projects. Economical profit is differentiated from the book profit as the release from revenues and economical damages (i. e. book addresss plus opportunity cost of failure to invest in profitable project. The book profit can be defined as revenue less costs while economic profit is defined as get revenue from investment less cost of capital.Economic profit is eminenter than normal book profit because of the opportunity cost considered in the former. There are two approaches to the affection of economic value added (Koller, Goedhart &038 Wessels, 2005 Jennergren, 2008). The first is NOPLAT less capital charge (i. e. WACC figure by sign capital outlay). The value of the operating assets is therefore the initial capital outlay plus the present value of cash flows derived from economic value added.To obtain the equity value, the value of debt is deducted from the value of the operating assets. The second approach involves EBIT less revenue enhance mentes (i. e. PAT). PAT less capital charge after recognizing deferred taxes as part of the invested capital. The operating assets remain as the initial capital outlay (having considered the effect of deferred taxes) plus the present value of all income derived from the economic value added.Economic Valuation of Asset (EVA) Model as defined by Kislingerova (2000) is stated as EVAt = Pt = NOPATt Ct x WACCt where NOPATt is Net run Profit After Tax or the profit after tax (PAT), Ct is long-term capital (Ct is the sum of equity and invested capital or alternatively, it is the total of fixed assets and net working capital), WACC is Weighted Average approach of Capital. Whenever EVA > O, the shareholders wealth is maximized, if EVA =0 then there is a break-even point and at EVA < 0 the shareholders wealth is in decline.EVA model serves as a tool around in measuring both the performance of the firms as well its value. WACC serves a dual purpose. It is used in the calculation of EVA and its serves as the rate for discounting the present value of future earnings to the present time t. The value of the firm is therefore the addition of the book value of capital and the present value of future EVA. To derive the value of equity the value of debt would be deducted from the value of the firm. International Research Journal of Finance and Economics Issue 30 (2009) 182 2. 3. 3.Discounted specie scarper Model The model uses accounting data as input and the objective of the model is to derive equity value of a going concern. The value of equity is derived by deducting the value of debt (excluding deferred taxes and trade credits) from the total assets. Deferred taxes are regarded as part of equity (Brealey, Myers &038 Allen, 2006). There are several variations to the adoption of the model (Jennergren, 2008). The discounted cash flow (DCF) is more than adaptable to the valuation of a firm with luxuriouslyer(prenominal) level of assets in place and low level of unc ertainty active future cash flows (Joos &038 Zhdanov, 2007).Cash flows available for discounting include dividends, free cash flow to equity and free cash to the firm (debt and equity). A firm can experience three types of growth ranging from immutable growth, extravagantly growth to stable growth and high growth through transition to a stable growth. The discount rate could be all cost of equity, cost of debt or the weighted cost of capital (WACC). The choice of discount rate should depend on the type of cash flow (equity or firm) to be discounted. At least two models can be derived from the cash flow model.The Dividend Discount (DD) Model is suitable for a firm that pays dividends close to the free cash flow or where it is difficult to forecast the free cash flow to equity. The second model, Free Cash Flow Model is suitable where there is a significant margin between dividends and free cash flow to equity or if dividends are not available. The value of firm witnessing stable growth is given as CUsersjoseniD esk top D esk to pDISCOUNTED CA SHFLOW MODELS WHA T THEY A RE A ND HOW TO CHOOSE THE RIGHT ON E__filesImage8. if or a firm that experiences two stages of growth (i. e. high growth to stable growth), the value of the firm is CUsersjoseniDesk topDesk topDISCOUNTED CA SHFLOW MODELS WHA T THEY A RE A ND HOW TO CHOOSE THE RIGHT ONE__filesImage9. gif The value of a firm experiencing three levels of growth (i. e. high growth through transition to stable growth) is given as CUsersjoseniDesk topDesk topDISCOUNTED CA SHFLOW MODELS WHA T THEY A RE A ND HOW TO CHOOSE THE RIGHT ONE__filesImage10. gifWhere V0 represents equity value or firm value depending on which is discounted, CFt represents cash flow at time t, r represents cost of equity (for dividends or free cash flow to equity) or cost of capital ( for free cash flow to firm), g represents expected growth rate, ga represents initial expected growth (high growth period) and gn represents growth in a stable period n and n1 are defined as the period in a two stage growth and high growth in a three stage growth models severally while n2-n1 represents the transition period in the three stage growth model. . 3. 4. Dividend Valuation Model This is one of the commonest and simplest models for valuation of equity in the secondary market. The equity value is taken as the summation of discounted dividends receivable each year till the year of maturity and the price the equity is expected to be sold at maturity. The value of an investment is taken to be the discounted value of the cash flows.There are different variations to the model ranging from One period valuation one Period to multi-periods Po = D1/(1 + ke) + P1/(1 + ke) Po = D1/(1 + ke)1 + D2/(1+ke)2 ++ Dn/(1+ke)n + Pn/(1+ke)n multi- period and to indistinct length of time Infinity and, growth Po = D/(1+ke) (including Gordon growth) variations. D0(1+g)1 + D0(1+g)2 +.. + D0(1+g)? Po = (1+ke)1 (1+ke)2 (1+ke)? or 183 Po = International Res earch Journal of Finance and Economics Issue 30 (2009) D0 ke g) Where D = dividend paid / expected g = dividends growth rate = cost of equity or equity rate of return ke 1 n = period variation One of the motives so-and-so the use of this valuation model is to identify over and underpriced shares. Moving away from the simplest form of this model Go and Olhson (1990) introduced a more tasking process for generating dividends and returns on equity investment which they adopted in some more particular valuation models.The process is based on some assumptions such that equity holders would receive net dividends and there exists a linear relationship between variables. John and Williams (1985), and Miller and Rock (1985) argue that dividend is a communication tool for the firm to pass information to the market in the event of information asymmetry which implies that there is a positive correlation between information asymmetry and a firms dividend policy. 3. 0. Research Methodology We define the research hypotheses, sampling and data collection techniques as well as the statistical techniques used to test the data. . 1. Research Methodology We test the followers hypotheses Ho1 The earning per share significantly affects the stock price Ho2 The national gross domestic products significantly affect the stock price Ho3 The lending interest rate significantly affect the stock price Ho4 The foreign exchange rate significantly affect the stock price 3. 2. Model From the hypotheses, the stock price is a function of the impact of earning per share, dividend per share, gross domestic, interest rate and oil price.We restricted the influencing factors to quintuple as representatives of the firms fundamental factors and external (country) factors. A simple linear regression model derived from Al-Tamimi (2007) is adopted for the study. impertinent Al-Tamimi (2007) who included consumer price index (CPI) and money supply (MS) as sovereign variables, those variables wer e replaced with inflation rate (INFL) and foreign exchange rate (FX) in view of the significant impact they have on the economies of developing countries.SP = f (EPS, DPS, gross domestic product, INT, OIL, INFL, FX) Where, SP is the stock price EPS is the earnings per share DPS is the dividend per share GDP is the gross domestic product, INT is the lending interest rate, OIL is the oil price INFL is inflation and FX is the foreign exchange rate. SP is the dependent variable and it is used to regress the other independent variables (EPS, DPS, GDP, INT, OIL, INFL, FX) in the stock market. The outcome of the regression would be the variance on the dependent variable as resulting from the impact of the independent variables.To explain the effects of multicollinearity normally associated with multi-variables in regression analysis, multicollinearity test is conducted to explain the extent of correlation between the independent variables.. A multiple regression software (WASSA) was used t o test the multicollinearity among the independent variables before proceeding to conduct the regression analysis. International Research Journal of Finance and Economics Issue 30 (2009) 3. 3. selective information Sampling 184 There are over 130 companies whose shares are being traded in the Nigerian capital market.The Banking sector in the last five years has dominated the market in terms of trading volumes and market performance. The earning per share (EPS) and dividend per share (DPS) of twelve companies listed on the Nigerian Stock Exchange (NSE) and (average) annual GDP, crude oil price (OIL), lending interest rate (INT), inflation rate (INFL) and foreign exchange rate (FX) are used are analysed for effect on the stock price. The period covered by the data is year 2001 to 2007. The choice of the companies and period used for the data convocation depend on availability of data. . 4. Data Restructuring Weights are attached to EPS and DPS for each of the companies sampled for e ach of the year. The weight is derived as a ratio of the companys EPS or DPS to the total EPS or DPS of all the companies for each of the years. The weight is thereafter multiplied with the respective company EPS or DPS to derive weighted stock price (SP), EPS or DPS and thereafter all the companies weighted SP, EPS or DPS are summed together for each of the year (APPENDIX I). 4. 0. Findings and InterpretationIn a linear expression where more than two variables are deployed, multicollinearity between variables may not be govern out. A multicollinearity test is therefore conducted for all the independent variables. Using the Pearson coefficient of correlation, we consider any correlation between two variables > + 0. 75 as strong. For instance, from put off 1 below there is no significant correlation between earnings per share and dividend per share. Our explanations for it are into parts.First, all the companies in the sample account earnings per share for each of the years cover ed by the study though in some instances the EPS are negative but not all the companies declared and /or paid dividends throughout all the periods. Secondly, EPS move unlike DPS is largely outside the control of the Management. There is a strong correlation between crude oil price and GDP. The justification for the correlation between crude oil price and GDP can be found in the fact that the Nigerian economy predominantly depends on oil revenue.Table I DPS EPS GDP OIL INT INF FX Outcomes of the Multicollinarity Test (Pearson Coefficient of Correlation DPS 1 -0. 302 0. 609 -0. 395 -0. 498 -0. 521 0. 724 EPS 1 -0. 523 -0. 596 0. 366 0. 778 -0. 037 GPD 1 0. 959 -0. 702 -0. 492 0. 795 OIL INT INFL FX 1 -0. 706 -0. 434 0. 614 1 0. 988 -0. 424 1 -0. 313 1 A strong correlation also exist between INFL and INT which cogency be the result of manufacturers and service providers passing increased lending interest rate to consumers. A strong correlation exists between FX and GDP.Unexpectedly, there is a strong correlation between INF and EPS, we do not have any explanation for this relationship. For our regression analysis, OIL and INFL were dropped from the model. Though there is a strong correlation between FX and GDP, both variables are used in the regression. FX and GDP variables are significant to the economy of developing nations like Nigeria, therefore their elimination from the regression would result in a very high changeless (? ). 185 International Research Journal of Finance and Economics Issue 30 (2009)A regression analysis was run on the independent variables DPS, EPS, GDP and INT after dropping OIL, INFL and FX. Table I shows the result of the regression analysis. Table II Summary of the Regression depth psychology R2 0. 99996 ? 67. 2385 0. 3835 0. 0869 0. 3805 0. 8236 1. 9741 correct R2 0. 99978 T Test 9. 597 36. 259 33. 369 21. 809 7. 375 11. 214 received Error of Estimates 0. 4752 F Test 5385. 033 R 0. 99998 Constant DPS EPS GDP INT FX The s tock price (P) is highly sensitive to variation as indicated by R2 of 0. 99996. In other words there is 99. 9% and as a payoff of fact 100% in stock variation caused by the independent variables. The variability as measured by coefficient of variation (? ) is expectedly positive for DPS, EPS and GDP and expectedly negative for lending interest (INT) though quite significantly. The ? for DPS and EPS though positive were not significant. Many of the companies resorted to bonus come ins instead of dividends and the Nigerian investors are more interested in incomes rather than capital appreciation especially where the stock market performance is poor.The failure to declare and pay dividend leaves two negative impacts on stock prices. The existing investors are denied additional funds to invest and the potential investors seeking investment incomes are disapprove. The hypothesis that EPS affect stock price significantly is accepted. The positive GDPs coefficient in relation to the sto ck price is in agreement with some other studies (Udegbunam and Eriki,2001 Ibrahim 2003 Mukherjee and Naka 1995 Chaudhuri and Smiles, 2004). The ? is undistinguished at 0. 805 and this might not be unconnected with the increasing foreign reserve maintained by CBN from the harvest-feast of crude oil sales. The proceeds of the crude oil sales are not released to the economy for investment in various productive sectors of the economy but rather held in foreign economies as part of the CBNs monetary policies. The domestic economy is denied of the investments that would have occurred if the funds in the foreign reserve are released for consumption in the domestic economy. The hypothesis that the GDP affects stock price significantly is accepted.The coefficient of interest which is negative is expected and found to be significant. The negative coefficient of the lending interest rate is in agreement with the findings of Al-Qenae, Li &038 Wearing (2002), and Mukherjee and Naka (1995). alter interest rate is a strong tool in the give of CBN to influence the economy and where the interest is high as it is Nigeria where lending interest rates hovers between 22% and 25%, the accessibility of the investors to access funds is curtailed and the impact on the stock price would be negative as shown.The hypothesis that lending interest rate affects the stock price significantly is accepted The foreign exchange rates coefficient is significantly negative at significant level of 10%. This is not unexpected. Local and foreign investors tend to invest in an economy that has a very high currency exchange rate to foreign currencies. The local investors are discouraged from taking their funds out of the economy for fear of reduced buying while foreign investors are encouraged otherwise for increased get power. The hypothesis that foreign exchange rate affects the stock price significantly is accepted.Lastly, the constant (? ) is 67. 2385 (negative). This suggests that the minim um stock price in the market is < 0. We had initially excluded FX from the regression for the reason of its collinearity with GDP but the constant was negative and to a fault high. The inclusion of FX has reduced the negativity which is an indication that there are other important variable(s) that significantly affect the stock prices but not considered in this study. The stock price cannot be < 0 except the company is in liquidation. International Research Journal of Finance and Economics Issue 30 (2009) 186This raises an important question of what factor(s) could have accounted for the extra ordinary stock market performance in Nigeria between 2005 and 2007 where some stocks return over molarity% per annum. The nation House of Representatives Committee on Capital merchandises expressed disgust at the hike in the stock prices of companies in the banking and oil sectors (Thisday brand-newspapers, 2008). The hike which may not be a non-economic factor (such as political, unh ealthy competition, profiteering by issuers who are at the same time market investors) may be the omitted important variable accounting for the high ?. . 0. Conclusions and Recommendations The forces of demand and supply have direct effect on the stock price while the other indeterminate number of firm, industry and country factors influences the demand and supply factors. The effect, positive or negative the other factors aside from the demand and supply leave on stock price are not static rather changes. For instance, lending interest rate effect could be positive or negative depending on the aim of the CBN in deploying it as one of the tools for implementing monetary policy.The study has contributed to existing literatures in cocksure or raising new issues with respect to other factors influencing stock prices. Interest researchers may want to identify and examine the non-economic factor that account for the high constant (? ) which may not be unconnected with the current meltd own in the Nigerian stock market. Lastly, policy makers who are concerned about the growth of the capital market are better informed on how to deploy the monetary policies instruments as well other economic indices to discover the desired market growth. Bibliography 1 2 3 4 5 6 7 8 9 10 11 12 Allen, F. nd G. R. Faulhaber, 1989. Signaling by Underpricing in The initial public offering Market, Journal of pecuniary Economics, 23 Al Tamimi, Hussein (2007), Factors touch Stock Prices in The UAE financial Markets, Singapore Economic Review assemblage, https//editorialexpress. com/ convention/SERC2007 Al-Qenae, Rashid Li, Carmen Wearing, Bob (2002) The info Content of Earnings on Stock Prices The Kuwait Stock Exchange, Multinational Finance Journal, 6 Barclay, M. , and R. Litzenberger. (1988). Announcement Effects of New Equity Issues and The Use of Intraday Price Data. Journal of monetary Economics 21 Brav, Alon and J.B. Heaton (2003) Market Indeterminacy Journal of Corporation L aw, Vol. 28 Brealey, Richard A. , Stewart C. Myers, and Franklin Allen, (2006). collective Finance, 8th Ed. , Mcgraw-Hill/Irwin, New York Byers, S. S. and John C. Groth (2000) Non-Economic Factors and Asset Valuation Conference Papers on Alternative Perspective on Finance and Accounting, http//www. departments. bucknell. edu/management/apfa/dundee%20papers. htm Chaudhuri, K. and Smiles, S. (2004), Stock Market and Aggregate Economic Activity Evidence from Australia, employ fiscal Economics, (14) Chen, J. (2005), The Physical Foundations of Economics, World Scientific Publishing Co. , London. Clerc, Laurent and Christian Pfister (2001) The Role of Financial Factors in the Transmission of Monetary policy Bank for International Settlements, BIS Papers No 19, http//www. bis. org/publ/bppdf/bispap19h. pdf Corwin, Shane, A (2003) The Determinants of Underpricing for Seasoned Equity Offers Journal of Finance 58(5) Docking, Diane S. Koch, capital of Minnesota D. (2005), Sensitivity of In vestor Reaction to Market Direction And unpredictability Dividend Change Announcements, Journal of Financial Research 87 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 International Research Journal of Finance and Economics Issue 30 (2009) Easley, David, Soeren Hvidkjaer, and Maureen OHara, 2002, Is training Risk a Determinant of Asset Returns? Journal of Finance, 57 Giammarino, Ronald M. , and Tracy Lewis, (1989), A speculation of Negotiated Equity Financing, Review of Financial Studies, 1 Gompers, Paul A. , Joy L. Ishii, and Andrew Metrick (2003) Corporate Governance and Equity Prices Grinblatt, M. and C. Y.Hwang, (1989). Signalling and The Pricing Of New Issues, Journal of Finance, 44 Hartono, Jogiyanto. (2004), the Recency Effect of Accounting information, Gadjah Mada International Journal of Business, Vol. 6 No. 1 Hordahl, Peter and Frank Packer, (2007), Understanding asset prices an overview 2006 twilight Meeting of Central Bank Economists, Bank for International Settlements, BIS Papers, No. 34 Ibrahim, Mansor H. (2003), Macroeconomic Forces and Capital Market Integration A VAR Analysis for Malaysia, Journal of the Asia Pacific Economy, 8 (1) Jennergren, L. P. 2008) A Tutorial on The Discounted Cash Flow Model For Valuation of Companies, Working Paper Series in Business Administration, Stockholm School of Economics John, K. and J. Williams, (1985), Dividends, Dilution, and Taxes A Signaling Equilibrium, Journal of Finance, 40 Joos, Philip and Alexei Zhdanov (2007) Earnings and Equity Valuation in the Biotech Industry Theory and Evidence http//papers. ssrn. com/sol3/papers. cfm? abstract Kang, H. G. (2004) Disclosure-Risk Premium Asset Pricing Under unsymmetric Information, Manipulation and Ambiguity, Working Paper Series, Social Science Research Network, http//papers. srn. com/sol3/cf_dev/AbsByAuth. cfm? per_id=333508 Kislingerova, Eva, (2000) Using of The Economic Value Added Model for Valuation of a guild, Narodna Banka Slovenska, BIATEC, Rocnik, 8, 11 Koller, Tim, Marc Goedhart, and David Wessels, (2005), Valuation Measuring and Managing The Value of Companies, Wiley, Hoboken, New Jersey, 4th Ed. , Lee, Bong-Soo (2006) An a posteriori Evaluation of demeanoral Models Based on Decompositions of Stock Prices Journal of Business, Vol. 79, issue 1 Lo, K. and T. Lys, (2000) The Ohlson Model Contribution to Valuation Theory, Limitations, And Empirical Applications. Journal of Accounting, Auditing and Finance, 15 (3) Loderer C. F. , Sheehan D. P. , and Kadlec G. B. , 1991, The pricing of equity offerings, Journal of Financial Economics, 29 Miller, M. and K. Rock, (1985), Dividend Policy Under Asymmetric Information, Journal of Finance 40 Molodovsky, Nicholas (1995),A Theory of Price-Earnings Ratios, Financial Analysts Journal, 51( 1) Moore, J. S &038 Beltz, J. C (2002) Share Price Performance and Observable Factors A Perspective from Rule Induction, Small Business Advancement content Centre, http//www . sbaer. uca. du/research/TemporarilyDisabled&8212- wdsi/2002/pdffiles/toc. pdf Mukherjee, Tarun K. Naka, Atsuyuki (1995) Dynamic Relations Between Macroeconomic Variables and The Japanese Stock Market An Application of Vector Error Correction Model, The Journal Of Financial Research, XVIII. (2) Ohara, M. , (1995), Market Microstructure Theory, Blackwell Publishers Ltd, Malden, Ma Ohara, M. , (2003), Liquidity and Price Discovery, Journal of Finance, 58, 4 Preinreich, G. A. D. (1938), Annual Survey of Economic Theory The Theory of derogation Econometrica, 6 Rigobon, Roberto and Brian P.Sack (2003) Spillovers Across U. S. Financial Markets, National Bureau of Economic Research (NBER), Working Paper W9640 International Research Journal of Finance and Economics Issue 30 (2009) 37 38 39 40 41 42 43 44 45 46 47 48 188 Rock, Kevin, (1986), Why New Issues Are Underpriced, Journal of Financial Economics, 15 Ross, Stephen A. (1976) An Arbitrage Theory of Capital Asset Pricing. Journal of Economic Theory, 13 Sharpe, W. F. , (1964), Capital Asset Prices A Theory of Market Equilibrium Under Conditions of Risk, Journal of Finance, Vol. 19 Smith, Clifford W. (1977), Alternative Methods For genteelness Capital Rights Versus Underwritten Offerings, Journal of Financial Economics, 5 Thisday Newspapers (2008) Nigeria SEC Capital Market Loses N3 Trillion in Six Months, http//allafrica. com/stories/200810210014. html Tully, Shwan (2008) The Real Key to Creating riches Fortune Magazine cited in Kislingeriva, Eva Using of the Economic Value Added Model for Valuation of a Company Narodna Banka Slovenska, BIATEC, Rocnik 8, 11 Tymoigne, Erick (2002) Financial Inflation and Financial Convention Oeconomicus, Volume V, Winter 2002, Udegbunam, R.I. and P. O. Eriki (2001), Inflation and Stock Price Behavior Evidence from Nigerian Stock Market, Journal of Financial Management &038 Analysis, XX (14) Welch, I. , (1989) Seasoned Offerings, Imitation Costs, And The Underpricing Of Initial Public Offerings, Journal of Finance 44 Wessa, P. (2008), Free Statistics Software, Office for Research Development and Education, version 1. 1. 23-r3 Zhang, X. Frank (2004) Information Uncertainty and Stock Returns An Article Submitted to The Journal of Finance Manuscript 1149 www. afajof. rg/afa/ extravertive/zhang_information. pdf Zhao, Xing-Qiu (1999), Stock prices, inflation and output evidence from China, Applied Economics Letters, 6 Appendix Appendix I Selected Market Indices (2001 2007) YEAR PRICE* DPS* EPS* GDP** INT** 42. 53 430. 00 393. 29 431,783. 10 21. 34 2001 43. 70 432. 72 412. 52 451,785. 60 29. 70 2002 109. 21 577. 63 459. 83 495,007. 10 22. 47 2003 116. 76 552. 48 600. 59 527,576. 00 20. 62 2004 110. 56 466. 97 708. 90 561,931. 40 19. 47 2005 102. 33 553. 87 1,666. 03 595,821. 61 18. 43 2006 95. 87 549. 93 894. 96 561,776. 34 19. 1 2007 Source Central Bank of Nigeria Statistical Bulletin** Cashcraft Asset Management Limited / APT Securities and blood line Limi ted * OIL** 24. 50 25. 40 29. 10 38. 70 57. 60 66. 50 54. 27 INFLE** 18. 90 12. 90 14. 00 15. 00 17. 90 8. 20 13. 70 FX ** 111. 94 120. 97 129. 36 133. 50 132. 15 128. 65 131. 43 189 International Research Journal of Finance and Economics Issue 30 (2009) Appendix II Regression Analysis Of Selected Market Indices (2001 2007) Multiple one-dimensional Regression Estimated Regression Equation SPt = +0. 38353330161483 DPSt +0. 086971432931437 EPSt +0. 38049146437789 GDPt -0. 82357353121514 INTt -1. 740597666311 FXt -67. 238476376193 + et Multiple Linear Regression customary Least Squares Variable DPSt EPSt GDPt INTt FXt Constant Variable %DPSt %EPSt %GDPt %INTt %FXt %Constant Variable argumentation 0. 383533 0. 086971 0. 380491 -0. 823574 -1. 97406 -67. 238476 Elasticity 2. 201042 0. 359282 2. 221624 -0. 200986 -2. 822992 -0. 75797 Stand. Coeff. S. E. 0. 010577 0. 002606 0. 017447 0. 111666 0. 17603 7. 006084 S. E. * 0. 060703 0. 010767 0. 101869 0. 027251 0. 25173 0. 078979 S. E. * T-STAT H0 parameter = 0 36. 259468 33. 368601 21. 808584 -7. 375331 -11. 214366 -9. 597156 T-STAT H0 elast = 1 19. 785697 -59. 07274 11. 992081 -29. 320395 7. 241855 -3. 064493 T-STAT H0 coeff = 0 2-tail p-value 0. 017553 0. 019073 0. 029171 0. 085794 0. 056618 0. 066096 2-tail p-value 0. 032148 0. 010697 0. 052964 0. 021704 0. 087356 0. 200805 2-tail p-value 1-tail p-value 0. 008776 0. 009536 0. 014585 0. 042897 0. 028309 0. 033048 1-tail p-value 0. 016074 0. 005349 0. 026482 0. 010852 0. 043678 0. 100402 1-tail p-value 0. 008776 0. 009536 0. 014585 0. 042897 0. 028309 0. 5 S-DPSt 0. 763848 0. 021066 36. 259468 0. 017553 S-EPSt 0. 69251 0. 020753 33. 368601 0. 019073 S-GDPt 0. 729372 0. 033444 21. 808584 0. 029171 S-INTt -0. 09814 0. 013307 -7. 75331 0. 085794 S-FXt -0. 48017 0. 042817 -11. 214366 0. 056618 S-Constant 0 0 0 1 Computed against deterministic endogenous series * tonus Multiple Linear Regression Regression Statistics Multiple R 0. 999981 R-squared 0. 999963 Adjuste d R-squared 0. 999777 F-TEST 5385. 033289 Observations 7 Degrees of Freedom 1 Multiple Linear Regression Residual Statistics Standard Error 0. 475177 Sum Squared Errors 0. 225793 Log Likelihood 2. 086595 Durbin-Watson 3. 380955 Von von Neumann Ratio 3. 944448 et > 0 3 et < 0 4 Runs 6 Runs Statistic 1. 333946 NB Regression analysis was done using a software developed by Wessa (2008)